mentor final project

8/9/2019 Mentor Final Project

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ACKNOWLEGDEMENT

I am using this opportunity to express my gratitude to everyone who supported me

throughout the Mentoring project. I am thankful for their aspiring guidance, invaluably

constructive criticism and friendly advice during the project work. I am sincerely greatful

to them for sharing their truthful and illuminating views on a number of issues related to

the project.

I express my warm thanks to Mr. and Ms. GOPIKA KUMAR for their support and

guidance at project title “ THE MUTUAL FUND IS BETTER INVESTMENT PLAN”.

I would also like to thank my college Director DR.SATISH SETH and all the people who

provided me with the facilities being reuired and conductive conditions for my

Mentoring !roject.

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EXECUTIVE SUMMARY

In few years Mutual "und has emerged as a tool for ensuring one#s financial well

being. Mutual "unds have not only contributed to the India growth story but have

also helped families tap into the success of Indian Industry. $s information and

awareness is rising more and more people are enjoying the benefits of investing in

mutual funds. %he main reason the number of retail mutual fund investors remains

small is that nine in ten people with incomes in India do not know that mutual funds

exist. &ut once people are aware of mutual fund investment opportunities, the

number who decide to invest in mutual funds increases to as many as one in fivepeople. %he trick for converting a person with no knowledge of mutual funds to a

new Mutual "und customer is to understand which of the potential investors are

more likely to buy mutual funds and to use the right arguments in the sales

process that customers will accept as important and relevant to their decision.

%his !roject gave me a great learning experience and at the same time it gave meenough scope to implement my analytical ability. %he analysis and advice

presented in this !roject 'eport is based on market research on the saving and

investment practices of the investors and preferences of the investors for

investment in Mutual "unds. %his 'eport will help to know about the investors#

!references in Mutual "und means $re they prefer any particular $sset

Management (ompany )$M(*, +hich type of !roduct they prefer, +hich ption

)-rowth or Dividend* they prefer or +hich Investment trategy they follow

)ystematic Investment !lan or ne time !lan*. %his !roject as a whole can be

divided into two parts.

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%he first part gives an insight about Mutual "und and its various aspects, the(ompany !rofile, bjectives of the study, 'esearch Methodology. ne can have a

brief knowledge about Mutual "und and its basics through the !roject.

%he second part of the !roject consists of data and its analysis collected through

survey done on /00 people. "or the collection of !rimary data I made a

uestionnaire and surveyed of /00 people. I also taken interview of many !eople

those who were coming at the 1D"( &ranch where I done my !roject.. I studied

about the products and strategies of other $M(s to know why people prefer toinvest in those $M(s. %his !roject covers the topic “%12 M3%3$4 "35D I

&2%%2' I562%M25% !4$5.7 %he data collected has been well organi8ed and

presented. I hope the research findings and conclusion will be of use.

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CHAPTER – I

INTRODUCTION

What Is Mutua !u"#

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$ mutual fund is just the connecting bridge or a financial intermediary that allows a

group of investors to pool their money together with a predetermined investment

objective. %he mutual fund will have a fund manager who is responsible for investing the

gathered money into specific securities )stocks or bonds*. +hen you invest in a mutual

fund, you are buying units or portions of the mutual fund and thus on investing becomes

a shareholder or unit holder of the fund.

Mutual funds are considered as one of the best available investments as compare to

others they are very cost efficient and also easy to invest in, thus by pooling money

together in a mutual fund, investors can purchase stocks or bonds with much lower

trading costs than if they tried to do it on their own. &ut the biggest advantage to mutual

funds is diversification, by minimi8ing risk 9 maximi8ing returns.

%hus a Mutual "und is the most suitable investment for the common man as it offers an

opportunity to invest in a diversified, professionally managed basket of securities at a

relatively low cost. %he flow chart below describes broadly the working of a mutual fund

U"$t Trust %& I"#$a $s th' &$rst Mutua !u"# s't u( u"#'r a s'(arat' a)t* UTI A)t $"

+,-* a"# start'# $ts %('rat$%"s $" +,-/ 0$th th' $ssu' %& u"$ts u"#'r th' s)h'1'

US2-/.

O3'r3$'0 %& '4$st$"5 s)h'1's '4$st'# $" 1utua &u"# )at'5%r6

+ide variety of Mutual "und chemes exists to cater to the needs such as financial

position, risk tolerance and return expectations etc. %he table below gives an overview

into the existing types of schemes in the Industry.

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T6(' %& Mutua !u"# S)h'1's

7Y STRUCTURE

O('" E"#'# S)h'1's

$n open:end fund is one that is available for subscription all through the year. %hese do

not have a fixed maturity. Investors can conveniently buy and sell units at 5et $sset

6alue );5$6;* related prices. %he key feature of open:end schemes is liuidity.

C%s' E"#'# S)h'1's

$ closed:end fund has a stipulated maturity period which generally ranging from < to =>

years. %he fund is open for subscription only during a specified period. Investors can

invest in the scheme at the time of the initial public issue and thereafter they can buy or

sell the units of the scheme on the stock exchanges where they are listed. In order to

provide an exit route to the investors, some close:ended funds give an option of selling

back the units to the Mutual "und through periodic repurchase at 5$6 related prices.

2&I 'egulations stipulate that at least one of the two exit routes is provided to the

investor.

I"t'r3a S)h'1's

Interval chemes are that scheme, which combines the features of open:ended and

close:ended schemes. %he units may be traded on the stock exchange or may be open

for sale or redemption during pre:determined intervals at 5$6 related prices.

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7Y NATURE

1. Equity fund:

%hese funds invest a maximum part of their corpus into euities holdings. %he structure

of the fund may vary different for different schemes and the fund manager#s outlook on

different stocks. %he 2uity "unds are sub:classified depending upon their investment

objective, as follows?

• Diversified 2uity "unds

• Mid:(ap "unds

• ector pecific "unds

• %ax avings "unds )24*

2uity investments are meant for a longer time hori8on, thus 2uity funds rank high on

the risk:return matrix.

8. D'9t &u"#s:

%he objective of these "unds is to invest in debt papers. -overnment authorities, private

companies, banks and financial institutions are some of the major issuers of debt

papers. &y investing in debt instruments, these funds ensure low risk and provide stable

income to the investors. Debt funds are further classified as?

