Kotak Mu

A
SUMMER INTERNSHIP PROJECT REPORT

ON
KOTAK MAHINDRA MUTUAL FUND

(“THE STUDY OF COMPARISON BETWEEN MUTUAL FUNDS AND OTHER
INVESTMENTS”)
At Ground Floor, Krishnaratan, Shop No.06, Opp, Hotel Potoba, New
Pandit Colony, Nashik 422011
SUBMITTED IN PARTIAL FULFULLMENT OF THE REQUIREMENT FOR THE
AWARD
OF
THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION

(FINANCIAL MANAGEMENT)
SUBMITTED BY
MR. JOPALE YOGESH KISAN
MBAII FINANCIAL MANAGEMENT
YEAR 2014-16
SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY
UNDER THE GUIDANCE OF
PROF.PRAJAKTA DESHMUKH
INSTITUTE OF MANAGEMENT, RESEARCH & TECHNOLOGY

GANGAPUR ROAD, NASHIK 422002
1
DECLARATION BY THE STUDENT
I MR. JOPALE YOGESH KISAN visited in “KOTAK MAHINDRA MUTUAL

FUND” for summer internship project from 15th May to 15th July 2015.
I hereby declare that the information gathered during the specific period shall be
strictly utilized only for the project which is to be completed as per the pursuing in Institute of
Management Research Technology.
I honestly express that the information is not collected with any commercial intention
& motivation. The sole motive is to learn about the social issue & prepare project on it. Thus
the sole object of collection of information is of academic purpose & I assure that collected
information shall put to use only for the project report & nothing else.
Place: IMRT Nashik 422002 Sign. :

Date : Name: MR. JOPALE YOGESH
2
CERTIFICATE FROM THE GUIDE
This is to certified that MR.JOPALE YOGESH KISAN has completed the project report
entitled “THE STUDY OF COMPARISON BETWEEN MUTUAL FUNDS AND
OTHER INVESTMENTS” under my guidance and supervision, and submitted the report as
per the norm laid down by SAVITRIBAI PHULE PUNE UNIVERSITY, PUNE. The
material that has been obtained from other sources is duly acknowledged in the report. It is
further certified that the work or its part has not been submitted to any other university for
examination under my supervision. I consider this work for the award of the degree of Master
of Business Administration, in the partial fulfillment of the curriculum.
Place: IMRT Nashik 422002 Sign. :

Date : Name: PROF.PRAJAKTA.DESHMUKH
3
ACKNOWLEDGEMENT
I gladly take this opportunity to thank the Director DR.B.B.RAYATE. Institute of
Management& Research Technology, Nasik, for providing facilities during progress of the
project.
I am greatly indebted to PROF.PRAJAKTA DESHMUKH faculty of Institute of
Management Research Technology, Nasik, our internal guide for this guidance &
enlightening comments throughout the project work. It has been an altogether different
experience to work with him & I would like to thank him for this helpful suggestion
&numerous discussion.
I am thankful to all those who helped me directly or indirectly to develop this project &
complete it successfully. Then I would like to thank MR.SHILENDRA.PATASKAR
(branch manager) who gave permission to me for doing project in their company. Also
thank to MISS. SNEHAL PATIL .who teach me about the, how the operate mutual fund and
its operation. They had always been very prompt at extending in their helping hand & sharing
valuable knows. The smooth completion of this project would not have been possible without
their guidance.
Place: IMRT, Nashik.422002 Sign:

Date : Name: JOPALE YOGESH
4
EXECUTIVE SUMMARY
Investing is an activity of putting money in an instrument for the purpose of getting a good
return on the investment and for the growth of the principle amount. There are a large number
of investment instruments available to the investors like mutual funds, insurance, shares, govt.
securities and corporate bonds, gold, real estate etc. investors invest the money in these
instruments for getting good returns and the money invested in turn helps in the growth of the
economy. During the present global economic crisis it is essential for the people to invest
their money so that the global economy may recover.
Mutual fund is a professionally managed collective investment scheme where a number of
investors pool their money and this money is turn invested in different instruments including
equity, government bonds, commodities, debt market etc. Mutual Funds have a tiered
structure with a sponsor, who is the promoter of the fund, on top. Under the sponsor is the
trust which holds the unit holders money. Under the trust is the AMC or Asset Management
Company which manages the fund of the investors, the registrar which processes the
applications and the custodian who is the guardian of the funds and assets of the investors.
Mutual funds can be classified based on structure, investment objectives and the types of
schemes. They may be classified as open ended or close ended, equity funds, debt funds,
balanced funds or money market funds, or based on schemes as ELSS, Fixed Term Plan or
SIP etc.
For the marketing of Mutual Funds we can segment the market based on the Socio Economic
Classification and the age of the investors. We can target the A, B and C segment of people
based on the various schemes. The targeting on age basis will be based on the investment
objective of a particular fund. Mutual fund can be positioned as a wealth creation and tax
saving product.
5
(“THE STUDY OF COMPARISON BETWEEN MUTUAL
FUNDS AND OTHER INVESTMENTS”)
TABLE OF CONTENTS
Chapter Page
Contents
No. No.
1 INTRODUCTION 9to15
1.1 Object of the Project 10
1.2 Introduction (Selection of the topic) 11
1.3 Objectives of the study 12
1.4 Scope of the Study 13
1.5 Rationale/contribution of the study 14
1.6 Limitations of the study 15
2 RESEARCH METHEDOLOGY 16to23
2.1 Method of study 17to19
2.2 Sampling 20
2.3 Data Collection 21to22
2.4 Presentation of Data, Tools of analysis & interpretation 23
3 PROFILE OF THE ORGANISATION 24to52
3.1 History & general information 25to27
3.2 Organization 28to32
3.3 Products/Activities 33to47
3.4 Corporate and Functional practices 48to52
4 REVIEW OF LITERATURE 53to75
4.1 Meaning & Concepts of the Topic 54to70
4.2 Basic theories of the topic 71to73
4.3 Review of Research on the selected topic 74to 75
5 DATA PRESENTATION, ANALYSIS & INTERPRETATION 76to81
6 CONCLUSION & SUGGESTIONS 82to85
ANNEXURE/APPENDICES 86to88
I) QUESTIONNAIRE 86to87
II) REFERENCES/BIBLIOGRAPHY 88
6
LIST OF TABLE NO 4.1 TO 5.5
Sr.No Table No Title
1 4.1 Mutual fund v/s fixed

deposit
2 4.2 Mutual fund v/s gold
3 4.3 Mutual fund v/s

sukanya samriddhi
yojana
4 4.4 Mutual fund v/s
insurance
5 5.1 Investment option of
respondent
6 5.2 Opinion of respondents
about mutual fund
investment
7 5.3 Investment of
respondents
8 5.4 Options of respondents
for making investment
9 5.5 Respondents opinion

about mutual fund is
better investment
option
7
LIST OF GRAPH NO.5.1 TO 5.5
Sr.No Graph No Title
1 5.1 Investment option of

respondent
2 5.2 Opinion of respondents
about mutual fund
investment
3 5.3 Investment of
respondents
4 5.4 Options of respondents
for making investment
5 5.5 Respondents opinion
about mutual fund is
better investment
option
8
Chapter No: 1
Introduction
9
1.1 OBJECT OF THE PROJECT
As per the MBA curriculum it is mandatory to go for SIP for minimum period of 60 days In
the industry suiting to the topic selected by the student.
This is required to expose the student to the outside world to gain practical insight about the
work culture of the industry and business practices.
The project work also enable to student to establish to a communication with the officials of
The corporate world and judge the deviation in between management principle and its actual
Implementation.
10
1.2 SELECTION AND INTRODUCTION OF THE STUDY
The topic selected for the summer internship project“KOTAK MAHINDRA MUTUAL
FUND “At Ground Floor, Krishnaratan, Shop No.06, Opp, Hotel Potoba, New Pandit Colony,
Nashik 422011
I selected this topic due to 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. When other investment avenues are also available in the
market.
This study is related to the mutual fund schemes offered by kotak Mahindra mutual fund to
the investor and the preference of the investor to make investments in other securities.
Therefore, the comparative study is to be carried out regarding viability of mutual funds and
other investment, from the financial point of view.
11
1.3 OBJECTIVES OF THE STUDY –
1) To study the purpose and performance of investments in mutual fund and other
investment.
2) To study the risk and return relationship with reference to mutual fund and other
investments
3) To analyze the investor’s preference towards investment in mutual funds when
other investment avenues are also available in the market.
4) .To analysis investor returns from mutual funds and other investment.
5) To study how many people are satisfied by their investment in mutual fund and
other investment.
6) To find the main bases of different investment avenues, an investor thinks before
investing.
12
1.4 SCOPE OF THE STUDY
As stated earlier the main motive of investment is to earn profit which is also known as the
return of investment. There are a large number of investment instruments available to the
investors. These investment instruments perform different tasks. The insurance is mainly
used to provide risk cover to the individuals; property investments are usually for long term
gains; bank FDs and government securities are used mainly for secure returns on investments
while equity investment and Mutual Funds are used for wealth creation as they give very high
returns. Though they give very good returns to the investors the risk associated with these
instruments is also higher. As a result it is likely that the investors also lose their money while
investing in these instruments.
This study mainly covers the study of mutual funds investment and its benchmarking to other
Types of investments from the financial returns point of view.
13
1.5 RATIONALEOF THE STUDY
Utility to Researcher:-
1. The researcher got exposure to investment sector and real organizational

environment.
2. The researcher got an opportunity to work with the organization "KOTAK MUTUAL
FUND ". Being a student of MBA- Financial management,
Utility to Organization:-
1. It will help mutual fund to know their Opportunities & Threats

