PROFILE OF MUTUAL FUNDS INDUSTRY IN DISTRICT...

PROFILE OF MUTUAL FUNDS INDUSTRY IN DISTRICT MEERUT

HISTORY OF INDIAN MUTUAL FUNDS INDUSTRY The mutual fund industry in India started in 1963 with the

formation of Unit Trust of India, at the initiative of the Government of

India and Reserve Bank of India. The history of mutual funds in India can

be broadly divided into four distinct phases:

FIRST PHASE – 1964-87:

Unit Trust of India (UTI) was established in 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 – 1987-93:

1987 marked the entry of non- UTI, public sector mutual funds set

up by public sector banks and Life Insurance Corporation of India (LIC)

and General Insurance Company Ltd. (GIC). SBI Mutual Fund was the

first non- UTI Mutual Fund established in June 1987 followed by Can

Bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug

89), Indian Bank Mutual Fund (Nov 89), Bank of India (June 90), Bank of

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Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June

1989 while GIC had set up its mutual fund in December 1990. At the end

of 1993, the mutual fund industry had assets under management of

Rs. 47,004 crores.

THIRD PHASE – 1993-2003:

With the entry of private sector funds in 1993, a new era started in

the Indian mutual fund industry, giving the 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:

In February 2003, following the repeal of the Unit Trust of India

Act 1963 UTI was bifurcated into two separate entities of which one is the

Specified Undertaking of the Unit Trust of India with assets under

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management of Rs. 29,835 crores as at the end of January 2003. It was

representing broadly, the assets of US 64 scheme, assured return and

certain other schemes. 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, 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 assets under management 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 funds industry has entered its current

phase of consolidation and growth.

HISTORY OF MUTUAL FUNDS INDUSTRY OF DISTRICT MEERUT The History of Meerut Mutual funds Industry is about 20 years old.

The mutual funds industry in District Meerut started in 1990. It can be

broadly divided into four distinct phase to the development of this sector.

Each phase is briefly described as under:

FIRST PHASE – 1990-95:

As per the survey in various AMC offices the researcher found that

in 1992-93, only a single company (UTI) was working with chief

marketing executive (Mr. Raghav Sharma) in Meerut. In this phase, other

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AMCs were also working in District Meerut but no one company could

reach in Meerut Mutual Funds market.

SECOND PHASE – 1995-2000:

In this phase, Distributor Houses and Brokers came in Meerut

mutual funds market. All the mutual fund companies started their work

through these distributors. Firstly, Bajaj Capital Distributor Company

opened its own branch in Meerut and then other distributor companies as

Reliance Securities, HDFC Bank Ltd., Karvy Stock Broking, Axis Bank,

India Info line, ICICI Bank, Bonanza etc. followed it and opened their

branches in Meerut. THIRD PHASE – 2000-05:

This phase is very important for Meerut mutual funds market. In

this phase, marketing executives were appointed by various AMCs. These

marketing executives provided their services to distributors, sub-brokers

and individual agents. In this phase, the offices of two collection points

(CAMS & KARVY) were opened in Meerut in 2005, in which, AMCs

started depositing their collections.

FOURTH PHASE – SINCE 2005:

In this phase, mostly mutual fund companies opened their branches

in Meerut. Firstly, in 2007, Reliance AMC Ltd. opened its branch and

then other AMCs followed it and opened their branches in Meerut. Now,

Meerut mutual funds market is recognized as a well-known mutual funds

market in India. Currently 11 AMC offices, 3 Area offices (HDFC,

Reliance & ICICI), 20 Distributor Companies, almost 150 individual

agents and 200 sub-brokers are working in Meerut Mutual Funds industry.

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PRESENT SCENARIO OF MUTUAL FUNDS INDUSTRY IN DISTRICT MEERUT

During the past three and a half decades, the Indian mutual funds

industry has witnessed major transformation. The industry has grown

several folds not only in terms of the number of mutual funds and their

schemes but also in respect of investable funds available to the industry.

Further, the industry has also grown in terms of other parameters such as

the number of mutual fund schemes, investor base and the range of

products being offered to the investors. With the entry of private sector

funds, the industry is becoming more competitive. In a short span of less

than one decade it has changed the investment pattern of medium and

small investors in India. To meet the changing needs of the economy, the

educational institutions have been upgrading their curriculum.

