PROJECT Finance For Mba 4

RISK RETURN ANALYSIS
A PROJECT REPORT
Under the guidance Of
Mr. Prem Kumar
______________________________
Submitted by
PANKAJ ARORA
(Registration No: 51112116!
______________________________
in partial fulfillment o f the requirement
for the award of the degree
Of
MBA
IN
"#INAN$E %ANA&E%ENT'
<22, June> & <2012>
Acknowledgement: Acknowledgment is the regards given to the people
and organization who have helped you in completing the project
undertaken. Mainly it must consist of Acknowledgement towards the
organization you study and to the company where you have done your
project followed by the people who have helped you in the process.
1
PROJE$T REPORT

ON
RISK RETURN ANALYSIS AN(
$O%PARATI)E STU(Y O# RELIAN$E
%UTUAL #UN(
(A *issertation s+,-itte* to .SIKKI% %ANIPAL
UNI)ERSITY/ In 0artia1 2+12i11-ent o2 t3e re4+ire-ent 2or
*egree o2 %5A (#inan6e!

Submitted by
Pankaj Arora
2
5ONA#I(E $ERTI#I$ATE
This is to certify that the Report on Project Work tite! .Ris7 Ret+rn Ana18sis an*
$o-0arati9e St+*8 o2 Re1ian6e %+t+a1 #+n*/ for Reiance "apita #sset $ana%e&ent
"o&pany 't!( is a )onafi!e recor! of the *ork !one )y
+tu!yin% in $aster of ,usiness #!&inistration -
th
se&ester in .A:%: In2or-ati6s P9t: Lt*:
Instit+te o2 %anage-ent/, Ne* .ehi !urin% the year 2011/12(
0
A$KNO;LE(&E%ENT
I *ou! ike to e1press &y appreciation an! %ratitu!e to 2arious peope *ho ha2e share!
their 2aua)e ti&e an! &a!e possi)e this project, throu%h their !irect or in!irect
cooperation(
$y first *or! of %ratitu!e is for Mr. Abhi!he" Sri#a!ta#a 3 Re1ations3i0
%anager($or0orate Sa1e!< RELIAN$E A%$< (e13i &y corporate %ui!e< for his kin!
hep an! support an! his 2aua)e %ui!ance throu%hout &y project(
I a& aso thankfu to %s:=%r: >>>>>, &y facuty %ui!e of .A:%: In2o-ati6s P9t:
Lt*:/, 14, 05, N(W(#( Punja)i ,a%h 61tn, "u) Roa!, Ne* .ehi, for his7her 2aua)e
%ui!ance( +he78e has hepe! &e earn a)out the process, con!uctin% sur2ey, anay9in% an!
presentin% the facts an! fi%ures(
I a& aso thankfu to &y respecte! facuties, !ear frien!s & coea%ues, *ho ha2e hepe! &e
in e2ery possi)e *ays, supporte! &e an! encoura%e! &e to e1pore ne* !i&ensions(

%5A ?
T@
SE%ESTER

-
(E$LARATION
I here )y !ecare that the project report entite!:
# Project Report on .Ris7 Ret+rn Ana18sis An* $o-0arati9e St+*8 O2 Re1ian6e
%+t+a1 #+n*/ su)&itte! in partia fufi&ent of the re;uire&ent for the !e%ree of $aster of
,usiness #!&inistration to R6'I#N"6 "#PIT#' #++6T $#N#<6$6NT "=$P#N> is
&y ori%ina *ork an! not su)&itte! for the a*ar! of any other !e%ree, !ipo&a, feo*ship,
or any other si&iar tite or pri9es(
Na&e: P#N?#J #R=R#
Pace: Ne* .ehi
.ate: 22/0@/2012
5
TA5LE O# $ONTENT
+(No( Pa%e No(
1 INTR=.A"TI=N 2@
2 "=$P#N> PR=BI'6 0C
0 =,J6"TID6+ =B T86 +TA.> 55
- "=$P6TIT=R+ =B R6'I#N"6
$ATA#' BAN.
-0
5 R6+6#R"8 $6T8=.='=<> 5@
@ .#T# #N#'>+I+ #N.
INT6RPR6T#TI=N
E5
E B6#TAR6+ & ,6N6BIT+ E2
C R6PR6+6NT ,> PI6 "8#RT E4
4 BIN.IN<+ #N. +A<<6+TI=N+ C0&C1
10 "=N"'A+I=N C2
11 'I$IT#TI=N 5C
12 ,I,'I=<R#P8> C0
@
PRE#A$E
This is the a%e of technica up %ra!ation( Nothin% re&ains sa&e for a on% perio! e2ery thin%
chan%e *ith a certain span of ti&e( +o it is &ust for e2ery or%ani9ation to put a )ir!s eye
2ie* on itFs o2er a functionin%(
This report has )een prepare! !urin% practica trainin% of $aster of )usiness a!&inistration
(%:5:A:! fro& A:%: In2o-ati6s P9t: Lt*:< Instit+te o2 %anage-ent (The stu!ent of
$(,(#( essentiay re;uire! a practica trainin% of - to 5 *eeks in any or%ani9ation( It %i2es
an opportunity to the stu!ent to test their ac;uire! kno*e!%e throu%h practica e1periences(
The successfu co&petion of this project *as a uni;ue e1perience for &e )ecause )y 2isitin%
&any pace an! interactin% 2arious person, I achie2e! a )etter kno*e!%e a)out saes( The
e1perience *hich I %aine! )y !oin% this project *as essentia at this turnin% point of &y
carrier this project is )ein% su)&itte! *hich content !etaie! anaysis of the research un!er
taken )y &e(
The research pro2i!es an opportunity to the stu!ent to !e2ote his7her skis kno*e!%e an!
co&petencies re;uire! !urin% the technica session(
The research has )een con!ucte! on the topic GRis7 Ret+rn Ana18sis An* $o-0arati9e
St+*8 O2 Re1ian6e %+t+a1 #+n*H(
P'#"6/III((
.#T6IIII((
E
EAE$UTI)E SU%%ARY
The perfor&ance e2auation of &utua fun! is a 2ita &atter of concern to the fun! &ana%ers,
in2estors, an! researchers aike( The core co&petence of the co&pany is to &eet o)jecti2es
an! the nee!s of the in2estors an! to pro2i!e opti&u& return for their risk( This stu!y tries to
fin! out the risk an! return aie! *ith the &utua fun!s(
This project paper is se%&ente! into three sections to e1pore the ink )et*een con2entiona
su)jecti2e an! statistica approach of $utua Bun! anaysis( To start *ith, the first section
!eas *ith the intro!uctory part of the paper )y %i2in% an o2er2ie* of the $utua fun!
in!ustry an! co&pany profie(
This section aso taks a)out the theory of portfoio anaysis an! the !ifferent &easures of
risk an! return use! for the co&parison(
The secon! section !etais on the nee!, o)jecti2e, an! the i&itations of the stu!y( It aso
!iscusses a)out the sources an! the perio! for the !ata coection( It aso !eas *ith the !ata
interpretation an! anaysis part *herein a the key &easures reate! to risk an! return are
!one *ith the interpretation of the resuts(
In the thir! section, an atte&pt is &a!e to anay9e an! co&pare the perfor&ance of the e;uity
&utua fun!( Bor this purpose J/2aue, stan!ar! !e2iation, an! risk a!juste! perfor&ance
&easures such as +harpe ratio, Treynor &easure, Jenson #pha, an! Be&a &easure ha2e )een
use!(
The portfoio anaysis of the seecte! fun! has )een !one )y the &easure return for the
ho!in% perio!(
#t the en!, it iustrates the su%%estions an! fin!in%s )ase! on the anaysis !one in the
pre2ious sections an! finay it !eas *ith concusion part(
C
%UTUAL #UN( O)ER)IE;
$utua fun! is an in2est&ent co&pany that poos &oney fro& s&a in2estors an!
in2ests in a 2ariety of securities, such as stocks, )on!s an! &oney &arket instru&ents( $ost
open/en! $utua fun!s stan! rea!y to )uy )ack Kre!ee&L its shares at their current net asset
2aue, *hich !epen!s on the tota &arket 2aue of the fun!Ms in2est&ent portfoio at the
ti&e of re!e&ption( $ost open/en! $utua fun!s continuousy offer ne* shares to
in2estors( It is aso kno*n as an open/en! in2est&ent co&pany, to !ifferentiate it fro& a
cose!/en! in2est&ent co&pany(
$utua fun!s in2est pooe! cash of &any in2estors to &eet the fun!Ms state! in2est&ent
o)jecti2e( $utua fun!s stan! rea!y to se an! re!ee& their shares at any ti&e at the fun!Fs
current net asset 2aue: tota fun! assets !i2i!e! )y shares outstan!in%(
4

I
N
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6
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IND6+T
T86IR
$=N6>
IND6+T IN
D#RI6T> =B
+T="?+7,=N.+

