UNIVERSITY OF MUMBAI

Alkesh Dinesh Mody Institute For Financial &Management Studies

PROJECT REPORT
ON

“MUTUAL FUND INDUSTRY IN INDIA - A GROWTH TREND

ANALYSIS””

02 Jan 2020 - 30 May 2020

IN PARTIAL FULFILLMENT OF THE REQUIRMENT FOR MASTER
OF
MANAGEMENT STUDIES
BATCH 2018-2020

Submitted By
PRASAD BALARAM PATIL
MMS (FINANCE)
ROLL NO: 37

1
 DECLARTION

I, Prasad Balaram Patil, student of SYMMS-Finance declare that the project report
entitled, “Mutual Fund Industry In India -A Growth Trend Analysis" is the original
work. The sources from the data was collected is being mention in the references
section. The project report is submitted to Alkesh Dinesh Mody Institute for Financial
& Management Studies.

Date :

Sign:

Place: Mumbai

2
 CERTIFICATE OF APPROVAL

This is to certify that the project titled “Mutual Fund Industry In India -A Growth Trend
Analysis” submitted in partial fulfilment for the award of Master Of Management Studies in
Alkesh Dinesh Mody Institute Of Management is a result of the bonafide research work
carried out by Mr. Prasad Patil under my supervision and guidance, no part of this report has
been submitted for award of any other degree, diploma, fellowship or other similar titles or
prizes. The work has also not been published in any Journals/Magazines.

_______________ ________________

Dr.Smita Shukla Dr.Aruna Deshpande

l/c Director MMS Coordinator

_____________

Examine

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 ACKNOWLEDGEMENT

I wish to thank and express my gratitude to those who extended their valuable co-operation and
contribution towards the project who took out of their busy schedule and provided easy access to the
information required.

I would like to extend my gratitude towards Mrs. Aruna Deshpande , MMS course Co-ordinator of our
institute , Dr. Smita Shukla,I/C Director of our institute and Mrs. Kavita Mishra placement officer of
our institute.

I would also like to thank my project guide Prof. Megha Bansal for timely and unobtrusive guidance
given to me.

Also thanks to my friends and colleagues for their enduring patience and valuable criticism which
shaped the project well.

Sincerely,

Prasad Patil

Date:

Place: Mumbai

4
 TABLE OF CONTENTS

Sr No. Topic Name Page No.

1 Executive Summary 6

2 Introduction 7

3 History of Mutual Fund in India 8

4 Structure of Mutual Fund in India 10

5 Types of mutual fund Schemes 13

6 Regulation on mutual funds 19

7 Mutual Fund Taxation 21

8 Cost of Investing in Mutual Fund 24

9 Advantages and disadvantages of Mutual Fund 27

10 Objective of Study and Methodology 32

11 Data Analysis 33

13 Research Findings 45

12 Analysis of Mutual Fund 46

A. Industry trend analysis
B. Portfolio holding analysis
C. Individual investor analysis
D. Geographical spread analysis

13 Conclusion 60

14 Bibliography 61

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 SUMMARY

Indian stock market has undergone tremendous changes over the years. Investment in mutual
fund has become major alternative among investors. The project has been carried out to have
an overview of mutual fund industry and to understand investor perception about mutual
fund in the context of their trading preference explore investor risk perception and find out
their preference over top mutual funds.

In few years mutual fund has emerged as a tool for ensuring one’s financial well being
mutual fund have not only contributed to the Indian growth story, but have also helped
families tap into the success of Indian industry. As the information and awareness is rising
more and more people are enjoying the benefit of investing in mutual fund. The main reason
the number of retail mutual fund investor remains small is that 9 in 10 people with income in
India do not know that mutual fund exist. But once people are aware of mutual fund, there
will be more investment opportunities open of the people, the number who decide to invest
in mutual fund increase to as many as one in five people. The trick for converting a person
with no knowledge of mutual fund to a new mutual fund customer is to understand which of
the potential investor are more likely to buy mutual fund and to use the write argument in the
sales process that customers will accept as important and related to their decision.

The project give me great learning experience and at the same time and give me enough
scope to implement my analytical ability. The analysis and advise presented in the project
report is based on market research on the saving and investment practice of the investors and
preference of the investors for investment in mutual fund. This report will help to know
about the investors preference in mutual fund in India means are they prefer any part
particular Asset Management Company (AMC),which type of product that they prefer,
which option (growth or dividend) they prefer or which Investment strategy they follow
(systematic investment plan or one time plan) this project as a whole can be divided into two
parts.

The present paper is divided into two part first part studies the evolution of Mutual fund in
India and the second part analyses the growth trend of the Mutual fund industry in India.

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 Chapter -1
Introduction

Investment in share market are influenced by the analysis and reasoning which help in
predicting the market to some extent. Over the past year number of Technical and theories
for analysis have evolved, these combined with the modern technology guide the investor.
the big players in the market ,like foreign Institutional investors, mutual fund, etc. have the
expertise for various analytical tools and make use of them. The small investors are not in a
position to benefit from the market the way mutual fund can do. Generally a small investor
investment are based on markets sentiments, inside information, through grapevine, tips and
institution the small investors depend on brokers and brokerage house for his investment.
They can invest through the mutual fund who are more experienced and expert in this field
then a small investor himself.

In recent year a large number of players have enter into his market. The project has been
carried out to have an overview of mutual fund industry and to understand investors
perception about mutual fund in context of their trading preference, explore investors risk
perception and find out their preference over top mutual.

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 HISTORY OF INDIAN MUTUAL FUND
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 the history of mutual fund in
India can be broadly divided into the 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 (1993-96): Emergence of Private Funds:

A new era in the mutual fund industry began in 1993 with the permission granted for the
entry of private sector funds. This gave the Indian investors a broader choice of 'fund
families' and increasing competition to the existing public sector funds. Quite significantly
foreign fund management companies were also allowed to operate mutual funds, most of
them coming into India through their joint ventures with Indian promoters. The private funds
have brought in with them latest product innovations, investment management techniques
and investor-servicing technologies. During the year 1993-94, five private sector fund houses
launched their schemes followed by six others in 1994-95.

