A

PROJECT REPORT

ON
“A study about awareness and perception of mutual fund as Investment
option among financial advisors in Bharuch District.”
For
“NJ India Invest PVT. LTD.”
Submitted to
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
Under
AKTU, Lucknow
UNDER THE GUIDANCE OF
Faculty Guide Company Guide
Dr. Faraz Ahmad Mr. Dharmesh Bhatt
Asst. Professor Branch Manager
Submitted by
Mahavish Islam
Enrollment No.:
M.B.A – SEMESTER III
Al-Barkaat Institute of Management Studies
M.B.A. PROGRAMME
Abul Kalam Technical Unversity, Lucknow
Batch: 2019 - 21

1
 PREFACE
Progress is continuous process. It is relative and absolute. It cannot stop at
certain destination and declare that target has achieved.

The summer training program is designed to give the manager of the future, a
feel of the corporate happening and work culture. These real life situations are
entirely different from the situation exercise enacted in an artificial
environment in side of classroom. And it is precisely because of this reason
that this summer training is a bridge between the institute and the
organization. Summer training program helped me to understand how
theoretical knowledge will be applied in practical field.

Management ideas are widely in actually proactive. With rapid

industrialization, the management of business enterprise has acquired as well
as practical significance. Because of this, as a formal student of M.B.A. it has
become essential to be practically experienced. So, with objective to get
practical exposure, I have taken up this opportunity to do the summer training
in NJ India Invest PVT. LTD. This summer training has provided all
information of stock market. Today business entities exist only when it works
smarter than working harder. Man’s true knowledge is the “Experience” and
“Observation”. Hence it is a significant thing that business school offers such
training of the student in all aspect of business. Looking at the today’s world of
scenario, the student is focused in the world of commerce and management,
but less are in the world of the practical knowledge. Only bookish knowledge
is not sufficient, hence we are offered an invaluable gift of summer project. In
these one and half months, we students can have the knowledge about the
tactics of corporate word.
 ACKNOWLEDGEMENT

All praise to Almighty who has given me an opportunity pertaining an

internship program as a part of MBA program. Internship program is an
essential part of MBA course. It is one kind of research work. I know very well
that research in any field of knowledge enriches the stock of knowledge.
There may be two types of research viz. theoretical research and applied
research.

Firstly, I would like to express my profound gratitude to my honourable faculty

guide Dr. Preeti singhal and company guide Mr. Dharmesh Batt and Mr. Amit
pranchvani and other associates They helped me a lot by proper guidance,
effective comments and with a good support. They had always paved me the
right way to conduct my internship program. They had passed a lot of time in
this respect. They were cordial to solve my problem.

Although it is very much tough to collect necessary information within shortest

possible time, got much support from all officers and associates and
colleagues, my classmate and so on.

At last I am grateful to my respected teachers, teacher Dr. Kunjal Sinha and

Dr. Kerav Pandya, Mrs. Stuti Teivedi, Dr. prakash Shah, Dr. Ranjita Banerjee,
Mr. Gurang Badheka, Mrs. Hetal Thakkar Department of CKSVIM vijapurwala
institute of management and also sisters, brothers, friends, and associates
for their help and co-operation during my Internship program.
 DECLARATION

I Mahavish Islam, hereby declare that the report " Summer Internship Project"
entitled '' A study on awareness and perception of mutual fund as
investment option among financial advisors in Bharuch District at NJ India
Invest PVT LTD." is a result of my own work and my indebtedness to other
work publications, references, if any, have been duly acknowledged.

Mahavish Islam
 EXECUTIVE SUMMARY
NJ India Invest is the Mutual Fund based service provider company in
Bharuch, India. NJ India Invest PVT.LTD., Its Main branch in Surat, Is
providing best value for money through personalized services, committed to
high standards of corporate governance, highest levels of transparency,
accountability and integrity in all its activities. It operates 100 Offices in
different 19 States of India. Since its commencement of business in 1994, it
has followed a consistent growth path and is established as one of the largest
network of distributors for financial products in India with the support and
confidence of its clients, investors, employees and associates.

The project is a comprehensive study on Awareness and perception about the

mutual fund among financial advisors. It talks how much awareness and
about various perception of financial advisor in Baruch district. As Bharuch is
a Developing city and its cover a Most of the rural area of Gujarat so, they are
not that much technological sound. Perception depends on experiences of
some in Mutual Fund (positive or negative).

I select Descriptive research design for my survey so, I take response to only
financial advisor. And my respondent all are not connected with mutual fund
directly or indirectly. I take 100 sample size and develop a questionnaire for
primary data collection. I did fieldwork and going to different Tax consultant
offices, Life insurance offices of different cites and collect the data and
appointment for personal meeting. The secondary data was collected from
journals, magazine and internet Report published by RBI and UTI India.

Special focus was made to know the Awareness about mutual fund and those
who are entrusted in mutual fund advisory business I explained them about
joining and AMFI exam of Procedure.

Financial advisors main Focus on client satisfaction and market safety. It was
found that most of the respondents are that much aware about company and
current Things of mutual fund. And most of the respondents are complaining
about after sales services from different companies. It was found that
respondents have positive perception about Mutual fund advisory business.

TABLE OF CONTENTS
Preface 4
Acknowledgement 5
Declaration 6
Executive summary 7
SR. PARTICULARS PAGE
NO. NOS.
PART- l GENERAL INFORMATION
1 1.1 Introduction of Mutual Fund 12
1.2 History of Mutual Fund Industry 13
1.3 Indian scenario of Mutual Fund Industry 14
1.4 Growth of Industry 14
1.5 Structure of Mutual Fund in India 18
2 2.1 Company Profile 22
3 3.1 Product Profile 50
PART-ll PRIMARY STUDY
4 4.1 Introduction of Study 54
4.2 Literature Review 55
4.3 Problem Statement and Importance of Study 58
4.4 Objective of Study 59

5 Research Methodology
5.1 Research Design 61
5.2 Sources of Data 61
5.3 Sample Size 61
5.4 Data Collection Method 61

6 Data Analysis and Interpretation 62

7 Findings 72
8 Limitation of study 74
9 Conclusion 76
Annexure 78
Bibliography 81
 LIST OF TABLE
SR. TABLE PARTICULARS PAGE
NO. NO. NOS.

1 Table 1 Experience of the Financial Advisor 63

2 Table 2 Financial Advisors are aware about mutual 64

fund

3 Table 3 Financial Advisors suggestion for long term 65

investment in mutual fund

4 Table 4 Financial Advisors suggestion for short term 66

investment in mutual fund

5 Table 5 Investment in Equity Fund suggested by 67

Financial Advisors based on time period

6 Table 6 Financial Advisors feel that mutual fund is 68

good investment option

7 Table 7 Respondents interest in mutual fund advisory 69

business

8 Table 8 Relationship between Respondent Age and 70

awareness of mutual fund

9 Table 9 Factor considered by investor while investing 71

in mutual fund
 LIST OF GRAPH
SR. GRAPH PARTICULARS PAGE
NO. NO. NOS.

1 Graph A Mutual Fund Operation Flowchart 13

2 Graph B Growth in Total Assets 18

3 Graph C Structure of Mutual Fund 18

4 Graph D Business Model of NJ 26

5 Graph E Types of Mutual Fund 39

6 Graph F Risk and Return based on nature of 45

investment

7 Graph G Product Basket 51

8 Graph 1 Experience chart 63

9 Graph 2 Awareness of mutual fund 64
10 Graph 3 Financial Advisors suggestion for long 65
term investment in mutual fund
11 Graph 4 Financial Advisors suggestion for short 66
term investment in mutual fund
12 Graph 5 Investment in Equity fund suggest by 67
financial advisor based on time period
13 Graph 6 Financial advisors feel that Mutual Fund is 68
good investment option
14 Graph 7 Respondents interest in mutual fund 69
advisory business
15 Graph 8 Relation between Respondents age and 70
aware about mutual fund
16 Graph 9 Factor considered by investor while 71
investing in mutual fund
 Chapter 1
Introduction
[1.1] Introduction of Mutual Fund

Mutual fund is a trust that pools the savings of a number of investors who
share a common financial goal. This pool of money is invested in accordance
with a stated objective. The joint ownership of the fund is thus “Mutual”, i.e. the
fund belongs to all investors. The money thus collected is then invested in
capital market instruments such as shares, debentures and other securities.
The income earned through these investments and the capital appreciations
realized are shared by its unit holders in proportion the number of units owned
by them. Thus a Mutual Fund is the most suitable investment for the common
man as it offers an opportunity to invest in a diversified, professionally
managed basket of securities at a relatively low cost. A Mutual Fund is an
investment tool that allows small investors access to a well-diversified portfolio
of equities, bonds and other securities. Each shareholder participates in the
gain or loss of the fund. Units are issued and can be redeemed as needed.
The fund’s Net Asset value (NAV) is determined each day.

Investments in securities are spread across a wide cross-section of industries

and sectors and thus the risk is reduced. Diversification reduces the risk
because all stocks may not move in the same direction in the same proportion
at the same time. Mutual fund issues units to the investors in accordance with
quantum of money invested by them. Investors of mutual funds are known as
unit holders.

When an investor subscribes for the units of a mutual fund, he becomes part
owner of the assets of the fund in the same proportion as his contribution
amount put up with the corpus (the total amount of the fund). Mutual Fund
investor is also known as a mutual fund shareholder or a unit holder.

