Mutual Fund in India and its Impact on Investors

Mutual Fund in India and its impact on Investors
KDKCE/Dpt. of Management Studies/MBA/2015-16 Page 1
Table of Contents
Sr. No. Chapters Page No.
1 Introduction 2
2 Mutual Fund in India 10
3 Types of Mutual Funds Schemes in India 20
4 ResearchMethodology 30
5 Data Analysis and Interpretation 32
6 Findings & Conclusions 47
7 Suggestions 49
Bibliography 50
Annexure 51

Chapter 1
Introduction
Simply put, the money pooled in by a large number of investors is what makes up a
Mutual Fund. This money is then managed by a professional Fund Manager, who uses his
investment management skills to invest it in various financial instruments.
As an investor you own units, which basically represent the portion of the fund that you
hold, based on the amount invested by you. Therefore, an investor can also be known as a unit
holder. The increase in value of the investments along with other incomes earned from it is then
passed on to the investors / unit holders in proportion with the number of units owned after
deducting applicable expenses, load and taxes.
Saving is the surplus of income over expenditure and when such savings are invested to
generate more money, it is called investment. Livestock, land and precious metals are some of
the traditional investment options. During 19th century, revolution in investment took place
through the banking system as it provide many investment options like Fixed deposits (FDs),
government bonds, Public Provident Fund (PPF) to its investors. With the development of capital
market, investment in stocks became a good option for generating higher returns. However,
greater risk and lack of knowledge about the movement of stock prices were also associated with
them. Therefore, mutual funds emerged as an ultra modern method of investment to lessen the
risk at low cost with experts’ knowledge.
According to Association of Mutual Funds in India (AMFI), “a Mutual Fund is a trust
that pools the savings of a number of investors who share a common financial goal and invest it
in capital market instruments such as shares, debentures and other securities. The income earned
and capital appreciation thus realised are shared by its unit holders in proportion to the number of
units owned by them. Thus, it offers to common man an opportunity to invest in a diversified,
professionally managed basket of securities at a relatively low cost.”
In India, Mutual Fund industry started in 1963 with the formation of Unit Trust of India
(UTI). It was the first phase (1964–1987) of Indian mutual fund industry during which UTI
enjoyed a complete monopoly. In the second phase (1987–1993), Government of India allowed
public sector banks and financial institutions to set up mutual funds. Third phase (1993–2003)
started with the entry of private sector and foreign funds. The fourth phase (since February
2003 till date), is the age of consolidation and growth. As on 31 March 2012, there are 44
mutual fund companies with 1309 schemes and the average asset under management as Rs
66,47,920 million with a wide variety such as Open-Ended, Close-Ended, Interval, Growth,

Income, Balanced, Equity Linked Savings Scheme (ELSS) and so on that caters to the investors’
needs, risk tolerance and return expectations.
Because of the large number of mutual fund companies and schemes, retail investors are
facing problems in selecting right funds. Also, it is of paramount importance for policy makers,
governing bodies and mutual fund companies to analyse as which schemes are efficient
performers. Therefore, to study the performance of mutual funds in terms of 2 efficiency and the
methods of improving it is of crucial importance. In general, Net Asset Value (NAV) is taken as
criteria for the performance measurement and it is based on the risk return trade off . Apart from
risk, mutual fund schemes possess several characteristics or attributes that might affect their
performance. It is essential to know which attribute results in efficient performance and which
deteriorates it. Indian mutual fund industry is still lacking far behind in terms of total assets with
respect to other developed nations. One of the main reasons for poor growth is the lack of
awareness and investors’ trust on companies and policy makers. Therefore, for promoting the
growth of Indian mutual fund industry, it is very crucial to understand the investors’ behaviour
towards different investment options and for mutual funds. For motivating investors towards the
investment in mutual funds, companies must know the factors in which these are lacking in
comparison to other investment options. From the above discussion, it can be concluded that
Indian mutual fund industry is in its growth phase and possesses a tremendous scope for
development. Some crucial issues which need to be investigated are the analysis of mutual
funds’ performance in terms of their efficiency, impact of various attributes on performance and
behaviour of investors towards mutual funds and other investment options.
The mutual fund industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank of India. The history of
mutual funds in India can be broadly divided into four distinct phases
First Phase - 1964-1987
Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. It was set up
by the Reserve Bank of India and functioned under the Regulatory and administrative control of
the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and administrative control in place
of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had
Rs. 6,700 crores of assets under management.

Second Phase - 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non-UTI, public sector mutual funds set up by public sector
banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India
(GIC). SBI Mutual Fund was the first non-UTI Mutual Fund established in June 1987 followed
by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank
Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC
established its mutual fund in June 1989 while GIC had set up its mutual fund in December
1990.
At the end of 1993, the mutual fund industry had assets under management of Rs. 47,004 crores.
Third Phase - 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian mutual fund
industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in
which the first Mutual Fund Regulations came into being, under which all mutual funds, except
UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with
Franklin Templeton) was the first private sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual
Fund) Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual funds
setting up funds in India and also the industry has witnessed several mergers and acquisitions. As
at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores.
The Unit Trust of India with Rs. 44,541 crores of assets under management was way ahead of
other mutual funds.
Fourth Phase - since February 2003
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India
with assets under management of Rs. 29,835 crores as at the end of January 2003, representing
broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified
Undertaking of Unit Trust of India, functioning under an administrator and under the rules
framed by Government of India and does not come under the purview of the Mutual Fund
Regulations.
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of
the erstwhile UTI which had in March 2000 more than Rs. 76,000 crores of assets under

