Development Banks

Role and policy measures relating to development banks and financial institution in India, products and services offered by IFCI, IDBI, IIBI, SIDBI, IDFCL, EXIM Bank, NABARD and ICICI Meaning and benefits of mutual funds, types of mutual funds, SEBI guidelines relating to mutual funds.

1. UNIT-IV

2. Development Bank Development banks are unique financial institution that act as catalytic agents in promoting balanced development of the country and thereby aid in the economic growth of the country. Development Bank is a financial institution dedicated to fund new and upcoming businesses and economic development projects by equity capital or loan capital. Development banks are those financial institutions engaged in the promotion and development of industry, agriculture and other key sectors. Its main emphasis is the welfare of the people . For example the Asian Development Bank's overarching goal is to decrease poverty in Asia and the Pacific.

3. DEFINITIONS A development bank is like a living organism that reacts to the social-economic environment and its success depends on reacting most aptly to that environment”

4. Formation of Development Banks In India: Development banks were set up in India at various points of time starting from the late 1940s to cater to the medium to long term financing requirements of industry as the capital market in India had not developed sufficiently. The endorsement of planned industrialization at the national level provided the critical enticement for organization of Development banks at both all-India and state levels. In order to perform their role, Development Banks were extended funds in the shape of Long Term Operations (LTO) Fund of the Reserve bank of India and government guaranteed bonds, which constituted main sources of their funds. Funds from these sources were not only available at concessional rates, but also on a long term basis with their maturity period ranging from 10-15 years. On the asset side, their operations were marked by near absence of competition. A large variety of economic institutions have come into existence over the years to perform a type of financial actions While some of them operate at all-India level, others are state level institutions. Besides providing direct loans, financial institutions also extend economic assistance by way of underwriting and direct contribution and by issuing guarantees. Recently, some Development Banks have started extending short term/working capital finance, although long term lending continues to be their major activity.

5. Development Banks in India: The Industrial finance corporation of India (IFCI)-1948. The industrial Development Bank of India (IDBI)-1964. The Industrial Reconstruction Bank of India (IRBI)-1971. The Industrial Credit and Investment Corporation of India (ICICI)-1955 Etc.

6. Features of a Development Bank A development bank has the following features or characteristics: A development bank does not accept deposits from the public like commercial banks and other financial institutions who entirely depend upon saving mobilization. It is a specialized financial institution which provides medium term and long-term lending facilities. It is a multipurpose financial institution. Besides providing financial help it undertakes promotional activities also. It helps enterprises from planning to operational level. It provides financial assistance to both private as well as public sector institutions. The role of a development bank is of gap filler. When assistance from other sources is not sufficient then this channel helps. It does not compete with normal channels of finance. Development banks primarily aim to accelerate the rate of growth. It helps industrialization specific and economic development in general The objective of these banks is to serve public interest rather than earning profits. Development banks react to the socio-economic needs of development.

7. Sources of Fund of Development banks: There are two sources: Long-Term Sources: Capitals in the form of equity/subordinate debts/debentures/preference shares. Internal accrual generated out of profits. Long-term borrowings from financial institutions like NABARD/SIDBI. Short-Term Sources: Market-linked borrowings from RBI. Sale of liquid certificate deposits in the open market. Borrowing from RBI under Repo (Repurchase option). Short-term borrowings from FIs by way of rated papers placed, etc.

8. FUNCTIONS OF DEVELOPMENT BANKS Development banks have been started with the motive of increasing the pace of industrialization. The traditional financial institutions could not take up this challenge because of their limitations. In order to help all round industrialization development banks were made multipurpose institutions. Besides financing they were assigned promotional work also. Some important functions of these institutions are discussed as follows: 1. Financial Gap Fillers Development banks do not provide medium-term and long-term loans only but they help industrial enterprises in many other ways too. These banks subscribe to the bonds and debentures of the companies, underwrite to their shares and debentures and, guarantee the loans rose from foreign and domestic sources. They also help 'undertakings to acquire machinery from within and outside the country . 2. Undertake Entrepreneurial Role Developing countries lack entrepreneurs who can take up the job of setting up new projects. It may be due to lack of expertise and managerial ability. Development banks were assigned the job of entrepreneurial gap filling. They undertake the task of discovering investment projects, promotion of industrial enterprises, provide technical and managerial assistance, undertaking economic and technical research, conducting surveys, feasibility studies etc. The promotional role of development bank is very significant for increasing the pace of industrialization.

9. 3. Commercial Banking Business Development banks normally provide medium and long-term funds to industrial enterprises. The working capital needs of the units are met by commercial banks. In developing countries, commercial banks have not been able to take up this job properly. Their traditional approach in dealing with lending proposals and assistance on securities has not helped the industry. Development banks extend financial assistance for meeting working capital needs to their loan if they fail to arrange such funds from other sources. So far as taking up of other functions of banks such as accepting of deposits, opening letters of credit, discounting of bills, etc. there is no uniform practice in development banks. 4. Joint Finance Another feature of development bank's operations is to take up joint financing along with other financial institutions. There may be constraints of financial resources and legal problems (prescribing maximum limits of lending) which may force banks to associate with other institutions for taking up the financing of some projects jointly. It may also not be possible to meet all the requirements of a concern by one institution, So more than one institution may join hands. Not only in large projects but also in medium-size projects it may be desirable for a concern to have, for instance, the requirements of a foreign loan in a particular currency, met by one institution and under writing of securities met by another.

