Final Project Report of Birla Sun Life Mutual Fund

A PROJECT REPORT
ON
“Perception and satisfaction level among investors investing in liquid funds or

others: A Comparative study”
AT
BIRLA SUN LIFE MUTUAL FUND (CITY CENTRE, GWALIOR)
Submitted to
Jiwaji University
Gwalior
For the partial fulfillment of the award of
Master of Business Administration
(2011-2013)
Submitted by
Uday Chauhan
PRESTIGE INSTITUTE OF MANAGEMENT
GWALIOR (M.P.)
1
DECLARATION
This is declare that the project Report entitled ” Perception and satisfaction level among
investors Investing in liquid funds or others” has been accomplished by Uday Chauhan and
being submitted partial fulfillment of requirement for the award of the degree of “Master of
Business Administration” from Prestige Institute of Management, Gwalior affiliates to Jiwaji
University, Gwalior. This work has not been submitted by us anywhere else for the award of
any degree or diploma. All sources of information and help have been mentioned and
acknowledged.
Date: - 25/07/2012 Uday Chauhan
Place:-Gwalior M.B.A.
Roll-No-58(E)
2
CERTIFICATE
This is to certify that Uday Chauhan students of MBA 2ND semester, Prestige Institute of
Management have successfully completed her project report Entitled “Perception and
satisfaction level among investors investing in liquid funds or others “For the partial
fulfillment of requirement for the award of the degree of “Master of Business Administration.
She had made her report under my guidance and supervision with utmost sincerity & loyalty.
Ravidera Pathak
(Faculty Guide)
3
ACKNOWLEDGEMENT
We are extremely grateful and remain indebted to our guide Mr. Puneet Sharma (Branch
Manager of Birla Sun Life Mutual Fund) and Mr. Mohd. Nayyar for giving me opportunity
to work under his guidance on project report on “Perception and satisfaction level among
investors Investing in liquid funds or others”. I am grateful to him for giving me the valuable
time & suggestion in the execution of project work.
I also acknowledge & convey thanks to the BIRLA SUN LIFE MUTUAL FUND for their kind
and valuable support.
Uday Chauhan
M.B.A. 2ND SEM
4
TABLE OF CONTENT:
S.NO. TOPIC PAGE NO.

1 Company’s profile:
(i) History of the organization & objectives
(ii) Company’s vision
(iii) Company’s mission
(iv) Values
(v) Position
2 Personnel:
(i) recruitment
(ii) selection
(iii) training and development
(iv) welfare activities

3 Production/operations:
(i) products/services offered
(ii) layout of the facility
(iii) quality control
(iv) present & future of the company

4 Marketing:
5
(i) Areas of operation
(ii) Major competitors
(iii) Market share
(iv) Outlets in country
(v) Market strategy

5 Strengths of the organization
6 OTHERS:
a) Key personnel
b) Awards
c) About mutual funds

CHAPTER 1 : INTRODUCTION
CHAPTER 2 : METHODOLOGY
(a) Objectives
(b) Research methodology
(c) The tools: (i) For data analysis.

CHAPTER 3 : RESULTS
CHAPTER 4 : SUGGESTIONS AND IMPLICATION
CHAPTER 5 : CONCLUSION
ANNEXURE:
(i) Questionnaire
6
(ii) glossary
(iii) references
1) COMPANY’S PROFILE
HISTORY:
7
Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment managers of Birla
Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life
Financial Services Inc. of Canada. The joint venture brings together the Aditya Birla Group's
experience in the Indian market and Sun Life's global experience.
Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading flagships
of Mutual Funds business managing assets of a large investor base. Our solutions offer a range of
investment options, including diversified and sector specific equity schemes, fund of fund
schemes, hybrid and monthly income funds, a wide range of debt and treasury products and
offshore funds.
Birla Sun Life Asset Management Company has one of the largest team of research analysts in
the industry, dedicated to tracking down the best companies to invest in. BSLAMC strives to
provide transparent, ethical and research-based investments and wealth management services.
HERITAGE:
The Aditya Birla Group: The Aditya Birla Group is one of India's largest business houses. Global in
vision, rooted in Indian values, the Group is driven by a performance ethic pegged on value creation for
its multiple stakeholders. The group operates in 26 countries – India, UK, Germany, Hungary, Brazil,
Italy, France, Luxembourg, Switzerland, Australia, USA, Canada, Egypt, China, Thailand, Laos,
Indonesia, Philippines, UAE, Singapore, Myanmar, Bangladesh, Vietnam, Malaysia, Bahrain and Korea.
A US $29 billion corporation in the League of Fortune 500, the Aditya Birla Group is anchored by an
extraordinary work force of 130,000 employees, belonging to 40 different nationalities. Over 60 per cent
of its revenues flow from its operations across the world. The Aditya Birla Group is a dominant player in
all its areas of operations viz; Aluminum, Copper, Cement, Viscose Staple Fiber, Carbon Black, Viscose
Filament Yarn, Fertilizers, Insulators, Sponge Iron, Chemicals, Branded Apparels, Insurance, Mutual
Funds, Software and Telecom. The Group has strategic joint ventures with global majors such as Sun Life
(Canada), AT&T (USA), the Tata Group and NGK Insulators (Japan), and has ventured into the BPO
sector with the acquisition of TransWorks, a leading ITES/BPO company.
Sun life financial: Sun Life Financial Inc is a leading international financial services
organization providing a diverse range of wealth accumulation and protection products and
services to individuals and corporate customers. Chartered in 1865, Sun Life Financial Inc and
8
its partners today have operations in key markets worldwide, including Canada, the United
States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and
Bermuda.
VISION:
To be the most trusted name in investment and wealth management, to be the preferred employer
in the industry and to be a catalyst for growth and excellence of the asset management business
in India.
MISSION:
To consistently pursue investor's wealth optimization by:
• Achieving superior and consistent investment results.

• Creating a conducive environment to hone and retain talent.
• Providing customer delight.
• Institutionalizing system-approach in all aspects of functioning.
• Upholding highest standards of ethical values at all times
VALUES:
• Integrity
• Commitment
• Passion
• Seamlessness
• Speed
POSITION: Today it is ranked at 5th position among the 42 asset management company
(AMC) in the country.
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2) PERSONNEL
RECRUITMENT:
Recruitment is the processes of selection for prospective employees simulating them for apply
for job in the organization. In other words it is linking activity bearing to gather with jobs,
selection jobs. Recruitment makes it possible to acquire the number and type of people necessary
to ensure the continued operation of the organization.
“Recruitment is the process of searching for prospective employee and stimulating encouraging
them to apply for jobs in an organization”.
There are two sources of recruitment:
(1) Internal sources: It includes promotion, transfer and demotion.
(2) External sources: It includes advertisement, employment, on campus requirement,

employee recommendation
In Birla sun life mutual fund they are using internal as well as external sources. Their policies for
external sources is such that first they give advertisement in newspaper and they have also
contact with employment exchange through these source first of all collect application, separated
and then after appropriate candidates are called for the interview.
SELECTION:
After creating if application of required number of employees secured through different sources
of recruitment the selection process begins. The main purpose of selection process is it finds the
right man for each job. The efficiency and profitability of the concern depends mainly on proper
selection of the personnel.
Company select employees through commercial made of three numbers. One is the
work manager, second is of manager and the third is the head department in which
company exists.
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TRAINING AND DEVELEOPMENT PROCESS:
It is a learning process that involves the acquisition of knowledge, sharpening of skills, concepts,
rules, or changing of attitudes and behaviors to enhance the performance of employees.
The system model consists of five phases and should be repeated on a regular basis to make
further improvements. The training should achieve the purpose of helping employee to perform
their work to required standards. The steps involved in System Model of training are as follows:
1. Analyze and identify the training needs i.e. to analyze the department, job, employees
requirement, who needs training, what do they need to learn, estimating training cost, etc The
next step is to develop a performance measure on the basis of which actual performance would
Be evaluated.
2. Design and provide training to meet identified needs. This step requires developing
objectives of training, identifying
3. Develop- This phase requires listing the activities in the training program that will assist the
participants to learn, selecting delivery method, examining the training material, validating
information to be imparted to make sure it accomplishes all the goals & objectives.
4. Implementing is the hardest part of the system because one wrong step can lead to the failure
of whole training program.
5. Evaluating each phase so as to make sure it has achieved its aim in terms of subsequent work
performance. Making necessary amendments to any of the previous stage in order to remedy or
improve failure practices.
WELFARE ACTIVITIES:
The Group actively involves itself in several community development initiatives – in particular
around its manufacturing location. The group also supports development activities in areas like
healthcare, education, sustainable livelihood, infrastructure and social causes. The group's
philanthropic activities are guided by Mrs. Rajashree Birla.[14]
It works in 3,700 villages, reaching out to 7 million people annually through the Aditya Birla
Centre for Community Initiatives and Rural Development. It runs 45 schools and 18 hospitals
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3) PRODUCTION/OPERATIONS:
PRODUCTS/SERVICES OFFERED:
SERVICES:
Birla Sun Life offers extensive and thoughtfully devised financial services to its large base of
customers across the globe to help them manage their finance in the most effective way. We can
benefit a lot from its wide array of financial services in the areas of wealth management, mutual
funds and insurance plans.
The mutual fund products and services are provided by investment managers of the Birla Sun
Life Asset Management Company Ltd. (BSLAMC). The company has been formed by the joint
efforts of Aditya Birla group and the sun life financial services Inc. of Canada.
The wealth management services are exclusively handled by the Birla Sun Life Distribution
Company Limited (BSDL). This is the subsidiary company of Aditya Birla Nuvo Ltd.
The life insurance business is taken care of by the Birla Sun Life Insurance Company Limited
(BSLI). The tie-up between Aditya Birla Group and Canada-based Sun Life Financial Inc
resulted in the existence of this one of the topnotch insurance companies in India.
PRODUCTS:
• Direct Equity
• Mutual Funds
• Structured Products
• Portfolio Management System (PMS)
• Alternate Asset Products
• Loan Against Securities and Mutual Funds
• Real Estate
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• Life Insurance
• Gold
SERVICES BY BIRLA SUN LIFE MUTUAL FUND:
1. Highly proactive services

2. Online Portfolio Access
3. Regular Portfolio Reviews
4. Financial planning
5. Research
PRODUCTS OF BIRLA SUN LIFE MUTUAL FUND:
Equity Schemes
o Diversified Fund
o Theme Based Fund
o Sectoral Fund
Debt Schemes
o Interval Income Funds

o Fixed Maturity Plan
o Fixed Term Funds
o Short Term Fund
o Long Term Fund
o Floating Fund
o Gilt Fund
13
o Cash Fund
Hybrid Schemes
o Capital Protection Fund

o Balanced Fund
o Fund of Funds
o MIP
Products offered:
Scheme Subscription Redemption

Scheme Name NAV Date NAV (Rs.)
Code Price Price
Birla Sun Life Small And Midcap Fund
295D 24/06/2012 11.57920 11.5792 11.4634
– Dividend
Birla Sun Life International Equity Fund
298D 24/06/2012 9.28650 9.2865 9.1936
- Plan B – Dividend
Birla Sun life Pure Value Fund –
296D 24/06/2012 15.50490 15.5049 15.3499
Dividend
Bsl Commodity Equities Fund-global
202RD 24/06/2012 12.89140 12.8914 12.5047
Precious Metals Plan-retail-dividend
202RG 24/06/2012 12.89140 12.8914 12.5047
Precious Metals Plan-retail-growth
Birla Sun Life Small And Midcap Fund
295G 24/06/2012 11.57920 11.5792 11.4634
– Growth
231G Birla Sun Lifetax Plan – Growth 24/06/2012 13.40000 13.4 13.4
Birla Sun Life India Reforms Fund-
935G 24/06/2012 9.74000 9.74 9.64
growth
02 Bsl Tax Relief 96 – Dividend 24/06/2012 75.32000 75.32 75.32
203RD Bsl Commodity Equities Fund-global 24/06/2012 15.71320 15.7132 15.2418
14
Agri Plan-retail-dividend
203RG 24/06/2012 15.71320 15.7132 15.2418
Agri Plan-retail-growth
Birla Sun Life International Equity
297G 24/06/2012 9.63850 9.6385 9.6385
Fund-plan A –growth
Birla Sun Life India Reforms Fund-
935D 24/06/2012 9.74000 9.74 9.64
dividend
02G Birla Sun Lifetaxrelief 96 - Growth 24/06/2012 10.68000 10.68 10.68
Birla Sun Life Special Situations Fund –
299G 24/06/2012 9.34310 9.3431 9.2497
Growth
Birla Sun Life Special Situations Fund
299G 24/06/2012 9.34310 9.3431 9.2497
– Growth
Birla Sun Life Special Situations Fund
299D 24/06/2012 9.34310 9.3431 9.2497
– Dividend
Birla Sun life Pure Value Fund –
296G 24/06/2012 16.54790 16.5479 16.3824
Growth
204RG 24/06/2012 13.24970 13.2497 12.8522
Multi Commodity Plan-retail-growth
204RD 24/06/2012 13.24970 13.2497 12.8522
Multi Commodity Plan-retail-dividend
298G 24/06/2012 9.28650 9.2865 9.1936
Fund -plan B-growth
297D 24/06/2012 9.63850 9.6385 9.6385
Fund-plan A –dividend
Birla Sun Life Advantage Fund –
201D 24/06/2012 76.64000 76.64 76.26
Dividend
Birla Sun Life Advantage Fund –
201G 24/06/2012 149.79000 149.79 149.04
Growth
Birla Sun Life Dividend Yield Plus –
261D 24/06/2012 13.08000 13.08 12.95
Dividend
15
Birla Sun Life Dividend Yield Plus –
261G 24/06/2012 83.96000 83.96 83.12
Growth
Birla Sun Life Midcap Fund -plan A-
251D 24/06/2012 21.19000 21.19 20.98
Dividend
Birla Sun Life Midcap Fund -plan A –
251G 24/06/2012 104.50000 104.5 103.46
Growth
Birla Sun Life India Generation Next
291D 24/06/2012 14.04000 14.04 13.9
Fund – Dividend
Birla Sun Life India Generation Next
291G 24/06/2012 24.89000 24.89 24.64
Fund – Growth
Birla Sun Life Top 100 Fund –
292D 24/06/2012 13.83230 13.8323 13.7631
Dividend
292G Birla Sun Life Top 100 Fund - Growth 24/06/2012 22.45730 22.4573 22.345
Birla Sun Life Infrastructure Fund -
293D 24/06/2012 10.68000 10.68 10.57
Plan A –dividend
Birla Sun Life Infrastructure Fund -
293G 24/06/2012 15.51000 15.51 15.35
Plan A-growth
221D Birla Sun Life Mnc – Dividend 24/06/2012 79.41000 79.41 78.62
221G Birla Sun Life Mnc – Growth 24/06/2012 210.86000 210.86 208.75
Birla Sun Life India Opportunities
211D 24/06/2012 16.04000 16.04 15.96
Fund – Dividend
Birla Sun Life India Opportunities
211G 24/06/2012 50.73000 50.73 50
Fund – Growth
241D Birla Sun Life Index Fund - Dividend 24/06/2012 20.86770 20.8677 20.7634
241G Birla Sun Life Index Fund - Growth 24/06/2012 53.98360 53.9836 53.7137
231D Birla Sun Life Tax Plan - Dividend 24/06/2012 44.16000 44.16 44.16
Birla Sun Life Freedom Fund –
281D 24/06/2012 15.13000 15.13 14.98
Dividend
Birla Sun Life Freedom Fund –
281G 24/06/2012 32.14000 32.14 31.82
Growth
16
271D Birla Tax plan 98 31/03/2010 207.78000 0 207.78
A Birla Sun Life 95 Fund - Dividend 24/06/2012 105.53000 105.53 104.47
AG Birla Sun Life 95 Fund – Growth 24/06/2012 308.73000 308.73 305.64
Birla Sun Life Basic Industries Fund –
21 24/06/2012 24.91000 24.91 24.66
Dividend
Birla Sun Life Basic Industries Fund -
23 29/06/2011 10.86000 10.86 10.75
Dividend Trigger
Birla Sun Life Basic Industries Fund –
22 24/06/2012 94.45000 94.45 93.51
Growth
Birla Sun Life Buy India Fund –
11 24/06/2012 21.55000 21.55 21.44
Dividend
Birla Sun Life Buy India Fund –
12 24/06/2012 40.84000 40.84 40.64
Growth
Birla Sun Life Equity Fund - Growth 24/06/2012 246.81000 246.81 244.34
Birla Sun Life Enhanced Arbitrage Fund

