JOAN Hsbc Final the One!!!

8/8/2019 JOAN Hsbc Final the One!!!

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1.1 INTRODUCTION

This project has been undertaken at HSBC Asset Management (India) Pvt. Ltd.,

Cochin and consists of two main parts:

Organizational Study of the Company

Research conducted on the topic Distributor Perception of HSBC Mutual

Fund Services

The study was conducted to understand the perception held by distributors

regarding the products and services offered by the company and what financial products

are most popular among them. In the early days financial advisors used to advise only

few financial products. But now the situation has changed and they have started doing all

the financial products such as mutual funds, insurance, shares etc.

The study is based on primary data collected from different distributors from

Ernakulam city. The instrument used for data collection in the project work is

questionnaire. There are both open ended, closed ended and multiple-choice questions. Acopy of questionnaire is given in the appendix of the report. The data analysis and

interpretation have been done using SPSS software package.

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1.2 THEORETICAL BACKGROUND

MUTUAL FUND CONCEPT

A mutual fund is a common pool of money into which investors with a common

objective place their contributions that are to be invested in accordance with the given

investment objective of the scheme. A mutual fund is required to register with SEBI

(Securities and Exchange Board of India, which regulates securities market before it can

collect from the public. The investment manager would invest the money collected from

investors into assets that are defined by the schemes objectives.

The money thus collected is invested in capital market instruments such asshares, debentures and other securities. The income earned through these investments

and the capital appreciation realized are shared by its unit holders in proportion to the

number of units held by them. Thus a mutual fund is the most suitable investment for

the common man as it offers an opportunity to invest in a diversified, professionally

managed set of securities at a relatively low cost. It is a great way to invest for those

who do not have the time or the skills required to build and track a stock portfolio.

Different investment avenues are available to investors and just like any other

investment; mutual funds also carry certain risk. The investors must therefore seek

advice from experts and consult agents and distributors of mutual fund schemes while

taking investment decisions.

The following chart describes broadly, the basic working of a mutual fund.

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TYPES OF MUTUAL FUNDS

I. BY STRUCTURE

Closed-end funds

A closed-end mutual fund has a set number of shares issued to the public through an

initial public offering. It has a stipulated maturity period which generally ranging from 3

to 15 years. The fund is in subscription only during a specific period. Investors can

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

sell the units of the scheme on the stock exchange where they are listed.

Interval funds

Interval fund combines the feature of open ended and closed ended scheme. They are

open for sale or redemption during the pre determined intervals at NAV related prices.

Open-end funds

Open end funds are operated by a mutual fund house which raises money from

shareholders and invests in a group of assets. It is one that is available for subscription

all through the year. These dont have a fixed maturity. Investors can conveniently buy

and sell units at Net Asset Value (NAV) related price. The key feature of open-ended

scheme is its liquidity.

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II.BY INVESTMENT OBJECTIVE

Balanced funds

Balanced fund is also known as hybrid fund. It is a type of mutual fund that buys a

combination of common stock, preferred stock, bonds, and short-term bonds.The aim is

to provide both growth and regular income. Such schemes periodically distribute a part

of their earning and invest in both, ie, in equities and in fixed income securities in the

portion indicated in their offer documents. In a raising stock market the NAV of the

schemes may not normally keep pace, or fall equally when the market falls. These are

ideal for investors looking for a combination of income and moderate growth.

Growth fundsGrowth funds are those funds that aim to achieve capital appreciation by investing in

growth stocks. Such scheme invests a majority of their corpus in equities. It has been

proven that returns from stocks have, outperformed most other kind of investments held

over the long term. They are ideal for investors having a long term outlook seeking

growth over a period of time.

Money market funds

A money market fund is a mutual fund that invests solely in money market instruments.

Money market instruments are forms of debt that mature in less than one year and are

very liquid. They generally invest in safer short term investments such as treasury bills,

certificate of deposits and inter bank call money. Returns on the scheme may fluctuate

depending upon their interest rate prevailing in the market. These are ideal for corporate

and individual investors as a means to park their surplus funds for short periods.

III. BY OTHER FEATURES

Index funds

An index fund is a mutual fund (or exchange-traded fund) that aims to replicate the

movements of an index of a specific financial market.

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Sector funds

Sector mutual funds are those mutual funds that restrict their investments to a particular

segment or sector of the economy.

Large cap funds

Large cap funds are those mutual funds, which seek capital appreciation by investing

primarily in stocks of large blue chip companies

Mid-cap funds

Mid cap funds are those mutual funds, which invest in small / medium sized companies.

As there is no standard definition classifying companies

Equity funds

Equity mutual funds are also known as stock mutual funds. Equity mutual funds invest

pooled amounts of money in the stocks of public companies.

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STRUCTURE OF MUTUAL FUNDS

FUND SPONSOR

What a promoter is to a company, a sponsor is to a mutual fund. The sponsor

initiates the idea to set up a mutual fund. It could be a financial services company, a bank

or a financial institution; Indian or foreign (either alone or through a joint venture). In

order to run a mutual fund in India, the sponsor has to obtain a license from SEBI. For

this, it has to satisfy certain conditions, such as on capital and profits, track record (at

least five years in financial services), default-free dealings and a general reputation for

fairness. The sponsor must have been profit making in at least 3 years of the above 5

years. The Sponsor appoints the Trustees, Custodian and the AMC with the prior

approval of SEBI and in accordance with SEBI Regulations.

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TRUST

The Mutual Fund is constituted as a Trust in accordance with the provisions of the

Indian Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian

Registration Act, 1908. The Trust appoints the Trustees who are responsible to the

investors of the fund.

TRUSTEES

Trustees are like internal regulators in a mutual fund, and their job is to protect the

interests of the unit holders. Trustees are appointed by the sponsors, and can be either

individuals or corporate bodies. In order to ensure they are impartial and fair, SEBI rules

mandate that at least two-thirds of the trustees be independent, i.e., not have any

association with the sponsor.

