TAMIL NADU NATIONAL LAW UNIVERSITY
(A State University established by Act No. 9 of 2012)
Navalurkottapattu, Srirangam (TK), Tiruchirappalli – 620 009, Tamil Nadu
FINANCIAL SERVICES AND MARKETS
TOPIC: STUDY ON INVESTORS PERCEPTION TOWARDS
MUTUAL FUND
SUBMITTED BY:
KINNERA SURYA KAILASH (BC0230023)
SUBMITTED TO:
DR.TS AGILLA
ASSISTANT PROFESSOR OF COMMERCE
TAMIL NADU NATIONAL LAW UNIVERSITY
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
Table of Contents
FINANCIAL SERVICES AND MARKETS.............................................................................1
ACKNOWLEDGEMENT.........................................................................................................4
DECLARATION.......................................................................................................................5
CHAPTER 1: INTRODUCTION TO MUTUAL FUNDS........................................................6
CHAPTER 2- OPERATION OF MUTUAL FUNDS.............................................................10
CHAPTER III: INVESTORS PERSPECTIVE TOWARD MUTUAL FUND.......................17
CHAPTER IV: CONCLUSION..............................................................................................22
BIBILOGRAPHY....................................................................................................................23
2
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
ACKNOWLEDGEMENT
I, would like to express our thanks of gratitude to our professor DR.TS AGILLA, as
well as our Vice chancellor Prof. Dr. V. Nagaraj who gave us this opportunity to do
this project on the topic “STUDY ON INVESTORS PERCEPTION TOWARDS
MUTUAL FUND”. We would also like to thank our families and friends who extended
their support while making this project. Finally, we thank the almighty who gave us
strength and dedication to complete this project.
3
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
DECLARATION
I, KINNERA SURYA KAILASH (BC0230023), hereby declare that the research project
work titled "STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND"
submitted to Tamil Nadu National Law University was originally carried out by us under the
guidelines and supervision of prof. T.S Agilla this work has not been submitted as part of a
degree or diploma at any university.
Place: Tiruchirappalli
Date: 20th August, 2024.
4
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
Chapter 1: INTRODUCTION TO MUTUAL FUNDS
1.1 INTRODUCTION:
In the ever - evolving financial landscape, mutual funds have emerged as a popular
investment vehicle for individuals seeking to grow their wealth while managing risk. Mutual
funds pool resources from multiple investors to invest in a diversified portfolio of securities
offering professional management and risk mitigation. Inspire of their large scale availability
and the potential for attractive returns investors’ perceptions of mutual funds vary
significantly, influenced by factors such as market trends, I individual financial goals, risk
tolerance and the overall economic development1.
This research project aims to explore and analyse the perceptions of investors towards mutual
funds, focusing on interpreting the key factors that shape their investment decisions. The
study will delve into various dimensions such as investor awareness trust in fund managers
and also the speculated risks and returns and the impact of marketing and financial education
on investor behaviour. By examining these aspects the research will provide valuable insights
into the mind-set of current and potential mutual fund investors.
The importance of this study lies in its potential to inform mutual fund companies and
financial advisors about the preferences and concerns of investors enabling them to scrutinize
their products and the communication more effectively. Additionally, understanding investor
perception is crucial for policymakers aiming to enhance financial literacy and promote more
informed investment choices among the public2.
Through a combination of quantitative and qualitative research methods, this project will
gather data from a diverse group of investors, providing a comprehensive overview of how
mutual funds are perceived in the current financial climate. The findings are expected to
contribute to the existing literature on investment behaviour and offer practical
recommendations for the mutual fund industry and financial educators3.
1.2 Research Problem:
The research problem that is seen in this project is the behavioural aspects of investors,
exploring what drives their choices and how these facts affect their perception and
participation. Even though the concept of mutual funds is a static theory the investor’s
1
Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Parvez Ahmed
2
Exploring Investor Behaviour in Mutual Fund
3
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor" by John C. Bogle
5
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
perspective changes according to the marketing trends and their economic environment. This
research can help financial advisors and mutual fund firms identify any discrepancies
between investor expectations and actual mutual fund performance or advantages.
