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INVESTOR PROTECTION & WEALTH CREATION THROUGH MUTUAL FUND INVESTING December 13, 2011 – New Delhi

Knowledge Partner

Crisil Research

The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office 1, Community Centre, Zamrudpur, Kailash Colony, New Delhi-110048 Tel: 011 46550555 (Hunting Line) | Fax: 011 46536481/82, 46536498 Email: [email protected] | Website: www.assocham.org

Table of Contents Mutual Fund industry trends................................................................................................................................... 1 Mutual Funds and wealth creation.......................................................................................................................... 7 Mutual Funds and Investor Protection................................................................................................................. 10 Indian Mutual Fund Industry – The Way Forward............................................................................................ 12

Charts and Tables Chart 1 – Break-up of financial savings................................................................................................................. 1 Chart 2 – Mutual Fund AUM across asset classes............................................................................................... 2 Chart 3 – AUM break-up for institutional and retail investors.......................................................................... 3 Chart 4 – Mutual Fund Inflows/ Outflows Trends.............................................................................................. 3 Chart 5 – AUM distribution by AMCs.................................................................................................................. 4 Chart 6 – AUM by geography................................................................................................................................. 4 Chart 7 - Net assets as % of GDP............................................................................................................................ 5 Chart 8 – Worldwide Total Mutual Fund Assets................................................................................................. 6 Chart 9 – India Vs Worldwide assets by type of fund......................................................................................... 6 Chart 10 – Mutual Fund Structure and Flow..................................................................................................... 10 Chart 11 - Rising share of savings and discretionary consumption in household income.......................... 12 Chart 12 - Middle and high income categories to expand at fast pace........................................................... 13 Table 1 - Category-wise returns generated by mutual funds across time frames........................................... 7 Table 2 - Sample asset allocation showing diversification benefits across risk profiles................................. 8 Table 3 – SIPs vis-à-vis traditional savings........................................................................................................... 9

List of Annexures Annexure 1 – List of Mutual Funds and Assets Managed as of September 2011......................................... 14 Annexure 2 –Risk / Return trade-off by Mutual Fund Categories & Indicative Investment Horizons..... 16 Annexure 3 - Folios across mutual fund schemes............................................................................................. 19

Mutual Fund Industry Trends

T

he Indian mutual fund industry has come a long way since the formation of the Unit Trust of India in 1963 by the Government of India and the Reserve Bank of India (RBI). Currently, there are 44 mutual funds operating in the country with assets under management (AUM) of Rs 7.13 lakh cr (see Annexure 1) compared to AUM of around Rs.1 lakh cr as of December 2001. However, the quantum of mutual fund assets in financial savings is very low - at less than 5% (see chart 1) - as most Indian savings are locked in bank fixed deposits, small savings (postal savings) and insurance. With growing disposable incomes, rising inflation (cost of living), improving lifestyles and growing aspirations, there is a noticeable shift in preference for mutual funds though it has still a long way to go.

Chart 1 – Break-up of financial savings

*Equity market includes mutual fund investments Source: Reserve Bank of India

Key industry trends and gaps include i) AUM skewed towards debt funds, ii ) Institutional dominance, iii) Top 10 players control 80% of AUM, iv) low penetration, and v) low awareness.

i) AUM skewed towards debt funds An analysis of the assets reveals AUM has been traditionally skewed towards debt funds (see chart 2) with 65% assets on an average deployed in debt. Within debt, the assets are deployed largely in Investor Protection and Wealth Creation through Mutual Fund Investing

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short term debt funds (mainly liquid and ultra short term debt funds). Liquid and ultra short term debt funds consumed 80% of assets of all debt funds over these periods.

