Aryabhatta

Institute of Management

COMPARATIVE ANALYSIS OF MUTUALFUND OF

HDFC & ICICI

SUBMITTED TO:-

Mr. Kamaljeet Singh

Lech. Of Research Methodology

SUBMITTED BY:-

Miss. Parneet Kaur

Roll. No. 95202239175
MBA

1
 CERTIFICATE

This is to certify that Miss. Parneet Kaur has done the Minor Research Project entitled
“Comparative analysis of mutual fund of HDFC & ICIC” under my supervision for
the degree of Master of Business Administration. The work done by her is a sole effort
and has not been submitted as or its part for any other degree.

Mr. Kamaljeet Singh

(Lecturer)

Arayabhatta Institute of Management

(Barnala)

2
 DECLARATION

I, PARNEET KAUR here-by declare that the project report “COMPARATIVE

ANALYSIS OF MUTUAL FUND OF HDFC & ICICI” for the fulfillment of the
requirement of my course from AIM is an original work of mine and the data provided in
the study is authentic, to the best of my knowledge.

This study has not been submitted to any other Institution or University for award of any
other degree.

HOWEVER, I ACCEPT THE SOLE RESPONSIBILITY OF ANY

POSSIBLE ERROR OR OMISSION

Parneet Kaur
Roll.No.95202239175

3
 It is a matter of Great Pleasure for me in submitting the project report on Comparative an
Analysis of Mutual Fund of HDFC & ICICI For the fulfillment of the requirement of my
course from AIM, Barnala.
I am thankful to and owe a deep dept gratitude to all those who have
helped me in preparing this report. Words seem to be inadequate to express my sincere
thanks to Mr. Kamaljeet Singh for his valuable guidance, constructive4 criticism, untiring
efforts and immense encouragement during the entire course of the study due to which
my efforts have been rewarded.
I am highly obliged to those who had helped me to procure primary data
to complete my project. Also not to be forgotten are the Lecturers of MBA who
contributed their ideas and suggestions.
I want to thank all who have supported me and gave their timely
guidance. Last but not least I am very grateful to all those who helped me in one-way or
the other way at every stage of my work.

Parneet Kaur

4
 PREFACE

Many individuals own mutual funds today. Indeed, the mutual fund industry
which reached $3.64 trillion in assets by 2009,comprises the bulk of many
investors financial assets, whether for retirement or taxable savings purposes .To
a large extent, mutual funds are the investment vehicle for the majority of house
holds in the India.
In the introductory chapter, I have consider the role of
mutual fund in today’s investing environment, learn just how popular mutual
funds have become and consider why investors have chosen to put so much
money into funds. Clearly, mutual funds are a major financial asset for numerous
investors, and in many ways they play the dominant role in today’s investing
world for millions of house holds.
I have also told about the basics of mutual funds,
defining terms and discussing the mechanics about how funds work. I have also
considered other alternatives .I have mainly focused up on the study that which
company’s mutual investments are mostly preferable by investors. Today
investors are becoming rational & they see all the parameters before investing .I
had also reviewed the types of mutual funds, structure of mutual funds and their
current scenario.
The over all objective of my study on this project is to know
which company provides better investment opportunities from HDFC & ICICI
and make the investors to be able to take better decisions .Of course, as every
study needs, I’d adopted an objective view of over all situation that examines both
sides of the issue situated in HDFC &ICICI.

5
S.NO. Contents Page No.
1 Introduction To Topic 7
2 Introduction to Companies 11
3 Review of literature 14
4 Need/Scope of Study 16
5 0bjective of the study 16
6 Research Methodology 18
7 Analysis 21
8 Findings 43
9 Limitations 43
10 Recommendations 43
11 44
Conclusion
12 46
Bibliography
13 Annexure 48

6
Introduction to Topic

7
What is mean by mutual fund?

Mutual funds are pools of money that are managed by an investment company. They
offer investors a variety of goals, depending on the fund and its investment charter. Some
funds, for example, seek to generate income on a regular basis. Others seek to preserve an
investor's money. Still others seek to invest in companies that are growing at a rapid pace.
Funds can impose a sales charge, or load, on investors when they buy or sell shares.
Many funds these days are no load and impose no sales charge. Mutual funds are
investment companies regulated by the Investment Company Act of 1940. Related: open-
end fund, closed-end fund.

