A

PROJECT REPORT

ON

“COMPARATIVE ANALYSIS OF MUTUAL FUNDS ADITYA

BIRLA AND RELIANCE”

FOR

“SHAREKHAN INVESTMENT PVT. LTD”

SUBMITTED

TO

SAVITRIBAI PHULE PUNE UNIVERSITY

SUBMITTED

BY

PRATIM KAMLESH SHINDE

(ACADEMIC YEAR 2018-2020)

UNDER THE GUIDANCE

OF

PROF. MINAL WAGHCHOURE

DR.D.Y. PATIL PRATISHTAN’S

DR. D. Y. PATIL INSTITUTE OF MANAGEMENT STUDIES

AKURDI, PUNE-411044
 DECLERATION

I hereby declare that the Project Report entitled “COPARATIVE ANALYSIS OF

MUTUAL FUNDS ADITYA BRLA AND RELIANCE” from “SHAREKHAN” for
SHAREKHAN INVESTMENT PVT. LTD. Written and submitted by me to Savitribai
Phule Pune University in partial fulfillment of the requirements of the award of degree of
Master of Business Administration under the guidance of PROF. MINAL
WAGHCHOURE. This is my original work and conclusions drawn therein are based on
the material collected by myself.

Place: Pune

Date: PRATIM SHINDE

 ACKNOWLEDGEMENT

I am glad to acknowledge the numerous personalities involved in leading their help to

make my summer internship project a successful one.

Firstly, I would like to thank “SHAREKHN INVESTMENT PVT. LTD” for providing
me the opportunity to work on this project. I would like to thank my corporate guide,
MR. SOUMITRA and all other staff of SHAREKHAN INVESTMENT PVT. LTD for
helping the lesson of professional management. His guidance and inputs have helped me
a lot in successfully completing this project.

I express my sincere gratitude to my internal guide PROF. MINAL WAGHCHOURE

who took a lot of personal interest in supervising this project and guiding me. She has
been a great source of inspiration in the task of completion of this project. Her profound
advice timely guidance has been of immense value to me.

This acknowledgement would not be complete without extending thanks to my parents

and friends, who helped me during my internship and for extending their support to me
during my period of internship.

PRATIM SHINDE
 INDEX

SR.NO. TOPIC PAGE NO.

1 Introduction of the Project
2 Theoretical Background
3 Company Profile
4 Research Methodology
5 Data Analysis and Interpretation
6 Interpretation
7 Suggestion
8 Conclusion
 EXECUTIVE SUMMARY

A mutual fund is a single, large professionally managed investment organization that

combines the funds of many individual investors having similar investment objectives.

An investment firm could be a trust that pools the savings of variety of investors who
share a standard monetary goal. The money so collected is then endowed in capital
market instruments like shares, debentures and alternative securities. The first company
that dealt in mutual funds was the investment company of India.

It was created in 1963 as a venture of the banking concern of Republic of India and also
the Government of India.

The objective of the UTI was to guide small and unenlightened investors UN agency
wished to shop for shares and different financial merchandise in larger corporations.

Advantages of mutual funds: - Liquidity, diversification, expert management, less cost

for bulk transactions, cost efficiency, automated payments, etc

In India, the open-end fund business is very regulated with a read to impartation
operational transparency and protective the investor's interest. The structure of a open-
end fund is set by SEBI rules. These rules need a fund to be established within the kind of
a trust underneath the Indian Trust Act, 1882. A mutual fund is typically externally
managed. It is currently associate in operation company with workers within the ancient
sense.

Types of mutual funds: - By nature, by structure, by investment objective and other

schemes.

Capital Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was registered
on Gregorian calendar month thirty, 1995 as Reliance Capital open-end fund that was
modified on March eleven, 2004.

Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF), is co-sponsored by
Aditya Birla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.
Having total domestic assets underneath management (AUM) of about to Rs.2540 billion
for the quarter ended June 30th, 2019, ABSLMF is one of the leading Fund Houses in
India based on domestic average AUM as revealed by the Association of Mutual Funds
of Republic of India (AMFI).

Sharekhan was founded by Mumbai-based entrepreneur Shripal Morakhia in 2000.

Sharekhan pioneered the online retail broking industry and leveraged on the first wave of
digitization, when dematerialization (demat) of securities came into effect and electronic
trading was introduced in the stock exchanges.

Research comprises of two words, “Re” and “Search”. While “Re” implies repetitive
process and “Search” denote making a thorough examination of looking over carefully in
order to find something.

Return comparison done between two mutual fund companies Aditya Birla mutual fund
and Reliance mutual fund. In this research we used questionnaires to know the factors
rated by the investors.
 CHAPTER 1

INTRODUCTION
INTRODUCTION TO MUTUAL FUNDS:

A mutual fund is a single, large professionally managed investment organization that

combines the funds of many individual investors having similar investment objectives. It
designs its schemes to meet the needs of different types of investors in terms of nature of
investments, dividend, distribution and liquidity etc. The entire profits are distributed to
the investor in proportion to their investments. However, expenses are charged for
managing the funds. Mutual funds activity has come to play an important role in our
development efforts. He may invest in bank deposits corporate debentures and bonds
where there is low risk but low return. He may invest in stock market where the risk is
high, but returns are also proportionately high. People began obtaining portfolio
managers with expertise in stock market who would invest on their behalf. Thus, we tend
to have wealth management services provided by several establishments. However, they
provide too costly for small investors. These investors have found a decent shelter with
the mutual funds.

1.1 OBJECTIVES OF THE OF PROJECT

 Study of mutual fund.

 Comparing the Mutual Funds.
 Recommending good mutual fund scheme to invest and to earn more returns on
selected mutual fund schemes.

1.2 SCOPE OF THE STUDY

The study of comprises between Aditya Birla Mutual Fund and Reliance Mutual Fund.
The time period for this research work is from 15-May – 15 July 2019.
PROJECT TITLE

Title of the project is “COMPARATIVE ANALYSIS OF MUTUAL FUNDS

ADITYA BIRLA AND RELIANCE”

WHY HAVE YOU CHOSEN THIS COMPANY?

I have chosen Sharekhan because, it is

 One of the fast-growing Financial Industry.

 Leading player in India.
 Brand image.