Chart 2 – Mutual Fund AUM across asset classes

Source: AMFI

ii) Institutional dominance Traditionally, the majority of the money parked in mutual funds comes from institutional investors (see chart 3) which include corporates, banks and foreign institutional investors (FIIs). All schemes, except equity oriented schemes, have seen a high participation from institutional investors. Corporates dominate the institutional segment with close to 90% share of institutional AUM as of September 2011. Retail participation is more in equity oriented schemes and is slowing picking up in Gold Exchange Traded Funds (ETFs). Owing to the institutional dominance, mutual funds inflows / outflows too have seen a trend wherein quarter ends witness outflows owing to redemptions (on account of advance tax payments by corporates) while the funds return to the industry in the subsequent month (see chart 4).

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Investor Protection and Wealth Creation through Mutual Fund Investing

Chart 3 – AUM break-up for institutional and retail investors

*Institutional includes corporate, Banks/FIs and FIIs Source: AMFI (Data as of September 2011)

Chart 4 – Mutual Fund Inflows/ Outflows Trends

Source: AMFI

iii) Top 10 players control 80% of AUM Among the 44 players, 56% of the AUM is controlled by the top 5 players while 80% of the AUM is controlled by 10 players. The bottom 10 players contribute less than 1% of the AUM. This significant tilt towards larger players has seen consolidation among asset management companies (AMCs) from time to time.

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Chart 5 – AUM distribution by AMCs

Source: AMFI

iv) Low Penetration The country-wide mutual fund penetration is abysmal with majority of the assets (over 75%) being held in the top 5 cities (Mumbai, New Delhi, Bangalore, Chennai and Kolkata) - Mumbai alone accounts for 49% of the assets (see Chart 6). Further, the top 15 cities account for 87% of the AUM. The low distributor support in smaller cities has resulted in mutual funds becoming an investment product restricted to urban Indians as of now. Hence, it is of great importance for mutual funds to target smaller towns and rural areas, to spread the reach of the asset class as well as provide investors from smaller cities an important avenue for investment.

Chart 6 – AUM by Geography

Source – AMFI (Data as of September 2011) 4

Investor Protection and Wealth Creation through Mutual Fund Investing

v) Low Awareness Low public awareness (especially in smaller towns) about the investment opportunity in mutual funds is also an integral factor affecting their growth. It is thus very important to make investors aware about the benefits of mutual funds, viz., professional management, low costs, transparency, liquidity and a strong regulatory framework.

Indian mutual fund industry vis-à-vis Global Peers Mutual fund industry’s net assets as a percentage of India’s GDP is 7.23% as compared to 84% for the US, indicating India has a long way to go as compared to developed economies (see Chart 7).

Chart 7 - Net Assets as % of GDP

Source: Investment Company Institute (ICI) for Net Assets (as of Q2 2011), International Monetary Fund (IMF) for GDP (as of 2010)

Mutual fund assets worldwide touched $25.92 trillion at the end of the second quarter of 2011. By region, 55% of worldwide assets were in the Americas, 32% in Europe, and 13% in Africa and the Asia and Pacific region (chart 8).

Investor Protection and Wealth Creation through Mutual Fund Investing

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Chart 8 – Worldwide Total Mutual Fund Assets

Source: Investment Company Institute (Data as of June 2011)

At the end of the second quarter of 2011, 42% of worldwide mutual fund assets were held in equity funds. The asset share of bond funds was 23% and the asset share of balanced/mixed funds was 11 %. Money market fund assets represented 19% of the worldwide total (see Chart 9).

Chart 9 – India Vs Worldwide assets by type of fund

Source: CRISIL Mutual Fund Database, Investment Company Institute (Data as of June 2011)

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Investor Protection and Wealth Creation through Mutual Fund Investing

Mutual Funds and Wealth Creation

M

utual funds have generated higher returns than traditional savings products over longer time frames. Category-wise returns generated by mutual funds across time frames are as follows — Table 1 - Category-wise returns generated by mutual funds across time frames 3 Years (%)