Concept of mutual funds

A mutual fund is a trust that pools the savings of a no. of investors, who share a common
financial goal. The money thus collected is then invested in capital market instruments
such as shares, debentures and other securities. The income earned through these
investments and the capital appreciations realized are shared by its unit holders in
proportion to the number of units owned by them. Thus a mutual fund is the most suitable
investment for the common man as it offers an opportunity to invest in diversified,
professionally managed basket of securities at a relatively low cost.

Historical Aspect

Mutual fund firstly was established in 1822 in the form of Society General De
Belguique. It mainly gains the progress in Switzerland & little in franc and Germany in
its initial days. The first investment trust “The foreign and colonial govt. trust” Was
founded in London in 1868.

Indian Scenario of Mutual Fund

The origin of mutual fund industry in India is with the introduction of the concept of
by UTI in the year 1963. Through the growth was slow, but it accelerated from the
year 1987 when non-UTI players entered in industry. The mutual fund industry goes
through four phases:-

 First phase 1964-87 (Establishment of UTI).

 Second phase 1987-93 (Entry of public sector funds).
 Third phase 1993-2003 (Entry of a private sector funds).
 Fourth phase since feb.2003 (Bifurcated of UTI).

8
 In the first phase, UTI was established in 1963 by an act of parliament.
In 1978 it was delinked from RBI & the IDBI took over the control of UTI. In second
phase, SBI entered as first non-UTI mutual fund provider then it was followed by can
bank (Dec. 87). PNB (Aug 89) & LIC in 1989. In third phase, the private sector
entered in it. The Erstwhile Kothari pioneer (now merged with Franklin Templeton)
was first registered in July 1993 in mutual fund. In revised registration of SEBI I n
1993 the industry functions under SEBI. And the fourth phase had bitter experience
for UTI. It was bifurcated into two separate entities. One is the specified under taking
of UTI with AUM of 29,835cr. The second is UTI mutual fund ltd. Sponsored by
SBI, PNB, BOB and LIC& it is registered with SEBI.

Types of
Mutual Fund

Structure Investment Special schemes

objective
Open Ended Growth Industry specific
Specific

Close Income Index schemes

Internal Balanced
Sector schemes

Money Market

9
Advantages of Mutual Funds

 Diversification.
 Professional Management.
 Liquidity (mainly in case of opened mutual funds).
 Regulatory.
 Convenience.
 Low cost.
 Reduction of transaction cost.
 Diverse returns.
 Advantages to Industrial concern.
 Tax relief.
 Attract foreign Capital.
 Reduction / Diversification of risk.

Drawbacks of Mutual fund

 No guaranties.
 Fees & Commission.
 Taxes.
 Management Risk.

10
Introduction to Companies

11
 HDFC Mutual Fund

HDFC mutual fund was set up on June 30, 2000 with two sponsors namely
Housing Development Finance Corporation ltd. and Standard Life Insurance ltd.
HDFC mutual fund came into existence on 10 Dec. 1999 and got approval from the
SEBI on 3rd July 2000.
Housing Development Finance Corporation Limited, more popularly known as
HDFC Bank Ltd, was established in the year 1994, as a part of the liberalization of
the Indian Banking Industry by Reserve Bank of India (RBI). It was one of the first
banks to receive an 'in principle' approval from RBI, for setting up a bank in the
private sector. The bank was incorporated with the name 'HDFC Bank Limited', with
its registered office in Mumbai. The following year, it started its operations as a
Scheduled Commercial Bank. Today, the bank boasts of as many as 1412 branches
and over 3275 ATMs across India.

Products and Schemes of HDFC mutual fund

 Equity funds.
 Balanced funds.
 Debt funds.
 Liquid funds.

Prudential ICICI Mutual Fund

The mutual fund of ICICI is a joint venture with

Prudential PLC. Of America, one of the largest life insurance companies in the
USA. Prudential ICICI mutual fund was set up on 13th of Oct. 1993 with two sponsors.
ICICI Bank started as a wholly owned subsidiary of ICICI Limited, an Indian
financial institution, in 1994. Four years later, when the company offered ICICI Bank's
shares to the public, ICICI's shareholding was reduced to 46%. In the year 2000, ICICI
Bank offered made an equity offering in the form of ADRs on the New York Stock
Exchange (NYSE), thereby becoming the first Indian company and the first bank or
financial institution from non-Japan Asia to be listed on the NYSE. In the next year, it
acquired the Bank of Madura Limited in an all-stock amalgamation. Later in the year
and the next fiscal year, the bank made secondary market sales to institutional investors

Products and Schemes of HDFC mutual fund

 Equity funds.
 Balanced funds.
 Debt funds.
 Liquid funds.
 Children’s gift fund

12
Other Players in Mutual Fund

 Bank of Baroda mutual fund (BOB MF) 30OCT. 1992.

