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INTRODUCTION

Economic liberalization and globalization of the Indian markets began in1991. This meant that

the Indian consumers had access to imported goods which resulted in fall in prices of domestic

goods due to high competition. This means that meant lower the interest rates and more

importantly transfer of risk from government to the individuals, forcing them to protect their

investments themselves.

As every individual is different their objective behind investments also differs from person to

person. Their objective can be of different types like fixed return, capital appreciation, tax

planning or current income. But the investment decision mainly depends upon the objective of

the investors. Therefore, it is necessary to understand the nature of the investor and his ability to

take risk.

Mutual funds can act here as a better option for investments for an individual the risk factor can

be minimized in this. It not only offers good returns but the management of the portfolio of

mutual funds is diversified due to which it offers high returns compared to other investment

options.

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India Infoline Ltd. is a financial services conglomerate which was started by a group of

passionate entrepreneurs in 1995. The genesis of IIFL lies in the power of dreaming big and

believing in your dreams.

INDIA INFOLINE originally incorporated on October 18, 1995 as PROBITY RESEARCH

AND SERVICES PVT LTD. at Mumbai under the Companies Act,1956 with Registration No.

1193797.and became a public limited company on April 28, 2000.The name of the Company

was changed to India Infoline Limited on May 23, 2000 and later to India Infoline Limited on

March 23,2001. It is the first Company in India to foray into the online distribution of Mutual

Funds It is a one-stop financial services shop, most respected for quality of its advice,

personalized service and cutting-edge technology.

IIFL was the pioneer in the retail broking industry with its launch of 5paisa trading

platform which offered the lowest brokerage in the industry and the freedom from

traditional ways of transacting. Our strength has been to continuously innovate and

reinvent ourselves. IIFL’s evolution from an entrepreneurial start -up in 1995 to a full

range diversified financial services group is a story of steady growth by adapting to the

dynamic business environment, without losing focus on our core domain of financial

services.

Today, IIFL Holdings Limited (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636) is

India’s leading integrated financial services group with diverse operating bu sinesses,

mainly, Non Banking and Housing Finance, Wealth and Asset Management, Financial

Advisory and Broking, Mutual Funds and Financial Product Distribution, Investment

Banking, Institutional Equities, Realty Broking and Advisory Services. It serves mor e

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than 4 million satisfied customers across various business segments and is continuously

building on its strengths to deliver excellent service to its expanding customer base.

The No.1Corporate agent for ICICI Prudential Life Insurance Company. Research acknowledged

by Forbes as “Must Read for investor in South Asia” Listed on Bombay and National Stock

Exchange with a net worth of INR 200 crore and a market cap of over INR 1970 crore. The

company has a network of 1100 business branches spread across 365 cities and townsIt is

registered with NSDL as well as CDSL as a depository participant. Providing a one-step solution

for clients trading in the equities market.

Vision

To be the most respected financial services company in India.

Values

Fairness- Fairness in their transactions with all stakeholders including employees,

customer, vendor, bereft of fear or favors.

Integrity- Integrity and honesty of the utmost nature, in letter, in spirit, and in all our

dealing with people internal or external.

Transparency- Transparency in all their dealing with stakeholders, media, investors and the

public at large.

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MISSION 2020

From an entrepreneurial start-up in 1995, we have steadily grown to emerge as one of

India’s leading financial services group. Ever since our in ception, our strategy has been

to align our capabilities and market insights to the country’s rapidly changing business

environment. Our growth trajectory has only served to reinforce our focus on our domain

of financial services.

• 2.5x profit and target to raise ROE from 17.3% to 24%

Doubling • Adequately capitalized to sustain volume growth

• Margin improvement to be driven by rating upgrade
to help lower cost of funds

• Reducing volatility and cyclicality of earnings in all

Durability businesses
• Wealth focus on advisory mandate for customer
stickness

DE- • Diversifying revenue sources with focus on financial

services
• Best-in-class risk management Framework
RISKING • Scale & digitization to bring costs down

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IIFL BUSINESSES

 LOAN & MORTGAGES

A diversified financing company offering Home loan, loan against property, gold loan,

commercial vehicle finance, medical equipment finance, loan against securities, SME

business loan and Micro finance

Assets Under Management of Rs. 233 billion as on June 30, 2017

Offers Affordable financing solutions and retail home loan.

Focuses on priority sector customers for home loan and loan against property

 WEALTH MANAGEMENT

One of the largest and fastest growing wealth management companies in India.

Offers advisory, wealth structuring solutions, asset management, and onshore and

offshore distribution services.

Assets under advice, management and distribution of Rs 1,269 billion as on June 30,

2017. Presence across major countries and Indian cities through a network of 22 offices

Asset management company of IIFL has investment manager of mutual fund and

alternative investment funds.

 CAPITAL MARKET

Leading broking house offering equity, commodities, currency broking in retail and

institutional segment.

Well-known for quality research

IIFL Markets (mobile trading platform) is the best rated and highest downloaded app

among its peer group on Google Play Store with more than 10,00,000 downloads.

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IIFL's innovative Mutual Fund app allows users to buy/sell and monitor mutual fund

investments, anytime, anywhere with expert assistance from fund managers.

Among India’s top six mutual fund distributors.

Leading non-bank distributor for life Insurance in the country.

Online interface and mobile applications, to comprehend, compare, and buy products

from different insurance and mutual fund companies.

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VARIOUS INVESTMENT OPTIONS

Saving plays an important role in every nation’s economy. The money which is collected

through savings acts as a driver for growth of the country. The saving can be invested into two

ways that is short term or long-term investment options.

SHORT TERM INVESTMENT OPTION

Short term financial option is where the holding of the asset is for a shorter period of time or

where an asset is expected to be converted into cash in the next year. Broadly speaking, savings

bank account, money market and fixed deposits can be considered as short term financial

investments options.

 Savings Bank account- It is often the first option or the banking product which is

preferred, which offers low interest (4%- 5% p.a.), making them only marginally better

than fixed deposits.

 Money market or Liquid Fund-They are specialized form of mutual funds that invest in

extremely short term fixed income instruments and thereby provide easy liquidity. Unlike

most mutual funds, money market funds are primarily oriented towards protecting the

capital and then, aim to maximize returns. Money market funds usually yield better

returns than savings accounts, but lower than bank fixed deposits.

 Fixed deposits with banks-They are also referred to as term deposits and minimum

investment period for bank FD’s is 30 days. Fixed be considered for 6 – 12 months

investments period as normally interest on less than 6 months bank FD’s is likely to be

lower than money market fund returns.