• G$t !u"#s? Invest their corpus in securities issued by -overnment, popularly

known as -overnment of India debt papers. %hese "unds carry 8ero Default risk

but are associated with Interest 'ate risk. %hese schemes are safer as they

invest in papers backed by -overnment.

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• I")%1' !u"#s? Invest a major portion into various debt instruments such as

bonds, corporate debentures and -overnment securities.

• MIPs? Invests maximum of their total corpus in debt instruments while they take

minimum exposure in euities. It gets benefit of both euity and debt market.

%hese scheme ranks slightly high on the risk:return matrix when compared with

other debt schemes.

• Sh%rt T'r1 Pa"s ;STPs


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7Y INVESTMENT O7>ECTIVE

• Gr%0th S)h'1's: -rowth chemes are also known as euity schemes. %he

aim of these schemes is to provide capital appreciation over medium to long

term. %hese schemes normally invest a major part of their fund in euities and

are willing to bear short:term decline in value for possible future appreciation.

• I")%1' S)h'1's: Income chemes are also known as debt schemes. %he aim

of these schemes is to provide regular and steady income to investors. %hese

schemes generally invest in fixed income securities such as bonds and corporate

debentures. (apital appreciation in such schemes may be limited.

• 7aa")'# S)h'1's: &alanced chemes aim to provide both growth and income

by periodically distributing a part of the income and capital gains they earn.

%hese schemes invest in both shares and fixed income securities, in the

proportion indicated in their offer documents )normally >0?>0*.

• M%"'6 Mar?'t S)h'1's? Money Market chemes aim to provide easy liuidity,

preservation of capital and moderate income. %hese schemes generally invest in

safer, short:term instruments, such as treasury bills, certificates of deposit,

commercial paper and inter:bank call money.

OTHER SCHEMES

• Ta4 Sa3$"5 S)h'1's: %ax:saving schemes offer tax rebates to the investors

under tax laws prescribed from time to time. 3nder ec.@@ of the Income %ax $ct,

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contributions made to any 2uity 4inked avings cheme )24* are eligible for

rebate.

• I"#'4 S)h'1's: Index schemes attempt to replicate the performance of a

particular index such as the &2 ensex or the 52 >0. %he portfolio of these

schemes will consist of only those stocks that constitute the index. %he

percentage of each stock to the total holding will be identical to the stocks index

weightage. $nd hence, the returns from such schemes would be more or less

euivalent to those of the Index.

• S')t%r S(')$&$) S)h'1's: %hese are the fundsAschemes which invest in the

securities of only those sectors or industries as specified in the offer documents.

e.g. !harmaceuticals, oftware, "ast Moving (onsumer -oods )"M(-*,

!etroleum stocks, etc. %he returns in these funds are dependent on the

performance of the respective sectorsAindustries. +hile these funds may give

higher returns, they are more risky compared to diversified funds. Investors need

to keep a watch on the performance of those sectorsAindustries and must exit at

an appropriate time.

T6('s %& r'tur"s

%here are three ways, where the total returns provided by mutual funds can be enjoyed

by investors?

• Income is earned from dividends on stocks and interest on bonds. $ fund pays

out nearly all income it receives over the year to fund owners in the form of a

distribution.

• If the fund sells securities that have increased in price, the fund has a capital

gain. Most funds also pass on these gains to investors in a distribution.

• If fund holdings increase in price but are not sold by the fund manager, the fundBs

shares increase in price. Cou can then sell your mutual fund shares for a profit.

"unds will also usually give you a choice either to receive a check for

distributions or to reinvest the earnings and get more shares.

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ADVANTAGE & DISADVANTAGE OF INVESTING IN MUTUAL

FUND:

"or investments in mutual fund, one must keep in mind about the !ros and cons of

investments in mutual fund.

A#3a"ta5's %& I"3'st$"5 Mutua !u"#s:

+. Pr%&'ss$%"a Ma"a5'1'"t 2 %he basic advantage of funds is that, they are

professional managed, by well ualified professional. Investors purchase funds because

they do not have the time or the expertise to manage their own portfolio. $ mutual fund

is considered to be relatively less expensive way to make and monitor their

investments.

8. D$3'rs$&$)at$%" 2 !urchasing units in a mutual fund instead of buying individual

stocks or bonds, the investors risk is spread out and minimi8ed up to certain extent. %he

idea behind diversification is to invest in a large number of assets so that a loss in any

particular investment is minimi8ed by gains in others.

. E)%"%1$'s %& S)a' 2 Mutual fund buy and sell large amounts of securities at a time,

thus help to reducing transaction costs, and help to bring down the average cost of the

unit for their investors.

/. L$=u$#$t6 2 ust like an individual stock, mutual fund also allows investors to liuidate

their holdings as and when they want.

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@. S$1($)$t6 2 Investments in mutual fund is considered to be easy, compare to other

available instruments in the market, and the minimum investment is small. Most $M(

also have automatic purchase plans whereby as little as 's. /000, where I! start with

just 's.>0 per month basis.

D$sa#3a"ta5's %& I"3'st$"5 Mutua !u"#s:

+. Pr%&'ss$%"a Ma"a5'1'"t: ome funds doesn#t perform in neither the market, as

their management is not dynamic enough to explore the available opportunity in the

market, thus many investors debate over whether or not the so:called professionals are

any better than mutual fund or investor himself, for picking up stocks.

8. C%sts E %he biggest source of $M( income, is generally from the entry 9 exit load

which they charge from an investors, at the time of purchase. %he mutual fund

industries are thus charging extra cost under layers of jargon.

. D$ut$%" : &ecause funds have small holdings across different companies, high

returns from a few investments often donBt make much difference on the overall return.

Dilution is also the result of a successful fund getting too big. +hen money pours into

funds that have had strong success, the manager often has trouble finding a good

investment for all the new money.

/. Ta4's : when making decisions about your money, fund managers donBt consider

your personal tax situation. "or example, when a fund manager sells a security, a

capital:gain tax is triggered, which affects how profitable the individual is from the sale.

It might have been more advantageous for the individual to defer the capital gains

liability

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Mutua !u"#s I"#ustr6 $" I"#$a

%he origin of mutual fund industry in India is with the introduction of the concept of

mutual fund by 3%I in the year =FG0 bn.

%he main reason of its poor growth is that the mutual fund industry in India is new in the

country. 4arge sections of Indian investors are yet to be intellectuated with the concept.

1ence, it is the prime responsibility of all mutual fund companies, to market the product

correctly abreast of selling.

