A COMPARATIVE ANALYSIS OF SELECTED

MUTUAL FUNDS IN INDIA

Submitted by

MD ZAID ANSARI

Registration Number A01-1142-2049-17

Roll Number 3-28-17-0032

Department of Management Studies

St. Xavier’s College (Autonomous), Kolkata

Supervised by

Prof. R. Gupta

April 2020

1|Page
 A COMPARATIVE ANALYSIS OF SELECTED
MUTUAL FUNDS IN INDIA

Submitted by

MD ZAID ANSARI

Registration Number A01-1142-2049-17

Roll Number 3-28-17-0032

Department of Management Studies

St. Xavier’s College (Autonomous), Kolkata

Supervised by

Prof. R. Gupta

April 2020

2|Page
 St. Xavier’s College (Autonomous)
Department of Management Studies
_____________________________________________________

PLAGIARISM VERIFICATION CERTIFICATE

*Student Name: MD Zaid Ansari

*Room No: 43 *Roll No: 32

*Title of the Project: A COMPARATIVE ANALYSIS OF SELECTED MUTUAL

FUNDS IN INDIA

The above project was scanned for similarity detection. The report is as follows:

*Software used: iThenticate *Date: 21.04.2020

*Similarity Index: 18% *Total word count: 3526

The plagiarism report of the above project has been reviewed by the undersigned. The
similarity index is below accepted norms.

The project may be considered for submission. The software report is attached.

3|Page
*Name of the Supervisor: Rajni Gupta

Signature: *Date: 27.04.2020

(*) marks fields must be filled in by the Project Supervisor

4|Page
 Student’s Declaration

I hereby declare that the Project Work with the title “A COMPARATIVE ANALY-
SIS OF SELECTED MUTUAL FUNDS IN INDIA” submitted by me for the partial
fulfilment of the degree of B.M.S. (Honors) at St. Xavier’s College (Autonomous),
Kolkata is my original work and has not been submitted earlier to any other Insti-
tution for the fulfilment of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been
incorporated in this report from any earlier work done by others or by me. How-
ever, extracts of any literature which has been used for this report has been duly
acknowledged providing details of such literature in the references.

Signature: …………………………………………………………………

Name: MD ZAID ANSARI

Address: CHAS, BOKARO, JHARKHAND (827013)

Place: Kolkata Room Number 43

Date: 7.04.2020 Roll Number 3-28-17-0032

5|Page
 Acknowledgements

I have taken efforts in this project. However, it would not have been possible without the
kind support and help of many individuals and organizations. I would like to extend my
sincere thanks to all of them.

I am highly indebted to Prof. Rajni Gupta, our project guide for her guidance and constant
supervision as well as for providing necessary information regarding the project & also
for her support in completing the project. She has been a great support and guide to me
during the entire dissertation. She has helped me throughout, from choosing the project
till I completed the Project Report. This project has given me more confidence about the
subject and various concepts of ‘Mutual Funds’.
I would also like to express my gratitude towards our Dean Prof. S. Banerjee and our vice
principal Father Peter Arockium for their kind co-operation and encouragement which
helped me in completion of this project.

MD ZAID ANSARI
Name: ……………………………………………………………………...………..…

Signature: …………………………………………………………………..….……

6|Page
Contents
INTRODUCTION ............................................................................................................................. 8
LITERATURE REVIEW ................................................................................................................... 10
Project objective ......................................................................................................................... 14
RESEARCH METHODOLOGY: ....................................................................................................... 15
Data Analysis and Findings .......................................................................................................... 16
ANALYSIS ................................................................................................................................. 25
FINDINGS: .................................................................................................................................... 33
Conclusion: .................................................................................................................................. 34
References: - ............................................................................................................................... 35

7|Page
 INTRODUCTION

A mutual fund is a type of investment in which investors pool their money together to
buy a portfolio of stocks, bonds or other securities in order to take advantage of diversi-
fication and professional portfolio management at a reasonable cost. Securities in ac-
tively managed funds are selected by a team of investment managers and research ana-
lysts. Putting resources into mutual funds empowers those contributing an unassuming
measure of cash to profit by similar points of interest appreciated by big financial insti-
tutions. The “net asset value” (NAV), or price of a fund, is calculated at the end of each
trading day by dividing the number of the fund's outstanding shares by the total value of
the securities in the portfolio.

In India, mutual funds are registered with the Securities and Exchange board of India
today are registered by SEBI. The association of mutual fund of India (AMFI) is a self-
governing association of mutual funds that regulates its member sales, distribution and
communication practices. Investors can put resources into Indian mutual funds directly
or through merchants under codes of practice created by AMFI.