 Benchmark mutual funds (June 12, 2001).
 Birla Sun life MF (1871).
 Chola mutual fund (3 Jan. 1997).
 Can bank mutual fund (Dec. 19, 1987).
 LIC mutual fund (19th June, 1989).
 Reliance mutual fund (30June, 1995).
 Sahara mutual fund (18 July, 1996).
 GIC (General Insurance Corporation of India). Etc.

13
Review of Literature

14
COMPANY PROFILE
ICICI Bank is India's second-largest bank with total assets of about Rs. 1
trillion and a network of about 540 branches and offices and over 1,000
ATMs. ICICI Bank offers a wide range of banking products and financial
services to corporate and retail customers through a variety of delivery
channels and through its specialized subsidiaries and affiliates in the areas
of investment banking, life and non-Banking , venture capital, asset
management and information technology. ICICI Bank's equity shares are
listed in India on stock exchanges at Chennai, Muzaffarnagar, Kolkata and
Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange
of India Limited and its American Depositary Receipts (ADRs) are listed on
the New York Stock Exchange (NYSE).

HDFC Bank’s exposure to market risk a function of its trading and asset
and liability management activities and its role as a financial intermediary
in customer-related transactions. HDFC had tried its best in mutual fund sector. It has
grown up its market share in a meanwhile time. The objective of market risk management
is to minimize the impact of losses due to market risks on earning and equity capital.

Source:- www.sribd.com
www.artclenich.com

15
Need of study
Scope of study
Objectives of study

16
Need of the study

 The need of study arises for learning the variables available that distinguish the
mutual fund of two companies.
 To know the risk & return associated with mutual fund.
 To chose best company for mutual investment between HDFC & ICICI.
 To project mutual fund as the ‘productive avenue for investing activities.

Scope of the study

 To make people aware about concept of mutual fund.

 To provide information regarding advantages and demerits of mutual fund.
 To advice where to invest or not to invest.
 To provide information regarding types of mutual fund which is beneficial for
whom.

Objectives

.
 To analysis which provides better returns from HDFC &ICICI.
 To analyze the concept and parameters of mutual fund.
 To know how many people are satisfied by their investment (in HDFC or ICICI).
 To know people behavior regarding risk factor involved in mutual fund.
.

17
Research Methodology

18
Research refers to search for knowledge. One can also define research as a scientific and
systematic search for pertinent information on a specific topic. It is an art of scientific
investigation.

Research Methodology:-
It is the way to systematically solve a problem. The methodology adopted in
this study is explained below:-

 Research Design

A. Problem Defining:

In a competitive situation with multiple mutual funds

operating in Indian market, it is necessary to know about the performance
of different mutual funds as the performance of mutual fund decides about
the future of Mutual Fund Company. In this study my focus is upon
performance of investors regarding HDFC &ICICI. This is my problem to
be studied for research.

B. Literature Survey:

I have used newspapers, magazines related to business &

finance & apart from websites.

C. Type of research:
The research is qualitative & descriptive in nature. Qualitative
research is that talk about the quality of the subject to be researched and
Descriptive research is one that describes things as exists in present.

D. Data collection Design:

I. Sources of data =

 Primary Sources – I have used questionnaire as primary

source for collecting data for my study.
 Secondary sources – I had collected my secondary data
from websites & journals.

II. Sampling =

It represents whole population. It is the processes of

choosing a sample from whole population .I have choose a sample
of high class & middle class people who have invested in mutual
funds as a sample.

19
III. Tools =

I have used some charts (Pie chart, column chart, cylinder

chart, cone chart) and hypothesis tests (chi-square one sample T-
test etc.)

IV. Sampling Size =

It represents that how many candidates you’ve chosen to

be filled up your questionnaire or candidates upon whom you can
study. I had chosen sample of 100 candidates.