%he mutual fund industry can be broadly put into four phases according to the

development of the sector $ mutual fund is a professionally:managed firm of collective

investments that pools money from many investors and invests it in stocks, bonds,

short:term money market instruments, andAor other securities.in other words we can say

that $ Mutual "und is a trust registered with the ecurities and 2xchange &oard of India

)2&I*, which pools up the money from individual A corporate investors and invests the

same on behalf of the investors Aunit holders, in euity shares, -overnment securities,

&onds, (all money markets etc., and distributes the profits.

%he value of each unit of the mutual fund, known as the net asset value )5$6*, is

mostly calculated daily based on the total value of the fund divided by the number of

shares currently issued and outstanding. %he value of all the securities in the portfolio in

calculated daily. "rom this, all expenses are deducted and the resultant value divided by

the number of units in the fund is the fund#s 5$6.

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NAV = Total alu! of t"! fund######.

No. of $"a%!$ u%%!ntly i$$u!d and out$tandin'

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MA>OR MUTUAL !UND COMPANIES IN INDIA

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A#3a"ta5's %& a M!

– Mutual "unds provide the benefit of cheap access to expensive stocks

– Mutual funds diversify the risk of the investor by investing in a basket of

assets

– $ team of professional fund managers manages them with in:depthresearch inputs from investment analysts.

– &eing institutions with good bargaining power in markets, mutual funds

have access to crucial corporate information, which individual investors

cannot access.

(i$to%y of t"! Indian )utual fund indu$t%y:

%he mutual fund industry in India started in =FG< with the formation of 3nit %rust of

India, at the initiative of the -overnment of India and 'eserve &ank. %he history of

mutual funds in India can be broadly divided into four distinct phases.

!$rst Phas' – +,-/2B

3nit %rust of India )3%I* was established on =FG< by an $ct of !arliament by the

'eserve &ank of India and functioned under the 'egulatory and administrative control

of the 'eserve &ank of India. In =FH@ 3%I was de:linked from the '&I and the IndustrialDevelopment &ank of India )ID&I* took over the regulatory and administrative control in

place of '&I. %he first scheme launched by 3%I was 3nit cheme =FG. $t the end of

=F@@ 3%I had 's.G,H00 crores of assets under management.

S')%"# Phas' – +,B2+,, ;E"tr6 %& Pu9$) S')t%r !u"#s<

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=F@H marked the entry of non: 3%I, public sector mutual funds set up by public sector

banks and 4ife Insurance (orporation of India )4I(* and -eneral Insurance (orporation

of India )-I(*. &I Mutual "und was the first non: 3%I Mutual "und established in une

=F@H followed by (anbank Mutual "und )Dec @H*, !unjab 5ational &ank Mutual "und

)$ug @F*, Indian &ank Mutual "und )5ov @F*, &ank of India )un F0*, &ank of &aroda

Mutual "und )ct F/*. 4I( established its mutual fund in une =F@F while -I( had set

up its mutual fund in December =FF0.$t the end of =FF


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*at!'o%i!$ of )utual fund$ :

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Mutual funds can be classified as follow?

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7as'# %" th'$r stru)tur':

• pen:ended funds? Investors can buy and sell the units from the fund, at any

point of time.

• (lose:ended funds? %hese funds raise money from investors only once.

%herefore, after the offer period, fresh investments can not be made into the

fund. If the fund is listed on a stocks exchange the units can be traded like stocks

)2.g., Morgan tanley -rowth "und*. 'ecently, most of the 5ew "und ffers of

close:ended funds provided liuidity window on a periodic basis such as monthly

or weekly. 'edemption of units can be made during specified intervals.

%herefore, such funds have relatively low liuidity.

7as'# %" th'$r $"3'st1'"t %9')t$3':

2uity funds? %hese funds invest in euities and euity related instruments. +ith

fluctuating share prices, such funds show volatile performance, even losses.

1owever, short term fluctuations in the market, generally smoothens out in the

long term, thereby offering higher returns at relatively lower volatility. $t the same

time, such funds can yield great capital appreciation as, historically, euities have

outperformed all asset classes in the long term. 1ence, investment in euityfunds should be considered for a period of at least years. It can be further

classified as?

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%he entire mutual fund industry operates in a very organi8ed way. %he investors, known

as unit holders,handover their savings to the $M(s under various schemes. %heobjective of the investment should match with the objective of the fund to best suit the

investors# needs. %he $M(s further invest the funds into various securities according

to the investment objective. %he return generated from the investments is passed on to

the investors or reinvested as mentioned in the offer document

D%)u1'"ts r'=u$r'# ;PAN 1a"#at%r6


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Pr%%& %& $#'"t$t6 ?

+. !hoto !$5 card

8. In case of non:photo !$5 card in addition to copy of !$5 card any one of the

following? driving licenseApassport copyA voter idA bank photo pass book.

!roof of address )any of the following * ?latest telephone bill, latest electricity bill,

!assport, latest bank passbookAbank account statement, latest Demat account

statement, voter id, driving license, ration card, rent agreement.

O&&'r #%)u1'"t: $n offer document is issued when the $M(s make 5ew "und

ffer)5"*. Its advisable to every investor to ask for the offer document and read it

before investing. $n offer document consists of the following?

tandard ffer Document for Mutual "unds )2&I "ormat*

ummary Information

-lossary of Defined %erms

'isk Disclosures

4egal and 'egulatory (ompliance

2xpenses (ondensed "inancial Information of chemes

(onstitution of the Mutual "und

Investment bjectives and !olicies

Management of the "und

ffer 'elated Information.

K'6 I"&%r1at$%" M'1%ra"#u1: a key information memorandum, popularly known as

JIM, is attached along with the mutual fund form. $nd thus every investor get to read it.Its contents are?

+ Name of the fund.

8. Iestment objective

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. $set allocation pattern of the scheme.

/. 'isk profile of the scheme

@. !lans 9 options

-. Minimum application amountA no. of units

B. &enchmark index

. Dividend policy

,. 5ame of the fund manager)s*

+ . 2xpenses of the scheme? load structure, recurring expenses

++. !erformance of the scheme )scheme return vAs. benchmark return*

+8. Cear: wise return for the last > financial year.

D$str$9ut$%" )ha""'s:

Mutual funds posses a very strong distribution channel so that the ultimate customers

doesn#t face any difficulty in the final procurement. %he various parties involved in

distribution of mutual funds are?

