PROJECT REPORT

ON
“Perception of the Investors towards the Mutual Fund”

Submitted to
(Christ Institute of Management)
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD FOR THE DEGREE OF
BACHELOR OF MANAGEMENT (BM)
(Semester VI of Master of Management – MAM)
Under Gujarat Technological University

UNDER THE GUIDANCE OF

Faculty Guide: Dr. Navjyot Rawal

Company Guide Name: *Jiten Joshi, **Pankaj Nandola
Designation Name: *Branch Manager, **Gold Partner

Submitted by
Chitra Pankaj Nandola
Enrollment No.:167890585002 M.A.M – SEMESTER VI
Gujarat Technological University
Ahmedabad
March 2019

1
 Preface
The summer training of a management studies plays an important role in development
of a student’s knowledge and career. It allows a student to use theoretical knowledge in
the practical fields of the market. it gives the candidate an idea of dynamic and versatile
professional world as well as exposure in intricacies and complexities of the corporate
world.
Getting the training in NJ India Invest was a great experience. I acquired the
knowledge of perception of the people investing in the mutual funds and how E-wealth
forms works in the new Era technology.
My research project in on “Perception towards the Mutual Funds among the
Investors”. I have mentioned all the details of the brokerage industry and the
hypothesis of the study with its results and findings.

2
 Acknowledgement

I would like to express my special thanks of gratitude to my principal

sir Dr. K. J. Thankchan for providing resourceful faculties and library. I further
extend my gratitude to Dr. Navjyot Rawal our project guide for his guidance
and support. I would also like to thank Dr. Bhumika achhnani for her constant
support.
My heartily thanks to Mr. Jiten Joshi, Rajkot Branch Manager of the
company and Mr. Bhavesh Joshi, head of Saurastra Region except Rajkot.
At last but not the least, I would like to thank Mr. Pankaj Jamnadas
Nandola for providing knowledge, information and work experience and I
extend my gratitude and special thanks to all the employees of NJ India Pvt.
Ltd Rajkot Branch whose constant working ideas have been taking part in
my Research Work.

Date: Chitra Nandola

04/03/2019

3
 DECLARATION

I, Chitra Nandola, hereby declare that the report for “Project” entitled
“Perception among the investors towards the Mutual Fund” is a result of
my own work and my indebtedness to other work publications, references, if
any, have been duly acknowledged.

Place: Rajkot
Date: 1/01/2019-15/02/2019
(Signature)
Chitra Nandola

4
 Index
Sr. No Particulars Page no.
Part-1 general Information
1 About the brokerage Industry 7
2 World market of the brokerage industry 8
3 Indian market of the brokerage industry 9
4 Scenario of brokerage industry in Gujrat 10-11
5 Growth of the industry in India and Gujrat 12-13
6 About major companies in the brokerage industry 14
7 Product Profile 15-16
Part-2 Primary Study
8 Introduction of the NJ Mutual Funds 18-19
9 Literature review 20-29
10 Background of the study 30
11 Problem statement and importance of the study 31
12 Objectives of the study 31
13 Hypothesis 32
14 Research methodology 33-34
15 Research Design 35-36
16 Sources of Data 37-38
17 Data collection Method 39
18 Population 40
19 Sampling method 40
20 Sampling frame 40
21 Data collection Instrument 41-44
22 Data Analysis 45-54
23 Data Interpretation 55
24 Results and Findings 56
25 Limitations of the study 56
26 Conclusion 57-58
27 Bibliography 59

5
 PART-1
GENERAL INFORMATION

6
 About the Industry

A brokerage company’s main duty is to act as a middleman that connects buyers and
sellers to facilitate a transaction. Brokerage companies typically receive compensation by
means of a commission (either a flat fee or a percentage of the amount of the transaction)
once the transaction has successfully completed. For example, when a trade order for a
stock is executed, an investor pays a transaction fee for the brokerage company's efforts
to complete the trade. The real estate industry also functions using a brokerage company
format, as it is customary for real estate brokers to collaborate, with each company
representing one party of the transaction to make a sale. In this case, both brokerage
companies divide the commission.

In the financial markets, today there are several different types of brokerage firms offering
a wide range of products and services, ranging from more expensive full-service brokers
where a professional financial adviser manages all investment decisions and provides
ongoing advice and support. Discount brokers are often online platforms that allow do-it-
yourself (or, self-directed) investors to make their own trading decisions for lower
commissions. Recently, there has been a push toward zero trading commissions of ETFs
or even all products on several self-directed online platforms. Robo-advisers are a new
form of digital financial adviser that offers competent investment management carried out
by algorithms with minimal human intervention, and for very low cost. Several Robo-
advisers offer zero commissions or fees, and you can start with as little as $5 in many
cases.

(Source: https://www.investopedia.com/terms/b/brokerage-company.asp)

7
 Brokerage Industry in the World

The Global Investment Banking and Brokerage industry is expected to thrive over 5
years to 2018 as strong economic activity fuels demand for the Industry’s services.
Increasing Levels of regulation and Low market volatility have tamed the expansion
of industry by stunting the growth potential of trading related services. However, the
industry’s underwriting and advisory services have driven the growth of the industry
during the period amid sluggish performance from trading related services that
primarily affected the developed countries. This segment has benefited from elevated
levels of mergers and acquisitions and investment activity across the globe. As a
result, the industry is anticipated to grow an annualized 6.2% to $313.4billion.

Over the last 5 years, the brokerage industry has grown by 6.2% to reach the revenue
$313bl in 2018. In the same timeframe, the number of businesses has declined to -
0.1% and the number of employees has declined by -0.1%.

8
 Brokerage industry in the India

The Domestic Broking industry is likely to grow at moderate 5-10% in the current fiscal
amid cautious investor sentiments and market volatility. In the previous fiscal industry has
grown at over 30% with turnover of Rs 18000-19000 crores.

“The Indian broking industry is estimated to post a moderate growth of 5-10% in FY19
with an estimated revenue projected at 19500-20000 crore,” according to ICRA rating
agency report. It said, while on one hand, the volatility in the markets is expected to
encourage trading turnover, on the other hand, the recent correction in valuations,
coupled with the cautious investor stance, would have a bearing on industry in the current
fiscal.

Going forward, the foreign portfolio investment are expected to remain muted, with a net
outflow of USD 8-10 billion in FY19 compared to inflows of USD 4 billion in FY18
considering the weak macro-economic outlook.

The report said the markets reported a resurgence in the current fiscal after a slide in
February and March 2018, before witnessing a correction from September 2018.