Trustees appoint the AMC, which subsequently, seeks their approval for the work

it does, and reports periodically to them on how the business being run. Trustees float and

market schemes, and secure necessary approvals. They check if the AMCs investments

are within defined limits and whether the funds assets are protected. Trustees can be heldaccountable for financial irregularities in the mutual fund.

ASSET MANAGEMENT COMPANY (AMC)

An AMC is the legal entity formed by the sponsor to run a mutual fund. The

AMC is usually a private limited company in which the sponsors and their associates or

joint venture partners are the shareholders. The trustees sign an investment agreement

with the AMC, which spells out the functions of the AMC. It is the AMC that employs

fund managers and analysts, and other personnel. It is the AMC that handles all

operational matters of a mutual fund from launching schemes to managing them to

interacting with investors.

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The people in the AMC who should matter the most to you are those who take

investment decisions. There is the head of the fund house, generally referred to as the

Chief Executive Officer (CEO). Under him comes the Chief Investment Officer (CIO),

who shapes the funds investment philosophy, and fund managers, who manages its

schemes. They are assisted by a team of analysts, who track markets, sectors and

companies.

CUSTODIAN

A custodian handles the investment back office of a mutual fund. Its

responsibilities include receipt and delivery of securities, collection of income,

distribution of dividends and segregation of assets between the schemes. It also track

corporate actions like bonus issues, right offers, offer for sale, buy back and open offers

for acquisition. The sponsor of a mutual fund cannot act as a custodian to the fund. This

condition, formulated in the interest of investors, ensures that the assets of a mutual fund

are not in the hands of its sponsor. For example, Deutsche Bank is a custodian, but it

cannot service Deutsche Mutual Fund, its mutual fund arm.

BROKERS

They enable the investment managers to buy and sell securities.

Brokers are the registered members of the stock exchange.

They charge a commission for their services.

In some cases, provide investment managers with research reports.

Act as an important source of market information.

REGISTRAR OR TRANSFER AGENTS

Registrars, also known as the transfer agents, are responsible for the investor

servicing functions. This includes issuing and redeeming units, sending fact sheets and

annual reports. Some fund houses handle such functions in-house. Others outsource it to

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the Registrars; Karvy and CAMS are the more popular ones. Most mutual funds, in

addition to registrars, also have investor service centers of their own in some cities.

Some of the investor related services are:-

Processing investor applications.

Recording details of the investors.

Sending information to the investors.

Processing dividend payout.

Incorporating changes in the investor information.

Keeping investor information up to date.

DISTRIBUTORS

For a fund to sell across a wide retail base of individual investors, an established

network of distribution is essential. AMCs usually appoint distributors who sell units on

behalf of the fund. Individuals constitute the largest segment in the category of mutual

fund distributors. Banks, non-banks and distribution companies account for the bulk of

the volume of business.

Role of Selling and Distribution Agents:

Selling agents bring investors funds for a commission.

Distributors appoint agents and other mechanisms to mobilize funds from the

investors.

Banks and post offices also act as distributors.

The commission received by the distributors is split into initial commission which

is paid on mobilization of funds and trail commission which is paid depending on

the time the investor stays with the fund.

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CHAPTER 2:

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2.1 INDUSTRY PROFILE

In the Beginning

Historians are uncertain of the origins of investment funds; some cite the closed-

end investment companies launched in the Netherlands in 1822 by King William I as the

first mutual funds, while others point to a Dutch merchant named Adriaan van Ketwich

whose investment trust created in 1774 may have given the king the idea. Van Ketwich

probably theorized that diversification would increase the appeal of investments to

smaller investors with minimal capital. The name of van Ketwich's fund,Eendragt Maakt

Magt, translates to "unity creates strength".

The idea of pooling resources and spreading risk using closed-end investments soon took

root in Great Britain and France, making its way to the United States in the 1890s. The

creation of the Alexander Fund in Philadelphia, Pennsylvania, in 1907 was an important

step in the evolution toward what we know as the modern mutual fund. The Alexander

Fund featured semi-annual issues and allowed investors to make withdrawals on

demand.

The Arrival of the Modern Fund

The creation of the Massachusetts Investors' Trust in Boston, Massachusetts, heralded the

arrival of the modern mutual fund in 1924. The fund went public in 1928, eventually

spawning the mutual fund firm known today as MFS Investment Management. State

Street Investors' Trust was the custodian of the Massachusetts Investors' Trust. Later,

State Street Investors started its own fund in 1924 with Richard Paine, Richard Saltonstall

and Paul Cabot at the helm. Saltonstall was also affiliated with Scudder, Stevens and

Clark, an outfit that would launch the first no-load fund in 1928, the year which also saw

the launch of the Wellington Fund, which was the first mutual fund to include stocks and

bonds, as opposed to direct merchant bank style of investments in business and trade.

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Recent Developments

In 1971, William Fouse and John McQuown of Wells Fargo Bank established the

firstindex fund, a concept that John Bogle would use as a foundation on which to build

The Vanguard Group, a mutual fund powerhouse renowned for low-cost index funds. The

1970s also saw the rise of the no-load fund. This new way of doing business had an

enormous impact on the way mutual funds were sold and would make a major

contribution to the industry's success.

With the 1980s and '90s came bull market mania and previously obscure fund

managers became superstars; Max Heine, Michael Price and Peter Lynch, the mutual

fund industry's top gunslingers, became household names and money poured into the

retail investment industry at a stunning pace. More recently, the burst of the tech bubble

and a spate of scandals involving big names in the industry took much of the shine off of

the industry's reputation. Shady dealings at major fund companies demonstrated that

mutual funds aren't always benign investments managed by folks who have their

shareholders' best interests in mind and who treat all investors equally.

