ICICI Bank (PDF) by sanghaviharshil

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									                                   Table of Contents

Chapter No.                                  Topic                                Page No.
     1.       Executive Summary                                                        05
     2.       Introduction                                                             08

              2.1 Concept of Mutual Funds                                              09

              2.2 Mutual Fund Industry in India                                        10

              2.3 Growth in assets under management                                    13

              2.4 Performance of Mutual Fund in India                                  14

              2.5 Types of Mutual Fund Schemes in India                                16

              2.6 The risk return graphs for various funds                             21

              2.7 Mutual Fund companies in India                                       21

              2.8 Facts for growth of Mutual Funds in India                            27

              2.9 Net Asset Value (NAV)                                                28

              2.10 Organization of Mutual Fund in India                                29

                  2.10.1 Association of Mutual Funds in India (AMFI)                   30

                                                                                       31
                  2.10.2 The objectives of Association of Mutual Funds in India
                                                                                       32
              2.11 Advantages of Mutual Funds
                                                                                       33
              2.12 Drawbacks of Mutual Funds
     3.       Corporate Profile                                                        35

              3.1 Introduction to ICICI Prudential AMC                                 36

              3.2 Organizational Hierarchy                                             37

              3.3 Mutual Fund Structure                                                38

              3.4 Types of Mutual Fund in ICICI Prudential AMC                         39

              3.5 Risk Tolerance                                                       45

                                                                                   1
     3.6 Managing Risks                                            46

     3.7 Types of Risk                                             48
4.   Project Profile                                               51
5.   Objectives of the study                                       54
6.   Research Design                                               56

         6.1 Introduction                                          57

         6.2 Review of Literature                                  57

         6.3 Scope of Study                                        57

         6.4 Type of Research                                      58

         6.5 Source of Data                                        59

         6.6 Data collective Technique                             59

         6.7 Questionnaire                                         59

         6.8 Personal Interview                                    60

         6.9 Sample Size                                           61

         6.10 Technique of Analysis                                61

         6.11 Statistical Tools used for Analysis                  61

        6.12 Limitations                                           61
7.   Observations                                                  62

     7.1 How long to keep investment to get maximum returns        63

     7.2 Returns expected in suggested time frames                 63

     7.3 Marketing in Mutual Funds                                 64

     7.4 The Selling Process                                       66

     7.5 Marketing Strategies                                      67

     7.6 Strategies for selling and creating Brand Awareness       70



                                                               2
      8.     Analysis and Findings                                         75

                  8.1 SWOT Analysis                                        76

                  8.2 Analysis and findings of survey                      83

                8.3 Managerial Implications                                105
      9.     Learning Outcomes and Conclusion                              106

                  9.1 Learning Outcomes                                    107

                  9.2 Key Issues and Conclusion                            107

                 9.3 Scope of Future Research                              109
      10.     Recommendations and Suggestions                              110
      11.    Bibliography                                                  112
      12.    Annexure                                                      114

                  12.1 Feedback Form                                       115

                  12.2 List of respondents of Agents                       118

                  12.3 List of respondents of Bankers                      119

                  12.4 List of respondents of National Distributors        121

                                       List of Tables

 Table No.                          Table Description                 Page No

3.1          Key Indicators of Investment                                  36

3.2          Objectives of various Funds                                   45

3.3          Systematic Investment Plan                                    47

7.1          How long to keep investment to get maximum returns            63

7.2          Returns expected in Suggested time frames                     63




                                                                       3
                                    List of Figures

Table No.                         Table Description            Page No
   2.1      Working of Mutual Funds                                  9
   2.2      Mutual Fund Industry in India                        10
   2.3      Growth in Assets under Management                    13
   2.4      Total Net Assets in 2007 & 2008                      13
   2.5      Types of Mutual Fund Schemes in India                16
   2.6      The Risk Return Graph                                21
   2.7      Organization of Mutual Funds in India                30
   3.1      Organizational Hierarchy of ICICI Prudential AMC     37
   3.2      Mutual Fund Structure of ICICI Prudential AMC        38
   3.3      Types of Mutual Funds in ICICI Prudential AMC        40
   7.1      Marketing in Mutual funds                            64
   7.2      Marketing Process                                    64
   7.3      Selling Models                                       66
   8.1      SWOT Analysis                                        76
   8.2      Survey Results                                       83
   8.3      Survey Results                                       85
   8.4      Survey Results                                       86
   8.5      Survey Results                                       87
   8.6      Survey Results                                       88
   8.7      Survey Results                                       89
   8.8      Survey Results                                       92
   8.9      Survey Results                                       94
  8.10      Survey Results                                       96
  8.11      Survey Results                                      97-98
  8.12      Survey Results                                       99
  8.13      Survey Results                                       102




                                                                 4
    Chapter 1
Executive Summary




                    5
                               Executive Summary
The project involves a study of mutual fund industry and evaluating and suggesting
measures to improve the services provided by the Representatives of ICICI Prudential
AMC to the retail distributors and also to identify the strong as well as the weak points so
that an appropriate sales pitch could be developed. The sales pitch highlighted features
like its huge distributor base, returns being independent of the market ups and downs, etc.
Calls were made to all the different channel distributors across all tiers from company‟s
database and appointments were sought. Thereafter a brief questionnaire was filled up by
them regarding their perception about ICICI Prudential AMC.

A lot of interaction has been done with the distributors about the products and services of
ICICI Prudential AMC.A comparative analysis is also done of ICICI prudential AMC,
mutual fund with other AMC‟s in order to find the market position of the company with
respect to services provided by it. It was found that there are many issues that company
needs to improve, which are elaborated in further parts of the report.

Relationship management (RM) seems to be the buzzterm of the millennium. Companies
across most industries are implementing RM programs. The face of business relationships
is changing due to expectations shaped by the interactive nature of the internet.


RM is the process of interacting with intermediary and end-user customers, and
developing personalized relationships based on their needs. To implement RM, you must
give your customers choices, make it easy for them to conduct business, store all
collected information in the customer database, and treat customers differently based on
their values. In short, develop a customer focus.

Gaining clients' confidence and trust in you and your company is key for developing
good business relationships. Too often, consultants, sales people or other company
representatives go into meetings like 'gangbusters' deluging clients (or potential clients)
with too much information and barely drawing breath.                                      .




                                                                                          6
Business Relationship Building is all about the fact that it's 'you they buy' at gut level.
Clearly, they are interested in what your company has to offer or you wouldn't be having
meetings with them in the first place, but for the duration of those meetings you are the
company.


This means that it's less about your product and a whole lot more about how you connect
and engage with your client. You need to be a 'safe pair of hands' and at the same time
have the skills to engender trust, understand your clients needs and get under the skin of
what is going on their company.                                                          .


Equally important, is the ability to 'suss out' unspoken agendas and to deliver messages
the client may not want to hear. What we mean here is that often a client thinks they
know what they want and once you dig around a bit you realise that they need something
quite different or in addition to.                                                       .


On the other hand, sometimes clients can be a bit vague and only have a general idea of
what they want, so part of business relationship building is to tease out needed
information without giving them the third degree.                                        .


Whether it's a 'beauty parade', a tender presentation, an informal meeting or a
straightforward pitch for business, the better your Business Relationship Building Skills,
the better your chances are of convincing them to 'buy you'.




                                                                                         7
 Chapter 2
Introduction




               8
                                  2. Introduction

2.1 Concept of Mutual Funds

A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through
these investments and the capital appreciations realized are shared by its unit holders in
proportion to the number of units owned by them. Thus a Mutual Fund 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. The flow
chart below describes broadly the working of a mutual fund:




                                        Figure 2.1




                                                                                         9
2.2 Mutual Funds Industry in India




                                      Figure 2.2

The origin of mutual fund industry in India is with the introduction of the concept of
mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated
from the year 1987 when non-UTI players entered the industry.                          .


In the past decade, Indian mutual fund industry had seen a dramatic improvement, both
qualities wise as well as quantity wise. Before, the monopoly of the market had seen an
ending phase; the Assets under Management (AUM) were Rs. 67bn. The private sector
entry to the fund family raised the AUM to Rs. 470 bn in March 1993 and till April 2004;
it reached the height of 1,540 bn.                                                     .

                                                                                     10
Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is
less than the deposits of SBI alone, constitute less than 11% of the total deposits held by
the Indian banking industry.                                                              .



The main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellectuated with the concept.
Hence, it is the prime responsibility of all mutual fund companies, to market the product
correctly abreast of selling.                                                             .
The mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.



First Phase – 1964-87: Unit Trust of India (UTI) was established on 1963 by an Act of
Parliament. It was set up by the Reserve Bank of India and functioned under the
Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-
linked from the RBI and the Industrial Development Bank of India (IDBI) took over the
regulatory and administrative control in place of RBI. The first scheme launched by UTI
was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under
management.



Second Phase – 1987-1993 (Entry of Public Sector Funds): Entry of non-UTI mutual
funds. SBI Mutual Fund was the first followed by Can bank Mutual Fund (Dec 87),
Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank
of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990.
Te ehnd of 1993 marked Rs.47,004 as assets under management.




Third Phase – 1993-2003 (Entry of Private Sector Funds): With the entry of private
sector funds in 1993, a new era started in the Indian mutual fund industry, giving the

                                                                                        11
Indian investors a wider choice of fund families. Also, 1993 was the year in which the
first Mutual Fund Regulations came into being, under which all mutual funds, except UTI
were to be registered and governed. The erstwhile Kothari Pioneer (now merged with
Franklin Templeton) was the first private sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive
and revised Mutual Fund Regulations in 1996. The industry now functions under the
SEBI (Mutual Fund) Regulations 1996.                                                     .
The number of mutual fund houses went on increasing, with many foreign mutual funds
setting up funds in India and also the industry has witnessed several mergers and
acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets
of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44, 541 crores of assets under
management was way ahead of other mutual funds.



Fourth Phase – since February 2003: This phase had bitter experience for UTI. It was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust
of India with AUM of Rs.29, 835 crores (as on January 2003). The Specified
Undertaking of Unit Trust of India, functioning under an administrator and under the
rules framed by Government of India and does not come under the purview of the Mutual
Fund Regulations.                                                                        .
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of
AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual
Fund Regulations, and with recent mergers taking place among different private sector
funds, the mutual fund industry has entered its current phase of consolidation and growth.
As at the end of September, 2004, there were 29 funds, which manage assets of
Rs.153108 crores under 421 schemes.                                                     .




                                                                                       12
2.3 GROWTH IN ASSETS UNDER MANAGEMENT




Source: www.finance.indiamart.com      Figure 2.3




Source: www.mutualfundsindia.com    Figure 2.4


                                                    13
2.4 Performance of Mutual Funds in India

Let us start the discussion of the performance of mutual funds in India from the day the
concept of mutual fund took birth in India. The year was 1963. Unit Trust of India
invited investors or rather to those who believed in savings, to park their money in UTI
Mutual Fund.                                                                              .


For 30 years it goaled without a single second player. Though the 1988 year saw some
new mutual fund companies, but UTI remained in a monopoly position.                      .


The performance of mutual funds in India in the initial phase was not even closer to
satisfactory level. People rarely understood, and of course investing was out of question.
But yes, some 24 million shareholders were accustomed with guaranteed high returns by
the beginning of liberalization of the industry in 1992. This good record of UTI became
marketing tool for new entrants. The expectations of investors touched the sky in
profitability factor. However, people were miles away from the preparedness of risks
factor after the liberalization.                                                          .


The Assets under Management of UTI was Rs. 67bn. by the end of 1987. Let me
concentrate about the performance of mutual funds in India through figures. From Rs.
67bn. the Assets under Management rose to Rs. 470 bn. in March 1993 and the figure had
a three times higher performance by April 2004. It rose as high as Rs. 1,540bn.


The net asset value (NAV) of mutual funds in India declined when stock prices started
falling in the year 1992. Those days, the market regulations did not allow portfolio shifts
into alternative investments. There was rather no choice apart from holding the cash or to
further continue investing in shares. One more thing to be noted, since only closed-end
funds were floated in the market, the investors disinvested by selling at a loss in the
secondary market.                                                                         .




                                                                                        14
The    performance    of    mutual    funds   in   India    suffered   qualitatively.   The
1992 stock market scandals, the losses by disinvestments and of course the lack of
transparent rules in the where about rocked confidence among the investors. Partly owing
to a relatively weak stock market performance, mutual funds have not yet recovered, with
funds trading at an average discount of 10 20 percent of their net asset value.            .


The supervisory authority adopted a set of measures to create a transparent and
competitive environment in mutual funds. Some of them were like relaxing investment
restrictions into the market, introduction of open-ended funds, and paving the gateway for
mutual funds to launch pension schemes.                                                    .


The measure was taken to make mutual funds the key instrument for long-term saving.
The more the variety offered, the quantitative will be investors.At last to mention, as long
as mutual fund companies are performing with lower risks and higher profitability within
a short span of time, more and more people will be inclined to invest until and unless they
are fully educated with the dos and don‟ts of mutual funds.




                                                                                         15
   2.5 Types of Mutual Funds Scheme in India

   Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial
   position, risk tolerance and return expectations etc. The table below gives an overview
   into the existing types of schemes in the Industry.




                                            Figure 2.5




   By Structure

 Open – Ended Schemes
 Close – Ended Schemes
 Interval Schemes



                                                                                       16
    By Investment Objective

 Growth Schemes
 Income Schemes
 Balanced Schemes
 Money Market Schemes


    Other Schemes

 Tax Saving Schemes
 Special Schemes
 Index Schemes
 Sector Specific Schemes

    Mutual Funds have specific investment objectives such as growth of capital, safety of
    principal current income or tax exempt income, one can select one fund or any number of
    different funds to help one meets ones specific goals. In general mutual fund fall under 3
    general categories: -

               1) Equity fund invest in shares of common stocks.
               2) Fixed income funds invest in government or corporate securities, which
                   offer fixed rate of returns.
               3) Balanced fund invest in a combination of both stocks and bonds

    OPEN ENDED SCHEMES:

    Open-ended schemes do not have a fixed maturity period. Investors can buy or sell units
    at NAV- related prices from and to the mutual fund on any business day. These schemes
    have unlimited capitalization, open-ended schemes do not have a fixed maturity, there is
    no cap on the amount you can buy from the fund and the unit capital keep growing. These
    funds are not generally listed on any exchange.



                                                                                           17
Open-ended schemes are preferred for their liquidity. Such funds can issue and redeem
units any time during the life of schemes. Hence unit capital of open-ended funds can
fluctuate on a daily basis. The advantages of open-ended schemes are: -

Any time exit option
Any time enter option.

CLOSED ENDED SCHEMES:-

Close-ended schemes have fixed maturity periods. Investors can buy into these funds
during the period when these funds are open in the initial issue. After that such scheme
cannot issue new units except in case of bonus or right issue. However after the initial
issue you can buy or sell units of the schemes on the stock exchange where they are listed.
The market price of the unit could vary from the NAV of the schemes due to demand and
supply factor.

AGGRESSIVE GROWTH FUNDS :-

These funds seek to provide maximum growth of capital with secondary emphasis on
dividend or interest income. They invest in common stocks with a high potential for rapid
growth and capital appreciation.

Aggressive growth funds are suitable for those investors who can afford to assume the
risk of potential loss in value of their investment in the hope of achieving substantial and
rapid gains. They are not suitable for investors who must conserve their principal or who
must maximize their current income.