2. It helps the mutual fund to understand minimum cost saving of product.
3. It can help the mutual fund to know about their scheme segment.
Utility for Customer:-
1. Customer gets an opportunity to express their views towards “kotak mutual fund”.
Customer is assured of their schemes as per his requirement as the mutual fund
improves offerings considering feedback.
14
1.6 LIMITATIONS OF STUDY
This project focuses only on certain factors which are important to discuss but they
cannot be discussed completely:
1) The organizations do not disclose all the data which is an obstacle for the detailed
study.
2) Time and money are critical factors limiting the study.
3) The data provided by the prospects may not be 100% correct.
4) Because of lack of some information the data may not reflect 100% true analysis.
5) The researcher could not get primary data in the inadequate of manner.
15
Chapter – 2
Research Methodology
16
2.1 METHOD OF STUDY
RESEARCH: a way of examining your practice…
Research is undertaken within most professions. More than a set of skills, it is a way of
thinking: examining critically the various aspects of your professional work. It is a habit of
questioning what you do, and a systematic examination of the observed information to find
answers with a view to instituting appropriate changes for a more effective professional
service.
DEFINITION OF RESEARCH
When you say that you are undertaking a research study to find answers to a question, you are
implying that the process;
1. Is being undertaken within a framework of a set of philosophies (approaches);
2. Uses procedures, methods and techniques that have been tested for their validity and
reliability;
3. Is designed to be unbiased and objective.
TYPES OF RESEARCH
Research can be classified from three perspectives:
1. Application of research study
2. Objectives in undertaking the research
3. Inquiry mode employed
1. Application mode:
From the point of view of application, there are two broad categories of research:
- Pure research and
- applied research.
Pure research involves developing and testing theories and hypotheses that are intellectually
challenging to the researcher but may or may not have practical application at the present time
or in the future. The knowledge produced through pure research is sought in order to add to
the existing body of research methods.
17
Applied research is done to solve specific, practical questions; for policy formulation,
administration and understanding of a phenomenon. It can be exploratory, but is usually
descriptive. It is almost always done on the basis of basic research. Applied research can be
carried out by academic or industrial institutions. Often, an academic institution such as a
university will have a specific applied research program funded by an industrial partner
interested in that program.
2. Objectives mode:
From the viewpoint of objectives, a research can be classified as
-Descriptive
-Correlation
-explanatory
-exploratory
Descriptive research attempts to describe systematically a situation, problem, phenomenon,

service or program, or provides information about , say, living condition of a community, or
describes attitudes towards an issue.
Correlation research attempts to discover or establish the existence of a relationship/

interdependence between two or more aspects of a situation.
Explanatory research attempts to clarify why and how there is a relationship between two or
more aspects of a situation or phenomenon.
Exploratory research is undertaken to explore an area where little is known or to investigate

the possibilities of undertaking a particular research study (feasibility study / pilot study).
In practice most studies are a combination of the first three categories.
18
3. Inquiry Mode:
From the process adopted to find answer to research questions – the two approaches are:
- Structured approach
- Unstructured approach
Structured approach:
The structured approach to inquiry is usually classified as quantitative research. Here

everything that forms the research process- objectives, design, sample, and the questions that
you plan to ask of respondents- is predetermined. It is more appropriate to determine the
extent of a problem, issue or phenomenon by quantifying the variation. e.g. how many people
have a particular problem? How many people hold a particular attitude?
Unstructured approach:
The unstructured approach to inquiry is usually classified as qualitative research. This

approach allows flexibility in all aspects of the research process.
19
2.2 SAMPLING
DETERMINING SAMPLE DESIGN
Researchers usually draw conclusions about large groups by taking a sample .A Sample is a
segment of the population selected to represent the population as a whole. Ideally, the sample
should be representative and allow the researcher to make accurate estimates of the thoughts
and behavior of the larger population.
Types of Samples
1. Probability samples
1.1 Simple random sample:
Every member of the population has a known and equal chance of being selected.
1.2 Stratified random sample:
Population is divided into mutually exclusive groups such as age groups and random samples
are drawn from each group.
1.3 Cluster (area) sample:
The population is divided into mutually exclusive groups such as blocks, and the researcher
draws a sample of the group to interview.
2. Non probability samples
2.1 Convenience sample:
The researcher selects the easiest population members from which to obtain information
2.2 Judgment sample:
The researcher uses his/her judgment to select population members who are good prospects
for accurate information.
2.3 Quota sample:
The researcher finds and interviews a prescribed number of people in each of several
categories
20
2.3 DATA COLLECTION
COLLECTING THE DATA
BY OBSERVATION:
This method implies the collection of information by way of investigator’s own observation,
without interviewing the respondents. The information obtained relates to what is currently
happening and is not complicated by either the past behavior or future intentions or attitudes
of respondents. This method is no doubt an expensive method and the information provided
by this method is also very limited. As such this method is not suitable in inquiries where
large samples are concerned.
THROUGH PERSONAL INTERVIEW:
The investigator follows a rigid procedure and seeks answers to a set of pre-conceived
questions through personal interviews. This method of collecting data is usually carried out in
a structured way where output depends upon the ability of the interviewer to a large extent.
THROUGH TELEPHONE INTERVIEWS:
This method of collecting information involves contacting the respondents on telephone itself.
This is not a very widely used method but it plays an important role in industrial surveys in
developed regions, particularly, when the survey has to be accomplished in a very limited
time.
BY MAILING OF QUESTIONNAIRES:
The researcher and the respondents do come in contact with each other if this method of
survey is adopted. Questionnaires are mailed to the respondents with a request to return after
completing the same. It is the most extensively used method in various economic and
business surveys. Before applying this method, usually a Pilot Study for testing the
questionnaire is conduced which reveals the weaknesses, if any, of the questionnaire?
Questionnaire to be used must be prepared very carefully so that it may prove to be effective
in collecting the relevant information.
21
THROUGH SCHEDULES:
Under this method the enumerators are appointed and given training. They are provided with
schedules containing relevant questions. These enumerators go to respondents with these
schedules. Data are collected by filling up the schedules by enumerators on the basis of
replies given by respondents. Much depends upon the capability of enumerators so far as this
method is concerned. Some occasional field checks on the work of the enumerators may
ensure sincere work.18 Research Methodology The researcher should select one of these
methods of collecting the data taking into consideration the nature of investigation, objective
and scope of the inquiry, financial resources, available time and the desired degree of
accuracy.
22
2.4 PRESENTATION OF DATA TOOLS OF ANALYSIS &
INTERPRETATION
THE RESEARCH METHODOLOGY APPLIED FOR THIS STUDY IS AS FOLLOWS:
a) Types of Research Exploratory

b) Population and Sample unit Nasik city ( 50 investors respondent)
c) Sampling unit Kotak Mahindra mutual fund
d) Collection of Data
1 Primary data Interviews and Questionnaire
2 Secondary data Internet, Websites, Newspaper,
Books…publications.
e) Analysis of data Average method, Percentage method
23
CHAPTER 3
PROFILE OFKOTAK MAHINDRA MUTUAL
24
3.1 HISTORY& GENERAL INFORMATION.
Kotak Mahindra is one of India's leading financial institutions, offering complete
financial solutions that encompass every sphere of life. From commercial banking, to stock
broking, to mutual funds, to life insurance, to investment banking, the group caters to the
financial needs of individuals and corporate.
The group has a net worth of around Rs.5,997 core and employs around 20,000
employees across its various businesses servicing around 5 million customer accounts through
a distribution network of branches, franchisees, representative offices and satellite offices
across 370 cities and towns in India and offices in New York, London, Dubai, Mauritius and
Singapore.
Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly own

Kotak mutual fund sponsored by Kotak Mahindra Bank Limited, one of India's fastest
growing banks, with a pedigree of over twenty years in the Indian Financial Markets. Kotak
Mahindra Asset Management Co. Ltd., a wholly owned subsidiary of the bank, is our
Investment Manager.
Subsidiary of KMBL is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF).
KMAMC started operations in December 1998 and has over 10 Lac investors in various
schemes. KMMF offers schemes catering to investors with varying risk - return profiles and
was the first fund house in the country to launch a dedicated gilt scheme investing only in
government securities.
Kotak mutual fund made a humble beginning in the Mutual Fund space with the launch of our
first scheme in December, 1998. Today we offer a complete bouquet of products and services
suiting the diverse and varying needs and risk-return profiles of our investors.
Kotak Mahindra committed to offering innovative investment solutions and world-

class services and conveniences to facilitate wealth creation for our investors.
25
VISION
To positively contribute towards economic, environmental and social well-being of

communities through Corporate Social Responsibility agenda
MISSION
Create a lasting value for communities by:

Promoting and supporting education and other interventions for the under privileged
Encouraging employee volunteering
Supporting Non-Governmental Organizations and other institutions with financial and other
resources to collectively deliver community initiatives
CSR FOCUS AREAS