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PR=BIT7'=++ B=R$
P=RTB='I= =B
IND6+T$6NT
PR=BIT7'=++ BR=$
IN.IDI.A#'
In +i&pe Wor!s, $utua fun! is a &echanis& for pooin% the resources )y issuin% units
to the in2estors an! in2estin% fun!s in securities in accor!ance *ith o)jecti2es as
!iscose! in offer !ocu&ent(
In2est&ents in securities are sprea! across a *i!e cross/section of in!ustries an!
sectors an! thus the risk is re!uce!( .i2ersification re!uces the risk )ecause not a stocks
&ay &o2e in the sa&e !irection in the sa&e proportion at the sa&e ti&e( $utua fun! issues
units t o the in2estors in accor!ance *ith ;uantu& of &oney in2este! )y the&(
In2estors of $utua fun! are kno*n as unit ho!ers( The profits or osses are share! )y the
in2estors in proportion to their in2est&ents( The $utua fun!s nor&ay co&e out *ith a
nu&)er of sche&es *ith !ifferent in2est&ent o)jecti2es *hich are aunche! fro& ti&e to
ti&e(
In In!ia, # $utua fun! is re;uire! to )e re%istere! *ith +ecurities an! 61chan%e ,oa
r! of In!ia K+6,IL *hich re%uates securities &arkets )efore it can coect fun!s fro& the
pu)ic(
In +hort , a $utua fun! is a co&&on poo of &oney in to *hich in2estors *ith
co&&on in2est&ent o)jecti2e pace their contri)utions that are to )e in2este! in
accor!ance *ith the state ! in2est&ent o)jecti2e of the sche&e( The in2est&ent &ana%er
*ou! in2est the &oney coecte! fro& the in2estor in to assets that are !efine!7
per&itte! )y the state! o)jecti2e of the sche&e( Bor e1a&pe, a n e;uity fun! *ou!
in2est e;uity an! e;uity reate! instru&ents an! a !e)t fun! *ou! in2est in )on!s,
!e)entures, %its etc( $utua fun! is a suita)e in2est&ent for the co&&on &a n a s it offers
an =porto unity to in2est in a !i2ersifie!, professionay &ana%e! )asket of securities at
a reati2ey o* cost(
10
@ISTORY O# %UTUAL #UN(S (;ORL(;I(E!
When three ,oston securities e1ecuti2es pooe! their &oney to%ether in 142- to create the
first &utua fun!, they ha! no i!ea ho* popuar &utua fun!s *ou! )eco&e(
The i!ea of pooin% &oney to%ether for in2estin% purposes starte! in 6urope in the &i!/
1C00s( The first pooe! fun! in the A(+( *as create! in 1C40 for the facuty an! staff of
8ar2ar! Ani2ersity( =n $arch 21st, 142- the first officia &utua fun! *as )orn( It *as
cae! the $assachusetts In2estors Trust(
#fter one year, the $assachusetts In2estors Trust %re* fro& N50,000 in assets in 142- to
N042,000 in assets K*ith aroun! 200 shareho!ersL( In contrast, there are o2er 10,000 &utua
fun!s in the A(+( to!ay totain% aroun! NE triion K*ith appro1i&atey C0 &iion in!i2i!ua
in2estorsL accor!in% to the In2est&ent "o&pany Institute(
The stock &arket crash of 1424 so*e! the %ro*th of &utua fun!s( In response to the stock
&arket crash, "on%ress passe! the +ecurities #ct of 1400 an! the +ecurities 61chan%e #ct of
140-( These a*s re;uire that a fun! )e re%istere! *ith the +6" an! pro2i!e prospecti2e
in2estors *ith a prospectus( The +6" KA(+( +ecurities an! 61chan%e "o&&issionL hepe!
create the In2est&ent "o&pany #ct of 14-0, *hich pro2i!es the %ui!eines that a fun!s
&ust co&py *ith to!ay(
With rene*e! confi!ence in the stock &arket, &utua fun!s )e%an to )osso&( ,y the en! of
the 14@0s there *ere aroun! 2E0 fun!s *ith N-C )iion in assets(
In 14E@, John "( ,o%e opene! the first retai in!e1 fun! cae! the Birst In!e1 In2est&ent
Trust( It is no* cae! the Dan%uar! 500 In!e1 fun!( In No2e&)er of 2000 it )eca&e the
ar%est &utua fun! e2er *ith N100 )iion in assets(
11
@istor8 o2 In*ian %+t+a1 #+n* In*+str8
The history of $utua Bun!s in In!ia can )e )roa!y !i2i!e! into - Phases:
1: #IRST P@ASE (1B6?C1BD!
The Anit Trust of In!ia KATIL *as esta)ishe! in the year 14@0 )y passin% an
#ct in the Paria&ent(
The ATI *as setup )y the Reser2e ,ank of In!ia KR,IL an! functione! un!er
the Re%uatory an! #!&inistrati2e contro of the R,I(
The Birst sche&e in the history of &utua fun!s *as ANIT +"86$6/@-,
*hich is popuary kno*n as A+/@-(
In 14EC, ATI *as !e/inke! fro& R,I( The In!ustria .e2eop&ent ,ank of
In!ia KI.,IL took o2er the Re%uatory an! #!&inistrati2e contro(
#t the en! of the year 14CC, ATI ha! Rs(@,E007/ "rores of #ssets An!er
$ana%e&ent(
2: SE$ON( P@ASE (1BDC1BBE!
6ntry of Pu)ic +ector Bun!s(
In the year 14CE, pu)ic sector $utua Bun!s setup )y pu)ic sector )anks,
'ife Insurance "orporation of In!ia K'I"L an! <enera Insurance "orporation
of In!ia K<I"L are ca&e in to e1istence(
+tate ,ank of In!ia $utua Bun! *as the first non/ATI $utua Bun!( The
foo*in% are the non/ATI $utua Bun!s at initia sta%es(
+,I $utua Bun! in June 14CE(
"an ,ank $utua Bun! in .ece&)er 14CE(
'I" $utua Bun! in June 14C4(
Punja) Nationa ,ank $utua Bun! in #u%ust 14C4(
In!ian ,ank $utua Bun! in No2e&)er 14C4(
,ank of In!ia $utua Bun! in June 1440(
12
<I" $utua Bun! in .ece&)er 1440(
,ank of ,aro!a $utua Bun! in =cto)er 1442(
#t the en! of 1440, the entire $utua Bun! In!ustry ha! #ssets un!er
$ana%e&ent of Rs(-E, 00-7/ "rores(
E: T@IR( P@ASE (1BBEC2FFE!
6ntry of Pri2ate +ector Bun!s / a *i!e choice to In!ian $utua Bun!
in2estors(
In 1440, the first $utua Bun! Re%uations ca&e into e1istence, un!er *hich
a &utua fun!s e1cept ATI *ere to )e re%istere! an! %o2erne!(
The 6rst*hie ?othari Pioneer Kno* &er%e! *ith Brankin Te&petonL *as
the first pri2ate sector $utua Bun! Re%istere! in Juy 1440(
In 144@, the 1440 +ecurities 61chan%e ,oar! of In!ia K+6,IL $utua Bun!s
Re%uations *ere su)stitute! )y a &ore co&prehensi2e an! re2ise! $utua
Bun! Re%uations(
The nu&)er of $utua Bun! houses *ent on increasin%, *ith &any forei%n
&utua fun!s settin% up fun!s in In!ia(
In this ti&e, the $utua Bun! in!ustry has *itnesse! se2era $er%ers
&#c;uisitions(
The ATI *ith Rs(--, 5-17/ "rores( =f #ssets An!er &ana%e&ent *as *ay
ahea! of a other $utua Bun!s(
10
The foo*in% *as the status at en! of Be)ruary 2000:
N+-,er o2 s63e-es A-o+nt (in $rores!
O0enCen*e* s63e-es 02
1
C2,@40
$1oseCen*e* s63e-es 51 --4E
TOTAL E
2
D<1BF
K+ource 3 #$BI *e)siteL
The !ia%ra& )eo* sho*s the three se%&ents an! so&e payers in each se%&ent:
?: #OURT@ P@ASE (SIN$E 2FFE #E5RUARY!
Boo*in% the repea of the ATI #ct in Be)ruary 2000, it *as KATIL
1 )ifurcate! into 2 separate entities(
=ne is the specifie! un!ertakin% of the ATI *ith asset un!er &ana%e&ent of
2 Rs(24, C057/ "rores as at the en! of January 2000(
The secon! is the ATI $utua Bun!s 'i&ite!, sponsore! )y +tate ,ank of
0 In!ia, Punja) Nationa ,ank, ,ank of ,aro!a an! 'ife Insurance
- "orporation of In!ia(
ATI is functionin% un!er an #!&inistrator an!
un!er the Rues fra&e! )y
5 the <o2ern&ent of In!ia an! !oes not co&e
un!er the pur2ie* of the
@ $utua Bun! Re%uations(
The ATI $utua Bun!s 'i&ite! is re%istere!
*ith +6,I an! functions un!er
E the $utua Bun!s Re%uations(
With the )ifurcation of the 6rst*hie ATI, *ith
the settin% up of a ATI
C $utua Bun!, confir&in% to the +6,I $utua
Bun! Re%uations an! *ith
4 recent &er%ers takin%
10
pace a&on% !ifferent pri2ate sector fun!s, the $utua Bun!
In!ustry has entere! its current phases of consoi!ation an!
%ro*th(
#t the en! of +epte&)er 200-, there *ere 24
fun!s, *hich &ana%e assets of
1 Rs(1, 50,10C7/ "rores un!er -21 !ifferent
sche&es(
15
#t the en! of $arch 200@, the status of $utua
fun! In!ustry *as:
No: o2 s63e-es A-o+nt (in 6rores!
O0enCen*e* s63e-es -1
-
1,C5,444
$1oseCen*e* s63e-es -@ E1,500
TOTAL ?6
F
2<5<?BB
K+ource 3 #$BI *e)siteL
#.D#NT#<6+ =B $ATA#' BAN.
Ta,1e:1:1
S:
No:
A*9anta
ge
Parti6+1ars
1:
Port2o1io
(i9ersi2i
6ation
$utua Bun!s in2est in a *e/!i2ersifie! portfoio of
securities *hich ena)es in2estor to ho! a !i2ersifie!
in2est&ent portfoio K*hether the a&ount of
in2est&ent is )i% or s&aL(
1@
2:
Pro2essio
na1
%anage
-ent
Bun! &ana%er un!er%oes throu%h 2arious research
*orks an! has )etter in2est&ent &ana%e&ent skis
*hich ensure hi%her returns to the in2estor than *hat
he can &ana%e on his o*n(
E:
Less
Ris7
In2estors ac;uire a !i2ersifie! portfoio of securities
e2en *ith a s&a in2est&ent in a $utua Bun!( The
risk in a !i2ersifie! portfoio is esser than in2estin% in
&erey 2 or 0 securities(
?:
LoG
Transa6t
ion
$osts
.ue to the econo&ies of scae K)enefits of ar%er
2ou&esL, &utua fun!s pay esser transaction costs(
These )enefits are passe! on to the in2estors(
5:
Li4+i*it
8
#n in2estor &ay not )e a)e to se so&e of the shares
he! )y hi& 2ery easiy an! ;uicky, *hereas units of a
&utua fun! are far &ore i;ui!(
6:
$3oi6e
o2
S63e-es
$utua fun!s pro2i!e in2estors *ith 2arious sche&es
*ith !ifferent in2est&ent o)jecti2es( In2estors ha2e the
option of in2estin% in a sche&e ha2in% a correation
)et*een its in2est&ent o)jecti2es an! their o*n
financia %oas( These sche&es further ha2e !ifferent
pans7options
:
Trans0a
ren68
Bun!s pro2i!e in2estors *ith up!ate! infor&ation
pertainin% to the &arkets an! the sche&es( # &ateria
facts are !iscose! to in2estors as re;uire! )y the
re%uator(
D:
#1eHi,i1it
8
In2estors aso )enefit fro& the con2enience an!
fe1i)iity offere! )y $utua Bun!s( In2estors can
s*itch their ho!in%s fro& a !e)t sche&e to an e;uity
sche&e an! 2ice/2ersa( =ption of syste&atic Kat
re%uar inter2asL in2est&ent an! *ith!ra*a is aso
offere! to the in2estors in &ost open/en! sche&es(
1E
B: Sa2et8
$utua Bun! in!ustry is part of a *e/re%uate!
in2est&ent en2iron&ent *here the interests of the
in2estors are protecte! )y the re%uator( # fun!s are
re%istere! *ith +6,I an! co&pete transparency is
force!(
(ISA()ANTA&E O# IN)ESTIN&
T@ROU&@ %UTUAL #UN(S
Ta,1e:1:2
S:
No:
(isa*9
antage
Parti6+1ars
1:
$osts
$ontro1
Not in
t3e
@an*s
o2 an
In9esto
r
In2estor has to pay in2est&ent &ana%e&ent fees an!
fun! !istri)ution costs as a percenta%e of the 2aue of
his in2est&ents Kas on% as he ho!s the unitsL,
irrespecti2e of the perfor&ance of the fun!(
2:
No
$+sto-
iIe*
Port2o1i
os
The portfoio of securities in *hich a fun! in2ests is a
!ecision taken )y the fun! &ana%er( In2estors ha2e no
ri%ht to interfere in the !ecision &akin% process of a
fun! &ana%er, *hich so&e in2estors fin! as a
constraint in achie2in% their financia o)jecti2es(
E: (i22i6+1
t8 in
Se1e6tin
g a
S+ita,1
$any in2estors fin! it !ifficut to seect one option
fro& the pethora of fun!s7sche&es7pans a2aia)e(
Bor this, they &ay ha2e to take a!2ice fro& financia
panners in or!er to in2est in the ri%ht fun! to achie2e
their o)jecti2es(
1C
e #+n*
S63e-e
SCHEMES OF MUTUAL
FUND
14
5ASE( ON T@EIR
STUR$TURE
=P6N 6N.6. BAN.+
"'=+6/6N.6. BAN.+
20
2( ,#+6. =N IND6+T$6NT
%UTUAL #UN(S $AN 5E $LASSI#IE( AS
#OLLO;:
5ASE( ON T@EIR STRU$TURE:
OPENCEN(E( #UN(S:
#n open/en! fun! is one that is a2aia)e for su)scription a
throu%h the year( These !o not ha2e a fi1e! &aturity(
In2estors can con2enienty )uy an! se units at Net #sset
21
6OAIT> BAN.+ ,#'#N"6
. BAN.+
.6,T BAN.+
.6DI.6N.
6OAIT>
T86$#NTI"
+6"T=R BAN.
6OAIT>
.6,T
#R,IT#<6
B'=#TIN<
B$P+ BAN.+
IN"=$6
<AI'T BAN.+
'6OAI.
6'++
IN.6P BAN.+
Daue KQN#DQL reate! prices( The key feature of open/en!
sche&es is i;ui!ity(
$LOSE(CEN(E( #UN(S:
# cose!/en! fun! has a stipuate! &aturity perio! *hich
%eneray ran%in% fro& 0 to 15 years( The fun! is open for
su)scription ony !urin% a specifie! perio!( In2estors can
in2est in the sche&e at the ti&e of the initia pu)ic issue an!
thereafter they can )uy or se the units of the sche&e on the
stock e1chan%es *here they are iste!(
In or!er to pro2i!e an e1it route to the in2estors, so&e cose/
en!e! fun!s %i2e an option of sein% )ack the units to the
$utua Bun! throu%h perio!ic repurchase at N#D reate!
prices( +6,I Re%uations stipuate that at east one of the t*o
e1it routes is pro2i!e! to the in2estor(
5ASE( ON T@EIR IN)EST%ENT
O5JE$TI)E:
EJUITY #UN(S : These fun!s in2est in e;uities
an! e;uity reate! instru&ents( With fuctuatin% share
prices, such fun!s sho* 2oatie perfor&ance, e2en
osses( 8o*e2er, short ter& fuctuations in the
&arket, %eneray s&oothens out in the on% ter&,
there)y offerin% hi%her returns at reati2ey o*er
2oatiity( #t the sa&e ti&e, such fun!s can yie!
%reat capita appreciation as, historicay, e;uities
22
ha2e outperfor&e! a asset casses in the on% ter&(
8ence, in2est&ent in e;uity fun!s shou! )e
consi!ere! for a perio! of at east 0/5 years( It can )e
further cassifie! as:
1: IN(EA #UN(S/ In this case a key stock &arket in!e1,
ike ,+6 +ense1 or Nifty is tracke!( Their portfoio &irrors
the )ench&ark in!e1 in ter&s of )oth co&position an!
in!i2i!ua stock *ei%hta%es(
2: EJUITY (I)ERSI#IE( #UN(SC 100R of the capita
is in2este! in e;uities sprea!in% across !ifferent sectors an!
stocks(
E: (I)I(EN( YIEL( #UN(SC it is si&iar to the e;uity/
!i2ersifie! fun!s e1cept that they in2est in co&panies
offerin% hi%h !i2i!en! yie!s(
?: T@E%ATI$ #UN(SC In2est 100R of the assets in
sectors *hich are reate! throu%h so&e the&e(
e(%( /#n infrastructure fun! in2ests in po*er, construction,
ce&ents sectors etc(
5: SE$TOR #UN(SC IND6+T 100R of the capita in a
specific sector( e(%( / # )ankin% sector fun! *i in2est in
)ankin% stocks(
@( ELSS/ 6;uity 'inke! +a2in% +che&e pro2i!es ta1 )enefit
to the in2estors(
5ALAN$E( #UN( : Their in2est&ent portfoio
incu!es )oth !e)t an! e;uity( #s a resut, on the risk/
20
return a!!er, they fa )et*een e;uity an! !e)t
fun!s( ,aance! fun!s are the i!ea &utua fun!s
2ehice for in2estors *ho prefer sprea!in% their risk
across 2arious instru&ents( Boo*in% are )aance!
fun!s casses:
1 (E5TCORIENTE( #UN(S CIn2est&ent )eo* @5R in
e;uities(
2 EJUITYCORIENTE( #UN(S CIn2est at east @5R in
e;uities, re&ainin% in !e)t(
(E5T #UN( : They in2est ony in !e)t instru&ents,
an! are a %oo! option for in2estors a2erse to i!ea of
takin% risk associate! *ith e;uities( Therefore, they
in2est e1cusi2ey in fi1e!/inco&e instru&ents ike
)on!s, !e)entures, <o2ern&ent of In!ia securitiesS
an! &oney &arket instru&ents such as certificates of
!eposit K".L, co&&ercia paper K"PL an! ca
&oney( Put your &oney into any of these !e)t fun!s
!epen!in% on your in2est&ent hori9on an! nee!s(
1: LIJUI( #UN(SC These fun!s in2est 100R in
&oney &arket instru&ents, a ar%e portion )ein%
in2este! in ca &oney &arket(
2: &ILT #UN(S STC T86> in2est 100R of their
portfoio in %o2ern&ent securities of an! T/)is(
2-
E: #LOATIN& RATE #UN(S C In2est in short/ter&
!e)t papers( Boaters in2est in !e)t instru&ents,
*hich ha2e 2aria)e coupon rate(
?: AR5ITRA&E #UN(C They %enerate inco&e
throu%h ar)itra%e opportunities !ue to &iss/pricin%
)et*een cash &arket an! !eri2ati2es &arket( Bun!s
are aocate! to e;uities, !eri2ati2es an! &oney
&arkets( 8i%her proportion Karoun! E5RL is put in
&oney &arkets, in the a)sence of ar)itra%e
opportunities(
5: &ILT #UN(S LTC They in2est 100R of their
portfoio in on%/ter& %o2ern&ent securities(
6: IN$O%E #UN(S LTC Typicay, such fun!s in2est
a &ajor portion of the portfoio in on%/ter& !e)t
papers(
: %IPSC $onthy Inco&e Pans ha2e an e1posure of
E0R/40R to !e)t an! an e1posure of 10R/00R to
e;uities(
D: #%PSC fi1e! &onthy pans in2est in !e)t papers
*hose &aturity is in ine *ith that of the fun!(
@O; ARE #UN(S (I##ERENT IN TER%S O#
T@EIR RISK PRO#ILE:
Ta,1e:1:E
25
6;uity Bun!s 8i%h e2e of return, )ut has a hi%h e2e of risk too
.e)t fun!s Returns co&parati2ey ess risky than e;uity fun!s
'i;ui! an! $oney
$arket fun!s
Pro2i!e sta)e )ut o* e2e of return
1:5 IN)EST%ENT STRATE&IES
1: SYSTE%ATI$ IN)EST%ENT PLAN: An!er this, a
fi1e! su& is in2este! each &onth on a fi1e! !ate of a &onth(
Pay&ent is &a!e throu%h post/!ate! che;ues or !irect !e)it
faciities( The in2estor %ets fe*er units *hen the N#D is
hi%h an! &ore units *hen the N#D is o*( This is cae! as
the )enefit of Rupee "ost #2era%in% KR"#L
2: SYSTE%ATI$ TRANS#ER PLAN: An!er this, an
in2estor in2est in !e)t/oriente! fun! an! %i2e instructions to
transfer a fi1e! su&, at a fi1e! inter2a, to an e;uity sche&e
of the sa&e &utua fun!(
E: SYSTE%ATI$ ;IT@(RA;AL PLAN: if so&eone
*ishes to *ith!ra* fro& a &utua fun! then he can *ith!ra*
a fi1e! a&ount each &onth(
$.%. OR&A'(SAT(O' O) MUTUA* )U'+
2@
#ig+re:1:?
T@E STRU$TURE $ONSISTS O#:
SPONSOR
+ponsor is the person *ho actin% aone or in co&)ination
*ith another )o!y corporate esta)ishes a &utua fun!(
+ponsor &ust contri)ute at east -0R of the net *orth of the
In2est&ent &ana%e! an! &eet the ei%i)iity criteria
prescri)e! un!er the +ecurities an! 61chan%e ,oar! of In!ia
K$utua Bun!L Re%uations, 144@( The sponsor is not
responsi)e or ia)e for any oss or shortfa resutin% fro&
the operation of the +che&es )eyon! the initia contri)ution
&a!e )y it to*ar!s settin% up of the $utua Bun!(
TRUST
The $utua Bun! is constitute! as a trust in accor!ance *ith
the pro2isions of the In!ian Trusts #ct, 1CC2 )y the +ponsor(
2E
The trust !ee! is re%istere! un!er the In!ian Re%istration
#ct, 140C(
TRUSTEE
Trustee is usuay a co&pany Kcorporate )o!yL or a ,oar! of
Trustees K)o!y of in!i2i!uasL( The &ain responsi)iity of
the Trustee is to safe%uar! the interest of the unit ho!ers an!
ensure that the #$" functions in the interest of in2estors
an! in accor!ance *ith the +ecurities an! 61chan%e ,oar! of
In!ia K$utua Bun!sL Re%uations, 144@, the pro2isions of
the Trust .ee! an! the =ffer .ocu&ents of the respecti2e
+che&es( #t east 270r! !irectors of the Trustee are
in!epen!ent !irectors *ho are not associate! *ith the
+ponsor in any &anner(
ASSET %ANA&E%ENT $O%PANY (A%$!
The #$" is appointe! )y the Trustee as the In2est&ent
$ana%er of the $utua Bun!( The #$" is re;uire! to )e
appro2e! )y the +ecurities an! 61chan%e ,oar! of In!ia
K+6,IL to act as an asset &ana%e&ent co&pany of the
$utua Bun!( #t east 50R of the !irectors of the #$" are
in!epen!ent !irectors *ho are not associate! *ith the
+ponsor in any &anner( The #$" &ust ha2e a net *orth of
at east 10 cores at a ti&es(
RE&ISTRAR AN( TRANS#ER A&ENT
The #$" if so authori9e! )y the Trust .ee! appoints the
Re%istrar an! Transfer #%ent to the $utua Bun!( The
2C
Re%istrar processes the appication for&, re!e&ption
re;uests an! !ispatches account state&ents to the unit
ho!ers( The Re%istrar an! Transfer a%ent aso han!es
co&&unications *ith in2estors an! up!ates in2estor recor!s(
ASSET U'+ER MA'A&EME'T
Ta)e1(-
#++6T AN.6R $#N#<6$6NT =B T=P #$",+ as on Jun 30
!00"
$utua Bun! Na&e No( of
sche&es
"orpus KRs("roresL
Reiance $utua Bun! 2@0 10C,002(0@
8.B" $utua Bun! 202 EC,14E(40
I"I"I Pru!entia $utua Bun! 025 E0,1@4(-@
ATI $utua Bun! 20E @E,4EC(14
,ira +un 'ife $utua Bun! 2C0 5@,2C2(CE
+,I $utua Bun! 100 0-,0@1(0-
'I" $utua Bun! E0 02,-1-(42
?otak $ahin!ra $utua Bun! 12- 00,C00(02
Brankin Te&peton $utua Bun! 141 25,-E2(C5
I.B" $utua Bun! 1@- 21,@E@(24
Tata $utua Bun! 1E5 21,222(C1
The %raph in!icates the %ro*th of assets o2er the years(
24
#ig+re:1:5
00
(ISTRI5UTION $@ANNELS:

