Mutual Fund A case study on HDFC Mutual Fund Asset Management Company

1
A
DISSERTATION
ON
“MUTUAL FUNDS-
A CASE STUDY OF HDFC ASSET MANAGEMENT COMPANY LIMITED”
SUBMITTED BY:
PARUL PAGARE (BF13-47)
RAJPIPLAWALA KEZAR AMIRUDDIN (BF13-59)
DISSERTATION SUBMITTED IN PART FULFILLMENT OF REQUIREMENT OF
MASTER OF COMMERCE DEGREE IN BANKING AND INSURANCE, APRIL2014.
UNDER THE GUIDANCE OF:
SHRI HARISH MALIK,
VISITING FACULTY
DEPARTMENT OF BANKING AND INSURANCE,
FACULTY OF COMMERCE,
THE M.S.UNIVERSITY OF BARODA,
VADODARA.

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CERTIFICATE
Certified that this dissertation “Mutual Funds-A Case Study Of HDFC Asset
Management Company Limited” submitted in the part fulfilment of requirement of
Master of Commerce Degree in Banking and Insurance is the work of Parul Pagare
Roll no (BF13-47) and Rajpiplawala Kezar Amiruddin (BF13-59) who carried out the
study under my supervision.
Signature of Guide Date:- 03-04-2014
SHRI HARISH MALIK,
VISITING FACULTY
Department of Banking and Insurance
Faculty of Commerce,
The M.S.University of BARODA, Vadodara-390 002

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ACKNOWLEDGEMENT
First of all, We would like to express our sincere gratitude to Mr. Amit Doshi, Branch
manager of HDFC Asset Management Company limited, Vadodara branch for
allowing us for training at HDFC Asset Management Company limited.
We heartily thanks to Mr. Kamran Faiz who provided us valuable suggestions and
guidance at every stage of training.
We would also like to express our gratitude to SHRI HARISH MALIK, Our project
mentor.
We also thank to DR.D.K.CHELLANI, Head of the Department of Banking and
Insurance, Who give the required information, which helped our Dissertation to be a
great success, which was the main and important part of our project.
Place: - Vadodara PARUL PAGARE
RAJPIPLAWALA KEZAR AMIRUDDIN
Date:- 03-04-2014

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OBJECTIVE OF STUDY
Capital market growth depends on the savings of the nation. In India, not-with
standing a high rate of savings by the community , the capital market is not in a
position to grow fast because the common man has not acquired the necessary
know-how himself to select appropriate avenues of investment which will serve his
needs. Therefore, the savings are mainly directed towards bank deposits /real estate
/gold etc. If he is assured that there are organisations of repute which have
necessary expertise to select appropriate avenues of investment where the yield is
attractive enough , with utmost security of the capital invested , it would create
proper climate for diversion of a part of the savings which at present goes into
sectors where there is either only capital appreciation but with little or no scope for
regular periodical return on investment or no capital appreciation at all, but with a
periodical small return on the investment.
Without any aim or objective, no activity can exist, in the same direction of
preparation of this report on HDFC Asset Management Company limited. In different
functional areas:
1. Our primary objective is to learn primary functions of the management like
Planning, Organizing, Directing and controlling from various functional areas
such as Finance, Human Resource, Marketing, and Sales etc.
2. Whatever we are taught in the classrooms, there is a limitation that book can
only give theoretical concept or knowledge and it has a limited view of
practically. So, the other important objective of this training is to know about
practical aspect and to know how a company actually works in practical
situation.
3. To know the Mutual Funds awareness level of the retail investors who are
invest in HDFC Asset Management Company limited.

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LIMITATIONS OF STUDY
There is no activity without any limitations:
1. Though everyone used to be very co-operative but every detail was unable to
be disclosed to us as the officials has to maintain secrecy of the company.
2. It is difficult to cover all the function of the company.
3. The analysis and conclusion made by us as per our limited understanding and
there may be something variation in the actual situation.
4. Because of the limited time period, the survey work was conducted in the
vadodara region.
5. In this rapidly changing turbulent era the suggestions and recommendations
drawn out today might prove inadequate or improper tomorrow; this is likely to
limit its effectiveness.

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CONTENT
SERIAL NUMBER PARTICULARS PAGE NUMBER
1. INTRODUCTION TO THE
MUTUAL FUND
INDUSTRY
7
2. HISTORY OF MUTUAL
FUNDS
9
3. REGULATORY
ASPECTS
12
4. WHY INVESTOR NEED
MUTUAL FUND?
19
5. LIMITATIONS OF
MUTUAL FUND
23
6. HDFC ASSET
MANAGEMENT
COMPANY
25
7. PRODUCTS OFFERED
BY HDFC ASSET
MANAGEMENT
COMPANY
29
8. CASE STUDY 38
9. CONCLUDING
REMARKS
42
10. BIBLIOGRAPHY 43

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INTRODUCTION TO THE MUTUAL FUNDS INDUSTRY
Concept of Mutual Funds :
Mutual Funds is a vehicle to mobilize money from investors, to invest in different
markets and securities, in line with the investment objectives agreed upon, between
the Mutual Funds and the investors. In other words, through investment in a Mutual
Funds, a small investor can avail of professional fund management services offered
by an Asset Management Company.
1. Investors with common financial objectives pool their money,
2. Investors on a proportionate basis, get Mutual Funds units for the sum
contributed to the pool,
3. The money collected from investors is invested into shares, debentures and
Other securities by the fund manager .
4. The fund manager realises gains or losses, and collects dividend or interest
income,
5. Any capital gains or losses from such investments are passed on to investors
in proportion of the number of units held by them.
4.2 DEFINITION :
The securities and Exchange Board of India (Mutual Funds) Regulations, 1993
defines a Mutual Funds as “a fund established in the form of a trust by a sponsor, to
raise monies by the trustees through the sale of units to the public ,under one or
more schemes , for investing in securities in accordance with these regulations”.

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MUTUAL FUNDS CYCLE
From the above chart, it can be observed that how the money from the investors flow
into Mutual Funds and they get returns out of it. Fund manager pool money from the
small investors in the market for investments in the specific fund. Taking into
consideration the market strategy the fund managers invest this pool of money into
reliable securities. With ups and downs in market returns are generated and they are
passed on to the investors. The above chart should be very clear and also effective.
The fund manager while investing on behalf of investors takes into consideration
various factors like time, risk, return, etc. so that he can make proper investment
decision.