5 Years (%)

7 Years (%)

10 Years (%)

Equity Funds

23.80

8.19

18.93

25.46

Balance Funds

23.69

10.02

17.26

20.87

Income Funds

8.86

7.76

7.10

7.41

GILT Funds

4.65

5.99

5.83

7.25

Returns are AUM weighted returns as of November 11, 2011 Equity funds have given the highest returns followed by balance or hybrid funds. To enable optimal wealth creation, investors also need to look at asset allocation, i.e., investing across asset classes (equity, debt and gold) using principles of diversification to reduce the risk in the portfolio. Annexure 2 gives the risk / return trade-off by mutual fund categories and indicative investment horizons. The sample asset allocation below shows how Rs 1 lakh invested 10 years ago would have grown across different risk profiles across different asset classes for different customer profile. We look at four risk profiles – conservative, moderately conservative, moderately aggressive and aggressive – in relation to the returns using asset allocation and principles of diversification. The selection of funds is based on top ranked funds by CRISIL under each category.

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Table 2 - Sample asset allocation showing diversification benefits across risk profiles. Asset Classes

Conservative

Customer Profile Moderately Moderately Aggressive Aggressive Conservative

Equity

15

40

65

85

Long term Debt

50

40

20

10

Short term Debt

35

20

15

5

Initial Investment of Rs 1 lakh after 10 Years till Oct 31, 2011

Rs.3.55 lakhs

Rs.6.20 lakhs

Rs.8.60 lakhs

Rs.10.75 lakhs

Annualised Returns

13.5%

20%

24%

27%

*category returns are represented by CRISIL Fund Rank 1 Diversified Equity index, CRISIL Fund Rank 1 Debt Long Term index and CRISIL Fund Rank 1 Liquid Funds index.

Systematic Investment Plans Systematic Investment Plans, popularly known as (SIPs), is the method through which investors invest in smaller denomination at regular time intervals as opposed to making a single lump sum investment. SIPs enable investors to acquire more units when a market falls and fewer units when the market rises. Hence the average cost per unit declines over a period of time. It is advisable to keep a certain amount of money aside every month for such investments. SIPs follow the principle of time value of money which shows the relationship between value of a rupee today and the value of a rupee in the future. This is mainly due to the power of compounding which refers to the process by which interest is earned on interest. The table below shows that if an investor had invested Rs 1,000 every month through SIP in a CRISIL Consistent Fund Rank 1 Equity Scheme over the last 10 years, his investment of Rs 1.2 lakhs would have grown at a CAGR of around 27% to Rs 4.93 lakhs vis-a-vis 16% growth of the S&P CNX 500 Equity Index over the same period. A similar investment on monthly recurring in a debt instrument with 8% interest rate over a 10 period would have grown to Rs 1.83 lakhs.

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Investor Protection and Wealth Creation through Mutual Fund Investing

Table 3 – SIPs vis-à-vis traditional savings SIP @ Rs.1,000 per month

Consistent Fund Rank 1 Equity Scheme SIP Market Returns Value (%)

S&P CNX 500 EQUITY INDEX

Recurring Deposit @ 8% p.a.

Period

Total Amount Invested

Market Value

SIP Returns (%)

Market Value

Returns (%)

