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A

Project Study Report


ON
Detail Study of HDFC Mutual Fund
Submitted in partial fulfilfilment for the Award of degree of
Master of Business Administration



Submitted By:- Submitted To:
Amit Daa
MBA !ed year Asstt" Prof"
GOVERME! EG"EER"G CO##EGE $HA#A%AR

DEC#ARA!"O

# do $ereby dec%are t$at t$e project entit%ed &DE!A"# S!'D( OF HDFC) M'!'A#
F'D* submitted as a part of t$e re&uirement for t$e partia% fu%fi%%ment of Master of Business
Administration at 'O(T" )N''" *O++)'), -.A+A/AR is an oriina% piece of 0or1 done by
me under t$e uidance of
Mr .imans$u (yas
Mr D$eeraj
At .D2* Mutua% 2und ,3OTA $as not been submitted for a0ard of any deree e%se 0$ere in
part or fu%%"
CER!"F"CA!E OF !HE G'"DE

A+,nowledgement
# e4press my sincere t$an1s to my project uide, Mr- Himan.hu Vya. Desination/
Deptt" Finan+e/ for uidin me ri$t form t$e inception ti%% t$e successfu% comp%etion of
t$e project" # sincere%y ac1no0%ede $er for e4tendin t$eir 5a%uab%e uidance, support
for %iterature, critica% re5ie0s of project and t$e report and abo5e a%% t$e mora% support
$e $ad pro5ided to me 0it$ a%% staes of t$is project"
# 0ou%d a%so %i1e to t$an1 t$e supportin staff Finan+e 0 H-R- Deportment, for t$eir
$e%p and cooperation t$rou$out out project"
CHA1!ER
!O1"C
1AGE
O
2
"!ROD'C!"O
6" M7T7A+ 27ND S)T7P
!" NA(
8" S*OP)
9" B)N)2#TS O2 M7T7A+ 27ND
:" *AP#TA+ 'A#N
;" #N()STM)NT *R#T)R#A
3
4
O5$EC!"VE OF !HE S!'D(
23
6
A5O'! HDFC M'!'A# F'D
6" /.< .D2* M7T7A+ 27ND
!" SPONSORS
8" TR7ST))
9" AM* D#R)*TORS
:" A/ARDS
27
8
1ROD'C! 0SERV"CE
6" T<P)S O2 M7T7A+ 27ND
!" #N()STM)NT P+AN
8" PROD7*T O2 M7T7A+ 27ND
46
9
1AR! OF M( S'MMER !RA""G
8:
3
ME!HODO#OG( OF !HE S!'D(
6" R)S)AR*. M)T.ODO+O'<
!" .<POT.)S#S SO7R*)S O2 DATA *O++)*T#ON
8" O2 T.) ST7D<
9" DATA *O++)*T#ON = ANA+<S#S
9;
:
<'ES!"OARE 36
7
F"D"G/ RECOMMEDA!"O/
3:
COC#'S"O
=
5"5#"OGRA1H(
:4
CHA1!ER 2 > "!ROD'C!"O
6" M7T7A+ 27ND S)T7P
!" NA(
8" S*OP)
9" B)N)2#TS O2 M7T7A+ 27ND
:" *AP#TA+ 'A#N
;" #N()STM)NT *R#T)R#A
"!ROD'C!"O
T$e fi nancia% mar1et p%ays a cruci a% ro%e in t$e in t$e economic de5e% opment of a
country by faci%i tati n t$e a% %ocation of scarce resources" 2i nancia% mar1ets
essentia%% y in5o%5e t$e a%%ocation of resources" T$is can be t$ou$t of as t$e brai n
of t$e enti re economi c system, t$e %ocus of centra% decisi on-ma1in> if t$ey fai%, not
on% y 0i %% t$e sectors profit be %o0er t$an 0ou% d ot$er0ise $a5e been, but t$e
performance of t$e entire economic system may be impaired"
T$e effi ciency of fi nancia% mar1et $o0 e5er, depends on t$e e4istence of acti 5e and
efficient financia% intermediaries in t$e system" Deposit ta1i n institutiona% in5estor
is t$e important financia% intermediaries in5o% 5ed in t$e tas1 of a%%ocatin assets"
Structura% c$anes in t$e financia% mar1et $a5e induced a re5erse trend in financia%
intermediati on, i"e" fi nancia% disintermediati on, in 0$i c$ t$e centra% ro%e of ban1in
is bein ta1en o5er by in5estment insti tuti ons and institutiona% in5estors" T$e s$ift
from a credit-based system to a financia% $as ini ti ated t$e process of
di sintermediation, and capi ta% mar1et based factors %i 1e insurance, pension funds
and mutua% funds are increasin% y p% ayin t$e centra% ro%e"
T$e reforms $a5e successfu% % y di smant%ed t$e entry barri ers, 0i t$ t$e resu% t t$at
today t$ere are domestic and forein financia% institutions, %i 1e mutua% funds,
bro1i n fi rms and insurance companies, operatin in t$e #ndian mar1et" T$e
introduction of capi ta% ade&uacy norms, prudentia% reu%ation and 0or%d c%ass
reu%atory mec$anisms to protect t$e interest of in5estor, besides t$e strict
re&ui rement of di sc%osure, $a5e i 5en a boost to t$e confidence of domesti c and
forein in5estors" T$e #ndian economy $as s% o0% y interated i tse%f 0i t$ t$e %oba%
economy and financia% mar1et"
%hat i. a Mutual Fund?
Mutua% fund is a mec$anism for poo%in t$e resources by issuin units to t$e in5estors and
in5estin funds in securities in accordance 0it$ objecti5es as disc%osed in offer document"
#n5estments in securities are spread across a 0ide cross-section of industries and sectors and
t$us t$e ris1 is reduced" Di5ersification reduces t$e ris1 because a%% stoc1s may not mo5e in
t$e same direction in t$e same proportion at t$e same time" Mutua% fund issues units to t$e
in5estors in accordance 0it$ &uantum of money in5ested by t$em" #n5estors of mutua% funds
are 1no0n as unit $o%ders" T$e profits or %osses are s$ared by t$e in5estors in proportion to
t$eir in5estments" T$e mutua% funds norma%%y come out 0it$ a number of sc$emes 0it$
different in5estment objecti5es 0$ic$ are %aunc$ed from time to time"
A mutua% fund is re&uired to be reistered 0it$ Securities and )4c$ane Board of #ndia ?S)B#@
0$ic$ reu%ates securities mar1ets before it can co%%ect funds from t$e pub%ic"
2-2 ) How i. a mutual fund .et up?
A mutua% fund is set up in t$e form of a trust, 0$ic$ $as sponsor, trustees, asset Manaement
*ompany ?AM*@ and custodian" T$e trust is estab%is$ed by a sponsor or more t$an one
sponsor 0$o is %i1e promoter of a company" T$e trustees of t$e mutua% fund $o%d its property
for t$e benefit of t$e unit $o%ders" Asset Manaement *ompany ?AM*@ appro5ed by S)B#
manaes t$e funds by ma1in in5estments in 5arious types of securities"
*ustodian, 0$o is reistered 0it$ S)B#, $o%ds t$e securities of 5arious sc$emes of t$e fund in
its custody" T$e trustees are 5ested 0it$ t$e enera% po0er of superintendence and direction
o5er AM*" T$ey monitor t$e performance and comp%iance of S)B# Reu%ations by t$e mutua%
fund"
S)B# Reu%ations re&uire t$at at %east t0o t$irds of t$e directors of trustee company or board
of trustees must be independent i"e" t$ey s$ou%d not be associated 0it$ t$e sponsors" A%so,
:AB of t$e directors of AM* must be independent" A%% mutua% funds are re&uired to be
reistered 0it$ S)B# before t$ey %aunc$ any sc$eme" .o0e5er, 7nit Trust of #ndia ?7T#@ is not
reistered 0it$ S)B# ?as on -anuary 6:, !AA!@"
2-4 ) %hat i. et A..et Value @AVA of a .+heme?
T$e performance of a particu%ar sc$eme of a mutua% fund is denoted by Net Asset (a%ue
?NA(@"
Mutua% funds in5est t$e money co%%ected from t$e in5estors in securities mar1ets" #n simp%e
0ords, Net Asset (a%ue is t$e mar1et 5a%ue of t$e securities $e%d by t$e sc$eme" Since mar1et
5a%ue of securities c$anes e5ery day, NA( of a sc$eme a%so 5aries on day to day basis" T$e
NA( per unit is t$e mar1et 5a%ue of securities of a sc$eme di5ided by t$e tota% number of units
of t$e sc$eme on any particu%ar date" 2or e4amp%e, if t$e mar1et 5a%ue of securities of a mutua%
fund sc$eme is Rs !AA %a1$s and t$e mutua% fund $as issued 6A %a1$s units of Rs" 6A eac$ to
t$e in5estors, t$en t$e NA( per unit of t$e fund is Rs"!A" NA( is re&uired to be disc%osed by
t$e mutua% funds on a reu%ar basis - dai%y or 0ee1%y - dependin on t$e type of sc$eme"
2-6 ) S+ope for DeBelopment of Mutual Fund
A Mutua% 2und is t$e most suitab%e in5estment for t$e common man as it offers an opportunity
to in5est in a di5ersified, professiona%%y manaed bas1et of securities at a re%ati5e%y %o0 cost"
#ndia $as a bureonin popu%ation of midd%e c%ass no0 estimated around 8AA mi%%ion" A typica%
#ndian midd%e c%ass fami%y can $a5e %i&uid sa5ins ranin from Rs"! to Rs"6A +acs today"
#n5estments in Ban1s are %i&uid and safe, but 0it$ t$e fa%%in rate of interest offered by Ban1s
on Deposits, it is no %oner attracti5e" At best a part can be sa5ed in ban1 deposits, but 0$at is
t$e ot$er sources of in5estment for t$e common manC Mutua% 2und is t$e ready ans0er"
(ie0ed in t$is sense %oba%%y #ndia is one of t$e best mar1ets for Mutua% 2und Business, so
a%so for #nsurance business" T$is is t$e reason t$at forein companies compete 0it$ one
anot$er in settin up insurance and mutua% fund business units in #ndia" T$e s$eer manitude
of t$e popu%ation of educated 0$ite co%%ar emp%oyees pro5ides un%imited scope for
de5e%opment of Mutua% 2und Business in #ndia"
2-8- ) 5enefit. of Mutual Fund.

T$ere are numerous benefits of in5estin in mutua% funds and one of t$e 1ey reasons for its
p$enomena% success in t$e de5e%oped mar1ets %i1e 7S and 73 is t$e rane of benefits t$ey
offer, 0$ic$ are unmatc$ed by most ot$er in5estment a5enues" /e $a5e e4p%ained t$e 1ey
benefits in t$is section" T$e benefits $a5e been broad%y sp%it into uni5ersa% benefits, app%icab%e
to a%% sc$emes, and benefits app%icab%e specifica%%y to open-ended sc$emes"
2- 1rofe..ional Management
T$e in5estor a5ai%s of t$e ser5ices of e4perienced and s1i%%ed professiona%s 0$o are
bac1ed by a dedicated in5estment researc$ team 0$ic$ ana%yses t$e performance and
prospects of companies and se%ects suitab%e in5estments to ac$ie5e t$e objecti5es of t$e
sc$eme"

