DOES DEMOGRAPHIC FACTORS AFFECT INVESTMENT ON MUTUAL FUNDS? A STUDY OF EMPLOYEES OF BHEL, RANIPET UNIT

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1 International Journal of Mechanical Engineering and Technology (IJMET) Volume 9, Issue 9, September 2018, pp , Article ID: IJMET_09_09_003 Available online at ISSN Print: and ISSN Online: IAEME Publication Scopus Indexed DOES DEMOGRAPHIC FACTORS AFFECT INVESTMENT ON MUTUAL FUNDS? A STUDY OF EMPLOYEES OF BHEL, RANIPET UNIT Senthamizhselvi. A Research Scholar, VITBS, VIT, Vellore Vedantam Seetha Ram Asst. Professor (Sr.), Dept. of Tech Management, SMEC, VIT, Vellore ABSTRACT Indian mutual fund industry experiences a tremendous growth due to savings and investment behaviour of individuals as well as growth in infrastructure, habit of saving and investing. In current day market, mutual funds act as an important savings vehicle for most people in developed countries. Present research helps to identify the critical gap to understand the mutual fund investor s behaviour towards various investment avenues with the help of demographic factors. The study was conducted among BHEL employees of various departments by using structured questionnaire to know and understand whether there is any significant influence of investor s towards mutual fund investment or not. For this the researcher applied stratified random sampling technique to select the sample and data is collected. After understanding the demographic diversity of the sample, their relationship to investing on mutual funds is tested applying statistical tools such as correlation and Pearson s regression analysis and inferences are drawn. Keywords: Decision making, Demographic factors, Mutual funds, Investor s perception, Investor s psychology, Rational thinking Gel Codes: G10, G11, G22, J10, J11. Cite this Article: Senthamizhselvi. A and Vedantam Seetha Ram, Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit, International Journal of Mechanical Engineering and Technology, 9(9), 2018, pp editor@iaeme.com

2 Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit 1. INTRODUCTION India has one of the highest savings rate globally. Mutual funds offer variety of product choices that made the investors to change their investment goals. As investment goals varypost retirement expenses, children s marriage or education, house purchase, etc. - the products requires to achieve these goals vary too. The Indian mutual fund industry offers a wide variety of schemes to cater all types of investor s needs. Mutual fund is a trust that pools the savings of many investors who share a common financial goal. Mutual fund companies pool money through their fund managers after deciding about the portfolio to be considered for investment, risk involved and the returns anticipated by investors. Individuals who have a common goal of earning returns at limited risk, buy the units based on the quantum of money that they wish to invest on MFs. Thus, MFs cater the diversified investment urge of individuals through different schemes floated by companies in the market. However, this investment urge and actual investment pattern differ due to external and personal factors of individuals. One such pooled factor is demographic factors. Demographic factors such as age, gender, family income, size of family etc.has direct and significant influence of an individual s investment decision making. Hence, the current study is undertaken to assess whether these demographic factors have influence on individuals investment choice of mutual funds or not? In financial eco system, Asset Management Companies (AMCs) act as intermediary to facilitate portfolio diversification. It provides financial stability which helps to the investors to diversify their assets easily. Indian mutual fund industry is one of the fastest growing and most competitive segments of financial sector. In last two decades mutual fund industry has shown impressive growth not only in the scale of asset under management but also in terms of schemes and products. Table I indicates the growth performance of mutual fund industry from the year based on net resource mobilisation. Year Table I Cumulative net assets of all MFs ( in Cr.) ,92, ,87, ,01, ,25, ,82, ,32, ,54, lakh The above Table I shows the performance and growth rate of mutual fund industry from the year 2010 to 2018 from SEBI S annual report. The assets under management by all mutual funds decreased by 0.8% to 5, 87,216 Crore at the end of March 2012 from 5, 92,250 Crore at the end of March The cumulative net assets managed by all mutual funds totalled to 7, 01,443 crore at the end of March 31, 2013 as against 5, 87,216 crore at the end of March 31, 2012 representing a rise of 19.5%. Mutual fund industry continues to exhibit tremendous growth in assets under management in By the end of March 2014, the cumulative net assets managed by all mutual funds totalled to 8, 25,240 crore as against 7, 01, 443 crore at the end of March 2013, representing a rise of 17.6%. The gross mobilization of resources by all mutual funds during was 1,10,86,259 crore compared to 97,68,100 crore during the previous year showing an increase of 13.5% over the previous year. The cumulative net assets of all mutual funds as on March 31, 2015 was 10,82,757 crore as against 8,25,240 crore on March 31, 2014, representing an increase of 22 editor@iaeme.com