LOCATION

Shivajinagar, Pune, Maharashtra

1.3 LITERATURE REVIEW

The present study deals with the review of literature on ‘Evaluating the Performance of
Indian fund Schemes’. A number of studies on evaluating the performance of Indian
mutual fund Schemes are conducted in India and foreign countries. Review of some of
the studies is presented in the following discussion: - Jayadev (1996) evaluated the
performance of 2 growth-oriented mutual funds namely Mastergain and wine bottle
express by using monthly returns. Jensen, Sharpe and Treynor lives are applied in the
study and the pointed out that according to Jensen and Treynor measure Mastergain have
performed better and therefore the performance of magnum was poor according to all 3
measures. Afza and Rauf (2009) in their study of open-ended Pakistani mutual funds’
performance exploitation the quarterly data for the period of 1996-2006. The study lives
the fund performance by using Sharpe ratio with the help of pooled time-series and cross-
sectional data and conjointly focused on different attributes like fund size, expenses, age,
turnover and liquidity. The results found significant impact on fund performance.
Debasish (2009) studied the performance of selected schemes of mutual funds based on
risk and return models and measures. The study lined the period from April 1996 to
March 2005 (nine years). The study revealed that Franklin Templeton and UTI were the
best performers and Birla Sun life, HDFC and LIC mutual funds showed poor
performance. Ali, Naseem and Rehman (2010) in IRJC International Journal of
Marketing, Financial Services & Management Research Vol.1 Issue 7, July 2012, ISSN
2277 3622 www.indianresearchjournals.com The study analyzed the performance on the
idea of come back, standard deviation, beta as well as Treynor, Jensen and Sharpe
indexes. The study also used Carhart’s four-factor model for analyze the performance of
mutual funds. The results unconcealed that Reliance Regular Saving Theme Fund had
achieved the best final score and geographical region Robeco below had achieved the
lowest final score within the one-year class. Sondhi and faith (2010) examined the market
risk and investment performance of equity mutual funds in India. The study used a
sample three of three}6 equity fund for a period of 3 years. The study examined whether
or not high beta of funds have truly made high returns over the study amount. The results
of the study confirmed with the empirical proof made by fama (1992) that prime beta
funds (market risks) might not essentially made high returns. The study unconcealed that
the class, size and ownership have been significantly determinant of the performance of
mutual funds during the study period.
 CHAPTER 02

THEORITICAL BACKGROUND
2.1 CONCEPT OF MUTUAL FUND:

An investment firm could be a trust that pools the savings of variety of investors who
share a standard monetary goal. The money so collected is then endowed in capital
market instruments like shares, debentures and alternative securities. The financial gain
attained through these investments and the capital appreciation realized square measure
shared by its unit holders in proportion to the quantity of units in hand by them. Thus, an
investment firm is that the best suited investment for the mortal because it offers a chance
to speculate in an exceedingly heterogenous, professionally managed basket of securities
at a relatively low cost. The flow chart below describes loosely the operating of a mutual
fund:

Mutual Fund Operation Fund

2.2 HISTORY OF MUTUAL FUND IN INDIA

The first company that dealt in mutual funds was the investment company of India.
It was created in 1963 as a venture of the banking concern of Republic of India and also
the Government of India.

The objective of the UTI was to guide small and unenlightened investors UN agency
wished to shop for shares and different financial merchandise in larger corporations.

The UTI was a monopoly in those days.

One of its fund merchandises that ran for many years was the Unit theme 1964.

Phase I (1964-87): Growth Of UTI:

In 1963, UTI was established by associate degree Act of Parliament.

As it was the sole entity providing mutual funds in India, it had a monopoly.

Operationally, UTI was set up by the Reserve Bank of India (RBI), but was later delinked
from the RBI. The first scheme, and for long one of the largest launched by UTI, was
Unit Scheme 1964.

Later in the 1970s and 80s, UTI started innovating and offering different schemes to suit
the needs of different classes of investors. Unit Linked Insurance Plan (ULIP) was
launched in 1971.

The first Indian offshore fund, India Fund was launched in August 1986.

In absolute terms, the investible funds corpus of UTI was about Rs 600 crores in 1984.

By 1987-88, the assets under management (AUM) of UTI had adult ten times to Rs
six,700 crores.

Phase II (1987-93): Entry of Public Sector Funds:

The year 1987 marked the entry of different public sector mutual funds.

With the gap of the economy, several public sector banks and establishments could
determine mutual funds.

The banking company of India established the first non-UTI fund, SBI fund in Gregorian
calendar month 1987.
This was followed by will bank fund, LIC mutual fund, Indian Bank Mutual Fund, Bank
of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund.

From 1987-88 to 1992-93, the AUM increased from Rs 6,700 crores to Rs 47,004 crores,
nearly seven times. During this period, investors showed a marked interest in mutual
funds, allocating a larger part of their savings to investments in the funds.

Phase III (1993-96): Emergence of Private Funds:

A new era within the fund business began in 1993 with the permission granted for the
entry of personal sector funds.

This gave the Indian investors a broader alternative of 'fund families' and increasing
competition to the prevailing public sector funds.

Quite considerably foreign fund management firms were additionally allowed to work
mutual funds, most of them coming into India through their joint ventures with Indian
promoters.

The personal funds have brought in with them latest product innovations, investment
management techniques and investor-servicing technologies.

During the year 1993-94, five private sector fund houses launched their schemes
followed by six others in 1994-95.

Phase IV (1996-99): Growth and SEBI Regulation:

Since 1996, the mutual fund business scaled newer heights in terms of mobilization of
funds and variety of players.

Deregulation and easing of the Indian economy had introduced competition and provided
impetus to the expansion of the business.

A comprehensive set of rules for all mutual funds operational in India was introduced
with SEBI (Mutual Fund) laws, 1996.

These regulations set uniform standards for all funds.

Erstwhile UTI voluntarily adopted SEBI pointers for its new schemes.
Similarly, the budget of the Union government in 1999 took a giant step in exempting all
mutual fund dividends from revenue enhancement within the hands of the investors.

During this part, each SEBI and Association of Mutual Funds of India (AMFI) launched
investor Awareness Programme geared toward educating the investors concerning
investment through MFs.

Phase V (1999-2004): Emergence of an oversized and Uniform Industry:

The year 1999 marked the start of a new innovate the history of the fund business in
India, a phase of significant growth in terms of both amounts

mobilized from investors and assets under management. In February 2003, the UTI Act
was repealed. UTI no longer has a special legal status as a trust established by an act of
Parliament.

