This document provides an overview of mutual funds and the mutual fund industry in India. It discusses the history of mutual funds dating back to the 19th century in Europe. It then discusses the introduction and growth of the mutual fund industry in India since the 1960s. Key points include that India has one of the fastest growing mutual fund industries in the world. The document also outlines various investment alternatives available to investors such as equity, debt markets, bank deposits, insurance, real estate, and mutual funds. It provides a basic introduction to mutual funds and how they pool investor savings and invest in securities.

1. EXECUTIVE SUMMARY
As a part and partial fulfillment of one subject of MBA Programmed we have selected “Investment
pattern of mutual fund investors” for understanding about different investment avenues available in
India.
India is one of the fastest economies in the world and mutual fund industry is also one of the fastest
growing services industries in the country and world as well. And it’s attracting a host of global players.
Indian investors have predominately preferred investment alternatives like bank fixed deposits, Post
office savings certificate, etc. which offer sovereign guarantee and tax benefits. Innovations in types
of schemes offered and services offered have made mutual funds very attractive to retail investors. A
number of schemes are offered today by various asset management companies
An investment refers to the commitment of funds at prevent, in anticipation of some positive rate of
return in future. Today the spectrum of investment is indeed wide. An investment is confronted with
array of investment alternatives. Among all investment, investment in equity is in best high proportion.
This is because the history of stock market is booming and bursts overnight millionaires, an instant
pauper.
Security wise investment pattern of all mutual funds during post liberalization period which indicates
that unexpected growth in bank deposits in case of private sector as well as public sector by mutual
fund investment companies during the last 16 years.
In this study we used convenience sampling technique and collected data from primary and secondary
source. In this study descriptive research design is used. It includes the overview of world mutual fund
market, overview of Indian mutual fund market, etc.
Respondents are like to invest in Bank fixed deposit, Equity market, Mutual fund, Debt market,
Insurance, Commodities, Real estate including plots and land, Precious Stones, Government
Securities, Public provident fund etc. Respondents prefer high return as well as safety for their
investment and they are the people of age group 31-40 years.
We do the hypothesis testing in includes the ANOVA test, Factor Analysis etc. we identifying major
factors that consider by investor before investment.
We give the findings which we found from our research. There are some limitations of the study
because the sample size is too small to evaluate the whole population. From the all our research we
conclude that investment pattern mutual fund investor is positive.
S. V. Institute Of Management, Kadi Page V

2. INDEX
Chapter Points Topic Page No
Students Declaration I
Institute Certificate II
Preface III
Acknowledgement IV
Executive Summary V
1 Introduction 1-9
1.1 History of Mutual Fund Industry 1
1.2 Introduction of Mutual Fund Industry 1
1.3 Global Scenario of Mutual Fund Industry 2
1.4 Indian Scenario of Mutual Fund Industry 3
1.5 Investments Alternative 4
1.6 Introduction of Mutual Fund 6
1.7 Classification of mutual funds in India 7
1.8 Classification of mutual funds in India 8
2 Company Profile 10-15
2.1 Vision and Mission of NJ India Invest: 10
2.2 History of NJ India Invest: 10
2.3 Organization structure 11
2.4 NJ believes in “360° – Advisory Platform” philosophy … 12
2.5 About NJ Wealth 13
3 Literature Review 16
3.1 Introduction 16
3.2 Literature View 16
3.3 Literature gap: 16
4 Introduction about title 17-21
4.1 Title 17
4.2 How To Invest In Mutual Fund 17
4.3 About Association Of Mutual Funds In India 18
4.4 Objectives of AMFI 18
4.5 Organization of a Mutual Fund 19
4.6 Who Can Invest In Mutual Funds In India 20
4.7 Regulatory Of Mutual Fund In India: 20
4.8 Different Plans Under Mutual Funds 21

3. 5 Research Methodology 22-24
5.1 Title of the Research 22
5.2 Research Objective 22
5.3 Research Design 23
5.4 Sources of Data 23
5.5 Sampling Technique 23
5.6 Data Collection Instrument 23
5.7 Sample Size 23
5.8 Analytical Techniques Applied 23
5.9 Hypothesis 24
5.9 Limitations of study 24
6 Data analysis & interpretation 25-44
7 Inferential statistic 55-51
8 Finding 52
9 Conclusion 63
Bibliography 54
Annexure 55

4. List of Table
Table No Particular Page No.
2.3 The key members of the management 11
6.1 Do you invest? 25
6.2 Where do you invest your money? 26
6.3 Benefit in each investment alternative 27
6.4 Money invest during a year 30
6.5 Investment percentage in each following avenues 31
6.6 Investment in mutual fund 32
6.7 Type of fund preferred to invest 33
6.8 Referring the information about various schemes 34
6.9 Which medium prefer to invest in mutual fund 35
6.10 Which factor attract you more while investment in mutual fund 36
6.11 Following plans of mutual fund that fits your preference 37
6.12 Rate the following statements as per agreement 39
6.13 Importance of mutual fund investment 41
6.14 Gender 43
6.15 Age 43
6.16 Education 43
6.17 Occupation 43
6.18 Annual Income 43
7.1 Demography analysis 45
7.2 Reliability Statistics 45
7.3 Factor Analysis 46

5. List of Graph
Graph No Particular Page No
1.3 World’s Largest Mutual Fund Market 2
2.3 “360° – Advisory Platform” 12
6.1 Do you invest? 25
6.2 Where do you invest your money? 26
6.3 Benefit in each investment alternative 27
6.4 Money invest during a year 30
6.5 Investment percentage in each following avenues 31
6.6 Investment in mutual fund 32
6.7 Type of fund preferred to invest 33
6.8 Referring the information about various schemes 34
6.9 Which medium prefer to invest in mutual fund 35
6.10 Which factor attract you more while investment in mutual fund 36
6.11 Following plans of mutual fund that fits your preference 38
6.12 Rate the following statements as per agreement 40
6.13 Importance of mutual fund investment 42
6.14 Gender 44
6.15 Age 44
6.16 Education 44
6.17 Occupation 44
6.18 Annual Income 44

6. Chapter 1
Introduction

7. [1.1] History of Mutual Fund Industry
The history of mutual funds dates back to nineteenth century Europe, in particular, Great Britain.
Robert Fleming set up, in 1868, the first investment trust called foreign and colonial investment trust
which promised to manage the finances of the moneyed classes of Scotland by spreading the
investment over a number of different stocks. This investment trust and other investment trust which
were subsequently set up in Britain and the US, resembled today’s close-ended mutual funds. The first
mutual fund in the US, Massachusetts investors‟ trust, was set up in March 1924. This was the first
open-ended mutual fund.
The stock market crash in 1929, the Great Depression, and the outbreak of the Second World War
slack-ended the pace of growth of the mutual fund industry. Innovations in products and services
increased the popularity of mutual fund in the 1950s and 1960s. The first international stock mutual
fund was introduced in the US in 1940. In 1976, the first tax-exempt municipal bond funds emerged
and in 1979, the first money, market mutual funds were created. The latest additions are the
international bond fund in 1986 and arm funds in 1990. This industry witnessed substantial growth in
the 1980s and 1990s when there was a significant increase in the number of mutual funds, schemes,
assets, and shareholders. In the US, the mutual fund industry registered a tenfold growth in the 1980s
(1980-89) only, 25% of the household sector’s investment in financial assets made through them.Fund
assets increased from less than USD 150 billion in 1980 to over USD 4 trillion by the end of 1997.
Since 1996, mutual fund assets have exceeded bank deposits. The mutual fund industry and the
banking industry virtually rival each other in size.1
[1.2] Introduction of Mutual Fund Industry
A Mutual Fund is a financial intermediary that pools the savings of investors for collective investment
in a diversified portfolio of securities. A fund is mutual as all of its returns, minus its expenses, are
shared by the funds investors.
The securities and exchange board of India (Mutual Funds) regulations, 1996 defines a Mutual Fund
as a “a fund established in the form of a trust to raise money through the sale of units to the public or
a section of the public under one or more schemes for investing in securities, including money market
instruments or gold or gold related instruments or real estate assets”.
A Mutual Fund serves as a link between the investor and the securities market by mobilizing savings
from the investors and investing them in the securities market to generate returns. Thus, a Mutual
Fund is akin to portfolio management services (PMS). Although, both are conceptually same, they are
different from each other. Portfolio management services are offered to high net worth individuals;
taking into account their risk profile, their investments are managed separately. In the case of Mutual
Funds, savings of small investors are pooled under a scheme and the returns are distributed in the
same proportion in which the investments are made by the investors/ unit-holders.
Mutual Fund is a collective savings scheme. Mutual Funds play an important role in mobilizing the
savings of small investors and channelizing the same for productive ventures in the Indian economy.
Mutual Fund is similar to a collective investment scheme (CIS) which pools the savings and invests
them to generate returns. While Mutual Fund invests in securities, CIS invests only in plantations, real
estate and art funds.2
1
(Bharati V. Pathak, p. 238)
2
Indian Financial System (Bharati V. Pathak)
S. V. Institute of Management, kadi Page 1

8. [1.3] Global Scenario of Mutual Fund Industry
With $13 trillion in assets, the U.S. mutual fund industry remained the largest in the world at year-end
2012. Total net assets increased $1.4 trillion from the level at year-end 2011, boosted by growth in
equity, bond, and hybrid fund assets. Demand for mutual funds increased in 2012 with net new cash
flows of all types of mutual funds totaling $196 billion. Investor demand for certain types of mutual
funds appeared to be driven, in large part, by a continued trend toward investment diversification, the
demographics of the U.S. population, and uncertainty surrounding the year-end fiscal cliff. Inflows to
bond funds were quite strong and net withdrawals from equity funds picked up—their fifth
consecutive year of outflows. Hybrid funds remained popular with inflows increasing again in 2012.
After three years of sizable outflows, money market funds experienced a small net outflow of less than
$500 million. This slowdown in net redemptions owed in large part to investors moving to cash at
year-end because of fiscal cliff concerns.
The U.S. mutual fund market—with $13 trillion in assets under management at year-end 2012—
remained the largest in the world, accounting for 49 percent of the $26.8 trillion in mutual fund assets
worldwide.
The United States Has the World’s Largest Mutual Fund Market
Percentage of total net assets, year-end 2012
Source: ICI fact book 2015
The majority of U.S. mutual fund assets were in long-term funds. Equity funds made up 45 percent
of U.S. mutual fund assets at year-end 2012. Domestic equity funds (those that invest primarily in
shares of U.S. corporations) held 33 percent of total industry assets. World equity funds (those that
invest primarily in non-U.S. corporations) accounted for another 12 percent. Bond funds accounted
for 26 percent of U.S. mutual fund assets. Money market funds (21 percent) and hybrid funds (8
percent) held the remainder of total U.S. mutual fund assets.
S. V. Institute of Management, kadi Page 2