$utua fun!s posses a 2ery stron% !istri)ution channe so
that the uti&ate custo&ers !oesnFt face any !ifficuty in the
fina procure&ent( The 2arious parties in2o2e! in
!istri)ution of &utua fun!s are:
1( (IRE$T %ARKETIN& 5Y T@E A%$s: the for&s
cou! )e o)taine! fro& the #$"s !irecty( The in2estors can
approach to the #$"s for the for&s( so&e of the top #$"s
of In!ia areS Reiance ,,ira +unife, Tata, +,I &a%nu&,
?otak $ahin!ra, 8.B", +un!ara&, I"I"I, $irae #ssets,
"anara Ro)eco, 'otus In!ia, 'I", ATI etc( *hereas forei%n
#$"s incu!e: +tan!ar! "hartere!, Brankin Te&peton,
Bi!eity, JP $or%an, 8+,", .+P $eri 'ynch, etc(
2: 5ROKER= SU5 5ROKER ARRAN&E%ENTS: the
#$"s can si&utaneousy %o for )roker7su)/)roker to
popuari9e their fun!s( #$"s can enjoy the a!2anta%e of
ar%e net*ork of these )rokers an! su) )rokers(
E( IN(I)I(UAL A&ENTS< 5ANKS< N5#$: in2estors
can procure the fun!s throu%h in!i2i!ua a%ents, in!epen!ent
)rokers, )anks an! se2era non/ )ankin% financia
corporations too, *hiche2er he fin!s con2enient for hi&(
01
INTRO(U$TION
The stocks ha2e risk, *hich co&prises of either uni;ue risk
aso cae! as !i2ersifia)e risk or unsyste&atic risk an!
&arket risk aso cae! as non/!i2ersifia)e risk
=r syste&atic( There are fe* pro)e&s, *hich re2ea the
necessity to anay9e the risk an! return of the $BFs( *e can
neither pre!ict the risk in2o2e! nor the future perfor&ance
of the stock( $any $BFs sche&es ha2e not perfor&e! *e
!ue to *hich in2estor ha2e incurre! osses( The &o2e&ent of
,+6/100 in!e1 !epen!s on the perfor&ance of the
co&panyFs stock( If a particuar in!ustry is not in a )oo&in%
sta%e, then the stock of co&panies reate! to that in!ustry
*ou! )e affecte!( <i2en the )ack%roun! of risk an!
uncertainty a)out in2est&ent in &utua fun!, present stu!y
02
tries to fin! out risk return on Reiance &utua fun! in
co&parison *ith ,+6/100 in!e1 has )een un!er taken(
There are a ot of in2est&ent a2enues a2aia)e to!ay in the
financia &arket for an in2estor *ith an in2est a)e surpus(
8e can in2est in ,ank .eposits, "orporate .e)entures, an!
,on!s *here there is o* risk )ut o* return( 8e &ay in2est
in +tock of co&panies *here the risk is hi%h an! the returns
are aso proportionatey hi%h( The recent tren!s in the +tock
$arket ha2e sho*n that an a2era%e retai in2estor a*ays
ost *ith perio!ic )earish ten!s( Peope )e%an optin% for
portfoio &ana%ers *ith e1pertise in stock &arkets *ho
*ou! in2est on their )ehaf( Thus *e ha! *eath
&ana%e&ent ser2ices pro2i!e! )y &any institutions(
8o*e2er they pro2e! too costy for a s&a in2estor( These
in2estors ha2e foun! a %oo! sheter *ith the &utua fun!s(
'ike &ost !e2eope! an! !e2eopin% countries the &utua
fun! cut has )een catchin% on in In!ia( The reasons for this
interestin% occurrence are:
1( $utua fun!s &ake it easy an! ess costy for in2estors
to satisfy their nee! for capita %ro*th, inco&e an!7or
inco&e preser2ation(
2( $utua fun! )rin%s the )enefits of !i2ersification an!
&oney &ana%e&ent to the in!i2i!ua in2estor, pro2i!in% a
opportunity for financia success that *as once a2aia)e
ony to a seect fe*(
00
@ISTORY

Anit Trust of In!ia is the first $utua Bun! set up un!er a
separate act, ATI #ct in 14@0, an! starte! its operations in
14@- *ith the issue of units un!er the sche&e A+/@-1( In
14EC ATI *as !einke! fro& the R,I an! In!ustria
.e2eop&ent ,ank of In!ia KI.,IL took o2er the
Re%uatory an! a!&inistrati2e contro in pace of R,I(
In the year 14CE Pu)ic +ector )anks ike +tate ,ank of
In!ia, Punja) Nationa ,ank, In!ian ,ank, ,ank of In!ia,
an! ,ank of ,aro!a ha2e set up &utua fun!s(

#part fro& these a)o2e &entione! )anks 'ife Insurance
"orporation T'I"U an! <enera Insurance "orporation T<I"U
too ha2e set up &utua fun!( 'I" esta)ishe! its &utua fun!
in June 14C4(*hie <I" ha! set up its &utua fun! in
.ece&)er 1440(The &utua fun! in!ustry ha! assest un!er
&ana%e&ent of Rs( -E,00- crores(
With the entry of Pri2ate +ector Bun!s a ne* era has starte!
in $utua Bun! In!ustry Te(%:/ Principa $utua Bun!(U
0-
%+t+a1 #+n* Reg+1ations
The secon! is the ATI $utua Bun! 't!, sponsore! )y +,I,
PN,, ,=, an! 'I"( It is re%istere! *ith +6,I an! functions
un!er the $utua Bun! Re%uations( With the )ifurcation of
the erst*hie ATI *hich ha! in $arch 2000 &ore than
Rs(E@,000 crores of assets un!er &ana%e&ent an! *ith the
settin% up of a ATI $utua Bun!, confor&in% to the +6,I
$utua Bun! Re%uations, an! *ith recent &er%ers takin%
pace a&on% !ifferent pri2ate sector fun!s, the &utua fun!
in!ustry has entere! its current phase of consoi!ation an!
%ro*th( #s at the en! of +epte&)er, 200-, there *ere 24
fun!s, *hich &ana%e assets of Rs(15010C crores un!er -21
sche&es(
05
T80es o2 %+t+a1 #+n*s S63e-e in In*ia
Wi!e 2ariety of $utua Bun! +che&es e1ist to cater to the
nee!s such as financia position, risk toerance an! return
e1pectations etc( The ta)e )eo* %i2es an o2er2ie* into the
e1istin% types of sche&es in the In!ustry(
,y +tructure
0@
o =pen / 6n!e! +che&es
o "ose / 6n!e! +che&es
o Inter2a +che&es
,y In2est&ent =)jecti2e
o <ro*th +che&es
o Inco&e +che&es
o ,aance! +che&es
o $oney $arket +che&es
=ther +che&es
o Ta1 +a2in% +che&es
o +pecia +che&es
In!e1 +che&es
+ector +pecfic
#eat+res re1ate* -+t+a1 2+n*s
0E
Reiance *as the first fun! house to aunch sector
fun!s *ith fe1i)iity to in2est in a ran%e of 0R to
100R in either e;uity or !e)t instru&ents(
$utua fun! in2est&ents inke! to an #T$7!e)it
car! a Reiance inno2ation In!iaFs first on%/short
fun! co&es fro& Reiance $utua Bun! (
#s at 01st $ay 200C, &ore than @(@ &iion peope
ha! in2este! in Reiance $utua Bun!Sthe
in2est&ents co&prise! 1@R of the countryFs entire
&utua fun!(
0C
%UTUAL #UN( $O%PANIES IN IN(IA
The concept of &utua fun!s in In!ia !ates )ack to the year
14@0( The era )et*een 14@0 an! 14CE &arke! the e1istence
of ony one &utua fun! co&pany in In!ia *ith Rs( @E)n
assets un!er &ana%e&ent K#A$L, )y the en! of its
&onopoy era, the Anit Trust of In!ia KATIL( ,y the en! of
the C0s !eca!e, fe* other &utua fun! co&panies in In!ia
took their position in &utua fun! &arket( The ne* entries of
&utua fun! co&panies in In!ia *ere +,I $utua Bun!,
"anra )ank $utua Bun!, Punja) Nationa ,ank $utua
Bun!, In!ian ,ank $utua Bun!, ,ank of In!ia $utua Bun!(
The succee!in% !eca!e sho*e! a ne* hori9on in In!ian
&utua fun! in!ustry( ,y the en! of 1440, the tota #A$ of
the in!ustry *as Rs( -E0(0- )n( The pri2ate sector fun!s
starte! penetratin% the fun! fa&iies( In the sa&e year the
first $utua Bun! Re%uations ca&e into e1istence *ith re/
re%isterin% a &utua fun!s e1cept ATI( The re%uations
*ere further %i2en a re2ise! shape in 144@(
04
$O%PITITORS O# RELIAN$E %UTUAL
#UN(
A5N A%RO %UTUAL #UN(
#,N #$R= $utua Bun! *as setup on #pri 15, 200- *ith
#,N #$R= Trustee KIn!iaL P2t( 't!( #s the Trustee
"o&pany( The #$", #,N #$R= #sset $ana%e&ent
-0
KIn!iaL 't!( *as incorporate! on No2e&)er -, 2000(
.eutsche ,ank # < is the custo!ian of #,N #$R= $utua
Bun!(
5IRLA SUN LI#E %UTUAL #UN(
,ira +un 'ife $utua Bun! is the joint 2enture of #!itya
,ira <roup an! +un 'ife Binancia( +un 'ife Binancia is a
%o)a or%ani9ation e2o2e! in 1CE1 an! is )ein% represente!
in "ana!a, the A+, the Phiippines, Japan, In!onesia an!
,er&u!a apart fro& In!ia( ,ira +un 'ife $utua Bun!
foo*s a conser2ati2e on%/ter& approach to in2est&ent(
Recenty it crosse! #A$ of Rs( 10,000 crores(
5ANK O# 5ARO(A %UTUAL #UN( (5O5 %UTUAL
#UN(!
,ank of ,aro!a $utua Bun! or ,=, $utua Bun! *as
setup on =cto)er 00, 1442 un!er the sponsorship of ,ank of
,aro!a( ,=, #sset $ana%e&ent "o&pany 'i&ite! is the
#$" of ,=, $utua Bun! an! *as incorporate! on
No2e&)er 5, 1442( .eutsche ,ank #< is the custo!ian(
@(#$ %UTUAL #UN(
-1
8.B" $utua Bun! *as setup on June 00, 2000 *ith t*o
sponsorers na&ey 8ousin% .e2eop&ent Binance
"orporation 'i&ite! an! +tan!ar! 'ife In2est&ents 'i&ite!(
8+," $utua Bun! 8+," $utua Bun! *as setup on $ay
2E, 2002 *ith 8+," +ecurities an! "apita $arkets KIn!iaL
Pri2ate 'i&ite! as the sponsor( ,oar! of Trustees, 8+,"
$utua Bun! acts as the Trustee "o&pany of 8+," $utua
Bun!(
IN& )YSYA %UTUAL #UN(
IN< Dysya $utua Bun! *as setup on Be)ruary 11, 1444
*ith the sa&e na&e! Trustee "o&pany( It is a joint 2enture
of Dysya an! IN<( The #$", IN< In2est&ent $ana%e&ent
KIn!iaL P2t( 't!( Was incorporate! on #pri @, 144C(
PRU(ENTIAL I$I$I %UTUAL #UN(
The &utua fun! of I"I"I is a joint 2enture *ith Pru!entia
Pc( of #&erica, one of the ar%est ife insurance co&panies
in the A+ of #( Pru!entia I"I"I $utua Bun! *as setup on
10th of =cto)er,1440 *ith t*o sponsorers, Pru!entia Pc(
an! I"I"I 't!( The Trustee "o&pany for&e! is Pru!entia
I"I"I Trust 't!( an! the #$" is Pru!entia I"I"I #sset
$ana%e&ent "o&pany 'i&ite! Incorporate! on 22n! of
June, 1440(
-2
SA@ARA %UTUAL #UN(
+ahara $utua Bun! *as set up on Juy 1C, 144@ *ith +ahara
In!ia Binancia "orporation 't!( #s the sponsor( +ahara
#sset $ana%e&ent "o&pany Pri2ate 'i&ite! incorporate!
on #u%ust 01, 1445 *orks as the #$" of +ahara $utua
Bun!( The pai!/up capita of the #$" stan!s at Rs 25(C
crore(