Instead it's adopted the same structure as the other fund in India - a trust associate
degreed an AMC.

UTI fund is that the gift name of the erstwhile unit investment trust of India (UTI).

While UTI functioned below a separate law of the Indian Parliament earlier, UTI mutual
fund is now under the SEBI's (Mutual Funds) rules, 1996 like all other mutual funds in
India.

The emergence of a homogenous business with the same structure, operations and
regulations make it easier for distributors and investors to deal with any fund house.

Between 1999 and 2005 the dimensions of the business have doubled in terms of
Supreme Truth that have gone from higher than Rs 68,000 crores to over Rs 1,50,000
crores.

Phase VI (From 2004 Onwards): Consolidation and Growth: The industry has lately
witnessed a spate of mergers and acquisitions, most recent ones being the acquisition of
schemes of Allianz Mutual Fund by Birla Sun Life, PNB Mutual Fund by Principal,
among others.
At an equivalent time, additional international players still enter India together with
Fidelity, one of the biggest funds within the world.

2.3ADVANTAGES OF MUTUAL FUNDS:

a. Liquidity

Mutual funds provide easy liquidity to those who want to dispose of their units after a
stipulated period. The open-ended mutual fund offers instantaneous liquidity through
repurchase facility. Close ended schemes also offer the facility of repurchase after a
specific period in addition to listing on the stock exchanges.

b. Diversification

Mutual funds have their share of risks as their performance is predicated on the market
movement. Hence, the fund manager continually invests in additional than one quality
category (equities, debts, money market instruments, etc.) to spread the risks. It is called
diversification. This way, once one quality category doesn’t perform, the other can
compensate with higher returns to avoid the loss for investors.
c. Expert Management

An open-end fund is favored as a result of it doesn’t need the investors to try and do the
analysis and quality allocation. A fund manager takes care of it all and makes choices on
what to try and do together with your investment. He/she decides whether to invest in
equities or debt. He/she additionally opt for whether to carry them or not and for the way
long.

d. Less cost for bulk transactions

You must have detected however worth drops with redoubled volume once you obtain
any product. For instance, if a 100g toothpaste costs Rs.10, you might get a 500g pack
for, say, Rs.40. The same logic applies to investment trust units similarly. If you get
multiple units at a time, the processing fees and other commission charges will be less
compared to when you buy one unit.

e. Invest in smaller denominations

By finance in smaller denominations (SIP), you get exposure to the entire stock (or any
other asset class). This reduces the average transaction expenses – you benefit from the
market lows and highs. Regular (monthly or quarterly) investments, as opposed to lump
sum investments, give you the benefit of rupee cost averaging.

f. Suit your financial goals

There square measure many kinds of mutual funds offered in Bharat line to investors
from all walks of life. No matter what your financial gain is, you must make it a habit to
set aside some amount (however small) towards investments. It is straightforward to seek
out an investment trust that matches your financial gain, expenditures, investment goals
and risk appetite.

g. Cost-efficiency

You have the choice to choose zero-load mutual funds with fewer expense ratios. You
can check the expense quantitative relation of various mutual funds and opt for the one
that matches in your budget and money goals. Expense quantitative relation is that the fee
for managing your fund. It is a useful gizmo to assess a mutual fund’s performance.
h. Quick & painless process

You can begin with one investment trust and slowly diversify. These days it is easier to
identify and handpicked fund(s) most suitable for you. Maintaining and regulation the
funds too can take no further effort from your aspect. The fund manager, with the help of
his team, will decide when, where and how to invest. In short, their job is to beat the
benchmark and deliver you most returns systematically.

i. Tax-efficiency

You can invest up to Rs.1.5 lakh in tax-saving mutual funds mentioned under 80C tax
deductions. ELSS is an example of that. Though a 10% Long-Term Capital Gains
(LTCG) is applicable for returns above Rs.1 lakh after one year, they have consistently
delivered higher returns than other tax-saving instruments like FD in recent years.

j. Automated payments

It is common to forget or delay SIPs or prompt lump-sum investments because of any

given reason. You can take paperless automation together with your fund house or agent.
Timely email and SMS notifications help to counter this kind of negligence.

k. Safety

There is a general notion that mutual funds aren't as safe as bank merchandise. This is a
story as fund homes square measure strictly below the orbit of statutory government
bodies like SEBI and AMFI. One will simply verify the credentials of the fund house and
therefore the quality manager from SEBI. They also have an impartial grievance redress
platform that works in the interest of investors.

l. Systematic or one-time investment

You can arrange your open-end investment company investment as per your budget and
convenience. For instance, starting a SIP (Systematic Investment Plan) on a monthly or
quarterly basis suits investor with less money. On the opposite hand, if you have got
surplus quantity, select a one-time payment investment.
2.4 STRUCTURE OF MUTUAL FUND

STRUCTURE OF MUTUAL FUNDS IN INDIA:

In India, the open-end fund business is very regulated with a read to impartation
operational transparency and protective the investor's interest. The structure of a open-
end fund is set by SEBI rules. These rules need a fund to be established within the kind of
a trust underneath the Indian Trust Act, 1882. A mutual fund is typically externally
managed. It is currently associate in operation company with workers within the ancient
sense.

Instead, a fund depends upon third parties that square measure either attached
organizations or freelance contractors to hold out its business activities like investment in
securities. A mutual fund operates through a four-tier structure. The four parties that are
required to be involved are a sponsor, Board of Trustees, an asset management company
and a custodian.

Sponsor: A sponsor could be a body company World Health Organization establishes a

open-end fund. It may be one person acting alone or at the side of another company body.
Additionally, the sponsor is predicted to contribute a minimum of four-hundredth to net
price of the AMC. However, if anyone holds four-hundredth or a lot of of net price of
associate AMC, he shall be deemed to be a sponsor and can be needed to fulfil the
eligibility criteria per the open-end fund regulation.

Board of Trustees: A investment company house ought to have associate freelance Board
of Trustees, wherever simple fraction of the trustees are freelance persons United Nations
agency don't seem to be related to the sponsor in any manner. The Board of Trustees of
the trustee company holds the property of the open-end fund in trust for the good thing
about the unitholders. They are responsible for protecting the unit-holder's interest.

