Mutual fund

A mutual fund is a professionally managed type of collective investment scheme that

pools money from many investors and invests typically in investment securities (stocks,
bonds short-term money market instruments, other mutual funds, other securities,
and/or commodities such as precious metals).[1] The mutual fund will have a fund
manager that trades (buys and sells) the fund's investments in accordance with the
fund's investment objective. In the U.S., a fund registered with the Securities and
Exchange Commission (SEC) under both SEC and Internal Revenue Service (IRS)
rules must distribute nearly all of its net income and net realized gains from the sale of
securities (if any) to its investors at least annually. Most funds are overseen by a board
of directors or trustees (if the U.S. fund is organized as a trust as they commonly are)
which is charged with ensuring the fund is managed appropriately by its investment
adviser and other service organizations and vendors, all in the best interests of the
fund's investors.

Since 1940 in the U.S., with the passage of the Investment Company Act of 1940 (the
'40 Act) and the Investment Advisers Act of 1940, there have been three basic types of
registered investment companies: open-end funds (or mutual funds), unit investment
trusts (UITs); and closed-end funds. Other types of funds that have gained in popularity
are exchange traded funds (ETFs) and hedge funds, discussed below. Similar types of
funds also operate in Canada, however, in the rest of the world, mutual fund is used as
a generic term for various types of collective investment vehicles, such as unit trusts,
open-ended investment companies (OEICs), unitized insurance funds, undertakings for
collective investments in transferable securities (UCITS, pronounced "YOU-sits") and
SICAVs (pronounced "SEE cavs").-
 History

Massachusetts Investors Trust (now MFS Investment Management) was founded on

March 21, 1924, and, after one year, it had 200 shareholders and $392,000 in assets.
The entire industry, which included a few closed-end funds, represented less than $10
million in 1924.

The stock market crash of 1929 hindered the growth of mutual funds. In response to the
stock market crash, Congress passed the Securities Act of 1933 and the Securities
Exchange Act of 1934. These laws require that a fund be registered with the U.S.
Securities and Exchange Commission (SEC) and provide prospective investors with a
prospectus that contains required disclosures about the fund, the securities themselves,
and fund manager. The Investment Company Act of 1940 sets forth the guidelines with
which all SEC-registered funds must comply.

With renewed confidence in the stock market, mutual funds began to blossom. By the
end of the 1960s, there were approximately 270 funds with $48 billion in assets. The
first retail index fund, First Index Investment Trust, was formed in 1976 and headed by
John Bogle, who conceptualized many of the key tenets of the industry in his 1951
senior thesis at Princeton University.[2] It is now called the Vanguard 500 Index Fund
and is one of the world's largest mutual funds, with more than $100 billion in assets.

A key factor in mutual-fund growth was the 1975 change in the Internal Revenue Code
allowing individuals to open individual retirement accounts (IRAs). Even people already
enrolled in corporate pension plans could contribute a limited amount (at the time, up to
$2,000 a year). Mutual funds are now popular in employer-sponsored "defined-
contribution" retirement plans such as (401(k)s) and 403(b)s as well as IRAs including
Roth IRAs.

As of October 2007, there are 8,015 mutual funds that belong to the Investment
Company Institute (ICI), a national trade association of investment companies in the
United States, with combined assets of $12.356 trillion. [3] In early 2008, the worldwide
value of all mutual funds totaled more than $26 trillion.
 Objective