1.2 Objectives of Research:
To understand the concept of mutual Funds
To examine the level of awareness and knowledge among investors about mutual
funds.
To analyse the factors influencing investors' perceptions towards mutual funds.
To study the role of financial advisors and intermediaries in shaping investors' views
on mutual funds.
To discuss the perspective of various groups of investors on mutual funds.
1.3 REVIEW OF LITERATURE
Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Pervez
Ahmed.
This book is a comprehensive examination of the extensive body of research on mutual
funds. The book covers key themes and findings from over five decades of scholarly work on
the performance, risk, and behaviour of mutual funds, providing a critical synthesis of the
literature. The book addresses the central topic of whether mutual funds continuously
outperform the market. Anderson and Ahmed examine significant research, including those
by Sharpe (1966) and Jensen (1968) that pioneered early performance evaluation
methodologies such as the Sharpe Ratio and Jensen's Alpha. These studies usually indicate
that, after accounting for fees and expenses, mutual funds do not consistently outperform the
market.
Triparty, Nalini Prava. Mutual Funds in India: Emerging Issues. Kalpaz Publications,
1996.
This book by Nalini and tripathy is a seminal work that examines the evolution and
challenges of the mutual fund industry in India during the 1990sTripathy explores the history
of mutual funds in India, beginning with the formation of the Unit Trust of India (UTI) in
6
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
1963, which marked the beginnings of the country's mutual fund business. The book analyses
the arrival of public sector mutual funds in the 1980s, followed by financial sector
liberalisation in the early 1990s, which allowed private firms to enter the market.
Capital Markets and Securities Laws: Institute Of Company Secretaries of India
"Capital Markets and Securities Laws" is an authoritative textbook produced by the Institute
of Company Secretaries of India (ICSI). It is intended to provide in-depth knowledge of
capital markets and securities legislation, specifically in the Indian context. This book is a
crucial resource for company secretarial students, legal professionals, and anybody interested
in how India's capital markets operate.
The book provides a comprehensive explanation of the structure and operation of India's
capital markets. It examines the growth of capital markets, from the founding of the Bombay
Stock Exchange (BSE) in the nineteenth century to the rise of the National Stock Exchange
(NSE) and other current trading platforms.
Mutual Funds in India: Marketing Strategies and Investment Practices" by H. Sadhak:
This book is an informative assessment of the mutual fund sector in India, with an emphasis
on both mutual fund providers' marketing methods and investors' investment patterns. The
book gives a complete examination of the evolution, difficulties, and prospects within the
Indian mutual fund business, making it a useful resource for professionals and researchers.
Sadhak charts the evolution of the mutual fund industry in India, beginning with the
formation of the Unit Trust of India (UTI) in 1963 and ending with the introduction of public
sector mutual funds in the 1980s. With the introduction of private sector mutual funds in the
1990s, the Indian economy's liberalisation reached a watershed moment.
1.4 Research Methodology:
In the analysis of Study on Investors perception towards Mutual Fund, primary sources
like data survey and Secondary sources like books, articles, journals and newspapers
from various publications will be used. This research paper will use analytical,
descriptive and empirical methods to delve deeper into the subject.
7
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
1.5 Limitations:
This research project based on the concept mutual funds and investor’s perspective has
certain limitations. Firstly, the project focuses on specific class of people. The sample size of
investors surveyed may be limited, which can affect the generalizability of the findings. If the
sample is not diverse enough, the results may not accurately reflect the perspectives of the
broader investor population. The financial market is extremely dynamic, and investor
perceptions can shift quickly in response to market movements, economic events, or policy
changes. This makes it difficult to obtain a precise and timely snapshot of investor opinions.