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HISTORY OF MUTUAL FUNDS
The Mutual Funds industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank of India. The
history of Mutual Funds in India can be broadly divided into four distinct phases
FIRST PHASE (1964-87)
MONOPOLY OF UTI
Act of Parliament established Unit Trust of India (UTI) on 1963. It was set up by the
Reserve Bank of India and functioned under the Regulatory and administrative
control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the
Industrial Development Bank of India (IDBI) took over the regulatory and
administrative control in place of RBI. The first scheme launched by UTI was Unit
Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of Asset under
management.
SECOND PHASE – 1987-93
ENTRY OF BANKS AND FINANCIAL INSTITUTIONS
1987 marked the entry of non- UTI, public sector Mutual Funds set up by public
sector banks and Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC). SBI Mutual Funds was the first non- UTI Mutual Funds
established in June 1987 followed by Can bank Mutual Funds (Dec 87), Punjab
National Bank Mutual Funds (Aug 89), Indian Bank Mutual Funds (Nov 89), Bank of
India (Jun 90), and Bank of Baroda Mutual Funds (Oct 92). LIC established its
Mutual Funds in June 1989 while GIC had set up its Mutual Funds in December
1990.
At the end of 1993, the Mutual Funds industry had Asset under management of
Rs.47,004 Crores.
THIRD PHASE – 1993-2003
ENTRY OF PRIVATE SECTOR
With the entry of private sector funds in 1993, a new era started in the Indian Mutual
Funds industry, giving the Indian investors a wider choice of fund families. Also,
1993 was the year in which the first Mutual Funds Regulations came into being,
under which all Mutual Funds, except UTI were to be registered and governed under

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the SEBI. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was
the first private sector Mutual Funds registered in July 1993.
The 1993 SEBI (Mutual Funds) Regulations were substituted by a more
comprehensive and revised Mutual Funds Regulations in 1996. The industry now
functions under the SEBI (Mutual Funds) Regulations 1996.
The number of Mutual Funds houses went on increasing, with many foreign Mutual
Funds setting up funds in India and also the industry has witnessed several mergers
and acquisitions. As at the end of January 2003, there were 33 Mutual Funds with
total Asset of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44, 541 crores of
Asset under management was way ahead of other Mutual Funds.
FOURTH PHASE – SINCE FEBRUARY 2003
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit
Trust of India with Asset under management of Rs.29, 835 crores as at the end of
January 2003, representing broadly, the Asset of US 64 scheme, assured return and
certain other schemes. The Specified Undertaking of Unit Trust of India, functioning
under an administrator and under the rules framed by Government of India and does
not come under the purview of the Mutual Funds Regulations.
The second is the UTI Mutual Funds Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Funds Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000
crores of Asset under management and with the setting up of a UTI Mutual Funds,
conforming to the SEBI Mutual Funds Regulations, and with recent mergers taking
place among different private sector funds, the Mutual Funds industry has entered its
current phase of consolidation and growth. As at the end of October 31, 2003, there
were 31 funds, which manage Asset of Rs.126726 crores under 386 schemes.

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TYPES OF FUNDS
MUTUAL FUND
ON THE BASIS OF
EXECUTION AND
OPERATION
OPEN-ENDED
CLOSE-ENDED
ON THE BASIS OF
INVESTMENT
PATTERN
INCOME FUND
GROWTH FUND
BALANCED FUND
SPECIALISED
FUND
MONEY MARKET
MUTUAL FUND
TAXATION FUND

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REGULATORY ASPECTS
AMFI (ASSOCIATION OF MUTUAL FUNDS IN INDIA)
 AMFI is not a Self Regulatory Organization (SRO).
 It’s made to promote Mutual Funds in the masses and give recommendation
in order to uphold the interest of the investor.
OBJECTIVES OF AMFI
 To define and maintain high professional and ethical standards in all areas
of operation of Mutual Funds industry
 To recommend and promote best business practices and code of conduct
to be followed by members and others engaged in the activities of Mutual
Funds and Asset management including agencies connected or involved
in the field of capital markets and financial services.
 To interact with the Securities and Exchange Board of India (SEBI) and to
represent to SEBI on all matters concerning the Mutual Funds industry.
 To represent to the Government, Reserve Bank of India and other bodies
on all matters relating to the Mutual Funds Industry.
 To develop a cadre of well-trained Agent distributors and to implement a
Programme of training and certification for all intermediaries and other
engaged in the industry.
 To undertake nation wide investor awareness Programme so as to
promote proper understanding of the concept and working of Mutual
Funds.
SEBI (SECURITIES AND EXCHANGE BOARD OF INDIA)
Securities and Exchange Board of India ("SEBI"), the Capital Markets regulator has
clearly defined rules, which govern Mutual Funds. These rules relate to the
formation, administration and management of Mutual Funds and also prescribe

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disclosure and accounting requirements. Such a high level of regulation seeks to
protect the interest of investors.
All Mutual Funds are registered with SEBI and they function within the provision of
strict regulations designed to protect the interests of investors. The operations of
Mutual Funds are regularly monitored by SEBI.
RBI (RESERVE BANK OF INDIA)
Reserve bank of India was the regulator of Mutual Funds before SEBI. It regulated
Mutual Funds initially and there were only few schemes in the market. But now with
coming of SEBI, it has now become the main regulator of the Mutual Funds. RBI now
only governs Bank Sponsored Mutual Funds.
MINISTRY OF FINANCE
The Ministry of Finance, which is charged with implementing the government
policies, ultimately supervises both the RBI and the SEBI. Besides being the ultimate
policy making and supervising entity, the MOF has also been playing the role of an
Appellate Authority for any major disputes over SEBI guidelines on certain specific
capital market related guidelines – in particular any cases of insider trading or
mergers and acquisitions.
COMPANY LAW BOARD
Mutual Funds Asset Management Companies and corporate trustees are companies
registered under the Companies Act, 1956, and are therefore answerable to
regulatory authorities empowered by the Companies Act.
The primary legal interface for all companies is the Register of Companies (RoC).
The Department of Company Affairs in turn supervises RoCs. The DCA forms part of
Company Law Board, which is part of the Ministry of Law and Justice of the Govt. of
India.
The RoC ensures that the Asset management company or the Trustee Company as
the case may be is in compliance with all Companies Act provisions. All Asset
management company accounts and records are filed with the RoC, who may
demand additional information and documents from the company. The RoC plays
the role of a watchdog with respect to regulatory compliance by companies.
The Company Law Board (CLB) is the apex regulatory authority under the
Companies Act. While the CLB guides the DCA, another arm of the CLB called the
Company Law Bench is the Appellate Authority for corporate offences.