Consequently, study of mutual funds has become an essential ingredient

of any business and finance programme. Besides it, the investors, if really

want to benefit from this new vehicle of investment, should know how

mutual funds operate and what they should expect from them.

At present, the Indian mutual funds industry has 38 players. The

number of public sector players has reduced from 11 to 5. The public

sector has gradually receded into the background, passing on a large

chunk of market share to private sector players.

Present scenario of Meerut mutual funds industry can be described

by the following headings:

TOTAL AMC OFFICES IN DISTRICT MEERUT: In March 2010 there were 11 Asset Management Companies

offices in District Meerut, with total asset under management (AUM) of

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Rs. 350 crore. Their distribution of asset under management is given in

the following table no. 3.1:

TABLE: 3.1

ASSET MANAGEMENT COMPANIES (IN MARCH 2010)

S.No. Asset Management Companies

AUM (Rs. Cr.)

Share (%) AMC Type

1. Reliance Capital AMC Ltd. 60 17.14 Private-Indian

2. UTI AMC Pvt. Ltd. 80 22.86 Bank-Others

3. LIC Mutual Fund AMC Ltd. 30 8.57 Institution

4. Prudential ICICI AMC Ltd. 35 10.00 Private-JV-Indian

5. HDFC AMC Ltd. 33 9.43 Private-JV-Indian

6. SBI Funds Management Pvt. Ltd.

32 9.14 Bank-JV-Indian

7. Birla Sun Life AMC Ltd. 25 7.14 Private-JV-Indian

8. Kotak Mahindra AMC Ltd. 22 6.29 Private-Indian

9. Tata Asset Management Ltd. 15 4.29 Private-Indian

10. J.M. Financial AMC Pvt. Ltd. 8 2.29 Private-Indian

11. Religare AMC Ltd. 10 2.86 Private-Indian

Grand Total 350 100.00 Source: Personal Survey.

An examination of Table 3.1 indicates that the total AUM of 11

AMCs stood at Rs. 350 crore in March 2010, out of which, Reliance alone

accounted for Rs.60 crore (17.14%), while the share of UTI was Rs.80

crore (22.86%). Prudential ICICI AMC Ltd. stood at third place with total

AUM of Rs. 35 crore (10.00%). Likewise HDFC AMC Ltd. was at fourth

place with its AUM of Rs. 33 crore (9.43%) and SBI Funds Management

Pvt. Ltd. was at fifth place with its AUM of Rs. 32 crore (9.14%).

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DISTRIBUTORS / AGENT COMPANIES IN DISTRICT MEERUT:

In March 2010 there were 20 Distributors / Agents Companies in

District Meerut, with total collection of funds of Rs.22.78 crore. The

distribution of collected funds is given in Table 3.2:

TABLE: 3.2

DISTRIBUTORS / AGENT COMPANIES (IN MARCH 2010)

S.No. Distributors / Agents Companies

Collection of Funds (Rs. Cr.)

Share (%)

1. Reliance Securities limited 2.01 8.82

2. HDFC Bank Ltd. 1.70 7.46

3. Axis Bank Ltd. 3.38 14.84

4. NJ India invest Pvt. Ltd. 1.42 6.23

5. IDBI Capital Market Services Ltd. 0.00 0.00

6. Religare F invest Ltd. 0.67 2.94

7. Kotak Mahindra Bank Ltd. 0.16 0.70

8. Karvy Stock Broking Ltd. 3.98 17.47

9. ICICI Bank Ltd. 2.40 10.54

10. Bajaj Capital Ltd. 3.10 13.61

11. ICICI Securities Ltd. 0.17 0.75

12. India info line Ltd. 1.86 8.17

13. Prudent Corporate Advisory services Ltd.

0.06 0.26

14. Abn Amro Bank 0.20 0.88

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15. Anand Rathi Securities Ltd. 0.01 0.04

16. IDBI Bank Ltd. 1.17 5.14

17. Bonanza Portfolio Ltd. 0.12 0.53

18. Ing Vysya Bank Ltd. 0.25 1.09

19. State Bank of India 0.10 0.44

20. Sundaram Finance Distribution Ltd. 0.02 0.09

Grand Total 22.78 100.00 Source: Personal Survey. The above table is showing that in March 2010 Karvy Stock

Broking Ltd. collected the maximum funds of Rs. 3.98 Crore i.e. 17.47%

of the total collection of all the Distributors / Agent companies. After this

Axis Bank Ltd. collected Rs. 3.38 crore i.e. 14.84% of the total funds

collected by all the Distributors / Agent companies. Bajaj Capital Ltd.

remained at third place showing its collection of Rs. 3.10 crore during the

same period.