9. More than 700 sponsors managed mutual fund assets in the United States in 2012. Long-run
competitive dynamics have prevented any single firm or group of firms from dominating the market.
For example, of the largest 25 fund complexes in 1995, only 15 remained in this top group in 2012.
Another measure of market concentration is the Herfindahl-Hirschman Index, which weighs both the
number and relative size of firms in the industry. Index numbers below 1,000 indicate that an industry
is concentrated. The mutual fund industry had a Herfindahl-Hirschman Index number of 465 as of
December 2012.
Nevertheless, in the past 12 years the percentage of industry assets at larger fund complexes has
increased. The share of assets managed by the largest 10 firms in 2012 was 53 percent, up from the 44
percent share managed by the largest 10 firms in 2000 (Figure 2.2). In addition, the share of assets
managed by the largest 25 firms was 73 percent in 2012 compared with 68 percent in 2000. Several
factors likely contributed to this development. One factor is the acquisition of smaller fund complexes
by larger ones. Second, total returns on U.S. stocks* averaged 3.5 percent annually from year-end 2000
to year-end 2012 and likely held down assets managed by fund complexes that concentrate their
offerings primarily in domestic equity funds—many of which tend to be smaller fund complexes. In
addition, domestic equity mutual funds have had outflows for seven consecutive years. Third, in
contrast, total returns on bonds✝
averaged 6 percent annually in the past 12 years. Finally, strong
inflows over the decade to bond funds, which are fewer in number and have fewer fund sponsors than
equity mutual funds, helped boost the share of assets managed by those large fund complexes that
offer bond funds.
[1.4] Indian Scenario of Mutual Fund Industry
The Indian Mutual fund industry has witnessed considerable growth since its inception in 1963. The
assets under management (AUM) have surged to Rs 4,173 bn in Mar-09 from just Rs 250 mn in Mar-
65. In a span of 10 years (from 1999 to 2009), the industry has registered a CAGR of 22.3%, albeit
encompassing some shortfalls in AUM due to business cycles.
The impressive growth in the Indian Mutual fund industry in recent years can largely be attributed to
various factors such as rising household savings, comprehensive regulatory framework, favorable tax
policies, and introduction of several new products, investor education campaign and role of
distributors.
In the last few years, household’s income levels have grown significantly, leading to commensurate
increase in household’s savings. Household financial savings (at current prices) registered growth rate
of around 17.4% on an average during the period FY04-FY08 as against 11.8% on an average during
the period FY99-FY03. The considerable rise in household’s financial savings, point towards the huge
market potential of the Mutual fund industry in India.
Besides, SEBI has introduced various regulatory measures in order to protect the interest of small
investors that augurs well for the long term growth of the industry. The tax benefits allowed on mutual
fund schemes (for example investment made in Equity Linked Saving Scheme (ELSS) is qualified for
tax deductions under section 80C of the Income Tax Act) also have helped mutual funds to evolve as
the preferred form of investment among the salaried income earners.
Besides, the Indian Mutual fund industry that started with traditional products like equity fund, debt
fund and balanced fund has significantly expanded its product portfolio. Today, the industry has
introduced an array of products such as liquid/money market funds, sector-specific funds, index
funds, gilt funds, capital protection oriented schemes, special category funds, insurance linked funds,
S. V. Institute of Management, kadi Page 3

10. exchange traded funds, etc. It also has introduced Gold ETF fund in 2007 with an aim to allow mutual
funds to invest in gold or gold related instruments. Further, the industry has launched special schemes
to invest in foreign securities.
The significant reduction in CRR & SLR, net injection of Rs 9,279 bn through the repo window during
Oct-08, the repurchase of MSS bonds worth Rs 200 bn along with the earlier mentioned liquidity
augmentation measures helped to ease liquidity pressures for domestic mutual funds.
[1.5] Investments Alternative
(1) Equity and Equity capital
Stock market is an investment opportunity that can offer both high risks and high returns. Capital is
the money required to run a business. When a business wishes to expand or commercialize a new
product or service, it needs to raise capital.
Equity capital represents ownership capital. Equity shareholders collectively own the company. They
bear the risk and enjoy the rewards of ownership. The potential rewards and the downsides of equity
shares make this an exciting, attractive and at the same time a risky proposition for investment.
In financial markets, the stock capital or equity capital of a corporation or a joint stock company is the
capital raised through the issuance, sale and distribution of shares. A person or organization that holds
at least a partial share of stock is called a shareholder.
 Types of Share capital
 Ordinary Share
 Preferred share
 Classification of Equity Shares
 Blue chip shares
 Growth shares
 Income shares
 Speculative shares
(2) Government Securities
Government securities are sovereign securities which are issued by the Reserve Bank of India on behalf
of Government of India, in lieu of the Central Government’s market borrowing programme.
The Central Government borrows the funds to finance its Fiscal deficit. The market borrowing of the
Central Government is raised through the issue of dated securities and 364 days treasury bills either
by auction or by floatation of loans In addition to the above, treasury bills of 91 days are issued for
managing the temporary cash mismatches of the Government. These do not form part of the
borrowing programme of the Central Government.
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11. (3) Insurance
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for
payment. It is a form of risk management primarily used to hedge against the risk of a contingent,
uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the
person or entity buying the insurance policy. The amount of money to be charged for a certain amount
of insurance coverage is called the premium. Risk management, the practice of appraising and
controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in the
form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the
case of a financial (personal) loss. The insured receives a contract called the insurance policy, which
details the conditions and circumstances under which the insured will be financially compensated.
Types of Insurance
 Health Insurance
 Life Insurance
 Vehicle Insurance
 Accident, sickness, and unemployment Insurance
 Property Insurance
 Commodity Trading Insurance
(4) Bonds
A bond is a debt security, in which the authorized issuer owes the holders a debt and depending on
the terms of the bond, is obliged to pay interest and/ or to repay the principal at a later date, termed
maturity. It is a formal contract to repay borrowed money with interest at fixed intervals.
Bonds are issued by public authorities, credit institutions, companies and supranational institutions in
the primary markets. The most common process of issuing bonds is through underwriting. In
underwriting, one or more securities firms or banks, forming a syndicate, buy an entire issue of bonds
from an issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on
the issue to end investors. However government bonds are instead typically auction.
S. V. Institute of Management, kadi Page 5

12. [1.6] Introduction of Mutual Fund
SEBI (Mutual Fund) Regulations 1993 defines Mutual Fund as “a fund established in the form of a
trust by a sponsor to raise money by the trustees through the sale of units to the public under one or
more schemes for investing securities in accordance with this regulations.”
In common terms, a Mutual Fund is a portfolio of stocks, bonds or other securities that is collectively
owned by hundreds or thousands of investors and managed by a professional investment company.
The unit holders are people who have similar investment goals. Each fund has specific investment
criteria, which are spelt out in its prospectus, the official booklet that describes the Mutual Fund.
Investors then know what they are getting and can match their objective to that of a fund. The pooled
money has more buying power than one investor alone, so that a fund can own hundreds of different
securities. Thus, its success is not dependent on how just one or two companies perform but on
performance of several stocks which fund is holding.
Investors make money in the form of dividends and interest that are passed on to them and the
increase (decrease) in the fund’s value. The Mutual Fund manager keeps constant watch on financial
markets and adjusts the portfolio to achieve the highest returns. By owing part of a fund, the hard
work of selecting and monitoring stocks and bonds is done for investors. The majority of Mutual
Funds available are open-ended funds. Open-ended funds can have an unlimited number of investors
or money in the fund. These funds are always open to accept money from investors and to return the
money back to investors. This gives the investor the flexibility to enter into the scheme or to exit from
the scheme or to exit from the scheme as and when required as per their needs. Managers of closed-
end funds, on other hand, decide upfront how many shares they will issue and when they will sell
them. The only way to purchase shares in a closed-end fund, once the original shares have been sold,
is to buy them from a current investor. Occasionally, open-end funds can and do close to new
investors, often because of high cash inflows that cannot be invested in a timely manner.3
3
Indian Financial System (Bharati V. Pathak)
S. V. Institute of Management, kadi Page 6

13. [1.7] Classification of mutual funds in India
Open-ended funds: for these funds the Investors can buy and sell units of open-ended funds at
NAV-related price every day. Open-end funds do not have a fixed maturity and it is available for
subscription every day of the year.
Close-ended funds: These funds have a stipulated maturity period, which may vary from three to 15
years. They are open for subscription only during a specified period.
Interval Funds: These funds combine the features of both open and close-ended funds. As they are
open for sale and repurchased at a predetermined period.
Growth funds: They normally invest most of their corpus in equities because their objective is to
provide capital appreciation over the medium-to-long term.
Income funds: the aim of these funds is to provide regular and steady income to investors. They
generally invest their corpus in fixed income securities like bonds, corporate debentures, and
government securities.
Balanced funds: The objective of balanced funds is to provide growth along with regular income.
They invest their corpus in both equities and fixed income securities as indicated in the offer
documents and are known for income and moderate growth.
Money market funds: These funds strive to provide easy liquidity, preservation of capital and modest
income. MMF's generally invest the corpus in safer short-term instruments mostly like treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
Tax saving schemes: this scheme or equity-linked savings schemes offer tax rebates to investors
under section 88 of the Income Tax Act.
Index funds: Index Funds invest their corpus on the specified index such as BSE Sensex, NSE index,
etc. as mentioned in the offer document. They try to mimic the composition of the index in their
portfolio.4
4
Indian Financial System (Bharati V. Pathak)
S. V. Institute of Management, kadi Page 7