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The Company Law Board (CLB) is a body specially constituted by the Central
Government for carrying out judicial proceedings with respect to company affairs.
Since Mutual Funds Asset Management Company are companies, the CLB’s role
assumes importance.
As the members of Asset management companies or Trustee companies will usually
be the sponsors and their joint venture partners or associates, it is unlikely that
Mutual Funds investors will have anything to do with any of these regulators. The
authorities would generally regulate the Asset management companies whose
shareholders may have recourse to them in specific cases.
INVESTORS RIGHTS
 Proportionate right to beneficial ownership of scheme’s Asset
 Right to obtain information from trustees
 Inspect major documents of the fund
 75% of the unit holders can resolve to wind up the scheme
LEGAL LIMITATIONS TO INVESTORS
 Unit holders cannot sue the trust
 Can initiate legal proceedings against trustees
 No rights to a prospective investor
INVESTOR OBLIGATIONS
 Carefully study the offer document before investing
 Monitor his investment in a scheme by referring financial statements,
performance updates and research reports sent by the Asset management
company.

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TRUSTEES
Trust is created through the document called Trust deed that is executed by the
fund sponsor and registered with SEBI. Board of trustees- a body of individuals or a
trust company-a corporate body may manage the trust cum Mutual Funds. These
are protector of unit holders interests.2/3 of the trustees will be individuals and will
not be associated with the sponsors.
Following are the rights of trustees:
 Approve each of the schemes floated by the Asset Management
Company.
 Right to request any necessary information from Asset Management
Company.
 Right to take corrective action if they believe that of fund’s business.
 Right to dismiss the Asset Management Company.
 Ensure that any shortfall in net worth of the Asset Management Company
is made up.
Following are the obligations of trustees:
 Enter in to an investment management agreement with the Asset
Management Company.
 Ensure that the fund’s transactions are in accordance with the trust
deed.
 Furnish to SEBI on a half yearly basis, a report on the fund’s activities.
 Ensure that no change in the fundamental attributes of any scheme or
the trust or any other change, which would affect the interest of unit
holder, happens with informing to unit holder.
 Review the investor complaints received and redressed of the same by
Asset Management Company.

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ASSET MANAGEMENT COMPANY
This acts as investment manager of the trust under the board supervision and
direction of trustees. In has to be approved and registered with SEBI.
This will float and manage different investment schemes in the name of trust and in
accordance with SEBI regulations. These acts in the interest of holders and reports
to the trustees. At least 50% of the directors on the board are independent of the
sponsor or the trustees.
Following are the obligations of Asset Management Company:
 Float investment schemes only after getting approval from the trustees and
SEBI.
 Send quarterly reports to trustees.
 Make the required disclosures to the investors in the area such as calculation
of NAV and repurchase price.
 Must maintain a net worth of at least Rs.10 crores at all the times
 Will not purchase or sale securities through any broker with the brokerage of 5
% or more of the aggregate purchases and sale of securities made by the
Mutual Funds in all its schemes.
 Asset Management Company cannot act as trustees of any other Mutual
Funds.
 Do not undertake any other activity conflicting with managing the fund.
Following are the bodies appointed by the trustees/AMC.
 Custodian is the responsible person for physical handling and safe keeping of
the securities. He should be independent of the sponsor and registered with
SEBI.
 Indian capital market is moving away from physical certificates for securities to
dematerialized form with a depository. He holds dematerialized security
holdings of Mutual Funds.

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CUSTODIAN
Often an independent organization, it takes custody of securities and other Asset of
Mutual Funds. Its responsibilities include receipt and delivery of securities, collecting
income-distributing dividends, safekeeping of the units and segregating Asset and
settlements between schemes. Their charges range between 0.15-0.2 percent of the
net value of the holding. Custodians can service more than one fund.
DEPOSITORY
Indian capital markets are moving away from having physical certificates for
securities, to ownership of these securities in ‘dematerialized’ form with a Depository.
Thus, a Mutual Funds dematerialized securities holdings will be held by a Depository
through a Depository Participant. A fund’s physical securities will continue to be held
by a Custodian. Thus, deliveries of a fund’s securities are given or received by a
custodian or a depository participant, at the instruction of the AMC, although under
the overall direction and responsibility of the Trustees.
FUND SPONSER
Any person or corporate body that establishes the Fund with a net worth of Rs. 10
crores and has paid out consistent returns to its investors for last three years
consistently and registers it with SEBI can be a fund sponsor. The fund sponsor
forms a trust and appoints board of trustees. He appoints Custodian and Asset
Management Company (AMC) either directly or through trust in accordance with
SEBI regulations.
SEBI regulations also define that a sponsor must contribute at least 40 % to the net
worth of the Asset Management Company.

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Understanding of various agencies, by taking the example of the constitution
of HDFC Mutual Funds:
Mutual Funds Trust HDFC Mutual Funds
Sponsor HDFC Ltd.
Trustee HDFC Trustee Company Limited
AMC HDFC Asset Management Company
Limited
Custodian HDFC Bank Limited, Mumbai
CITI BANK N.A., Mumbai
The Bank Of Nova Scotia, Mumbai
RTA
Computer Age Management Services Pvt.
Ltd
The names of any market entities used in this Dissertation are for the purpose
of illustration only. No other Meaning should be construed in the choice of
illustrations. We do not recommend any market entity or any product.