management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual
Fund Regulations, and with recent mergers taking place among different private sector funds, the
mutual fund industry has entered its current phase of consolidation and growth.
The graph indicates the growth of assets over the years.
Why Select Mutual Fund?
The risk return trade-off indicates that if investor is willing to take higher risk then
correspondingly he can expect higher returns and vise versa if he pertains to lower risk
instruments, which would be satisfied by lower returns. For example, if an investors opt for
bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest in
capital protected funds and the profit-bonds that give out more return which is slightly higher as
compared to the bank deposits but the risk involved also increases in the same proportion.
Thus investors choose mutual funds as their primary means of investing, as Mutual funds
provide professional management, diversification, convenience and liquidity. That doesn’t mean
mutual fund investments risk free.
This is because the money that is pooled in are not invested only in debts funds which are
less riskier but are also invested in the stock markets which involves a higher risk but can expect

higher returns. Hedge fund involves a very high risk since it is mostly traded in the derivatives
market which is considered very volatile.
Return Risk Matrix
Advantages of Mutual Funds:
If mutual funds are emerging as the favorite investment vehicle, it is because of the many
advantages they have over other forms and the avenues of investing, particularly for the investor
who has limited resources available in terms of capital and the ability to carry out detailed
research and market monitoring. The following are the major advantages offered by mutual
funds to all investors:
Mutual
Funds
Equity
Bank FD
Postal
Savings
Venture
Capital
HIGHER RISK
HIGHIER RETURNS
LOWER RISK
HIGIER RETURNS
LOWER RISK
LOWER RETURNS
HIGHIER RISK
MODERATE RETURNS

1. Portfolio Diversification:
Each investor in the fund is a part owner of all the fund’s assets, thus enabling him to hold a
diversified investment portfolio even with a small amount of investment that would otherwise
require big capital.
2. Professional Management:
Even if an investor has a big amount of capital available to him, he benefits from the
professional management skills brought in by the fund in the management of the investor’s
portfolio. The investment management skills, along with the needed research into available
investment options, ensure a much better return than what an investor can manage on his own.
Few investors have the skill and resources of their own to succeed in today’s fast moving, global
and sophisticated markets.
3. Reduction/Diversification Of Risk:
When an investor invests directly, all the risk of potential loss is his own, whether he places a
deposit with a company or a bank, or he buys a share or debenture on his own or in any other
from. While investing in the pool of funds with investors, the potential losses are also shared
with other investors. The risk reduction is one of the most important benefits of a collective
investment vehicle like the mutual fund.
4. Reduction Of Transaction Costs:
What is true of risk as also true of the transaction costs. The investor bears all the costs of
investing such as brokerage or custody of securities. When going through a fund, he has the
benefit of economies of scale; the funds pay lesser costs because of larger volumes, a benefit
passed on to its investors.
5. Liquidity:
Often, investors hold shares or bonds they cannot directly, easily and quickly sell. When they
invest in the units of a fund, they can generally cash their investments any time, by selling their

units to the fund if open-ended, or selling them in the market if the fund is close-end. Liquidity
of investment is clearly a big benefit.
6. Convenience And Flexibility:
Mutual fund management companies offer many investor services that a direct market
investor cannot get. Investors can easily transfer their holding from one scheme to the other; get
updated market information and so on.
7. Tax Benefits:
Any income distributed after March 31, 2002 will be subject to tax in the assessment of all
Unit holders. However, as a measure of concession to Unit holders of open-ended equity-
oriented funds, income distributions for the year ending March 31, 2003, will be taxed at a
concessional rate of 10.5%.
In case of Individuals and Hindu Undivided Families a deduction upto Rs. 9,000 from the
Total Income will be admissible in respect of income from investments specified in Section 80L,
including income from Units of the Mutual Fund. Units of the schemes are not subject to
Wealth-Tax and Gift-Tax.
8. Choice of Schemes:
Mutual Funds offer a family of schemes to suit your varying needs over a lifetime.
9. Well Regulated:
All Mutual Funds are registered with SEBI and they function within the provisions of strict
regulations designed to protect the interests of investors. The operations of Mutual Funds are
regularly monitored by SEBI.
10. Transparency:
You get regular information on the value of your investment in addition to disclosure on the
specific investments made by your scheme, the proportion invested in each class of assets and
the fund manager's investment strategy and outlook.

Disadvantages of Investing Through Mutual Funds:
1. No Control Over Costs:
An investor in a mutual fund has no control of the overall costs of investing. The investor
pays investment management fees as long as he remains with the fund, albeit in return for the
professional management and research. Fees are payable even if the value of his investments is
declining. A mutual fund investor also pays fund distribution costs, which he would not incur in
direct investing. However, this shortcoming only means that there is a cost to obtain the mutual
fund services.
2. No Tailor-Made Portfolio:
Investors who invest on their own can build their own portfolios of shares and bonds and
other securities. Investing through fund means he delegates this decision to the fund managers.
The very-high-net-worth individuals or large corporate investors may find this to be a constraint
in achieving their objectives. However, most mutual fund managers help investors overcome this
constraint by offering families of funds- a large number of different schemes- within their own
management company. An investor can choose from different investment plans and constructs a
portfolio to his choice.
3. Managing A Portfolio Of Funds:
Availability of a large number of funds can actually mean too much choice for the investor.
He may again need advice on how to select a fund to achieve his objectives, quite similar to the
situation when he has individual shares or bonds to select.
4. The Wisdom Of Professional Management:
That's right, this is not an advantage. The average mutual fund manager is no better at
picking stocks than the average nonprofessional, but charges fees.

5. No Control:
Unlike picking your own individual stocks, a mutual fund puts you in the passenger seat of
somebody else's car
6. Dilution:
Mutual funds generally have such small holdings of so many different stocks that insanely
great performance by a fund's top holdings still doesn't make much of a difference in a mutual
fund's total performance.
7. Buried Costs:
Many mutual funds specialize in burying their costs and in hiring salesmen who do not make
those costs clear to their clients.

Chapter 2
Mutual Fund in India
Working of Mutual Funds
The mutual fund collects money directly or through brokers from investors. The money is
invested in various instruments depending on the objective of the scheme. The income generated
by selling securities or capital appreciation of these securities is passed on to the investors in
proportion to their investment in the scheme. The investments are divided into units and the
value of the units will be reflected in Net Asset Value or NAV of the unit. NAV is the market
value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of
the scheme divided by the number of units outstanding on the valuation date. Mutual fund
companies provide daily net asset value of their schemes to their investors. NAV is important, as
it will determine the price at which you buy or redeem the units of a scheme. Depending on the
load structure of the scheme, you have to pay entry or exit load.