+. Direct marketing by the $M(s? the forms could be obtained from the $M(s directly.

%he investors can approach to the $M(s for the forms. some of the top $M(s of India

areL 'eliance ,&irla unlife, %ata, &I magnum, Jotak Mahindra, 1D"(, undaram,

I(I(I, Mirae $ssets, (anara 'obeco, 4otus India, 4I(, 3%I etc. whereas foreign $M(s

include? tandard (hartered, "ranklin %empleton, "idelity, ! Morgan, 1&(, D!

Merill 4ynch, etc.

8 .&rokerA sub broker arrangements? the $M(s can simultaneously go for brokerAsub:

broker to populari8e their funds. $M(s can enjoy the advantage of large network of

these brokers and sub brokers.

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. Individual agents, &anks, 5&"(? investors can procure the funds through individual

agents, independent brokers, banks and several non: banking financial corporations

too, whichever he finds convenient for him.

Wh6 has $t 9')%1' %"' %& th' ar5'st &$"a")$a $"stru1'"ts

If we take a look at the recent scenario in the Indian financial market then we can find

the market flooded with a variety of investment options which includes mutual funds,

euities, fixed income bonds, corporate debentures, company fixed deposits, bank

deposits, !!", life insurance, gold, real estate etc. all these investment options couldbe judged on the basis of various parameters such as: return, safety convenience,

volatility and liuidity. measuring these investment options on the basis of the

mentioned parameters, we get this in a tabular form

-!tu%n Saf!ty Volatility Liquidit

y

*on!ni!

n!

Equity High Lo High High Mo!"#$%"

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ond$ Mo!"#$%" High Mo!"#$%" Mo!"#$%" High

*o.

D!/!ntu%

!$

Mo!"#$%" Mo!"#$%" Mo!"#$%" Lo Lo

*o. FD$ Mo!"#$%" Lo Lo Lo Mo!"#$%"

an,

D!0o$it$

Lo High Lo High High

F Mo!"#$%" High Lo Mo!"#$%" High

Lif!

In$u%an!

Lo High Lo Lo Mo!"#$%"

Gold Mo!"#$%" High Mo!"#$%" Mo!"#$%" &o'!

-!alE$tat!

High Mo!"#$%" High Lo Lo

Mutual

Fund$

High High Mo!"#$%" High High

+e can very well see that mutual funds outperform every other investment option. n

three parameters it scores high whereas it#s moderate at one. comparing it with the

other options, we find that euities gives us high returns with high liuidity but its

volatility too is high with low safety which doesn#t makes it favourite among persons who

have low risk: appetite. 2ven the convenience involved with investing in euities is just

moderate.

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5ow looking at bank deposits, it scores better than euities at all fronts but lags badly

in the parameter of utmost important ieL it scores low on return , so it#s not an

happening option for person who can afford to take risks for higher return. %he other

option offering high return is real estate but that even comes with high volatility and

moderate safety level, even the liuidity and convenience involved are too low. -old

have always been a favourite among Indians but when we look at it as an investment

option then it definitely doesn#t gives a very bright picture. $lthough it ensures high

safety but the returns generated and liuidity are moderate. imilarly the other

investment options are not at par with mutual funds and serve the needs of only a

specific customer group. traightforward, we can say that mutual fund emerges as a

clear winner among all the options available.

%he reasons for this being?

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financial intermediary and that is the flexibility that mutual funds offer regarding the

investment amount. ne can start investing in mutual funds with amount as low as 's.

>00 through I!s and even 's. =00 in some cases.

H%0 #% $"3'st%rs )h%%s' 9't0''" &u"#s

+hen the market is flooded with mutual funds, it#s a very tough job for the investors to

choose the best fund for them. +henever an investor thinks of investing in mutual

funds, he must look at the investment objective of the fund. %hen the investors sort out

the funds whose investment objective matches with that of the investor#s. 5ow the toughtask for investors start, they may carry on the further process themselves or can go for

advisors like 1D"( . f course the investors can save their money by going the direct

route i.e. through the $M(s directly but it will only save =:/./>K )entry load* but could

cost the investors in terms of returns if the investor is not an expert. o it is always

advisable to go for M" advisors. %he mf advisors# thoughts go beyond just investment

objectives and rate of return. ome of the basic tools which an investor may ignore but

an mf advisor will always look for are as follow?

+. Ru('' )%st a3'ra5$"5:

%he investors going for ystematic Investment !lans)I!* and ystematic %ransfer

!lans)%!* may enjoy the benefits of '($ )'upee (ost $veraging*. 'upee cost

averaging allows an investor to bring down the average cost of buying a scheme by

making a fixed investment periodically, like 's >,000 a month and nowadays even as

low as 's. >00 or 's. =00. In this case, the investor is always at a profit, even if the

market falls. In case if the 5$6 of fund falls, the investors can get more number of units

and vice:versa. %his results in the average cost per unit for the investor being lower

than the average price per unit over time.

%he investor needs to decide on the investment amount and the freuency. More

freuent the investment interval, greater the chances of benefiting from lower prices.

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Investors can also benefit by increasing the I! amount during market downturns,

which will result in reducing the average cost and enhancing returns. +hereas %!

allows investors who have lump sums to park the funds in a low:risk fund like liuid

funds and make periodic transfers to another fund to take advantage of rupee cost

averaging.

8. R'9aa")$"5:

'ebalancing involves booking profit in the fund class that has gone up and investing in

the asset class that is down. %rigger and switching are tools that can be used to

rebalance a portfolio. %rigger facilities allow automatic redemption or switch if a

specified event occurs. %he trigger could be the value of the investment, the net asset

value of the scheme, level of capital appreciation, level of the market indices or even adate. %he funds redeemed can be switched to other specified schemes within the same

fund house. ome fund houses allow such switches without charging an entry load.

%o use the trigger and switch facility, the investor needs to specify the event, the amount

or the number of units to be redeemed and the scheme into which the switch has to be

made. %his ensures that the investor books some profits and maintains the asset

allocation in the portfolio.

. D$3'rs$&$)at$%":

Diversification involves investing the amount into different options. In case of mutual

funds, the investor may enjoy it afterwards also through dividend transfer option. 3nder

this, the dividend is reinvested not into the same scheme but into another scheme of the

investorBs choice.

"or example, the dividends from debt funds may be transferred to euity schemes. %his

gives the investor a small exposure to a new asset class without risk to the principal

amount. uch transfers may be done with or without entry loads, depending on the M"Bs

policy.

