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Chapter-I: A Comparative Study of HDFC and ICICI Mutual Fund
Chapter-I: A Comparative Study of HDFC and ICICI Mutual Fund
Chapter-I: A Comparative Study of HDFC and ICICI Mutual Fund
CHAPTER-I
INTRODUCTION
INTRODUCTION
The main aims of the investor is to minimize the risk involved in investment &
maximize return and today there are number of options available to investor like Post
office investment, bank deposit, Real estate, debentures, Government securities, stock
market, insurance & gold etc. Among these, Mutual Fund & ULIP introduced by the
insurance companies are the two options which require less capital & give the benefit of
Professional Management & suitable for all especially to the persons who do not have
time to watch the market regularly.
HDFC Mutual Fund is one of India's largest brokerage and securities distribution
house in India. It is considered to be one of the leading investment broking houses
catering to the needs of both institutional and non-institutional investor categories with
presence all over the country through franchisees and co-coordinators.
The AMC is a joint venture between ICICI Bank, a well-known and trusted name
in financial services in India and Prudential Plc, one of UK’s largest players in the
financial services sectors. Throughout these years of the joint venture, the company has
forged a position of pre-eminence in the Indian Mutual Fund industry.
In this project I studied the schemes of HDFC Mutual fund and their returns in
various period of time by comparing risk and returns of ICICI Mutual Fund, which
helped me in knowing how the various schemes are performing and the risk and return
associates with them. Hence my topic of study is “A comparative analysis of HDFC
Mutual Fund and ICICI Mutual Fund”
REVIEW OF LITERATURE
Here with some of the research studies that have influenced the preparation of this
Research work substantially are discussed in this section.
In depth financial review to identify among the selected equity funds that earns
higher returns than benchmark and competitors, M.Vijay Anand (2000).
R.Nithya (2004) state that the values of mutual funds to the target people by
identifying Asset Management Company that is performing well and identifying the top
schemes in the category such as equity, balanced, Monthly Income Plan(MIP) & Income
in the Assets Management Company (AMC), and it performed well and met the
expectations.
Open ended mutual funds have provided better returns than others and some of the
funds provided excess returns over expected returns based on both premium for
systematic risk and total risk. S Narayan Rao (2002).
An Indian sponsored mutual fund seems to have outperformed both Public- sector
sponsored and Private-sector foreign sponsored mutual funds, Sharad Panwar and
Madhumathi.R, (2005).
Kaushi k, Bhattacharjee and Bijan Roy (2008), state that to understand whether or
not the selected mutual funds (hence forth called funds) are able to outperform the market
on the average over the studied time period and concluded that there are positive signals
of information asymmetry in the market with mutual fund managers having superior
information.
Jaspal Singh and Subhash (2006), stated that the investors consider gold to be the
most preferred form of investment, followed by National Savings Certificate and Post
Office schemes. Hence, the basic psyche of an Indian investor, who still prefers to keep
his savings in the form of yellow metal, is indicated.
Performance is affected saving and investment habits of the people at the second
side the confidence and loyalty of the fund Manager and rewards affects the performance
of the MF industry in India. Deepak Agrawal (2007).
S.Anand & V Murugaiah (2003) indicates that the majority of schemes were
showed underperformance in comparison with risk free return.
Soumya Guha Deb, Ashok Banerjee, B.B.Chakrabarti (2005) stated that Indian
equity mutual fund managers have not been able to beat their style benchmarks on the
average.
Mohit Gupta and Navdeep Agarwal (2009) state that prevalent modes of mutual
fund purchase Results were found to be encouraging, as far as risk mitigation is
concerned
Mutual Fund is booming sector now a days and it has lot of scope to generate
income and providing return to the investor. The impressive growth of mutual funds in
India has attracted the attention of Indian researchers, individuals and institutional
investors. The need of the Research work is to evaluate the performance of different
mutual funds in India available in the selected banks and keep the mutual fund investors
fully aware of it. Thus, there is the need to investigate how efficiently the hard earned
money of the investors and scarce resources of the economy are efficiently utilized.
OBJECTIVES OF STUDY
To understand the concept of Mutual Fund, working and mechanism and types of
Mutual Funds traded in India.
To know the Performance of HDFC Mutual Fund scheme compared with ICICI
mutual fund.
To evaluate performance of mutual funds in the terms of risk and return
To know the investor preference towards the mutual fund investments.