Structure of a Mutual Fund
India has a legal framework within which Mutual Fund have to be constituted. In India
open and close-end funds operate under the same regulatory structure i.e. as unit Trusts. A
Mutual Fund in India is allowed to issue open-end and close-end schemes under a common legal
structure. The structure that is required to be followed by any Mutual Fund in India is laid down
under SEBI (Mutual Fund) Regulations, 1996.
The Fund Sponsor:
Sponsor is defined under SEBI regulations as any person who, acting alone or in
combination of another corporate body establishes a Mutual Fund. The sponsor of the fund is
akin to the promoter of a company as he gets the fund registered with SEBI. The sponsor forms a
trust and appoints a Board of Trustees. The sponsor also appoints the Asset Management
Company as fund managers. The sponsor either directly or acting through the trustees will also
appoint a custodian to hold funds assets. All these are made in accordance with the regulation
and guidelines of SEBI.

As per the SEBI regulations, for the person to qualify as a sponsor, he must contribute at
least 40% of the net worth of the Asset Management Company and possesses a sound financial
track record over 5 years prior to registration.
Mutual Funds as Trusts:
A Mutual Fund in India is constituted in the form of Public trust Act, 1882. The Fund
sponsor acts as a settler of the Trust, contributing to its initial capital and appoints a trustee to
hold the assets of the trust for the benefit of the unit-holders, who are the beneficiaries of the
trust. The fund then invites investors to contribute their money in common pool, by scribing to
“units” issued by various schemes established by the Trusts as evidence of their beneficial
interest in the fund.
It should be understood that the fund should be just a “pass through” vehicle. Under the
Indian Trusts Act, the trust of the fund has no independent legal capacity itself, rather it is the
Trustee or the Trustees who have the legal capacity and therefore all acts in relation to the trusts
are taken on its behalf by the Trustees. In legal parlance the investors or the unit-holders are the
beneficial owners of the investment held by the Trusts, even as these investments are held in the
name of the Trustees on a day-to-day basis. Being public trusts, Mutual Fund can invite any
number of investors as beneficial owners in their investment schemes.
Trustees:
A Trust is created through a document called the Trust Deed that is executed by the fund
sponsor in favour of the trustees. The Trust- the Mutual Fund – may be managed by a board of
trustees- a body of individuals, or a trust company- a corporate body. Most of the funds in India
are managed by Boards of Trustees. While the boards of trustees are governed by the Indian
Trusts Act, where the trusts are a corporate body, it would also require to comply with the
Companies Act, 1956. The Board or the Trust company as an independent body, acts as a
protector of the of the unit-holders interests. The Trustees do not directly manage the portfolio of
securities. For this specialist function, the appoint an Asset Management Company. They ensure

that the Fund is managed by ht AMC as per the defined objectives and in accordance with the
trusts deeds and SEBI regulations.
The Asset Management Companies:
The role of an Asset Management Company (AMC) is to act as the investment manager
of the Trust under the board supervision and the guidance of the Trustees. The AMC is required
to be approved and registered with SEBI as an AMC. The AMC of a Mutual Fund must have a
net worth of at least Rs. 10 Crores at all times. Directors of the AMC, both independent and non-
independent, should have adequate professional expertise in financial services and should be
individuals of high morale standing, a condition also applicable to other key personnel of the
AMC. The AMC cannot act as a Trustee of any other Mutual Fund. Besides its role as a fund
manager, it may undertake specified activities such as advisory services and financial consulting,
provided these activities are run independent of one another and the AMC’s resources (such as
personnel, systems etc.) are properly segregated by the activity. The AMC must always act in the
interest of the unit-holders and reports to the trustees with respect to its activities.
Custodian and Depositories:
Mutual Fund is in the business of buying and selling of securities in large volumes.
Handling these securities in terms of physical delivery and eventual safekeeping is a specialized
activity. The custodian is appointed by the Board of Trustees for safekeeping of securities or
participating in any clearance system through approved depository companies on behalf of the
Mutual Fund and it must fulfill its responsibilities in accordance with its agreement with the
Mutual Fund. The custodian should be an entity independent of the sponsors and is required to
be registered with SEBI. With the introduction of the concept of dematerialization of shares the
dematerialized shares are kept with the Depository participant while the custodian holds the
physical securities. Thus, deliveries of a fund’s securities are given or received by a custodian or
a depository participant, at the instructions of the AMC, although under the overall direction and
responsibilities of the Trustees.

Bankers:
A Fund’s activities involve dealing in money on a continuous basis primarily with respect
to buying and selling units, paying for investment made, receiving the proceeds from sale of the
investments and discharging its obligations towards operating expenses. Thus the Fund’s banker
plays an important role to determine quality of service that the fund gives in timely delivery of
remittances etc.
Transfer Agents:
Transfer agents are responsible for issuing and redeeming units of the Mutual Fund and
provide other related services such as preparation of transfer documents and updating investor
records. A fund may choose to carry out its activity in-house and charge the scheme for the
service at a competitive market rate. Where an outside Transfer agent is used, the fund investor
will find the agent to be an important interface to deal with, since all of the investor services that
a fund provides are going to be dependent on the transfer agent.
Regulatory Structure of Mutual Funds in India:
The structure of mutual funds in India is guided by the SEBI. Regulations, 1996.These
regulations make it mandatory for mutual fund to have three structures of sponsor trustee and
asset Management Company. The sponsor of the mutual fund and appoints the trustees. The
trustees are responsible to the investors in mutual fund and appoint the AMC for managing the
investment portfolio. The AMC is the business face of the mutual fund, as it manages all the
affairs of the mutual fund. The AMC and the mutual fund have to be registered with SEBI.