TOTAL ASSETS UNDER MANAGEMENT OF

MEERUT MUTUAL FUNDS INDUSTRY:

The total assets under management of Meerut Mutual Fund

Industry stood at Rs.500 crore from 843 schemes offered by 38 Asset

Management Companies in March 2010. Out of the total assets under

management, Reliance alone accounted for Rs.60 crore (12%). The share

of equity fund was Rs. 410 crore (82%). The remaining resources of Rs.

90 crore (18%) were with the debt funds.

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The total no. of schemes offered by 38 mutual funds stood at 843,

of which 641 were open-ended, while the remaining 202 were close-

ended in nature as on 31st March 2010.

Table 3.3 gives the information pertaining to total AUM of Meerut

mutual funds industry in March 2010, while Table 3.4 presents the

classification of mutual fund schemes as on 31st March, 2010.

TABLE: 3.3

TOTAL AUM OF MEERUT MUTUAL FUNDS INDUSTRY (IN MARCH 2010)

Source: Personal Survey.

An examination of Table 3.3 indicates that the total assets under

management of Meerut mutual funds industry stood at Rs.500 crore in

March 2010, in which, the share of equity funds was Rs.410 crore (82%)

and the remaining resources of Rs.90 crore (18%) were with the debt

funds.

Table No. 3.4 is showing the classification of Mutual Fund

Schemes in March 2010 in the following manner:

S.No. Category AUM (Rs. Cr.)

Share (%)

1 Equity Funds 410 82.00

2 Debt Funds 90 18.00

Total 500 100.00

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TABLE 3.4

CLASSIFICATION OF MUTUAL FUND SCHEMES (AS ON MARCH 31, 2010)

S.No. Nature Open-ended Close-ended Total 1. Balanced 29 4 33

2. ELSS 36 12 48

3. FoF investing overseas 15 - 15

4. Gilt 35 - 35

5. Gold ETF 7 - 7

6. Growth 267 38 305

7. Income 182 148 330

8. Liquid / Money Market 56 - 56

9. Other Other ETF 14 - 14

Grand Total 641 202 843 Source: www.mutualfundsindia.com. An examination of Table 3.4 indicates that the total number of

schemes offered by all the mutual funds stood at 843, of which 641 were

open-ended while the remaining 202 were closed-ended. It also indicates

that the industry was dominated by income schemes numbering 330

followed by 305 growth schemes, 56 money market schemes, 48 tax saving

schemes, 35 gilt schemes, 33 balanced schemes, 15 Fund of Funds (FoF)

schemes, 14 other ETF schemes and 7 gold ETF at the end of March 2010.

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INVESTORS SERVICES: At present, mutual fund offers a wide variety of services to the unit

holders. The following is a partial list of benefits and services offered by

mutual funds:

Daily NAV

Switch between schemes

Prompt distribution of dividends

Free reinvesting of dividends

Systematic investment plan

Quick redemption of investors’ investment

Simply easy to read reports and statements at investors’ door

steps periodically

Joint ownership accounts

Toll free numbers

On-line transactions.

In case of on-line transactions investors need not worry about

filling up application forms, drawing cheques / making demand draft,

depositing warrants as all the financial transactions are completely

automatic at the click of the mouse by the investors. Mutual fund units

can also be held in damat form. Extensive investors’ education,

performance communications, financial planning details are also given on

website.

At present, the industry has designed several new funds to suit the

need of different types of investors. Thus, an investor has a choice to

invest his saving into (i) growth funds, (ii) income funds, (iii) balanced

funds, (iv) monthly income plans, (v) gilt funds, (vi) liquid / money

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market funds, (vii) index funds, (viii) sector funds, (ix) tax-saving funds,

(x) systematic withdrawal plans and (xi) miscellaneous funds.

In recent years, mutual funds particularly the private sector funds

have also taken initiatives to improve their investor services and

distribution network.

PRESENT SYSTEM OF REGULATIONS: At present, the mutual fund industry is governed by the SEBI

(Mutual fund) Regulations, 1996. Apart from these guidelines the present

system of regulation of mutual funds also includes the provisions of the

Companies Act, 1956 and the Income Tax Act, 1961. Though the Unit

Trust of India continues to be governed by the Unit Trust of India Act

1963; it also has to adhere to the SEBI (Mutual fund) Regulations, 1996.