Asset Management Company: The role of associate AMC is very important within the
open-end fund operation. They are the fund managers i.e. they invest investors' cash in
varied securities (equity, debt and money market instruments) after proper research of
market conditions and the financial performance of individual companies and specific
securities in the effort to fulfil or beat average market come back and analysis. They
additionally take care of the executive functions of a open-end fund that they charge
management fee.

Custodian: The open-end fund is needed by law to guard their portfolio securities by
putting them with a steward. Nearly all mutual funds use qualified bank custodians. Only
a registered steward underneath the SEBI regulation will act as a steward to a open-end
fund.

Over the years, with the involvement of the RBI and SEBI, the mutual fund industry has
evolved in a big way giving investors an opportunity to make the most of this investment
avenue. With a proper structure in place, the industry has been able to cater to a greater
number of investors. With the rise in awareness regarding mutual funds many new
players have joined the bandwagon.
2.5 TYPES OF MUTUAL FUNDS:

Types Of Mutual Funds

By Investment Other
By Structure By Nature
Objective Schemes

Open-Ended Growth
Equity Funds Tax Saving
Schemes Schemes
Schemes

Close-Ended Income
Debt Funds Index Schemes
Schemes Schemes

Interval Balanced Balanced Sector Specific

Scheme Funds Schemes Schemes

Money Market
Schemes

Wide variety of investment company Schemes exists to cater to the requirements like
monetary position, risk tolerance and come expectations etc. thus mutual funds has the
Variety of flavors, being a collection of many stocks, an investor can go for picking a
mutual fund might be easy. There square measure over many mutual funds theme to
decide on from. It is easier to think about mutual funds in classes, mentioned below: -

1. BY STRUCTURE: -
  Open - Ended Schemes: An open-end fund is one that is available for
subscription all through the year. These do not have a fixed maturity.
Investors will handily obtain and sell units at internet quality
Value("NAV") connected costs. The key feature of open-end schemes is
liquidity
 Close - Ended Schemes: A closed-end fund has a stipulated maturity
period which generally ranging from 3 to 15years. The fund is open for
subscription solely throughout a such amount. Investors will invest within
the theme at the time of the initial public issue and thenceforth they will
obtain or sell the units of the theme on the stock exchanges where they are
listed. In order to produce AN exit route to the investors, some close-
ended funds offer AN possibility of marketing back the units to the
investment company through periodic repurchase at NAV related prices.
SEBI Regulations stipulate that at least one of the two exit routes are
provided to the investor.
 Interval Schemes: Interval Schemes are that scheme, which combines the
features of open-ended and close-ended schemes. The units is also listed
on the securities market or is also open purchasable or redemption
throughout pre-determined intervals at NAV connected costs.
2. BY NATURE: -
 Equity Fund: These funds invest a maximum part of their corpus into
equities holdings. The structure of the fund might vary totally {different
completely different} for various schemes and also the fund manager’s
outlook on different stocks. The Equity Funds square measure sub-
classified relying upon their investment objective, as follows: -
A. Diversified Equity Funds
B. Mid-Cap Funds
C. Sector Specific Funds
D. Tax Savings Funds (ELSS)

Equity investments square measure meant for a extended time horizon; so, Equity funds
rank high on the risk-return matrix.
a) Debt Funds: The objective of these Funds is to invest in debt papers.
Government authorities, private companies, banks and financial institutions are
some of the major issuers of debt papers. By investment in debt instruments, these
funds guarantee low risk and supply stable financial gain to the investors. Debt
funds are further classified as:
b) Gilt Funds: Invest their corpus in securities issued by Government, popularly
known as Government of India debt papers. These Funds carry zero Default risk
however square measure related to rate risk. These schemes square measure safer
as they invest in papers backed by Government.
c) Income Funds: Invest a major portion into various debt instruments such as
bonds, corporate debentures and Government securities.
d) MIPs: Invests a maximum of their total corpus in debt instruments while they
take minimum exposure in equities. It gets good thing about each equity and debt
market. These theme ranks slightly high on the risk-return matrix in comparison
with alternative debt schemes.
e) Short Term Plans (STPs): Meant for the investment horizon for three to six
months. These funds primarily invest in brief term papers like Certificate of
Deposits (CDs) and business Papers (CPs). Some portion of the corpus is
additionally endowed in company debentures.
f) Liquid Funds: Also known as Money Market Schemes, these funds provide easy
liquidity and preservation of capital. These schemes invest in short instruments
like Treasury Bills, inter-bank call money market, CPs and CDs. These funds
square measure meant for short money management of company homes and
square measure meant for an investment horizon of 1day to three months. These
schemes rank low on risk-return matrix and square measure thought of to be the
safest amongst all classes of mutual funds.
g) Balanced Funds: As the name suggest they, are a mix of both equity and debt
funds. They invest in each equities and stuck financial gain securities, which are
in line with pre-defined investment objective of the scheme. These schemes aim
to produce investors with the simplest of each the worlds. Equity half provides
growth and also the debt half provides stability in returns. Further the mutual
 funds will be broadly speaking classified on the idea of investment parameter viz,
each category of funds is backed by an investment philosophy, which is pre-
defined in the objectives of the fund. The capitalist will align his own investment
desires with the funds objective and invest consequently.