GROWTH FUNDS:-

Like aggressive growth funds, growth fund generally invests in stocks for growth rather
than income. They are considered more conservative in their approach because they
usually invest in established companies to achieve long-term growth. Growth fund
provides low current income but the investor principal is more stable then it would be in


                                                                                         18
an aggressive growth fund. While the growth potential may be less over the short term,
many growth funds have superior long-term performance records.

These funds are suitable for growth oriented investors but not investors who are unable to
assume risk or who are dependent on maximizing current income from there investments.

GROWTH AND INCOME FUNDS:-

Growth and income funds seek long-term growth of capital as well as current income.
The investments strategies use to reach these goals vary among funds.

Growth and income funds have low to moderate stability of principal and moderate
potential for current income and growth. They are suitable for investors who can assume
some risk to achieve growth of capital but want to maintain a moderate level of current
income.

FIXED INCOME FUNDS:-

The goal of fixed income fund is to provide high current income consistent with the level
of capital. Growth of capital is of secondary importance.

Fixed income funds offer a higher level of current income than money market funds, but
a lower stability of principal. Fixed income funds are suitable for investors who want to
maximize current income and who can assume a degree of capital risk in order to do so.

EQUITY FUNDS:-

Funds that invest in stocks represent the largest category of mutual fund. Generally the
investment objective of this class of fund is long-term capital growth with some income.
There are however many type of equity funds.

BALANCED FUNDS:-

The Balanced funds aims to provide both growth and income. These funds invest in both
shares and fixed income securities in the proportion indicated in their offer documents. It
                                                                                        19
is an idea for investors who are looking for the combinations of income and moderate
growth.

MONEY MARKET FUNDS/ LIQUID FUNDS:-

For the cautious investors these funds provide a very high stability of principal while
seeking a moderate to high current income. They invest in highly liquid; virtually risk
free, short-term debt securities of agencies of the Indian government, banks and
corporation and treasury bills. Because of their short-term investments, money market
mutual funds are able to keep a virtually constant unit price; only the yield fluctuates.
Money market funds are suitable for those investors who want high stability of principal
and current income with immediate liquidity.

SPECIALITY / SECTOR FUNDS:-

These funds invest in securities of a specific industry or sector of the economy such as
health care, technology, leisure, utilities or precious metals. The funds enable investor to
diversify holding among many companies within an industry, a more conservative
approach than investing directly in one particular company.

Sector funds offer an opportunity for sharp capital gains in cases where the fund‟s
industry is “in favor” but also entail the risk of capital losses when the industry is out of
favor. While sectors funds restrict holdings to a particular industry, other specialty funds
such as index funds gives investors a broadly diversified portfolio and attempt to mirror
the performance of various market averages.




                                                                                          20
2.6 THE RISK RETURN GRAPHS FOR VARIOUS FUNDS:-




                                       Figure 2.6

The above Graph shows the Risk and Returns generated by different Funds. Liquid Funds
are less Risky and also generate less Returns where as Sector Funds are more Risky but
generate more Returns by the example of above two Funds it is clear that Risk and
Returns are directly proportional to each other. Other Funds like Equity Funds, Balanced
Funds and Income Funds are also gives the same percentage of Returns as the Risk
involved.


2.7 Mutual Fund Companies in India

The concept of mutual funds in India dates back to the year 1963. The era between 1963
and 1987 marked the existence of only one mutual fund company in India with Rs. 67bn
assets under management (AUM), by the end of its monopoly era, the Unit Trust of India
(UTI). By the end of the 80s decade, few other mutual fund companies in India took their
position in mutual fund market.                                                        .


The new entries of mutual fund companies in India were SBI Mutual Fund, Can bank
Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of
                                                                                     21
India Mutual Fund.                                                                      .
The succeeding decade showed a new horizon in Indian mutual fund industry. By the end
of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds
started penetrating the fund families. In the same year the first Mutual Fund Regulations
came into existence with re-registering all mutual funds except UTI. The regulations
were further given a revised shape in 1996.                                             .


Kothari Pioneer was the first private sector mutual fund company in India which has now
merged with Franklin Templeton. Just after ten years with private sector players
penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund
companies in India.

ABN AMRO Mutual Fund                                                                   d
ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India)
Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset Management (India)
Ltd. was incorporated on November 4, 2003.Deutsche Bank A G is the custodian of ABN
AMRO Mutual Fund.                                                                       .


Birla Sun Life Mutual Fund                                                             d
Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life
Financial. Sun Life Financial is a global organization evolved in 1871 and is being
represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart from
India. Birla Sun Life Mutual Fund follows a conservative long-term approach to
investment. Recently it crossed AUM of Rs. 10,000 crores..                              .


Bank of Baroda Mutual Fund (BOB Mutual Fund)                                            )
Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992 under
the sponsorship of Bank of Baroda. BOB Asset Management Company Limited is the
AMC of BOB Mutual Fund and was incorporated on November 5, 1992. Deutsche Bank
AG is the custodian.                                                                   n.



                                                                                      22
HDFC Mutual Fund                                                                     d
HDFC Mutual Fund was setup on June 30, 2000 with two sponsors namely Housing
Development Finance Corporation Limited and Standard Life Investments Limited.


HSBC Mutual Fund                                                                     d
HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital
Markets (India) Private Limited as the sponsor. Board of Trustees, HSBC Mutual Fund
acts as the Trustee Company of HSBC Mutual Fund.                                      .


ING Vysya Mutual Fund                                                                d
ING Vysya Mutual Fund was setup on February 11, 1999 with the same named Trustee
Company. It is a joint venture of Vysya and ING. The AMC, ING Investment
Management (India) Pvt. Ltd. was incorporated on April 6, 1998.                       .


Prudential ICICI Mutual Fund                                                         d
The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the
largest life insurance companies in the US of A. Prudential ICICI Mutual Fund was setup
on 13th of October, 1993 with two sponsors, Prudential Plc. and ICICI Ltd. The Trustee
Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential ICICI Asset
Management Company Limited incorporated on 22nd of June, 1993.                        .


Sahara Mutual Fund                                                                   d
Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial Corporation
Ltd. as the sponsor. Sahara Asset Management Company Private Limited incorporated on
August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid-up capital of the
AMC stands at Rs 25.8 crore.                                                          .


State Bank of India Mutual Fund                                                      d
State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch
offshore fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately. Today
it is the largest Bank sponsored Mutual Fund in India. They have already launched 35

                                                                                    23
Schemes out of which 15 have already yielded handsome returns to investors. State Bank
of India Mutual Fund has more than Rs. 5,500 Crores as AUM. Now it has an investor
base of over 8 Lakhs spread over 18 schemes.                                              .


Tata Mutual Fund                                                                      d
Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsors for
Tata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The
investment manager is Tata Asset Management Limited and its Tata Trustee Company
Pvt. Limited. Tata Asset Management Limited's is one of the fastest in the country with
more than Rs. 7,703 crores (as on April 30, 2005) of AUM.                             .


Kotak Mahindra Mutual Fund                                                            d
Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It is
presently having more than 1,99,818 investors in its various schemes. KMAMC started
its operations in December 1998. Kotak Mahindra Mutual Fund offers schemes catering
to investors with varying risk - return profiles. It was the first company to launch
dedicated gilt scheme investing only in government securities.



Unit Trust of India Mutual Fund                                                       d
UTI Asset Management Company Private Limited, established in Jan 14, 2003, manages
the UTI Mutual Fund with the support of UTI Trustee Company Private Limited. UTI
Asset Management Company presently manages a corpus of over Rs.20000 Crore. The
sponsors of UTI Mutual Fund are Bank of Baroda (BOB), Punjab National Bank (PNB),
State Bank of India (SBI), and Life Insurance Corporation of India (LIC). The schemes of
UTI Mutual Fund are Liquid Funds, Income Funds, Asset Management Funds, Index
Funds, Equity Funds and Balance Funds.                                                    .


Reliance Mutual Fund                                                                  d
Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The
sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is
the Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual Fund which
                                                                                     24
was changed on March 11, 2004. Reliance Mutual Fund was formed for launching of
various schemes under which units are issued to the Public with a view to contribute to
the capital market and to provide investors the opportunities to make investments in
diversified securities.                                                                     .


Standard Chartered Mutual Fund                                                             d
Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by Standard
Chartered Bank. The Trustee is Standard Chartered Trustee Company Pvt. Ltd. Standard
Chartered Asset Management Company Pvt. Ltd. is the AMC which was incorporated
with SEBI on December 20,1999.                                                              .


Franklin Templeton India Mutual Fund                                                       d
The group, Frnaklin Templeton Investments is a California (USA) based company with a
global AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest financial
services groups in the world. Investors can buy or sell the Mutual Fund through their
financial advisor or through mail or through their website. They have Open end
Diversified Equity schemes, Open end Sector Equity schemes, Open end Hybrid schemes,
Open end Tax Saving schemes, Open end Income and Liquid schemes, closed end
Income schemes and Open end Fund of Funds schemes to offer.

Morgan Stanley Mutual Fund India                                                           a
Morgan Stanley is a worldwide financial services company and it‟s leading in the market
in securities, investment management and credit services. Morgan Stanley Investment
Management (MISM) was established in the year 1975. It provides customized asset
management services and products to governments, corporations, pension funds and non-
profit organizations. Its services are also extended to high net worth individuals and retail
investors. In India it is known as Morgan Stanley Investment Management Private
Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). This is the
first close end diversified equity scheme serving the needs of Indian retail investors
focusing on a long-term capital appreciation.                                               .
Escorts Mutual Fund                                                                        d
Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as its
                                                                                          25
sponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC was
incorporated on December 1, 1995 with the name Escorts Asset Management Limited.


Alliance Capital Mutual Fund                                                         d
Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance Capital
Management Corp. of Delaware (USA) as sponsored. The Trustee is ACAM Trust
Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India (Pvt) Ltd.
with the corporate office in Mumbai.                                                  .


Benchmark Mutual Fund                                                                d
Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt.
Ltd. as the sponsored and Benchmark Trustee Company Pvt. Ltd. as the Trustee
Company. Incorporated on October 16, 2000 and headquartered in Mumbai, Benchmark
Asset Management Company Pvt. Ltd. is the AMC.                                        .


Canbank Mutual Fund                                                                  d
Can bank Mutual Fund was setup on December 19, 1987 with Canara Bank acting as the
sponsor. Can bank Investment Management Services Ltd. incorporated on March 2, 1993
is the AMC. The Corporate Office of the AMC is in Mumbai.

Chola Mutual Fund                                                                    d
Chola   Mutual   Fund    under   the   sponsorship   of   Cholamandalam     Investment
& Finance Company Ltd. was setup on January 3, 1997. Cholamandalam Trustee Co. Ltd.
is the Trustee Company and AMC is Cholamandalam AMC Limited.

LIC Mutual Fund                                                                      d
Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. It
contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was
constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882.
The Company started its business on 29th April 1994. The Trustees of LIC Mutual Fund
have appointed Jeevan Bima Sahayog Asset Management Company Ltd as the
Investment Managers for LIC Mutual Fund.                                              .

                                                                                    26
GIC Mutual Fund                                                                           d
GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a
Government of India undertaking and the four Public Sector General Insurance
Companies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co. Ltd.
(NIA), The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co. Ltd. (UII)
and is constituted as a Trust in accordance with the provisions of the Indian Trusts Act,
1882.




2.8 Some facts for the growth of mutual funds in India

    100% growth in the last 6 years
    Numbers of foreign AMC‟s are in the queue to enter the Indian markets
        like Fidelity Investments, US based, with over US$1trillion assets under
        management worldwide
    Our saving rate is over 23%, highest in the world. Only channel zing these
        savings in mutual funds sector is required
    We have approximately 29 mutual funds which is much less than US having more
        than 800. There is a big scope for expansion
    'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are
        concentrating on the 'A' class cities. Soon they will find scope in the growing
        cities
    Mutual fund can penetrate rurals like the Indian insurance industry with simple
        and limited products
    SEBI allowing the MF's to launch commodity mutual funds
    Emphasis on better corporate governance
    Trying to curb the late trading practices
    Introduction of Financial Planners who can provide need based advice




                                                                                          27
2.9 Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its liabilities. The
per unit NAV is the net asset value of the scheme divided by the number of units
outstanding on the Valuation Date.

Net Assets held by the AMC divided by Number of units outstanding gives us NAV.

Net Assets =         No. of Units

Where, Net Assets refers to investments plus current assets less current liabilities.

Net Assets       =         Investments

                + Current Assets & other Assets

                + Accrued Income

                + Deferred Revenue Expenditure

             (-) Current Liabilities

             (-) Other Liabilities

             (-) Accrued Expenses

Sale Price

Is the price you pay when you invest in a scheme. Also called Offer Price. It may include
a sales load.

Repurchase Price

Is the price at which a close-ended scheme repurchases its units and it may include a
back-end load. This is also called Bid Price.


                                                                                        28
Redemption Price

Is the price at which open-ended schemes repurchase their units and close- ended
schemes redeem their units on maturity. Such prices are NAV related.

Sales Load

Is a charge collected by a scheme when it sells the units. Also called, „Front-end‟ load.
Schemes that do not charge a load are called „No Load‟ schemes.

Repurchase or ‘Back-end’ Load

Is a charge collected by a scheme when it buys back the units from the unit holders.

Expense Ratio:

A measure of what it costs an investment company to operate a mutual fund. An expense
ratio is determined through an annual calculation, where a fund's operating expenses are
divided by the average dollar value of its assets under management. Operating expenses
are taken out of a fund's assets and lower the return to a fund's investors.            .


Also know as "management expense ratio" (MER).

High expense ratios decrease investors' returns. An example would be two funds that
both earned a 10% return before fees. If the first fund has an expense ratio that is 2
percent higher than second fund, you lose an extra 20 percent of your expected returns
each year when your money is in the first fund. High expense ratios don‟t mean better
results.

The expense ratio does not include brokerage costs and various other transaction costs
that may also contribute to a fund's total expenses.




                                                                                       29
2.10 Organization of Mutual Funds in India

There are many entities involved and the diagram below illustrates the organizational set
up of a mutual fund:




                                        Figure 2.7


2.10.1 Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in
India was generated to function as a non-profit organization. Association of Mutual
Funds in India (AMFI) was incorporated on 22nd August, 1995.                         .


AMFI is an apex body of all Asset Management Companies (AMC) which has been
registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes
are its members. It functions under the supervision and guidelines of its Board of
Directors.
Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to
a professional and healthy market with ethical lines enhancing and maintaining standards.
It follows the principle of both protecting and promoting the interests of mutual funds as
well as their unit holders.                            .
                                                                                           30
2.10.2 The objectives of Association of Mutual Funds in India
The Association of Mutual Funds of India works with 30 registered AMCs of the country.
It has certain defined objectives which juxtaposes the guidelines of its Board of Directors.
The objectives are as follows:

This mutual fund association of India maintains a high professional and ethical standard
in all areas of operation of the industry.

It also recommends and promotes the top class business practices and code of conduct
which is followed by members and related people engaged in the activities of mutual
fund and asset management. The agencies who are by any means connected or involved
in the field of capital markets and services also involved in this code of conduct of the
association.

AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund
industry.

Association of Mutual Fund of India does represent the Government of India, the Reserve
Bank of India and other related bodies on matters relating to the Mutual Fund Industry.