Four Phase (1996-99): Growth And SEBI Regulation:

Since 1996, the mutual fund industry scaled newer heights in terms of mobilization of funds
and number of players. Deregulation and liberalization of the Indian economy had
introduced competition and provided impetus to the growth of the industry.A comprehensive
set of regulations for all mutual funds operating in India was introduced with SEBI (Mutual
Fund) Regulations, 1996. These regulations set uniform standards for all funds. Erstwhile
UTI voluntarily adopted SEBI guidelines for its new schemes. Similarly, the budget of the
8
Union government in 1999 took a big step in exempting all mutual fund dividends from
income tax in the hands of the investors. During this phase, both SEBI and Association of
Mutual Funds of India (AMFI) launched Investor Awareness Programme aimed at educating
the investors about investing through MFs.

Fifth Phase (1999-2004): Emergence of a Large and Uniform Industry:

The year 1999 marked the beginning of a new phase in the history of the mutual fund
industry in India, a phase of significant growth in terms of both amount mobilized from
investors and assets under management. In February 2003, the UTI Act was repealed. UTI
no longer has a special legal status as a trust established by an act of Parliament. Instead it
has adopted the same structure as any other fund in India - a trust and an AMC.UTI Mutual
Fund is the present name of the erstwhile Unit Trust of India (UTI). While UTI functioned
under a separate law of the Indian Parliament earlier, UTI Mutual Fund is now under the
SEBI's (Mutual Funds) Regulations, 1996 like all other mutual funds in India.The emergence
of a uniform industry with the same structure, operations and regulations make it easier for
distributors and investors to deal with any fund house. Between 1999 and 2005 the size of
the industry has doubled in terms of AUM which have gone from above Rs 68,000 crores to
over Rs 1,50,000 crores.

Six Phase (From 2004 Onwards): Consolidation and Growth:

The industry has lately witnessed a spate of mergers and acquisitions, most recent ones being
the acquisition of schemes of Allianz Mutual Fund by Birla Sun Life, PNB Mutual Fund by
Principal, among others. At the same time, more international players continue to enter India
including Fidelity, one of the largest funds in the world.

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 STRUCTURE OF THE INDIAN MUTUAL FUND INDUSTRY
The structure of Mutual Funds in India is a three-tier one. There are three distinct entities
involved in the process – the sponsor (who creates a Mutual Fund), trustees and the asset
management company (which oversees the fund management). The structure of Mutual
Funds has come into existence due to SEBI (Securities and Exchange Board of India) Mutual
Fund Regulations, 1996. Under these regulations, a Mutual Fund is created as a Public Trust.
We will look into the structure of Mutual Funds in a detailed manner.

The Structure of Mutual Fund

The Fund Sponsor - The Fund Sponsor is the first layer in the three-tier structure of Mutual
Funds in India. SEBI regulations say that a fund sponsor is any person or any entity that can
set up a Mutual Fund to earn money by fund management. This fund management is done
through an associate company which manages the investment of the fund. A sponsor can be
seen as the promoter of the associate company. A sponsor has to approach SEBI to seek
permission for a setting up a Mutual Fund. Once SEBI agrees to the inception, a Public Trust
is formed under the Indian Trust Act, 1882 and is registered with SEBI. Trustees are
appointed to manage the trust and an asset management company is created complying with
the Companies Act, 1956.

There are eligibility criteria given by SEBI for the fund sponsor:

 The sponsor must have experience in financial services for a minimum of five years
with a positive Net worth for all the previous five years.

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  The net worth of the sponsor in the immediate last year has to be greater than the
capital contribution of the AMC.
 The sponsor must show profits in at least three out of five years which includes the
last year as well.
 The sponsor must have at least 40% share in the net worth of the asset management
company.
Any entity that fulfills the above criteria can be termed as a sponsor of the Mutual Fund.

Trust and Trustees

Trust and trustees form the second layer of the structure of Mutual Funds in India. A trust is
created by the fund sponsor in favour of the trustees, through a document called a trust deed.
The trust is managed by the trustees and they are answerable to investors. They can be seen
as primary guardians of fund and assets. Trustees can be formed by two ways – a Trustee
Company or a Board of Trustees. The trustees work to monitor the activities of the Mutual
Fund and check its compliance with SEBI (Mutual Fund) regulations. They also monitor the
systems, procedures, and overall working of the asset management company. Without the
trustees’ approval, AMC cannot float any scheme in the market. The trustees have to report
to SEBI every six months about the activities of the AMC

Asset Management Companies

Asset Management Companies are the third layer in the structure of Mutual Funds. The asset
management company acts as the fund manager or as an investment manager for the trust. A
small fee is paid to the AMC for managing the fund. The AMC is responsible for all the
fund-related activities. It initiates various schemes and launches the same. The AMC is
bound to manage funds and provide services to the investor. It solicits these services with
other elements like brokers, auditors, bankers, registrars, lawyers, etc. and works with them.
To ensure that there is no conflict between the AMCs, there are certain restrictions imposed
on the business activities of the companies.

Other Components in the Structure of Mutual Funds

Custodian –

A custodian is responsible for the safekeeping of the securities of the Mutual Fund. They
manage the investment account of the Mutual Fund, ensure the delivery and transfer of the
securities. They also collect and track the dividends & interests received on the Mutual Fund
investment.
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Registrar and Transfer Agents (RTAS) –

These are the entities who provide services to Mutual Funds. RTAs are more like the
operational arm of Mutual Funds. Since the operations of all Mutual Fund companies are
similar, it is economical in scale and cost effective for all the 44 AMCs to seek the services
of RTAs. CAMS, Karvy, Sundaram, Principal, Templeton, etc are some of the well-known
RTAs in India. Their services include.

 Processing investors’ application

 Keeping a record of investors’ details
 Sending out account statements to the investors
 Sending out periodic reports
 Processing the payouts of the dividends
 Updating the investor details i.e. adding new members and removing those who have
withdrawn from the fund.

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 TYPES OF MUTUAL FUNDS
Open ended funds

Investors can enter and exit at any time post NFO. The continuous entry and exit of
investors will keep the unit capital in this fund changing regularly.

Close ended funds

They have fixed maturity. Investors can buy the units only at the time of New Fund Offer
(NFO). After that the funds will be traded in stock exchange. Here the fund is not involved in
the transaction so the transaction price is likely to be different from the NAV.