Any change in the value of the investments made into capital market
instruments (such as shares, debentures etc) is reflected in the Net Asset
Value (NAV) of the scheme. NAV is defined as the market value of the Mutual
Fund scheme's assets net of its liabilities. NAV of a scheme is calculated by
dividing the market value of scheme's assets by the total number of units
issued to the investors.
[Graph A] Mutual Fund Operation Flow Chart

[1.2] History of mutual fund Industry

The history of mutual funds dates back to Robert Fleming set up, in 1868, the
first investment trust called foreign and colonial investment trust which
promised to manage the finances of the moneyed classes of Scotland by
spreading the investment over a number of different stocks. This investment
trust and other investment trust which were subsequently set up in Britain and
the US, resembled today close-ended mutual funds. The first mutual fund in
the US, Massachusetts investors trust was set up in March 1924. This was
the first open-ended mutual fund.

The stock market crash in 1929, the Great Depression, and the outbreak of
the Second World War slack-ended the pace of growth of the mutual fund
industry. Innovations in products and service increased the popularity of
mutual fund in the 1950s and 1960s. The first international stock mutual fund
was introduced in the US in 1940. In 1976, the first tax-exempt municipal
bond funds emerged and in 1979, the first money, market mutual funds were
created. The latest additions are the international bond fund in 1986 and arm
funds in 1990. This industry witnessed substantial growth in the 1980s and
1990s when there was a significant increase in the number of mutual funds,
schemes, assets, and shareholders. In the US, the mutual fund industry
registered a tenfold growth in the 1980s (1980-89) only, 25% of the household
sector made through them. Fund assets increased from less than USD 150
billion in 1980 to over USD 4 trillion by the end of 1997. Since 1996, mutual
fund assets have exceeded bank deposits. The mutual fund industry and the
banking industry virtually rival each other in size.

[1.3] INDIAN SCENARIO MUTUAL FUND INDUSTRY

The mutual fund industry in India started in 1963 with the formation of Unit
Trust of India, at the initiative of the Government of India and Reserve Bank.
Though the growth was slow, but it accelerated from the year 1987 when non-
UTI players entered the Industry.

In the past decade, Indian mutual fund industry had seen a dramatic
improvement, both qualities wise as well as quantity wise. Before, the
monopoly of the market had seen an ending phase; the Assets Under
Management (AUM) was Rs67 billion. The private sector entry to the fund
family raised the AUM to Rs. 470 billion in March 1993 and till April 2014; it
reached the height if Rs. 19.47 lakhs crore.

The Mutual Fund Industry is obviously growing at a tremendous space with the
mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.

[1.4] GROWTH OF INDUSTRY

FIRST PHASE - 1964-1987

The Mutual Fund industry in India started in 1963 with formation of UTI in 1963
by an Act of Parliament and functioned under the Regulatory and
administrative control of the Reserve Bank of India (RBI). In 1978, UTI was de-
linked from the RBI and the Industrial Development Bank of India (IDBI) took
over the regulatory and administrative control in place of RBI. Unit Scheme
1964 (US ’64) was the first scheme launched by UTI. At the end of 1988, UTI
had ₹ 6,700 crores of Assets Under Management (AUM).
 SECOND PHASE - 1987-1993 - ENTRY OF PUBLIC SECTOR
MUTUAL FUNDS

The year 1987 marked the entry of 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 was the first ‘non-UTI’
mutual fund established in June 1987, followed by Canbank Mutual Fund
(Dec. 1987), Punjab National Bank Mutual Fund (Aug. 1989), Indian Bank
Mutual Fund (Nov 1989), Bank of India (Jun 1990), Bank of Baroda Mutual
Fund (Oct. 1992). LIC established its mutual fund in June 1989, while GIC had
set up its mutual fund in December 1990. At the end of 1993, the MF industry
had assets under management of ₹47,004 crores.

THIRD PHASE - 1993-2003 - ENTRY OF PRIVATE SECTOR MUTUAL

FUNDS

The Indian securities market gained greater importance with the establishment
of SEBI in April 1992 to protect the interests of the investors in securities
market and to promote the development of, and to regulate, the securities
market.

In the year 1993, the first set of SEBI Mutual Fund Regulations came into
being for all mutual funds, except UTI. The erstwhile Kothari Pioneer (now
merged with Franklin Templeton MF) was the first private sector MF registered
in July 1993. With the entry of private sector funds in 1993, a new era began in
the Indian MF industry, giving the Indian investors a wider choice of MF
products. The initial SEBI MF Regulations were revised and replaced in 1996
with a comprehensive set of regulations, viz., SEBI (Mutual Fund) Regulations,
1996 which is currently applicable.

The number of MFs increased over the years, with many foreign sponsors
setting up mutual funds in India. Also the MF industry witnessed several
mergers and acquisitions during this phase. As at the end of January 2003,
there were 33 MFs with total AUM of ₹1,21,805 crores, out of which UTI alone
had AUM of ₹44,541 crores.
FOURTH PHASE - SINCE FEBRUARY 2003 – APRIL 2014

In February 2003, following the repeal of the Unit Trust of India Act 1963, UTI
was bifurcated into two separate entities, viz., the Specified Undertaking of the
Unit Trust of India (SUUTI) and UTI Mutual Fund which functions under the
SEBI MF Regulations. With the bifurcation of the erstwhile UTI and several
mergers taking place among different private sector funds, the MF industry
entered its fourth phase of consolidation.

Following the global melt-down in the year 2009, securities markets all over
the world had tanked and so was the case in India. Most investors who had
entered the capital market during the peak, had lost money and their faith in
MF products was shaken greatly. The abolition of Entry Load by SEBI,
coupled with the after-effects of the global financial crisis, deepened the
adverse impact on the Indian MF Industry, which struggled to recover and
remodel itself for over two years, in an attempt to maintain its economic
viability which is evident from the sluggish growth in MF Industry AUM
between 2010 to 2013.

FIFTH (CURRENT) PHASE – SINCE MAY 2014

Taking cognizance of the lack of penetration of MFs, especially in tier II and

tier III cities, and the need for greater alignment of the interest of various
stakeholders, SEBI introduced several progressive measures in September
2012 to "re-energize" the Indian Mutual Fund industry and increase MFs’
penetration.

In due course, the measures did succeed in reversing the negative trend that
had set in after the global melt-down and improved significantly after the new
Government was formed at the Center.

Since May 2014, the Industry has witnessed steady inflows and increase in
the AUM as well as the number of investor folios (accounts).

 The Industry’s AUM crossed the milestone of ₹10 Trillion ( ₹10 Lakh
Crore) for the first time as on 31st May 2014 and in a short span
 of three years the AUM size has crossed ₹19.47 lakh crore in may
2017

 In fact, the MF Industry has more doubled its AUM in the last 4 years
from ₹ 5.87 trillion as on 31st March, 2012 to ₹ 12.33 trillion as on 31st
March, 2016 and further grown to ₹ 16.07 trillion as on 31st August
2016.

 The no. of investor folios has gone up from 3.95 crore folios as on 31-
03-2014 to 4.98 crore as on 31-08-2016.

 On an average 3.38 lakh new folios are added every month in the last
2 years since Jun 2014.

 Mutual fund industry added 77.4 lakh retail folios in the financial year
2016-17.

 AMFI targets industry AUM of Rs. 95 lack crores by 2025.

The growth in the size of the Industry has been possible due to the twin effects
of the regulatory measures taken by SEBI in re-energizing the MF Industry in
September 2012 and the support from mutual fund distributors in expanding
the retail base.

MF distributors have also had a major role in popularizing Systematic

Investment Plans (SIP) over the years. In 2017, the no. of SIP accounts has
crossed 1.40 crore mark. SIP during May 21017 was Rs. 4584 crore.
[GRAPH B] GROWTH IN TOTAL ASSETS (June 2016 to 2017)

Assets managed by the Indian mutual fund industry have grown from Rs.
14.90 trillion in June 2016 to Rs. 19.92 trillion in June 2017. That represents a
34% growth in assets over June 2016.

[1.5]STRUCTURE OF MUTUAL FUNDS IN INDIA

The structure of Mutual Funds in India is a three-tier one. There are three
distinct entities involved in the process – the sponsor (who creates a Mutual
Fund), trustees and the asset management company (which oversees the
fund management). The structure of Mutual Funds has come into existence
due to SEBI (Securities and Exchange Board of India) Mutual Fund
Regulations, 1996. Under these regulations, a Mutual Fund is created as a
Public Trust. We will look into the structure of Mutual Funds in a detailed
manner.

[Graph C] structure of Mutual Fund

THE FUND SPONSOR:

The Fund Sponsor is the first layer in the three-tier structure of Mutual Funds
in India. SEBI regulations say that a fund sponsor is any person or any entity
that can set up a Mutual Fund to earn money by fund management. This fund
management is done through an associate company which manages the
investment of the fund. A sponsor can be seen as the promoter of the
associate company. A sponsor has to approach SEBI to seek permission for a
setting up a Mutual Fund. Once SEBI agrees to the inception, a Public Trust is
formed under the Indian Trust Act, 1882 and is registered with SEBI. Trustees
are appointed to manage the trust and an asset management company is
created complying with the Companies Act, 1956.

There are eligibility criteria given by SEBI for the fund sponsor:

The sponsor must have experience in financial services for a minimum

of five years with a positive net worth for all the previous five years.