It develops a team of well qualified and trained Agent distributors. It implements a
programmed of training and certification for all intermediaries and other engaged in the
mutual fund industry.

AMFI undertakes all India awareness programmed for investor‟s in order to promote
proper understanding of the concept and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate information
on Mutual Fund Industry and undertakes studies and research either directly or in
association with other bodies.




                                                                                          31
2.11 Advantages of Mutual Funds

The advantages of investing in a Mutual Fund are:

 Diversification     of    risk:   The best mutual funds design    their   portfolios   so
   individual investments will react differently to the same economic conditions. For
   example, economic conditions like a rise in interest rates may cause certain securities
   in a diversified portfolio to decrease in value. Other securities in the portfolio will
   respond to the same economic conditions by increasing in value. When a portfolio is
   balanced in this way, the value of the overall portfolio should gradually increase over
   time, even if some securities lose value.
 Professional Management: Most mutual funds pay topflight professionals to
   manage their investments. These managers decide what securities the fund will buy
   and sell.
 Regulatory Oversight: Mutual funds are subject to many government regulations
   that protect investors from fraud. Securities Exchange Board of India (“SEBI”), the
   mutual funds regulator has clearly defined rules, which govern mutual funds. These
   rules relate to the formation, administration and management of mutual funds and
   also prescribe disclosure and accounting requirements. Such a high level of regulation
   seeks to protect the interest of investors.
 Liquidity: It's easy to get your money out of a mutual fund. Write a check, make a
   call, and you've got the cash. Often, investors hold shares or bonds they cannot
   directly, easily and quickly sell. Investment in mutual funds, on the other hand, is
   more liquid. An investor can liquidate the investment, by selling the units to the fund
   if open-end, or selling them in the market if the fund is close-end, and collect funds at
   the end of each period specified by the mutual fund or the stock market.
 Convenience and flexibility: You own just one security rather than many, yet enjoy
   the benefits of a diversified portfolio and a wide range of services. Fund managers
   decide what securities to trade collect the interest payments and see that your
   dividends on portfolio securities are received and your rights exercised. It also uses
   the services of a high quality custodian and registrar in order to make sure that your
   convenience remains at the top of our mind.
                                                                                         32
 Low cost: Mutual fund expenses are often no more than 1.5 percent of your
   investment. Expenses for Index Funds are less than that, because index funds are not
   actively managed. Instead, they automatically buy stock in companies that are listed
   on a specific index.
 Personal Service: One call puts you in touch with a specialist who can provide you
   with information you can use to make your own investment choices. They will
   provide you personal assistance in buying and selling your fund units, provide fund
   information and answer questions about your account status. Our Customer service
   centers are at your service and our Marketing team would be eager to hear your
   comments on our schemes.
 Transparency: You get regular information on the value of your investment in
   addition to disclosure on the specific investments made by the mutual fund scheme.
 Choice of schemes
 Tax benefits
 Well regulated


2.12 Drawbacks of Mutual Funds

Mutual funds have their drawbacks and may not be for everyone:

 No Guarantees: No investment is risk free. If the entire stock market declines in
   value, the value of mutual fund shares will go down as well, no matter how balanced
   the portfolio. Investors encounter fewer risks when they invest in mutual funds than
   when they buy and sell stocks on their own. However, anyone who invests through a
   mutual fund runs the risk of losing money.
 Fees and commissions: All funds charge administrative fees to cover their day-to-
   day expenses. Some funds also charge sales commissions or "loads" to compensate
   brokers, financial consultants, or financial planners. Even if you don't use a broker or
   other financial adviser, you will pay a sales commission if you buy shares in a Load
   Fund.
 Taxes: During a typical year, most actively managed mutual funds sell anywhere
   from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit

                                                                                        33
   on its sales, you will pay taxes on the income you receive, even if you reinvest the
   money you made.
 Management risk: When you invest in a mutual fund, you depend on the fund's
   manager to make the right decisions regarding the fund's portfolio. If the manager
   does not perform as well as you had hoped, you might not make as much money on
   your investment as you expected. Of course, if you invest in Index Funds, you forego
   management risk, because these funds do not employ managers.
 Dilution: It‟s possible to have too much diversification. Because funds have small
   holdings in so many different companies, high returns from a few investments often
   don‟t make much difference on the overall return. Dilution is also the result of a
   successful fund getting too big. When money pours into funds that have had strong
   success, the manager often has trouble finding a good investment for all the new
   money.




                                                                                    34
   Chapter 3

Corporate Profile




                    35
3.1 Introduction to ICICI Prudential AMC

ICICI Prudential Asset Management Company enjoys the strong parentage of Prudential
plc, one of UK's largest players in the insurance & fund management sectors and ICICI
Bank, a well-known and trusted name in financial services in India. ICICI Prudential
Asset Management Company, in a span of just over eight years, has forged a position of
pre-eminence in the Indian Mutual Fund industry as one of the largest asset management
companies in the country with assets under management of Rs. 65,576.64 Crore (as of
May 31, 2009). The Company manages a comprehensive range of schemes to meet the
varying investment needs of its investors spread across 230 cities in the country.

Key Indicators                         Table 3.1
                                   At inception - May 1998        As on May 31, 2009
Average Assets Under
                                   Rs. 160 Crore                  Rs. 65,576.64 Crore
Management
Number of Funds Managed            2                              40


Source: www.icicipruamc.com




Headquartered in London, Prudential plc and its affiliated companies together constitute
one of the world's leading financial services groups. Prudential provides insurance and
financial services in a number of markets around the world, including in Asia, the US, the
UK, Europe and the Middle East. Founded in 1848, the company has £249 billion in
funds under management (as of 31 December 2008) and more than 21 million customers
worldwide.



                                                                                        36
Prudential has been writing life insurance in the United Kingdom for 160 years and has
had the largest long-term fund in the United Kingdom, for over a century. In the United
Kingdom, Prudential is a leading retirement savings and income solutions and life
assurance provider. M&G is Prudential's fund management business in the United
Kingdom and Europe, with almost £140 billion in funds under management (as of 31
December 2008). In the United States, Jackson National Life, which we acquired in 1986,
is one of the largest life insurance companies providing retirement savings and income
solutions.


In Asia, Prudential is the leading Europe-based life insurer in terms of market coverage
and number of top three ranking positions. It is also one of the largest and most
successful fund managers in Asia with more top five market rankings than any other
regional player. Today, Prudential has life insurance and fund management operations
spanning 13 diverse markets in Asia.

Prudential plc is incorporated and with its principal place of business in the United
Kingdom. It is not affiliated in any manner with Prudential Financial, Inc., a company
whose principal place of business is in the United States.


3.2 Organizational Hierarchy


                                                           Branch
                                                           Manager




             Retail Channel                        Banking          Corporate      Operations      Corporate
                                 PMS Head
                 Head                            Channel Head      Payroll Head   Channel Head       Head




   Relationship        Relationship     Relationship      Relationship                            Relationship
    Manager             Manager          Manager           Manager                                  Mnager




                                              Figure 3.1


                                                                                                 37
  3.3 Mutual Fund Structure

  The SEBI (Mutual Funds) Regulations 1993 define a mutual fund (MF) as a fund
  established in the form of a trust by a sponsor to raise monies by the Trustees through the
  sale of units to the public under one or more schemes for investing in securities in
  accordance with these regulations.

  These regulations have since been replaced by the SEBI (Mutual Funds) Regulations,
  1996. The structure indicated by the new regulations is indicated as under.A mutual fund
  comprises four separate entities, namely sponsor, mutual fund trust, AMC and custodian.
  The sponsor establishes the mutual fund and gets it registered with SEBI.The mutual fund
  needs to be constituted in the form of a trust and the instrument of the trust should be in
  the form of a deed registered under the provisions of the Indian Registration Act, 1908.



                   Sponsor Company                       Establishes the MF as a
                   (e.g. ICICI Prudential)               trust
                                                         Registers the MF with SEBI

Managed By Board
of Trustees

                                                          Hold unit-holders funds in MF
                   Mutual Fund
                                                          Enter into an agreement with
                   (e.g. ICICI Prudential
                                                          SEBI and ensure compliance
                   Mutual Fund))


                     AMC                                     Float MF Funds
                     (e.g. ICICI Prudential                  Manages the fund as per SEBI
                     Asset Management                        guidelines and AMC
                     Company                                 agreement


                    Custodian                             Provides Custodial Services

                                                Figure 3.2



                                                                                             38
The sponsor is required to contribute at least 40% of the minimum net worth (Rs. 10
crore) of the asset management company. The board of trustees manages the MF and the
sponsor executes the trust deeds in favor of the trustees. It is the job of the MF trustees to
see that schemes floated and managed by the AMC appointed by the trustees are in
accordance with the trust deed and SEBI guidelines.

       Mutual funds in India act as a Unit Trust.
       The structure is required to be followed by Mutual funds in India as per SEBI
       Regulations, 1996.
       It is constituted in the form of a Public Trust created under the Indian trust act,
       1882.
       The Trustees hold the unit holders money in a fiduciary capacity i.e. the money
       belong to the unit holders and is entrusted to the fund foe the purpose of
       investment.
       The trustees do not manage the portfolio of securities directly, for this specialist
       function they appoint the Asset Management Company.
       The trust is executed through a document called a trust deed that is executed by
       the fund sponsor in favour of the trustees.
       The trust deed is required to be stamped as registered under the provisions of the
       Indian Registration Act and registered with SEBI.
       The role of the Asset Management Company is to act as the investment manager
       of the Trust and must have a net worth of at least Rs.10 crores.


3.4 Types of Mutual Funds in ICICI Prudential AMC

There are wide variety of Mutual Fund schemes that cater to investor needs, whatever
the age, financial position, risk tolerance and return expectations. The mutual fund
schemes can be classified according to both their investment objective (like income,
growth, tax saving) as well as the number of units (if these are unlimited then the fund is
an open-ended one while if there are limited units then the fund is close-ended).




                                                                                           39
                                                                    Open-Ended Schemes
                      Capitalization

                                                                    Closed Ended Schemes




                                                                         Growth Funds
Types of Funds

                                                                   Growth and Income Funds


                                                                       Fixed-Income Funds

                       Investment
                                                                 Balanced/Equity Income Funds



                                                                 Money Market Funds/ Liquid


                                                                     Specialty/Sector Funds



                                           Figure 3.3

    Open-ended schemes

These funds are sold at the NAV based prices, generally calculated on every business
day. These schemes have unlimited capitalization, open-ended schemes do not have a
fixed maturity - i.e. there is no cap on the amount you can buy from the fund and the unit
capital can keep growing. These funds are not generally listed on any exchange.




                                                                                       40
Open-ended funds are bringing in a revival of the mutual fund industry owing to
increased liquidity, transparency and performance in the new open-ended funds promoted
by the private sector and foreign players. Open-ended funds score over close-ended ones
on several counts. Some of these are listed below:

a) Any time exit option: The issuing company directly takes the responsibility of
providing an entry and an exit. This provides ready liquidity to the investors and avoids
reliance on transfer deeds, signature verifications and bad deliveries.

b) Tax advantage: Though Budget 2004 proposals envisage a tax rate of
20.91%(Corporate investors) and 13.06875%(Non-Corporate investors) on dividend
distribution made by the Debt funds, the funds continue to remain attractive investment
vehicles. In equity plans there is no distribution tax.

c) Any time entry option: An open-ended fund allows one to enter the fund at any time
and even to invest at regular intervals (a systematic investment plan).

The open ended funds offered by ICICI Prudential Mutual Fund are Liquid Plan, Income
Plan, Gilt-Treasury, Gilt-Investment, Balanced Fund, Growth Fund, Tax Plan, FMCG
Fund, Fund, Monthly Child Care Plan, Power and Short Term Plan

    Close ended schemes

Schemes that have a stipulated maturity period, limited capitalization and the units are
listed on the stock exchange are called close-ended schemes.

These schemes have historically seen a lot of subscription. This popularity is estimated to
be on account of firstly, public sector MFs having floated a lot of close-ended income
schemes with guaranteed returns and secondly easy liquidity on account of listing on the
stock exchanges.

The closed-ended fund managed by ICICI Prudential Mutual Fund is ICICI Premier.




                                                                                        41
Classification according to investment objectives

Objectives:

Mutual funds have specific investment objectives such as growth of capital, safety of
principal, current income or tax-exempt income. In general mutual funds fall into three
general categories:

       Equity Funds invest in shares or equity of companies.
       Fixed-Income funds invest in government or corporate securities that offer fixed
       rates of return.
       Balanced Funds invest in a combination of both stocks and bonds.

    Growth Funds

These funds seek to provide growth of capital with secondary emphasis on dividend.
They invest in shares with a potential for growth and capital appreciation. Because they
invest in well-established companies where the company itself and the industry in which
it operates are thought to have good long-term growth potential, growth funds provide
low current income. Growth funds generally incur higher risks than income funds in an
effort to secure more pronounced growth.

These funds may invest in a broad range of industries or concentrate on one or more
industry sectors. Growth funds are suitable for investors who can afford to assume the
risk of potential loss in value of their investment in the hope of achieving substantial and
rapid gains.

They are not suitable for investors who must conserve their principal or who must
maximize current income.

    Growth and Income Funds

Growth and income funds seek long-term growth of capital as well as current income.
The investment strategies used to reach these goals vary among funds. Some invest in a

                                                                                         42
dual portfolio consisting of growth stocks and income stocks, or a combination of growth
stocks, stocks paying high dividends, preferred stocks, convertible securities or fixed-
income securities such as corporate bonds and money market instruments. Others may
invest in growth stocks and earn current income by selling covered call options on their
portfolio stocks.

Growth and income funds have low to moderate stability of principal and moderate
potential for current income and growth. They are suitable for investors who can assume
some risk to achieve growth of capital but who also want to maintain a moderate level of
current income.

     Fixed-Income Funds

The goal of fixed income funds is to provide current income consistent with the
preservation of capital.

These funds invest in corporate bonds or government-backed mortgage securities that
have a fixed rate of return. Within the fixed-income category, funds vary greatly in their
stability of principal and in their dividend yields. High-yield funds, which seek to
maximize yield by investing in lower-rated bonds of longer maturities, entail less stability
of principal than fixed-income funds that invest in higher-rated but lower-yielding
securities.

Some fixed-income funds seek to minimize risk by investing exclusively in securities
whose timely payment of interest and principal is backed by the full faith and credit of
the Indian Government. Fixed-income funds are suitable for investors who want to
maximize current income and who can assume a degree of capital risk in order to do so.

     Balanced

The Balanced fund aims to provide both growth and income. These funds invest in both
shares and fixed income securities in the proportion indicated in their offer documents.
Ideal for investors who are looking for a combination of income and moderate growth.


                                                                                         43
    Money Market Funds/Liquid Funds

For the cautious investor, these funds provide a very high stability of principal while
seeking a moderate to high current income. They invest in highly liquid, virtually risk-
free, short-term debt securities of agencies of the Indian Government, banks and
corporations and Treasury Bills. Because of their short-term investments, money market
mutual funds are able to keep a virtually constant unit price; only the yield fluctuates.

Therefore, they are an attractive alternative to bank accounts. With yields that are
generally competitive with - and usually higher than -- yields on bank savings account,
they offer several advantages. Money can be withdrawn any time without penalty.
Although not insured, money market funds invest only in highly liquid, short-term, top-
rated money market instruments.