205RD 24/06/2012 10.78910 10.7891 10.7082
-retail Plan –dividend
205ID 16/08/2011 10.16280 10.1628 10.0866
-institutional Plan –dividend
205RG 24/06/2012 11.04800 11.048 10.9651
-retail Plan –growth
52 Birla Sun Life Equity Fund - Dividend 24/06/2012 62.17000 62.17 61.55
Birla Sun Life Frontline Equity Fund -
91 24/06/2012 20.68000 20.68 20.47
Plan A – Dividend
92 24/06/2012 86.03000 86.03 85.17
Plan A – Growth
Birla Sun Life New Millennium Fund –
15 24/06/2012 12.38000 12.38 12.26
Dividend
17
Birla Sun Life New Millennium Fund –
16 24/06/2012 18.96000 18.96 18.77
Growth
Birla Sun Life Long Term Advantage
294D 24/06/2012 12.72000 12.72 12.72
Fund – Dividend
Birla Sun Life Long Term Advantage
294G 24/06/2012 13.77000 13.77 13.77
Fund – Growth
Birla Sun Life Top 100 Fund - Dividend
292RD 24/06/2012 13.83230 13.8323 13.7631
Reinvest
251HD Bsl Midcap Fund - Plan - B - Dividend 11/02/2012 12.51000 12.51 12.38
Birla Sun Life Freedom Fund - Dividend
281RD 24/06/2012 15.13000 15.13 14.98
Reinvest
Bsl Special Situations Fund - Dividend
299RD 24/06/2012 9.34310 9.3431 9.2497
Reinvest
Bsl Frontline Equity Fund - Plan B –
91D 11/02/2012 12.50000 12.5 12.38
Dividend
Birla Sun Life Infrastructure Fund -plan
293RD 24/06/2012 10.68000 10.68 10.57
A - Dividend Reinvest
21D 24/06/2012 24.91000 24.91 24.66
Dividend Reinvest
Bsl Cef - Global Precious Metals Plan-
202DD 24/06/2012 12.89140 12.8914 12.5047
retail Dividend Reinvest
Bsl Cef - Global Multi Commodity Plan-
204DD 24/06/2012 13.24970 13.2497 12.8522
Birla Sun Life '95 Fund - Dividend
AD 24/06/2012 105.53000 105.53 104.47
Reinvest
935DR Bsl India Reforms Fund -div Reinvest 24/06/2012 9.74000 9.74 9.64
Birla Sun Life Equity Fund - Dividend
52D 24/06/2012 62.17000 62.17 61.55
Reinvest
Birla Sun Life Infrastructure Fund-plan
293F 11/02/2012 10.97000 10.97 10.86
B-dividend
18
Tax Relief '96 Fund-less - Dividend
02D 24/06/2012 75.32000 75.32 75.32
Reinvest
Birla Sun Life Buy India Fund - Dividend
11D 24/06/2012 21.55000 21.55 21.55
Reinvest
Birla Sun Life Mnc Fund - Dividend
221RD 24/06/2012 79.41000 79.41 78.62
Reinvest
Bsl Cef - Global Agri Plan-retail
203DD 24/06/2012 15.71320 15.7132 15.2418
Dividend Reinvest
Birla Sun Life Frontline Equity Fund
91BD 11/02/2012 12.50000 12.5 12.38
-plan B- Dividend Reinvest
Birla Sun Life Midcap Fund -plan B-
251DD 11/02/2012 12.51000 12.51 12.38
Dividend Reinvest
Birla Sun Life Infrastructure Fund-plan
293E 11/02/2012 11.43000 11.43 11.32
B-growth
Bsl International Equity-plan-a -dividend
297RD 24/06/2012 9.63850 9.6385 9.6385
Reinvest
205DD 24/06/2012 10.78910 10.7891 10.7082
- Retail - Dividend Reinvest
Bsl Frontline Equity Fund - Plan B –
91G 11/02/2012 12.50000 12.5 12.38
Growth
Bsl Cef - Global Precious Metals Plan-
202DD 24/06/2012 12.89140 12.8914 12.5047
21D 24/06/2012 24.91000 24.91 24.66
Dividend Reinvest
Birla Sun Life Infrastructure Fund -plan
293RD 24/06/2012 10.68000 10.68 10.57
A - Dividend Reinvest
91D 11/02/2012 12.50000 12.5 12.38
Plan B – Dividend
Birla Sun Life Special Situations Fund -
299RD 24/06/2012 9.34310 9.3431 9.2497
Dividend Reinvest
19
Birla Sun Life Freedom Fund - Dividend
281RD 24/06/2012 15.13000 15.13 14.98
Reinvest
Birla Sun Life Midcap Fund - Plan - B -
251HD 11/02/2012 12.51000 12.51 12.38
Dividend
Birla Sun Life Frontline Equity Fund
91DD 24/06/2012 20.68000 20.68 20.47
-plan A- Dividend Reinvest
Birla Sun Life India Gen next Fund -
291RD 24/06/2012 14.04000 14.04 13.9
Dividend Reinvest
Birla Sun Life New Millennium Fund -
15D 24/06/2012 12.38000 12.38 12.26
Dividend Reinvest
251HG Bsl Midcap Fund - Plan B - Growth 11/02/2012 12.51000 12.51 12.38
Bsl International Equity Fund -plan-b -
298RD 24/06/2012 9.28650 9.2865 9.1936
Dividend Reinvest
OFFSHORE
Scheme NAV Subscription Redemption

Scheme Name NAV Date
Code (US$) Price Price
210.7700
IAF India Advantage (offshore) Fund 22/06/2012 210.77 210.77
0
DEBT
20
Code (Rs.) Price Price
Birla Sun Life Capital Protection Oriented
352G 24/06/2012 12.52950 12.5295 12.5295
Fund (5 Year)-growth
Birla Sun Life Income Fund Discipline
31AP 24/06/2012 11.22990 11.2299 11.1738
Advantage Plan
Birla Sun Life Fixed Term Retail Af
913RD 27/08/2012 10.00000 10 9.7
Dividend
Birla Sun life Savings Fund-institutional
332DD 24/06/2012 10.00680 10.0068 10.0068
Plan-daily Dividend
Bsl Capital Protection Oriented Fund
353G 24/06/2012 10.56960 10.5696 10.5696
Series 1 – Growth
Birla Sun Life Medium Term Plan - Retail
303G 24/06/2012 11.56920 11.5692 11.5403
– Growth
351D 03/08/2012 10.00000 10 10
Fund (3 Year)-dividend
352D 24/06/2012 12.52950 12.5295 12.5295
Fund (5 Year)-dividend
332MD 11/02/2012 10.30990 10.3099 10.3099
Plan -monthly Dividend
Birla Sun Life Govt.securities Short Term
75ID 24/06/2012 10.00000 10 10
Instl-dividend
Birla Sun Life Short Term Fund -
83FD 24/06/2012 10.38280 10.3828 10.3568
Fortnightly-dividend
912IG Bsl Ftp Institutional Series Ba - Growth 13/08/2010 11.12010 11.1201 10.8977
Birla Sun Life Short Term Opportunities
341ID 24/06/2012 10.35650 10.3565 10.3306
Fund Instl Dividend Plan
303QD 11/02/2012 10.19910 10.1991 10.1736
- Quarterly Dividend
21
911IG Bsl Ftp Instl Series Az – Growth 28/07/2010 11.12150 0 10.8991
Birla Sun life Savings Fund-retail- Weekly
331WD 24/06/2012 10.01760 10.0176 10.0176
Dividend
Birla Sun Life Medium Term Plan -
304QD 11/02/2012 10.21730 10.2173 10.1918
Institutional - Quarterly Dividend
341IG 24/06/2012 11.45330 11.4533 11.4247
Institutional Growth
303MD 24/06/2012 10.29220 10.2922 10.2665
- Monthly Dividend
Birla Sun Life Equity Linked Fmp-series
760RG 22/06/2012 12.34180 12.3418 12.095
A-retail-growth
Birla Sun Life Short Term Fund Instl Daily
85DD 24/06/2012 10.00550 10.0055 9.9805
Dividend
Birla Sun life Floating Rate Fund-long
512DD 11/02/2012 10.00500 10.005 9.98
Term Plan-daily Dividend
Birla Sun Life Fixed Term Instl Af
913ID 27/08/2011 10.00000 10 9.7
Dividend
912RD Bsl Ftp Retail Series Ba - Dividend 13/08/2010 10.00000 10 9.8
Birla Sun Life Medium Term Plan
304WD 24/06/2012 10.04310 10.0431 10.018
-institutional - Weekly Dividend