Promoting Education - Primary Focus Area
Enhancing vocational skills and livelihood projects
Promoting preventive healthcare and sanitation
Reducing inequalities faced by socially and economically backward groups
Environmental Sustainability
26
SPONSORS
The erstwhile Sponsor Company, Kotak Mahindra Finance Limited (KMFL) was
converted into Kotak Mahindra Bank Limited (Kotak Bank) in March 2003 after being
granted a banking license by the Reserve Bank of India. Thus, the Sponsor of the Fund is
Kotak Bank. KMFL promoted by Mr. Uday S. Kotak, Mr. S.A.A. Pinto and Kotak& Co., was
incorporated on November 21, 1985 under the name Kotak Capital Management Finance
Limited.
In early 1986, the promoters were joined by Late Mr. Harish Mahindra and Mr. Anand
G. Mahindra and the Company’s name was changed to Kotak Mahindra Finance Limited. Mr.
UdayKotak, a scion of the Kotak family, was an outstanding student through school,
Sydenham College (Bombay University) and Jamanalal Bajaj Institute of Management
Studies (Bombay University). Mr. S. A. A. Pinto, trained as a lawyer, has held senior
positions in well-known organizations like ICI and Grindlays Bank. For instance, he was part
of the team in Grindlays Bank, which started the first merchant banking unit in India in 1968.
Mr. Harish Mahindra an industrialist of repute played a prominent role in social service and
public life, thereby earning him high esteem.
COMPETITORS OF KOTAK MUTUAL FUND

Some of the main competitors of Kotak Mutual Fund in Nasik are as
Follows:
1) ICICI Mutual Fund
2) Reliance Mutual Fund
3) UTI Mutual Fun
4) Birla Sun Life Mutual Fund
5) SBI Mutual Fund
6) HDFC Mutual Fund
7) LIC Mutual Fund
27
3.2 KOTAK MAHINDRA MUTUAL FUND
Mutual Fund Investments Are Subject To Market Risks, Read All Scheme Related
Documents Carefully.
STRUCTURE OF KOTAK MAHINDRA MUTUAL FUND
28
. Sponsor - Sponsor of the Mutual Fund is the promoter of the Mutual Fund. It
Establishes the Mutual Fund and registers the same with SEBI. The sponsor can be a
bank like SBI, PNB ICICI etc., a financial institution like Fidelity, Franklin Templeton
etc. or a corporate like Reliance, Tata, Birla etc. According to SEBI regulation the
sponsor must have a 5 year experience in the financial services market and should have
been profitable for at least 3 years. This is done to ensure that the fund is promoted by an
experienced entity with which the public will have faith in handling their money. The
sponsor appoints the AMC, trustees and the custodians with prior approval of SEBI. It
also contributes at least 40% of the net worth of the AMC.
B. Trust - According to SEBI regulation the Mutual Funds in India is a trust established
Under the Indian Trust Act 1982. The trust is managed by a board of trustees or by a
trustee company. There are at least 4 members in the board of trustees and 2/3rd of the
board is independent. The trustees hold the unit holders money in a fiduciary capacity. The
trustees also appoint the AMC in consultation with the sponsor and according to the SEBI
regulation.
C. AMCs - The Asset Management companies are the public face of the Mutual Fund.
They are appointed by the sponsors and the trust under the guidelines of SEBI. The AMC
should have the net worth of minimum Rs. 10 Core. Half of the members of the board of
the AMC should be independent. The main job of the AMC is to manage the funds of the
investors. It researches the best investment options to put the money in so that the
investors get the maximum return on their investment. There is a fund manager and his
team which carries out the research. The AMC floats a number of schemes for the
investors to invest their money based on their investment objectives and risk appetite.
These varied schemes help attract the public to the company. Some of the AMCs in India
are reliance Mutual Fund, HDFC Bank Mutual Fund, ICICI Prudential Mutual Fund etc.
D. Registrar - The registrar processes the applications and records the details of the
investors. They process the dividend payouts to the investors and send information to
them. Thus they maintain the backend operations of the Mutual Fund
E. Custodian - it is the guardian of the funds and the assets of the investor. It is appointed
by the board of trustees and is responsible for the securities held in the Mutual Funds portfolio
It is also regulated by the SEBI
29
TYPES OF MUTUAL FUND
A. Open Ended Fund - An open ended Mutual Fund is a Fund where in the investor can
Invest at any point of time and for any duration that he or she wants. The investors can buy or
sell the units of the fund at NAV related prices at any point of time directly from the fund.
The open ended fund is not traded at the stock market and is redeemed at the NAV. The
number of outstanding units of the fund changes everyday based on the NAV of the fund on
the particular day. The minimum subscription amount for the fund is Rs. 50 Corer. The
Amount subscribed is redeemed if the minimum subscription amount is not reached by the
Fund. The corpus of the Open Ended scheme changes every day and the unit capital is not
fixed.
B. Close Ended Fund - A Close Ended Fund is a fund wherein an investor can invest only
During a fixed period of time. This investment is for a fixed duration as specified in the offer
document of the fund. The close ended funds are listed in the stock exchange. If an investor
wishes to invest in the fund after the time period of the fund he will have to buy the units of
the fund from the stock market. The prices at which the units are sold or redeemed depends
on the market prices which are linked to the NAV. The number of units of the fund and the
unit capital remains unchanged in case of a Close Ended Fund. The minimum subscription
amount of the fund is Rs. 20 Core. The amount subscribed is redeemed if the minimum
subscription amount is not reached by the fund.
Investment Objective A Mutual fund can also be classified based on the investment
Objectives of the fund. These investment objectives are based on the risk appetite of the
investors and the returns that they expect from the funds. The classification based on the
investment objectives of the fund is whether the fund invests in Equity Market, Debt Market
or the Money Market.
30
Equity Funds - The Equity Funds are those funds which invest primarily in the Equity
Market. The money of the investors is invested in the shares of the various companies. These
companies are chosen based on the objectives of the fund as stated in the offer documents.
Thus they can be large-cap or mid-cap companies or they can be companies in a particular
sector of the economy like infrastructure or power. Some funds which are index funds may
invest in companies which form the part of the index the fund considers as a base for example
the B.S.E. 30 or Nifty 50 etc. The equity funds usually have growth and dividend options. In
growth option the customer is not given any dividend but in the dividend option the customer
has the choice of either getting the dividend or reinvesting it in the shares of the companies.
The equity funds are characterized by high risk and high returns. Over a period of 5-7 years
equity funds give a CAGR of more than 18-20% and they generally outperform the share
market. These returns are one of the highest returns generated by the various investment
instruments. Equity based Mutual Funds outperform the stock market mainly because the
fund managers not only invest in the stocks of major companies in the stock market but also
in the stocks of smaller companies also which are likely to give good returns.
Debt Funds - The debt funds are those funds that invest primarily in the debt market. These
Funds invest in the government securities and corporate bonds. Within debt funds there are a
lot of type of funds depending on which instruments they invest in. Some of the funds invest
in AAA and AA commercial papers. Others like Gilt funds invest only in the government
securities. The level of risk and returns in the case of Debt Funds depend on the instruments
that the funds have invested in but are overall less risky than equity based funs. At the same
time these funds can’t match the level of returns that are generated by the equity based funds.
These are recommended for people with no fixed level of earnings and a low risk appetite
like retirees who want a source of investment for their savings but don’t want to involve in
the vagaries of the stock market.
Balanced Funds - These funds are a combination of Equity Funds and Debt funds with
Some portion of the fund invested in the share market while other is invested in the
government securities and corporate bonds. They offer the best of both Equity and Debt
funds as they have manageable amount of risks and also give good returns. Some funds like
the ICICI Prudential Target Returns Fund invest initially in the Equity market and then after
getting the profit invest the same in the Debt Market thus giving the investors best of both
worlds.
31
Scheme Wise - Mutual Funds can also be classified based on the various types of the
Schemes that are offered to the public. These schemes help the public in managing their
investments based on the investment objectives of the different investors. The flexibility of
investing in different types of schemes is a highly attractive feature of Mutual Funds. Some
of the major types of schemes available to the investors are described below.
ELSS - The ELSS or Equity Linked Saving Scheme is a very popular scheme of Mutual
Funds for the purpose of tax saving. As the name suggest the Mutual Fund under ELSS
invests at least 90% of the fund in the stock market. The fund usually has a 3 year lock in
period. It can be an open ended or a close ended fund. Investments made under ELSS are
used to save tax. Under the section 80C of income tax investment of up to Rs 1 Lac in ELSS is
tax deductible. The dividends earned under this scheme are also tax free. The investors also
benefit in terms of the long term capital gain taxation. Thus financial planners strongly advise
their clients to invest in this fund during tax planning.
Fixed Term Plan - FTP or Fixed Term Plan schemes are special schemes of Mutual Funds.
These are short term close ended schemes. The AMCs issue a fixed number of units for each
series only once and then the issue is closed after the initial offering period. These units are
not listed in the stock market. FTPs are generally offered in money market funds. They can
be considered as an alternative to investing in the corporate deposits or bank deposits as they
give a higher rate of return.
SIP - One of the best schemes of Mutual Funds is considered to be SIP or Systematic
Investment Plan. The basic funda of SIP is to encourage the people to invest a small amount
on a regular basis. Under SIP one can invest as little as Rs 100 per month in mutual funds.
This regular investment over a large period of time gives fantastic returns to the individuals.
The major reason for high returns of SIP investments as compared to others is the concept of
Rupee Cost Averaging. When the market is booming the value of the units bought by the
investors have increased while in the bearish market when the NAV of the funds fall then the
number of units allotted is more. The value of these higher numbers of units increases when
the Bull Run begins again. Thus the investors set to gain both when the market is up or down.
This coupled with the small amount needed to invest has led to SIP being one of the most
popular Mutual Fund schemes.
32
3.3 PRODUCTS & SERVICES
KOTAK MUTUAL
FUND
EQUITY FUND DEBT FUND ETF
KOTAK GILT KOTAK GOLD

KOTAK 50
INVESTMENT ETF
KOTAK BANKING
KOTAK KOTAK SENSEX
AND PSU DEBT
OPPORTUNITES ETF
FUND
KOTAK
KOTAK SELECT
MONTHLY
FOCUS
INCOME PLAN
KOTAK
KOTAK BOND
TAXSAVER
KOTAK KOTAK FLOTER