4- DiBer.ifi+ation
Mutua% 2unds in5est in a number of companies across a broad cross-section of industries
and sectors" T$is di5ersification reduces t$e ris1 because se%dom do a%% stoc1s dec%ine at
t$e same time and in t$e same proportion" <ou ac$ie5e t$is di5ersification t$rou$ a
Mutua% 2und 0it$ far %ess money t$an you can do on your o0n"
8"
ConBenientAdmini.tration
#n5estin n in a Mutua% 2und reduces paper0or1 and $e%ps you a5oid many prob%ems
suc$ as bad de%i5eries, de%ayed payments and unnecessary fo%%o0 up 0it$ bro1ers and
companies" Mutua% 2unds sa5e your time and ma1e in5estin easy and con5enient"
8- Return 1otential
O5er a medium to %on-term, Mutua% 2unds $a5e t$e potentia% to pro5ide a $i$er return
as t$ey in5est in a di5ersified bas1et of se%ected securities"
9- #ow Co.t.
Mutua% 2unds are a re%ati5e%y %ess e4pensi5e 0ay to in5est compared to direct%y in5estin
in t$e capita% mar1ets because t$e benefits of sca%e in bro1erae, custodia% and ot$er fees
trans%ate into %o0er costs for in5estors"
3- #iCuidity
#n open-ended sc$emes, you can et your money bac1 prompt%y at net asset 5a%ue
re%ated prices from t$e Mutua% 2und itse%f" /it$ c%ose-ended sc$emes, you can se%% your
units on a stoc1 e4c$ane at t$e pre5ai%in mar1et price or a5ai% of t$e faci%ity of direct
repurc$ase at NA( re%ated prices 0$ic$ some c%ose-ended and inter5a% sc$emes offer
you periodica%%y"
:- !ran.paren+y
<ou et reu%ar information on t$e 5a%ue of your in5estment in addition to disc%osure on
t$e specific in5estments made by your sc$eme, t$e proportion in5ested in eac$ c%ass of
assets and t$e fund manaerDs in5estment stratey and out%oo1"
7- FleDibility
T$rou$ features suc$ as reu%ar in5estment p%ans, reu%ar 0it$dra0a% p%ans and
di5idend rein5estment p%ans, you can systematica%%y in5est or 0it$dra0 funds accordin to
your needs and con5enience"
=- Choi+e of S+heme.
Mutua% 2unds offer a fami%y of sc$emes to suit your 5aryin needs o5er a %ifetime"
2;- %ell Regulated
A%% Mutua% 2unds are reistered 0it$ S)B# and t$ey function 0it$in t$e pro5isions of strict
reu%ations desined to protect t$e interests of in5estors" T$e operations of Mutua% 2unds
are reu%ar%y monitored by S)B#"
22- 'nder.tanding and Managing Ri.,
A%% in5estments 0$et$er in s$ares, debentures or deposits in5o%5e ris1: s$are 5a%ue may
o do0n dependin upon t$e performance of t$e company, t$e industry, state of capita%
mar1et and t$e economy> enera%%y, $o0e5er %oner t$e term, %esser t$e ris1> companies
may defau%t in payment of interestEprincipa% on t$eir depositsEbonds debentures> t$e rate
of interest on in5estment may fa%% s$ort of t$e rate of inf%ation reducin t$e purc$asin
po0er"
/$i%e ris1 cannot be e%iminated, s1i%%fu% manaement can minimiFe ris1" Mutua% fund $e%ps
to reduce ris1 t$rou$ di5ersification and professiona% manaement" T$e e4perience and
e4pertise of Mutua% 2und manaers in se%ectin fundamenta%%y sound securities and
timin t$eir purc$ases and sa%es $e%p t$em to bui%d a di5ersified portfo%io t$at minimiFe
ris1 and ma4imiFes returns"
6!" !aD 5enefit.
T$e incomes under Mutua% 2unds are muc$ more Ta4 efficient t$an any fi4ed income
security due to t$e fo%%o0in benefits:-
Section GA+ of t$e income Ta4 Act ,6H;6 enab%es ta4 free income up to rs 6:AAA
and di5idends from M2 s are e%iib%e for t$is benefit"
/$en you in5est for o5er a year, t$e ta4 payab%e on encas$ment is +on term
*apita%s ains ta4 at !AB" Once a%so et an inde4ation benefit 0$ic$ $as been
appro4imate%y GB per year" T$is reduces t$e ta4ab%e income and t$us decreases
t$e ta4 %iabi%ity"
T$ere is a%so an opportunity to set off capita% %osses aainst ains from income
sc$emes"
2u%% e4emption from capita% ains ta4 as it comes under Section :9)AE)B of t$e
income ta4 Act"
One $as to pay ta4 on%y 0$en $e encas$ units, but $a5e to pay ta4 on t$e interest
earned on ot$er debt instruments e5ery year on an accrua% basis, e5en t$ou$ $e
recei5es t$e interest %ater" T$is enerates $i$er post ta4 returns compared to
ot$er debt instruments"
Ta4 is just %i1e a monster t$at fri$tens a number of indi5idua%s t$rou$ out t$e
nation" T$ere are just to0 0ay to fi$t 0it$ t$is monater:
- *oncea%EDepress #ncome
- Ma1e ta4 efficient in5estments"
Per$aps t$e second option is far better t$an t$e first as it i5es t$e peace of mind
toet$er 0it$ a fee%in t$at one is a responsib%e citiFen of t$e nation" /it$ increasin
amount of a0areness t$at is ta1in birt$ in t$e minds of in5estors, mutua% fund $as
become cynosure of t$e eye of t$e se5era% in5estors"
T$e ta4es a5ai%ab%e are t0o 1inds:
- To t$e mutua% fund- as e4p%ained be%o0 in No 6
- To t$e #n5estor- as e4p%ained be%o0 in No !
2- Mutual Fund !aDation
- Mutua% fund is fu%%y e4empted from t$e ta4 under Section6A ?!8D@ of t$e #ncome Ta4
Act6H;6"
- #t recei5es a%% income 0it$out deduction at source"
- Mutua% funds do not $a5e to pay ta4 on tradin profit, s$ort term capita% ain,
di5idend income, under0ritin commission, p%acement fees, %on term capita% ains,
ot$er income, etc"
4- 5enefit. to the "nBe.tor.
T$ere are number of benefits t$at t$e in5estor of a mutua% fund a5ai%"
T$ese are discussed as fo%%o0s:
-Resident 7nit .o%ders- #n case of an indi5idua% or .indu 7ndi5ided 2ami%ies
?.72Is@, income by 0ay of di5idends, if any from unit of sc$emes of t$e fund
toet$er 0it$ ot$er income on specified in5estmentEdeposit are e4cept from ta4
0it$in t$e o5era%% %imit of Rs"6:AAAE- specified under SectionGA+ of t$e #"T" Act,6H;6"
Since di5idends from s$ares no %oner in5ite di5idend ta4 and $ence t$e 0$o%e %imit
is a5ai%ab%e for mutua% fund di5idends"
- Ta4 deduction at source- as per Section6H;A of t$e #ncome Ta4 Act, 6H;6, no
deduction of ta4 at source is made from any income payab%e to t$e unit $o%ders" T$is
imp%ies t$at t$ere is no ta4 deduction at source for redemption up to any %imit"
As per Section6H91 of t$e #"T"Act 6H;6, deduction of ta4 at source is not made if t$e
di5idend income from a mutua% fund does not e4ceed Rs6AAAA per annum"
2-9 ) "nBe.tment +riteria
#ower +o.t
#t is a %o0er cost of in5estment as compare to ot$er mode of in5estment option in t$e mar1et"
.ere t$e in5estor can in5est a minimum of Rs:AA in t$e sc$eme of )+SS ?)&uity +in1 Sa5in
Sc$eme@"
#e.. paper wor,
.ere %ess paper 0or1 is re&uire t$an ot$er" T$e in5estor i5e $is detai% information %i1e $isE$er
name,ae,address,p$one no", pan card no, nominee name and address?in case of minor@ and
t$ree fu%% sinature of t$e candided"
o +a.h !ran.a+tion.
#n5estor need not re&uire payin cas$, instead of cas$ in5estor $as to pay c$e&ue or demand
draft" /$ic$ $e%p to pre5ent misappropriation and a%so sa5e t$e ta4" .ere t$e in5estor just
0rites t$e product name of mutua% fund and sin on it" #t a%so sa5es t$e time"
o Age 5ar
T$ere is no ae bar of in5estor $ere any ae roup can in5est in mutua% fund" #n case of
minor?be%o0 6G year@ t$ere is a nominee, so a c$i%d can in5est t$rou$ $is uardian and a
person $a5in ae of JA a%so in5est in mutua% fund ,0$ic$ is not possib%e in ot$er in5estments"
SerBi+e or any ,ind of in+ome group
A ser5ice $o%der or any 1ind of income roup or a student or unemp%oyed peop%e can in5est in
mutua% fund but t$e person is a rationa% $uman bein $a5in sound 1no0%ede of in5estment
company"

*.APT)R !
O5$EC!"VE OF !HE S!'D(
O5$EC!"VE OF !HE S!'D(
#ndian financia% system $as been e4pirin t$e 5ast effect of %oba%iFation i"e" drastic
interest rate cut, po%itica% disturbances, security scam etc $a5e scattered t$e common
in5estorIs perception in se%ectin 5arious in5estment portfo%io" Most of t$e security $o%ders
$a5e %ost t$eir confidence in ne0%y come-up corporate sectors for in5estment" +oo1in to t$e
situation, it is &uite encourain to ana%yFe $o0 t$e .D2* Mutua% 2und ab%e to trap t$e
deposits by introducin 5arious sc$emes and $o0 it protects t$e interest of t$e in5estors"
T$e main study is based on t$e performance and ana%ysis of 5arious sc$emes 0it$
reference to .D2* Mutua% 2und t$at is a %eadin mutua% fund industry in #ndia"
T$e tota% performance ana%ysis of financia% instruments 0it$ reference to t$e .D2*
Mutua% 2und $as ot objecti5es" T$is are as fo%%o0s:-
To 1no0 t$e performance of t$e different sc$emes"
T$e comparati5e study of .D2* Mutua% 2und 0it$ ot$er mutua% funds"
To 1no0 t$e in5estment pattern of t$e in5estors in different sc$emes"
T$e benefits made from t$e in5estment on t$e different sc$emes"
To 1no0 t$e ran1in of t$e .D2* Mutua% 2und Sc$emes"
To 1no0 t$e di5ersify portfo%io of .D2* Mutua% 2und"
To 1no0 t$e ser5ice 0$ic$ .D2* Mutua% 2und is pro5idin to its in5estors
0it$ compare to ot$er mutua% funds"