The net worth of the sponsor in the immediate last year has to be
greater than the capital contribution of the AMC.

The sponsor must show profits in at least three out of five years which
includes the last year as well.

The sponsor must have at least 40% share in the net worth of the
asset management company. Any entity that fulfils the above criteria
can be termed as a sponsor of the Mutual Fund.

TRUST AND TRUSTEES

Trust and trustees form the second layer of the structure of Mutual Funds in
India. A trust is created by the fund sponsor in favour of the trustees, through a
document called trust deed. The trust is managed by the trustees and they are
answerable to investors. They can be seen as primary guardians of fund and
assets. Trustees can be formed by two ways – a Trustee Company or a Board
of Trustees. The trustees work to monitor the activities of the Mutual Fund and
check its compliance with SEBI (Mutual Fund) regulations. They also monitor
the systems, procedures, and overall working of the asset management
company. Without the trustees’ approval, AMC cannot float any scheme in the
market. The trustees have to report to SEBI every six months about the
activities of the AMC.

ASSET MANAGEMENT COMPANIES

Asset Management companies are the third layer in the structure of Mutual
Funds. The asset management company acts as the fund manager or as an
investment manager for the trust. A small fee is paid to the AMC for managing
the fund. The AMC is responsible for all the fund-related activities. It initiates
various schemes and launches the same. The AMC is bound to manage funds
and provide services to the investor. It solicits these services with other
elements like brokers, auditors, bankers, registrars, lawyers, etc. and works
with them. To ensure that there is no conflict between the AMCs, there are
certain restrictions imposed on the business activities of the companies.

OTHER COMPONENTS IN THE STRUCTURE OF MUTUAL FUNDS

CUSTODIAN

A custodian is responsible for the safekeeping of the securities of the Mutual

Fund. They manage the investment account of the Mutual Fund, ensure the
delivery and transfer of the securities. They also collect and track the
dividends & interests received on the Mutual Fund investment.

REGISTRAR AND TRANSFER AGENTS (RTAS):

These are the entities who provide services to Mutual Funds. RTAs are more
like the operational arm of Mutual Funds. Since the operations of all Mutual
Fund companies are similar, it is economical in scale and cost efficient for all
the 44 AMCs to seek the services of RTAs. CAMS, Karvy,
Sundaram, Principal, Templeton, etc are some of the well-known RTAs in
India. Their services include

 Processing investors’ application

 Keeping a record of investors’ details
 Sending out account statements to the investors
  Sending out periodic reports
 Processing the payouts of the dividends
 Updating the investor details i.e. adding new members and removing
those who have withdrawn from the fund.

AUDITOR:

Auditors audit and scrutinize record books of accounts and annual reports of
various schemes. Each AMC hires an independent auditor to analyses the
books so as to keep their transparency and integrity intact.

BROKER:

AMC uses the services of brokers to buy and sell securities on the stock
market. The AMCs uses research reports and recommendations from many
brokers to plan their market moves.

The three-tier structure of the Mutual Funds is in place keeping the fiduciary
nature of the Mutual Funds in mind. It ensures that each element of the
system works independently and efficiently. This structure of Mutual Funds is
in line with the international standards and thus there is a proper separation of
responsibilities and functioning of each constituent of the structure.
 Chapter 2
Company Profile
FOUNDER OF THE COMPANY (Directors)

Neeraj choksi - joint manager

Jignesh Desai - joint manager

[2.1] Introduction of Company

The word “NJ” stands, N for Neeraj Choksi and J for Jignesh Desai the
founder directors of NJ India Invest. Seeing the growing scope of the financial
service sector these two dynamic young men, after completing their
education, started their career with this sector. Both of them decided to jump
into the same field and came out with the dynamic concept of NJ Capital
stock, which is known as NJ India Invest now.

This business was started in the year 1994; it was the period when private
companies were entering the field of financial services. This was the time
when NJ India Invest evolved as a client focused need based investment
advisory firm. NJ has achieved expertise in need based investment of clients.

NJ regards Mutual Fund as one of the best investment avenues available to

satisfy any kind of investment need. NJ has a very well trained men power to
meet the need of the clients and market. With very well qualified work force
NJ have gained expertise in analyzing Mutual Fund schemes and even have
achieved expertise in carrying out In-depth study on various parameters of
these different Mutual Fund schemes.

NJ India Invest is a company, which is evolved in this business from past

eleven years as a client focused need based investment advisory firm. It has
developed its own IT industry known as Fin logic India Pvt..Ltd. i.e.
Technology to support clients as well as its employees in their daily routine
work. The company has its site named “www.njindiainvest.com” which
provides a valuable support to clients.

[2.2] NJ India Invest focus

At NJ the people are education centric, the relationship managers will help
client in identifying and understanding client’s needs and help client develop a
portfolio across different asset classes commensurate to client’s needs. This
practice is only performed at NJ and this is what makes it superior to other
competition in this same field.

There are well-trained experts who give a feel on the various assets classes
and explain client the risk associated with each in a simple and lucid manner
to put client at calm. Once the investment is planned and done NJ doesn’t
leave its client in between but NJ back them by periodic valuation report and
regular information through newsletters, mailer, e-mail, road shows etc.

The prime focus of the people at NJ is to help you attain peace of mind on the
investment front.
[2.3]Vision & Mission

Vision of NJ India Invest Pvt. Ltd. is,

-To be the leader in the field of business through,

 Total Customer Satisfaction

 Commitment to Excellence

 Determination to Succeed with strict adherence to compliance

 Successful Wealth Creation of Customers

Mission of NJ India Invest Pvt. Ltd. is,

Ensure creation of the desired value for customers, employees and

associates, through constant improvement, innovation and commitment to
service & quality and to provide solutions which meet expectations and
maintain high professional & ethical standards along with the adherence to
the service commitments.

[2.4] Values

At NJ their service and investing thinking is inspire and shape the thoughts,
attitude, actions and decisions of their employees. If NJ would beliefs, At NJ
their Service and investing idea inspire and shape resemble a body; their
philosophy would be their spirit which drives their body.

[2.5] Business model of NJ

[Graph D] Business model of NJ

AMC

NJ

PARTNER
CLIENT

[2.6] Philosophy

At NJ our Service and Investing philosophy inspire and shape the thoughts,
beliefs, attitude, actions and decisions of our employees. If NJ would
resemble a body, our spirit which drives our body.

[2.6.1] Service Philosophy

NJ’s primary measure of success is customer satisfaction. NJ is committed to

provide its customers with continuous, long-term improvements and value-
additions to meet the needs in an exceptional way. In its efforts to consistently
deliver the best service possible to its customers, all employees of NJ will
make every effort to:

 think of the customer first, take responsibility, and make prompt

service to the customer a priority

 deliver upon the commitments & promises made on time

 anticipate, visualize, understand, meet, exceed its customer's needs

 bring energy, passion & excellence in everything NJ does

  be honest and ethical, in action & attitude, and keep the customer’s
interest supreme

 strengthen customer relationships by providing service in a

thoughtful & proactive manner and meet the expectations, effectively

[2.6.2] Investing Philosophy

NJ aim to provide Need-based solutions for long-term wealth creation NJ aim

to provide all customers of NJ, directly or indirectly, with true, unbiased, need-
based solutions and advice that best meets their stated & un-stated needs. NJ
believes that....

 Clients want need-based solutions, which fits them

 Long-term wealth creation is simple and straight
 Asset-Allocation is the ideal & the best way for long-term wealth
creation
 Educating and disclosing all the important facets which the customer
needs to be aware of, is important
 The solutions must be unbiased, feasible, practical, executable,
measurable and flexible
 Constant monitoring and proper after-sales service is critical to
complete the on-going process

[2.7] People and culture

People
Enthusiasm, Enterprise, Education and Ethics form the four pillars at NJ. At
NJ one can witness the vibrant energy, enthusiasm and the enterprising drive
to excel flowing freely throughout the organization. At NJ can also experience
the creativity, one-to-one responsiveness, collaborative approach and passion
for delivering value. At NJ people evolve to be more effective, efficient, and
result oriented. Knowledge is inherent due to the education-centric approach
and the experience in handling different clients groups across diverse product
profiles.
NJ understands that the people are the most important assets of the company
and it is not the company that grows but the people. NJ hence undertakes
rigorous training and educational activities for enhancing the entire team at
NJ. NJ also believes in the ‘Learning through Responsibility’ concept for its
employees.

For people at NJ success is not a new word, but is a regular stepping-stone to

realizing the one vision that everyone shares.

Culture

At NJ believe in transforming the lives of its customers. NJ exists to create a

difference – a change towards a better life. The culture at NJ reflects this
responsibility, this dream of transforming lives. And NJ is always excited and
enthused in doing so.

NJ believe in keeping ‘You First’, providing you with products and services
that meet your stated and unstated needs. Client satisfaction and client
service is the Mantra NJ constantly recite. This service oriented philosophy
runs throughout the organization, from top to bottom.

Employees are given ample freedom in their work. The objective is to keep an
open, healthy environment with ample scope for enterprise, improvement,
innovations and out-of-the box solutions

NJ’s efforts are constantly engaged in improving its existing services, offering
new and innovative solutions that go beyond your expectations. This focus
has made us one of the most respected and preferred service providers,
especially in the mutual fund industry.