3 Senthamizhselvi. A and Vedantam Seetha Ram 31.2 percent. The AUM of mutual funds industry has witnessed a constant growth and it increased by nearly 6.41 lakh crore in last five years. The cumulative net assets of all mutual funds as on March 31, 2016 was 12,32,824 crore as against 10,82,757 crore on March 31, 2015, representing an increase of 13.9% By robust capital inflows and strong participation of retail investors the mutual fund industry produced record breaking numbers in As of March 31, 2017 the total asset under management of the sector stood for 17, 54,619 crore. Mutual fund industry saw a lucrative year on year growth of 42.3%. The mutual fund industry grew by 21.7% to lakh crore at the end of 31 st March, 2018 over previous year. Table II Performance of CRISIL-AMFI Equity Fund Index from April 1, 1997 to March 31, RETURN CRISIL-AMFI EQUITY FUND PERFORMANCE INDEX CNX-NIFTY CNX-500 MIN MAX AVERAGE It shows the superlative CRISIL-AMFI equity fund performance index and consistency of mutual funds over past 16years.CRISIL-AMFI Equity Fund Performance Index never delivered negative returns for a five-year investment horizon on a daily rolling basis in the last 16 years, despite the fact that equity markets witnessed three bear phases during this period. It conducted a research on mutual fund performance index for more than fifteen years since The performance of mutual fund schemes varies according to categories such as Equity, ELSS (equity linked savings scheme), debt, money market and hybrid. The performance of indices was compared with other investment options such as equity benchmarks (CNX NIFTY and CNX 500), PPF and bank deposits across different time periods and market cycles. Results shows CRISIL-AMFI equity fund performance has given an annualized return of 22% in the past 20 years since 1997, higher than 12% annualized returns from CNX NIFTY and 13% from CNX 500. CRISIL-AMFI ELSS fund performance outperformed CNX 500 and PPF rate by 6% and 18% respectively. 2. REVIEW OF LITERATURE Lewellen et al. (1977) studied that demographic factors such as age, gender, family income, sex and other factors affect the individual investment decision making. The objective of the study is to identify the systematic patterns of investment behaviour exhibited, to appraise the rationality of those patterns, that is, are they internally consistent and do they fit with a reasonable priori notions with regard to appropriate responses to risk, liquidity and personal tax considerations? Gupta s (1994) study is based on investor s preference towards investment options amongst household investors on mutual funds in specific and other financial assets in general. The findings of this study are relevant at times to the policy makers and mutual fund trading institutions to design their products for future. Kulshreshta (1994) studied about basic concept of mutual funds, their characteristics and importance to the development of capital market and evaluated the trend of its growth, long term trend of the geographical distribution of the retail owners of shares, debentures and UTI units. Jambodekar(1996) conducted a study that made to identify whether investors are aware of various financial products such as mutual funds and various schemes available in it, and it helps to find out the investor s choice of investment and their decision making. He conducted the study to size up the direction of mutual funds in investors and to identify factors that influence mutual fund investment decision. The study tells that open ended scheme is most 23 editor@iaeme.com

