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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
1
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.
Investor Protection and Wealth Creation through Mutual Fund Investing
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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.
Investor Protection and Wealth Creation through Mutual Fund Investing
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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
10
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.
Investor Protection and Wealth Creation through Mutual Fund Investing
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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
25
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
15
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],
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[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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