Money market funds are suitable for investors who want high stability of principal and
current income with immediate liquidity.

    Specialty/Sector Funds

These funds invest in securities of a specific industry or sector of the economy such as
health care, technology, leisure, utilities or precious metals. The funds enable investors to
diversify holdings among many companies within an industry, a more conservative
approach than investing directly in one particular company.

Sector funds offer the opportunity for sharp capital gains in cases where the fund's
industry is "in favor" but also entail the risk of capital losses when the industry is out of
favor. While sector funds restrict holdings to a particular industry, other specialty funds
such as index funds give investors a broadly diversified portfolio and attempt to mirror
the performance of various market averages.

Index funds generally buy shares in all the companies composing the BSE Sensex or NSE
Nifty or other broad stock market indices. They are not suitable for investors who must
conserve their principal or maximize current income.


                                                                                            44
A summary is presented in the table below of the various funds and their investment
objectives.

                                          Table 3.2


                 Scheme type         Time        Risk            Typical Investment Pattern
                                    Horizon     Profile



  Objective     Open      Close                            Equity      Debt      Money Market
                                                            (%)        (%)      Inst./Others (%)




Money Market    Yes     No         Short-Term   Low       0          0-20      80-100


Income          Yes     Yes        Medium -     Low to    0          80-100    0-20
                                   Long Term    Medium



Growth          Yes     Yes        Long Term    High      80-100     0-20      0-20


Balanced        Yes     Yes        Long term    Medium    0-60       0-40      0-20
                                                to high



Tax Saving      Yes     Yes        Long term    High      80-100     80-100    0-20




Source: www.icicipruamc.com


3.5 Risk Tolerance

The discussion on investment objectives would not be complete without a discussion on
the risks that investing in a mutual fund entails.

At the cornerstone of investing is the basic principle that the greater the risk you take, the
greater the potential reward. Remember that the value of all financial investments will
fluctuate.




                                                                                           45
Typically, risk is defined as short-term price variability. But on a long-term basis, risk is
the possibility that your accumulated real capital will be insufficient to meet your
financial goals. And if you want to reach your financial goals, you must start with an
honest appraisal of your own personal comfort zone with regard to risk. Individual
tolerance for risk varies, creating a distinct "investment personality" for each investor.
Some investors can accept short-term volatility with ease, others with near panic. So
whether you consider your investment temperament to be conservative, moderate or
aggressive, you need to focus on how comfortable or uncomfortable you will be as the
value of your investment moves up or down.


3.6 Managing Risks

Mutual funds offer incredible flexibility in managing investment risk. Diversification and
Automatic Investing (SIP) are two key techniques you can use to reduce your investment
risk considerably and reach your long-term financial goals.

    Diversification

When you invest in one mutual fund, you instantly spread your risk over a number of
different companies. You can also diversify over several different kinds of securities by
investing in different mutual funds, further reducing your potential risk. Diversification is
a basic risk management tool that you will want to use throughout your lifetime as you
rebalance your portfolio to meet your changing needs and goals. Investors, who are
willing to maintain a mix of equity shares, bonds and money market securities have a
greater chance of earning significantly higher returns over time than those who invest in
only the most conservative investments. Additionally, a diversified approach to investing
-- combining the growth potential of equities with the higher income of bonds and the
stability of money markets -- helps moderate your risk and enhance your potential return.

    Systematic Investment Plan (SIP)

The Unit holders of the Scheme can benefit by investing specific Rupee amounts
periodically, for a continuous period. Mutual fund SIP allows the investors to invest a

                                                                                          46
fixed amount of Rupees every month or quarter for purchasing additional units of the
Scheme at NAV based prices.Here is an illustration using hypothetical figures indicating
how the SIP can work for investors:

Suppose an investor would like to invest Rs.1,000 under the Systematic Investment Plan
on a quarterly basis.

                                       Table 3.3


                        Amount Invested        Purchase Price             No. of Units
                            (Rs.)                  (Rs.)                  Purchased

    Initial                  1000                       10                      100
 Investment

        1                    1000                      8.20                   121.95

        2                    1000                      7.40                   135.14

        3                    1000                      6.10                   163.93

        4                    1000                      5.40                   185.19

        5                    1000                      6.00                   166.67

        6                    1000                      8.20                   121.95

        7                    1000                      9.25                   108.11

        8                    1000                     10.00                   100.00

        9                    1000                     11.25                   88.89

       10                    1000                     13.40                   74.63

       11                    1000                     14.40                   69.44

     TOTAL                  12,000                       -                  1,435.90



Source: www.icicipruamc.com




                                                                                      47
Average unit cost Rs 12,000/1,435.9 = Rs 8.36

Average unit price 109.6/12 = Rs 9.13

Unit price at beginning of next quarter Rs 14.90

Market value of investment 1435.9 * 14.90= Rs 21,395/-

The investor liquidates his units and gets back Rs 21,395/-

Using the SIP strategy the investor can reduce his average cost per unit. The investor gets
the advantage of getting more units when the market is turned down.


3.7 Types of Risks

All investments involve some form of risk. Even an insured bank account is subject to the
possibility that inflation will rise faster than your earnings, lea6ing you with less real
purchasing power than when you started (Rs. 1000 gets you less than it got your father
when he was your age). Consider these common types of risk and evaluate them against
potential rewards when you select an investment.

    Market Risks

At times the prices or yields of all the securities in a particular market rise or fall due to
broad outside influences. When this happens, the stock prices of both an outstanding,
highly profitable company and a fledgling corporation may be affected. This change in
price is due to "market risk".

    Inflation Risks

Sometimes referred to as "loss of purchasing power." Whenever inflation sprints forward
faster than the earnings on your investment, you run the risk that you'll actually be able to
buy less, not more. Inflation risk also occurs when prices rise faster than your returns.




                                                                                            48
    Credit Risks

In short, how stable is the company or entity to which you lend your money when you
invest? How certain are you that it will be able to pay the interest you are promised, or
repay your principal when the investment matures?

    Inflation Risks

Changing interest rates affect both equities and bonds in many ways. Investors are
reminded that "predicting" which way rates will go is rarely successful. A diversified
portfolio can help in offsetting these changes.

    Effects of loss of key professionals and inability to adapt

An industries' key asset is offen the personnel who run the business i.e. intellectual
properties of the key employees of the respective companies. Given the ever-changing
complexion of few industries and the high obsolescence levels, availability of qualified,
trained and motivated personnel is very critical for the success of industries in few
sectors. It is, therefore, necessary to attract key personnel and also to retain them to meet
the changing environment and challenges the sector offers.

Failure or inability to attract/retain such qualified key personnel may impact the prospects
of the companies in the particular sector in which the fund invests.

    Exchange Risks

A number of companies generate revenues in foreign currencies and may have
investments or expenses also denominated in foreign currencies. Changes in exchange
rates may, therefore, have a positive or negative impact on companies which in turn
would have an effect on the investment of the fund.




                                                                                          49
     Investment Risks

The sectoral fund schemes, investments will be predominantly in equities of select
companies in the particular sectors. Accordingly, the NAV of the schemes are linked to
the equity performance of such companies and may be more volatile than a more
diversified portfolio of equities.

     Changes in Government Policies

Changes in Government policy especially in regard to the tax benefits may impact the
business prospects of the companies leading to an impact on the investments made by the
fund.




                                                                                    50
  Chapter 4
Project Profile




                  51
4.1 Project Profile
The summer training project with ICICI Prudential AMC involved B2B Relationship
Management, Brand Awareness and Brand Equity of ICICI Prudential Asset
Management Company Limited in Udaipur region. The whole process involved all
the marketing activities right from market research, regarding the services provided by
the company to various distribution channels to the best possible services that can be
provided to deal with the competition.


In the course of the training I had the privilege of meeting several important people. The
training also provided an insight into the actual consumer‟s mind, as what they think,
how they perceive new products and concepts.


The project started on the 4th May‟09 and the initial week was for induction. An
educational training was organized to know more about the company which included its
functions, policies, various fund offerings, customer handling, and calls handling. Then
there was a practical training about making sales. During this course of time a new
product named “Target Returns Fund with Trigger Options” was being launched so there
was some learning about sales and promotion of NFO (New Funds Offerings). A regular
check was made on the progress of our brokers and dealers, National Distributors, and
Bankers regarding the sales they had made.


Learning was made on the factors to be considered while preparing the questionnaire and
who should be the respondent. The respondents were the broker, National Distributors
and Bankers. So the various factors which were covered under relationship management
survey were the standard of our services, frequency and quality of our communication,
important factor to increase sales, stationery requests fulfilled resolution of complaints,
most preferable schemes.


A secondary syndicated research was carried out to understand the position of the
company in the market. The findings of secondary research were the ICICI Prudential
holds the third position in the market after HDFC Mutual Funds and Reliance Mutual
                                                                                        52
Funds, the later being on the top. A draft of questionnaire was also prepared under the
guidance of my boss. The questionnaire was for our Brokers, National Distributors and
Bankers to know their perception about the company and its services. After the
completion of the feedback form, personal request was made to our Bankers and National
Distributors to fill the feedback form whereas the form was sent by post to the Brokers
and they were informed about the same by telephonic calls.


As the project was based on B2B relationship, it started with the secondary research
which included the collection of data from various websites about the present position of
the company in the market. This also included the collection of data from past records
and experience of Brokers, National Distributors and Bankers with the company.


The set of feedback form was prepared under the guidance of the boss to overcome the
weakness and to strengthen the strength of the company. The feedback form was divided
into two parts:
      Personal Details
      Questionnaire in relation with our services and performance


It was very important to understand the company profile so as to decide on match the
strengths of the company and overcome the weakness after analyzing the output of the
survey. To take corrective decisions it is important to know the mission, vision and goals
of an organization. Therefore an understanding on the management perception was
important so as to give suggestions to build the gap between management perception and
consumer expectations during the analysis. A regular interaction was being made with
various distribution channels so as to know their expectations from the company.




                                                                                       53
      Chapter 5
Objective of the Study




                         54
5.1 Objective of the study

As the title of the project suggests, the objective of the report is to find out the
satisfaction level of the Distributors with respect to the services and overall quality
provided by the AMC.

The following are the sub objectives of the project:

    Understanding the attitude and behavior of the distributors towards ICICI
       Prudential AMC
    Find out there preferences parameters for selling various funds.
    Understanding the competition for the service provided by different mutual funds
       company
    Finding out ways and means to improve on the services by ICICI Prudential AMC
    To understand the needs and requirements of our agents, bankers, brokers, and
       national and regional distributors
    To come up with strategies to maintain better business relationships with our
       agents, bankers, brokers, and national and regional distributors
    To identify and over come the gap between the management perception and the
       customers expectation
    To come with programs to spread brand awareness in Udaipur region and to build
       Brand Equity




                                                                                    55
  Chapter 6

Research Design




                  56
                                 6. Research Design

6.1 Introduction

The project consisted of visiting different distributors in Udaipur, Rajasthan chosen for
the survey. The reason for choosing these particular distributors is that they have lot of
potential. It consisted of three stages:

Stage 1: Gathering data from the company and plan schedule to meet the concerned
person.

Stage 2: Collecting the data by survey method, on the basis of questionnaire.

Stage 3: Analyzing and interpreting the primary data collected.


6.2 Review of Literature

Study Literature given from the company was studied in order to gain an insight of past
market and future prospects of mutual fund industry. Also the requirements of various
concepts were understood using the help of internet and various other books.


6.3 Scope of Study

The internship was done under ICICI Prudential AMC in Udaipur. The Mutual fund
Industry is going for a boom in world market. India is also not away from these
developments and there are a lot of organizations in India who are interested in investing
their money. This study provides an insight to the current scenario as well as the future
trends which may follow. Thus it can help to find out or to predict the future of mutual
fund in Indian market. Also this may help to improve the services provided by the
company.




                                                                                       57
6.4 Type of Research

It is a framework or blueprint for conducting the marketing research project. The research
design used here is Descriptive Research Design which is used for description of
something. Here it is used to describe the characteristics of Relationship Managers and
Financial Planning Managers with respect to the services expected from ICICI Prudential
AMC.

For this purpose Primary Data was collected through:

       Personal Interviews and Questionnaire filled by National Distributors, Bankers
       and Brokers.
       Input from employees of the company.

It also consisted of Secondary Data analysis through:

   Internet and Web search
   Company‟s internal information
   Details of National Distributors, Bankers and Brokers from the Branch Manager of
   ICICI Prudential AMC
   Fact Sheet and annexure collected from ICICI Prudential AMC

A research design is the arrangement of condition for collection and analysis of data.
Actually, it is the blue print of research project. The research design can be divided into
the following:
Exploratory Research
    Search of secondary data.
    Survey of Customers.
Conclusive Research
    Descriptive Research
           a. Telephonic survey
           b. Questionnaire Method


                                                                                        58
    6.5 Source of Data
    Sound marketing research depends upon the existence of facts or directly related to
    problem studied. To fulfill aforesaid objective of study, the information gathered from the
    primary as well as secondary sources.
    In my study I have used secondary as well as primary data. For this purpose all primary
    and secondary data were collected.


    6.6 Data Collection Technique

    The survey method of collecting data is based on the questioning of respondents. They
    were asked variety of questions regarding their behavior, intensions, attitude, awareness
    and motivations. In Structured data collection, a formal Questionnaire is prepared thus
    the process is direct. The questionnaire designed for this project consists of questions
    based on various parameters which a relationship manager would consider before selling
    a mutual fund. Each question is based on different variables like investment decisions,
    selling decisions, company policies, serving issues etc.


    6.7 Questionnaire:

    The information needed for the research project can be best collected through
    Questionnaire method as the information is more clearly defined and it would clearly
    address all the components of the problem.

    The questionnaire designed here is based on parameters like:

   Question 1 : This is based on the satisfaction level of the support and services by
    company.
   Question 2-3 : These are based on the standard of services rendered on telephonic calls
    made by them to the company .
   Question 4-6 : These are based on the frequency, quality and regularity of
    communication by the company.
   Question 7 : This is based on the communication style adopted by the company.
   Question 8 : This is based on the factors that help increasing sales.
                                                                                            59
   Question 9-10 : These are based on the regularity of fulfillment of stationery
    requirements from the company and time taken for the same.
   Question 11 : This is based on the satisfaction level of complaints resolution.
   Question 12 : This is based on the most preferred product of the company.
   Question 13 : This is an open ended question for suggestions to improve our Business
    relations
   Question 14 : This is also an open ended question for suggestions to improve our services.


    6.8 Personal Interviews

    For this purpose personal interviews were taken along with filling the questionnaire to get
    detailed information for other products prevailing in the market. Thus varied questions
    were also asked verbally along with the written questionnaire to find out how do services
    of other mutual fund companies are different or better than services of ICICI Prudential
    AMC.

    Questions like:

    1) What are the frequencies of visiting of relationship managers of other companies?
    2) In what ways do you find other mutual companies better than ICICI Prudential AMC?
    3) What complaints do you have from ICICI Prudential AMC?
    4) Do you get sufficient inputs based on knowledge about various funds from ICICI
       Prudential AMC?
    5) Are there any servicing issues like account statements for investors, unavailability of
       forms, fact sheets etc?
    6) Any suggestions for ICICI Prudential AMC to compete with competitors?

