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A RESEARCH REPORT ON INVESTOERS ATTITUDE TOWARDS MUTUAL FUNDS, A COMPARATIVE STUDY BETWEEN OPEN ENDED AND CLOSED ENDED MUTUAL FUND SCHEME

Submitted in partial fulfillment for the award of the degree Master of Business Administration Chhattisgarh Swami Vivekananda Technical University Submitted by, RAVI CHHANGWANI, REEMA TRIPATHI, RANJEET KAUR MBASemesterII (Session 2011-2012)

Approved By, DR. SUMITA DAVE Head of the Department

Guided By, MEENAKSHEE SHARMA Asst. Professor

SHRI SHANKARACHARYA TECHNICAL CAMPUS FACULTY OF MANAGEMENT STUDIES, JUNWANI, BHILAI

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DECLARATION

We RAVI CHHANGWANI, REEMA TRIPATHI AND RANJEET KAUR Students of MBA 2nd Semester 2011-2012, the undersigned solemnly declare that the report of the research work entitled INVESTORS ATTITUDE TOWARDS MUTUAL FUNDS is based on our own work carried out during the course of my study under the supervision of MADAM MEENAKSHEE SHARMA. We assert that the statements made and conclusions drawn are an outcome of our research work. We further declare that to the best of our knowledge and belief the report does not contain any part of any work which has been submitted for the award of MBA degree or any other degree/diploma/certificate in this University of India or abroad.

(Signature of Candidates) RAVI CHHANGWANI REEMA TRIPATHI RANJEET KAUR MBA SEM. II

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RESEARCH REPORT AND VIVA ACKNOWLEDGEMENT

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It is our pious duty to make grateful acknowledge of the assistance and guidance, have obtained in the course of preparation this dissertation work INVESTORS ATTITUDE TOWARDS MUTUAL FUNDS. We take this opportunity to express my heartiest thanks and obligation to MADAM MEENAKSHEE SHARMA lecturer dept. of MBA SSTC who was rendered us in valuable instructions and guidance for preparation and fulfillment of my work. We are also grateful to DR. SUMITA DAVE H.O.D. of MBA dept. for giving us this opportunity, advising and inspiring to conduct this dissertation work.

PLACE: RAIPUR

RAVI CHHANGWANI REEMA TRIPATHI RANJEET KAUR

DATE:

MBA SEM. II

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CERTIFICATE
This is to certify that the work incorporated in the report INVESTORS ATTITUDE TOWARDS MUTUAL FUNDS is a record of research work carried out by RAVI CHHANGWANI, REEMA TRIPATHI AND RANJEET KAUR bearing under my guidance and supervision for the part fulfillment for the award of MBA degree of Chhattisgarh Swami Vivekananda Technical University, Bhilai (C.G.), India. To the best of my knowledge and belief The Report I) II) III) Embodies the work of the candidate him/herself, Has duly completed, Is up to the desired standard both in respect of contents and language for external viva.

(Signature of the Supervisor) MEENAKSHEE SHARMA Assistant Professor

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RESEARCH REPORT AND VIVA TABLE OF CONTENTS

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Declaration Certificate Acknowledgement

Chapter 1.

Introduction a.) Scope of the mutual funds b.) Organization of the mutual fund

Chapter 2.

Objective a.) Obj1ective b.) Importance of the study

Chapter 3.

Literature Review Related to the work done our study

Chapter 4. Research Methodology a.) b.) c.) d.) Chapter 5. Objective Research Plan Sampling Plan Data Collection

Data Tabulation, Analysis and Result a.) Type of Analysis used and Why b.) Results of the analysis

Chapter 6. Findings Chapter 7. Recommendation Chapter 8. Limitation Chapter 9. Conclusion References Appendices

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CHAPTER-1 INTRODUCTION

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INTRODUCTION TO MUTUAL FUND

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 invested by the fund manager in different types of securities depending upon the objective of the scheme.

These could range from shares to debentures to money market instruments. The income earned through these investments and the capital appreciation realized by the scheme are shared by its unit holders in proportion to the number of units owned by them (pro rata).

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 portfolio at a relatively low cost. Anybody with an investible surplus of as little as a few thousands rupees can invest in Mutual Funds.

Each Mutual Fund scheme has a defined investment objective and strategy mutual fund is the ideal investment vehicle for todays complex and modern financial scenario. Markets for equity shares, bonds and other fixed income instruments, real estate, derivatives and other assets have become mature and information driven. Price changes in these assets are driven by global events occurring in faraway places.