[2.8] Service standards

Service is the key to unlocking customer satisfaction, which again is key for
sustainability of any business. At NJ understand this very well. NJ has set
strict processes in place to deliver quality services to customers. At NJ strict
quality service standards are set and a well-defined process is established
and followed religiously by its quality customer service teams. Performance is
evaluated on a frequent and glitches are ironed out.

But quality service also involves quality people in addition to processes. NJ

gives significant focus to the proper training and development of the people
involved in the service delivery chain.

Further NJ

 Have well-defined "Privacy Policy" to keep clients’ information

confidential & internal audits done on the same at regular intervals

 Receive various statistics which are analyzed on an ongoing basis to

improve the service standards

NJ is committed to improve and enhance its services and undertake new

service initiatives. Such and other services differentiate us with other service
providers in the industry.

[2.9] NJ’s Service Commitments

The service commitments are to guide the actions of the people at NJ. Clearly
stated, customers can freely communicate any such actions/events wherein
they feel that any of the following commitments have been breached /
compromised. NJ desired to honor its commitments at all points of time and to
all its customers without any bias.

 To provide customer-focused need-based valued services

 To provide reliable, accurate and timely information

 To maintain all records in privacy

 To optimize services/benefits at least justifiable cost

 To develop and grow the customers ’ business

  To provide constructive after sales service

 To honor its service commitments

 Consumer Grievances

NJ is committed to provide its customers with quality services. The existing

customers may approach NJ Customer Care for any queries / clarifications or
issues that they may face for the customers of Demat & Trading Account
services, NJ have a dedicated DP Helpdesk which can be reached at
[email protected] for any queries or grievances.

[2.10] NJ Business

NJ Wealth - Financial Products Distributors Network

NJ Wealth - Financial Products Distributors Network is one of India's leading

and most successful networks of distributors in the financial services industry.

Started in 2003, the NJ Wealth seeks to reach out to the common man and
extend the opportunity to create wealth through an empowered network of
financial product distributors – the NJ Wealth Partners. To its Partners, NJ
Wealth provides a full service, comprehensive business platform with end-to-
end solutions critical for success in financial products distribution practice.
With it compelling set of offerings covering every area of distribution practice,
NJ Wealth has managed to successfully transform the lives of many small and
big distributors.

To the common man, NJ Wealth offers a comprehensive wealth management

platform with a wide choice of financial and non-financial products. Backed by
high levels of excellence in operational and service standards, NJ Wealth
offers customers of its' Partners with solutions that truly makes a difference.
 Driven by the strong vision of 'Creating Wealth and Transforming Lives', NJ
Wealth's constant endeavor is to build on the ideas that are meaningful &
effective in scaling business challenges, seizing available opportunities and
serving the interests of the customer.

The NJ Wealth family has grown steadily and today it has over 24,800+ NJ
Wealth Partners, spread across 97 branches in 23 states in India with over
12,00,000+ investors and over INR 43000+ crore of mutual fund assets under
advice. Irrespective of the numbers though, it is trust in us which fuels the
passion for creating solutions with excellence that touch many lives, day after
day.

Partner Services

 Dedicated Relationship Manager

 Marketing & Sales support
 Research support
 Training & Education support
 Dedicated Customer Care / Query management support
 Technological support, including online business / 'Partners Desk' with
CRM & Employee Management modules

Customer Services

Online family "Client Desk" enabling single portfolio view of entire wealth
portfolio Trading & Demat Account with online transacting & call-&-trade
service in mutual funds, direct equity & ETF.

Asset Management

NJ has ventured in asset management business with NJ Advisory Services

Pvt. Ltd., a group company, launching its discretionary PMS products.
At the heart of NJ Advisory Services is the idea to provide customers with
solutions that give them the freedom from active management of investments
while having an assurance that NJ would be doing so in the best possible
manner. NJ’s conviction, matched by its passion and expertise, is all about
ensuring the peace of mind of the investor. The PMS products currently
offered are aimed at meeting investor's need for successful long-term wealth
creation by following strategies that control risk and optimize returns in a
mutual fund portfolio.

NJ Advisory Services leverages upon with its rich experience in portfolio

management with in-depth knowledge & expertise in mutual funds. The
decisions on the mutual fund portfolio also combine results of time tested
proprietary research models, extensive due-diligence of fund houses,
interactions with fund managers & internal risk controls. The defined
processes and smart use of technology further ensures that the investors are
offered with quality portfolio management and administrative services,
ensuring a complete peace of mind.

 Freedom Portfolio

Objective: To stay invested in equity mutual fund schemes at all times,

deliver superior portfolio returns by selecting better performing
schemes and encasing on opportunities offered by markets.

 Dynamic Asset Allocation Portfolio

Objective: To give better risk adjusted returns by deciding right

proportion of Equity and Debt asset classes from time to time, and
selecting consistently better performing mutual fund schemes.

 Key customer services

 Online Client PMS Desk with daily update reports
 Reporting on monthly, quarterly & annual basis through email and hard
copies.
 Real Estate

The NJ Realty venture offers an integrated service model offering end-to-end

services to various stake-holders in realty program management & execution.
The idea is to associate with stakeholders and engage actively in various
stages of program management, viz. market survey, legal due diligence, land
acquisition, planning & execution of projects and managing sales &
distribution through NJ Wealth – Financial Products Distributors Network.

Managing realty programs is a lengthy process replete with many challenges

right from program identification to marketing. As a developer, investor or land
owner, one may be keen to execute realty projects, but may not be equipped
with the right skill-sets, contacts, experience and/or know-how for the
undertaking. This is where NJ Realty can associate and help in shaping up
the realty programs. NJ Realty has acquired considerable experience in
program management and is also currently engaged in multiple programs
playing diverse roles.

At the heart of NJ Realty is the philosophy of sustainability and preservation of

environment. Going beyond words, NJ Realty seeks to keep environment as
one of the focal points in it's real estate business.

Insurance Broking

NJ Insurance Brokers Pvt. Ltd., a licensed insurance broker by IRDA, seeks

to provide customers with comprehensive solutions catering to their insurance
needs.
At the heart of NJ Insurance is the strong vision for continued financial well-
being for customers - individuals and families, regardless of any
circumstances. The key is to offer 'right' advice which is unbiased and
customer centric and encompasses the right risk to insure, the right coverage,
the right product and at the right time. The idea to offer clients with
comprehensive solutions extends further to cover quality claim settlement and
other services.

NJ Insurance leverages from the rich experience of NJ group in financial

planning and investment management for customers. NJ Insurance Brokers
has appointed Certified Insurance Advisors (CIAs) who work with customers
in identifying, fulfilling & managing their insurance needs. NJ offers a
comprehensive basket of products both in life & non-life insurance space and
makes exhaustive use of technology to deliver great value to customers.

 Life insurance products from leading life insurers

 General insurance products, especially Health, Motor & Personal
Accident, from leading general insurers.

Global Wealth Advisory

NJ Global Invest (Ltd.) is a new venture wherein NJ seeks to offer a Global

Wealth Advisory platform to advisors for offshore funds across the globe.

The vision at Global Wealth Advisory platform is to offer a single window for
investment opportunities across the globe to customers. The idea is to bring
to customers a wide range of offshore fund schemes (domiciled in Mauritius,
Luxembourg, Dublin and other jurisdictions), through advisors on the Global
Wealth Advisory platform. NJ Global Invest seeks to provide a offshore fund
distribution platform & offshore Portfolio Advisory services under a B2B
distribution model. NJ Global Invest also desires to offer comprehensive order
routing and trade settlement facility with support services of client reporting &
fees settlement.

NJ Global Invest, is a venture that leverages from rich experience & success
of financial products distribution business in India. Incorporated in Mauritius,
NJ Global Invest is set up an offshore fund distribution company and is a
licensed 'Investment Dealer (Full Service Dealer, excluding underwriting)" by
FSC, Mauritius.

Information Technology

NJ Technologies, is a latest venture by NJ wherein NJ aim to provide quality

technology solutions to businesses in a wide range of domains.

NJ started its journey in technology with the start of Finlogic Technologies

(India) Pvt. Ltd., a group company, in year 2000. The idea then was to
develop software applications to support the growing (financial services)
distribution business and manage the IT infrastructure. Over the years, the
captive IT team, gained strong domain expertise and skills in diverse areas
and technology domains. Today, Finlogic team boasts of over 270+
employees with skills & rich experience in product development, software
testing, infrastructure management, R&D, project management & information
security. The entire NJ Group's internal systems and infrastructure is
managed by Finlogic which also has developed many state-of-the art,
proprietary applications that power NJ's businesses.

NJ Technologies now seeks to leverage these in-house skills & expertise to

help other businesses find solutions for their business challenges. At NJ
Technologies, NJ is keen to adopt the latest and the best practices from the
industry in delivering solutions that really work for businesses.

 Solutions for businesses

 Infrastructure Set-up and Management

 Database Management
 Customized Application Development
 Software Quality Assurance
 Information Security

Training & Development

The NJ Gurukul is a venture aimed at providing valuable training & education

support to the young, emerging talent pool in India. Started in year 2008, NJ
Gurukul today offers a very wide range of training programs across India in all
major cities.

