INTRODUCTION

The deregulation of Indian capital market has led to a lot of interest in a mutual fund as investment opportunity, which is borne out by the fact that there has been a significant growth in a mutual fund market. The growth has taken place due to increased competition in the MF. Market due to the entry of power sector mutual funds with their collaboration with foreign investment fund managers giving a much needed competitive edge and a wide scope of options to investors. With the entry of private sector mutual funds, a large number of India and international players are attached to this Sunrise Area. The process liberalization threw the door opens to the players in the private sector to provide the much needed competitive edge and a wide scope of option to the investors. A number of foreign mutual funds have made an entry into India, but mainly by association themselves with Indian companies. The principal of determining market share and market potential are never same for all geographic areas. First determine the customer profile (who fits the bill) and the geographical size of the market(how many of them are there).Orissa, which is highly conservative market, is ripe for mutual funds .Considering the growth project lot many companies are foraying into the virgin market of Orissa. Money is an integral part of our lives and investing is only a means to an end. Investing is all about protecting our savings and making them grow in a manner that will help us achieve our lifes goals, be it our children s education , their marriage or even planning for our post retirement holidays. The quality of our lives depends on how well we plan for it the way we earn, the way we invest, the way we spend. Different investment avenues are available to investors .Mutual fund also offer good investment opportunities to the investors. Like all investments, they also carry certain risk. The investor should compare the risks and expected yields after adjustment of tax on various investment decision. The investors may seek advice from expert and consultants including agents and distributors of mutual fund schemes while making Investment decisions. Household saving contribute about 75 to 80 percent to the level of national savings. From about 10 percent saving of GDP in 1950, domestic saving have increased to 27.40 % of GDP . 1

In 2004-2005. During these five decades, the level of GDP has grown in absolute and relative terms. The level of savings can be stepped up to 30 percent or even more of GDP provided investors are assured of a reasonable real rate of return and are offered adequate fiscal incentives. Such a high level of savings will enable our economy to achieve 9 percent rate of growth, which many think impossible.

Chapter 1

INTRODUCTION 1.1 1.2 1.3 1.4 NEED OF THE STUDY OBJECTIVE SCOPE LIMITATIONS

1.1 NEED OF THE STUDY

The need of the study behind the performance evaluation is to compare the returns obtained by the portfolio (or a MF scheme) through active management by the investment manager with the returns that would have been obtained by client investors if he had chosen one or more appropriate alternative portfolios for investment . Such portfolios chosen for comparison are often referred as benchmark portfolios . Hence, stock market index can be selected as a benchmark market portfolio. The performance evaluation is mainly concentrated on the comparison of the scheme return with benchmark portfolio and risk free return.

1.2OBJECTIVES

My overall objective in writing this project is: To have an overview of various selected equity, growth, income and balanced scheme of different mutual fund. To measure & analyze the performance of the sampled mutual fund schemes and to see the extent to which fund characteristics i.e. nature, sponsorship & investment objectives influence their performance. To find out how the selected funds have performed using Treynor , Sharpe return performance measure the portfolios. To evaluate the performance of various funds on the basis of risk and return.

1.3 SCOPE
People differ from each other not only due to the biological characteristics but also due to financial position such as income, expenditure, saving they have. According to these there needs varied from each other .Due to this the financial requirement and ability to get the requirement differ from person to person so the financial market especially the Mutual fund market caters toa vast area from each of these aspects above. The title of my project is ``Comparative analysis between different MUTUAL FUND SCHEMES means to find out the suitable investment between MUTUAL FUNDS in various aspects that are time value of money, tax, charges, flexibility etc. On the basis of client need suggest them, invest in mutual fund fulfill there need.

1.4LIMITATIONS OF THE STUDY

The present study has the following limitations: The scope of the study is limited to the period of study and cannot be taken as future estimates. The earnings of mutual fund depend on performance of its portfolio, which depends on the market performance. Hence the return cannot be taken as a forecast for the nest year. The conclusion may not provide objective justifications of the findings and analysis due to use of limited methods of analysis and limitation of the available data.