10. 5. Refinance Facility Development banks also extend refinance facility to the lending institutions. In this scheme there is no direct lending to the enterprise. The lending institutions are provided funds by development banks against loans extended' to industrial concerns. In this way the institutions which provide funds to units are refinanced by development banks. In India, Industrial Development Bank of India provides reliance against ('term loans granted to industrial 'concerns by state financial corporations. commercial banks and state co-operative banks. 6. Credit Guarantee The small scale sector is not getting proper financial facilities due to the clement of risk since these units do not have sufficient securities to offer for loans, lending institutions are hesitant to extend them loans. To overcome this difficulty many countries including India and Japan have devised credit guarantee scheme and credit insurance scheme. In India, credit guarantee scheme was introduced in 1960 with the object of enlarging the supply of institutional credit to small industrial units by granting a degree of protection to lending institutions against possible losses in respect of such advances. In Japan besides credit guarantee, insurance is also provided. These schemes help small scale concerns to avail loan facilities without hesitation. 7. Underwriting of Securities Development banks acquire securities of industrial units through either direct subscribing or underwriting or both. The securities may also be acquired through promotion work or by converting loans into equity shares or preference shares. So development banks may build portfolios of industrial stocks and bonds. These banks do not hold these securities on a permanent basis. They try to disinvest in these securities in a systematic way which should not influence market prices of these securities and also should not lose managerial control of the units. Development banks have become worldwide phenomena. Their functions depend upon the requirements of the economy and the state of development of the country. They have become well recognized segments of financial market. They are playing an important role in the promotion of industries in developing and underdeveloped countries.

11. Introduction to Financial Institutions in India which provide financial skims for project management. 1. Commercial bank 2. Industrial Finance Corporations of India (I.F.C.I.) 3 . Industrial Development Bank of India (IDBI) 4 . Industrial credit and Investment corporation of India (ICICI) 5 . Small Industries Development Bank of India(SIDBI) 6 . State Financial Corporations (SFCs) 7.Venture capital funding 8 . Angle capitalist

12. 1.Commercial bank Commercial Banks are banking institutions that accept deposits and grant short-term loans and Advances to their customers . In addition to giving short-term loans, commercial banks also give Medium-term and long-term loan to business enterprises . Now-a-days some of the commercial Banks are also providing housing loan on a long-term basis to individuals. There are also many Other functions of commercial banks. The Banking products/function of commercial banks are of two types. (A) Primary functions; and ( B) Secondary functions. (A) Primary functions The primary functions of a commercial bank include a) Accepting deposits; and b) Granting loans and advances. (B) Secondary functions a. Issuing letters of credit, travelers cheque , etc. b. Undertaking safe custody of valuables, important document and securities by providing safe deposit vaults or lockers. c. Providing customers with facilities of foreign exchange dealings. d. Transferring money from one account to another; and from one branch to another branch of the bank through cheque , pay order, demand draft.

13. Types of commercial bank Public Sector Banks: These are banks where majority stake is held by the Government of India or Reserve Bank of India. Examples of public sector banks are: State Bank of India, Private sectors Banks: In case of private sector banks majority of share capital of the Bank is held by private individuals. These banks are registered as companies with limited Liability. Nationalized banks Name Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab & Sind Bank Punjab National Bank State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank 1. Bank of Punjab Ltd. (since merged with Centurian Bank) 2. Centurian Bank of Punjab (since merged with HDFC Bank) 3. Development Credit Bank Ltd. 4. HDFC Bank Ltd. 5. ICICI Bank Ltd. 6. IndusInd Bank Ltd. 7. Kotak Mahindra Bank Ltd. 8. Axis Bank (earlier UTI Bank) 9. Yes Bank Ltd.

14. Industrial Finance Corporations of India (I.F.C.I.) IFCI was established as a statutory corporation on 1st July 1948 by special Act of Parliament, IFCI Act, 1948.Management of IFCI- 12 directors , 4 are nominated by the IDBI . It was converted into a public limited company on July 1, 1993. Its main object is to provide medium and long term credit to eligible industrial concerns in corporate sectors of the economy, particularly to those industries to which banking facilities are not available. Objectives (a) To provide long and medium-term credit to industrial concerns engaged in manufacturing, mining, shipping and electricity generation and distribution. (b) The period of credit can be as long as 25 years and should not exceed that period; (c) To grant credit to a single concern up to a maximum amount of rupees one crore . This limit can be exceeded with the permission of the government under certain circumstances; (d) underwrite and directly subscribe to shares and debentures issued by companies; (e) assist in setting up new projects as well as in modernization of existing industrial concerns in medium and large scale sector;

15. Functions

16. The main functions of I.F.C.I. are as under:- i ) Granting loans and advances for the establishment, expansion, diversification and modernization of industries in corporate and co-operative sectors. ii) Guaranteeing loans raised by industrial concerns in the capital market, both in rupees and foreign currencies. iii) Subscribing or underwriting the issue of shares and debentures by industries. Such investment can be held up to 7 years. iv) Guaranteeing credit purchase of capital goods, imported as well as purchased within the country. v) Providing assistance, under the soft loans scheme, to selected industries such as cement, cotton textiles, jute, engineering goods,etc . vi) Providing technical, legal, marketing and administrative assistance to any industrial concern for the promotion, management and expansion of the industrial concern. vii) Providing equipment to the existing industrial concerns on lease under its ‘equipment leasing scheme’. viii) Procuring and reselling equipment to eligible existing industrial concerns in corporate or co-operative sectors. ix) Rendering merchant banking services to industrial concerns. In 1995-96, 67% of the total financial assistance distributed by IFCI was in the form of rupee term loans, while foreign currency loans accounted for approximately 17% of total financial assistance. Thus the two types of assistance accounted for a total of 84% of the total financial assistance by IFCI. The remaining 16% of financial assistance, was in the form of underwriting, direct subscription, guarantees and equipment leasing.

17. Industrial Development Bank of India (IDBI) The Industrial Development Bank of India was set up in July 1964 as a wholly owned subsidiary of the Reserve Bank of India. The purpose was to enable the new institution to benefit from the financial support and experience of RBI. After a decade of its working, it was delinked from RBI in 1976, when its ownership was transferred to the Government of India. assisting the development of such institutions and providing credit and other facilities for the development of industry. Thus the role of IDBI may be stated as under: (1)As an apex financial institution, it coordinates the working of other financial institutions. (2) It assists in the development of other financial institutions. (3) It provides credit to large industrial concerns directly. (4) It undertakes other activities for the development of industry.

18. Objectives The main objectives of IDBI is to serve as the apex institution for term finance for industry in India. Its objectives include (1) Co-ordination, regulation and supervision of the working of other financial institutions such as IFCI , ICICI, UTI, LIC, Commercial Banks and SFCs. (2) Supplementing the resources of other financial institutions and thereby widening the scope of their assistance. (3) Planning, promotion and development of key industries and diversifications of industrial growth.