14. S. V. Institute of Management, kadi Page 8
[1.8] Structure about Mutual Fund Pattern
In Mutual Fund organizations, mutual fund trust appoints „Asset Management Company‟ (AMC) to
look after the funds of trustees of mutual funds. The AMC is in charge of funds management and
allocation of assets of unit holders. Such allocation of assets is nothing but a judicious „investment‟
of „resources mobilized‟ from investors. Resource mobilization patterns and projections for mutual
fund industry and factors influencing resource mobilization. The changes in investment pattern during
the post-liberalization period i.e. 1993-2009 are also examined. This also focuses on guidelines issued
by SEBI and AMFI with respect to investment practices of mutual fund organizations. Finally,
contribution to mutual funds by various categories of investors is presented across important
categories of schemes suggested by AMFI.
 SEBI guidelines on Investment pattern of mutual fund
Securities Exchange Board of India (SEBI) formulates policies and regulates the mutual funds. It
notified regulations in 1993 (fully revised in 1996) and issues guidelines from time to time. MF either
promoted by public or by private sector entities including one promoted by foreign entities is governed
by these Regulations.
The notification of the SEBI (Mutual Fund) Regulations of 1993 brought about a restructuring of the
mutual fund industry. An arm‟s length relationship is required b between the fund sponsor, trustees,
custodian, and asset Management Company. This is in contrast to the previous practice where all three
functions, namely trusteeship, custodianship, and asset management, were often performed by one
body, usually the fund sponsor or its subsidiary. The regulations prescribed disclosure and
advertisement norms for mutual funds, and, for the first time, permitted the entry of private sector
mutual funds. FIIs registered with SEBI may invest in domestic mutual funds, whether listed or
unlisted.
The 1993 Regulations have been revised on the basis of the recommendations of the Mutual Funds
2000 Report prepared by SEBI. The revised regulations strongly emphasize the governance of mutual
funds and increase the responsibility of the trustees in overseeing the functions of the asset
management company. Mutual funds are now required to obtain the consent of investors for any
change in the “fundamental attributes” of a scheme, on the basis of which unit holders have invested.
The revised regulations require disclosures in terms of portfolio composition, transactions by schemes
of mutual funds with sponsors or affiliates of sponsors, with the asset Management.
SEBI approved Asset Management Company (AMC) manages the funds by making investments in
various types of securities. Custodian, registered with SEBI, holds the securities of various schemes of
the fund in its custody. The general power of superintendence and direction over AMC is vested with
the trustees. According to SEBI Regulations, two thirds of the directors of Trustee Company or board
of trustees must be independent. They should not be associated with the sponsors. 50% of the
directors of AMC must be independent. All mutual funds are required to be registered with SEBI
before they launch any scheme. Increase of load more than the level mentioned in the offer document
is applicable only to prospective investments by the MFs. For original investments, the offer
documents have to be amended to make investors aware of loads at the time of investments.

15. S. V. Institute of Management, kadi Page 9
The investment pattern varies according to scheme and it has to follow stipulated norms by SEBI
from time-to-time. Considering the market trends, any prudent fund managers can change the asset
allocation i.e. he can invest higher or lower percentage of the fund in equity or debt instruments
compared to what is disclosed in the offer document. It can be done on a short term basis on defensive
considerations i.e. to protect the NAV. Hence the fund managers are allowed certain flexibility in
altering the asset allocation considering the interest of the investors. In case the mutual fund wants to
change the asset allocation on a permanent basis, they are required to inform the unit holders and
giving them option to exit the scheme at prevailing NAV without any load.
The mutual funds are required to disclose full portfolios of all of their schemes on half-yearly basis
which are published in the newspapers. Some mutual funds send the portfolios to their unit holders.
The scheme portfolio shows investment made in each security i.e. equity, debentures, money market
instruments, government securities, etc. and their quantity, market value and % to NAV. These
portfolio statements also required to disclose illiquid securities in the portfolio, investment made in
rated and unrated debt securities, non-performing assets (NPAs), etc.

16. Chapter: 2
Company
Profile

17. S. V. Institute of Management, kadi Page 10
[2.1] Vision and Mission of NJ India Invest:
Vision:
To be the leader in their field of business through,
• Total Customer Satisfaction
• Commitment to Excellence
• Determination to Succeed with strict adherence to compliance
• Successful Wealth Creation of our Customers
Mission:
Ensure creation of the desired value for our customers, employees and associates, through constant
improvement, innovation and commitment to service & quality. To provide solutions which meet
expectations and maintain high professional & ethical standards along with the adherence to the
service commitments.
[2.2] History of NJ India Invest:
NJ India Invest Pvt. Ltd. is one of the leading advisors and distributors of financial products and
services in India. Established in year 1994, NJ has over a decade of rich exposure in financial
investments space and portfolio advisory services. From a humble beginning, NJ over the years has
evolved out to be a professionally managed, quality conscious and customer focussed financial /
investment advisory & distribution firms.
Two dynamic young men after completing their education were about start their career when they sow
the growing scope of the financial service sector. Both of them decided to jump into the same field
and came out with the dynamic concept of NJ Capital stock now, which is known as NJ India Invest.
The word NJ stands for the first letter of Neeraj Choksi and Jignesh Desai the founder directors of
NJ India Invest.
NJ INDIA INVEST (formerly known as NJ Capital stocks) was started in 1994 to cater to the growing
financial service sector. NJ India Invest evolved out as a client focused need based investment advisory
firm. At NJ the company regards mutual fund as one of the best investment avenue available to satisfy
any kind of investment need. They have gained expertise in analyzing mutual fund schemes, and an
in-depth study on various parameters is carried out on a regular basis.

18. S. V. Institute of Management, kadi Page 11
Presenting NJ India Invest (formerly NJ Capital stocks), a company evolved over the past five years
as a client focused need based investment advisory firm. The sole business of the organization is to
manage investment to fulfill the needs of a varied client segment from cap-a-pie.
[2.3] Organization structure
The management at NJ brings together a team of people with wide experience and knowledge in the
financial services domain. The management provides direction and guidance to the whole
organization. It has strong visions for NJ as a globally respected company providing comprehensive
services in financial sector.
The ‘Customer First’ philosophy is deeply ingrained in the management at NJ. The aim of the
management is to bring the best to the customers in terms of
• Range of products and services offered
• Quality Customer Service
All the key members of the organization put in great focus on the processes & systems under the
diverse functions of business. The management also focuses on utilizing technology as the key enabler
for all the activities and to leverage the technology for enhancing overall customer experience.
The key members of the management are:
Mr. Neeraj Choksi Jt. Managing Director
Mr. Jignesh Desai Jt. Managing Director
Sales Team:
Mr. Misbah Baxamusa National Head
Mr. Kulbhushan Nandwani A.V.P
Mr. Prashant Kakkad A.V.P
Executive Team:
Mr. Shirish Patel Information Technology
Mr. Vinayak Rajput Finance & Operations
Mr. Abhishek Dubey Marketing & Development
Mr. Viral Shah Research
Mr. Dhaval Desai Human Resource

19. S. V. Institute of Management, kadi Page 12
[2.4] NJ believ es in “360° – Ad viso ry Platform” ph ilosoph y …
With this philosophy, we try to offer all possible products, services and support which an Advisor
would need in his business,
The support functions are generally in the following areas …
• Business Planning and Strategy
• Training and Development – Self and of employees
• Products and Service Offerings
• Business Branding
• Marketing
• Sales and Development
• Technology
• Advisors Resources - Tools, Calculators, etc..
• Research
• Communications
With this comprehensive supporting platform, the NJ Fundz Partners stays ahead of the curve in each
respect compared to other Advisors/competitors in the market.
Needless to say, the complete NJ Fundz offering is hard to resist.

20. [2.5] About NJ Wealth
NJ Wealth - Financial Products Distributors Network, one of India's leading and most successful
network of distributors in the financial services industry.
Started in 2003, NJ Wealth seeks to reach out to the common man and extend the opportunity to
create wealth through an empowered network of financial products distributors – the NJ Wealth
Partners. To its Partners, NJ Wealth provides a full service, comprehensive business platform with
end-to-end solutions critical for success in financial products distribution practice. With its compelling
set of offerings covering every area of distribution practice, NJ Wealth has managed to successfully
transform the lives of many small and big distributors.
To the common man, NJ Wealth offers a comprehensive wealth management platform with a wide
choice of financial and non-financial products. Backed by high levels of excellence in operational and
service standards, NJ Wealth offers customers of its Partners, with solutions that truly make a
difference.
Driven by the strong vision of 'Creating Wealth and Transforming Lives', NJ Wealth's constant
endeavour is to build on the ideas that are meaningful & effective in scaling business challenges, seizing
available opportunities and serving the interests of the customer.
The NJ Wealth family has grown steadily and today it has over 19,900 NJ Wealth Partners, spread
across 97 branches in 19 states in India with over 19 lac + investors, and over INR 16,500 crores of
mutual fund assets under advice. Irrespective of the numbers though, it is trust in us which fuels the
passion for creating solutions with excellence that touch many lives, day after day.
Philosophy
NJ Wealth has the vision of Creating Wealth and Transforming Lives by bringing financial inclusion
and easy access to investment opportunities to the masses. Underlying the philosophy is our conviction
in sound long-term, investment management principles with asset allocation at its core. As part of the
NJ Group, NJ Wealth also has a very strong philosophy towards strong corporate and self governance.
The team at NJ Wealth works with great energy and passion to keep the customer's interest supreme
by excelling in all areas of operations. NJ Wealth strives to earn and build upon the trust and respect
of its employees, customers, Partners, regulators, industry members and the community at large, by
following its vision and philosophy with ethics, commitment, rationale and focus.
Lineage
NJ Wealth – Financial Products Distributors Network has a strong lineage as a part of NJ Group. NJ
India Invest Pvt. Ltd. is today the flagship company of NJ Group, the journey of which began in 1994.
The idea then was to cater to the growing needs of customers in an evolving financial services industry.
Today, with nearly two decades of untiring efforts, NJ has not only managed to build a strong business,
but has also earned the trust and respect of various stakeholders in the industry. The financial products
distribution business of NJ Wealth Network, formerly known as NJ Fundz Network, lies at the heart
of NJ Group.
S. V. Institute of Management, kadi Page 13