EMERGING SHORT TERM
KOTAK
KOTAK LIQUID
ARBITRAGE
33
1. KOTAK 50
Open Ended Equity Scheme
Inception Date: Dec 29, 1998
Fund Managers: Mr.Harish Krishnan
Objective: Kotak 50 is an open-ended equity scheme. The investment objective of the

Scheme is to generate capital appreciation from a portfolio of predominantly equity and
equity related securities. The portfolio will generally comprise of equity & equity related
instruments of around 50 companies which may go up to 59 companies.
Plans and Options : Dividend and Growth Option
Face Value (Rs/Unit) : Rs. 10
Minimum Investment : Rs.5000
Benchmark : CNX Nifty Index
Quarterly AAUM ` 732.59 cr
Load structure
Entry load- Nil
Exit load(w.e.f. July 20, 2015, exit load structure is revised) For redemptions / switch outs
(including SIP/STP) within 1 year from the date of allotment of units, irrespective of the
amount of investment: 1%.
For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of
units, irrespective of the amount of investment: Nil
Other details
Additional Investment -.1, 000
Standard Deviation - ^14.87 %
Beta - ^1.09
Sharpe - ^0.9
Source: secondary data (company record)
34
2. KOTAK OPPORTUNITIES
Inception Date: Sep 9, 2004
Fund Managers: .Mr. Harsha Upadhaya
Objective: To generate capital appreciation from a diversified portfolio of equity and equity
related securities.
Plans and Options : Dividend and Growth Option
Benchmark : CNX 500 Index
Load structure
Entry load-Nil
Exit load :For redemptions / switch outs (including SIP/STP) within 1year from the date of
allotment of units, irrespective of the amount of investment: 1%.
units, irrespective of the amount of investment: Nil.
Other details
Additional Inv.-1000 & in multiples of `1
Standard Deviation ^-13.97 %
Beta ^-0.96
Sharpe ^-1.18
35
3. KOTAK SELECT FOCUS FUND
Inception Date: Sep 11, 2009
Fund Managers: .Mr.Harsha Upadhaya
Objective: The investment objective of the scheme is to generate long term capital
appreciation from a portfolio of equity related securities ,generally focused on a
few selected sector.
Plans and Options : dividend payout, dividend reinvestment& growth
Face Value (Rs/Unit) : 10
Minimum Investment : 5000
Benchmark : CNX 200
Load structure
Entry load-Nil
Exit load: For redemptions / switch outs (including SIP/STP) within 1year from the date of
allotment of units, irrespective of the amount of investment:
1%. For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment
of units, irrespective of the amount of investment: Nil
Other details
Min. Initial Inv.- 5000 & in multiple of ` 1 for purchase and for `0.01 for switches
Additional Inv.-` 1000 & in multiples of `1
Standard Deviation ^14.67 %
Beta ^1.02
Sharpe ^1.29
36
4. KOTAK TAXSAVER
Inception Date: Nov 23, 2005
Fund Managers: Mr. Deepak Gupta
Objective: The investment objective of the scheme is to generate long term capital
appreciation from a diversified portfolio of equity and equity related securities
and enable investors to avail the income tax rebate, as permitted from time to
time.
Benchmark : CNX 500 Index
Load structure
Entry load- Nil
Exit load: Exit load is not applicable for Kotak Tax Saver Scheme
Other details
Additional Inv.500 & in multiples of`500
Beta ^1.12
Sharpe ^0.91
37
5. KOTAK EMERGING EQUITY
Inception Date: MAR 30, 2007
Fund Managers: Mr.Pankaj Tribewal
Objective: the investment objective of the scheme is to generate long term capital
appreciation from a portfolio of equity and equity related securities, by investing
predominantly in mid and small cap companies
Benchmark : S&P BSE MID CAP
Load structure
Entry load- Nil
Exit load: For redemptions / switch outs (including SIP/STP) within 2 years from the date of
For redemption/switch outs (including SIP/STP) after 2years from the date of allotment of
Other details
Beta ^1.01
Sharpe ^1.29
38
6. KOTAK EQUITY ARBITRAGE
Objective: the investment objective of the scheme is to generate capital appreciation and
income by predominantly investing in arbitrage opportunities in the cash and
derivatives segment of the equity market and by investing the balance in debt and
money market instrument
Benchmark : CRISIL Liquid Fund Index
Load structure
Entry load- Nil
Exit load: For redemptions / switch outs (including SIP/STP) within 90 days from the date of
allotment of units, irrespective of the amount of investment: 0.50%.
For redemption/switch outs (including SIP/STP) after 90 days from the date of allotment of
Other details
Beta ^1.02
Sharpe ^2.04
39
DEBT FUND OF KOTAK MUTUAL FUND
1. KOTAK BANKING AND PSU DEBT FUND
Open Ended Debt Scheme
Fund Managers: Mr. Deepak Agrawal
Objective: to generate income by predominantly investing in debt &money market securities

issued by banks &PSU and reverse repos in such securities .sovereign securities
issued by the central government and state government.
Load structure
Entry load- Nil
Exit load: Nil (applicable for all plans) bonus units issued on reinvestment of dividends shall
not be subject to exit load.
Other details
40
2. KOTAK GILT INVESTMENT

Fund Managers: Mr. Deepak Agrawal
Objective: to generate risk free returns through investment in .sovereign securities issued by
the central government and state government.
Benchmark : ISEC Composite Index
Load structure
Entry load- Nil
Other details
41
3 KOTAK MONTHLY INCOME PLAN

Fund Managers: Mr. Abhishek Bisen
Objective: to enhance returns over a portfolio of debt instrument with be moderate exposure
in equity and equity related instrument.
Benchmark : CRISIL MIP Blended Index
Load structure
Entry load- Nil
Exit load: For redemptions / switch outs (including SIP/STP) within 3 years from the date of
units, irrespective of the amount of investment: Nil
Other details
Standard Deviation ^3.01%
42
4 KOTAK BOND

Objective: to create a portfolio of debt and money market instrument of different maturities
so as to spread the risk a wide maturity horizon & different kinds of issues in the
debentures
Benchmark : CRISIL Composite Bond Fund Index
Load structure
Entry load- Nil
Other details
43
5 KOTAK FLOATER SHORT TERM

Inception Date: July 14, 2003
Objective: to reduce the interest rate risk associated with investment in fixed rate
instrument by investing predominantly in floating rate securities, money market
instrument and using appropriate derivatives.
Load structure
Entry load- Nil
Other details
Standard Deviation ^0.16%
44
6 KOTAK LIQUID

Objective: to provide reasonable returns and high level of liquidity by investing on debt
fund and money market instrument of different maturities some as to spread risk
across different types of issuers in debt market.
Benchmark : CRISIL Liquid Fund index
Load structure
Entry load- Nil
Other details
Standard Deviation ^.14 %
45
ETF SCHEME OF KOTAK MUTUAL FUND
1 KOTAK GOLD ETF
Open Ended gold exchange traded fund Scheme
Inception Date: July 27, 2007
Objective: the investment objective of kotak gold ETF is to generate returns that are in line
with the returns on investment in physical gold, subject to tracking error .
Plans and Options : A) non direct plan B) direct plan
Face Value (Rs/Unit) : Rs. 1 unit
Minimum Investment : Rs1000 units
Benchmark : Physical Gold
Load structure
Entry load- Nil (applicable for all plans)
Exit load: Nil (applicable for all plans)
46
2 KOTAK SENSEX ETF
Open Ended exchange traded fund

Inception Date: Jun 06, 2008
Objective: the objective of the scheme is to provide returns before expenses that closely
correspond to the total returns of the BSE SENSEX subject errors
Plans and Options : A) non direct plan B) direct plan
Face Value (Rs/Unit) : Rs. 1 unit
Minimum Investment : Rs10000 units
Benchmark : S&P BSE SENSEX
Load structure
Entry load- Nil (applicable for all plans)
Exit load: Nil (applicable for all plans)
47
3.4 CORPORATE& FUNCTIONAL PRACTICES
RELATED TO FINANCE
OVERVIEW OF EXISTING SCHEMES EXISTED IN MUTUAL FUND CATEGORY

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position,
risk tolerance and return expectations etc. The table below gives an overview into the existing
types of schemes in the Industry.
1: The Role of Each Participant
48
TYPES OF RETURNSSSSS
There are three ways, where the total returns provided by mutual funds can be enjoyed by
investors:
 Income is earned from dividends on stocks and interest on bonds. A fund pays out
nearly all income it receives over the year to fund owners in the form of a
distribution.
 If the fund sells securities that have increased in price, the fund has a capital gain.
Most funds also pass on these gains to investors in a distribution.
 If fund holdings increase in price but are not sold by the fund manager, the fund's
shares increase in price. You can then sell your mutual fund shares for a profit.
Funds will also usually give you a choice either to receive a check for distributions
or to reinvest the earnings and get more shares.
49
INVESTMENT PLANS
The term ‘investment plans’ generally refers to the services that the fund providing to
investor offering different ways to invest or reinvest. The different reinvestment plans
are an important consideration in the investment decision, because they determine the
level of flexibility available to the investor, alternate investment plans offered fund
allow the investor freedom with respect to investing one time or at regular intervals,
making transfers to different schemes within the same fund family, or receiving income
at specified intervals or accumulating distributions. Below, we look at some of the
investment plans offered by mutual fund in India.
AIP: AUTOMATIC INVESTMENT PLAN