19. Function The IDBI has been established to perform the following functions- (1) To grant loans and advances to IFCI, SFCs or any other financial institution by way of refinancing of loans granted by such institutions which are repayable within 25 year. (2) To grant loans and advances to scheduled banks or state co-operative banks by way of refinancing of loans granted by such institutions which are repayable in 15 years. (3) To grant loans and advances to IFCI, SFCs, other institutions, scheduled banks, state co-operative banks by way of refinancing of loans granted by such institution to industrial concerns for exports (4) To discount or rediscount bills of industrial concerns. (5) To underwrite or to subscribe to shares or debentures of industrial concerns. (6) To subscribe to or purchase stock, shares, bonds and debentures of other financial institutions. (7) To grant line of credit or loans and advances to other financial institutions such as IFCI, SFCs, etc. (8) To grant loans to any industrial concern. (9) To guarantee deferred payment due from any industrial concern. (10) To guarantee loans raised by industrial concerns in the market or from institutions (11) To provide consultancy and merchant banking services in or outside India. (12) To provide technical, legal, marketing and administrative assistance to any industrial concern or person for promotion, management or expansion of any industry. ( 13) Planning, promoting and developing industries to fill up gaps in the industrial structure in India. (14) To act as trustee for the holders of debentures or other securities

20. Subsidiaries The following are the subsidiaries of IDBI. (1) Small Industries Development Bank of India (SIDBI) (2) IDBI Bank Ltd. (3) IDBI Capital Market Services Ltd. (4) IDBI Investment Management Company

21. Industrial Credit and Investment Corporation of India (ICICI) ICICI is an Indian diversified  financial services  company headquartered in  Mumbai, Maharashtra . It is the second largest bank in India by assets and third largest by  market capitalization . It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 2,630 branches and 8,003 ATM's in India, and has a presence in 19 countries, including India. Industrial Credit and Investment Corporation of India was established as a joint stock company in the private sector in 1955. Its share capital was contributed by banks, insurance companies and foreign institutions including the World Bank. Its major shareholders now are Unit Trust of India, Life Insurance Corporation of India and General Insurance Corporation and its subsidiaries.

22. Objectives The ICICI has been established to achieve the following objectives: (I) To assist in the formation , expansion and modernization of industrial units in the private sector; (ii) To stimulate and promote the participation of private capital (both Indian and foreign) in such industrial units; (iii) To furnish technical and managerial aid so as to increase production and expand employment opportunities;

23. Functions The primary function of ICICI is to act as a channel for providing development finance to industry. In pursuit of its objectives of promoting industrial development, ICICI performs the following functions:- ( i ) It provides medium and long-term loans in Indian and foreign currency for importing capital equipment and technical services. Loans sanctioned generally go towards purchase of fixed assets like land, building and machinery (ii) It subscribes to new issues of shares, generally by underwriting them; (iii) It guarantees loans raised from private sources including deferred payment; (iv) It directly subscribes to shares and debentures; (v) It provides technical and managerial assistance to industrial units; (vi) It provides assets on lease to industrial concerns. In other words, assets are owned by ICICI but allowed to be used by industrial concerns for a consideration called lease rent. (vii) It provides project consultancy services to industrial units for new projects. (viii) It provides merchant banking services

24. Subsidiaries 1.ICICI Securities and Finance Co. Ltd. 2. ICICI Assets Management Co. Ltd. 3. ICICI Investors Services Ltd. 4. ICICI Banking Corporations Ltd. 5. Credit Rating Information Services of India Ltd. (CRISIL) 6. Technology Development and Information Company of India Ltd.(TDICI) 7. Programmers for the Advancement of Commercial Technology. 8. `Programmer for Acceleration of Commercial Energy Research (PACER)

25. State Financial Corporations (SFCs) To meet the financial needs of small and medium enterprises, the government of India passed the State Financial Corporation Act in 1951, empowering the State governments to establish development banks for their respective regions. Under the Act, SFCs have been established by State governments to meet the financial requirements of medium and small sized enterprises.

26. Objectives (1) Provide financial assistance to small and medium industrial concerns. These may be from corporate or co-operative sectors as in case of IFCI or may be partnership, individual or joint Hindu family business. Under SFCs Act, “industrial concern” means any concern engaged not only in the manufacture, preservation or processing of goods, but also mining, hotel industry, transport maintenance of machinery, setting up or development of an industrial area or industrial estate, etc. (2) Provide long and medium-term loan repayable ordinarily within a period not exceeding 20 years. (3) Grant financial assistance to any single industrial concern under corporate or co-operative sector with an aggregate upper limit of rupees Sixty lakhs . In any other case (partnership, sole proprietorship or joint Hindu family) the upper limit is rupees Thirty lakhs . (4) Provide Financial assistance generally to those industrial concerns whose paid up share capital and free reserves do not exceed Rs.3 crore . (5) To lay special emphasis on the development of backward areas and small scale industries.

27. Functions of State Financial Corporation (SFCs) ( 1) Grant of loans and advances to or subscribe to debentures of industrial concerns repayable within a period not exceeding 20 years, with option of conversion into shares or stock of the industrial concern. (2) Guaranteeing loans raised by industrial concerns which are repayable within a period not exceeding 20 years. (3) Guaranteeing deferred payments due from an industrial concern for purchase of capital goods in India. (4) Underwriting of the issue of stock, shares, bonds or debentures by industrial concerns. (5) Subscribing to, or purchasing of, the stock, shares, bonds or debentures of an industrial concern subject to a maximum of 30 percent of the subscribed capital, or 30 percent of paid up share capital and free reserve, whichever is less. (6) Act as agent of the Central government, State government, IDBI,IFCI or any other financial institution in the matter of grant of loan or business of IDBI, IFCI or financial institution. (7) Providing technical and administrative assistance to any industrial concern or any person for the promotion, management or expansion of any industry. (8) Planning and assisting in the promotion and development of industries.