NJ Gurukul is about a vision that aspires to nurture the young talent in India
and to transform them into individuals with knowledge & skills for employment
and enterprise. With special focus on the financial advisors community, NJ
Gurukul today, is a leading provider of training programs in the financial
services industry. NJ Gurukul offers a wide range of training programs by way
of part / full time classroom sessions being conducted at multiple locations
across India. NJ Gurukul has an institutionalized, process driven approach to
training with focus on delivering uniformity in quality & content.

The NJ Gurukul has a Board of Trainers with over 35 well qualified,

professional trainers empanelled across India for delivering training programs.
Within a short time, NJ Gurukul has trained over 35,000 participants in over
80 locations across India. NJ Gurukul is an authorized Education Provider
(EP) with FPSB India to deliver training for the prestigious Certified Financial
Planner - CFPCM Certification. NJ Gurukul is also amongst the largest trainers
of Mutual Fund Distributors in India.

Key Training Programs:

 Mutual Fund Distributors Certification by NISM for prospective NJ

Wealth Distributors
 Certified Financial Planner (CFP CM) Certification by FPSB India

[2.11] AMC’S with NJ India Invest

 Axis mutual funds
 Baroda pioneer mutual funds
 Birla sunlife mutual funds
 BNP Paribas mutual funds
 BOI AXA mutual funds
 Canara Robeco mutual funds
 Credit capital mutual funds
 Daiwa mutual funds
 DHFL pramerica mutual funds
 DSP blackrock mutual funds
 Dundee mutual funds
 DWS mutual funds
 Edelweiss mutual funds
 Escort mutual funds
 Fidelity mutual funds
 Franklin templeton mutual funds
 GIC mutual funds
 Goldman sachs mutual funds
 HDFC mutual funds
 ICICI prudential mutual funds
 HSBC mutual funds
  IDBI mutual funds
 IDFC mutual funds
 IIFL mutual funds
 Indiabulls mutual funds
 ING mutual funds
 Invesco mutual funds
 Jardine mutual funds
 JM financial mutual funds
 JP morgan mutual funds
 Kotak mutual funds
 L&T mutual funds
 LIC mutual funds
 Mahindra mutual funds
 Mirae asset mutual funds
 Morgan stanely mutual funds
 Motlal oswal mutual funds
 Peerless mutual funds

Key Sales Team:

Mr. Misbah Baxamusa National Head

Mr. Naveen Rathod V.P. (Sales)

Mr. Kulbhushan
A.V.P. (Marketing)
Nandwani
Mr. Prashant Kakkad A.V.P. (Sales)

Key Executive Team

Mr. Shirish Patel Information Technology

Mr. Abhishek Dubey Business Process

Mr. Vinayak Rajput Operations

Mr. Dhaval Desai Human Resources

Mr. Col. Dixit Administration

Mr. Tejas Soni Finance
Mr. Viral Shah Research
Mr. Rakesh Tokarkar Compliance

[2.12]TYPES OF MUTUAL FUND

There are many different types of mutual funds categorized based on

structure, nature and investment objectives. Choosing the right type of
fund for your investment needs will depend on your investment goal.

[Graph E] Types of mutual fund

 Types of Mutual Funds based on structure

 Open-Ended Funds: These are funds in which units are open for
purchase or redemption through the year. All purchases/redemption of
 these fund units are done at prevailing NAVs. Basically these funds will
allow investors to keep invest as long as they want. There are no limits
on how much can be invested in the fund. They also tend to be actively
managed which means that there is a fund manager who picks the
places where investments will be made. These funds also charge a fee
which can be higher than passively managed funds because of the
active management. They are an ideal investment for those who want
investment along with liquidity because they are not bound to any
specific maturity periods. Which means that investors can withdraw
their funds at any time they want thus giving them the liquidity they
need.
 Close-Ended Funds: These are funds in which units can be purchased
only during the initial offer period. Units can be redeemed at a specified
maturity date. To provide for liquidity, these schemes are often listed for
trade on a stock exchange. Unlike open ended mutual funds, once the
units or stocks are bought, they cannot be sold back to the mutual fund,
instead they need to be sold through the stock market at the prevailing
price of the shares.
 Interval Funds: These are funds that have the features of open-ended
and close-ended funds in that they are opened for repurchase of shares
at different intervals during the fund tenure. The fund management
company offers to repurchase units from existing unit holders during
these intervals. If unit holders wish to they can offload shares in favour
of the fund.

 Types of Mutual Funds based on nature

 Equity Funds: These are funds that invest in equity stocks/shares of
companies. These are considered high-risk funds but also tend to
provide high returns. Equity funds can include specialty funds like
infrastructure, fast moving consumer goods and banking to name a few.
They are linked to the markets and tend to
 Debt Funds: These are funds that invest in debt instruments e.g.
company debentures, government bonds and other fixed income
 assets. They are considered safe investments and provide fixed
returns. These funds do not deduct tax at source so if the earning from
the investment is more than Rs. 10,000 then the investor is liable to pay
the tax on it himself.
 Money Market Funds: These are funds that invest in liquid instruments
e.g. T-Bills. They are considered safe investments for those looking to
park surplus funds for immediate but moderate returns. Money markets
are also referred to as cash markets and come with risks in terms of
interest risk, reinvestment risk and credit risks.
 Balanced or Hybrid Funds: These are funds that invest in a mix of
asset classes. In some cases, the proportion of equity is higher than
debt while in others it is the other way round. Risk and returns are
balanced out this way. An example of a hybrid fund would be Franklin
India Balanced Fund-DP (G) because in this fund, 65% to 80% of the
investment is made in equities and the remaining 20% to 35% is
invested in the debt market. This is so because the debt markets offer a
lower risk than the equity market.

 Types of Mutual Funds based on investment objective

 Growth funds: Under these schemes, money is invested primarily in
equity stocks with the purpose of providing capital appreciation. They
are considered to be risky funds ideal for investors with a long-term
investment timeline. Since they are risky funds they are also ideal for
those who are looking for higher returns on their investments.
 Income funds: Under these schemes, money is invested primarily in
fixed-income instruments e.g. bonds, debentures etc. with the purpose
of providing capital protection and regular income to investors.
 Liquid funds: Under these schemes, money is invested primarily in
short-term or very short-term instruments e.g. T-Bills, CPs etc. with the
purpose of providing liquidity. They are considered to be low on risk
with moderate returns and are ideal for investors with short-term
investment timelines.
 Tax-Saving Funds (ELSS): These are funds that invest primarily in
equity shares. Investments made in these funds qualify for deductions
under the Income Tax Act. They are considered high on risk but also
offer high returns if the fund performs well.
 Capital Protection Funds: These are funds where funds are are split
between investment in fixed income instruments and equity markets.
This is done to ensure protection of the principal that has been
invested.
 Fixed Maturity Funds: Fixed maturity funds are those in which the
assets are invested in debt and money market instruments where the
maturity date is either the same as that of the fund or earlier than it.
 Pension Funds: Pension funds are mutual funds that are invested in
with a really long term goal in mind. They are primarily meant to provide
regular returns around the time that the investor is ready to retire. The
investments in such a fund may be split between equities and debt
markets where equities act as the risky part of the investment providing
higher return and debt markets balance the risk and provide lower but
steady returns. The returns from these funds can be taken in lump
sums, as a pension or a combination of the two.

 Types of Mutual Funds based on specialty

 Sector Funds: These are funds that invest in a particular sector of the
market e.g. Infrastructure funds invest only in those instruments or
companies that relate to the infrastructure sector. Returns are tied to
the performance of the chosen sector. The risk involved in these
schemes depends on the nature of the sector.
 Index Funds: These are funds that invest in instruments that represent
a particular index on an exchange so as to mirror the movement and
returns of the index e.g. buying shares representative of the BSE
Sensex.
 Fund of funds: These are funds that invest in other mutual funds and
returns depend on the performance of the target fund. These funds can
also be referred to as multi manager funds. These investments can be
 considered relatively safe because the funds that investors invest in
actually hold other funds under them thereby adjusting for risk from any
one fund.
 Emerging market funds: These are funds where investments are
made in developing countries that show good prospects for the future.
They do come with higher risks as a result of the dynamic political and
economic situations prevailing in the country.
 International funds: These are also known as foreign funds and offer
investments in companies located in other parts of the world. These
companies could also be located in emerging economies. The only
companies that won’t be invested in will be those located in the
investor’s own country.
 Global funds: These are funds where the investment made by the fund
can be in a company in any part of the world. They are different from
international/foreign funds because in global funds, investments can be
made even the investor's own country.
 Real estate funds: These are the funds that invest in companies that
operate in the real estate sectors. These funds can invest in realtors,
builders, property management companies and even in companies
providing loans. The investment in the real estate can be made at any
stage, including projects that are in the planning phase, partially
completed and are actually completed.
 Commodity focused stock funds: These funds don’t invest directly in
the commodities. They invest in companies that are working in the
commodities market, such as mining companies or producers of
commodities. These funds can, at times, perform the same way the
commodity is as a result of their association with their production.
 Market neutral funds: The reason that these funds are called market
neutral is that they don’t invest in the markets directly. They invest in
treasury bills, ETFs and securities and try to target a fixed and steady
growth.
 Types of Mutual Funds based on risk
 Low risk: These are the mutual funds where the investments made are
by those who do not want to take a risk with their money. The
investment cases are made in places like the debt market and tend to
be long term investments. As a result of them being low risk, the returns
on these investments are also low. One example of a low risk fund
would be gift funds where investments are made in government
securities.
 Medium risk: These are the investments that come with a medium
amount of risk to the investor. They are ideal for those who are willing
to take some risk with the investment and tend to offer higher returns.
These funds can be used as an investment to build wealth over a
longer period of time.
 High risk: These are those mutual funds that are ideal for those who
are willing to take higher risks with their money and are looking to build
their wealth. One example of high risk funds would be inverse mutual
funds. Even though the risks are high with these funds, they also offer
higher returns.