RESEARCH METHODOLOGY
Research methodology is methodology for collecting all sorts of information and
data pertaining to the subject in the question. The object is to examine all the issues
involved and conduct situational analyses. The methodology includes overall research
design, procedure and finally the analysis procedure
TYPE OF STUDY
Type of study is descriptive, because analysis is made on the basis of primary and
secondary data collected and organized.
SAMPLE SIZE: 30
SOURCE OF DATA
1) PRIMARY DATA
Primary data are original source from which the research directly collects
data that have not been previously collected. Primary data are first hand
information collected through various methods such as observation, interviewing,
mailing, etc. The primary data collection was done through the Survey method.
The Survey was conducted using the structured schedules.
2) SECONDARY DATA
These are the sources containing data, which have been collected and
complied for another purpose. The secondary source consists of readily available
and already complied statistical statement and reports whose data may be used by
researches for their studies. The secondary data for this is collected from various
sources like, Books, Journals, Website, and Newspapers
TOOLS OF ANALYSIS
The collected data will be analyzed with the help of following tools wherever
necessary and will be used to present the data in effective manner
Tables
Charts
Graph(pie, bar)
RESEARCH DESIGN
Chapter 1-Introduction:
This chapter includes title of study, introduction of study, objectives of the study,
need of the study, methodology of study, including tools and techniques used in data
collection, sources of data, limitation of study and, research design.
CHAPTER- II
MUTUAL FUND- A CONCEPTUAL
FRAMEWORK
MUTUAL FUND
Concept of Mutual Funds
A Mutual Fund is a trust that pools the savings of a number of investors who share
a common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through
these investments and the capital appreciation realized is shared by its unit holders in
proportion to the number of units owned by them. Thus a Mutual Fund is the most
suitable investment for the common man as it offers an opportunity to invest in a
diversified, professionally managed basket of securities at a relatively low cost. The flow
chart below describes broadly the working of a mutual fund:
The origin of mutual fund industry in India is with the introduction of the concept
of mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated
from the year 1987 when non-UTI players entered the industry.
In the past decade, Indian mutual fund industry had seen dramatic improvements,
both quality wise as well as quantity wise. Before, the monopoly of the market had seen
an ending phase; the Assets under Management (AUM) were Rs. 67bn. The private sector
entry to the fund family raised the AUM to Rs. 470 bn in March 1993 and till April 2004;
it reached the height of 1,540 bn.
Putting the AUM of the Indian Mutual Funds Industry into comparison, the total
of it is less than the deposits of SBI alone, constitute less than 11% of the total deposits
held by the Indian banking industry.
The main reason of its poor growth is that the mutual fund industry in India is new
in the country. Large sections of Indian investors are yet to be intellectuated with the
concept. Hence, it is the prime responsibility of all mutual fund companies, to market the
product correctly abreast of selling. The mutual fund industry can be broadly put into four
phases according to the development of the sector.
Trust:
The Mutual Fund is constituted as a trust in accordance with the provisions of the
Indian Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian
Registration Act, 1908.
Trustee
Trustee is usually a company (corporate body) or a Board of Trustees (body of
individuals). The main responsibility of the Trustee is to safeguard the interest of the unit
holders and inter alia ensure that the AMC functions in the interest of investors and in
accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations,
1996, the provisions of the Trust Deed and the Offer Documents of the respective
Schemes. At least 2/3rd directors of the Trustee are independent directors who are not
associated with the Sponsor in any manner.
TYPES OF SCHEMES
INVESTMENT OBJECTIVE
Schemes can be classified by way of their stated investment objective such as
Growth Fund, Balanced Fund, Income Fund etc.
INCOME SCHEMES
These schemes invest in money markets, bonds and debentures of corporates with
medium and long-term maturities. These schemes primarily target current income instead
of capital appreciation. They therefore distribute a substantial part of their distributable
surplus to the investor by way of dividend distribution. Such schemes usually declare
quarterly dividends and are suitable for conservative investors who have medium to long
term investment horizon and are looking for regular income through dividend or steady
capital appreciation. HDFC Income Fund, HDFC Short Term Plan and HDFC Fixed
Investment Plans are examples of bond schemes.