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A typical individual is unlikely to have the knowledge, skills, inclination and time to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of ownership of his assets, investments, brokerage dues and bank transactions etc.

Draft offer document is to be prepared at the time of launching the fund. Typically, it pre specifies the investment objectives of the fund, the risk associated, the costs involved in the process and the broad rules for entry into and exit from the fund and other areas of operation. In India, as in most countries, these sponsors need approval from a regulator, SEBI (Securities exchange Board of India) in our case. SEBI looks at track records of the sponsor and its financial strength in granting approval to the fund for commencing operations.

A sponsor then hires an asset management company to invest the funds according to the investment objective. It also hires another entity to be the custodian of the assets of the fund and perhaps a third one to handle registry work for the unit holders (subscribers) of the fund.

In the Indian context, the sponsors promote the Asset Management Company also, in which it holds a majority stake. In many cases a sponsor can hold a 100% stake in the Asset Management Company (AMC). E.g. Birla Global Finance is the sponsor of the Birla Sun Life Asset Management Company Ltd., which has floated different mutual funds schemes and also acts as an asset manager for the funds collected under the schemes.

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SCOPE
This project has got scope for the institute in the following ways: Institute will be able to teach finance background student in a better way as using this project for case study. Students will be able to conduct their future project report and understand it in a better way and will be able to perform better. This project will also help the students to advise others for investment decision making.

ORGANISATION OF MUTUAL FUND

SPONSOR - He is the promoter of the company. A trust can have one or more than one sponsor.

Trustee - Holds the property of the fund for the benefit of the unit holders trustee
has the power of superintendence over the AMC. AMC - It is responsible for the management of the fund by making investment in various types of securities. CUSTOIMON- Custodian is registered with SEBI & holds securities of various schemes of the fund in its custody.

TRANSFERAGENT- They are responsible for issuing and redeeming units of Mutual
Fund & other related services such as: Preparation of transfers document & updating investor records. Thus Mutual fund is a trust, which collects money of the investors and invests it in shares, debentures and money market instruments with help of AMC and then these securities generate return, which is passed back to investors. A mutual fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basked of, Securities at a relatively low cost.

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CHAPTER-2 OBJECTIVES

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OBJECTIVES
To find out factors affecting Mutual Fund choice To know about customer perception towards open ended scheme. To know about customer perception towards close ended scheme. To find out the percentage of income used for investing in Mutual Fund. To know about the customer perception (attitude). satisfaction level of investor with respect to Mutual Fun d.

IMPORTANCE OF THE STUDY

The study related to his topic is of great importance to me. Today in India there are so many types of investors who can be categorized as large (institution, business houses, higher level income group), small (low income group, retired people etc), risk bearers, risk averse, short term investors, long term investors etc and the study about investment pattern has became important in the field of financial management. Each type of investor has his own needs & expectation from different investments. The features & objectives of various mutual fund schemes needed to studied in order to know the extent to which they can fulfill investors objective.

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CHAPTER-3 LITERATURE REVIEW

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LITERATURE REVIEW

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

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BENEFITS OF MUTUAL FUND

There are numerous benefits of investing in mutual funds and one of the key reasons for its phenomenal success in the developed markets like US and UK is the range of benefits they offer, which are unmatched by most other investment avenues. We have explained the key benefits in this section. The benefits have been broadly split into universal benefits, applicable to all schemes and benefits applicable specifically to open-ended schemes.

1. Professional Management:- The investor avails of the services of experienced and skilled professionals who are backed by a dedicated investment research team which analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme. 2. Diversification:- Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own. 3. Convenient-Administration:- Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and unnecessary follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient.

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Over a medium to long-term, Mutual Funds have the potential to

provide a higher return as they invest in a diversified basket of selected securities. 5. Low Cost:Mutual Funds are a relatively less expensive way to invest compared to

directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors.

6. Liquidity:- In open-ended schemes, you can get your money back promptly at net asset
value related prices from the Mutual Fund itself. With close-ended schemes, you can sell your units on a stock exchange at the prevailing market price or avail of the facility of direct repurchase at NAV related prices which some close-ended and interval schemes offer you periodically.