3-Years SIP

36,000

45,462

15.77

42,062

10.39

-

-

5-Years SIP

60,000

83,215

13.05

70,683

6.49

-

-

7-Years SIP

84,000

1,54,625

17.13

1,21,659

10.41

-

-

10-Years SIP

1,20,000

4,92,506

26.61

2,78,811

16.08

1,83,000

8.00

Investor Protection and Wealth Creation through Mutual Fund Investing

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Mutual Funds and Investor Protection Mutual funds offer investor protection in multiple ways viz.1. Inherent trust structure of mutual funds 2. SEBI regulations 3. Government of India guidelines on investor protection 4. Investor protection offered by the Association of Mutual Funds in India (AMFI) 5. Investor protection offered by individual fund houses Mutual funds in India are set up as a three-tier structure: i) Sponsor, ii) Trustee and iii) Asset Management Company (AMC). A sponsor (similar to promoters) first forms a mutual fund trust under the Indian Trusts Act, 1882 and appoints trustees to hold the assets of the trust for the benefit of the unit holders (investors), who are the beneficiaries of the trust (see Chart 10). The sponsor will make an initial contribution to the trust while the trustees in turn will appoint an AMC to act as the investment manager of the assets. The AMC then launches schemes on behalf of trustees inviting investors to contribute to the common pool by buying units of the schemes. The AMC takes care of all the operations of managing the investors’ money by appointing custodians, registrars and transfer agents besides its internal team of fund managers, and risk officers across its front, mid and back office.

Chart 10 – Mutual Fund Structure and Flow

Source: AMFI

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Investor Protection and Wealth Creation through Mutual Fund Investing

Mutual Funds in India are regulated by Securities and Exchange Board of India (SEBI) whose primary objective is to create regulations to safeguard investor interest. SEBI has also created a fund called the Investor Protection and Education Fund (IPEF) in 2007 for the purpose of investor education and related activities. Besides SEBI, the Ministry of Corporate Affairs and AMFI - which is a quasi self regulatory organization (SRO) representing all AMCs - disseminate information on the mutual fund industry as well as undertakes investor awareness programmes to promote proper understanding of the concept and working of mutual funds. The Ministry of Corporate Affairs operates a wide range of investor services like investor helpline, watch out investors, Investor Education and Protection Fund (IEPF) and a portal for public grievances. AMFI conducts investor education programmes via AMCs and has mandated that each AMC conducts at least 5 investor education programmes every month. In the current financial year, 24 AMCs have conducted 5,481 investor awareness programs covering 173 cities and 145,372 participants by October 2011. AMFI also plans to create a portal called ‘MF Utility’ to facilitate efficient and cost effective transaction processing for mutual fund investors.

How can investors protect their own interest? Investors can protect their own interest by adopting the following: 1. Invest in a disciplined manner in mutual funds via SIPs 2. Remain invested long term 3. Follow the principles of financial planning (which involves risk profiling, need/ goal analysis, asset allocation, investing in a model portfolio and regular portfolio tracking) 4. Start early and benefit from the power of compounding 5. Opt for a higher equity allocation at a younger age and gradually reduce the same till retirement 6. For investors who are averse to choosing funds, ETF is the best option across asset classes to generate market linked returns 7. Insure self and dependents adequately

Investor Protection and Wealth Creation through Mutual Fund Investing

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Indian Mutual Fund Industry – The Way Forward

T

he growth rate of the economy will be a crucial factor that will drive the growth of all the categories of mutual funds in India. Further, rise in overall savings would benefit mutual funds owing to improving lifetsyles which require higher inflation adjusted returns to maintain one’s current lifestyle even in the future (see chart 11).

Chart 11 - Rising share of savings and discretionary consumption in household income

Source: CRISIL Research and NCAER Data

The Indian middle class, which is likely to triple over the next decade, could also contribute to the growth of mutual funds; this growth will be based on the available investment options in the coming years (see chart 12).

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Investor Protection and Wealth Creation through Mutual Fund Investing

Chart 12 - Middle and high income categories to expand at fast pace

Source: CRISIL Research and NCAER Data

The ban on entry loads in 2009 has shifted focus of mutual funds from sales-based models to advisory-based models using platforms and research from various vendors. Technology-enabled platforms will allow mutual funds to penetrate faster. ETFs are likely to emerge as a key product for mutual funds owing to the diversity they bring across asset classes / geographies and also their low cost structure. Currently, investors are taking an increasing interest in gold ETFs. A modern investment management style with a delivery model towards retail investors would be the new paradigm for the wealth management industry. A scientific wealth management offering by distributors can offer mutual benefits to investors and distributors. Large distributors and Independent Financial Advisors (IFAs) can collaborate to provide greater value-added services to a larger section of investors. Within funds, liquid funds may appear more attractive to retail investors if a popular feature like cheque writing facility is allowed - this may see companies crediting salaries directly to the liquid fund accounts.