INTRODUCTION
Mutual funds, like most firms, are required to state their objectives in their prospectuses
upon registration.We examined whether these objectives convey information about the
performance of the funds that uniquely distinguishes them from funds with other
objectives. This issue appears to be particularly critical for mutual funds, because they
are able
to alter their asset portfolios more readily and with less timely public knowledge than
most other firms. In addition, most
of the funds use their objective as part of their names so that investors are made aware
of the objective.
There are some plausible reasons for performance to deviate from the objectives. It is
conceivable, or even likely, that the fund managers cannot consistently identify
securities of firms whose performance is congruent with their objectives.
Furthermore, they may not be able to find a sufficient number of firms whose attributes
fit the objective of the fund. In this
case, they may find their selection to be further limited by the regulatory restrictions on
the proportion of ownership they
are allowed to hold in any single firm. The larger funds are more likely than smaller
funds to have exhausted their
selection pool, so they are more likely to deviate from their objectives as they continue
to grow. This issue is also
examined. The possibility that fund managers purposefully alter their portfolios to
pursue a different objective than stated
cannot be denied, but this is not testable.
This study differs from a few past studies in several ways. It uses a much larger and
more recent data base with a
greater number of objective categories. The data were subjected to more rigorous
statistical tests than were used before.
Two time periods were examined to see if fund performance for objective categories
changed in comparison to other
categories over time. We used the objectives stated in the prospectuses of the funds;
whereas, the prior studies used
objectives based in part on judgement.
The above diagram gives an idea on the structure of an Indian mutual fund.
Sponsor: Sponsor is basically a promoter of the fund. For example Bank of Baroda,
Punjab National Bank, State Bank of India and Life Insurance Corporation of India (LIC)
are the sponsors of UTI Mutual Funds. Housing Development Finance Corporation
Limited (HDFC)  and Standard Life Investments Limited are the sponsors of HDFC
mutual funds. The fund sponsor raises money from public, who become fund
shareholders. The pooled money is invested in the securities. Sponsor appoints
trustees.
Trustees: Two third of the trustees are independent professionals who own the fund
and supervises the activities of the AMC. It has the authority to sack AMC employees
for non-adherence to the rules of the regulator. It safeguards the interests of the
investors. They are legally appointed i.e. approved by SEBI.
AMC: Asset Management Company (AMC) is a set of financial professionals who
manage the fund. It takes decisions on when and where to invest the money. It doesn’t
own the money. AMC is only a fee-for-service provider.
The above 3 tier structure of Indian mutual funds is very strong and virtually no chance
for fraud.
Custodian: A Custodian keeps safe custody of the investments (related documents of
securities invested). A custodian should be a registered entity with SEBI. If the promoter
holds 50% voting rights in the custodian company it can’t be appointed as custodian for
the fund. This is to avoid influence of the promoter on the custodian. It may also provide
fund accounting services and transfer agent services. JP Morgan Chase is one of the
leading custodians.
Transfer Agents: Transfer Agent Company interfaces with the customers, issue a
fund’s units, help investors while redeeming units. Provides balance statements and
fund performance fact sheets to the investors. CAMS is a leading Transfer Agent in
India.

Advantages
Diversification

Using mutual funds can help an investor diversify their portfolio with a minimum
investment.  When investing in a single fund, an investor  is actually investing in
numerous securities.  Spreading your investment across a range of securities can help
to reduce risk.  A stock mutual fund, for example, invests in many stocks - hundreds or
even thousands.  This minimizes the risk attributed to a concentrated position.  If a few
securities in the mutual fund lose value or become worthless, the loss maybe offset by
other securities that appreciate in value.  Further diversification can be achieved by
investing in multiple funds which invest in different sectors or categories.  This helps to
reduce the risk associated with a specific industry or category.  Diversification may help
to reduce risk but will never completely eliminate it.  It is possible to lose all or part of
your investment.  Click here to see an example on constructing a diversified portfolio.

   Professional Management: Mutual funds are managed and supervised by

investment professionals.  As per the stated objectives set forth in the prospectus, along
with prevailing market conditions and other factors, the mutual fund manager will decide
when to buy or sell securities.

This eliminates the investor of the difficult task of trying to time the market. 
Furthermore, mutual funds can eliminate the cost an investor would incur when proper
due diligence is given to researching securities.  This cost of managing numerous
securities is dispersed among all the investors according to the amount of shares they
own with a fraction of each dollar invested used to cover the expenses of the fund. 
What does this mean?  Fund managers have more money to research more securities
more in depth than the average investor.  

Although a fund's shareholder is relieved of the day-to-day tasks involved in

researching, buying, and selling securities, an investor will still need to evaluate a
mutual fund based on investment goals and risk tolerance before making a purchase
decision.  Investors should always read the prospectus carefully before investing in any
mutual fund.

Liquidity:

Mutual fund shares are liquid and orders to buy or sell are placed during market hours. 
However, orders are not executed until the close of business when the NAV (Net
Average Value) of the fund can be determined.  Fees or commissions may or may not
be applicable.  Fees and commissions are determined by the specific fund and the
institution that executes the order.

Minimum Initial Investment:

Most funds have a minimum initial purchase of $2,500 but some are as low as $1,000. 
If you purchase a mutual fund in an IRA, the minimum initial purchase requirement
tends to be lower.  You can buy some funds for as little as $50 per month if you agree to
dollar-cost average, or invest a certain dollar amount each month or quarter.