These require the investor to invest a fixed sum periodically, thereby letting the
investor save in disciplined and phased manner. The mode of investment could be
trough direct debit to the investor’s salary bank account. Such plans are also known as
‘SIP’ investors looking at “rupee cost averaging” will generally opt for fund that offer
this facility. A modified version of is the Voluntary Accumulation Plan (VAP) that
allow the investor flexibility with respect to the amount and frequency of investment.
Both AIP and VAP are only two optional ways of investing in a disciplined manner, in
open end funds. The different in that in the AIP, the investor agrees as a contractual
obligation to keep investing, whereas in case of VAP, he is not obliged to keep investing
but has to impose a certain voluntary-self discipline on himself.
50
SWP: SYSTEMATIC WITHDRAWL PLAN
Such plans allow the investors to make systematic withdrawals from his fund
investment account on a periodic basis, thereby providing the same benefit as regular
income. The investor must withdraw a specific minimum amount with the facility to
have withdrawal amount with the facility to have withdrawal amount sent to his
residence by a cheque a credited directly to his bank account. The amount withdrawn is
treated as redemption of units at the applicable NAV as specified in the offer document.
STP: SYSTEMATIC TRANSFER PLAN

These plans allow the investor to transfer on periodic basis a specified amount
from one scheme to another within the same fund family- meaning two schemes
managed by the same AMC and belonging to the same fund. A transfer will be treated
as the redemption of units from the scheme from which the transfer is made, and as
investment in unit of the scheme in to which the transfer is made. Such redemption or
investment will be at the applicable NAV at the respective scheme as specified in the
offer document. It is necessary for the investor to maintain the balance in the scheme
from which the transfers are made. But UTI and other private fund may generally offer
this service to investor in India. Many funds do not even charge any transaction fees for
this service- an added advantage for active investor.
PROCESS OF NFO
1. Establishment of Idea
2. Market Analysis
3. Setting Objective and Sector Allocation
4. Appointment of Managers
5. Registration with SEBI and AMFI
6. Offer Document
7. Advertisement
8. Subscription
9. Allotment of Units
51
NET ASSET VALUE (NAV):
.NAV= net assets of the schemes/ number of units outstanding
 For the purpose of the NAV calculation, the day on which NAV is calculated by a
fund is known as the valuation date.
 NAV of schemes must be calculated and published at least weekly for close-end
schemes and daily for open-end scheme. NAV’s for a date also be posted on
AMFI website by 8.00 p.m. on the day. This applies to both the open-end and
close-end funds. One exception to those close end schemes which are not
mandatorily required to be listed in any stock exchange- these funds may publish
NAV at monthly or quarterly intervals as permitted by SEBI. An example of such
permitted scheme is the monthly income schemes that are not listed on a stock
exchange.
 A fund’s NAV is affected by sets of factors:
 Purchase and sale of investment securities
 Valuation of all investment securities held
 Other assets and liabilities
 Units sold or redeemed
 “Other Assets” include any income due to the fund but not received as on the
valuation date. “Other liabilities” have to include expenses payable by the fund,
for example custodian fees or even the management fees payable to the AMC.
The income and expenses items have to be ‘accrued’ and included in the
computation of NAV. SEBI requires, therefore, that all expenses and incomes are
accrued up to the valuation date and considered for NAV computation. Major
expenses such as management fees should be accrued on a day basis, when others
need not be so accrued, if non-accrual does not affect NAV by more than 1%.
52
CHAPTER 4
REVIEW OF LITERATURE
53
4.1 MEANING & CONCEPT OF THE TOPIC
COMPARISON BETWEEN MUTUAL FUNDS AND OTHER

INVESTMENT
MUTUAL FUND V/S SHARE MARKET
There are many people who have got the misconception that mutual fund and stock
market are the same. So there is a big confusion between the two. So, we will discuss
mutual fund vs. stock market. But before discussing the two terms, you should know that
the risk involved in the Indian stock market is much higher than the risk that is involved in
the mutual fund.
MUTUAL FUND
What are mutual funds?

Mutual funds are not guaranteed by any government agency. The investor invests in the
mutual fund and the money is then invested in stocks, securities, bonds…etc. There are
people who invest in the mutual fund rather than stock market as they think that mutual
funds are less risky. There are many mutual funds that are available which can give you
good returns in a short span of time. So it is you who need to choose which mutual funds
you wish to go for.
SHARE MARKET
When it comes to stock market, it is considered to be very risky as there are many risks
involved in the market. This is the main reason why investors need to make a good
research of the stock market when it comes to investing their money in order to get good
profits. They need to know the functioning of the stock market. They should know how
NSE, BSE, NASDAQ…etc functions in the stock market.
It is very necessary that you come in contact with a good broker or a stock market
consultant who can show you the right path to making profit in the market. Unless you are
updated yourself of the stock market, you cannot make good income out of your
54
investment. So, you need to be very careful as well as well informed when you make your
investment in the stock market. If you are interested in short term investment, then you
can always go for day trading. But there are investors who think this type of trading to be
very risky. So, if you wish you can go for the advice of a good consultant before going for
day trading. When you are making your decision to invest in the stock market, you should
not be impatient. You should also not be in a haste to make your investment decisions.
In this stock market differs from mutual funds. So, you have come to know about mutual
fund vs. stock market. Do remember to make a good research for both of them so that you
get the ultimate profit out of your investment.
Table no-4.1
MUTUAL FUND V/S FIXED DEPOSIT
Mutual Funds vs. Fixed Deposits
Parameters Mutual Funds Fixed Deposits
Rate of Returns No Assured Returns Fixed Returns
Inflation Adjusted Potential for High Inflation- Usually Low Inflation-

Returns adjusted Returns adjusted Returns
Risk Medium to High Risk Low Risk
Liquidity Liquid Medium to Low Liquidity
Premature
Allowed with Exit Load Allowed with Penalty
Withdrawal
Cost of Investment Management Cost No Cost
Tax Status# Favorable Tax Status As Per Tax Slab
55
CONTINUE
Mutual Funds vs. Fixed Deposits
Fixed Deposits Debt Mutual Fund Equity Mutual Fund
Investment Amount 100,000 100,000 100,000
Return (% p.a.) 9.0% 9.0% 9.0%
Holding Period 1 Year 1 Year 1 Year
Fund Value 109,000 109,000 109,000
Inflation 7.5% 7.5% 7.5%
Indexed Investment Amount - 107,500 -
Taxable Income 9,000 1,500 -
Tax Paid (as applicable) 2,700 300 -
Post Tax Returns 6,300 8,700 9,000
Post Tax Returns (%) 6.3% 8.7% 9.0%
Source :( Secondary data)
56
Here are 3 scenarios which show an investment of Rs 1 Lakh each, in a bank fixed
deposit, debt mutual fund and equity mutual fund. We've assumed in a given year,
all 3 investments deliver a return of 9%. Further the assumption is that inflation
will grow at 7.5% in the given year.
So you see... Rs 1 Lakh invested is now Rs 1.09 Lakh in each of the investment
avenues. But in case of fixed deposits, with the interest income being taxable as
per tax slab of an investor, the gain of Rs 9,000/- which the investor earns would
further reduce to Rs 6,300/- assuming one happens to be placed in the highest tax
slab of 30% (where he would have to pay a tax amounting to Rs 2,700/-). So the
post-tax returns would be 6.3% in the given year in case of FD.
However, in the case of the debt mutual fund, with an indexation benefit available
on account of long term capital gain (since having invested for over 1 year), the
cost of investment is raised to Rs 1,07,500/- (due to inflation factor) instead of Rs
1 Lakh. Thus considering the indexed cost, the taxable gain would be Rs 1,500/-
instead of the original gain of Rs 9,000/-. Here the investor pays long term capital
gain tax @ 20% (as he has claimed indexation benefit) and hence the post-tax
returns (over a period of 1 year) would be 8.7%, which is higher than the bank
fixed deposit.
In the case of the equity mutual fund, the entire long term capital gain of Rs
9,000/- made on equity mutual fund is tax free and available to the investor,
proving to be the most tax-efficient in the above illustration.
But you should choose your investment avenue wisely. Judge your risk appetite
and investment time horizon well and understand your return expectation (which
should be rational), before zeroing in on the type of investment avenue.
57
MUTUAL FUND V/S PPF
: When we choose the Public Provident Fund, or PPF, as against a mutual fund.
There are three guidelines on which we must evaluate every single investment: risk,
return, liquidity. In the case of PPF and mutual fund, both are backed by the government
and so score high on the risk parameter. We can be pretty sure of getting our money .On
the liquidity front; there is a fair amount of disparity. Agreed, both have fixed tenures. But
the mutual fund does show up in a more favorable light simply because of the lower lock-
in period. .
In the case of mutual fund the rate of return is locked at the time of investment and during
the tenure of the investment it remains insulated from any changes in rates. That is
because once you buy a mutual fund, you cannot continue to add to that particular
investment. If you want to increase your exposure, you will have to buy another. In the
case of PPF, it is an account and you can keep adding to tithe return in both cases is
compounded and handed over on maturity. An apparent distinction is that the return is
compounded annually in the case of PPF, but half-yearly.
Let’s say that you invest Rs 1 lakh in a 10-year investment earning 8.8% per annum. If
compounded annually, you would end up with Rs 2, 32,428. But if compounded half
yearly you would earn around Rs 4,000 more (Rs 2, 36,597) over a decade. But like I said,
the tax impact gives it a different complexion.
Both instruments qualify for a deduction under Section 80C of the Income Tax Act. The
maximum limit under this section is Rs 1.50 lakh. You can choose to invest up to that
limit in either of the two instruments or both.
PPF offers you a deduction all the way and is known as EEE – implying exempt-exempt-
exempt. What this means is that you get a deduction when you invest under Section 80C,
the interest earned every year is exempt from tax, and the entire amount at maturity
(principal + interest earned) is also exempt from tax.
58
Not so in the case of mutual fund where the interest is taxed. So as mentioned above, even
though the return in NSC is compounded half yearly, the return is taxed which makes PPF
a better tax-saving option but with a longer lock-in. So how does one choose between the
two? If you already have a PPF account, you would know that you have to invest at least
Rs 500 every year to maintain the account. In fact, you can invest up to 12 installments in
one financial year as long as the totality of investment does not exceed Rs 1.50 lakh.
The mutual is a one-time investment. The investment can start from as Rs 1000 and there
is no maximum limit. However, once you touch the limit under Section 80C (Rs 1.50
lakh), the investments in mutual fund do not qualify for a tax deduction.
59
MUTUAL FUND V/S GOLD INVESTMENT
Table no- 4.2
Gold Mutual Funds
Gold is an investment asset as well as Mutual fund is a pure form of