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LONG TERM INVESTMENT OPTION

Long term investment can be referred as the holding an asset for an extended period of time,

depending upon the type of security. A long-term asset can be held for one-year minimum or

as long as for 30 years or more. Post office savings schemes, Public provident fund,

Company fixed deposits, bonds and debentures, Mutual funds etc.

 Post office savings- It is a monthly income scheme which is low risk saving instrument,

which can be availed through any post office. It provides an investment rate of 8% per

annum, which is paid monthly. Minimum amount which can be invested is Rs. 1,000 and

additional investments in multiples of 1,000. Maximum amount is Rs. 3,00,000/- (if

single) or Rs. 6,00,000 (if held jointly) during a year. It has a maturity period of 6 years.

Premature withdrawal is permitted if deposit is more than one-year old. A deduction of

5% is levied from the principal amount if withdrawal prematurely.

 Public Provident fund-A long term savings instrument with a maturity of 15 years and

interest payable at 8% per annum compounded annually. A PPF account can be opened

through a nationalized bank at any time during the year and is open all through the year

for depositing money. Tax benefits can be availed for the amount invested and interest

accrued is tax free. A withdrawal is permissible every year from the seventh financial

year of the date of to 50% of the balance at credit at the end of the 4th year immediately

preceding year whichever is lower the amount of loan if any.

 Company fixed deposit- These are short term to medium term borrowings by companies

at a fixed rate of interest which is payable monthly, quarterly, semi-annually, annually.

They can also be cumulative fixed deposits where the entire principal along with the

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 interest is paid at the end of the loan period. The rate of interest varies between 6-9% per

annum for company FD’s. The interest received is after deduction of taxes.

 Bonds-It is a fixed income instrument issued for a period of more than one year with the

purpose of raising capital. The central or state government, corporations and similar

institutions sell bonds. A bond is generally a promise to repay the principal along with a

fixed rate of interest on a specified date, called the Maturity date.

 Mutual funds-These are funds operated by an investment company which raises money

from the public and invests in a group of assets (shares, debentures etc). In accordance

with a stated set of objectives. It is a substitute for those who are unable to invest directly

in equities or debt because of resource, time or knowledge constraints.

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MUTUAL FUND

Mutual fund is an investment that pools money from shareholders and invests in a variety of

securities, such as stocks, bonds and money market instruments. Most open-end Mutual funds

stand ready to buy back (redeem) its shares at their current net asset value, which depends on the

total market value of the fund's investment portfolio at the time of redemption. Most open-end

Mutual funds continuously offer new shares to investors. Also known as an open-end investment

company, to differentiate it from a closed-end investment company. Mutual funds invest pooled

cash of many investors to meet the fund's stated investment objective. Mutual funds stand ready

to sell and redeem their shares at any time at the fund's current net asset value: total fund assets

divided by shares outstanding.

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Any change in the value of the investments made into capital market instruments (such as shares,

debentures) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as the

market value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme is

calculated by dividing the market value of scheme's assets by the total number of units issued to

the investors.

Mutual fund is a common pool of money in to which investors with common investment

objective place their contributions that are to be invested in accordance with the stated

investment objective of the scheme. The investment manager would invest the money collected

from the investor in to assets that are defined/ permitted by the stated objective of the scheme

In Simple Words, Mutual fund is a mechanism for pooling the resources by issuing units to the

investors and investing funds in securities in accordance with objectives as disclosed in offer

document. Investments in securities are spread across a wide cross-section of industries and

sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not

move in the same direction in the same proportion at the same time. Mutual fund issues units to

the investors in accordance with quantum of money invested by them. Investors of Mutual funds

are known as unit holders. The profits or losses are shared by the investors in proportion to their

investments. The Mutual funds normally come out with a number of schemes with different

investment objectives which are launched from time to time.

In India, A Mutual fund is required to be registered with Securities and Exchange Board of India

(SEBI) which regulates securities markets before it can collect funds from the public. In Short, a

Mutual fund is a common pool of money in to which investors with common investment

objective place their contributions that are to be invested in accordance with the stated

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investment objective of the scheme. The investment manager would invest the money collected

from the investor in to assets that are defined/ permitted by the stated objective of the scheme

MUTUAL FUND STRUCTURE

Sponsor

They are the individuals who think of starting a mutual fund. The Sponsor approaches SEBI,

the market regulator and also the regulator for mutual funds. Not everyone can start a mutual

fund. SEBI will grant a permission to start a mutual fund only to a person of integrity, with

significant experience in the financial sector and a certain minimum net worth. These are just

some of the factors that come into play. The application to SEBI for registration of a mutual

fund is made by the sponsors. Thereafter the sponsor invests in the capital of the AMC. Since

sponsors are the main people behind the mutual fund operation they need to have a minimum

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40 % shareholding in the capital of the AMC. Further, anyone who has more than 40 %

shareholding in the AMC is considered to be a sponsor.

Trustee

The trustee has a critical role in ensuring that the mutual fund compiles with all the

regulations and protect the interest of the unit holders. As part of this role, they perform

various kinds of general due diligence and specific due diligence. The sponsor will have to

appoint at least 4 Trustees. Once SEBI is satisfied with the credentials and eligibility of the

proposed Sponsors, the Sponsors then establish a Trust under the Indian Trust Act 1882.

Trusts have no legal identity in India and thus cannot enter into contracts. Hence the Trustees

are the individuals authorized to act on behalf of the Trust. Contracts are entered into in the

name of the Trustees. Once the Trust is created, it is registered with SEBI, after which point,

this Trust is known as the mutual fund.

Asset Management Company (AMC)

An asset management company (AMC) is a company that invests its clients' pooled funds

into securities that match declared financial objectives. Asset management companies

provide investors with more diversification and investing options than they would have by

themselves. AMCs manage mutual funds, hedge funds and pension plans, and these

companies earn income by charging service fees or commissions to their clients.

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ADVANTAGE OF MUTUAL FUND

Professional Convinent
Diversification
Management Administration

Cost
Liquidity Tax Benefit
Effectiveness

Transperancy Affordability

Professional Management.

The major advantage of investing in a mutual fund is that you get a professional money

manager to manage your investments for a small fee. You can leave the investment

decisions to him and only have to monitor the performance of the fund at regular

intervals.

Diversification.