 INVESTMENT STRATEGIES
 Systematic Investment Plan: under this a fixed sum is invested each
month on a fixed date of a month. Payment is made through post dated
cheques or direct debit facilities. The investor gets fewer units when the
NAV is high and more units when the NAV is low. This is called as the
benefit of Rupee Cost Averaging (RCA)
 Systematic Transfer Plan: under this an investor invest in debt
oriented fund and give instructions to transfer a fixed sum, at a fixed
interval, to an equity scheme of the same mutual fund.
 Systematic Withdrawal Plan: if someone wishes to withdraw from a
mutual fund then he can withdraw a fixed amount each month.

 Risk & Return

 [Graph F] Risk and Return based on nature of investment

 ADVANTAGES OF MUTUAL FUND

 Professional Management
Mutual funds offer investors the opportunity to earn an income or build
their wealth through professional management of their investible funds.
There are several aspects to such professional management viz.
investing in line with the investment objective, investing based on
adequate research, and ensuring that prudent investment processes
are followed.
 Affordable Portfolio Diversification
Units of a scheme give investors exposure to a range of securities held
in the investment portfolio of the scheme. Thus, even a small
investment of Rs 5,000 in a mutual fund scheme can give investors a
diversified investment portfolio. With diversification, an investor ensures
that all the eggs are not in the same basket. Consequently, the investor
is less likely to lose money on all the investments at the same time.
Thus, diversification helps reduce the risk in investment. In order to
achieve the same diversification as a mutual fund scheme, investors
 will need to set apart several lakhs of rupees. Instead, they can achieve
the diversification through an investment of a few thousand rupees in a
mutual fund scheme.
 Economies of Scale
The pooling of large sums of money from so many investors makes it
possible for the mutual fund to engage professional managers to
manage the investment. Individual investors with small amounts to
invest cannot, by themselves, afford to engage such professional
management. Large investment corpus leads to various other
economies of scale. For instance, costs related to investment research
and office space get spread across investors. Further, the higher
transaction volume makes it possible to negotiate better terms with
brokers, bankers and other service providers.
 Liquidity
At times, investors in financial markets are stuck with a security for
which they can't find a buyer - worse; at times they can't find the
company they invested in! Such investments, whose value the investor
cannot easily realize in the market, are technically called illiquid
investments and may result in losses for the investor. Investors in a
mutual fund scheme can recover the value of the moneys invested,
from the mutual fund itself. Depending on the structure of the mutual
fund scheme, this would be possible, either at any time, or during
specific intervals, or only on closure of the scheme. Schemes where the
money can be recovered from the mutual fund only on closure of the
scheme are listed in a stock exchange. In such schemes, the investor
can sell the units in the stock exchange to recover the prevailing value
of the investment.
 Tax benefits
Specific schemes of mutual funds (Equity Linked Savings Schemes)
give investors the benefit of deduction of the amount invested, from
their income that is liable to tax. This reduces their taxable income, and
therefore the tax liability. Further, the dividend that the investor receives
from the scheme is tax-free in his hands.
 Investment Comfort
 Once an investment is made with a mutual fund, they make it
convenient for the investor to make further purchases with very little
documentation. This simplifies subsequent investment activity.
 Convenient Options
The options offered under a scheme allow investors to structure their
investments in line with their liquidity preference and tax position.
 Regulatory Comfort
The regulator, Securities & Exchange Board of India (SEBI) has
mandated strict checks and balances in the structure of mutual funds
and their activities. These are detailed in the subsequent units. Mutual
fund investors benefit from such protection.

 LIMITATIONS OF MUTUAL FUND

 Lack of portfolio customization
Some securities houses offer Portfolio Management Schemes to large
investors. In a PMS, the investor has better control over what securities
are bought and sold on his behalf. On the other hand, a unit-holder is
just one of several thousand investors in a scheme. Once a unit-holder
has bought into the scheme, investment management is left to the fund
manager (within the broad parameters of the investment objective.
Thus, the unit-holder cannot influence what securities or investments
the scheme would buy. Large sections of investors lack the time or the
knowledge to be able to make portfolio choices. Therefore, lack of
portfolio customization is not a serious limitation in most cases.
 Choice overload
Over some any mutual fund schemes offered mutual fund companies -
and multiple options within those schemes - make it difficult for
investors to choose between them. Greater dissemination of industry
information through various media and availability of professional
advisors in the market should help investors handle this overload.
 No control over costs
All the investor's moneys are pooled together in a scheme. Costs
incurred for managing the scheme are shared by all the Unit holders in
 proportion to their holding of Units in the scheme. Therefore, an
individual investor has no control over the costs in a scheme.
SEBI has however imposed certain limits on the expenses that can be
charged to any scheme. These limits vary with the size of assets and
the nature of the scheme.
 No guarantees
No investment is risk free. If the entire stock market declines in value,
the value of mutual fund shares will go down as well, no matter how
balanced the portfolio. Investors encounter fewer risks when they invest
in mutual funds than when they buy and sell stocks on their own.
However, anyone who invests through a mutual fund runs the risk of
losing money.
 Management risk
When you invest in a mutual fund, you depend on the fund's manager
to make the right decisions regarding the fund's portfolio. If the
manager does not perform as well as we had hoped, we might not
make as much money on our investment as we expected. However, if
we invest in Index Funds, we forego management risk, because these
funds do not employ fund managers.

 SWOT ANALYSIS

 STRENGHTHS
 NJ India Invest is a dominant player in the Indian Mutual Funds
distribution business over past several years.
 NJ also provides personal websites to its client which is called
as client desk, which other competitors do not provide.
 NJ India Invest has Assets Under Management (AUM) more
than 43000+ cores.
 NJ India Invest has tie up with all AMC operating in the Mutual
Fund industry.
 NJ India Invest has better technological edge compared to other
competitors.
 WEAKNESS
 NJ India Invest is dominant player in Mutual Fund industry but
not in entire financial product range like Insurance etc. they are
working to achieve that

 OPPORTUNITIES
 NJ India Invest has great opportunities in front of it as the Mutual
fund has not penetrated in the Indian financial market.
 NJ India Invest can utilize the dominant position in the market it
has a huge network of its partners.

 THREAT
 NJ India Invest is facing competition from the new entrant like
Anagram Security, Angel broking, Karvy Security and many new
and local players. Company also faces competition from IFA
(Independent financial advisors) who are doing direct business
in the AMC.
 Chapter 3

Product profile
[3.1] Product Basket

The following is broadly the product basket available to NJ Wealth Partner on

eligibility / registration basis. The NJ Wealth Distributors can engage in active
distribution of the following products to their clientele through NJ.

Graph G: Product Basket

 Domestic mutual funds (all AMCs)

 Capital Markets - direct equity and ETFs
 Fixed Deposits of companies
 PMS products (Third party & NJ)
 Insurance
 Real Estate (Residential & commercial properties)

Mutual Fund

NJ has tie-ups with all Asset Management Companies (AMCs) and all mutual
fund schemes are part of the product basket. Eligible Partners can offer any
mutual fund scheme to their client from day one of their association with NJ.
The customers have a single window access to any mutual fund product /
scheme they would like to access.
Capital Market – Direct Equity & ETFs

NJ is a SEBI registered member for NSE & BSE and capital markets. Clients
of NJ Demat & Trading Account service have access to capital market
products of direct equity stocks and Exchange Traded Funds (ETFs). One can
undertake transaction online or through Call & Transact facility.

Fixed Income

NJ has also entered into tie-ups with leading companies / institutions for
distribution of fixed income products, namely Non-Convertible Debentures,
Infrastructure / RBI Bonds, Company Deposits, etc. The availability of fixed
income products in addition to mutual funds makes the product basket even
more attractive.

Portfolio Management Services (PMS)

NJ has its own PMS offerings with NJ Advisory Services Pvt. Ltd., a group
company, being a PMS Service provider. The existing strategies have mutual
fund as the underlying, one of very few in the industry. In addition to this, PMS
products by other leading PMS services providers also regularly form a part of
the product basket with Partners. Clients can subscribe to the PMS products
of NJ / other providers through their Partners. Accesses to NJ PMS products
are exclusively available for NJ Partners only.
 Chapter 4
Primary Study
[4.1] Introduction of the study

During the summer internship, I met with Insurance agents, tax consultant,
share broker and explained them about the Mutual Fund and the role of NJ
India as a financial service distributor in India and tried to convey them for
joint with NJ India and do the mutual fund business. Some of the Financial
Advisors does not aware about the mutual fund.

We know that the mutual fund is the good option for investment. Generally
the investors are taking guidance from financial advisors and then investing
the money. If the Financial Advisors are not aware about mutual fund and not
known about how to invest in mutual fund that’s possible the advisors are only
suggested to the people to invest in insurance, postal saving , govt. securities.