Interval funds

It is a mixture of both open and close ended funds. They are close ended but remain open at
pre specified intervals. The period when interval scheme becomes open ended is called the
transaction period. The minimum duration of transaction period is 2 days. The period
between the end of one transaction period to the start of another transaction period is called
interval period. The minimum duration of interval period is 15 days.

Actively managed funds

The fund manager actively manages the portfolio within the parameters of the investment
objectives of the scheme. The job of fund managers is to outperform the benchmark and thus
investors expect actively managed funds to perform better than the market. These schemes
have high running costs.

Passive Funds

It follows the market index. They do not perform better than the market. The fund manager
does not decide the investments and there is a low running cost required.

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 Mutual Fund Types
Money Hybrid Debt /
Equity Funds Market / Funds
Gilt Funds Others
Income
Liquid Funds Funds
Balanced Commodity
Agressive Growth Funds
Funds Funds
Diversified
Debt Funds
Growth & Real Estate
Growth Funds
Income Funds Funds
Focused Debt
Funds
Asset Allocation Exchange Traded
Equity Income
Funds Funds
High Yield Debts
Funds
Diversified Equity Funds Funds of Funds
Assured Return
Funds
Equity Index Funds
Fixed Term Plans

Value Funds

Speciality Funds

Foreign Mid-Cap or
Sector Funds
Securities Funds Small-Cap Funds

1. Equity Funds

The investment portfolio invests in equity shares and equity related instruments such as
convertible debentures. The objective is capital appreciation. Considered to be most risky but
provide higher returns compared to other funds. Under this fund one should invest for long
term i.e. for 3 years or more. Types of equity funds are as follows:

a. Aggressive Growth Funds

With the objective of capital appreciation, investments are made into speculative stocks
which are more volatile and inclined to higher risk compare to other equity funds.

b.Growth funds

The portfolio includes companies whose earnings are expected to rise at a rate higher
compared to an average rate. Helps in capital appreciation and above average returns.

c.Equity Income / Dividend Yield

Investment is in shares which fluctuate less and dividend is more of the returns on these
shares. Such companies don’t have many opportunities for growth and expansion.

d.Diversified Equity fund (ELSS)

Invests in a diverse mix of products. Due to this diversification a meltdown in the

performance of one sector affecting the fund’s performance is low. These are the diversified
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equity funds that offer tax benefits to investors under sec 80c of the Income Tax Act up to
and investment of Rs 1,50,000 a year. 80% of the portfolio has to be in equity instruments
and has to be locked in for 3 years during which it cannot be redeemed, transferred or
pledged.

e.Equity Index Funds

The portfolio includes companies that form the index and is in equal proportion as the index.
The funds that following broad indices (like S&P CNX Nifty, Sensex) are less .risky since,
they are more diversified compared to the funds following narrow indices (like CNX Bank
Index etc.) which are less diversified.

f.Value Fund

Invest in shares of the company that are currently undervalued and have a chance of increase
in price when the market realizes their true value. The investment has to be long term to gain
benefits.

g.Specialty Fund

In Specialty Funds there are certain criteria to invest or not to invest based on
regions/companies. The portfolio consists of companies that fulfill their criteria. Riskier than
diversified funds. Types of specialty Funds are as follows.

h.Sector Funds

They invest in a particular sector. For e.g., IT sector fund will invest in shares of IT
companies. The performance will see volatility because it is in connection with the
performance of the sector. The scheme is riskier than a diversified equity scheme.

i.Foreign Securities Funds

There is option of investing into multiple foreign companies. They are internationally
diversified which makes them less risky compared to sector funds. However, they are
exposed to foreign exchange rate risk and country risk.

j.Mid-Cap or Small-Cap Funds

The portfolio consists of companies having lower market capitalization. These funds are
known as Mid-Cap or Small-Cap Funds. Since, there is less liquidity, it increases the chances
of instability in share prices of companies, even investments into them is riskier.

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2.Liquid funds / Money Market Funds

They invest in short term debt securities with a maturity period of up to 91 days. Securities
in this portfolio having maturity period of more than 60 days have to be valued at market
prices. Due to this there is volatility in the NAV. Thus fund managers keep their portfolio in
securities less than 60 days as it helps with the lowest price risk.

3.Hybrid Funds

Its portfolio includes mixture of equities, money market securities and debts.

a.Balanced Funds

The portfolio which has assets such as debt securities, convertible securities and preference
shares and shares held in relatively equal proportions. The main objective is to obtain a
regular income for the investor, a moderate capital appreciation and also reduce the risk of
loss of capital.

b.Growth & Income Funds

It is the combination of growth funds and income funds. The portfolio is composed of
companies with potential capital appreciation and recognized for issuing high dividends.
Risk involved is lower compared to growth funds but higher than income funds.

c.Asset allocation funds

Fund managers can adopt various asset allocation strategies to move from one asset category
to another at any interval based on their expectations of good returns.

4.Debt / Income Funds

Debt schemes are with the investment objective of regular income generation and therefore
invest in Treasury Bills, Government Securities, Bonds and Debentures. They are less risky
as compared to equities. There is only credit risk by the investors at the time of principal or
interest repayment. In order to reduce the risk of insolvency, debt funds must invest in
securities of issuers with an "investment grade" rating qualified by credit rating agencies.

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Types of Debt Funds

a.Diversified debt funds

Funds invested in every security issued by entities in all market sectors are known as
diversified debt funds. The better option for minimizing the risk of an individual investor by
sharing the losses due to default by issuer, equally among all investors.

b.Focused debt funds

Investments are made in selected securities, issued by entities of a specific sector or sector or
origin. Example: funds that invest only in infrastructure that is exempt from taxes or
municipal bonds. Due to this narrow angle, these funds are riskier than diversified debt
funds. These have yet to come to India.

c.High Yield Debts Funds

Normally, to minimize risks, investments are made in those securities issued by entities
considered "investment grade". But in this category of funds, in general, investments are
made in securities issued by entities considered "below the level of investment". These funds
are highly volatile and carry a greater risk of insolvency, but this strategy is still adopted to
obtain higher interest yields.

d.Assured Return Funds

Investments made in funds that provide for a blocking period and offer investors guaranteed
annual returns. Investments in it are less risky and their investment values are based on the
net worth of the guarantor. To protect the interests of investors, SEBI only allows those
funds to offer guaranteed return schemes, which are an adequate net worth to guarantee
future returns. For example, in the past UTI offered such-type plans (i.e. monthly UTI
revenue plans) that ultimately failed and now no AMC in India offers such plans.

e.Fixed Term Plans

These schemes are generally closed-ended schemes with a short-term maturity period (<1
year) which offers investors multiple schemes and issue units at regular time period. These
are not listed in the exchanges. Target customers are short-term investors with the aim of
incurring certain amount of expected income in a short interval.