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Annexures Annexure 1 – List of Mutual Funds and Assets Managed as of September 2011 S No

14

Mutual Fund Name

Average AUM (Rs cr)

1

AIG Global Investment Group Mutual Fund

723

2

Axis Mutual Fund

7,545

3

Baroda Pioneer Mutual Fund

3,399

4

Bharti AXA Mutual Fund

5

Birla Sun Life Mutual Fund

64,217

6

BNP Paribas Mutual Fund

5,243

7

Canara Robeco Mutual Fund

6,920

8

Daiwa Mutual Fund

9

Deutsche Mutual Fund

12,761

10

DSP BlackRock Mutual Fund

30,084

11

Edelweiss Mutual Fund

447

12

Escorts Mutual Fund

206

13

Fidelity Mutual Fund

9,120

14

Franklin Templeton Mutual Fund

34,410

15

Goldman Sachs Mutual Fund

4,358

16

HDFC Mutual Fund

91,827

17

HSBC Mutual Fund

4,952

18

ICICI Prudential Mutual Fund

75,217

19

IDBI Mutual Fund

4,926

20

IDFC Mutual Fund

28,908

21

India Bulls Mutual Fund

NA

22

India Infoline Mutual Fund

NA

23

ING Mutual Fund

1,036

24

JM Financial Mutual Fund

6,468

176

789

Investor Protection and Wealth Creation through Mutual Fund Investing

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JPMorgan Mutual Fund

4,748

26

Kotak Mahindra Mutual Fund

32,101

27

L&T Mutual Fund

4,135

28

LIC NOMURA Mutual Fund

7,075

29

Mirae Asset Mutual Fund

30

Morgan Stanley Mutual Fund

31

Motilal Oswal Mutual Fund

32

Peerless Mutual Fund

5,608

33

Pramerica Mutual Fund

1,505

34

PRINCIPAL Mutual Fund

4,536

35

Quantum Mutual Fund

157

36

Reliance Mutual Fund

90,661

37

Religare Mutual Fund

11,042

38

Sahara Mutual Fund

456

39

SBI Mutual Fund

47,731

40

Sundaram Mutual Fund

15,110

41

Tata Mutual Fund

22,634

42

Taurus Mutual Fund

5,367

43

Union KBC Mutual Fund

44

UTI Mutual Fund

Grand Total

Investor Protection and Wealth Creation through Mutual Fund Investing

447 1,971 278

869 62,580 7,12,742

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Annexure 2 – Risk / Return trade-off by Mutual Fund Categories & Indicative Investment Horizons S No Fund Type

Investment Category

Investment Universe

Benchmark Index

Expected Risk Returns

Indicative Investment Horizon

1

Large Cap Equity

Equity Ori- Funds that invest predomiented Funds nantly in large cap stocks

S&P CNX Nifty

High

High

More than 5 years

2

Diversified Equity

Equity Ori- Funds that invest in stocks ented Funds across market capitalisation and sectors

S&P CNX 500

High

High

More than 5 years

3

Small and Midcap Equity

Equity Ori- Funds that invest predomiented Funds nantly in small and mid-cap stocks

CNX Midcap

Very High

Very High

More than 5 years

4

ELSS

Equity Ori- Diversified equity funds that ented Funds have a 3 year lock - in period and provide income tax exemption under section 80 C upto Rs.1 lakh.

S&P CNX 500

High

High

More than 5 years

5

Index

Equity Ori- Funds that track an index and ented Funds invest into companies in the same proportion as that index. These funds seek to provide returns (pre-expenses) in line with the index. Exchange traded index funds are tradeable on an exchange.

The index that is tracked by the fund.