21. Over the last few years, NJ Group has expanded into other businesses, and today it also has presence
in businesses of asset management, real estate, insurance broking, training & development and
technology. NJ Wealth leverages from opportunities and a service offered by the group’s other
businesses to seamlessly add more value to its customers. NJ Wealth also draws great inspiration from
the vision of NJ Group, which is to be leaders in all its businesses driven by customer satisfaction,
commitment to excellence and passion for continued value creation for all stakeholders.
Product Basket
The following is broadly the product basket available to NJ Wealth Partner on eligibility / registration
basis. The NJ Wealth Distributors can engage in active distribution of the following products to their
clientele through NJ...
1. Mutual Funds
NJ has tie-ups with all Asset Management Companies (AMCs) and all mutual funds schemes are part
of the product basket. Eligible Partners can offer any mutual fund scheme to their client from day one
of their association with NJ. The customers have a single window access to any mutual fund product
/ scheme they would like to access.
2. Capital Market – Direct Equity & ETFs
NJ is a SEBI registered member for NSE & BSE and capital markets. Clients of NJ Demat & Trading
Account service have access to capital market products of direct equity stocks and Exchange Traded
Funds (ETFs). One can undertake transaction online or through Call & Transact facility.
3. Fixed Income
NJ has also entered into tie-ups with leading companies / institutions for distribution of fixed income
products, namely Non-Convertible Debentures, Infrastructure / RBI Bonds, Company Deposits, etc.
The availability of fixed income products in addition to mutual funds, makes the product basket even
more attractive.
4. Portfolio Management Services (PMS)
NJ has its own PMS offerings with NJ Advisory Services Pvt. Ltd., a group company, being a PMS
Service provider. The existing strategies have mutual funds as the underlying, one of very few in the
industry. In addition to this, PMS products by other leading PMS service providers also regularly form
a part of the product basket with Partners. Clients can subscribe to the PMS products of NJ / other
providers through their Partners. Accesses to NJ PMS products are exclusively available for NJ
Partners only.
NJ Advantages
The following are the reasons, which we believe enable NJ Wealth offer added advantage to associated
NJ Partners and their customers.
1. Strong lineage and commitment to the business
Since its birth in 1994, NJ Group has grown into a diversified business group in the last 21
years. The business of financial products distribution is the flagship business of the group and
it remains at the heart of NJ Group. The management and team at NJ share a very strong
vision for the business and are commited to further strengthen and expand. NJ Wealth also
gets complemented and benefited with the growing presence of NJ Group in other businesses.
S. V. Institute of Management, kadi Page 14

22. 2. Customer Centric Approach
The work culture of NJ Wealth is geared towards helping customers win with solutions
covering all critical areas of success. Be it NJ Wealth Partners or their customers, NJ's
continuous focus has been to design, deliver and enrich our value-proposition in areas of
product & service offerings, operational excellence, service quality, technology, governance
and more. The business and wealth management ideas and strategies propagated at NJ are also
centered around sound, proven principles that serve the best interests of the customers. With
the continued trust of our customers, we are confident to steadfastly maintain the course of
building strong customer relationships and experience.
3. Effective use of technology
At NJ we have constantly tried to see technology as an enabler to meaningfully deliver the
most critical and relevant needs first. With our rich experience, understanding and an in-house
team we have custom built our entire platform to match customer needs. Our integrated
technology setup covers a gamut of business areas including customer offerings like online
desks to the critical operations processes and all important areas of business management. NJ
also has adapted global standards and best practices in information security, customer privacy
and network, infrastructure management. The effective use of technology has helped us to
manage the business growth and deliver solutions in a reliable, effective and secured fashion.
4. Controls through well-defined processes
NJ Wealth takes governance, compliance and risk management as equally important business
areas in addition to customer solutions and operational excellence. The culture at NJ has
evolved over the years to be strong policy, process and systems oriented. We have put strong
internal controls and monitoring mechanisms in place on one hand, while removed people
dependency and automised processes on the other. We continue to evolve our controls and
processes to mitigate business risks, offer standard services, enhance productivity and improve
customer experience and satisfaction.
5. Access to multiple products, single window solutions
NJ provides easy access to a wide range of financial and non-financial products in diverse asset
classes. The products are available to the customers of NJ Partners. The product basket
available includes all mutual funds schemes; direct equity, ETFs, PMS and fixed income
products like banks, NCDs, Company Deposits, and real estate properties. In addition to
products, NJ also offers the services of Demat and Trading account with online and Call &
Transact facility and also mobile trading service in mutual funds. The product & service basket
is enough to meet the needs and build the entire portfolio for any retail, HNI or corporate
client.
S. V. Institute of Management, kadi Page 15

23. Chapter: 3
Literature
Review

24. [3.1]Introduction
Finance is the life blood of an economy, organization and even an individual person hence managing it
becomes very crucial. People have realized this blatant truth and this has led to the evolution of the
concept of personal finance. This realization forces them to devote their time and effort in proper
management of their personal finance. An effective management of their personal Finance will help them
to run ahead of others and grab the unbound opportunities ahead. Personal finance in simple terms is
every aspect of your life that deals with money right from trivial things like eating food from restaurants
to major events like buying an apartment or planning your retirement. Hence personal finance affects your
relationships, lifestyle, attitude and even your perception. In a broader sense, it involves planning and
implementing our financial goals. It influences and determines our future financial needs and how to
achieve them. Thereby how well you manage your Personal finance determines whether you buy a house
or stay in a rented one, whether you have an international holiday or a domestic one, the quality of your
kids' education, retirement plans etc.
[3.2] Literature View:
Asset allocation or decision of how much to allocate to different types of avenues and securities is he
fundamental issue in personal finance. (Rajamohan, 2006) Found in his study that financial knowledge
is very important in explaining the ownership of risky assets and the proportion of risky asset
investment in the total personal finance pattern of individuals.
According to Mukhopadhyay analyzed the profile of 200 investors in the city of Kolkata and found
that aged people prefer less risky investment while the youngsters are aggressive in risky investments.
(Mukhopadhyay, 2004)
Rajarajan found that the life cycle of individual investors is an important determinant in the size of
investments in financial assets and the percentage of financial assets in the risky category. (Rajarajan,
1999)
(Borch-Supan, 1999) found that most of the individual's wealth was held in the form of housing and
pensions. They found that the participation in risky assets was influenced positively by wealth and
education. They concluded that the ownership of risky assets increases initially as age increases up to
a certain level and then later it declines.
(Hochguertel, et al., 1997) found that income, education and tax had a positive impact on the
proportion of financial wealth held in risky assets while age had a hump shaped relationship
(Yoo & Peter, 1994)Using 1962 Survey of Financial characteristics of Consumers, and 1983 &1986
Survey of Consumer Finances, analyzed the portfolio allocation among cash, bond, and equity and
found that the relationship between age and portfolio allocation is not linear; young and retired
individuals demand less risky assets, bonds than middle-aged individuals.
[3.3] Literature gap:
According to literature review we have found that there is no any research study have been done in
relation specifically are of Mehsana under the Title of Scope of Wealth Advisor and Mutual Fund. So,
here we need to do our Project on that Basis. We are trying to find out some Conclusion on that Title,
Specifically in relation to Mehsana Area.
S. V. Institute of Management, kadi Page 16

25. Chapter 4
Introduction
about Title

26. [4.1] Title
“Investment pattern towards Mutual funds investors.”
[4.2] How to Invest In Mutual Fund
Mutual funds are becoming a very popular form of investment characterized by many advantages that
they share with other forms of investment and what they possess uniquely themselves. The primary
objective of an investment proposal would fit into one r combination of two broad categories, i.e.
income and capital gains.
Thus the following steps must be considered during investing money in mutual funds.
STEPS TO INVEST IN MUTUAL FUNDS
Identify your Investment needs
Choose the right Mutual Fund
Select the ideal mix of Schemes
Invest regularly
Start early
The final step
1) Identify your Investment Needs
You can begin by defining your investment objectives and needs which could be regular
income, buying a home or finance a wedding or educate your children or a combination of all
these needs, the quantum of risk you are willing to take and your cash flow requirements.
2) Choose The Right Mutual Fund
The important thing is to choose the right mutual fund scheme which suits your
requirements. Some factors to evaluate before choosing a particular Mutual fund are the track
record of the performance of the fund over the last few years in relation to the appropriate
yardstick and similar funds in the same category. Other factors could be the portfolio
allocation, the dividend yield and the degree of transparency as reflected in the frequency and
quality of their communications.
S. V. Institute of Management, kadi Page 17

27. 3) Select The Ideal mix of schemes
Investing in just one Mutual fund scheme may not meet all your investment needs. You may
consider investing in a combination of scheme to achieve your specific goals.
4) Invest Regularly
The best approach is to invest a fixed amount at specific intervals, say every month By
investing a fixed sum each month, you buy fewer units when the price is higher and more units
when the price is low, thus bringing down your average cost per unit. This is called rupee cost
averaging and is a disciplined investment strategy followed by investors all over the world. You
can also avail the systematic investment plan facility offered by many open –ended funds.
5) Start Early
It is desirable to start investing early and stick to a regular investment plan. If you start now,
you will make more than if you wait and invest later .The power of compounding lets you earn
income on income and your money multiplies at a compounded rate of return.
6) The Final Step
All you need to do now is to click here for online application forms of various mutual funds schemes
and start investing. You may reap the rewards in the years to come.
[4.3] About ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)
Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995.
AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with
SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions
under the supervision and guidelines of its Board of Directors.
[4.4] Objectives of AMFI
 This mutual fund association of India maintains high professional and ethical standards in all areas
of operation of the industry.
 It also recommends and promotes the top class business practices and code of conduct which is
followed by members and related people engaged in the activities of mutual fund and asset
management. The agencies who are by any means connected or involved in the field of capital
markets and financial services also involved in this code of conduct of the association.
 AMFI interacts with SEBI and works according to SEBI guidelines in the mutual fund industry.
 Associations of Mutual Fund of India do represent the Government of India, the Reserve Bank
of India and other related bodies on matters relating to the Mutual Fund industry.
 It develops a team of well qualified and trained agent distributors. It implements a programmed
of training and certification for all intermediaries and other engaged in the mutual fund industry.
 AMFI undertakes all India awareness programmers for investors in order to promote proper
understanding of the concept and working of mutual funds.
 At last but not the least association of mutual fund of India also disseminate information on
Mutual Fund Industry and undertakes studies and research either directly or in association with
other bodies.
Right now the Association of Mutual Funds of India works with 44 registered AMC of the country.
S. V. Institute of Management, kadi Page 18

28. [4.5] Organization of a Mutual Fund
SEBI
TRUSTEE SPONSOR
OPERATIONS
AMC
FUND MANAGER
MKT./ SALES
MUTUAL FUND
MKT./ SALES
SCHEMES DISTRIBUTER
INVESTORS
S. V. Institute of Management, kadi Page 19

29. [4.6] Who Can Invest In Mutual Funds In India?
The following people can invest in Mutual funds in India:
Residents including:
 Resident Indian Individuals
 Indian Companies
 Indian Trusts / Charitable Institutions
 Banks
 Non-Banking Finance Companies
 Insurance Companies
 Provident funds
Non Residents including
 Non Residents Indian
 Other Corporate Bodies (OCBs)
Foreign Entities, viz.
 Foreign Institutional Investors (FIIS) registered with SEBI.
[4.7] Regulatory Of Mutual Fund In India:
 SEBI
 RBI
 MINISTRY OF FINANCE
 COMPANY LOW BOARDS
 DEPARTMENTS OF COMPANY AFFAIRS AND REGISTARS OF
 COMPANY
 STOCK EXCHANGE
 OFFICES OF THE PUBLIC OFFICE
S. V. Institute of Management, kadi Page 20