28. SIDBI Established in 1990 under an Act of Indian Parliament. Objective: Promotion, Financing & Development of MSMEs and Co- ordinating Functions of institutions engaged in similar activities. Ownership : Public sector banks/FIs/Insurance Cos owned or controlled by the Government of India. Structural Linkage: With Ministry of Finance and Ministry of SSI. Nodal Agency : For SME Schemes of GoI

29. SIDBI : Sphere of activities • Direct Finance Operations : MSMEs, Service sector, Infrastructure etc. • Indirect Finance : Resource support to Banks, NBFCs, SFCs, other State & central financing/ development agencies. • Micro Credit operations : Pioneers in micro credit movement in the country . Developed several leading MFIs. • Associate Institutions ISTSL & Credit Guarantee Fund, India SME Asset : SIDBI Venture Capital Ltd, MSME Rating Agency,Reconstruction Company Ltd. • Nodal Agency : For several GoI schemes like TUFS, CLCSS and IDLSS Food Processing and Devp . Of Integrated Infrastructure Development (IID) Projects.

30. OPERATIONAL ACTIVITIES

31. Promotional activities Enterprise promotion Human resource development Technology upgradation Environmental and quality management Information dissemination Market promotion

32. NABARD   National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in  India  having headquarters based in Mumbai  ( Maharashtra ) and other branches are all over the country. It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector and completed its 25 years on 12 July 2007.  It has been accredited with "matters concerning policy, planning and operations in the field of credit for  agriculture  and other economic activities in rural areas in India". RBI sold its stake in NABARD to the Government of India, which now holds 99% stake

33.   OBJECTIVES OF NABARD 1 . To give financial assistance for increasing the agricultural production 2.To supply the long term needs of the rural areas 3.To supply loans by way of refinance 4.To help small industries ,cottage industries and also artisans 5.To achieve overall rural development FUNCTIONS OF NABARD Credit functions Development functions Regulatory functions Apex institution for rural finance Refinance institutions Contribution of share capital Investment in securities Conversion and rescheduling facilities Financial help to non –agricultural sector Training programs Co-ordination of actvities ACHIEVEMENT OF NABARD Short term assistance long term assistance Schematic lending Assistance to less developed states Assistance to non-farm sector Rehabilitation programme Assistance to research and development projects Credit plans under the new strategy Integrated rural development programme Regional rural banks

34. IIBI- Industrial Investment Bank of India The  Industrial Investment Bank of India  is a 100%  government of India -owned  financial investment  institution. It was established in 1971 by resolution of the  Parliament of India u /s 617 of the Companies Act.The bank was headquartered at  Kolkata  and has presence in  New Delhi ,  Mumbai ,  Chennai ,  Bengaluru ,  Ahmedabad  and  Guwahati . The Industrial Reconstruction Corporation of India Ltd., set up in 1971 for rehabilitation of sick industrial companies, was reconstituted as Industrial Reconstruction Bank of India in 1985 under the IRBI Act, 1984. With a view to converting the institution into a full-fledged development financial institution, IRBI was incorporated under the  Companies Act 1956 , as Industrial Investment Bank of India Ltd. (IIBI) in March 1997. IIBI offered a wide range of products and services, including  term loan  assistance for  project finance , short duration non-project asset-backed financing,  working capital /other short-term loans to companies, equity subscription, asset credit, equipment finance and investments in  capital market  and  money market  instruments. In 2005, a merger of IIBI, IDBI and IFCI was considered, but IDBI refused and it was decided in 2006-2007 to close the bank. As of 2011, the bank operated from its sole remaining office in Kolkata.  Deloitte and Touche  was appointed to dispose of IIBI's Non-Performing assets.

35. IDFC •It is provider of financial, advisory and management services in the infrastructure space •The Company also has interests in Asset Management, Investment Banking and Brokerage •Incorporated on January 30, 1997 in Chennai on the recommendations of the 'Expert Group on Commercialization of Infrastructure Projects' under the Chairmanship of Dr. Rakesh Mohan Initially IDFC focused on power , roads , ports and telecommunications Now it has broaden its frame work to energy, information technology, urban infrastructure, food and agribusiness infrastructure

36. 4*4 Strategy of IDFC Pursuit of four objectives Delivering Profitability Pursuing Innovation Growing its Asset base Promoting Thought Leadership Focus on four key sectors Transport Energy Telecommunications (Telecom) and IT Industrial and Commercial Infrastructure Delivery of four main products Project Finance Equity Finance Structured Products Advisory/ Investment Banking Services Exploration of four new frontiers Urban Services Rural Infrastructure Food Business Infrastructure Agri Business Infrastructure

37. About IDFC Project Finance The core business at IDFC Project Finance is lending to infrastructure projects. The business is capital intensive and focuses on managing the loan book While this creates a base income stream it also provides us with the bridge to clients to build larger and wider customer engagement IDFC as Infrastructure Finance Co. Infrastructure Development Finance Company (IDFC) the Reserve Bank has classified the company as an infrastructure finance company, which will help the term lender access cheaper resources. IDFC has been classified by the Reserve Bank of India as infrastructure finance company within overall classification of Non Banking Finance Company (NBFC), the term lender informed the Bombay Stock Exchange. The status given to the company would allow it mobilize funds at lower cost and get flexibility in the infrastructure lending, sources said.

38. Role of IDFC Objective : Providing and promoting private financing of Indian infrastructure. Products under Project Finance: Senior Debt Financing Mezzanine Products Principal Investments Non-fund based Products   IDFC – Investment Banking Category-1 Merchant Bank Private placements of equity and debt, public offerings and project advisory to mergers and acquisitions. Amongst the most prominent Indian brokers for institutional investors. Cater to a wide variety of investors including Pension Funds, Long-only Funds, Hedge Funds, Mutual Funds, Banks, Insurance companies and Portfolio Management companies. Alternate Asset Management- IDFC Private Equity Set up in 2002 IDFC is India’s largest and most active private equity firm focused on infrastructure and manage a corpus of Rs. 60 billion (USD 1.3 billion). Through these funds, IDFC has invested in companies whose underlying assets range from ships, airports, trucks, power plants and telecom towers to hotel rooms, amusement parks, roads and bridges, gas pipeline, clean energy and rail container licenses. IDFC manages the India Infrastructure Fund (IIF), a SEBI- registered domestic venture capital fund focused on infrastructure with a corpus of INR 38 billion(USD 927 million). IIF focuses on investing equity for the long-term in a diversified portfolio of infrastructure assets in India. To identify and invest in exceptional mid-market growth-oriented private equity funds in the Asian emerging markets of China, India, Central Asia, and Southeast Asia.