4 Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit favored among balanced, money market, guilt fund and index fund schemes. Income schemes and open-ended schemes are preferred over close-ended and growth schemes during the prevalent market conditions. Investors look for safety of principal, liquidity and capital appreciation in order of importance. Newspapers and magazines are used as first source of information through which investors get to know about mutual fund or schemes and investor service is the major differentiating factor in selection of mutual funds. Raja Rajan(1997,1998) highlighted the segmentation of investors on the basis of their characteristics, investment size and the relationship between stage in life cycle and their investment pattern. Syama Sunder (1998) conducted a survey with an objective to get an in-depth view into the operations of private sector mutual funds with special reference to Kothari Pioneer. The survey tells that the knowledge about mutual fund concept is not satisfactory during his study period in small cities like Visakhapatnam. The study suggested that mutual fund agents can help catalyze mutual fund investment culture. Further, the study observed that, open-ended options are much popular than any other schemes. Age and income are the two important determinants in the selection of mutual fund/scheme and brand image and return are their two prime considerations. Ramamurthy and Reddy (2005) conducted a study to analyze recent trends in mutual fund industry and drew conclusions that the main benefits for small investors from mutual funds investment is due to their efficient management, diversification of investment, easy administration, nice return potential, liquidity, transparency, flexibility, affordability, wide range of choices and a proper regulation governed by SEBI. The study also analyzed about recent trends in mutual fund industry like various exit and entry policies of mutual fund companies, various schemes related to real estate, commodity, bullion and precious metals. Entry of banking sector in mutual fund, buying and selling of mutual funds through online is also highlighted in the study. Desigan et al. (2006) conducted a study on women investors perception towards investment and found that women investors basically indecisive in investing on mutual funds due to various reasons like lack of knowledge about the investment protection and their various investment procedures, market fluctuations, various risks associated with investment, assessment of investment and redressal of grievances etc. Sudalaimuthu and Senthilkumar (2008) made an attempt to understand the financial behaviour of mutual fund investors on the basis of their selection and schemes preferred by investors. The study analyzed effectively by taking in to account of the investors preference towards the mutual fund sector, scheme type, purchase of mutual fund units, level of risks undertaken by the investors, source of information about the market value of the units, investors opinion on factors influenced to invest in mutual funds, investors satisfaction level towards various motivating factors, source of awareness of mutual fund schemes, type of plan held by the investors, awareness of risk category by investors, problems faced by mutual fund investors. An important element in the success of a marketing strategy is the ability to fulfil investors requirements and expectations. Singh and Jha (2009) conducted a study on awareness & acceptability of mutual funds and found that investors basically prefer mutual funds due to their return potential, liquidity and safety and they are not totally aware about the systematic investment plan (SIP). The authors suggested that investors need to consider various factors such as investment objective and style, funds performance, fund manager experience, expense ratio and exit load before investing editor@iaeme.com

5 Senthamizhselvi. A and Vedantam Seetha Ram 3. RESEARCH PROBLEM IDENTIFICATION Literature survey gave a clarity that demographic factors change from time to time and for person to person and they do influence an investors portfolio building or investment decision making. Hence, it is felt necessary to study the demographic factors influence on investment decision making of individuals who are making investment in mutual funds. 4. OBJECTIVES OF THE STUDY 1. To understand the performance of mutual fund industry (CRISIL-AMFI) with benchmarks such as CNX-NIFTY and CNX-500 for past 16 years. 2. To find out various savings and investment options that employees of BHEL, Ranipet are opting at present. 3. To find out whether employees of BHEL, Ranipet are aware of mutual fund as an investment option or not 4. To study the perception of employees of BHEL, Ranipet towards MFs 5. To assess the relationship between earnings and investment options of employees of BHEL, Ranipet 6. To assess the relationship between individual s risk taking ability to investing in MFs amongst selected sample 7. To identify inclination of employees of BHEL, Ranipet towards MF as an investment option in future. 5. RESEARCH METHODOLOGY This study is conducted in a public sector undertaking company Bharat Heavy Electricals Limited (BHEL) situated at Ranipet, Vellore district of Tamil Nadu where the employees are skilled and have assured and defined pay package with timely revisions. The objective of this study is to find out whether the employees of BHEL, Ranipet are aware of mutual fund as an investment option or not and also to assess their risk taking ability while investing in mutual funds and whether they get influenced by the demographic factors while making investment decision or not. The study is based on primary data collected using a self-administered structured questionnaire that helps in understanding the meaning, purpose and the nature of questions asked with clarity. Hence, the questionnaire is served amongst 250 employees of E1 cadre comprising Engineers and Accountants of BHEL, Ranipet. However, only 140 completely filled questionnaires are received; data is tabulated and tested applying statistical tools such as correlation that measures the relationship between demographic factors and investment decision of respondents. 6. DATA ANALYSIS AND INTERPRETATION Age Occupation Salary Table III Correlations Age Occupation Salary Wish to invest Pearson correlation **.647 ** Sig.(2 tailed) Pearson correlation.369 ** ** Sig.(2 tailed) Pearson Correlation.647 **.461 ** * 25 editor@iaeme.com