Evolution of mutual funds in India

Industry started in 1963- with formation of UTI at initiative of RBI and govt. The

major objective was to attract small investors and introduce them to various market

instruments. In 1987, public sector mutual funds broke UTIs monopoly, the first mutual

fund being US-64. Today the industry has over 32 Asset Management Companies

(including public, private & international funds). Industry has overtaken banking with

more money in mutual funds than in banks as bank deposits. The history of mutual funds

in India can be broadly divided into four distinct phases:

First Phase (1964-87) Phase of UTI monopoly

Second Phase (1987-93) Entry of Public Sector Funds

Third Phase (1993-2003) Entry of Private Sector Funds

Fourth Phase (since February 2003)

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First Phase

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up

by 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

Second Phase

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 followed by Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian

Bank Mutual Fund, Bank of India, and Bank of Baroda Mutual Fund. LIC established its

mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.

Third Phase

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.

Fourth Phase

In February 2003, following the repeal of the Unit Trust of India Act 1963, UTI was

bifurcated into two separate entities. The Specified Undertaking of The Unit Trust of

India with assets under management of Rs.29, 835crores at the end of January 2003,

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 the Government of India and does not come

under the purview of the Mutual Fund Regulations. UTI Mutual Fund

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COMPETITION IN MUTUAL FUNDS INDUSTRY

The most important trend in the mutual fund industry is the aggressive expansion of the

foreign owned mutual fund companies and the decline of the companies floated by

nationalized banks and smaller private sector players.

Many nationalized banks got into the mutual fund business in the early nineties and got

off to a good start due to the stock market boom prevailing then. These banks did not

really understand the mutual fund business and they just viewed it as another kind of

banking activity. Few hired specialized staff and generally chose to transfer staff from the

parent organizations. The performance of most of the schemes floated by these funds was

not good. Some schemes had offered guaranteed returns and their parent organizations

had to bail out these AMCs by paying large amounts of money as the difference between

the guaranteed and actual returns. The service levels were also very bad. Most of these

AMCs have not been able to retain staff, float new schemes etc. and it is doubtful

whether, barring a few exceptions, they have serious plans of continuing the activity in a

major way.

The experience of some of the AMCs floated by private sector Indian companies was also

very similar. They quickly realized that the AMC business is a business, which makes

money in a long term and requires deep-pocketed support in the intermediate years. Some

have sold out to foreign owned companies, some have merged with others and there is

general restructuring going on.

The foreign owned companies have deep pockets and have come in here with the

expectation of a long haul. They can be credited with introducing many new practices

such as new product innovation, sharp improvement in service standards and disclosure,

usage of technology, broker education and support etc. In fact, they have forced the

industry to upgrade itself and service levels of organizations like UTI have improved

dramatically in the last few years in response to the competition provided by these.

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THE MAJOR COMPETITORS OF HSBC MUTUAL FUND

I. Reliance Capital Mutual Fund: Reliance Capital Asset Management Ltd., the

investment Manager of Reliance Capital Mutual Fund (RCMF), is a company

incorporated under the Companies Act, 1956 with limited liability. Reliance Capital

Limited holds 93.37% of the paid-up capital of RCAM. Reliance Capital Limited is a

member of Reliance Group and has been promoted by Reliance Industries Limited

(RIL), one of India s largest private sector enterprise.

No. of schemes 59

No. of schemes including options 273

Equity Schemes 77

Debt Schemes 166

Short term debt Schemes 16

Equity & Debt 2

Gilt Fund 10

II. Birla Sun Life Asset Management Company Ltd: Birla Sun Life Asset

Management Company Ltd. (BSLAMC), the investment managers of Birla Sun LifeMutual 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 experience in the Indian market and Sun Life s global experience.

No. of schemes 89


Equity Schemes 60

Debt Schemes 186


Equity & Debt 8

Gilt Fund 18

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2.2 COMPANY PROFILE

HSBC overview

Our Mission is - To be the Bonding Company that guarantees continuance

in the market to satisfy appropriately

and professionally the bonding needs of our obligors

and the assurance of timely fulfillment of our bond to our

beneficiaries.

The HSBC Group is one of the largest banking and financial services

organizations in the world. The Group has around 10,000 offices in 83 countries and

territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa,

serves over 128 million customers and has assets of USD 2,354 billion as at 31 Dec,2007.

HSBC Global Asset Management draws upon a long history of serving clients by

the HSBC Group, tracing its roots back to the foundation of the Hong Kong and Shanghai

Banking Corporation in 1865. The HSBC Group has identified asset management as a

key constituent of the HSBC Groups wealth management strategy and HSBC

Investments; have been dedicated to managing assets on behalf of their clients for more

than 30 years.

HSBC Global Asset Management in India

HSBC Asset Management (India) Private Limited is the Investment Manager to

HSBC Mutual Fund, set up locally by the HSBC Group. HSBC Mutual Fund is the brand

name adopted by HSBC Asset Management (India) Private Limited. The business is

working on ambitious plans to position itself as one of the leading Private Sector FundManagers in the Indian financial market. It also aims to expand its customer base by

extending its product range to include a wide variety of investment products and enhance

its reputation in India of being a provider of international quality investment products and

services.

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In 1994 the HSBC Group recognized the increasingly global nature of financial

markets would create the need for a credible global asset management organization to

ensure delivery of the best possible solutions for clients. In response, the separate

regional asset management businesses of HSBC were unified to create a single powerful

investment manager aimed at delivering global investment capabilities combined with

significant local expertise.

In 2001, following the integration of CCF and its investment businesses into

HSBC, a new global strategy was launched, aimed at creating a core proprietary global

investment management business HSBC Asset Management, operating alongside a

series of specialist investment businesses, namely: Sinopia, HSBC Specialist

Investments, HSBC Multimanager and HSBC Alternative Investments.

In 2004, following a strong period of growth in HSBCs investment businesses, a

new strategy was announced for these businesses. The strategy was intended to position

HSBC for market leadership in providing investment solutions that meet client needs and

involved a re organisation of HSBCs investment businesses including HSBC Asset

Management and HSBC Investment Management, leading to the creation of HSBC

Investments.

In 2008, HSBC Investments was renamed to HSBC Global Asset Management.

The name change was to more closely align it with Global Banking and Markets (the new

name for Corporate, Investment Banking and Markets).