Considered the essential tool in risk management, mutual funds make it possible for even

small investors to diversify their portfolio. A mutual fund can effectively diversify its

portfolio because of the large corpus. However, a small investor cannot have a well-

diversified portfolio because it calls for large investment. For example, a modest portfolio

of 10 blue chip stocks calls for a few a few thousands.

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Convenient Administration.

Mutual funds offer tailor-made solutions like systematic investment plans and systematic

withdrawal plans to investors, which is very convenient to investors. Investors also do not

have to worry about investment decisions, they do not have to deal with brokerage or

depository, etc. for buying or selling of securities. Mutual funds also offer specialized

schemes like retirement plans, children’s plans, industry specific schemes, etc. to suit

personal preference of investors. These schemes also help small investors with asset

allocation of their corpus. It also saves a lot of paper work.

Costs Effectiveness

A small investor will find that the mutual fund route is a cost-effective method (the AMC

fee is normally 2.5%) and it also saves a lot of transaction cost as mutual funds get

concession from brokerages. Also, the investor gets the service of a financial professional

for a very small fee. If he were to seek a financial advisor's help directly, he will end up

paying significantly more for investment advice. Also, he will need to have a sizeable

corpus to offer for investment management to be eligible for an investment adviser’s

services.

Liquidity.

You can liquidate your investments within 3 to 5 working days (mutual funds dispatch

redemption cheque speedily and also offer direct credit facility into your bank account

i.e. Electronic Clearing Services).

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Transparency.

Mutual funds offer daily NAVs of schemes, which help you to monitor your investments

on a regular basis. They also send quarterly newsletters, which give details of the

portfolio, performance of schemes against various benchmarks, etc. They are also well

regulated and SEBI monitors their actions closely.

Tax benefits.

You do not have to pay any taxes on dividends issued by mutual funds. You also have the

advantage of capital gains taxation. Tax-saving schemes and pension schemes give you

the added advantage of benefits under section 88.

Affordability

Mutual funds allow you to invest small sums. For instance, if you want to buy a portfolio

of blue chips of modest size, you should at least have a few lakhs of rupees. A mutual

fund gives you the same portfolio for meager investment of Rs.1,000-5,000. A mutual

fund can do that because it collects money from many people and it has a large corpus.

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TYPES OF MUTUAL FUNDS

There are wide variety of Mutual Fund schemes that cater to investor needs, whatever the age,

financial position, risk tolerance and return expectations. The mutual fund schemes can be

classified according to both their investment objective (like income, growth, tax saving) as well

as the number of units (if these are unlimited then the fund is an open-ended one while if there

are limited units then the fund is close-ended).

OPEN-ENDED SCHEMES

These funds are sold at the NAV based prices, generally calculated on every business day. These

schemes have unlimited capitalization, open-ended schemes do not have a fixed maturity - i.e.

there is no cap on the amount you can buy from the fund and the unit capital can keep growing.

These funds are not generally listed on any exchange.

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Open-ended funds are bringing in a revival of the mutual fund industry owing to increased

liquidity, transparency and performance in the new open-ended funds promoted by the private

sector and foreign players. Open-ended funds score over close-ended ones on several counts.

Some of these are listed below:

Any time exit option: The issuing company directly takes the responsibility of providing an

entry and an exit. This provides ready liquidity to the investors and avoids reliance on

transfer deeds, signature verifications and bad deliveries.

Tax advantage: Though Budget 2004 proposals envisage a tax rate of 20.91%(Corporate

investors) and 13.06875% (Non-Corporate investors) on dividend distribution made by the

Debt funds, the funds continue to remain attractive investment vehicles. In equity plans, there

is no distribution tax.

Any time entry option: An open-ended fund allows one to enter the fund at any time and

even to invest at regular intervals (a systematic investment plan).

CLOSE ENDED SCHEMES

Schemes that have a stipulated maturity period, limited capitalization and the units are listed on

the stock exchange are called close-ended schemes. These schemes have historically seen a lot of

subscription. This popularity is estimated to be on account of firstly, public sector MFs having

floated a lot of close-ended income schemes with guaranteed returns and secondly easy liquidity

on account of listing on the stock exchanges.

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CLASSIFICATION ACCORDING TO INVESTMENT OBJECTIVES

Objectives

Mutual funds have specific investment objectives such as growth of capital, safety of principal,

current income or tax-exempt income. In general, mutual funds fall into three general categories:

 Equity Funds invest in shares or equity of companies.

 Fixed-Income funds invest in government or corporate securities that offer fixed rates of

return.

 Balanced Funds invest in a combination of both stocks and bonds.

Equity Funds

These funds seek to provide growth of capital with secondary emphasis on dividend. They invest

in shares with a potential for growth and capital appreciation. Because they invest in well-

established companies where the company itself and the industry in which it operates are thought

to have good long-term growth potential, growth funds provide low current income. Growth

funds generally incur higher risks than income funds in an effort to secure more pronounced

growth.

These funds may invest in a broad range of industries or concentrate on one or more industry

sectors. Growth funds are suitable for investors who can afford to assume the risk of potential

loss in value of their investment in the hope of achieving substantial and rapid gains.

They are not suitable for investors who must conserve their principal or who must maximize

current income.

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 Growth and Income Funds

Growth and income funds seek long-term growth of capital as well as current income. The

investment strategies used to reach these goals vary among funds. Some invest in a dual portfolio

consisting of growth stocks and income stocks, or a combination of growth stocks, stocks paying

high dividends, preferred stocks, convertible securities or fixed-income securities such as

corporate bonds and money market instruments. Others may invest in growth stocks and earn

current income by selling covered call options on their portfolio stocks. Growth and income

funds have low to moderate stability of principal and moderate potential for current income and

growth. They are suitable for investors who can assume some risk to achieve growth of capital

but who also want to maintain a moderate level of current income.

Fixed-Income Funds

The goal of fixed income funds is to provide current income consistent with the preservation of

capital. These funds invest in corporate bonds or government-backed mortgage securities that

have a fixed rate of return. Within the fixed-income category, funds vary greatly in their stability

of principal and in their dividend yields. High-yield funds, which seek to maximize yield by

investing in lower-rated bonds of longer maturities, entail less stability of principal than fixed-

income funds funds that invest in higher-rated but lower-yielding securities.

Some fixed-income funds seek to minimize risk by investing exclusively in securities whose

timely payment of interest and principal is backed by the full faith and credit of the Indian

Government. Fixed-income funds are suitable for investors who want to maximize current

income and who can assume a degree of capital risk in order to do so.