STATE 5ANK O# IN(IA %UTUAL #UN(
+tate ,ank of In!ia $utua Bun! is the first ,ank sponsore!
$utua Bun! to aunch offshor fun!, the In!ia $a%nu& Bun!
*ith a corpus of Rs( 225 cr( appro1i&atey( To!ay it is the
ar%est ,ank sponsore! $utua Bun! in In!ia( They ha2e
area!y aunche! 05 +che&es out of *hich 15 ha2e area!y
yie!e! han!so&e returns to in2estors( +tate ,ank of In!ia
$utua Bun! has &ore than Rs( 5,500 "rores as #A$( No*
-0
it has an in2estor )ase of o2er C 'akhs sprea! o2er 1C
sche&es(
TATA %UTUAL #UN(
Tata $utua Bun! KT$BL is a Trust un!er the In!ian Trust
#ct, 1CC2( The sponsorers for Tata $utua Bun! are Tata
+ons 't!(, an! Tata In2est&ent "orporation 't!( The
in2est&ent &ana%er is Tata #sset $ana%e&ent 'i&ite! an!
its Tata Trustee "o&pany P2t( 'i&ite!( Tata #sset
$ana%e&ent 'i&ite!Ms is one of the fastest in the country
*ith &ore than Rs( E,E00 crores Kas on #pri 00, 2005L of
#A$(
KOTAK %A@IN(RA %UTUAL #UN(
?otak $ahin!ra #sset $ana%e&ent "o&pany K?$#$"L is
a su)si!iary of ?$,'( It is presenty ha2in% &ore than 1,
44,C1C in2estors in its 2arious sche&es( ?$#$" starte! its
operations in .ece&)er 144C( ?otak $ahin!ra $utua Bun!
offers sche&es caterin% to in2estors *ith 2aryin% risk /
return profies( It *as the first co&pany to aunch !e!icate!
%it sche&e in2estin% ony in %o2ern&ent securities(
UNIT TRUST O# IN(IA %UTUAL #UN(
--
ATI #sset $ana%e&ent "o&pany Pri2ate 'i&ite!,
esta)ishe! in Jan 1-, 2000, &ana%es the ATI $utua Bun!
*ith the support of ATI Trustee "o&pany Pri2ate 'i&ite!(
ATI #sset $ana%e&ent(
STAN(AR( $@ARTERE( %UTUAL #UN(
+tan!ar! "hartere! $utua Bun! *as set up on $arch 10,
2000 sponsore! )y +tan!ar! "hartere! ,ank( The Trustee is
+tan!ar! "hartere! Trustee "o&pany P2t( 't!( +tan!ar!
"hartere! #sset $ana%e&ent "o&pany P2t( 't!( is the
#$" *hich *as incorporate! *ith +6,I on .ece&)er
20,1444(
#RANKLIN TE%PLETON IN(IA %UTUAL #UN(
The %roup, Brankin Te&peton In2est&ents is a "aifornia
KA+#L )ase! co&pany *ith a %o)a #A$ of A+N -04(2 )n(
Kas of #pri 00, 2005L( It is one of the ar%est financia
ser2ices %roups in the *or!( In2estors can )uy or se the
$utua Bun! throu%h their financia a!2isor or throu%h &ai
or throu%h their *e)site( They ha2e =pen en! .i2ersifie!
6;uity sche&es, =pen en! +ector 6;uity sche&es, =pen en!
8y)ri! sche&es, =pen en! Ta1 +a2in% sche&es, =pen en!
-5
Inco&e an! 'i;ui! sche&es, "ose! en! Inco&e sche&es
an! =pen en! Bun! of Bun!s sche&es to offer(
%OR&AN STANLEY %UTUAL #UN( IN(IA
$or%an +taney is a *or!*i!e financia ser2ices co&pany
an! itFs ea!in% in the &arket in securities, in2est&ent
&ana%e&ent an! cre!it ser2ices( $or%an +taney In2est&ent
$ana%e&ent K$I+$L *as esta)ishe! in the year 14E5( It
pro2i!es custo&i9e! asset &ana%e&ent ser2ices an!
pro!ucts to %o2ern&ents, corporations, pension fun!s an!
non/profit or%ani9ations( Its ser2ices are aso e1ten!e! to
hi%h net *orth in!i2i!uas an! retai in2estors( In In!ia it is
kno*n as $or%an +taney In2est&ent $ana%e&ent Pri2ate
'i&ite! K$+I$ In!iaL an! its #$" is $or%an +taney
$utua Bun! K$+$BL( This is the first cose en! !i2ersifie!
e;uity sche&e ser2in% the nee!s of In!ian retai in2estors
focusin% on a on%/ter& capita appreciation(
ES$ORTS %UTUAL #UN(
6scorts $utua Bun! *as setup on #pri 15, 144@ *ith
6scorts Binance 'i&ite! as its sponsor( The Trustee
"o&pany is 6scorts In2est&ent Trust 'i&ite!( ItFs #$"
-@
*as incorporate! on .ece&)er 1, 1445 *ith the na&e
6scorts #sset $ana%e&ent 'i&ite!(
ALLIAN$E $APITAL %UTUAL #UN(
#iance "apita $utua Bun! *as setup on .ece&)er 00,
144- *ith #iance "apita $ana%e&ent "orp( of .ea*are
KA+#L as sponsore!( The Trustee is #"#$ Trust "o&pany
P2t( 't!( an! #$", the #iance "apita #sset $ana%e&ent
In!ia KP2tL 't!( *ith the corporate office in $u&)ai(
,ench&ark $utua Bun!
,ench&ark $utua Bun! *as setup on June 12, 2001 *ith
Niche Binancia +er2ices P2t( 't!( as the sponsore! an!
,ench&ark Trustee "o&pany P2t( 't!( as the Trustee
"o&pany( Incorporate! on =cto)er 1@, 2000 an!
hea!;uartere! in $u&)ai, ,ench&ark #sset $ana%e&ent
"o&pany P2t( 't!( is the #$"(
$AN5ANK %UTUAL #UN(
"an)ank $utua Bun! *as setup on .ece&)er 14, 14CE *ith
"anara ,ank actin% as the sponsor( "an)ank In2est&ent
$ana%e&ent +er2ices 't!( incorporate! on $arch 2, 1440 is
the #$"( The "orporate =ffice of the #$" is in $u&)ai(
$@OLA %UTUAL #UN(
-E
"hoa $utua Bun! un!er the sponsorship of
"hoa&an!aa& In2est&ent & Binance "o&pany 't!( *as
setup on January 0, 144E( "hoa&an!aa& Trustee "o( 't!(
is the Trustee "o&pany an! #$" is "hoa&an!aa& #$"
'i&ite!(
LI$ %UTUAL #UN(
'ife Insurance "orporation of In!ia set up 'I" $utua Bun!
on 14th June 14C4( It contri)ute! Rs( 2 "rores to*ar!s the
corpus of the Bun!( 'I" $utua Bun! *as constitute! as a
Trust in accor!ance *ith the pro2isions of the In!ian Trust
#ct, 1CC2( ( The "o&pany starte! its )usiness on 24th #pri
144-( The Trustees of 'I" $utua Bun! ha2e appointe!
Jee2an ,i&a +ahayo% #sset $ana%e&ent "o&pany 't! as
the In2est&ent $ana%ers for 'I" $utua Bun!(
&I$ %UTUAL #UN(
<I" $utua Bun!, sponsore! )y <enera Insurance
"orporation of In!ia K<I"L, a <o2ern&ent of In!ia
un!ertakin% an! the four Pu)ic +ector <enera Insurance
"o&panies , 2i9( Nationa Insurance "o( 't! KNI"L, The
-C
Ne* In!ia #ssurance "o( 't!( KNI#L, The =rienta
Insurance "o( 't! K=I"L an! Anite! In!ia Insurance "o(
't!( KAIIL an! is constitute! as a Trust in accor!ance *ith
the pro2isions of the In!ian Trusts #ct, 1CC2( Buture of
$utua Bun!s in In!ia ,y .ece&)er 200-, In!ian &utua
fun! in!ustry reache! Rs 1, 50,50E crore( It is esti&ate! that
)y 2010 $arch/en!, the tota assets of a sche!ue!
co&&ercia )anks shou! )e Rs -0, 40,000 crore( The annua
co&posite rate of %ro*th is e1pecte! 10(-R !urin% the rest
of the !eca!e( In the ast 5
years *e ha2e seen annua %ro*th rate of 4R( #ccor!in% to
the current %ro*th rate, )y year 2010, &utua fun! assets *i
)e !ou)e(
$O%PANY PRO#ILE O# RELIAN$E
-4