7. Choice of Schemes:- Mutual Funds offer a family of schemes to suit your varying needs
over a lifetime. 8. Understanding and Managing Risk:- All investments whether in shares, debentures or deposits involve risk: share value may go down depending upon the performance of the company, the industry, state of capital market and the economy; generally, however longer the term, lesser the risk; companies may default in payment of interest/principal on their deposits/bonds debentures; the rate of interest on investment may fall short of the rate of inflation reducing the purchasing power. While risk cannot be eliminated, skillful management can minimize risk. Mutual fund helps to reduce risk through diversification and professional management. The experience and expertise of Mutual Fund managers in selecting fundamentally sound securities and timing their purchases and sales help them to build a diversified portfolio that minimize risk and maximizes returns.

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INVESTMENT CRITERIA
1. Lower cost :- It is a lower cost of investment as compare to other mode of investment
option in the market. Here the investor can invest a minimum of Rs500 in the scheme of ELSS (Equity Link Saving Scheme).

2. Less paper work:- Here less paper work is require than other. The investor give his detail
information like his/her name ,age ,address, phone no., pan card no, nominee name and address(in case of minor) and three full signature of the candidate.

3. No cash Transactions:- Investor need not require paying cash, instead of cash investor
has to pay cheque or demand draft. Which help to prevent misappropriation and also save the tax. Here the investor just writes the product name of mutual fund and sign on it. It also saves the time.

4. No Age Bar:- There is no age bar of investor here any age group can invest in mutual fund.
In case of minor (below 18 year) there is a nominee, so a child can invest through his guardian and a person having age of 70 also invest in mutual fund, which is not possible in other investments.

5. Service or any kind of income group:- A service holder or any kind of income group or
a student or unemployed people can invest in mutual fund but the person is a rational human being having sound knowledge of investment company.

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TYPES OF MUTUAL FUND SCHEME:1. OPEN-ENDED 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.

2. CLOSE-ENDED 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.

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CHAPTER-4 RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
Research methodology is a systematic way, which consists of series of action steps, necessary to effectively carry out research and the desired sequencing to these steps. The marketing research is a process of involves a no. of inter-related activities, which overlap and do rigidly follow a Particular sequence. It consists of the following steps:

Formulating the objective of the study Designing the methods of data collection Selecting the sample plan Collecting the data Processing and analyzing the data Reporting the findings

RESEARCH DESIGN
Research design specifies the methods and procedures for conducting a particular study. A research design is the arrangement of conditions for collection and analysis of the data in a manner that aims to combine relevance to the research purpose with economy in procedure.

DESCRIPTIVE RESEARCH DESIGN

Descriptive research studies are those studies which are concerned with described the characteristics of particular individual. In descriptive as well as in diagnostic studies, the researcher must be able to define clearly, what he wants to measure and must find adequate methods for measuring it along with a clear cut definition of population he want to study. Since the aim is to obtain complete and accurate information in the said studies, the procedure to be used must be carefully planned. The research design must make enough provision for protection against bias and must maximize reliability, with due concern for the economical completion of the research study.
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Data source:- The data is collected by two sources i.e.

Primary data source: - This kind of data is collected in the real time and is unprocessed and needs to be processed before analyzing it. Secondary data source: - Customers name and contact no. was taken from the different category customers. This kind of data doesnt need any kind of processing and henceforth can be utilized directly for analysis purpose. Research Design: - The research design which I have chosen is descriptive and quantitative, research instrument is structured questionnaire which was filled by businessman and salaried person, and the research type is field research and survey method which is used by me is telephonic survey.

Sample Design:-A Sample Design is a definite plan for obtaining a sample from a given
population. It refers to the technique to the procedure adopted in selecting items for the sampling designs are as below:

OBJECTIVE
To find out factors affecting Mutual Fund choice. To know about customer perception towards open ended scheme. To know about customer perception towards close ended scheme.

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RESEARCH PLAN

Research design

Descriptive

Research method used Research technique used Sampling plan Sample size

Survey Questionnaire Simple random 150

I used the descriptive type of research design because it describe about the whole investment procedure. I used survey method because of the following reason: Survey are usually appropriate in case of social & behavioral science Surveys are concerned with hypothesis formulation & testing the of the relationship between non-manipulated variable. Survey may either be census or sample survey. They may also be classified as social economic or public opinion surveys. In surveys research design must be rigid, it must make enough provision for protection against bias & maximize reliability as the aim happens to be obtain complete & accurate information.
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Surveys are only concerned with condition or relationship that exist opinion that are held processes are going on.