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WHY INVESTOR NEED MUTUAL FUNDS?
Mutual Funds offer benefits, which are too significant to miss out. Any investment
has to be judged on the yardstick of return, liquidity and safety. Convenience and tax
efficiency are the other benchmarks relevant in Mutual Funds investment. In the
wonderful game of financial safety and returns are the tows opposite goals and
investors cannot be nearer to both at the same time. The crux of Mutual Funds
investing is averaging the risk.
Many investors possibly don’t know that considering returns alone, many Mutual
Funds have outperformed a host of other investment products. Mutual Funds have
historically delivered yields averaging between 9% to 25% over a medium to long
time frame. The duration is important because likewise, Mutual Funds return taste
bitter with the passage of time. Investors should be prepared to lock in their
investments preferably for 3 years in an income fund and 5 years in an equity funds.
Liquid funds of course, generate returns even in a short term.
Professional Management:
Mutual Funds offer investors the opportunity to earn an income or build their wealth
Through professional management of their investible funds. There are several
aspects to such professional management viz. investing in line with the investment
objective, investing based on adequate research, and ensuring that prudent
investment processes are followed.
Affordable Portfolio Diversification:
Units of a scheme give investors exposure to a range of securities held in the
investment portfolio of the scheme. Thus, even a small investment of Rs. 5,000 in a
Mutual Funds scheme can give investors a diversified investment portfolio. With
diversification, an investor ensures that all the eggs are not in the same basket.
Consequently, the investor is less likely to lose money on all the investments at the
same time. Thus, diversification helps reduce the risk in investment. In order to
achieve the same diversification as a Mutual Funds scheme, investors will need to
set apart several lakhs of rupees. Instead, they can achieve the diversification
through an investment of a few thousand rupees in a Mutual Funds scheme.

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Economies of Scale:
The pooling of large sums of money from so many investors makes it possible for the
Mutual Funds to engage professional managers to manage the investment.
Individual investors with small amounts to invest cannot, by themselves, afford to
engage such professional management. Large investment corpus leads to various
other economies of scale. For instance, costs Related to investment research and
office space get spread across investors. Further, the higher transaction volume
makes it possible to negotiate better terms with brokers, bankers and other service
providers. Thus, investing through a Mutual Funds offers a distinct economic
advantage to an investor as compared to direct investing in terms of cost saving.
Liquidity:
At times, investors in financial markets are stuck with a security for which they can’t
find a buyer – worse; at times they can’t find the company they invested in! Such
investments, whose value the investor cannot easily realize in the market, are
technically called illiquid investments and may result in losses for the investor.
Investors in a Mutual Funds scheme can recover the value of the moneys invested,
from the Mutual Funds itself. Depending on the structure of the Mutual Funds
scheme, this would be possible, either at any time, or during specific intervals, or
only on closure of the scheme.
Schemes, where the money can be recovered from the Mutual Funds only on
closure of the scheme, are listed in a stock exchange. In such schemes, the investor
can sell the units in the stock exchange to recover the prevailing value of the
investment.
Tax Deferral:
Mutual Funds are not liable to pay tax on the income they earn if the same income
were to be earned by the investor directly, and then tax may have to be paid in the
same financial year. Mutual Funds offer options, whereby the investor can let the
moneys grow in the scheme for seven years. By selecting such options, it is possible
for the investor to defer the tax liability. This helps investors to legally build their
wealth faster than would have been the case, if they were to pay tax on the income
each year.

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Tax benefits:
Specific schemes of Mutual Funds (Equity Linked Savings Schemes) give investors
the benefit of deduction of the amount invested (up to Rs. 10,000 in a financial year),
from their income that is liable to tax. This reduces their taxable income, and
therefore the tax liability.
The Rajiv Gandhi Equity Savings Scheme (RGESS) offers a rebate to first time retail
investors (in equity or Mutual Funds) with annual income below rest 10 lakhs. Mutual
Funds announce specific listed equity-oriented schemes that are eligible for the
RGESS benefit.
The RGESS benefit is linked to amount invested (excluding brokerage, securities
transaction tax, service tax, stamp duty and all taxes appearing in the contract note).
Rebate of 50% of the amount invested up to Rs. 50,000, can be claimed as a
deduction from taxable income.
The investment limit of Rs. 50,000 is applicable for a block of three financial years,
starting with the year of first investment.
Thus, if an investor invests Rs. 30,000 in RGESS schemes in a financial year, then
he can reduce his taxable income for that previous year by 50% of Rs. 30,000 i.e.
Rs. 15,000. In the following year, he still has an investment limit of Rs. 20,000
available. The maximum deduction that can be made from the taxable income over
the period of three financial years is 50% of Rs. 50,000 i.e. Rs. 25,000.
Dividends received from Mutual Funds schemes are tax-free in the hands of the
investors. However, dividends from certain categories of schemes are subject to
dividend distribution tax, which is paid by the scheme before the dividend is
distributed to the investor. Long term capital gains arising out of sale of debt and
liquid funds are subject to long term capital gains tax, which may be taxed at a
different (and often lower) rate of tax.
Convenient Options:
The options offered under a scheme allow investors to structure their investments in
line with their liquidity preference and tax position. There is also great transaction
conveniences like the ability of withdraw only part of the Money from the investment
account, ability to invest additional amounts to the account, setting up systematic
transactions, etc.

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Investment Comfort:
Once an investment is made with Mutual Funds, they make it convenient for the
investor to make further purchases with very little documentation. This simplifies
subsequent investment activity.
Regulatory Comfort:
The regulator, Securities & Exchange Board of India (SEBI), has mandated strict
checks and balances in the structure of Mutual Funds and their activities. These are
detailed in the subsequent units. Mutual Funds investors benefit from such
protection.
Systematic Approach to Investments:
Mutual Funds also offer facilities that help investor invest amounts regularly through
a Systematic Investment Plan (SIP); or withdraw amounts regularly through a
Systematic Withdrawal Plan (SWP); or move moneys between different kinds of
schemes through Systematic Transfer Plan (STP). Such systematic approaches like
SIP and STP promote an investment discipline, which is useful in long-term wealth
creation and protection. SWPs allow the investor to structure a regular cash flow
from the investment account.

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LIMITATIONS OF MUTUAL FUNDS
Lack of portfolio customization:
Some securities houses offer Portfolio Management Schemes (PMS) to large
investors. In a PMS, the investor has better control over what securities are bought
and sold on his behalf. The investor can get a customized portfolio in case of PMS.
On the other hand, a unit-holder in a Mutual Funds is just one of several thousand
investors in a scheme. Once a unit-holder has bought into the scheme, investment
management is left to the fund manager (within the broad parameters of the
investment objective). Thus, the unit-holder cannot influence what securities or
investments the scheme would buy. Large sections of investors lack the time or the
knowledge to be able to make portfolio choices. Therefore, lack of portfolio
customization is not a serious limitation in most cases.
Choice overload:
Over 800 Mutual Funds schemes offered by more than 40 Mutual Funds – and
multiple options within those schemes – make it difficult for investors to choose
between them. Greater dissemination of industry information through various media
and availability of professional advisors in the market should help investors handle
this overload.
No control over costs:
All the investor's moneys are pooled together in a scheme. Costs incurred for
managing the scheme are shared by all the Unit-holders in proportion to their holding
of Units in the scheme. Therefore, an individual investor has no control over the
costs in a scheme. SEBI has however imposed certain limits on the expenses that
can be charged to any scheme.
CHANGE OF INDEX COMPOSITION:
The indices changing over the world to reflect changing market conditions. There is
an inherent survivorship bias in this process, with the bad stocks bided out and
replaced by emerging blue chips. This is a severe problem in India with the Sensex
having being changing twice in last 5 years, with each change being quite
substantial. Another reason for change index composition is Mergers and
Acquisitions. The weight age of the shares of a particular company in the index
changes if it acquires a large company not a part of the index.