The Financial Advisors in India are must be aware about mutual fund and
how to invest in mutual fund. The India is the youngest country in the world
and the people are more educated compare to last 20 years. In Bharuch
district the advisors are not guide to invest in mutual fund because of lack of
knowledge about mutual fund. The majority investors are invest in Insurance,
Bank Deposit, Postal saving. So the main aim is to give the knowledge about
mutual fund to financial advisor and know the interest of advisor in mutual
fund business.

In a present situation the financial advisors are aware about mutual fund, it
is necessary to provide complete guidance about the investment. Who want to
invest with the little amount in the market or want to possible maximum return
with low risk.

 Need For Study

The Financial Advisors are believes that the mutual fund is only an only
market risk. They do not more aware about schemes and plan of mutual fund.
The product could not get much popular in India. As of now is the big
challenge for the MF industry is to mount on financial advisors and spread
further to the semi-urban and rural areas. Financial advisors initiatives in the
business would help toward making MF industry more vibrant and
competitive. Since, the need of study has been aroused in order to see the
awareness and the financial advisor perception regarding the mutual fund in
Bharuch District.

[4.2] Literature Review

Dr. Binod Kumar Singh

In this paper, structure of mutual fund, operations of mutual fund, comparison

between investment in mutual fund and bank and calculation of NAV etc. have
been considered. In this paper, the impacts of various demographic factors on
investors’ attitude towards mutual fund have been studied. For measuring
various phenomena and analyzing the collected data effectively and efficiently
for drawing sound conclusions, Chi-square ( ) test has been used and for
analyzing the various factors responsible for investment in mutual funds,
ranking was done on the basis of weighted scores and scoring was also done
on the basis of scale. The study shows that most of respondents are still
confused about the mutual funds and have not formed any attitude towards
the mutual fund for investment purpose. It has been observed that most of the
respondents having lack of awareness about the various function of mutual
funds. Moreover, as far as the demographic factors are concerned, gender,
income and level of education have significantly influence the investors’ ’
attitude towards mutual funds. On the other hand the other two demographic
factors like age and occupation have not been found influencing the attitude of
investors’ ’ towards mutual funds. As far as the benefits provided by mutual
funds are concerned, return potential and liquidity have been perceived to be
most attractive by the invertors’ followed by flexibility, transparency and
affordability. Apart form the above, in India there is a lot of scope for the
growth of mutual fund International Journal of Research in Management ISSN
2249-5908 Issue2, Vol. 2 (March-2012) Page 68 companies provided that the
funds satisfy everybody’s needs and sharp improvements in service
standards and disclosure.
Dr. Shantanu Mehta, Charmi Shah

The survey is undertaken of 100 educated investors of Ahmedabad and

Baroda city and the major findings reveal the major factors that influence
buying behavior mutual funds investors, sources that investor rely more while
making investment and preferable mode to invest in mutual funds market. The
study will be immensely useful to the AMC';s, Brokers, distributors and to the
other potential investors and last but not least to academician as well

Gaurav Agrawal & Dr. Mini Jain

In today’s competitive environment, different kinds of investment avenues are

available to the investors. All investment modes have advantages &
disadvantages. An investor tries to balance these benefits and shortcomings
of different investment modes before investing in them. Among various
investment modes, Mutual Fund is the most suitable investment mode for the
common man, as it offers an opportunity to invest in a diversified and
professionally managed portfolio at a relatively low cost. In this paper, an
attempt is made to study mainly the investment avenue preferred by the
investors of Mathura, and we have tried to analyze the investor’s preference
towards investment in mutual funds when other investment avenues are also
available in the market

Padmaja

A mutual fund is a type of professionally-managed collective investment

vehicle that pools money from many investors to purchase securities. As there
is no legal definition of mutual fund, the term is frequently applied only to
those collective investments that are regulated, available to the general public
and open-ended in nature. Mutual funds have both advantages and
disadvantages compared to direct investing in individual securities. Today
they play an important role in household finances. So the present study aims
at consumer behavior towards mutual funds with special reference to ICICI
Prudential Mutual Funds Limited, Vijayawada. Data was collected through
primary and secondary sources. Primary data was collected through
structured questionnaire. Convenience sampling method was used to collect
the data and entire study was conducted in Vijayawada City. The study
explains about investors’ awareness towards mutual funds, investor
perceptions, their preferences and the extent of satisfaction towards mutual
funds. Some suggestions were also made to increase the awareness towards
mutual funds and measures to select appropriate mutual funds to maximize
the returns

Dr. Geeta Kesavaraj

The researcher carried out the study with the aim to measure the ―Customer
Perception towards various types of Mutual Funds". It focuses its attention
towards the possibilities of measuring the expectations and satisfaction level
of more mutual fund products. It also aims to suggest techniques to improve
the present level of perception. The study will help the firm in understanding
the expectations, future needs and requirements and complaints of the
consumers. The study had been dedicated mainly towards the promotion of
product or concept in the Chennai Market. The researcher used the
Descriptive type of research design in her study. The researcher used the
Primary data collection method in her study by framing a structured
Questionnaire. The researcher went with convenient type of sampling method
in her study. The sample is taken as 204 by the researcher. For the purpose
of Analysis and Interpretation the researcher used the following statistical
tools namely Simple Percentage Analysis, Chi-Square Test, Karl Pearson's
Correlation and One way Anova. Based on the Analysis and Interpretation the
researcher arrived out with the major findings in her study and Suggestions
are given in such a way so that the customers can attain the wealth
maximization

Y. Prabhavathi, N.T. Krishna Kishore

The advent of Mutual Funds changed the way the world invested their
money. The start of Mutual Funds gave an opportunity to the common man to
hope of high returns from their investments when compared to other
traditional sources of investment .The main focus of the study is to understand
the attitude, awareness and preferences of mutual fund investors. Most of the
respondents prefer systematic investment plans and got their source of
information primarily from banks and financial advisors. Investors preferred
mutual funds mainly for professional fund management and better returns and
assessed funds mainly through Net Asset Values and past performance

V.Rathnamani (2013) explains that many investors are preferred to invest in

mutual fund in order to have high return at low level of risk, safety liquidity.
The world of investment has been changing day to day, so investor’s
preferences toward investment pattern also changed. In the demographic
profile most of the investors are willing to invest only 10% in their annual
personal income, around 39% of investors belongs to age range of 31 to 40
years. In this study investors are willing to take moderate and low level risk;
most of the investors belong to moderate investment style.

[4.3] Problem Statement and Importance of the Study

The majority financial advisors are Insurance agent and they are not
aware about the mutual fund, they work as Insurance agent more than 10
years. So they do not show interest in mutual fund business. The investors
are also wants to known about only safe investment option. They do not want
to take any risk on investment so financial advisors only advise about the
secured investment. The mutual fund investment is safe, if the advisor are
suggest to investor about the investment prospect right scheme of mutual
fund at right time and the investor have passions to hold there investment for
long term. But the advisors have threat to suggest mutual fund because of all
the schemes are not performed every time and give high return. Some time
the performance scheme are underperform and that time return on investment
is low that time investor are not satisfied.

In mutual fund the brokerage is less compare to insurance in short term

so the financial advisor are not want to run this business. If you compare the
MF and Insurance for 15 years with same amount of investment then you
realized the advisor are more earning in to mutual fund compare to insurance.
  Importance of the study

This study is important in order to judge the Financial Advisor in market

like India, where the competition increases day by day due to the entry of
large number of player with different financial strengths and strategies.
Investment in mutual fund the major role of Financial advisors or brokers. If
Financial Advisors have not aware about mutual fund that time they do not
suggest the investor to invest in mutual fund.

[4.4] Objective of the study

 To study the awareness about mutual fund in financial advisory

business.
 To study Perception regarding the mutual fund in Advisory business.
 To find the scope of mutual fund advisory business in Bharuch District.
 To study the problem and prospects of mutual fund industry.
 Chapter 5
Research Methodology
[5.1] Research Design

The research design for the study is descriptive in nature. The present study
attempts to evaluate the Financial Advisors awareness and perception
regarding mutual fund investment. The Financial Advisors awareness and
perception confined to the only selected Bharuch District.

[5.2] Sources of Data

Primary source:

For the primary data collection structured Questionnaire was used

Secondary Sources:

 RBI Report on Currency and finance.

 News paper

[5.3] Sample Size

The sample size covered 100 respondents (Insurance agents) of Bharuch

District.

[5.4] Data Collection Method

The research was used survey method for data collection. This study
gathered the desired data through primary sources. Primary data were
collected through a structured questionnaire from the Financial Advisors living
in Bharuch District and work as an insurance agent.

