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Description
This book is a fine exposition on the mutual fund industry written by an experienced faculty from an acclaimed Capital Market Institute in the country. The coverage encompasses the concept, role, formation and organisation of mutual funds, besides touching upon accounting and valuation, investment management, development of model portfolios and unit holders' protection.
The book forms part of the course material provided by Indian Institute of Banking & Finance to the candidates appearing for the paper on "Mutual Fund - Products & Services." under their Post Graduate Diploma in Financial Advising (PGDFA) examination. Eminent experts under the guidance of Dr. S.A. Dave, former chairman of UTI, have designed the course. This book can also be essential reading for candidates preparing for the mandatory Certification Course for employees/intermediaries conducted by NSE on behalf of Association of Mutual Funds of India (AMFI). All ardent learners of banking and finance and mutual fund professionals shall find the book handy.
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Contents
Chapter 1 - Concept and Role of Mutual Fund
1. The concept of mutual fund
2. Mutual funds vs. direct Investing
3. What mutual funds are not?
Appendix 1 : Lessons from Evans and Archer
Chapter 2 - Mutual Fund Industry
1. The history of mutual fund industry
2. Mutual fund industry in UK
3. Mutual fund industry in US
4. Mutual fund industry in India
5. Evolution of mutual fund industry in India
6. The current development in the mutual fund industry in India
Appendix 1 : An overview of mutual fund industry in emerging markets vis-a-vis developed markets (year 2000)
Chapter 3 - Organizational Structure of Mutual Funds
1. Organisational of mutual funds in US
2. Regulation of mutual funds in US
3. Organisation of mutual funds in UK
4. Unit trust and investment trust - Important distinction
5. Structure of mutual funds in India
6. Constitution and management of mutual funds in India and functions of trustees
7. Asset Management company and other constituents of mutual funds
Chapter 4 - Mutual Fund as an Investment
1. Features of mutual fund investment
2. Owning a mutual fund product
3. Tax treatment of mutual fund investments for the year 2003-04
Appendix I : Ceilings on Fees and Expenses
Appendix II : Loads, fees and expenses
Chapter 5 - Portfolio Management - Managing Unitholders’ Money
1. Portfolio management function in a mutual fund
2. Portfolio management process
3. Specific Bond portfolio management strategies
4. Active equity portfolio management strategies
5. Portfolio Protection
6. Portfolio Management fee
Chapter 6 - Performance measurement and Evaluation of mutual Fund Schemes
1. The Concept of return
2. The Concept of risk
3. Risk adjusted return
4. Performance measures specific to bound funds
5. Performance measurement of an index fund
6. Load vs. no-load funds
7. Other statistics
8. Performance Evaluation
9. Tracking a fund’s performance
Appendix 1 : Indices for Benchmarking Portfolios
Appendix 2 : Crisil Composite Performance Ranking Methodology
Chapter 7 - Developing Model Portfolio for the Investors
1. Model Portfolio
Appendix 1 : Investor Profile Test
Chapter 8 - Unitholder’s Protection
1. SEBI (Mutual Fund) Regulation
2. Role of AMFI
Appendix 1 : Code of conduct}
Appendix 2 : Contents of the trust deed
Appendix 3 : Advertisement code
Appendix 4 : Code of conduct for intermediaries
Appendix 5 : Restrictions on investments
Appendix 6 : Investment valuation norms|
Appendix 7 : Operating manual for risk management for Indian mutual funds
Appendix 8 : AMFI Code of Ethics
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Author Details
Indian Institute of Banking & Finance (formerly The Indian Institute of Bankers) was established in 1928. I With more than 750 Institutional members and over 2.5 lakh individual members, it is the largest I Institute of its kind in the world and is working with a mission "to develop professionally qualified and competent bankers and finance professionals primarily through a process of education, training, examination consultancy/counseling and continuing professional development programs".
The Institute has almost all the banks and financial institutions, public sector, private sector, foreign, cooperative, regional rural banks as members in addition to IT companies and individuals working in the banking and finance sector. The Institute is managed by a Governing Council consisting of Chairmen of different banks and eminent academicians. It offers a number of professional courses in banking and finance.
The flagship programs of the Institute are JAIIB and CAIIB. Other specialised courses are 'Diploma in Treasury, Investment & Risk Management', 'Diploma in International Banking','Diploma in Banking Technology' and 'Post Graduate Diploma in Financial Advising'. These programs aim at building skill sets and developing the competence among specialist officers of banks and financial institutions.
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