39. Alternate asset management- IDFC Projects IDFC Projects delivers a strong value proposition in developing and implementing infrastructure projects. IDFC works in active collaboration with Central and State Governments as well as private sectors to develop, finance, execute and manage infrastructure projects in India. Public Market Asset Management- IDFC Mutual Funds IDFC Mutual Fund was acquired in 2008-09. It manages different mutual fund products for institutional and retail investors. Generates income through asset management fees. Focuses on growing the assets under management by offering suitable products and channeling private and corporate savings into the debt.   Risk Management Three kinds of risks: Market Risk Credit Risk Operational Risk Implements an Enterprise Risk Management (ERM) framework that adopts an integrated approach to manage all the three types of risks. There is focus on loan portfolio assessment, Asset-Liability Management (ALM), and loan pricing. On the credit risk front, there is a comprehensive portfolio review of all project assets and equity investments of the Company on a semi-annual basis. Management of Market Risk involves measuring interest rate risk on a regular basis as well as testing newer models for analysis.

40. Awards and Recognition Project Finance International Asia Pacific Awards 2009 Private Equity International Awards 2009 Asia Money Brokers poll Crisil Ratings Infrastructure Investor Awards 2009 Lipper Fund Awards 2010 ICRA Awards 2009 Economic Times Quarterly Mutual Fund Tracker Approvals and Disbursements Disbursements has almost doubled from 2006 to 2010 Approvals have almost tripled from 2006 to 2010

41. EXIM BANK Export import bank of India is the premier export finance institution in India, established in 1982 under Export- Import Bank of India Act 1981. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Exim bank of India, over the period, evolved into an institution that plays an important role in partnering Indian industries, particularly the Small and Medium Enterprises Headquarters :- Mumbai, India Key people :- Yaduvendra Mathur .

42. ORIGIN OF EXIM BANK Post WTO era resulted in dismantling of protective barriers to trade and investment Increase in trade opportunities in global markets Need for the country to enhance their domestic competitiveness Absence of any specialised institution to enhance foreign trade in country Objectives For providing financial assistance to exporters and for functioning as the principal financial institution for coordinating the working of institutions engaged in financing export and import of goods and services with a view to promote the country’s international trade.

43. Organisation Management Chairman and managing Director 5 Directors : Government of India APPOINTED BY GOVERNMENT OF INDIA 3 Directors : Scheduled Bank 4 Directors : Professionals/ Experts 1 Director nominated by RBI 1 Director nominated by IDBI 1 director nominated by ECGC

44. Offices Domestic Offices Overseas Offices Ahemdabad Banglore Chandigarh Chennai Guwahti Hyderabad Kolkatta New Delhi Mumbai Pune Addis Ababa Dakar Dubai Durban London Singapore Washington D. C

45. Functions of EXIM Bank

46. Corporate Banking Group :- This group handles variety of financing programmes for Export Oriented Units (EOU’s), Importers, and overseas investment by Indian companies. Project Finance/ Trade Finance :- This group handles the entire range of export credit services such as suppliers credit, pre-shipment Agri-business Group etc. The group handles projects and export transactions in the agricultural sector for financing. Export Services Group :- This group offers variety of advisory and value-added information services aimed at investment promotion. Export Marketing Group :- This group offers assistance to Indian companies, to enable them to establish their products in overseas markets. Support Services Group :- The services which are rendered by this group includes the Areas of research and planning, Corporate Finance, Loan Recovery, Internal Audit etc.

47. What Is Mutual Fund? A trust that pools the savings of investors who share a common financial goal is known as mutual fund. The money collected is then invested in financial instruments such as shares, debentures and other securities the income and capital appreciation realized are shared by its unit holders in proportion to the number of units owned by them. Investment in securities are spread over a wide cross section of industries and sectors reducing the risk of the portfolio. Mutual funds are mobilizers of saving of the small investors in instruments like stock and money market instruments. Mutual funds are corporation that accept money from investors and use this money to buy stocks, long term bonds, short term debt instruments issued by businesses or Govt.

48. Features Mobilizing small savings : mutual funds mobilize funds by selling their own shares known as units. This gives the benefit of convenience and satisfaction of owning shares in many industries. Mutual fund invest in various securities and pass on the returns to the investors. Investment Avenue : the basic characteristic of a mutual fund is that it provides an ideal avenue for investment for investors and enables them to earn a reasonable return with better liquidity. It offers investors a proportionate claim on the portfolio of assets that fluctuate in value. Professional management : mutual fund provides investors with the benefit of professional and expert management of their funds. Mutual fund employees professionals/experts who manage the investment portfolios efficiently and profitably. Investors are relieved from the responsibility of following the markets on a regular basis. Diversified investment : mutual fund have the advantage of diversified investment of funds in various industries and sectors. This is beneficial to small investors who cannot afford to buy shares of established companies at high prices. Mutual fund allow millions of investors who have investments in variety of securities of different companies. Better liquidity : mutual fund have the distinct advantage of better liquidity of investment. There is always a market available for mutual funds. In case of mutual funds it is obligatory that units are listed and traded thus offering our secondary markets for the funds. A high level of liquidity is possible for the fund holders because of more liquid securities in the mutual fund portfolio.

49. Reduced risks : the risk on mutual fund is minimum. This is because of expert management diversification , liquidity and economies of scale in transaction cost. Investment protection : mutual funds are regulated by guidelines and legislative provisions put in place by regulatory agencies such as SEBI in order protect the investor interest the mutual funds are obligated to follow the provisions laid down by the regulators. Switching facility : mutual funds provide investors with the flexibility to switch from one scheme to another, this flexibility enables investors to switch from income scheme to growth scheme and from close ended scheme to open ended scheme. Tax benefits : mutual funds offer tax shelter to the investors by investing in various tax saving schemes under the provisions provided by the income tax act. Low transaction cost : the cost of purchase and sale of MF’s is relatively lower. Economic development : MF’s contribute to economic development by mobilizing savings and channelizing them to more productive sectors of the economy. Convenience : MF units can be traded easily with little or no transaction cost.