5.Gilt Funds

These funds invest exclusively in government securities which have no default risk. Due to
change in interest rate and other economic factors, NAVs of these schemes also fluctuate.
They pay a lower coupon rate to reflect the low risk of default associated with them.

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6.Others

a.Commodity Funds

Investments in various commodities (such as metals, cereals, crude oil, etc.) or commodity
companies or commodity futures contracts are called commodity funds. Investments made in
a certain commodity or in a group of commodities are called funds specialized in
commodities, while investments made in all commodities are called diversified funds. It is
less risky to invest in a diversified commodity fund than a specialized commodity fund.
Examples: "Fund for precious metals" and "Gold Funds".

b.Real estate funds

Investments made directly in the real estate sector or loans to real estate developers or
investments in shares / securitized assets of real estate financing companies.

c.Exchange Traded Funds (ETF)

It is a negotiable value that tracks an index, commodities and bonds as an index fund. ETFs
are listed as shares on the stock exchange. Therefore, their prices change throughout the day
like any other stock. They are passively managed.

d.Funds of Funds:

It is a plan that invests mostly in different plans of the same mutual fund or different mutual
funds. As the plan extends risks through a broader universe, investors can realize more
diversification from a plan.

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 Regulations on Mutual Funds

SEBI

The security and exchange board is designed regulatory body for finance and market in
India. the primary function of board is to protect the interest of the investors in security and
promote and regulate The securities market. SEBI has laid to the ground rules for investors
to become aware of the function of the mutual fund by providing necessary information.
they serve to specify the board spectrum of mutual fund scheme that may often seem
confusing to the investors. the guidelines on the merger and consolidation of mutual fund
scheme issued by SEBI are aimed at simplifying the process of comparing various mutual
fund scheme that are on offered by fund.

Role of SEBI in Mutual Fund Regulations

As far as Mutual funds are concerned, SEBI makes the policies for mutual funds and also
regulates the industry. It lays guidelines for the mutual funds to safeguard the investors’
interest.Mutual funds are very distinct in terms of their investment strategy and asset
allocation activities. This requires bringing about uniformity in the functioning of the mutual
funds that may be similar in schemes. This will assist the investors in taking investment
decisions more clearly.To facilitate this standardization and bringing about uniformity in the
similar schemes, the mutual funds have been categorized accordingly as follows.

a. Equity Schemes

b. Debt Schemes

c. Hybrid Schemes

d. Solution Oriented Schemes

e. Other Schemes

The categorization and rationalization of mutual funds into these five broad categories
ensures that the mutual fund houses are only able to have one scheme in each sub-category,
with some exceptions. The categorization helps in simplifying the selection of funds and
works in the best interest of the investors by allowing them to evaluate their risk options
prior to making informed decisions about investing in the right scheme. Following this
consolidation of schemes, the investors can take a more informed decision without much
hassle or confusion. In order to fulfill this purpose, SEBI has come up with some guidelines
to help the retail investors in their mutual funds’ investment decisions.

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Key Highlights of SEBI guidelines for Mutual Funds

a. Categorization of schemes into five groups – Equity, Debt, Hybrid, Solution Oriented,
Others

b. To ensure uniformity, large, mid and small cap has been defined clearly

c. There is a lock-in period specified for solution-oriented schemes

d. Permission of only one scheme in each category, except for Index Funds/ Exchange
Traded Funds (ETF), Sectoral/Thematic Funds and Funds of Funds.

SEBI Guidelines to invest in Mutual Funds

SEBI keeps in place the regulatory framework and guidelines that govern and regulate the
financial markets in the country. The guidelines for investors are listed below.

a) Assessment your personal financial situation

Mutual funds present the most diversified form of investment options and therefore may
carry a certain amount of risk factor with it. Investors must be very clear in their assessment
of their financial position and the risk-bearing capacity in the event of poor performance of
such schemes. Investors must, therefore, consider their risk appetite in accordance with the
investment schemes.

b) Obtain researched information on the mutual funds’ investment schemes

Before venturing into mutual fund investment, it is imperative for you as an investor to
obtain detailed information about the mutual fund scheme option. Having the right
information when required to make the necessary decision is the key to making good
investments. This may help in choosing the right schemes, knowing the guidelines to follow
and also be informed of the investors’ rights.

c) Diversify your portfolios

Diversification of portfolios allows investors to spread out their investments over various
schemes thereby increasing chances of maximizing profits or mitigating risk of potentially
huge losses. Diversification is crucial to gaining long-term and sustainable financial
advantage.

d) Avoid the clutter of portfolios

Choosing the right portfolio of funds requires managing and monitoring these schemes
individually with care. The investor must not clutter the portfolio and decide on the right
number of schemes to hold so as to avoid overlap and be able to manage each one of them
equally well.

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 Mutual fund taxation

For taxation purpose of mutual fund can be divided into two categories:

Equity Oriented Mutual Fund –

Mutual Fund scheme that invest at least 65% of its fund corpus into equity and equity
related instruments are know as equity mutual fund.example,a large cap, ELSS tax saving
fund,Midcap balance fund (equity oriented), Sector Fund etc.

Non Equity Mutual Fund –

Mutual Fund scheme that hold less than 65% of their portfolio in equity shares and equity
related instruments are know as a non equity fund that/ Debt fund.example are: Liquid
Mutual Fund , money market fund ,Gold fund, Infrastructure funds MIPs,FMPs, Hybrid fund
(debt oriented) etc.

Capital Gain On Mutual Fund –

Capital Gain on mutual fund could be either long term capital gain or short term capital
gains, depending on your investment Horizon.