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ENTRY AND EXIT COST:
Mutual Funds are a victim of their own success. When a large body like a fund
invests in shares, the concentrated buying and selling often results in adverse price
movement i.e. at the time of buying, the fund ends up paying a high price and by
selling it realizes a lower price. For obvious reasons, this problem is even more
severe for funds investing in small capitalization stocks. However, given the large
size of debt market, excluding UTI, most debt funds do not face this problem.

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HDFC ASSET MANAGEMENT COMPANY
An HDFC Asset Management Company limited is well-established fund house.
HDFC Asset Management Company limited is sponsored by Housing Development
Finance Corporation Limited (HDFC) and Standard life investments limited.
HDFC Asset Management Company limited launched its scheme HDFC EQUITY
FUND in the year January 1995. Since then it focused on different class of schemes
for many years and launched several innovative products that went to become
bourgeoning categories in the Indian Mutual Funds industry.
Some of these were HDFC GROWTH FUND, HDFC TOP 200 FUND, and HDFC
BALANCED FUND, HDFC PRUDENCE FUND etc.
HDFC asset Management Company limited have offices in more than 90 cities and
currently manage assets in excess of Rs 108990 cores. (December 2013.)
Sponsors of HDFC Asset Management Company
Housing Development Finance Corporation Limited (HDFC)
HDFC was incorporated in 1977 as the first specialized Mortgage Company in India.
HDFC provides financial assistance to individuals, corporate and developers for the
purchase or construction of residential housing. It also provides property related
services (e.g. property identification, sales services and valuation), training and
consultancy. Of these activities, housing finance remains the dominant activity.
HDFC has a client base of around 9.5 lack borrowers, around 1 million depositors,
over 91,000 shareholders and 50,000 deposit agents as at March 31, 2007. HDFC
has raised funds from international agencies such as the World Bank, IFC
(Washington), USAID, DEG, ADB and KFW, international syndicated loans,
domestic term loans from banks and insurance companies, bonds and deposits.
HDFC has received the highest rating for its bonds and deposits program for the
twelth year in succession. HDFC Standard Life Insurance Company Limited,
promoted by HDFC was the first life insurance company in the private sector to be
granted a Certificate of Registration (on October 23, 2000) by the Insurance
Regulatory and Development Authority to transact life insurance business in India.

26
Standard Life Investments Limited
The Standard Life Assurance Company was established in 1825 and has
considerable experience in global financial markets. The company was present in
the Indian life insurance market from 1847 to 1938 when agencies were set up in
Kolkata and Mumbai. The company re-entered the Indian market in 1995, when an
agreement was signed with HDFC to launch an insurance joint venture. On April
2006, the Board of The Standard Life Assurance Company recommended that it
should demutualise and Standard Life plc float on the London Stock Exchange. At a
Special General Meeting held in May voting members overwhelmingly voted in
favour of this. The Court of Session in Scotland approved this in June and Standard
Life plc floated on the London Stock Exchange on 10 July 2006. Standard Life
Investments was launched as an investment management company in 1998. It is a
wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in
turn is a wholly owned subsidiary of Standard Life plc. Standard Life Investments is a
leading Asset management company, with approximately US$ 269 billion as at
March 30, 2007, of assets under management. The company operates in the UK,
Canada, Hong Kong, China, Korea, Ireland and the USA to ensure it is able to form
a truly global investment view. In order to meet the different needs and risk profiles
of its clients, Standard Life Investments Limited manages a diverse portfolio covering
all of the major markets world-wide, which includes a range of private and public
equities, government and company bonds, property investments and various
derivative instruments.
Management of HDFC Asset Management Company
HDFC Trustee Company Limited:
A company incorporated under the Companies Act, 1956 is the Trustee to the Mutual
Funds vides the Trust deed dated June 8, 2000, as amended from time to time.
HDFC Trustee Company Limited is a wholly owned subsidiary of HDFC Limited.
HDFC Asset Management Company Limited:
HDFC Asset Management Company limited was incorporated under the Companies
Act, 1956, on December 10, 1999, and were approved to act as an Asset
Management Company for the Mutual Funds by SEBI on July 3, 2000. The
registered office of the HDFC Asset Management Company limited is situated at
Ramon House, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation, Church
gate, Mumbai - 400 020. In terms of the Investment Management Agreement, the
Trustee has appointed HDFC Asset Management Company Limited to manage the

27
Mutual Funds. The paid up capital of the HDFC Asset Management Company limited
is Rs.75.161 crore.
The present share holding pattern of the HDFC Asset management company is as
follows:
Particulars
% of the paid up
share capital
HDFC 50.10
Standard Life Investments
Limited
49.90
At present The HDFC Asset Management company is managing 18 open-ended
schemes of the Mutual Funds viz. HDFC Growth Fund (HGF), HDFC Balanced Fund
(HBF), HDFC Income Fund (HIF), HDFC Liquid Fund (HLF), HDFC Tax Plan 2000
(HTP), HDFC Children's Gift Fund (HDFC CGF), HDFC Gilt Fund (HGILT), HDFC
Short Term Plan (HSTP), HDFC Index Fund, HDFC Floating Rate Income Fund
(HFRIF), HDFC Equity Fund (HEF), HDFC Top 200 Fund, (HT200), HDFC Capital
Builder Fund (HCBF), HDFC Tax Saver (HTS), HDFC Prudence Fund (HPF), HDFC
High Interest Fund (HHIF), HDFC Sovereign Gilt Fund (HSGF) and HDFC Cash
Management Fund (HCMF). HDFC Asset Management Company limited is also
managing HDFC Fixed Investment Plan, as well as closed ended Income Scheme.
The HDFC Asset Management Company has obtained registration from SEBI vide
Registration No. - PM / INP000000506 dated December 22, 2000 to act as a
Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993.
The HDFC Asset management company is also providing portfolio management /
advisory services and such activities are not in conflict with the activities of the
Mutual Funds
 HDFC Asset Management Company’s punch line is “continuing a tradition
of trust”.
 In Gujarat HDFC Asset Management Company is located at Ahmedabad,
Surat, Vadodara, Rajkot, Anand, Bhavnagar, Bharuch.
 HDFC Asset Management Company is working from 9:30 a.m. onwards.
 HDFC Asset Management Company Have around 450-500 active
distributors in Vadodara.
 HDFC Asset Management Company Provide account statements to
investors according to investor’s requirement.
 HDFC Asset Management Company Provide good services to investors.