On the aggregate basis, the equity markets reported a turnover of Rs. 1,191 lakh crores
in H1 FY19, registering a growth of 55% over Rs. 770 trillion in the year-ago period, the
report said.

The average daily turnover (ADTO) increased to 9.53 lakh crore from 6.21 lakh crore
during the same period.

(Source://economictimes.indiatimes.com/articleshow/67270527.cms?utm_source=conte
ntofinterest&utm_medium=text&utm_campaign=cppst)

9
 Scenario of Brokerage Industry in Gujarat

Mutual fund investments are subject to market risks. But when it comes to business,
Gujaratis have always been inclined towards taking risks. This tendency remained intact
amid volatility and lower return in equity markets as Gujaratis increased their investments
in mutual fund by Rs9,833 crore. However, it still lags behind growth in bank deposits.

According to the official data of Association of Mutual Funds of India (AMFI) — as on

September 2013 — total assets under management (AUM) from Gujarat stood at
Rs46,396 crore compared to Rs36,582 crore in September 2011.

“There is a steady increase in mutual fund investments from Gujarat. The investment
objective may have changed from pure equity to a debt -oriented scheme. However,
awareness about the investment in mutual funds is definitely there and increasing,” said
the regional head of a large mutual fund.

Despite the huge figure, Gujarat’s contribution is quite minuscule — just 5.74% —
compared to the total AUM of the country — Rs8.08 lakh crore. Top five cities — Mumbai,
Delhi, Bangalore, Kolkata and Chennai — contribute around 73.55% of the total
investment in this passive mode of investment in the securities market.

Similarly, Ahmedabad emerged as the largest investor in mutual funds from Gujarat. The
city has a total investment of Rs28,755 crore or 62% of total AUM. It is followed by
Vadodara (Rs4,917 crore), Surat (Rs4,347 crore) and Rajkot (Rs1,996 crore) as on
September 2013.

“Penetration of mutual fund is still less, but there is an increasing trend from direct
investment in equities to putting the money in mutual funds. Systematic Investment Plans
(SIP) that allows people to invest money in installments is one of the reasons why
investors from smaller towns are also attracted. History has also suggested that even in

10
volatile environment mutual funds were able to deliver better return to investors compared
to taking a risk of direct investment,” industry official added.

Other than four large cities of Gujarat, 10 small towns from Gujarat also featured in the
top-100 list of highest investment in mutual fund as compiled by the AMFI. Except Surat
and Jamnagar where AUMs have declined showing redemption by investors, all other
cities have shown a steady increase in AUM between 2011 and 2013.

However, it should be noted that mutual fund industry has a long way to go as compared
to traditional savings or investment products. For example: bank deposits in Gujarat stood
at Rs3.93 lakh crore and the same saw an increase of Rs1.01 lakh crore in the last two
years. For safe, liquid although a lower return, people still prefer bank deposits over
mutual fund investment are not immune to market risks.

11
 Growth of the Industry in India and Gujrat

Growth in Gujrat

Gujarat has an average Rs 3 lakh crore worth AUM in MF industry as on October 2016,
which accounts for 9% of total AUM of Rs 16.28 lakh crore across India. ... Given the high
preference for investing in shares in the state, Gujaratis also choose equity mutual
funds more than their counterparts in other states. Of the total AUM’s, equity linked in
Gujrat account for 40%, which is the highest among the top five states.

Growth in India

Indian mutual funds’ Assets under Management (AUM) reached an all-time high of Rs.
25.2 lakh buoyed with inflows of Rs. 1.75 lakh crore in August 2018.
Equity markets rallied in August and Nifty gained 3.9% and investors continued to repost
their faith in systematic investment plans (SIPs). Collections through SIP schemes
touched a new high of Rs. 7654 crores, a jump of Rs. 100 crores over the previous month
with many new investors choosing SIPs.
“Aided by SIPs, retail inflows have been positive for 29 consecutive months and overall
numbers of folios have risen for 51 months in a row. This has translated into Mutual Fund
industry AUM crossing RS. 25 lakhs crores said N.S. Venkatesh, CEO, AMFI.
The bulk of inflows in August were in liquid/money market funds with the category gaining
Rs. 1.71 lakh crore AMFI data showed. Higher interest rates and a rise in bond yields saw
investors move out of high duration products such as income funds and gilt funds with
both categories seeing outflows of Rs. 6520 and Rs. 283 crores respectively.
Equity mutual funds including ELSS funds saw an inflow of Rs. 8375 crores, though a
bulk of it came through the SIPs and new fund offers (NFOs).
The industry added 6 lakh SIP accounts in August taking the total number to 2.39 crore,
while AUM from SIP rose to Rs. 2.32 lakh crores, which is 9.2% of overall AUM.
“Acceptance of Mutual Fund as an investment product is increasing rapidly amongst the
new generation of investors. Retail investors are showing faith in equities and allocating
through SIPs, while HNIs are on the side-lines, allocating money only through systematic
Chhabria, CEO, Axiom Financial Services Pvt Ltd.

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Higher oil prices, a depreciating rupee, high valuations and uncertainty on growth in
corporate earnings, were key worries.
“Apart from SIP flows, lump sum flows have slowed down substantially from the peak,
reflecting cautious mood in markets. Many investors are waiting on the sidelines to invest.
A drop-in oil prices, increase in FII flows or a drop-in valuation will act as a catalyst for
them to invest,” said Nilesh Shah, managing director, Kotak Mutual Fund.
The industry’s AUM had crossed Rs. 10 lakh crores for the first time in may 2014 and in
a span of 40 months, doubled to Rs. 20 lakh crores in August 2017, moving to Rs. 25.2
lakh crores over the last one year.

(Source:
//economictimes.indiatimes.com/articleshow/65720460.cms?utm_source=contentofinter
est&utm_medium=text&utm_campaign=cppst)

13
 About Major companies in the brokerage Industry

(Source: https://www.owler.com/company/njwealth)

14
Product Profile of brokerage industry

 Equities and derivates: Equities and derivatives are the financial instruments.
They can be bought and sold in the financial markets and Exchanges.

 Equity: is a form of ownership in the company. A company can source

funds for its projects by issuing equities in the form of shares to the public
and this forms the basis of the firm’s capital.

 Derivatives: are the financial instruments that derive its value from an
underlying asset – this could be shares, stock, commodities (like gold,
silver, etc.), currencies or interest rates. Popular derivative instruments
are forwards futures options and swaps. They are good tools for price
discovery or determinations.