GILT FUNDS
This scheme primarily invests in Government Debt. Hence the investor usually
does not have to worry about credit risk since Government Debt is generally credit risk
free. HDFC Gilt Fund is an example of such a scheme
HYBRID SCHEMES
These schemes are commonly known as balanced schemes. These schemes invest
in both equities as well as debt. By investing in a mix of this nature, balanced schemes
seek to attain the objective of income and moderate capital appreciation and are ideal for
investors with a conservative, long-term orientation. HDFC Balanced Fund and HDFC
Children’s Gift Fund are examples of hybrid schemes.
CONSTITUTION
Schemes can be classified as Closed-ended or Open-ended depending upon
whether they give the investor the option to redeem at any time (open-ended) or whether
the investor has to wait till maturity of the scheme.
INTERVAL SCHEMES
These schemes combine the features of open-ended and closed-ended schemes.
They may be traded on the stock exchange or may be open for sale or redemption during
pre-determined intervals at NAV based prices.
RISK
THE RISK-RETURN TRADE-OFF
The most important relationship to understand is the risk-return trade-off. Higher
the risk greater the returns/loss and lower the risk lesser the returns/loss.
Hence it is up to you, the investor to decide how much risk you are willing to take.
In order to do this you must first be aware of the different types of risks involved with
your investment decision
MARKET RISK
Sometimes prices and yields of all securities rise and fall. Broad outside
influences affecting the market in general lead to this. This is true, may it be big
corporations or smaller mid-sized companies. This is known as Market Risk. A
Systematic Investment Plan (“SIP”) that works on the concept of Rupee Cost Averaging
(“RCA”) might help mitigate this risk.
CREDIT RISK
The debt servicing ability (may it be interest payments or repayment of principal)
of a company through its cash flows determines the Credit Risk faced by you. This credit
risk is measured by independent rating agencies like CRISIL who rate companies and
their paper. A ‘AAA’ rating is considered the safest whereas a ‘D’ rating is considered
poor credit quality. A well-diversified portfolio might help m Things you hear people talk
about: “Rs. 100 today is worth more than Rs. 100 tomorrow.”
The root cause, Inflation. Inflation is the loss of purchasing power over time. A lot
of times people make conservative investment decisions to protect their capital but end up
with a sum of money that can buy less than what the principal could at the time of the
investment. This happens when inflation grows faster than the return on your investment.
A well-diversified portfolio with some investment in equities might help mitigate this
risk.
LIQUIDITY RISK
Liquidity risk arises when it becomes difficult to sell the securities that one has
purchased. Liquidity Risk can be partly mitigated by diversification, staggering of
maturities as well as internal risk controls that lean towards purchase of liquid securities
You have been reading about diversification above, but what is it?
Diversification
The nuclear weapon in your arsenal for your fight against Risk. It simply means
that you must spread your investment across different securities (stocks, bonds, money
market instruments, real estate, fixed deposits etc.) and different sectors (auto, textile,
information technology etc.). This kind of a diversification may add to the stability of
your returns, for example during one period of time equities might underperform but
bonds and money market instruments might do well enough to offset the effect of a slump
in the equity markets.
CHAPTER –III
HDFC & ICICI-
ORGANIZATIONAL PROFILES
PROFILE OF HDFC
HISTORY
HDFC is India's premier housing finance company and enjoys an impeccable
track record in India as well as in international markets. Since its inception in 1977, the
Corporation has maintained a consistent and healthy growth in its operations to remain
the market leader in mortgages. Its outstanding loan portfolio covers well over a million
dwelling units. HDFC has developed significant expertise in retail mortgage loans to
different market segments and large corporate client base for its housing related credit
facilities. With its experience in the financial markets, a strong market reputation, large
shareholder base and unique consumer franchise, HDFC was ideally positioned to
promote a bank in the Indian environment.
REGISTERED OFFICE
HDFC Bank House
Senapati Bapat Marg
Lower Parel
Mumbai 400013
Tel No: 56521000
Fax No: 24960739
Web –site: www.hdfcbank.com
VISION STATEMENT
To be dominant player in the Indian mutual fund space recognized for its high
levels of ethical and professional conduct and a commitment towards enhancing investor
interests.
HDFC Bank provides a number of products and services which includes wholesale
banking, retail banking, treasury, auto loans, personal loans, loan against property and
credits cards.
The latest entry in the league is ‘Project AI; under which HDFC bank, over the next
few weeks, would deploy robots at select bank branches. These robots will offer options
such as cash withdrawals or deposits, forex, fixed deposit, and demat services displaying
on the screen to persons coming into the branch.