Disadvantages

Risks and Costs:

Changing market conditions can create fluctuations in the value of a mutual fund
investment.

There are fees and expenses associated with investing in mutual funds that do not
usually occur when purchasing individual securities directly.

As with any type of investment, there are drawbacks associated with mutual funds. 

 No Guarantees.  The value of your mutual fund investment, unlike a bank

deposit, could fall and be worth less than the principle initially invested. And,
while a money market fund seeks a stable share price, its yield fluctuates, unlike
a certificate of deposit. In addition, mutual funds are not insured or guaranteed by
an agency of the U.S. government.  Bond funds, unlike purchasing a bond
directly, will not re-pay the principle at a set point in time.

 -, but it limits your potential for a "home run" if a single security increases
dramatically in value. Remember, too, that diversification does not protect you
from an overall decline in the market.
 What are the different types of funds available for investment ?

The different types of funds available for investment.

Debt Funds invest predominently in debt instruments, government securities and

money market instruments. Hence they are relatively safer than equity funds. At the
same time the expected returns from debt funds would be lower.

Gilt Funds are debt funds, which invest only in Government Securities and hence have
zero credit risk. However it does involve Interest Rate Risk.

Liquid Funds are debt funds, which invest in short term papers, with maturities usually
not exceeding 180 days and hence are safe from interest rate risk.

Balanced Funds invest in a mix of equity and debt investments normal 60 to 40 in

either equity or debt and vice-versa. Hence, they are less risky than equity funds, but at
the same time provide commensurately lower returns. They provide a good investment
opportunity to investors who do not wish to be completely exposed to equity markets,
but is looking for higher returns than those provided by debt funds.

Marginal Equity Funds are funds which have predominent investment of atleast 75%
in debt instruments & the balance in equities. These funds will get you the security of
Debt with the flavour of equities.

Equity Funds invest predominently in the stock markets and attempt to provide
investors the opportunity to benefit from the higher returns which stock markets can
provide. However they are also exposed to the volatility and attendant risks of stock
market investments and hence should be chosen by investors who have risk taking
capabilities. Sectoral funds are specialised equity funds, which restrict their
investments only to shares of a particular sector and hence, are riskier than diversified
equity funds.

Index funds:
Aren't mutual funds risky investments?

Mutual funds offer a variety of schemes ranging from relatively safe debt funds like
Magnum Income Fund and gilt funds like Magnum Guilt Fund to very risky sectoral
funds like Magnum Sector Funds Umbrella. Investors can choose schemes best suited
to their risk appetite. Debt funds and gilt funds, which invest only in fixed-income
instruments, are relatively safe and offer returns equivalent to returns on pure Debt
instruments, when held for atleast a year. Sectoral funds, such as IT Funds, Pharma
Funds, etc can offer very high returns when the stock markets are bullish, but these are
high risk products and can also result in a loss on capital when the markets are bearish.

What is Systematic Investment Plan ?

A Systematic Withdrawal Plan (SWP) is a facility that allows an investor to
withdraw money from an existing mutual fund at predetermined intervals. The
money withdrawn through a systematic withdrawal plan can be reinvested in
another fund or retained by the investor in cash.
For as little as Rs. 250* each month for 12 months or Rs. 500 every month for 6
months, you can purchase mutual fund units and avoid larger minimum investment
amounts of over Rs. 1,000. Fixed amounts can be invested in Mutual Funds each
month using funds drawn automatically from your savings account regularly.

Investing in SBIMF's Systematic Investment Plan (SIP) offer the benefit of "Rupee-cost
averaging", i.e., by purchasing Mutual Fund units over a period of time, you
automatically buy more units when prices are low and fewer units when prices are high,
resulting in lower "per unit acquiring cost" as a result of averaging.

[*: For Magnum Gilt Fund, you can avail of SIP with Rs. 10,000 per month for 12
months.]

January 1000 10.15 98.522  

February 1000 10.2 98.039
Total Investment 12000
March 1000 10.35 96.618
No. of Units 1149.106
April 1000 10.45 95.694
Average NAV 10.4429
May 1000 10.5 95.238
June 1000 10.6 94.340
July 1000 10.4 96.154
August 1000 10.3 97.087 Total Investment 12000
September 1000 10.4 96.154 Average NAV 10.44583
October 1000 10.6 94.340 No. of Units 1148.783
November 1000 10.65 93.897
December 1000 10.75 93.023
    10.44583 1149.106
 How to invest in SIP?