30. [4.8] Different Plans Under Mutual Funds
SYSTEMATIC INVESTMENT PLAN
Systematic Investment Plan (SIP), Here the investor is given the option of managing his investments
on a periodic basis and thus inculcates a regular saving habit. He may issue a pre-determined number
of post-dated chaques in favors of the fund. He will get units on the date of the cheque at the NAV
of that date. For instance, if on 25th
March, he has given a post-dated cheque for June 25th
, he will get
units on at NAV of 25th
June.
Based on the concept of rupee cost averaging. SIP allows investors to invest a prefixed amount with
a scheme at set intervals, and derive the benefit of fluctuating share prices and NAV. So, when the
share price drops, the investor get more units and when the share price moves up , he gets less. Finally,
if the NAV is high, his entire investment is valued at the existing higher level, while his cost of purchase
averages out.
SYSTEMATIC WITHDRAWAL PLAN
Systematic Withdrawal Plan as opposed to the systematic Investment Plan, the systematic Withdrawal
Plan allows an investor’s the facility to withdraw a pre- determined amount/units from his fund at a
pre-determined interval. The investor’s units will be redeemed at the NAV as on that day. This would
tantamount to a tax efficient mode of withdrawal, if planned well.
A plan that allows you to withdraw pre-decided amounts from your investments in a scheme at
periodic intervals. It is advisable to apply for SWP under Income Funds to save on TDS (Tax
Deducted at Source)
S. V. Institute of Management, kadi Page 21

31. Chapter 5
Research
Methodology

32. [5.1] Title of the Research
A Study on “Investment Pattern of Mutual Fund Investors.”
[5.2] Research Objective
 Primary objective
To Study on Investment Pattern of Mutual Fund Investors
 Secondary objective
 To know the investment pattern of investors of investing in Mutual Fund and to identify the
mode of investment in which investors invest most.
 To know the factors investors consider before investing.
 To know about investors invest in which avenues.
 To know the investors invest money during a year.
 To know the investor invest in which type of fund.
 To know the major sources of information from where the investors get the information about
the Mutual fund investment pattern.
 To know the factor which is important that investors take in to consideration before investing
in Mutual fund?
 To identify the respondents invest anywhere
 To identify the money investment alternatives
 To identify the benefit in each investment options
 To identify the money invest during a year
 To identify the attitude towards investment alternatives
 To identify the investment percentage
 To identify the invest in mutual fund
 To identify type of fund preferred to invest
 To identify the information about various schemes
S. V. Institute of Management, kadi Page 22

33. [5.3] Research Design
This survey is carried out through personal interview of the respondents the study basically a
Descriptive research.
[5.4] Sources of Data
The primary data will used in the project. The primary data will be collect from questionnaire
method. The questionnaire will be filling up by online or respondent.
And the secondary data also collected by the sources of Websites, Search engine, journals and
magazines etc.
[5.5] Sampling Technique
We have used non- probability sampling method because it is relied on the personal judgments of the
Researcher. In that Convenience sampling is used in Project study.
 Convenience Sampling
A non-probability sampling technique that attempts to obtain a sample of Convenient elements. The
selection of sampling units is left primarily to the Interviewer.
[5.6] Data Collection Instrument
A detailed questionnaire is used for purpose of survey.
[5.7] Sample Size
It had a sample of 146 in the market which the purpose of having better idea and representatives
being surveyed.
[5.8] Analytical Techniques Applied
 Chi-Square test
 One Way ANOVA
 Factor Analysis
 Friedman Test:
 Wilcoxon Signed Rank two sample test
S. V. Institute of Management, kadi Page 23

34. [5.9] Hypothesis
[3.9.1] Chi Square
Ho: 1 Amount of money investment by respondent is dependent of their annual Income.
H1: 1 Amount of money investment by respondent is independent of their annual Income.
[3.9.2] Anova
H0:1= There is difference Age respondents on their response regarding tax benefit.
H 1:1= There is no difference Age respondents on their response regarding tax benefit.
H0: 2 = There is difference Annual income respondents on their response regarding tax benefit
H1: 2 = There is No difference Annual income respondents on their response regarding tax benefit
H0: 3 = There is difference age respondents on their response regarding return
H1: 3 = There is no difference age respondents on their response regarding return
H0: 4 = Age of respondent has significant impact on their response regarding Safety.
H1: 4 = Age of respondent has no significant impact on their response regarding Safety.
H0: 5 = There is difference In Annual income impact on their response regarding investment in SIP.
H1: 5 = There is no difference In Annual income impact on their response regarding investment in SIP.
H0: 6 = There is difference Occupation responding response impact on their liquidity.
H1: 6 = There is no difference Occupation responding response impact on their liquidity.
[3.9.3] Friedman Test:
H0: There is no difference in the respondents’ ranks.
H1: There is a difference in the respondents’ ranks.
[3.9.4] Wilcoxon Signed Rank two sample test
H0: 1 There is a difference in Preference of Investment in Mutual Fund Plan between different respondent
groups.
H1: 1 There isn’t difference in Preference of Investment in Mutual Fund Plan between different respondent
groups.
[5.10]Limitations of study
The study was constrained to Only Mehsana area of which was given by company & Bounded by
time limit of 7 weeks.
S. V. Institute of Management, kadi Page 24

35. Chapter 6
Data Analysis &
Interpretation

36. S. V. Institute of Management, kadi Page 25
Table: 1 Do you invest?
Objective: -To identify the respondents invest anywhere
Particular Respondents Percentage
Yes 146 100%
No 0 0%
TOTAL 146 100%
0%
100%
YES NO
Interpretation:-
The above graph shows all the respondents investment anywhere like as equity market, debt market, mutual
fund, government securities, public provident fund, precious stone etc.

37. S. V. Institute of Management, kadi Page 26
Table: 2: Where do you invest your money?
Objective: To identify the money investment alternative
Particular Respondents Percentage
Bank Fixed Deposit 17 12%
Commodities including Gold and
silver
5 3%
Equity market 50 34%
Government securities 12 8%
Insurance 17 12%
Mutual fund 25 17%
PPF 7 5%
Precious stones 8 5%
Real estate including land and plots 5 3%
40%
35%
30%
25%
20%
15%
10%
5%
0%
12%
34%
8%
3%
12%
17%
5% 5%
3%
Interpretation:-
From the above survey most of the respondents (34%) are preferred to invest in equity market and followed
by mutual fund and bank fixed deposit. Here less investment in real estate including land and plots by the
respondents. Most of the respondents prefer to invest in equity market because of they get very high return
as well as tax benefit to the investors.

38. S. V. Institute of Management, kadi Page 27
10%
6% 3% 2% 10%
0% 0%
15%
5%
Table: 3 Benefit in each investment alternative
Objective: To identify the benefit in each investment options
PARTICULARR High Safety Quick Tax Convenience
Return Liquidity Benefits
Equity Market 75% 14% 6% 3% 2%
Bank Fixed Deposit 25% 56% 13% 5% 1%
Mutual fund 14% 33% 39% 12% 2%
Debt Market 15% 27% 26% 26% 5%
Government
securities
10% 25% 33% 16% 16%
Insurance 8% 36% 25% 27% 4%
PPF 8% 28% 42% 16% 5%
Real estate 14% 34% 29% 16% 8%
Precious stones 21% 24% 36% 13% 6%
80%
70%
60%
50%
40%
30%
20%
EQUITY MARKET
75%
14%
60%
50%
40%
30%
20%
Bank Fixed Deposit
56%
25%
13%
5% 1%
45%
35%
30%
25%
20%
Mutual fund
39%
33%
30%
25%
20%
15%
Debt Market
27% 26% 26%
15%
10%
5%
0%
14%
12%
2%
10%
5%
0%

39. S. V. Institute of Management, kadi Page 28
25% 30%
20% 16% 16%
20%
10% 10%
5% 5%
0% 0%
16%
8%
35%
Government securities
33% 40%
25%
Insurance
36%
25% 27%
8%
4%
45%
40%
35%
30%
25%
20%
15%
PPF
42%
28%
16%
40%
35%
30%
25%
20%
15%
10%
REAL ESTATE
34%
29%
14%
8%
10%
5%
0%
5% 5%
0%
40%
35%
25%
20%
10%
5%
0%
Precious stones
36%
21%
24%
13%
6%

40. S. V. Institute of Management, kadi Page 29
Interpretation:-
 In this graph most of the respondents invest in equity market because of they get the high return
compare to other alternative of investment. Equity market is high risk and return and get the good
return to the investors.
 Here, most of respondents invest in bank deposit because of safety and then benefit of quick liquidity
to the investor. Bank deposit is less risky so, most of the respondents invest in this alternative.
 Investors invests in mutual fund because of they get the safety as well as tax benefit to the investors.
Safety and tax benefit is important to the investors.
 Here, most of the respondents invest in debt market because of safety. In this alternative investor`s
money has been safe compare to other alternative of the investment.
 Here, respondents invest in government securities because they get safety to the investors. Investor`s
investment safely in governments securities.
 Respondents invest in insurance because they get conveniences to the investors. In insurance
conveniences is important and quick liquidity to the insurance.
 Public provider fund is also giving the safety to the investor. Here, investors` loss has been reduced
compare to other investment alternative.
 Precious stones get the quick liquidity and also high return to the investors. In investment in precious
stones is risky to the investors.
 In real estate including land and building also get the high return to the investors and investment
more money.

41. S. V. Institute of Management, kadi Page 30
Table: 4 money invest during a year
Objective: To identify the money invest during a year
Particular Respondents Percentage
Less than 50,000 33 23%
50,001 To 1,00,000 31 21%
1,00,001 To 1,50,000 27 18%
1,50,001 To 2,00,000 27 18%
2,00,001 To 2,50,000 18 12%
2,50,001 To 3,00,000 8 5%
More Then 3,00,000 2 1%
25%
20%
23%
21%
15%
18% 18%
10%
12%
5%
5%
0%
Less then
1%
50,001 To 1,00,001 To1,50,001 To2,00,001 To2,50,001 To More Then
50,000 1,00,000 1,50,000 2,00,000 2,50,000 3,00,000 3,00,000
Interpretation:-
From the above graph shows that the most of the respondents invest during a year is less than 50,000 Rs. In
this survey show the most of the respondent’s lover middle class people. Followed by 50,000 to 1,00,000 Rs.
percentage is 21%. But only 1% respondents who are more then 3,00,000 invests during a year.