KYC REQUIREMENTS FOR MUTUAL FUND

INVESTORS: At present, it is compulsory for all investments to be compliant

with the regulatory requirements prescribed under the Anti-Money

Laundering Act, 1992 and SEBI circulars in this regard. Broadly, mutual

fund investors need the following documents:

Proof of Identity

Proof of Address

PAN Card

Photograph

Mutual funds have made an arrangement with CDSL Ventures Ltd.

(CVL), a wholly owned subsidiary of Central Depository Services (India)

Ltd. (CDSL), to make it convenient for mutual fund investors to comply

with the documentation requirements.

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Select branches / offices of mutual funds, registrars and large

distributors serve as Points of Service (PoS) for the KYC documentation.

Investors need to provide the Original documents, along with a copy of

the relevant documents, to any of the PoS (listed in AMFI website

www.amfiindia.com). The Original documents are returned after

verification. Alternatively, the investor can provide a True Copy attested

by a Notary Public, Gazetted Officer or Manager of a Scheduled

Commercial Bank.

CVL provides a facility where the PoS, from their own office, can

access CVL’s system, enter the requisite data and generate an

acknowledgement with a Mutual Fund Identification Number (MIN).

Based on this acknowledgement, the mutual fund investor can invest in

any mutual fund. Thus, the KYC documentation has to be done only once,

with CVL acting through the PoS.

Similarly, in the event of change of address or any other

information, the mutual fund investor needs to fill the standard form and

follow the prescribed process only once, with any of the PoS. Based on

that, the information is updated with all the mutual funds where the

investor has invested.

Where investment is made by a minor, KYC requirements have to

be complied with by the Guardian.

In the case of investments by a Power of Attorney holder on behalf

of an investor, KYC requirements have to be complied with, by both,

investor and PoA holder.

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ENTRY / EXIT LOADS: In the past, schemes were permitted to keep the Sale price higher

than the NAV. Schemes had the flexibility to differentiate between

different classes of investors within the same scheme, by charging them

different levels of load. Further, all the moneys collected as loads were

available for the AMC to bear various selling expenses. There were liberal

limits on how much could be charged as loads.

But, at present, the position (since August 1, 2009) is that:

SEBI has banned entry loads. So, the Sale Price needs to be the

same as NAV.

Exit loads / CDSC in excess of 1% of the redemption proceeds

have to be credited back to the scheme immediately i.e. they are not

available for the AMC to bear selling expenses.

Exit load structure needs to be the same for all unit-holders

representing a portfolio.

NUMBER OF INVESTORS: In the past, the investors had preferred to invest in mutual fund as a

substitute of fixed deposits in banks. About 75% of the investors were not

willing to invest in mutual funds unless there was a promise of a

minimum return.

But, at present, mutual funds are becoming a very popular form of

investment characterized by many advantages that they share with other

forms of investments and what they posses uniquely themselves.

Thus, over the past decade, the industry has evolved in terms of the

practices followed and the usage of technology. Mutual fund investors

have come to receive an unparallel array of products and wide range of

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services. The industry scaled new heights in terms of assets under

management; number of players as well as in terms of product choices

and investor services. Technological advancements have changed the face

of the industry. We have also looked at the practices initiated by AMFI

for the betterment of the industry.

At present, the Meerut mutual funds industry has almost 11 AMCs

offices, 3 area offices (HDFC, Reliance & ICICI), 20 distributors

companies, 150 individual agents and 200 sub-brokers.

STUDY OF MUTUAL FUND COMPANIES IN

DISTRICT MEERUT

At present, there are 11 Asset Management Companies in District

Meerut. These are:

Bank Sponsored Joint Ventures – Predominantly Indian

o SBI Funds Management Private Limited

Others

o UTI Asset Management Company Private Limited

Institution o LIC Mutual Fund Asset Management Co. Ltd.

Private Sector Indian

o J.M. Financial Asset Management Private Ltd.

o Kotak Mahindra Asset Management Co. Ltd.

o Reliance Capital Asset Management Ltd.

o Religare Asset Management Company Private Ltd.

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o Tata Asset Management Ltd.