*.APT)R 8
A5O'! HDFC EM'!'A# F'D
6" /.< .D2* M7T7A+ 27ND
!" SPONSORS
8" TR7ST))
9" A/ARDS
6-2 ) %hy HDFC Mutual Fund?
.D2* Mutua% 2und is one of t$e %arest mutua% funds and 0e%%-estab%is$ed fund $ouse in t$e
country 0it$ consistent and abo5e a5erae fund performance across cateories since its
incorporation on December 6A, 6HHH" /$i%e our past e4perience does ma1e us a 5eteran, but
0$en it comes to in5estments, 0e $a5e ne5er be%ie5ed t$at t$e e4perience is enou$"
Our "nBe.tment 1hilo.ophy
T$e sin%e most important factor t$at dri5es .D2* Mutua% 2und is its be%ief to i5e t$e in5estor
t$e c$ance to profitab%y in5est in t$e financia% mar1et, 0it$out constant%y 0orryin about t$e
mar1et s0ins" To rea%iFe t$is be%ief, .D2* Mutua% 2und $as set up t$e infrastructure re&uired
to conduct a%% t$e fundamenta% researc$ and bac1 it up 0it$ effecti5e ana%ysis" Our stron
emp$asis on manain and contro%%in portfo%io ris1 a5oids c$asin t$e %atest fadsK and
trends"
%e Offer
/e be%ie5e, t$at, by i5in t$e in5estor %on-term benefits, 0e $a5e to constant%y re5ie0 t$e
mar1ets for ne0 trends, to identify ne0 ro0t$ sectors and s$are t$is 1no0%ede 0it$ our
in5estors in t$e form of product offerins" /e $a5e come up 0it$ 5arious products across
asset and ris1 cateories to enab%e in5estors to in5est in %ine 0it$ t$eir in5estment objecti5es
and ris1 ta1in capacity" Besides, 0e a%so offer Portfo%io Manaement Ser5ices"
Our A+hieBement.
.D2* Asset Manaement *ompany ?AM*@ is t$e first AM* in #ndia to $a5e been assined
t$e L*R#S#+ 2und .ouse +e5e% M 6I ratin" T$is is its $i$est 2und 'o5ernance and Process
Nua%ity Ratin 0$ic$ ref%ects t$e $i$est o5ernance %e5e%s and fund manaement practices at
.D2* AM* #t is t$e on%y fund $ouse to $a5e been assined t$is ratin for t0o years in
succession" O5er t$e past, 0e $a5e 0on a number of a0ards and acco%ades for our
performance
6-4 ) S1OSORS
Hou.ing DeBelopment Finan+e Corporation #imited @HDFCA- .D2* 0as
incorporated in 6HJJ as t$e first specia%iFed Mortae *ompany in #ndia" .D2* pro5ides
financia% assistance to indi5idua%s, corporate and de5e%opers for t$e purc$ase or construction
of residentia% $ousin" #t a%so pro5ides property re%ated ser5ices ?e"" property identification,
sa%es ser5ices and 5a%uation@, trainin and consu%tancy" Of t$ese acti5ities, $ousin finance
remains t$e dominant acti5ity" .D2* $as a c%ient base of around 6! %ac borro0ers, around G
%ac depositors, o5er 6"AG %ac s$are$o%ders and :A,AAA deposit aents, as at Marc$ 86, !AAG"
.D2* $as raised funds from internationa% aencies suc$ as t$e /or%d Ban1, #2*
?/as$inton@, 7SA#D, D)', ADB and 3f/, internationa% syndicated %oans, domestic term
%oans from ban1s and insurance companies, bonds and deposits" .D2* $as recei5ed t$e
$i$est ratin for its bonds and deposits proram for t$e t$irteent$ year in succession" .D2*
Standard +ife #nsurance *ompany +imited, promoted by .D2* 0as t$e first %ife insurance
company in t$e pri5ate sector to be ranted a *ertificate of Reistration ?on October !8, !AAA@
by t$e #nsurance Reu%atory and De5e%opment Aut$ority to transact %ife insurance business in
#ndia"
Standard #ife "nBe.tment. #imited- T$e Standard +ife Assurance *ompany 0as
estab%is$ed in 6G!: and $as considerab%e e4perience in %oba% financia% mar1ets" T$e company
0as present in t$e #ndian %ife insurance mar1et from 6G9J to 6H8G 0$en aencies 0ere set up
in 3o%1ata and Mumbai" T$e company re-entered t$e #ndian mar1et in 6HH:, 0$en an
areement 0as sined 0it$ .D2* to %aunc$ an insurance joint 5enture" On Apri% !AA;, t$e
Board of T$e Standard +ife Assurance *ompany recommended t$at it s$ou%d demutua%ise and
Standard +ife p%c f%oat on t$e +ondon Stoc1 )4c$ane" At a Specia% 'enera% Meetin $e%d in
May 5otin members o5er0$e%min%y 5oted in fa5our of t$is" T$e *ourt of Session in Scot%and
appro5ed t$is in -une and Standard +ife p%c f%oated on t$e +ondon Stoc1 )4c$ane on 6At$
-u%y !AA;" Standard +ife #n5estments is a %eadin asset manaement company, 0it$
appro4imate%y 7SO !;J bi%%ion as at Marc$ 86, !AAG, of assets under manaement" T$e
company operates in t$e 73, *anada, .on 3on, *$ina, 3orea, #re%and, Paris, Sydney and
t$e 7SA to ensure it is ab%e to form a tru%y %oba% in5estment 5ie0" #n order to meet t$e
different needs and ris1 profi%es of its c%ients, Standard +ife #n5estments +imited manaes a
di5erse portfo%io co5erin a%% of t$e major mar1ets 0or%d-0ide, 0$ic$ inc%udes a rane of pri5ate
and pub%ic e&uities, o5ernment and company bonds, property in5estments and 5arious
deri5ati5e instruments
6-6 ) !R'S!EE
.D2* Trustee *ompany +imited, a company incorporated under t$e *ompanies Act, 6H:; is
t$e Trustee to .D2* Mutua% 2und 5ide t$e Trust deed dated -une G, !AAA, as amended from
time to time" .D2* Trustee *ompany +td is 0$o%%y o0ned subsidiary of .D2*
!he 5oard of Dire+tor. of HDFC !ru.tee +ompany #imited +on.i.t. of the
following eminent per.on."
Mr" Ani% 3umar .irjee
Mr" -ames Aird
Mr" S$is$ir 3" Di0anji
Mr" Ranjan San$i
Mr" (" Srini5asa Ranan
6-8 ) Award. 0 A++olade.
C5C ) !V 27 ) CR"S"# Mutual Fund of the (ear Award. 4;;7> @6 award.A
2- HDFC 1ruden+e Fund 0as t$e on%y sc$eme t$at 0on t$e *NB* - T( 6G - *R#S#+ Mutua%
2und of t$e <ear A0ard !AAG in t$e Mo.t Con.i.tent 5alan+ed Fund under CR"S"# F
C1R for t$e ca%endar year !AAJ ?from amonst 8 sc$emes@"
4- HDFC Ca.h Management Fund ) SaBing. 1lan 0as t$e on%y sc$eme t$at 0on t$e
*NB* - T( 6G - *R#S#+ Mutua% 2und of t$e <ear A0ard !AAG in t$e Mo.t Con.i.tent
#iCuid Fund under CR"S"# F C1R for t$e ca%endar year !AAJ ?from amonst :
sc$emes@"
6- HDFC Ca.h Management Fund ) SaBing. 1lan 0as t$e on%y sc$eme t$at 0on t$e
*NB* - T( 6G - *R#S#+ Mutua% 2und of t$e <ear A0ard !AAG in t$e #iCuid S+heme E
Retail Category for t$e ca%endar year !AAJ ?from amonst 6H sc$emes@"
"CRA Mutual Fund Award. 4;;7> @6 award.A
2- HDFC MF Monthly "n+ome 1lan-#ong !erm 1lan- Ran1ed a SeBen Star Fund and
$as been a0arded t$e Gold Award for G5e.t 1erforman+eG in t$e cateory of GOpen
Ended Marginal ECuityG for t$e t$ree year period endin December 86, !AAJ ?from
amonst !J sc$emes@

4- HDFC High "ntere.t Fund ) Short !erm 1lan - Ran1ed a FiBe Star Fund indicatin
performance amon t$e top 6AB in t$e cateory of GOpen Ended Debt ) Short !ermG
for one year period endin December 86, !AAJ ?from amonst !A sc$emes@"
6- HDFC 1ruden+e Fund - Ran1ed a FiBe Star Fund indicatin performance amon t$e
top 6AB in t$e cateory of GOpen Ended 5alan+edG for t$e t$ree year period endin
December 86, !AAJ ?from amonst 6; sc$emes@"
#ipper Fund Award. 4;;7>
2- HDFC ECuity Fund ) Growth $as been a0arded t$e DBest Fund oBer !en (ear.H in
t$e HECuity "ndia CategoryH at t$e #ipper Fund Award. 4;;7 ?form amonst !8
sc$emes@" #t 0as a0arded t$e Best 2und o5er ten years in !AA; and !AAJ as 0e%%" !AAG
ma1es it t$ree in a ro0
CHA1!ER 8
1ROD'C! 0 SERV"CE OF HDFC M'!'A# F'D
6" T<P)S O2 M7T7A+ 27ND
!" #N()STM)NT P+AN
8" PROD7*T O2 M7T7A+ 27ND
8-2 ) !(1ES OF M'!'A# F'D SCHEME
@aA Open)ended FundI S+heme
An open-ended fund or sc$eme is one t$at is a5ai%ab%e for subscription and repurc$ase on a
continuous basis" T$ese sc$emes do not $a5e a fi4ed maturity period" #n5estors can
con5enient%y buy and se%% units at Net Asset (a%ue ?NA(@ re%ated prices 0$ic$ are dec%ared on
a dai%y basis" T$e 1ey feature of open-end sc$emes is %i&uidity"
@bAClo.e)ended FundI S+heme
A c%ose-ended fund or sc$eme $as a stipu%ated maturity period e"" :-J years" T$e fund is
open for subscription on%y durin a specified period at t$e time of %aunc$ of t$e sc$eme"
#n5estors can in5est in t$e sc$eme at t$e time of t$e initia% pub%ic issue and t$ereafter t$ey can
buy or se%% t$e units of t$e sc$eme on t$e stoc1 e4c$anes 0$ere t$e units are %isted" #n order
to pro5ide an e4it route to t$e in5estors, some c%ose-ended funds i5e an option of se%%in bac1
t$e units to t$e mutua% fund t$rou$ periodic repurc$ase at NA( re%ated prices" S)B#
Reu%ations stipu%ate t$at at %east one of t$e t0o e4it routes is pro5ided to t$e in5estor i"e"
eit$er repurc$ase faci%ity or t$rou$ %istin on stoc1 e4c$anes" T$ese mutua% funds sc$emes
disc%ose NA( enera%%y on 0ee1%y basis"
@+ASe+tor .pe+ifi+ fund.I.+heme.
T$ese are t$e fundsEsc$emes 0$ic$ in5est in t$e securities of on%y t$ose sectors or industries
as specified in t$e offer documents" e"" P$armaceutica%s, Soft0are, 2ast Mo5in *onsumer
'oods ?2M*'@, Petro%eum stoc1s, etc" T$e returns in t$ese funds are dependent on t$e
performance of t$e respecti5e sectorsEindustries" /$i%e t$ese funds may i5e $i$er returns,
t$ey are more ris1y compared to di5ersified funds" #n5estors need to 1eep a 0atc$ on t$e
performance of t$ose sectorsEindustries and must e4it at an appropriate time" T$ey may a%so
see1 ad5ice of an e4pert"