V. Sampling Techniques =

 Deliberate &
 Convenience Sampling.

VI. Data Interpretation =

Data interpretation is that in which we analysis the whole

collected data & tries to give it in simple words to be
understandable.

20
Analysis

21
1. Do you invest in mutual fund?

YES 100

NO 0

120
100
100

80
YES
60
NO
40

20

Interpretation:-

All the candidates who are asked to fill the questionnaire have invested in mutual fund.

22
2. With which company do you have invested in mutual funds?

HDFC 65
ICICI 35
Reliance 0
SBI 0
LIC 0
Kotak Mahindra 0
Others 0

70 65

60
HDFC
50 ICICI

35 Reliance
40
SBI
30 LIC
Kotak Mahindra
20
Others
10
0 0 0 0 0
0

Interpretation:

Out of 100 candidates up to 65have invested in mutual fund with HDFC & 35 have
invested with ICICI. There is no investor who have invested in mutual fund with any
another company.

23
 VAR00001

Observed N Expected N Residual

HDFC
65 50.0 15.0

ICICI
35 50.0 -15.0

Total
100

Test Statistics

VAR00001

Chi-Square 9.000a

df 1

Asymp. Sig. .003

a. 0 cells (.0%) have expected frequencies less than 5.

The minimum expected cell frequency is 50.0.

24
3. What is your age?

.
8
15-25
25-35 12

35-45 60

More than 45 20

60
60

50

40 15-25
25-35
30 35-45
20
More than 45
20
12
8
10

Interpretation:

60 investors are of age between 35-45. 20 are of age more than 45. 12 are of between of
25-35. 8 are of 15-25. This data shows that many investors are of middle age & there are
less investors of young age in mutual fund.

25
 One-Sample Statistics

N Mean Std. Deviation Std. Error Mean

VAR00001
100 2.9200 .80000 .08000

One-Sample Test

Test Value = 0

95% Confidence Interval of the

Difference
Mean
t df Sig. (2-tailed) Difference Lower Upper

VAR00001 36.500 99 .000 2.92000 2.7613 3.0787

4. What is your income? (Yearly based)

26
 1 lakh 0

2-4 lakh 10

4-5 lakh 20

More than 5 70

70
70

60

50
1 lakh
40 2-4 lakh
4-5 lakh
30 More than 5
20
20
10
10
0
0

Interpretation:

Up to 70 investors have income more than 5 lakh. 20 have between 4-5 lakh.10 investors
have income between 2-4 lakh & there is no investor who have income up to 1akh.

27
 VAR00001

Observed N Expected N Residual

1 lakh 8 25.0 -17.0

2-4 lakh 12 25.0 -13.0

4-5 lakh 60 25.0 35.0

more than 5 20 25.0 -5.0

Total 100

Test Statistics

VAR00001

Chi-Square 68.320a

df 3

Asymp. Sig. .000

a. 0 cells (.0%) have expected frequencies less than 5.

The minimum expected cell frequency is 25.0.

5. From where you come to know about this company’s mutual fund schemes?
Family & relatives 35

Friends & peers 40

28
Company employee 15

Others 10
 40
40 35
35

30 Family & relatives

25
Friends & peers
20 15
Company employee
15 10
Others
10

Interpretation:

Many investors (up to 40) have been come to know about the company to be invested by
their friends & peers.35 have been known by their family & relatives .15have been come
to know by company employees & 10 by others. This means many have come to know
by their friends & peers.

VAR00001

Observed N Expected N Residual

Family & relatives 35 25.0 10.0

friends & peers 40 25.0 15.0

Company employee 15 25.0 -10.0 29

Others 10 25.0 -15.0

Total 100
 VAR00001

Observed N Expected N Residual

Family & relatives 35 25.0 10.0

friends & peers 40 25.0 15.0

Company employee 15 25.0 -10.0

Others 10 25.0 -15.0

Total 100

6. What is the time duration of your investment?

0-1 year 15

1-2 year 35

2-4year 30

more than 4 20
30
 35
35 30
30
25 20 0-1 year
20 1-2 year
15
2-4year
15
more than 4
10
5
0

Interpretation:

15 investors have time of investment less than one year. 20 have time duration of their
investment between of 1-2 year. 30 have between 2-4 year & 35 have more than 4 years.
So, we can say that 35 investors have more experience than others.