/. Ta4 '&&$)$'")6:

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%ax factor acts as the “x:factor7 for mutual funds. %ax efficiency affects the final decision

of any investor before investing. %he investors gain through either dividends or capital

appreciation but if they haven#t considered the tax factor then they may end loosing.

Debt funds have to pay a dividend distribution tax of =/.>0 per cent )plus surcharge andeducation cess* on dividends paid out. Investors who need a regular stream of income

have to choose between the dividend option and a systematic withdrawal plan that

allows them to redeem units periodically. +! implies capital gains for the investor.

If it is short:term, then the +! is suitable only for investors in the =0:per:cent:tax

bracket. Investors in higher tax brackets will end up paying a higher rate as short:term

capital gains and should choose the dividend option.

If the capital gain is long:term )where the investment has been held for more than one

year*, the growth option is more tax efficient for all investors. %his is because investors

can redeem units using the +! where they will have to pay =0 per cent as long:term

capital gains tax against the =/.>0 per cent DD% paid by the M" on dividends.

$ll the tools discussed over here are used by all the advisors and have helped investors

in reducing risk, simplicity and affordability. 2ven then an investor needs to examine

costs, tax implications and minimum applicable investment amounts before committingto a service.

o%tfolio analy$i$ tool$:

+ith the increasing number of mutual fund schemes, it becomes very difficult for an

investor to choose the type of funds for investment. &y using some of the portfolio

analysis tools, he can become more euipped to make a well informed choice. %here

are many financial tools to analy8e mutual funds. 2ach has their uniue strengths and

limitations as well. %herefore, one needs to use a combination of these tools to make a

thorough analysis of the funds.

32


33/90

%he present market has become very volatile and buoyant, so it is getting difficult for the

investors to take right investing decision. so the easiest available option for investors is

to choose the best performing funds in terms of “returns7 which have yielded maximum

returns.

&ut if we look deeply to it, we can find that the returns are important but it is also

important to look at the Nuality# of the returns. NOuality# determines how much risk a fund

is taking to generate those returns. ne can make a judgment on the uality of a fund

from various ratios such as standard deviation, sharpe ratio, beta, treynor measure, ':

suared, alpha, portfolio turnover ratio, total expense ratio etc.

5ow I have compared two funds of 1D"( on the basis of standard deviation, beta, ':

suared, sharpe ratio, portfolio turnover ratio and total expense ratio. o before goinginto details, lets have a look at these ratios?

Sta"#ar# #'3$at$%":

in simple terms standard deviation is one of the commonly used statistical parameter to

measure risk, which determines the volatility of a fund. Deviation is defined as any

variation from a mean value )upward 9 downward*. ince the markets are volatile, the

returns fluctuate everyday. 1igh standard deviation of a fund implies high volatility and a

low standard deviation implies low volatility.

7'ta a"a6s$s:

beta is used to measure the risk. It basically indicates the level of volatility associated

with the fund as compared to the market. In case of funds, as compared to the market.

In case of funds, beta would indicate the volatility against the benchmark index. It is

used as a short term decision making tool. $ beta that is greater than = means that the

fund is more volatile than the benchmark index, while a beta of less than = means that

the fund is more volatile than the benchmark index. $ fund with a beta very close to =

means the fund#s performance closely matches the index or benchmark.

%he success of beta is heavily dependent on the correlation between correlation

between a fund and its benchmark. %hus, if the fund#s portfolio doesn#t have a relevant

33


34/90

benchmark index then a beta would be grossly inappropriate. "or example if we are

considering a banking fund, we should look at the beta against a bank index.

R2S=uar'# ;R8 and beta value is 0.F. it means that this fund is less aggressive than the

market.

harpe ratio? sharpe ratio is a risk to reward ratio, which helps in comparing the returns

given by a fund with the risk that the fund has taken. $ fund with a higher sharpe ratio

means that these returns have been generated taking lesser risk. In other words, the

fund is less volatile and yet generating good returns. %hus, given similar returns, the

fund with a higher sharpe ratio offers a better avenue for investing(

34


35/90

35


36/90

CHAPTER -2

COMPANY PROFILE

HD!C Ass't Ma"a5'1'"t C%1(a"6 L$1$t'# ;AMC<

1D"( $sset Management (ompany 4td )$M(* was incorporated under the (ompanies

$ct, =F>G, on December =0, =FFF, and was approved to act as an $sset Management

(ompany for the 1D"( Mutual "und by 2&I vide its letter dated uly


37/90

In terms of the Investment Management $greement, the %rustee has appointed the

1D"( $sset Management (ompany 4imited to manage the Mutual "und. %he paid up

capital of the $M( is 's. />./= crore as on eptember


38/90

• Mr. 'ajeshwar 'aj &ajaaj• Mr. 6ijay Merchant• Ms. 'enu . Jarnad• Mr. Milind &arve• Mr. Deepak . !arekh

S(%"s%rs:

1D"( 4td. was incorporated in =FHH as the first specialised mortgage company in India.

1D"( provides financial assistance to individuals, corporates and developers for the

purchase or construction of residential housing. It also provides property related

services )e.g. property identification, sales services and valuation*, training and

consultancy. f these activities, housing finance remains the dominant activity. 1D"(has a client base of around = lac borrowers, over =H.> lac depositors, over =.@/ lac

shareholders and over />,000 deposit agents, as at March


39/90

4imited, -'31 "inance 4imited, 1D"( 6enture (apital 4imited and (redila "inancial

ervices 4imited.

Trust''s:

1D"( %rustee (ompany 4imited, a company incorporated under the (ompanies $ct,

=F>G is the %rustee to 1D"( Mutual "und vides the %rust deed dated une @, /000, as

amended from time to time. 1D"( %rustee (ompany 4td is wholly owned subsidiary of

1D"(

%he &oard of Directors of 1D"( %rustee (ompany 4imited consists of the

following eminent persons.