@dA!aD SaBing S+heme.
T$ese sc$emes offer ta4 rebates to t$e in5estors under specific pro5isions of t$e #ncome Ta4
Act, 6H;6 as t$e 'o5ernment offers ta4 incenti5es for in5estment in specified a5enues" e""
)&uity +in1ed Sa5ins Sc$emes ?)+SS@" Pension sc$emes %aunc$ed by t$e mutua% funds a%so
offer ta4 benefits" T$ese sc$emes are ro0t$ oriented and in5est pre-dominant%y in e&uities"
T$eir ro0t$ opportunities and ris1s associated are %i1e any e&uity-oriented sc$eme"
8-4 ) "VES!ME! 1#A
8-4-2 ) S(S!EMA!"C "VES!ME! 1#A @S"1A
.D2* M2 S#P is simi%ar to a Recurrin Deposit" )5ery mont$ on a specified date an amount
you c$oose is in5ested in a mutua% fund sc$eme of your c$oice" T$e dates current%y a5ai%ab%e
for S#Ps are t$e 2.t/ 9th/ 2;th/ 29th/ 4;th and the 49th of a mont$" <ouI%% be amaFed to %earn
about t$e many benefits of in5estin t$rou$ .D2* M2 S#P"
5enefit 2 > 5e+ome A Di.+iplined "nBe.ter
Bein discip%ined - #tIs t$e 1ey to in5estin success" /it$ t$e .D2* M2 Systematic #n5estment
P%an you commit an amount of your c$oice ?minimum of Rs" 6AAA and in mu%tip%es of Rs" 6AA
t$ereofP@ to be in5ested e5ery mont$ in one of our sc$emes"
T$in1 of eac$ S#P payment as %ayin a bric1" One by one, youI%% see t$em transform into a
bui%din" <ouI%% see your in5estments accrue mont$ after mont$" #tIs as simp%e as i5in at %east
; postdated mont$%y c$e&ues to us for a fi4ed amount in a sc$eme of your c$oice" #tIs t$e
perfect so%ution for irreu%ar in5estors"
PMinimum amounts may differ for eac$ Sc$eme" P%ease refer to S#P )nro%ment 2orm for
detai%s"
5enefit 4 > Rea+h (our Finan+ial Goal
#maine you 0ant to buy a car a year from no0, but you donIt 1no0 0$ere t$e do0n-payment
0i%% come from" .D2* M2 S#P is a perfect too% for peop%e 0$o $a5e a specific, future financia%
re&uirement" By in5estin an amount of your c$oice e5ery mont$, you can p%an for and meet
financia% oa%s, %i1e funds for a c$i%dIs education, a marriae in t$e fami%y or a comfortab%e
postretirement %ife" T$e tab%e be%o0 i%%ustrates $o0 a %itt%e e5ery mont$ can o a %on 0ay"
Monthly SaBing. ) %hat your .aBing. may generate
SaBing. per month
@for 29 year.A
Tota% amount in5ested
?Rs" in +acs@
Rate of return
;"AB G"AB 6A"AB
?rupees in %acs, 6: years %ater@P
9;;; H"A 69"; 6J"9 !A"H
8;;; J"! 66"J 68"H 6;"J
6;;; :"9 G"G 6A"9 6!":
4;;; 8"; :"G J"A G"8
2;;; 6"G !"H 8": 9"!
PMont$%y insta%ments, compounded mont$%y, for a 6:-year period"
Di.+laimer> T$e i%%ustration abo5e is mere%y indicati5e in nature and s$ou%d not be construed
as in5estment ad5ice" #t does not in any manner imp%y or suest performance of any .D2*
Mutua% 2und Sc$eme?s@" P%ease read Ris1 2actors"
5enefit 6 > !a,e AdBantage of Rupee Co.t ABeraging
Most in5estors 0ant to buy stoc1s 0$en t$e prices are %o0 and se%% t$em 0$en prices are $i$"
But timin t$e mar1et is timeconsumin and ris1y" A more successfu% in5estment stratey is to
adopt t$e met$od ca%%ed Rupee *ost A5erain" To i%%ustrate t$is 0eI%% compare in5estin t$e
identica% amounts t$rou$ a S#P and in one %ump sum"
#maine Sures$ in5ests Rs" 6AAA e5ery mont$ in an e&uity mutua% fund sc$eme startin in
-anuary" .is friend, Rajes$, in5ests Rs" 6!AAA in one %ump sum in t$e same sc$eme" T$e
fo%%o0in tab%e i%%ustrate $o0 t$eir respecti5e in5estments 0ou%d $a5e performed from -an to
Dec:
Sure.hJ. "nBe.tment RaKe.hJ. "nBe.tment
Month NA( Amount 7nits Amount 7nits
$an);8 H"89: 6AAA 6AJ"AAH6 6!AAA 6!G9"6AH6
Feb);8 H"8HH 6AAA 6A;"8H98
Mar);8 G"6!8 6AAA 6!8"6AJ!
Apr);8 G"J:A 6AAA 669"!G:J
May);8 G"A6! 6AAA 6!9"G6!G
$un);8 G"H!: 6AAA 66!"A99G
$ul);8 H"6A! 6AAA 6AH"G;;A
Aug);8 G"86A 6AAA 6!A"88;H
Sep);8 J":;G 6AAA 68!"68:8
O+t);8 ;"9;! 6AAA 6:9"J:AH
oB);8 ;"H86 6AAA 699"!JH8
De+);8 J";AA 6AAA 686":JGH
PNA( as on t$e 6At$ e5ery mont$" T$ese are assumed NA(s in a 5o%ati%e mar1et
Di.+laimer> T$e i%%ustration abo5e is mere%y indicati5e in nature and s$ou%d not be construed
as in5estment ad5ice" #t does not in any manner imp%y or suest performance of any .D2*
Mutua% 2und Sc$eme?s@" Rupee *ost A5erain neit$er ensures you profits nor protects you
from ma1in a %oss in dec%inin mar1ets" P%ease read Ris1 2actors"
As seen in t$e tab%e, by in5estin t$rou$ S#P, you end up buyin more units 0$en t$e price is
%o0 and fe0er units 0$en t$e price is $i$" .o0e5er, o5er a period of time t$ese mar1et
f%uctuations are enera%%y a5eraed" And t$e a5erae cost of your in5estment is often reduced"
At t$e end of t$e 6! mont$s, Sures$ $as more units t$an Rajes$, e5en t$ou$ t$ey in5ested
t$e same amount" T$atIs because t$e a5erae cost of Sures$Is units is muc$ %o0er t$an t$at
of Rajes$" Rajes$ made on%y one in5estment and t$at too 0$en t$e per-unit price 0as $i$"
Sures$Is a5erae unit price Q 6!AAAE69GA";A6! Q Rs" G"6A:
Rajes$Is a5erae unit price Q Rs" H"89:
5eneft 8 > Grow (our "nBe.tment %ith Compounded 5enefit.
#t is far better to in5est a sma%% amount of money reu%ar%y, rat$er t$an sa5e up to ma1e one
%are in5estment" T$is is because 0$i%e you are sa5in t$e %ump sum, your sa5ins may not
earn muc$ interest"
/it$ .D2* M2 S#P, eac$ amount you in5est ro0s t$rou$ compoundin benefits as 0e%%"
T$at is, t$e interest earned on your in5estment a%so earns interest" T$e fo%%o0in e4amp%e
i%%ustrates t$is"
#maine Ne$a is !A years o%d 0$en s$e starts 0or1in" )5ery mont$ s$e sa5es and in5ests Rs"
:,AAA ti%% s$e is !: years o%d" T$e tota% in5estment made by $er o5er : years is Rs" 8
%a1$s"Arjun a%so starts 0or1in 0$en $e is !A years o%d" But $e doesnIt in5est mont$%y" .e ets
a %are bonus of Rs" 8 %a1$s at !: and decides to in5est t$e entire amount"
Bot$ of t$em decide not to 0it$dra0 t$ese in5estments ti%% t$ey turn :A" At :A, Ne$aIs
#n5estments $a5e ro0n to Rs" 9;,;G,!J8P 0$ereas ArjunIs in5estments $a5e ro0n to Rs"
8;,6J,AG9P" Ne$aIs sma%% contributions to a S#P and $er decision to start in5estin ear%ier t$an
Arjun $a5e made $er 0ea%t$ier by o5er Rs" 6A %a1$s"
P2iures based on 6AB p"a" interest compounded mont$%y"
Di.+laimer> T$eT$e i%%ustration abo5e is mere%y indicati5e in nature and s$ou%d not be
construed as in5estment ad5ice" #t does not in any manner imp%y or suest performance of
any .D2* Mutua% 2und Sc$eme?s@" P%ease read Ris1 2actors"
5enefit 9 > Do All !hi. Effortle..ly
#n5estin 0it$ .D2* M2 S#P is easy" Simp%y i5e us post-dated c$e&ues or opt for an
Auto Debit from you ban1 account for an amount of your c$oice ?minimum of Rs" 6AAA and in
mu%tip%es of Rs" 6AA t$ereofP@ and 0eI%% in5est t$e money e5ery mont$ in a fund of your c$oice"
T$e p%ans are comp%ete%y f%e4ib%e" <ou can in5est for a minimum of si4 mont$s, or for as %on
as you 0ant" <ou can a%so decide to in5est &uarter%y and 0i%% need to in5est for a minimum of
t0o &uarters"
8-4-4 ) S(S!EMA!"C !RASFER 1#A @S!1A
STP refers to Systematic Transfer P%an 0$ere in an in5estor in5ests a %ump sum amount in
one sc$eme and reu%ar%y transfers ?i"e" s0itc$es@ a pre-defined amount into anot$er sc$eme"
)5ery mont$ on a specified date an amount you c$oose is transfered from one mutua% fund
sc$eme to anot$er of your c$oice"
*urrent%y, 2i4ed Systematic Transfer P%an ?2STP@ - Mont$%y #nter5a% and *apita% Appreciation
Systematic Transfer P%an ?*ASTP@ - Mont$%y #nter5a% faci%ity is a5ai%ab%e to t$e 7nit $o%ders on
2.t/ 9th/ 2;th/ 29th/ 4;th and 49th of a month and 2STP - Nuarter%y #nter5a% and *ASTP -
Nuarter%y #nter5a% faci%ity is a5ai%ab%e to t$e 7nit $o%ders on 2.t/ 9th/ 2;th/ 29th/ 4;th and 49th
of the fir.t month of eac$ &uarter"
T$e Entry #oad Stru+ture for t$e transferee sc$emes - .D2* 'ro0t$ 2und, .D2* )&uity
2und, .D2* Top !AA 2und, .D2* *apita% Bui%der 2und, .D2* *ore = Sate%%ite 2und, .D2*
Premier Mu%ti-*ap 2und, .D2* Ba%anced 2und, .D2* Prudence 2und, .D2* +on Term
Ad5antae 2und and .D2* Ta4Sa5er 0i%% be as fo%%o0s:
T$e EDit #oad Stru+ture is as fo%%o0s:
2or Transferee Sc$emes : .D2* +on Term Ad5antae 2und and .D2* Ta4Sa5er M Ni% 2or
Transferee Sc$emes : .D2* 'ro0t$ 2und, .D2* )&uity 2und, .D2* Top !AA 2und, .D2*
*apita% Bui%der 2und, .D2* *ore = Sate%%ite 2und, .D2* Premier Mu%ti-*ap 2und, .D2*
Ba%anced 2und and .D2* Prudence 2und"
#n respect of eac$ in5estment t$rou$ STP %ess t$an Rs" : crore in 5a%ue, an )4it +oad of
6"!:B is payab%e if units are redeemed E s0itc$ed-out on or before ! years from t$e date of
a%%otment" #n respect of eac$ in5estment t$rou$ STP e&ua% to or reater t$an Rs" : crore in
5a%ue, no )4it +oad is payab%e"
T$us, t$is faci%ity offers t$e benefits simi%ar to t$ose of an S#P and is suitab%e for in5estors 0$o
intend to in5est systematica%%y and current%y $a5e funds for in5estments"
8-6 ) 1ROD'C!S OF M'!'A# F'D
E<'"!(I GRO%!H F'D
CH"#DREJS G"F! F'D
#"<'"D F'D
DE5!I "COME F'D
E<'"!(I GRO%!H F'D DE5!I"COME F'D
HDFC Growth Fund
HDFC !op 4;; Fund
HDFC Core and Satellite Fund
HDFC "ndeD Fund ) Sen.eD 1lan
HDFC "ndeD Fund ) Sen.eD 1lu. 1lan
HDFC 5alan+ed Fund
HDFC #ong !erm AdBantage Fund @E#SSA
HDFC #ong !erm ECuity Fund
HDFC "nfra.tru+ture Fund
HDFC Capital 5uilder Fund
HDFC 1remier Multi)Cap
HDFC "ndeD Fund ) ifty 1lan
HDFC Arbitrage Fund
HDFC ECuity Fund
HDFC 1ruden+e Fund
HDFC !aDSaBer @E#SSA
HDFC Mid)Cap Opportunitie. Fund
HDFC MF Monthly "n+ome 1lan ) Short
!erm 1lan
HDFC Multiple (ield Fund
HDFC "n+ome Fund
HDFC Short !erm 1lan