6 Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit Wish to invest Sig.(2tailed) Pearson Correlation * 1 Sig.(2tailed) **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed) Results and discussions Table III discloses the correlation values between select variables to understand whether there is influence of one variable on other selected ones. Results show that age has influence on occupation and salary of the respondents, while their willingness to invest is inversely influenced by their age indicating, as age grows respondents are unwilling to invest their salary. Table IV Assessment of salary gets affected by factors such as age, gender and occupation R Square Value or 51.8% F value Significance Age Gender Occupation t- value Sig. value Beta value Results and discussions To understand the link between salary as dependent variable and age, gender and occupation as independent variables, linear regression test is conducted and the results are tabulated. Table II is a consolidation of results for the linear regression test conducted to understand the influence of age, gender and occupation on salary or income of an individual. This test is conducted to understand whether a single factor is influencing salary or multiple independent factors have influence on income of an individual which further influences their investment decision. Results indicate that the R square value is 51.8% amongst the variables which is a good sign in economics studies. In current study, this 51.8% indicates that the independent variables such as age, gender and occupation are having divergence in influencing the dependent variable i.e. salary. F value (48.777) seconds R square value (51.8). This indicates that the chance of regression parameters becoming zero is parts in every 100 occasions; hence the dependent variable getting affected by independent variable is significant during the study period. Further, t-statistic values of the test indicate that, age, gender and occupation of respondents influence their salary. However, these three factors are having less influence on salary of individuals as their beta value is less than one and negative in case of gender. That means salary doesn t get influenced by gender, which is practically also true for a company like BHEL where it is governed and controlled by the government regulations. The only factor that has influence on salary is age of individuals with a beta value of Of course, in real terms also, as age grows, an individuals salary increases because of their seniority in organisation. To conclude, age, gender and occupation of respondents do influence their salary editor@iaeme.com

7 Senthamizhselvi. A and Vedantam Seetha Ram Table V Correlation between percent of income invested to percent of income invested on MFs < 10% 20-30% 30-40% Above 50% < 10% % % Above 50% Results and discussions Table V is an assessment of correlation between percent of income invested to percent of income invested on MFs by the 140 respondents. For this, percent of income invested (Independent Variable) is considered in vertical and percent of income invested on MFs (Dependent Variable) in horizontal lines. Results reveal that Pearson s correlation values for two tailed test is significant for respondents who are investing up to 30 percent are investing up to 30 percent of their investments on MFs and those investing more than 50 percent are also investing up to 30 percent of their savings on MFs. However, the table depicts that those who are investing up to 30 percent of their income, those who are investing less than 10 percent on MFs, 19.9% are withdrawing their investments from MFs and those who are investing up to 30 percent of their income, 19.6 percent are pumping in more funds towards investing on MFs. On the other hand, 25.4 percent of respondents are opting MFs as their investing option of their total investments of more than 50 percent and 23.2 percent are opting out of MFs as their investment option in this segment. On overall, people who are investing, 20 to 30 percent of their portfolio allocation is to the MFs only. This is a good sign for investment market MODEL FOR IV AND DV WITH MEDIATING VARIABLES Figure I Assessment of mediating variables influence on % of income invested on MFs The model above indicates the meaning of Independent variable (a1), Dependent variable (a2) and mediating variables (a3). The left side box denotes the independent variable; right side box denotes the dependent variable and the one in centre act as mediating variables. The decision making of the individual/investor does not have same influence for all mediating variables. Sl.No 1. IV(INDEPENDENT VARAIBLE) invested by an investor/individual (a1) DV(DEPENDENT VARIABLE) invested on Mutual funds (a2) MEDIATING VARIABLES Bank/insurance/Stock market options/bonds and debentures/ NSC/PPF/ Gold,/real estate/post office and chit funds (a3) 27 editor@iaeme.com