Category
a functional commodity investment
The investment is made and managed The investment is professionally
Management
at the sole discretion of the investor managed by money market experts
Mutual funds involve diversification
Investment can be divided into
of portfolio through investing in a
physical gold and gold ETFs but that
Strategy variety of securities
is, more or less, the same thing.
There's no diversification involved.
Storing and carrying around gold

No such risk is involved in mutual
Risk involves risk of theft and
funds. As a matter of fact, mutual
Involved burglary. However, there's no such
funds can be bought and sold online
risk in gold ETFs
Buying and selling gold involves Buying and selling mutual funds
 no charges  involves intermediary

Trading
 no intermediary  incurs entry and exit charges
 no documentation  requires documentation
60
Gold does not Ancash the highs of Mutual fund ride both the bull and
Returns the market. It doesn't earn anything bear to yield substantial returns to the
and doesn't pay any dividends. investor.
Mutual Funds have many variants to
Gold is gold there are no types to it,
it based on the kind of funds. So it
except for the quality parameter,
Variants becomes very important that you go
implying that 24K gold is always
for a right mutual fund suiting your
costlier than 22K gold
investment appetite
Mutual funds are quite liquid as well,
enabling you to cash your funds at the
Gold is an asset with a high liquidity.
current Net Asset Value. However,
Liquidity It is can be traded with anyone
they are saleable only in a specific
anywhere
segment of the market. You can't sell
it to anyone anywhere
At a whopping price of 26,320 per 10 Investing in mutual funds is quite
gms, (as on the date this article was affordable and flexible. The amount
Investment published) one needs to think twice you want to invest depends on the
Cost before investment that has to be made number of units you can afford to
to start investing in it. Even, the purchase. The minimum investment
minimum with is quite high. can start from as low as Rs 1000
There's no need to be vigilant while Investing in a mutual fund needs you
investing in gold. Even a not-so- to be on your toes all the time. Only a
Market
smart investor is able to get smart investor with a know-how of
Knowledge
substantial returns, provided he/she money market can make his/her way
invests it for a long term to profit through mutual fund
Mutual fund is a highly dynamic
Gold is not resistant to the market
Stability financial product that keeps on riding
fluctuations. But, no matter, how bad
the lows and highs of market and thus
it might look, it's value tends to
is nowhere near to be called as stable
always go up in the long run.
investment avenue
Source:( secondary data )
61
MUTUAL FUND V/S NATIONAL SAVING CERTIFICATES
MUTUAL FUND
Mutual fund designed for common person who interested in long term or short term
investment.
No maximum limit for investment.
Tax saving investment.
Various plans available for investor.
Trust and HUF can invest
Rate of interest are not fixed its volatile.
NATIONAL SAVING CERTIFICATES
Scheme specially designed for Government employees, Businessmen and other

salaried classes who are Income Tax assesses.
No maximum limit for investment.
No Tax deduction at source.
Certificates can be kept as collateral security to get loan from banks.
Investment up to INR 1, 00,000/- per annum qualifies for IT Rebate under section
80C of Income Tax Act.
Trust and HUF cannot invest.
Rate of interest 8.50%
62
MUTUAL FUND V/S REAL ESTATE INVESTMENT
: Mutual Fund Investment
Initial lumpsum investment in MF schemes of Rs 24 Lacs. This amount is equal to the

sum of Initial Property Down Payment (Rs 15 Lacs), Registration Charges (Rs 7.5 Lacs)
and Loan Processing fees (Rs 1.5 Lacs).
Now the EMI amount in earlier case was Rs 58,459. This amount in this case can be used
as monthly SIP. But we also need to consider the tax benefit of Rs 1 Lac availed on house
loan investment – which is to be equated monthly. That amounts to Rs 8333 and resultant
amount available for monthly SIP is Rs 50,126.
So here is the calculation sheet for two types of investment scenarios.
First one is where returns from MF move from initial 12% to 7% in later years. These are
conservative numbers when compared to returns given by really good MFs.
Second one is a slightly aggressive returns assumption based analysis. Here the returns
move from 15% initially to 7% in later years. But even then the returns of 15% are not
that rare and have been achieved by quite a few funds in India for decades.
Now what happens when these funds are sold after 20 years? There wont be any tax as
long term capital gains is not taxed in India for stock market returns.
So for an investment of Rs 1.44 Cores (lump sum + SIP of 20 years), a corpus of Rs 10.28
Cores and Rs 7.06 Cores has been achieved. And mind you, this return has been achieved
despite having paid the additional tax @ 8333/- per month for 20 years. And these
numbers are substantially higher than the real estate investment even after tax saving.
This means a net expected gain ranging from Rs 5.61 Cores to Rs 8.84 Cores.
Compare these numbers with those of Real Estate case and you will understand what this
article is trying to point you towards.
63
Real Estate Investment
Following is the data being used
Value of Property = Rs 75 Lacs (1500 sqft @ Rs 5000/sqft)
Required Initial Down Payment (@20% of Property value) = Rs 15 Lacs
Loan Availed (for remaining 80%) = Rs 60 Lacs
Loan Tenure = 20 Years
Loan Interest Rate = 10.15%
Few more administrative costs are as follows:
Loan Processing Charges & Other Expenses (@2% of Property) = Rs 1.5 Lacs
Registration Fees (@10%) = Rs 7.5 Lacs
After doing some calculations which are depicted below, we arrived at quite interesting
numbers.
Interest Paid over 20 Years = Rs 80.30 Lacs
And as you can see in the last column in table above, this property has also been able to
generate post-tax and expense adjusted rental income. We used a few assumptions for
rental income and expense which are as follows:
Rentals increase by 5% every year
Rental income from property is taxed at 20%
Maintenance expenses are recurring every 5 years: Rs 1 Lac (5th year), Rs 1.5 Lac
(10th year), Rs 2 Lacs (15th year) and Rs 2 Lacs (20th year)
All in all, these result in an amount of Rs 24.67 Lacs being generated from the property
over a period of 20 years.
This means, that effectively the property costs about Rs 1.39 Cores as depicted in table
below:
64
Now as per general perception (at somewhat backed by data too), the properties are
known to appreciate in price. But here, we are not talking about property prices doubling
every 2-3 years. We are talking about much sensible returns ranging from 9% to 12%.
65
MUTUAL FUND V/S SUKANYA SAMRIDDHI YOJANA
Table no -4.3
Mutual Fund V/S Sukanya Samriddhi Yojana