Mr. A"$ ?u1ar h$r''

Mr. V$")'"t %s'(h %F9r$'"

Mr. Sh$sh$r ?. D$0a"$

Mr. Ra"a" sa"5h$

Mr. V. Sr$"$3asa ra"5a"

VISION O! HD!C AMC

39


40/90

R'5$strar Tra"s&'r A5'"ts:

(omputer $ge Management ervices !vt. 4td.,'ayala %owers : I,

=>@ $nna alai,(hennai G0000/.%el? )PF=* 0 /@>/ 0>=G"ax? )PF=* 0 /0< /F>/+ebsite? www.camsonline.com

Cust%#$a":

1D"( &$5J 4IMI%2DJamala Mills (ompound,

enapati &apat Marg,4ower !arel,Mumbai 00 0=


41/90

+orli, Mumbai 00 0=@.+ebsite? www.citibank.com

Au#$t%rs:

D24I%%2 1$JI5 9 244(hartered $ccountants=/, Dr. $nnie &esant 'oad,pp. hiv agar 2state,+orli,Mumbai 00 0=@.+ebsite? www.deloitte.co

A0ar#s a))%a#'s :

A0ar#s 0%" 96 HD!C Ass't Ma"a5'1'"t C%. Lt#

eria

l no.

5ame of the $ward

(eremony

$ward

$gency

$wardsQ 2ligible

number of

"und 1ouses

!eriod for

the award

= I('$ Mutual

"und

$wards /0==

I('$ 4td.A

I('$

nline

4imited

tar "und

1ouse

of the Cear

)2uity

(ategory*

=<

Cear

endedDecember


42/90


43/90

H%us$"5 D'3'%(1'"t !$"a")' C%r(%rat$%" L$1$t'# ;HD!C


44/90

the eligible fund houses. %o ualify for the award a fund house needs to have at least

one scheme ranked < star or above in at least three of the euity and debt categories

respectively defined by I('$. %he scoring aims at assessing the number of superior

performing schemes managed by the fund house over the current one:year period. %he

result also takes into account ualitative factors of an $M(Bs structure based on their

responses to a due diligence uestionnaire.

MORNINGSTAR INDIA !UND AWARDS 8++:

&est 2uity "und 1ouse? %he award recogni8es sustained outperformance over three

years, based on the Morningstar 'isk:$djusted 'eturn across its euity fund line:ups for

the period ending December


45/90

Mutual fund industry and structure:

Mutual funds have organi8ation structure as per the ecurity 2xchange &oard of India

guidelineL ecurity 2xchange &oard of India specified authority and responsibility of

%rustee and $sset Management (ompanies. %he objective is to controlling, to

promoted, to regulate, to protect the investor#s right and efficient trading of units.

peration of Mutual fund start with investors saves their money on mutual fund, than

Mutual "und manager handling the funds and strategic investment on scrip. $s per the

objectives of particular scheme manager selected scrip. 3nit value will become high

when fund manager Investment policy generate the return on capital market. 3nit return

depends on fund return and efficient capital market. $lso affects international capital

market, liuidity and at last economic policy. &elow the graph indicates how the process

was going on to investors to earn returns. Mutual fund manager having high

responsibility inside of return and how to minimi8e the risk. +hen fund provided high

return with high risk, investors attract to invest more funds for same scheme.

%he Mutual fund organi8ation as per the 2&I formation and necessary formation is

needed for sooth activities of the companies and achieved the desire objectives.

%ransfer agent and custodian play role for demateriali8ation of the fund and unit holders

hold the account statement, but custody of the unit is on particular $sset Management

(ompany. (ustodian holds all the fund units on demateriali8ation form. ponsor had

decided the responsibility of custodian when investor to purchase the fund and to sell

the unit. $pplication forms, transaction slip and other reuests received by transfer

agent, middle men between investors and $ssets Management (ompanies.

S%1' &a)ts &%r th' 5r%0th %& 1utua &u"#s $" I"#$a:

• Mutual funds have seen =00K growth in the last G years.

45


46/90

• 5umber of foreign $M(#s is in the ueue to enter the Indian markets like "idelity

Investments, 3 based, with over 3R=trillion assets under management

worldwide.

• ur saving rate is over /


47/90

recommendations are not binding on the industry participants. &y its very nature, $M"I

has an advisor#s or a counsellor#s role in the mutual fund industry. Its recommendations

become mandatory if and only if the ecurities and 2xchange &oard of India )2&I*

incorporates them into the regulatory framework it stipulates for mutual funds.

%he Indian mutual fund industry follows a


48/90

name of the %rustees. nce the %rust is created, it is registered with 2&I, after which

point, this %rust is known as the mutual fund.

. Ass't Ma"a5'1'"t C%1(a"6 ;AMC


49/90

Shareholding Trus deed

IM agree!en

PRODUCTS

49

T#,+%""+AM.


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50


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Chapter - 3

Objectives and scope

O7>ECTIVES O! THE STUDY

%o find out the !references of the investors for $sset Management

(ompany.

51


52/90

%o know the !references for the portfolios.

%o know why one has invested or not invested in 1D"( Mutual fund

%o find out the most preferred channel.

%o find out what should do to boost Mutual "und Industry(

S)%(' %& th' stu#6

$ big boom has been witnessed in Mutual "und Industry in recent times. $ large

number of new players have entered the market and trying to gain market share in

this rapidly improving market. I surveyed on my !roject %opic “$ study of

preferences of the Investors for investment in Mutual "und7 on the visiting

customers of the 1D"( M3%3$4 "35D. %he study will help to know thepreferences of the customers, which company, portfolio, mode of investment,

option for getting return and so on they prefer. %his project report may help the

company to make further planning and strategy.

52


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CHAPTER -"

RESEARCH METHO#OLO$Y

-ESEA-*( MET(ODOLOG2

%his report is based on primary as well secondary data, however primary datacollection was given more importance since it is overhearing factor in attitude

studies. ne of the most important users of research methodology is that it helps

in identifying the problem, collecting, analy8ing the reuired information data and

providing an alternative solution to the problem .It also helps in collecting the vital

53


54/90

information that is reuired by the top management to assist them for the better

decision making both day to day decision and critical ones.

Data s%ur)'s:

'esearch is totally based on primary data. econdary data can be used only for

the reference. 'esearch has been done by primary data collection, and primary

data has been collected by interacting with various people. %he secondary data

has been collected through various journals and websites.

Sa1($"5:

Sa1($"5 (r%)'#ur':

%he sample was selected of them who are the customersAvisitors of 1D"(

mutual fund, , irrespective of them being investors or not or availing the

services or not. It was also collected through personal visits to persons, by

formal and informal talks and through filling up the uestionnaire prepared.

%he data has been analy8ed by using mathematicalAtatistical tool.

Sa1(' s$J':

%he sample si8e of my project is limited to /00 people only. ut of which

only =/0 people had invested in Mutual "und. ther @0 people did not

have invested in Mutual "und.