Chapter -2 2.1 Company Profile 2.2 Vision and Mission of Company 2.3 Objective 2.4 SWOT Analysis 2.5 Service Profile

2.1COMPANY PROFILE
KARVY, is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 18 million individual investors in various capacities, and provides investor services to over 400 corporate, comprising the who is who of Corporate India. In 1982 ,a group of Hyderabad based practicing chartered accountant started KARVY consultants limited with a capital of rs 1,50,000 offering auditing and taxation service initially. KARVY covers the entire spectrum of financial services such as Stock broking, Depository Participants, Distribution of financial products - mutual funds, bonds, fixed deposit, equities, Insurance Broking, Commodities Broking, Personal Finance Advisory Services, Merchant Banking & Corporate Finance, placement of equity, IPOs, among others. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments. Thus over the last 25 years karvy has travelled the success route, towards building a reputation as an integrated service provider, offering a wide spectrum of service. And they have made this journey by taking the route of quality service, path breaking innovation in service versatility in the service and finally totally in service .High qualified manpower, cutting edge technology, comprehensive infrastructure and total customer focus has secured for them the position in of emerging financial service giant enjoying the confidence and support of an enviable clients across diversified fields in financial world. Today, karvy has access to million of share of holder besides, companies, banks, financial institutions and regularatory agencies over the past two and half decades ,karvy has evolved a variable linked between industry , finance and people. January 1998, karvy became the first depository participants in Andhra Pradesh. An ISO90019002 COMPANY, KARVYS commitment to quality and retail reach has make it an integrated financial services company.

KARVY ALLIANCE Karvy computer share private limited is a 50-50 joint venture of karvy consultant ltd and Computer share ltd Australia. Computer share ltd is worlds largest and global share registry ,and a leading financial market services provider to the global securities industry.

The joint venture with computer share , reckoned as the largest registrar in the worls, servicing over 60 million shareholder accounts for over 7000 corporations across eleven countries spread across five continents. Computer share manages more than 70 million share holder accounts for over 13000 corporations around the world. Karvy computer share private ltd, today is indias largest registar and share transfer agent servicing over 400 corporate and mutual funds and 18 million investors.

2.2 VISION OF THE ORGANISATION

To be amongst the most trusted power utility company of the country by providing environment friendly power on most cost effective basis, ensuring prosperity for its shareholders and growth with human face.

MISSION OF THE ORAGANIZATION Perfection is Power

1. To ensure most cost effective power for sustained growth of India. 2. To provide clean and green power for secured future of countrymen. 3. To retain leadership position of the organization in hydropower generation, while working with dedication innovation in every project undertaken. 4. To maintain continuous pursuit for cost effectiveness embanked productively for ensuring financial health of the organization, to take care of shareholder aspiration continuously. 5. T o be a technology driven ,transparent organization, ensuring dignity and respect of its team members.

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2.3 QUALITY OBJECTIVES

As per the quality policy,KARVY will: 1. Build in house process that will ensure transparent and harmonious relationships with its clients and investors to provide high quality of services. 2. Establish a partner relationship with its investor service agents and vendors that will help in keeping its commitment to the customers. 3. Provide high quality of work life for all its employees and equip them with adequate knowledge and skills so as to respond to customers need. 4. Continue to uphold the values of honesty and integrity and strive to establish unparalleled standards in business ethics.

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2.4 KARVY GROUP AND PRINCIPAL ACTIVITIES

Welcome to Karvy Stock Broking

KARVY Stock Broking Limited, one of the cornerstones of the KARVY edifice, flows freely towards attaining diverse goals of the customer through varied services. It creates a plethora of opportunities for the customer by opening up investment vistas backed by research-based advisory services. Here, growth knows no limits and success recognizes no boundaries. Helping the customer create waves in his portfolio and empowering the investor completely is the ultimate goal. KARVY Stock Broking Limited is a member of: 1) National Stock Exchange (NSE) 2) Bombay Stock Exchange (BSE), 3) MCX Stock Exchange(HSE)

Karvy Comtrade Limited

Commodities market, contrary to the beliefs of many people, has been in existence in India through the ages. However the recent attempt by the Government to permit Multi-commodity National levels exchanges has indeed given it, a shot in the arm. As a result two exchanges Multi Commodity Exchange (MCX) and National Commodity and derivatives Exchange (NCDEX) have come into being. These exchanges, by virtue of their high profile promoters and stakeholders, bundle in themselves, online trading facilities, robust surveillance measures