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 Balanced Fund

The Balanced fund aims to provide both growth and income. These funds invest in both shares

and fixed income securities in the proportion indicated in their offer documents. Ideal for

investors who are looking for a combination of income and moderate growth.

Money Market Funds/Liquid Funds

For the cautious investor, these funds provide a very high stability of principal while seeking a

moderate to high current income. They invest in highly liquid, virtually risk-free, short-term debt

securities of agencies of the Indian Government, banks and corporations and Treasury Bills.

Because of their short-term investments, money market mutual funds are able to keep a virtually

constant unit price; only the yield fluctuates.

Therefore, they are an attractive alternative to bank accounts. With yields that are generally

competitive with - and usually higher than -- yields on bank savings account, they offer several

advantages. Money can be withdrawn any time without penalty. Although not insured, money

market funds invest only in highly liquid, short-term, top-rated money market instruments.

Money market funds are suitable for investors who want high stability of principal and current

income with immediate liquidity.

Specialty/Sector Funds

These funds invest in securities of a specific industry or sector of the economy such as health

care, technology, leisure, utilities or precious metals. The funds enable investors to diversify

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holdings among many companies within an industry, a more conservative approach than

investing directly in one particular company.

Sector funds offer the opportunity for sharp capital gains in cases where the fund's industry is "in

favor" but also entail the risk of capital losses when the industry is out of favor. While sector

funds restrict holdings to a particular industry, other specialty funds such as index funds give

investors a broadly diversified portfolio and attempt to mirror the performance of various market

averages.

Index funds generally buy shares in all the companies composing the BSE Sensex or NSE Nifty

or other broad stock market indices. They are not suitable for investors who must conserve their

principal or maximize current income.

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A SUMMARY IS PRESENTED IN THE TABLE BELOW OF THE VARIOUS FUNDS
AND THEIR INVESTMENT OBJECTIVES.

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TYPES OF RISKS

All investments involve some form of risk. Even an insured bank account is subject to the
possibility that inflation will rise faster than your earnings, leaving you with less real purchasing
power than when you started (Rs. 1000 gets you less than it got your father when he was your
age).

Consider these common types of risk and evaluate them against potential rewards when you
select an investment.

 Market Risk

At times, the prices or yields of all the securities in a particular market rise or fall due to broad

outside influences. When this happens, the stock prices of both an outstanding, highly profitable

company and a fledgling corporation may be affected. This change in price is due to "market

risk".

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  Inflation Risk

Sometimes referred to as "loss of purchasing power." Whenever inflation sprints forward faster

than the earnings on your investment, you run the risk that you'll actually be able to buy less, not

more. Inflation risk also occurs when prices rise faster than your returns.

 Credit Risk

In short, how stable is the company or entity to which you lend your money when you invest?

How certain are you that it will be able to pay the interest you are promised, or repay your

principal when the investment matures?

 Interest Rate Risk

Changing interest rates affect both equities and bonds in many ways. Investors are reminded that

"predicting" which way rates will go is rarely successful. A diversified portfolio can help in

offsetting these changes.

 Exchange Risk

A number of companies generate revenues in foreign currencies and may have investments or

expenses also denominated in foreign currencies. Changes in exchange rates may, therefore,

have a positive or negative impact on companies which in turn would have an effect on the

investment of the fund.

 Investment Risk

The sectoral fund schemes, investments will be predominantly in equities of select companies in
the particular sectors. Accordingly, the NAV of the schemes are linked to the equity performance
of such companies and may be more volatile than a more diversified portfolio of equities.

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  Changes in Government Policy

Changes in Government policy especially in regard to the tax benefits may impact the business

prospects of the companies leading to an impact on the investments made by the fund.

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INDICATORS OF INVESTMENT RISK
There are five main indicators of investment risk that apply to the analysis of stocks, bonds and

mutual fund portfolios. They are alpha, beta, r-squared, standard deviation and the Sharpe ratio.

These statistical measures are historical predictors of investment risk/volatility and are all major

components of modern portfolio theory (MPT).

The MPT is a standard financial and academic methodology used for assessing the performance

of equity, fixed-income and mutual fund investments by comparing them to market benchmarks.

All of these risk measurements are intended to help investors determine the risk-reward

parameters of their investments. In this article, we'll give a brief explanation of each of these

commonly used indicators.

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Return alone should not be considered as the basis of measurement of the performance of a

mutual fund scheme, it should also include the risk taken by the fund manager because different

funds will have different levels of risk attached to them. Risk associated with a fund, in a

general, can be defined as variability or fluctuations in the returns generated by it. The higher the

fluctuations in the returns of a fund during a given period, higher will be the risk associated with

it. These fluctuations in the returns generated by a fund are resultant of two guiding forces. First,

general market fluctuations, which affect all the securities present in the market, called market

risk or systematic risk and second, fluctuations due to specific securities present in the portfolio

of the fund, called unsystematic risk.

The Total Risk of a given fund is sum of these two and is measured in terms of standard

deviation of returns of the fund. Systematic risk, on the other hand, is measured in terms of

Beta, which represents fluctuations in the NAV of the fund vis-à-vis market. The more

responsive the NAV of a mutual fund is to the changes in the market; higher will be its beta. Beta

is calculated by relating the returns on a mutual fund with the returns in the market. While

unsystematic risk can be diversified through investments in a number of instruments, systematic

risk cannot. By using the risk return relationship, we try to assess the competitive strength of the

mutual funds vis-à-vis one another in a better way.

THE VARIOUS INSTRUMENTS TO MEASURE MUTUAL FUND RISK ARE:-

Alpha

Alpha basically is the difference between the returns an investor expects from a fund, given its

beta, and the return it actually produces.

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Computation: Alpha = {(Fund Return-Risk free return) – (Funds beta) *(Benchmark return- risk

free return)}.

Example-1:

Fund return (Fund performance in last one year): 75%

Risk free return: 8%

Benchmark return (Sensex performance in last one year): 41%

Beta: 0.69

By computing with above formula, we will get alpha as 0.44 for this fund.

A positive alpha means the fund has outperformed its benchmark index. Whereas, a negative

alpha indicates an underperformance of the fund. The more positive an alpha the healthier for

investors.

Here, the fund has underperformed since an alpha we computed is less than beta. It mean’s fund

has produced less returns considering the risks fund is taking while comparing it with actual

return to the one predicted by beta.

Note: The ideal time period for analyzing alpha and beta value is one year returns from their

funds.