8
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
CHAPTER 2- OPERATION OF MUTUAL FUNDS
2.1 MUTUAL FUND
As the two words denote, Mutual connotes getting together and fund connotes money. Hence
by definition a Mutual Fund is a vehicle for investing money for investors with a common
objective4. “
Mutual Funds are a vehicle that collects money from investors to buy securities. These
investors have a common objective and this collected money is advised by the fund manager
who decides how to invest money with good expertise in fund management. The mutual
funds manager generates returns for the investor which are remitted to the investors. A
mutual fund is a trust that collects money from investors who share a very much similar
financial goal and invest the proceeds in different class assets. In simple words mutual fund is
a financial intermediary set up with an objective to professionally categorise the money that
is collected from the investors at large. The mutual funds normally come out with a number
of schemes with different investment objectives which are launched from time to time. 5”
4
Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Parvez Ahmed
5
Mutual Funds. (n.d.). Corporate Finance Institute.
https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/mutual-funds
9
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
2.2 OVERVIEW OF MUTUAL FUNDS INDUSTRY IN INDIA
“
The mutual fund industry in India began in 1963 with the formation of the Unit trust of India
as an initiative of the Government of India and the reserve bank of India. In early 1990s,
government allowed public sector banks and institutions to set up mutual funds”
In 1987 SBI Mutual fund became the first non UTI mutual fund in India. Subsequently, the
year 1993 reigned a new era in the mutual fund industry. This was marked by the entry of
private companies in the sector. After the Securities and Exchange Board of India was passed
in 1992 the SEBI mutual fund Regulations came into being 1996.6 As the industry expanded
a non-profit organisation the association of mutual funds in India (AMFI) was established on
1995. Its objective is to promote healthy and ethical marketing practices in the Indian Mutual
fund Industry.
“
2.3 STRUCTURE OF A MUTUAL FUNDS
A mutual fund is set up in the form of a trust which has sponsor, trustees, Asset Management
Company (AMC) and a custodian. SEBI prescribes comprehensive set of guidelines in the
functioning of a mutual fund through the SEBI Regulations, 1996.
i. Sponsor- Sponsor is the principal body who brings the capital as per the guideline
issued by SEBI to start a mutual fund
ii. Trust and trustee - trust is created by sponsor and trustees are appointed to manage
the operations of a trust. The trustees job is to ensure that all the funds are managed as
per the defined objective and investors interest is protected
iii. Asset Management Company - The Trustee appoints AMC to manage the funds of
the investors and in return get the fee to manage the fund
iv. Custodian - Custodian job is to the safekeeping of the investors fund and securities
and to ensure that it would be used for intended purpose only.7
v. Registrar and Transfer Agent- RTAs job is to manage the backend operation of the
mutual fund and managing investors transaction request and other related services”
6
CAPITAL MARKETS AND SECURITIES LAWS : INSTITUTE OF COMPANY SECTRETARIES OF
INDIA.
7
Tripathy, Nalini Prava. Mutual Funds in India: Emerging Issues. Kalpaz Publications, 1996.
10
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
2.4 CLASSIFICATION OF MUTUAL FUNDS
There are two types of mutual funds classified based on structure they are open ended and
close ended.
i. Open Ended Mutual Fund - “
Open ended funds are always open to investment and redemptions hence the name
open ended funds. Open ended funds are the most common form of investment in
mutual funds in India. Usually open ended funds do not have any lock in period or
maturities so it is open perennially. Generally open ended funds do not have any
maximum limit of up to which it can collect the money in the form of investments
from the public. In open ended funds, the NAV is calculated daily on the value of the
underlying securities at the end of the day.”These funds are usually not traded in any
stock exchanges. The big difference between open ended and close ended mutual
funds is that open ended funds always offer high liquidity compared to close ended
funds. In close ended funds the liquidity is only available after the lock in period or at
the fund maturity.8
ii. Close ended funds -
A close ended mutual fund scheme is class of mutual fund where the investment is locked
in for a specific period of time. A close ended mutual fund scheme can only be opted for
8
CAPITAL MARKETS AND SECURITIES LAWS : INSTITUTE OF COMPANY SECTRETARIES OF
INDIA.