Mutual Funds in India
In 1963, the day the concept of Mutual Fund took birth in India. Unit Trust of India
invited investors or rather to those who believed in savings, to park their money in UTI Mutual
Fund.
For 30 years, it goaled without a single player. Though the 1988 year saw some new
mutual fund companies, but UTI remained in a monopoly position.
The performance of mutual funds in India in the initial phase was not even closer to
satisfactory level. People rarely understood, and of course investing was out of question. But yes,
some 24 million shareholders were accustomed with guaranteed high returns by the beginning of
liberalization of the industry in 1992. This good record of UTI became marketing tool for new
entrants. The expectations of investors touched the sky in profitability factor. However, people
were miles away from the preparedness of risks factor after the liberalization.
The net asset value (NAV) of mutual funds in India declined when stock prices started
falling in the year 1992. Those days, the market regulations did not allow portfolio shifts into
alternative investments. There was rather no choice apart from holding the cash or to further
continue investing in shares. One more thing to be noted, since only closed-end funds were
floated in the market, the investors disinvested by selling at a loss in the secondary market.
The performance of mutual funds in India suffered qualitatively. The 1992 stock market
scandal, the losses by disinvestments and of course the lack of transparent rules in the
whereabouts rocked confidence among the investors. Partly owing to a relatively weak stock
market performance, mutual funds have not yet recovered, with funds trading at an average
discount of 1020 percent of their net asset value.
The securities and Exchange Board of India (SEBI) came out with comprehensive
regulation in 1993 which defined the structure of Mutual Fund and Asset Management
Companies for the first time.
The supervisory authority adopted a set of measures to create a transparent and
competitive environment in mutual funds. Some of them were like relaxing investment
restrictions into the market, introduction of open-ended funds, and paving the gateway for
mutual funds to launch pension schemes.

The measure was taken to make mutual funds the key instrument for long-term saving.
The more the variety offered, the quantitative will be investors.
Several private sectors Mutual Funds were launched in 1993 and 1994. The share of the
private players has risen rapidly since then. Currently there are 34 Mutual Fund organizations in
India managing 1,02,000 crores.
At last to mention, as long as mutual fund companies are performing with lower risks and
higher profitability within a short span of time, more and more people will be inclined to invest
until and unless they are fully educated with the dos and don’ts of mutual funds.
Mutual fund industry has seen a lot of changes in past few years with multinational
companies coming into the country, bringing in their professional expertise in managing funds
worldwide. In the past few months there has been a consolidation phase going on in the mutual
fund industry in India. Now investors have a wide range of Schemes to choose from depending
on their individual profiles.
Mutual Fund Companies in India:
The concept of mutual funds in India dates back to the year 1963. The era between 1963 and
1987 marked the existance of only one mutual fund company in India with Rs. 67bn assets under
management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end
of the 80s decade, few other mutual fund companies in India took their position in mutual fund
market.
The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank
Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India
Mutual Fund.
The succeeding decade showed a new horizon in Indian mutual fund industry. By the end
of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds started
penetrating the fund families. In the same year the first Mutual Fund Regulations came into
existance with re-registering all mutual funds except UTI. The regulations were further given a
revised shape in 1996.

Kothari Pioneer was the first private sector mutual fund company in India which has now
merged with Franklin Templeton. Just after ten years with private sector players penetration, the
total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund companies in India.
Major Mutual Fund Companies in India
 ABN AMRO Mutual Fund  Reliance Mutual Fund
 Birla Sun Life Mutual Fund  Standard Chartered Mutual Fund
 Bank of Baroda Mutual Fund  Franklin Templeton India Mutual Fund
 HDFC Mutual Fund  Morgan Stanley Mutual Fund India
 HSBC Mutual Fund  Escorts Mutual Fund
 ING Vysya Mutual Fund  Alliance Capital Mutual Fund
 Prudential ICICI Mutual Fund  Benchmark Mutual Fund
 State Bank of India Mutual Fund  Canbank Mutual Fund
 Tata Mutual Fund  Chola Mutual Fund
 Unit Trust of India Mutual Fund  LIC Mutual Fund

14%
20%
9%
9%
4%
9%
4%
4%
3%
3%
4% 3% 14%
Reliance Mutual Fund HDFC Mutual Fund
Birla Sun Life Mutual Fund ICICI Prudential Mutual Fund
Kotak Mahindra Mutual Fund UTI Mutual Fund
LIC Mutual Fund SBI Mutual Fund
IDFC Mutual Fund TATA Mutual Fund
Franklin templeton Mutual Fund DSP Black Mutual Fund
23 others players

Mutual Fund in India and its Impact on Investors
Future Prospect of Mutual Funds in India
Financial experts believe that the future of Mutual Funds in India will be very bright. It
has been estimated that by March-end of 2010, the mutual fund industry of India will reach Rs
40,90,000 crore, taking into account the total assets of the Indian commercial banks. In the
coming 10 years the annual composite growth rate is expected to go up by 13.4%.
 100% growth in the last 6 years.
 Number of foreign AMC's are in the queue to enter the Indian markets like Fidelity
Investments, US based, with over US$1trillion assets under management worldwide.
 Our saving rate is over 23%, highest in the world. Only channelizing these savings in
mutual funds sector is required.
 We have approximately 29 mutual funds which is much less than US having more than
800. There is a big scope for expansion.
 'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are
concentrating on the 'A' class cities. Soon they will find scope in the growing cities.
 Mutual fund can penetrate rurals like the Indian insurance industry with simple and
limited products.
 SEBI allowing the MF's to launch commodity mutual funds.
 Emphasis on better corporate governance.
 Trying to curb the late trading practices.
 Introduction of Financial Planners who can provide need based advice.
Looking at the past developments and combining it with the current trends it can be
concluded that the future of Mutual Funds in India has lot of positive things to offer to its
investors.