28
(Office locations of HDFC Asset Management Company)

29
PRODUCTS OFFERED BY HDFC ASSET MANAGEMENT COMPANY
EQUITY BALANCED DEBT
(Different Types of Products Offered by HDFC Asset Management Company)
EQUITY SCHEMES OF HDFC ASSET MANAGEMENT COMPANY
1. HDFC Equity Fund:-
Investment Objective: The investment objective of the Scheme is to achieve
capital appreciation.
Investment Options: Dividend & Growth Option
Nature of Scheme: - Open Ended Growth Scheme
Inception Date: - January 01, 1995
Performance of HDFC Equity Fund (G):- Below Average (Ranking by
CRISIL)
NAV: - Every business day
Dividend History Of Past 3 year:
Dividend Option
Record date Cum Div NAV Dividend Per Unit
Rupees Individuals
& HUF
For Others
Mar 22, 2011 49.043 4.00 4.00
Mar 23, 2012 43.951 4.00 4.00
Mar 21,2013 41.388 4.00 4.00
Direct Plan
Mar 21,2013 41.447 4.00 4.00

30
2. HDFC growth fund:-
Investment Objective: - The primary investment objective of the Scheme is
to generate long term capital appreciation from a portfolio that is invested
predominantly in equity and equity related instruments.
Inception Date: -September 11, 2000
Performance of HDFC growth fund (G):- Relatively Week (Ranking by
CRISIL)
Dividend Option
Rupees Individuals
& HUF
For Others
Feb 23,2012 30.629 3.00 3.00
Feb 21, 2013 29.331 3.00 3.00
Feb 13,2014 25.019 3.00 3.00
Direct Plan
Feb 21,2013 29.352 3.00 3.00
Feb 13,2014 25.143 3.00 3.00
3. HDFC Top 200 fund:-
Investment Objective: - To generate long-term capital appreciation from a
portfolio of equity and equity-linked instruments primarily drawn from the
companies in BSE 200 index.
Inception Date: - October 11, 1996
Performance of HDFC Top 200 fund (G):-: Below Average (Ranking by
CRISIL)
NAV:- Every business day
Dividend Option

31
Rupees Individuals
& HUF
For Others
Mar 10,2011 48.000 4.00 4.00
Mar 07, 2012 42.778 4.00 4.00
Mar 07,2013 43.247 4.00 4.00
Direct Plan
Mar 07,2013 43.293 4.00 4.00
4. HDFC midcap opportunity fund:-
portfolio that is substantially constituted of equity and equity related securities
of small and Mid-Cap companies.
Inception Date: - June 25, 2007
Performance of HDFC midcap opportunity fund (G):-Good (Ranking by
CRISIL)
Dividend Option
Rupees Individuals
& HUF
For Others
Feb 23,2012 16.058 1.50 1.50
Feb 27,2013 15.980 1.15 1.15
Feb 26,2014 17.588 1.75 1.75
Direct Plan
Feb 27,2014 15.994 1.15 1.15
5. HDFC capital builder fund:-
portfolio that is substantially constituted of equity and equity related securities
of small and Mid-Cap companies.
Inception Date: - February 01, 1994
Performance of HDFC capital builder fund (G):- Average (Ranking by
CRISIL)
Dividend Option

32
Rupees Individuals
& HUF
For Others
Mar 07,2012 22.595 2.50 2.50
Feb 21, 2013 22.391 2.50 2.50
Feb 20,2014 21.788 2.50 2.50
Direct Plan
Feb 21,2013 22.408 2.50 2.50
Feb 20,2014 21.897 2.50 2.50
6. HDFC core and satellite fund:-
Investment Objective: - The primary objective of the Scheme is to generate
capital appreciation through equity investment in companies whose shares
are quoting at prices below their true value.
Inception Date: - September 17, 2004
Performance of HDFC core and satellite fund (G):- Relatively weak
(Ranking by CRISIL)
Dividend Option
Rupees Individuals
& HUF
For Others
Feb 16,2012 19.647 2.00 2.00
Feb 14, 2013 17.613 2.00 2.00
Feb 20,2014 15.197 1.50 1.50
Direct Plan
Feb 14,2013 17.602 2.00 2.00
Feb 20,2014 15.327 1.50 1.50
7. HDFC premier multi cape fund:-
capital appreciation in the long term through equity investments by investing
in a diversified portfolio of Mid Cap and Large Cap `blue chip` companies.
Investment Options: Dividend Plan, Growth Plan, The Dividend Plan offers
Dividend Payout and Reinvestment Facility.
Inception Date: - April 06, 2005
Performance of HDFC premier multi cape fund (G):- Relatively Weak
(Ranking by CRISIL)

33
Dividend Option
Rupees Individuals
& HUF
For Others
Feb 09,2012 13.912 1.50 1.50
Feb 07, 2013 12.763 1.50 1.50
Feb 06,2014 10.783 0.60 0.60
Direct Plan
Feb 07,2013 12.769 1.50 1.50
Feb 06,2014 10.854 0.60 0.60
BALANCED SCHEMES OF HDFC ASSET MANAGEMENT COMPANY
1. HDFC balanced fund: -
capital appreciation along with current income from a combined portfolio of
equity and equity related and debt and money market instruments.
Nature of Scheme: - Open Ended balanced fund
Performance of HDFC balanced fund (G): Average (Ranking by CRISIL)
Dividend Option
Rupees Individuals
& HUF
For Others
Mar 01,2012 20.353 2.25 2.25
Feb 27, 2013 19.322 1.25 1.25
Feb 26,2014 20.682 1.25 1.25
Direct Plan
Feb 27,2013 19.339 1.25 1.25
2. HDFC prudence fund:-
Investment Objective: - The investment objective of the Scheme is to
provide periodic returns and capital appreciation over a long period of time,
from a judicious mix of equity and debt investments, with the aim to prevent/
minimize any capital erosion