A5OUT RELIAN$E $APITAL ASSET
%ANA&E%ENT LT(:
Reiance "apita #sset $ana%e&ent 'i&ite! K R"#$L,
a co&pany re%istere! un!er the "o&panies #ct, 145@ *as
appointe! to act as the In2est&ent $ana%er of Reiance
$ATA#' BAN.( (
Reiance "apita #sset $ana%e&ent 'i&ite! KR"#$L *as
appro2e! as the #sset $ana%e&ent "o&pany for the $utua
50
Bun! )y +6,I 2i!e their etter no II$#RP712@-745 !ate!
June 00, 1445( The $utua Bun! has entere! into an
In2est&ent $ana%e&ent #%ree&ent KI$#L *ith R"#$
!ate! $ay 12, 1445 an! *as a&en!e! on #u%ust 12, 144E in
ine *ith +6,I K$utua Bun!sL Re%uations, 144@( Pursuant
to this I$#, R"#$ is authori9e! to act as In2est&ent
$ana%er of Reiance $utua Bun!( The net *orth of the
#sset $ana%e&ent "o&pany incu!in% preference shares as
on +epte&)er 00, 200E is Rs(152(02 crores( Reiance $utua
Bun! has aunche! thirty/fi2e +che&es ti !ate, na&ey:
QReiance $utua Bun! sche&es are &ana%e! )y Reiance
"apita #sset $ana%e&ent 'i&ite!( # su)si!iary of
Reiance "apita 'i&ite!, *hich ho!s 40(0ER of the pai!/up
capita of R"#$, the )aance pai! up capita )ein% he! )y
&inority shareho!ers(Q
Reiance "apita #sset $ana%e&ent 'i&ite! KR"#$L *as
appro2e! as the #sset $ana%e&ent "o&pany for the $utua
Bun! )y +6,I 2i!e their etter no II$#RP712@-745 !ate!
June 00, 1445( The $utua Bun! has entere! into an
In2est&ent $ana%e&ent #%ree&ent KI$#L *ith R"#$
!ate! $ay 12, 1445 an! *as a&en!e! on #u%ust 12, 144E in
ine *ith +6,I K$utua Bun!sL Re%uations, 144@( Pursuant
to this I$#, R"#$ is authori9e! to act as In2est&ent
$ana%er of Reiance $utua Bun!( The net*orth of the
51
#sset $ana%e&ent "o&pany as on $arch 01, 200C is Rs
E04(04 crores( Reiance $utua Bun! has aunche! Borty
Three +che&es ti !ate, na&ey:
This %roup !o&inates this key area in the financia sector(
This &e%a )usiness houses sho* that it has assets un!er
&ana%e&ent of Rs( 40,40C croreKA+N 22(E0 )iionL an! an
in2estor )ase of o2er@(@ &iion
K+ource:***(a&fiin!ia(co&L(ReianceFs &utua fun!
sche&es are &ana%e! )y Reiance "apita #sset
$ana%e&ent 'i&ite!KR"#$L, a su)si!iary of Reiance
"apita 'i&ite!, *hich ho!s 40(0ER of the pai!/up capita
of R"#$(
The co&pany notche! up a heathy %ro*th of Rs( 1@,05-
croreKA+N -(04 )iionLin assets un!er &ana%e&ent in
Be)ruary200C an! hepe! prope the tota in!ustry/*i!e
#A$ to Rs( 5@5,-54 crore KA+N 1-1(0@ )iionLK+ource:
in!iain2est&ents(co&L( # sharp rise infi1e! &aturity pans
KB$PsL an! coection ofRs( E000 crore KA+N 1(E5 )iionL
throu%h ne*foun! offers KNB=sL create! this sur%e( In #A
rankin%s, Reiance continues to )e in the nu&)er one spot(
RELIAN$E %UTUAL #UN(
52
Reiance &utua fun!, pro&ote! )y the #ni .hiru)hai
#&)ani K#.#<L %roup, is one of the fastest %ro*in% &utua
fun!s in In!ia ha2in% !ou)e! its assets o2er the ast one
year( In $arch, 200@, the Reiance &utua fun! e&er%e! as
the ar%est pri2ate sector fun! house in the country,
o2ertakin% Pru!entia I"I"I *hich has )een ho!in% that
position for &any years(
The sponsor of the fun! is Reiance "apita 'i&ite!, the
financia ser2ices ar& of #.#<( Reiance "apita #sset
$ana%e&ent 'i&ite!, a *hoy o*ne! su)si!iary of
Reiance "apita 'i&ite!, acts as the #$" to the fun!(
.irectors of the co&pany incu!e #&ita)h Jhunjhun*aa, a
senior e1ecuti2e of #.#<( #&ita)h "hatur2e!i is the
&ana%in% !irector of the #$"(
#s of en! #u%ust 200@, Reiance &utua fun! has Rs 2C,E50
crore of assets un!er &ana%e&ent( Reiance 6;uity Bun!,
aunche! )y Reiance $B in eary 200@, is the ar%est &utua
fin! sche&e in the country *ith a fun! si9e of o2er Rs 5,500
crore(
8ere is a ist of &utua fun!s of Reiance *hich incu!es
.e)t7Inco&e Bun!s , 6;uity Bun!s an! +ector +pecific
Bun!s(
50
In*iaKs 5est O22ering: Re1ian6e %+t+a1 #+n*
In2estin% has )eco&e %o)a( To!ay, a ot of countries
are *akin% up to the reaity that in or!er to %ain financia
%ro*th, they &ust encoura%e their citi9ens to not ony sa2e
)ut aso in2est( $utua fun!s are fast )eco&in% the &o!e of
in2est&ent in the *or!(
In In!ia, a &utua fun! co&pany cae! the Reiance $utua
Bun! is &akin% *a2es( Reiance is consi!ere! In!iaMs )est
*hen it co&es to &utua fun!s( Its in2estors nu&)er to -(@
)iion peope( Reiance "apita #sset $ana%e&ent 'i&ite!
ranks in the top 0 of In!iaMs )ankin% co&panies an! financia
sector in ter&s of net 2aue(
The #ni .hiru)hai #&)ani <roup o*ns ReianceS they are
5-
the fastest %ro*in% in2est&ent co&pany in In!ia so far( To
&eet the erratic !e&an! of the financia &arket, Reiance
$utua Bun! !esi%ne! a !istinct portfoio that is sure to
pease potentia in2estors( Reiance "apita #sset
$ana%e&ent 'i&ite! &ana%es R$B(
)ision An*
%ission
Reiance $utua Bun! is so popuar )ecause it is in2estor
focuse!( They sho* their !e!ication )y continuay !ishin%
out inno2ati2e offerin%s an! unparaee! ser2ice initiati2es(
It is their %oa to )eco&e respecte! %o)ay for hepin%
peope achie2e their financia !rea&s throu%h e1ceent
or%ani9ation %o2ernance an! custo&er care( Reiance $utua
fun! *ants a hi%h perfor&ance en2iron&ent that is %eare! at
&akin% in2estors happy(
R$B ai&s to !o )usiness a*fuy an! *ithout steppin% on
other peope( They *ant to )e a)e to create portfoios that
*i ensure the i;ui!ity of the in2est&ent of peope in In!ia
as *e as a)roa!( Reiance $utua Bun! aso *ants to &ake
sure that their shareho!ers reai9e reasona)e profit, )y
!epoyin% fun!s *isey( Takin% appropriate risks to reach the
co&panyMs potentia is aso one of Reiance $utua Bun!Ms
55
o)jecti2es(
)ISION STATE%ENT
To )e a %o)ay respecte! *eath creator *ith an e&phasis
on custo&er care an! a cuture of %oo! corporate %o2ernance
%ISSION STATE%ENT
To create an! nurture a *or!/cass, hi%h perfor&ance
en2iron&ent ai&e! at !ei%htin% our custo&ers(
T80es o2 Re1ian6e %+t+a1 #+n*s
1( Reiance <ro*th Bun!
2( Reiance Dision Bun!
0( Reiance ,ankin% Bun!
-( Reiance .i 2ersifie! Po*er +ector Bun!
5( Reiance Phar&a Bun!
@( Reiance $e!ia & 6ntertain&ent Bun!
E( Reiance NRI 6;uity Bun!
C( Reiance 6;uity opportunities Bun!
4( Reiance In!e1 Bun!
10(Reiance Ta1 +a2er K6'++L Bun!
11(Reiance 6;uity Bun!
12(Reiance 'on% Ter& 6;uity Bun!
10(Reiance Re%uar +a2in% Bun!
5@
There are t*o types of in2est&ent in $utua Bun!s(
1) Lump Sum
2) Systematic Investment Plan(SIP)
LU%P SU% : In 'u&p su& the in2est&ent is ony one
ti&es that
is of Rs( 5,000( an! if the in2est&ent is &onthy then the
in2est&ent *i )e @,0007/(
SYSTE%ATI$ IN)EST%ENT PLAN(SIP!: We ha2e
area!y &entione! a)out +IPs in )rief in the pre2ious pa%es
)ut no* %oin% into !etais, *e *i see ho* the po*er
of co&poun!in% cou! )enefit us( In such case, e2ery
s&a a&ountsin2este! re%uary can %ro* su)stantiay(
+IP %i2es a cear picture of ho* an eary an! re%uar
in2est&ent can hep the in2estor in *eath creation( .ue to
its uni&ite! a!2anta%es +IP cou! )e Re!efine! as Ga
&etho!oo%y of fun! in2estin% re%uary to )enefit re%uary
fro& the stock &arket 2oatiity( In the ater sections *e
*i see ho* returns %enerate! fro& so&e of the +IPs
ha2e outperfor&e! their )ench&ark( ,ut )efore &o2in% on
to that ets ha2e a ook at so&e of the top perfor&in%
+IPs an! their return for 1 year:
5E
+che&e #&ount N#D N#D .ate Tota #&ount
Reiance !i2ersifie! po*er sector retai 1000 @2(E-
00757200C 1-52-(0E
Reiance re%uar sa2in%s e;uity 1000 22(20C 00757200C
105C-(4--
principa %o)a opportunities fun! 1000 1C(C@ 00757200C
1-2-E(E2C
.W+ in2est&ent opportunities fun! 1000 05(01 00757200C
10E41(15E
,=, %ro*th fun! 1000 -2(1- 00757200C 10E@4(152
In the a)o2e chart *e can see ho* if *e start in2estin% Rs
1000 per &onth then *hat return *eF %et for the tota
in2est&ent of Rs( 12000( There is reiance !i2ersifie! po*er
sector retai %i2in% the &a1i&u& returns of Rs( 252-(0E per
year *hich co&es to 21R rou%hy( Ne1t *e can see if
any)o!y *ou! ha2e un!ertaken the +IP in Principa
*ou! ha2e %ot returns of app( 1CR( We can see
reiance re%uar sa2in%s e;uity, .W+ in2est&ent
opportunities an! ,=, %ro*th fun! %i2in% returns of
10(20R, 1-(42R, an! 1-(E-R respecti2ey *hich is
%reater than any other &onthy
in2est&ent options( Thus *e can easiy &ake out ho* +IP is
)eneficia for us( Its hasse free, it forces the in2estors to
sa2e an! %et the& into the ha)it of sa2in%( #so payin% a
s&a a&ount of Rs( 1000 is easy an! con2enient for the&,
thus puttin% no pressure on their pockets( No* *e *i
5C
anay9e so&e of the e;uity fun! +IP s of ,ira +unife
*ith ,+6 200 an! )ank fi1e! !eposits In a ta)uar for&at
as *e as %raphica(
RELIAN$E %UTUAL #UN( S$@E%ES
EJUITY=&RO;T@ S$@E%ES
The ai& of %ro*th fun!s is to pro2i!e capita appreciation
o2er the &e!iu& to on%/ ter&( +uch sche&es nor&ay
in2est a &ajor part of their corpus in e;uities( +uch fun!s
ha2e co&parati2ey hi%h risks( These sche&es pro2i!e
!ifferent options to the in2estors ike !i2i!en! option, capita
appreciation, etc( an! the in2estors &ay choose an option
!epen!in% on their preferences( The in2estors &ust in!icate
the option in the appication for&( The &utua fun!s aso
ao* the in2estors to chan%e the options at a ater !ate(
<ro*th sche&es are %oo! for in2estors ha2in% a on%/ter&
outook seekin% appreciation o2er a perio! of ti&e(
(E5T=IN$O%E S$@E%ES
The ai& of inco&e fun!s is to pro2i!e re%uar an! stea!y
inco&e to in2estors( +uch sche&es %eneray in2est in fi1e!
inco&e securities such as )on!s, corporate !e)entures,
<o2ern&ent securities an! &oney &arket instru&ents( +uch
fun!s are ess risky co&pare! to e;uity sche&es( These
fun!s are not affecte! )ecause of fuctuations in e;uity
&arkets( 8o*e2er, opportunities of capita appreciation are
54
aso i&ite! in such fun!s( The N#Ds of such fun!s are
affecte! )ecause of chan%e in interest rates in the country( If
the interest rates fa, N#Ds of such fun!s are ikey to
increase in the short run an! 2ice 2ersa( 8o*e2er, on% ter&
in2estors &ay not )other a)out these fuctuations(
SE$TOR SPE$I#I$ S$@E%ES
These are the fun!s7sche&es *hich in2est in the securities of
ony those sectors or in!ustries as specifie! in the offer
!ocu&ents( e(%( Phar&aceuticas, +oft*are, Bast $o2in%
"onsu&er <oo!s KB$"<L, Petroeu& stocks, etc( The
returns in these fun!s are !epen!ent on the perfor&ance of
the respecti2e sectors7in!ustries( Whie these fun!s &ay %i2e
hi%her returns, they are &ore risky co&pare! to !i2ersifie!
fun!s( In2estors nee! to keep a *atch on the perfor&ance of
those sectors7in!ustries an! &ust e1it at an appropriate ti&e(
They &ay aso seek a!2ice of an e1pert(
EJUITY=&RO;T@ S$@E%ES
RELIAN$E NATURAL RESOUR$ES #UN( :
K#n =pen 6n!e! 6;uity +che&eL The pri&ary in2est&ent
o)jecti2e of the sche&e is to seek to %enerate capita
appreciation & pro2i!e on%/ter& %ro*th opportunities )y
in2estin% in co&panies principay en%a%e! in the !isco2ery,
!e2eop&ent, pro!uction, or !istri)ution of natura resources
@0
an! the secon!ary o)jecti2e is to %enerate consistent returns
)y in2estin% in !e)t an! &oney &arket securities(
RELIAN$E EJUITY #UN( :
K#n open/en!e! !i2ersifie! 6;uity +che&e(L The pri&ary
in2est&ent o)jecti2e of the sche&e is to seek to %enerate
capita appreciation & pro2i!e on%/ter& %ro*th
opportunities )y in2estin% in a portfoio constitute! of e;uity
& e;uity reate! securities of top 100 co&panies )y &arket
capitai9ation & of co&panies *hich are a2aia)e in the
!eri2ati2es se%&ent fro& ti&e to ti&e an! the secon!ary
o)jecti2e is to %enerate consistent returns )y in2estin% in
!e)t an! &oney &arket securities(
RELIAN$E TAA SA)ER (ELSS! #UN( :
K#n =pen/en!e! 6;uity 'inke! +a2in%s +che&e(L The
pri&ary o)jecti2e of the sche&e is to %enerate on%/ter&
capita appreciation fro& a portfoio that is in2este!
pre!o&inanty in e;uity an! e;uity reate! instru&ents(
RELIAN$E EJUITY OPPORTUNITIES #UN( :
K#n =pen/6n!e! .i2ersifie! 6;uity +che&e(L The pri&ary
securities & e;uity reate! securities an! the secon!ary
@1
RELIAN$E )ISION #UN( :
K#n =pen/en!e! 6;uity <ro*th +che&e(L The pri&ary
in2est&ent o)jecti2e of the +che&e is to achie2e on% ter&
%ro*th of capita )y in2est&ent in e;uity an! e;uity reate!
securities throu%h a research )ase! in2est&ent approach(
RELIAN$E &RO;T@ #UN( :
K#n =pen/en!e! 6;uity <ro*th +che&e(L The pri&ary
in2est&ent o)jecti2e of the +che&e is to achie2e on% ter&
%ro*th of capita )y in2est&ent in e;uity an! e;uity reate!
securities throu%h a research )ase! in2est&ent approach(
RELIAN$E JUANT PLUS #UN( (#OR%ERLY
KNO;N AS RELIAN$E IN(EA #UN(! :
K#n =pen 6n!e! 6;uity +che&e(L The in2est&ent o)jecti2e
of the +che&e is to %enerate capita appreciation throu%h
in2est&ent in e;uity an! e;uity reate! instru&ents( The
+che&e *i seek to %enerate capita appreciation )y
in2estin% in an acti2e portfoio of stocks seecte! fro& + & P
"NP Nifty on the )asis of a &athe&atica &o!e(
RELIAN$E NRI EJUITY #UN( :
K#n open/en!e! .i2ersifie! 6;uity +che&e(L The Pri&ary
in2est&ent o)jecti2e of the sche&e is to %enerate opti&a
returns )y in2estin% in e;uity or e;uity reate! instru&ents
pri&ariy !ra*n fro& the "o&panies in the ,+6 200 In!e1(
@2
RELIAN$E RE&ULAR SA)IN&S #UN(
K#n =pen/en!e! +che&e(L 6;uity =ption: The pri&ary
in2est&ent o)jecti2e of this option is to seek capita
appreciation an!7or to %enerate consistent returns )y acti2ey
in2estin% in 6;uity &6;uity/reate! +ecurities(
,aance! =ption: The pri&ary in2est&ent o)jecti2e of this
option is to %enerate consistent returns an! appreciation of
capita )y in2estin% in &i1 of securities co&prisin% of e;uity,
e;uity reate! instru&ents & fi1e! inco&e instru&ents(
RELIAN$E LON& TER% EJUITY #UN(:
K#n cose/en!e! .i2ersifie! 6;uity +che&e(L The pri&ary
on% ter& capita appreciation & pro2i!e on%/ter& %ro*th
& e;uity reate! securities an! .eri2ati2es an! the secon!ary
RELIAN$E EJUITY A()ANTA&E #UN(:
K#n open/en!e! .i2ersifie! 6;uity +che&e(L The pri&ary
opportunities )y in2estin% in a portfoio pre!o&inanty of
@0
e;uity & e;uity reate! instru&ents *ith in2est&ents
%eneray in + & P "NP Nifty stocks an! the secon!ary
(E5T=LIJUI( S$@E%ES
RELIAN$E %ONT@LY IN$O%E PLAN :
K#n =pen 6n!e! Bun!( $onthy Inco&e is not assure! & is
su)ject to the a2aia)iity of !istri)uta)e surpus L The
Pri&ary in2est&ent o)jecti2e of the +che&e is to %enerate
re%uar inco&e in or!er to &ake re%uar !i2i!en! pay&ents
to unitho!ers an! the secon!ary o)jecti2e is %ro*th of
capita(
RELIAN$E &ILT SE$URITIES #UN( C S@ORT
TER% &ILT PLAN L LON& TER% &ILT PLAN :
=pen/en!e! <o2ern&ent +ecurities +che&eL The pri&ary
o)jecti2e of the +che&e is to %enerate =pti&a cre!it risk/
free returns )y in2estin% in a portfoio of securities issue!
an! %uarantee! )y the centra <o2ern&ent an! +tate
<o2ern&ent
RELIAN$E IN$O%E #UN( :
K#n =pen/en!e! Inco&e +che&eL The pri&ary o)jecti2e of
the sche&e is to %enerate opti&a returns consistent *ith
&o!erate e2es of risk( This inco&e &ay )e co&pe&ente!
@-
)y capita appreciation of the portfoio( #ccor!in%y,
in2est&ents sha pre!o&inanty )e &a!e in .e)t & $oney
&arket Instru&ents(
RELIAN$E %E(IU% TER% #UN( :
K#n =pen 6n! Inco&e +che&e *ith no assure! returns(L The
pri&ary in2est&ent o)jecti2e of the +che&e is to %enerate
re%uar inco&e in or!er to &ake re%uar !i2i!en! pay&ents
to unitho!ers an! the secon!ary o)jecti2e is %ro*th of
capita
RELIAN$E S@ORT TER% #UN( :
K#n =pen 6n! Inco&e +che&eL The pri&ary in2est&ent
o)jecti2e of the sche&e is to %enerate sta)e returns for
in2estors *ith a short in2est&ent hori9on )y in2estin% in
Bi1e! Inco&e +ecurities of short ter& &aturity(
RELIAN$E LIJUI( #UN( :
K=pen/en!e! 'i;ui! +che&eL( The pri&ary in2est&ent
o)jecti2e of the +che&e is to %enerate opti&a returns
consistent *ith &o!erate e2es of risk an! hi%h i;ui!ity(
#ccor!in%y, in2est&ents sha pre!o&inanty )e &a!e in
.e)t an! $oney $arket Instru&ents(
RELIAN$E #LOATIN& RATE #UN( :
K#n =pen 6n! 'i;ui! +che&eL The pri&ary o)jecti2e of the
@5
sche&e is to %enerate re%uar inco&e throu%h in2est&ent in a
portfoio co&prisin% su)stantiay of Boatin% Rate .e)t
+ecurities Kincu!in% foatin% rate securitise! !e)t an!
$oney $arket Instru&ents an! Bi1e! Rate .e)t Instru&ents
s*appe! for foatin% rate returnsL( The sche&e sha aso
in2est in Bi1e! rate !e)t +ecurities Kincu!in% fi1e! rate
securitise! !e)t, $oney $arket Instru&ents an! Boatin%
Rate .e)t Instru&ents s*appe! for fi1e! returns
RELIAN$E NRI IN$O%E #UN( :
K#n =pen/en!e! Inco&e sche&eL The pri&ary in2est&ent
o)jecti2e of the +che&e is to %enerate opti&a returns
consistent *ith &o!erate e2es of risks( This inco&e &ay )e
co&pi&ente! )y capita appreciation of the portfoio(
#ccor!in%y, in2est&ents sha pre!o&inanty )e &a!e in
!e)t Instru&ents(
RELIAN$E LIJUI(ITY #UN( :
K#n =pen / en!e! 'i;ui! +che&eL The in2est&ent o)jecti2e
of the +che&e is to %enerate opti&a returns consistent *ith
&o!erate e2es of risk an! hi%h i;ui!ity( #ccor!in%y,
in2est&ents sha pre!o&inanty )e &a!e in .e)t an! $oney
$arket Instru&ents(
RELIAN$E INTER)AL #UN(:
K# .e)t =riente! Inter2a +che&eL The pri&ary in2est&ent
@@
o)jecti2e of the sche&e is to seek to %enerate re%uar returns
an! %ro*th of capita )y in2estin% in a !i2ersifie! portfoio
RELIAN$E LIJUI( PLUS #UN(
K#n =pen/en!e! Inco&e +che&e(L The in2est&ent o)jecti2e
of the +che&e is to %enerate opti&a returns consistent *ith
&o!erate e2es of risk an! i;ui!ity )y in2estin% in !e)t
securities an! &oney &arket securities(
RELIAN$E #IAE( @ORIMON #UN( NI
K# cose! en!e! +che&eL The pri&ary in2est&ent o)jecti2e
of the sche&e is to seek to %enerate re%uar returns an!
%ro*th of capita )y in2estin% in a !i2ersifie! portfoio(
RELIAN$E #IAE( @ORIMON #UN( CII
K#n cose! en!e! +che&e(L The pri&ary in2est&ent
an! %ro*th of capita )y in2estin% in a !i2ersifie! portfoio(
RELIAN$E #IAE( @ORIMON #UN( CIII
K#n "ose/en!e! Inco&e +che&e(L The pri&ary in2est&ent
RELIAN$E #IAE( TENOR #UN(
K#n "ose/en!e! +che&e(L The pri&ary in2est&ent o)jecti2e
of the Pan is to seek to %enerate re%uar returns an! %ro*th
of capita )y in2estin% in a !i2ersifie! portfoio(
@E
RELIAN$E #IAE( @ORIMON #UN( CPLAN $
K#n cose! en!e! +che&e(L The pri&ary in2est&ent
an! %ro*th of capita )y in2estin% in a !i2ersifie! portfoio(
RELIAN$E #IAE( @ORIMON #UN( C I):
RELIAN$E #IAE( @ORIMON #UN( C ):
of: /
"entra an! +tate <o2ern&ent securities an!
=ther fi1e! inco&e7 !e)t securities nor&ay &aturin% in ine
*ith the ti&e profie of the sche&e *ith the o)jecti2e
of i&itin% interest rate 2oatiity
RELIAN$E #IAE( @ORIMON #UN( C )I:
of: /
@C
*ith the ti&e profie of the series *ith the o)jecti2e of
i&itin% interest rate 2oatiity
RELIAN$E #IAE( @ORIMON #UN( C )II:
of: /
*ith the ti&e profie of the series *ith the o)jecti2e of
i&itin% interest rate 2oatiity(
SE$TOR SPE$I#I$ S$@E%ES
+ector Bun!s are speciaty fun!s that in2est in stocks fain%
into a certain sector of the econo&y( 8ere the portfoio is
!isperse! or sprea! across the stocks in that particuar sector(
This type of sche&e is i!ea for in2estors *ho ha2e area!y
&a!e up their &in! to confine risk an! return to a particuar
sector(
RELIAN$E 5ANKIN& #UN(
Reiance $utua Bun! has an =pen/6n!e! ,ankin% +ector
+che&e *hich has the pri&ary in2est&ent o)jecti2e to
%enerate continuous returns )y acti2ey in2estin% in e;uity 7
e;uity reate! or fi1e! inco&e securities of )anks(
@4
RELIAN$E (I)ERSI#IE( PO;ER SE$TOR #UN(
Reiance .i2ersifie! Po*er +ector +che&e is an =pen/en!e!
Po*er +ector +che&e( The pri&ary in2est&ent o)jecti2e of
the +che&e is to seek to %enerate consistent returns )y
acti2ey in2estin% in e;uity 7 e;uity reate! or fi1e! inco&e
securities of Po*er an! other associate! co&panies(
RELIAN$E P@AR%A #UN(
Reiance Phar&a Bun! is an =pen/en!e! Phar&a +ector
+che&e(
The pri&ary in2est&ent o)jecti2e of the +che&e is to
%enerate consistent returns )y in2estin% in e;uity 7 e;uity
reate! or fi1e! inco&e securities of Phar&a an! other
associate! co&panies(
RELIAN$E %E(IA L ENTERTAIN%ENT #UN(
Reiance $e!ia & 6ntertain&ent Bun! is an =pen/en!e!
$e!ia & 6ntertain&ent sector sche&e(The pri&ary
in2est&ent o)jecti2e of the +che&e is to %enerate consistent
returns )y in2estin% in e;uity 7 e;uity reate! or fi1e! inco&e
securities of &e!ia & entertain&ent an! other associate!
co&panies
EA$@AN&E TRA(E( #UN(
E0
RELIAN$E &OL( EA$@AN&E TRA(E( #UN(:
K#n open/en!e! <o! 61chan%e Tra!e! Bun!L the
in2est&ent o)jecti2e is to seek to pro2i!e returns that cosey
correspon! to returns pro2i!e! )y price of %o! throu%h
in2est&ent in physica <o! Kan! <o! reate! securities as
per&itte! )y Re%uators fro& ti&e to ti&eL( 8o*e2er, the
perfor&ance of the sche&e &ay !iffer fro& that of the
!o&estic prices of <o! !ue to e1penses an! or other reate!
factors(
&RO;T@ O# RELIAN$E %UTUAL
#UN( T@ROU&@ RE$O&NITION