Long Term Capital Gain –

 If you make a gain/profit on your investment in an equity mutual fund scheme that you
have held for over one year,It will be classified as a Long Term Capital Gain.
 If you make a gain/profit on your investment in a Non-equity mutual fund scheme (or in a
debt fund)that you have held for 3 years, It will be classified as a Long Term Capital
Gain.
Short Term Capital Gain –

 If you holding in an equity mutual fund scheme is less than 1 year i.e. if you withdraw
your mutual fund units before one year,after making a profi, then the profit will be
considered as a Short Term Capital Gain.
 If you make a gain/profit on your Debt fund (or other than equity oriented scheme) that
you have held for less than 36 month (3 years), it will be treated as a Short Term Capital
Gain
Capital Gain Tax Rate On Resident Individual

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Capital Gain Tax Rate On NRI’s

Security Transaction Tax (STT) On Mutual Fund –

In addition to above there is a 0.001% securities Transaction Tax (STT) (change for 0.25%
from June 2013). Is levied on redemption of Equity Mutual Fund irrespective of holding
Period.

There is a no STT for Non Equity Mutual Fund.

Dividend Distribution Tax On Mutual Fund –

In addition to the above capital gain tax and STT there is Dividend Distribution Tax (DDT)
which is paid directly buy Mutual Funds.The dividend paid to investor is after deduction
of DDT and show the dividend revised is tax free in the hands of investors. The rates of DDT
are as follows :

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TDS On Mutual Fund :

There is no TDS (tax deduction at source) is for Domestic Investors On Redeeming on any
Mutual Fund.

However NRI investors are subjected to TDS as follows.

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 COST OF INVESTING IN MUTUAL FUNDS
Assets management companies charge certain fees on mutual fund scheme held by the
investors and this contributors to the overall mutual fund expenses incurred by him/her.
mutual fund house manage the mutual fund portfolio, monitor market fluctuation and market
investment decision. for this service offered to manage fund professionally and to meet costs
such as advisory fees, operational fees, investment management fees, register and transfer
agent fees, legal and Audit fees, agent/sales commission,on going service charges etc.

All expenses related to mutual fund are together called total expenses ratio, or TER total
expense ratio is the annual expenses incurred on mutual fund held by an investor. AUM or
Assets Under Management should always be higher than the Total Expense Ratio (TER),as
stipulated by SEBI (Security and Exchange Board Of India)

Calculation of Total Expenses Ratio

Total Expense Ratio of a mutual fund can be calculated using the following formula TER =
Total expense incurred in an accounting period X 100 / Total net assets of the fund.
SEBI has placed a limit on TER of Debt schemes and Equity schemes, which are as follows:

Slabs Equity Debt

First 100 crore 2.5% 2.25%
Next 300 crore 2.25% 2%
Subsequent 300 crore 2% 1.75%
Balance 1.75% 1.50%

Expense Ratio Computation

Fund size Expense Ratio Expense Ratio
Calculation
Fund with Net Assets Rs.20.50/1000 Crore 2.05%
Worth Rs.1000 Crores
Fund with Net Assets Rs.2.50 for every 100 2.50%
Worth Rs.100 Crores Crores

24
The Asset Management Companies can charge an additional 30 bps of Total Expense Ratio
if the recent inflows from cities other than that listed as the top 15 reach up to 15% of the
scheme’s Assets Under Management (AUM) or 30% of the gross inflows in the mutual fund
scheme. The highest value is taken into consideration. This means that, if the TER limit on
equity schemes are 2.5% there are chances of it going up to 2.8%.On the other hand, any
additional TER charged will be reduced if inflows from cities other than that listed as the top
15 is redeemed within a year from the investment date.The charges applicable are as follows:
Entry Load –
This is charged at the time of investing in a mutual fund scheme. This amount is deducted
from the fund’s Net Asset Value (NAV). Different fund houses charge different entry load
fees. Generally, the charges are 2.25% of the investment value. However, as per a recent
regulation by the SEBI, fund houses can no longer charge an entry load.
Exit Load –
When an investor exits from a mutual fund scheme within a short span of holding the same,
an exit load has to be paid. This fee is levied in order to discourage investors from opting out
of the scheme and to reduce the number of withdrawals. Different fund houses charge
different entry load fees, depending on a predetermined holding period.Entry loads and exit
loads help to compensate the distribution costs.
Transaction Charges –
A nominal amount has to be paid by investors as transaction fees. This is a fee which is
charged only once during an investment. A transaction fee of Rs. 150 for new investors and
Rs. 100 for existing investors, can be charged on investments worth Rs. 10,000 and above.
For SIP investments, an amount of Rs.100 will be charged as a transaction fee. This fee will
be charged only if the SIP commitment is over Rs.10,000 or above. For investments below
Rs.10,000, no transaction fee will be levied. Transaction charges are paid to intermediaries
or distributors selling the fund.
Other Costs –
There are some indirect costs incurred by investors during the investment tenure. This
includes charges related to opening a demat account, maintaining the demat account,
brokerage charges, etc. While buying and selling stocks, a security transaction tax is levied
which has to be paid by investors.
One Time Charge

One time charges are those which occur during the initial period for starting investing. It’s
basically buy-in tariff taking poker table as an example. It’s also referred as transaction
charge.

Recurring Charge

25
These is fees which the investor has to pay on a daily/quarterly/annual basis. It’s basically
charged for maintaining the portfolio, advising, marketing and other expenses. It is also
referred as Periodic fees.

Management Fee

Management fee is an expense coined for paying your Fund Manager for his services and the
management. This does not come under Other Expenses.

Account Fee

Some AMCs charge investors for maintaining their account if they do not meet the minimum
balance criteria. They deduct this from the portfolio of the investor.

Distribution and Service Fee

This basically is an expense for an investor for the marketing, printing, mailing of the AMC,
which keeps the investor informed via different marketing campaigns. It also provides the
fund manager with adequate funds, if the AMC is cutting close corners.

Switch Price

Some funds allow switching between mutual funds. So, a person can switch from Scheme X
to Scheme Y at a price called Switch Price. Depending upon the scheme, investment can be
wholly or partially transferred.

26
 ADVANTAGES OF MUTUAL FUND INVESTMENT

PROFESSIONAL INVESTMENT MANAGEMENT:

When you invest in a mutual fund, your money is managed by professional experts. This is
one of the primary benefits of investing in mutual funds. Being full-time, high-level
investment professionals, a good investment manager is more resourceful and capable of
monitoring the companies the mutual fund has invested in, rather than individual investors.