Step 1: Select a mutual fund scheme of your choice with the payment option as SIP

Step 2: Decide the Investment periodicity (frequency of making payments). You can
choose to make your investment on a monthly or quarterly basis.

Step 3: Select the minimum investment amount. For instance, if you choose to invest
Rs 12,000 every year with a monthly SIP Option. Therefore you would be investing Rs
1,000 every month in your fund. By the end of a year, you would have invested Rs
12,000 in your fund.

Step 4: The amount gets converted into units, depending on the Net Asset Value
(NAV). NAV is the market value per unit of a fund. If the NAV in the first month is Rs 20,
you will get 50 units. Similarly in the next month if the NAV is Rs 25, you will get 40
units. The following month if the NAV is Rs 18, then you will get 55.56 units. So, after
three months, you would have 145.56 units. On an average, you would have paid
around Rs 21 per unit.

Step 5: The units get accumulated over a period of time. You can stay invested till the
time you wish and redeem your units when you wish to exit from the scheme. The units
are redeemed at the market value (NAV) and you get back your money with returns.

For investing in SIP, all you need to do is visit your nearest Axis Bank branch and just
fill up a simple application form. You can also fill in your personal details on the "Apply
Now" link on our website and our relationship manager will get in touch with you shortly.

What is Systematic Withdrawal Plan ?

 Systematic Withdrawal Plan (SWP) lets you automatically redeem a prearranged
amount of your mutual fund holdings each month. SWPs are an ideal way to
supplement your monthly cash flow, meet minimum withdrawal requirements, or move
assets between the funds.

SWP is a no-charge service. When you set up your SWP, cash proceeds from each
redemption (minimum balance maintained @ 25% of the holding at any given point of
time) are given to you in the form of post-dated cheques (six monthly cheques at par,
which enables you to get the funds lodged).

SWP is available in two options:

 
Fixed Withdrawal: Where you specify amounts you wish to withdraw from your
investment on a monthly/quarterly basis.
 
Appreciation Withdrawal: Where you can withdraw your appreciated amount on a
monthly/quarterly basis.

When is a SWP generally used?

Systematic withdrawal plans are used by investors to create a regular flow of

income from their investments. Investors looking for income at periodical
intervals for e.g. funding a travel plan during the childrens’ summer vacations,
also set up their withdrawals in such a way that the cash is available when most
required.

Is nomination facility available?

Magnum holders can obtain load against their Magnum from any bank, subject to
relevant RBI regulations & the suspective bank's instructions, by getting a lien
registered / recorded with the registrars. In addition to this Magnum holders can obtain
loans against their Magnums from SBI by getting lien registered / recorded with that
Registrars subject to the conditions of SBI.
 What is NET ASSET VALUE ?

The Term Net Asset Value (NAV) is used by investment companies to measure net
assets. It is calculated by subtracting liabilities from the value of a fund's securities and
other items of value and dividing this by the number of outstanding shares. Net asset
value is popularly used in newspaper mutual fund tables to designate the price per
share for the fund.

The value of a collective investment fund based on the market price of securities held in
its portfolio. Units in open ended funds are valued using this measure. Closed ended
investment trusts have a net asset value but have a separate market value. NAV per
share is calculated by dividing this figure by the number of ordinary shares. Investments
trusts can trade at net asset value or their price can be at a premium or discount to
NAV.

Value or purchase price of a share of stock in a mutual fund. NAV is calculated each
day by taking the closing market value of all securities owned plus all other assets such
as cash, subtracting all liabilities, then dividing the result (total net assets) by the total
number of shares outstanding.

Calculating NAVs - Calculating mutual fund net asset values is easy. Simply take the
current market value of the fund's net assets (securities held by the fund minus any
liabilities) and divide by the number of shares outstanding. So if a fund had net assets of
Rs.50 lakh and there are one lakh shares of the fund, then the price per share (or NAV)
is Rs.50.00.