No. of schemes 30


Equity Schemes 16

Debt Schemes 99


Equity & Debt 0

Money Market 0

Gilt Fund 3

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A Brief History

1973 - HSBC forms Hong Kong-based Wardley as a wholly owned merchant bankingsubsidiary.

1986 - The European arm of HSBC Asset Management is conceived with the purchase

of James Capel, a leading and well established international securities company. The

addition of New York-based Marinvest establishes the US arm of HSBC AssetManagement

1992 - Consolidation in Europe with the acquisition of the Midland Bank Group.

1994 - Regional companies are brought together under the name HSBC Asset

Management, a single investment manager offering global investment capability

combined with significant local expertise.

2000 - HSBC Group purchases CCF Bank, France - CCF Capital Management in Paris

joins HSBC Asset Management.

2001 -HSBC Asset Management (India) Private Limited is incorporated in December

2001.

2002 - New investment and marketing office established in India. HSBC Asset

Management (India) Private Limited, the Investment Manager to HSBC Mutual Fund

launches its first four schemes in December 2002.

2003 - Integration of Bital's fund management business in Mexico following itspurchase by HSBC.

2005 - HSBC Asset Management is replaced by HSBC Investments and HSBC Halbis

Partners during 2005 (subject to local legal and regulatory approvals in all

jurisdictions).

2006 - HSBC receives approval for joint venture fund management company in China.HSBC Halbis Partners is renamed Halbis Capital Management.

2008 - HSBC Investments is renamed to HSBC Global Asset Management (subject to

local legal and regulatory approvals in all jurisdictions).

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2.3 PRODUCT PROFILE

HSBC Equity Fund

Investment Objective To generate long-term capital growth from an actively managed

portfolio of equity and equity related securities.

Option(s) / Sub-option(s) - Dividend (Payout / reinvestment) and Growth

Dividend- Declaration of dividend and its frequency will inter-alia depend upon the

distributable surplus. Dividend may be declared from time to time.

Minimum Application Amount Rs. 5,000

Minimum additional investment- Rs. 1,000 and in multiples of Re. 1 thereafter

HSBC India Opportunities Fund

Investment Objective: To seek long term capital growth through investments across all

market capitalizations, including small, mid and large cap stocks. The fund aims to be

predominantly invested in equity and equity related securities. However, it could move a

significant portion of its assets towards fixed income securities if the fund manager

becomes negative on equity markets.

Option(s) / Sub-option(s)- Dividend (Payout / reinvestment) and Growth

Dividend- Declaration of dividend and its frequency will inter-alia depend upon the



Minimum additional investment Rs. 1,000 and in multiples of Re. 1 thereafter

HSBC Midcap Equity Fund

Investment Objective To generate long term capital growth from an actively managed

portfolio of equity and equity related securities primarily being 19adcap stocks. However,

it could move a portion of its assets towards fixed income securities if the fund manager

becomes negative on the Indian equity markets.

Option(s) / Sub-option(s) Dividend (Payout / reinvestment) and Growth

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Dividend Declaration of dividend and its frequency will inter-alia depend upon the




HSBC Advantage India Fund

Investment Objective To generate long term capital growth from an actively managed

portfolio of equity and equity related securities by investing primarily in sectors, areas

and themes that play an important role in, and / or benefit from, Indias progress, reform

process and economic development.


Dividend Declaration of dividend and its frequency will inter-alia depend upon the




HSBC MIP

Investment Objective To seek generation of reasonable returns through investments in

Debt and Money Market Instruments. The secondary objective of the scheme is to invest

in equity and equity related instruments to seek capital appreciation.

Plan(s) HSBC MIP Regular Plan and HSBC MIP Savings Plan

Option(s) / Sub-option(s) - Dividend (Payout / reinvestment) and Growth

Dividend Declaration of dividend and its frequency will inter alia, depend upon the

distributable surplus. Dividend shall be decided on monthly and quarterly intervals.

Minimum Application Amount Growth Option Rs. 5,000, Quarterly Dividend Option

Rs. 10,000 & Monthly Dividend Option Rs. 25,000


HSBC Income Fund

Investment Objective To provide a reasonable income through a diversified portfolio of

fixed income securities. The AMCs view of interest rate trends and the nature of the

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Plans will be reflected in the type and maturities of securities in which the Short Term

and Investment Plans are invested.

Plan(s) HSBC I F Short Term Plan and HSBC Income Fund Investment Plan

Option(s) / Sub-option(s) Regular & Institutional Options with Dividend (Payout /

reinvestment) and Growth

Dividend Declaration of dividend and its frequency will inter alia depend upon the

distributable surplus. Dividend shall be decided on weekly and monthly intervals for

HIF-ST and quarterly intervals for HIF-IP

Minimum Application Amount HIF-ST: Regular Option Rs. 100,000 &

Institutional Option Rs. 50, 00,000 , HIF-IP: Regular Option Rs. 5,000 & Institutional

Option Rs. 50, 00,000

Minimum additional investment - Rs. 1,000 and in multiples of Re. 1 thereafter in case

of Regular Options and Rs. 10,000 and in multiples of Re. 1 thereafter in case of

Institutional Options.

HSBC Gilt Fund

Investment Objective The Scheme seeks to generate reasonable returns through

investments in Government Securities of various maturities. The AMCs view of interest

rate trends and the nature of the plans will be reflected in the maturities of securities in

which the Plans are invested

Plan(s)-HSBC Gilt Fund Short Term Plan


Dividend Declaration of dividend and its frequency will inter alia depend upon the

distributable surplus.Dividend shall be decided on monthly intervals.



HSBC Liquid Plus Fund

Investment Objective The investment objective is to provide liquidity and reasonable

returns by investing primarily in a mix of short term debt and money market instruments.

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Option(s) / Sub-option(s) - Regular Option with daily and weekly dividend

reinvestment & growth sub-options. Institutional & Institutional Plus Options with daily,

weekly and monthly dividend & growth sub-options. Daily & Weekly dividend will be

reinvested whereas an investor in monthly dividend can opt for payout / reinvestment

Dividend Declaration of dividend will inter alia depend upon the availability of

distributable surplus.Dividend shall be generally declared daily and weekly in the

Regular Option and shall be declared daily, weekly and monthly in the Institutional and

Institutional Plus Options.