The managers have real-time access to crucial market information and are able to execute
trades on the largest and most cost-effective scale. Simply put, they have the know-how to
trade in the markets that retail investors may not possess.

LOW INVESTMENT THRESHOLD

27
A mutual fund enables you to participate in a diversified portfolio for as little as Rs 5000,
and sometimes even lesser. And with a no-load fund, you pay little or no sales charges to
own them.

For example, some bonds and fixed deposits have a minimum investment amount of Rs
25,000. Instead, you can give your money to a mutual fund, which will in turn invest in the
bonds and fixed deposits. This could be done for as little as Rs 1000.

PROFESSIONAL INVESTMENT MANAGEMENT:

When you invest in a mutual fund, your money is managed by professional experts. This is
one of the primary benefits of investing in mutual funds. Being full-time, high-level
investment professionals, a good investment manager is more resourceful and capable of
monitoring the companies the mutual fund has invested in, rather than individual investors.

The managers have real-time access to crucial market information and are able to execute
trades on the largest and most cost-effective scale. Simply put, they have the know-how to
trade in the markets that retail investors may not possess.

CONVENIENCE

Investing in mutual funds has its own convenience. You save up on additional paper-work
that comes with every transaction, the amount of energy you invest in researching for the
stocks, as well as actual market-monitoring and conduction of transactions. With a mutual
fund, you don’t have to do any of that.

Simply go online or place an order with your broker to buy a mutual fund. Another big
advantage is that you can move your funds easily from one fund to another, within a mutual
fund family. This allows you to easily rebalance your portfolio to respond to significant fund
management or economic changes.

LIQUIDITY:

In open-ended schemes, you can get your money back at any point in time at the prevailing
NAV (Net Asset Value) from the Mutual Fund itself.

This makes mutual fund investments highly liquid. Compare that with a fixed deposit or a
bond which may have a fixed investment duration.

VARIETY

28
While investing in mutual funds, you are spoilt for choice. You have a number of mutual
fund schemes to choose from, which may invest in a whole range of industries and sectors,
different kinds of assets, and so on. You can find a mutual fund that matches just about any
investment strategy you select.

There are funds that focus on blue-chip stocks, technology stocks, bonds, or a mix of stocks
and bonds. In fact, the greatest challenge can be sorting through the variety and picking the
best for you.

TRANSPARENCY

SEBI regulations for mutual funds have made the industry very transparent. You can track
the investments that have been made on your behalf to know the sectors and stocks being
invested in.

In addition to this, you get regular information on the value of your investment. Mutual
funds are mandated to publish the details of their portfolio regularly.

29
 RISK ASSOCIATED WITH MUTUAL FUNDS

All mutual funds come up with different level of risk factor and investors must analyze the
level of risk involved before investing into them. Following graph represents the connection
among mutual funds and amount of risk involved with it

30
 Type of risk Type of investment How the fund could lose
affected money
Country risk Foreign investments The value of foreign
investment decline
because of political
changes or instability in
the country where the
investment was issued
Credit risk Fixed income If a bond issue or cannot
securities repair a bond,It may end
up being a worthless
investment
Currency risk Investment If the other currency
deominated in a decline against the
currency other than Canadian Dollar the
the Candid dollar investment will lose value
Interest rate risk Fixed income The value of fixed income
securities securities generally false
when interest rate ri
Liquidity risk All types The fund cannot sell an
investment that's decline
in value because there are
buyers
Market risk All types The value of its investment
decline because of
unavoidable risk that
affected the entire market

31
 Chapter -2

Need for the study

The main purpose of doing this project was to know about mutual fund and its functioning.
It’s help to know the details about mutual fund industry right form the inception stage,
growth and future perspectives. It also helps in understanding mutual fund awareness in
India and different schemes of mutual funds. The project study was done to ascertain the
Asset allocation, entry load, exit load associated with the mutual fund. Ultimately this would
help in understanding the benefits of mutual fund to invest.

Objectives of the study

 To know the concept, meaning and historical evaluation of the mutual fund in India
 To study the behaviour of investors toward investments in mutual fund.
 To analyses the growth trend of the mutual fund industry in India.
 Conduct a market survey of a selected sample of the population and obtain an opinion
derived from such research.
 Explore the recent development in the mutual fund industry of India.

Limitation

The study tries to find out the mutual fund awareness and trend analysis in India. The
research problem is therefore to identify why majority of people prefer to invest in FDs and
RDs etc. rather mutual fund.

Research methodology

The study tries to find out the behaviour of individuals to investing their funds toward
mutual fund. The date for the study has been basically from primary as well as secondary
sources. The secondary include internet, journals, books, publications of various research
Agencies, like AMFI, SEBI handbook, RBI report, etc. The data has been properly analysed
and interpreted to draw conclusion and inference.

Primary Source

The primary data were collected through questionnaires completed by people.

Secondary Source

Source of secondary data have been taken from various websites, books, reports etc.

32
 Chapter -3

DATA ANALYSIS
Type of Gender from whom information is collected

Gender Frequency Percentage

Female 29 40.8%

Male 42 59.2%

Grand Total 71 100.00%

Interpretation

The entire analysis is done after collecting feedback from total 71 number of people. Out of the total people about
42 people (59.2%) are Males and 39 people (40.8%) are females.

33
 1. Age group of people from whom information is collected?

Age Group
70 65

60

50

40

30 Total
21
20 16
9
10

0
18-30 31-40 41-50 51-60

Interpretation

Out of the 111 respondents, 65 individuals (59%) are in the age group of 18-30 years, 16 individuals (14%) are in age
group of 31-40 years, 21 individuals (19%) are in age group of 41-50 years, 9 individuals (8%) are in age group of 51-
60 years.

34
 2. Occupation of people from whom information is collected?

Grand Total

Student

Service
Percentage
Professional Frequency

Housewife

Business

0 20 40 60 80

Profession Frequency Percentage

Business 7 10%

Housewife 4 6%

Professional 11 16%

Service 16 23%

Student 33 47%

Grand Total 71 100%

Interpretation

Out of the 71 respondents, 7 individuals (10%) are Businessmen, 11 individuals (16%) are Professionals, 16
individuals (23%) are doing Service, 33 individuals (17%) are Student, 4 individuals (6%) are housewife.