304QD 11/02/2012 10.21730 10.2173 10.1918
Institutional - Quarterly Dividend
75IDD 06/11/2010 10.00000 10 10
Instl-daily Dividend
Birla Sun Life Income Plus Discipline
301AP 24/06/2012 11.22390 11.2239 11.1958
Advantage Plan
911ID Bsl Ftp Instl Series Az – Dividend 28/07/2010 10.00000 0 9.8
912ID Bsl Ftp Institutional Series Ba - Dividend 13/08/2010 10.00000 10 9.8
303MD Birla Sun Life Medium Term Plan - Retail - 24/06/2012 10.29220 10.2922 10.2665
22
Monthly Dividend
760RG 22/06/2012 12.34180 12.3418 12.095
A-retail-growth
Birla Sun Life Short Term Fund Instl Daily
85DD 24/06/2012 10.00550 10.0055 9.9805
Dividend
Birla Sun life Savings Fund-retail -monthly
331MD 11/02/2012 10.28480 10.2848 10.2848
Dividend
75IWD 28/08/2010 10.00000 10 10
Instl-weekly Dividend
914RG Birla Sun Life Ftp-retail-series Bb-growth 08/09/2010 11.11150 11.1115 10.8893
911RD Ftp Retail Series Az – Dividend 28/07/2010 10.00000 0 9.8
304G 24/06/2012 11.22780 11.2278 11.1997
Institutional – Growth
914IG Birla Sun Life Ftp-instl-series Bb-growth 08/09/2010 11.15880 11.1588 10.9356
332WD 24/06/2012 10.01860 10.0186 10.0186
Plan-weekly Dividend
Birla Sun life Floating Rate Fund-long
512DD 11/02/2012 10.00500 10.005 9.98
Term Plan-daily Dividend
Birla Sun Life Fixed Term Instl Af
913ID 27/08/2011 10.00000 10 9.7
Dividend
912RD Bsl Ftp Retail Series Ba - Dividend 13/08/2010 10.00000 10 9.8
Birla Sun Life Medium Term Plan
304WD 24/06/2012 10.04310 10.0431 10.018
-institutional - Weekly Dividend
Birla Sun Life Savings Fund-retail Daily
331DD 24/06/2012 10.00680 10.0068 10.0068
Dividend
Birla Sun Life Dynamic Bond Fund - Retail
321MD 24/06/2012 10.58530 10.5853 10.5324
Plan Monthly Dividend
761ID 04/09/2009 0 0 0
B-instl-dividend
304FD Birla Sun Life Medium Term Plan - 24/06/2012 10.22900 10.229 10.2034
23
Institutional - Fortnightly Dividend
Birla Sun Life Govt Securities Short Term
75DD 24/06/2012 10.00310 10.0031 10.0031
Retail Daily Dividend
913IG Birla Sun Life Fixed Term Instl Af Growth 27/08/2011 12.33150 12.3315 11.9616
304MD 24/06/2012 10.24890 10.2489 10.2233
Institutional - Monthly Dividend
914RG Birla Sun Life Ftp-retail-series Bb-growth 08/09/2010 11.11150 11.1115 10.8893
Birla Sun Life Short Term Fund -retail Plan
83DD 24/06/2010 10.00550 10.0055 9.9805
-daily Dividend
351G 03/08/2012 11.70580 11.7058 11.7058
Fund (3 Year)-growth
911RG Bsl Ftp Retail Series Az-growth 28/07/2010 11.06350 0 10.8422
Birla Sun Life Income Plus - Quarterly
301QD 24/06/2012 11.92600 11.926 11.8962
Dividend
301G Birla Sun Life Income Plus - Growth 24/06/2012 44.50290 44.5029 44.3916
311MD Birla Sun Life Mip – Dividend 24/06/2012 11.29460 11.2946 11.2664
311MP Birla Sun Life Mip – Payment 24/06/2012 26.70100 26.701 26.6342
311G Birla Sun Life Mip – Growth 24/06/2012 26.70100 26.701 26.6342
312MD Birla Sun Life Mip Saving 5 - Dividend 24/06/2012 11.26850 11.2685 11.1558
312MP Birla Sun Life Mip Saving 5 - Payment 24/06/2012 17.80750 17.8075 17.6294
312G Birla Sun Life Mip Saving 5 - Growth 24/06/2012 17.80750 17.8075 17.6294
313MD Birla Sun Life Mip Wealth 25 - Dividend 24/06/2012 11.26370 11.2637 11.1511
313MP Birla Sun Life Mip Wealth 25 - Payment 24/06/2012 17.99200 17.992 17.8121
313G Birla Sun Life Mip Wealth 25 - Growth 24/06/2012 17.99200 17.992 17.8121
Birla Sun Life Gilt Plus - Liquid -
401QD 24/06/2012 10.42090 10.4209 10.4209
Quarterly Dividend
Birla Sun Life Gilt Plus - Liquid - Annual
401AD 24/06/2012 10.29820 10.2982 10.2982
Dividend
401G Birla Sun Life Gilt Plus - Liquid - Growth 24/06/2012 22.74780 22.7478 22.7478
403QD Birla Sun Life Gilt Plus - Pf Plan - 24/06/2012 10.27550 10.2755 10.2755
24
Quarterly Dividend
Birla Sun Life Gilt Plus - Pf Plan - Annual
403AD 11/02/2012 18.48120 18.4812 18.4812
Dividend
402AG Birla Sun Life Gilt Plus - Pf Plan - Growth 24/06/2012 25.27430 25.2743 25.0216
Birla Sun Life Gilt Plus - Regular Plan
404QD 24/06/2012 12.11710 12.1171 12.1171
-quarterly Dividend
Birla Sun Life Gilt Plus - Regular Plan -
404AD 11/02/2012 23.75520 23.7552 23.7552
Annual Dividend
Birla Sun Life Gilt Plus - Regular Plan –
404G 24/06/2012 32.34760 32.3476 32.3476
Growth
Birla Sun Life Floating Rate Fund - Long
512MD 11/02/2012 10.58760 10.5876 10.5611
Term Plan – Dividend
Birla Sun Life Floating Rate Fund - Long
512G 24/06/2012 17.17220 17.1722 17.1293
Term Plan – Growth
Birla Sun life Savings Fund-retail
331FD 11/02/2012 11.33760 11.3376 11.3376
Dividend- Fortnightly
331G Birla Sun Life Savings Fund-retail Growth 24/06/2012 18.55260 18.5526 18.5526
Birla Sun Life Savings Fund - Institutional
332FD 11/02/2012 10.90920 10.9092 10.9092
Dividend
Birla Sun Life Savings Fund - Institutional
332G 24/06/2012 19.04100 19.041 19.041
Growth
321QD 24/06/2012 11.48620 11.4862 11.4288
Quarterly Dividend
321G 24/06/2012 16.67870 16.6787 16.5953
Growth
341QD 24/06/2012 10.51060 10.5106 10.4843
-quarterly Dividend
Birla Sun Life Short Term Opportunities-
341G 24/06/2012 15.64310 15.6431 15.604
growth
402IG Birla Sun Life Gilt Plus - Pf Plan - Growth- 24/06/2012 25.27430 25.2743 25.0216
25
Instand-gain
Birla Sun Life Govt. Securities Long Term
77 24/06/2012 11.36880 11.3688 11.3688
Dividend
78 24/06/2012 28.70160 28.7016 28.7016
Growth
Birla Sun Life Govt Securities Short Term
75 11/02/2012 10.20170 10.2017 10.2017
Retail Dividend
Birla Sun Life Govt. Securities Short Term
76 24/06/2012 19.36990 19.3699 19.3699
Retail Growth
Birla Sun Life Income Fund - Half Yearly
31 11/02/2012 11.75350 11.7535 11.6947
Dividend
32 Birla Sun Life Income Fund - Growth 24/06/2012 36.57580 36.5758 36.3929
Birla Sun Life Income Fund - 54ea
33 11/02/2012 10.64570 10.6457 10.5925
Dividend
34 Birla Sun Life Income Fund - 54ea Growth 11/02/2012 35.29860 35.2986 35.1221
Birla Sun Life Income Fund - 54eb
35 11/02/2012 15.57080 15.5708 15.4929
Dividend
36 Birla Sun Life Income Fund - 54eb Growth 11/02/2012 35.07630 35.0763 34.9009
Birla Sun Life Income Fund - Quarterly
37 24/06/2012 11.33700 11.337 11.2803
Dividend
Birla Sun Life Monthly Income - Monthly
61 24/06/2012 11.28770 11.2877 11.1748
Dividend
Birla Sun Life Monthly Income - Quarterly
62 24/06/2012 11.91260 11.9126 11.7935
Dividend
63 Birla Sun Life Monthly Income - Growth 24/06/2012 36.97670 36.9767 36.6069
Birla Sun Life Short Term Fund - Monthly
83 11/02/2012 10.80680 10.8068 10.7798
Dividend
Birla Sun Life Ultra Short Term Fund –
84 24/06/2012 18.05750 18.0575 18.0124
Growth
512WD Birla Floating Rate Fund-long Term Plan- 24/06/2012 10.00780 10.0078 9.9828
26
weekly Dividend
Birla Sun Life Income Fund - Half Yearly
31D 11/02/2012 11.75350 11.7535 11.6947
Dividend Reinvest
Birla Sun Life Short Term Fmp - Series 6
953G 28/04/2012 10.22920 10.2292 10.2292
Growth
Birla Sun Life Gilt Plus - Pf- Annual
403A 11/02/2012 18.48120 18.4812 18.4812
Dividend Reinvest
Birla Sun Life Fixed Term Plan Series Cq
957G 24/06/2012 10.34300 10.343 10.343
Growth
Birla Sun Life Savings Fund-retail-monthly
331M 11/02/2012 10.28480 10.2848 10.2848
Dividend Reinvest
953D 28/04/2012 10.00000 10 10
Dividend
934G Bsl Fixed Term Plan Series Cd - Growth 05/04/2012 10.66630 10.6663 10.6663
Birla Sun Life Fixed Term Plan - Series
950G 24/06/2012 10.38690 10.3869 10.3869
Cm Growth
Birla Sun Life Short Term Fmp Series 11
966G 08/06/2012 10.24710 10.2471 10.2471
Growth
Birla Sun Life Fixed Term Plan Series Cv
968G 24/06/2012 10.26250 10.2625 10.2625
Growth
969G 24/06/2012 10.27240 10.2724 10.2724
Growth
982G 24/06/2012 10.03940 10.0394 10.0394
Growth
Birla Sun Life Fixed Term Plan Series Cw
970D 24/06/2012 10.26430 10.2643 10.2643
Dividend
Birla Sun Life Gilt Plus - Pf- Quarterly
403Q 24/06/2012 10.27550 10.2755 10.2755
Dividend Reinvest
Bsl Gilt Plus-liquid-quarterly Dividend
401Q 24/06/2012 10.42090 10.4209 10.4209
Reinvestment
27
Birla Sun Life Fixed Term Plan - Series Cn
952D 24/06/2012 10.36390 10.3639 10.3639
Dividend
984G Bsl Short Term Fmp Series 18 Growth 24/06/2012 10.00430 10.0043 10.0043
341WD 24/06/2012 10.01110 10.0111 9.9861
Fund-retail-weekly Dividend
966D 08/06/2012 10.00000 10 10
Dividend
Birla Sun Life Income Fund - 54ea
33D 11/02/2012 10.64570 10.6457 10.5925
Dividend Reinvest
Birla Sun Life Fixed Term Plan - Series Cn
952G 24/06/2012 10.36390 10.3639 10.3639
Growth
936D Bsl Fixed Term Plan Series Ce - Dividend 24/06/2012 10.55100 10.551 10.551
24/06/2012
512ID Bsl Floating Rate- Lt- Instl – Dd 10.00000 10 9.975
Birla Sun Life Gilt Plus - Regular -

404Q 24/06/2012 12.11710 12.1171 12.1171
Quarterly Dividend Reinvest
982D 24/06/2012 10.03940 10.0394 10.0394
Dividend
Birla Sun Life Gilt Plus - Liquid - Annual
401A 24/06/2012 10.29820 10.2982 10.2982
Dividend Reinvest
Bsl Medium Term Plan - Retail - Quarterly
303Q 11/02/2012 10.19910 10.1991 10.1736
Dividend Reinvest
Birla Sun Life Fixed Term Plan Series Cx
971D 24/06/2012 10.22630 10.2263 10.2263
Dividend
967D 15/06/2012 10.00000 10 10
Dividend
Birla Sun Life Mip Ii - Savings 5 Plan -
312M 24/06/2012 11.26850 11.2685 11.1558
Monthly Dividend Reinvest
983D Bsl Short Term Fmp Series 17 Dividend 24/06/2012 10.03510 10.0351 10.0351
602DD Birla Sun Life Asset Allocation Fund - 24/06/2012 28.11260 28.1126 28.1126
28
Moderate Plan - Dividend Reinvest
Bsl Capital Protection Oriented Fund Series
963G 24/06/2012 10.10620 10.1062 10.1062
5 – Growth
Birla Sun Life Fixed Term Plan Series Co
954G 24/06/2012 10.36960 10.3696 10.3696
Growth
968G 24/06/2012 10.26250 10.2625 10.2625
Growth
969G 24/06/2012 10.27240 10.2724 10.2724
Growth
Bsl Capital Protection Oriented Fund -
948G 24/06/2012 10.56720 10.5672 10.5672
Series 3-growth
951G 21/04/2012 10.22710 10.2271 10.2271
Growth
Birla Sun Life Asset Allocation Fund -
601DD 24/06/2012 33.65690 33.6569 33.6569
Aggressive Plan - Dividend Reinvest
951D 21/04/2012 10.00000 10 10
Dividend
75D 11/02/2012 10.20170 10.2017 10.2017
Birla Sun Life Fixed Term Plan Series Ct
964G 24/06/2012 10.30640 10.3064 10.3064
Growth
Birla Sun Life Fixed Term Plan Series Co
954D 24/06/2012 10.12520 10.1252 10.1252
Dividend
Birla Sun Life Floating Rate Fund - Retail -
512M 11/02/2012 10.58760 10.5876 10.5611
Long Term - Monthly Dividend Reinvest
932G Bsl Fixed Term Plan-series C B-growth 24/06/2012 10.97250 10.9725 10.9725
Birla Sun Life Fixed Term Plan Series Cq –
957D 24/06/2012 10.34300 10.343 10.343
Dividend
61D 24/06/2012 11.28770 11.2877 11.1748
Dividend Reinvest
29
61D 24/06/2012 11.28770 11.2877 11.1748
Dividend Reinvest
Bsl Floating Rate Fund Long Term
512IG 24/06/2012 11.81140 11.8114 11.7819
Institutional Plan Growth
321Q 24/06/2012 11.48620 11.4862 11.4288
- Quarterly Dividend Reinvest
Birla Sun Life Short Term Fmp Series 8 –
958D 19/05/2012 10.00000 10 10
Dividend
Birla Sun Life Fixed Term Plan Series Cp
956G 24/06/2012 10.35500 10.355 10.355
Growth
958G 19/05/2012 10.24550 10.2455 10.2455
Growth
Bsl Dynamic Bond Fund Discipline
321AP 24/06/2012 11.53740 11.5374 11.4797
Advantage Plan Growth
Birla Sun Life Fixed Term Plan Series Ct
964D 24/06/2012 10.30640 10.3064 10.3064
Dividend
967G 15/06/2012 10.24290 10.2429 10.2429
Growth
966D 08/06/2012 10.00000 10 10
Dividend
601DD 24/06/2012 33.65690 33.6569 33.6569
Aggressive Plan - Dividend Reinvest
951D 21/04/2012 10.00000 10 10
Dividend
75D 11/02/2012 10.20170 10.2017 10.2017
948G 24/06/2012 10.56720 10.5672 10.5672
Series 3-growth
951G 21/04/2012 10.22710 10.2271 10.2271
Growth
30
Birla Sun Life Fixed Term Plan Series Cp
956D 24/06/2012 10.35500 10.355 10.355
Dividend
Birla Sun Life Income Fund - Quarterly
37D 24/06/2012 11.33700 11.337 11.2803
Dividend Reinvest
968D 24/06/2012 10.26250 10.2625 10.2625
Dividend
Birla Sun Life Monthly Income - Quarterly
62D 24/06/2012 11.91260 11.9126 11.7935
Dividend Reinvest
603DD 24/06/2012 20.87820 20.8782 20.8782
Conservative Plan - Dividend Reinvest
931G Bsl Fixed Term Plan-series C A-growth 08/06/2012 10.93220 10.9322 10.9322
954G Birla Sun Life Fixed Term Plan Co Grwth 24/06/2012 10.36960 10.3696 10.3696
Birla Sun Life Fixed Term Plan Series Cr
959G 24/06/2012 10.33270 10.3327 10.3327
Growth
Birla Sun Life Fixed Term Plan Series Cw
970G 24/06/2012 10.26430 10.2643 10.2643
Growth
Birla Sun Life Fixed Term Plan Series Cx
971G 24/06/2012 10.22630 10.2263 10.2263
Growth
Birla Sun Life Income Plus - Quarterly
301Q 24/06/2012 11.92600 11.926 11.8962
Dividend Reinvest
Birla Sun Life Fixed Term Plan Series Cu
965G 24/06/2012 10.27230 10.2723 10.2723
Growth
Bsl Capital Protection Oriented Fund Series
354G 24/06/2012 10.14740 10.1474 10.1474
2 – Growth
984D Bsl Short Term Fmp Series 18 Dividend 24/06/2012 10.00430 10.0043 10.0043
Birla Sun Life Short Term Fund - Retail
83D 11/02/2012 10.80680 10.8068 10.7798
Monthly Dividend Reinvest
Birla Sun Life Fixed Term Series Db
977D 24/06/2012 10.10310 10.1031 10.1031
Dividend
969D Birla Sun Life Short Term Fmp Series 13 24/06/2012 10.11520 10.1152 10.1152
31
Dividend
341IW 24/06/2012 10.01110 10.0111 9.9861
Fund-instl-weekly Dividend
Birla Sun Life Fixed Term Plan Series Cs
961G 24/06/2012 10.30220 10.3022 10.3022
Growth
983G Bsl Short Term Fmp Series 17 Growth 24/06/2012 10.03510 10.0351 10.0351
77D 24/06/2012 11.36880 11.3688 11.3688
Dividend Reinvest
934G Bsl Fixed Term Plan Series Cd - Growth 05/04/2012 10.66630 10.6663 10.6663
341Q 24/06/2012 10.51060 10.5106 10.4843
Fund-retail Dividend Reinvest
Birla Sun Life Gilt Plus - Regular - Annual
404A 11/02/2012 23.75520 23.7552 23.7552
Dividend Reinvest
Bsl Medium Term Plan -retail- Fortnightly
303F 24/06/2012 10.22730 10.2273 10.2017
Dividend Reinvest
Birla Sun Life Fixed Term Plan Series Cu
965D 24/06/2012 10.27230 10.2723 10.2723
Dividend
949G 24/06/2012 10.36900 10.369 10.369
Series 4-growth
Birla Sun Life Fixed Term Plan Series Cs
961D 24/06/2012 10.30220 10.3022 10.3022
Dividend
Birla Sun Life Mip - Monthly Dividend
311M 24/06/2012 11.29460 11.2946 11.2664
Reinvest
CASH