Minimum Application Amount - Regular Option Rs. 5,000, Institutional Option

Rs. 50,00,000, Institutional Plus Option Rs. 5,00,00,000

Minimum additional investment - Rs. 1,000 and in multiples of Re. 1 thereafter in case

of Regular Option, Rs. 10,000 and in multiples of Re. 1 thereafter in case of Institutional

Option and Institutional Plus Option. Combined Offer Document

1 4 HSBC Mutual Fund

HSBC Floating Rate Fund

Investment Objective HSBC Floating Rate Fund is an open ended income scheme

seeking to generate reasonable return with commensurate risk from a portfolio comprised

of floating rate debt instruments and fixed rate debt instruments swapped for floating ratereturns. The scheme may also invest in fixed rate money market and debt instruments.

Plan(s) - HSBC Floating Rate Fund Long Term Plan and HSBC Floating Rate Fund

Short Term Plan

Option(s) / Sub-option(s) HFRF-ST: Regular Option with Daily and Weekly Dividend

Reinvestment & Growth Sub-options. Institutional and Institutional Plus Options with

Daily, Weekly and Monthly Dividend & Growth Sub-options.

HFRF-LT: Regular Option with Monthly Dividend (Payout/ Reinvestment) & Growth

Suboptions. Institutional Option with Weekly & Monthly Dividend & Growth Sub-

options. Daily & Weekly Dividend will be reinvested whereas an investor in Monthly

Dividend can opt for Payout / Reinvestment

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Dividend - Declaration of dividend and its frequency will inter alia depend upon the

distributable surplus.Dividend shall be generally declared weekly and monthly for HFRF-

LT (Institutional Option) and monthly for HFRF-LT (Regular Option). For HFRF-ST,

daily and weekly in the Regular Option and Daily, Weekly & Monthly in the Institutional

& Institutional Plus Option.

Minimum Application Amount - HFRF-ST: Regular Option Rs. 100,000,

Institutional Option Rs. 50,00,000 & Institutional Plus Option Rs. 5,00,00,000 HFRF-

LT: Regular Option Rs. 5,000 & Institutional Option Rs. 50,00,000

Minimum additional investment - Rs. 1.000 and in multiples of Re. 1 thereafter in case

of Regular Options, Rs. 10,000 and in multiples of Re 1 thereafter in case of Institutional

Option and Institutional Plus Option.

HSBC Cash Fund

Investment Objective - The investment objective is to provide reasonable returns,

commensurate with low risk while providing a high level of liquidity, through a portfolio

of money market and debt securities

Option(s) / Sub-option(s) - Regular Option with daily and weekly dividend

reinvestment & growth sub-options. Institutional & Institutional Plus Options with daily,

weekly and monthly dividend & growth sub-options. Daily & Weekly dividend will be

reinvested whereas an investor in monthly dividend can opt for payout / reinvestment

Dividend - Declaration of dividend will inter alia depend upon the availability of

distributable surplus.Dividend shall be generally declared daily and weekly in the

Regular Option and shall be declared daily, weekly and monthly in the Institutional and

Institutional Plus Options.

Minimum Application Amount Regular Option Rs. 1,00,000, Institutional Option

Rs. 50,00,000, Institutional Plus Option Rs. 5,00,00,000

Minimum additional investment - Rs. 1,000 and in multiples of Re. 1 thereafter in

case of Regular Options, Rs. 10,000 and and in multiples of Re. 1 thereafter in case of

Institutional Option and Institutional Plus Option.

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CHAPTER 3:

ORGANIZATIONAL STRUCTURE

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3.1 THE MANAGEMENT STRUCTURE OF HSBC

Board of Directors

Key Personnel

NainaLal Kidwai

(Chairman,

BOD)

AyazEbrahim(Director)

Kishore, J

Udeshi(Director)

S P Mustafa

(Director)

Ashok Kumar

Jha(Director)

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Sponsors & Trustees

Vikramaditya

Chief Executive Officer

Venkatesh Iyer

Sr VP & Chief Operating OfficerMihir Vora

Sr VP & Head of Fund Management,

Equities

Chandresh Shah

VP & Head of Risk Management

Shailendra Jhingan

Sr VP & Head of Fund Management, Fixed

Income

K. Sriram

VP & Head of Finance & Customer Service

Rekha Pattnaik

Vice President & Head of Human Resources

R. Srinivasan

Vice President & Head of Operations

Dhimant Shah

VP & Fund Manager, Equities

Deepali Naair

VP & Head of Marketing

Suyash Choudhary

VP & Fund Manager, Fixed Income

Shwaita Vaish

VP & Head Product Strategy &Development

Jitendra Sriram


Sanjay Vaid

Vice President, Dealing

Nilang Mehta


Alok Kumar Sahoo

VP & Fund Manager, Fixed Income

O. V. Ravi

VP & Head of Compliance

Gaurav Mehrotra

Associate VP, Investment Management

Niren Parekh


Amaresh Mishra


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The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital

Markets (India) Private Limited (HSCI). HSCI is one of the largest banking and financial

services organisations, in the world. HSCI offers integrated investment banking services,

securities and corporate finance & advisory. It is a member of The BSE and NSE (capital

and derivative market segments) and is also a category I merchant banker and

underwriter registered with the SEBI. HSCI holds 100% of the paid up equity share

capital of the ISIN.

N P Gidwani(Chairman ofthe Board of

Trustees)

Dr. RudolfApenbrink(Trustee)

Nasser

Munjee(Trustee)

ManuTandon(Trustee)

Mehli Mistri(Trustee)

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CHAPTER 4: THE STUDY

A STUDY ON

DISTRIBUTORS PERCEPTION OF

HSBC MUTUAL FUND SERVICES

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4.1 RESEARCH METHODOLOGY

As in every research process, this problem study has been undertaken in a

scientific manner beginning from the definition of the research problem and ending in

analysis, interpretation and report generation.