42. S. V. Institute of Management, kadi Page 31
Table: 5 investment percentage in each following avenues
Objective: To identify the investment percentage
Investment 0- 21-40% 41-60% 61-80% 81- MEAN
Alternative 20% 100% SCORE
Bank Fixed Deposit 95 36 15 0 0 1.45
Equity market 32 95 17 1 1 1.96
Mutual fund 43 63 39 0 1 2
Debt Market 44 64 35 3 0 2.01
Government
securities
49 65 28 1 3 1.97
Insurance 37 65 40 4 0 2.08
PPF 53 49 41 2 1 1.98
Real estate 29 72 41 4 0 2.18
Precious stones 40 67 33 5 1 2.07
Commodities 39 71 27 7 2 2.1
2.07
2.18
2.1 1.45
1.96
2
Bank Fixed Deposit
Equity market
Mutual fund
Debt Market
Government securities
Insurance
PPF
Real estate
Precious stones
1.98
2.08
1.97
2.01 Commodities
Interpretation:-
Here, most of the respondent’s investment in equity insurance they get conveniences to the investors. Mutual
fund and bank fixed deposit followed by the equity market. In this graph respondents less invest in bank
fixed deposit because they less return to give in investors.

43. S. V. Institute of Management, kadi Page 32
Table: 6 Investment in mutual fund
Objective: To identify the invest in mutual fund
Particular Respondents Percentage
YES 142 97%
NO 4 3%
TOTAL 146 100%
INVEST IN MUTUAL MUND
3%
97%
YES NO
Interpretation:-
Above graph shows the 97% respondents invested in mutual fund. And other 3% respondents not invest in
mutual fund they invest another alternative of investment.

44. S. V. Institute of Management, kadi Page 33
Table: 7 Type of fund preferred to invest
Objective: To identify type of fund preferred to invest
Particular Respondents Percentage
Equity fund 66 22%
Growth fund 53 18%
Index fund 37 12%
Gilt Fund 27 9%
Balanced fund 51 17%
Debt fund 43 14%
Sector fund 23 8%
25%
22%
20%
18%
17%
15%
12%
14%
10% 9%
8%
5%
0%
Equity fund Growth fund Index fund Gilt Fund Balanced fund Debt fund Sector fund
Interpretation:-
Above graph shows the most of respondents` prefer to invest in equity fund because they give the capital
appreciation to medium to long term. Growth fund is also preferred to investment because growth fund is
safe compare to other fund. Balanced fund, debt fund, and index fund also preferred to invest but less to
growth fund.

45. S. V. Institute of Management, kadi Page 34
Table: 8 Referring the information about various schemes
Objective: To identify the information about various schemes
Particular Respondents Percentage
Reference Group 63 21%
Internet 57 19%
Agent 64 22%
Financial news
Paper
66 22%
Television 44 15%
25%
20%
21%
19%
22%
15%
15%
10%
5%
0%
Reference Group Internet Agent Financial news
Paper
Television
Interpretation:-
As per the survey most of the respondents identify the information about various schemes through the Agent
& financial newspaper because they get the extra information about fund to the investors. Reference group,
internet and television also preferred by the investors but less compare agent and financial newspaper.

46. S. V. Institute of Management, kadi Page 35
Table: 9 Which medium prefer to invest in mutual fund
Objective: To identify the which medium prefer to invest in mutual fund
Particular Respondents Percentage
Bank 48 18%
Direct AMC 65 24%
Financial Advisor 68 25%
Broker 45 16%
Insurance
Company
47 17%
30%
25% 24%
18%
16%
17%
15%
10%
5%
0%
Bank Direct AMC Financial Advisor Broker Insurance
Company
Interpretation:-
As per the survey most of the respondents preferred the medium to invest in mutual fund is financial advisor.
Because financial advisor aware about the all types of fund and which fund is beneficially to the investors
and get the more information about the fund compare other company. Direct AMC and bank has also more
helpful to the investors because of investors investment purpose is benefit.

47. S. V. Institute of Management, kadi Page 36
Table: 10 Which factor attract you more while investment in mutual fund
Objective: To identify the factor attracts you more while investing in mutual fund
Particular Highly attractive Neutral Not Very Not at MEAN
attractive attractive all SCORE
attractive
Diversification 104 16 12 8 6 1.63
saving 29 92 14 10 1 2.06
Return 33 43 48 17 5 2.46
Safety 24 44 34 38 6 2.73
Liquidity 16 31 50 30 19 3.03
Transparency 9 40 44 39 14 3.06
Tax Benefit 14 36 55 28 13 2.9
Brand Image
Of AMC
17 45 33 38 13 2.9
2.9
2.9 1.63
2.06
2.46
Diversification
saving
Return Safety
Liquidity
Transparency
Tax Benefit
Brand Image Of AMC
3.06 2.73
3.03
Interpretation:-
Here, above graph show the diversification is the most attract factor to investors while investing in mutual
fund. Saving is attractive to the investors because money is need to all people. Return is attractive to the
respondents. Liquidity is not more attractive to the investors to invest money.

48. S. V. Institute of Management, kadi Page 37
Table: 11 Following plans of mutual fund that fits your preference
Objective: To identify the plans of mutual fund that that fits the preference
1 2 3 4 5 6 7 TOTAL AVERAGE
Particular RATIGN
Balanced
Plan
52 33 14 18 9 10 10 146
52 66 42 72 45 60 70 407 2.79
35.62% 22.60% 9.59% 12.33% 6.16% 6.85% 6.85%
Short Tern
Plan
26 50 26 11 11 12 10 146
26 100 78 44 55 72 70 445 3.05
17.81% 34.25% 17.81% 7.53% 7.53% 8.22% 6.85%
Gold plan 16 16 55 21 18 9 11 146
16 32 165 84 90 54 77 518 3.55
10.96% 10.96% 37.67% 14.38% 12.33% 6.16% 7.53%
Tax
Saving
pan
16 12 16 62 19 9 12 146
16 24 48 248 95 54 84 569 3.90
10.96% 8.22% 10.96% 42.47% 13.01% 6.16% 8.22%
Industry
Specific
plan
7 5 20 17 60 21 16 146
7 10 60 68 300 126 112 683 4.68
4.79% 3.42% 13.70% 11.64% 41.10% 14.38% 10.96%
Diversified
Plan
8 20 6 10 18 67 17 146
8 40 18 40 90 402 119 717 4.91
5.48% 13.70% 4.11% 6.85% 12.33% 45.89% 11.64%
Money
Market
Plan
21 10 9 7 11 18 70 146
21 20 27 28 55 108 490 749 5.13
14.38% 6.85% 6.16% 4.79% 7.53% 12.33% 47.95%

49. S. V. Institute of Management, kadi Page 38
6.00
5.00 4.68
4.91
5.13
4.00
3.00 2.79
3.05
3.55
3.90
2.00
1.00
0.00
Balanced
Plan
Short Tern
Plan
Gold plan Tax Saving
pan
Industry
Specific
plan
Diversified
Plan
Money
Market
Plan
Interpretation:-
Here, most of the respondents funds fits the preferences is balanced plan because the balance plan is to
balance to equity and debt market to the investors. The average rating of tax saving plan is 3.55. The highest
average rating fund is money market plan. Industry specific plan and short tern plan also fit to the preference
investors.

50. S. V. Institute of Management, kadi Page 39
Table: 12 Rate the following statements as per agreement
Objective: To identify the which factor attracts agreement
Factor Highly Agree Neutral Disagree Highly MEAN
Agree Disagree SCORE
It’s better to invest in mutual
fund rather than investing
95 19 13 8 11 1.77
MFs provide high return with
low risk
32 73 26 10 5 2.23
MF provide the benefit of
cheap access to expensive
stock
18 43 55 23 7 2.71
Difficulty in monitoring fund
Performance
16 35 42 45 8 2.97
Diversification of fund should
be there in mutual fund
12 30 59 27 18 3.06
Mutual fund is providing
proper platform for investment
to its customer
13 34 50 39 10 2.98
Services of mutual funds are
satisfactory
9 37 63 27 10 2.96
Mutual fund helps you to
achieve your short term and
long term goals
13 52 39 36 6 2.79
Mutual fund is providing
sufficient financial instruments
for investment as intermediary
26 32 42 31 15 2.84
Services which are offered by
mutual fund are sufficient
16 38 47 22 23 2.99

51. S. V. Institute of Management, kadi Page 40
3.5
3
2.5
2 1.77
2.23
2.71
2.97 3.06 2.98 2.96
2.79 2.84
2.99
1.5
1
0.5
0
Interpretation:-
 Here, most of the respondents highly agree with the better to invest in mutual fund rather than
investing directly in shares because of the mutual fund get the safety as well as tax benefit to the
investor.
 In this statement mutual fund provide high return with low risk most of the respondents highly agree
with this statements.
 In this statements mutual fund provide the benefit of cheap access to expensive stocks most of the
respondents agree with this statement because the mutual fund beneficially to the investors.
 Here, In this statements Difficulty in monitoring fund Performance most of the respondents
disagree with this statement because performance is not important of other factor.
 Diversification of fund should be there in mutual fund most of the respondents are disagree with
this statement because mutual fund diversification is not a easily compare to the other investment
alternative.
 Mutual fund is providing sufficient financial instruments for investment as intermediary most of the
respondents neutral with this statements because more financial instruments like more fund available
in mutual fund
 Mutual fund is providing proper platform for investment to its consumer because respondents invest
option available is more so, most of the respondents neutral with this statement.
 Services of mutual funds are satisfactory because mutual fund services neutral compare to other
investments alternative and in this statement most of respondents neutral with this statements.
 Mutual fund helps you to achieve your shirt term and long term goals because in this statement short
term is not more return to provide. So most of the respondents neutral with this statements.
 Service which are offered by mutual fund are sufficient most of the respondents neutral with this
statement because services of mutual fund is neutral sufficient.

52. S. V. Institute of Management, kadi Page 41
Table: 13 Importance of mutual fund investment
Objective: To identify the importance of mutual fund investment
Variables Highly Important Neutral Not Very Not at all MEAN
Important Important Important SCORE
Liquidity 83 23 16 17 7 1.92
Tax benefits 20 77 30 16 3 2.35
Transparency 26 34 61 25 0 2.58
SIP 15 40 45 36 10 2.9
Professional
Management
18 33 44 31 20 3.03
Annual
Turnover
15 33 45 40 13 3.02
Loads 18 38 51 28 11 2.89
Wide Range
of choice
21 43 41 27 14 2.79

53. S. V. Institute of Management, kadi Page 42
3.5
3
2.5
2
1.5
1.92
2.35
2.58
2.9
3.03 3.02
2.89
2.79
1
0.5
0
Interpretation:-
Here, above graph show liquidity is highly important to invest in mutual fund because they get the more
speed money. Most of respondents invest money in mutual fund because of they get a professional
management. Tax benefit, transparency, SIP, annual income and turnover and loads are neutral response by
respondents because they are not important to invest money in mutual fund.