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And a hassle free settlement system. The futures contracts available on a wide spectrum of commodities like Gold, Silver, Cotton, Steel, Soya oil, Soya beans, Wheat, Sugar, Chana etc., provide excellent opportunities for hedging the risks of the farmers, importers, exporters, traders and large scale consumers. They also make open an avenue for quality investments in precious metals. The commodities market, as it is not affected by the movements of the stock market or debt market provides tremendous opportunities for better diversification of risk. Realizing this fact, even mutual funds are contemplating of entering into this market. Karvy Comtrade Limited is another venture of the prestigious Karvy group. With our well established presence in the multifarious facets of the modern Financial services industry from stock broking to registry services, it is indeed a pleasure for us to make foray into the commodities derivatives market which opens yet another door for us to deliver our service to our beloved customers and the investor public at large.

KARVY Insurance Broking Ltd.

At Karvy Insurance Broking Limited we provide both life and non-life insurance products to retail individuals, high net-worth clients and corporates. With the opening up of the insurance sector and with a large number of private players in the business, we are in a position to provide tailor made policies for different segments of customers. In our journey to emerge as a personal finance advisor, we will be better positioned to leverage our relationships with the product providers and place the requirements of our customers appropriately with the product providers. With Indian markets seeing a sea change, both in terms of investment pattern and attitude of investors, insurance is no more seen as only a tax saving product but also as an investment product. By setting up a separate entity, we would be positioned to provide the best of the products available in this business to our customers.

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Karvy Investors Services Limited

Deepening of the Financial Markets and an ever-increasing sophistication in corporate transactions, has made the role of Investment Bankers indispensable to organizations seeking professional expertise and counselling, in raising financial resources through capital market apart from Capital and Corporate Restructuring, Mergers & Acquisitions, Project Advisory and the entire gamut of Financial Market activities. Karvy Investor Services Limited (KISL), a SEBI registered Merchant Banker has emerged as a leading Investment Banking entity in the country with over a decade of experience. KISL has built its reputation by capitalizing on its qualified professionals, who have successfully executed a large number of complex and unique transactions. Our quality professional team and our work-oriented dedication have propelled us to offer valueadded corporate financial services and act as a professional navigator for long term growth of our clients, who include leading corporates, State Governments, Foreign Institutional Investors, public and private sector companies and banks, in Indian and global markets. We have also emerged as a trailblazer in the arena of relationships, both at the customer and trade levels because of our unshakable integrity, seamless service and innovative solutions that are tuned to meet varied needs. Our team of committed industry specialists, having extensive experience in capital markets, further nurtures this relationship.

Credentials
y y

its Group entities in Research, Stock Broking, Institutional Sales and Emerging as a leading Investment Banker with a strong support from Retail Distribution. Strong team of more than 25 qualified professionals operating from six cities; Hyderabad, Mumbai, Delhi, Kolkata, Chennai, and Bangalore apart from two overseas offices at New York (USA) and Dubai.

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Karvy Realty India Limited

Karvy Realty India Limited is promoted by the KARVY Group, a premier and leading integrated financial services company. KARVY services over 60 million individuals in various capacities, and provides services to over 400 corporates. KARVY has a network of 400+ branches and 500+ franchisees which enables the Group to have an unmatched reach to stay in touch with the customers as well as to act as a delivery mechanism for its various products. KARVY is focused on understanding its customers needs which helps in offering solutions best suited to them. The group carries forward its legacy of trust and excellence in investor and customer service delivered with passion and the highest level of quality that align with global standards. The KARVY Group covers the entire spectrum of services such as Real Estate, Stock Broking, Distribution of financial products (mutual funds, bonds, fixed deposit, equities), Personal Finance Advisory Services, Merchant Banking & Corporate Finance, Wealth Management, NBFC and others. Such diversification of business lines allows for scale, stability, agile solutions and expertise building. We at Karvy Realty endeavor to be an integrated real estate investment advisory and management company that aims to service the mass demand for housing needs in India and to facilitate the Realty sectors need for structured finance, delivered by a top-notch team of experienced professionals.