Joint Ventures – Predominantly Indian

o Birla Sun Life Asset Management Co. Ltd.

o HDFC Asset Management Co. Ltd.

o Prudential ICICI Asset Management Co. Ltd.

The above mentioned Asset Management Companies are briefly

described as under:

1. SBI FUNDS MANAGEMENT PRIVATE LIMITED:

SBI Mutual Fund is India’s largest bank sponsored mutual fund and

has an enviable track record in judicious investments and consistent

wealth creation. In twenty years of operation, the fund has launched 38

schemes and successfully redeemed fifteen of them. In the process it has

rewarded its investors handsomely with consistent returns. SBI Mutual

Fund is the first bank-sponsored fund to launch an offshore fund -

Resurgent India Opportunities Fund.

Schemes of SBI Mutual Fund:

No. of Schemes 46

No. of Schemes including options 118

Equity Schemes 36

Debt Schemes 53

Short-term debt Schemes 11

Equity & Debt 5

Money Market 0

Gilt Fund 12

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Meerut Branch of SBI Mutual Fund

Established in Meerut : 2007

Corpus Under Management : 32 crore in March 2010

Key personnel : 3

( 1- Branch Manager, 1- Marketing Executive, 1- Back office)

Branch Manager : Mr. Ajay Chauhan

Investors : 6000 in March 2010

Address : G - 11 & 12, Ganga Plaza,

Begum Bridge Road, Meerut

2. UTI ASSET MANAGEMENT COMPANY PRIVATE LTD:

UTI Mutual Fund started on January 14, 2003 to pave its path

following the vision of UTI Asset Management Co. Ltd. (UTIAMC),

which was appointed by UTI Trustee Co. Pvt. Ltd. for managing the

schemes of UTI Mutual Fund and the schemes transferred / migrated from

the erstwhile Unit Trust of India. UTIAMC has a track record of

managing a variety of schemes catering to the needs of every class of

citizens. It has a nationwide network consisting 141 UTI Financial

Centres (UFCs) and UTI International offices in London, Dubai and

Bahrain.

Schemes of UTI Mutual Fund:

No. of Schemes 78


Equity Schemes 57

Debt Schemes 121

Short term debt Schemes 13

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Equity & Debt 8

Money Market 0

Gilt Fund 10

Meerut Branch of UTI Mutual Fund

Established in Meerut : 1997 – UTI MF Collection Point

2009 – Main Branch Office


Key personnel : 5


Branch Manager : Mr. Monoj Kumar


Address : Niranjan Vatika, Bachha Park, Meerut.

3. LIC ASSET MANAGEMENT COMPANY LIMITED: Life Insurance Corporation of India set up LIC Mutual fund on 19th

June 1989 and contributed Rs. 2 crore 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 settler is not responsible for the

management of the trust. The settler is also not responsible or liable for

any loss or shortfall resulting in any of the schemes of LIC Mutual Fund.

The trustees of the LIC Mutual Fund have exclusive ownership of Trust

fund and are vested with general power of superintendence, discretion and

management of the affairs of the trust. LIC Mutual Fund Asset

Management Company Ltd. was formed on 20th April 1994 in compliance

with the Securities and Exchange Board of India (Mutual Fund)

Regulations, 1993.

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Schemes of LIC Mutual Fund:

No. of Schemes 26


Equity Schemes 20

Debt Schemes 31


Equity & Debt 5

Money Market 0

Gilt Fund 4

Meerut Branch of LIC Mutual Fund:

Established in Meerut : May 2008


Key personnel : 1 (Branch Manager)

Branch Manager : Mr. Sumit Sexena


Address : Jeevan Prakash, D.O. Campus, Prabhat Nagar, Meerut.

4. J.M. FINANCIAL ASSET MANAGEMENT PRIVATE LTD:

J.M. Financial Mutual Fund is one of India’s first private sector

mutual funds – an integral part of the first wave that commenced

operations in 1993-94. The AMC of JM Financial Mutual Fund is

sponsored by JM Financial Limited. JM Financial Asset Management

Private Limited started operations in December 1994 with a simultaneous

launch of three funds – JM Liquid Fund (now JM Income Fund), JM

Equity Fund and JM Balanced Fund. Today, JM Financial Mutual Fund

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offers a bouquet of funds that caters to the diverse needs of both its

institutional and individual investors.