TYPES OF MUTUAL
FUNDS
BY STRUCTURE
Open - Ended
Schemes
Close - Ended
Schemes
Interval Schemes
BY NATURE
Equity Fund
Debt Funds
Balanced Funds
BY INVESTMENT
OBJECTIVE
Growth Schemes
Income Schemes
Balanced
Schemes
Money Market
Schemes
OTHER SCHEMES
Tax Saving
Schemes
Index Schemes
Sector Specific
Schemes
Chapter 3
Types of Mutual Funds Schemes in India
Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial
position, risk tolerance and return expectations etc. thus mutual funds has Variety of flavors,
Being a collection of many stocks, an investors can go for picking a mutual fund might be easy.
There are over hundreds of mutual funds scheme to choose from. It is easier to think of mutual
funds in categories, mentioned below.

A). By Structure
1. Open - Ended Schemes:
An open-end fund is one that is available for subscription all through the year. These do
not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value
("NAV") related prices. The key feature of open-end schemes is liquidity.
2. Close - Ended Schemes:
A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15
years. The fund is open for subscription only during a specified period. Investors can invest in
the scheme at the time of the initial public issue and thereafter they can buy or sell the units of
the scheme on the stock exchanges where they are listed. In order to provide an exit route to the
investors, some close-ended funds give an option of selling back the units to the Mutual Fund
through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one
of the two exit routes is provided to the investor.
3. Interval Schemes:
Interval Schemes are that scheme, which combines the features of open-ended and close-
ended schemes. The units may be traded on the stock exchange or may be open for sale or
redemption during pre-determined intervals at NAV related prices.

B). By Nature
1. Equity Fund:
These funds invest a maximum part of their corpus into equities holdings. The structure of
the fund may vary different for different schemes and the fund manager’s outlook on different
stocks. The Equity Funds are sub-classified depending upon their investment objective, as
follows:
 Diversified Equity Funds
 Mid-Cap Funds
 Sector Specific Funds
 Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds rank high on the
risk-return matrix.
2. Debt Funds:
The objective of these Funds is to invest in debt papers. Government authorities, private
companies, banks and financial institutions are some of the major issuers of debt papers. By
investing in debt instruments, these funds ensure low risk and provide stable income to the
investors. Debt funds are further classified as:
 Gilt Funds: Invest their corpus in securities issued by Government, popularly known as
Government of India debt papers. These Funds carry zero Default risk but are associated
with Interest Rate risk. These schemes are safer as they invest in papers backed by
Government.
 Income Funds: Invest a major portion into various debt instruments such as bonds,
corporate debentures and Government securities.
 MIPs: Invests maximum of their total corpus in debt instruments while they take
minimum exposure in equities. It gets benefit of both equity and debt market. These

scheme ranks slightly high on the risk-return matrix when compared with other debt
schemes.
 Short Term Plans (STPs): Meant for investment horizon for three to six months. These
funds primarily invest in short term papers like Certificate of Deposits (CDs) and
Commercial Papers (CPs). Some portion of the corpus is also invested in corporate
debentures.
 Liquid Funds: Also known as Money Market Schemes, These funds provides easy
liquidity and preservation of capital. These schemes invest in short-term instruments like
Treasury Bills, inter-bank call money market, CPs and CDs. These funds are meant for
short-term cash management of corporate houses and are meant for an investment
horizon of 1day to 3 months. These schemes rank low on risk-return matrix and are
considered to be the safest amongst all categories of mutual funds.
3. Balanced Funds:
As the name suggest they, are a mix of both equity and debt funds. They invest in both
equities and fixed income securities, which are in line with pre-defined investment objective of
the scheme. These schemes aim to provide investors with the best of both the worlds. Equity part
provides growth and the debt part provides stability in returns.
Further the mutual funds can be broadly classified on the basis of investment parameter viz,
Each category of funds is backed by an investment philosophy, which is pre-defined in the
objectives of the fund. The investor can align his own investment needs with the funds objective
and invest accordingly.

C). By Investment Objective:
1) Growth Schemes:
Growth Schemes are also known as equity schemes. The aim of these schemes is to provide
capital appreciation over medium to long term. These schemes normally invest a major part of
their fund in equities and are willing to bear short-term decline in value for possible future
appreciation.
2) Income Schemes:
Income Schemes are also known as debt schemes. The aim of these schemes is to provide
regular and steady income to investors. These schemes generally invest in fixed income
securities such as bonds and corporate debentures. Capital appreciation in such schemes may be
limited.
3) Balanced Schemes:
Balanced Schemes aim to provide both growth and income by periodically distributing a part
of the income and capital gains they earn. These schemes invest in both shares and fixed income
securities, in the proportion indicated in their offer documents (normally 50:50).
4) Money Market Schemes:
Money Market Schemes aim to provide easy liquidity, preservation of capital and moderate
income. These schemes generally invest in safer, short-term instruments, such as treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is, each time you
buy or sell units in the fund, a commission will be payable. Typically entry and exit loads range
from 1% to 2%. It could be worth paying the load, if the fund has a good performance history.

No-Load Funds:
A No-Load Fund is one that does not charge a commission for entry or exit. That is, no
commission is payable on purchase or sale of units in the fund. The advantage of a no load fund
is that the entire corpus is put to work.
D). Other Schemes
1) Tax Saving Schemes:
Tax-saving schemes offer tax rebates to the investors under tax laws prescribed from time to
time. Under Sec.88 of the Income Tax Act, contributions made to any Equity Linked Savings
Scheme (ELSS) are eligible for rebate.
2) Index Schemes:
Index schemes attempt to replicate the performance of a particular index such as the BSE
Sensex or the NSE 50. The portfolio of these schemes will consist of only those stocks that
constitute the index. The percentage of each stock to the total holding will be identical to the
stocks index weightage. And hence, the returns from such schemes would be more or less
equivalent to those of the Index.
3) Sector Specific Schemes:
These are the funds/schemes which invest in the securities of only those sectors or industries
as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer
Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the
performance of the respective sectors/industries. While these funds may give higher returns, they
are more risky compared to diversified funds. Investors need to keep a watch on the performance
of those sectors/industries and must exit at an appropriate time.