50. HISTORY OF MUTUAL FUNDS 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. 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) 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 Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987. 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 Indian investors a wider choice of fund families. In 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. Fourth Phase – since February 2003 In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was divided into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003. 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.

51. WORKING OF MUTUAL FUNDS

52. TYPES OF MUTUAL FUNDs

53. Operational classification: Open ended scheme : when a fund is accepted and liquidated on a continuous basis by a MF manager, it is called as open ended scheme. The fund manager buys and sells units constantly as demanded by the investors. The capitalization of the funds changes constantly as it is always open for the investors to buy or sell their units. The scheme provides excellent liquidity facility to the investors. The buying and selling of units takes place at a declared NAV(Net Asset Value) Close ended scheme : when a units of a scheme liquidated only after the expiry of a specified period it is known as close ended fund. Such funds have fixed capitalization and remain with the mutual fund manager, units of close ended schemes are traded on stock exchange in the secondary market. The price is determined on the basis of supply and demand. There are 2 prices for such funds, one that is market determined and the other is NAV based the market price may be above or below NAV. Managing a close ended scheme is comparatively easy for the fund Manager. The fund can be liquidated after a specified period. Interval scheme : it is kind of close ended scheme with a feature that it remains open during a particular part of the year for the benefit of investors, to either off load or to undertake purchase of units at a NAV.

54. Return based classification Income fund scheme: this scheme is customised to suit the needs of investors who are particular about regular returns. The scheme offers maximum current income where by the income earned by the units is distributed periodically there are 2 types of such schemes, one that earns a target constant income at relatively low risk while the other offers maximum possible income. Growth scheme : it is a MF scheme that offers the advantage of capital appreciation of the underlying investment such funds invest in growth oriented securities that are capable of appreciating in the long run. The risk attached with such funds is relatively higher. Conservative fund Scheme: a scheme that aims at providing a reasonable rate of return, protecting the value of investment and achieving capital appreciation is called a conservative fund scheme. It is also known as middle of road funds as it offers a blend of the above features. Such funds divide their portfolio in stocks and bonds in such a way that it achieves the desired objective.

55. Investment based classification Equity fund : such fund invest in equity shares they carry a high degree of risk such fund do well in favorable market conditions. Investments are made in equity shares in diverse industries and sectors. Debt funds : Such fund invest in debt instruments like bonds and debentures. These funds carry the advantage of secure and steady income there is little chance of capital appreciation. Such funds carry no risk. A variant of this type of fund is called liquid fund which specializes in investing in short term money market instruments. Balanced funds : such scheme have a mix of debt and equity in their portfolio of investments. The portfolio is often shifted between debt and equity depending upon the prevailing market conditions. Sectoral fund: Such fund invest in specific sectors of the economy. The specialized sectors may include real estate infrastructure, oil and gas etc, offshore investments, commodities like gold and silver. Fund of Funds : such funds invest in units of other mutual funds there are a number of funds that direct investments into specified sectors of economy. This makes diversified and intensive investments possible .

56. Leverage funds : the funds that are created out of investments with not only the amount mobilized from investors but also from borrowed money from the capital markets are known as leveraged funds. Fund managers pass on the benefit of leverage to the mutual fund investors. Additional provisions must be made for such funds to operate. Leveraged funds use short sale to take advantage of declining markets in order to realize gains. Derivative instruments like options are used by such funds. Gilt fund : These funds seek to generate returns through investment in govt. securities. Such funds invest only in central and state govt. securities and REPO/ reverse REPO securities. A portion of the corpus may be invested in call money markets to meet liquidity requirements. Such funds carry very less risk. Their prices are influenced only by moment in interest rates. Indexed funds : these funds are linked to specific index. Funds mobilized under such schemes are invested in securities of companies included in the index of any exchange. The fund performance is linked to the growth in concerned index. Tax saving schemes: certain MF schemes offer tax rebate on investments made in equity shares under section 88 of income tax act. Income may be periodically distributed depending on surplus. Subscriptions made Upto Rs.10000 are eligible for tax rebate under section 88 for such scheme. The investment of the scheme includes investment in equity, preference shares and convertible debentures and bonds to the extent 80-100% and rest in money market instruments.

57. Structure Of Mutual Funds In India Mutual Funds in India follow a 3-tier structure. The first tier is the sponsor who thinks of starting the fund. The second tier is the trustee. The Trustees role is not to manage the money. Their job is only to see, whether the money is being managed as per stated objectives. Trustees may be seen as the internal regulators of a mutual fund. Trustees appoint the Asset Management Company (AMC) who form the third tier, to manage investor’s money. The AMC in return charges a fee for the services provided and this fee is borne by the investors as it is deducted from the money collected from them

58. Sponsor Any corporate body which initiates the launching of a mutual fund is referred to as “The sponsor”. The sponsor is expected to have a sound track record and experience in financial services for a minimum period of 5 years and should ensure various formalities required in establishing a mutual fund. According to SEBI, the sponsor should have professional competence, financial soundness and reputation for fairness and integrity. The sponsor contributes 40% of the net worth of the AMC. The sponsor appoints the trustee, The AMC and custodians in compliance with the regulations.

59. Trustee Sponsor creates a public trust and appoints trustees. Trustees are the people authorized to act on behalf of the Trust. They hold the property of mutual fund. Once the Trust is created, it is registered with SEBI after which this trust is known as the mutual fund . The Trustees role is not to manage the money but their job is only to see, whether the money is being managed as per stated objectives. Trustees may be seen as the internal regulators of a mutual fund. A minimum of 75% of the trustees must be independent of the sponsor to ensure fair dealings. Trustees appoint the Asset Management Company (AMC), to manage investor’s money.