11
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
during the new fund offer period and redeem the units only after the lock in period or the
tenure of the scheme is over.9
In some cases the close ended schemes become the open ended after the completion of
the lock in period or sometime AMCs might transfer the proceeds of close ended funds
post the maturity period to another open ended fund. To do this operation the consent of
the investors of the said closed ended fund is needed. “
Features Open ended funds Close ended funds
Liquidity High liquidity - we can buy and sell No liquid during the lock in period
units at any time expecting the units redemption proceeds received only
of ELSS funds as they are locked in after end of lock in period
for 3 years from the date of
investment.
Ways of The investment can be done in lump You can invest only during the new
investing sum as well as through SIPs. In fact fund offer not through SIPs
you can make any number of
purchases in the fund.
Investment Investment amount will be low that it 5000 is the minimum investment
amount starts from 500 or 1000 amount for investing in a close
ended fund NFO
Mutual funds are further divided on basis of investment objective of the investor”
a. Growth Oriented Schemes:
These funds provide the growth opportunities that come with capital market investments,
including: (i) a strong dividend stream and (ii) quick capital growth by holding high-quality
scrips. These funds focus mostly on the low risk and high yielding range of corporate sector
equities scrips in order to meet investors' needs for growth.
b. Hybrid Schemes:
Therefore, investment targets of these mutual funds are judicious mix and the Funds utilize
the concept of balanced investment management. These funds are, thus, also known as
“balanced funds”.
c. High Growth Schemes: “
9
Agarwal, H. N. Mutual Funds in India: Performance Evaluation. New Century Publications, 2000
12
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
As the nomenclature depicts, these funds primarily invest in high risk and high return volatile
securities in the market and induce the investors with a high degree of capital
appreciation.331
d. Capital Protection Oriented Scheme:
It is a scheme which protects the capital invested in the mutual fund through suitable
orientation of is portfolio structure.
e. Tax Saving Schemes:
These schemes offer tax rebates to the investors under tax laws as prescribed from avenues.
For example, Equity Linked Saving Schemes (ELSS) and pensions schemes.”
f. Special Schemes:
This category includes index schemes that attempt to replicate the performance of industries
or sectoral schemes (which invest exclusively in segment such as ‘A’ Group or initial public
that of an index). Sectoral fund schemes are ideal for investors who have already decided to
invest in particular sector or segment10.
2.5 ADVANTAGES OF MUTUAL FUNDS
The following are some benefits of investing in mutual funds:
1. Professional Management: Investors receive the assistance of knowledgeable and
competent experts who are supported by a specialized investment research team that
evaluates the prospects and performance of businesses and chooses assets that are appropriate
to meet the scheme's goals. Mutual funds invest in a number of companies across a broad
cross-section of industries one can do on his own
2. Convenient Administration: Purchasing mutual funds helps investors avoid a number of
issues, including poor delivery, late payments, and needless follow-up with brokers and
businesses. It also minimizes paperwork. Mutual funds facilitate convenient and easy
investing while saving investors time.
3. Potential Return: In the medium to long run, mutual funds offer the Possibility of yielding
a larger return
10
CAPITAL MARKETS AND SECURITIES LAWS : INSTITUTE OF COMPANY SECTRETARIES OF
INDIA
13
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
4. Low Costs: Compared to investing directly in the, mutual funds are a comparatively less
expensive option for investors.
5. Liquidity: Investors in open ended schemes can instantly receive their money back from
the mutual fund at prices linked to net asset value. Investors in closed-ended schemes have
three options: they can sell their units at the going market price, take advantage of the direct
repurchase option, which certain closed-ended and interval schemes periodically provide at
net asset value (NAV)-related prices, or offer to redeem their units back to the fund on the
scheme's maturity date.
6. Transparency: In addition to disclosure, investors receive monthly updates on the value of
their investment. 11
2.6 RISKS WITH MUTUAL FUNDS
The main factor that makes mutual funds hazardous is that their investments are made in a
range of securities, including corporate bonds, debt, and stock. Given that these investment
instruments' pricing.12
Types of Risk:
1. Risk of volatility -Equity-based funds generally make investments in the stock of
companies that are listed on stock exchanges. The performance of the companies,
which is frequently impacted by the prevailing microeconomic conditions, determines
the value of these funds.