    Questions were asked from respondents to get real picture of what is expected out of
    ICICI Prudential AMC in order to improve services.




                                                                                            60
6.9 Sample Size (N=70)

   The sample size of 70 Distributors of retail channel is taken.
   50 were asked to fill questionnaires out of which 23 were bankers, 15 were National
   Distributors and 12 were brokers from various agencies.
   20 were personally interviewed.


6.10 Technique of analysis
       Percentage analysis was used to analyze the data collected.


6.11 Statistical Tools used for Analysis
       Pie Charts
       Percentages


6.12 Limitations:

Every research have its own limitation and present research work is no exception to this
general rule the inherent limitation of the study are as under:


       Questionnaire method, can be used only when respondent are literate and co-
       operative.
       Interview method, which was followed in present research work, is relatively
       more time consuming. In addition to this it is very expensive.
       To success of questionnaire method, lies more on quality of questionnaire itself.
       In the present work, the sample size is very small. Research was mainly based on
       survey of customers, RMs & agents, which sometimes may not represent the true
       information.
       Few people refused to give answers.
       Lack of time.




                                                                                           61
 Chapter 7

Observations




               62
                         7 Observations and Findings

7.1 How long to keep investment to get maximum returns

Technically open-ended funds you can withdraw your investments even within a week,
but to get desired returns positive time frame is required are:

                                         Table 7.1

Funds                                 Time Period
Equity Funds                          3 Years (plus)
Balanced Funds                        18 months to 3 Years
MIP‟s                                 1 Year (plus)
Income Funds                          6 months to 1 Year
Liquid Funds                          Few days to 6 months

Source: www.icicipruamc.com


7.2 What returns can be expected if one keeps money for suggested time
frames

                                         Table 7.2

Funds                                           Returns
Sector funds                                    22% to 25% p.a
Balance funds                                   15% to 18% p.a
MIP‟s Pension Plans                             12% to 15% p.a
Income Funds                                    10% to 12% p.a
Liquid Funds                                    7% to 9%     p.a

Source: www.icicipruamc.com




                                                                               63
The above-mentioned returns in the table are indicative and not assured. All investments
in MUTUAL FUNDS are securities and are subject to market risk and the NAVs of the
schemes may go up and down depending upon the factors and forces affecting the
security market including the fluctuations in the internal rates .The past performance of
the MUTUAL FUNDS is not indicative of future performance.


7.3 Marketing in Mutual Funds




                                       Figure 7.1

Marketing is the process of planning and executing the conception, pricing, promotion,
communication and distribution of ideas, goods, and services to create exchanges that
satisfy individual and organizational goals. Through marketing, individuals and groups
create and exchange products and services with others in order to create value or satisfy
wants and needs.




                                       Figure 7.2
                                                                                      64
From this definition, it should be clear that successful fund marketing creates value for
Fund companies, dealers and unit holders so that each is satisfied. The definition goes
much deeper than simply “selling something to somebody”. Fund marketers must
understand both the “Needs and Wants” side of the equation. Not only marketing must
understand both sides of the equation, but it must also effectively communicate the
details of each in order to successfully bridge the gap between the two. Every facet of
modern marketing has been effectively employed to dramatically grow the Indian mutual
fund industry.

The fund industry has established an exceptional sales support infrastructure. Fund
specialists and fund companies, bank branch subsidiaries and discount brokers are ready
to provide answers telephonically to your fund questions all day long. Telephone
etiquette is as good as it gets. Wed sites have been established with educational material,
guides, charting functions, fund profiles, fees and historical returns in abundance.
Descriptive brochures, newsletters and tax guides are readily available to help with your
purchase decision. Getting information about a fund for the managers is becoming easier.
The business press routinely provides loads of information on which to base informative
articles. One can often dial in on the conference calls managers hold regularly with sales
representatives.

It has a multi-channel distribution system which is broad-based and responsive to general
queries or orders by mail, phone, in person or e-mail. The sales service infrastructure is
an integral, well-oiled part of the marketing initiative.

The essence of professional selling today is building and maintaining of high quality
relationships, based on establishing a high level of trust and credibility with the customer
by continually investing in maintaining the quality of your relationships. You should
approach your clients as consultants and not as vendors and help they achieve their
financial goals.




                                                                                         65
7.4 The Selling Process

Selling Models

           Old Model                                         New Model


               10%                                                        40%
             RAPPOR
                T                                                 BUILDING TRUST

               20%                                                        30%
           QUALIFICA                                                IDENTIFYING
             TION                                                      NEEDS
                                                                        20%
               30%
                                                                     PRESENTIN
          PRESENTING                                                     G
                                                                     SOLUTIONS
                                                                        10%
               40%
                                                                       CONFIR
            CLOSING                                                    MING &
                                                                       CLOSING

                                          Figure 7.3

      As mentioned earlier, apart from the existing players like ICICI Prudential AMC,
      Reliance Mutual Fund, Franklin Templeton, HDFC Mutual Fund etc. more and
      more players like Bharti AXA, JP Morgan, AIG etc. are entering the mutual fund
      industry and this has given rise to increased competition among the players. To
      sustain this cut throat competition, the fund houses are developing new marketing
      strategies and revamping the existing strategies. Thus, the marketing in the mutual
      funds have assumed an important role like never before.




                                                                                      66
7.5 Marketing Strategies

The marketing strategies that can help the fund houses to hold the market shares are:

        Product Innovation
        Devise innovation channels of delivery, i.e. different distribution channels and
        models.
        Build brand awareness strong enough to “pull” the investors towards itself.

    1) Product Innovation

Of late, the marketers have realized the importance of marketing in mutual funds and
have come up with product innovation in the category of mutual funds as well. With the
marketing mantra – “Customer is the king”, the mutual fund houses understand the
importance of innovating need based products. Different segments have different
expectations like long term growth, regular income, tax benefits etc. New products are
aimed at satisfying one or more objectives. Indian mutual funds have seen many products
launched to cater the ever increasing need of the investors. Product innovation in mutual
funds is one of the discernable trends that have the potential to change the face of Indian
mutual fund industry.

The asset management companies are shifting from old plain vanilla schemes towards
differentiating themselves by providing innovative options to the investors.

For instance;

Apart from the plain vanilla schemes, fund houses are offering SECTOR FUNDS, in
order to capitalize on the success of sectors like Banking, Power, Media and
Entertainment, Pharmaceuticals, etc.

Also keeping in mind the different type of risk taking propensity among the investors,
fund houses have come up with BALANCED/ HYBRID FUNDS to cater effectively to
their investors.


                                                                                        67
   2) Distribution in Mutual Funds

In the U.S.A, mutual funds are sold through five principal distribution channels:

               Direct Channels
               Retirement Plan Channel
               Advice Channel
               Institutional Channel
               Supermarket Channel
 The first four channels primarily serve individual investors. In the Direct Channel,
   investors carry out transactions directly with mutual funds.
 In the Advice, Retirement Plan, and Supermarket Channels, individual investors
   use third parties or intermediaries that conduct transactions with mutual funds on their
   behalf. Third parties also provide services to fund investors on behalf of mutual funds.
   The most important feature of the Advice Channel is the provision of investment
   advice and ongoing assistance to fund investors by financial advisors at full-service
   securities firms, banks, insurance agencies, and financial planning firms. Advisors are
   compensated through sales loads of from asset-based fees.
 The Retirement Plan channel primarily consists of employer-sponsored defined
   contribution plans in which employers provide mutual funds and other investments
   for purchase by plan participants through payroll deductions.
 The Supermarket Channel is made up of discount brokers that offer mutual funds
   from a large number of fund sponsors. Many of the fund offerings are subject to no
   transaction charges or sales loads. Businesses, financial institutions, endowments,
   foundations, and other institutional investors use the Institutional Channel to
   conduct transactions either directly with mutual funds or through third parties.

Having looked at the distribution channels in the U.S.A we should understand that there
is a growing need for a strong distribution network and models for the mutual fund
industry in India as well, to serve the huge untapped market in the country. The
intensifying competition and the need to attain economies of scale are forcing industry
players to increase their reach in non-metro cities and small towns, where the potential is

                                                                                        68
high, but, penetration is low. This is resulting in fund houses exploring innovative
distribution channels.

In India, mutual funds are sold through four principal channels viz.:

       Independent Financial Advisors (IFAs)
       Direct Channel
       National Distribution Channel
       Banks

It is very imperative for the fund houses to develop a proper distribution network in order
to reach out to the investors effectively.

   3) Brand Awareness in Mutual Funds

Brand name in mutual funds highlights the inherent benefits and investment objectives
and ensures investor loyalty. Brand name and identity is an important marketing aspect
because it facilitates product identification at the market place.

However, product identification coupled with BRAND AWARENESS will lead to the
true success of the brands and the company. High brand awareness leads to high levels of
usage and preference. With keen competition today, mutual fund brands need to work
harder on the quality of awareness to drive consideration. Creating media noise is just not
enough to secure strong brand equity. Indian investors are more sophisticated than ever
and are looking at overall comfort levels with the fund houses.

To achieve this, the fund house should be able to carve a niche for itself in the mind of
the customers by making them aware about their products. A significant amount of brand
awareness in the minds of the investors/ customers creates a PULL for the products when
the customers walk in and ask for the product by themselves, instead of a third pushing it
for the company.




                                                                                        69
7.6 Strategies for Selling and creating Brand Awareness

   a) Know your product:

Before you start selling mutual funds you need to understand the scheme you are selling.
You should not only focus on the specific features of the scheme but focus also on the
specific financial goals of the prospect and show how the scheme enables him to get what
he really wants. You should keep yourself updated on the track record of the scheme as
well as the overall performance of the mutual fund.

Thus before recommending an investment you should know:

       The strength of the Asset Management Company and sponsors of Mutual Fund
       The various choices/ plans available and their advantages
       The nature of the scheme
       The potential of returns and the risk associated with it
       Tax benefits
       Operational details

   b) Know your clients:

Clients are different. Their financial needs and choice of investment vary depending upon
their age, earning capacity, family commitments and ability to take on risks. Some broad
types of clients are given below:

               Young and accumulating: Typically under 40, seeking to build capital
               for a long-term goal such as buying a house, children‟s educating or a
               family wedding. These clients may take higher risks for higher returns.
               Middle-aged with family commitments: Typically between 40 and 60, in
               their prime earning years and with family commitments that require large,
               periodic expenditures. They may be willing to sacrifice a higher return for
               a stable investment and lower risks.



                                                                                         70
               Retired: Typically over 60, seeking income to meet their regular expenses
               and are primarily concerned with safety of their principal.
               Institutions and high net worth individuals: Corporate, Banks, Trusts
               and Wealthy investors, who seek an appropriate combination of tax
               efficient growth and income depending upon their return expectations and
               risk taking ability.
   c) Prioritize your clients:

To make the most of your time, you must identify the clients with whom you can
establish a good business relationship. There are three types of clients- respective,
potential and independent minded. The receptive clients are those who will work with
you to develop a financial plan, have the discipline to invest regularly and believe in the
merits of professional financial advisors.

The potential client is one who wishes to become a successful investor, but does not have
the discipline or patience to do so. If you work closely with these investors, they could
join the ranks of your good receptive clients. The independent minded are those who do
not use financial intermediaries and prefer investing directly. Such clients need to be
cultivated over time.

   d) Understand your clients:

For you are to be able to recommend a sound financial plan to your clients, you must
understand their needs and priorities. Find out you client‟s:

       Investment Objective: Try to establish what your client‟s real needs are. “I need
       more money” is not a real need or goal. On the other hand, something specific
       like “I need money to send my kids to college” or “I need money to retire” is a
       real need or goal. You must probe your clients so that their real needs come out.
       Risk Tolerance: Are they willing to take higher risks in anticipation of higher
       returns or would they prefer to play it safe and accept lesser returns.




                                                                                           71
       Return Expectations: what kind of returns would they like from their investment,
       how long are they willing to wait and in what do they want it i.e. capital
       appreciation or regular income.
       Cash Flow Requirements: How much liquidity they want and when do they
       want it.
       Tax Benefits: Are your clients looking for any specific tax benefits on their
       investments. How important are tax concessions in choosing their investments.

   e) Help them choose their investments:

Having understood your client‟s profile and needs, you now have to advise them on
where to invest. It might be a selection of only Mutual Funds or a combination of Mutual
Funds and other investments.

   f) Encourage Regular Investment:

Advise your clients to invest early and stick to a regular investment plan. This will help
them to make more money because the power of compounding enables your client to earn
income and their money to multiply at compounded rates.

   g) Commit them to invest:

The best plans and the best choice of investments are of little use unless your clients act
upon them and invest. Ensure that you clients give you the commitment of their
investment. Be ready with application forms and other documents and if necessary, help
them to complete the paperwork and bank the cheques.

   h) Provide personalized after sales service:

One of the most important responsibilities of a professional agent is to provide prompt,
efficient and courteous service. You can build up lasting relationships by providing your
clients personalized services such as:

         Making periodic calls to seel if they need any help with their investments

                                                                                        72
           Getting in touch if there is a great deal of fluctuation in market prices which
           may be of concern to them
           Assessing any change in their personal circumstances which may call for a
           review of the financial plan recommended by you
           Informing them of new schemes and products that could be useful to them
           Following up with the Mutual Fund if your clients have experienced a service
           related problem with their investments.

Stay in touch with you clients on a regular basis. You will not only get more business
from them, but you can also earn the business of their friends and relatives by getting
positive

The use of advertising is slick and broad-based. Television, radio, newspapers, magazines,
bill-boards and even security gate arms at airport parking locations promote fund
investment. Colorful innovative brochures are distributed by mail at bank branches and
advisor offices. The message is clear and consistent- buy and Buy more. Fund companies
quickly learned the folly of marketing just one or two funds, hence the vast variety of
funds available. The danger for the fund companies is that if performance goes in the tank
than investors exit the funds pulling out tens of millions of dollars. Better to offer many
varied funds so that if a few turn cold the others are still cooking and at least some
performing ones can be prominently advertised in newspaper.

Mutual fund industry has seen a high rate of growth due to exceptional marketing. Over
80 mutual fund companies employs 60,000 salespersons and employs thousands more
portfolio managers, administrators, analysts and marketing personnel. Brokers gain
substantial transaction business from the funds. Auditors trust firms and advertising
agencies make a good living off the funds. Guides, books, newsletters, public speakers,
fund gurus, specialist software firms, rating companies and advisors also cash in. The
media love to write about the fund industry and their advertising departments gladly
receive the lucrative ad revenues. During RRSP season, television advertising becomes
so pervasive that one cartoon observed, “The RRSP ads are periodically interrupted by
hockey game”.

                                                                                        73
There are in fact very few organizations or people sufficiently objective to illuminate the
disadvantages and shortcomings of mutual funds. Even regulators have moved slowly
and cautiously to deal with this powerful and influential industry.

The marketing departments of fund companies have rightfully earned a growing share of
the “management fee” – in some cases marketing budgets are actually greater than the
budgets for portfolio management.

The greatest challenge is to get more retail participation in funds. Tremendous efforts
have been made in this direction. About 250 mutual fund outlets, including branches,
franchisees and collection centers, were opened across the country last year. Today, in
metros and non-metros, there are more than 1000 outlets to provide services to investors.
60 t0 65 percent of the net assets still belong to institutional investors. But even the rest is
no mean figure.