8 Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit Predictors/ Mediating variables invested and on MFs/Bank invested and on MFs /Insurance invested and on MFs /Stock market invested and on MFs/Bonds and debentures invested/ppf invested/nsc invested/post office invested/real estate invested/gold invested/chit funds Significant values Beta value for percentage of income invested/all investment options R square value.042/ / / / / / / / / / / / / / / / / / / / Results and Discussions Table VI is results of regression analysis conducted to find out the strength of relationship between the independent variable ( invested) and the dependent variable ( invested on mutual funds). The result shows that there is significant relationship (0.042) between the predictor and the dependent variable. After assessing regression values, it is felt necessary to understand whether, other options of investment such as bank, insurance, stock market, bonds and debentures, gold, real estate, post office, PPF, NSC and Chit funds have any influence while investing on mutual funds by an investor or not. For this, mediation analysis is conducted, considering percent of income invested as independent variable and percent of income invested on MFs as dependent variable with all other options as mediating variables. Result shows that bank (.022), Insurance (.040), stock market (.032),bonds and debentures (.028), PPF (.026), NSC (.022), Post office(.022), Real estate (.033), Gold (.022) and Chit funds (.038) has significant influence towards selected dependent and independent variables. Hence the author find out whether there is any influence exists by entering the mediating variables in to it. To check whether there is any significant influence is there by adding mediating variables such as which leads to decision making of the investors towards mutual funds. 7. FINDINGS OF THE STUDY There exists a positive correlation between age and occupation (0.369), age and salary (0.647), occupation and salary (0.461). Hence, the respondents preferences of investments towards mutual funds varies according to age group and salary. There exist weak correlation between age and gender (-0.357), gender and occupation (-0.243), gender and salary (-0.450).The reasons for weak correlation (insignificant values) between the variables selected i.e. Age, Gender, occupation and salary is due 28 editor@iaeme.com

9 Senthamizhselvi. A and Vedantam Seetha Ram to their nature of job. It means the female employees contribution of work is less when compared to male. The result of Table IV shows that age, gender, occupation(independent variables) influence the salary(income of an individual) through its R square value (51.8%) which indicates a clear sign. The only factor which has influence on age is salary of an individual with a beta value of 0.484, which is true as age grows, the salary also get increases because of seniority in the organisation. Results reveal that Pearson s correlation values for two tailed test is significant for respondents who are investing up to 30 percent are investing up to 30 percent of their investments on MFs and those investing more than 50 percent are also investing up to 30 percent of their savings on MFs. Overall, individuals of 20-30% who are investing in income they are also investing especially in mutual funds which shows a great sign of investment market. There is significant influence of investment options (Act as mediating variables) such as Bank Deposits(0.022), Insurance (.040), Stock market options(0.032), bonds and debentures (0.028),PPF(0.026),NSC (0.022), Post office(0.022), Real estate (0.033), Gold(0.022) and Chit funds(0.038) with independent variable as (percentage of income invested by an individual) and dependent variable as ( invested on mutual funds).this indicates mediating variables plays vital role in investment decision making; especially when individuals are making investments on high/low risk investment options that helps to take better decision making. 8. SUGGESTIONS From the study the researcher found that the respondents are not much aware about the financial activities like D-MAT account, because it is useful for trading purpose. So, the researcher felt to have appropriate guidelines from financial advisors to assist in a better manner for future activities. Asset management companies (AMC/AMFI/SPONSORS) have to insist on design of mutual fund schemes so that it can be helpful to fulfil investors requirements such as constant returns, tax benefit and long term savings. Negative perception of mutual funds requires to be tackled through appropriate investor education measures. AMC/Sponsors should develop investors education literature specially tailored to suite the regional needs to improve the awareness levels of the investors. Mutual fund companies should segment their target customers and position their various products based on target segment they propose to address. Target segment can be divided into institutional segment and individual investor segment. Institutional segment consists of treasury, corporate and trusts. For this segment institutional income schemes and money market schemes can be focused up on. For individual investor s young family with small or no children, middle aged people saving for retirement and retired people looking for steady income. For this growth and balanced schemes for young families and income scheme with sure and steady returns for retired group can be marketed. This makes the mutual fund companies to win the confidence of investors and attract them for life time. The researcher suggest the respondents to follow investment ratios such as Sharpe, Treynor, Jenson, Alpha and Beta coefficient of determination to have better knowledge about risk return analysis of the various available mutual fund schemes. The average projected life span of an Indian after retirement (that is, after 60) is expected to group from 15 years to 20 years and the number of the elderly (those over 29 editor@iaeme.com