&RO;T@ T@ROU&@ RE$O&NITION
E1
Reiance has &erite! a series of a*ar!s an! reco%nitions for
e1ceence for )usinesses an! operations(
$ORPORATE RANKIN& AN( RATIN&S:
Reiance feature! in the Bortune <o)a 500 ist of VWor!Fs
'ar%est "orporationsF for the fourth consecuti2e year(
Ranke! 2@4th in 200E ha2in% &o2e! up E0 paces
fro& the pre2ious year(
Beature! as one of the *or!Fs Top 200 co&panies in
ter&s of Profits(
#&on% the top 25 ci&)ers for t*o years in a ro*(
Beature! a&on% top 50 co&panies *ith the )i%%est
increase in Re2enues(
Ranke! 2@th *ithin the refinin% in!ustry(
Reiance is ranke! 1C2n! in the BT <o)a 500 Kup fro&
pre2ious yearFs 2C-th rankL(
PetroBe!, an ape1 hy!rocar)on in!ustry association,
conferre! the PetroBe! 200E a*ar!s in the cate%ories
of GRefinery of the >earH an! G61poration &
Pro!uction / "o&pany of the >earH(
E2
,ran! Reiance *as conferre! the G,ron9e #*ar!H at
The ,u99iest ,ran!s #*ar!s 200C, or%ani9e! )y
a%encyfa;sW
Institute of 6cono&ic +tu!ies conferre! the GA!yo%
RatnaH a*ar! in =cto)er 200E for contri)utions to
the in!ustry(
"he&tech Boun!ation conferre! the G8a of Ba&eH
in Be)ruary 200C for sterin% contri)utions to the
in!ustry(
"he&tech Boun!ation conferre! the G=utstan!in%
#chie2e&ent / =i Refinin%H for *ork at the
Ja&na%ar $anufacturin% .i2ision(
Petroeu& Be!eration of In!ia conferre! the GRefinery of the
>ear #*ar! / 200EH to Ja&na%ar $anufacturin% .i2ision
GThe Pastics 61port Pro&otion "ounci /
P'6P"=AN"I' 61port #*ar!H in the cate%ory of
Pastic Poy&ers for the year 200@/200E *as a*ar!e!
to Reiance )ein% the ar%est e1porter in this
cate%ory(
A;AR(S O# T@E $O%PANYC
E0
1: Reiance "apita #sset $ana%e&ent 't!( *on the #sia
#sset $ana%e&ent #*ar! 200E
2( Reiance "apita #sset $ana%e&ent 't!( *on the +ocia
& "orporate <o2ernance #*ar! 200E
0: Reiance $utua Bun! has )een a*ar!e! the QN.TD
,usiness 'ea!ership #*ar! 200EQ in the $utua Bun!
cate%ory(
-( "N," TD1C / "RI+I' $utua Bun! of the >ear #*ar!
for 200E
A$@IE)E%ENTS
In t*o successi2e joint sur2eys )y The 6cono&ic Ti&esF
,ran! 6;uity an! #" Niesen, Reiance *as reco%ni9e! as
In!iaFs $ost Truste! $utua Bun!( The co&pany aso
*ake! a*ay *ith se2en other sche&e pri9es 3 fi2e of the&
)ein% outri%ht *inners 3 in the <uf 200E 'ipper #*ar!s(
These incu!e! the Bun! 8ouse of the >ear )y 'ipper <""
as *e as I"R# =nine an! the $ost I&pro2e! Bun! 8ouse
)y #sia #sset $ana%e&ent( It aso recei2e! the N.TD
,usiness 'ea!ership #*ar! 200E in the &utua fun!
cate%ory an! runnersF up reco%nition as the ,est Bun! 8ouse
in the =utook $oney/N.TD Profit #*ar!s( In a!!ition, the
E-
co&pany recei2e! the co2ete! "N," We)1C <enius of the
We) !istinction for the ,est $utua Bun! We)site in the
country( R"#$ *as a*ar!e! the In!ia =nshore Bun! 8ouse
200C institute! )y the #sian In2estor &a%a9ine( The
co&pany aso *on the In!ia 6;uities a*ar! in the 5/
yearPerfor&ance cate%ory(
O5JE$TI)ES O# T@E STU(Y
To create the a*areness of $utua Bun! a&on%
peope an! %ettin% the opinion of peope re%ar!in%
$utua Bun!s(
To stu!y $utua Bun! In!ustry in In!ia(
To %i2e an i!ea a)out the re%uations of &utua
fun!s(
To %i2e a )rief i!ea a)out the )enefits a2aia)e fro&
&utua Bun! in2est&ent(
To %i2e an i!ea of !ifferent +che&es pro2i!e! )y
Reiance $utua Bun!(
To stu!y the perfor&ance of !ifferent sche&es of the
"o&pany(
To stu!y the $onthy Returns *ith respect to their
,ench&ark(
E5
To anay9e reiance &utua fun! strate%y a%ainst its
co&petitor(
S$OPE O# T@E STU(Y:
The stu!y *as i&ite! to just fin!in% the risk an!
returns associate! *ith the sche&es(
The stu!y co2ers the si1 !ifferent sche&es pro2i!e!
)y Reiance $utua Bun!( #re as : 1L Reiance
<ro*th Bun!/,+6100
2LReiance 6;uity Bun!/+&P "NP NIBT>
0LReiance 'i;ui! Bun!/"risi 'i;ui! Bun!
In!e1

The stu!y co2ers the perio! of past t*o &onth fro&
June to Juy(
The stu!y co2ers ony the open/en!e! fun!s(
RESEAR$@ %ET@O(OLO&Y
E@
Research in co&&on parance refers to a search for
kno*e!%e( =ne can aso !efine research as a
scientific an! syste&atic search for pertinent
infor&ation on a specific topic(
%ET@O( O# RESEAR$@ (ESI&N TO 5E USE(
UN(ER STU(Y IS:

(ES$RIPTI)E RESEAR$@:
In this research an atte&pt has )een &a!e to anay9e the past
perfor&ance of the Reiance $utua sche&es an! to kno*
the )enefits to the in2estors( The stu!y is to )e !one on
!ifferent sche&es pro2i!e! )y the co&pany to kno* the
co&panyFs perfor&ance for the past fe* &onths an! to kno*
the risk an! returns of the fun!s(
%ET@O(OLO&Y O# (ATA $OLLE$TION:
In this project *ork pri&ary an! secon!ary !ata has )een
use!:/
PRI%ARY (ATA C The pri&ary !ata to )e seecte! is
)ase! upon the response of the respon!ents to the
;uestionnaire !esi%ne!( Pri&ary !ata coection heps in
the specific purpose of a!!ressin% the pro)e& at han!(
The pri&ary !ata is coecte! in 2 *ays:
Ouestionnaire:
EE
+tructure! Ouestionnaire has )een fie! )y the respon!ents
to anay9e its effecti2eness(
Persona Inter2ie*s:
.ata has )een coecte! fro& the persona inter2ie*s of the
corporate(
SE$ON(ARY (ATA C +econ!ary !ata are
coecte! fro& the foo*in% &etho!s:/
1L Journas
2L ,ooks
0L $a%a9ines
-L Ne*s paper
5L We)sites
@L Bact sheets of 2arious &utua fun!s
TOOLS L TE$@NIJUES USE( #OR T@E STU(Y
,eta:
+tan!ar! !e2iation
#pha
+harpe Ratio
Treynor Ratio
,ar chart
#2era%e& Percenta%e &etho!
$ON$EPTUAL (ESI&N:
EC
+a&pe unit: +che&es of Reiance $utua Bun!(
+a&pe si9e: Bi2e years &onthy Na2s & 50persons(

LI%ITATIONS O# T@E STU(Y :

The stu!y *as i&ite! ony to Reiance $utua Bun!
sche&es(
=ny si1 sche&es ha2e )een taken for anaysis(
The stu!y *as i&ite! to the e1tent of just fin!in% the
risks an! returns of each sche&es of the fun!(
The ti&e constraint *as one of the &ajor pro)e&s(
E4
The stu!y is i&ite! to the !ifferent sche&es
a2aia)e un!er the &utua fun!s seecte!(
The stu!y is i&ite! to seecte! &utua fun!
sche&es(
The ack of infor&ation sources for the anaysis part(
RISK RETURN ANALYSIS O#
T@E S$@E%ES
C0
# rationa in2estor )efore in2estin% his7her &oney in stock
anaysis the risk associate! *ith the particuar stock( The
actua returns he recei2es fro& the stock &ay 2ary fro& the
e1pecte! one an! thus an in2estor is a*ays caution a)out the
rate of risk associate! *ith particuar stock( hence it )eco&es
2ery essentia on the part of in2estors to kno* the risk as the
har! earne! &oney is )ein% in2este! *ith the 2ie* to %oo!
return on in2est&ent(
Risk &ainy consists of t*o co&ponents(
+yste&atic risk
unsyste&atic risk
SYSTE%ATI$ RISK
The syste&atic risk affects the entire &arket( The econo&ic
con!itiona, poitica situation, socioo%ica chan%e affects
the entire &arket in turn affectin% the co&pany an! e2en the
stock &arket( These situations are uncontroa)e )y
corporate an! in2esteors(
UNSYSTE%ATI$ RISK
The Ansyste&atic risk is uni;ue to in!ustries( It !iffers fro&
in!ustries to in!ustries( Ansyste&atic risk ste&s fro&
&ana%eria inefficiency, technoo%ica chan%e in pro!uction
process, a2aia)iity of ra* &aterias, chan%e in the custo&er
preference an! a)our pro)e&( The nature an! &a%nitu!e of
C1
a)o2e &entione! factors !iffer fro& in!ustry to in!ustry an!
co&pany to co&pany(

In %enera 2ie*, the risk for any in2estor *ou! )e the
pro)a)y oss fro& in2estin% &oney in any &utua fun!()ut
*hen ook at the technica si!e of its, *e cant just say these
sche&es7 fun! carry risk *ithout any proof( They are certain
set for&uas to say the percenta%e risk associate! *ith it(
There are certain toos or for&uas use! to cacuate the risk
associate! *ith sche&es( These toos heps us to un!erstan!
the associate! *it the sche&es( These sche&es are co&pare!
*ith the )ench&ark ,+6 100
T@E TOOLS USE( #OR $AL$ULATION
+tan!ar! !e2iation
,eta
#pha
+harpe ratio
Treynor ratio
ARIT@%ETI$ %EAN
#$XYy7N
Where yX returns of N#D 2aues
NX nu&)er of o)ser2ation
C2
#2era%e returns that can )e e1pecte! fro& in2est&ent( The
#rith&etic returns is appropriate as a &easure of a centra
ten!ency of a nu&)er of returns cacuate! fro& particuar
ti&e i(e( for 5 years(

RETURNS
In2estor *ants to &a1i&i9e e1pecte! retunes su)ject to their
toerance for risk( Returns are the &oti2atin% force an!
principa re*ar! in in2est&ent process an! it is the key
&etho! a2aia)e to in2estors in co&parin% aternati2e the
in2est&ents( $easurin% the historica returns ao*s in2estor
to access the ho* *e the stocks ha2e perfor&e!( In2estor
%et returns either in for& of interest, !i2i!en! or capita
appreciation( There are t*o ter&s, reai9e! ter& an!
e1pecte! return( Reai9e! return earne! in past(
R6TARNXK "osin% price/openin% priceL 7openin%
priceZ100
STAN(AR( (I)EATION
The +tan!ar! !e2iation is &easure of the 2aria)es aroun!
its &ean or it is s;uare root of the su& of the s;uare! root
!e2iations fro& the &ean !i2i!e! the nu&)er of o)ser2ation(