High

High

5 years

6

Arbitrage

Equity Ori- Funds that buy equity CRISIL ented Funds securities in the cash market Liquifex and sell them in the futures market. These funds seek to generate returns through the mispricing that exists between the cash and futures markets. In these funds all the stocks are completely hedged.

Low

Low

More than 1 year

7

Thematic Equity

Equity Ori- Sector funds that invest in ented Sector companies from a specified Funds sector. Most common sector themes are infrastructure and banking

Relevant sectoral indices

Very High

Very High

More than 5 years

8

Capital Protected

Equity Oriented Hybrid Funds

CRISIL MIPEX/ CRISIL BalanceEX

Low

Low

3-5 years

16

Funds that follow a investment structure which seeks to protect the initial investment from capital erosion.

Investor Protection and Wealth Creation through Mutual Fund Investing

S No Fund Type

Investment Category

Investment Universe

Benchmark Index

Expected Risk Returns

Indicative Investment Horizon

9

Balanced

Equity Oriented Hybrid Funds

Funds that invest at least 65% of the corpus into equity stocks and the remainder into debt securities.

CRISIL BalanceEx

Moderate

Mod- 5 Years erate

10

Fixed Maturity Plans (FMPs)

Debt OriClosed ended mutual fund ented Funds schemes with predefined maturities (30 days to 5 years) that invest predominantly in certificate of deposits (CDs), commercial papers (CPs) and debentures whose maturity or tenure matches with that of the scheme. The basic objective of FMPs is to generate steady returns over a fixed tenure.

Usually compared with FD rates

Moderate

Mod- 30 days to 5 erate years

11

Liquid

Debt OriFunds that invest into short ented Funds term corporate debt papers, Certificate of Deposit (CDs) and money market instruments with a residual maturity of up to 91 days

CRISIL Liquifex

Very Low

Very Low

Less than 90 days

12

Ultra Short Term

Debt OriFunds that invest into short CRISIL ented Funds term corporate debt papers, Liquifex Certificate of Deposit (CDs), money market instruments and government securities but whose maturity profile is upto 1 year. It lies between liquid funds and short term income funds.

Low

Very Low

Less than 1 year

13

Short term income

Debt OriFunds that invest into short ented Funds term corporate debt papers, Certificate of Deposit (CDs), money market instruments and government securities and whose maturities are beyond that of ultra short debt funds and upto 3 years.

Moderate

Low

More than 1 year

Investor Protection and Wealth Creation through Mutual Fund Investing

CRISIL STBEX

17

S No Fund Type

Investment Category

Investment Universe

Benchmark Index

Expected Risk Returns

Indicative Investment Horizon

14

Long term income

Debt OriFunds that invest in longented Funds term corporate debt papers and government securities and whose maturities range between few months and can go even beyond 25 years depending on the prevalent interest rate scenario.

CRISIL CompBex

Moderate

Mod- 3 years erate

15

Gilt

Debt OriFunds that invest in securiented Funds ties issued by the central and state governments and whose maturities range between few months and can go even beyond 25 years depending on the prevalent interest rate scenario.

CRISL Gilt Index

Moderate

Mod- 3 years erate

16

Monthly Income Plans

Debt Orient- Hybrid funds that invest a CRISIL ed Hybrid small portion (15-30%) in eq- MIPEX Funds uity stocks and seek to declare monthly dividends based on cash flows.

Moderate

Mod- 3 Years erate

17

Gold ETFs

Gold

High

Mod- 5 years erate

18

Funds that invest in physical gold and seek to track the domestic spot price of gold. These funds are traded on an exchange.