 Mutual Fund Industry: A mutual fund is an investing vehicle made up of a pool

of money collected from many investors for the purpose of investing in
securities such as stocks, bonds, money markets instruments and other assets.
Mutual Funds are operated by professional money managers, who allocates
the fund’s investments and attempt to produce capital gains and/or income for
the fund investors. A mutual funds’ portfolio is structured and maintained to
match the investment objectives stated in its prospectus.

A mutual fund is an investment security that enables investors to pool their

money together into one professionally managed investment. Mutual funds can
invest in stocks, bonds, cash or a combination of those assets. They underlying
security types, called holdings, combine to form one Mutual Fund, also called
a portfolio.

In simpler terms, Mutual funds are like baskets. Each basket holds certain types
of stocks, bonds or a blend of stocks and bonds to combine for one mutual fund
portfolio.

 Insurance Industry: The insurance industry of India consists of 57 insurance

companies of which 24 are in life insurance business and 33 are in Non-life
insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole
public sector company. Apart from that, among the non-life insurers there are
six public sector insurers. In addition to these, there is sole national re-insurer,
namely, General Insurance Corporation of India (GIC Re). Other stakeholders
in Indian Insurance market include agents (individual and corporate), brokers,
surveyors and third-party administrators servicing health insurance claims.

15
 Gross premiums written in India reached Rs. 5.53 trillion (US$ 94.48 billion) in
FY18, with RS. 4.58 trillion (US$ 71.1 billion) from life insurance and Rs. 1.51
trillion (US$23.38 billion) from non-life insurance. Overall insurance penetration
(premiums as % of GDP) in India reached 3.69per cent in 2017 percent in 2001.

In FY19(up to October 2018), premium from new life insurance business

increased 3.66percent year-on-year to Rs. 1.09 trillion (US$15.46 billion). In
FY19 (up to October 2018), gross direct premiums of non-life insurers reached
Rs. 926.05 billion (US$ 13.71 billion), showing a year-on-year growth rate of
12.40 percent.

 Bonds and fixed deposits: A debt are a form of security, under which the
issuer owes the holders a debt and, depending on the terms of the bond, is
obliged to pay them interest (the coupon) and/or to repay the principal at a later
date, termed the maturity date.

A fixed deposit is channelizing your idle savings in a proper manner. In an FD,

an applicant keeps his savings with a bank or NBFC for a certain period of time.

This helps the applicant to gain interest after that stipulated period of time.
Fixed Deposits are not backed by assets, whereas, bonds are backed by
assets and liabilities. Both are secured deposits. But, if you have some assets
with you, you can go for bond. If you have idle liquid money (savings), then you
can go for a Fixed Deposits.

 Estates: 1. Total of all assets a person possesses and/or is beneficially entitled

to. 2. Taxable entity that comes into existence after the death of a taxpayer,
includes all of his or her assets (Property and personal assets), and remains in
existence until the assets are distributed to his or her heirs, beneficiaries,
and/or claimants.

16
 Part-2
Primary Studies

17
 Introduction of NJ Mutual Funds

NJ IndiaInvest Pvt. Ltd. is one of the leading advisors and distributors of financial products
and services in India. Established in year 1994, NJ has over a decade of rich exposure in
financial investments space and portfolio advisory services. From a humble beginning,
NJ over the years has evolved out to be a professionally managed, quality conscious and
customer focused financial / investment advisory & distribution firm.

NJ prides in being a professionally managed, quality focused and customer centric

organization. The strength of NJ lies in the strong domain knowledge in investment
consultancy and the delivery of sustainable value to clients with support from cutting-
edge technology platform, developed in-house by NJ.

At NJ we believe in…

having single window, multiple solutions that are integrated for

simplicity and sapience

making innovations, accessions, value-additions, a constant process

providing customers with solutions for tomorrow which will keep

them above the curve, today.

NJ had over INR 10,000* Crores of mutual fund assets under advice with a
wide presence in over 100+ locations in 21 states in India. The numbers are
reflections of the trust, commitment and value that NJ shares with its clients.

At NJ, they continue to innovate, enrich our intellect, and ask critical questions.
they challenge our own processes and systems on constant basis to emerge
more convinced. At NJ, they continue to expand the scope and depth of our
offerings, making apt use of technological support. They believe that, Doing the
'right' thing is a virtue most desirable. The difference between success and
failure is often not dictated by knowledge or expertise but by its actual
application and perseverance. When it comes to successful wealth creation for
customers, it is something that we believe & practice. For us it is more than a
mission; it is what defines our lives and our actions at NJ IndiaInvest. With this
passion, we continue to evolve and make the right product accessions and
service innovations in our offerings. To the advisors, we offer a 360

18
comprehensive business platform with unmatched IT solutions, empowering
them to set the best practice standards and deliver real value to their
customers. Over the years, our passion has seen us grow from strength to
strength and expand rapidly, setting new benchmarks in the process. But to us,
what really matters most is the number of lives we have managed to transform
and we still have a long way to go.

(Source: http://www.njindiainvest.com/aboutus.php?pgname=abtus)

19
Literature Review

20
“A Study of Investor’s Perception Towards Mutual Fund Decision: An
Indian Perspective”
-Prafulla Kumar Swain, Rajesh Trivedi, Manoranian
(Published in: August 2017 · International Journal of Economic
Research)

Mutual fund industry has still to struggle to gain more investors. Financial literacy among
female and youths will definitely bring a huge success to this industry. For that reasons
the government is looking to provide financial studies in school level. Adults who are
already mutual fund investors should not invest from the same as they attain experience
in the field. In Indian market where the financial instruments are capturing every unit of
society, mutual fund industry have a great scope if it gives more attention which will
ultimately lead to satisfaction of investors which will help to mutual fund industry to boom
up. The organization to boost the mutual fund investment company shall educate the
public to the benefits the mutual funds through the advertisement, publicity campaigns
having stall exhibition. The District Adoption Program (DAP) and the Investor Awareness
Program (IAP) done by each AMC are aimed at improving awareness about mutual funds
in locations that have nil or minimal penetration of mutual funds.