3. BY INVESTMENT OBJECTIVE: -
a) Growth Schemes: Growth Schemes are also known as equity schemes. The
aim of those schemes is to produce capital appreciation over medium to long
run. These schemes ordinarily invest a significant a part of their fund in
equities and are willing in grips short-run decline in worth for potential future
appreciation. Income Schemes: financial gain Schemes are referred to as debt
schemes. The aim of those schemes is to produce regular and steady financial
gain to investors. These schemes typically invest in mounted financial gain
securities like bonds and company debentures. Capital appreciation in such
schemes may be limited.
b) Balanced Schemes: Balanced Schemes aim to provide both growth and
income by periodically distributing apart of the income and capital gains they
earn. These schemes invest in each shares and stuck financial gain securities,
in the proportion indicated in their offer documents (normally 50:50).
c) Money Market Schemes: Money Market Schemes aim to provide easy
liquidity, preservation of capital and moderate income. These schemes
typically invest in safer, short-term instruments, such as treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
d) Load Funds: A Load Fund is one that charges a commission for entry or exit.
That is, anytime you get or sell units within the fund, a commission will be
payable. Typically, entry and exit masses vary from 1 Chronicles to twenty. It
might be value paying the load, if the fund incorporates a smart performance
history.
e) No-Load Funds: A No-Load Fund is one that does not charge a commission
for entry or exit. That is, no commission is collectible on purchase or sale of
 units within the fund. The advantage of a no-load funds that the complete
corpus is place to figure.
4. OTHER SCHEMES Tax Saving Schemes: -Tax-saving schemes supply tax
rebates to the investors underneath tax laws prescribed from time to time. Under
Sec.88 of the tax Act, contributions made to any Equity Linked Savings Scheme
(ELSS) are eligible for rebate. Index Schemes: Index schemes commit to replicate
the performance of a specific index like the bovine spongiform encephalitis
Sensex or the NSE fifty. The portfolio of those schemes can accommodate solely
those stocks that represent the index. The percentage of every stock to the entire
holding are going to be a dead ringer for the stocks index weightage. And hence,
the returns from such schemes would be additional or less love those of the Index.
Sector Specific Schemes: These are the funds/schemes that invest within the
securities of solely those sectors or industries as laid out in the supply documents.
e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG),
Petroleum stocks, etc. The returns in these funds are keen about the performance
of the individual sectors/industries. While these funds could offer higher returns,
they are riskier compared to diversified funds. Investors ought to keep a watch on
the performance of these sectors/industries associate degreed should exit at an
acceptable time
.
Capital Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was registered
on Gregorian calendar month thirty, 1995 as Reliance Capital open-end fund that was
modified on March eleven, 2004. Reliance open-end fund was shaped for launching of
varied schemes beneath that unit’s area unit issued to the general public with a read to
contribute to the capital market and to provide investors the opportunities to create
investments in heterogenous securities.

RMF is one among India’s leading Mutual Funds, with Average Assets beneath
Management (AAUM) of Rs. 88,388 corers (AAUM for 30th Apr 09) and an investor
base of over 71.53 Lacs. Reliance open-end fund, an area of the Reliance - Anil
Dhirubhai Ambani cluster, is one of the fastest growing mutual funds in the country.
RMF offers capitalists a comprehensive portfolio of merchandise to fulfil varied investor
needs and has presence in 118 cities across the country.

Reliance open-end fund perpetually endeavours to launch innovative merchandise and

client service initiatives to extend worth to investors. "Reliance open-end fund schemes
area unit managed by Reliance Capital quality Management restricted., a subsidiary of
Reliance Capital restricted, which holds 93.37% of the paid-up capital of RCAM, the
balance paid up capital being held by minority shareholders.

Sponsor: Reliance Capital Limited.

Trustee: Reliance Capital Trustee Co. Limited.

Investment Manager: Reliance Capital Asset Management Limited. The Sponsor, the
Trustee and the Investment Manager are incorporated under the Companies Act 1956.

The Sponsor, the Investments Manager are incorporated under the companies Act,1956.

Vision Statement:

“To be a globally respected wealth creator with an emphasis on customer care and
acculture of good corporate governance.”

Mission Statement:

To create and nurture a first, high performance environment aimed at delighting our
customers.

The Main Objectives of The Trust:

• to hold on the activity of a open-end fund as could also be permissible at law and
formulate and devise varied collective Schemes of savings and investments for folks in
Asian country and abroad and conjointly guarantee liquidity of investments for the Unit
holders.

• To deploy Funds therefore raised thus on facilitate the Unit holders earn cheap returns
on their savings and

• to require such steps as could also be necessary from time to time to grasp the results
with no limitation.
ADITYA BIRLA MUTUAL FUND

Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF), is co-sponsored by
Aditya Birla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.

Having total domestic assets underneath management (AUM) of about to Rs.2540 billion
for the quarter ended June 30th, 2019, ABSLMF is one of the leading Fund Houses in
India based on domestic average AUM as revealed by the Association of Mutual Funds
of Republic of India (AMFI). ABSLMF has a powerful mixture of reach, a wide range of
product offerings across equity, debt, balanced as well as structured asset classes, sound
investment performance and over 7 million investor folios as of June 30th, 2019.

With a pan Republic of India presence across three hundred locations, ABSLMF is
committed to deepening mutual fund penetration in the country. The company is
incessantly operating to reinforce the charm of mutual funds across a wider set of
investors and advisors across Republic of India. Part of this effort includes introducing
good solutions, user-friendly services and conveniences which simplify mutual fund
processes with digitization for both – investors as well as distribution partners.
ABSLAMF provides sector specific equity schemes, fund of fund schemes, hybrid and
monthly income funds, debt and treasury products and offshore funds.

About Aditya Birla Sun Life AMC Limited

Established in 1994, Aditya Birla Sun Life AMC Limited (ABSLAMC), is a joint venture
between the Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc.

ABSLAMC is primarily the investment manager of Aditya Birla Sun Life investment
firm, a registered trust under the Indian Trusts Act, 1882. Additionally, ABSLAMC has
numerous different business lines like Portfolio Management Services, Real Estate
Investments and Alternative Investment Funds. The Portfolio Management Service may
be a extremely bespoken service designed to hunt consistent semi-permanent results by
adopting a search primarily based, organized approach to finance. The Real Estate
Investment informatorily (REIA) business may be a platform that permits investors to
access 'Real Estate Investments' opportunities meant for investors on a personal
placement basis. Lastly, ABSLAMC conjointly acts as AN investment manager to
ABSLAMC has its subsidiaries in port, Mauritius and Singapore.

Aditya Birla Capital Limited (ABCL) is the holding company for financial services
businesses of the Aditya Birla Group. With subsidiaries that have a strong presence
across Protecting, Investing and Financing solutions, ABCL is a universal financial
solution provider catering to the diverse needs of its customers across their life cycle.
Anchored by over eighteen,000 staff, ABCL has a nationwide reach with 850+ branches
and more than 2,00,000 agents / channel partners and several bank partners. ABCL is
committed to serving the end-to-end monetary services wants of its retail and company
customers underneath a unified complete — Aditya Birla Capital.

VISION AND VALUES:

"To be a pacesetter and model in an exceedingly broad-based and integrated monetary

services business."

The four pillars of our vision that may facilitate North American nation come through it
are:

• To be a leader – we are committed to being a leader in all facets of our businesses,

rather than being just another participant in this race.