34
Nature of Scheme: - Open Ended balanced fund
Performance of HDFC Prudence fund (G): Below Average (Ranking by
CRISIL)
Dividend Option
Rupees Individuals
& HUF
For Others
Mar 15,2012 29.516 3.50 3.50
Feb 27, 2013 27.526 3.00 3.00
Feb 26,2014 25.965 3.00 3.00
Direct Plan
Feb 27,2013 27.552 3.00 3.00
Feb 26,2014 26.141 1.25 1.25
3. HDFC short term plan:-
Investment Objective: - The primary objective of the HDFC Short Term Plan
is to generate regular income through investment in debt securities and
money market instruments.
Investment Options: Growth Plan, Dividend Plan. The Dividend Plan offers
Dividend Pay-out and Reinvestment Facility.
Nature of Scheme: - Open Ended income fund
Performance of HDFC short term plan (G): Average (Ranking by CRISIL)
Dividend History of Past 3 Months:-
Dividend Reinvestment Option
Rupees Individuals
& HUF
For Others
Dec 26,2013 10.4253 0.0842 0.0807
Jan 27,2014 10.4068 0.0698 0.0669
Feb 25,2014 10.3633 0.0359 0.0344
Direct Plan
Dec 26,2013 10.4276 0.0860 0.0824
Jan 27,2014 10.4090 0.0715 0.0685
Feb 25,2014 10.3654 0.0376 0.0360

35
4. HDFC Multiple yield fund:-
positive returns over medium time frame with low risk of capital loss over
medium time frame.
Investment Options: Growth Plan, Dividend Plan. The Dividend Plan offers
Dividend Pay-out and Reinvestment Facility.
Nature of Scheme: - Open Ended income fund
Performance of HDFC Multiple yield fund (G):- Not Ranked by CRISIL
Dividend Option
Rupees Individuals
& HUF
For Others
Feb 17,2012 12.8281 0.7500 0.6428
Feb 14,2013 11.6548 0.7500 0.6428
Feb 13,2014 11.5427 0.7500 0.7183
Direct Plan
Feb 14,2013 11.6602 0.7500 0.6428
Feb 13,2014 11.5842 0.7500 0.7183
DEBT SCHEMES OF HDFC ASSET MANAGEMENT COMPANY
1. HDFC Income Fund:-
Investment Objective: - The primary objective of the Scheme is to optimize
returns while maintaining a balance of safety, yield and liquidity.
Nature of Scheme: - Open Ended Income Scheme
Performance of HDFC Income Fund (G):- Below Average (Ranking by
CRISIL)
2. HDFC High Interest Fund (HHIF): -
Investment Objective: - The investment objective of HDFC High Interest
Fund is to generate income by investing in a range of debt and money market
instruments of various maturity dates with a view to maximizing income while
maintaining the optimum balance of yield, safety and liquidity.
Nature of Scheme: - Open Ended Income Scheme

36
Inception Date: - April 28, 1997
Performance of HDFC High Interest Fund (HHIF) Dynamic Plan: - Average
(Ranking by CRISIL)
3. HDFC MF Monthly Income Plan - Short Term Plan:-
Investment Objective: - The primary objective of Scheme is to generate
regular returns through investment primarily in Debt and Money Market
Instruments. The secondary objective of the Scheme is to generate long-term
capital appreciation by investing a portion of the Scheme’s assets in equity
and equity related instruments. However, there can be No assurance that the
investment objective of the Scheme will be achieved.
Investment Options: Quarterly Dividend Option, Monthly Dividend Option,
and Growth Plan. The Dividend Plan offers Dividend Pay-out and
Reinvestment Facility
Nature of Scheme: - An open-ended income scheme. Monthly income is not
assured and is subject to availability of distributable surplus
Inception Date: - December 26, 2003
Performance of HDFC MF Monthly Income Plan - Short Term Plan (G):-
Below Average (Ranking by CRISIL)
4. HDFC MF Monthly Income Plan - Long Term Plan:-
Investment Objective: - The primary objective of Scheme is to generate
regular returns through investment primarily in Debt and Money Market
Instruments. The secondary objective of the Scheme is to generate long-term
capital appreciation by investing a portion of the Scheme’s assets in equity
and equity related instruments. However, there can be no assurance that the
investment objective of the Scheme will be achieved
Investment Options: Growth Plan, Quarterly Dividend Option, Monthly
Dividend Option. The Dividend Plan offers Dividend Pay-out and
Reinvestment Facility.
Nature of Scheme: - An open-ended income scheme. Monthly income is not
assured and is subject to availability of distributable surplus
Inception Date: - December 26, 2003
Performance of HDFC MF Monthly Income Plan - Long Term Plan (G):-
Below Average (Ranking by CRISIL)

37
5. HDFC Floating Rate Income Fund Long Term Plan:-
regular income through investment in a portfolio comprising substantially of
floating rate debt / money market instruments, fixed rate debt / money market
instruments swapped for floating rate returns, and fixed rate debt securities
and money market instruments.
Investment Options: Dividend Plan, Growth Plan. The Dividend Plan offers
Reinvestment Facility only
Nature of Scheme: - An open-ended income scheme.
Inception Date: - January 16, 2003
Performance of HDFC Floating Rate Income Fund Long Term Plan (G):-
Not Ranked by CRISIL(Ranking by CRISIL)

38
CASE STUDY
All of us want our kids to have a successful career and a joyful life but successful
career does not come with ease. We all know there is a huge competition and to
ensure successful career, we need to provide quality education to our children. While
we do our best to give our children the best food, clothing etc. then why not give
them the best education. After all education is the path to success which will make
the child financially independent.
Having similar thought in mind, one of our clients Mr. X &Mrs Y wanted to secure the
future of their child, by planning for his education and marriage.
Let's take up their case and see how proper planning can help one plan for their
child's education and marriage.
Personal Details
Name Age Income
Mr. X's
Salary
30
years
Rs 40,000 per
month
Mrs Y's
Salary
27
years
Rs 25,000 per
month
Daughter 3 years N.A.
Expenses
Rs 42,000 per
month
Surplus
Rs 23,000 per
month
Personal Details
Mr. X a 30 year old married individual and his wife whose age was 27 years had a 3
year old Daughter. Mr. X was earning Rs 40,000 per month while his wife was
earning Rs 25,000 per month, thus having a total family income of Rs 65,000 per
month. As their expenses were around Rs 42,000 per month, they could have a
surplus of around Rs 23,000 on a monthly basis.