35
 3. Percentage of people invested into different instruments?

Financial
Frequency Percentage
Instrument

Bank FD 32 46%
Stock Market 22 31%
Gold silver 9 13%
Land 2 3%
Mutual fund 2 2%
Others 4 6%
Grand Total 71 100%

Interpretation

Out of the 71 respondents, 32 individuals (46%) have invested into Bank Fixed Deposits, followed by 22 individuals
(31%) have invested into Stock market which is new generation start investing in Stock market, 9 individuals (9%)
have invested into Gold, only 2 individuals (2%) have invested into Mutual fund, whereas 4 individual invested in any
of the financial instruments.

36
 4. Awareness about Mutual Fund?

50
45
40
35
30
25
20 43
15
10
5 8
0 2
0 to 2 02 to 05 05 to 10

Frequency

Knowledge Frequency

No 20
Yes 51
Grand Total 71

Interpretation

Out of total 71 future investors, 51 individuals have knowledge about Mutual Funds, whereas 20 are unaware about
it. Mostly new generation is more knowledge about mutual fund as compare to the old generation.

37
 5. Who long do you invest in Mutual fund?

Investment Tenure
50
45
40
35
30
25
Frequency
20
15
10
5
0
0 to 2 02 to 05 05 to 10

Years Frequency
0 to 2 43
02 to 05 8
05 to 10 2
Grand Total 53

Interpretation

Out of total 53 individuals, 43 individuals have start investing from last 2 years which mean more people aware
about Mutual Funds and see MF as investing platform, whereas 8 individual are start investing from last two to 5
years. Hardly 2 individual are invested from last 5 to 10 years.

38
 6. Purpose of investing in Mutual Funds?

Purpose of Investing in MF

High Return
29%
Saving
Tax Benefit
50%
Retirement Plan
Other
16%
Grand Total

1% 2% 2%

Factors considered Frequency Percentage

High Return 29 59%
Saving 16 31%
Tax Benefit 2 4%
Retirement Plan 2 5%
Other 1 1%
Grand Total 50 100%

Interpretation

Out of 50 individuals, 29 individuals consider Return on investment as important factor which (59%) of total
response, 16 individuals invest for the saving purpose as other option for FD, safety, whereas 4 individuals invest for
the Tax benefit and Retirement plan.

39
 7. Funds prefer to invest in mutual fund?

Fund Frequency Percentage

Equity Funds 30 58.80%
Debt Funds 8 15.70%
Hybrid Fund 13 25.50%
Total 51 100%

Interpretation

Out of 51 individuals who invest in MF, 30 individuals are prefer to invest in Equity fund which is more risky and give
more return as well, 8 individual invest in Debt fund which is less risker than Equity fund but give less return, and 13
individual prefer Hybrid fund to invest their money which is less risker than equity fund and give more returns than
debt fund.

40
 8. Factors considered by investors before investing in Mutual Funds?

Factors considered Frequency Percentage

Fund Manager 30 56.6%

Liquidity of Fund 35 66.0%
Risk level 23 43.4%
Fund Categories 23 43.4%
High Return 37 69.8%

Interpretation

Out of total 53 individuals 30 individuals consider the Fund manager performance of last 2-5 years, 35 individuals
consider liquidity of fund, 23 individual out of 53 see the Risk level of different scheme and Fund Categories, out of
53 individual 37 consider overall return comparison with peer scheme.

41
 9. Preferred tenure of investment for ULIPs and Mutual Fund

Categories Individual Percentage

Easy 44 83.30%
Difficult 3 5.60%
Complicated 6 11.10%
Total 53 100%

Interpretation

Out of 53 response, 44 individual say investing in mutual fund is easy process as compare to investing in share
market individually, 3 individual respond as difficult which are high age group and mutual fund is new for them, and
6 individual said it is complicated.

42
 10. Do you aware about risk involve in mutual fund and what type of risk do you know?

Interpretation

Out of the total investors i.e. 88.7% individuals are aware about risk involve in mutual fund, 53.8% individual aware
about management risk involve in MF, 48.1% individual aware about Liquidity risk involve in MF, 59.8% investor
aware about volatility in the market affect the performance of MF, 53.8% investors are aware credit risk involve in
MF, 55.8% investors aware about interest Risk and 28.8% investors aware about inflation risk involve in MF.

43
 11. Do you refer other to invest in Mutual fund?

35

30

25

20
Frequency
15 Percentage

10

0
Yes No May be

Reference Frequency Percentage

Yes 33 46.50%
No 19 26.80%
May be 19 26.80%
Total 71 100%

Interpretation

The response regarding the refer other to invest in mutual fund, out of 71 individual 33 individual say yes (46.50%),
19 individual say No to refer other to invest in mutual fund (26.80%) and 19 individual say May be which mean they
are not shore to refer other to invest in mutual fund (26.80%).

44
RESEARCH FINDINGS

 Most number of people for new generation age group 20 to 30 invested in Mutual fund. But still in
India old generation age group does don’t know about mutual fund.

 Service, Professional and Student are more aware about mutual fund as investment platform. People
who don’t have stable income, they prefer FD as investing platform.

 People are giving significant consideration to Return on Investment (ROI) followed by Safety of
principle and maturity respectively while investing in the financial products.

 People prefer Bank Fixed Deposit as a prior platform to invest money or saving purpose.

 People are expecting return from the mutual fund is between 10% to 15% are more.

 People invest the money in mutual fund according to their age group young people invest in Equity
fund to get more returns but people who are going to retired or not want more risk they prefer the
Debt fund as safe investment, some investor refer less risk but more return then they invest in
Hybrid funds.

 Most of the people who started investing in mutual fund from last 2 years, few people investing in
mutual fund from last 5 years.

 According to research highest number of investors comes from the age group of 18-30.

 Most of the investors see the High return before investing in any scheme after that they see the risk
level of fund (Management risk, volatility risk, credit risk, etc.), investor also see the funds
categories before investing in any mutual fund.

 The basic purpose of investment is the return followed by saving. There are some miniscule amount
of people who are investing in both the instruments for saving as well as for return.

