CHAPTER-3

ANALYSIS OF MUTUAL FUNDS

Association of Mutual Funds in India (AMFI) is the umbrella body of all the
Mutual Funds registered with SEBI. It is a non-profit organization committed to develop
the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhance
and maintain standards in all areas with a view to protecting and promoting the interests
of Mutual Funds and their unit holders. Mutual Fund both conceptually and operationally
is different from other savings instruments. Mutual Funds invest in instruments of capital
markets, which have different risk-return profile. It is very necessary that the investors
understand properly the conceptual framework of Mutual Fund and its operational
features.

Association of Mutual Funds in India (AMFI):

With the increase in mutual fund players in India, a need for mutual fund
association in India was generated to function as a non-profit organisation. Association of
Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995.

AMFI is an apex body of all Asset Management Companies (AMC) which has
been registered with SEBI. Till date all the AMCs are that have launched mutual fund
schemes are its members. It functions under the supervision and guidelines of its Board
of Directors.

Association of Mutual Funds India has brought down the Indian Mutual Fund
Industry to a professional and healthy market with ethical lines enhancing and
maintaining standards. It follows the principle of both protecting and promoting the
interests of mutual funds as well as their unit holders.

The objectives of Association of Mutual Funds in India

The Association of Mutual Funds of India works with 30 registered AMCs of the
country. It has certain defined objectives which juxtaposes the guidelines of its Board of
Directors. The objectives are as follows:

 This mutual fund association of India maintains high professional and ethical
standards in all areas of operation of the industry.

 It also recommends and promotes the top class business practices and code of
conduct which is followed by members and related people engaged in the
activities of mutual fund and asset management. The agencies who are by any
means connected or involved in the field of capital markets and financial services
also involved in this code of conduct of the association.
 AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual
fund industry.
  Association of Mutual Fund of India do represent the Government of India, the
Reserve Bank of India and other related bodies on matters relating to the Mutual
Fund Industry.
 It develops a team of well qualified and trained Agent distributors. It implements
a programme of training and certification for all intermediaries and other engaged
in the mutual fund industry.
 AMFI undertakes all India awarness programme for investors inorder to promote
proper understanding of the concept and working of mutual funds.
 At last but not the least association of mutual fund of India also disseminate
informations on Mutual Fund Industry and undertakes studies and research either
directly or in association with other bodies.

The sponsorers of Association of Mutual Funds in India

Bank Sponsored
 SBI Fund Management Ltd.
 BOB Asset Management Co. Ltd.
 Canbank Investment Management Services Ltd.
 UTI Asset Management Company Pvt. Ltd.

Institutions
 GIC Asset Management Co. Ltd.
 Jeevan Bima Sahayog Asset Management Co. Ltd.

Private Sector
Indian: -
 Benchmark Asset Management Co. Pvt. Ltd.
 Cholamandalam Asset Management Co. Ltd.
 Credit Capital Asset Management Co. Ltd.
 Escorts Asset Management Ltd.
 JM Financial Mutual Fund
 Kotak Mahindra Asset Management Co. Ltd.
 Reliance Capital Asset Management Ltd.
 Sahara Asset Management Co. Pvt. Ltd
 Sundaram Asset Management Company Ltd.
 Tata Asset Management Private Ltd.

Predominantly India Joint Ventures:-

 Birla Sun Life Asset Management Co. Ltd.
 DSP Merrill Lynch Fund Managers Limited
 HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures:-
 ABN AMRO Asset Management (I) Ltd.
 Alliance Capital Asset Management (India) Pvt. Ltd.
 Deutsche Asset Management (India) Pvt. Ltd.
 Fidelity Fund Management Private Limited
 Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
 HSBC Asset Management (India) Private Ltd.
 ING Investment Management (India) Pvt. Ltd.
 Morgan Stanley Investment Management Pvt. Ltd.
 Principal Asset Management Co. Pvt. Ltd.
 Prudential ICICI Asset Management Co. Ltd.
 Standard Chartered Asset Mgmt Co. Pvt. Ltd.

Association of Mutual Funds in India Publications

AMFI publices mainly two types of bulletin. One is on the monthly basis and the other is
quarterly. These publications are of great support for the investors to get intimation of the
know-how of their parked money.