C0
+(. is use! to &easure the 2aria)iity of return i(e the a
&easure of !ispersion( +(. is cacuate! as the s;uare root of
2ariation( In finance in2est&ents 2oatiity(+(. is aso kno*
as historica 2oatiity an! its use! )y in2estors as a %au%e
fro& the a&ounte! of 2oatiity(
+(.X[Ky/>L\
N
Where yX return of portfoio
>Xa2era%e return of portfoio
NX nu&)er of &onths
5ETA: ,eta !escri)es the reationship )et*een the
securities return an! the in!e1 returns(
1 5eta O P 1:F
=ne percent chan%e in &arket in!e1 returns causes e1acty
one percent chan%e in the security return( It in!icates that the
security &o2es in tan!e& *ith the &arket(

1 5eta O P F:5
=ne percent chan%e in the &arket in!e1 return causes 0(5
percent chan%e in the security return( The security is ess
2oatie co&pare! to the &arket(

1 5eta O P 2:F
C-
=ne percent chan%e in the &arket in!e1 return causes 2
percent chan%e in the security return( The security return is
&ore 2oatie( When there is a !ecine of 10R in the &arket
return, the security *ith )eta of 2 *ou! %i2e a ne%ati2e
return of 20R( The security *ith &ore than 1 )eta 2aue is
consi!ere! to )e risky(
NE&ATI)E 5ETA
Ne%ati2e )eta 2aue in!icates that the security return &o2es
in the opposite !irection to the &arket return( # security *ith
a ne%ati2e )eta of /1 *ou! pro2i!e a return of 10R, if the
&arket return !ecines )y 10R an! 2ice/2ersa(

,etaX NZY1y/KY1LKYyL
NZYK1L\/KY1L\
Where
NXNo of o)ser2ation
PXTota of &arket in!e1 2aue
>XTota of return to Na2
ALP@A:
#pha represent the forecast of resi!ua return, *hich *e
consi!er the future return of any portfoio( #pha &easures
the unsyste&atic risk of a portfoio property )ecause the
portfoio property aso consists of )oth resi!ua return an!
future e1pectation(
C5
It is i&portant to re&e&)er that the risk/free portfoio *i
a*ays sho* a 9ero resi!ua return hence, any risk ess
security ike cash *i ha2e a*ays apha e;ua to 9ero( #
positi2e apha of 1(0 &eans the fun! has outperfor&e! its
)ench&ark in!e1 )y 1R correspon!in%y, a si&iar ne%ati2e
apha *ou! in!icate an un!erperfor&ance of 1R( #pha
in!icates that the stock return is in!epen!ent of the &arket
return (# positi2e 2aue of apha is a heathy si%n( Positi2e
apha 2aues *ou! yie! profita)e return(
The Bor&ua is use! to cacuate:/
#phaX>/)etaK1L
Where
>/a2era%e return to na2 return P/a2era%e return to
&arket in!e1
S@ARPE RATIO
The perfor&ance &easure !e2eope! )y Wiia& sharpe is
referre! to as the sharpe ratio or the re*ar! to 2aria)iity
ration( It is the ratio of the re*ar! or risk to the 2aria)iity of
return or risk &easure! )y the stan!ar! !e2iation of return
the for&ua for cacuatin% sharpe ratio &ay )e state! as:
C@
+harpe ratioX Rp/Rf
+(.
Where,
RpXReaise! return on the portfoio(
RfXRisk free rate of return(
+(.Xstan!ar! !e2iation of portfoio return
+harpe perfor&ance in!e1 %i2es a sin%e 2aue to )e use! for
the perfor&ance rankin% of 2arious fun! or portfoio( sharpe
in!e1 &easures the risk pre&iu& of the portfoio reati2e to
the tota a&ount of risk in the portfoio( The risk pre&iu& is
the !ifference )et*een the portfoioFs a2era%e rate of return
an! the risk ess rate of return( The stan!ar!
.e2iation of the portfoio in!icates the risk(
8i%her the 2aue of sharpe ratio )etter the fun! has
perfor&e!( +harpe ratio can )e use! to rank the !esira)iity
of fun! or portfoio( The fun! that has perfor&e! *e
co&pare! to other *i )e rank first than others(
Tre8nor ratio
The perfor&ance &easure )y jack( Treynor is referre! to as
Treynor ratio or re*ar! to 2oatiity ratio( It is the ratio of the
re*ar! or risk pre&iu& to the 2oatiity of return as
&easurin% )y the portfoio )eta( The for&ua for cacuatin%
Treynor ratio &ay )e state! as:
Treynor ratioX Rp/Rf
,eta
CE
Where:
RpX reai9e! return on the portfoio
RfX risk free rate of return
,etaXportfoio )eta(
ANALYSIS AN( INTERPRETATION
1! RELIAN$E &RO;T@ #UN(:
5en63-ar7 C1FF
RETURN 0F PORTFOLIO MARKET RETURN
DATE NAV Rp(! ("#! ("#!$ INDE% Rm(&! (&'%! &'
Jan 0# 3$."# !"$%.&$
'eb 0# 3#.# &.#(3( 0.3%)$$ 0.&3% !"!3."" *0.(#&) 0.#%#3 *&.&)3&
Mar 0# !(."" *!&.&## *!!.3% #00 !"%%.3& &.$$(3$ !.0"$) *30.%&)
Apr 0# !".)3 %.#(3) #.3%)#$ !).)! 30!#.&$ &.")3!( 3."33$ &3.03)
May 0# !#.#" *&$.!&$ *&#.$&" !3(.( !%#).!3 *&!.&!" &$(.&& &(!.$
Jun 0# !#.)) &.&333 *0.0(! 0.00# !#%&.&% *3.%#&( &3.33# *$.&3)3
Jul 0# !).3& ".3)"# ).&)$!% %%.") !(##.!! (.#((0$ #(.$&& (&.&$$
Aug 0# 3&.!3 &0.3&$ ".&0"&$ )!.") !()".0( &.!!)#) &.#0"$ &!.%(!
+ep 0# 3!."3 #.$$3# $.!3)!# &(."% !""(.0( (.$#(%) ##.%&( $0.#"%
,ct 0# 30.$) *(.$$ *).%$#3 ($.($ 30!(."% &.030%( &.0%!3 *(.%%)!
-ov 0# 33.#! "."(3) ).(%)#! (%.)" 333".(# &0.!"( &0%.03 &0!.(
.ec 0# 3#.$& #.%3)$ $.$33&" &".%# 3#)0.3$ (.!03)3 #&.)"# $0.%&)
TOTAL (.!3&$ &&0% TOTAL !&.%"3 $$0.#%
#()*+, &.!0#! %()&*+, &."(!&
CC
0
#00
&000
&#00
!000
!#00
3000
3#00
$000
& ! 3 $ # % ( ) " &0 && &!
0
#
&0
&#
!0
!#
30
3#
$0
inde/
-avs
ANALYSIS:
The a)o2e %raph sho*s the &o2e&ent of N#D of reiance
%ro*th fun! an! ,ench&ark in!e1 for the perio! fro& Jan
2005 to .ec 2005( Bro& the a)o2e %raph *e can see there is
so&e correation )et*een the &o2e&ent of )oth

ANALYSIS:
The a)o2e %raph sho*s the &o2e&ent of N#D of reiance
e;uity fun! an! ,ench&ark in!e1 for the perio! fro& Jan
2005 to .ec 2005( Bro& the a)o2e %raph *e can see there is
so&e correation )et*een the &o2e&ent of )oth
1! STAN(AR( (E)IATION:
C4

S:(O Q (8CY!
N

>6#R Ky/>L\ y/>L\7N +;uare root K+(.L
200C
30).#)))
25(E15E 5(0E10
2004
(##.3$!"
@2(4--5 E(400C0

2! 5ETA
R O N STAYC(TA!(TY!
NTAUC(TA!U
,6T#
>6#R NZ T P> KYPL K Y>L NY1\ KYPL\ J
200C @E1-(-C
$#.!)3)# $3.$)&3(
C2C0(@ 2050(@2 0(E@1E
2004 15121(-C
*%!.3&%) *#$.0(0#
202-2(2C 0CC0(0C 0(E1C0

E! ALP@A

V OYCR(A!
40
YEAR Y R A ] OYCR(A!
2FFD
3."#!)#!
0(E@1E
$.&&%(&$
F:D115
2FFB
*$.#0#))
0(E1C0
*#.&"30(
CF:56B

?! S@ARPE RATIO

SROR0CR2=S(

;3ereW

R0O ($1osing Na9=o0ening Na9C1!S1FF

+8#RP6
R#TI=
>6#R Rp Rf +. +R
200C
#0."((0%
E 5(0E10 C(@E22@5
2004
*3%.%$#)
E(5 E(400C0
*#.#%$!(

5! TREYNOR RATIO

TROR0CR2=R

TR6>N=R
R#TI=
>6#R R0 R2 R TR
200C
#0."((0%
E 0(E@1E 5E(E05-
2004
*3%.%$#)
E(5 0(E1C0
*%&.$#)(
41
INTERPRETATION
In the year 2004 stan!ar! !e2iation *as hi%h at the rate of
E(400C0 an! in the year 200C stan!ar! !e2iation *as o* at
the rate of 5(0E10( in the year 200C J is 0(E@1E *hich is hi%h
risk )ecause J %reater than 1 in the year 2004 J 2aue is
0(E1C0 it is ess risky co&pare! to year 200C ( In the year
200C sharpe in!e1 *as hi%her at the rate of C(@E22@5 an! in
the year 2004 sharpe in!e1 *as esser at the rate of 3
5(5@-2E( In the year 200C treynor in!e1 *as hi%her at the
rate of 5E(E05- an! treynor in!e1 *as esser at the rate of
/@1(-5CE
2! RELIAN$E LIJUI( #UN(

RETURN OF PORTFOLIO
DATE NAV Rp(! ("#! ("#!,
Jan 0# &&.&%((
'eb 0# &&.!0! 0.30(&3% *0.0!%&# 0.000%)$
Jun 0# &&.33$) 0.303#!% *0.0!"(% 0.000))%
Jul 0# &&.3(&& 0.3!0!#3 *0.0&303 0.000&(
Aug 0# &&.$0)% 0.3!"()3 *0.003# &.!30*0#
+ep 0# &&.$$%! 0.3!"#(% *0.003(& &.3)0*0#
,ct 0# &&.$)() 0.3%3$3" 0.030&## 0.000"0"
-ov 0# &&.#3( 0.$!)!) 0.0"$""% 0.00"0!$
.ec 0# &&.#)$ 0.$0(3)# 0.0($&0& 0.00#$"&
TOTAL -.///+,0 0.0,,1/2
#()*+, 0.---,23
.ec 0# &&.#)$
Jan 0% &&.%!#( 0.3#""(" *0.0&)!3 0.00033!
'eb 0% &&.%%$3 0.33!0!3 *0.0$%&) 0.00!&33
Mar 0% &&.(0)% 0.3("("& 0.00&#)$ !.#&0*0%
42
Apr 0% &&.($"$ 0.3$)$%! *0.0!"(# 0.000))#
May 0% &&.("%$ 0.$000! 0.0!&)&3 0.000$(%
Jun 0% &&.)3"( 0.3%(0%& *0.0&&&# 0.000&!$
Jul 0% &&.))3) 0.3(!$(% *0.00#(3 3.!"0*0#
Aug 0% &&."!$ 0.33)!(% *0.03""3 0.00&#"#
+ep 0% &&."%3! 0.3!)($" *0.0$"$% 0.00!$$%
,ct 0% &!.00)% 0.3("$"( 0.00&!)" &.%%0*0%
-ov 0% &!.0%3" 0.$%0#03 0.0)!!"% 0.00%((3
.ec 0% &!.&!0) 0.$(&%## 0.0"3$$( 0.00)(3!
TOTAL 3.0-231- 0.0,-0--
#()*+, 0.-42,02
.ec 0% &!.&!0)
Jan 0( &!.&)%! 0.#3"#%) &0.&!&$# &0!.$$3)
'eb 0( &!.!$3 0.$%%&0& &0.0$(") &00."%!
Mar 0( &!.30#$ 0.#0"%(" &0.0"&#% &0&.)3"%
Apr 0( &!.3#%& 0.$&!0&$ ".""3)") "".)((""
May 0( &!.$0%( 0.$0"#&$ ".""&3") "".)!)03
Jun 0( &!.$#" 0.$!&#$% &0.003$3 &00.0%)%
Jul 0( &!.#&3% 0.$3)!3( &0.0!0&! &00.$0!)
Aug 0( &!.#(#" 0.$"()#) &0.0("($ &0&.%0&!
+ep 0( &!.%3(& 0.$)%%$# &0.0%)#3 &0&.3(#3
,ct 0( 0 *&00
-ov 0( 0 0
.ec 0( ** 0
TOTAL "10.2+22 102.-11-
#()*+, "1.02+22
.ec 0( 0
Jan 0) &!."3## 0
'eb 0) &3.00&3 0.#0)%() 0.0$##0& 0.00!0(
Mar 0) &3.0"#! 0.(!!!3# 0.!#"0#" 0.0%(&&!
Apr 0) &3.!0$$ 0.)33)"3 0.3(0(&( 0.&3($3&
May 0) &3.!%(% 0.$()%!) 0.0&#$#! 0.000!3"
Jun 0) &3.!)$! 0.&!#&&( *0.33)0% 0.&&$!)$
Jul 0) &3.!"!% 0.0%3!33 *0.3"""$ 0.&#""##
Aug 0) &3.3$"3 0.$!%##3 *0.03%%! 0.00&3$&
+ep 0) &3.$&0# 0.$#)$#& *0.00$(3 !.!30*0#
,ct 0) &3.$%%! 0.$&#3$% *0.0$()3 0.00!!))
-ov 0) &3.#3%" 0.#!#0&) 0.0%&)$! 0.003)!$
.ec 0) &3.%0"( 0.#3(()" 0.0($%&3 0.00##%(
TOTAL 0.01313, 0.313+-3
40
#()*+, 1 0.3/-+44
.ec 0) &3.%0"(
Jan 0" &3.%%%) 0.$&"##$ *0.&3"%) 0.0&"#&
'eb 0" &3.(3&$ 0.$(!%() *0.0)%#% 0.00($"!
Mar 0" &3.)03$ 0.#!$3$% *0.03$)" 0.00&!&(
Apr 0" &3.)%0$ 0.$&!"$! *0.&$%!" 0.0!&$0&
May 0" &3."!%! 0.$($(3$ *0.0)$# 0.00(&$
Jun 0" &$.00!$ 0.#$(&( *0.0&!0% 0.000&$%
Jul 0" &$.0)$% 0.#)(0$! 0.0!()0" 0.000((3
Aug 0" &$.&(% 0.%$)"3% 0.0)"(0! 0.00)0$(
+ep 0" &$.!)#( 0.((3)$3 0.!&$%& 0.0$%0#(
,ct 0" &$.$0## 0.)3)%0& 0.!("3%( 0.0()0$%
-ov 0" &$.$)!( 0.#3#"0% *0.0!333 0.000#$$
.ec 0" &$.##&# 0.$(#0# *0.0)$&) 0.00(0)(
TOTAL /.4+020+ 0.+143/+
#()*+, 0.001,--
INTERPRETATION
1! STAN(AR( (E)IATION:

When *e see Reiance %ro*th fun! it has hi%h
stan!ar! !e2iation in the year 2005 as co&pare! to
other - years i(e 200@,200E,200C &2004
When *e see Reiance e;uity fun! it has hi%h
stan!ar! !e2iation in the year 2004 as co&pare! to
another one year i(e 200C
When *e see Reiance i;ui! fun! has hi%h stan!ar!
!e2iation in 200E co&pare! other years
8ere stan!ar! !e2iation is referre! to 2oatiity of
Na2 of the sche&e hence the one *ith hi%h stan!ar!
!e2iation &eans it has hi%h 2oatiity hence the
4-
stan!ar! !e2iation is !irecty reate! to the returns
hence hi%her the stan!ar! !e2iation hi%her the returns
2! 5ETA :
J,eta is referre! to ho* &uch the portfoio is
!epen!ent on the &arket return so hi%her the J
hi%her the !epen!ent hence hi%h risk i(e syste&atic
risk