“A Literature Review on Analyzing Investors’ Perceptions towards Mutual

Funds”
*Prof. M.N. Dave **Dr. Hitesh. J. Shukla
*Asst. Prof., MBA Department, C U Shah College of Engineering and
Technology, Nr. Kotharia Village, Wadhwan City 363030. **Professor,
Department of Business Management, Saurashtra University, Rajkot.
(Published in: AEIJMR – Vol 2 - Issue 5 - May 2014 ISSN - 2348 - 6724 1
www.aeph.in)

Perception varies from person to person, and each person assigns different meaning to
the same situation as per his experience. It is commonly presumed that different people
perceive the same situation or thing in different ways due to the past experiences and
various demographic variables like gender, age, etc. One has to appreciate that mere
launching of schemes by the institutions alone will not be sufficient to bring in necessary
performance improvement and to get the competitive edge. It is the fund manager, who
is to play the crucial role in selectivity and timing of the issues. According to a report of
KPMG (2009) ‘Indian Mutual Fund Industry – The Future in a Dynamic Environment
Outlook for 2015’ they found that brand equity of a mutual fund includes factors like
perception of the brand capability drawn from its performance in other sectors. The

21
research is carried out to understand the perception of the investors towards MF’s. From
the present study we can summarize that the investors usage perceives a product as per
the way it has been promoted to them. There can be ample number of factors or variables
which are the major reasons for generation of the perception in the investors. Investors’
usually consider various factors like professional advice, low transaction costs, etc. as the
reasons for investment in MF’s. Investors’ are having the perception of the specific
product due to the way they visualize the product and understand the product. There is a
scope of further research wherein a detailed analysis about the various demographic
variables which creates the perception can be found out and understood.

“Investor’s Perception towards Mutual Funds”

- Dr. Nishi Sharma1
(Published in: Business Management Dynamics Vol.2, No.2, Aug 2012,
pp.01-09 ©Society for Business and Management Dynamics Indian)

RESEARCH METHODOLOGY Data Collection The study is primarily based upon primary
data collected from a structured survey through questionnaire. The survey was
administered on 250 respondents online as well as in person. The questionnaire
comprised of 21 questions (out of which 7 were general and remaining 14 were study
specific). All the variables were measured by response on five-point Likert scales, which
rated 1 as least important and 5 as most important. Data Analysis: The collected data
was analyzed through simple statistical tools like mean, standard deviation, correlation.
To measure internal consistency (reliability) of the data Cronbach Alpha test has been
employed. The study further employs Kaiser-Meyer-Olkin Measure of sampling
adequacy, Bartlett’s Test of Sphericity and factor analysis as a tool of dimension
reduction.
The factors with corresponding variables are as follows:

Factor 1 It includes four variables viz., Regular Updates on every trading day (regarding
investment, NAV etc.), Safety of Investment, Full Disclosure of Information regarding
Scheme / Fund like objective, periodicity of valuation, scheme’s sale/ repurchase etc.,
Favorable Credit Rating of Scheme. It may be named as Scheme / Fund related
Attributes.

Factor 2 It includes six variables viz., Capital Appreciation, Charges (Expense Ratio,
Entry Load and Exit Load), Regular Return on Investment, Early Bird Incentives, Fringe
Benefits like Tax Benefits, Free Insurance, Free Credit Card, Loans on Collateral etc.,
Liquidity. It may be named as Monetary Benefits.

22
Factor 3 It includes four variables viz., Reputation of Sponsor, Sponsor’s Expertise,
Promptness in Service and Retaliation of Investor’s Grievances. It may be labeled as
Sponsor’s Attributes.

The present paper attempts to study the extent to which investors are satisfied (in terms
of different benefits offered by mutual fund companies to attract investment in mutual
fund) and also to identify factors essential for securing investor’s penetration. The study
found that all the benefits which emerge out from the investment in mutual fund may be
grouped into three categories. The first category relates to the scheme/ fund related
attributes. This includes safety of money invested in mutual funds, favorable credit rating
of fund/ scheme by reputed credit agencies, full disclosure of all relevant information and
regular updates on every trading day. The second category is related with the monetary
benefits provided by fund/schemes in form of capital appreciation, liquidity, ROI (return
on investment), early bird incentives, fringe benefits and relaxation in charges (expense
ratio, entry load and exit load). The last category relates with the sponsor related
attributes. This includes reputation of sponsor, sponsor’s expertise, promptness in service
and retaliation of investor’s grievances. The results reveal that in order to secure the
patronage of Indian investor mutual fund companies are expected to ensure full
disclosure and regular updates of the relevant information along with the assurance

(Source: http://aeijmr.com/wp-content/uploads/2018/02/A-Literature-Review-on-
Analyzing-Investors-Perceptions-towards-Mutual-Funds.pdf)

“An Empirical Study on Investors’ Perception Towards Mutual Funds”

-I Dr. Rajesh Kumar, II Nitin Goel
1Associate Professor-cum-Head, II Assistant Professor I, IIP.G. Dept.
of Commerce, K.L.S.D College, Subhash Nagar, Daresi Road,
Ludhiana, Panjab University, Chandigarh
(Published in: ISSN: 2348-6503 (Online) ISSN: 2348-893X (Print)

In the face of fast changing financial environment both at domestic and global level, it is
not easier to make predictions about the future of mutual fund industry, yet the investors’
belief in this respect can be expected to offer a reasonable direction. Accordingly, an
endeavor has been made to obtain appropriate responses about the prospects of mutual
funds in India. The responses in this connection have been generated at a five-point scale
used for the purpose. The investors were asked to put a tick mark against any of the 5
23
alternatives responses: very bright, bright, can’t say, bleak and very bleak. The
responses, obtained separately for private and public sector mutual funds, are organized
at the overall level.
Growth has been considered as the most important objectives while making investment
in mutual funds followed by regular income and liquidity at second and third place.
Speculation has been considered least by them. Most of the investors relied on past
performance of the mutual funds while making investment in that mutual fund.
Prospectus/Newsletters have been the most important source used by the investors while
making investment followed by brokers and sub-brokers. Majority of investors have used
absolute return on the mutual fund scheme as the basis for evaluating their performance.
Major deficiency as seen by the investors in public sector mutual funds were
dissatisfaction regarding services offered whereas lack of awareness was the major
deficiency seen in the case of private sector mutual funds. A very bright future has been
expected of private sector mutual fund industry as against bright future expected of public
sector.

“A STUDY ON INVESTORS PERCEPTION TOWARDS MUTUAL FUND

INVESTMENTS (WITH SPECIAL REFERENCE TO POLLACHI TOWN)”

-MS. M. KALAISELVI

ASSISTANT PROFESSOR OF B.COM [PA] SREE SARASWATHI

THYAGARAJA COLLEGE, POLLACHI, COIMBATORE DISTRICT
TAMILNADU, INDIA.