Sa1(' #'s$5":

Data has been presented with the help of bar graph, pie charts, line

graphs etc.

L$1$tat$%":

54


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56/90

Cha%er-&

#aa anal'sis ( iner%reaion

ANAL2SIS & INTE--ETATION OF T(E DATA

1. 3a4 A5' #$str$9ut$%" %& th' I"3'st%rs .

Ag" o,)

30

3135 3640 4145 4650 50

No( o I*"+%o#+ 12 18 30 24 20 16

56


57/90

+2@-2//+2/@/-2@@

@

+

+@

8

8@

@

+8

+

8/

8 +-

+

8

/

@

-

A5' 5r%u( %& th' I"3'st%rs

I"3'st%rs $"3'st'# $" Mutua !u"#

I"t'r(r'tat$%":

$ccording to this chart out of =/0 Mutual "und investors the most are in the agegroup of K, the second most investors are in the age group of =:

>yrs i.e. /0K and the least investors are in the age group of below


58/90

INTERPRETATION

ut of =/0 Mutual "und investors

H=K of the investors are -raduateA!ost -raduate, /


59/90

I"t'r(r'tat$%":

In ccupation group out of =/0 investors, K

are &usinessman, /FK are -ovt. 2mployees, K are in others.

3d4. Mont"ly Fa)ily Ino)! of t"! In!$to%$ .

Ino)! G%ou0 No. of In!$to%$

10000 5

1000115000 12

1500120000 28

2000130000 43

30000 32

59


60/90

+ +2+@ +@28 82

@

+

+@

8

8@

@

/

/@

@

@+8

8

/

8

I")%1' Gr%u( %& th' I"3'st%rs" ;Rs. $" Th.<

N%. %& I"3'st%rs

I"t'r(r'tat$%":

In the Income -roup of the investors , out of =/0 investors,


61/90


62/90

8 988 88

1;<

1

1<

No.of -!$0ond!nt$

ind$ of In!$t)!nt

I"t'r(r'tat$%":

"rom the above graph it can be inferred that out of /00 people, FH.>K

people have invested in aving $Ac, HGK in Insurance, HK in "ixed

Deposits, G0K in Mutual "und, K in !ost ffice, />K in hares or

Debentures, =>K in -oldAilver and K in 'eal 2state.

62


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64/90

98C

?8C?9C

1C

Liquidity LoB -i$, (i'" -!tu%n T%u$t

I"t'r(r'tat$%":

64


65/90

ut of /00 !eople,


66/90

"rom the above chart it is inferred that GHK !eople are aware of Mutual "und and

its operations and


67/90

Y's -

N% /

I"t'r(r'tat$%":

ut of /00 !eople, G0K have invested in Mutual "und and 0K do not have

invested in Mutual "und.

R'as%" &%r "%t $"3'st'# $" Mutua !u"#

-!a$on No. of

-!$0ond!nt$

No% A$#" @<

67


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High"# Ri+ <

No% $*/ S)"iC

R"$+o*

18

=1C

1?C @C

Not ABa%! (i'"!% -i$, Not Any

I"t'r(r'tat$%":

ut of @0 people, who have not invested in Mutual "und, @=K are not aware of

Mutual "und, =


69/90

I"3'st%rs $"3'st'# $" #$&&'r'"t Ass'ts Ma"a5'1'"t C%. ;AMC<

Na)! of AM* No. of In!$to%$

SBIMF 55

UTI 75

HDF. 30

R"'i$*" 75

I.I.I P#,!"*%i$' 56

:o%$ 45

%h"#+ 70

69


70/90

UTI

R'$a")'

ICICI

S7IM!

K%ta?

HD!C

Oth'rs

+ 8 / @ - B

B@

B@

@-

@@

/@

B

+

8

/

@

-

B

+

8

/

@

-

B

N%. %& I"3'st%rs

Na1' %& AMC

I"t'r(r'tat$%":

Most of the Investors preferred 3%I and 'eliance Mutual "und. ut of =/0

Investors G/.>K have invested in each of them, only GK have invested in &IM",

HK in I(I(I !rudential, K in Jotak and />K in 1D"(.

R'as%" &%r $"3'st'# $" HD!C MUTUAL!UND

R"$+o* No( o

R"+)o*!"*%+

A++oi$%"! i%h HDF. 48

B"%%"# R"%,#* 7

70


71/90

Ag"*%+ A!i" 20

@C;C

9>C

A$$oiat!d Bit" SI !tt!% -!tu%n A'!nt$ Adi!

I"t'r(r'tat$%":

ut of >> investors of 1D"( GK have invested because of its association with &rand

'24I$5(2, /HK invested on $gent#s $dvice, FK invested because of better return.

%!f!%!n! of In!$to%$ fo% futu%! in!$t)!nt in

Mutual Fund

71


72/90

Na)! of AM* No. of In!$to%$

SBIMF 76

UTI 45

HDF. 35

R"'i$*" 82

I.I.I P#,!"*%i$' 80

:o%$ 60

%h"#+ 75

72


73/90

SIMF

UTI

(DF*

-!lian!

I*I*I %ud!ntial

ota,

Ot"!%$

8 98 8 @8 8 188

>@

<

?<

9

8

@8

><

1

9

?

<

@

>

1

9

?

<

@

>

No. of In!$to%$

Na)! of AM*

Int!%0%!tation:

ut of =/0 investors, G@K prefer to invest in 'eliance, GHK in I(I(I !rudential,

G


74/90

.h$**"' Fi*$*i$' A!i+o# B$* AM.

No( o

R"+)o*!"*%+

72 18 30

@8C1


75/90

No( o R"+)o*!"*%+ 78 42

@


76/90


77/90

O(t$%" &%r 5'tt$"5 R'tur" Pr'&'rr'# 96 th' I"3'st%rs

)%io* Dii!"*! P$/o,% Dii!"*!

R"i*"+%-"*%

o%h

No( o

R"+)o*!"*%+

25 10 8

5

91CC

>1CDiid!nd ayout Diid!nd -!in!$t)!nt G%oBt"

I"t'r(r'tat$%":

77


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79/90

I"t'r(r'tat$%":

ut of =/0 investors, HFK investors do not prefer to invest in ectoral "und

because there is maximum risk and /=K prefer to invest in ectoral "und.