NAV MEANS NET ASSET VALUE

NAV=TOTAL VALUE OF INVESTMENT-LIABILITIES /TOTAL OF NO. UNITS

OUTSTANDING . NAV MEANS TOTAL VALUE OF UNITS MINES LIABILITIES IS
DIVADED BY TOTAL OF NO.UNITS OUTSTANDING

 3 years ago
 what and how nav is calculated

 NAV is the net asset value of the fund. Simply put it reflects what the unit held
by an investor is worth at current market prices. For details on calculation
methodology and formulae, please click on our mutual fund glossary
 SHORTING: How will my NAV be calculated?
 marketocracy :: frequently asked questions
 Your short fund's NAV will be calculated by subtracting the outstanding shorts
from the total cash, then dividing by the number of mutual fund shares (which is
 fixed at 100,000 shares). For example, if fund FOO 's outstanding shorts are
worth $500 K, and FOO's cash holding's are worth $1,000,000, then your NAV
is equal to (1,000,000 - 500,000)/100,000 = $5.00/share. See similar
questions...
 What is NAV?
 UTI Bank

NAV is the net realizable value of each unit of the scheme. After netting off liabilities
from the asset value and dividing by the total number of units outstanding we arrive at
the NAV.

Sectoral Funds

Any investor would love to invest in scrip of a growing sector. The reason why investors
cannot is that they are too expensive to buy. Besides, the layman investor does not
have the skills or the tools to follow and choose the right scrip.

For instance, how would a new investor choose between a Satyam and an Infosys,
objectively? Sectoral funds prove their point in such cases, since they specialised
Mutual Funds investing in a group of companies in a particular industry or sector. Their
returns are ignited by an upwards trend in that industry or sector.

Sectoral funds are ideal tools to invest in specific industries without risking exposure to
one particular company. However one has to bear in mind that the performance of the
fund can come only at higher risk than in a diversified fund.

To succeed, a Sectoral fund must meet certain criteria. The sector needs to be big
enough, with enough stock and must have long term potential. An investment in a
Sectoral fund can have an impact only when it is held on for a long term. Changing
market sentiments may make them volatile in the short term.

The advantage that an investor gets is a focussed portfolio in a sector where he desires
exposure. The flip side is that he loses the benefit of diversification, an inherent
characteristic of any mutual fund. 

For instance. Kothari Pioneer Fund. India's first Infotech fund had grown by almost 30%
since February now. But now the fund seems to be in the doldrums since the
bullishness of the Infotech sector has lost steam - one of the perils of inadequate
diversification. Nevertheless today, sectoral funds have become popular avenues of
investment.

What Is Diversification?

Diversification is a basic tenet of investing. But what is diversification?

According to Dictionary.com, diversification is defined as:

1. the act or process of diversifying; state of being diversified.

2. the act or practice of manufacturing a variety of products, investing in a variety of
securities, selling a variety of merchandise, etc., so that a failure in or an economic
slump affecting one of them will not be disastrous.

The key phrase about diversification listed above is: “…so that a failure in or an
economic slump affecting one of them will not be disastrous.” In other words, don’t put
all of your eggs in one basket.

Mutual Funds and Diversification

Diversification is one of the many advantages of investing in mutual funds. When it

comes to diversification, mutual funds can help an investor in two ways. First, the
beauty of mutual funds is that you can invest a few thousand dollars in one fund and
obtain instant access to a diversified portfolio. Otherwise, in order to diversify your
portfolio, you might have to buy individual securities, which exposes you to more risk. In
other words, a mutual fund allows an investor to diversify into many different stocks for
a nominal investment.

Sometimes, when it comes to diversification, it’s not good enough to simply own many
different stocks. For example, if you own 100 stocks within a mutual fund, and those
100 stocks are in the financial sector (a sector mutual fund), more than likely as the
financial sector moves up and down, so does the value of your mutual fund. That brings
us to the second point. A mutual fund also allows for diversification between various
styles, sectors, countries, and, well, you name it. You can either buy a mutual fund that
is broadly diversified, or you can buy a portfolio of mutual funds across various sectors
-- creating your own diversification.

Risk, Reward and Diversification

In summary, a mutual fund allows for diversification between many different stocks and
also allows for diversification between various sectors, styles, etc. This diversification
allows investors to reduce the risk of one particular stock or sector, but also allows for
more potential reward by offering a broader exposure to various stocks and sectors.