HDFC Gilt Fund ) Short !erm 1lan
HDFC Floating Rate "n+ome Fund )Short
!erm 1lan
HDFC Ca.h Management Fund ) SaBing.
1lu. 1lan
HDFC MF Monthly "n+ome 1lan ) #ong
!erm 1lan
HDFC Multiple (ield Fund ) 1lan 4;;9
HDFC High "ntere.t Fund
HDFC High "ntere.t Fund ) Short term
1lan
HDFC Gilt Fund ) #ong !erm 1lan
HDFC Floating Rate "n+ome Fund ) #ong
!erm 1lan
CH"#DREJS G"F! F'D #"<'"D F'D
HDFC ChildrenH. Gift Fund ) "nBe.tment
1lan
HDFC ChildrenH. Gift Fund ) SaBing. 1lan
HDFC #iCuid Fund
HDFC #iCuid Fund 1remium 1lan
HDFC #iCuid Fund 1remium 1lu. 1lan
HDFC Ca.h Management Fund E Call
HDFC Ca.h Management Fund ) SaBing.
1lan
SOME 1O1'#AR F'DS ARE EL1#A" HERE
HDFC Growth Fund
.D2* 'ro0t$ fund, an open-ended ro0t$ sc$eme, app%ies an in5estment approac$
based on a set of 0e%% estab%is$ed but f%e4ib%e princip%es t$at emp$asiFe t$e concept of
sustainab%e economic earnins cas$ return on in5estment" T$e objecti5e is to identify
business 0it$ superior ro0t$ prospects nd ood manaement at a reasonab%e priceK"
T$e fi5e basic princip%es t$at ser5e t$e foundation for t$is approac$ are as fo%%o0s:
R 2ocus on t$e %on term
R #n5estment confers proportionate o0ners$ip of t$e business
R Maintain a marin safety
R Maintain a ba%anced out%oo1 on t$e mar1et
R Discip%ine approac$ to se%%in"
T$e in5estment p$i%osop$y rests on a t0o-proned approac$" ;A-GAB of t$e portfo%io
0i%% aim to stay in5ested for most of t$e time in %are cap stoc1s t$at satisfy t$e abo5e
in5estment criteria" T$is a%%ocation to %are cap stoc1s a%so ensures reater %i&uidity in
t$e portfo%io" !A-9AB of t$e portfo%io 0i%% be in5ested in companies of sca%e t$at are
eit$er %are mar1et s$are $o%der
5a.i+ S+heme "nformation/
!he a..et allo+ation under the S+heme will be a. follow. :
Return.
HDFC Growth
Fund
@AV a. at eBaluation date/ R.- 1er
unitA
96-8:4
Date 1eriod AV Return.@MA NN
O
5en+hmar,
Return.@MAP
Mar+h 6;/ 4;;: +ast 9:G days 9:"9;6 68"G6PP !"8JPP
Nature of Sc$eme Open )nded 'ro0t$ Sc$eme
#nception Date September 66, !AAA
OptionEP%an Di5idend P%an, 'ro0t$ P%an" T$e Di5idend P%an
offers Di5idend Payout and Rein5estment 2aci%ity"
1lan name AV Date AV Balue
DiBidentd plan 6G Au !AAG !H"A!JA
Growth plan 6G Au !AAG :G"H8JA
Sr-no !ype of "n.trument. ormal
Allo+ation
@M of et A..etA
ormal
Allo+ation
@M of et A..etA
Ri., 1rofile
2 )&uity = )&uity re%ated
instruments
GA-6AA AA Medium to $i$
4
Debt Securities, Money
Mar1et instruments =
*as$
?inc%udin money at ca%%@
AA-!A
AA +o0 to medium
De+ember 47/
4;;:
+ast Si4 mont$s ?6G:
days@
JH";;JA -8!"GGP -88"8GP
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ :9";H: -!"!!PP -G"AJPP
$une 6;/ 4;;9 +ast 8 <ears ?6AH; days@ !:"9HH !J"HJPP !8"!6PP
$une 6;/ 4;;6 +ast : <ears ?6G!J days@ 6A"G!H 8J":GPP 8A"6PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8 days@ N"A N"A" 6:"!:PP
September 22/
4;;;
Since #nception ?!G9H
days@
6A"AAA !8"H;PP 69"99PP
P Abso%ute Returns PP *ompounded Annua%ised Returns S S)NS)T
U Due to an o5er a%% s$arp rise in t$e stoc1 prices
V Past performance may or may not be sustained in t$e future
S"1 Return.
S"1 "nBe.tment. Sin+e "n+eption 9 (ear 6 (ear 2 (ear
!otal Amount "nBe.ted @R.-A H9,AAA"AA ;A,AAA"AA 8;,AAA"AA 6!,AAA"AA
Mar,et Value a. on $une 6;/ 4;;7 88G,;GA";9 66:,J::"8H 98,J9G":G H,G:J"8;
Return. @Annuali.edAQM 86"G9B !;";9B 68"6AB -86"99B
5en+hmar, Return. !!"JJB !A";9B ;"JJB -8;"6:B
S S)NS)T
Benc$mar1 BS) Sense4 Disc%aimer:
T$e abo5e in5estment simu%ation is for i%%ustrati5e purposes on%y and s$ou%d not be construed
as a promise on minimum returns and safeuard of capita%" T$e AM* E Mutua% 2und is not
uaranteein or promisin or forecastin any returns" S#P does not assure a profit or
uarantee protection aainst a %oss in a dec%inin mar1et" P%ease refer S#P )nro%ment 2orm or
contact nearest #S* for S#P +oad Structure
HDFC !O1)4;; F'D
"nBe.tment ObKe+tiBe
T$e in5estment objecti5e is to enerate %on term capita% appreciation from a portfo%io of e&uity
and e&uity %in1ed instruments" T$e in5estment portfo%io for e&uity and e&uity %in1ed instruments
0i%% be primari%y dra0n from t$e companies in t$e BS) !AA #nde4" 2urt$er, t$e Sc$eme may
a%so in5est in %isted companies t$at 0ou%d &ua%ify to be in t$e top !AA by mar1et capita%iFation
on t$e BS) e5en t$ou$ t$ey may not be %isted on t$e BS) T$is inc%udes participation in %are
#POs 0$ere in t$e mar1et capita%iFation of t$e company based on issue price 0ou%d ma1e t$e
company a part of t$e top !AA companies %isted on t$e BS) based on mar1et capita%iFation
5a.i+ S+heme "nformation
ature of S+heme Open Ended Growth S+heme
"n+eption Date October 66, 6HH;
OptionI1lan Di5idend P%an,'ro0t$ P%an" T$e Di5idend P%an offers Di5idend
Payout and Rein5estment 2aci%ity"
1lan ame AV Date AV Amount
DiBidend 1lan 6G Au !AAG 8G"!H
Growth 1lan 6G Au !AAG 6!H":;
"nBe.tment 1attern
T$e Sc$eme may a%so in5est upto !:B of net assets of t$e Sc$eme in deri5ati5es suc$ as
2utures = Options and suc$ ot$er deri5ati5e instruments as may be introduced from time to
time for t$e purpose of $edin and portfo%io ba%ancin and and ot$er uses as may be
permitted under t$e reu%ations and uide%ines"
T$e Sc$eme may a%so in5est a part of its corpus, not e4ceedin 9AB of its net assets, in
o5erseas mar1ets in '%oba% Depository Receipts ?'DRs@, ADRs, o5erseas e&uity, bonds and
mutua% funds and suc$ ot$er instruments as may be a%%o0ed under t$e Reu%ations from time
to time"
Return.
HDFC !op 4;;
Fund
@AV a. at eBaluation date/ R.- 1er
unitA
229-848
Date Period NA( Returns?B@ OO
V
Benc$mar1
Returns?B@S
Mar+h 6;/ 4;;: +ast 9:G days 6A9":A9 G"!9PP 9"9:PP
De+ember 47/
4;;:
+ast Si4 mont$s ?6G:
days@
6;J"GGGA -86"!:P -8J":8P
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ 6!A"89 -9"A;PP -G"G:PP
$une 6;/ 4;;9 +ast 8 <ears ?6AH; days@ :J"898 !;"!8PP !6"!PP
$une 6;/ 4;;6 +ast : <ears ?6G!J days@ !8"8:G 8J";PP !H"98PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8 days@ 6!"J9H !J"6!PP 6J"::PP
O+tober 22/ 2==3 Since #nception ?9!GA
days@
6A"AAA !:"8PP 6:"6GPP
S"1 Return.
S"1 "nBe.tment. Sin+e
"n+eption
2; (ear 9 (ear 6 (ear 2 (ear
!otal Amount "nBe.ted @R.-A 696,AAA"AA 6!A,AAA"AA ;A,AAA"AA 8;,AAA"AA 6!,AAA"AA
Mar,et Value a. on $une 6;/ G8:,:8:"9: :GA,6!H"A9 668,8J:"A! 96,;;6"!H H,G98"A6
4;;7
Return. @Annuali.edAQM !J"G:B !H";:B !:"JJB H"J8B -86";9B
5en+hmar, Return. 6G"8!B !A"!:B 6G"HAB :"G!B -8G"9AB
5en+hmar, ) 5SE 4;;
Disc%aimer: T$e abo5e in5estment simu%ation is for i%%ustrati5e purposes on%y and s$ou%d not be
construed as a promise on minimum returns and safeuard of capita%" T$e AM* E Mutua% 2und
is not uaranteein or promisin or forecastin any returns" S#P does not assure a profit or
uarantee protection aainst a %oss in a dec%inin mar1et" P%ease refer S#P )nro%ment 2orm or
contact nearest #S* for S#P +oad Structure
HDFC E E<'"!( F'D
.D2* )&uity 2und is an open-ended ro0t$ sc$eme, 0$ic$ aims to enerate %on-
term capita% appreciati on" T$e sc$eme maintai ns a focused portfo%io predominant% y
of %are cap stoc1s, t$rou$ t$ere i s contro%% ed e4posure to mid caps" T$e sc$emes
$o0e5er a%0ays remain di 5ersified across sectors" Moreo5er, t$e sectora%
a%% ocati on is done 1eepi n in mind to di5ersi fy across sectors 0ea1% y co-re%ated to
eac$ ot$er to furt$er reduce ri s1" T$e under% yin t$eme 0$i %e manai n t$e
sc$eme i s to in5est in businesses t$at are sustainab% e and for ood &ua%i ty"
5a.i+ S+heme "nformation
ature of S+heme Open Ended Growth S+heme
"n+eption Date -anuary A6, 6HH:
OptionI1lan Di5idend P%an,'ro0t$ P%an" T$e Di5idend P%an offers Di5idend
Payout and Rein5estment 2aci%ity"
1lan ame AV Date AV Amount
DiBidend 1lan 6G Au !AAG 8;"6;8A
Growth 1lan 6G Au !AAG 6:;"J;;A
"nBe.tment Strategy>
#n order to pro5ide %on term capita% appreciation, t$e Sc$eme 0i%% in5est predominant%y in
ro0t$ companies" *ompanies se%ected under t$is portfo%io 0ou%d as far as practicab%e consist
of medium to %are siFed companies 0$ic$:
are %i1e%y ac$ie5e abo5e a5erae ro0t$ t$an t$e industry>
enjoy distinct competiti5e ad5antaes, and
$a5e superior financia% strent$s"
T$e aim 0i%% be to bui%d a portfo%io, 0$ic$ represents a cross-section of t$e stron
ro0t$ companies in t$e pre5ai%in mar1et" #n order to reduce t$e ris1 of 5o%ati%ity, t$e
Sc$eme 0i%% di5ersify across major industries and economic sectors
"nBe.tment 1attern
T$e asset a%%ocation under t$e Sc$eme 0i%% be as fo%%o0s :
Sr-o- A..et !ype @M of 1ortfolioA Ri., 1rofile
2 )&uities and )&uity Re%ated #nstruments GA - 6AA Medium to .i$
4 Debt = Money Mar1et #nstruments A - !A +o0 to Medium
#n5estment in Securitised debt, if underta1en, 0ou%d not e4ceed !AB of t$e net assets of t$e
sc$eme"
T$e Sc$eme may a%so in5est upto !:B of net assets of t$e Sc$eme in deri5ati5es suc$ as
2utures = Options and suc$ ot$er deri5ati5e instruments as may be introduced from time to
time for t$e purpose of $edin and portfo%io ba%ancin and ot$er uses as may be permitted
under t$e Reu%ations"
T$e Sc$eme may a%so in5est a part of its corpus, not e4ceedin 9AB of its net assets, in
o5erseas mar1ets in '%oba% Depository Receipts ?'DRs@, ADRs, o5erseas e&uity, bonds and
mutua% funds and suc$ ot$er instruments as may be a%%o0ed under t$e Reu%ations from time
to time" A%so refer to t$e Section on Po%icy on off-s$ore #n5estments by t$e Sc$eme?s@"