I used questionnaire because: It is versatile. Ideas related to the problem solution can be found by asking the people. Knowledge, motivation, option & interest of the people involved can easily founded.

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Demographic progress report questionnaire

Measure Age Item <20 20 to 29 30 to 39 >40 Income <1Lakh 1 to 2.99Lakhs 3 to 4.99lakhs >5Lakhs Investing year Not yet <1year 1 to 3 year 3 to 5 year 5 to 10 year >10 year Scheme Open ended Closed ended No. of respondent 4 50 48 48 22 65 47 16 46 28 24 32 14 6 68 82

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CHAPTER-5 DATA TABULATION, ANALYSIS AND RESULTS

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ANANLYSIS
a) Type of analysis used and why?

Factor analysis and regression analysis was done to compute the frequencies for each of the variables under studies in order to test whether responses for each variables supported the stated hypothesis of significance using z-scores were done at 5% significance level.

Factor analysis:
It is a collection of method use to examine how underlying construct influence the response on a number of measured variables . there are basically 2 types of factors:

1. Exploratory factor Analysis 2. Confirmatory factor Analysis

Exploratory Factor Analysis (EFA) attempts to discover the nature of the constructs influencing a set of responses. Confirmatory Factor Analysis (CFA) tests whether specified set of constructs is influencing responses in a predicted way. Factor analysis is performed by examining the pattern of correlation or co-variance between the observed measures. Measures that are highly co-related are likely influenced by the same factors, while those that are relatively uncorrelated are likely influenced by different factors.

Objectives of factor analysis:

1. To determine the number of common factors influencing a set of measures. 2. To determine the strength of the relationship btwn each fac and each observed measures.

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Regression analysis:
Regression is the determination of a statistical relationship between two or more variables. In simple regression, we have only two variables., one variable ( defined as independent) is the cause of the behavior of another one ( defined as dependent variables) regression can only interpret what exists physically i.e; there must be a physical way in which independent variable X can effect dependent variable Y. The basic relationship X and Y is given by: Y= a+bX Where the symbol Y denotes the estimated value of for a given value of X. This equation is known as the regression equation of Y on X which means that each unit change in X produces a change of B in Y, which is positive and negative for inverse relationship.

b) Results of the study:

a

Rotated Component Matrix Component 1 D1 D2 D3 R1 R2 R3 R4 RI1 RI2 RI3 AI1 AI2 AI3 AI4 .810 .809 .835 .834 .810 .817 .860 -.040 -.259 -.240 .133 .206 .146 .153 2 .099 .112 .019 .169 .263 .220 .142 .031 -.029 .110 .836 .876 .906 .885

3 -.159 -.233 -.032 -.116 -.129 -.073 -.160 .850 .882 .885 .109 .083 -.033 -.047

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Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 5 iterations.

COMPUTE D=MEAN(D1,D2,D3). EXECUTE. COMPUTE R=MEAN(R1,R2,R3,R4). EXECUTE. COMPUTE RI=MEAN(RI1,RI2,RI3). EXECUTE. COMPUTE AI=MEAN(AI1,AI2,AI3,AI4). EXECUTE. REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT D /METHOD=ENTER RI AI.

Regression
Variables Entered/Removed Variables Model 1 Entered AI, RI
a b

Variables Removed Method . Enter

a. All requested variables entered. b. Dependent Variable: D

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Model Summary Adjusted R Model 1 R .415

a

Std. Error of the Estimate

R Square .172

Square .161

1.58406

a. Predictors: (Constant), AI, RI

ANOVA Model 1 Regression Residual Total a. Predictors: (Constant), AI, RI b. Dependent Variable: D Sum of Squares 76.622 368.859 445.481 df

Mean Square 2 147 149 38.311 2.509

F 15.268

Sig. .000
a

Coefficients

Standardized Unstandardized Coefficients Model 1 (Constant) RI AI a. Dependent Variable: D B 4.101 -.365 .324 Std. Error .593 .084 .090 -.325 .272 Coefficients Beta t 6.918 -4.332 3.616 Sig. .000 .000 .000

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CHAPTER-6 FINDINGS

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From our study we came to realize that:-

Following are the factors that influence the Investors decision while investing in Mutual Funds Scheme: 1. RETURN: Investing in Mutual Fund Schemes gives steady returns The overall peace of Investors increases Investing in Mutual Fund Scheme is of good value.