ACQUISITIONS
HDFC bank merged with Times bank in Feb. 2000. This was a first merger of
two private banks in the new generation private sector banks category. In 2008, Centurion
Bank was acquired by HDFC bank. It was approved the acquisition of CBoP for 95.1
billion INR in one of the largest mergers in the financial sector in India.
FII 32.4%
MF (UTI) 8.65%
CSR ACTIVITIES
HDFC has taken several steps as a part of their CSR. It has collaborated with
several NGOs to assist in its activities such as sustainable livelihood, financial literacy,
education sector, training, community initiatives.
PROFILE OF ICICI
The AMC is a joint venture between ICICI Bank in India and Prudential PIc, one
of UK’s largest players in the financial sectors. With its corporate office in Bandra Kurla
Complex, Mumbai, India the AMC has witnessed substantial growth in scale; from 2
location and 6 employees at the inception of the joint venture in 1998, to a current
strength of more than 1000 employees with around 120 locations reaching out to an
investor base of more than 1.9 million investors.
KEY PEOPLES:
BODs: (AMC)
1) Ms. Chanda Kochhar- chairperson
2) Mr.suresh kumar
3) Mr. vijay thacker
4) Mr. N S Kannan
5) Mr. C R muralidharan
6) Mr. Nimesh Shah
7) Mr. Guy Strap
8) Ms. Lakshmi venkatchalam
MUTUAL FUND
The mutual fund caters primarily to retail investors. ICICI Prudential AMC as
introduced product aligned to meet customer needs leading to a well diversified portfolio
of mutual fund products.
MAJOR COMPETITORS
A few of the competitors for ICICI Prudential mutual fund in the mutual fund
sector are HDFC Mutual fund, Reliance Mutual Fund, SBI Mutual Fund, Birla Sun Life
Mutual Fund and UTI Mutual Fund.
ACHIEVEMENTS/ RECOGNITION
ICICI Bank has been honoured as The Best Service Provider – Risk Management,
India at The Asset Triple A Transaction Banking, Treasury, Trade and Risk
Management Awards 2016.
ICICI Bank has won The Corporate Treasurer Awards 2015 in the categories of
'Best Cash Management Bank in India' & 'Best Trade Finance Bank in India'.
ICICI Bank has been awarded the 'Best Retail Bank in India', 'Best Microfinance
Business' and Best Retail Banking Branch Innovation' under the 'Excellence in
Retail Financial Services awards 2015' by The Asian Banker.
ICICI Bank has been adjudged winner at the Express IT Innovation Award under
the Large Enterprise category 2014.
ICICI Bank wins awards under the categories of 'Most Innovative Bank' and 'Most
Innovative use of Multi–Channel Infrastructure' at the Indian Bank's Association's
BANCON Innovation Awards 2014.
ICICI Bank won the Asian Banking & Finance Retail Banking Award 2014 for
the Online Banking Initiative of the Year
ICICI Bank won an award under the Social Media category at the
InformationWeek EDGE Award
ICICI Bank received the award for 'Best Private Sector Banker' by the Sunday
Standard Best Bankers Awards 2014.
ICICI Bank has been awarded the 'Best Banker – All round expansion' by the
Sunday Standard Best Bankers Awards 2014.
ICICI Bank won 'Best Banker – Efficiency & Profitability' by the Sunday
Standard Best Bankers Awards 2014.
CHAPTER -IV
DATA ANALYSIS AND
INTERPRETATION
INTRODUCTION
In the present chapter data collected by survey of 30 respondents has been presented.
The analysis of the collected data has been done by using statistical tools, viz. Tables
.graphs, charts etc. This has endured the researcher to draw inference and conclusions
about comparative study of HDFC and ICICI mutual fund.
DATA ANALYSIS
Data analysis is the process of inspecting, cleaning, transforming, and modeling
data with a goal highlighting useful information, suggesting conclusion, and supporting
decision making. Data Analysis involves converting a series of recorded observations into
descriptive statements and inferences about relationships. The types of analysis that can
be conducted depend on the nature of the measurement instrument and the data collected
method.
TABLE-1
THE GENDER PROFILE OF THE RESPONDENTS
Sl. No Gender No of Respondents Percentage
1 Male 20 66.67
2 Female 10 33.33
Total 30 100
GRAPH-1
INTERPRETATION
It is found that majority of the male people are interested in investing in mutual
fund than the female investors, because male investors overcome any kind of risk which
is not possible by the female investors. So of the respondents 20 respondents are male
only.