Sr.No. Features Sukanya Samriddhi Mutual Fund
Account
1 On whose Only on girl's name Boy or girl
name account
can be opened
2 How many 1 per child No limit
accounts can be
opened per
child
3 Minimum age As soon as girl child is Varies for each fund house. For
limit to open born a/c can be opened e.g. Tata Young Citizen's Fund
account has min. age limit of 3 months
4 Maximum age 10 years 18 years
limit to open
account
5 Documents Application form, birth Photocopy, address proof/ID
required to certificate of girl, ID & proof, PAN card
open the address proof of parents
account
6 How many Unlimited Unlimited
time you can
deposit money
in an year
7 Interest Rate For 2014-2015: 9.1% Not fixed. Since it is linked to
For 2015-2016: 9.2% market, interests keeps on
varying
8 Tax Benefit Under section 80C on Depends on which plan you
contribution. No tax on choose. E.g. Income from SBI's
interest earned magnum children's fund is
exempt from the income tax
under section 10(23D)
66
9 Partial Yes. Once girl crosses 18 Mostly after 3 years depending
withdrawal years of age, 50% can be on the fund's terms and
withdrawn conditions
10 Where can you Post offices and 28 Fund houses such as - Tata
open the authorized banks Mutual Fund, Kotak, SBI and
account? many others
11 Risk factor No Yes, it's very high. Since it is
involved linked to market and other factors
12 Nomination No Yes. Many fund houses provide
facility this.
13 Other benefits No Yes. Varies for each fund house
such as
insurance cover
etc.
14 Mode of Cash/Cheque/Demand Cash/Cheque/Demand
deposit Draft Draft/ECS/Credit Card/Debit
Card
15 Can NRI As of now - NO Most of the fund houses allow
deposit provided their child is also an
NRI
16 Maturity When the girl child Can be withdrawn any time
reaches 21years (subject to exit load)
17 Minimum Rs.1000 Rs.500
deposit/year
18 Maximum Rs.1,50,000 No limit
deposit/year
19 Where is the For development of Equities, debt instruments,
money invested country such as securitized debt and other
infrastructure and others instruments
20 Penalty, if Rs.50 No penalty
money is not
deposited in an
year
21 Ideal for Long term Long term
22 Application No Yes. Varies for each fund house
fees
Source :( secondary data)
67
MUTUAL FUND V/S DIRECT EQUITY STOCK INVESTMENT
There are several benefits of investing through mutual funds instead of directly investing
in stocks. Mutual funds combine the savings of a large number of investors and manage it
as a single pool of money. So, instead of investors worrying about which stock or bond to
invest in, professional fund managers do the job.
Equities are complex and stocks you can buy come in a bewildering array of sectors,
industries, size, financial structure, promoter track record, competitive scenarios and a lot
more. When you invest in a fund from a good fund house, there is a full-fledged research
department to keep tabs on all this; and there's an experienced full-time fund manager
who has years --often decades -- of track record of making equity investments. Moreover,
his track record is publicly known and thoroughly analysed by researchers.
Compared to directly picking stocks, mutual funds are a more suitable route for a lot of
people. It simply takes less effort, less time, less experience and less specialised
knowledge to get good returns from equity mutual funds than it does from directly trading
in equities.
Diversification -- the most crucial aspect of investing -- is much easier to practice for a
fund investor. This is true of all kinds of diversification, including sectoral and of asset
type. Many fixed income asset types like bonds are simply not available to individual
investors.
Besides time, money and diversification, there are other advantages too. Generally,
mutual funds are more tax efficient. They are certainly a lot more convenient. Extremely
beneficial methods like systematic investing (SIPs) are very hard to implement for
equities but simple for funds.
There's a more complicated psychological problem with directly picking stocks. Basically,
what we've said here is that if you are skilled enough, then you can do it. However, equity
investors are by nature optimistic and that makes them overestimate their own skills.
That's often an expensive mistake
68
MUTUAL FUND V/SINSURANCE
V/S
Both these instruments are designed to serve different purposes and are not comparable. A
unit-linked plan from an insurance company is an insurance policy designed to pay a lump
sum on maturity or on death if earlier. Premium paid under these plans is eligible for tax
deduction under Section 88 of the Income Tax Act. On the other hand, mutual funds are
investment avenues to participate in the growth of financial markets and do not provide
any tax deduction (except ELSS and pension funds).
For a unit-linked insurance plan, providing life cover is the most important function;
returns are just an added benefit, which gets magnified, given the tax rebates. Though
unit-linked plans offer transparency in returns in terms of net asset value and flexibility in
investment options in debt, equity or a mix of both, these advantages remain secondary.
Whereas for a mutual fund, the main objective is to provide returns.
Moreover, unit-linked plans are not as liquid as mutual funds. There is a lock-in of three
years. Even if one redeems after three years, you would be at a loss because of higher
initial administrative charges. For example, the upfront charges for the first two premium
amounts are as high as 20-27 per cent. Then there is an annual management fee of 0.8-
1.25 per cent and a flat fee of Rs 15-20 per month. Finally, there is a deduction for risk
cover. This goes towards contribution to the sum assured or the life insurance cover,
which is based on mortality rates as calculated by actuaries. Though mutual funds too
have entry and exit loads (maximum 2 per cent) and expenses (maximum 2.5 per cent),
these costs are lower than unit-linked plans.
69
COMPARISON
Table no -4.4
Equity Mutual funds Equity-linked Insurance

Plans
Initial load/ administrative 0-2% 20-27% of premium for the
charges initial few years
Annual expenses/ 1.0-2.5% (including mgt A flat charge of Rs 180-240
administrative Charges. fees per year
Management fee 0.8-1.5% 0.8-1.5%
Life cover Nil Yes
Lock-in Nil 3 years
Source: (secondary data)
From your perspective, consider unit-linked plans only if you want insurance cover and
not as an investment avenue to participate in the equity or debt market. If you want an
exposure to the stock or bond market, mutual funds are better investment avenues. Don't
go by the performance of these unit-linked products. Both unit-linked plans and mutual
funds invest in the same financial markets. If the equity market is doing well, both equity-
linked insurance plans and equity mutual funds will do well. But as an investment tool,
you would be better off investing in mutual funds rather than unit-linked plans due to high
fees charged by insurance companies. However, one has to forego that for the life cover
that they offer. Thus, by design, unit-linked plans and mutual funds are not comparable
and are meant to suit different objectives.
70
4.2 BASIC THEORIES OF THE TOPIC
INVESTMENT TERMS WE NEED TO KNOW.
How and where you invest your hard-earned money is an important decision. However,
fully understanding your investments can require a crash course in terminology. The
following definitions for a few key terms can help increase your understanding of the
investment process and enable you to make better decisions:
INVESTMENT TYPES
The most common terms that are related to different types of investments:
 Bond: A debt instrument, a bond is essentially a loan that you are giving to the
government or an institution in exchange for a pre-set interest rate paid regularly
for a specified term. The bond pays interest (a coupon payment) while it's active
and expires on a specific date, at which point the total face value of the bond is
paid to the investor. If you buy the bond when it is first issued, the face or par
value you receive when the bond matures will be the amount of money you paid
for it when you made the purchase. In this case, the return you receive from the
bond is the coupon, or interest payment. If you purchase or sell a bond between the
time it is issued and the time it matures, you may experience losses or gains on the
price of the bond itself.
 Stock: A type of investment that gives you partial ownership of a publicly traded
company .
 Mutual fund: An investment vehicle that allows you to invest your money in a
professionally-managed portfolio of assets that, depending on the specific fund,
could contain a variety of stocks, bonds, market-related indexes, and other
investment opportunities.
 Money market account: A type of savings account that offers a competitive rate
of interest (real rate) in exchange for larger-than-normal deposits.
 Exchange-Traded Fund (ETF): ETFs are funds – sometimes referred to as
baskets or portfolios of securities – that trade like stocks on an exchange. When
you purchase an ETF, you are purchasing shares of the overall fund rather than
actual shares of the individual underlying investments.
71
INVESTMENT STRATEGIES
Once you have a better understanding of the investment choices available, you may come
across specialized terms that explain how money can be invested:
 Allocation of investments: Also known as asset allocation, this term refers to the
types of investments/asset categories you own and the percentage of each you have
in your investment portfolio.
 Diversification: This is a risk management technique that mixes a wide variety of
investments to potentially minimize your investment risk.
 Dollar cost averaging: An investment strategy used whereby an investor
purchases fixed investment amounts at predetermined times, regardless of the
price of the investment. This strategy minimizes risk because it reduces the
difference between the initial investment and the current market value over a long
enough timeline.
“There are a variety of terms that describe your gains, losses, and individual investments.
INVESTMENT TERMINOLOGY
Once you start investing, there are a variety of terms that describe your gains, losses, and
individual investments.
 Capital asset: A long-term asset such as land or a building that is not purchased or
sold in the normal course of business. In other words, anything you own and use
for personal or investment purposes. Examples include your home, your car, and
stocks or bonds held in a personal account.
 Capital gain/loss: Profit or loss from the sale of an asset.
 Capital appreciation/depreciation: The amount by which the value of an asset
increases or decreases compared to the amount you paid for it. You receive the
capital gain or loss when you sell the asset.
 Dividends: A distribution of a portion of a company’s earnings, decided by the
board of directors, to a class of its shareholders.
72
 Index: A portfolio of securities representing a particular market or industry or a
portion of it. Indices often serve as benchmarks for measuring investment
performance– for example, the Dow Jones Industrial Average or the S&P 500
Index. Although investors cannot directly purchase an index, they are able to
invest in mutual funds and exchange-traded funds that are based on the indexes.
These types of vehicles enable investors to invest in securities representing broad
market segments and/or the total market.
 Margin account: An account that allows you to borrow money from your
brokerage account in order to purchase securities. The loan is collateralized by the
existing securities and cash held in the account.
 Prospectus: A document filed with the SEC that describes an offering of
securities for sale to the public. The prospectus fully discloses the risks, policies,
and fees of the offering.
 Yield: The income return on an investment. This refers to the interest or dividend
received from a security based on the investments cost or face value.
By taking the time to learn about the common types of investments and the language that
accompanies them, you can become a smarter and savvier investor.
EMPOWER YOURSELF WITH FINANCIAL KNOWLEDGE
We’re committed to your financial success. Here you’ll find a wide range of helpful
information, interactive tools, practical strategies, and more — all designed to help you
increase your financial literacy and reach your financial goals.
73
4.3 REVIEW OF RESEARCH ON THE TOPIC
PREVIOUS RESEARCH ON MUTUAL FUND – YES

LITERATURE REVIEW
Author name
Paul farrel
Title:
Winning portfolio: how to select best mutual fund
Abstract
He fined that there are potential diversification benefits to adding global funds to
portfolios of domestic mutual funds. Mutual funds that invest solely in foreign securities
or in combinations of U. S. stocks outperformed the U. S. market over the past ten years.
A portfolio of funds investing in Pacific Rim issued stocks tended to have greater risk-
adjusted returns compared to a portfolio of funds investing in European stocks and only a
small relationship to returns in the U.S. stock market. It is also interesting to note that the
Relative risk-adjusted performance of U.S. and international equity funds may differ
Substantially depending on the period examined.
Author name
Dr. Vinod Kumar
Title:
Fundamental of mutual fund
Abstract
From this study revealed that different fund groups were not really distinct from each
other on the whole. Therefore, stated investment objectives of mutual funds fail to
completely capture attributes. In addition, we conclude that the optimized exponential
fund group showed some investment characters in some degree is different from funds in
other groups.
74
Author name
Rajeev tiwari
Title:
How to invest in mutual fund
Abstract
According to him there are no difference male and female investors, no difference among
the investors of different age groups, no difference between government and private sector
investors. There is little awareness regarding equity and mutual funds among the Indian
investors.
Author name
David F. Swensen
Title:
Common sense of mutual fund
Abstract
He concluded that the age and size of the fund are other mitigating factors when it comes
to the decision making process. New funds may post heavy gains in the beginning but are
often unable to stay the course once the test of time steps in. It is best, particularly for
conservative investors to adopt a more cautious approach when dealing with new funds
unless those managing the funds have a sterling reputation from previous work.
Author name
Ankita gala
Title:
Mutual funds – ladder to wealth creation
Abstract
He states that Mutual Funds invest according to the underlying investment objective as
specified at the time of launching a scheme. So, we have equity funds, debt funds, gilt
funds and many others that cater to the different needs of the investor. The availability of
these options makes them a good option. While equity funds can be as risky as the stock
markets themselves, debt funds offer the kind of security that is aimed for at the time of
making investments.
75
CHAPTER 5
DATA PRESENTATION, ANALYSIS &