VAR00001

Observed N Expected N Residual

0-1 year 15 25.0 -10.0

1-2 year 35 25.0 10.0

2-4 year 30 25.0 5.0

more than 4 31
20 25.0 -5.0

Total 100
7. Are you satisfied by service of the company’s employees / people’s behavior?

Highly satisfied 15

Satisfied 35

Neutral 30

Dissatisfied 15

Highly Dissatisfied 5
32
 35
35
30
30 Highly satisfied

25 Satisfied

20 Neutral
15 15
15 Dissatisfied

10 Highly
5
Dissatisfied
5

0
Resp...

Interpretation:

Out of 100 investors 15 are highly satisfied. 35 are satisfied. 30 are neutral towards
employee behavior of a company. 15 are dissatisfied. 5 are highly dissatisfied. We say
that many people are satisfied by employee behavior.

VAR00002

Observed N Expected N Residual

highly satisfied 15 20.0 -5.0

satisfied 35 20.0 15.0

neutral 30 20.0 10.0

dissatisfied 15 20.0 -5.0

highly dissatisfied 5 20.0 -15.0

Total 100
33
 Test Statistics

VAR00002

Chi-Square 30.000a

df 4

Asymp. Sig. .000

8. What is your a. 0 cells (.0%) have expected frequencies less than risk profile?
5. The minimum expected cell frequency is 20.0.

Innovator 20

Moderate 65

Risk adverse 15

34
 70 65

60

50

40

30
20
20 15

10

0
Innovator Moderate Risk adverse

Interpretation:

20% investors are innovator means they like to take risk for more returns. 15% are
moderate towards risk means they are indifferent towards risk. 65% are risk adverse
means they mainly try to avoid risk.

35
 VAR00002

Observed N Expected N Residual

innovator
20 33.3 -13.3

moderate
65 33.3 31.7

risk adverse
15 33.3 -18.3

Total
100
Test Statistics

VAR00002

Chi-Square 45.500a

df 2

Asymp. Sig. .000

a. 0 cells (.0%) have expected frequencies less than 5. The

minimum expected cell frequency is 33.3.

9. What you feel about the company norms, documentation & formalities?

Highly Satisfied 15

Satisfied 25

Neutral 40

Dissatisfied 15

Highly dissatisfied 5 36
 5% Highly Satisfied
15%
15%
Satisfied

Neutral
25%
Dissatisfied

40% Highly
Dissatisfied

Interpretation:

15% investors are highly satisfied by company’s documentation policy (filling up the
forms etc.). 25% are satisfied, 40% never cares about it or are moderate towards it , 15%
are dissatisfied by it & 5% are highly dissatisfied.

37
 VAR00002

Observed N Expected N Residual

highly satisfied 15 20.0 -5.0

satisfied 25 20.0 5.0

neutral 40 20.0 20.0

dissatisfied 15 20.0 -5.0

highly dissatisfied 5 20.0 -15.0

Total 100

Test Statistics

VAR00002

Chi-Square 35.000a

df 4

Asymp. Sig. .000

a. 0 cells (.0%) have expected frequencies less than 5. The

minimum expected cell frequency is 20.0.

10. What you say which provides better returns?

38
 HDFC 68

ICICI 32

68

70

60

50

40 32 HDFC
ICICI
30

20

10

Interpretation:

According to collected data 68 investors thinks that HDFC provides better returns where
as 32 to think that ICICI provides better returns.

VAR00001

Observed N Expected N Residual

HDFC
68 50.0 18.0

ICICI 39
32 50.0 -18.0

Total
100
 Test Statistics

VAR00001

Chi-Square 12.960a

df 1

Asymp. Sig. .000

a. 0 cells (.0%) have expected frequencies less than 5.

The minimum expected cell frequency is 50.0.

11. Would you like to exchange your investment with one another between
HDFC & ICICI?
40
 Yes 15

No 85

85
90
80
70
60
Yes
50
No
40
30
15
20
10
0

Interpretation:

15 investors said that they would like to change their investment with each another
between HDFC & ICICI. But 85 investors say that they are ok with their companies and
they wouldn’t like to exchange their investment.