TABLE-2
THE RESPONDENTS EDUCATIONAL PROFILE
GRAPH -2
INTERPRETATION
It is observed that majority respondents are well educated and have full
knowledge about investment decision i.e., 18 and 15 respondents of both the mutual fund
are post graduated followed by 7 and 8 are professionals.
TABLE-3
AGE OF THE RESPODENTS
GRAPH-3
INTERPRETATION
The table shows that majority of the youth (middle age people) is interested to
invest in mutual fund, that is 10 respondents in the age of 30-40 and 9 respondents in
between age of 40-50. It is concluded that middle age people are ready to take risk foot
forward towards profits.
TABLE - 4
THE RESPONDETS OCCUPATIONAL PROFILE
GRAPH - 4
INTERPRETATION
It is found that of the study majority of the respondents are private employee than
the Govt employee i.e., 18 from private and 08 from govt employee hence, It is concluded
that private employees are more risk lovers than the Govt. employees and followed by
business mans.
TABLE - 5
PER YEAR INCOME OF THE RESPONDENTS
SN Income (between) No of respondents Percentage
1 Less than 20000 01 3.33
2 20000-50000 02 6.67
3 50000-100000 05 16.67
4 100000-200000 17 56.67
5 Above 200000 05 16.67
Total 30 100
Source: Field Survey
GRAPH - 5
INTERPRETATION
Table showing that respondents who has invested in mutual fund whose yearly
income is 100000-200000 so he can easily go for investing in any sector of the economy.
So it is concluded that high net worth people are more interested to investing in
mutual fund.
TABLE 6
RESPONDENTS INTEREST TOWARDS MUTUAL FUND INVESTMENT
SECTOR.
Total 30 100
Source: Field Survey
GRAPH- 6
INTERPRETATION
It is observed that investors are more likely to invest in private sector mutual fund
than public sector because of more return and less risk as compare to the public sector, so
of the respondents 17 have invested in private sector and remaining are in public sector.
TABLE-7
INVESTORS PREFERENCE OF MUTUAL FUND SCHEME
Total 30 100
GRAPH – 7
INTERPRETATION
Table and Graph indicating that respondents are prefers more return than the
safety because of the respondents 20 have selected open ended scheme and remaining 10
are in close ended scheme.
TABLE - 8
THE KIND OF INVESTORS
S NO Risk No of respondents Percentage %
1 Low risk 06 20
Total 30 100
GRAPH - 8
INTERPRETATION
It is found that out of 30 respondents 20 respondents ready to take moderate risk than
high risk because all respondents are middle class.
It concluded that many respondents are moderate risk taker few are ready to take a
high risk.
TABLE-9
BETTER INVESTMENT IN MUTUAL FUND COMPANIES
SN Mutual fund companies No of respondents Percentage %
1 HDFC 17 56.67
2 ICICI 11 36.67
3 Both 02 6.67
Total 30 100
GRAPH - 9
INTERPRETATION
Information in the table clearly indicating that out of all respondents 17 prefers
HDFC is the best mutual fund for investment activity than the ICICI mutual fund.
TABLE -10
BETTER RETURNS ON INVESTMENT
1 HDFC 14 46.67
2 ICICI 10 33.33
3 BOTH 06 20
Total 30 100
GRAPH - 10
INTERPRETATION
The above Table & Graph showing that HDFC is the best alternative mutual fund
company has good return on their investment and it is accepted by 14 respondents of the
study followed by ICICI.
TABLE-11
SAFETY OF THE MUTUAL FUND INVESTMENT
1 HDFC 12 40
2 ICICI 18 60
Total 30 100
GRAPH - 11
INTERPRETATION
In a survey we find that while making investment ICICI is the best alternative
among the HDFC and ICICI, so observed study 18 respondents have given preference to
the ICICI mutual fund.
TABLE-12
SATISAFACTION TOWARDS COMPANIES NORMS,
DOCUMENTATION AND FORMALITIES.
SN Satisfaction No of respondents % of % of
ICICI HDFC ICICI HDFC
1 Satisfied 07 08 23.33 26.67
2 Not satisfied 05 07 16.67 23.33
3 Highly satisfied 02 01 6.67 3.33
Total 14 16 46.70 53.33
Source: Field Survey
GRAPH - 12
INTERPRETATION
Form the above table it is clear that 60% of the all the respondents satisfied with
the companies norms, documentation and formalities and remaining respondents have
some argument against the rules and regulation of the company.