• To be a role model – we will not become leaders by cutting corners or making

compromises. Whatever we do, we will strive to be the best in class. And if we tend to
area unit the simplest, then our client can don't have any reason to travel elsewhere – thus
our leadership is assured, on pure benefit.
• To be a broad-based player – we are committed to meeting all the felt and unfelt
needs of our target customer. And thereby, we can retain him or her across their needs
and life-stages.

• We aim to be an integrated player –we believe that this approach gives us a

competitive edge through sharing of best practices, deriving cross – business synergies &
providing talent pool with world of opportunity to grow.

Our customers place loads of trust after they select North American nation as a partner
for fulfilment of their dreams - be it shopping for a dream home or finance their hard-
earned money in mutual funds or for meeting their retirement or child's education or
protection wants or taking a bank loan for growth. At Aditya Birla Capital, our endeavour
is to become a preferred financial services brand of choice for all our customers’ needs
across their life cycle - a brand that customers won't barely trust however conjointly
merrily endorse. Keeping this client insight in mind, we have created a unique strategy &
structure to present our spectrum of businesses and offerings under one virtual brand.
From a client perspective, this offers simplicity & convenience. For our staff, we offer a
world of growth opportunities across all our financial services offerings. And to our
shareholders, this provides the support that we are going to attract and retain our
customers, cheaply, across their lifecycle wants.
 CHAPTER 03

COMPANY PROFILE
COMPANY HISTORY

Sharekhan was founded by Mumbai-based entrepreneur Shripal Morakhia in 2000.

Sharekhan pioneered the online retail broking industry and leveraged on the first wave of
digitization, when dematerialization (demat) of securities came into effect and electronic
trading was introduced in the stock exchanges.

In India, Sharekhan has over 4800+ employees, and is present in over 575 cities through
153 branches, more than 2,500 business partners. The company has 1.4 million customer
bases and, on an average, executes more than 4 lakh trades per day. 1995 - Incorporated
as Vision Paints due to the growing need of meaningful and imaginative entertainment.
2001 - Company was taken over by Morris Trading, a company owned by Ashok Mishra.
- Name of the company was changed to its current name on 12th November 2001. 2007 -
Net profit of Vision Corporation increased by 900% to Rs 0.10 crore during the quarter
ended September 2007 as against Rs 0.01 crore during the previous quarter ended
September 2006. - The members of Vision Corporation have decided to issue up to
49,00,000 equity shares on 12th September 2007 of face value of Rs 10 each at a
premium of Rs 4 each aggregating to Rs 6,86,00,000 on preferential basis. - Company
had made allotment of 17,50,000 equity shares by converting share warrants which have
been allotted on preferential 2008 -The Board of the company, had decided to appoint
Mr. Ashok Kumar Mishra as Managing Director, Group Affairs with effect from January
31, 2008. 2009 -Company has signed an Agreement with Relegate Securities Ltd
-Company has signed a MOU with TCIL -Company has signed an agreement with Big
Flicks Ltd - Company has signed an agreement with PUBLIC PERFORMANCE LTD
(PPL) 2010 -Vision Corporation - Launch of Music Vide Albums. In India, Sharekhan
has over 4800+ employees, and is present in over 575 cities through 153 branches, more
than 2,500 business partners. The company has 1.4 million customer bases and, on an
average, executes more than 4 lakh trades per day. 1995 - Incorporated as Vision Paints
due to the growing need of meaningful and imaginative entertainment. 2001 - Company
was taken over by Morris Trading, a company owned by Ashok Mishra. - Name of the
company was changed to its current name on 12th November 2001. 2007 - Net profit of
Vision Corporation increased by 900% to Rs 0.10 crore during the quarter ended
September 2007 as against Rs 0.01 crore during the previous quarter ended September
2006. - The members of Vision Corporation have decided to issue up to 49,00,000 equity
shares on 12th September 2007 of face value of Rs 10 each at a premium of Rs 4 each
aggregating to Rs 6,86,00,000 on preferential basis. - Company had made allotment of
17,50,000 equity shares by converting share warrants which have been allotted on
preferential 2008 -The Board of the company, had decided to appoint Mr. Ashok Kumar
Mishra as Managing Director, Group Affairs with effect from January 31, 2008. 2009
-Company has signed an Agreement with Relegate Securities Ltd -Company has signed a
MOU with TCIL -Company has signed a agreement with Big Flicks Ltd - Company has
signed an agreement with PUBLIC PERFORMANCE LTD (PPL) 2010 -Vision
Corporation - Launch of Music Vide Albums

INTRODUCTION

Founded in 2000 and a subsidiary of BNP Paribas since November 2016, Sharekhan was
one of the first brokers to offer online trading in India. With 16 lakh customers, 153
branches and more than 2400 business partners spread across over 575 locations,
Sharekhan is one of the largest brokers in India. Sharekhan offers a wide range of savings
& investment solutions including equities, futures and options. Currency trading,
portfolio management, research and mutual funds and investor education. On an average,
Sharekhan executes more than 400,000 trades daily Acquisition of Sharekhan by BNP
Paribas Sharekhan is now a fully owned subsidiary of BNP Paribas, it was rebranded as
Sharekhan by BNP Paribas.
The firm’s online trading and investment site - www.sharekhan.com- was launched on
Feb 8, 2000. The site gives access to superior content and transaction facility to retail
customers across the country. Known for its jargon-free, investor friendly language and
high-quality research, the site has a registered base of over two lakh customers. The
number of trading members currently stands More than 8 Lacks. While online trading
currently accounts for just over 8 per cent of the daily trading in stocks in India,
Sharekhan alone accounts for 32 per cent of the volumes traded online.

On April 17, 2002Sharekhan launched Speed Trade, a net-based executable application

that emulates the broker terminals along with host of other information relevant to the
Day Traders. This was for the first time that a net-based trading station of this caliber was
offered to the traders. In the last six months Speed Trade has become a de facto standard
for the Day Trading community over the net.[ CITATION SHA \l 1033 ]

On October 01, 2007Sharekhan again launched another integrated Software based

product Trade Tiger, a net-based executable application that emulates the broker
terminals along with host of other information relevant to the Day Traders. It has another
quality which differs it from other that it has the combined terminal for EQUITY and
COMMODITIES both.