Through this project, I will be talking about the past and present scenario, how mutual
funds were setup in India, how much have they grown since their inception, comparing
different mutual funds. We will also talk about how to select mutual funds based on risk
and return. For this we will use standard deviation, beta, R-squared etc. risk and return
and Sharpe ratio, Treynor’s ratio & Jensen’s alpha for risk adjusted performance of the
mutual fund.

In this project the base of comparison of mutual funds is their return for a period of 3
months, 6 months, 1 year, 3 year and 5 year. Also, we will be comparing the sectoral al-
location of assets by the managers of different mutual funds.

8|Page
Mutual funds are mainly divided into 2 types-
1. Based on their structure
2. Based on investment objective.

9|Page
 LITERATURE REVIEW
Year and Author Title of the pa- Objective Finding & anal-
per ysis
1966(J. TREY- “A report on per- Can Mutual Fund Through their re-
NOR AND K. formance of the outguess the mar- search paper they
MAUZY) funds and their sen- ket? tried to answer the
sitivity to market question, “ Are
fluctuations.” Mutual Fund man-
agers successfully
anticipating major
turns in stock mar-
ket?” They used 57
mutual funds for
their study .
Their study re-
ported “no statisti-
cal evidence that
the investment
managers of any of
the 57 funds have
successfully out-
guessed the mar-
ket.”

1968(Michael C. “The performance Evaluating a port- Through his study

Jensen) of mutual funds in folio manager's MC Jensen derived
the period 1945- predictive ability. “a risk-adjusted
1964.” measure of

10 | P a g e
 portfolio perfor-
mance (Jensen's al-
pha) that estimates
how much a man-
ager’s forecasting
ability contributes
to fund’s returns.”
In his paper he
showed that on av-
erage the funds ap-
parently were not
quite successful
enough in their
trading activities to
recoup even their
brokerage ex-
penses.(diversifica-
tion not taken into
account)

2003(SN Rao) “Performance The objective of His investigation

Evaluation of In- this study was to comprised of 269
dian Mutual “Evaluate the per- open ended
Funds.” formance of Indian schemes used as
Mutual Fund sample (out of total
Schemes during schemes of 433)
bear market for processing rela-
through relative tive performance
performance index index, in the wake

11 | P a g e
 (RPI), risk- return of barring the funds
analysis, whose returns are
Treynor’s ratio, not greater than
Sharpe’s ratio, risk free return, 58
Sharp’s measure, schemes were uti-
Jensen’s measure, lized for additional
and Fama’s meas- examination. The
ure.” result of perfor-
mance measure
recommend that a
large portion of the
mutual fund con-
spires in the exam-
ple of 58 had the
option to fulfill
speculator's desires
by giving abun-
dance returns over
expected profits
based for both pre-
mium for system-
atic risk and total
risk.
2015(Mr. S.M. “Comparative To evaluate the per- Through their re-
Adhav and Dr. study of mutual formance of mutual search they at-
P.M. Chauhan) funds of select In- fund portfolios of se- tempted to study
dian companies” lected Indian compa- comparative per-
nies with respect to formance of mutual
risk and return. funds of selected

12 | P a g e
 Indian companies
comprising of Eq-
uity, debt and hy-
brid schemes. They
evaluated the per-
formance of mutual
fund based on risk
and return. They
concluded that the
performance of the
selected Indian
companies is supe-
rior to their bench-
mark index.

13 | P a g e
 Project objective

OBJECTIVE:

PRIMARY:

• The primary goal of this project report is doing an inside and out investigation of
Mutual Fund Portfolio by taking example of funds and contrasting it and others.

SECONDARY:

• To analyze the performance of mutual fund scheme on the basis of various pa-
rameters.
• To understand the concept of portfolio management and its relation with mutual
fund.

LIMITATION:

Although the report has been made on the basis of relevant facts and figures but certain
problem has been faced, which are follows –

1. The portfolio of mutual fund can change according to the market condition, so
the data collected may become insufficient.
2. Mutual fund industry is a very huge, so comparative analysis of several mutual
funds might take-up huge amount of time.
3. This study is mainly based on secondary data, so perspective from a customer is
not available in this study.