10 Does Demographic Factors Affect Investment on Mutual Funds? A Study of Employees of Bhel, Ranipet Unit 60) has increased significantly from 6.8 per cent of the population in 1991 to 8.9 per cent in 2016 and it is expected to increase further to 13.3 per cent by One of the key recommendations of the expert committee of Project OASIS (Old Age Social and Income Security) constituted by the government on pensioner reforms in 1999 is the creation of a privately managed, individual choice based, voluntary pension system. Pension funds are likely to be a big driver for the MF industry. 9. CONCLUSION It is concluded that investment pattern plays a vital role in an economy. However, the researcher found that in the study the main issue is the percentage of income invested in banks, insurance, stock market, gold, chit funds, real estate, NSC are very low due to lower returns, unawareness about financial products, high risk, current market scenario and unsustainable growth. The author found that the basic idea of investment in this present study is to utilize their surplus money in favourable plans so that money will be useful for rolling purpose as well as it provides higher returns in future. As a common man thinks about investment, no one can opt for any risky plans in savings and investment options. In the present scenario gold and share market is highly unpredictable and uncertain. Gender plays a crucial role in this study, if male wish to invest more in any of the investment option such as bank deposits, insurance, gold, real estate, etc female does not wish to invest in the same investment option equally and vice versa. So the researcher suggests the investors to analyze the current market cautiously to take better investment decisions. Running a successful MF requires complete understanding of Indian Stock market and also the psyche of the investors. Under such a situation this study helps to understand the financial behaviour of MF investors in connection with selection and preference of various schemes. In the words of Morgan Stanley Dean Witter4, "In the end, not all asset management (mutual fund) companies will survive, [but] for firms that have built a 'culture of excellence' over the years, have segmented their customers efficiently, built brand, and delivered performance, the ongoing opportunities to take market share have never been more significant." REFERENCES [1] CRISIL-AMFIMUTALFUNDPERFORMANCEREPORT: [2] DesiganGnana, Kalaiselvi S &Anusuya L, (2006), Women investors perception towards investment: An empirical study, Indian Journal of Marketing. [3] Gupta, L. C. (1993) Mutual Funds and Assets Preference: Household Survey (2nd Edition). Society for Capital Market Research and Development, New Delhi. [4] Gupta, L. C. and Utpal K. Choudhury (2001). How Good are Mutual Funds: The Household Investor s Perception. Society for Capital Market Research and Development, New Delhi. [5] Gupta, L. C., Naveen Jain and YashKulshreshtha(1994). Shareholders Geographic Distribution. Society for Capital Market Research and Development, New Delhi. [6] Gupta, L.C. (1994). Mutual Funds and Asset Preference, Society for Capital Market Research and Development, Delhi. [7] [8] Kulshreshta, C.M. (1994). Mastering Mutual Funds, New Delhi: Vision Books editor@iaeme.com

11 Senthamizhselvi. A and Vedantam Seetha Ram [9] Lewellen, W. G., Lease, R. C., &Schlarbaum, G. G. (1977). Patterns of Investment Strategy and Behaviour among Individual Investors. The Journal of Business, 50(3), [10] Madhusudan V. Jambodekar (1996). Marketing strategies of mutual funds Current practices and future directions, Working Paper, UTI IIMB Centre for Capital Markets Education and Research, Bangalore. [11] Rajan, R. (1997). Chennai Investor is conservative, Business Line, Feb. 23, p. 25 [12] Rajan, R. (1997b). Investment size based segmentation of individual investors, Management Researcher, Vol. 3(3& 4): [13] Rajan, R. (1998). Stages in life cycle and investment pattern, The Indian Journal of Commerce, Vol. 51(2 & 3): [14] Ramamurthy, B. M. and Reddy, S. (2005), Recent Trends in Mutual Fund Industry, SCMS Journal of Indian Management. [15] Rangananthan, Kavitha, A study of fund selection behaviour of individuals investors towards mutual funds-with reference to Mumbai city,1-21, Indian Institute of capital markets 9th capital markets conference paper. [16] Singh, B. K. and Jha, A.K. (2009), An empirical study on awareness & acceptability of mutual fund, 49-55, Regional Student s Conference, ICWAI. [17] Sudalaimuthu and Senthilkumar (2008), A study on investors perception towards mutual fund investments, Journal of Management Trends, 5(1), pp [18] SyamaSundar, P.V. (1998). Growth prospects of mutual funds and investor perception with special reference to Kothari pioneer mutual fund, Project Report, Sri SrinivasVidyaParishad, Andhra University, Visakhapatnam editor@iaeme.com