54. S. V. Institute of Management, kadi Page 43
Particular Respondent Age
s
Below 30 year 14 10%
31-40 year 28 19%
41-50 year 77 53%
More Than 50
year
27 18%
TOTAL 146 100%
Particular Respondents Occupation
Professional 16 11%
Business 23 16%
Salaried 97 66%
Retired 11 7%
TOTAL 147 100%
Table: 14 Gender Table: 15 Age
Respondents Gender
Particular
MALE 143 97%
FEMALE 4 3%
TOTAL 147 100%
Table: 16 Education Table: 17 Occupation
Particular Respondents Education
Under
Graduate
39 27%
Graduate 75 51%
Post Graduate 33 22%
TOTAL 147 100%
Table: 18 Annual Income
Particular Respondent Annual
s Income
Below 2,00,000 13 9%
2,00,001-
4,00,000
25 17%
4,00,001-6,00,00 53 36%
6,00,001-
8,00,000
36 24%
8,00,001-
10,00,000
14 10%
More than
10,00,000
6 4%
TOTAL 147 100%

55. S. V. Institute of Management, kadi Page 44
Gender Age
3%
MALE
FEMALE
18%
10%
19%
Below 30 year
31-40 year
41-50 year
97%
53% More Than 50
year
Education Occupation
22%
51%
27%
Under
Graduate
Graduate
Post Graduate
7%
66%
11%
16%
Professional
Business
Salaried
Retired
Annual Income
10%
4%
24%
9%
17%
36%
Below 2,00,000
2,00,001-
4,00,000
4,00,001-
6,00,00
6,00,001-
8,00,000

56. Chapter 7
Inferential
Statistics

57. Std.
Deviation
Gender 1 2 1.03 0.164 0.027 5.851 32.677
Minimum Maximum Mean Variance Skewness Kurtosis
Age 1 4 2.82 0.839 0.703 -0.563 -0.06
Education 1 3 1.94 0.695 0.483 0.074 -0.907
Occupation 1 4 2.19 0.736 0.542 0.836 0.893
Annual
income
1 6 3.2 1.218 1.484 0.169 -0.195
Interpretation:
Here the data on Gender, Age, Education, Annual income of the respondent and data of Kurtosis &
Skewness are not at 0 so from that it can be said that the data are not normally distributed and further
test can be applied. Skew is a measure of symmetry. In our Test, we have found that skewness of
distribution is greater than 0.00. A normal distribution has skewness = 0. So we can say that our
distribution is not symmetric. Kurtosis is a measure of peakeness and the fat-tails that associate with
less density in the middle. A normal distribution has kurtosis = 3.0 or excess. Here Kurtosis is less
than 3.00. So we can say that our distribution is not symmetric. Here, we have found that our samples
are not a normally distributed population which reflects that further test can be applied.
Skewness: indicator used in distribution analysis as a sign of asymmetry and deviation from a normal
distribution. Skewness > 0 - Right skewed distribution - most values are concentrated on left of the
mean, with extreme values to the right.
 Skewness < 0 - Left skewed distribution - most values are concentrated on the right of the
mean, with extreme values to the left.
 Skewness = 0 - mean = median, the distribution is symmetrical around the mean.
Kurtosis - indicator used in distribution analysis as a sign of flattening or "peakedness" of a
distribution. Kurtosis > 3 - Leptokurtic distribution, sharper than a normal distribution, with values
concentrated around the mean and thicker tails. This means high probability for extreme values.
 Kurtosis < 3 - Platykurtic distribution, flatter than a normal distribution with a wider peak.
The probability for extreme values is less than for a normal distribution, and the values are
wider spread around the mean.
 Kurtosis = 3 - Mesokurtic distribution - normal distribution for example.
Interpretation:
Reliability Statistics
Cronbach's Alpha N of Items
.666 8
Generally the Cronbach‟s Alpha is used to measure the reliability of the data. Data having .60 are
considered as reliable. Here the value is 0.666 which suggest that this analysis is reliable.

58. Factor Analysis
Question: 10 which factor attract you more while investment in mutual fund
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .648
Bartlett's Test of Sphericity
Approx. Chi-Square 304.098
df 28
Sig. .000
Interpretation:
The Kaiser-Meyer-Olkin Measure of Sampling Adequacy for the various Attributes categories
measured is 0.648, which indicates the scale is appropriate and helps in extracting the factor. The ideal
measure for this test (KMO>0.50) and here in this case KMO is 0.648 indicates the variables are
measuring a common factor. Again Bartlett‟s test of sphere city indicated the inter correlation matrix
is factorable and inter-correlation matrix come from a population in which the variables are non-
collinear.

59. Total Variance Explained
Initial Eigenvalues Extraction Sums of Squared Loadings
Component
Total
% of
Variance
Cumulative
%
Total
% of
Variance
Cumulative %
1 2.640 32.999 32.999 2.640 32.999 32.999
2 1.616 20.195 53.194 1.616 20.195 53.194
3 1.333 16.665 69.859 1.333 16.665 69.859
4 .731 9.133 78.993
5 .590 7.373 86.366
6 .401 5.014 91.379
7 .362 4.524 95.904
8 .328 4.096 100.000
Extraction Method: Principal Component Analysis.
Interpretation: -
It is cleared from the above table that four components cover 50% of the data under Principle
Component Analysis method and cover considerable variation. Study reveals the fact Suggestion from
Which factor attract you more while investment in mutual fund. Again rotated component matrix makes
the situation Crystal Clear and helps in identifying the crucial factors.
Component Matrix
Particular
Component
1 2 3
Diversification .670
saving .548
Return .752
Safety .749
Liquidity .765
Transparency .591
Tax Benefit .639
Brand Image Of AMC .615
Four factors are clearly promising from the above table, 1 Diversification factor attract you more while investment
in mutual fund, 2. Investments benefits factor attract you more while investment in mutual fund, and 3. Beneficial
factor attract you more while investment in mutual fund As rotated model shows, that Beneficial factor attract
you more while investment in mutual fund, have higher correlation among all the variables. Beneficial in
recruitment has lower co-relationship among all variables.

60. Diversification
Diversification factor attract you more while
investment in mutual fund
saving Investments benefits factor attract you more while
investment in mutual fundReturn
Safety
Liquidity
Transparency
Tax Benefit Beneficial factor attract you more while investment in
mutual fundBrand Image Of AMC
It is clear from the factor analysis that the implication of factor attract you more while investment in mutual
fund; it also proves to be Investments benefits factor attract you more while investment in mutual fund
Question: 13 state the level of importance of mutual fund investments.
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of
Sampling Adequacy.
.617
Bartlett's
Test of
Sphericity
Approx. Chi-
Square
338.676
df 28
Sig. .000
Interpretation:
The Kaiser-Meyer-Olkin Measure of Sampling Adequacy for the various Attributes categories
measured is 0.617, which indicates the scale is appropriate and helps in extracting the factor. The ideal
measure for this test (KMO>0.50) and here in this case KMO is 0.617 which indicates the variables
are measuring a common factor. Again Bartlett‟s test of sphere city indicated the inter correlation
matrix is factorable and intercorrelation matrix come from a population in which the variables are
non-collinear.
Reliability Statistics
Cronbach's
Alpha
N of Items
.718 8
Interpretation:
Generally the Cronbach‟s Alpha is used to measure the reliability of the data. Data Having .60 are
considered as reliable. Here the value is 0.718 which suggest that this Analysis is reliable.

61. Total Variance Explained
Component Initial Eigenvalues Extraction Sums of Squared
Loadings
Total % of
Variance
Cumulative
%
Total % of
Variance
Cumulative
%
1 2.763 34.533 34.533 2.763 34.533 34.533
2 1.569 19.611 54.144 1.569 19.611 54.144
3 1.323 16.535 70.679 1.323 16.535 70.679
4 .682 8.523 79.202
5 .586 7.326 86.529
6 .497 6.213 92.742
7 .354 4.431 97.173
8 .226 2.827 100.000
Extraction Method: Principal Component Analysis.
Interpretation:
It is cleared from the above table that four components cover 50% of the data under Principle
Component Analysis method and cover considerable variation. Study reveals the fact Suggestion.
Component Matrix
Component
1 2 3
Liquidity .762
Tax benefits .644
Transparency .613
SIP .599
Professional Management .626
Annual Turnover .672
Loads .687
Wide Range of choice .532
Interpretation:
Three factors are clearly promising from the above table, 1. Liquidity of mutual fund, 2. Beneficial
investments plan for mutual fund, and 3. Loads of mutual fund. As rotated model shows, that
beneficial investments plan for mutual fund and its benefits and have higher correlation among all the
variables. Liquidity of mutual fund Loads of mutual fund have lower co-relationship among all
variables.

62. Liquidity Liquidity of mutual fund
Tax benefits
Beneficial investments plan for mutual fund
Transparency
SIP
Professional Management
Annual Turnover
Wide Range of choice
Loads Loads of mutual fund
Interpretation:-
It is clear from the factor analysis that the implication of Beneficial investments plan for mutual fund
and large been beneficial; it also proves to be beneficial Liquidity of mutual fund and Loads of
mutual fund.
H0:1 One-way anova was conducted to find that whether Age of respondent has significant impact on their
response regarding Mutual fund that MFs provide high return with low risk or not. Here null hypothesis is
accepted which means that Age of respondent has significant impact on their response regarding Mutual fund
that MFs provide high return with low risk among various respondents at P>0.05 level for three condition
[F(3,142)=0.835,p=0.477]
Chi Square
Ho:1 Here the test is done to check whether Amount of money investment by respondent is dependent of
their annual Income or not.
At 5% significant level and with degree of freedom of 30 the value of pearson chi-square is 0.000. Here Null
hypothesis is rejected, which reveals that Amount of money investment by respondent is independent of their
annual Income.
ANOVA
H0:1 One-way anova was conducted to find that whether Age of respondent has significant impact on their
response regarding Mutual fund that MFs provide high return with low risk or not. Here null hypothesis is
accepted which means that Age of respondent has significant impact on their response regarding Mutual fund
that MFs provide high return with low risk among various respondents at P>0.05 level for three condition
[F(3,142)=0.835,p=0.477]
H0: 2 A one-way annova was conducted to compare the difference Age respondents on their response
regarding tax benefit. There was significant difference in response to tax benefits among various age groups
at the p>0.05 level for three conditions [F(3, 142)=.578, p=0.630] Here, the null hypothesis is more than 0.05.
so null hypothesis is fail to accepted.