2. Credit risk - Investments in mutual funds that involve credit risk frequently arise
from circumstances in which the scheme's issuer defaults on interest payments. Fund
managers usually incorporate investment-grade securities with excellent credit ratings
in debt funds.
3. Liquidity risk - Liquidity is typically available for mutual funds with strict lock-in
periods, such as ELSS, which are lengthy.
4. Concentrated risk- Among investors, this mutual fund risk is also common. It can be
defined as the circumstance in which investors frequently allocate all of their funds to
a single investment plan or industry. For example, investing all of your money in the
stocks of a single firm has a significant risk of capital loss in volatile markets.13
11
Ibid
12
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor" by John C. Bogle
13
Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Parvez Ahmed
14
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
15
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
CHAPTER III: INVESTORS PERSPECTIVE TOWARD MUTUAL
FUND
3.1 WHO IS AN INVESTOR?
An investor is a person or organization that contributes funds or resources to a company or
other enterprise with the goal of earning a profit. A project or idea can also attract labour or
time investments from investors. For instance, a community investor might be someone who
donates their time to assist with home construction. To generate a rate of return and achieve
significant financial goals, such as saving for retirement, paying for schooling, or simply
building up extra wealth over time, investors rely on a variety of financial instruments.
As already discussed the way investor approaches the system of investing mutual funds and
also the types of mutual funds.14
3.2 THE INFLUENCE OF INVESTOR PERSPECTIVES ON MUTUAL FUNDS
Mutual funds, are pooled investment vehicles which play a pivotal role in financing markets,
offering investors a diverse array of options to meet the financial goals assigned to them. The
fund managers who make investment decisions, the perspectives and behaviours of investors
have a profound impact on the mutual funds industry. One of the most direct ways for
investor opinions to impact mutual funds is through the demand for various types of funds.
Investors have varied levels of risk tolerance, financial goals, and time horizons, which all
influence their investment decisions. Conservative investors that prioritise capital
preservation prefer bond or money market funds, which provide lower risk and more
consistent returns. Following are the few categories where we can see how investor’s
perspective influence the mutual funds.
i. Risk tolerance
Investors with a high tolerance for risk are more likely to invest in equity or sector specific
mutual funds which offer higher potential return but come with greater volatility.
Conservative investors prefer investments like debt funds or balanced funds which have that
potential to provide steady returns with lower risk.
ii. Investment Goals
14
ibid
16
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
Investors looking to meet short term financial goals may chose liquid or short duration debt
funds for their stability and low risk. For long term objectives like retirement or wealth
creation investors often select equity mutual funds which have potential for higher returns
over time.
iii. Financial knowledge and Awareness
Those with a good understanding of financial markets will diversify their portfolio across
different types of mutual funds including international and thematic funds. Investors with
limited financial knowledge may prefer simpler, less volatile options like index funds or
target-date funds.
iv. Income level
High-income investors may consider more speculative mutual funds, such as small-cap or
emerging market funds.
Low-Income Investors: These investors may prefer funds with lower expense ratios or that
provide tax breaks, such as ELSS (Equity Linked Savings Schemes).15
v. Age and Life Stage
Younger investors are more ready to take risks, therefore they tend to favour equity or
growth-oriented funds. As older investors approach retirement, they may shift their
investments to more conservative funds, such as income or bond funds, to protect capital.
Fund performance and management
Investors are generally attracted to funds with strong historical performance this created
pressure on asset managers to deliver consistent returns which can influence their investment
strategies including the level of risk they are willing to take. Investors’ expectations regarding
transparency, ethical, investing and accountability can influence how fund managers
operate.16
vi. Cultural and Social Influences
Peer Influence: Investors may be influenced by the financial decisions of their friends and
family, resulting in trends such as herd behaviour in mutual fund investments.