Birla Sun Life Floating Rate Fund - Short
513G 26/06/2012 13.27480 13.2748 13.2748
Term - Ip – Growth
32
513DD 26/06/2012 10.00200 10.002 10.002
Term - Ip - Daily Dividend
513FD 11/02/2012 10.00000 10 10
Term - Ip - Fortnightly Dividend
513WD 26/06/2012 10.01260 10.0126 10.0126
Term - Ip - Weekly Dividend
Birla Sun Life Cash Plus - Retail- Daily
501DD 26/06/2012 16.36940 16.3694 16.3694
Dividend
501G Birla Sun Life Cash Plus - Retail Growth 26/06/2012 26.41360 26.4136 26.4136
Birla Sun Life Cash Plus - Institutional Plan
502DD 26/06/2012 10.80230 10.8023 10.8023
- Daily Dividend
502WD 26/06/2012 10.81180 10.8118 10.8118
- Weekly Dividend
502FD 11/02/2012 10.82100 10.821 10.821
- Fortnightly Dividend
502G 26/06/2012 26.91620 26.9162 26.9162
– Growth
Birla Sun Life Cash Plus - Institutional
503DD 26/06/2012 10.01950 10.0195 10.0195
Premium Plan - Daily Dividend
503WD 26/06/2012 10.02720 10.0272 10.0272
Premium Plan - Weekly Dividend
503FD 11/02/2012 10.00000 10 10
Premium Plan - Fortnightly Dividend
503MD 11/02/2012 10.00000 10 10
Premium Plan - Monthly Dividend
503G 26/06/2012 16.01920 16.0192 16.0192
Premium Plan – Growth
Birla Sun Life Cash Plus Sweep Plan –
504DD 07/05/2011 10.11750 10.1175 10.1175
Dividend
511DD Birla Sun Life Floating Rate Fund - Short 26/06/2012 10.00150 10.0015 10.0015
33
Term Plan - Daily Dividend
511G 26/06/2012 16.47310 16.4731 16.4731
Term Plan – Growth
511WD 26/06/2012 10.37970 10.3797 10.3797
Term Plan - Weekly Dividend
Birla Sun Life Cash Manager - Weekly
44 24/06/2012 10.00950 10.0095 10.0095
Dividend
43 Birla Sun Life Cash Manager - Growth 24/06/2012 24.31630 24.3163 24.3163
Birla Sun Life Cash Manager - Institutional
47 24/06/2012 10.00300 10.003 10.003
Daily Dividend
45 24/06/2012 10.00990 10.0099 10.0099
Weekly Dividend
46 24/06/2012 16.76430 16.7643 16.7643
Plan – Growth
Birla Sun Life Fixed Term Series Db
977G 24/06/2012 10.10310 10.1031 10.1031
Growth
FMP

Birla Fixed Term Plan-quarterly Series 18-
854D 13/09/2008 10.00000 0 9.95
dividend
846D Birla Ftp - Quarterly Series 14-dividend 06/08/2008 10.00000 0 9.95
Birla Fixed Term Plan-24 Months-dividend-
851D 10/06/2010 10.00000 0 9.6
retail
846G Birla Ftp-quarterly-series 14-growth 06/08/2008 10.25800 0 10.2067
824D Birla Fixed Term Plan - Series P - Dividend 08/05/2009 11.18670 0 10.7392
Birla Fixed Term Plan-24 Months-growth-
851G 10/06/2010 12.06600 0 11.5834
retail
34
847D Birla Ftp-quarterly Series 15-dividend 16/08/2008 10.00000 0 9.95
853D 06/09/2008 10.00000 0 9.95
dividend
893RG Birla Ftp Retail Series Aj - Growth 28/04/2010 11.11700 0 10.8947
Birla Sun Life Fixed Term Plan-series Ac
872D 10/10/2009 10.00000 0 9.6
Institutional-dividend
Birla Fixed Term Plan-retail-series X
856G 07/07/2009 10.91790 0 10.5904
Growth
847G Birla Ftp -quarterly-series 15-growth 16/08/2008 10.24780 0 10.1966
854G 13/09/2008 10.22120 0 10.1701
growth
906RD Birla Ftp Retail Series Au Dividend 14/05/2010 10.00000 10 9.8
906IG Birla Ftp Instl Series Au Growth 14/05/2010 10.94000 10.94 10.7212
906ID Birla Ftp Instl Series Au Dividend 14/05/2010 10.00000 10 9.8
910IG Birla Ftp Instl Series Ay Growth 03/07/2010 11.02690 0 10.8064
853G 06/09/2010 10.21990 0 10.1688
growth
Birla Sun Life Quarterly Interval Fund-
890G 06/01/2011 11.92750 11.9275 11.8082
series 5- Growth
Birla Sun Life Quarterly Interval Fund-
890D 06/01/2011 10.00000 10 9.9
series 5-dividend
Birla Sun Life Interval Income Fund-retail-
877G 16/11/2010 11.45240 11.4524 11.3951
monthly Plan-series I-growth
Birla Sun Life Fixed Term Plan-instl-series
857G 07/07/2009 10.96060 0 10.6318
X Dividend
Birla Sun Life Fixed Term Plan-instl- Series
857D 07/07/2009 10.00000 0 9.7
X Dividend
906RG Birla Ftp Retail Series Au Growth 14/05/2010 10.92120 10.9212 10.7028
893IG Birla Ftp Instl Series Aj – Growth 28/04/2011 11.15270 0 10.9296
35
AAF

Birla Sun Life Fixed Term Plan -retail-

881G 20/04/2010 11.24210 0 10.7924
series Ae- Growth
Birla Sun Life Fixed Term Plan -instl-series

882D 20/04/2010 10.00000 0 9.6
Ae- Dividend
Birla Sun Life Fixed Term Plan -instl-series

882G 20/04/2010 11.29080 0 10.8392
Ae- Growth
Birla Sun Life Quarterly Interval Fund -

883RG 02/06/2010 11.31200 11.312 11.1989
Series 1-growth
Birla Fixed Term Plan-retail-series Aa-

861G 26/08/2009 10.89870 0 10.4628
growth
Birla Sun Life Fixed Term Plan-instl-series

862G 26/08/2010 10.94290 0 10.5052
Aa-growth
Birla Sun Life Cash Plus-discipline

501AP 26/06/2012 11.05340 11.0534 11.0534
Advantage Fund
Birla Sun Life Short Term Fund-discipline

83AP 24/06/2012 11.21610 11.2161 11.1881
Advantage Fund
862D Birla Sun Life Fixed Term Plan-instl-series 26/08/2009 10.00000 0 9.6
36
Aa-dividend
Birla Sun Life Interval Income Fund-

878G 16/10/2010 11.42830 11.4283 11.3712
institutional-monthly Plan-series I-growth

883RD 02/06/2010 10.00000 10 9.9
Series 1-dividend
Birla Fixed Term Plan-retail-series Aa-

861D 26/08/2009 10.00000 0 9.6
dividend

884RD 27/11/2010 10.00000 10 9.9
Series 2-dividend

884RG 27/11/2010 11.50310 11.5031 11.3881
Series 2 –growth

601D 24/06/2012 33.65690 33.6569 33.6569
Aggressive Plan – Dividend

601G 24/06/2012 33.65690 33.6569 33.6569
Aggressive Plan – Growth

603D 24/06/2012 20.87820 20.8782 20.8782
Conservative Plan – Dividend

603G 24/06/2012 20.87820 20.8782 20.8782
Conservative Plan – Growth

602D 24/06/2012 28.11260 28.1126 28.1126
Moderate Plan – Dividend

602G 24/06/2012 28.11260 28.1126 28.1126
Moderate Plan – Growth
331AP Birla Sun Life Savings Fund - Discipline 24/06/2012 11.10690 11.1069 11.1069
37
Advantage Plan
LAYOUT OF THE FACILITY:
• Mobile Investment facility: Birla Sun Life Mutual Fund (BSLMF) is offering a facility
to its customers for management of their portfolio investments on the move via their
mobile phones. BSLMF has launched a new platform called “Mobile Investment
Manager” in partnership with MCHEK India Payment Systems Pvt. Ltd (mChek). This
service will be available to existing Birla Sun Life customers and can be used for
accessing portfolio information, making additional purchases, registering for SIPs and
also for switches and redemptions.
• Online investment facility: Birla Sun life Mutual Fund introduces the online investment
facility. This would help to invest your funds through “Click of a Mouse”. The Step by
Step demo for investing online is available to guide to invest.
38
• Dividend sweep facility: Birla Sun Life Mutual Fund has announced the introduction of
Dividend Sweep Facility. Under the facility, one can opt for switching the dividend
earned under Open ended Debt Schemes into any other Open Ended Equity or Balanced
Scheme of the fund.
• Systematic investment plan facility: SIP allows investors to invest small amounts of
money in schemes of Birla Sun Life Mutual Fund on a regular basis
• Systematic transfer plan facility: STP allows the Investors to invest by transfer of a
fixed amount from any of the following schemes to any open ended scheme of Birla Sun
Life Mutual Fund. Since the amount is fixed per month the investor gets the benefit of
Rupee Cost Averaging.
• Systematic withdrawal plan facility: A Systematic Withdrawal Plan (SWP) is a

financial plan that allows an investor to withdraw money from an existing mutual fund
portfolio at predetermined intervals
• Electronic clearance system facility: Our Electronic Clearance System (ECS) is one of
our many initiatives of making financial planning a simple and hassle-free undertaking
for you.
QUALITY CONTROL:
BSLAMC follows a long term approach to investment, which is based on identifying companies
that have good credit-worthiness & are fundamentally strong. It places emphasis on quality of
management & risk control. This is done through extensive analysis that includes factory visits
& field research. It has one of the largest team of research analysis in the industry.
PRESENT AND FUTURE OF THE COMPANY:
1) Birla sun life asset management company ltd joint venture with Aditya Birla group
currently they are in 6th position in a financial industry in India.
39
2) Birla Sun Life Mutual Fund follows a conservative long-term approach to investment.
Recently it crossed AUM of Rs. 10,000 cores.100% growths in the last 6 years.
3) Numbers of foreign AMC’s are in the queue to enter the Indian markets like Fidelity
Investments, US based, with over US$1trillionassets under management worldwide.
4) Our saving rate is over 23%, highest in the world. Only canalizing these savings in
mutual funds sector is required.
5) In future they want to introduce more number of open ended and close ended Schemes to
become competitive in the market and to increase there market Share.
6) December 2007, Indian mutual fund industry reached Rs 1, 50,537
7) It is estimated that by 2010 March-end, the total assets of all Scheduled commercial
banks should be Rs 40, 90,000 cores.
8) The annual composite rate of growth is expected 13.4% during the Rest of the decade.
9) In the last 5 years we have seen annual growth rate of 9%.
10) According to the current growth rate, by year 2010, mutual fund Assets will be
double.10. End of 2007- Mutual fund industry had assets under management of
Rs.1, 50,537 cores.
4) MARKETING
AREA OF OPERATION:
BSLAMC is working in mutual funds means their main area of operation is mutual fund.
A mutual fund is professionally managed type of collective investment scheme that pools money
from many investors typically in investment securities.
MAJOR COMPETITORS:
1. Reliance mutual fund
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2. ICICI mutual fund
3. UTI mutual fund
4. HDFC mutual fund
MARKET SHARE:
Birla sun life asset Management Company having 10.33% market
Share.
Market share of asset management companies
OUTLETS IN COUNTRY: Today BSLAMC is present in 152 locations, including 32

branches. They have branches in major cities like Mumbai, Nagpur, Calcutta, etc.
COMPANY STRATEGY:
1. Pricing strategy:-In the mutual fund pricing strategy is very simple & easy to understand. In
the case of mutual fund there are two funds are available open ended & close ended. The cost
of this two type of fund is fixed open ended –Rs.5000 & close ended fund –Rs.3000. in the
case of BSLAMC they have fixed Pricing strategies. They provide installment facility also.
2. Marketing strategy:-BSLAMC is one of the reputed companies in asset management only

because of there marketing strategy they reached at this level. There marketing strategy is
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very simple o understand. BSLAMC is joint venture with ADITY BIRLA GROUP. They
used this tie up links for there marketing strategy.
3. Promotion strategy;- They give there advertisements on T.V. ,hording