Beta:

Beta is a measure of the volatility of a particular fund in comparison to the market as a whole,

that is, the extent to which the fund's return is impacted by market factors. Beta is calculated

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using a statistical tool called ‘regression analysis. ‘By definition, the market benchmark index of

Sensex and Nifty has a beta of 1.0.

It may be challenging for investors to compute it for each mutual fund scheme. However, one

need not worry. Important statistical measures for various mutual fund schemes are easily

available on financial websites like Investment Yogi where mutual funds’ performance is tracked

and analyzed regularly.

Let us consider 3 possible scenarios in interpreting beta numbers: [Sensex is assumed as

benchmark index].

1. A beta of 1.0 indicates that the fund NAV will move in same direction as that of benchmark

index. The fund will move up and down in tandem with the movement of the markets (as

indicated by the benchmark)

2. A beta of less than 1.0 indicates that the fund NAV will be less volatile than the benchmark

index.

3. A beta of more than 1.0 indicates that the investment will be more volatile than the benchmark

index. It is an aggressive fund that will move up more than the benchmark, but the fall will also

be steeper.

For example, if the beta of “ABC-Equity (G)” is 1.4 - then it’s considered as 40% more volatile

than the benchmark index (beta of benchmark index being 1).

Similarly, in example-1, as we have considered beta of “ABC-Equity (G)” fund as 0.69 - this

means the mutual fund scheme will be less volatile than its benchmark index.

Note: Conservative i

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nvestors should focus on mutual funds schemes with low beta. Aggressive investors can opt to

invest in mutual fund schemes which have higher beta value for higher returns taking more risk.

R-Squared:

As discussed above, beta is dependent on correlation of a mutual fund scheme to its benchmark

index. So, while considering the beta of any fund, an investor also needs to consider another

statistic concept called ‘R-squared’ that measures the correlation between beta and its benchmark

index. The beta of a fund has to be seen in conjunction with the R-squared for better

understanding the risk of the fund.

‘R-squared’ values range between 0 and 1, where 0 represents no correlation and 1 represents

full correlation. If a fund's beta has an R-squared value that is between 0.75 and 1, the beta of

that fund should be trusted. On the other hand, an R-squared value that is less than 0.75 than it

indicates the beta is not particularly useful because the fund is being compared against an

inappropriate benchmark index. This fund will not give returns similar to their benchmark index.

The lower the R-squared the less reliable is the beta, and vice versa.

The R-squared of an index fund, investing in same securities and in the same weightage as the

index, will be one.

Note: Beta and R-squared are calculated based on the historical data. They give an adequate

estimate of risks to be evaluated by investors before investing.

Standard Deviation (SD):

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The total risk (market risk, security-specific risk and portfolio risk) of a mutual fund is measured

by ‘Standard Deviation’ (SD). In mutual funds, the standard deviation tells us how much the

return on a fund is deviating from the expected returns based on its historical performance. In

other words can be said it evaluates the volatility of the fund.

The standard deviation of a fund measures this risk by measuring the degree to which the fund

fluctuates in relation to its average return of a fund over a period of time.

In other words, it is a measure of the consistency of a mutual fund's returns. A higher SD number

indicates that the net asset value (NAV) of the mutual fund is more volatile and, it is riskier than

a fund with a lower SD.

Note: For SD to be an effective tool, investors will need to use it in comparison with peer group

mutual funds. For example, a large-cap mutual fund is to be compared with a large-cap mutual

fund with the same investment objective(s).

Sharpe Ratio:

Sharpe ratio (SR) is another important measure that evaluates the return that a fund has generated

relative to the risk taken. Risk here is measured by SD. It is used for funds that have low

correlation with benchmark index. This ratio helps an investor to know whether it is a safe bet to

invest in this fund by taking the quantum of risk.

The higher the Sharpe ratio (SR), the better a fund’s return relative to the amount of risk taken.

In other words, a mutual fund with a higher SR is better because it implies that it has generated

higher returns for every unit of risk that was taken. On the contrary, a negative Sharpe ratio

indicates that a risk-free asset would perform better than the fund being analyzed.

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It tries to find out the excess return generated by a mutual fund over and above a risk-free rate of

return such as an RBI bond or a post-office savings scheme, etc.

Let’s say the Sharpe ratio = 0.957 for a fund. As discussed above, the higher this ratio, the better

a fund’s return relative to the amount of risk taken. Here, this fund could be a risky investment

option for their investors since ratio is just near to 1 (approx.)

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~ 35 ~
 LITERATURE REVIEW

Geotzmann (1997) in his research tried to find evidence from questionnaire responses of

mutual fund investors about recollections of past fund performance. The researcher found

that investor memories exhibit a positive bias, consistent with current psychological

models. In the research the degree of bias is conditional upon previous investor choice, a

phenomenon related to the well-known theory of cognitive dissonance. Psychological and

economic frictions in the mutual fund industry are examined via a cross-sectional study

of equity mutual funds which helps to understand the market.

Walia (2009) in his study of “Analysis of investors Risk perception towards mutual

funds services” the researcher finds out that financial markets are constantly becoming

more efficient by providing more promising solutions to the investors. Being a part of

financial markets although mutual funds industry is responding very fast by

understanding the dynamics of investor’s perception towards rewards, still they are

continuously following this race in their endeavor to differentiate their products

responding to sudden changes in the economy. Thus, it is high time to understand and

analyze investor’s perception and expectations, and unveil some extremely valuable

information to support financial decision making of mutual funds.

Vyas (2012) in his study of “Mutual fund investors behavior and perception in Indore

city” try to find out that financial markets are becoming more extensive with wide-

ranging financial products trying innovations in designing mutual funds portfolio but

these changes need unification in correspondence with investor’s expectations. This

research paper focused attention on number of factors that highlights investors’

perception about mutual funds. It was found that mutual funds were not that much known

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to investors, still investor rely upon bank and post office deposits, most of the investor

used to invest in mutual fund for not more than 3 years and they used to quit from the

fund which were not giving desired results. Equity option and SIP mode of investment

were on top priority in investors’ list. It was also found that maximum

Das (2008) in his study of “Mutual Fund vs. Life Insurance: Behavioral Analysis of

Retail Investors” the researcher tries to find out that during the post 1990 period, service

sector in most of the Asian economies witnessed growth fueled by significant changes in

their financial sector. India is now being ranked as one of the fastest growing economy of

the world. During last one decade or so, role of Indian insurance and mutual fund

industry as a significant financial service in financial market has really been noteworthy.