Mutual funds are still not the most preferred investment vehicle in the country. In our
country, people want to buy only sacred assets. Unless this mindset changes, it will be
difficult to get investors interested in mutual funds. Government securities and post-
office investments offer 8 percent assured returns, while bank offer 6 percent. So,
competition is very high. Only sustained efforts by a trained and qualified distributor
class can bring success.




                                                                                             74
     Chapter 8

Analysis and Findings




                        75
8.1 SWOT Analysis

A scan of the external and internal environment is an important part of the strategic
planning process. Environmental factors internal to the firm usually can be classified as
Strengths(S) or Weakness (W), and those external to the firm can be classified as
Opportunities (O) or Threats (T).Such an analysis of the strategic environment is referred
to as SWOT analysis.

The SWOT Analysis provides information that is helpful in matching the firm‟s resources
and capabilities to the competitive environment in which it operates. The following
diagram shows how a SWOT analysis fits into an environmental scan:




                                       Figure 8.1




                                                                                       76
Hence, This SWOT Analysis identifies our company‟s:

       Strengths – to build on
       Weaknesses – to cover
       Opportunities – to capture
       Threats – to defend against

In the initial phase of this project we conducted interviews and distributor‟s surveys by
making the telephonic calls and meeting up the relationship managers at various banks to
gather the relevant data. By receiving input from the respective relationship managers
and distributors we are able to understand ICICI Prudential AMC strengths and
weaknesses and to an extent the customer perception about ICICI Prudential AMC as
well. This allowed us to form recommendations that are listed at the end of this project.

Strengths:

1. Company’s Brand Name:

Well run companies have a well known name and reputation and this is the most
powerful strength of ICICI Prudential AMC as well. It‟s the company brand name which
is giving a hit to another market players when it comes to competing in the market
whether it be in terms of coming up with new schemes or tapping the market
opportunities.

Also ICICI Prudential AMC being a “domestic‟ brand plays a significant role as the
distributors find it easy to pitch the ICICI Prudential AMC products to customers.

2. Funds Performances;

One of the most important reasons for ICICI Prudential AMC‟s popularity is the return
that its schemes have given i.e. the fund performance of ICICI Prudential AMC. The
continuous dividend that the company keeps declaring is one of the most attractive
elements of its schemes. The products like ICICI Pru infrastructure fund, ICICI Pru
Dynamic Growth Plan, ICICI Pru Index Growth Plan have given returns of
                                                                                            77
approximately more than 50% since its inception. Many of the schemes have declared
dividends on regular basis. Also some of the schemes have been awarded for their best
performances.


           8. Strong channel partner network:

ICICI Prudential Mutual Fund is one of the few mutual funds to pioneer retail investing
in the country by reaching out to investors and distributors in over 230 cities through
branches and representatives across India. Also the company has 50+ distributors in
Udaipur region itself. Hence the company‟s strong distribution network is playing a great
role in making ICICI Prudential AMC reaching out to maximum number of investors.


           9. Highly Trustable:

Any ICICI Prudential Mutual Fund‟s scheme that is launched in the market does well
because of the trust that ICICI Prudential AMC enjoys as a fund house. It is the most
trusted mutual fund brand in the country according to a survey conducted.

5. Very Innovative:

The fund house is considered to be very innovative by the distributors. E.g Equity Target
Returns fund NFO was launched in April 2009 and it was unique as it came with a unique
feature of trigger options of saving the profits at 12%, 20%, 50% or 100%. The profits
made are automatically transferred to liquid account on which the interest is also given.
ICICI achieved the target of 800 crs before the opening of its NAV.

6. Aggressive;

The fund house is considered to be very aggressive in following term:

       New Products
       Marketing and Distribution
       Services


                                                                                      78
There are two ways in which a fund house can increase its market share. First, is by
increasing the market share in the entire pie (which every fund house does). And second,
is by increasing the radius or circumference of that pie. ICICI Prudential AMC believes
in the second option. ICICI Prudential AMC has increased the number of investors
especially from retail segment. It has been instrumental in converting the FD investors
into first time Mutual Fund Investors.

7. Efficient Service Centers:

The service centers opened by ICICI Prudential AMC have proved to be very efficient
especially during NFOs. The bankers face a lot of concerns regarding replenishment of
application forms and also their submission during NFOs. So the services canters, which
are strategically located in commercially viable places, have proved to be of great help.

8. Strong Customer Base:

ICICI Prudential AMC has the largest customer base of around more than 50 lakhs.

Weaknesses:

1. Services:

Services provided to the bankers and retailers are the biggest area of concern. The
services provided to distributors such as complaints solving, query handling and
statements delivery have to be improved opon. The distributors surveyed complain about
the queries at times are not followed up properly and the biggest concern is the delivery
of account statements.

2. Lack of awareness among investors and the agents about the fund.
3. Weak support systems, when needed at time of crisis company representatives should
   assure the investors and the bankers
4. Personal attention not given to customers queries




                                                                                            79
Opportunities:

1. Educational Institutions:

The educational institutions turn out to be a great opportunity for ICICI Prudential AMC
in terms of obtaining large number of investors and the amount of investments as well.
There are few products for employees, which can be tapped for teachers, office staff etc.
In addition to the employees their also lies another category i.e. of students of the
graduation and the post graduation colleges who start earning either along with their
studies or shortly after the completion of their degrees or courses. Also when studied the
business model of these institutions it is learnt that the revenue inflows are mainly in
month of April, May. June and July – this is generally the lean period for the rest of the
industry and hence can be tapped at the beginning of the year.

2. Small and Medium Enterprises:

Another segment which can be tapped is of the SME‟s. with a contribution of 40% to the
country‟s industrial output and 35% to direct exports, the SME sector has achieved
significant milestones for industrial development of India. As discussed with mutual fund
industry experts it was found that only 10% of this sector invests in mutual funds and rest
90% still remains as open untapped market. So along with the existing markets their lies
an opportunity to expand the base and capture this new market as in future outlook these
current SME segment are expected to turn into big corporate with the current boom in the
economy. So it is essential to catch them young in their initial growth life cycle as they
can turnout to be future large corpus client.

As it is known that only 10% of the SME‟s are invested in MF‟s so there lies a need to
create the awareness for the same and creating awareness through: (Mass marketing) such
as broadcasting ads with special focus on SME‟s, sponsoring events like ICICI CNBC
SME awards and giving presentations on cash flow management with mutual funds,
giving ads in SME column in ET, participating in trade fairs and meeting corporate
personally there, giving presentation in industrial area association meetings.


                                                                                        80
3.   Households;

Udaipur has around 35 residential locations having huge potential and can be tapped
through average 200 houses in each location. And there lies again the efforts to create the
awareness for the same. This can be done through conducting group presentations to
inform them about the products and the benefits they stand to gain from it. Another
method can be stationing of canopies and placing a representative there to inform them
about the products and not actually sell but to get leads and spread awareness about the
product. Also getting a few local residents to become IFAs first and help them to conduct
the presentation or seminar.

4. International Fund:

Investing internationally opens up a huge market which is otherwise left untapped.
India‟s market at present constitutes only 5% of the world‟s stock market. Several other
fund houses have invested in international market like Franklin Templeton and Fidelity
international opportunities fund. Moreover fund houses are now permitted by RBI to
invest vin ADR/ GDR.

Threats:

1. Increased competition;

Increased competition in the industry in terms of more upcoming schemes and better
existing performances of mutual fund schemes of other AMC‟s is the threat posed to
ICICI Prudential AMC. As per the distributors Reliance Mutual Fund. HDFC Mutual
Fund, SBI Mutual Fund are giving tough competition to ICICI Mutual Fund.

2. Services;

As the services provided by ICICI Prudential AMC fall short of the distributors
expectations, hence the improved services provided by competitors sooner will be
proving a threat to the company and as per the market view Reliance and HDFC mutual
fund companies are considered ahead of ICICI Prudential AMC.

                                                                                        81
3. Recent volatility in stock market:

There is a strong relationship between volatility and market performances. Volatility
tends to decline as the stock market rises and increases as the stock market falls. When
volatility increases, risk increases and returns decreases. The market is so volatile these
days that no one is able to predict the market. Hence, this has become a big threat for the
AMCs.

4. More redemption due to volatile market rises:

Due to the volatility in the market, customers have a fear in their mind of losing money,
so more redemption of the applications are taking place.




                                                                                        82
   8.2Analysis and Findings of survey

   On The basis of the response s given in the questionnaire by the respondent the following
   analysis can be done:

1) Are you happy with the support/services provided to you by our Relationship Manager?




                                                                                        YES
                 Agents                   YES
                                                                   Bankers
                                                                                        NO
                                          NO
                       0%                                               0%



                      100%                                             100%




                                                                       Total
        National Distributors
                                            YES                                              YES
                                            NO                                               NO
                                                                       2%
                    7%


                            93%                                          98%




                                          Figure 8.2
                                                                                         83
The overall response of the distributors about the services and support from ICICI
Prudential AMC is satisfactory. This may be because of credibility of the company
among the customers. By the graphs we can see that:

           a) All 12 agents and all 23 bankers are satisfied with the support and services
              provided by us.
           b) Out of 15 distributors only 1 is not satisfied.
           c) Overall, out of 50 respondents, only one is not satisfied i.e. 98% of
              respondents are satisfied.
           d) Only 2% of overall distributors are dissatisfied.

We can see that overall quality of ICICI Prudential AMC is satisfied among the
customers. This can be due to following reasons:

                        Greater Distribution Channels
                        Employees‟ knowledge about the products.
                        Responsiveness of the employees in resolving queries
                        Individualized attention / personalized services
                        Greater return with less risk
                        Goodwill of the company
                        Quality and regularity of interaction




                                                                                       84
2) Is the standard of service rendered by phone up to your expectation?


                                                                                    YES
                                            YES
                                                                     Bankers
                   Agents                                                           NO
                                            NO
                         0%                                            4%



                                                                            96%


                        100%




                                                                        Total
           National Distributors                                                      YES
                                               YES
                                               NO                                     NO
                   7%
                                                                       4%



                                                                            96%

                                93%




                                            Figure 8.3

   The overall response of the distributors about the services rendered on phone by ICICI
   Prudential AMC is satisfactory. This may be because of good operations management
   system. By the graphs we can see that:

              a) All 12 agents are satisfied with the services rendered on phone by us.
              b) Only 1 bankers out of 23, is not satisfied.
              c) Out of 15 distributors only 1 is not satisfied.
              d) Overall, out of 50 respondents, only 2 are not satisfied i.e. 96% of
                  respondents are satisfied.
              e) Only 4% of overall distributors are dissatisfied.
                                                                                           85
We can see that overall quality of services rendered on phone by ICICI Prudential AMC
is satisfied among the customers. This can be due to following reasons:

              Good operations management system
              Employees with good communication skills
              When contacted over phone; calls are answered within 2-3 rings.
              This can be said on the basis of response received from the respondents, as
              shown below;

                            Within 2-3 rings                                    Within 2-3 rings
                            After 8-10 rings                                    After 8-10 rings
         Agents             busy                                                busy
                            Continuously busy            Bankers                Continuously busy



                     0%             0%                             0%     0%
            25%
                                                                    13%
                            75%


                                                                                            87%


                           Within 2-3 rings                                    Within 2-3 rings
                           After 8-10 rings                                    After 8-10 rings
                           busy                            Total               busy
                           Continuously busy                                   Continuously busy
  National Distributors
                                                                          0%
              0% 0%                                                        0%
              20%                                                18%

                          80%                                                  82%




                                        Figure 8.4
                                                                                         86
3) Are you in receipt of regular communication from ICICI Prudential AMC?



               Agents                  YES
                                                               Bankers           YES
                                       NO
                     0%                                             0%           NO




                                                                   100%
                     100%




                                                                    Total
       National Distributors
                                        YES                                           YES
                7%
                                        NO                         2%                 NO




                                                                      98%
                            93%




                                         Figure 8.5

   The overall response of the distributors regarding being in regular receipt of
   communication by the company is positive. According to the distributors the company
   takes the effort to communicate the regular updates, it may be regarding new policies or
   new products. By the graphs we can see that:

             a) All 12 agents and all 23 bankers are in regular receipt of communication
                 by the company.

                                                                                        87
            b) Out of 15 distributors only 1 does not agree to the fact that company
                updates are communicated regularly.
            c) Overall, out of 50 respondents, 49 agree to the fact that company updates
                are communicated regularly.

 As we can see from the given graphs that the company regularly communicates the
 updates to its distributors, which acts as one of the strength for the company and is one of
 the reason of high sales of its products. This also shows the company‟s ability to maintain
 good business relations with the various distribution channels, which has lead to build
 goodwill in the market. The frequency of communication was also measured.

                                 Daily                                           Daily
       Agents                    Weekly                 Bankers                  Weekly
                                 Fortnightly                                     Fortnightly
                                 monthly                                         monthly


 8%                                                                 4%
                 8%        17%                          17%


                     67%


                                                        31%                         48%


                                 Daily                                               Daily
National Distributors            Weekly                  Total                       Weekly
                                 Fortnightly                                         Fortnightly
                                 monthly                                             monthly
                                                                   6%
       0%       7%                                       10%                             36%
                                          33%




                                                          48%
  60%


                                           Figure 8.6


                                                                                           88
4) How would you rate the quality and regularity of the communication from ICICI
   Prudential AMC to you?
                                   Delighted                                          Delighted
           Agents                                             Bankers
                                   Satisfied                                          Satisfied
                                   Neutral                               0%           Neutral
                                   Dissatisfied                         0%            Dissatisfied

                        0%                                                         26%
                                          34%
                    8%
                                                              74%
             58%




                                  Delighted                                         Delighted
    National Distributors                                  Total
                                  Satisfied                                         Satisfied
                                  Neutral                                           Neutral
                                  Dissatisfied
                                                                   2%    2%         Dissatisfied
                   7%                                                                         26%
           0%                          20%


                73%                                             70%




                                             Figure 8.7

   The overall response of the distributors in relation with the quality and regularity of
   communication is satisfied. According to the distributors the company maintains the
   standard of communication and they are satisfied by its quality of communication. By the
   graphs we can see that:

              a) Only 4 are delighted and 7 are only satisfied by the regularity and quality
                 of communication by the employees of the company. Where as 1
                 respondent was neutral about the same in the group of agents.


                                                                                          89
           b) In case of 23 bankers, 6 are delighted and 17 are satisfied with the quality
               of communication by the company.
           c) Only 3 are delighted and 11 are just satisfied by the quality of
               communication by the company, 1 is even dissatisfied with the quality of
               communication.
           d) Overall, out of 50 respondents, only 13 are delighted, 35 are satisfied, 1 is
               neutral and 1 is dissatisfied with the quality and regularity of
               communication by the employees of the company.

Measures should be taken to improve the quality of communication in order to convert
the satisfaction of the consumers into delight ness. This can help the company for future
growth and expansion by increasing the share of market, share of mind and share of heart.
Few suggestions for the same:

1. Plan and organize:

One should have clear objectives while writing an email or a business letter. It should
include everything that you are intended to write to give information to the reader in
order to attain your objectives of proper and clear business communication.

2. Build the business communication infrastructure:

In business communication through emails, letters and memos write thanks,
commendation and genuine statements of good that will build teams and partnership with
clients. Use the tone and level of formality that fits the objectives and the reader, and
convey your thoughts straight and firmly.