#f t$e in5estment in e&uities and re%ated instruments fa%%s be%o0 JAB of t$e portfo%io of t$e
Sc$eme at any point in time, it 0ou%d be endea5ored to re5ie0 and reba%ance t$e composition"
Not 0it$ standin anyt$in stated abo5e, subject to t$e reu%ations, t$e asset a%%ocation pattern
indicated abo5e may c$ane from time to time, 1eepin in 5ie0 mar1et conditions, mar1et
opportunities, app%icab%e reu%ations and po%itica% and economic factors" #t may be c%ear%y
understood t$at t$e percentaes stated abo5e are on%y indicati5e and are not abso%ute and t$at
t$ey can 5ary substantia%%y dependin upon t$e perception of t$e AM*, t$e intention bein at
a%% times to see1 to protect t$e NA( of t$e sc$eme" Suc$ c$anes 0i%% be for s$ort term and
defensi5e considerations" Pro5ided furt$er and subject to t$e abo5e, any c$ane in t$e asset
a%%ocation affectin t$e in5estment profi%e of t$e Sc$eme and amountin to a c$ane in t$e
2undamenta% Attributes of t$e Sc$eme s$a%% be effected in accordance 0it$ sub-reu%ation
?6:A@ of reu%ation 6G of S)B# reu%ations"
Return.
HDFC ECuity
Fund
@AV a. at eBaluation date/ R.- 1er
unitA
286-2:2
Date 1eriod AV Return. @MA NN
O
5en+hmar, Return.
@MA P
Mar+h 6;/ 4;;: +ast 9:G days 69!";A! A"8!PP 6"9JPP
De+ember 47/
4;;:
+ast Si4 mont$s ?6G:
days@
!6H"G:JA -89"GGP -8H"8GP
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ 6;:"868 -68"88PP -66":HPP
$une 6;/ 4;;9 +ast 8 <ears ?6AH; days@ J8"J;G !9"J6PP 6G"GJPP
$une 6;/ 4;;6 +ast : <ears ?6G!J days@ !H"H;A 8;";GPP !H"A8PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8
days@
J"!GA 89";JPP 6J"J:PP
$anuary 2/ 2==9 Since #nception ?9H!H
days@
6A"AAA !6"JGPP H"!!PP
P Abso%ute Returns PP *ompounded Annua%ised Returns S S=P *NT :AA
V Past performance may or may not be sustained in t$e future
S"1 Return.
S"1 "nBe.tment. Sin+e
"n+eption
2; (ear 9 (ear 6 (ear 2 (ear
!otal Amount "nBe.ted @R.-A 6;!,AAA"AA 6!A,AAA"AA ;A,AAA"AA 8;,AAA"AA 6!,AAA"AA
Mar,et Value a. on $une 6;/
4;;7
6,9H9,J:8"H! ;9;,9HA";: 6AJ,HA9"6! 8G,HHG";J H,9AG":J
Return. @Annuali.edAQM !H":8B 86";;B !8"J6B :"!JB -8J":!B
5en+hmar, Return. 6;"6GB 6H"JJB 6J":;B 8"!:B -9A"!JB
Di.+laimer>
T$e abo5e in5estment simu%ation is for i%%ustrati5e purposes on%y and s$ou%d not be construed
as a promise on minimum returns and safeuard of capita%" T$e AM* E Mutua% 2und is not
uaranteein or promisin or forecastin any returns" S#P does not assure a profit or
uarantee protection aainst a %oss in a dec%inin mar1et" P%ease refer S#P )nro%ment 2orm or
contact nearest #S* for S#P +oad Structure"
HDFC "nfra.tru+ture Fund
"nBe.tment ObKe+tiBe
To see1 %on-term capita% appreciation by in5estin predominant%y in e&uity and e&uity re%ated securities
of companies enaed in or e4pected to benefit from ro0t$ and de5e%opment of infrastructure"
5a.i+ S+heme "nformation
ature of S+heme Clo.e Ended ECuity S+heme with a maturity period of 6
year. from the date of allotment with automati+ +onBer.ion
into an open)ended .+heme upon maturity of the S+heme-
"n+eption Date Mar+h 2;/ 4;;7
OptionI1lan DiBidend Option/ Growth Option- DiBidend Option +urrently
offer. with payout fa+ility only
1lan ame AV Date AV Amount
Growth Option 6G Au !AAG G"8G8A
DiBidend Option 6G Au !AAG G"8G8A
"nBe.tment 1attern>
T$e asset a%%ocation under t$e respecti5e P%ans 0i%% be as fo%%o0s:
!ype of "n.trument. Minimum
Allo+ation @M of
et A..et.A
MaDimum
Allo+ation@M of
et A..et.A
Ri., 1rofile of the
"n.trument
ECuity and ECuity Related
"n.trument. of infra.tru+ture I
infra.tru+ture related
+ompanie.
;:B 6AAB Medium to .i$
ECuity and ECuity Related
"n.trument. of +ompanie.
other than mentioned aboBe
AB 8:B Medium to .i$
Debt Se+uritie. and Money
Mar,et "n.trument.Q and FiDed
"n+ome DeriBatiBe R
AB 8:B +o0 to Medium
P #n5estments in securitiFed debt s$a%% not norma%%y e4ceed 8AB of t$e net assets of t$e
Sc$eme" T$e Sc$eme may see1 in5estment opportunity in 2orein Securities ?ma4" 8:B of
net assets@" T$e Sc$eme may ta1e deri5ati5es position for $edin, portfo%io ba%ancin or to
underta1e any ot$er stratey as permitted under S)B# Reu%ations from time to time ?ma4"
!AB of t$e net assets@ based on t$e opportunities a5ai%ab%e subject to S)B# Reu%ations"
Return.
HDFC "nfra.tru+ture
Fund
@AV a. at eBaluation date/ R.-
1er unitA
:-87
Date Period NA( Returns ?B@ O
O V
Benc$mar1 Returns
?B@ S
Mar+h 6;/ 4;;: +ast 9:G days N"A N"A" 6"9JPP
De+ember 47/ 4;;: +ast Si4 mont$s ?6G:
days@
N"A N"A" -8H"8GP
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ N"A N"A" -66":HPP
$une 6;/ 4;;9 +ast 8 <ears ?6AH; days@ N"A N"A" 6G"GJPP
$une 6;/ 4;;6 +ast : <ears ?6G!J days@ N"A N"A" !H"A8PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8
days@
N"A N"A" 6J"J:PP
Mar+h 2;/ 4;;7 Since #nception ?66!
days@
6A"AAA -!:"!P -6G"9:P
P Abso%ute Returns PP *ompounded Annua%ised Returns S S=P *NT :AA
U Due to an o5era%% s$arp rise in t$e stoc1 prices
V Past performance may or may not be sustained in t$e future
FC 1ruden+e Fund
"nBe.tment ObKe+tiBe
T$e in5estment objecti5e of t$e Sc$eme is to pro5ide periodic returns and capita% appreciation
o5er a %on period of time, from a judicious mi4 of e&uity and debt in5estments, 0it$ t$e aim to
pre5entE minimiFe any capita% erosion"
5a.i+ S+heme "nformation
ature of S+heme Open Ended 5alan+ed S+heme
"n+eption Date 2ebruary A6, 6HH9
OptionI1lan Di5idend P%an, 'ro0t$ P%an" T$e Di5idend P%an offers Di5idend
Payout and Rein5estment 2aci%ity"
Return.
HDFC 1ruden+e
Fund
@AV a. at eBaluation date/ R.- 1er
unitA
224-3:7
Date Period NA( Returns ?B@ O
O V
Benc$mar1 Returns
?B@ S
Mar+h 6;/ 4;;: +ast 9:G days 66A"68! 6"G9PP ;"A6PP
De+ember 47/ 4;;: +ast 6G: days 6;A";GJA -!H"GGP -!!"JP
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ 6!9"J6; -H";PP -6"88PP
$une 6;/ 4;;9 +ast 8 <ears ?6AH; days@ ;9";G! !A"8PP 6:"8GPP
$une 6;/ 4;;6 +ast : <ears ?6G!J days@ 6H"!8A 9!"8JPP 6H"86PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8
days@
66"9GA !;"GPP N"A"
February 2/ 2==8 Since #nception ?:!;8
days@
6A"AAA !A"96PP N"A"
P Abso%ute Returns PP *ompounded Annua%ised Returns
S *R#S#+ Ba%anced 2und #nde4 U Due to an o5era%% s$arp rise in t$e stoc1 prices
V Past performance may or may not be sustained in t$e future
OO Adjusted for t$e di5idends dec%ared under t$e sc$eme prior to its sp%ittin into t$e Di5idend
and 'ro0t$ P%an
"nBe.tment Strategy
As out%ined abo5e, t$e in5estments in t$e Sc$eme 0i%% comprise bot$ debt and e&uities" T$e
2und 0ou%d in5est in Debt instruments suc$ as 'o5ernment securities, money mar1et
instruments, securitiFed debts, corporate debentures and bonds, preference s$ares, &uasi
'o5ernment bonds, and in e&uity s$ares" #n t$e %on term, t$e mi4 bet0een debt instruments
and e&uity instruments is tareted bet0een ;A:9A and 9A:;A respecti5e%y" T$e e4act mi4 0i%% be
a function of interest rates, e&uity 5a%uations, reser5es position, ris1 ta1in capacity of t$e
portfo%io 0it$out compromisin t$e consistency of di5idend payout ?in t$e case of Di5idend
P%an@, need for capita% preser5ation and t$e need to enerate capita% appreciation"
2und Manaer
Mr- 1ea.ant $ain
Mr- an and #add - Dedicated 2und Manaer - 2orein Securities
"nBe.tment 1attern
T$e fo%%o0in tab%e pro5ides t$e asset a%%ocation of t$e Sc$emeDs portfo%io"
T$e asset a%%ocation under t$e respecti5e P%ans 0i%% be as fo%%o0s:
Reno- !ype of "n.trument. ormal Allo+ation
@M of et A..et.A
Ri., 1rofile
2 )&uities = )&uity re%ated instruments 9A - J:B Medium to .i$
4 Debt Securities, Money Mar1et
instruments?inc%udin cas$Eca%% money@
!: - ;AB +o0 to Medium
?#n5estment in SecuritiFed debt, if underta1en, 0ou%d not e4ceed 6AB of t$e net assets of t$e
Sc$eme"@
HDFC Capital 5uilder Fund
.D2* *apita% Bui%der 2und, an open-ended ro0t$ sc$eme, aims to in5est in stron
companies at prices t$at be%o0 fair 5a%ue in t$e opinion of t$e fund manaers" T$e in5estment
approac$ is based on t$e p$i%osop$y t$at 5a%ue may be unco5ered on%y 0$ere t$e cro0d $as
not disco5ered it yet" #n t$e opinion of t$e fund manaers suc$ 5a%ue e4ists in ood &ua%ity 0e%%
manaed ne%ected stoc1s" T$e current ne%ect in t$ese companies by t$e broad mar1et
participants can be due to 5arious factors suc$ as difficu%t recent mar1et conditions, major
restructurin c$ares, (RS e4penses or ot$er suc$ onetime effects t$at may subdue profits in
t$e near term" T$is a%so usua%%y resu%ts in t$e s$ares of suc$ companies bein re%ati5e%y
i%%i&uid"
/$i%e assumin suc$ re%ati5e ris1 adjusted %i&uidity ris1 t$e fund manaers propose to
capita%iFe on e4pected pic1 up reported earnin as resu%t of stron ro0t$ prospects in t$e
future" T$is e5entua%%y trans%ates in to more %i&uidity dependin on t$e success of t$is stratey"
Suc$ opportunities are a5ai%ab%e in %are companies as 0e%% as sma%% companies" /$i%e t$ere
are no criteria for stoc1 se%ection based on mar1et capita%iFation t$e endea5or is to 1eep a
ba%ance of companies in t$e portfo%io bet0een bi and sma%% companies, on one cateory
o5er0$e%min t$e ot$er
5a.i+ S+heme "nformation
ature of S+heme Open Ended Growth S+heme
"n+eption Date 2ebruary A6, 6HH9
OptionI1lan Di5idend P%an, 'ro0t$ P%an" T$e Di5idend P%an offers Di5idend
Payout and Rein5estment 2aci%ity"
1lan ame AV
Date
AV Amount