14 | P a g e
 RESEARCH METHODOLOGY:

1) Research Design:
a. Problem Defining: Indian mutual fund market is a
competitive market where numerous mutual funds are
competing to gain the maximum market share. Therefore,
it is an absolute necessary to learn about the working and
functions of mutual funds as the performance of the mu-
tual fund decides the future of the overall company and
industry as a whole. In this study returns of 5 years of 3
mutual funds that are HDFC TOP 100 FUNDS(G), AXIS
LONG TERM EQUITY FUND (G), ICICI PRUDEN-
TIAL MULTICAP FUND has been compared.
b. Type of research: This research is qualitative in na-
ture.
2) Data collection:

Secondary data has been used in this study, collected from several mutual fund’s books,
SEBI website, AMFI website, other websites containing information about mutual
funds.

3) Methodology:

The study involves simple statistical tools such as pie charts, bar graphs, tables.

4) Period of study: The study is conducted for the period 2015-2016 to 2019-2020

15 | P a g e
 Data Analysis and Findings

16 | P a g e
The origin of the industry in India: -

Through the Indian mutual fund industry formally started its journey in the year 1963
with the setting up of the Unit Trust of India(UTI), but the need for such an institution
had been felt much earlier. As far back as in the year 1931, the Indian Central Banking
Enquiry Committee strongly recommended the introduction of the concept of unit trusts
in the country for the benefit of small investors. Then again, in 1954, the Committee on
Finance for Private Sector in India chaired by Shri A.D. Shroff reiterated the need of
introducing unit trusts in Indian Capital Market. Reacting to this pressing need, Shri T.T.
Krishnamacharya, the Economic and Defense Co-ordination Minister in the cabinet of
Prime Minister Pandit Jawaharlal Nehru, wrote to Pandit Nehru in 1963 about the neces-
sity for setting up an institution to mobilize savings from common masses and then chan-
nelize them to the corporate sector. As a consequence, the Reserve Bank of India (RBI)
was entrusted with the task of creating this special institution. In that year itself, the Unit
Trust of India Act, 1963 (52 of 1963) was passed in the Parliament by virtue of Section
3(1) of die said Act, the Unit Trust of India (popularly known by the acronym UTI) came
into being on 1st February 1964. And that marked entry of the specialized intermediary
called mutual fund into the financial system of our country.

“The First phase: (1963 -1987)

Unit Trust of India (UTI) was set up in 1963 by an Act of Parliament. It was set up by
the Reserve Bank of India and worked under the Regulatory and managerial control of
the Reserve Bank of India. In 1978 UTI was de-connected from the RBI and the Indus-
trial Development Bank of India (IDBI) assumed control over the administrative and
regulatory control instead of RBI. The main plan propelled by UTI was Unit Scheme
1964. Toward the finish of 1988 UTI had Rs. 6,700 crores of assets under administra-
tion.

17 | P a g e
 Timeline showing evolution of Indian mutual fund industry:

Source: https://www.sebi.gov.in/

The second phase: 1987 – 1993 (Entry of public sector funds)

“1987 denoted the entry of non-UTI, public sector mutual funds set up by public
sector banks and Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC).” SBI Mutual Fund was the first non-UTI Mutual Fund
set up in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National
Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India
(Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC built up its common reserve in
June 1989 while GIC had set up its shared store in December 1990.

18 | P a g e
 Toward the finish of 1993, the shared store industry had asset under management of
Rs. 47,004 crores.

The third phase: 1993 – 2003

With the entry of private sector in 1993, another time began in the Indian mutual
fund industry, giving the Indian investors a more extensive options of fund families.
Likewise, 1993 was the year where the main Mutual Fund Regulations appeared,
under which every mutual fund, aside from UTI were to be enlisted and governed.
The erstwhile Kothari Pioneer (presently converged with Franklin Templeton) was
the first ever private sector mutual fund enrolled in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were subbed by a progressively far
reaching and updated Mutual Fund Regulations in 1996. The industry currently
works under the SEBI (Mutual Fund) Regulations 1996.

The quantity of mutual fund houses continued expanding, with numerous foreign
mutual fund setting up assets in India and furthermore the industry has seen a few
mergers and acquisitions. As toward the finish of January 2003, there were 33 mu-
tual fund with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.
44,541 crores of assets under management was way in front of other mutual funds.

The fourth phase: 2002-03 onwards

In February 2003, after the annulment of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit
Trust of India with asset under management of Rs. 29,835 crores as toward the end
of January 2003, speaking to extensively, the benefits of US 64 plan, guaranteed re-
turn and certain other schemes. The Specified Undertaking of Unit Trust of India,

19 | P a g e
 working under an executive and under the standards confined by Government of In-
dia and doesn't go under the domain of the Mutual Fund Regulations.