Net Asset Value (Nav):
Since each owner is a part owner of a mutual fund, it is necessary to establish the value of
his part. In other words, each share or unit that an investor holds needs to be assigned a value.
Since the units held by investor evidence the ownership of the fund’s assets, the value of the total
assets of the fund when divided by the total number of units issued by the mutual fund gives us
the value of one unit. This is generally called the Net Asset Value (NAV) of one unit or one
share. The value of an investor’s part ownership is thus determined by the NAV of the number of
units held.
Calculation of NAV:
Let us see an example. If the value of a fund’s assets stands at Rs. 100 and it has 10
investors who have bought 10 units each, the total numbers of units issued are 100, and the value
of one unit is Rs. 10.00 (1000/100). If a single investor in fact owns 3 units, the value of his
ownership of the fund will be Rs. 30.00(1000/100*3). Note that the value of the fund’s
investments will keep fluctuating with the market-price movements, causing the Net Asset Value
also to fluctuate. For example, if the value of our fund’s asset increased from Rs. 1000 to 1200,
the value of our investors holding of 3 units will now be (1200/100*3) Rs. 36. The investment
value can go up or down, depending on the markets value of the fund’s assets.

Selection Parameters for Mutual Fund
The first point to note before investing in a fund is to find out whether your objective
matches with the scheme. It is necessary, as any conflict would directly affect your prospective
returns. Similarly, you should pick schemes that meet your specific needs. Examples: pension
plans, children’s plans, sector-specific schemes, etc.
Your risk capacity and capability:
This dictates the choice of schemes. Those with no risk tolerance should go for debt
schemes, as they are relatively safer. Aggressive investors can go for equity investments.
Investors that are even more aggressive can try schemes that invest in specific industry or
sectors.
Fund Manager’s and scheme track record:
Since you are giving your hard earned money to someone to manage it, it is imperative
that he manages it well. It is also essential that the fund house you choose has excellent track
record. It also should be professional and maintain high transparency in operations. Look at the
performance of the scheme against relevant market benchmarks and its competitors. Look at the
performance of a longer period, as it will give you how the scheme fared in different market
conditions.
Cost factor:
Though the AMC fee is regulated, you should look at the expense ratio of the fund before
investing. This is because the money is deducted from your investments. A higher entry load or
exit load also will eat into your returns. A higher expense ratio can be justified only by
superlative returns. It is very crucial in a debt fund, as it will devour a few percentages from your
modest returns.
Also, Morningstar rates mutual funds. Each year end, many financial publications list the
year's best performing mutual funds. Naturally, very eager investors will rush out to purchase
shares of last year's top performers. That's a big mistake. Remember, changing market conditions

make it rare that last year's top performer repeats that ranking for the current year. Mutual fund
investors would be well advised to consider the fund prospectus, the fund manager, and the
current market conditions. Never rely on last year's top performers.
Types of Returns on Mutual Fund:
There are three ways, where the total returns provided by mutual funds can be enjoyed by
investors:
 Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly all
income it receives over the year to fund owners in the form of a distribution.
 If the fund sells securities that have increased in price, the fund has a capital gain. Most funds
also pass on these gains to investors in a distribution.
If fund holdings increase in price but are not sold by the fund manager, the fund's shares increase
in price. You can then sell your mutual fund shares for a profit. Funds will also usually give you
a choice either to receive a check for distributions or to reinvest the earnings and get more
shares.

Chapter 4
Research Methodology
ResearchMethodology
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. In it we study the various
steps that are generally adopted by a researcher in a studying his research problem along with the
logic behind them.
This Report is based on primary as well as secondary data, however primary data collection
was given more important since it is overhearing factor in attitude studies.
One of the most important users of Research Methodology is that it helps in identifying the
problem, collecting, analyzing the required indformation or data and providing an alternative
solution to the problem. It also helps in collecting the vital information that is required by the
Top Management to assist them for the better decision making both day to day decisions and
critical ones.
Objective of the Study
To study the awareness of mutual fund among peoples.
To study the impact of mutual fund on investors.
To study the interest of investors in different schemes.
To study preference of investment to investors.
To study the preference of investment company to investors.
To study the duration of investment by investors.
Limitations
The study is limited to the Investors of Nagpur city only.

The secondary data provided may or may not be correct.
The sample size taken may be too small to analyze.
a) Research Design: Descriptive Design
b) Data Collection Method: Survey Method
c) Universe: Nagpur
d) Sampling Method: The sample was collected through filling up the Questionnaire prepared.
The data has been analyzed by using mathematical or statistical tools.
e) Sample Size: 100 respondents
f) Sampling Unit: Businessmen, Government Servant, Retired Individuals, Students
g) Data Source:
1) Primary data:-
Primary data is the data which is collected from directly contact with the people.
The primary data was collected through questionnaire. In this method the data was
collected by filling questionnaire. Questions were asked from investors and got the
response.
2) Secondary data:-
Secondary data is the data which is collected from website, Annual Reports,
Journals and Book Sections.
h) Data Collection Instrument: Structured Questionnaire
i) Sample Design: Data has been presented with the help of Bar Graph, Pie Chart, and Line
Graph etc.
j) Hypothesis:
a) It is to be assumed that the more peoples are aware about mutual fund.
b) Mutual fund is best investment than others.
c) Mutual fund provide higher return than any other investment facilities available in the
market
d) Mutual fund has high return and low rate of risk than other investment schemes.
e) Mutual fund is highly liquidity than other schemes available in the market.