&banner. They use their links for this purpose.
STRENGTHS OF THE ORGANISATION:
Excellent is next to nothing……and here at Birla everybody tries their best to offer excellent
services through its offerings maintaining the Birla culture which includes:
a) Controlled and low cost service culture: Birla is there to serve its client at the
minimum possible cost. It controls its cost by various cost cutting techniques and
maximization of avoidable cost.
b) Large volume processing capability: Being the largest financial service provider in the
country, it has the unique distinction of operating its activities on a large scale which
benefits all the parties cordially.
c) Adherence to strict time schedule: Birla knows that time is money and tries it best to
finish the task with in the stipulated time schedule.
d) Expertise in coordinating multi-location responses: Birla has got a wide network and
hence one can find its branches at most of the places in India. Thus it enjoys its presence
everywhere and coordinates among itself in solving the queries and in responding to any
situation.
e) Expertise in managing independent entities such as banks, post- office etc: The
work culture of Birla and the ethics followed inside Birla makes its workforce
compatible with everybody.
f) Pooling of group resources: Birla group consist of eight subsidiaries, so it can easily
pool up its resources for accomplishment of its goals, whenever needed. The groups can
help each other whenever there are peaks and lows, and even in the case when they have
huge targets just we saw a few year back, Tata group pooling its resources to acquire
corus.
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OTHERS:
KEY PERSONNELS:
SENIOR MANANGEMNET:
Mr. A Bal Subramanian, Chief Executive Officer – BSLAMC, Mr. Navin Tewari, Head-Sales
and Customer Engagement – BSLAMC, Mr. Sarb Preet Singh, Head Institutional Sales –
BSLAMC, Mr. Ashok Suvarna, COO – BSLAMC, Mr. Manoj Kumar Gandhi, Head Finance and
Strategy – BSLAMC, Ms. Rama Vasantharajan - Head-Compliance & Risk Management –
BSLAMC, Mr. Rajesh Srivastava - Head Human Resources, BSLAMC Mr. Rahul Parikh, Head
Business Development – BSLAMC, Mr. Rahul Parikh, Head Business Development –
BSLAMC, Ms. Molly Kapoor, Head Customer Service – BSLAMC Mr. Bhavdeep Bhatt, Head
Products – BSLAMC Mr. Rajiv Joshi, Head - Legal, Compliance and Secretarial – BSLAMC,
Mr. Thrivikram Iyer, Head Risk Management – BSLAMC Mr. Maneesh Dangi - Head - Fixed
Income, Mr. Mahesh Patil - Head Equity - Domestic Assets Mr. Satyabrata Mohanty - Head -
Mixed Assets, Mr. Ajay Argal - Head Equity – Offshore
BOARD OF DIRECTORS:
Birla Sun Life Trustee Company Pvt Ltd:
Mr. Prafull Anubhai (Independent Director) 72 years / B.Com, B.Sc. (Econ.) from London
School of Economics
Mr. Gurcharan Das (Independent Director) 66 years / Graduated with honors from Harvard
University and later attended Harvard Business School (AMP)
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Dr. V.Arunachalam (Independent Director) 66 years / Graduated with honors from Harvard
University and later attended Harvard Business School (AMP)
Mr. Suresh Talwar (Associate Director) 72 years / B.Com., LL.B., Solicitor & Advocate
Mr. B.N.Puranmalka (Associate Director) 74 years / F.C.A., F.C.S., LL.B
Birla Sun Life Asset Management Company Ltd:
Mr. Kumar Mangalam Birla (Associate Director & Chairman) 43 years / C.A., M.B.A. (London
Business School)
Mr. Ajay Srinivasan (Associate Director) 46 years / B.A. Economics (Hons.), PGDM, IIM
-Ahmedabad
Mr. Ashok Goenka (Independent Director) 79 years / B.A. (Hons), M.B.A.(Wharton School,
University Of Pennsylvania, USA)
Mr. S.S. Raman (Independent Director) 73 years / B.Com (Hons.), C.A., Post Graduate in
Business Management
Mr. Donald Stewart (Associate Director) 63 years / FIA, FCIA
Mr. N.N.Jambusaria (Independent Director 76 years / M. Com, Fellow of the Institute of

Actuaries, London. F.A.S.I. (Fellow of the Actuarial Society of India)
Mr. N.C.Singhal (Independent Director) 73 years / Postgraduate in Economics, Statistics and

Administration.
He has received professional education from institutes like IIM (Ahmedabad, Calcutta), IIT
Kanpur, and ISI Calcutta
Mr. Dikran Ohannessian (Associate Director) 57 yrs / Fellow of the Society of Actuaries and the
Canadian Institute of Actuaries.
Mr. Sandeep Asthana (Associate Director) 43 years / B. Tech from IIT Mumbai, MBA from IIM
Lucknow.
Mr. Ravindra Chandra Bhargava (Independent Director) 76 years / Msc, MA (Dev. Economics)
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Mr. R Vaidyanathan (Independent Director) 58 years / M. Stat, PhD in Finance
Mr. Pankaj Razdan (Associate Director) 42 years / B.Tech (Electronics), B.SC (Electronics)
AWARDS:
ICRA Mutual Fund Awards 2010 - 2011

 BSL Government Security Fund - Long Term won 7 Staraward in the Open ended Gilt
category for its one year performance
 BSL Dynamic Bond Fund - Retail won 5 Star award in the Open ended Debt short term
category for its 3 year performance
 BSL MNC Fund won two 5 star awards for its one year and three year performance
respectively in the Open ended diversified Equity defensive category
 BSL Dividend Yield Plus won 5 star awards for its one year performance in the Open
ended diversified Equity aggresive category and another 5 star award for its three year
performance in the Open ended diversified Equity defensive category.
Outlook Money Awards 2010 - 2011
 Best Debt Fund House
 Best Fund House - Runner's up
MUTUAL FUNDS:
WHAT ARE MUTUAL FUNDS?
A mutual fund is a managed group of owned securities of several corporations. These

corporations receive dividends on the shares that they hold and realize capital gains or losses on
their securities traded. Investors purchase shares in the mutual fund as if it was an individual
security.
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After paying operating costs, the earnings (dividends, capital gains or losses) of the mutual fund
are distributed to the investors, in proportion to the amount of money invested. Investors hope
that a loss on one holding will be made up by a gain on another. Heeding the adage "Don't put all
your eggs in one basket" the holders of mutual fund shares are able collectively to gain the
advantage by diversifying their investments, which might be beyond their financial means
individually.
A mutual fund may be either an open-end or a closed-end fund. An open-end mutual fund does
not have a set number of shares; it may be considered as a fluid capital stock. The number of
shares changes as investors buys or sell their shares. Investors are able to buy and sell their
shares of the company at any time for a market price.
However the open-end market price is influenced greatly by the fund managers. On the other
hand, closed-end mutual fund has a fixed number of shares and the value of the shares fluctuates
with the market. But with close-end funds, the fund manager has less influence because the price
of the underlining owned securities has greater influence.
FOUR PHASES OF MUTUAL FUND INDUSTRY
The mutual fund industry in India started in 1963 with the formation of Unit Trust India, at the
initiative of the Government of India and Reserve Bank. The history of mutual funds in India can
be broadly divided into four distinct phases:
FIRST PHASE – 1964-87: Unit Trust of India (UTI) was established on 1963 by an Act of
Parliament. 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 1987 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 assets under management.
SECOND PHASE – 1987-1993 (ENTRY OF PUBLIC SECTOR FUNDS): 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 Fund
46
was the first non- UTI Mutual Fund established in June 1987 followed by the following. At the
end of 1993, the mutual fund industry had assets under management of Rs.47, 004 crores.
THIRD PHASE-1993-2003(ENTRY OF PRIVATE SECTOR FUNDS): With the entry of

private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the
Indian investors a wider choice of fund families. Also, 1993 was the year in which the first
Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be
registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton)
was the first private sector mutual fund registered in July 1993. As at the end of January 2003,
there were 33 mutual funds with total assets of Rs. 1, 21,805 cores. The Unit Trust of India with
Rs.44, 541 Crores of assets under management was way ahead of other mutual funds.
FOURTH PHASE-SINCE FEBRURARY 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 assets under management of Rs.29, 835 Crores as at
the end of January 2003, representing broadly, the assets 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 Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by
SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund
Regulations.
HISTORY OF MUTUAL FUNDS
History of Mutual Funds has evolved over the years and it is sure to appear as something very
interesting for all the investors of the world. In present world, mutual funds have become a main
form of investment because of its diversified and liquid features. Not only in the developed
world, but in the developing countries also different types of mutual funds are gaining popularity
very fast in a tremendous way. But, there was a time when the concept of Mutual Funds was not
present in the economy.
There is an ambiguity about the fact that when and where the Mutual Fund Concept was
introduced for the first time. According to some historians, the mutual funds were first
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introduced in Netherlands in 1822. But according to some other belief, the idea of Mutual Fund
first came from a Dutch Merchant ling back in 1774.
In 1822, that idea was further developed. In 1822, the concept of Investment Diversification was
properly incorporated in the mutual funds. In fact, the Investment Diversification is the main
attraction of mutual funds as the small investors are also able to allocate their little Funds in a
diversified way to lower Risks.
After 1822 in Netherlands, the Mutual Funds Concept came in Switzerland in 1849 and
thereafter in Scotland in the 1880s. After being popular in Great Britain and France, Mutual fund
concept traveled to U.S.A in the 1890s. In 1920s and 1930s, the Mutual Fund popularity reached
a new high. There was record investment done in mutual funds. But, before 1920s, the mutual
funds were not like the modern day mutual funds.
The modern day mutual funds came into existence in 1924, in Boston. Massachusetts Investors
Trust introduced the Modern Mutual Funds and the funds were available from 1928. At present
this Massachusetts Investors Trust is known as MFS Investment Management Company. After
the glorious year of 1928, Mutual fund ideas expanded to different levels and different
regulations came for well functioning of the funds.
Still today, the funds are evolving and improving in order to offer people much wider choices
and better advantages for fulfillment of their various investment needs and financial objectives.
BRIEF DESCRIPTION OF MUTUAL FUNDS:
Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and
investing in securities in accordance with objective as disclosed in the offer document.
Mutual funds are money-managing institutions set up to professionally invest the money pooled
in from the public. These schemes are managed by Asset Management Companies (AMC),
which are sponsored by different financial institutions or companies.
Each unit of these schemes reflects the share of investor in the respective fund and its
appreciation is judged by the Net Asset Value (NAV) of the scheme. The NAV is directly linked
48
to the bullish and bearish trends of the markets as the pooled money is invested either
inequity shares or in debentures or treasury bills. Indian Mutual Funds unveils this multi-
dimensional avenue, with its intricacies, in a fashionable manner as mutual funds up-hold ample
scope of generating decent returns by some thoughtful investment.
The flow chart below describes broadly the working of a mutual fund:
ORGANISATION OF MUTUAL FUND:
There are many entities involved and the diagram below illustrates the organizational set up of a
mutual fund:
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TYPES OF MUTUAL FUNDS:
Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position, risk
tolerance and return expectations etc. The table below gives an overview into the existing types
of schemes in the Industry.
1. By Structure
a. Open - Ended Schemes
b. Close - Ended Schemes
c. Interval Schemes
2. By Investment Objective
a. Growth Schemes
b. Income Schemes
c. Balanced Schemes
d. Money Market Schemes
3. Other Schemes
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a. Tax Saving Schemes
b. Special Schemes
i. Index Schemes
ii. Sector Specific Schemes
Advantages & Disadvantages of Mutual Fund
The advantages of investing in a Mutual Fund are:
1. Professional Management
2. Diversification
3. Convenient Administration
4. Return Potential
5. Low Costs
6. Liquidity
7. Transparency
8. Flexibility
9. Choice of schemes
10. Tax benefits
11. Well regulated
The disadvantages of investing in a Mutual Fund are:
1. Cost control not in the hands of an investor
2. Mutual Funds Have Hidden Fees
3. Mutual Funds Have High Sales Charges
4. Mutual Funds and Poor Trade Execution
5. All Mutual Funds Have High Capital Gains Distributions.
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6. Mutual Funds Lack Liquidity
INTRODUCTION OF TOPIC:
LIQUID FUND
There are two categories of funds that have caught the imagination of investors these days --
liquid and liquid-plus funds. Though, at present, most of the money in these funds comes from
institutional investors, the retail investor is slowly beginning to realize their benefits. These
funds can prove to be useful for the retail investor to manage their short-term surpluses.
Liquid funds are used primarily as an alternative to short-term fix deposits. Liquid funds invest
with minimal risk (like money market funds). Most funds have a lock-in period of a maximum of
three days to protect against procedural (primarily banking) glitches, and offer redemption
proceeds within 24 hours. The minimum investment size in a liquid fund varies from Rs. 25,000
to Rs 1 lakh.
Liquid funds invest in short-term debt instruments with maturities of less than one year.
Therefore, they invest in money market instruments, short-term corporate deposits and treasury.
The maturity of instruments held is between three and six months. A liquid fund provides good
liquidity, low interest rate risk and the prevailing yield in the market. Liquid funds have the
restriction that they can only have 10 per cent or less mark-to-market component, indicating a
lower interest rate risk.
Liquid funds have an exit load if the investor redeems before the lock-in period. But in most
cases, the lock-in period is quite low - varying from 7 to 10 days. Liquid funds score over short
term fix deposits. Banks give a fixed rate in the range 5%-5.5% p.a. for a term of 15-30 days.
Returns from deposits are taxable depending on the tax bracket of the investor, which
considerably pulls down the actual return. Dividends from liquid funds are tax-free in the hands
of investor, which is why they are more attractive than deposits. The sole disadvantage liquid
funds are that investors cannot take the advantage of higher returns being offered by long-term
instruments.
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In the last one year, liquid funds have returned between 7.7 per cent and 8.85 per cent. Liquid-
plus funds, on the other hand, have slightly higher returns between 8.4 and 11.29 per cent.
Obviously, that makes them a better choice as against money earning a dismal 3-3.5 per cent in
your savings account. Let us look at these two options in detail.
1. LIQUID FUNDS: These funds invest in short-term debt instruments with maturities of less
than one year. A liquid fund would normally provide good liquidity, low interest rate risk and the
prevailing yield in the market. Therefore, they invest in money market instruments, short-term
corporate deposits and treasury. The maturity of instruments held is between three and six
months. Liquid funds have the restriction that they can only have 10 per cent or less mark-to-
market component, indicating a lower interest rate risk.
As far as costs go, they have an exit load, if the investor redeems before the lock-in period. But
these periods are rather low -- in most cases, around 7-10 days. The only disadvantage liquid
funds has is that investors cannot take the advantage of higher returns being offered by long-term
instruments. But the biggest benefit is that though the returns are lower, the risk is nominal,
making it an ideal instrument for parking short-term funds.
2. LIQUID-PLUS FUNDS: These funds were launched to cater to those with a stomach for
slightly higher risk, and as a result higher returns. A typical liquid-plus fund will have similar
investments like a liquid fund, but around 30 per cent of the corpus is invested in instruments
with longer maturity period.
They do not have any restriction on the mark-to-market component (liquid funds can have only
up to 10 per cent) and there is no lock-in period for the liquid-plus funds category. Also, liquid-
plus funds are a hit as they are more tax-efficient. The dividend distribution tax works out to
14.16 per cent as against 28.33 per cent for liquid funds.
As it can been seen, the positioning of these two categories is quite different. That is, they
provide an option between short-term liquid funds and other long-term debt funds. They are,
hence, attractive for those who want a slightly higher return without going all the way with only
higher tenure investment options.
53
Though the performance of these two funds is similar, in a rising interest rate regime, long-term
maturity papers are observed to be riskier and their value reduces. This leads to loss of returns of
liquid-plus funds.
In the recent times, tough market conditions and the fear in investors have hit the assets under
management of both these funds. Especially, corporate investors have been cautious. This has led
to a negative impact of the expense ratio on the returns.
As the tax treatment of liquid-plus funds is better, they would still outperform, considering the
net-of-tax parameter. This is why retail investors can consider this as a more sensible option,
albeit at higher risk, to invest their money in the short term
DIFFERENCE BETWEEN LIQUID FUND AND LIQUID PLUS FUND
• The main difference between pure liquid and liquid plus funds is the tenure of the
securities held.
• The instruments held by liquid plus funds have a longer tenure than liquid funds.
• In terms of tax implications, there is a dividend distribution tax of 28.33% on liquid