The second is the UTI Mutual Fund, supported by SBI, PNB, BOB and LIC. It is
enlisted with SEBI and functions under the Mutual Fund Regulations. With the bi-
furcation of the past UTI which had in March 2000 more than Rs. 76,000 crores of
asset under management and with the setting up of an UTI Mutual Fund, adjusting
to the SEBI Mutual Fund Regulations, and with late mergers occurring among vari-
ous private segment reserves, the mutual fund industry has entered its present period
of union and development. (AMFIindia, n.d.)”

Source : https://www.amfiindia.com/research-information/mf-history

20 | P a g e
 ADVANTAGES OF INVESTING IN MUTUAL FUNDS

21 | P a g e
 HOW TO HAVE A BEST PERFORMING PORTFOLIO?

Interests in values, particularly as long as possible, are probably going to yield the most
elevated returns. Notwithstanding, for some, monitoring markets and individual stocks
is preposterous and furthermore not prudent. Particularly so as expertly oversaw and
firmly controlled mutual funds are accessible to do a similar activity. The undertaking
here is to feature some essential strides to consider in building a value portfolio through
mutual funds.

Distinguish budgetary objectives: The procedure begins with recognizing your fi-
nance related objectives. You might be seeking plan for retirement, youngsters' educa-
tion or purchasing a house etc. In the event that you have a reasonable feeling of the
time allotment in which to manufacture the corpus, investment related sites can assist
you with getting ready for the different situations, remembering figuring for potential
paces of expansion.

Risk resilience: Identifying your risk resistance is significant. In the event that you are
youthful and toward the beginning of your profession, you can have a value arranged
portfolio as you can stand to face a challenge fully expecting more significant yields.
Those moving toward retirement or are resigned ought to in a perfect world have low
value presentation.

Choosing a fund house: The subsequent stage is to distinguish subsidize houses that
have a family in the monetary administrations and furnish assets with a predictable rep-
utation over all categories. At least five years predictable returns could be an essential.

Venture objective: Recognize whether the fund contributes across showcase capitaliza-
tion or limits itself to enormous top, mid-cap or little top stock crates. A few assets

22 | P a g e
could likewise be topical. Most financial objectives are long haul thus it is smarter to
put resources into expanded supports that have wide orders. Additionally, consider the
benchmark that the fund follows. It will give you a wide feeling of whether the reserve
is following an expansive file, for example, the CNX 500 or the BSE 200.

Asset allocation: Selecting funds based on their investment objective brings us to the
next step-asset allocation. This, for the limited purpose of the column, means you
should not be putting all your eggs in one basket. A decision on asset allocation is broad
and will include other investment options, such as real-estate and bank deposits.

Following along: Monitoring your investment is the subsequent stage. Approach your
consultant or pursue occasional updates on your ventures. Try not to be enticed to make
changes in the initial a half year or even a year. In the event that you have followed the
means laid out above, you won't have to make a momentary change. Changing assets
likewise acquire extra charges.

Course amendments: As long as your investments are giving you the necessary pace
of return, don't change your picked assets or include reserves, particularly dependent on
present moment performance. The main explanation you should consider rolling out an
improvement would be if your chose fund is trailing your necessary pace of return for
longer than a year or even two.

23 | P a g e
 Selecting a mutual fund

1) Management Stability: If you discover a manager, hold tight to them. Top

managers usually keep on performing better in bear and bull situations, since they have
the security and experience to remain concentrated on their goal.

2) Management Participation: The management group of an extraordinary mu-

tual fund normally puts intensely in their own reserve, in the event that it is sufficient
for their investment.

3) No Load Structure: High commissions can detrimentally affect even a decent

mutual fund. Most incredible supports offer a no-load option.

4) Lower Expense Ratio: Keeping fund cost low is an objective for all funds, yet
the most extraordinary funds are greater at it than poorly managed funds. Top quality
fund experience lower costs for reasons and this emphatically helps keep them on top.

5) Consistent Returns: When taking a gander at the funds yearly returns through-
out the year, focus on funds that are predictable and consistently beating their bench-
mark index. One year of outperformance can be luck, yet routinely being in top 10%
takes abilities and difficult work. These are the diamonds that you need taking care of
your investments.

6) Very Specific Strategy: Every fund has an investment methodology. Some are
exceptionally unclear and others pinpoint their goal and follow their arrangement with
laser like focus.