(Published in: IRACST – International Journal of Commerce, Business

and Management (IJCBM), ISSN: 2319–2828 Vol. 5, No.1, Jan-Feb 2016
124)

Analysis of investors perception towards mutual fund investments

Majority of the respondents are male (90%) Majority of the respondents are in the age
group of 20-30 years (54.8%) Majority of the respondents are Undergraduates (40%)
Majority of the respondents are Business people (44.8%) Majority of the respondents are
under the income level of Rs above 20000 per month (44.8%) Majority of the respondents
are save their income between 30%-40% from their monthly income (31%) Most of the
respondents prefer to invest in bank deposits Majority of the respondents prefer to invest
in Private sector mutual fund companies (34.8%) Majority of the respondents prefer open-
ended mutual fund schemes (70%) Majority of the respondents are aware of the mutual
funds’ investments through new paper and Magazines (60%) Majority of the respondents

24
hold the equity type of mutual funds (30%) Majority of the respondents prefer high risk
and high returns from their investments (44.8%) Majority of the respondents purchase the
mutual fund unit through brokers (60%) Majority of the respondents are aware of the risk
in mutual fund investment (80%) Majority of the respondents are aware of the market
value of units through Newspaper (54.8%) Majority of the sample investors say yes to
make future investment in mutual funds (80%) Majority of the investors problems faced
by mutual fund investments is unable to aware market value (Mean rank 2.9). Running
successful Mutual Fund requires complete understanding of the peculiarities of the Indian
Stock Market and also the awareness of the small investors. This study has made an
attempt to understand the financial behavior of mutual fund investors in connection with
the scheme preference and selection. An important element in the success of a marketing
strategy is the ability to fulfill investors expectation. The results of these studies through
satisfactory on the investor’s perception about the mutual fund and the factors
determining their investment decision and preferences. The study will be useful to the
mutual fund industry to understand the investor’s perception towards mutual fund
investments and the study would also be informative to the investors.
(Source: https://www.iracst.org/ijcbm/papers/vol5no12016/18vol5no1.pdf )

“A Study of Investors Perception towards Mutual Funds in the City of

Delhi and Meerut”
-Abbul Hasan Khan* and Agarwal SK
Monad University, Uttar Pradesh, India

There are some suggestions based on our study for batter investing for investors that
they should keep their investment for long time keeping in mind the level of risk involves
and saving pattern investors first look over the risk factor because they are investing for
the maximum returns. Once they invested in mutual fund, they need returns and if it is not
giving proper returns to them again it is affecting the interest of the investors to invest in
MF. There is need to work on ground level in tier two cities because there is huge potential
but is still untapped. Expert people go for make people aware about financial product hold
small gathering and show the documentary and return back to their home this is merely
not possible. We should go and talk to them after knowing their future financial need
things will surely improve like metro. In my study I have taken three hypothesis and fund
that on the bases of empirical studies found true. The findings show that mutual funds as
an investment option have displayed tremendous growth potential when the markets are
optimistic and when wise choices are made. They have performed much better than
traditional investment options in the long term and thus help investor beat inflation to
some extent. It is of paramount importance that investors do not make a rash decision
simply by looking at the return figures generated by an individual fund, but investor belong
to tire two cities are not aware about good news about mutual fund and stock market but
news of scandal and miss happening reach very fast to them, so they scared. The
objectives of study towards mutual fund as per the sample size and method which is

25
applied to the study and found that the investors are not choosing or feeling confident in
investing in mutual fund because they think that mutual fund is risky than other investment
options. The awareness level of mutual fund among the investors are very low because
of only having the partial knowledge about the mutual fund which prevent them to Invest
in mutual fund to avoid risk bearing factor and fear of losing money.

The objective of study to know about the perception of common investor about mutual
funds of PSU and private entities in different cities. The awareness level of mutual fund
among the investors are very low because of only having the little knowledge about the
mutual fund which prevent them to invest in mutual funds. To avoid risk bearing factors
and danger of great loss. What we observed there is enough money with them in tire two
cities of people but they are in confusion in absence of awareness.

A Study of Investors Perception towards Mutual Funds in the City of

Aurangabad-Priti Mane

*Assistant Professor, MGM Institute of Management, Aurangabad,

Maharashtra, INDIA. E-Mail: priti.mane@mgm.org

The objective which is set to study the investors view towards mutual fund as per the
sample size and test which is applied to the study. found that the investors are not
choosing or feeling confident in investing in mutual fund because they think that mutual
fund is risky than other investment option.

 The awareness level of mutual fund among the investors are very low because of only
having the partial knowledge about the mutual fund which prevent them to invest in mutual
fund to avoid risk bearing factor and fear of losing money

 The most preference of the investors are the fixed deposit because they feel it is the
safest and returns are fixed and not having fear of losing the money

 Mutual fund is link with share market and investors are not taking advice from expert
advisor to guide them for their investment in mutual fund so it creates the difficulty to
select the mutual fund scheme beneficial for them.

(Source: http://www.thesij.com/papers/IFBM/2016/February/IFBM-04020060202.pdf)

A STUDY ON INVESTORS’ PERCEPTION TOWARDS MUTUAL FUNDS

(SYSTAMATIC INVESTMENT PLAN(SIP) IN BIDAR CITY (KARNATAKA
STATE)
-Prof. Jyoti Ainapur
26
 Department of MBA, GNDEC Bidar, Karnataka state (India)
(Published in: INTERNATIONAL JOURNAL OF CURRENT
ENGINEERING AND SCIENTIFIC RESEARCH (IJCESR) ISSN (PRINT):
2393-8374, (ONLINE): 2394-0697, VOLUME-5, ISSUE-10, 2018)

In India, when thinking about investment, the first and foremost challenge that all investors
face is an overabundance of options. From bonds to fixed deposits, gold to stocks, money
market securities and a combination of all these, each has its set of benefits and
challenges. Furthermore, investors need to consider the time horizon of their investments,
risk appetite and returns based on the goals they want to achieve. Mutual Funds are
having so many advantages like; Comparatively higher Return on Investment (ROI),
Managed by experts, Built-in Diversification, Ease of investing and monitoring, Tax
Benefits and Liquidity and Systematic Withdrawal Plan, in spite of all these advantages
still investors are not interested in investing in Mutual funds , may be because of lack of
awareness, so the study has been undertaken to know the investors perception towards
Mutual funds ( Systematic Investment Plan)by studying it is found that awareness is less
towards mutual funds , Broking houses have organize awareness programs to motivate
people to invest in mutual funds.
Mutual funds that invest in stock market related instruments cannot be termed risk-free
or safe as investment in shares are inherently risky by nature, whereas funds that invest
in fixed-income instruments are relatively safe and those that invest only in government
securities are the safest. Systematic Investment Plan (SIP) is a smart financial planning
tool that helps you to create wealth, by investing small sums of money every month, over
a period of time. Systematic Investment Plan (SIP) is a planned approach to investments
and an investment technique that allows you to provide for the future by investing small
amounts of money in Mutual Fund schemes of your choice.
From the above study it can be concluded that very less investors are aware of Mutual
Funds in Bidar City but those who have invested in these funds are satisfied and earned
good profit. Know it is a challenge for the stock brokers to create the awareness of Mutual
funds in the society and explain them that how best their funds are managed by the asset
manager based on their risk-taking ability.
(Source: http://troindia.in/journal/ijcesr/vol5iss10/6-12.pdf)