funds, whereas 14.16% is levied on liquid plus funds (in case of individual investors).
ADVANTAGES OF LIQUID FUND
• A lucrative means of parking money for the short term and earning reasonable returns is
to invest in liquid funds.
• Liquid funds have no entry and exit loads in most cases.
• Liquidation is easy.
• Investors can liquidate at an NAV (net asset value) which they consider to be lucrative, as
against a normal mutual fund where an NAV just has a notional value.
WHY TO INVEST IN A LIQUID FUND?
54
The main reason for investing in Liquid funds should be Liquidity factor; these funds are most
liquid and least volatile... So if you need to have liquidity in your portfolio, always invest some
money in Liquid funds, any extra money lying in your Saving Account above your 1 month
requirement should be in Liquid fund.
TAX EFFICIENCY:
Dividends from liquid funds are tax-free in the hands of investor, which is why they are more
attractive than deposits. Returns from deposits are taxable depending on the tax bracket of the
investor, which considerably pulls down the actual return (unless of course the interest earned
does not exceed the 80 L limit).
Let's take an example of two investors `A' and `B' who invest in fixed deposit and Liquid fund
respectively. Both are in the highest tax bracket and invest for a tenure of 30 days.`A' makes a
deposit of Rs 500,000 in HDFC Bank at the rate of 5% p.a. for a tenure of 30 days and `B'
invests in `Birla sun life (I) Liquid fund' for the same period and amount.
A's investment
HDFC Bank Amount (Rs)

Investment 500,000
*Return (y) 2,000
Tax paid (30.6%) (z) 612
Actual return (y-z) 1,388
Return on Investment (30 days) 0.28%
(Return is considered @ of 5% p.a. for 30 days)
B's investment
BSL Liquid Fund (Dividend) Amount (Rs)

Investment 500,000
*Return (y) 2,000
Tax paid (30.6%) (z) -
Actual return (y-z) 2,000
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Return on Investment (30 days) 0.40%
(*Return is considered on the dividend declared in last 30 days)
The above example shows that B gains more than A when tax is taken into consideration.
LIQUIDITY:
Deposits marginally score over liquid funds as far as liquidity is concerned. In bank deposits the
investor's bank account is credited as soon as his FDR (fixed deposit receipt) is surrendered to
the bank. However, in case of liquid funds the investor has to give a redemption request to the
fund within the cut off time to receive that days NAV and the Cheque is issued to him on the
next working day. However, some funds give the facility of crediting the investor's bank account
e.g. BSL gives this facility to the HDFC bank account holders.
Factoring in all these factors, liquid funds do emerge as a better option as compared to fixed
deposits. However, while investing money in these funds investors need to carefully evaluate the
fund's performance. There is a possibility that liquid funds may not deliver in terms of expected
returns owing to market factors. Therefore, if you have Rs 100 to invest, you should probably
split the money between a liquid fund and a fixed deposit.
A recent study conducted by Crisil Fund Services has pronounced liquid funds, an attractive
alternative to retail investors for parking funds lying idle in their savings bank accounts. Reason:
they offer higher post-tax returns, are liquid and provide a reasonable degree of safety in terms of
the principal invested.
Over the last 5 years, liquid funds (Crisil Fund Rank 1 index for liquid funds) have given an
annualized post-tax return of 5.78% as compared to 2.5% given by a savings bank account.
Despite this disparity in returns, a majority of Indians continue to park a large amount of funds in
savings bank accounts. As of March 31, 2010, money in such accounts in scheduled commercial
banks stood at Rs 11.36 trillion.
According to Mukesh Agarwal, senior director, Crisil Research: "Beyond returns, liquid funds
also have advantages in terms of liquidity, safety and portability. They can be redeemed within
24 hours and have no exit load. Further, liquid funds invest in securities with a maximum
56
maturity of 91 days, which cuts down the credit risk. Most liquid fund schemes are also highly
rated (P1+f), signifying very strong protection against losses from credit defaults."
Within liquid funds the dividend option is more tax-efficient. This option would be more suitable
for investors who fall within the 20 and 30% tax brackets, as it attracts a lower dividend
distribution tax of 12.5%. Post tax deductions, liquid funds yield better returns as compared to
savings accounts and fixed deposits, wherein the interest earned would be taxed based on an
individual's tax slab
Tarun Bhatia, director, capital markets, Crisil Research, added: "It is important to note that liquid
funds are not totally risk-free and an investor must carry out basic checks before investing.
Factors such as the fund house and the scheme vintage, overall assets under management (AUM)
of the mutual fund, consistent performance over a longer period and comparison of the scheme
with appropriate benchmarks can be looked at for selecting the right fund
BIRLA SUN LIFE LIQUID FUNDS:
Asset Date: 25-Jun-2012

1y 3y Fund Size (Rs.
Scheme Name 1m % 3m %
% % Cr)
Birla Sun Life Cash Plus -
9.0 9.2 7.9 6.9 6,801
Inst Premium (Div-D)
8.6 8.8 7.8 6.7 6,801
Inst Premium (G)
8.0 8.6 7.7 6.4 6,801
Inst (Div-D)
6.5 8.1 7.6 6.7 6,801
Inst Premium (Div-W)
8.2 8.6 7.4 6.3 6,801
Inst (G)
8.3 8.7 7.3 5.9 6,801
Retail (Div-D)
6.3 7.9 7.3 6.3 6,801
Inst (Div-W)
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8.1 8.4 7.2 6.0 6,801
Retail (G)
Birla Sun Life Cash Plus
7.8 8.0 6.8 NA 6,801
(Discpln Advats Plan)
TOP LIQUID FUNDS:
Ranked on the basis of their performance (%) as on Jul 22, 2011. Click on 'Time Period' to
rank funds on a particular period of your choice
Performance
RANK SCHEME NAME DATE 1month 3month 6month 1Yr 6Yrs
1 Escorts Liquid Plan - Growth Jul 22, 0.82 2.52 5.04 9.34 7.89
2011
2 Sahara Liquid Fund - VP - Growth Jul 24, 0.74 2.22 4.54 8.06 7.25
2011
3 SBI Magnum Insta Cash Fund - Jul 24, 0.71 2.17 4.33 8.02 6.63
Liquid Floater - Growth 2011
4 Sahara Liquid Fund - Fixed Pricing Jul 24, 0.74 2.20 4.50 8.01 7.16
Option - Growth 2011
5 IDFC Liquid Fund - Plan A - Growth Jul 24, 0.75 2.16 4.57 7.94 6.16
2011
6 JM High Liquidity - Growth Jul 24, 0.73 2.18 4.28 7.90 6.58
2011
7 Kotak Floater - ST - Growth Jul 24, 0.72 2.17 4.36 7.87 6.37
2011
8 Quantum Liquid Fund - Growth Jul 24, 0.69 2.15 4.24 7.84 6.64
2011
9 IDBI Liquid Fund - Growth Jul 24, 0.72 2.15 4.23 7.78 N/A
2011
10 Baroda Pioneer Liquid Fund - Jul 24, 0.73 2.17 4.25 7.78 6.16
Growth 2011
11 Reliance Liquidity Fund - Growth Jul 24, 0.72 2.16 4.29 7.75 6.71
2011
12 IDFC Liquid Fund - Plan D - Growth Jul 24, 0.73 2.11 4.47 7.75 N/A
2011
13 PRINCIPAL Cash Mgmt Fund - Jul 24, 0.72 2.15 4.25 7.71 6.51
Growth 2011
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14 HDFC Cash Mgmt Fund - Savings Jul 24, 0.72 2.14 4.26 7.68 6.63
Plan - Growth 2011
15 SBI Magnum Insta Cash - Cash Plan Jul 24, 0.71 2.11 4.15 7.66 6.34
2011
16 Daiwa Liquid Fund - Ret - Growth Jul 24, 0.73 2.17 4.24 7.66 N/A
2011
17 Axis Liquid Fund - Ret - Growth Jul 24, 0.69 2.08 4.13 7.58 N/A
2011
18 Taurus Liquid Fund - Growth Jul 24, 0.70 1.94 4.04 7.58 5.74
2011
19 BNP Paribas Overnight Fund - Jul 24, 0.71 2.11 4.17 7.58 6.65
Growth 2011
20 DSP BlackRock Liquidity Fund - Jul 24, 0.70 2.11 4.14 7.56 5.97
Regular Plan - Growth 2011
21 Tata Money Market Fund - Growth Jul 24, 0.69 2.10 4.22 7.55 6.39
2011
22 JPMorgan India Liquid Fund - Ret - Jul 24, 0.71 2.09 4.08 7.55 N/A
Growth 2011
23 L&T Liquid Fund - Reg - Growth Jul 24, 0.70 2.09 4.12 7.53 6.22
2011
24 HDFC Liquid Fund - Growth Jul 24, 0.71 2.13 4.20 7.52 6.41
2011
25 Reliance Liquid Fund - Cash Plan - Jul 24, 0.72 2.17 4.31 7.49 5.10
Growth 2011
26 ING Liquid Fund - Growth Jul 24, 0.69 2.04 4.04 7.45 6.23
2011
27 LIC Nomura MF Liquid Fund - Jul 24, 0.65 1.97 4.01 7.40 6.73
Growth 2011
28 Reliance Liquid Fund - TP - Retail - Jul 24, 0.69 2.09 4.17 7.35 6.40
Growth 2011
29 Templeton India TMA - Growth Jul 24, 0.70 2.05 4.04 7.34 6.21
2011
30 Tata Liquid Fund - RIP - Growth Jul 24, 0.69 2.08 4.08 7.33 6.19
2011
31 AIG India Liquid Fund - Ret - Growth Jul 24, 0.67 2.04 4.05 7.31 6.11
2011
32 IDFC Cash Fund - Plan A - Growth Jul 24, 0.69 2.06 4.05 7.29 6.14
2011
33 DWS Insta Cash Plus Fund - Growth Jul 24, 0.67 2.02 4.04 7.27 6.39
2011
59
34 IDFC Liquid Fund - Plan F - Growth Jul 24, 0.68 1.96 4.16 7.26 N/A
2011
35 Religare Liquid Fund - Regular - Jul 24, 0.66 1.97 3.89 7.25 6.17
Growth 2011
36 UTI Money Market - Ret - Growth Jul 24, 0.68 2.02 4.01 7.25 6.40
2011
37 Peerless Liquid Fund - Ret - Growth Jul 24, 0.60 1.77 3.80 7.22 N/A
2011
38 Fidelity Cash Fund - Retail - Growth Jul 24, 0.69 2.02 3.98 7.21 5.84
2011
39 Birla Sun Life Cash Plus - Retail - Jul 24, 0.68 2.08 4.05 7.17 5.96
Growth 2011
40 UTI Liquid Fund - Cash Plan - Jul 24, 0.68 2.01 3.96 7.15 6.11
Growth 2011
41 DWS Treasury Fund - Cash - Reg - Jul 24, 0.58 1.77 3.83 7.12 N/A
Growth 2011
42 Kotak Liquid - Regular - Growth Jul 24, 0.66 2.00 4.02 7.11 5.96
2011
43 Templeton India TMA Liquid Plan - Jul 24, 0.68 1.99 3.91 7.07 5.95
Growth 2011
44 Canara Robeco Liquid - Growth Jul 24, 0.67 1.98 3.89 7.05 6.22
2011
45 ICICI Prudential Liquid Plan - Growth Jul 24, 0.66 1.97 3.89 6.95 5.90
2011
46 Birla Sun Life Cash Plus - Retail - Jul 24, 0.65 1.97 3.82 6.78 N/A
DAP 2011
47 Edelweiss Liquid Fund - Ret - Jul 24, 0.68 2.01 3.79 6.63 N/A
Growth 2011
48 Tata Liquidity Management Fund - Jul 24, 0.59 1.74 3.58 6.55 4.74
Growth 2011
49 Bharti AXA Liquid Fund - Reg - Jul 24, 0.65 1.86 3.57 6.55 5.58
Growth 2011
50 HSBC Cash Fund - Reg - Growth Jul 24, 0.60 1.81 3.60 6.53 4.83
2011
51 ICICI Prudential Sweep Plan - Cash Jul 24, 0.72 2.07 3.65 6.52 5.51
Option - Growth 2011
52 HDFC Cash Mgmt Fund - Call Plan - Jul 24, 0.60 1.83 3.40 6.35 5.16
Growth 2011
53 Sundaram Money Fund - Growth Jul 22, 0.60 1.77 3.43 6.22 5.50
2011
60
54 PRINCIPAL Money Manager Fund - Jul 24, 0.56 1.61 3.04 6.14 2.75
Growth 2011
55 Mirae Asset Cash Management Fund Jul 24, 0.56 1.64 3.07 5.89 N/A
- Growth 2011
56 Religare Overnight Fund - Growth Jul 24, 0.55 1.63 3.00 5.84 4.19
2011
57 ICICI Prudential Sweep Plan Jul 24, 0.66 1.91 3.28 5.71 4.74
2011
58 Mirae Asset Liquid Fund - Reg - Jul 24, 0.53 1.54 2.88 5.43 0.88
Growth 2011
59 Pramerica Liquid Fund - Growth Jul 24, 0.72 2.13 4.26 N/A N/A
2011
60 Union KBC Liquid Fund - Growth Jul 24, 0.70 N/A N/A N/A N/A
2011
METHODOLOGY:
(a) OBJECTIVES:
 The main objective of this project is concerned with the satisfaction level of
investors invested in liquid funds.
 To generate awareness among various sectors about liquid funds and to know the
perception towards it.
 To know the preference of investors while investing with respect to risk, return,
liquidity, wealth, tax and short term parking of funds.
(b) RESEARCH METHODOLOGY:
The population of the study was Gwalior. Here, total 72 respondents were selected to give their
responses on in the different question s asked in the questionnaire. The respondents belong to
different categories like (chartered accountant, doctors, and businessman). The samples were
selected by contacting the individual sample element.
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(c) TOOLS:
For data analysis: T test (independent sample t test) was used to find out differences in the
perception and satisfaction level of different samples.
Independent sample t test: Independent sample t-test is a statistical technique that is used to
analyze the mean comparison of two independent groups. In independent samples t-test, when
we take two samples from the same population, then the mean of the two samples may be
identical. But when samples are taken from two different populations, then the mean of the
sample may differ. In this case, independent sample t-test is used to draw conclusions about the
means of two populations, and used to tell whether or not they are similar
DATA ANALYSIS:
HYPOTHESIS:
Null (H01): The means of the two groups (businessman and chartered accountant) are not
significantly different.
Alternate: The means of the two groups are significantly different
SPSS Output:
1) Following is a sample output of an independent samples T test. We compared