41
 VAR00001

Observed N Expected N Residual

Yes
15 50.0 -35.0

No
85 50.0 35.0

Total
100

Test Statistics

VAR00001

Chi-Square 49.000a

df 1

Asymp. Sig. .000

a. 0 cells (.0%) have expected frequencies less

than 5. The minimum expected cell frequency is
50.0.

42
Findings
Limitations
Recommendations
Conclusion

43
Findings: - In my research I have founded following things:-

 Investors have more faith HDFC’s mutual fund.

 As the age increases investors are much satisfied, see more risk & become
more risk adverse.
 Old people &Widows prefer lower risk.
 Investors are not highly satisfied by company rules & employee behavior.
 Investors think that HDFC provides better returns than ICICI.

Limitations: - There are some limitations of my study, those are as

Following:-

 Sample limitation: - which sample is taken by me is very small in size to

Compare mutual fund of two companies.
 Reliability: - The data collected by me is not much reliable because many
investors chosen by me have invested in HDFC.
 Parameters: - All the parameters have not been taken.
 Time limitation: - I had the shortage of time because of that I was not able to
do my study in a good manner.
 Awareness: - Investors chosen for study are not fully aware of all the terms
and conditions related to mutual fund .So, it is very difficult to construct right
information from them.

Recommendations / Suggestions: - In my study I have found some limitations. For that

I can suggest both companies following suggestions or areas of improvement:-

 ICICI bank should try to provide better returns to its investors as compare to
HDFC.
 Both companies should try to invest in better securities for better profits.
 Both companies should try to satisfy their customer by better customer service
or by improving customer relationship management.
 Companies should try to make people initiative towards risk.
 Investors should be made fully aware of the concept of mutual fund & all the
terms and conditions.
 It should more emphasize in advertising, as it is the most
Powerful tool to position ant brand in the mindsets of customers

44
Conclusion: - To conclude we can say that mutual fund is a very much profitable tool for
investment because of its low cost of acquiring fund, tax benefit, and diversification of
profits & reduction of risk. Many investors who have invested in mutual fund have
invested with HDFC and them also thinks that it provides better returns than ICICI .There
is also an affect of age on mutual fund investors like; old people & widows want regular
returns than capital appreciation. Companies can adopt new techniques to attract more &
more investors. In my study I was suppose to do comparative analyses the mutual fund of
HDFC &ICICI and I had found that people consider HDFC better than ICICI. But ICICI
have also respondents and it can increase its investors by improving itself in some terms.

 To conclude we can say mutual fund is a best investment vehicle for old &
widow, as well as to those who want regular returns on their investment.
 Mutual fund is also better and preferable for those who want their capital
appreciation.
 Both the companies are doing considerable achievements in mutual fund industry.
 There are also so many competitors involved those affects on both companies.

45
Bibliography

46
Bibliography:-

 Books:-
C.R.Kothari, Research Methodology. New Delhi, Vikas Publishing
house Pvt.Ltd.2007.
ICICI and HDFC Brochure .

 Websites:-
www.wiki.answers.com
www.scribd.com
www.hdfc.com
www.icici.com
www.google.com

47
Annexure

48
Annexure

Name ________________________ Age _________

Adress_____________________________________
Pin ___________ Sex _________ Phone _________

1. Do you invest in mutual fund?

Yes No .

2. With which company do you have invested in mutual funds?

HDFC ICICI

Reliance LIC

SBI Kotak Mahindra

Others
Please specify

3. What is your age?

15.25 25-35

35-45 above 45 .

4. What is your income? (Yearly based)

1 lakh 2 - 4lakh

4-5 lakh more than 5

5. From where you come to know about this company’s mutual fund schemes?

Family members & relatives

Friends & peers

Company’emplooyes

Others
Please specify .

49
6. What is the time duration of your investment?

0-1 year 1-2 year

2-4year more than 4 .

7. Are you satisfied by service of the company’s employees / people’s behavior?

Highly satisfied

Satisfied

Neutral

Dissatisfied

Highly dissatisfied .

8. What is your risk profile?

Innovator

Moderator

Risk adverse

9. What you feel about the company norms, documentation & formalities?

Highly satisfied

Satisfied

Neutral

Dissatisfied

Highly dissatisfied

50
10. What you say which provides better returns?

HDFC ICICI

11. Would you like to exchange your investment with one another between HDFC &
ICICI?

YES NO

51