 Most of the people who aware about mutual fund are refers other to invest in it.

45
 Chapter -4

GROWTH TREND ANALYSIS OF MUTUAL FUND

INDUSTRY GROWTH TREND ANALYSIS

Total Assets (Rs. Trillion)

Assets managed by the Indian mutual fund industry have grown from Rs. 24.58 trillion in
March 2019 to Rs. 28.29 trillion in February 2020. After that we can se COVID -19 effect
on Total asset, it goes down to Rs. 24.71 in March 2020.

*Assets are measured as average assets for the month. Rs. Trillion is equivalent to Rs. Lakh
Cr.

46
Scheme wise Composition of Assets

The proportionate share of equity-oriented schemes is now 39.7% of the industry assets in
August March 2020, down from 42.5% in March 2019.

The proportionate share of debt-oriented schemes is 31.7% of industry assets in March 2020,
Up from 29.1%% in March 2019.

*Equity-oriented schemes include equity and balance funds.

47
Investor Type-wise Composition of Mutual Fund Assets

55.1%

54.7%

54.1%
53.6%

53.5%
53.3%

Individual investors now hold a lower share of industry assets, i.e. 52.2% in March 20,
compared with 55.1% in March 19.

*Institutional investors account for 47.8% of the assets, of which corporates are 90%. The
rest are Indian and foreign institutions and banks.

Institutions include domestic and foreign institutions and banks. HNIs are investors who
invest with a ticket size of Rs.2 lakhs or above.

48
Investor Categories Across Scheme Types

Equity-oriented schemes derive 87% of their assets from individual investors (Retail + HNI)

Institutional investors dominate liquid and money market schemes (84%), debt

oriented schemes (56%) and ETFs, FOFs (92%).

*Institutions include domestic and foreign institutions and banks. HNIs are investors who
invest with a ticket size of Rs. 2 lakhs or above. Equity-oriented schemes include equity and
balanced funds.

49
Composition of Investors’ Holdings

Individual investors primarily hold equity-oriented schemes while institutions hold liquid
and debt- oriented schemes.

66% of individual investor assets are held in equity oriented schemes.

76% of institutions assets are held in liquid / money market schemes and debt-oriented
schemes.

*Institutions include domestic and foreign institutions and banks.

Individuals include HNIs or investors who invest with a ticket size of Rs. 2 lakhs or above.

Equity-oriented schemes include equity and balanced funds.

50
Growth in Assets

Rs crore

The value of assets held by individual investors in mutual funds decreased from Rs.12.95
lakh cr in March 2019 to Rs.12.90 lakh cr in March 2020, a decrease of 4.71%.

The value of Institutional assets have increased from Rs.11.04 lakh cr in March 2019 to Rs/
11.81 lakh cr in March 2020, an increase of 6.94%.

*Institutions include domestic and foreign institutions and banks.

Rs. Lakh cr is equivalent to Rs. Trillion.

51
Folio Ticket Size
Accounts Across Investor Types

There are 89746051 accounts in the mutual fund industry as at March 2020, of which 89.9%
is accounted for by retail investors.

There were:

•80691066 Retail investor accounts

•8294917 HNI accounts

•760068 Institutional investor accounts.

*Data as on March, 2020. Account refers to a folio. An investor may have multiple accounts
in a single fund or across funds. This is therefore not a count of number of investors, but
number of accounts.

52
Accounts Across Scheme Types

The top 3 scheme types across accounts are:

Equity Oriented Schemes (71.8%), Hybrid Schemes (10.6%) and Solution Oriented Schemes
(6.1%)

Pursuant to rationalization of scheme categorization vide SEBI circular dated October 06,
2017 and change in the format of MCR w.e.f. April 01, 2019, there has been a change in
classification of scheme categories for reporting this data.

53
Increase in Investor Accounts

Since December 2014, there is an increase in investor accounts from 4.03 cr to 8.97 cr in
March, 2020

*Figures in crores. Data as on June 30, 2019.

Account refers to a folio. An investor may have multiple accounts in a single fund or across
funds.

This is therefore not a count of number of investors, but number of accounts.

54
Average ticket size in Equity Schemes is Rs. 1.25 lakh

The average ticket size is relatively higher for liquid and debt oriented schemes which are
dominated by institutional investors

The ticket size for equity oriented funds is Rs.93797.

55
Retail investors’ average account size is Rs. 45595

Institutional investors had the highest ticket size, at Rs.8.4cr per account. Retail investors
had an average ticket size of Rs.45595 per account.

*Data as on March, 2020. Ticket size is computed as assets managed for a scheme
category/number of accounts for that category.

HNIs are defined as individuals investing Rs 2 lakhs and above

56
Geographical Spread
Top 5 States in Each Scheme Category

57
Top 20 States – AUM Composition

% share of the top 20 states in the total industry AUM is indicated in brackets next to each
state respectively.

58
AUM % of GDP

AUM
per Capita (Rs)

59
 CONCLUSION

Mutual fund clearly have a significant role to play in financial development of developing
economic like, India. The resources mobilized by mutual fund in India have recorded to fold
decrease during the study period because of COVID- 19 effect. Sector wise analysis revealed
that the share of private sector mutual fund in the resources mobilized was as high as
82%.Whild assets under management of public sector mutual fund had recorded a sharp
decrease, that of private sector mutual fund have recorded and increase. For this study and
research we can conclude that the mutual fund industry is rapidly growing in India from last
2 years, new generation age group people are more aware about mutual fund and they prefer
more Equity funds to invest their money. We can see the growth in investor account from
last few year.

The Indian mutual fund industry have growing faster from last few years. Recently
we can see COVID -19 effect on Total asset of mutual fund, it goes down to from last two
month. Individual investors primarily hold equity-oriented schemes while institutions hold
liquid and debt- oriented schemes in India. This indicate the dominant role play in private
sector in India mutual fund industry. The recent trend of consolidation of mutual fund in
India industry have given a new boost to the industry in terms of increase market share of
mutual fund. Study has made an attempt to understand the financial behaviour of Mutual
Fund investors and growth trend analysis in India.

60
 Bibliography

https://www.amfiindia.com/

https://www.moneycontrol.com/

https://www.investopedia.com/

https://www.adityabirlacapital.com/

61