But the existing ‘Behavioral Finance’ studies on factors influencing selection of mutual

fund and life insurance schemes are very few and very little information is available

about investor perceptions, preferences, attitudes and behavior. Yet again, perhaps no

efforts are made to analyze and compare the selection behavior of Indian retail investors

towards mutual funds and life insurances particularly in post-liberalization period. With

this background, this paper makes an earnest attempt to study the behavior of the

investors in the selection of these two investment vehicles in an Indian perspective by

making a comparative study.

Ranganath (2006), did his research study on - A Study of Fund Selection Behavior of

Individual Investors towards Mutual Funds. The main aim if his research was to know

about Consumer behavior from the marketing world and financial economics which has

brought together to an exciting area for study and research: behavioral finance. Analysts

seem to treat financial markets as an aggregate of statistical observations, technical and

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fundamental analysis. A rich view of research waits this sophisticated understanding of

how financial markets are also affected by the 'financial behavior' of investors. With the

reforms of industrial policy, public sector, financial sector and the many developments in

the Indian money market and capital market, Mutual Funds which has become an

important portal for the small investors, is also influenced by their financial behavior.

Hence, this study has made an attempt to examine the related aspects of the fund

selection behavior of individual investors towards Mutual funds.

Panda (2001), in his study of “Customer Orientation in Designing Mutual Fund

Products: An Analytical Approach to Indian Market Preferences” the researcher find out

that The significant outcome of the government policy of liberalization in industrial and

financial sector has been the development of new financial instruments. These new

instruments are expected to impart greater competitiveness flexibility and efficiency to

the financial sector. Growth and development of various mutual fund products in Indian

capital market has proved to be one of the most catalytic instruments in generating

momentous investment growth in the capital market. There is a substantial growth in the

mutual fund market due to a high level of precision in the design and marketing of variety

of mutual fund products by banks and other financial institution providing growth,

liquidity and return. In this context, prioritization, preference building and close

monitoring of mutual funds are essentials for fund managers to make this the strongest

and most preferred instrument in Indian capital market for the coming years.

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~ 39 ~
 RESEARCH METHODOLOGY

My research project has a specified framework for collecting the data in an effective manner.

Such framework is called “RESEARCH DESIGN”. The research process which was followed by

me consisted following steps.

3.1 PROBLEM

The problem at hand was to study and measure the awareness level of people regarding mutual

funds in the city.

3.2 TITLE

“Analysis of customer perception regarding investments in mutual funds”

3.3 OBJECTIVE

 To study about the Mutual Funds Investment

 To study the various Mutual Funds Investment schemes and their benefits.

 To study about the risk factors involved in the Mutual Funds and How to analyze it?

 To analyze the consumer perception on mutual funds with other investment options.

3.4 DEVELOPING THE RESEARCH PLAN

The development of Research Plan has the following Steps:

DATA SOURCES

Two types of data were taken into consideration i.e. Secondary data & primary data. My major

emphasis was on gathering the primary data. The secondary data has been used to make things

clearer.

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 1. Primary Data: Direct collection of data from the source of information, technology

including personal interviewing, survey etc.

2. Secondary Data: Indirect collection of data from sources containing past or recent

past information like IIFL Brochures, Annual publications, Books, Fact sheets of

mutual funds, Newspaper & Magazines etc.

RESEARCH INSTRUMENT

A questionnaire was constructed for my survey. Questionnaire consisting of a set of

questions made to be filled by various respondents.

SAMPLING PLAN

The sampling plan calls for three decisions.

1. Sampling Unit: I have completed my survey in Delhi.

2. Sample Size: The sample consisted of 50 respondents. The sample was drawn from

walk in customers of India Infoline Ltd and Friend’s. The selection of the respondents

was done on the basis of simple random sampling.

3. Contact Methods: I have contacted the respondents through personal interviews.

3.5 COLLECTING THE INFORMATION

After this, I have collected the information from the respondents with the help of

questionnaire

3.6 ANALYZE THE INFORMATION

The next step is to extract the pertinent findings from the collected data. I have tabulated the

collected data & developed frequency distributions. Thus the whole data was grouped aspect

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 wise and was presented in tabular form. Thus, frequencies & percentages were prepared to

render impact of the study.

3.7 PRESENTATIONS OF FINDINGS

This was the last step of the survey.

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~ 43 ~
 DATA ANALYSIS AND INTERPRETATION

4.1: Do you know about the investment options available in market?

Table 4.1: Do you know about the investment options available in market?

S.NO Frequency Percent

Yes 48 96.00%

No 2 4.00%

Total 50 100%

Fig 4.1: Do you know about the investment options available in market?

No
4%

Yes
96%

INTERPRETATION: From the above figure 4.1 we can conclude that almost 5/6th of the

respondents know about the investment options which are available in the market. This data will

help the results to be more efficient and accurate for the research study.

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4.2: Rank the factor that you will consider while investing?
Table: 4.2 Compiled ranking of factor of investment according to preference.
Rank Rank Rank Rank Rank

S.NO 1 2 3 4 5

5 6 10 24 8
Liquidity

21 10 6 6 12
Return

6 4 4 5 20
Tax Benefit

9 18 10 5 6
Risk Covering

9 12 20 10 4
Capital Appreciation

Fig: 4.2: Compiled ranking of factors of investment according to preference.

Rank 1 Rank 2 Rank 3 Rank 4 Rank 5

Liquidity Return Tax Benefit Risk Covering Capital Appreciation

INTERPRETATION: - From the above data, we can conclude that return has been preferred

as 1st rank by the respondents. For the investor, the main objective is getting higher returns as

investment are done to increase their income. Risk Covering has 2nd Rank as it is important for a

customer to consider the risk factor while investing. Then Followed by capital appreciation refers

to growth in the initial amount invested then Liquidity which means how easily they can be

converted into cash and then finally tax benefits.

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4.3 According to you, which is the better option for investing?

Table 4.3: Best investment option.

S.NO Frequency Percentage

Shares 12 24%

Mutual Fund 15 30%

Commodity Market 5 10%

Fixed Deposit 15 30%

Property 3 6%

Total 50 100%

Fig 4.3: Best investment option.

Property
6% Shares
24%
Fixed Deposit
30%

Mutual Fund
Commodity Market 30%
10%

INTERPRETATION: From the above figure 4.3, we can conclude that there are 30% people

prefer mutual fund in the best option for investing, as it gives higher return in future, also there

are 30% people who also prefer that fixed deposit is the best option for investment. Whereas

there are only 24% people who prefer shares as the best option for investment, followed by

commodity market (10%) and property (6%). Therefore, it can be concluded that there most of

the people prefer Mutual funds and fixed deposit as the best option for investment.