The topic was taken up for research due to its growing relevance in the prevailing

market and financial conditions which were on a nose dive. One could easily assume that

investors have lost confidence due to the same and that would inevitably withdraw their

investments at the wrong time due to their ignorance of the proper working of the

financial markets. But not everyone thinks of the other side of the story.

Distributors are the first direct link of the AMC with the huge clientele it serves.

They are the main stay of mutual fund distribution. How has this downturn really affected

their sentiments? Have they lost confidence or have they simply chosen to remain passive

in the turn of events that followed? These thoughts sparked the need for a detailed study

of distributor behaviour, the factors that affect their preference etc which is covered in

this study.

RESEARCH DESIGN

A research design is a plan of action for the research. It is the conceptual structure within

which the research is conducted. The researcher has selected a descriptive (single cross

sectional) research design to undertake the research on the selected topic.

The Information List and Variables

No of years of experience in financial sector

Educational qualifications

Products that are advised

Criteria for selecting Mutual Fund

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External Evaluation / Sites that you refer for selection of Mutual Fund

Judgment Factors with respect to Brand

Normal time horizon considered for evaluating an Equity Fund

Brand Equity

Performance of Equity Schemes

Performance of Debt Schemes

Sales Support Initiatives

Regular Meetings / Trainings

IFA Loyalty Programs

Incentive Structure

Launch of relevant NFOs

Customer / Distributors Services

Quality of Web site

Access to / Response from call centre

Overall Rating

4.2 SCOPE OF THE STUDY

Through this study the researcher was able to find out the reactions of the different

distributors to the current scenario and how they are helping the customers to invest their

funds. From this study, the researcher can analyze the performance of HSBC as perceived

by its local distributors and can understand the popularity of the companys products

among its various financial advisors. The researcher can also find out the criteria used for

evaluating and judging the financial products.

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4.3 OBJECTIVE OF THE STUDY

The broader objective of this study is to gain an insight into the mechanisms

ruling the working of an Asset Management Company, the structure and types of mutual

funds and the role played by each element in the structure. The more specific objective is

to study the distributor perception of the selected Asset Management Companys (HSBC

Mutual Fund) services.

1. Primary objective

The major objective of the study is to understand the distributors perception of HSBC

MUTUAL FUND services in light of the present financial scenario, and to analyze the

various factors that influence their role.

2. Secondary objective

-To understand the criteria used for evaluating and judging financial products.

-To understand the popularity of the companys product among its distributors.

-To find out the performance of HSBC equity and debt funds

4.4 LIMITATIONS OF THE STUDY

-A detailed study was not possible due to shortage of time.

-The study deals with only local distributors within Ernakulam city.

-The area of sample was decided after taking into consideration the major factors like

Availability of distributors

Approachability,

Time available with distributors for interaction, etc.

-Findings of the study will be applicable for the conditions which prevailed during the

period for which data have been taken.

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4.5 SAMPLING AND DATA COLLECTION

There are mainly two types of data: primary and secondary. Primary data is

collected first hand by the researcher himself and secondary data could be information

gathered from previous related studies, books, agencies etc. Primary data was collected

by questionnaire method. The list of distributors was prepared and the respondents were

chosen by stratified proportional sampling technique. Stratified sampling is sampling

technique in statistics used when the population consists of homogeneous sub sections

which demand representation in proportion to their size to avoid possible sampling errors

as far as possible. There are three homogeneous groups of distributors (banks, non banks

and individual agents). Sampling has been conducted in the following way:

The total number of distributors of HSBC is 912 all across Kerala. Of these the

local distributors alone amount up to 234 (in and around Cochin). Of these there are:

120 IFAs (Individual Financial Advisors)

59 Banks and

55 NDs (National Distributors)

Considering the size of the sampling frame (list of the theoretical population),

a stratified proportionate sample of

24 IFAs (20% of the total number of distributors in the sampling frame)

8 Banks (15% of the total number of distributors in the sampling frame) and

8 NDs (15% of the total number of distributors in the sampling frame) were

chosen to be surveyed.

A questionnaire was prepared keeping in mind the information required

(information list). There were three types of questions included:

Open ended

Close ended and

Multiple choice questions

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CHAPTER 5: DATA ANALYSIS &INTERPRETATION

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5.1 OUTPUT CHARTS AND INTERPRETATION

Data analysis is a process of gathering, modeling, and transforming data with thegoal of highlighting useful information, suggesting conclusions, and supporting decision

making. Since the data collected is quantitative in nature, an in-depth and more

resourceful analysis could be conducted. The software used for the same is SPSS 7.5

(SPSS is a computer program used for statistical analysis. It is among the most widely

used programs forstatistical analysis in social science It is used by market researchers,

health researchers, survey companies, government, education researchers, marketing

organizations and others).

35
http://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Computer_programhttp://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Social_sciencehttp://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Computer_programhttp://en.wikipedia.org/wiki/Statisticshttp://en.wikipedia.org/wiki/Social_science


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2 5.0 5.0 5.0

9 22.5 22.5 27.5

17 42.5 42.5 70.0

12 30.0 30.0 100.0

40 100.0 100.0

40 100.0

Pre-Degree

Graduation

Post

Graduation

Professional

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

Educational Qualification

Educational Qualification

ProfessionalPost GraduationGraduationPre-Degree

Percent

50

40

30

20

10

0

From the above chart it may be gathered that most of the distributors (42.5%) are

postgraduates. Only 30% of the respondents possess a professional degree

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5 12.5 12.5 12.5

3 7.5 7.5 20.0

23 57.5 57.5 77.5

9 22.5 22.5 100.0

40 100.0 100.0

40 100.0

Value

Research

Crisil

ICRA

mfindia.com

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

External Evaluation done

External Evaluation done

mfindia.comICRACrisilValue Research

Percent

70

60

50

40

30

20

10

0

From the chart it is clear that most distributors (57.5%) use ICRA ratings as the best

external evaluation for selecting mutual funds to be promoted by them. 22.5% usedata from mfindia.com for selecting mutual funds.