Mission:

The Association of Mutual Funds in India:

(AMFI) is dedicated to developing the Indian Mutual Fund Industry on profession

al, healthy and ethical lines and to enhance and maintain standards in all areas with a vie
w to protecting and promoting the interests of mutual funds and their unit holders.
AMFI MEMBERSHIP
 Information Updated As On 22-Oct-2010
Name of the Mutual Fund Fortis Mutual Fund
Date of setup of Mutual
April 15, 2004
Fund
Name(s) of Sponsor ABN AMRO Asset Management (Asia) Limited
Name of Trustee Company Fortis Trustee (India) Private Limited
Mr. Marcus Martinus te Riele - Associate Director - Board of
Trustees
Mr. Pradip Nayak - Independent Director - Board of Trustees
Name of Trustees Mr. Shariq Contractor - Independent Director - Board of
Trustees
Prof. Gururajan Sethu - Independent Director - Board of
Trustees
Name of the Asset
Fortis Investment Management (India) Pvt. Ltd.
Management Co.
Date of Incorporation of
November 4, 2003
AMC
Mr. Nikhil Johri
Mr. Ninad Karpe
Name(s) of Director
Mr. Rajan Ray
Mr. Robert Stewart Edgar
Name of Head of
Ms. Viji Krishnan
Operations
Name of Head-Fixed
Mr. Alok Singh
Income
Mr. Amit Nigam
Mr. Chirag Doshi
Name(s) of Fund Manager
Mr. Chirag Mehta
Mr. Karthikraj Lakshmanan
Name of Compliance Ms. Hemanti Wadhwa - Head - Compliance, Legal, Risk
Officer Manager & Company Secretary
Name of Investor Service
Mr. Shridhar Iyer
Officer
Name(s) of Managing
Mr. Nikhil Johri
Director
5th Floor, French Bank Building, 62, Homji Street, Fort
Address of AMC
Mumbai 400001
Telephone Number 022-66560000
Fax Number 022-66560040
Website www.fortisinvestments.in

Email customercare@fortisinvestments.in

Name(s) of Auditors S. R. Batliboi & Co.

Name(s) of Custodian Deutsche Bank A G
Name(s) of Registrar and
Computer Age Management Services (P) Ltd.
Transfer Agent

Information Updated As On 29-Jul-2010

Name of the Mutual Fund AEGON Mutual Fund
Date of setup of Mutual Fund September 25, 2008
Name(s) of Sponsor AEGON International B.V.
Name of Trustee Company AEGON Trustee Company Private Ltd.
Mr. Christophe Claude Ferrand - Director
Mr. Hari Mundra - Director
Name of Trustees
Mr. Madhukar R. Umarji - Director
Mr. Pradeep Mallick - Director
Name of the Asset Management
AEGON Asset Management Company Pvt. Ltd.
Co.
Date of Incorporation of AMC February 13, 2008
Mr. Eric Rutten
Mr. K. Narasimha Murthy
Name(s) of Director
Mr. Vilas R. Gupte
Mr. Vimal Bhandari
45, Maker Chambers VI, Nariman Point Mumbai
Address of AMC
400021
Telephone Number 022-66542614
Fax Number 022-66542617
Website N/A

Email aegonamc@aegonindia.com

Name(s) of Auditors M/s S V Ghatalia & Associates

Information Updated As On 14-Dec-2010

Name of the Mutual Fund AIG Global Investment Group Mutual Fund
Date of setup of Mutual Fund February 9, 2007
Name(s) of Sponsor AIG Capital Corporation
Name of Trustee Company AIG Trustee Company (India) Pvt. Ltd.
Name of Trustees Mr. Amal Ganguli - Trustee
Mr. N Rangachary - Trustee
Mr. Robert Conry - Trustee
 Mr. Sunil Behari Mathur - Trustee
Name of the Asset
AIG Global Asset Management Company (India) Pvt. Ltd.
Management Co.
Date of Incorporation of
October 30, 2006
AMC
Mr. Avinder Singh Bindra
Mr. Lochlan McNew
Name(s) of Director
Mr. Nanoo G Pamnani
Mr. Sunil Mehta
Name of Chief Executive
Mr. Sunil Mehta
Officer
Name of Sales Head Mr. Mahmood Basha
Mr. Huzaifa Husain
Name(s) of Fund Manager Mr. Ruchir Parekh
Mr. Vikrant Mehta
Name of Compliance Officer
Ms. Sonal Barot
& Company Secretary
Name of Investor Service
Ms. Usha Mallya
Officer
604, Peninsula Tower, 6th Floor, Peninsula Corporate
Address of AMC
Park, G.K. Marg, Lower Parel Mumbai 400013
Telephone Number 022-40930000
Fax Number 022-40930077
Website www.aiginvestments.co.in

Email investorcare@aig.com

Name(s) of Auditors S R Batliboi & Co.