Sector: Financials

Industry: Institutional Financial Sac’s

Sub-Industry: Institutional
Brokerage
Sharekhan Limited operates
as a brokerage firm. The
Company offers online
security brokerage and
portfolio management
services to institutions, large
corporate houses, and
individual investors. Sharekhan serves customers in India.
KEY EXECUTIVES

Jaideep Aora

Chief Executive Officer

Anup Chandak
Senior Mgr.: Equity & Derivatives Advisory

SHAREKHAN BUSINESS

 Brokering Business.
 White feathering house production.

VISION:

To be the best retail broking brand in the retail business of the stock market.

MISSION:

To educate and empower the individual investor to make better investment decisions
through quality advices and superior services.

SHAREKHAN PROFILE

SHAREKHAN RETAIL BROKING

 Among the top three (3) branded retail services providers (Rs 856 crs average
daily volume.
 NO. 2 players in online business.
 Large network of branded broking outlets in the country servicing around
5,45,000 Clients.

BENEFITS
  Free Depository A/c
 Secure Order by Voice Tool Dial-n-Trade.
 Automated Portfolio to keep track of the value of your actual purchases.
 24x7 Voice Tool access to your trading account.
 Personalized Price and Account Alerts delivered instantly to your Cell Phone
& E-mail address.
 Special Personal Inbox for order and trade confirmations.
 On-line Customer Service via Web Chat.
 Anytime Ordering.
 NSDL Account
 Instant Cash Tranferation.
 Multiple Bank Option.
 Enjoy Automated Portfolio.
 Buy or sell even single share.

Branch - Head Office

A-206, Phoenix House, 2nd Floor, Senapati Bapat Marg, Lower Parel, Mumbai- 400 013.
Telephone No: 67482000 

Email: myaccount@sharekhan.com 

Registered Office:

Sharekhan Limited, 10th Floor, Beta Building, Lodha I Think Techno Campus, Off.
JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai – 400042,
Maharashtra.

Tel: 022 - 61150000 

Sharekhan Ltd.: SEBI Reign. Nos.: BSE: INB/INF011073351 / BSE-CD; NSE:

INB/INF/INE231073330,

NSE-DEBT; MSEI: INB/INF261073333 / INE261073330; DP: NSDL-IN-DP-NSDL-

233-2003; CDSL-IN-DP-CDSL-271-2004; PMS-INP000005786;
Mutual Fund-ARN 20669; Research Analyst: INH000000370

PRODUCTS OF SHAREKHAN

CLASSIC ACCOUNT

This account allows the client to trade through the website www.sharekhan.com and is
suitable for the retail investor who is risk-averse and hence prefers to invest in stocks or
who do not trade too frequently.

It allows investor to buy and sell stocks online along with the following features like
multiple watch lists, Integrated Banking, De-mat and Digital contracts, Real-time
portfolio tracking with price alerts and Instant money transfer.

TRADE TIGER

TRADE TIGER is an internet-based software application which is the combination of

EQUITY & COMMODITIES, that enables you to buy and sell share and well as
commodities item instantly. It is ideal for every client of SHAREKHAN LTD.

DIAL-N-TRADE

Along with enabling access for your trade online, the CLASSIC and TRADE TIGER
ACCOUNT also gives you our Dial-n-trade services. With this service, all you have to do
is dial our dedicated phone lines which are 1800-22-7500, 3970-7500.

SHARE MOBILE APP

The new Sharekhan App is user friendly and has been redesigned keeping user’s
requirements in mind. Along with its fresh new look, it also offers extensive features for
both traders and investors alike. Now, you can initiate trade easily, keep track of your
stocks and manage portfolio, all in one place. Sharekhan would surely become your
preferred trading 

SWOT ANALYSIS OF SHAREKHAN

 STRENGTHS
 Big client base
 In-house research house
 online as well as offline trading
 Online IPO/ MF services
 Share shops
 Transparent
 User friendly tie ups with 10 banks
 Excellent order execution speed and reliability

 WEAKNESS
 Lack of awareness among customer
 Less focus on customer retention
 Less Exposure.
 OPPORTUNITIES
 Diversification
 Product modification
 Improve Web based trading
 Provide competitive brokerage
 Concentrate on PMS
 Focus on Institutional investors
 Concentrate on HNI’s (high net worth investor)

 THREATS
 Aggressive promotional strategies by close competitor like Relegate, Angel
Broking and India bulls.
 More and more players are venturing into this domain, which can further
reduce the earning of Share Khan.
 Stock market is very volatile; risk involves is very high.
 CHAPTER 04

RESEARCH METHODOLOGY
What is research?

Research comprises of two words, “Re” and “Search”. While “Re” implies repetitive
process and “Search” denote making a thorough examination of looking over carefully in
order to find something.

Research is a systematic process of collecting and analyzing information to increase our

understanding of the phenomenon under study. It is function of the researcher to
contribute to the understanding of phenomenon and to communicate the understanding to
others.

Research involves scientific and systematic analysis of a research area and concluding the
findings with appropriate reasoning.

Type of research- Comparative research

Scope of the project: The study of comprises between Aditya Birla Mutual Fund and
Reliance Mutual Fund. The time period for this research work is from 15-May – 15 July
2019.

Method of data collection- Questionnaires is used for collection of data.

Data collection: - Primary data

Primary data- The data which is directly collected by the researcher and which is not
available before for finding solution of a problem or situation is known as primary data.
Sources- In this research data is collected through primary sources.

Sample size- 60

CHAPTER 05

DATA ANALYSIS &

INTERPRETATION
SR.NO. AGE NUMBER OF PERCENTAGE
PEOPLE
1 20-25 7 11.50%

2 25-30 23 37.70%
 3 30-35 17 27.90%

4 35-40 6 9.80%

5 Above 40 8 13.10%

Interpretation: - The Above data has been collected from 61 respondents from Pune
region. As shown in the figure, 37.70% of respondents belong to the age group of 25-30.
And 27.90% of respondents belong to age group of 30-35%. In the study, it is shown that
majority of respondents belongs to Adult age group.

GENDER PERCENTAGE

Male 67.20%

Female 32.8%
Interpretation: - From the above figure 32.80% is male and 67.20% is female it shows
that male invests more than female.