TABLE-13
SATISFACTION WITH COMPANIES EMPLOYEES/ PEOPLE BEHAVIOR OF
ICICI AND HDFC MUTUAL FUND.
1 Yes 19 63.33
2 No 11 37.67
Total 30 100
GRAPH - 13
INTERPRETATION
Table showing that of the study 19 respondents are fully satisfied with company’s
employee’s behaviour where as 11 are not satisfied with company’s employee’s
behaviour. Behaviour of company also an important factor which may attract customer
and have more of investment.
TABLE-14
IN WHICH MUTUAL FUND COMPANY HAVE YOU INVESTED
SN Companies No of respondents Percentage %
1 HDFC 13 43.33
2 ICICI 10 33.33
3 RELIANCE 01 3.33
4 SBI 06 20
Total 30 100
GRAPH -14
INTERPRETATION
Table indicating that of the study 13 respondents have invested in HDFC mutual
fund, 10 are in ICICI mutual fund, 6 respondents are in SBI mutual fund and remaining
are in reliance mutual fund. So study showing that respondents are much interested to
invest in HDFC mutual fund.
TABLE-15
1 Satisfied 22 73.33
3 Highly satisfied 03 10
Total 30 100
GRAPH-15
INTERPRETATION
It is observed that of the respondents 22 are full satisfied with availability of
information, 5 are not satisfied with availability of company information and 3 are highly
satisfied with availability of company information.
CHAPTER-V
FINDINGS
SUGGESTIONS
CONCLUSION
FINDINGS
Male investors have much interested to investing in mutual fund.
Study shows that well educated investors have invested more in mutual fund.
Private employees are more risk lovers than govt employee.
High net worth people invested more in investment activities.
Investor prefers private mutual fund investment than government due to return
and risk.
Investment totally based upon the return on investment in which mutual fund he
has invested.
HDFC mutual fund is better in terms of return on investment.
ICICI mutual fund is better in terms of safety for his investment.
Norms and documentation of HDFC is better than ICICI.
Proper availability of information is good in ICICI than HDFC
Among this HDFC is better to investment.
SUGGESTIONS
ICICI bank should try to provide better returns to its investors as compare to
HDFC.
Both companies should try to invest in better securities for better profits.
Both companies should try to satisfy their customer by better customer service or
by improving customer relationship management.
Companies should try to make people initiative towards risk.
Investor should be made fully aware of the concept of mutual fund and all the
terms and conditions.
It should more emphases in advertising, as it is the most powerful tool to position
and brand in the mind sets of the customer.
It should be full transparent and provide necessary information to the ultimate
customer.
It should promote female investors to take in part investment activity.
It should provide certain extra benefit to middle class people who away from
investment activities.
CONCLUSION
The above evaluation made on the bases of primary data which is true and fair
view of respondent’s feedback and which make easy for me to analysis performance of
two mutual funds in terms of their return, risk and availability of information.
I would like to conclude that HDFC schemes are performing well as compare to
other competitors even time factor it was started late but its returns is high as compared to
competitor.
As HDFC mutual fund has to concentrate more on marketing their scheme, as its
schemes are performing well, and it should maintain its rank 1 position.
BIBLIOGRAPHY
REFERENCE BOOK:
Financial Market And Services- Gordon And Natarajan
Financial Markets And Institution-M K Bhole
Indian Financial System- M Y Khan
Financial Markets, Indtrument And Institution-Santomero A M
Capital Markets, Institutions And Instrument-Meir Kohn
Indian Financial System- Mandura Jeff
WEBSITE:
www.hdfcmf.com
www.icicimutual.com
www.amfiindia.com
SEARCH ENGINE:
www.google.com
www.altavista.com
www.yahoo.com
ANNEXURE
Q2.Age (years):
Between Mark
20-25
25-30
30-40
40-50
50-60
above 60
Q3.Qualification:
Post graduation
Degree
Under graduate
Professional
Metric
Illiterate
Q5.Occupation:
Govt. employee
Pvt. employee
Retired
Student
Home maker
Business/ self
employed
Q4.Gender
Male Female
Q7.While investing your money which factors you prefers most? Tick any one/two
Liquidity Low risk High return Company reputation
Q11.Do you feel the information you have received while investing is to the required
extent
YES NO
Q14.Objective of Investment
Yes No