Schemes of J.M. Mutual Fund:

No. of Schemes 30


Equity Schemes 32

Debt Schemes 42


Equity & Debt 2

Money Market 0

Gilt Fund 3

Meerut Branch of J.M. Mutual Fund:

Established in Meerut : March 2008


Key personnel : 3


Branch Manager : Mr. Piyush


Address : G – 37 Ganga Plaza, Begum

Bridge Road, Meerut.

5. KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD:

Kotak Mahindra Asset Management Company Limited (KMAMC),

a wholly owned subsidiary of KMBL, is the Asset Manager for Kotak

Mahindra Mutual Fund (KMMF). KMAMC started operations in

December 1998 and has over 10 lack investors in various schemes.

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KMMF offers schemes catering to investors with varying risk – return

profiles and was the first fund house in the country to launch a dedicated

Gilt Scheme investing only in Government Securities.

Schemes of Kotak Mutual Fund:

No. of Schemes 51


Equity Schemes 22

Debt Schemes 76


Equity & Debt 1

Money Market 0

Gilt Fund 7

Meerut Branch of Kotak Mutual Fund:



Key personnel : 1 (Branch Manager)

Branch Manager : Mr. Sachin Garg


Address : Star Plaza, IInd floor, Meerut.

6. RELIANCE CAPITAL ASSET MANAGEMENT LTD: Reliance Mutual Fund (RMF) is one of India’s leading mutual fund.

Reliance Mutual Fund is a part of the Reliance – Anil Dhirubhai Ambani

Group. It is one of the fastest growing mutual funds in the country. RMF

offers investors a well – rounded portfolio of products to meet varying

investor requirements and has presence in 159 cities across the country.

“Reliance Mutual Fund schemes are managed by Reliance Capital Asset

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Management Limited, a subsidiary of Reliance Capital Limited, which

holds 93.37% of the paid – up capital of RCAM, the balance paid up

capital being held by minority shareholders.”

Schemes of Reliance Mutual Fund:

No. of Schemes 60


Equity Schemes 60

Debt Schemes 106


Equity & Debt 2

Money Market 0

Gilt Fund 6

Meerut Branch of Reliance Mutual Fund:

Established in Meerut : December, 2007


Key personnel : 7

(1 – Branch Manager, 4 – Sales Managers, 2- Operation Managers)

Branch Manager : Mr. Abhishek Arora


Address : G –14, Rama Plaza, Western

Ketchery Road, Meerut.

7. RELIGARE ASSET MANAGEMENT COMPANY LTD: Religare Asset Management aims to serve investment needs of

individual investors, corporate and institutions through mutual funds and

sub-advised portfolios. Religare (NSE Code – RELIGARE, BSE Code –

532915, Bloomberg Code – RELG IN), is a diversified financial services

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group of India offering a multitude of investment options. Religare has

1837 locations across 498 cities and towns.

Schemes of Religare Mutual Fund:

No. of Schemes 33


Equity Schemes 26

Debt Schemes 48


Equity & Debt 0

Money Market 0

Gilt Fund 7

Meerut Branch of Religare Mutual Fund:



Key personnel : 1 (Relationship Manager)

Relationship Manager : Mr. Anurag Dobriyal


Address : G – 13, Ganga Plaza, Begum

Bridge Road, Meerut.

8. TATA ASSET MANAGEMENT LIMITED: Tata Asset Management Ltd. is a part of the Tata group, one of

India’s largest and most respected industrial groups, renowned for its

adherence to business ethics. Backed by one of the most trusted and

valued brands in India, Tata Mutual Fund has earned the trust of lack of

investors with its consistent performance and world – class service. Tata

mutual fund offers an investment option for everyone, whether we are a

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businessman or salaried professional, a retired person or housewife, an

aggressive investor or a conservative capital builder.

Schemes of Tata Mutual Fund:

No. of Schemes 53


Equity Schemes 40

Debt Schemes 88


Equity & Debt 9

Money Market 0

Gilt Fund 16

Meerut Branch of Tata Mutual Fund:



Key personnel : 2

(1- Branch Manager, 1- Back office)

Branch Manager : Mr. Danish Jamal


Address : G–13, Rama Plaza, W.K. Road, Meerut.

9. BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED:

Birla Sun Life Asset Management Company Ltd. (BSLAMC), the

investment manager of Birla Sun Life Mutual Fund, is a joint venture

between the Aditya Birla Group and the Sun Life Financial Services Inc.

of Canada. The joint venture brings together the Aditya Birla Group’s

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experience in the Indian market and Sun Life’s global experience.