3. Prepare the reader for proper business communication:

Write the email or letter subject lines using words that alert the reader to contents,
required action or critical information in the email. In the introduction explain everything
readers need to know to understand fully why they are receiving the document. Describe
all actions the reader is expected to perform, actions you will perform and any critical
information that reader is expected to know. Summarize conclusions at the beginning.
                                                                                  90
Write clear statements of contents at the end o introduction so that readers know what to
expect and prepare them for reading, which will transform it from just communication to
business communication.

Not only emails and letters but meetings also play a vital role in business communication.
In any organization, meetings are a vital part of the organization of work and the flow of
information. They act as a mechanism for gathering together resources from many
sources and pooling then towards a common objective.

The challenge is to break this mould and to make the meetings effective. As with every
other managed activity, meetings should be planned beforehand, monitored during for
effectiveness, and reviewed afterwards for improving their management. A meeting is the
ultimate form of business communication. One can organize the information and
structure of the meeting to support the effective communication of the participants. Thus
proper business communication whether through writing or verbal i.e. through meetings
can do wonders to the business. All that is needed is a skillful, flawless and effective way
of business communication.




                                                                                         91
5) How will you classify our communication style?
                                   Personal                                       Personal
    Agents                                                                        Knowledgeable
                                   Knowledgeable
                                                                                  Competitive
                                   Competitive              Bankers               Co-operative
                                   Co-operative                                   Convincing
                                   Convincing                                     Ethical
                                   Ethical
                 10%                14%
  13%                                                              13%          14%
                                                      11%




   27%                                       23%
                                                          19%                             29%
                             13%                                          14%


                                     Personal                                     Personal
                                     Knowledgeable                                Knowledgeable
   National Distributors             Competitive           Total                  Competitive
                                                                                  Co-operative
                                     Co-operative
                                                                                  Convincing
                                     Convincing                                   Ethical
                                     Ethical
                   14%
                                                                    13%
   14%
                             11%                      11%
                                                                            14%

                       11%


     14%                                    36%           19%
                                                                          14%             29%



                                             Figure 8.8

   The above graphs represent the overall response of the distributors regarding
   communication style by the company. By the above graphs we can that overall results are
   as follows:


       a) 13 % of total distributors feel that we follow Personal communication which is
           some how beneficial for the company as it helps to maintain professional as well
           as personal relationship. This may help the company to make more sales in more
           profit. Therefore it‟s very important to improve personal communication.
                                                                                          92
b) It is very important that the interaction should always be constructive as in
   knowledgeable, in this survey only 30% distributors feel that company‟s
   communication style is knowledgeable. Therefore this needs to be improved and
   it can be done by regularly communicating the new policies and products, NAVs,
   updations and modifications in various products, brokerage benefits. This may
   help the company to make more profits.
c) Only 14% distributors feel that the company‟s communication style is competitive
   which is very less. To sustain in the market its very important to fight with
   competitors and therefore communication style should be competitive. The
   company should take some efforts to make their communication style competitive
   as this may reflect the aggressiveness of the company towards their customers.
   This can be done by showing the potentials and strength of the company over the
   competitors‟ strength.
d) The biggest asset of the company is cooperation with its customers and according
   to the survey only 19% of distributors feel that our communication style is
   cooperative. Thus our company should concentrate on being more cooperative
   with distributors which may be beneficial for our company in future to increase
   sales.
e) Apart from cooperation, one needs to be convincing while communicating so that
   marketing and sales become easier. This can be done by being more innovative.
   Only 14% of distributors feel that our company has convincing style of
   communication.
f) Ethics are very essential for the success of any firm and therefore we should try
   that all the employees follow ethics of the firm so that it can benefit the firm in
   future n apart from only 14%, all should feel that the company‟s communication
   style is ethical.




                                                                                   93
6) According to you, which factor is of utmost important to increase the sales?

                                   Brand name                                       Brand name
          Agents                   Performance                Bankers               Performance
                                   Quantity measures                                Quantity measures
                                   services offered                                 services offered


                  20%
                                7%                          47%
                                                                                   16%

                                                                                         37%
     0%                         73%

                                                                           0%




                                    Brand name                                        Brand name
                                    Performance                    Total              Performance
     National distributors
                                    Quantity measures                                 Quantity measures
                                    services offered                                  services offered


      44%                                                                            13%
                                                             41%
                              15%

                                                                                       41%

                                               26%
                            15%                                      5%




                                               Figure 8.9

   It is very important to know that which factor influences the sales. According to survey
   we can see that:

       a) According to the Agents, 73 % feel that the main factor which influences the sales
            is Performance i.e. the performance of the firm n the product. None of the agent
            thinks that quantitative measures can be one of the attractions to make sales.
                                                                                               94
   Whereas 20% think that services offered can also help in selling a product and
   only 7% feel that Brand Name can be one of the factors to increase sales.
b) Talking about the Bankers, 46% of them gives importance to the services offered
   by the company, whereas 38% say that performance of the product and company
   is important factor which influences the sale. 16% of Bankers feel that sales
   depend upon the brand name, i.e. the popularity of the company and none of them
   feel that quantity measures can lead to incremental sales.
c) When we surveyed the National distributors regarding the utmost factor which
   leads to sales, the result was that 44% of them feel that services offered is the
   most important factor to increase sales. 28% of them give importance to
   Performance and 16% feel quantity measures are also important to make sales and
   rest 16% have given importance to brand name.
d) Overall, 41% feel services offered by the company can lead maximize the sales.
   40% have given importance to performance of the products offered by the
   company. Only 14% feel the Brand name is also important to make sales and rest
   6% have said that even quantity measures can also be beneficial to increase the
   sales.

Therefore, the company should concentrate more on to improve the services offered
and the performances of the products so that company can maximize its sales and
market share.




                                                                                    95
7) Are your stationery requirements fulfilled?

                                 Always                                        Always
      Agents                     Frequently                                    Frequently
                                 Sometimes             Bankers                 Sometimes
                                 Rarely                                        Rarely
                                                                    0%
             8% 0%                                                    0%
 9%                                               30%


                         83%


                                                                                  70%




                                  Always                                       Always
                                  Frequently           Total
                                  Sometimes                                    Frequently
National distributors
                                  Rarely
                                                                               Sometimes
                                                                               Rarely
                                                                    2%
                  7%
        7%                                                     4%
13%                                              20%




                                 73%
                                                                            74%




                                         Figure 8.10

When this question was asked in the survey that is their stationery requirements fulfilled
the response was quite positive most of them were satisfied with it. The above graph
represents the survey results:




                                                                                        96
    a) Out of 12 agents, 10 feel that their stationery requirements are always fulfilled.
        Only 1 feels that their stationery requirement is frequently fulfilled and just 1
        says that it‟s sometimes fulfilled. None of them thinks that it‟s rarely fulfilled.
    b) Talking about the 23 bankers who were surveyed, 16 of them feels that their
        stationery requirements are always fulfilled and 7 says that it‟s frequently
        fulfilled. None of them said that it‟s sometimes or rarely fulfilled which is a good
        sign for the evaluation of services offered by the company.
    c) When we consider the opinion of all 15 National Distributors who were surveyed,
        11 of them agree to it that their stationery requirements are always fulfilled, 2
        were with the opinion that it‟s frequently fulfilled and one says that only
        sometimes it‟s fulfilled whereas, just one feels that it‟s rarely fulfilled.
    d) When we consider all 50 respondents from various distribution channels, 37 of
        them feel that their stationery requirements are always fulfilled whereas 10 of
        them agree to the opinion that it‟s frequently fulfilled. Only 2 feels that it‟s
        sometimes fulfilled and just one says that it is rarely fulfilled.

This is just not sufficient to evaluate the services. Timely services are very important and
to evaluate the services it‟s important to know that whether these requirements are
fulfilled on right time or not and therefore another question was asked regarding timely
requisite stationery supply and the response is showed in the graphs:

                           2-3 days                                                2-3 days
   Agents                  1 week                       Bankers                    1 week
                                                                                   Only after reminders
                           Only after reminders
                                                                                   Never at all
                           Never at all
                  0%                                                    0% 0%
            8%           0%
                                                                     9%

                                                                             91%
                       92%




                                                                                                  97
                             2-3 days                                             2-3 days
                             1 week                        Total                  1 week
                             Only after reminders
                                                                                  Only after reminders
                             Never at all
National Distributors                                                             Never at all
                                                                           2%
                                                                    0%
         0% 7%                                                     12%
 20%

                                                                              86%


                                  73%




                                            Figure 8.11

Most of them feel that their stationery requirements are fulfilled on time i.e. within 2-3
days. Overall most of them receive their requisite on the same day. This shows the
efficiency and speedy delivery of all the requirements by ICICI Prudential AMC to
various distributors which shows the aggressiveness of the company. This also proves
that company feels that distributors play an important role in marketing and sales of the
company and therefore it‟s beneficial to keep them happy and satisfied in all respect.
Therefore the company tries to keep them all happy by providing them with all their
requirements on time.




                                                                                           98
8) Are your complaints / grievances being resolved to your satisfaction?

                                    Always                                            Always
                                                            Bankers
           Agents                   Frequently                                        Frequently
                                    Sometimes                                         Sometimes
                                    Rarely                                            Rarely
     42%
                        0%                                      4%       4%
                                                      22%




                                         58%

                                                                                       70%


                                   Always                                             Always
                                   Frequently                    Total
  National Distributors                                                               Frequently
                                   Sometimes
                                                                                      Sometimes
                                   Rarely
                                                                                      Rarely
              0%    7%
     13%
                                                        24%      2%      4%


                             80%
                                                                                    70%




                                        Figure 8.12

In the survey to come up with a conclusion, it was very important to know whether the
complaints of the distributors were handled efficiently or not. This may help us to
evaluate the productivity of the employees. It is rightly said that the most important factor
for the growth of the company lies in the happiness of its customers and potential
customers. Therefore it is very important to know and understand what the customers feel

                                                                                          99
about the company and its employees. According to the survey in relation with the
satisfaction level regarding the ability of handling complaints by ICICI Prudential AMC,
the results are:


      a) Only 7 out of 13 agents feel that their complaints are always handled and rest 5
          says that it‟s handled frequently. Though none of them feel that their complaints
          are not handled but it is very important that customers should be happy with
          how company handles their complaints and the support rendered by the
          company to them, therefore measures should be taken to improve the services.
      b) Out of 23 bankers, 16 agreed to this that ICICI Prudential AMC gives
          importance to their complaints and their complaints are always handled
          effectively and efficiently. 5 of them believe that their complaints are handled
          frequently but not always. 1 of them feels that their complaints are handled only
          sometimes and 1 thinks that their complaints are solved rarely.
      c) According to the 12 distributors out of 15, ICICI Prudential always handles their
          complaints, 2 of them thinks that their complaints are frequently handled by the
          company. One of them is not satisfied with the complaint handling system of
          the company and feels that company handles their complaints rarely.
      d) Overall 70% of the respondents feel that ICICI Prudential AMC always handles
          the complaints whereas only 24% thinks that the company handles the
          complaints frequently. Only 6% of them are dissatisfied with the complaint
          handling system of the company and they think that company in not efficient
          enough in handling their complaints.

ICICI Prudential should take efforts to train their employees regarding how to handle
customer complaints. First of all it should try that there are no complaints from all the
distribution channels i.e. they should not be given an opportunity to complaint about the
company‟s products and services. This way company can create goodwill in the minds of
customers and which may lead to growth and expansion the company. Even if there are
few problems the employees of the company should be trained well to handle their
complaints. Following measures can be taken:


                                                                                       100
Frequently calling to all the distributors
Communicating and updating them through emails as well as calls
Frequent meetings with distributors
Interactive sessions with the distributors time to time
Regularly updating them about new products and policies
Faster response to the queries of the distributors like brokerages,
material for promotion etc.
Educating the employees about all the products so that they can educate
all distributors
Training the employees and improving their communication skills and
customer handling skills




                                                                   101
      9) Which of the ICICI Prudential, Equity schemes do you prefer the most?
                             Dynamic plan- growth                                        Dynamic plan- growth
                             Focused equity fund                                         Focused equity fund
                                                                   Bankers
      Agents                 Index Fund                                                  Index Fund
                             Tax Plan                                                    Tax Plan
                             Infrastructure                                              Infrastructure
                             power                                                  0%   power
                             TRF                                                         TRF
                  6%                                                   22%     0%
           6%
                                      39%                   4%
22%


                    22%
                                                           0%
                                                                                                    56%
 5%                                                                18%
      0%


                              Dynamic plan- growth
                              Focused equity fund              Total                      Dynamic plan- growth
National Distributors         Index Fund                                                  Focused equity fund
                              Tax Plan
                                                                                          Index Fund
                              Infrastructure
                              power                                                       Tax Plan
                              TRF                                                         Infrastructure
                   5%                                                        1% 3%
                                                                                          power
            0%                                                                            TRF
27%                                                              24%
                                                          2%

                                                                                                    48%

                                                                             21%
0%
                                            45%
             23%                                          1%



                                                     Figure 8.13

      Lastly it was very important to know which products are preferred by the customers so
      that ICICI Prudential AMC can take initiatives to promote the right product in the right
      segment and at the right time. It is rightly said by marketing experts that a right decision
      at right time can give huge benefits to the company and a single wrong step can lead to a
      great disaster. Therefore my research also included the popularity of the products. ICICI
      Prudential AMC offers lot of products in the form of various schemes, and so it became
      important to know which product is in great demand and which products need to be
      promoted to make it popular.


                                                                                                        102
According to the research regarding the popularity of the products the results were as
follows:

   a) According to the Agents,
              38% feel the most popular product is ICICI Pru Dynamic Plan- Growth.
              22% has given importance to ICICI Pru Infrastructure Plan.
              Another 22% says that ICICI Pru Focused Equity Fund-Retail Growth is
              popular fund.
              6% of them believe that ICICI Pru Tax Plan-Growth is in demand.
              6% also feel that ICICI Pru Power Pan is popular among customers.
              And rest 6% feel ICICI Pru TRF Plan makes maximum sales.
   b) According to the Bankers,
              55% feel the most popular product is ICICI Pru Dynamic Plan- Growth.
              22% has given importance to ICICI Pru Infrastructure Plan.
              19% says that ICICI Pru Focused Equity Fund-Retail Growth is popular
              fund.

              And only 4% believe that ICICI Pru Index Fund is in demand by
              customers.

   c) As per the National Distributors,
              45% feel the most popular product is ICICI Pru Dynamic Plan- Growth.
              27% has given importance to ICICI Pru Infrastructure Plan.
              23% says that ICICI Pru Focused Equity Fund-Retail Growth is popular
              fund.
              And rest 5% feel ICICI Pru TRF Plan makes maximum sales.
   d) And the overall results of survey were,
              49% feel the most popular product is ICICI Pru Dynamic Plan- Growth.
              24% has given importance to ICICI Pru Infrastructure Plan.
              Another 21% says that ICICI Pru Focused Equity Fund-Retail Growth is
              popular fund.
              And 3% feel ICICI Pru TRF Plan makes maximum sales.
                                                                                  103
               1% of them believe that ICICI Pru Tax Plan-Growth is in demand.
               1% also feels that ICICI Pru Power Pan is popular among customers.
               And only 4% believe that ICICI Pru Index Fund is in demand by
               customers.