 What are the benefits Investors who have the time and the money can build their
portfolio by buying one security at a time. But identifying, researching and
monitoring securities can be a full-time job that requires a lot of commitment.
Alternatively, investors can simply buy a mutual fund in the market that will save
them a lot of time and regular monitoring of the performance of the individual
securities that make up the fund.
 Diversification: A single fund can hold securities from 100s of different issuers or
companies, far more than what an individual investor can realistically manage to
 hold in their individual portfolios. This diversification reduces the risk of a loss
due to problems in one particular company or industry.
 Professional management: A mutual fund is managed by professional investors
who do this full time. The resources available to them like traders who have
practical experience in when to buy and sell securities, research team and access
to company management is far more than what an individual investors can
achieve on his own.
 Liquidity: Like shares, mutual funds are also liquid investments that can be
bought or sold freely so that investors have access to their money when needed.
However, certain shares might not trade freely because there is not market for
them, and then the investor is stuck. Mutual funds do not face this problem of
illiquidity.

of mutual funds?

 What are the benefits Investors who have the time and the money can build their
portfolio by buying one security at a time. But identifying, researching and
monitoring securities can be a full-time job that requires a lot of commitment.
Alternatively, investors can simply buy a mutual fund in the market that will save
them a lot of time and regular monitoring of the performance of the individual
securities that make up the fund.
  Diversification: A single fund can hold securities from 100s of different issuers or
companies, far more than what an individual investor can realistically manage to
hold in their individual portfolios. This diversification reduces the risk of a loss
due to problems in one particular company or industry.
 Professional management: A mutual fund is managed by professional investors
who do this full time. The resources available to them like traders who have
practical experience in when to buy and sell securities, research team and access
to company management is far more than what an individual investors can
achieve on his own.
 Liquidity: Like shares, mutual funds are also liquid investments that can be
bought or sold freely so that investors have access to their money when needed.
However, certain shares might not trade freely because there is not market for
them, and then the investor is stuck. Mutual funds do not face this problem of
illiquidity.

of mutual funds?

Product

EQUITY SCHEMES
The investments of these schemes will predominantly be in the stock markets
and endeavor will be to provide investors the opportunity to benefit from the
higher returns which stock markets can provide. However they are also exposed
to the volatility and attendant risks of stock markets and hence should be chosen
only by such investors who have high risk taking capacities and are willing to
think long term. Equity Funds include diversified Equity Funds, Sectoral Funds
and Index Funds. Diversified Equity Funds invest in various stocks across
different sectors while sectoral funds which are specialized Equity Funds restrict
their investments only to shares of a particular sector and hence, are riskier than
Diversified Equity Funds. Index Funds invest passively only in the stocks of a
particular index and the performance of such funds move with the movements of
the index.

Debt Funds invest only in debt instruments such as Corporate Bonds, Government
Securities and Money Market instruments either completely avoiding any investments in
the stock markets as in Income Funds or Gilt Funds or having a small exposure to
equities as in Monthly Income Plans or Children's Plan. Hence they are safer than
equity funds. At the same time the expected returns from debt funds would be lower.
Such investments are advisable for the risk-averse investor and as a part of the
investment portfolio for other investors.
 Why Invest in Mutual Funds

 What are the benefits Investors who have the time and the money can build their
portfolio by buying one security at a time. But identifying, researching and
monitoring securities can be a full-time job that requires a lot of commitment.
Alternatively, investors can simply buy a mutual fund in the market that will save
them a lot of time and regular monitoring of the performance of the individual
securities that make up the fund.
 Diversification: A single fund can hold securities from 100s of different issuers or
companies, far more than what an individual investor can realistically manage to
hold in their individual portfolios. This diversification reduces the risk of a loss
due to problems in one particular company or industry.
  Professional management: A mutual fund is managed by professional investors
who do this full time. The resources available to them like traders who have
practical experience in when to buy and sell securities, research team and access
to company management is far more than what an individual investors can
achieve on his own.
 Liquidity: Like shares, mutual funds are also liquid investments that can be
bought or sold freely so that investors have access to their money when needed.
However, certain shares might not trade freely because there is not market for
them, and then the investor is stuck. Mutual funds do not face this problem of
illiquidity.

?
 Acknowledgement
I am very happy to present this project in front of S .Y. BAF

I am thankful to MR. Ravindra shivalkar sir and all our faculty members for giving this
opportunity to present this project in front of you all. Ravindra sir has given us lot of
information about my topic and this subject
 BIBLIOGRAPHY

 www.google.com

 www.wikipedia.org

 http://en.wikipedia.org/wiki/Bharti_Airtel

 www.airtel.in

 www.business.in

 www.economist.com