60. Custodian A custodian’s role is keeping custody of the securities that are bought by the fund manager and also keeping a tab on the corporate actions like rights, bonus and dividends declared by the companies in which the fund has invested. The Custodian is appointed by the Board of Trustees. The custodian also participates in a clearing and settlement system through approved depository companies on behalf of mutual funds, in case of dematerialized securities. Only the physical securities are held by the Custodian. The deliveries and receipt of units of a mutual fund are done by the custodian or a depository participant at the instruction of the AMC and under the overall direction and responsibility of the Trustees. Regulations provide that the Sponsor and the Custodian must be separate entities.

61. Asset Management Company (AMC) Trustees appoint the Asset Management Company (AMC), to manage investor’s money. The AMC in return charges a fee for the services provided and this fee is borne by the investors as it is deducted from the money collected from them. The AMC’s Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of it’s Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, floats new schemes and manage these schemes by buying and selling securities. In order to do this the AMC needs to follow all rules and regulations prescribed by SEBI and as per the Investment Management Agreement it signs with the Trustees. The role of the AMC is to manage investor’s money on a day to day basis. Thus it is imperative that people with the highest integrity are involved with this activity. The AMC cannot deal with a single broker beyond a certain limit of transactions. The AMC cannot act as a Trustee for some other Mutual Fund. The responsibility of preparing the OD lies with the AMC. Appointments of intermediaries like independent financial advisors (IFAs), national and regional distributors, banks, etc. is also done by the AMC. Finally, it is the AMC which is responsible for the acts of its employees and service providers.

62. Registrar and Transfer Agents The registrar and transfer agents are appointed by the AMC. AMC pay compensation to these agents for their services. They carry out the following functions Receiving and processing the application forms of investors Issuing unit certificates Sending refund orders Giving approval for all transfers of units and maintaining records Repurchasing the units and redemption of units Issuing dividend or income warrents

63. Fund Accountants Fund accountants are appointed by the AMC. The are in charge of maintaining proper books of accounts relating to the fund transactions and management. The perform the following functions Computing the net asset value per unit of the scheme on a daily basis Maintaining its books and records Monitoring compliance with the schemes, investment limitations as well as SEBI regulations Preparing and distributing reports of the schemes for the unit holders and SEBI and monitoring the performance of mutual funds custodians and other service providers. Lead Manager Lead manager carry out the following functions: Selecting and coordinating the activities of intermediaries such as advertising agency, printers, collection centers. Carrying out extensive campaign about the scheme and acting as marketing associates to attract investors. Assisting the AMC to approach potential investors through meetings, exhibitions, contacts, advertising, publicity and sales promotion.

64. Investment Advisors Investment advisors carry out market and security analysis. Advising the AMC to design its investment strategies on a continuous basis. They are paid for their professional advice regarding fund investment on the average weekly value of the fund’s net assets. Legal Advisors Legal advisors are appointed to offer legal guidance about planning and execution of different schemes. A group of advocates and solicitors may be appointed as legal advisors. Their fee is not associated with net assets of the fund. Auditors and Underwriters An auditor is appointed by the AMC and must undertake independent inspection and verification of its accounting activities. Mutual funds also undertake the activities of underwriting issues. Such activities generate an additional source of income for mutual funds. Prior approval from SEBI is necessary for undertaking such activity

65. Working mechanism of AMC Creating fund manager : A fund manager is responsible for managing the funds of the AMC. The fund manager should be an independent agency but in India a single fund manager handles many schemes simultaneously. The basic function of fund managers is to decide the rate, time, kind and quantum of securities to be brought and sold. The fund manager ensures the success of the fund scheme. Research and Planning : the research and planning cell of AMC undertake research activities relating to securities as well as prospective investors the results of the study are analyzed to draft future policies governing investments. Creating dealers : Dealers having a deep understanding of stock market operations may be created by the AMC in order to execute sales and purchase transactions in the capital and money market. Dealers should comply with all formalities of sale and purchases through brokers.

66. Portfolio Management Process In Mutual Fund Setting investment goals : The first task of managing the portfolio of mutual fund is to identify and set the goals for the proposed scheme the goal is set keeping in mind the nature of the scheme, risk and return, market condition, regulatory norms, size of the issue and investor protection. Identifying specific securities : Efforts are made to analyze and identify the right securities where the fund should invest in. security analyses is carried out and risk and return characteristics are evaluated. Portfolio designing : it involves making an ideal mix of debt and equity securities of corporate, govt. etc. It is concerned with decisions regarding the type of securities to be bought, the quantum and timing of issue. Portfolio design is carried out on the basis of research and analyses of stock market and devising investment strategies. The portfolio should be well diversified so as to reduce the total risk of the portfolio. Portfolio revision : The portfolio must be reviewed periodically keeping in mind the risk return characteristics, the revision of the portfolio is done by keeping in mind the dynamic investment climate

67. Advantages of Mutual Funds Mutual Funds give investors best of both the worlds. Investor’s money is managed by professional fund managers and the money is deployed in a diversified portfolio. Mutual Funds help to reap the benefit of returns by a portfolio spread across a wide spectrum of companies with small investments. A mutual fund analyses the investments for investors as fund managers assisted by a team of research analysts analyze the market daily. Investors can enter / exit schemes anytime they want (at least in open ended schemes). They can invest in an SIP, where every month, a stipulated amount automatically goes out of their savings account into a scheme of their choice. There may be a situation where an investor holds some shares, but cannot exit the same as there are no buyers in the market. Such a problem of illiquidity generally does not exist in case of mutual funds, as the investor can redeem his units by approaching the mutual fund. As more and more AMCs come in the market, investors will continue to get newer products and competition will ensure that costs are kept at a minimum. Investors can either invest with the objective of getting capital appreciation or regular dividends i.e., mutual fund are structured to suit the needs of all investors. An investor with limited funds might be able to invest in only one or two stocks / bonds, thus increasing his / her risk. However, a mutual fund will spread its risk by investing a number of sound stocks or bonds. A fund normally invests in companies across a wide range of industries, so the risk is diversified. Mutual Funds regularly provide investors with information on the value of their investments. Mutual Funds also provide complete portfolio disclosure of the investments made by various schemes and also the proportion invested in each asset type. The large amount of Mutual Funds offer the investor a wide variety to choose from. An investor can pick up a scheme depending upon his risk/ return profile All the Mutual Funds are registered with SEBI and they function within the provisions of strict regulation designed to protect the interests of the investor