24 | P a g e
 ANALYSIS:
AXIS LONG TERM EQUITY FUND (G):

OBJECTIVE – The plan looks for forceful development and to give long haul capital
appreciation through putting resources into various offers such as HDFC , KOTAK ,
MAHINDRA , LARSEN , TCS, HDFC BANK etc.

Fund class ELSS

Fund type Open – ended

Option Growth

Launch date 29-Dec-2009

Face value 10

Fund manager Jinesh Gopani

NAV (01-04-2020) 37.1961

AUM 21658.58 cr.

52 Week high 52.35

52 Week low 34.78

Entry load Nil

Exit load Nil

SOURCE : www.moneycontrol.com

25 | P a g e
HDFC TOP 100 FUND (G)

OBJECTIVE – The plan looks for forceful development and intends to give long haul
capital appreciation through interest in shares such as STATE BANK OF INDIA, IN-
FOSYS, ICICI BANK , LARSEN , RELIANCE etc

.
Type of scheme LARGE CAP

Fund type Open – ended

Option Growth

Launch date 11-Oct-1996

Face value 10

Fund manager Prashant Jain

NAV (01-04-2020) 332.449

AUM 16,819 cr.

52 weeks high 521.12

52 weeks low 307.24

Entry load NIL

Exit load 1% on or before 1 Year; Nil after 1 Year

SOURCE : www.moneycontrol.com

26 | P a g e
ICICI Prudential Multicap Fund:
OBJECTIVE – The plan looks for forceful development and expects to give medium
and long haul capital appreciation through interest in shares such as HDFC BANK ,
POWER GRID , WIPRO , ICICI BANK ETC .

Type of scheme LARGE CAP

Fund type Open – ended

Option Growth

Launch date 01-Oct-1994

Face value 10

Fund manager Sankaran Naren

NAV (01-04-2020) 199.15

AUM 5081.52 cr

52 week high 307.67

52 week low 187.76

Entry load NIL

Exit load 1% if the investor redeem it before a

span of 1 year .
SOURCE : www.moneycontrol.com

27 | P a g e
COMPARISION OF RETURNS
PERIOD AXIS LONG HDFC TOP ICICI Prudential
TERM EQ- 100 FUND Multicap Fund
UITY FUND (%)
(%)
3Months -24.53% -33.75% -33.66%
6 Months -20.33% -29.40% -28.69%
1 Year -15.38% -34.13% -33.07%
2 years -7.76% -22.52% -26.02%
3 Years 7.73% -17.27% -21.83%
5 Years 18.33% -3.99% -0.47%

CHART TITLE
AXIS LONG TERM EQUITY FUND (%) HDFC TOP 100 FUND (%)
ICICI Prudential Multicap Fund
18.33%
7.73%

-0.47%

3MONTHS 6 MONTHS 1 YEAR 2 YEARS 3 YEARS 5 YEARS

-3.99%
-7.76%
-15.38%
-24.53%
-33.75%
-33.66%

-20.33%
-29.40%
-28.69%

-34.13%
-33.07%

-22.52%
-26.02%

-17.27%
-21.83%

ANALYSIS: The above table and graphical representation shows return given by these
three funds. the best performing fund is AXIS LONG TERM EQUITY FUND because
of the stock selection by the fund manager.

28 | P a g e
 ASSET ALLOCATION
AXIS LONG HDFC TOP 100 ICICI Prudential
TERM EQUITY FUND (G) Multicap Fund
FUND (%)

Equity 93.71 98.16 96.85

Debt 5.19 1.81 1.03

Chart Title
120

100

80

60

40

20

0
AXIS LONG TERM EQUITY FUND (%) HDFC TOP 100 FUND (G) ICICI Prudential Multicap Fund

Equity Debt

Analysis- Since these funds are equity funds , the investment in equity should be more
than 65% . Anything below this would make it a debt fund . So from this table and bar
chart we can clearly see that these funds have a majorly invested in equity which is far
above the minimum requisite

29 | P a g e
 SECTORAL ALLOCATION: AXIS LONG TERM EQUITY FUND

Sectors AXIS LONG TERM EQUITY FUND

Financial Services 37.00

Consumer Goods 17.00

IT 12.00

Automobile 8.00

Chemicals 5.00
SOURCE: https://www.axismf.com

AXIS LONG TERM EQUITY FUND

21.00%
37.00%
5.00%

8.00%

12.00%
17.00%

Financial Services Consumer Goods IT Automobile Chemicals others

30 | P a g e
 SECTORAL ALLOCATION: HDFC TOP 100 FUND (G)