CRISIL Gold Index

Investor Protection and Wealth Creation through Mutual Fund Investing

Annexure 3 - Folios across mutual fund schemes Folios Financial Year

Equity and Balanced Schemes

Debt

2006 -2007

2,72,05,018

31,61,689

2007 – 2008

4,07,19,984

29,89,743

2008 – 2009

4,42,31,959

2009 – 2010

Y-o-Y % change ETFs

Equity

Debt

ETFs

44%

9%

86,351

50%

-5%

32,99,194

1,14,414

9%

10%

32%

4,39,47,097

37,38,842

2,03,544

-1%

13%

78%

2010 - 2011

4,20,67,506

45,27,435

4,22,801

-4%

21%

108%

2011 – 2012*

4,14,79,822

49,15,688

5,54,480

-6%

31%

172%

*September 2011 Source: SEBI

Investor Protection and Wealth Creation through Mutual Fund Investing

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About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India’s leading ratings agency. We are also the foremost provider of high-end research to the world’s largest banks and leading corporations.

About CRISIL Research CRISIL Research is the country’s largest independent and integrated research house with strong domain expertise on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to deliver superior perspectives and insights to over 1,200 domestic and global clients, through a range of research reports, analytical tools, subscription products and customised solutions. CRISIL Research is the knowledge partner for the ASSOCHAM 12th Mutual Fund Summit

Disclaimer CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval. 20

Investor Protection and Wealth Creation through Mutual Fund Investing

About ASSOCHAM ASSOCHAM acknowledged as Knowledge Chamber of India has emerged as a forceful, pro-active, effective and forward looking institution playing its role as a catalyst between the Government and Industry. ASSOCHAM established in 1920 and has been successful in influencing the Government in shaping India’s economic, trade, fiscal and social policies which will be of benefit to the trade and industry. ASSOCHAM renders its services to over 3,50,000 members which includes multinational companies, India’s top corporates, medium and small scale units and Associations representing all the sectors of Industry. ASSOCHAM is also known as a Chamber of Chambers representing the interest of more than 350 Chambers & Trade Associations from all over India encompassing all sectors. ASSOCHAM has over 100 National Committees covering the entire gamut of economic activities in India. It has been especially acknowledged as a significant voice of Indian industry in the field of Corporate Social Responsibility, Environment & Safety, Corporate Governance, Information Technology, Agriculture, Nanotechnology, Biotechnology, Pharmaceuticals, Telecom, Banking & Finance, Company Law, Corporate Finance, Economic and International Affairs, Tourism, Civil Aviation, Infrastructure, Energy & Power, Education, Legal Reforms, Real Estate, Rural Development etc. The Chamber has its international offices in China, Sharjah, Moscow, UK and USA. ASSOCHAM has also signed MoU partnership with Business Chambers in more than 45 countries.

The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office 1, Community Centre, Zamrudpur, Kailash Colony, New Delhi-110048 Tel: 011 46550555 (Hunting Line) | Fax: 011 46536481/82, 46536498 Email: [email protected] | Website: www.assocham.org Investor Protection and Wealth Creation through Mutual Fund Investing

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ASSOCHAM REGIONAL OFFICES ASSOCHAM Southern Regional Office # 3524, First Floor, 17th Main Service Road, HAL 2nd Stage Indiranagar, Bangalore - 560 008 Mobile: +91-9035263457 Landline: +91-80-40943251-53, Fax: +91-80-41256629 E-mail: [email protected], [email protected] [email protected] ASSOCHAM Western Regional Office 4th Floor, Heritage Tower, B/h, Visnagar Bank, Ashram Road, Usmanpura, Ahmedabad - 380 014 Tel: + 91-79- 2754 1728 / 29, 2754 1867 • Fax: + 91-79-30006352 Email: [email protected], [email protected] [email protected] ASSOCHAM Eastern Regional Office 88A, 3rd Floor, Sarat Bose Road, Kolkata - 700026 Tel: +91-33-66141600/1601 • Fax: +91-33-66141601 E-mail: [email protected]

The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office: 1, Community Centre, Zamrudpur, Kailash Colony, New Delhi-110048 Tel: 011 46550555 (Hunting Line) | Fax: 011 46536481/82, 46536498 Email: [email protected] | Website: www.assocham.org

NOTES

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