39
He had the following assets as depicted in the table below.
Assets
Sr.No. Type of Assets Amount (Rs)
1 EPF (Self) 200,000
2 EPF (Spouse) 75,000
3 PPF (Self) 500,000
4 PPF (Spouse) 250,000
5
FD (Mature after 10
yrs.) 15,00,000
6 Physical Gold 8,00,000
7 Cash in Bank (Self) 1,20,000
8
Cash in Bank
(Spouse)
80,000
Total
35,25,000
Assets...
So, you can see that Mr. X & Mrs Y had total assets worth Rs 35 lakhs, of which
Fixed Deposit comprises of more than 40% of his total assets. They had small
amount of investment physical gold which was mostly in the form of gold ornaments
of Mrs Y. They also had their individual EPF, PPF and Cash in Bank accounts. The
Cash in Bank was mainly kept for contingency purpose.
However Mr. X & Mrs Y did not have any liabilities.
And here was Mr. X & Mrs Y's Financial Objectives!
They were very concerned about their Daughter's future. So they wanted to plan for
his graduation at the age of 18 years' worth Rs 9 lakhs, post-graduation at the age of
21 years' worth Rs 15 lakhs and marriage at the age of 22 years' worth Rs 12 lakhs.
(All costs are current values), they want their own car and flat in next 5 years on EMI
basis from bank.

40
Financial Goal
Current Cost
(Rs)
Time to Goal
(Years)
Future Cost
(Rs)
Required Per
Month
Investment (Rs)
Graduation 900,000 15 2483100 4970
Post-Graduation 1,500,000 18 5069850 6690
Marriage 1,200,000 22 5316480
4143
Car (72 months
@10.95%)
Flat(120 month @
10.25% )
500000
30,00,000
4727
15144
Total 35674
(Note: Inflation considered at 7% per annum and investment return considered at
12% per annum, Interest rate is according to SBI Loan Scheme)
Mr. X & Mrs Y needed to make a total investment of Rs 35674 per month to achieve
just these goals, while they had a surplus of Rs 23,000 per month. They wanted to
know how they can plan for their child's goals.
We recommended them the following:
1. Accommodation Goal: As they already pay rent of 12000 per month for
accommodation now they have to pay 15144 for EMI purpose so in near future
they own their flat.
2. Graduation Goal: Since Graduation is the highest priority goal, we advised
them to a start a SIP of Rs 4970 per month. SIP was advised across Equity,
Debt & Gold in the allocation of 80%, 10% and 10% respectively for 15 years
3. Post-Graduation Goal: Post-Graduation is the next priority goal, but the
amount required for this goal was very high. If they were to start a SIP of such a
high amount, they would have sacrificed on all other financial goals. So, we
advised them to start a SIP of Rs 4000 per month and increase it by 25% after
every 3 years. They could easily do so as their salaries would increase in future
and they can easily increase their investment amount for this goal as well. SIP
was advised across Equity, Debt & Gold in the allocation of 80%, 10% and 10%
respectively for 18 years.

41
4. Marriage Goal: Marriage was the least priority goal among these 3 goals and it
was difficult for them to start a SIP for this goal immediately. So we advised
them to start a SIP of Rs. 12000 per month after 7 years and increase it by 20%
after every 3 years. SIP was advised across Equity, Debt & Gold in the
allocation of 80%, 10% and 10% respectively for 15 years.
5. Other Financial Goals: After planning for the child goals, their total investment
is just Rs 12114 per month while they had surplus of Rs 23,000 per month. So
they can still invest Rs 10886 (Rs 23,000 - Rs 12114) for other financial goals
such as retirement, vacation or any other financial goal they might have.
We did not utilize any of their current assets as cash in bank was kept for
contingency purpose, physical gold was mostly gold ornaments and EPF & PPF
account can be dedicated to other financial goals such as retirement.
Even though Mr. X & Mrs.Y thought their surplus amount is insufficient to fund
for their child goals leaving aside all other goals, but proper planning helped
them not only to plan for their child goals but also plan for other financial goals.
Amount received as bonus at every year is utilized for other luxury need like this
year this amount is utilized in purchasing a car.
Loan amount is 1500000 as 1500000 down payments are done by FD
withdrawal.

42
CONCLUDING REMARKS
 Equity Instruments like shares form only a part of the securities held by
Mutual Funds. Mutual Funds also invest in debt securities, which are relatively
much safer.
 The biggest advantage of Mutual Funds is their ability to diversify the risk.
 Mutual Funds are there in India since 1964. Mutual Funds market is much
evolved in U.S.A and is there for last 60 years.
 Mutual Funds are the best solution for people who want to manage risk and
get good returns.
 The size of Mutual Funds market in India is Rs. 107728 crores and that in
U.S.A is many times higher.
 According to the SEBI - NCAER Survey of Indian Investors about 15 million or
8.7% of the households have invested in Mutual Funds and there are nearly
23 million unit holders in India.
 30% of investors fall in the income group of investors having monthly income
up to Rs. 10,000/-.
 In U.S.A there are more deposits in the Mutual Funds than in bank deposits.
 The truth is, as investors we should always pay attention to our Mutual Funds
and continue to monitor them.
The names of any market entities used in this Dissertation are for the purpose
of illustration only. No other Meaning should be construed in the choice of
illustrations. We do not recommend any market entity or any product.

43
BIBLIOGRAPHY
BOOKS:
FINANCIAL MARKETS AND SERVICES (GORDON NATARAJAN)
NISM WORKBOOK
WEBSITES:
www.google.co.in/
www.hdfcfund.com/
www.sebi.com/
www.nseindia.in/
www.moneycontrol.com/
NEWSPAPERS, MAGAZINES, JOURNALS:
ECONOMIC TIMES
BUSINESS LINE
BUSINESS TODAY
HDFC Asset Management Company’s Fact Sheet (February-2014).
___________________________________________________________________

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