68. Regulations Regulations ensure that schemes do not invest beyond a certain percent of their NAVs in a single security. Some of the guidelines regarding these are given below No scheme can invest more than 15% of its NAV in rated debt instruments of a single issuer. This limit may be increased to 20% with prior approval of Trustees. This restriction is not applicable to Government securities. No scheme can invest more than 10% of its NAV in unrated paper of a single issuer and total investment by any scheme in unrated papers cannot exceed 25% of NAV. No fund, under all its schemes can hold more than 10% of company’s paid up capital No scheme can invest more than 10% of its NAV in a single company. If a scheme invests in another scheme of the same or different AMC, no fees will be charged. Aggregate inter scheme investment cannot exceed 5% of net asset value of the mutual fund No scheme can invest in unlisted securities of its sponsor or its group entities. Schemes can invest in unlisted securities issued by entities other than the sponsor or sponsor’s group. Open ended schemes can invest maximum of 5% of net assets in such securities whereas close ended schemes can invest upto 10% of net assets in such securities Schemes cannot invest in listed entities belonging to the sponsor group beyond 25% of its net assets

69. SEBI Mutual Fund Regulations The regulations governing the functioning of mutual funds in India were introduced by SEBI in Dec 1996. The objectives of these regulations was to bring in existence the regulatory norms for the formation, operation and management of mutual funds in India. The regulations also laid down the broad guidelines on investment valuation, investment restriction, advertising code and code of conduct for mutual funds and AMCs. Registration of mutual funds Every mutual fund shall be registered with SEBI through an application to be made by the sponsor in a prescribed format accompanied by an application fee of Rs.25000. Every mutual fund shall pay Rs.25lakhs towards registration fee and Rs:2.5lakhs per annum as service fees. Registration shall be granted by the board on fulfillment of conditions such as sponsor’s, sound track record of 5yrs integrity, net worth etc.

70. Regulations for the trust Mutual fund shall be constituted in the form of a trust under the provisions of Indian Registrations Act and provisions laid down by SEBI. A trustee should be person of integrity, ability, and should not have been found guilty or being convicted of any economic offence or violation of securities law. At least 50% of the trustees shall be independent trustees. The trustees and the AMC with SEBI’s prior approval shall enter into an investment management agreement. The trustees shall ensure the AMC has the necessary infrastructure and personnel. The trustees shall ensure that AMC is monitoring security transaction with brokers. The trustees shall ensure that the EMC has been managing the scheme independently. The trustees should fulfill all its duties in order to protect the interest of the investors. Regulations for AMC It should have a sound track record, reputation and fairness in transaction. The sponsor or trustee shall appoint an AMC with SEBI’s approval. The appointment of the AMC can be terminated by majority of trustees or by 75% of unit holders. The directors of AMCs should have adequate professional experience. At least 50% of the director’s of the AMC should not be associated with the sponsors or it’s subsidiaries or the trustees. The chairman of the AMC should not be trustee of any other mutual fund. The AMC shall have a minimum net worth of Rs.10 crores . The AMC shall not act as an AMC for any other mutual funds.

71. Regulations for custodians The mutual fund shall appoint a custodian to carry out the custodian services for the schemes of the fund. The agreement with the custodian shall be entered into with prior approval of trustees .   Regulations for Schemes of mutual funds All the schemes to be launched by the AMC should be approved by the trustees and are to be filed with SEBI. The offer document should contain adequate disclosures to enable the investors to make informed decisions. Advertisement of schemes should be in conformance with SEBI’s code. The listing of closed ended schemes is mandatory and it should be listed on a recognized stock exchange within 6 months of its subscriptions. Units of close ended schemes can be opened for redemption at a fixed interval. The AMC shall specify in the offer document the minimum subscription to be raised under the scheme. The AMC may repurchase, reissue the units of close ended schemes. The units of close ended schemes can be converted into open ended schemes. Any scheme on mutual fund shall not be opened for subscription after 45 days. The mutual fund and AMC shall be liable to refund the application money to the applicants if minimum subscription is not received.

72. Exchange Traded Fund (ETF) Exchange Traded Funds (ETFs) are mutual fund units which investors buy or sell from the stock exchange, as against a normal mutual fund unit, where the investor buys / sells through a distributor or directly from the AMC. ETFs have relatively lesser costs as compared to a mutual fund scheme The ETF structure is such that the AMC does not have to deal directly with investors or distributors. It instead issues units to a few designated large participants, who are also called as Authorized Participants (APs), who in turn act as market makers for the ETFs. The Authorized Participants provide two way quotes for the ETFs on the stock exchange, which enables investors to buy and sell the ETFs at any given point of time when the stock markets are open for trading Exchange Traded Funds (ETFs) are mutual fund units which investors buy or sell from the stock exchange, as against a normal mutual fund unit, where the investor buys / sells through a distributor or directly from the AMC. ETFs have relatively lesser costs as compared to a mutual fund scheme The ETF structure is such that the AMC does not have to deal directly with investors or distributors. It instead issues units to a few designated large participants, who are also called as Authorized Participants (APs), who in turn act as market makers for the ETFs. The Authorized Participants provide two way quotes for the ETFs on the stock exchange, which enables investors to buy and sell the ETFs at any given point of time when the stock markets are open for trading

73. Characteristics of ETFs An Exchange Traded Fund (ETF) is essentially a scheme where the investor has to buy/ sell units from the market through a broker (just as he would by a share). An investor must have a demat account for buying and selling ETFs. An important feature of ETFs is the huge reduction in costs. While a typical Index fund would have expenses in the range of 1.5% of Net Assets, an ETF might have expenses around 0.75%

74. Various Mutual Funds in India State Bank of India mutual fund ICICI prudential mutual fund TATA mutual fund HDFC mutual fund Birla sun life mutual fund Reliance mutual fund Kotak Mahindra mutual fund etc..

75. THANK YOU !!!!