The company should take efforts to promote unpopular products which have minimum
demand. On the other hand, they should not forget the popular products and should come
up with better benefits with popular products so that they do not lose their customers and
can attract the potential customers.

These were the results of the questionnaire. Personal interviews were also conducted to
compare the services of ICICI Prudential AMC with other AMC‟s so that we can
overcome our weaknesses and strengthen our strengths.




                                                                                      104
   8.3 Managerial Implications

 There should be the concentration and timing Tier-3 distributors along with Tier-1 and
   Tier-2 distributors as there is lot of scope in Tier-3 cities also. Relationship Manager
   should regularly meet them and update them with the information about the new products
   by calling them and resolving all their queries. All the complaints and problems should
   be handled quickly.
 All the distributors should be given time to time training on all the products and about
   various funds like debt and equity as many of them do not have complete knowledge
   about the same which is one of the hurdles in increment of sales.
 The proper training and product knowledge should be given to all the selling person
   appointment by the distribution channels. They should be taught to follow this:

   “PUSH THE PRODUCT FIRST, GIVE THEM THE SERVICES THEY WANT AND
   THEY WILL AUTOMATICALLY PULL TOWARDS YOU”

 There should be time to time activity like canopy, training programs, presentations by the
   Relationship Managers for the distributors so as to maintain the good relationship
   between them. This will help them to solve their problems and will lead to great
   interaction with them.
 There is a saying that “For the extension of any business, there should be a good
   customer base.” In the case of retail channel, our business partners are Agents, Bankers
   and National Distributors working for ICICI Prudential AMC. So there should be great
   number of distributors working for the company. This can help in expansion of business.
 The Relationship Manager should have the idea of the competitive AMCs products‟
   strength and weakness so that we can take edge over others by defeating them by their
   weakness by our strength. Also there should be a proper comparative analysis and
   financial analysis with other AMCs so as to become the market leader.




                                                                                        105
           Chapter 9

Learning Outcomes and Conclusion




                               106
9.1 Learning Outcomes

Two months of Internship Program in ICICI Prudential AMC has definitely increased my
learning curve. It has provided me the opportunity to practically apply the theoretical
knowledge and understand the various marketing concepts. Working with professionals
in the corporate environment has certainly helped me to understand the real corporate
world. My learning in ICICI Prudential AMC can be summed up in the following points:

       Understanding how Market Research is carried out in real time market conditions
       Understanding the responses given by the respondents and evaluating them
       Understanding details about the working of B2B markets
       Understanding how all the departments are connected to one another and also
       how one decision can change the functions of another
       At last but not the least, understanding of how important patience and punctuality
       are for the real world scenario


9.2 Key Issues and Conclusion
Based on the above SWOT analysis and study of the available data I have come to the
following conclusions:
    Huge Potential
       All though relatively new entrants in the market, ICICI Prudential AMC is slowly
       but surely gaining a strong hold at all the branches are very knowledgeable with a
       lot of experience in the financial markets so under their leadership can definitely
       expand its base

       The entire workforce consists of mostly youngsters, which means they can be
       encouraged and motivated to do good work because they have a long way to go
       and most of them are eager to climb the ladder.

       Right now ICICI Prudential AMC is at its nascent stage and will surely grab the
       major market under its belt very soon like in other fields.


    Huge investments taking place
                                                                                      107
   The Stock Market has been very buoyant until now especially in the past 3 years.
   This particular trend is very favorable because a soaring SENSEX means higher
   returns, which encourages the investors to invest their money in the market.

   So in order to make the best the only thing required is to recruit more field staff
   who should be trained in a proper way to get better results.

 Large untapped market
                    In the past few years there has been a tremendous inflow of
                    funds in the Indian market which has lead to the sky rocketing
                    SENSEX. In fact there has been a tremendous response from the
                    investors not only in shares but mutual funds as well.



Based on the above Survey and study of the available data I have come to the
following conclusions:
        Parameters for selling various funds:


                    Services offered
                    Performance
                    Brand Name
                    Quantitative Measures


        Ways to improve services:

                    Frequent Communication
                    Regularly updating the distribution channels about new products
                    and schemes
                    Timely fulfillment of their requirements
                    Quick resolution of the queries
                    Educating the employees about the product


        Organizing various programs to spread awareness
                                                                                  108
                        Presentations and training classes for various distribution
                        channels
                        Canopy for interacting with customers
                        Regular emails to customers about new products
                        Reward ceremonies should be organized


9.3 Scope of Future Research

The research has been carried out in Udaipur regarding B2B relationship management.
The research was conducted to understand the various distribution channels and their
expectations from the company. This also helped me to understand the structure and
performance of Mutual Fund Industry. This study reflects the major clients and also gives
a clear idea of the untapped market in this regard. This research has also helped to
understand the factors affecting the purchase of Mutual Fund.

A further research can be done on the degrees of effect of each of the factors that are
responsible for the purchase of Mutual Funds, other factors can be taken into
consideration and assessment about the key decision makers at the customer end in the
organizations can also be done.




                                                                                     109
          Chapter 10

Recommendations and Suggestions




                                  110
10.1 Recommendation and Suggestions

 There should be given more time and concentration on the Tier-3 Distributors.
 The resolution of the queries should be fast enough to satisfy the distributors.
 Time to time presentation and training classes about the products should be organized
   for all the distribution channels.
 Regular activities like canopy should be done so as to get more interaction with the
   distributors.
 While interacting with the investors I found that most of the customers are unaware
   about the Mutual fund. Some of the people look upon mutual funds and equity trading
   as gambling. Thus a mutual fund awareness program can help to increase the
   penetration of mutual funds in the market.
 After sales services and follow up calls are important for getting new references so
   trained telesales should be appointed for this purpose whose sole work should be to
   make feedback calls.
 Company should have a scheme of rewards and recognition to employees and the
   field persons to boost their motivation.
 Awareness camp should be organized. In this type of camp fund partners & other sub-
   brokers should write their misunderstanding about product or application, they should
   aware about new product & applications.
 According to my survey quality improvement is essential for growth in the market.
 Business opportunity programs should be organized time to time because this aspect
   is very necessary for every company.
 It has been seen that there is a major increase in the percentage of young investors
   who have large amount of disposable income with them and want to invest, these type
   of prospective clients should be tapped at an early stage.
 Small towns, villages are still untapped and can also acts as an business area of very
   huge potential.
 Now even co-operative society can invest up to 10% of their capital in mutual funds
   which open the door to new and very important client base.



                                                                                     111
Chapter 11

Bibliography




               112
9.1 Bibliography

 Search Engines
                    Google
                    Yahoo




 Websites
                    www.icicipruamc.com
                    www.icicidirect.com
                    www.mutualfundsindia.com
                    www.amfiindia.com
                    www.valueresearchonline.com
                    www.finance.indiamart.com



 Books

     ICICI PRU AMC monthly review book
     ICICU PRU AMC Fact sheet
     Amfi Booklet
     Portfolio Management Services book ICFAI
     Brochures
     Pamphlets




                                                  113
Chapter 12

Annexure




             114
12.1 Feedback Form


                                    Personal Details


Name :                                               DOB :
Marital Status:  Single        Married               Anniversary Date :
Designation :        Organisation :                  ARN No. :
Telephone No. / Mobile :                             Email :

                                     Questionnaire


1. Are you happy with the support/services provided to you by your Relationship
Manager?

          Yes
          No

2. Is the standard of service rendered by phone upto your expectation?

          Yes
          No

3. When contacted over Phone; was your call answered?

          Within 2-3 rings
          After 8-10 rings
          Busy
          Continuously busy

4. Are you in receipt of regular communication from ICICI Prudential AMC?

          Yes
          No


5. What is the frequency of communication?

          Daily
          Weekly
          Fortnightly
          Monthly


                                                                            115
6. How would you rate the quality and regularity of the communication from ICICI
Prudential AMC to you?

          Delighted
          Satisfied
          Neutral
          Dissatisfied

7. How will you classify our communication style? (tick all appropriates)

          Personal
          Knowledgeable
          Competitive
          Co-operative
          Convincing
          Ethical

8. According to you, which factor is of utmost important to increase the sales?

          Brand Name
          Performance
          Quantity measures
          Services Offered

9. Are your stationery requirements fulfilled?

          Always
          Frequently
          Sometimes
          Rarely

10. After giving the request, you receive the requisite stationery within?

          2-3 days
          1 week
          Only after reminders
          Never at all

11. Are your complaints / grievances being resolved to your satisfaction?

          Always
          Frequently
          Sometimes
          Rarely


                                                                                  116
12. Which of the ICICI Prudential, Equity schemes do you prefer the most?

         ICICI Pru Dynamic Plan - Growth
         ICICI Pru Focused Equity Fund – Retail Growth
         ICICI Pru Index Fund
         ICICI Pru Tax Plan - Growth
         Others(SPECIFY) _______________________


13. What do you recommend to improve our business relationship?

14. How can we serve you better? List any recommendation to improve our services.




                                                                                    117
12.2 List of respondents of Agents:

                                Table 12.1

S. No.     Name              ARN No.     Address


1.         Hasnain Ali RG    45011       11/1 Basti Ram ji ki Bari, Inside Ashwini
                                         Bazar, Udaipur
2.         Uma Sharma        21201       H. no. 16, Nijay Marg, Opp. Session Court,
                                         Udaipur
3.         Jinendra Porwal   45012       1, Gokul Nagar, Bahra Ganesh Ji Road,
                                         Udaipur
4.         Hemant Jain       59090       Hemant Automobiles, opp. Jain colony,
                                         University road, Udaipur
5.         Narendra Kumar    10920       9, Behind Bathara, Fatehpura Road,
           Garg                          Udaipur

6.         Garima Mehta      71503       312/03, Ashok Nagar, Udaipur


7.         Gautam Rathore    9156        Gr Portfolio Management Services, 77, 2nd
                                         Floor, Opp HDFC BANK, Chetak Circle,
                                         Udaipur
8.         Dhiraj Jain       76927       227, Sector 11, Hiran Magri, Udaipur


9.         Sapex Bandi       51118       91, jain Agency, Mandi ki naal, Udaipur


10.        Himmat Singh      59617       Road no. 3, Purohito ki Madri, Udaipur
           Meena
11.        Krishna Das       68444       3-KA-64, Sector 5, Hiran Magri, Udaipur
           Parakh
12.        Hemant Baya       63882       101, Subhash Marg, Jadiya Street, Udaipur




                                                                              118
      12.3 List of respondents of Bankers:

                                      Table 12.2

S. No.   Name                    Designation         Organization     Address

1.       Ranveer Singh Ranawat   Relations Officer   Kotak Mahindra   Ground Floor,
                                                     Bank             Trimurti Heights,
                                                                      8-C, Madhuban
                                                                      Bank street,
                                                                      Udaipur
2.       Sachin Loonkar          Relationship        Kotak Mahindra   Ground Floor,
                                 Manager             Bank             Trimurti Heights,
                                                                      8-C, Madhuban
                                                                      Bank street,
                                                                      Udaipur
3.       Prashant Mantri         Relationship        Kotak Mahindra   Ground Floor,
                                 Manager             Bank             Trimurti Heights,
                                                                      8-C, Madhuban
                                                                      Bank street,
                                                                      Udaipur
4.       Amit Sharma             Relationship        HDFC Bank        Chetak Circle,
                                 Manager                              Udaipur
5.       Dinesh Khatri           Associate Manager   ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur
6.       Anirudh Singh                               ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur
7.       Sumeet Talesra          Wealth manager      ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur
8.       Umesh khandelwal                            ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur
9.       Vinay Parikh            Assistant           ABN AMRO Bank    Verma circle,
                                 Relationship                         Bhopalpura,
                                 Manager                              Udaipur
10.      Puneet Gambhir          RM – NRI            ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur
11.      Neha Bansal                                 ABN AMRO Bank    Verma circle,
                                                                      Bhopalpura,
                                                                      Udaipur



                                                                             119
12.   Indu Keswani          Branch Manager   ABN AMRO Bank Verma circle,
                                                              Bhopalpura,
                                                              Udaipur
13.   Bhanushree Upadhyay   CSE              ABN AMRO Bank Verma circle,
                                                              Bhopalpura,
                                                              Udaipur
14.   Alok Khanna           Cluster Head     ICICI Bank       Madhuban Bank
                                                              street, Udaipur
15.   Swati Sharma          Wealth Manager   ICICI Bank       Madhuban Bank
                                                              street, Udaipur
16.   Gaurav Khandelwal     Wealth Manager   ICICI Bank       Madhuban Bank
                                                              street, Udaipur
17.   Rohit Bhatnagar                        ICICI Bank       Madhuban Bank
                                                              street, Udaipur
18.   Dushyant Singh        Branch Manager   AXIS Bank        Chetak Circle,
                                                              Udaipur
19.   Simrit kaur                            AXIS Bank        Chetak Circle,
                                                              Udaipur
20.   Nischal Sharma                         AXIS Bank        Chetak Circle,
                                                              Udaipur
21.   Johny Joseph          Branch Manager   The Federal Bank Madhuban Bank
                                                              street, Udaipur
22.   Subhash Garg          Branch Manager   Union Bank Of    New Fatehpura,
                                             India            Udaipur
23.   Jitin                 Boolchandani     IDBI Bank        Chetak Circle,
                                                              Udaipur




                                                                     120
         12.4 List of respondents of National Distributors:

                                          Table 12.3

S. No.    Name                 Designation             Organization          Address

1.        Abhinandan Kumar     Relationship            ICICI Securities      5-C Madhuban,
                               Manager                 Limited               Udaipur
2.        Vikram Singh                                 ICICI Securities      5-C Madhuban,
                                                       Limited               Udaipur
3.        Pavan Lodha                                  ICICI Securities      5-C Madhuban,
                                                       Limited               Udaipur
4.        Lokesh Seth          Assistant Branch        Wealth Creators       Shop no. 213, 2nd floor,
                               Manager                                       Shrinath Plaza,
                                                                             Hospital Road,
                                                                             Udaipur.
5.        Dilip Chawla         Sr. Sales Manager       Birla Sun Life

6.        Manish Mittal        Branch Manager          Religare Finmart      Ground floor, Jyoti
                                                                             Hotel, Surajpole,
                                                                             Udaipur
7.        Ravindra Tiwari      Relationship            Religare Finmart      Ground floor, Jyoti
                               Manager                                       Hotel, Surajpole,
                                                                             Udaipur
8.        Giriraj Kishore      Relationship            Religare Finmart      Ground floor, Jyoti
          Shrimali             Manager                                       Hotel, Surajpole,
                                                                             Udaipur
9.        Jitendra Jain        SRE                     NJ India Invest       303, 3rd floor, Akriti
                                                                             complex, Fatehpura,
                                                                             Udaipur
10.       Gaurav Bhatnagar     Relationship            Prudent               302, 3rd Floor, Madhav
                               Manager                                       Towers, Madhuban,
                                                                             Udaipur
11.       Ankita Agarwal       Branch Manager          Geojit Financial      G 3-4, Business Centre,
                                                       Services              1-C, Madhuban,
                                                                             Udaipur
12.       K.C Pandya           Relationship            Anand Rathi           46- Madhuban, Udaipur
                               Manager
13.       Barkha Singhani      Branch Manager          Karvy Stock Broking   2nd Floor, Madhav
                                                                             Chambers, Madhuban,
                                                                             Udaipur




                                                                                       121
Thank You!




             122

								
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