the mean satisfaction level for liquid funds between businessman (group-1)
and chartered accountant (group-2).
Group Statistics
Grouping N Mean Std. Deviation Std. Error Mean
total dimension1
1.00 12 40.0833 5.38446 1.55436
2.00 12 43.1667 6.80686 1.96497
Firstly, we see the descriptive statistics for the two groups. We see that the mean for the group-2
is higher than that of the group-1. That is, satisfaction level for liquid fund has, on average,
higher in case of chartered accountant than businessman.
62
Independent Samples Test
Levene's Test
for Equality of
Variances t-test for Equality of Means
95% Confidence
Interval of the
Sig. (2- Mean Std. Error Difference
F Sig. t df tailed) Difference Difference Lower Upper
total Equal variances 1.577 .222 -1.231 22 .231 -3.08333 2.50542 -8.27926 2.11260
assumed
Equal variances -1.231 20.893 .232 -3.08333 2.50542 -8.29528 2.12861
not assumed
Secondly, we see the Levene's Test for Equality of Variances. Here the Levene's test is not
significant. Here, we see that the significance is .222, which is greater than .05. We can assume
that the variances are approximately equal. Finally, we see the results of the Independent
Samples T Test. Based on the results of our Levene's test;
T value is -1.231
We have 22 degrees of freedom.
Sig. level is .231 i.e. 23.1 %
Therefore we fail to reject the null hypothesis (H01) and there is no significant difference
between the two groups (the significance is greater than .05).Therefore, we can say that there is
no significant difference between the satisfaction level between businessman and chartered
accountant invested in liquid funds.
HYPOTHESIS:
Null (H02): The means of the two groups (chartered accountant and doctors) are not significantly
different.
63
SPSS Output:
2) Following is a sample output of an independent samples T test. We compared the

mean satisfaction level for liquid funds between chartered accountant (group-2) and
doctors (group-3)
Group Statistics
grouping N Mean Std. Deviation Std. Error Mean
total dimension1
2.00 12 43.1667 6.80686 1.96497
3.00 12 32.5833 2.53909 .73297
higher in case of chartered accountant than doctors.

Levene's Test
for Equality of
95% Confidence
Interval of the
total Equal variances 12.863 .002 5.046 22 .000 10.58333 2.09723 6.23395 14.93271
assumed
Equal variances 5.046 14.003 .000 10.58333 2.09723 6.08532 15.08135
not assumed
Secondly, we see the Levene's Test for Equality of Variances. Here the Levene's test is
significant. Here, we see that the significance is .002, which is not greater than .05. We can
assume that the variances are not approximately equal.Finally; we see the results of the
Independent Samples T Test. Based on the results of our Levene's test;
T value is 5.046
64
We have 14.003 degrees of freedom.
Sig. level is .000 i.e. 0 %
Therefore we reject the null hypothesis (H02) and there is significant difference between the two
groups (the significance is not greater than .05).
Therefore, we can say that there is significant difference between the satisfaction level between
doctors and chartered accountant invested in liquid funds.
HYPOTHESIS:
Null (H03): The means of the two groups (businessman and doctors) are not significantly
different.
SPSS Output:

mean satisfaction level for liquid funds between businessman (group-1) and doctors
(group-3)
Group Statistics
total dimension1
1.00 12 40.0833 5.38446 1.55436
3.00 12 32.5833 2.53909 .73297
higher in case of businessman than doctors
65
Levene's Test
for Equality of
95% Confidence
Interval of the
Total Equal variances 3.661 .043 4.364 22 .000 7.50000 1.71851 3.93602 11.06398
assumed
Equal variances 4.364 15.662 .001 7.50000 1.71851 3.85051 11.14949
not assumed
assume that the variances are not approximately equal. Finally, we see the results of the
Independent Samples T Test. Based on the results of our Levene's test;
T value is 4.364
Sig. level is .001 i.e. 0.1%
Therefore we reject the null hypothesis (H03) and there is significant difference between the two
Therefore, we can say that there is significant difference between the satisfaction level between
businessman and doctors invested in liquid funds.
HYPOTHESIS:
different. Alternate: The means of the two groups are significantly different
SPSS Output:
66
mean perception for investing in liquid funds between businessman (group-1) and
doctors (group3)
Group Statistics
total dimension1
1.00 12 43.2500 2.52713 .72952
2.00 12 41.5833 6.22982 1.79839
is higher than that of the group-2. That is, perception for investing in liquid fund has, on average,
higher in case of businessman than chartered accountant.

Levene's Test
for Equality of
95% Confidence
Interval of the
total Equal variances 11.774 .002 .859 22 .400 1.66667 1.94073 -2.35815 5.69148
assumed
Equal variances .859 14.525 .404 1.66667 1.94073 -2.48171 5.81505
not assumed
assume that the variances are not approximately equal.
Finally, we see the results of the Independent Samples T Test. Based on the results of our
Levene's test;
T value is 0.859
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Sig. level is .404 i.e. 40.4 %
Therefore we fail to reject the null hypothesis and there is no significant difference between the
two groups (the significance is greater than .05).
Therefore, we can say that there is no significant difference between the perception for
investment in liquid fund between businessman and chartered accountant.
HYPOTHESIS:
Null (H05): The means of the two groups (chartered accountant and doctors) are not significantly
different.
SPSS Output:

mean perception for investing in liquid funds between chartered accountant (group-
2) and doctors (group-3)
Group Statistics
total dimension1
2.00 12 41.5833 6.22982 1.79839
3.00 12 38.9167 3.89541 1.12451
higher in case of chartered accountant than doctors.
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Levene's Test
for Equality of
95% Confidence
Interval of the
total Equal variances 4.110 .055 1.257 22 .222 2.66667 2.12102 -1.73207 7.06540
assumed
Equal variances 1.257 18.461 .224 2.66667 2.12102 -1.78147 7.11481
not assumed
that the variances are approximately equal.Finally, we see the results of the Independent Samples
T Test. Based on the results of our Levene's test; we know that we have approximately equal
variance, so we will read the top line.
T value is 1.257
Therefore we fail to reject the null hypothesis and there is no significant difference between the
two groups (the significance is greater than .05).
Therefore, we can say that there is no significant difference between the perception for investing
in liquid fund between doctors and chartered accountant.
HYPOTHESIS:
different.
69
SPSS Output:

mean perception for investing in liquid funds between businessman (group-1) and
doctors (group-3)
Group Statistics
total dimension1
1.00 12 43.2500 2.52713 .72952
3.00 12 38.9167 3.89541 1.12451
higher in case of businessman than doctors.

Levene's Test
for Equality of
95% Confidence
Interval of the
Total Equal variances 2.232 .149 3.233 22 .004 4.33333 1.34042 1.55348 7.11319
assumed
Equal variances 3.233 18.866 .004 4.33333 1.34042 1.52646 7.14021
not assumed
that the variances are approximately equal.
Finally, we see the results of the Independent Samples T Test. Based on the results of our
Levene's test;
T value is 3.233
70
Therefore we reject the null hypothesis and there is significant difference between the two
Therefore, we can say that there is significant difference between the perception for investing in
liquid funds between businessman and doctors.
RESULTS:
 Firstly, from the above statistical independent sample T test it is calculated that there
is no difference in satisfaction level between the businessman and chartered
accountant invested in liquid funds. Both are approximately equally satisfied with the
returns, tax savings and past performance of their funds.
 But there is a difference between businessman and doctors who invested in liquid
funds as from the above test it is calculated that businessman are more satisfied with
returns, tax saving and past performance of their fund than doctors.
 Also in the case of comparison with chartered accountant and doctors there is a
difference between satisfaction levels as chartered accountant are more satisfied than
doctors.
 Secondly, if we see the result of investors who do not invest in liquid funds stated in
above statistical calculation that, there is a difference between businessman and
doctors perception to enjoy advantages of liquid funds. As businessman are more
interested than doctors.
 But there is no difference between the perception of chartered accountant and doctors
and same in case of comparison between businessman and chartered accountant.
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SUGGESTIONS:
 The most vital problem spotted is of ignorance. Investors should be made aware of the
benefits. Nobody will invest until and unless he is fully convinced. Investors should be
made to realize that ignorance is no longer bliss and what they are losing by not
investing.
 Mutual funds offer a lot benefit which no other single option could offer. But most of the
people are not even aware of what actually a mutual fund is? So the advisors should try to
change their mindsets. The advisor should target more n more of young investors and the
persons at the height of their career would like to go for advisors due to lack of expertise
and time.
 The advisors may try to highlight some of the value added benefit, rupee cost averaging,
and the systematic transfer plan, rebalancing etc. these options are not offered by other
options single-handedly. So these are the enough to drive the investors towards mutual
funds. Investors could also try to increase the spectrum of services offered.
 Now the most important reason for not availing the services of advisors was spotted of
being expensive. The advisor should try to charge nominal fees at the beginning or they
can offer more services and benefits at existing rate. They should also follow the decency
and follow the code of ethics so that the investor could trust upon them.
IMPLICATIONS:
In today’s complex financial environment, investors have unique needs which are derived from
their risk appetite and financial goals. But regardless of this, every investor seeks to maximize
his returns and safety on his investments without capital erosion.
And investment in liquid funds has advantages in terms of liquidity, safety and portability. They
can be redeemed within 24 hours and have no exit load.
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Liquid funds, an attractive alternative for parking funds lying idle in savings bank accounts.
Reason: they offer higher post-tax returns, are liquid and provide a reasonable degree of safety in
terms of the principal invested. The study is useful for:
• Investors who are in higher tax bracket and prefer short term parking of fund can
evaluate through my research the advantages and satisfaction level of other investors
investing in liquid funds.
• Organization can evaluate the satisfaction level and perception of investors and can
improve the products facilities to attract more investors.
• It will help the students to know the fundamental and technical aspect about liquid funds.
• It is also beneficial for the institutional investors to know the investors outlook towards
liquid fund.
CONCLUSION:
Hence, from the above research it can be analyzed that overall businessman and chartered
accountant are more satisfied than doctors and businessman and chartered accountant are equally
satisfied. secondly, there is no significant difference between the perception of businessman and
chartered accountant and same with chartered accountant and doctors but the perception of
businessman and doctors are varies.
ANNEXURE:
73
QUESTIONNIARE
GENERAL QUESTION
Where do you generally prefer to invest in?