Yes 82%

No 18%

Interpretation: - From the above figure 82% invest in mutual funds is and 18% does not
invest.
 COMPANY PERCENTAGE

Aditya Birla 54%

Reliance 46%

Interpretation: - From the above figure 54% people invest in Aditya Birla mutual funds
and 46% people invest in Reliance.
 Mutual 1 2 3 4 5
Funds

Aditya Birla 0% 4.3% 39.1% 56.5% 0%

Mutual Fund

Reliance Mutual 0% 7.4% 14.8% 66.7% 11.1%

Fund
Interpretation: - From the above figure the average of risk of Aditya Birla Mutual Fund
is 19.98% and Reliance Mutual Fund is 20%. This means that Reliance Mutual Fund is
more risker than Aditya Birla Mutual Fund.
 Mutual 1 2 3 4 5
Funds

Aditya Birla 0% 0% 47.8% 39.1% 13%

Mutual Fund

Reliance Mutual 0% 3.7% 40.7% 40.7% 14.8%

Fund

Interpretation: - From the above figure the average rate of returns of Aditya Birla
Mutual Fund is 19.98% and Reliance Mutual Fund is 19.98%. This means that Reliance
Mutual Fund and Aditya Birla Mutual Fund both gives high returns.
 Mutual 1 2 3 4 5
Funds

Aditya Birla 0% 7.4% 14.8% 51.9% 25.9%

Mutual Fund

Reliance Mutual 0% 21.7% 17.4% 47.8% 13%

Fund

Interpretation: - From the above figure the average rate of schemes provided by Aditya
Birla Mutual Fund is 20% and Reliance Mutual Fund is 19.98%. This means that Aditya
Birla Mutual Fund has more schemes than Reliance Mutual Fund.
Mutual 1 2 3 4 5
Funds
 Aditya Birla 0% 0% 43.5% 47.8% 8.7%

Mutual Fund

Reliance Mutual 3.7% 0% 25.9% 55.6% 14.8%

Fund

Interpretation: - From the above figure the safety provided by Aditya Birla Mutual
Fund is 20% and Reliance Mutual Fund is 20%. This means that Aditya Birla Mutual
Fund and Reliance Mutual Fund both are safe.
Mutual 1 2 3 4 5
Funds
 Aditya Birla 0% 17.4% 26.1% 47.8% 8.7%

Mutual Fund

Reliance Mutual 0% 7.4% 22.2% 51.9% 18.5%

Fund

Interpretation: - From the above figure the highest average rate for security against risk
provided by Aditya Birla Mutual Fund is 20% and Reliance Mutual Fund is 20%. This
means that Reliance Mutual Fund and Aditya Birla both provides security against risk.
Mutual 1 2 3 4 5
Funds
 Aditya Birla 0% 0% 34.8% 52.2% 13%

Mutual Fund

Reliance Mutual 0% 7.4% 14.8% 55.6% 11.1%

Fund
Interpretation: - From the above figure the highest rate of tax savings provided by
Aditya Birla Mutual Fund is 20% and Reliance Mutual Fund is 17.78%. This means that
Aditya Birla Mutual Fund provide more tax savings than Reliance Mutual Fund.
Mutual 1 2 3 4 5
Funds
 Aditya Birla 8.7% 8.7% 30.4% 39.1% 21.7%

Mutual Fund

Reliance Mutual 0% 0% 18.5% 48.1% 33.3%

Fund
Interpretation: - From the above figure the highest rate of wealth creation provided by
Aditya Birla Mutual Fund is 21.72% and Reliance Mutual Fund is 19.98%. This means
that Aditya Birla Mutual Fund provide more wealth creation than Reliance Mutual Fund.
Mutual 1 2 3 4 5
Funds
 Aditya Birla 0% 0% 47.8% 39.1% 13%

Mutual Fund

Reliance Mutual 0% 0% 33.3% 59.3% 7.4%

Fund
Interpretation: - From the above figure the highest rate of overall performance by
Aditya Birla Mutual Fund is 19.98% and Reliance Mutual Fund is 20%. This means that
Reliance Mutual Fund performance is more than Aditya Birla Mutual Fund.
CHAPTER 06

FINDINGS
CHAPTER 07

SUGGESTIONS
CHAPTER 08

CONCLUSION
According to the research we can conclude that
 BIBLIOGRAPHY

Websites: -

 https://www.reliancemutual.com/
 https://mutualfund.adityabirlacapital.com
 www.sharekhan.com

Book: -

 Mutual Funds in India- Nalini Tripathy

 ANNEXURE

QUESTIONAIR: -

AGE

o 20-25
o 25-30
o 30-35
o 35-40
o Above 40

GENDER

o Male
o Female

Do you invest in mutual funds?

o Yes
o No

Which mutual fund company do you invest in?

 o Aditya Birla
o Reliance

ADITYA BIRLA: -

How do you rate Aditya Birla Sun Life Mutual Funds on the basis of risk?

1 2 3 4 5

How do you rate Aditya Birla Sun Life Mutual Fund on basis of returns?

1 2 3 4 5

How do you rate schemes provided by Aditya Birla Sun Life Mutual Fund?

1 2 3 4 5

How do you rate the safety of Aditya Birla Sun Life Mutual?

1 2 3 4 5

How do you rate security against risk of Aditya Birla Sun Life Mutual Fund provide?

1 2 3 4 5

How do you rate Aditya Birla Sun Life Mutual Fund on the basis of tax savings?

1 2 3 4 5
How do you rate Aditya Birla Sun Life Mutual Fund on basis of wealth creation?

1 2 3 4 5

How do you rate Aditya Birla Sun Life Mutual Fund overall performance?

1 2 3 4 5

RELIANCE: -

How do you rate Reliance Mutual Fund on basis of risk?

1 2 3 4 5

How do you rate Reliance Mutual Fund on basis of returns?

1 2 3 4 5

How do you rate the schemes provided by Reliance Fund on basis of returns?

1 2 3 4 5

How do you rate the safety of Reliance Mutual Fund provide?

1 2 3 4 5

How do you rate the security against risk of Reliance Mutual Fund provide?
 1 2 3 4 5

How do you rate the tax savings of Reliance Mutual Fund provide?

1 2 3 4 5

How do you rate the Reliance Mutual Fund on basis of wealth creation?

1 2 3 4 5

How do you rate Reliance Mutual Fund overall performance?

1 2 3 4 5