Sectors HDFC TOP 100 FUND (G)

Banks (Private sector) 35.8%

Computer-Software 18.3

Refineries 17.5%

Banks (Public sector) 15.89

Power generation & supply 12.51

SOURCE: https://www.hdfcsec.com/

HDFC TOP 100 FUND (G)

12.51%
Banks (Private sector)

Computer-Software 35.80%
15.89%

Refineries

Banks (Public sector)

Power generation & supply 17.50%

18.30%

31 | P a g e
SECTORAL ALLOCATION: ICICI Prudential Multicap Fund:

Sectors ICICI Prudential Multicap Fund

Banks - Private Sector 35.17%

Power Generation And Supply 18.69%

Telecommunications - Service Provider 18.44%

Finance & Investments 14.6%

Pharmaceuticals - Indian - Bulk Drugs &

13.10%
Formln

ICICI Prudential Multicap Fund

13%

35%
15%

18%
19%

Banks - Private Sector Power Generation And Supply

Telecommunications - Service Provider Finance & Investments
Pharmaceuticals - Indian - Bulk Drugs & Formln

SOURCE :https://www.hdfcsec.com/

ANALYSIS – It is evident from the above table & pie chart that all these mutual funds
house have biggest investment in the banking sector followed by the IT sectors.

32 | P a g e
 FINDINGS:
1) Active management of funds is a far better approach than passive management
of funds because portfolios are continuously checked & revised to take appropri-
ate measures.
2) Portfolio diversification is necessary in order to manage the risk.
3) Portfolio is created as per Investor class risk is more preferable.
4) Before Investing, the past performance of several years should be considered
and consistency should be checked rather than going for higher return in recent
period.
5) Investor should take advice from Mutual Fund advisor who can guide them easy
where to invest.
6) Profit booking should also be done at the right time and right place.
7) Investors before investing should read the offer documents carefully.
8) SIP is the best type of investment one can do for future because it is safe and
high return is possible.
9) Investors should read the form of the company in which they are investing be-
cause all details of the company, what are the future plans, goals and where they
are going to investment all details are mentioned so investors should be alert
while investing.
10) Most people want to invest in high return fund and secondly wants to invest in
liquid fund.

33 | P a g e
 Conclusion:

Mutual funds presently speak to maybe most proper venture open door for the most
speculators. As fiscal markets become refined and complex, theorists need a budget-
ary go between who gives the vital data and expert expertise on effective contrib-
uting, as the financial specialists attempt to expand return and limit the hazard.

Mutual funds satisfy these requirements by giving satisfying returns with affordable
risks. The industry has just assumed control over the financial business, a bigger
number of assets being under mutual funds than that saved in banks. With rise of in-
tense rivalry, the sector funds are propelling assortment of plans which takes into
account the prerequisite of specifics class of financial specialists. Daring individuals
for getting capital appreciation ought to put resources into development value plot,
Investors who are needing standard income ought to put resources into salary plan.

Grim financial situation coupled with countess stark data points have severely in-
jured the assumption of securities market. As the business sectors experience a diffi-
cult time, investors are progressively getting worried about their ventures.

But, as we have seen in our study that Mutual funds after a certain period of time
gives positive returns, hence, it is a matter of time till the investors receive positive
returns.

34 | P a g e
 References: -
Gaurav Chakraborty ( 20 Dec 2018), www.orowealth.com/insights/blog/history-of-

mutual-funds-in-india/, Introduction to mutual fund history,

Adam Hayes (Feb 24, 2020), https://www.investopedia.com/terms/m/mutu-

alfund.asp, Definition of mutual funds and types of mutual funds.

AMFHI India, (2013), https://www.amfiindia.com/research-information/mf-history,

history of mutual funds.

Money control, taken on 25th March 2020, www.moneycontrol.com, data analysis

and findings.

Axis Mutual fund website, taken on 25th March 2020, https://www.axismf.com, data

analysis and findings.

HDFC mutual fund website, taken on 25th March 2020, https://www.hdfcsec.com,

data analysis and findings.

Economic times mutual fund screener , taken on 25th March 2020, https://econom-

ictimes.indiatimes.com/mutual-funds , for data analysis and findings.

Wiley online library, taken on 20th march 2020, https://onlinelibrary.wiley.com/,

used for data analysis and findings.

Google scholar pdfs, semantic scholar, taken on 20th March 2020, https://pdfs.se-

manticscholar.org/ , used for writing data analysis and findings.

35 | P a g e
36 | P a g e