.h$)%"# 6

79


80/90

Fi*!i*g+ $*! .o*',+io*

Findin'$

%he $ge -roup of years and the least were in the age

group of below


81/90

$mong /00 'espondents only G0K had invested in Mutual "und and 0K did

not have invested in Mutual fund. ut of @0 'espondents @=K were not aware of Mutual "und, =K through

$M( )means Direct Investment* and =>K through &ank. G>K preferred ne %ime Investment and K preferred I! out of both type

of Mode of Investment. %he most preferred !ortfolio was 2uity, the second most was &alance

)mixture of both euity and debt*, and the least preferred !ortfolio was Debt

portfolio. Maximum 5umber of Investors !referred -rowth ption for returns, the second

most preferred Dividend !ayout and then Dividend 'einvestment. Most of the Investors did not want to invest in ectoral "und, only /=K wanted

to invest in ectoral "und.

81


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C%")us$%"

'unning a successful Mutual "und reuires complete understanding of the

peculiarities of the Indian tock Market and also the psyche of the small investors.

%his study has made an attempt to understand the financial behavior of Mutual

"und investors in connection with the preferences of &rand )$M(*, !roducts,

(hannels etc. I observed that many of people have fear of Mutual "und. %hey

think their money will not be secure in Mutual "und. %hey need the knowledge of Mutual "und and its related terms. Many of people do not have invested in mutual

fund due to lack of awareness although they have money to invest. $s the

awareness and income is growing the number of mutual fund investors are also

growing.

“&rand7 plays important role for the investment. !eople invest in those (ompanies

where they have faith or they are well known with them. %here are many $M(s in

!atna but only some are performing well due to &rand awareness. ome $M(s

are not performing well although some of the schemes of them are giving good

return because of not awareness about &rand. 1D"(, 'eliance, 3%I, &IM", I(I(I

!rudential etc. they are well known &rand, they are performing well and their

$ssets 3nder Management is larger than others whose &rand name are not well

known like !rinciple, underam, etc.Distribution channels are also important for

the investment in mutual fund. "inancial $dvisors are the most preferred channel

for the investment in mutual fund. %hey can change investors# mind from oneinvestment option to others. Many of investors directly invest their money through

$M( because they do not have to pay entry load. nly those people invest directly

who know well about mutual fund and its operations and those have time.

82


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*"a0t!% >

Su''!$tion$

And

-!o))!ndation$

83


84/90

Su55'st$%"s a"# R')%11'"#at$%"s

%he most vital problem spotted is of ignorance. Investors should be made aware

of the benefits. 5obody will invest until and unless he is fully convinced. Investors

should be made to reali8e that ignorance is no longer bliss and what they are

losing by not investing. Mutual funds offer a lot of benefit which no other single option could offer. &ut

most of the people are not even aware of what actually a mutual fund isS %hey

only see it as just another investment option. o the advisors should try to change

their mindsets. %he advisors should target for more and more young investors.

Coung investors as well as persons at the height of their career would like to go for

advisors due to lack of expertise and time.

Mutual "und (ompany needs to give the training of the Individual "inancial $dvisors about the "undAcheme and its objective, because they are the main

source to influence the investors. &efore making any investment "inancial $dvisors should first enuire about the

risk tolerance of the investorsAcustomers, their need and time )how long they want

to invest*. &y considering these three things they can take the customers into

consideration. Counger people aged under will be a key new customer group into the future,

so making greater efforts with younger customers who show some interest in

investing should pay off. (ustomers with graduate level education are easier to sell to and there is a large

untapped market there. %o succeed however, advisors must provide sound advice

and high uality. ystematic Investment !lan )I!* is one the innovative products launched by

$ssets Management companies very recently in the industry. I! is easy for

monthly salaried person as it provides the facility of do the investment in 2MI.

%hough most of the prospects and potential investors are not aware about the I!.

%here is a large scope for the companies to tap the salaried persons.

UESTIONNAIRE

84


85/90

A stu#6 %& (r'&'r'")'s %& th' $"3'st%rs &%r $"3'st1'"t $" 1utua &u"#s.

+. P'rs%"a D'ta$s:

)a*. 5ame?:

)b*. $dd? : !hone?:

)c*. $ge?:

)d*. Oualification?:

)e*. ccupation. !l tick )T*

-ovt. er !vt. er &usiness $griculture thers

)g*. +hat is your monthly family income approximatelyS !l tick )T*.

3p to's.=0,000

's. =0,00= to=>000

's. =>,00= to/0,000

's. /0,00= to


86/90

8. +hat kind of investments you have made so farS !l tick )T*. $ll applicable.

a. aving account b. "ixed deposits c. Insurance d. Mutual "und

e. !ost ffice:5(, etc

f.haresADebenture

s

g. -oldA ilver h. 'eal 2state

. +hile investing your money, which factor will you preferS

.

)a* 4iuidity )b* 4ow 'isk )c* 1igh

'eturn

)d* %rust

/. $re you aware about Mutual "unds and their operationsS !l tick )T*. Ces 5o

@. If yes, how did you know about Mutual "undS

a. $dvertisement b. !eer -roup c. &anks d. "inancial $dvisors

-. 1ave you ever invested in Mutual "undS !l tick )T*. Ces 5o

B. If not invested in Mutual "und then whyS

)a* 5ot aware of M" )b* 1igher risk )c* 5ot any specific reason

86


87/90

. If yes* in which Mutual "und you have investedS !l. tick )T*. $ll applicable.

a. &IM" b. 3%I c.

1D"(

d.

'eliance

e. Jotak f. ther. pecify

,. +hen you plan to invest your money in asset management co. which $M( will youpreferS

$ssets Management (o.

a. '24I$5(2

b. 3%I

c. &IM"

d. 1D"(

e. Jotak

f. I(I(I

+. +hich (hannel will you prefer while investing in Mutual "und

)a* "inancial $dvisor )b* &ank )c* $M(

++. +hen you invest in Mutual "unds which mode of investment will you preferS !l. tick)T*.

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a. ne %ime Investment b. ystematic Investment !lan )I!*

+8. +hen you want to invest which type of funds would you chooseS

a. 1aving only debtportfolio

b. 1aving debt 9 euityportfolio.

c. nly euity portfolio.

+. 1ow would you like to receive the returns every yearS !l. tick )T*.

a. Dividend payout b. Dividend re:

investment

c. -rowth in 5$6

+/. Instead of general Mutual "unds, would you like to invest in sectorial fundsS

!lease tick )T*. Ces 5o

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