INTERPRETATION
76
Investment Option of Respondent
Table No.5.1
Response Respondent Percentage

Mutual fund 8 16%
Insurance 12 24%
Share market 5 10%
Bank FDs 15 30%
Other investment 10 20%
TOTAL 50 100%
Source – Primary Data (Questionnaire)
Graph No.5.1
Analysis –
In table no. 5.1 30% peoples like to invest in bank FDs because they think bank FDs is
best investment rather than other investment .and 24% peoples like to invest in insurance
because they think insurance is risk free investment.
Inference –
It is show that maximum people like to invest in bank FDs. because investors think it is
better investment rather than other investment.
77
Option of Respondents about Mutual Fund Investment
Table No.5.2

Yes 35 70%
No 15 30%
TOTAL 50 100%
Graph No.5.2
Analysis –
In table no. 5.2 70% peoples said mutual fund is a risk free investment because peoples
already invested in mutual fund and 30% peoples said mutual fund is risky investment
because they still not invested in mutual fund.
Inference –
It is show that maximum peoples trust on mutual fund because people already invested in
mutual fund.
78
Investments of Respondents
Table No.5.3

Share market 7 14%
Postal department 12 24%
Mutual fund 10 20%
PPF 11 22%
Other investment 10 20%
TOTAL 50 100%
Graph No.5.3
Analysis –
In table no. 5.3 24% people already invested in postal department because they think it
is safe investment and 22% people already invested in PPF because they invested in it.
Inference –
It is show that maximum peoples invested in Postal department because they think it is
safe investment for them.
79
Option of Respondents for Making Investment.
Table No.5.4

Life concerned 20 40%
As a saving 10 20%
As a Investment 15 30%
Other 5 10%
TOTAL 50 100%
Graph No.5.4
Analysis –
In table no. 5.4 40 % peoples preferred to life concerned because they conscious about
their life. And 30% peoples preferred as investments only because they want only earn
money from investment.
Inference –
It is show that maximum people concerned about their life because they conscious about
their life.
80
Respondents Of Opinion About Mutual Fund Investment Is Better
Option.
Table No.5.5

Yes 32 64%
No 18 36%
TOTAL 50 100%
Graph No.5.5
Analysis –
In table no. 5.1.5 64% peoples said mutual fund better than other investment because
they invested in mutual fund and they suffering good returns from it. And 36%peoples
said mutual fund is not better than other investment because they suffering returns from
other investments.
Inference –
It is show that maximum peoples said mutual fund is better than other investment.
Because they invested in mutual fund and they suffering good returns from it
81
CHAPTER 6
CONCLUSION AND SUGGESTION
82
6.1 FINDINGS OF THE STUDY
1) In table no. 5.1 30% peoples like to invest in bank FDs because they think bank
FDs is best investment rather than other investment .and 24% peoples like to
invest in insurance because they think insurance is risk free investment.
2) In table no. 5.2 70% peoples said mutual fund is a risk free investment because
peoples already invested in mutual fund and 30% peoples said mutual fund is risky
investment because they still not invested in mutual fund.
3) In table no. 5.3 24% people already invested in postal department because they
think it is safe investment and 22% people already invested in PPF because they
invested in it.
4) In table no. 5.4 40 % peoples preferred to life concerned because they conscious
about their life. And 30% peoples preferred as investments only because they want
only earn money from investment.
5) In table no. 5.1.5 64% peoples said mutual fund better than other investment
because they invested in mutual fund and they suffering good returns from it. And
36%peoples said mutual fund is not better than other investment because they
suffering returns from other investments.
83
6.2 CONCLUSION
1) It is show that maximum people like to invest in bank FDs. because investors
think it is better investment rather than other investment.
2) It is show that maximum peoples trust on mutual fund because people already
invested in mutual fund.
3) It is show that maximum peoples invested in Postal department because they think
it is safe investment for them.
4) It is show that maximum people concerned about their life because they conscious
about their life.
5) It is show that maximum peoples said mutual fund is better than other investment.
Because they invested in mutual fund and they suffering good returns from it
84
6.3 SUGGESTIONS & RECOMMENDATION
1. Investor should have good assets allocations in his portfolio, right investment
product should be there in right proportion.
2. Investors should have to check portfolio time by time or investor can rebalance the
Investments in portfolio.
3. The Mutual Fund industry need create awareness among investors.
4. Frequently fund progress report should be provided to the investors.
5. Training programs are important for giving the information to the Consumers,
Such as Seminars, inductions, investor meet etc.sa
6. Kotak is not going aggressively for any fund, so the returns in short term are not
really good but the fund has given good returns in long term.
85
APPENDICES
I) QUESTIONNAIRE
Name:______________________________________ Age:______
Contact No: Gender:
Q.1 Are You Aware About Mutual Fund ?
a) Yes b) No
Q.2 Did You Invest Ever In Mutual Fund?
a) Yes b) No
Q3 Would You Like To Invest In Mutual Fund?
a) Yes b) No
Q.4 Which Investment is The Best Investment?
a) Mutual fund
b) Insurance
c) Share market
d) Bank FDs
e) Other investment.
Q.5 Is Mutual Fund A Risk Free Or The Best Option For Investment?
a) Yes b) No
86
Q.6 Which Types Of Investments You Already Invested?
a) Share market
b) Postal department
c) Mutual fund
d) PPF
e) Other investment
Q.7 what is your Average investment period?
A) Less than 6 months
b) 6months-1 year
c)1 year-2 years
d) More than 2 years
Q.8 What Is Your Point Of View About Investment?
a) Life concerned
b) As a saving
c) As a Investment
d) Other
Q.9 Do You Think Mutual Fund Is Better Than Other investments?
a) Yes b) No
Q.10 If No Then Which Investment Better For You? Explain.
87
II) BIBLIOGRAPHY
Sr Author’s Name Title of Book Edition Publication

No Year
Research New Age International (P)
1 C.R.Kothari 2003-2004
Methodology Ltd.
Business
Aditi kale and
2 Research 2013-2014 Thakur Publication
Bhatikumar
Method
www.google.com
www.assetmanagement.kotak .com
88

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SUMMER INTERNSHIP PROJECT REPORT

KOTAK MAHINDRA MUTUAL FUND

MASTER OF BUSINESS ADMINISTRATION

INSTITUTE OF MANAGEMENT, RESEARCH & TECHNOLOGY

I MR. JOPALE YOGESH KISAN visited in “KOTAK MAHINDRA MUTUAL

Place: IMRT Nashik 422002 Sign. :

Place: IMRT Nashik 422002 Sign. :

Place: IMRT, Nashik.422002 Sign:

Sr.No Table No Title

1 4.1 Mutual fund v/s fixed

3 4.3 Mutual fund v/s

9 5.5 Respondents opinion

Sr.No Graph No Title

1 5.1 Investment option of

1. The researcher got exposure to investment sector and real organizational

1. It will help mutual fund to know their Opportunities & Threats

Utility for Customer:-

1. Is being undertaken within a framework of a set of philosophies (approaches);

3. Is designed to be unbiased and objective.

Research can be classified from three perspectives:

1. Application of research study

2. Objectives in undertaking the research

3. Inquiry mode employed

- Pure research and

From the viewpoint of objectives, a research can be classified as

Descriptive research attempts to describe systematically a situation, problem, phenomenon,

Correlation research attempts to discover or establish the existence of a relationship/

Exploratory research is undertaken to explore an area where little is known or to investigate

In practice most studies are a combination of the first three categories.

The structured approach to inquiry is usually classified as quantitative research. Here

The unstructured approach to inquiry is usually classified as qualitative research. This

DETERMINING SAMPLE DESIGN

1.1 Simple random sample:

1.2 Stratified random sample:

1.3 Cluster (area) sample:

2. Non probability samples

2.1 Convenience sample:

2.2 Judgment sample:

2.3 Quota sample:

THROUGH PERSONAL INTERVIEW:

THROUGH TELEPHONE INTERVIEWS:

a) Types of Research Exploratory

c) Sampling unit Kotak Mahindra mutual fund

Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly own

Kotak Mahindra committed to offering innovative investment solutions and world-

To positively contribute towards economic, environmental and social well-being of

Create a lasting value for communities by:

CSR FOCUS AREAS

COMPETITORS OF KOTAK MUTUAL FUND

1) ICICI Mutual Fund

2) Reliance Mutual Fund

3) UTI Mutual Fun

4) Birla Sun Life Mutual Fund

5) SBI Mutual Fund

6) HDFC Mutual Fund

7) LIC Mutual Fund

STRUCTURE OF KOTAK MAHINDRA MUTUAL FUND

It is also regulated by the SEBI

EQUITY FUND DEBT FUND ETF

KOTAK GILT KOTAK GOLD

KOTAK KOTAK FLOTER

Fund Managers: Mr.Harish Krishnan