“PERCEPTION OF INDIAN WOMEN INVESTOR TOWARDS

INVESTMENT IN MUTUAL FUNDS”
-Dr. Tripuraneni Jaggaiah* & Samiya Mubeen**

27
 * Principal, International Institute of Business Studies, Bangalore,
Karnataka ** Assistant Professor, International Institute of Business
Studies, Bangalore, Karnataka
(Published in: International Journal of Applied and Advanced
Scientific Research (IJAASR) Impact Factor: 5.655, ISSN (Online):
2456 - 3080 (www.dvpublication.com) Volume 3, Issue 1, 2018)

Mutual Fund is the trust which pools the savings of a large number of investors who share
a common financial goal. The money collected from the investors is invested in the capital
market instruments based on the fund’s objective. By the increasing growth rate of the
Indian mutual fund industry many investors are interested in investment in this sector as
it safe and seek better yield. Mutual fund investment is less risky than directly investing
in stocks and is therefore a safer option for risk adverse investors. Many women investors
are interested in the Monthly Income Plan funds offer monthly returns where risk is less
and returns are more. This paper makes an attempt to identify various factors affecting
perception of women investors regarding investment in Mutual funds. The findings will
help mutual fund companies to identify the areas required for improvement in order to
create greater awareness among women investors regarding investment in mutual funds.

The study conducted shows that most of the women investors are aware of various
schemes of mutual funds. The Mutual Fund investors mainly belong to the age group
from 30 years to 50 years and fall in the income group of Rs 30,000 to Rs 70,000 and
above. Diversification of portfolio and tax benefit is the main factors of mutual fund that
allure the women investors. Most of the women investors are aware of different mutual
Funds scheme and the preferred reason for investing in MIP fund is consistent returns
given by these funds. Mutual fund companies should come forward with full support for
the investors in terms of advisory services, participation of investor in portfolio design,
ensure full disclosure of related information to investor, proper consultancy should be
given by mutual fund companies to the investors in understanding terms and conditions
of different mutual fund schemes, such type of fund designing should be promoted that
will ensure to satisfy needs of investors, mutual fund information should be published in
investor friendly language and style, proper system to educate women investors should
be developed by mutual fund companies to analyse risk in investments made by them,
etc. On the other it is required from government and regulatory bodies point of view that
more laws should be there to secure the funds of women investors to be exploited, more
tax rebate should be given on mutual fund investment, proper and effective grievance
system, right of investor education, and more control on asset management companies
should be there.
(Sources: https://zenodo.org/record/1162809/files/159.pdf )
28
 “A comparative study on investors’ perception towards mutual fund
and equity”
Radhika.M
Department of Business Management, Osmania University, RBVRRIT,
Hyderabad - 01 India
(Published in: International Journal of Research in Management,
Science & Technology (E-ISSN: 2321-3264) Vol. 5, No. 2, August 17)
In today’s competitive environment, different kinds of investment avenues are available
to the investor, but they should be intelligent enough to select the scheme in which they
are going to invest. Investing in various types of assets is an interesting activity that
attracts people from all walks of the life irrespective of their occupation, economic status,
education and family background. An investor tries to balance the benefits and
shortcomings of different investment modes before investing in them. Savings form an
important part of the economy of any nation. The main focus of this research paper is to
identify the investors’ perceptions towards Mutual Funds and equity market with a sample
of 100 investors in Hyderabad and Secendrabad.
From the above study it has been noticed that Mutual funds are the better option for the
investors compare to that of Equity. During the study there is a huge potential of
prospective investors which has untapped at its fullest. If mutual fund agencies and stock
marketers conduct and organizes more seminars, workshops then the investors come
forward to invest in various mutual fund schemes and equities. The number of broker
advisors should be increased in order to create awareness about their stock brokering
services to attract new customers/investors. Investors have the perception that risk in
equity is higher than mutual funds. So the company should publish monthly chronicle,
supply to investor providing detailed information by proving market updating. To create
the awareness about the different products of mutual funds and not about the generic
product.

(Source: http://www.ijrmst.org/download/vol5no2/paper10.pdf)

29
 Background of the study

“Perception towards Mutual Funds among the Investors”

Perception towards mutual funds among the Investors indicates the path on which
thought processes of Investors are running after being the investors in Mutual funds. This
research topic will help in knowing how deep are the investors in the terms of their mutual
funds’ knowledge, usability, value, what they feel about it! which investment plan is more
beneficial according to them, where they have invested, trust element they have on
mutual funds, What impression they have in their mind for the Mutual Funds! Etc.
The increased growth of unit holders of UTI MF, LICMF and Can bank MF and the
changed economic policies have necessitated investor's perception towards the
investment schemes namely growth and income scheme, of the aforesaid institutions. In
India, in the context of securities scan, it is now clear that there is a paradigm shift in
Mutual funds, especially close-ended schemes. In this connection a study has been
undertaken to examine the awareness of the unit holders \nth regard to the units of UTI
MF, Can bank MF and LICMF. Furthermore, it is now clear that there must be a closer
regulation of Mutual funds and thereby increased protection to unit holders. Even though
SEBI is in existence for protection of unit holders, it is considered that still they have to
go a long way. The present study has been carried out with the aim of gathering
information from the unit holders about the schemes launched by the study participants.
To make the study more practical, an opinion poll was conducted, (through interview
schedule) among the 300 respondents (unit holders). A specially structured interview
schedule was administered for the collection of respondent's views on growth and income
schemes operated by Mutual Funds in India. Even though the empirical study has been
statistically tested, it is quite interesting to know the variation in the results, which has
been highlighted. Furthermore, with regard to the perception of investors, simple scaling
technique was adopted. The study relates to qualitative nature of the responses which
are measurable by scaling assigning ranks. The measurement is limited to the nature of
responses, the method of measurement and the analysis of data. The study, though could
not lead us to any definite conclusion, it had provided some significant insights into
established theories and practices.