Chapter 5
Data Analysis and Interpretation
1. Analyzing according to Qualification
Interpretation - Out of my survey of 100 people, 71% of the investors are Graduates and Post
Graduates and 16.67% are Under Graduates and Others, around 12.5%, which may include
persons who have passed their 10th standard or 12th standard invests in Mutual Funds.
0
10
20
30
40
50
60
70
Undergraduates Grauadtes Post graduation Others
No.ofInvestors
Qualification
Qualification of Investors

2. Analyzing according to Occupation
Interpretation - Here it is amazed to see that around 46% of the investment is been invested by
the persons working in Private sectors, according to them investing in Mutual Funds is more
safer as well as more gainer.
Then we find that the businessmen of around 25%gives more preference in investing in mutual
funds, they think that investing in mutual fund is better than investing in shares as well as Post
office.
Next we see that the persons working in Government sectors of around 24% only invests in
Mutual Fund.
Government
24%
Private
46%
Business
25%
Others
5%
Investor's Proffession

3. Analyzing according to Monthly Family Income
Interpretation - Here, we find that investors of around 43% with the monthly income of Rs.
>30000 are the most likely to invest in Mutual fund , than any other income group.
18%
39%
43%
Income of Investors
<=10000 10001-20000 20001-30000 >30000

4. Analyzing data according to awareness about Mutual Fund
Interpretation- From The total lot of 100 people, 96 people are actually aware of the fact of
Mutual fund and are regular investors of Mutual Funds.
4 People were there who have just heard the name or rather are just aware of the fact of existence
of the word called Mutual Fund, but doesn’t know anything else about Mutual Funds.
0
20
40
60
80
100
Yes No
No.ofInvestors
Knowledge about Mutual Fund
Awarness about Mutual Fund

5. Analyzing data according to from where they came to know about Mutual Fund.
Interpretation - Here from the Line Graph it can be clearly stated that around 46% of the
investors came to know the benefits of Mutual Fund from Financial Advisors. According to the
suggestions given by the financial advisors, people use to choose Mutual Funds Scheme.
Then Secondly,24% and 21% of the people used to know from Advertisement and Peer group
respectively.
Lastly 9% of the investors do invests after being intimated by the Banks about the benefits of
Mutual Funds.
0
10
20
30
40
50
No.ofInvestors
Intimated about Mutual Fund
Knowledge about Mutual Fund

6. Analyzing data according to preference to the investment by investor
Interpretation - Here from the Pie chart it can be clearly stated that 40% of the investors prefer
to invest in Mutual Fund.
Then 30% and 20% of the investors prefer to invest in Savings and Insurance respectively.
Lastly 5% and 5% of the investors prefer to invest in FD and Other Schemes respectively.
30%
5%
40%
20%
5%
Preference of Investment
Savings FD Mutual Fund Insurance Others

7. Analyzing data according to return in mutual fund
Interpretation - Here from the Bar graph it can be clearly stated that 70% of the investors feels
that Mutual Fund has higher returns than other investment options.
And 30% of the investors feel that Mutual Fund has lower returns than other investment options.
.
0
50
100
Yes
No
70
30
High return in Mutual Fund

8. Analyzing data according to factors seen before investing
Interpretation - As it can be clearly stated from the above Diagram that investors before
investing, the main criteria that they used to give more Preference is Low Risk. According to
them, if a scheme is low risk, it may or may not give a very good return, but still 56% of the
investors choose low risk as the option while investing in Mutual Funds.
Then we see that 27% of the investors take High return as one of their most important criteria.
According to them, if there is no high return then we should opt for Post office and not mutual
fund.
11% of the investors take trust as one of their important factors
Only 4% of the Investors think liquidity as their most preferable options.
0
10
20
30
40
50
60
Liquidity Low-risk High-return Trust
No.ofInvestors

9. Analyzing data according to investors choice of investing in different Mutual Fund
Companies.
Interpretation - From this above Pie Chart it can be clearly stated that 45% , 17%of the people
like to invest in large cap companies where return is comparatively less but risk is low thus they
invest in Reliance, SBI respectively.
15%, 10% of the people like to invest in Mutual Fund Companies like HDFC, UTI, etc. where
risk is slightly higher than the above two mentioned companies as well as return is also slightly
high.
13% of the investors like to invest in the Small Cap’s and Mid Cap’s companies.
Reliance
45%
SBI
17%
HDFC
15%
UTI
10%
Others
13%
Different Mutual Fund Company

10. Analyzing data according to mode of investment
Interpretation - It can be clearly stated from the above Figure that 82% of the investors like to
invest in SIP, as the investor feels that they are more comfortable to save via SIP than the Long
term.
While 18% of the investors find SIP as very burdensome, and they are more reluctant to save in
Long term investment.
82%
18%
Mode of Investment
Short term
Long term

11. Analyzing data according to the best scheme to invest by investor
Interpretation - From this above Bar graph it can be clearly stated that 45% , 15%of the people
like to invest Balanced Scheme and income where return is consistent and risk is also low.
15%, 10% of the people like to invest in Mutual Fund Schemes like Equity and others like tax
benefits etc. where risk is slightly higher than the above two mentioned companies as well as
return is also slightly high.
0
5
10
15
20
25
30
35
40
45
Balanced Equity Income Others
No.ofPeoples
Preference Mutual Fund Scheme

12. Analyzing data according to the duration of investment in Mutual Fund
Interpretation - From this above Pie Chart it can be clearly stated that 45%, 30%of the people
like to invest for 1 to 3 years duration and 4 to 6 years duration respectively because of market
fluctuations.
15%, 10% of the invest for 7 to 10 years duration and more than 10 years duration respectively
because of their preference of higher returns.
45%
30%
15%
10%
Duration of Investment in Mutual Fund
1 to 3 Years
4 to 6 Years
7 to 10 Years
more than 10 Years

13. Analyzing data according to the mode of investment in different schemes
Interpretation - Here from the Pie chart it can be clearly stated that 50% of the investors prefer
to invest in Growth Fund.
Then 20% and 18% of the investors prefer to invest in Income and Debt Schemes respectively.
Lastly 12% of the investors prefer to invest in tax saving Schemes respectively.
50%
20%
18%
12%
Growth
Income
Debt
Tax Saving

14. Analyzing data according to the liquidity of schemes
Interpretation - Here from the Bar graph it can be clearly stated that 70% of the investors feels
that Open-Ended Mutual Fund has flexible and easily liquidity than other investment options.
And 30% of the investors feel that Close-Ended Mutual Fund has higher returns and than other
investment options.
0
10
20
30
40
50
60
70
Open-Ended Close-Ended
No.ofInvestors
Investors choice of Investment