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4.4 According to you, investing in mutual fund is less risky than any other
investment option. Do you agree?
Table 4.4: Mutual fund is risker then other investment

S.NO Frequency Percent

Yes 8 16.00%

No 42 84.00%

Total 50 100%

Fig 4.4: Mutual Fund is risker then other investment.

Yes
16%

No
84%

INTERPRETATION: According to the above data, we can conclude that mutual fund is riskier

than any other investment options, whereas only 16% people prefer that mutual fund is less risky

than any other investments. Therefore, due to less knowledge among people about mutual fund,

people think that it is more risky than other investment options.

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4.5: How much Return on investment do you expect from your investment?

Table 4.5: Return expected from the investment

S.NO Frequency Percent

Up to 15% 10 20%
15% - 25% 32 64%
25% - 35% 8 16%
Total 50 100%

Fig 4.5: Return expected from the investment

25% to 35% Up to 15%

16% 20%

15% to 25%
64%

INTERPRETATION: From the above data, we can conclude that more than 50% of the people

are interested in 15-25% of return on investment, whereas 20% people prefer up to 15% return

on investment and only 16% people prefer return of 20-25% on investment.

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4.6 Have you ever invested in mutual fund?

Table 4.6: Have you ever invested in mutual fund

S.NO Frequency Percent

Yes 24 48.00%

No 26 52.00%

Total 50 100%

Fig 4.6: Have you ever invested in mutual fund

Yes
48%
No
52%

INTERPRETATION: The above figure 4.6 shows that 52% of the people have not invested in

mutual fund from this we can find out easily that there is large amount of people who would be

willing to invest but due to lack of knowledge they have not invested in mutual fund and over

that they prefer to go for fixed deposits or other investment options.

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4.6.1 If Yes how was your experience?

Table 4.6.1: Have you ever invested in mutual fund

S.NO Frequency Percent

Satisfactory Return 12 50.00%

Burned Figure 10 41.66%

Dissatisfactory Return 2 8.34%

Total 24 100%

Fig 4.6.1: Have you ever invested in mutual fund

Dissatisfactory
Return
8%

Satisfactory
Return 58.33
Burned Figure 50%
42%

INTERPRETATION: According to the above figure, we can conclude that, 50% people are

satisfied in investing the mutual funds, where as 42% people are neutral about the return on

investment in mutual fund and only 8% are not at all satisfied while investing in mutual fund.

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4.7 How do you trade in Mutual fund?

Table 4.7: Trade in mutual fund

S.NO Frequency Percent

Asset Management
Company 4 8.00%
Brokers 36 72.00%
Sub-Broker 10 20.00%
Total 50 100%

Fig 4.7: Trade in mutual fund

Asset Management
Sub Broker Company
20% 8%

Broker
72%

INTERPRETATION: From the above figure, we can conclude that 72% people trade in mutual

fund via broker firms like IIFL, which brings a trust of a customer towards company, whereas

there are 20% people who trade in mutual funds via Sub broker, followed by 8% people who

trade via asset management company in mutual fund.

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4.8 Which type of Mutual Fund do you prefer?

Table 4.8: Type of mutual fund

S.NO Frequency Percent

Equity 25 50.00%
Debt 10 20.00%
Balanced 15 30.00%
Total 50 100%

Fig 4.8: Type of mutual fund

Balanced
30%
Equity
50%
Debt
20%

INTERPRETATION: The Above figure 4.8 shows that 50% of the investors like to invest in

equity as in equity there are higher return and their risk level is also high but in mutual fund as

risk is diversified it minimizes the risk level. Also 30% of the investor want to invest in balanced

fund as they had both debt and equity followed by people 20% investors who have invested in

debt.

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4.9 While investing in mutual fund which mode of investment do you prefer?

Table 4.9: Mode of investment preferred in mutual fund

S.NO Frequency Percent

One-time Investment 15 30.00%

Systematic Investment 35 70.00%

Total 50 100%

Fig 4.9: Mode of investment preferred in mutual fund

One Time
Investment
Systematic Plan…
Investment Plan
70%

INTERPRETATION: According to the Figure 4.9 it is clear that 70% of the people want to

invest their money in mutual fund through systematic investment plan which means monthly or

quarterly a fixed amount will be deducting from the account and will be invested in fund. And

30% of the investors want to invest in One Time Investment Plan which is also known as lum-

sum investment.

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4.10 Rank the feature of mutual fund that allure you the most?
Table: 4.10 Rank the feature of mutual fund that allure you the most

Rank Rank Rank Rank Rank

S.NO 1 2 3 4 5

12 10 22 5 10
Diversification

21 10 6 6 5
Better return

9 20 4 5 5
Reduction in risk

4 5 10 22 6
Tax Benefit

4 5 8 12 24
Regular Income

Fig: 4.10: Rank the feature of mutual fund that allure you the most

Rank 1 Rank 2 Rank 3 Rank 4 Rank 5

Diversification Better return Reduction in Risk Tax Benefit Regular Income

ITERPRETATION: From the above figure we can conclude that, the most important feature of

mutual fund that has been ranked 1 has better return as the fund of investor is diversified in

shares of different company which help them to cover the risk and earn higher return on

investment. The 2nd rank is given to reduction in risk as in shares the investor purchase share of a

particular company where as in mutual fund the investor purchase various company shares,

followed by diversification as it is also the important feature which help to achieve the above

features of Mutual fund.

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4.11 According to you, which is asset management company do you prefer?

Table 4.11: Which asset management company will you prefer

S.NO Frequency Percent

SBIMF 12 24.00%
BSLMF 15 30.00%
ICICI Prudence MF 10 20.00%
HDFC MF 6 12.00%
Reliance MF 7 14.00%

Total 50 100%

Fig 4.11: Which asset management company will you prefer?

Reliance MF
14% SBI MF
HDFC MF 24%
12%

ICICI Prudence MF BSL MF

20% 30%

INTERPRETATION: From the above data, we can easily conclude that 30% people prefer

BSL MF Company for investing in mutual fund, whereas 24% people prefer SBI MF for

investment. Followed by 20 % people prefer ICICI Prudent MF for investment, whereas 14%

people prefer reliance MF and 12% HDFC MF for investment.