[5.5] Data Collection Instrument

A structured questionnaire fulfilling the objective of the research was prepared

for the purpose of survey. The questionnaire includes close ended questions.
 Chapter 6
Data Analysis &
Interpretation
Table 1: Experience of the financial advisors
Experience of the financial advisors
Years Frequency Percent
less than 1 year 2 2.0

1 to 3 years 15 15.0

4 to 5 years 18 18.0

6 to 10 years 26 26.0

more than 10 39 39.0

years
Total 100 100.0

Graph 1: Experience chart

Experience chart
less than 1 year1 to 3 years4 to 5 years6 to 10 years more than 10 years
2%

15%
39%

18%

26%

Interpretation
From the Table 1, it can be seen that 39% of the respondents have the
experience of financial field of more than 10year. And 26% of the respondents
have the experience of financial field of 6 to 10 year. 15% and 18% of the
respondents have the experience of financial field of 1 to 3 years and 4 to 5
year respectively.
Table 2: Financial Advisors are aware about mutual fund
Financial Advisors are aware about mutual fund
Frequency Percent
Yes 64 64.0
No 36 36.0
Total 100 100.0

Graph 2: Awareness of mutual fund

Awareness of mutual fund

yes no
64 64.0

36 36.0

Frequency Percent

Interpretation
From the Table 2, it can be seen that 64% respondents are aware about the
mutual fund. 36% are not aware about mutual fund so they have no
convenience to run mutual fund advisory business.
Table 3: Financial Advisors suggestion for long term
investment in mutual fund
Financial Advisors suggestion for long term investment in mutual fund
Frequency Percent
equity fund 55 55.0

balance/ hybrid fund 19 19.0

debt fund 19 19.0

money market / liquid 7 7.0
fund
Total 100 100.0

Graph 3: Financial Advisors suggestion for long term

investment in mutual fund

60
Advisors suggestion for long turm mutual fund Frequency
50

40
Advisors suggestion for long turm mutual fund Percent

30

20

10

equity fundbalance/debt fundmoney hybrid fundmarket /

liquid fund

Interpretation
From the table 3 it can be seen the 55% financial advisors are suggested
Equity Fund for long time investment in mutual fund. 19% advisors are
suggested to balance and debt fund. For long time investment Equity and
Balance both are good.
Table 4: Financial Advisors suggestion for short term
investment in mutual fund

Financial Advisors suggestion for short term investment in mutual fund

Frequency Percent
equity fund 6 6.0

hybrid fund 21 21.0

debt fund 23 23.0

liquid fund 50 50.0

Total 100 100.0

Graph 4: Financial Advisors suggestion for short term

investment in mutual fund

50
45
40
35
30
25
20
Frequency
15
Percent
10
5
0

equity fundhybrid funddebt fundliquid fund

Interpretation
From the table 4 it can be seen that 50% out of 100 respondents are
suggested liquid fund / money market for short term investment in mutual fund
and other 23% respondents are suggest to the debt fund. And 21%
responded suggest to hybrid fund, only 6% respondents are suggests equity
fund for short term investment.
Table 5: Investment in Equity fund suggested by financial
advisors based no time period
Investment in Equity fund suggest by financial advisor based on time period
Frequency Percent
less than 1 year 20 20.0

2 to 5 years 22 22.0

6 to 10 years 20 20.0

11 to 15 years 28 28.0

more than 15 years 10 10.0

Total 100 100.0

Graph 5: Investment in Equity fund suggest by financial

advisor based on time period

30 28.0

25
22.0
20.0 20.0
20

15 Frequency
Percent
10.0
10

0
less than 1 year2 to 5 years6 to 10 years11 to 15 years more than 15
years

Interpretation
From the table 5 it can be seen that for Equity fund time period suggested by
financial advisors for investment in mutual fund. The investment in equity fund
for long term 28% financial advisors are suggested 11 to 15 years. 22%
advisors are suggested to 2 to 5 years and the 20% are suggested to 6 to 10
years and also 20% suggested to less than one year, only 10 percent financial
advisors are suggested more than 15 years for investing money in equity
fund.

Table 6: Financial advisors feel that Mutual Fund is good

investment option
Financial advisors feel that Mutual Fund is good investment option
Frequency Percent
Yes 42 42.0
No 10 10.0
can't say 48 48.0
Total 100 100.0

Graph 6: Financial advisors feel that Mutual Fund is good

investment option

yes, 42%
can't say, 48%

no, 10%
Interpretation
From the Table 6 it can be seen that the financial advisor feel that the mutual
fund is good option for investor. 48% respondents are not say about mutual
fund is good or not so they indicate they have no complete knowledge about
mutual fund. 42% respondents are say mutual fund is good investment so
they have also suggested to investor for invest the money in mutual fund.
Table 7: Respondents interest in mutual fund advisory
business
Respondents interest in mutual fund advisory business
Frequency Percent
Yes 13 13.0
No 87 87.0
Total 100 100.0

Graph 7: Respondents interest in mutual fund advisory

business

13%

yes no

87%

Interpretation
From the table 7 it can be seen that the only 13% respondents are interested
in mutual fund advisory business 87 percent are not interested they indicate
the awareness about mutual fund investment in Bharuch District is less.
Table 8: Relationship between Respondents age and
awareness about mutual fund
aware Age Total
about 18 to 25 26to 35 36 to 45 46 to 55 more
mutual years years years years than 55
fund years
Yes 0 18 31 13 2 64
No 1 7 17 10 1 36
Total 1 25 48 23 3 100

Graph 8: Relation between Respondents age and aware about

mutual fund

35 31
30
25
20
15 18 17
10
5 13
10
0
7

0 1
2 1

18 to 25 years26to 35 years36 to 45 years46 to 55 yearsmore than 55 Ageyears

yesno

Interpretation
From the table 8 shows the Relationship between respondents age and
awareness about mutual fund total 64 respondents out of 100 are aware
about mutual fund and the age group of 36 to 45 years respondent are 31
percent aware about mutual fund.
Table 9: Factor considered by investor while investing in mutual fund
Factors Frequency Percent
Safety 77 77.0
Liquidity 8 8.0
tax benefit 1 1.0
high return 8 8.0

regular income 6 6.0

Total 100 100.0

Graph 9: Factor considered by investor while investing in mutual fund

safety liquidity tax benefit high return regular income

1%
6%
8%
8%

77%

Interpretation
From the table 9, it can be seen that the 77% respondents are given priority to
safety of investment and 8% respondents are given priority to liquidity of
investment other 8% respondent given priority to high return of the investment
only 1% respondent is given priority to tax benefit.
Chapter 7
Findings
 I found that how much experience respondent having. 39 percent
respondents having experience more than 10 years so we can
convenience to them. Because, they have knowledge of financial field.

 I found that 34 percent Insurance consultant are not aware about the
mutual fund so they have no convenience to run mutual fund advisory
business.

 The advisors are suggests to investor for long time investment in

Equity fund.

 The advisors are suggests to investors for short time investment in

liquid product.

 Majority Insurance consultants are suggested to insurance They

believes that the insurance is easy and safest way to invest money and
doing the business with insurance so company have difficulty in
convincing them for mutual fund business.

 The insurance consultant gives the priority to safety and second return.
They believes that mutual fund is only have risk scheme they not
aware about all scheme of mutual fund.

 The respondents mostly give suggestion to invest in debt fund as

compare to other.
 Chapter 8
Limitation of study
 If the respondents are busy with their work, it is very difficult to get
proper response.

 Sometime Survey Need the timing adjusted according respondent

convenience.

 In short span of time some important response not cover.

Chapter 9
Conclusion
 The major problem of company is less awareness about mutual
fund. And this problem can be solved with advertisement. We
found that some respondent did not know about NJ fund
network Company Should Advertise its product.

 Company should meet personally every positive respondent and

explain in detail about mutual fund.

 Company organized the free seminar for financial advisor to

understanding of mutual fund.

 There are majority respondents are insurance agent so explain

them and convince them about mutual fund so they directly
convince the client did not go anywhere else for investment.
 Annexure
“A Study about awareness and perception of mutual fund as Investment
option among financial advisors”
1. How many year of experience you have being financial advisor?

Less than 1 year 1 to 3 years 4 to 5 years

6 to 10 years more than 10 years

2. Are you aware about mutual fund?

Yes No
(If “YES” Then go to Question no. 3)

3. If you are mutual fund advisor, then which mode of investment do you
prefer most?

Online Mode Offline Mode

4. In which financial segment(s) you are working?
Tax consultant Insurance Mutual Fund

Share broker Any other

5. For which company do you provide financial investment services?

6. Give the rank to factors (mentioned below) which is considered by

investors while investing in mutual funds.

FACTORS RANK
Safety
Liquidity
Diversification
Tax benefit
High return
Regular income
Regular saving
Others
 7. Which among the following you think is the best investment option for
your client?
(You can tick more than one)
Mutual fund Stock market
Insurance Postal saving
Bank deposit Derivatives
Govt. security Gold and silver
Saving and current accounts Other

8. For long term which type of mutual fund do you suggest to your
investors?

Equity Fund Balance / Hybrid Fund

Debt Fund Money Market / Liquid Fund

9. For short term which type of mutual fund do you suggest to your
investors?

Equity Fund Balance / Hybrid Fund

Debt Fund Money Market / Liquid Fund

10. For Equity mutual fund specify how much time horizon do you keep in
mind while suggesting to your clients?

Less than 1 Year 2 to 5 Years 6 to 10 Years

11 to 15 Years More than 15 Years

11. Do you feel that investors are using mutual fund as a good invest option
these days?

Yes No Can’t say!

12. Are you interested to in Mutual fund advisory business?

Yes No
. Personal information
(a) Name:-
(b) Phone:-
(c) Age Group:-
18 to 25 Years 26 to 35 Years 36 to 45 Years
46 to 55 Years more than 55 Years

(d) Education :-
Below secondary Higher secondary G Graduate

Post Graduate

(e) Occupation :-

Govt. Ser Pvt. Ser Business

Agriculture Other

(f) Annual income:-

Less than Rs.1,00,000 Rs.1,00,001 to 3,00,000
Rs.3,00,001 to 5,00,000 Rs.5,00,001 to 10,00,000
More than 10,00,000
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