15. Analyzing data according to objective of investment
Interpretation - Here we see that 36% of the investor’s objectives are to preserve the principal
amount, so that it can be used as a savings for the future period.
While 22% investors invest to get derive their current income through investing in Mutual
Funds.
While 15% and 17% of the investors invest to get a conservative as well as aggressive growth.
0
10
20
30
40
Preservation Current Income Conservation
Growth
Aggressive
Growth
No.ofInvestors
Objective
Objective of Investment

Chapter 6
Findings & Conclusions
Findings-
 Generally, People employed in Private sectors and Businessman are more likely to invest in
Mutual Funds, than other people working in other professions.
 Generally investors whose monthly income is above Rs. 20001-30000 are more likely to
invest their income in Mutual Fund, to preserve their savings of at least more than 20%.
 People generally like to save their savings in Mutual Fund, Fixed Deposits and Savings
Account.
 Many people came to know about Mutual Fund from Financial Advisors, Advertisement as
well as from their Peer group, and they generally invest in the Mutual Fund by taking advices
from their Legal Advisors.
 Investors generally like to invest in Large Cap Companies like Reliance, SBI, etc. to
minimize their risk.
 The most popular medium of investing in Mutual Fund is through SIP and moreover people
like to invest in Balanced Fund.
 Investors more likely to hold Mutual Funds’ investments for the period of 1 to 3 years and 4
to 6 years.
 Investors more likely to invest in open-ended schemes of Mutual Fund.
 Investors more likely to invest in growth schemes of Mutual Fund.
 The main objective of most of the Investors is to preserve their Income.

Conclusions
According to survey most of the people are aware about mutual fund hence it is proved.
Investors are largely prefer to invest in Mutual Fund.
Nowadays people are moving from investing in traditional approach to mutual fund, that is
the impact of mutual fund from past 3 years that there is high rate of investment in mutual
fund.
Investors feels that the Mutual Fund is highly liquid than the other investment available in
the market.
Investors are investing in different schemes like SIP, Equity, Debt and other schemes.
Most of the investors prefer to invest in mutual fund because of low risk and high return.
Investors most likely to invest in large and public companies like SBI and Reliance.
Investors generally like to invest for short period as per their convenience.
This has also instilled greater confidence among fund investors who are investing more into
the market through the MF route than ever before.
Reliance India mutual funds provide major benefits to a common man who wants to make his
life better than previous.

Chapter 7
Suggestions
There should provide more awareness to the age group of 25-35 about Mutual Fund.
Mutual Fund investment is subject to market risk so it is necessary to read all schemes related
documents clearly by investors.
The duration of investment should be more than 6 years so that the return percentage will be
higher.
Investment in Mutual Fund should be started from the age of 25-28 so the investor will get
more return than expected.
Mutual Fund is the best platform to invest in the market with minimum risk and maximum
return.
At the present scenario, the balanced scheme is best way to invest in Mutual Fund like SIP,
MIP.

Bibliography
1) (4 September 2013). Association of Mutual Funds in India , 40-55.
2) Average AUM. (8 December 2013). Association of Mutual Funds in India .
3) Average AUM-Fund-wise. (June 2015).
4) Bostan Ananalytics-India Watch. ($ September 2013).
5) Jain, P. (n.d.). Mutual Funds in India. Mutual Fund Income LegalRasta .
6) MF History. (2014). Association of Mutual Funds of India , 22-99.
7) Mutual Fund. (2016, February 12). Retrieved February 11, 2016, from
www.mutualfundindia.com
8) Mutual Fund in India. (2011, March 11). Retrieved January 16, 2016, from Wikipedia, the
free encylopedia: www.en.m.wikipedia.org
9) Mutual Fund in India. (April-2015). Kotak Securities.
10) Mutual Funds India. (2008, August 22). Retrieved February 19, 2016, from Investment
Plans: www.amfiindia.com
11) Pozen, R., & Hamacher, T. (2014). The Fund Industry:How Your Money is Managed. John
Wiley & Sons.
12) (27 October 2012). SEBI makes it mandatory for companies to disclose promoters' shares.
Delhi: Economic Times.

Annexure
Ques.1 What is your Qualification?
(a) Under-graduation (b) Graduation (c) Post Graduation (d) Others
Ques.2 What is your Occupation?
(a) Government (b) Private (c) Business (d) Others
Ques.3 What is your monthly family income?
(a) <=10000 (b) 10001-20000 (c) 20001-30000 (d) >30000
Ques.4 Do you have any idea about Mutual Fund?
(a) Yes (b) No
Ques.5 From where you came to knowabout Mutual Fund?
(a) Advertisement (b) Peer Group (c) Banks (d) Financial Advisors
Ques.6 Where will you prefer to invest?
(a) Savings (b) FD (c) Insurance (d) Mutual Fund (e) Others
Ques.7 Is investment in mutual fund have higher return than others?
a) Yes (b) No
Ques.8 Which is your preference while investing?
(a) High Return (b) Low Risk (c) Liquidity (d) Trust
Ques.9 Which Mutual Fund Company you will prefer to invest?
(a) Reliance (b) SBI (c) UTI (d) HDFC (e) Others
Ques.10 Which mode ofinvestment will you prefer?
(a) Long Term (b) Short Term
Ques.11 Which mutual fund plan do you consider the best?
(a) Balanced Plan (b) Equity Plans (c) Income Plans (d) Others
Ques.12 Howlong would you like to hold your mutual funds’ investments?
(a) 1 to 3 years (b) 4 to 6 years (c) ) 7 to 10 years (d) more than 10 years

Ques.13 Which scheme would you prefer?
(a) Growth (b) Income (c) Tax Saving (d) Debt
Ques.14 Which end-scheme do you feel is good?
a) Open End (b) Closed End
Ques.15 What is the objective ofyour investment?
(a) Preservation (b) Current Income (c) Conservative Growth (d) Aggressive Growth

Mutual Fund in India and its Impact on Investors

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