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4.12 Which mode of return on investment do you prefer

Table 4.12: Mode of return on investment do you prefer

S.NO Frequency Percent

Dividend 10 20.00%
Dividend
Reinvestment 12 24.00%

Growth in NAV 28 56.00%

Total 50 100%

Figure 4.12: Mode of return on investment

Dividend
20%

Growth In NAV
Dividend
56%
Reinvestment
24%

INTERPRETATION: From the above data, we can conclude that 56% people prefer NAV as

the mode for return on investment, which is better option for the investor. 24% people prefer

dividend reinvestment as the mode of Investment, followed by 20% people prefer dividend as the

mode of investment.

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~ 57 ~
 FINDINGS & CONCLUSION

5.1 FINDINGS

There is a significant increase in the Investments by the investors as they are getting much aware

about the market trends and also as government too getting more indulge in promoting and

monitoring various investment options as this help Small industries to grow with the help of

funds of various investors

The Investors in today’s world like to earn more money so the investment which is

providing better return is more preferred by the investors. According to the previous

research the investors did their investment to have tax benefit but in today’s market the

investors seek to have investment which have higher return.

The Investment options which are most preferred are fixed deposit and mutual fund. The

fixed deposit rate of return varies from 6% - 8% whereas mutual fund rate of return varies

from 15% - 35%. Investing in fixed deposit give less return as there is no risk but in

mutual fund they have diversified risk with higher return. The investors which are

investing in Fixed deposit are shifting towards mutual fund as earlier the investors were

not clear about the concept of mutual fund but as the awareness and the government

regulations have increased towards mutual fund the investors now preferred mutual funds

over fixed deposit.

To earn higher profit, we need to bear higher risk because if there is no risk the investor

would not be able to earn the return they expect from the investment. Same goes with

mutual fund as higher the risk higher will be the return but in mutual fund the risk is

diversify, which nullify the risk of the investment. If the investor invests in shares then he

/She is able to have only one company shares in this the risk is high as the price fall the

~ 58 ~
investment will go down but when investing in mutual fund the fund of investors are

invested in various company shares by which the risk is diversified.

The Government is protecting and regularizing the mutual fund investment option. As the

government has the plan of promoting the small industry of India the fund of investors is

invested in small companies which help them to grow. The whole funds are monitor by

the SEBI which make the investor to invest in mutual fund.

Each investor has its own financial objective and require different financial planning

which can be best provided by a broker and sub broker only by analyzing the different

funds and providing the best option which can help the investor to fulfill their financial

objective

The Investor prefer Equity funds in mutual fund over other as they want better return.

The risk is comparatively higher than other fund but as we know the risk is diversified in

mutual fund that’s why investor prefer equity fund.

Each asset management company has been regulated by the SEBI there is not much

difference between the AMC. It totally depends upon the fund which satisfying the

customer objective will be most preferred. The Mutual funds can also be compared

through asset under management, the higher the AUM more better and preferable fund it

would be.

The growth option for return on investment are most preferred as in growth option there

is growth in the NAV or in simple words the price of the Mutual Fund increases, no

dividend is paid out there is increase in the NAV. Whereas in dividend option the fund

house periodically announces the dividend based on its profit to be distributed among the

unit holder.

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The investor must try to invest in Mutual fund using Systematic Investment plan over

One Time Investment plan as in systematic investment plan is a regular investment plan.

A fixed time line is followed for investing in mutual fund and it is continued regularly.

This means that by investing through SIP, one does not have the risk of purchasing all

units at the highest rate or vice versa.

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4.2 CONCLUSION

As per my research study mutual fund are now one of the best option for investment. The

investors are now more aware about the various funds of the mutual fund. As the government has

also taken various measures to increase and build the trust of investor in mutual fund. The

mutual funds are a customized investment option where investor can frame his investment

depending on his risk capacity, investment amount and objective of investment which can be

profit earning or tax saving. The investors have now learned that risk in mutual fund are lesser

then other investment option as the risk in mutual fund is diversified in various shares. There is a

basic rule of investment that “Not to put all the eggs in one basket” which means that funds of

investor need to be invest in different places so that risk can be diversified and to earn large

profit which is the basic rule of mutual fund.

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 QUESTIONNAIRE

Name-: ___________________________________.

Occupation-: ________________.

Salary (Per Month) -: ________________________.

Q1 Do you know about the investment options available in market?

Yes No

Q2 Rank the factor that you will consider while investing?

Liquidity Return
Tax Benefits Risk covering
Capital Appreciation

Q3 According to you, which is the better option for investing?

Mutual Funds Shares

Commodity Market Bonds

Fixed Deposit Property

Q4 Investing in mutual fund is less risker than investing in any other. Do you
agree?

Yes No

Q5 How much Return on investment do you expect from your investment?

Up to 15% 15%-25% 25%-35%

Q6 Have you ever invested in Mutual fund?

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 Yes No
Q7 If yes how was your experience
Satisfactory return Burned finger Unsatisfactory Return

Q8 How do you trade in Mutual fund?

AMC Brokers Sub Brokers

Q9 Which type of Mutual Fund do you prefer?

Equity Balanced Debt

Q10 While investing in mutual fund which mode of investment do you prefer?

One-time investment plan Systematic investment plan

Q11 Rank the feature of mutual fund that allure you the most?

Diversification Better Return

Reduction in risk Regular income
Tax benefits
Q12 According to you, which asset management company do you prefer?

SBI MF BSL MF
HDFC MF Reliance MF
ICICI Prudential MF
Q13 Which mode of return on investment do you prefer
Dividend Dividend Reinvestment

Growth in NAVs.

~ 63 ~
 BIBLIOGRAPHY

William N. Goetzmann (1997), The Journal of French research, Vol 20, Issue 2, Pages

145-158.

Nidhi Walia (2009), An Analysis of Investor’s Risk Perception towards Mutual Funds

Services, Vol 4, Issue 5.

Ravi Vyas (2012), Mutual Fund Investor's Behaviors and Perception in Indore City, vol

3, Pages 67-75.

Bhagaban Das (2008), Mutual Fund vs. Life Insurance: Behavioral Analysis of Retail

Investors, International Journal of business management, Vol 3, issue 10.

Kavitha Ranganathan (2006), A Study of Fund Selection behavior of Individual

Investors Towards Mutual Funds - with Reference to Mumbai City, Indian Institute of

Capital Markets 9th Capital Markets Conference Paper, 21 pages.

Dr. Tapan K Panda (2001), Customer Orientation in Designing Mutual Fund Products:

An Analytical Approach to Indian Market Preferences

www.moneycontrol.com

www.iifl.com

www.businessstandard.com

www.valueresearch.com

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~ 65 ~