DiBidend 1lan 6G
Au
!AAG
!!"AJ:
Growth 1lan 6G
Au
!AAG
;H"H6G
"nBe.tment 1attern
T$e asset a%%ocation under t$e Sc$eme 0i%% be as fo%%o0s:
Sr-o- A..et !ype @M of 1ortfolioA Ri., 1rofile
2 )&uities and )&uity Re%ated #nstruments 7pto 6AAB Medium to .i$
4 Debt = Money Mar1et #nstruments Not more t$an !AB +o0 to Medium
#n5estment in SecuritiFed debt, if underta1en, 0ou%d not e4ceed !AB of t$e net assets
of t$e sc$eme" T$e Sc$eme may a%so in5est upto !:B of net assets of t$e Sc$eme in
deri5ati5es suc$ as 2utures = Options and suc$ ot$er deri5ati5e instruments as may be
introduced from time to time for t$e purpose of $edin and portfo%io ba%ancin and
ot$er uses as may be permitted under reu%ations and uide%ines"
T$e Sc$eme may a%so in5est a part of its corpus, not e4ceedin 9AB of its net assets, in
o5erseas mar1ets in '%oba% Depository Receipts ?'DRs@, ADRs, o5erseas e&uity,
bonds and mutua% funds and suc$ ot$er instruments as may be a%%o0ed under t$e
Reu%ations from time to time" A%so refer to t$e Section on Po%icy on off-s$ore
#n5estments by t$e Sc$eme?s@"
S"1 Return.
S"1 "nBe.tment. Sin+e
"n+eption
2; (ear 9 (ear 6 (ear 2 (ear
!otal Amount "nBe.ted @R.-A 6J8,AAA"AA 6!A,AAA"AA ;A,AAA"AA 8;,AAA"AA 6!,AAA"AA
Mar,et Value a. on $une 6;/
4;;7
GHA,686"9! 9;8,J:!"AG 6A8,89H"9A 8J,:8H"89 H,!9!"6;
Return. @Annuali.edAQM !A":6B !:":6B !6"H!B !"J9B -8H"J8B
5en+hmar, Return. 6:"A9B 6H"JJB 6J":;B 8"!:B -9A"!JB
1a.t performan+e may or may not be .u.tained in the future
P +oad is not ta1en into consideration and t$e Returns are of 'ro0t$ P%an E Option" #n5estors
are ad5ised to refer to t$e Re%ati5e Performance tab%e furnis$ed as abo5e for non-S#P returns
Return.
HDFC Capital 5uilder
Fund
@AV a. at eBaluation date/ R.-
1er unitA
38-23=
Date 1eriod AV Return.@MA NN
O
5en+hmar,
Return.@MAP
Mar+h 6;/ 4;;: +ast 9:G days ;A"8 :"AGPP 6"9JPP
De+ember 47/ 4;;: +ast Si4 mont$s ?6G:
days@
6A:"6!8A -8G"H;P -8H"8GP
$une 4=/ 4;;: +ast 6 <ear ?8;J days@ J8"!J -6!"8;PP -66":HPP
$une 6;/ 4;;9 +ast 8 <ears ?6AH;
days@
8J"9J9 6H";!PP 6G"GJPP
$une 6;/ 4;;6 +ast : <ears ?6G!J
days@
68"66J 8J"8!PP !H"A8PP
$une 6;/ 2==7 +ast 6A <ears ?8;:8
days@
J"9GA !8"H;PP 6J"J:PP
February 2/ 2==8 Since #nception ?:!;8
days@
6A"AAA 68"J;PP J"H:PP
P Abso%ute Returns PP *ompounded Annua%ised Returns
S S=P *NT :AA
V Past performance may or may not be sustained in t$e future
5en+hmar, ) S 0 1 CL 9;; Disc%aimer: T$e
abo5e in5estment simu%ation is for i%%ustrati5e purposes on%y and s$ou%d not be construed as a
promise on minimum returns and safeuard of capita%" T$e AM* E Mutua% 2und is not
uaranteein or promisin or forecastin any returns" S#P does not assure a profit or
uarantee protection aainst a %oss in a dec%inin mar1et" P%ease refer S#P )nro%ment 2orm or
contact nearest #S* for S#P +oad Structure"
*.APT)R :
1AR!
OF M(
S'MMER !RA""G
1art of my under.tudy training
2or t$e purpose of fu%fi%%ment of masters deree in business administration i $ad
underta1en my summer trainin at HDFC)mutual fund at 3ota branc$ for a period of 9: days"
#n course of t$e trainin i $ad an opportunity to et proper 0or1in 1no0%ede about t$e
interna% 0or1ins of Mutua% funds dept"
T$e sin%e most important factor t$at dri5es .D2* Mutua% 2und is its be%ief to i5e t$e
in5estor t$e c$ance to profitab%y in5est in t$e financia% mar1et, 0it$out constant%y 0orryin
about t$e mar1et s0ins"
# $ad c$osen t$e HDFC)mutual fund as it is one of t$e most $i$%y reputed mutua% fund
a%% o5er t$e #ND#A and offers under study trainin to students durin summer" # $ad t$e job of
con5incin in5estors to c$oose .D2* mutua% funds o5er ot$ers" 2or t$is purpose # a%so
maintained a database of a%% t$e in5estors 0$o $ad been approac$ed"
Money is a 5a%uab%e asset and it is ob5ious t$at peop%e t$in1 many times before
in5estin t$eir money into any 1ind of funds" T$ey fre&uent%y as1 &uestions about t$e time
period, interest rates, current status of t$e s$are mar1et, etc 0$ic$ re&uires ood runnin
1no0%ede in t$e fie%d" #t 0as not 5ery easy to con5ince peop%e to ma1e in5estment in t$e
.D2* mutua% funds but 0it$ t$e $e%p of Mr" .imans$u (yas, of .D2-mutua% fund 3ota branc$"
# accomp%is$ed my tas1"
T$e %arest amount of in5estment 0as made by Mr" MD AB#D ,an amount of 6,:A,AAA , in t$e
sc$eme .D2*- e&uity fund for a duration of years"
Ot$er in5estors 0ere
AME "nBe.tmen
t type
Amount Sc$eme Duration
2- MD A5"D S"1 4/;;; .D2* 'RO/T. 27ND 6 <)AR
4- SHOA"5 ASH!ER S"1 2/;;; .D2* TOP !AA 27ND 6 <)AR
6- DE5EDRA A!H 1A'# One time 2/;;/;;; .D2* )N7#T< 27ND 8 <)AR
8- ATM 'T TAMA S"1 2/;;; .D2* 'RO/T. 27ND 6 <)AR
9- MD A5"D OE !"ME 2/9;/;;; .D2* )N7#T< 27ND ! <)AR
3- "SH"! HEMA" S"1 4/;;; .D2* 'RO/T. 27ND 6 <)RA
:- Dr E(AT AHMED S"1 2/;;; .D2* 'RO/T. 27ND 6 <)RA
7- SHA#"D SADA! S"1 4/;;; .D2* TOP !AA 27ND 6 <)AR
=- CHAD' #A# G'1!A S"1 2/;;; .D2* TOP !AA 27ND 6 <)AR
2;- "SH"! HEMA" OE !"ME 9;/;;; .D2* )N7#T< 27D ! <)AR
22- MD 1ER%ET A#AM S"1 2/;;; .D2* BA+AN*)D 27ND 6 <)AR
24- $'5A"R SHA S"1 2/;;; .D2* BA+AN*)D 27ND 6 <)AR
26- D ! MOHA!( S"1 2/;;; .D2* 'RO/T. 27ND 6 <)AR
28- 1RASASH $HA S"1 2/;;; .D2* TOP !AA 27ND 6 <)AR
29- SHA#"D SADA! One time 2/;;/;;; .D2* )N7#T< 27ND 8 <)AR
23- AM"! DAGA S"1 4/;;; .D2* 'RO/T. 27ND 6 <)AR
2:- V"SRA! G'1!A S"1 2/;;; .D2* 'RO/T. 27ND ! <)AR
27- RA$ESH S'MAR S"1 2/;;; .D2* 'RO/T. 27ND 6 <)RA
2=- MD AS"F S"1 2/;;; .D2* 'RO/T. 27ND 6 <)RA
4;- MATAR SHA S"1 2/;;; .D2* TOP !AA 27ND 6 <)AR
42- 5"S%A$"! RA" S"1 2/;;; .D2* TOP !AA 27ND 6 <)AR
44- AREDRA A!H 1A'# S"1 2/;;; .D2* 'RO/T. 27ND ! <)AR
46- HAR1REE! SA'R S"1 2/;;; .D2* BA+AN*)D 27ND 6 <)AR
48- SOMA AGAR%A# S"1 2/;;; .D2* )N7#T< 27D 6 <)AR
Durin t$e trainin period i manaed to con5ince peop%e to ma1e in5estment in .dfc Mutua%
funds"T$e tota% amount of trasaction i pro5ided 0as about Rs J,AA,AAA
CHA1!ER 3
ME!HODO#OG(
OF
!HE S!'D(
6" R)S)AR*. M)T.ODO+O'<
!" SO7R*)S O2 DATA
*O++)*T#ON
8" .<POT.)S#S O2 T.) ST7D<
9" DATA *O++)*T#ON = ANA+<S#S
3-2 ) Re.ear+h Methodology>
Since t$e study underta1en by me is re%ated to t$e study of mutua% fund in #ndia, t$e
means adopted for co%%ection of 5arious facts and data 0ere in t$e form of persona%
obser5ation, officia%s documents, and direct%y interactin 0it$ t$e officers concerned and a%so
direct%y interactin 0it$ t$e e4istin customers as 0e%% as ne0 customer formed" #t 0as an
e4p%oratory researc$" /or1 is main%y emp$asiFed on t$e primary data" Primary data are
at$ered form prescribed &uestionnaire and by persona% inter5ie0 and t$e secondary data are
co%%ected from different boo1s and maaFines"
3-4 ) Sour+e. of Data +olle+tion
T$ere are t0o sources of data co%%ection" T$ey are:
2- 1R"MAR( DA!A SO'RCE
4- SECODAR( DA!A SO'RCE
T$e secondary data are t$ose, 0$ic$ $a5e a%ready been co%%ected by someone e%se t$orou$
Boo1s, #nternet, Te%e5ision, journa%s, MaaFines, etc" On t$e ot$er $and primary data does not
e4ist $ere" T$e researc$er $as to at$er primary data afres$ for t$e specific study underta1en
by $im" Primary data $as been co%%ected $ere by &uestionnaire met$od and persona% inter5ie0
met$od is fo%%o0ed" Primary sources suc$ as #nter5ie0s, Obser5ation, and attendin trainin
and de5e%opment c%asses" Secondary sources suc$ as Boo1%ets, Mont$%y journa%, MaaFines,
Officia% fi%es etc"
3-6 ) H(1O!HES"S OF !HE S!'D(
2or doin t$e dissertation topic performance of mutua% fund ana%ysis # too1 t$e $ypot$esis of
certain roups" # di5ide t$e tota% popu%ation on t$e basis of t$eir ae, income, ender,
occupation and status"
Ma%e job$o%ders 0it$in t$e ae roup of !9-9A"
2ema%e job$o%ders 0it$in t$e ae roup of !9-9A"
Ma%e job$o%ders abo5e t$e ae 9A"
2ema%e job$o%ders abo5e t$e ae 9A"
#ndi5idua% $a5in t$e income in t$e rane of 6%1$-8%1$ per annum"
#ndi5idua% $a5in t$e income abo5e 8%1$ per annum"
#n Rajest$an i"e" rura% area it is sti%% a ne0 concept so it 0i%% ta1e some more time to rea%%y
penetrate into t$is mar1et apart from peop%e 0$o are .N#Is t$ou$ t$ese peop%e are i5en
more emp$asis by a%% t$e Mutua% funds and distribution c$anne%s" /it$ t$e introduction of S#PIs
t$e industry $as created some options c%ear for retai% in5estors to enter t$is mar1et" My sur5ey
says t$at it t$e a0areness %e5e% t$at is p%ayin actin as an obstac%e in t$e ro0t$ of Mutua%
fund #ndustry in Rajest$an as a 0$o%e" Peop%e in -$a%a0ar are no0 openin up and interested
in %oo1in for0ard for certified in5estment p%anners to $e%p t$em desinin t$eir in5estment
portfo%io" Rajest$an as a mar1et 0as not t$at efficient fe0 years bac1, but no0 0it$ %ot of
mu%tinationa% companies and ot$er reputed companies comin do0n, t$e Rajest$an mar1et is
s%o0%y pic1in up" 2or mutua% funds it is one of t$e emerin mar1ets t$at can be trapped form
its de5e%opin stae and t$ou$ peop%e of rura% areas prefer Moderate ris1 t$ey can easi%y
accept mutua% funds" Mutua% fund #ndustry is de%i5erin a sp%endid performance and 0i%% of
course continue in comin future" But t$at can be on%y possib%e as t$e distribution c$anne%s %i1e
3ar5y, Bajaj finance and Ban1s i"e" *iti Ban1, .D2* Ban1, #*#*# Ban1 and Standard
*$artered Ban1 a%on 0it$ a%% Asset Manaement *ompany"
3-8 ) Data Colle+tion 0 Data Analy.i.
o of re.pondent ) 4;;
Male ) 269
Female ) 39
umber of re.pondent. A++ording to age group.>
27 to 6; U 99