Established in 1994, Birla Sun Life Mutual Fund has emerged as one of

India’s leading flagships of mutual fund business managing assets of a

large investor base. Its solutions offer a range of investment options,

including diversified and sector specific equity schemes, Fund of Funds

(FoF) schemes, hybrid and monthly income funds, a wide range of debt

and treasury products and offshore funds.

Schemes of Birla Sun Life Mutual Fund:

No. of Schemes 71


Equity Schemes 64

Debt Schemes 106


Equity & Debt 10

Money Market 0

Gilt Fund 16

Meerut Branch of Birla Sun Life Mutual Fund:

Established in Meerut : May, 2008


Key personnel : 3


Branch Manager : Mr. Vebhore

Investors at present : 4700 in March 2010

Address : Unit no. 103, Om Plaza, Meerut.

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10. HDFC ASSET MANAGEMENT CO. LIMITED: HDFC Asset Management Company Ltd. was incorporated under

the Companies Act, 1956, on December 10, 1999, and was approved to

act as an Asset Management Company for the HDFC Mutual Fund by

SEBI vide its letter dated July 3, 2000. The registered office of the AMC

is situated at Ramon House, 3rd floor, H.T. Perekh Marg, 169, Backbay

Reclamation, Church gate, Mumbai – 400 020.

Schemes of HDFC Mutual Fund:

No. of Schemes 62


Equity Schemes 31

Debt Schemes 116


Equity & Debt 6

Money Market 0

Gilt Fund 4

Meerut Branch of HDFC Mutual Fund:

Established in Meerut : November, 2008


Key personnel : 3


Branch Manager : Mr. Ritesh Kumar


Address : 143, Ganpati Plaza, Mangal

Pandey Nagar, Meerut.

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11. ICICI PRUDENTIAL ASSET MANAGEMENT CO. LTD: 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 forced a position of pre –

eminence in the Indian Mutual funds Industry as one of the largest asset

management company in the country. The company manages a

comprehensive range of schemes to meet the varying investment needs of

its investors spread across 230 cities in the country.

Schemes of ICICI Prudential Mutual Fund:

No. of Schemes 99


Equity Schemes 59

Debt Schemes 223


Equity & Debt 4

Money Market 0

Gilt Fund 7

Meerut Branch of ICICI Prudential Mutual Fund:



Key personnel : 3


Branch Manager : Mr. Chandan Kumar Singh

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Address : Sri Ram Plaza, Mangal Pandey

Nagar, Meerut.

IMPORTANCE OF MUTUAL FUNDS INDUSTRY IN THE ECONOMY OF DISTRICT MEERUT

Mutual funds are a vehicle to mobilize moneys from investors, to

invest in different markets and securities, in line with the investment

objectives agreed upon between the mutual funds and the investors.

Mutual funds perform different roles for different constituencies in

economic development. Their primary role is to assist investors in earning

an income or building their wealth, by participating in the opportunities

available in various securities and markets.

It is possible for mutual funds to structure a scheme for any kind of

investment objective. Thus, the mutual fund structure, through its various

schemes, makes it possible to tap a large corpus of money from diverse

investors.

Therefore, the mutual fund offers schemes. In the industry, the

words ‘fund’ and ‘scheme’ are used inter-changeably. Various categories

of schemes are called “funds”.

The money that is raised from investors, ultimately benefits

governments, companies or other entities, directly or indirectly, to raise

moneys to invest in various projects or pay for various expenses.

As a large investor, the mutual funds can keep a check on the

operations of the investee company, and their corporate governance and

ethical standards.

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The projects that are facilitated through such financing, offer

employment to people; the income they earn helps the employees buy

goods and services offered by other companies, thus supporting projects

of these goods and services companies. Thus, overall economic

development is promoted.

The mutual funds industry itself, offers livelihood to a large number

of employees of mutual funds, distributors, registrars and various other

service providers.

Higher employment, income and output in the economy boost the

revenue collection of the government through taxes and other means.

When these are spent prudently, it promotes further economic

development and nation building.

Mutual funds are therefore, viewed as a key participant in the

capital market of any economy.

Due to the above benefits Mutual Funds Industry has a great

importance in the economy of District Meerut.

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PROFILE OF MUTUAL FUNDS INDUSTRY IN DISTRICT...

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