30
 Problem Statement

A research problem, in general, refers to some difficulty which a researcher experiences

in the context of either a theoretical or practical situation and wants to obtain a solution
for the same.
A. Perception towards mutual funds among the investors of the Akanksha
Investment, Porbandar.

Importance of the Study

This study has been dedicatedly done for finding out and exploring the most important
aspects that affects the mutual funds investors’ perceptions. The perception of mutual
funds’ investors is crucial for the Mutual Funds’ sales and marketing peoples. NJ India
work dedicatedly on the client’s improvisation in wealth creation and profits. They treat
their clients as the owners of their fund. They believe in, sharing smiles of growth
together.

Through this study we can also examine the perception of small and large investors by
their explored knowledge and invested plans to dignify their mantel ability of bearing the
risk and to know how knowledgeable they are in terms of the sustainability in the market
when the market is down and to get boost up their investment returns when market
goes unidentifiably up.

Objectives of Study
The purpose of research is to discover answers to questions through the application of
scientific procedures. The main aim of research is to find out the truth which is hidden
and which has not been discovered as yet. Objectives of this study are

 To know the views of mutual fund investors about mutual fund schemes.
 To compare the perception of small and large mutual fund investors.

31
 Hypothesis

Hypothesis is a supposition or proposed explanation made on the basis of limited

evidence as a starting point for the further investigation. It is a brief summation of the
researcher’s prediction of the study’s findings, which may be supported or not by the
outcome.
So here, hypothesis for “The Perception of the Investors towards the Mutual Funds” is
framed as

H0 = There is no significant difference between the satisfaction of Mutual Fund investors

with respect to their level of awareness about Mutual Funds.

H1 = There is a significant difference between the satisfaction of Mutual Fund investors

with respect to their level of awareness about Mutual Funds.

32
 Research Methodology

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done scientifically. In it we study the
various steps that are generally adopted by a researcher in studying his research problem
along with the logic behind them. It is necessary for the researcher to know not only the
research methods/techniques but also the methodology. Researchers not only need to
know how to develop certain indices or tests, how to calculate the mean, the mode, the
median or the standard deviation or chi-square, how to apply particular research
techniques, but they also need to know which of these methods or techniques, are
relevant and which are not, and what would they mean and indicate and why.
Researchers also need to understand the assumptions underlying various techniques and
they need to know the criteria by which they can decide that certain techniques and
procedures will be applicable to certain problems and others will not. All this means that
it is necessary for the researcher to design his methodology for his problem as the same
may differ from problem to problem. For example, an architect, who designs a building,
has to consciously evaluate the basis of his decisions, i.e., he has to evaluate why and
on what basis he selects particular size, number and location of doors, windows and
ventilators, uses particular materials and not others and the like. Similarly, in research the
scientist has to expose the research decisions to evaluation before they are implemented.
He has to specify very clearly and precisely what decisions he selects and why he selects
them so that they can be evaluated by others also.
From what has been stated above, we can say that research methodology has many
dimensions and research methods do constitute a part of the research methodology. The
scope of research methodology is wider than that of research methods. Thus, when we
talk of research methodology, we not only talk of the research methods but also consider
the logic behind the methods we use in the context of our research study and explain why
we are using a particular method or technique and why we are not using others so that
research results are capable of being evaluated either by the researcher himself or by
others. Why a research study has been undertaken, how the research problem has been
defined, in what way and why the hypothesis has been formulated, what data have been
collected and what particular method has been adopted, why particular technique of
analyzing data has been used and a host of similar other questions are usually answered
when we talk of research methodology concerning a research problem or study.
(Source: http://www.modares.ac.ir/uploads/Agr.Oth.Lib.17.pdf )

33
The study of research methodology gives the student the necessary training in gathering
material and arranging or card-indexing them, participation in the field work when
required, and also training in techniques for the collection of data appropriate to particular
problems, in the use of statistics, questionnaires and controlled experimentation and in
recording evidence, sorting it out and interpreting it. In fact, importance of knowing the
methodology of research or how research is done stems from the following
considerations:

(i) For one who is preparing himself for a career of carrying out research, the
importance of knowing research methodology and research techniques is
obvious since the same constitute the tools of his trade. The knowledge of
methodology provides good training specially to the new research worker and
enables him to do better research. It helps him to develop disciplined thinking
or a ‘bent of mind’ to observe the field objectively. Hence, those aspiring for
careerism in research must develop the skill of using research techniques and
must thoroughly understand the logic behind them.
(ii) Knowledge of how to do research will inculcate the ability to evaluate and use
research results with reasonable confidence. In other words, we can state that
the knowledge of research methodology is helpful in various fields such as
government or business administration, community development and social
work where persons are increasingly called upon to evaluate and use research
results for action.
(iii) When one knows how research is done, then one may have the satisfaction of
acquiring a new intellectual tool which can become a way of looking at the world
and of judging every day experience. Accordingly, it enables us to make
intelligent decisions concerning problems facing us in practical life at different
points of time. Thus, the knowledge of research methodology provides tools to
look at things in life objectively.
(iv) In this scientific age, all of us are in many ways consumers of research results
and we can use them intelligently provided we are able to judge the adequacy
of the methods by which they have been obtained. The knowledge of
methodology helps the consumer of research results to evaluate them and
enables him to take rational decisions.

34
 Research Design

The formidable problem that follows the task of defining the research problem is the
preparation of the design of the research project, popularly known as the “research
design”. Decisions regarding what, where, when, how much, by what means concerning
an inquiry or a research study constitute a research design. “A research design is the
arrangement of conditions for collection and analysis of data in a manner that aims to
combine relevance to the research purpose with economy in procedure.”1 In fact, the
research design is the conceptual structure within which research is conducted; it
constitutes the blueprint for the collection, measurement and analysis of data. As such
the design includes an outline of what the researcher will do from writing the hypothesis
and its operational implications to the final analysis of data. More explicitly, the design
decisions happen to be in respect of:
 What is the study about?
 Why is the study being made?
 Where will the study be carried out?
 What type of data is required?
 Where can the required data be found?
 What periods of time will the study include?
 What will be the sample design?
 What techniques of data collection will be used?
 How will the data be analyzed?
 In what style will the report be prepared?
Keeping in view the above stated design decisions, one may split the overall research
design into the following parts:
(a) the sampling design which deals with the method of selecting items to be observed
for the given study;

(b) the observational design which relates to the conditions under which the observations
are to be made;
(c) the statistical design which concerns with the question of how many items are to be
observed and how the information and data gathered are to be analysed; and
(d) the operational design which deals with the techniques by which the procedures
specified in the sampling, statistical and observational designs can be carried out.