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14 35.0 35.0 35.0

20 50.0 50.0 85.0

6 15.0 15.0 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

Incentive structure

Incentive structure

goodSatisfactoryunsatisfactory

Percent

60

50

40

30

20

10

0

When questioned about the satisfaction level obtained from HSBCs incentive

structure 50% respondents consider it satisfactory while 35% consider it

unsatisfactory.

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11 27.5 27.5 27.5

25 62.5 62.5 90.0

4 10.0 10.0 100.0

40 100.0 100.0

40 100.0

Brand Equity of

Sponsor

Advertisement

Product

Propositions

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

Judgmnt factors with resp to brand

Judgmnt factors with resp to brand

Product PropositionsAdvertisementBrand Equity of Spon

Percent

70

60

50

40

30

20

10

0

When questioned about they judge the schemes on the basis of HSBC as a brand,

62.5% suggested that advertising is the main reason for them to choose HSBC

products while only 10% are attracted by product propositions.

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6 15.0 15.0 15.0

13 32.5 32.5 47.5

20 50.0 50.0 97.5

1 2.5 2.5 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

distributor loyalty programmes

distributor loyalty programmes

very goodgoodSatisfactoryunsatisfactory

Perc

ent

60

50

40

30

20

10

0

From the above table we can understand that 50% of the respondents rated HSBCs

distributor loyalty programmes as good while only 2.5% considered it as very good.

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17 42.5 42.5 42.5

10 25.0 25.0 67.5

12 30.0 30.0 97.5

1 2.5 2.5 100.0

40 100.0 100.0

40 100.0

Ranking &

Awards

Brand

Performance

Local

Support

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

Criterion for mfs

Criterion for mfs

Local SupportPerformanceBrandRanking & Aw ards

Percent

50

40

30

20

10

0

From the above chart it is very clear that the most popular criterion for selection of

mutual funds in general is the Rankings and awards received by the scheme (42.5%)

and also the record of past performance (30%) while local support is the least popular

criterion.

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9 22.5 22.5 22.5

16 40.0 40.0 62.5

13 32.5 32.5 95.0

2 5.0 5.0 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

launch of relevant nfo 's

launch of relevant nfo's


Percent

50

40

30

20

10

0

When asked about the degree of relevance of the NFOs of HSBC, 40% of

respondents rated it only as satisfactory and a close 32.5% rated it as good. Only 5%

rated it as very good.

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7 17.5 17.5 17.5

29 72.5 72.5 90.0

4 10.0 10.0 100.0

40 100.0 100.0

40 100.0

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

overall rating

overall rating

very goodgoodSatisfactoryP

ercent

80

60

40

20

0

When asked to rate the services and products of HSBC on an overall scale, a high

percentage of 72.5% of respondents rated it as good.

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6 15.0 15.0 15.0

17 42.5 42.5 57.5

12 30.0 30.0 87.5

5 12.5 12.5 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

customer/disributor services

customer/disributor services


Percent

50

40

30

20

10

0

From the above chart we can clearly see that 42.5% of distributors consider HSBCs

customer and distributor services as satisfactory.

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4 10.0 10.0 10.0

22 55.0 55.0 65.0

12 30.0 30.0 95.0

2 5.0 5.0 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

perf of debt & liquid schemes

perf of debt & liquid schemes


Percent

60

50

40

30

20

10

0

As regards the performance of debt and liquid schemes 55% respondents considered

it only as satisfactory, while only 2.5% consider is as very good.

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1 2.5 2.5 2.5

5 12.5 12.5 15.0

22 55.0 55.0 70.0

10 25.0 25.0 95.0

2 5.0 5.0 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

excellent

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent



excellent

very good

good

Satisfactory

unsatisfactory

Percen

t

60

50

40

30

20

10

0

When asked about the performance of equity schemes 55% were of the opinion that

they are good and 2.5% rated it as excellent.

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3 7.5 7.5 7.5

17 42.5 42.5 50.0

17 42.5 42.5 92.5

3 7.5 7.5 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

sales support

sales support


Percen

t

50

40

30

20

10

0

From the chart we understand that 40% respondents consider HSBCs sales support

as satisfactory while another 40% consider it good.

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17 42.5 42.5 42.5

17 42.5 42.5 85.0

5 12.5 12.5 97.5

1 2.5 2.5 100.0

40 100.0 100.0

40 100.0

less than

1 year

1-3 years

3-5 years

above 5

years

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

time horizon for evaluating an equity fund

time horizon for evaluating an equity fund

above 5 years3-5 years1-3 yearsless than 1 year

Percent

50

40

30

20

10

0

From the above chart we understand that a cumulative of 80% of the distributors take

anywhere between lees than a year and three years to evaluate equity funds.

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11 27.5 27.5 27.5

18 45.0 45.0 72.5

11 27.5 27.5 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

meetings/training

meetings/training

goodSatisfactoryunsatisfactory

Percent

50

40

30

20

10

0

Here we may note that less than half, ie. 45% of he respondents consider the training

programmes and meetings organized by HSBC as satisfactory. 27.5% consider it

unsatisfactory.

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12 30.0 30.0 30.0

18 45.0 45.0 75.0

10 25.0 25.0 100.0

40 100.0 100.0

40 100.0

good

very good

excellent

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

quality of website

quality of website

excellentvery goodgood

Percent

50

40

30

20

10

0

Here we note that 45% of the distributors rate the website quality as very good and 25%

consider it excellent. The rest of the 30% of respondents rated it as good.

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1 2.5 2.5 2.5

15 37.5 37.5 40.0

18 45.0 45.0 85.0

6 15.0 15.0 100.0

40 100.0 100.0

40 100.0

Satisfactory

good

very good

excellent

Total

Valid

Total

Frequency Percent

Valid

Percent

Cumulative

Percent

access & response from call centre

access & response from call centre

excellentvery goodgoodSatisfactory

Percent

50

40

30

20

10

0

From the above chart it may be gathered that 45% of respondents actually consider the

call centre response as very good and 15% consider it as excellent.