Name(s) of Custodian CITIBANK N.A.
Name(s) of Registrar and
Computer Age Management Services Pvt. Ltd.
Transfer Agent
 Information Updated As On 01-Feb-2010
Name of the Mutual
Birla Sun Life Mutual Fund
Fund
Date of setup of Mutual
December 23, 1994
Fund
Aditya Birla Nuvo Limited
Name(s) of Sponsor
Sun Life (India) AMC Investments Inc.
Name of Trustee
Birla Sun Life Trustee Company Private Limited
Company
Mr. B. N. Puranmalka - Director
Mr. Gur Charan Das - Director
Name of Trustees Mr. Prafull Anubhai - Director
Mr. Suresh Talwar - Director
Mr. V. Arunchalam - Director
Name of the Asset
Birla Sun Life Asset Management Company Limited
Management Co.
Date of Incorporation of
September 5, 1994
AMC
Mr. Ajay Srinivasan
Mr. Ashok Goenka
Mr. Donald Stewart
Mr. Kumar Mangalam Birla
Mr. N. C. Singhal
Mr. N. N. Jambusaria
Name(s) of Director
Mr. S. S. Raman
Mr. Stephan Rajotte
Mr.Pankaj Razdan
Mr.R.C.Bhargava
Mr.Venkatesh Mysore
Prof. R.Vaidyanathan
Name of Chairman Mr. Kumar Mangalam Birla
Name of Chief
Mr. A. Balasubramanian
Executive Officer
Name of Compliance
Mr. Rajiv Joshi
Officer
Name of Investor
Mrs. Molly Kapoor
Service Officer
One India Bulls Centre ,Tower 1, 17th Flr, Jupiter Mill
Address of AMC
Compound,841,S.B. Marg,Elphinstone Road Mumbai 400 013
Telephone Number 43568000
Fax Number 43568110/ 8111
Website www.birlasunlife.com

Email connect@birlasunlife.com

M/s. Haribhakti & Co. - For Asset Management Company

Name(s) of Auditors
S. R. Batliboi & Company - For Mutual Fund
Name(s) of Custodian J P Morgan Chase Bank
Name(s) of Registrar and
Computer Age Management Services Pvt. Ltd
Transfer Agent

Name of the Mutual Fund
Date of setup of Mutual Fund
Name(s) of Sponsor
Name of Trustee Company
Name of Trustees
Name of the Asset Management
Axis Asset Management Company Ltd.
Co.
Date of Incorporation of AMC
Name(s) of Director
Name of Chief Executive
Officer
Information Updated As On 25-Nov-2010
Axis Mutual Fund
September 4, 2009
Axis Bank Limited
Axis Mutual Fund Trustee Limited
Dr. T. C. Nair - Chairman
Mr. B. Gopalakrishnan - Trustee
Mr. Kamlesh Vikamsey - Trustee
Mr. Kedar Desai - Trustee
January 13, 2009
Mr. Pranesh Misra
Mr. Rajiv Anand, Managing Director & Chief Executive
Officer
Mr. T. S. Narayanasami
Mr. U. R. Bhat
Ms. Shikha Sharma
Ms. Sonu Bhasin
Mr. Rajiv Anand, Managing Director & Chief Executive
Officer
Name of Head of Operations Mr. Praveen Bhatt
Name of Head-Fixed Income Mr. R. Sivakumar
Name of Sales Head Mr. Karan Datta
Name of Chief Investment
Mr. Chandresh Nigam
Officer
Mr. Anurag Mittal
Mr. Chandresh Nigam, Fund Manager - Equity
Name(s) of Fund Manager Mr. Ninad Deshpande, Fund Manager - Fixed Income
Mr. Pankaj Murarka
R. Sivakumar
Name of Compliance Officer &
Mr. Miten Chawda
Company Secretary
Name of Investor Service
Mr. Milind Vengurlekar
Officer
11th Floor, Nariman Bhavan, Vinay K. Shah Marg,
Address of AMC
Nariman Point, Mumbai 400021
Telephone Number 022-39403300
Fax Number 022-22040130
Website www.axismf.com

Email customerservice@axismf.com

M/s S R Batliboi & Co. (Mutual Fund) and M/s

Name(s) of Auditors
Haribhakti & Co. (AMC)
Name(s) of Custodian Deutsche Bank A. G.
Name(s) of Registrar and
Karvy Computershare Pvt. Ltd.
Transfer Agent
 Information Updated As On 25-Aug-2010
Name of the Mutual Fund Baroda Pioneer Mutual Fund
Date of setup of Mutual
November 24, 1994
Fund
Pioneer Global Asset Management S.p.A. and Bank of
Name(s) of Sponsor
Baroda
Name of Trustee Company N.A.
Mr. A. D. M. Chavali - Associate Trustee
Mr. R. L. Baxi - Independent Trustee, Chairman of Board
Name of Trustees
Mr. Shrinivas Suvarna - Independent Trustee
Mr.V.H.Bhatia - Independent Trustee
Name of the Asset
Baroda Pioneer Asset Management Company Limited
Management Co.
Date of Incorporation of
November 5, 1992
AMC
Dr. Anil K. Khandelwal
Dr. P. N. Khandwalla
Mr. Angus Stening
Mr. G. P. Gupta
Name(s) of Director Mr. M D Mallya
Mr. Rohit Arora
Mr. Shiv Dayal
Mrs. Minal Bhagat
Prof. B. B. Bhattacharya
Name of Chairman Dr. Anil K. Khandelwal
Name of Chief Executive
Mr. Rajan Krishnan
Officer
Name of Head-Fixed Income Mr Alok Sahoo
Name of Sales Head Mr Abhay Nagar
Name(s) of Chief Operating
S. Sundararajan
Officer
Mr. Dipak Acharya (Equity)
Name(s) of Fund Manager
Mrs. Hetal Shah (Debt)
Name of Compliance Officer Ms Rashmi Podwal
501 TITANIUM, 5TH Floor, Western Express Highway,
Address of AMC
Goregaon(E) Mumbai 400 063
Telephone Number +91 22 30741000
Fax Number +91 22 30741001
Website www.barodapioneer.in