1. public provident fund
2. fixed deposit
3. Mutual fund
4. Real estate
5. Gold
6. Life insurance
. For how much period you would prefer to invest?
1. Short term ( 0-5) (b) long term (5& above)
Rate the following items affecting your investment decisions on a scale of 1-5
where 1 stands for maximum agreement and 5 stands for maximum
agreement.
1. How far do you invest according to taxable income?
1 2 3 4 5
2. Up to what extent you have done tax planning?
74
1 2 3 4 5
3. How much does return on investment matter to you?
1 2 3 4 5
4. How much does lock-in-period matter to you?
1 2 3 4 5
5. Up to what extent your investment allows tax exemption benefits?
1 2 3 4 5
6. Your attitude towards risk?
1 2 3 4 5
7. Are you aware of liquid funds?
1. Yes [ ] (b) No [ ]
IF YES:
8. Up to what extent you are satisfied with returns?
1 2 3 4 5
9. Up to what extent you are enjoying taxation benefits?
1 2 3 4 5
10. Your satisfaction level with past performance of your fund?
1 2 3 4 5
11. Rate the risk factor.
75
1 2 3 4 5
12. Your satisfaction level in comparison to bank FDs?
1 2 3 4 5
13. Up to what extent you are planning to invest in?
1 2 3 4 5
IF NO:
14. Up to what extent would you like to invest in scheme with short tenure say no lock-in-period?
1 2 3 4 5
15. If you are in a higher tax bracket, up to what extent you like to gain maximum tax efficient returns?
1 2 3 4 5
16 Up to what extent would you like to enjoy easy liquidity of your investment?
1 2 3 4 5
17. How far do you invest in a scheme with good returns, low risk and taxation Benefits?
1 2 3 4 5
18. Would you go for the product with short tenure and great tax benefit to invest in to meet short term
goals?
1 2 3 4 5
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GLOSSARY:
1. Account Statement: Statement issued by the mutual fund, in lieu of the unit certificate,
giving details of transactions and holdings of an investor in the different schemes of the
fund.
2. Adjusted NAV: The Net Asset Value after adjusting for all changes caused due to
dividend declaration, bonus etc. assuming reinvestment of distributions made to the
investors at the prevailing NAV.
3. Annual Report: The yearly record of scheme's performance, and is distributed to

investors and/or shareholders under SEBI regulations.
4. Applicable NAV: It is the NAV that will be applied for a transaction depending upon the
cutoff time specified by the Mutual Fund. All investments or redemptions are processed
at that particular NAV. A different NAV holds if received after the cutoff time.
5. Asset Allocation: The distribution of total funds available with the scheme into
instruments of various types such as stocks, bonds etc. based on the scheme's investment
objective as detailed in the offer document.
6. Asset Management Company: It is the investment manager for the mutual fund. It is a
company set up primarily for managing the investment of mutual funds and makes
investment decisions in accordance with the scheme objectives, deed of Trust and other
provisions of the Investment Management Agreement. For Tata Mutual Fund, Tata Asset
Management Limited is the Asset Management Company.
7. Benchmark: The investment performance of the scheme needs to be compared in

relative terms against some indicator, which is called as the benchmark for the scheme.
For example, the performance of an equity fund is benchmarked against the BSE Sensex.
77
8. BSE Sensex: A index reflecting the stock prices of 30 companies listed on the Bombay
Stock Exchange (BSE) which is taken to be representative of the stock market
movement.
9. Capital Gains: The profit realizations on sale of securities and certain other capital
assets (including units of mutual funds) are called capital gains. The gains can be
classified into long-term, if the investments are held for more than one year, or short-
term, otherwise, and are charged at different tax rates.
10. Close ended schemes: Schemes have a pre-specified maturity period and investments in
these schemes can be made at the time of the IPO and thereafter at market price through
the stock exchange on which the same is listed. The market price is generally at a
discount to the NAV depending upon market perception and expectations of the scheme.
The Fund may also offer an exit route by offering to repurchase at NAV related prices.
11. Compliance Officer SEBI regulations require that an officer be appointed by the AMC to
comply with various regulatory requirements and to redress investor grievances
associated with the funds.
12. Current Load: It refers to the load structure applicable currently on any fund. Funds
keep revising the load structures from time to time.
13. Current Yield: The ratio of coupon interest to the actual market price, prevailing in the
market, of the bond expressed as a percentage: annual interest/ current market value =
current yield.
14. Custodian: SEBI mandates that a Custodian be appointed for safekeeping of a fund's
securities and other assets.
15. Cutoff time: Investments and redemptions are processed at a particular NAV. This NAV
is a function of the cutoff times specified by the fund. For example a fund may 10.00 am
as the cutoff time in the Liquid Fund for previous day NAV. Investment Applications
received after the cutoff time of 10.00 am will get same day NAV, while applications
received before 10 am will get previous day NAV, assuming that there are no
holidays/Sundays involved in between.
78
16. Debt Fund: Funds that invest predominantly in fixed income bearing instruments such as
corporate debentures, PSU bonds, gilts, treasury bills, certificates of deposit and
commercial papers. These funds are the least risky and are generally preferred by risk-
averse investors. However they are prone to interest rate risk.
17. Diversification/Spreading the risk: Diversification, i.e. investing across a number of

asset classes, assets within a asset class, helps in reducing the risk.
18. Dividend Plan: Generally a scheme has two plans, Growth Plan and Dividend plan. In
the latter earnings of the scheme are declared as dividends, as and when there is a
distributable surplus available with the scheme as per the Trustees.
19. Dividend Payout: Under the Dividend plan of a scheme there are two options available
to the investor, viz. Dividend Payout option and Dividend Reinvestment option. Under
the Dividend Payout option, the dividend declared is also actually distributed i.e. given to
the investor.
20. Dividend Reinvestment: Under the Dividend plan of a scheme there are two options
available to the investor, viz. Dividend Payout option and Dividend Reinvestment option.
Under the Dividend Reinvestment option, the dividend declared is not distributed i.e.
given to the investor. but reinvested in the scheme itself.
21. Dividend yield: It refers to the dividend earned per unit in Rupees of a scheme at the
prevailing NAV.
22. Duration: This is a tool used to calculate the average holding period of the assets in a
debt scheme, and can help, particularly Modified Duration, in estimating the sensitivity
of a fund to incremental yield movements.
23. Entry Load: It is the load charged by the fund when one invests into the fund. It
increases the price of the units to more than the NAV and is expressed as a percentage of
NAV. For example a 1 % entry load will increase the NAV from Rs 11 to Rs 11.11 and
therefore the number of units allotted will be lesser to that extent.
79
24. Expense Ratio: The Expenses of a scheme include management fees and all the fees
associated with the scheme's daily operations. Expense Ratio refers to the annual
percentage of fund's assets that is paid out in expenses and can effect the performance of
the scheme.
25. Exit Load: It is the load charged by the fund when one redeems the units from the fund.
It reduces the price of the units to less than the NAV and is expressed as a percentage of
NAV.
26. Face Value: The original issue price of one unit of a scheme, generally Rs 10.
27. First In First Out: It is an accounting method which assumes that the units purchased
first are the units sold/redeemed first.
28. Fund Manager: H/She is the person who makes all the investment decisions for
deployment of the funds of a scheme.
29. Gilts/Government Securities: Securities created and issued by the Central Government
and/or a State Government, and may include securities unconditionally guaranteed by the
Government. The coupon on these securities is determined by an auction process.
30. Gilt Funds: Gilt Funds are those schemes which as per their offer document can invest
only in government securities of different maturities. They offer lower returns as the
credit risk is virtually absent and there are no chances of government defaulting on its
payment obligations. This effectively reduces the yield on them. They are still subject to
the interest rate risk.
31. Growth Plan: The Growth plan of a scheme retains/ploughs back the earnings, instead of
declaring dividends of the scheme. The returns from the investor's point of view are
accumulated within the scheme. Growth Plan is different from the Dividend
Reinvestment Option as in the latter dividends are declared but not distributed, while in
the Growth Plan the dividends are not declared. There are differing implications for tax
computation.
80
32. Guaranteed Returns: Returns from mutual fund schemes are subject to market and
other investment risks. As such there are no assured/guaranteed returns in mutual funds.
This applies even to debt schemes. The launch of scheme/fund offering guaranteed
returns is now subject to certain restrictions imposed by the SEBI, and generally SEBI
does not allow guaranteed returns.
33. Index Funds: A type of mutual fund in which the portfolios are constructed to mirror a
specific market index. Securities are purchased in the same proportions as in the selected
Index. Index funds are expected to provide a rate of return over time that will
approximate or match, but not exceed, that of the index which they are mirroring. The
focus is on passive investment style.
34. Indexation: The capital gains arising out of selling mutual fund units are taxed at Long
Term Capital Gains rate if they are held for more than one year. The Long term capital
gains rate can be computed either as 10 % flat or 20 % with indexation benefit. For this
the government has specified an index linked to the wholesale price index. The indices of
two years (year of purchase and the year of sale) are used for the purpose of computing
capital gains tax. The purchase price is multiplied by the index of the year of sale and the
product is divided by the index of the year of purchase. This indexed purchase price is
deducted from the sale price to calculate the indexed capital gains. The tax rate of 20 % is
applied to the indexed capital gains.
35. Inflation: The rise in prices of goods and services over a period of time.
36. Inflation Risk: The probability of the value of an asset being eroded on account of
inflation.
37. Liquid Funds: Funds, as per their offer documents, investing only in short-term money
market instruments including treasury bills, commercial paper and certificates of deposit.
The objective is to provide liquidity and preserve the capital.
38. Liquidity: From the Fund management point of view, the cash and cash equivalent assets
available with a fund to meet expenses and immediate redemption requirements of the
investors. It refers to the ability to buy or sell an asset quickly or the ability to convert to
81
cash quickly. From the Investor point of view, it reflects the ease and speed with which
an investor can convert his/her unit holdings into cash.
39. Lock-in period: The cooling period after investment in fresh units during which the
investor cannot redeem the units.
40. Management Fee: The fees charged to a scheme for investment management of the
funds under the scheme, usually expressed as percentage of assets, and is subject to
limits prescribed by SEBI.
41. Market Risk: It refers to the risk posed by the market in itself i.e. the risk that the price
of a security will rise or fall due to changing economic, political, or market conditions.
42. Money Market: It refers to a market for very short-term securities less than a year, such
as Treasury Bills and Call Money make up the bulk of trading in the money markets.
43. Mutual Funds: An investment company/trust that pools money from unit holders and
invests that money into a variety of securities, including stocks, bonds, and money-
market instruments as defined in the offer document of the specific mutual fund.
44. Net Asset Value: The value of fund's portfolio at market value less current liabilities and
other accrued expenses divided by the number of units outstanding. Net asset value is
normally computed daily.
45. No Load: It refers to the fund that does not charge any load for buying or selling its
units, i.e. the investor can transact at the NAV.
46. Non Performing Assets: Assets that do not provide returns are classified as NPAs as per
the provisions of SEBI regulations.
47. Offer Document: It is the official document issued by mutual funds prior to the launch
of a fund describing the characteristics of the proposed scheme/fund to all its prospective
investors. It contains information required by SEBI pertaining to issues such as
investment objective and policies, services, and fees.
82
48. Open Ended Fund/Scheme: It is a type of a scheme/fund where purchase or sale of
units is offered on a continued basis at NAV related prices.
49. Redemption: An investor wishing to withdraw his/her investment from a scheme/fund

gives a redemption transaction. The investor is paid a NAV linked price.
50. Risk Adjusted Returns: For the purpose of comparing returns across schemes involving
varying levels of risk, the returns are adjusted for the level of risk before comparison.
Such returns (reduced for the level of risk involved) are called risk-adjusted returns.
51. Sale Price: The price at which a fund offers to sell one unit of its scheme to investors.
This NAV is grossed up with the entry load applicable, if any.
52. Sponsors: A sponsor is the person who, acting alone or in combination with another
body or corporate, establishes a mutual fund and applies to SEBI for its registration. As
per SEBI regulations, the sponsor has to contribute a minimum of 40% of the net worth
of the AMC.
53. Systematic Investment Plan (SIP): It is a plan offered to facilitate systematic

investments at regular intervals so that an investor can give post-dated cheques to the
mutual fund to allot fresh units at specified intervals (usually monthly or quarterly). On
the specified dates, the Cheque are realized by the mutual fund and additional units at the
prevailing NAV are allotted to the investor. SIP helps investors to average the cost of
acquisition.
54. Systematic Withdrawal Plan (SWP): It is the opposite of SIP and facilitates regular
withdrawals. This helps investors in meeting their regular financial needs.
55. Total Return: Return on investment, calculated after taking into account capital
appreciation, dividends or interest, and individual tax considerations adjusted for present
value and expressed on an annualized basis.
56. Trustee: The Trustees comprise the Trust and having an overall supervisory authority
over the AMC. They ensure that the AMC follow the trust deed, the SEBI regulations and
the offer document and the assets of the funds are held safely.
83
57. Yield Curve: The curve gives the relationship between yields on a group of fixed-
income securities with varying maturities viz. treasury bills, notes, and bonds. The curve
typically slopes upward since longer maturities normally have higher yields, although it
can be flat or even inverted.
58. Yield to Maturity: Used to determine the rate of return an investor will receive if a long-
term, interest-bearing investment, such as a bond is held to its maturity date. It takes into
account purchase price, redemption value, time to maturity, coupon yield and the time
between interest payments.
REFERENCES:
• www.birlamutualfund.com
• www.mutualfundindia.com
• www.moneycontrol.com
• www.theeconomictime.com
• www.ineindia.com
• www.valuesearchonline.com
• www.investopidia.com
• Fatchsheets and statements of Birla sun life
• The economics times
84

Final Project Report of Birla Sun Life Mutual Fund

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Final Project Report of Birla Sun Life Mutual Fund

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A PROJECT REPORT

“Perception and satisfaction level among investors investing in liquid funds or

BIRLA SUN LIFE MUTUAL FUND (CITY CENTRE, GWALIOR)

For the partial fulfillment of the award of

Master of Business Administration

PRESTIGE INSTITUTE OF MANAGEMENT

Date: - 25/07/2012 Uday Chauhan

M.B.A. 2ND SEM

S.NO. TOPIC PAGE NO.

(i) History of the organization & objectives

(ii) Company’s vision

(iii) Company’s mission

(iii) training and development

(iv) welfare activities

(i) products/services offered

(ii) layout of the facility

(iii) quality control

(iv) present & future of the company

(ii) Major competitors

(iii) Market share

(iv) Outlets in country

(v) Market strategy

c) About mutual funds

(b) Research methodology

(c) The tools: (i) For data analysis.

To consistently pursue investor's wealth optimization by:

• Achieving superior and consistent investment results.

• Providing customer delight.

• Institutionalizing system-approach in all aspects of functioning.

• Upholding highest standards of ethical values at all times

There are two sources of recruitment:

(1) Internal sources: It includes promotion, transfer and demotion.

(2) External sources: It includes advertisement, employment, on campus requirement,

• Portfolio Management System (PMS)

• Alternate Asset Products

• Loan Against Securities and Mutual Funds

SERVICES BY BIRLA SUN LIFE MUTUAL FUND:

1. Highly proactive services

3. Regular Portfolio Reviews

PRODUCTS OF BIRLA SUN LIFE MUTUAL FUND:

o Interval Income Funds

o Fixed Term Funds

o Short Term Fund

o Long Term Fund

o Capital Protection Fund

Scheme Subscription Redemption

Birla Sun Life Enhanced Arbitrage Fund

Scheme NAV Subscription Redemption

Birla Sun Life Medium Term Plan -

Birla Sun Life Gilt Plus - Regular -

Scheme NAV Subscription Redemption

Scheme NAV Subscription Redemption

Scheme NAV Subscription Redemption

Birla Sun Life Fixed Term Plan -retail-

Birla Sun Life Fixed Term Plan -instl-series

Birla Sun Life Fixed Term Plan -instl-series

Birla Sun Life Quarterly Interval Fund -

Birla Fixed Term Plan-retail-series Aa-

Birla Sun Life Fixed Term Plan-instl-series

Birla Sun Life Cash Plus-discipline

Birla Sun Life Short Term Fund-discipline

Birla Sun Life Interval Income Fund-

Birla Sun Life Quarterly Interval Fund -