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1 2.5 2.5 2.5

9 22.5 22.5 25.0

18 45.0 45.0 70.0

12 30.0 30.0 100.0

40 100.0 100.0

40 100.0

unsatisfactory

Satisfactory

good

very good

Total

Valid

Total

Frequency Percent ValidPercent CumulativePercent

brand equity

brand equity


Percent

50

40

30

20

10

0

Here we see that 45% of the distributors surveyed were of the opinion that HSBC has

good brand equity.

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6.1 SWOT ANALYSIS

STRENGTHS:-

Brand Name:

The biggest strength is the tag of HSBC which is one of the largest MNCs in the

business.

Compatible Price:

Prices of different schemes of HSBC are much more compatible than others.

Diversified Schemes:

HSBC has diversified schemes, which is its unique feature.

Less Risk:

The debt schemes are 100% free form market risk. The portfolio is so diversified that

equity schemes are also less risky than others.

Easy procedures for investment:

WEAKNESS:-

Prone to Market Risk:

Mutual Funds depend on overall macro economic condition and market scenario.

Tough Competitions:

There is very tough competition in the mutual fund industry because of large number of

Asset Management Companies.

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OPPORTUNITIES:-

Indian Capital Market is Growing:

So more & more new investors are interested in investments.

Tailor Made Products:

We have tailor made products like sector specified schemes & even diversified schemes.

Branch Expansion:

Large no. of branches are opening day by day and even we are traping the countries

having almost same type of socio-economic condition & even same culture etc.

THREATS:-

Tough Competition:

As there are so many banks having almost same kind of schemes, so its tough to

compete with.

Unawareness:

Majority of population is not aware of HSBC brand name and even because of other

banking facilities which are much cheaper than HSBCs services, so its hard to convince

people.

Changing Scenario:

Our market scenario is changing day-by-day i.e. our market is fluctuating, so this makes

investor hard to invest.

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6.2FINDINGS & RECOMMENDATIONS

FINDINGS

The criteria for selecting mutual fund varies as some of them will be considering

ranking and awards as the major criteria where of others may be interested in the

brand, but most of them are interested in performance of the product.

Majority of the financial advisors are referring ICRA ratings for the selection of

mutual funds.

The judgment factors with respect to brand, majority of the advisors look for the

brand equity of the sponsor, but product proposition is also considered.

For the evaluation of equity funds the normal time horizon that the financial

advisors are suggesting is 1-3 years, which is considered as the most favorable time

period by the financial advisors.

As per the rating of the independent financial advisors, the overall rating for HSBC

is three points, that is HSBC has been rated good by the independent financial

advisors by considering all the aspects.

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RECOMMENDATIONS

HSBC should increase the personal relation with the financial advisors and should

support them, so that they can promote the HSBC products better.

The investors above the age of 50 years must be taken into consideration as they

are having great potential regarding investment.

HSBC must lay down some sound strategies to trap more IFAs by giving them

more commission in comparison to other investment centers.

HSBC must use marketing tools like point of purchase, advertisement throughMass Media like loading Newspapers, Magazines, Television, SMS on Mobiles

and advertisement on the internet.

The organization is lacking on the parameters of motivation. It is recommended

that the organization must adopt the concept of motivation. They may include

awards and recognitions for national distributors during meetings or conferences,

or arrange for holidays to motivate IFAs.

HSBC should organize programs for distributor awareness in developing areas

and establish a confidence and belief among them in gaining customer response.

Monthly fact sheets should be provided and regular meetings have to be

conducted to analyze the market conditions, so that it will be useful to the

distributors.

Try to gain positive investor sentiment of the Indian investor by increasing the

number of Schemes and funds.

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6.3 CONCLUSION

From this study we can understand that the individual financial advisors play a

major role in promoting the financial products. If proper support and guidance are given

to them then they will definitely promote the products of HSBC more vigorously. If

awareness programmes are conducted to the public then the financial advisors can

promote the products well. It is found that HSBC is providing good service to the

advisors and the performance of existing funds are good.

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APPENDIX

Questionnaire:-

1. Name :

2. ARN :

3. Age :

4. Cell No. :

5. E-mail :

6. No of years of experience in financial sector. :

7. Educational qualifications.

SSLC Pre Degree

Graduation Post Graduation Professional

8. Products that you advise

Mutual Fund Fixed Deposit Insurance Bonds & Deposits

Post Office Savings Stock Broking Services

9. Criteria for selecting Mutual Fund

Ranking & Awards Brand

Performance Local Support

10. External Evaluation / Sites that you refer for selection of Mutual Fund

Value Research CRISIL ICRA MF India.com

11. Judgement Factors with respect to Brand

Brand Equity of the Sponsor Advertisement

Product Propositions Local Promotions

12. Normal time horizon that you consider for evaluating an Equity Fund

Less than 1 year 1-3 years

3-5 years above 5 years

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13. Rate HSBC based on following parameters

Rank: - 5- Excellent, 4- Very Good, 3- Good, 2- Satisfactory, 1- Unsatisfactory

RATING

Brand Equity


Performance of Debt Schemes

Sales Support Initiatives

Regular Meetings / Trainings

IFA Loyalty Programs

Incentive Structure

Launch of relevant NFOs

Customer / Distributors Services

Quality of Web site

Access to / Response from call centre

Overall Rating

14. Suggestions / Comments:-

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BIBLIOGRAPHY

BOOKS:

Robbins, Stephen P. and Timothy A. Judge, Organizational BehaviourNew Delhi:

Prentice Hall (2008)

Kothari, C.R.,Research Methodology, New Delhi: New Age International

Publishers (2008).

WEBSITES:

www.valueresearchonline.com

www.amfiindia.com

www.mutualfundsindia.com

www.indiainfoline.com

www.assetmanagement.hsbc.co.in

Documents

JOAN Hsbc Final the One!!!