Karvy Computer Share Limited

Karvy Computershare Private Limited (KCPL), presently Indias largest registrar and transfer agent, is a 50:50 joint venture between the Karvy group and Computershare Ltd Karvy group is a diversified financial services conglomerate, which undertakes activities of registrar & transfer agent, depository participant, stock broking, commodities broking, distribution of financial products, non-banking financial services, wealth management and investment banking. It is among the top 5 players in most of the segments of the businesses that it operates in. The Karvy group consists of 12,500 employees, having 428 offices in 385 locations across India, apart from a franchisee network of 450 offices. The group is present in New York through a subsidiary company and through a representative office in Dubai. Computer share can genuinely be considered as an Australian success story. From modest beginnings in 1978, the Company now employs over 10,000 people and provides services in 20 countries to more than 30,000 clients.

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The success can be attributed to many factors, not least of which being the commitment to providing world-class services and products that perfectly align to the strategic needs of our clients in attracting and engaging their stakeholders. In addition, the success can also be attributed to our ability to develop and retain high caliber employees who are focused on service excellence. Over the past five years, Computershare has become both the worlds largest provider of investor services. The prime focus of our growth and solution development has centered on issuers, their stakeholders and the challenge of removing barriers to efficient servicing of these important stakeholder groups.

Today, Computershare is considered a world leader in share registration, employee equity plans, proxy solicitation and other specialized financial, governance and stakeholder communication services. KCPL provides registry services to domestic and foreign mutual funds and corporates across the country.

Karvy Consultants Limited

As the flagship company of the Karvy Group, Karvy Consultants Limited has always remained at the helm of organizational affairs, pioneering business policies, work ethic and channels of progress. Having emerged as a leader in the registry business, the first of the businesses that we ventured into, we have now transferred this business into a joint venture with Computershare Limited of Australia, the worlds largest registrar. With the advent of depositories in the Indian capital market and the relationships that we have created in the registry business, we believe that we were best positioned to venture into this activity as a Depository Participant. We were one of the early entrants registered as Depository Participant with NSDL (National Securities Depository Limited), the first Depository in the country and then with CDSL (Central Depository Services Limited).
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Today, we service over 6 lakhs customer accounts in this business spread across over 250 cities/towns in India and are ranked amongst the largest. Depository Participants in the country. With a growing secondary market presence, we have transferred this business to Karvy Stock Broking Limited (KSBL), our associate and a member of NSE, BSE and HSE.

Karvy Global Services Limited

We all know we live in a flat world. During the dramatic swings of 2008, it has also become clear that we live in a fast one. Swings in commodity prices that used to take years are happening in days, equity markets are roller coasters, and BRIC economies have gone from being the next big thing to dead in the water to, potentially, the next big thing.

Karvy Global Services is a knowledge services company. We provide specialist resources to extend in house analyst teams in driving clear business results. We serve investment banks, insurance providers, brokerages, hedge funds, research agencies, and life settlement providers across the United States, Middle East, and Europe. Our clients have found our cost advantage, ability to scale efforts, and specialist knowledge regarding emerging markets to be a strong advantage in the new, fast, and unpredictable world.

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2.5 TABLE SWOT ANALYSIS

STRENGTHS
1. Specialist marketing expertise 2. In depth research

WEAKNESS
-Lack of marketing expertise. -Undifferentiated products and Services.

3. Management Team 4. Cost advantage through proprietary Know-how. 5. Quality processes and procedures

-Location of your business. -Competitors have superior access to distribution channels. -Damaged reputation due to SEBI regulation.

Opportunity
1. Developing market 2. Mergers, joint ventures 3. A new international market 4. Awareness level of customers

Threats
-New competitors in market. -Price war in brokerage. -New regulations. -Increase trade barrier.

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Chapter 3 3.1 REVIEW OF LITERATURE

TO give a complete shape of project report, the researcher have gone through the following books , journals, and website about which I have given detail below.

BOOKS

JOURNALS &REPORTS
Finapolis of karvy

INTERNET WEBSITES

www.nseindia.com

NCFM book Amfi(basic)module NCFM book Amfi(advisor)module Economics Times www.karvystockbroking.com www.google.com Times of India www.karvy.com

Book Name- Investment and Management Author- JONES Publisher-WILEY Findings-The book provides detail understanding about investment and investment alternative and evaluation of investment performance. Journal Name- Finapolis of Karvy Findings-Investment performance and risk return. BOOK NAME-NCFM book AMFI (advisor) module Findings- To maintain and analyze the performance of the sampled MF schemes.
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