63. H0:3 One-way anova was conducted to find that whether Annual income of respondent has significant
impact on their response regarding tax benefit or not. Here null hypothesis is rejected which means that Age
of respondent has significant impact on their response regarding tax benefit among various respondents at
P>0.05 level for three condition [F(5,140)=0.897,p=0.573]
H0:4 One-way anova was conducted to find that whether Age of respondent has significant impact on their
response regarding Return or not. Here null hypothesis is accepted which means that Age of respondent has
significant impact on their response regarding Return among various respondents at P>0.05 level for three
condition [F(3,142)=1.204,p=0.366]
H0:5 One-way anova was conducted to find that whether Age of respondent has significant impact on their
response regarding Safety or not. Here null hypothesis is accepted which means that Age of respondent has
significant impact on their response regarding safety among various respondents at P>0.05 level for three
condition [F(3,142)=1.689,p=0.271]
H0:6 One-way anova was conducted to find that whether Annual income of respondent has significant
impact on their response regarding investment in SIP or not. Here null hypothesis is rejected which means that
Age of respondent has significant impact on their response regarding Mutual fund that MFs provide high return
with low risk among various respondents at P>0.05 level for three condition [F(3,140)=2.727,p=0.42]
H0:6 One-way anova was conducted to find that whether Annual income of respondent has significant
impact on their response regarding investment in SIP or not. Here null hypothesis is rejected which means that
Age of respondent has significant impact on their response regarding Mutual fund that MFs provide high return
with low risk among various respondents at P>0.05 level for three condition [F(3,140)=2.727,p=0.42]
Friedman Test:
Ho: 1 Here the test is done to check whether Amount of money investment by respondent is dependent of
their annual Income or not.
At 5% significant level and with degree of freedom of 30 the value of Friedman Test: is 0.000. Here Null
hypothesis is rejected, which exposes that difference in the respondents’ ranks.
Wilcoxon Signed Rank two sample test
Ho:1 Here the test is done to check whether there is a difference in Preference of Investment in Mutual Fund
Plan between different respondent groups or not.
At 5% significant level and with degree of freedom of 30 the value of Wilcoxon Signed Ranks Test is 0.000. Here
Null hypothesis is rejected, which reveals is independent of their Preference of Investment in Mutual Fund Plan
between different respondent groups.

64. Chapter 8
Finding

65.  Respondents like to invest in Equity market, Mutual fund, Bank fixed deposit, Debt market, insurance,
commodities, government securities, Real estate including land and plots and precious stones.
 Majority of respondents prefer high return with safety for investment.
 Most of the respondents invest their money in equity market because a equity market get high return
to the invest.
 Majority of the investor invest less than 50000 Rs. in a year
 Most of the respondents majorly invest in mutual fund. Investors by followed Government securities
and Bank deposit.
 Most of respondents more money investment in mutual (97%) because of safety and tax benefit. The
government securities and Bank fixed deposit like to invest by investors.
 Most of respondents prefer balanced fund and equity fund to invest because they give the capital
appreciation to medium to large term.
 Most of respondents prefer the mutual fund various schemes through the agent and financial
newspaper.
 Majority of the respondents broker and bank as a medium of investments in mutual fund because they
offered good amount of information schemes.
S. V. Institute of Management, kadi Page 52

66. Chapter 9
Conclusion

67. The present investigation outlined that mostly the investors have positive approach toward investing in mutual
fund. For achieving heights in the financial sector, the mutual fund should formulate the strategies in such a
way that helps in fulfilling the investor`s expectations and a advantage of good market share among other
investment alternative.
Invertors selecting to factors that attract them to invest in various investment alternative, sources of
information, deficiencies of services provided by the investment company. Most of the investors choose the
income and growth oriented plan for investment.
The future is very bright. The mutual fund is playing an important role to provide an alternative avenue to the
entire gamut of investors in scientific and professional manner.
S. V. Institute of Management, kadi Page 53

68. Bibliography

69. S. V. Institute of Management, kadi Page 54
(n.d.). Retrieved from http://www.amfiindia.com/: http://www.amfiindia.com/
(n.d.). Retrieved from http://www.encorewiki.org:
http://www.encorewiki.org/display/~nzhao/The+Minimum+Sample+Size+in+Factor+Analysis
(n.d.). Retrieved from http://www.investmentz.com/: http://www.investmentz.com/
(n.d.). Retrieved from http://www.mutualfundsindia.com/: http://www.mutualfundsindia.com/
Borch-Supan, A. (1999). Household Portfolios in Germany.
Hochguertel, Stefan, Alessie, Rob, Soest, & Arthur van. (1997). Saving Accounts versus Stocks and Bonds in
Household Portfolio Allocation. Scandinavian Journal of Economics, 81-97.
Mukhopadhyay. (2004). Household sector investors' preference-an empirical study on the city of Calcutta. Calcutta: The
Management Accountant.
Rajamohan. (2006). 'Determinants of Household portfolio Composition: A Survey.
Rajarajan. (1999). Stage in Life Cycle and Investment Pattern. Finance India, 477-485.
Yoo, & Peter. (1994). Age Dependent Portfolio Selection. Louis: Federal Reserve Bank of St. Louis.

70. Annexure

71. Dear Respondent,
QUESTIONNAIRE
We are the student of S.V. Institute of management, kadi pursuing MBA. As a
part of our curriculum we are require to undergo summer internship project. As a part of that study
we are doing research titled “A STUDY ON INVESTMENT PATTERN OF MUTUAL FUND
INVESTORS”. Therefore, kindly co-operate with us to fill up this questionnaire. The information
provided by you will be kept confidential and used for academic purpose only.
1. Do you invest?
Yes No
2. If yes, where do you invest your money?(Multiple choice question)
Bank Fixed Deposit Equity market
Mutual fund Debt Market
Government securities Insurance
PPF Precious stones
Real estate including land and plots Commodities including Gold and silver
Other (Please Specify)
3. How do you expect the following benefit in each investment alternatives?
Investment Alternative Benefits of investment
High Return Safety Quick
Liquidity
Tax
Benefits
Conveni
ence
Bank Fixed Deposit
Equity market
Mutual fund
Debt Market
Government securities
Insurance
PPF
Real estate
Precious stones
Commodities

72. 4.How Much money do you invest during a year?
Less then 50,000 50,001 To 1,00,000
1,00,001 To 1,50,000 1,50,001 To 2,00,000
2,00,001 To 2,50,000 2,50,001 To 3,00,000
More Then 3,00,000
5. What is the investment percentage in each of following avenues?
Investment Alternative 0-20% 21-40% 41-60% 61-80% 81-100%
Bank Fixed Deposit
Equity market
Mutual fund
Debt Market
Government securities
Insurance
PPF
Real estate
Precious stones
Commodities
6. Have You invested in mutual fund?
Yes No
7.Which type of fund do you prefer to invest?(MCQ)
Equity fund Balanced fund
Growth fund Debt fund
Index fund Sector fund
Gilt Fund Other

73. 8. How do you refer the information of various schemes?(MCQ)
Reference Group Financial news Paper
Internet Television
Agent Other
9. Through which Medium do you prefer to invest in mutual fund? (MCQ)
Bank Broker
Direct AMC Insurance Company
Financial Advisor
10. Which Factor Attracts you More while investing in mutual fund?
Highly
attractive
attractive Neutral Not Very
attractive
Not at all
attractive
Diversification
saving
Return
Safety
Liquidity
Transparency
Tax Benefit
Brand Image Of AMC
11. Rank Following plan of mutual fund that fits your preference
Particular Rank
Balanced Plan
Short Tern Plan
Gold plan
Tax Saving pan
Industry Specific plan
Diversified Plan
Money Market Plan

74. 12. Rate the following statement as per your Agreement.
Factor Highly
Agree
Agree Neutral Disagree Highly
Disagree
It’s better to invest in mutual fund rather
than investing
MFs provide high return with low risk
MF provide the benefit of cheap access
to expensive stock
Difficulty in monitoring fund
Performance
Diversification of fund should be there
in mutual fund
Mutual fund is providing proper
platform for investment to its customer
Services of mutual funds are satisfactory
Mutual fund helps you to achieve your
short term and long term goals
Mutual fund is providing sufficient
financial instruments for investment as
intermediary
Services which are offered by mutual
fund are sufficient
13. state the level of importance of mutual fund investments.
Variables Highly
Important
Important Neutral Not Very
Important
Not at all
Important
Liquidity
Tax benefits
Transparency
SIP
Professional Management
Annual Turnover
Loads
Wide Range of choice

75. DEMOGRAPHIC PROFILE:-
Name:-
Contact No:-
Gender MALE FEMALE
Age:- Below 30 year
41-50 year
31-40 year
More Than 50 year
Education:- Under Graduate Post Graduate
Graduate
Occupation:- Professional Salaried
Business Retired
Annual income:- Below 2,00,000 2,00,001-4,00,000
4,00,001-6,00,00 6,00,001-8,00,000
8,00,001-10,00,000 More than 10,00,000
Thank you for your time and valuable input.

76. Inferential Statistic
Chi-Square
Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Related
Hypothesis
Pearson Chi-Square 84.138a
30 .000
H0 : 1
Likelihood Ratio 88.681 30 .000
Linear-by-Linear
Association
28.168 1 .000
N of Valid Cases 146
a. 31 cells (73.8%) have expected count less than 5. The
minimum expected count is .08.
Anova
MFs provide high return with low risk
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
2.522 3 .841 .835 .477
H0 :1
Within Groups 143.019 142 1.007
Total 145.541 145
Age & Tax Benefit
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
2.022 3 .674 .578 .630
H0 : 2
Within Groups 165.540 142 1.166
Total 167.562 145
Income & Tax Benefit
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
4.484 5 .897 .770 .573
H0 : 3Within Groups 163.078 140 1.165
Total 167.562 145

77. Age & Return
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
3.613 3 1.204 1.065
.36
6
H0 : 4
Within Groups 160.641 142 1.131
Total 164.253 145
Age & Safety
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
5.068 3 1.689 1.318 .271
H0 : 5
Within Groups 181.973 142 1.281
Total 187.041 145
Income & Investment in SIP
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
13.634 5 2.727 2.371
.04
2
H0 : 6
Within Groups 161.023 140 1.150
Total 174.658 145
Liquidity & occupation
Sum of
Squares
df Mean Square F Sig. Related
Hypothesis
Between
Groups
11.720 3 3.907 2.553 .058
Ho : 7
Within Groups 217.294 142 1.530
Total 229.014 145
Friedman Test
Test Statistics
Related
Hypothesis
N 146
H0 : 1
Chi-Square 153.689
df 9
Asymp. Sig. .000
a. Friedman Test
S. V. Institute of Management, kadi Page 61