35
From what has been stated above, we can state the important features of a research
design as under:
(i) It is a plan that specifies the sources and types of information relevant to the research
problem.
(ii) It is a strategy specifying which approach will be used for gathering and analyzing the
data.
(iii) It also includes the time and cost budgets since most studies are done under these
two constraints.
In brief, research design must, at least, contain—
(a) a clear statement of the research problem;
(b) procedures and techniques to be used for gathering information;
(c) the population to be studied; and
(d) methods to be used in processing and analyzing data.
Research design is needed because it facilitates the smooth sailing of the various
research operations, thereby making research as efficient as possible yielding maximal
information with minimal expenditure of effort, time and money. Just as for better,
economical and attractive construction of a house, we need a blueprint (or what is
commonly called the map of the house) well thought out and prepared by an expert
architect, similarly we need a research design or a plan in advance of data collection and
analysis for our research project. Research design stands for advance planning of the
methods to be adopted for collecting the relevant data and the techniques to be used in
their analysis, keeping in view the objective of the research and the availability of staff,
time and money. Preparation of the research design should be done with great care as
any error in it may upset the entire project. Research design, in fact, has a great bearing
on the reliability of the results arrived at and as such constitutes the firm foundation of the
entire edifice of the research work.
Even then the need for a well thought out research design is at times not realised by
many. The importance which this problem deserves is not given to it. As a result, many
researches do not serve the purpose for which they are undertaken. In fact, they may
even give misleading conclusions. Thoughtlessness in designing the research project
may result in rendering the research exercise futile. It is, therefore, imperative that an
efficient and appropriate design must be prepared before starting research operations.
The design helps the researcher to organize his ideas in a form whereby it will be possible
for him to look for flaws and inadequacies. Such a design can even be given to others for
their comments and critical evaluation. In the absence of such a course of action, it will
be difficult for the critic to provide a comprehensive review of the proposed study.

36
Sources of data

37
There are 2 sources of collecting data. Discussed below are the types of data.

 Primary data - refers to the data that the investigator collects for the very first
time. this type of data has not been collected either by this or any other
investigator before. A primary data will provide the investigator with the most
reliable first-hand information about the respondents. The investigator would
have a clear idea about the terminologies uses, the statistical units employed, the
research methodology and the size of the sample. Primary data may either be
internal or external to the organization.

 Secondary Data – refers to the data that the investigator collects from another
source. Past investigators or agents collect data required for their study. The
investigator is the first researcher or statistician to collect this data. Moreover, the
investigator does not have a clear idea about the intricacies of the data. There may
be ambiguity in terms of the sample size and sample technique. There may also
be unreliability with respect to the accuracy of the data.

Source of data used in study of perception of the investors towards the Mutual
Fund is Primary source of data.

38
Data Collection Method

39
The data is collected through the Online Questionnaire created in google forms.
Questionnaire is a written list of questions that people are asked so that information can
be collected and data can be analyzed further to generate the result of the research. The
questionnaire was invented by the statistical society of London in 1838. Although
questionnaires are often designed for statistical analysis of the responses, this is not
always the case.

Population

The study is done by sharing link to only one Partner’s clients, so the particular area of
study is not being specified. Out of 150 clients.

Sampling Method

Sampling method used in the study is Convenience Sampling.

Convenience sampling is non-probability sampling technique where subjects are selected
because of their convenient accessibility and proximity to the researcher. In convenience
sample is usually used because it allows the researcher to obtain basic data and trends
regarding his study without the complications of using a randomized sampling. This
sampling technique is also useful in documenting that a particular quality of a substance
or phenomenon occurs within a given sample. Such studies are also very useful for
detecting relationships among different phenomena.
(Source: https://explorable.com/convenience-sampling)

Sampling Frame
A sampling frame is a list of all the items in your population. It is a complete list of
everyone or everything you want to study. The difference between a population and a
sampling frame is that the population is general and the frame is specific.
(Source: https://www.statisticshowto.datasciencecentral.com/sampling-frame/)

Sampling Frame is 60 existing clients of a Partner from Porbandar.

40
Data Collection Instrument

41
Questionnaire

42
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44
Data Analysis

45
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47
48
49
50
51
52
53
54
Data Interpretation

Analysis of variance (ANOVA) is a statistical technique that is used to check if the means of
two or more groups are significantly different from each other. ANOVA checks the impact of
one or more factors by comparing the means of different samples.

(Source: https://www.analyticsvidhya.com/blog/2018/01/anova-analysis-of-variance/)

ANOVA test is applied for the interpretation of the data. The test showed the result as
below:

ANOVA
Source of
Variation SS df MS F P-value F critical

Between Groups 6.83887 3 2.279623 3.207178 0.030021 2.772537

Within Groups 39.09333 55 0.710788

Total 45.9322 58

55
 Result

As the calculated value of the received data is greater than the tabulated value, therefor
the Alternate hypothesis that is
H1 = There is a significant difference between the satisfaction of Mutual Fund investors
with respect to their level of awareness about Mutual Funds.
is accepted and null hypothesis that is,
H0 = There is no significant difference between the satisfaction of Mutual Fund investors
with respect to their level of awareness about Mutual Funds.
Is rejected.

Findings

 People with full knowledge of Mutual Funds are the most satisfied people among all.

 Only 16.9% people are fully aware of Mutual Funds and we have 42.4% people are
with partial knowledge of Mutual Funds.

Limitations

 Sample size is limited.

 Geographical limitations

 Research is limited to the knowledge of researcher.

 Time period of research is limited.

56
Conclusion

57
The conclusion of the research is, as per the hypothesis the alternate
hypothesis is accepted that says There is a significant difference between
the satisfaction of Mutual Fund investors with respect to their level of
awareness about Mutual Funds. This concludes that the people with the full
knowledge of Mutual Funds are the most satisfied ones and people with
partial knowledge or having the knowledge of particular schemes in which
they have invested are partially satisfied as they have not experienced the
importance of the Investing in the mutual funds. With this research, I can also
conclude that Financial Advisors are the key person between the Mutual
funds and the investors, as without them the knowledge of schemes provided
by mutual funds may not reach to the investors with its full advantages.

58
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59