When *e see Reiance %ro*th fun! in 200C it has
hi%h J i(e if 10R !ecrease in R& resut in 10RcRp
*hich 2ery !an%erous to in2est ors )ut at the *hen
o)ser2e in 2004 i(e o(505E *hich &ean 10R!ecrease
in R& resuts in 5(0 Rp *hich is heaty si%h i(e the
200@ the sche&e has o*est syste&atic risk (
In 2005 1(0-C *hich has hi%her J 2aue *hich &eans
the sche&es has in2o2e! hi%hest risk
,ut it is sche&e is a the 5 years the J2aue is ess
than or *hich
&eans !ecrease in R& is %reater tha& !ecrease in Rp
+o it has ess syste&atic risk co&pare! to reiance
%ro*th fn!
When *e o)ser2e Reiance e;uity fun! the J 2au
0(E@EE *hich is hi%hest in the 200C(
Where as in the other one year 2004 is 0(E1C0
E! ALP@A
45
,y o)ser2in% the a the 0 sche&es *e can see that a
sche&es o2er the a 0 year s ha2e ne%ati2e are on ( The
reason )ehin! apha in the 0 in !ue to chan%e in in2est&ent
pattern of the as in 200E
?! S@ARPE RATIO :

+ince sharpe ratio is one of the &ost popuar &etho! of
kno*in% the risk associate! *ith the particuars sche&e the
hi%her the ratio )etter is the perfor&ance

In case of Reiance %ro*th fun! the sharpe ratio is
hi%h in the year 200@ i(e -(1C2041 co&pare! to other
four year 2005 i(e /0(0C-01,200E i(e 0(550E1@ 200C
i(e 0(5022E@ & 2004 i(e /@(51@-5( so *e can say that
sche&e has perfor&e! 2ery *e in the year 200@ or
co&pare! to other four yea
In case of Reiance e;uity fun! the sharpe ratio is
hi%h in the year 200C i(e C(@E22@5 co&pare! to other
one year 2004 i(e /@1(-5CE this 2ery %oo! si%h as
co&pare! to a other sche&e ,this sche&e has
recor!e! hi%her sharpe ratio *ith the 2aue of
C(@E22@5 in 200C(

5L TREYNORXS RATIO:

4@
No* co&in% to another ratio *hich is !eri2e! as treynorFs
ratio *hich is !ifferent fro& sharp ratio since this ratio
o)ser2e & consi!er ony syste&atic risk( *hich is
uncontroa)e )ut *here as sharp ratio consi!ers )oth
controa)e & uncontroa)e risk i(e syste&atic as *e as
unsyste&atic(
In case of Reiance %ro*th fun! the ratio is hi%h in
the year 200@ i(e 0(25E0C co&pare! to other four
years 2005(e 1(1@450,200E i(e 1(E4@2@, 200C
i(e0(12@12 an! 2004 i(e 3 12(40C@(so *e say the
sche&e perfor&e! 2ery *e in year 200@ co&pare!
to other four years )ut in 2004 it has o*er
perfor&ance(
In case of Reiance e;uity fun! the ratio is hi%h in the
year 200C i(e 5(04E@1 co&pare! to ast year 2004 i(e
/@(0EE0E( so *e can say the sche&e perfor&e! 2ery
*e in year 200C co&pare! to ast year(
$O%PARATI)E STU(Y O#
%UTUAL #UN(
%aYor 6o-0etitor o2 Re1ian6e %+t+a1 #+n*
$o-0an8 Pro2i1e o2 @(#$

4E
8.B" ,#N? is one of the ea!in% .epository Participant
K.PL in the country *ith o2er C 'ac .e&at accounts(
8.B" ,ank .e&at ser2ices offers you a secure an!
con2enient *ay to keep track of your securities an!
in2est&ents, o2er a perio! of ti&e, *ithout the hasse of
han!in% physica !ocu&ents that %et &utiate! or ost in
transit(
8.B" ,#N? is .epository participant )oth *ith /Nationa
+ecurities .epositories 'i&ite! KN+.'L an! "entra
.epository +er2ices 'i&ite! K".+'L(
4C
#EATURES L 5ENE#ITS
#s oppose! to the earier for& of !eain% in physica
certificates *ith !eays in transaction, ho!in% an! tra!in% in
.e&at for& has the foo*in% )enefits :
+ette&ent of +ecurities tra!e! on the e1chan%es as
*e as off &arket transactions(
+horter sette&ents there)y enhancin% i;ui!ity(
Pe!%in% of +ecurities(
6ectronic cre!it in pu)ic issue(
#uto "re!it of Ri%hts 7 ,onus 7 Pu)ic Issues 7
.i2i!en! cre!it throu%h 6"+(
#uto "re!it of Pu)ic Issue refun!s to the )ank
account(
No sta&p !uty on transfer of securities he! in !e&at
for&(
No concept of $arket 'ots(
"han%e of a!!ress, +i%nature, .i2i!en! $an!ate,
re%istration of po*er of attorney, trans&ission etc( can )e
effecte! across co&panies he! in !e&at for& )y a sin%e
instruction to the .epository Participant K.PL(
SE$URE( L EASY TRANSA$TION
PRO$ESSIN&
44
8.B" ,ank 't! pro2i!es con2enient faciity cae! M+P66./
eM KInternet )ase! transactionL *here)y account ho!er can
su)&it !ei2ery instructions eectronicay throu%h +P66./e
*e)site Khttps:77spee!/e(ns!(co&L( +P66./e offers secure!
&eans of transaction processin% ei&inatin% preparation of
instruction sips an! su)&ission of the sa&e across the
counter to the !epository participant( The MI.6#+M faciity
heps in 2ie*in% the current transactions an! )aances
Kho!in%sL of .e&at account on Internet on rea ti&e )asis(
$O%PANY PRO#ILE O# I$I$I
I"I"I.irect Kor I"I"I.irect(co&L is stock tra!in% co&pany
of I"I"I ,ank( #on% *ith stock tra!in% an! tra!in% in
!eri2ati2es in ,+6 an! N+6, it aso pro2i!es faciity to
in2est in IP=s, $utua Bun!s an! ,on!s( Tra!in% is
a2aia)e in ,+6 an! N+6
I"I"I.irect offers 0 !ifferent onine tra!in% patfor&s to its
custo&ers
1: IN)EST%ENT A$$OUNT
100
#on% *ith stock tra!in% an! IP= in2estin% in ,+6
an! N+6, Wise In2est&ent account aso pro2i!e
options to in2est in $utua Bun!s an! ,on!s onine(
=nine $utua fun!s in2est&ent ao*s in2estor to
in2est on/ine in aroun! 14 $utua Bun! co&panies(
I"I"I .irect offers 2arious options *hie in2estin% in
$utua Bun!s ike Purchase $utua Bun!,
Re!e&ption an! s*itch )et*een !ifferent sche&es,
+yste&atic In2est&ent pans, +yste&atic *ith!ra*a
pan an! transferrin% e1istin% $utua Bun!s in to
eectronic &o!e( This account aso pro2i!es faciity
to in9est in &o9ern-ent o2 In*ia 5on*s an* I$I$I
5an7 TaH Sa9ing 5on*s(
I"I"I.irect(co& *e)site is the pri&ary too to in2est
in $utua Bun!s, IP=s, ,on!s an! stock tra!in%(
101
Re1ian6e %+t+a1 #+n*
T#P +#DIN< BAN.+ R6'I#N"6 $=N6>:
Ta1/sa2in% fun!s K!ue to their e;uity/oriente! natureL are
capa)e of cockin% far superior returns their assure! return
counterparts ike Nationa +a2in%s "ertificate KN+"L an!
Pu)ic Pro2i!ent Bun! KPPBL( 8o*e2er in2estors &ust
appreciate that the risk profie of ta1/sa2in% fun!s ten!s to )e
proportionatey hi%her(
Reiance Ta1 +a2er K6'++L Bun! KRT+BL is the atest entrant
in the ta1/sa2in% fun!s se%&ent( Ba%ship !i2ersifie! e;uity
fun!s KReiance <ro*th Bun! an! Reiance 6;uity Bun!L
fro& Reiance $utua Bun! ha2e e&er%e! as top perfor&ers
in their se%&ent across ti&e hori9ons( 8o*e2er in2estors
shou! note that these fun!s are &ana%e! a%%ressi2eyS aso
they ha2e !ispaye! an opportunistic streak )y &o2in%
fui!y across &arket se%&ents Kar%e caps, &i! capsL to
cock superior %ro*th( RT+B is ikey to )e a si&iar Khi%h
risk / hi%h returnL in2est&ent proposition *ithin the ta1/
sa2in% fun!s se%&ent(
SYSTE%ATI$ IN)EST%ENT PLAN
+IP is a *ay of in2estin% in $utua Bun!s( It is !esi%ne! for
those in2estors *ho are *iin% to in2est re%uary rather than
&akin% a u&p su& in2est&ent( It is just ike a recurrin%
!eposit *ith the post office or )ank *here *e !eposit so&e
102
a&ount e2ery &onth( The !ifference here is that the a&ount
is in2este! in a &utua fun!( $utua Bun! &akes in2est&ent
accor!in% to their o)jecti2e (They coect fun! fro& in2estor
an! in2ests it( 62ery fun! has an o)jecti2e an! pattern of
in2estin%( There are 2arious kin!s of &utua fun!s( There are
e;uity fun!s an! !e)t fun!s( Burther e;uity fun!s can )e
!i2i!e! into e;uity !i2ersifie! &utua fun! *here fun!s are
in2este! in shares of !ifferent co&panies , sectora fun!s
*here in2est&ent is &a!e in shares of so&e particuar sector
ike B$"<, IT, #uto, =i & <as, ,ankin% etc( 62ery fun!
has a N#D Knet asset 2aueL *hich is the 2aue per unit( It is
cacuate! as the tota asset is !i2i!e! )y the nu&)er of
outstan!in% units( #s the 2aue of asset chan%es, N#D aso
chan%es(
(ATA ANALYSIS AN(
INTERPRETATION
O(1 Which )ankin% &utua fun! !o you
prefer for &utua
Bun! ^
"o&pany Na&e Percenta%es of Respon!ents
Reiance $oney 25
8.B" 10
100
I"I"I 15
0
0
+0
+0
,0
,0
Rel56nce 7DF8 I8I8I
INT6RPR6T#TI=N: 50R of
respon!ent ha2e Reiance $oney , 00R
of respon!ent says that otherR(
O(2 Which )ankin% &utua fun! offer
you %oo! in2est&ent pan^
10-
"o&pany Na&e Percenta%e of Respon!ent
Reiance 22
8.B" 21
I"I"I E
0
0
+0
+0
,0
,0
RELIAN8E 7DF8 I8I8I
INT6RPR6T#TI=N:
--R respon!ent for Reiance,02
Rfor8!fc,1-R for I"I"I
105
O(0 Which )ankin% &utua fun! offer a
ot of ta1 sa2in%^
Reiance 20
8.B" 15
I"I"I 15
0
0
+0
+0
,0
Rel56nce 7DF8 I8I8I
INT6RPR6T#TI=N:
-0R respon!ent for Reiance,00
Rfor8!fc,00R for I"I"I
10@
O(- Which )ankin% &utua fun! offer
you a ar%e nu&)er of pro!uct &
ser2ices^
Reiance 1C
8.B" 1@
I"I"I 1@
10E
+0
+0.0
+/
+/.0
+4
+4.0
+2
Rel56nce 7DF8 I8I8I
INT6RPR6T#TI=N:
0@R respon!ent for
Reiance,02Rfor8!fc,02R for I"I"I
Re0resent ,8 0ie 63art
10C
Rel56nce
3+9
7DF8
-09
I8I8I
,19
O5SER)ATION
50R of respon!ent ha2e Reiance
$oney , 00R of
respon!ent says that otherR(
--R respon!ent for Reiance,02
Rfor8!fc,1-R for I"I"I(
-0R respon!ent for Reiance,00
Rfor8!fc,00R for I"I"I(
0@R respon!ent for
Reiance,02Rfor8!fc,02R for
I"I"I(
104
--R respon!ent for
Reiance,00Rfor8!fc,2@R for
I"I"I(
#IN(IN&S AN( SU&&ESTION
In 6;uity +che&es *e ha2e taken Reiance Dison Bun! an!
Reiance %ro*th Bun! ( ,oth sche&es are open en!e! )ut
Reiance <ro*th fun! is &ore 2aua)e for Reiance $utua
Bun! than reiance 2ision Bun!(
In .e!t sche&e *e ha2e taken Reiance &oney $ana%er
Bun! an! Reiance 'i;ui!ty Bun! (In it )oths sche&es are
open en!e! )ut reiance &oney &ana%er is &ore )eneficia
for reiance &utua fun! (In sector specific sche&e *e ha2e
taken Reiance &e!ia an! entertain&ent fun! an! Reiance
Phar&a fun! sche&e )oth is &ore efficient for Reiance
$utua Bun!(
#)o2e a the sche&es of Reiance $utua Bun! .e)t
sche&es are )est sche&es for $utua Bun! (
110
There is a <oo! in2est&ent pan an! sa2in% sche&e in
reiance $utua Bun!(
SU&&ESTION
Reiance $oney ha2e to a!! so&e e1tra features in it
*ith a%%ressi2e &arketin% pro&otiona strate%y(
#!2ertise&ent on tee2ision is the &ain source of
attraction so the co&pany &ust a!2ertise its pro!ucts
hea2iy(
Pro!uct &ust )e i&pro2e! (
There shou! )e pro2ision of co&pain su%%estion
)o1es at each )ranch(
111
$ON$LUSION
$utua Bun! in2est&ent is )etter than other raisin% fun! (
Reiance $utua Bun! ha2e %oo! returns in in2est&ent (
112
# %oo! )ran! is a*ays *eco&e! o2er here peope are &ore
a*are an! conscious for the )ran! so they %o for they are
rea!y to spen! so&e e1tra )ucks for the ;uaity (
#t ast a con )e concu!e! )y that Reiance $utua Bun! is
sti %ro*in% in!ustry in In!ia an! is sti e1porin% its
potentia an! prospects in here(
110
5I5LIO&RAP@Y
5OOKS:
1( +ecurity #naysis an! Portfoio $ana%e&ent
Ksi1th 6!ition 1445L )y .ona! 6( Bisher an!
Rona! J( Jor!an( Pu)ication: Pearson
e!ucation(
2( The In!ian Binancia +yste& Ksecon! e!itionL
)y ,harati D( Pathak( Pu)ishe! )y .orin%
?in!ersey KIn!iaL P2t( 't!(, icensees of
Pearson 6!ucation in +outh #sia(
0( +ecurity #naysis an! Portfoio $ana%e&ent
)y ?han an! Jain(
%A&AMINES:
$oney =utook K$ay &June 2004L
,usiness *or! K$ay & June 2004L
;E5SITES:
***(Reiance&utuafun!(co&
***(a&fiin!ia(co&
***(&oneycontro(co&
***(se)i(%o2(in
11-
***()sein!ia(co&
***(nsein!ia(co&
***(&utuafun!sin!ia(co&
***(in!iainfoine(co&
***(in(finance(yahoo(co&
***(in2estin%()usiness*eek(co&
MUTUAL FUND INVESTMENT IS
SUBJECT TO MARKET RISKS.
PLEASE READ THE OFFER
115
DOCUMENT CAREFULLY
BEFORE INVESTING
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