Email info@barodapioneer.in

Name(s) of Auditors M/s Borkar & Muzumdar Chartered Accountants

Name(s) of Custodian Citibank NA
Name(s) of Registrar and
M/s Karvy Computershare Pvt. Ltd.
Transfer Agent
 Information Updated As On 16-Nov-2009
Name of the Mutual Fund Benchmark Mutual Fund
Date of setup of Mutual
June 12, 2001
Fund
Name(s) of Sponsor Niche Financial Services Pvt. Ltd.
Name of Trustee Company Benchmark Trustee Company Pvt. Ltd.
Dr. A. C. Shah - Director
Dr. P.P. Shah - Director
Name of Trustees
Dr. S.A. Dave - Chairman
Mr. Shriraj Dhruv - Director
Name of the Asset
Benchmark Asset Management Company Pvt. Ltd.
Management Co.
Date of Incorporation of
October 16, 2000
AMC
Mr. D.S. Mehta - Chairman
Mr. S.J. Parekh
Name(s) of Director Mr. S.R. Halbe
Mr. T.N.V. Ayyar
Ms. Susan Thomas
Name of Sales Head Mr. Anil Desai
Name of Chief Investment
Mr. Vishal Jain
Officer
Gauri Sekaria
Name(s) of Fund Manager
Payal Kaipunjal
Name of Compliance
Mr. Gautam H. Rathor
Officer
Name of Investor Service
Mr. Bibek Sengupta
Officer
Address of AMC 405, Raheja Chambers, Free Press Journal Marg, 213,
 Nariman Point Mumbai 400021
Telephone Number (91 22) 6651 2727
Fax Number (91 22) 2200 3412
Website www.benchmarkfunds.com

Email webmaster@benchmarkfunds.com

Deloitte Haskins & Sells (AMC)

Name(s) of Auditors
N.M. Raiji & Co. (Fund)
Citi Bank NA
Name(s) of Custodian Deutsche Bank
The Bank of Nova Scotia
Name(s) of Registrar and
Karvy Computershare Pvt. Ltd.
Transfer Agent

Name of the Mutual Fund
Date of setup of Mutual Fund
Name(s) of Sponsor
Name of Trustee Company
Name of Trustees
Name of the Asset Management
Bharti AXA Investment Managers Private Limited
Co.
Date of Incorporation of AMC
Name(s) of Director
Name of Chief Executive
Officer
Name of Head of Operations
Name of Head Equity
Name(s) of Chief Investment
Officer - Equity
Name(s) of Chief Operating
Officer
Name(s) of Fund Manager
Name of Compliance Officer
Information Updated As On 08-Nov-2010
Bharti AXA Mutual Fund
March 31, 2008
AXA Investment Managers
Bharti AXA Trustee Services Private Limited
Mr Raghu Palat - Trustee
Mr Robin Clark - Trustee
Mr S Venkatachalam - Trustee
Mr Sumant Chadha - Trustee
August 13, 2007
Mr Anil Harish
Mr Atul Sahasrabuddhe
Mr Bruno Guilloton
Mr Glenn Williams
Mr James Young
Mr Manik Jhangiani
Mr Sanjay Gupta
Mr Sudhir Chand
Mr Sandeep Dasgupta
Mr Shubro Sankha Das
Mr Prateek Agrawal
Mr Prateek Agrawal
Mr Simon Dain
Mr Ramesh Rachuri
Mr Manish Ghiya
Name of Investor Service
Mr Nanda Kishore Sethuraman
Officer
51, 5th Floor, Kalpataru Synergy, East Wing, Vakola,
Address of AMC
Santacruz East Mumbai 400055
Telephone Number 022-40479000
Fax Number 022-40479001
Website www.bhartiaxa-im.com

Email service@bhartiaxa-im.com

Name(s) of Auditors B S R & Co.

Name(s) of Custodian Citibank, N.A
Name(s) of Registrar and
Karvy Computershare Private Ltd
Transfer Agent