2. EXPERT ADVISE: Most of the investors consult Financial Planners while investing in Mutual Funds. The advisors play a significant role in investors decision. The ratio of the investors who prefer Financial Planners is higher.

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CHAPTER-7 RECOMMENDATIONS

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RECOMMENDATIONS

There are many people who make investment in some of type of avenues; the only thing is that there is lack of information & knowledge about mutual funds in the public. So there is a need to provide knowledge about mutual fund to people. Sales executive play a vital role to attract investors towards a particular mutual fund. Therefore it is necessary for fund house to promote and motivate their sales team by providing them various offer and incentives. Investors also want good return form their invested money therefore fund house should take care about their invested money so that they can get good returns from their investment Mutual funds are the best investment as it provides good returns to the investors with safety.

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CHAPTER-8 LIMITATIONS

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LIMITATION

Due to time and money constraints, the sample size is limited and probably not enough. The data is gathered by biased in favor of the respondents. Most of the respondents were reluctant to provide the relevant information. Many of respondents denied from filling the questionnaire. Most respondents may have similar habit or thinking.

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CHAPTER-9 CONCLUSION

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CONCLUSION
In this project an attempt to study the mutual funds and to go for the comparative analysis of different schemes in mutual funds. Here the comparative analysis is done on the basis of primary and secondary data and thus increasing the authenticity of the result obtained. Mutual funds provide good returns to investors. Mutual funds provide maximum satisfaction to their investors by excellent service.

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REFERENCES

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REFERENCE

Kothari C.R. Research method methods and techniques. Chandra prasanna investment analysis and portfolio management V.K Bhalla international financial management Mutual fund-Wikipedia the free encyclopedia, http://google.com

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APPENDICES

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INVESTORS ATTITUDE TOWARDS MUTUAL FUNDS

I am a student of FMS SHRI SHANKARACHARYA GROUP OF INSTITUTION , BHILAI. As a part of my curriculum I am conducting a project on Investors attitude towards mutual funds (A comparative study between open ended and closed ended mutual fund scheme) We would be grateful to you for providing candid responses.

1. The following questions are about your decision to invest in a MUTUAL FUND SCHEME Please choose the most appropriate option
1-1 1-2 1-3 I want to invest in a MUTUAL FUNDS SCHEME rather than other My intentions are to invest in MUTUAL FUNDS rather than in others If I could, I would like to invest only in MUTUAL FUNDS
Strongly Disagree <Neutral> Strongly Agree

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

6 6 6

7 7 7

2. The following questions are about the returns you perceive in investing in MUTUAL FUND SCHEME Please choose the most appropriate option
2-1 2-2 2-3 2-4 Investment in Mutual fund scheme will be beneficial to me Investment in Mutual fund scheme will give me steady returns Investment in Mutual fund scheme will increase my overall peace Investment in Mutual fund scheme will be of good value
Strongly Disagree <Neutral> Strongly Agree

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

6 6 6 6

7 7 7 7

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3. The following questions are about the risk you perceive in investing in a MUTUAL FUND SCHEME Please choose the most appropriate option
3-1 3-2 3-3 It is Risky to invest in Mutual fund scheme I may lose substantial amount of money by Investing in a Mutual fund scheme My savings would be in danger if I invest them in a Mutual fund scheme
Strongly Disagree <Neutral> Strongly Agree

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

6 6 6

7 7 7

4. The following questions are about the influence of your advisor on your decision to invest in MUTUAL FUND SCHEME Please choose the most appropriate option
4-1 4-2 4-3 4-4 For investment decisions, I consult financial planners (e.g., CA) Financial Planners influence my decision to invest in a Mutual fund scheme Financial Planners play a significant role in my decision to invest in Mutual fund scheme I prefer the advice of financial planners to invest in a Mutual fund scheme
Strongly Disagree <Neutral> Strongly Agree

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

6 6 6 6

7 7 7 7

5. Please provide the following details which would help in supporting our research. The information will be kept strictly confidential and for the purpose of analysis only. Please tick the appropriate option.

5-1 5-3

Name Gender Male Female

5-2 5-4

Age Annual Income < 1 yr

<20 <1 Lakh

20-29 1-2.99 Lakhs 3-5 yrs

30-39 3-4.99 Lakhs 5-10 yrs

40 5 Lakhs > 10 yrs

5-5

Since, how long have you been investing in the market instruments

Not Yet

1-3 yrs

5-6 The scheme you are going to choose

Open ended scheme

Closed ended scheme

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