6; to 8; U 7;

135
65
0
50
100
150
male female
Respondent
55
80
40
25
0
20
40
60
80
100
18 to 35 35 to 45 45 to 55 55 &
above
Respondent
8; to 9; U 8;

9; aboBe U49

!he .urBey i. +ondu+ted on a .ample of 4;; people whi+h in+lude. 22;
male. and =; female.- !he .ample +ontain. +on.umer. from all the age
group. .o that an ideal .ample +an be obtained-
2- "nBe.tment ABenue. aBailable in the mar,et/ that inBe.tor are aware
of?
Posta% sc$emes
'o5ernment securities
Direct e&uity in5estment
Ban1 2DIs
Mutua% funds
#nsurance
"FERECE>
A++ording to the inBe.tor. in Sota/ 66M of inBe.tor. prefer to depo.it there
money in ban, FDJ.- %here a. 7M of the inBe.tor. want to inBe.t in po.tal .+heme/ 8M
in goBernment .e+urity/ 29M inBe.t in dire+t eCuity 4;M of inBe.tor. they prefer mutual
fund 0 in.uran+e/ a. there inBe.tment hou.e whi+h i. not Bery high/ but at the .ame
time mutual fund +on+ept i. growing
4- More attra+tiBe about mutual fund.?
Returns
Moderate ris1
Ta4 benefits
.ass%e free
Past performance
/e%% reu%ated
No idea
"
"FRECE>
A++ording to people of Sota they attra+t with pa.t performan+e of the +ompany if
+ompany pa.t re+ord. i. good then they intere.ted to inBe.t- After that people attra+t
with taD benefit then return on inBe.tment
6- 1er+entage of entire inBe.tment in+lude. mutual fund.?
Be%o0 !AB
!A to :AB
:A to GAB
GAB abo5e
"FRECE>
5y thi. we +ome to ,now that mo.t of the people u.e to go for mutual fund a. we
+an .ee by the aboBe graph that 76 people from 4;; goe. for 4;M to9;M inBe.tment in
Mutual Fund.-
8- For "nBe.tment. in Mutual Fund/ whi+h +ompany inBe.tor. prefer?
.D2* M2
ABN AMRO M2
PR7D)NT#A+ #*#*# M2
R)+#AN*) M2
B#R+A S7N+#2)
"FERECE>
A++ording to the "nBe.tor. in Sota 69M of inBe.tor. prefer to inBe.t in HDFC
mutual fund/ 4:M of inBe.tor. prefer Relian+e mutual fund where a. 5irla .hare 24M
and "C"C" by 2:M-but only =M inBe.tor. inBe.t in A5 AMRO mutual fund- " haBe
+ompared the.e fiBe fund hou.e be+au.e they are the main +ompetitor. in Sota-
9- How do inBe.tor. manage hi. inBe.tment portfolio?
So%e%y of my o0n
On ad5ise of a friend
On ad5ise of a distributorEaent
On ad5ise of your ban1er
On ad5ice of mutua% fund $ouse peop%e
"FRECE>
A++ording to my .urBey mo.t no of people manage hi. inBe.tment port folio by
own/ 78 people out of 4;; manage hi. portfolio by own and 89 0 63 people manage with
the help of ban,er. and MF hou.e
3- SaBing.IinBe.tment aBenue. 9 year ba+,?
Ban1 2D, Sa5ins
#nsurance
Mutua% funds
)&uity mar1et
'o5t" securities
Rea% estate
Posta% sa5ins, 2D
"FRECE>
A++ording to my .urBey before 9 year mo.t of the people@226A of Sota +ity
inBe.ted hi. money in in.uran+e .e+tor and =; people out of 4;; inBe.ted in ban, FD-
5ut only 86 people out of 4;; inBe.t in mutual fund whi+h wa. Bery low
:- Among the huge number of people going for mutual fund/ in whi+h
,ind of fund they normally inBe.t?
)&uity Oriented
Debt Oriented
Ba%anced Oriented
"FERECE>
"n the +ity li,e Sota in between the age group 27)6;/ 34M inBe.tor inBe.ted in eCuity
oriented/ and only 27M people inBe.t in debt fund- 5ut group of people more than 9;
year 99M inBe.tor inBe.t in debt fund and only 46M people inBe.t in eCuity fund- "t mean
younger people attra+t with eCuity fund and old man attra+t with debt fund-
but in balan+ed fund eBery group. are eCually inBe.t
7- Ri., appetite of people in RaKe.than 1referred Ri., and Return
.i$ ris1 $i$ return @H/HA
Moderate ris1 moderate return @M/MA
+o0 ris1 %o0 return @#/#A
"FERECE>
A++ording to the .urBey/ we +an +on+lude that/ people in rural area. mo.tly
belieBe in Moderate ri.,/ and moderate return.- EBen mutual fund. haBe moderate ri.,
and the return i. Cuite le.. than a. it i. in +a.e of eCuitie.- So/ for the people of Rural
area. mutual fund. are the right ,ind of inBe.tment option-
=- How .eriou.ly people in Sota thing about undergoing a finan+ial
planning for them?
(e.
o
"FRECE>
A++ording to my .urBey of Sota people / mo.t no of people are more .eriou.
about finan+ial planning
CHA1!ER :
<'ES!"OARE
Nuestionnaire
1lea.e fill up the Cue.tionnaire a++ording to the Cue.tion. a.,ed- @$u.t put on a ti+, mar, VWX
whereBer neededA
ame - WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW
Age - X!A-8AY SeD M 2
X 8A-9A
X 9A-:A
X :A-abo5eY
O++upation - Ser5ice ?'o5t"@
Ser5ice ?P5t"@
Business
Se%f-emp%oyed
Retired
OrganiYation - WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW
De.ignation ) WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW
Annual "n+ome - Be%o0 6 %a1$
6 M 8 %a1$
8 M : %a1$
Abo5e : %a1$
2- %hat are the "nBe.tment ABenue. aBailable in the mar,et/ that you are aware of?
Posta% sc$emes ?i"e" M#SEPP2ENS*ER"DET"D etc"@
'o5ernment securities
Ban1 2DIs
Direct e&uity in5estment
Mutua% funds
#nsurance
4- Are you aware of the fa+t that .ome of the performing Mutual fund .+heme. in
the indu.try haBe po.ted 4;M Z annualiYed return. in la.t 2; year.?
<es No
6- "n your point of Biew what i. more attra+tiBe about mutual fund.?
Returns .ass%e free
Moderate ris1 Past performance
Ta4 benefits /e%% reu%ated
No idea
8- "f you haBe inBe.ted in Mutual fund./ what per+entage of your entire inBe.tment
in+lude. mutual fund.?
Be%o0 !AB :A to GAB
!A to :AB GAB abo5e
9- %hat were your SaBing.IinBe.tment aBenue. 9 year ba+,?
Ban1 2D, Sa5ins #nsurance
Mutua% funds )&uity mar1et
'o5t" securities Rea% estate
Posta% sa5ins, 2D
;" ow/ what new aBenue. are in+luded in your "nBe.tment portfolio?
'o5t" securities Mutua% funds
#nsurance Deri5ati5es
)&uity mar1et
Rea% estate
:- How do you manage your inBe.tment portfolio?
So%e%y of my o0n
On ad5ise of a friend
On ad5ise of a distributorEaent
On ad5ise of your ban1er
On ad5ice of mutua% fund $ouse peop%e
7- How do you rate the.e while ta,ing an inBe.tment de+i.ion? @Rate a. 2/4/6/8/9 a++ording
to preferen+eA
Returns Ris1 factors
+oc1-in period past performance
Ta4 benefits
=- (ou belieBe in [
.i$ ris1, .i$ returns
Moderate ris1, moderate returns
+o0 ris1, %o0 returns
2;- HaBe you been eBer approa+hed by a Certified "nBe.tment Finan+ial 1lanner?
<es No
22- %ould you li,e to undergo a finan+ial planning eDer+i.e for your.elf?
<es No
CHA1!ER 7
F"D"G/ RECOMMEDA!"O/
0
COC#'S"O
F"D"GS
#n #ndia Mutua% fund #ndustry $as seen Dramatic impro5ements in Nua%ity as 0e%% as &ua%ity of
products and ser5ices offerin o5er t$e past decade, but t$e industry $as 0itnessed ro0t$ in
t$e %ast 6A years considerab%y be%o0 potentia%" T$e Asset under Manaement $a5e ro0n from
about Rs" 9JA bi%%ion in marc$ 6HH8 to Rs" 6,:9A bi%%ion in Apri% !AA9?*A'R of 66"9 percent@ =
no0 it ro0n to Rs" :,;!A bi%%ion ti%% sep !AAG" T$is $as main%y ac$ie5ed due to co%%ection
t$rou$ mutua% fund #POIs t$at $as been increasin due to t$e in5estors fee%in t$at it is
c$eaper in its #PO stae on account of its Rs" 6A NA("
T$ere $as been a stron appreciation in e&uities in comparison to t$e debt mar1et, 0$ic$ $as
s$o0n a do0n0ard trend %ast year" And in turn Mid-cap and di5ersified funds $a5e de%i5ered
t$e $i$est in comparison to ot$er funds" As t$e #ndian economy is s$o0in a ro0in trend
0it$ 'DP more t$an ;B and e4pected to s$o0 GB and #ndian $ouse$o%d sa5in bein !9B of
t$e entire 'DP" T$ere is a stron ro0t$ potentia% of Mutua% fund industry in #ndia"
#n Rajest$an i"e" rura% area it is sti%% a ne0 concept so it 0i%% ta1e some more time to rea%%y
penetrate into t$is mar1et apart from peop%e 0$o are .N#Is t$ou$ t$ese peop%e are i5en
more emp$asis by a%% t$e Mutua% funds and distribution c$anne%s" /it$ t$e introduction of S#PIs
t$e industry $as created some options c%ear for retai% in5estors to enter t$is mar1et" My sur5ey
says t$at it t$e a0areness %e5e% t$at is p%ayin actin as an obstac%e in t$e ro0t$ of Mutua%
fund #ndustry in Rajest$an as a 0$o%e"
Some of the MaKor Finding.
6" #t is found t$at .D2* is a fa5orab%e Mutua% 2und"
!" T$e basis objecti5e be$ind in5estments are main%y %on-term capita% appreciation,
current income = to some e4tent ta4 benefits"
8" T$e performance of .D2* *ore = Sate%%ite = .D2* Top !AA 2und is 5ery ood"
9" #t is seen t$at t$e in5estment in ro0t$ fund is 5ery $i$" Because t$e scope of income
and capita% appreciation in t$e %on term"
:" #t is obser5ed t$at t$e dri5in aspects of in5estments in mutua% fund are safety, fund
performance, Ser5ice, +i&uidity, return = ta4 benefits"
;" T$e type of in5estment p%an t$at most in5estor s prefer is to et principa% safety at a%%
time 0it$ %o0 returns rat$er t$an $i$ return 0it$ no safety"
J" .D2* Mutua% 2und does not pro5ide Lmont$%y income sc$emeI 0$ic$ ot$er mutua%
funds $a5e and performance is 5ery appreciab%e"
G" 2und Manaers $a5e suested .D2* prudence ,.D2* Ta4sa5er , .D2* )&uity for
in5estment , 2or t$e top :"
H" .D2* Prudence is performin ood 0it$ comparition to t$e prudence fund of any ot$er
mutua% fund $ouse"
6A" At t$is period of time 0$en mar1et condition is not so ood, it is better for in5estors to
in5est t$rou$ Systamatic #n5estment p%an" /$ic$ reduces t$e mar1et ris1"
RECOMMEDA!"O
.D2* Mutua% 2und is one of t$e %arest mutua% funds and 0e%%-estab%is$ed fund $ouse in t$e
country 0it$ consistent and abo5e a5erae fund performance across cateories since its
incorporation on December 6A,6HHH"T$e sin%e most important factor t$at dri5es .D2* Mutua%
2und is its be%ief to i5e t$e in5estor t$e c$ance to profitab%y in5est in t$e financia% mar1et,
0it$out constant%y 0orryin about t$e mar1et s0ins"

Some maKor re+ommendation>
2A 2und manaers s$ou%d continuous #n5estor a0areness Prorams to ma1e t$e
in5estors a0are of tec$nica%ities of fund manaement and t$e return aspects"
4A Aents, Ser5ice personne% must be ab%e to i5e correct and time%y information
about NA( and t$e return on different sc$emes"
6A Mont$%y income sc$eme s$ou%d be introduced"
8A Sc$eme s$ou%d be offered as per t$e needs and t$e re&uirement of t$e
industries"
9A T$e reu%atory norms pro5ided by t$e reu%atory aut$orities %i1e S)B# are
re&uired to be 1no0n to a%% inc%udin in5estors"

COC#'S"O
T$e %oba% financia% mar1et $as transformed from Se%%erIs mar1et to BuyerIs mar1et 0it$
%ibera%iFation, '%oba%iFations and pri5atiFation" T$e #ndian mutua% fund mar1et $as a%so become
%oba% 0$en forein funds entered, t$ey came up 0it$ probab%y best mar1etin strateies to
beat #ndian iants %i1e B#R+A, .D2*, and #*#*# $a5e come up 0it$ aressi5e strateies to
beat t$e forein funds" No0 t$e cutt$roat competition oes on and on"
.D2* Mutua% funds $a5e re0arded in5estors 0it$ $and some returns" T$e ood ne0s is t$at
t$is is poised to become a trend" T$e mutua% funds $a5e strent$ened t$eir distribution
net0or1s, become more transparent and in5estor friend%y and are re0ardin in5estors" T$e
mutua% fund is fina%%y, pro5in itse%f as a 5e$ic%e of safety for in5estments" But it is sti%% t$e fund
manaerIs in5estment p$i%osop$y t$at ma1es t$e difference bet0een t$e 0inner and t$e
%osers"

*arefu% mar1et ana%ysis, consumer sementation, identification of in5estor needs, ser5ice
desinin are to be carried out for t$e successfu% imp%ementation of different sc$emes by
mutua% fund oraniFations" Reu%atory measures by S)B# s$ou%d be c%ear%y e4p%ained to t$e
in5estors" Positionin of t$e sc$emes and t$eir brandin 0i%% $e%p a %ot for ro0t$ of t$e
industry" *reati5ity and inno5ation are t$e means of mar1etin in t$e days to come for #ndian
mutua% fund mar1et"
*.APT)R H
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