15
"Mutual Funds in India: Marketing Strategies and Investment Practices" by H. Sadhak
16
ibid
17
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
Cultural Preferences: An investor's approach to mutual funds can be shaped by cultural views
towards saving and investing, which influence risk appetite and fund selection.17
3.3 DATA SURVEY TO PROVE THIS INFLUENCE OF PERSPECTIVE ON
MUTUAL FUND MARKET
To make this research paper more relevant and give strong substantial evidence for
supporting the statements made in the before chapter on the basis of age and their interest in
mutual funds and the reasons for the same the research was conducted in many groups
through online mediums
Below given each question with the analysis
a) Age
The main reason why this category was put forward is the present generation are very much
interested into the mutual fund and stock market so to break that category of age this question
was put forward so we can get perspective of different age groups, below is the result
From the above result we can see the majority of the age group is 16 to 20 years this is the
age where people have this really good aspiration to invest in the stock market but don’t
know how to do it so here comes the mutual funds which collect money and invests in the
stock market and pays the investors their return. Even though majority of the people are not
interested the reasons are duly stated below.
b) The source of income for the individual
The source for the income is the most important thing because without revenue there is no
capital to invest in the mutual funds. The three categories of the individuals are salaried
employees, students and business men so this categories are the most common in society
17
Mutual Funds in India: Performance Evaluation" by H. N. Agarwal
18
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
c) Interest of the individual
The interest to invest is the most important criteria to consider when analysing how their
perspective is on mutual funds even though the reasons are stated in the following parts
d) What are the reasons for no
There are three main reasons given in the poll they are too much of risk, societal perspective
on stock market and not interested. The option not interested was chosen by many people but
the as far as the research concerns we can assume it’s because of lack of knowledge on the
mutual funds or no proper analysis on the same. The second option is societal perspective on
mutual funds the society in general have very opinion that stock market is gamble and very
risky for young people. The third reason is too much of risk which can be assumed.
19
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
e) What are the reasons for yes
The three reasons given for the yes is additional income, got influenced by some
advertisement and other reasons. The other reason got the highest and the two other are
additional income and influenced by advertisement. Mutual funds generally generate good
returns so people just use it to generate their additional income.
20
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
CHAPTER IV: CONCLUSION
The research on “Study on investor’s perception towards mutual fund” highlights the
intricate relationship between investor characteristics and mutual fund investments. It
becomes evident that mutual funds are not just financial instruments they are shaped
significantly by the perceptions, behaviours and preferences of investors.
Investors risk tolerance, financial goals, and knowledge level and socio economic
background play critical roles in determining the types of mutual funds they choose.
Furthermore, demographic factors like age, income and life stage influence investment
decisions resulting in a variety of returns and satisfaction levels. Behavioural biases and
tax considerations are also identified as relevant factors, emphasising the importance of
personalised investment strategies.
The study prioritizes the role of understanding investor psychology and preferences for
mutual fund managers and financial advisors. By aligning mutual fund offerings with
the diverse needs and expectations of investors the industry can foster greater
confidence and participation in mutual funds, contributing to overall financial growth
and stability.
In conclusion the perspective of investors is very important in shaping the mutual fund
landscape, a thorough grasp of these viewpoints not only improves the effectiveness of
mutual fund investments, but also drives the evolution of the industry, ensuring that it
remains responsive to changing market dynamics and investor needs.
21
STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND
BIBILOGRAPHY
BOOKS
1. Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor" by John C. Bogle
2. Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Parvez Ahmed
3. Mutual Funds in India: Performance Evaluation" by H. N. Agarwal
4. CAPITAL MARKETS AND SECURITIES LAWS : INSTITUTE OF COMPANY
SECTRETARIES OF INDIA
5. Agarwal, H. N. Mutual Funds in India: Performance Evaluation. New Century Publications, 2000
6. Mutual Funds: Fifty Years of Research Findings" by Seth C. Anderson and Parvez Ahmed
WEBSITES
1. Mutual Funds. (n.d.). Corporate Finance Institute.
https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/mutual-funds
22
