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Mutual Fund Industry in India an Analytical Study of Various Brands and Schemes – Study on Financial Performance and Customer Preference

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Mutual Fund Industry in India an Analytical Study of Various Brands and Schemes – Study on Financial Performance and Customer Preference Volume 4, Issue 2, February – 2019 International Journal of Innovative Science and Research Technology ISSN No:-2456-2165 Mutual Fund Industry in India An analytical study of Various Brands and Schemes – Study on Financial Performance and Customer preference M. Guruprasad, Director Research, UNIVERSAL BUSINESS SCHOOL, Mumbai Lokender Singh (MBA+ PGDM) Ajita Gupta, (MBA+ PGDM) UNIVERSAL BUSINESS SCHOOL, MUMBAI Cardiff Metropolitan University, UK Abstract:- In this study, an attempt is made to understand A. Need for the Study the Performance and Preference of the Mutual funds The implementation of creative plans in India has been products/services in India and analyzed it from the fairly moderate because of the psychology of investing funds Marketing and Finance perspective. Hence, the research by the people and infrastructural insufficiencies. But the analysis consist of tools and techniques of Marketing investors who are less risk takers are more inclined towards research to understand the customer preference and investing in moderate risk investments and the investments Financial analysis to understand the various Mutual Funds which give sufficient returns on bank deposits, which has Performance. The study from the survey found that the limited the implementation of most risky investment schemes awareness of the Mutual funds has increase over aperiod in the Indian Capital market. However, this psychology of the of time. This is also confirmed by the progress of the Mutual Fund industry has changed throughout the decades. industry overall and emergence of number of schemes. The For a long time reserves were, even more, a service than an people which influence the investors in investing in mutual item, the services of mutual fund industry being proficient in funds are agents, relatives and people. cash management. Over the most recent 15 years, Mutual assets have developed to be a product. Keywords:- Mutual Funds, Risk, Returns, Equity funds, Debt funds, Hybrid funds, India, AMFI. Taking it into the consideration, the consistently expanding challenge of the comparative or elective product, I. INTRODUCTION that is why mutual funds need proper marketing and it is a most concerned activity in the fund industry. promotion of The idea of mutual fund assets has dependably been mutual funds is not the same as marketing. currently, the study considered as investing the funds of small financial investors endeavors to investigate the marketing and promotion and pooling the funds in the capital markets to help strategies adopted by industry, the diverse 7 Ps that are industrialization through support in the equity and other engaged with the advertising of mutual funds and furthermore obligation instruments. Mutual fund industry gives access to the Marketing techniques that are included by the different the transaction framework and to the saving of funds like fund houses for getting the investors in the funds. insurance deposits. All the more as of late, the focus of the Government of India is on building up the fundamental Besides, because of the dynamic business environment, direction of each individual to approach moderate essential it leads to the development of new competitors in the market. financial related schemes offered by all financial The interest of the people has increased by now in the mutual organizations. funds and currently, more investors are focusing on investing in mutual funds. In this context, we studied the following The development of mutual funds as a vital financial aspects monetary instrument whole over world, and the transactions are more in India where retail investors shows 97.7% of the B. Objectives 4.70 crore speculator accounts. Funds secure the enthusiasm To understand the evolution of mutual funds industry in of the small investors not just from the low in the market but India. also gives the advantages of returns from the high in the To access the financial performance of selected mutual market. It additionally assumes a key job in the inflow of funds products money to the money market. To understand the investment preference of customers towards various mutual fund schemes IJISRT19FB269 www.ijisrt.com 668 Volume 4, Issue 2, February – 2019 International Journal of Innovative Science and Research Technology ISSN No:-2456-2165 Thus in this study, an attempt is made to understand the respondents was facing the various kind of difficulties for Performance and Preference of the Mutual funds filling the questionnaire so the face to face interaction was products/services analyzed from the Marketing and Finance involved. perspective. Hence, the research analysis consist of tools and techniques of Marketing research to understand the customer In order to understand this the study analysed preference and Financial analysis to understand the various the various trends and regulatory measures governing the Mutual Funds Performance. mutual fund companies since 1991-92. evaluated the performance of mutual fund schemes of C. Hypothesis selected companies. Age and the attitude towards mutual funds does not have the investors’ Preference for investing in mutual fund or any relationship. scheme Educational qualification and the attitude towards mutual funds does not have any association. C. Data Techniques- Occupation and the attitude towards mutual funds does not To analyze the performance of equity mutual funds have any association. industry against risk free rate and benchmark returns, various tests like risk-return analysis, Coefficient of Variation, II. RESEARCH METHODOLOGY Treynor’s ratio, Sharpe’s ratio, Jensen’s measure, Fama’s measure and Regression analysis are used. With respect to the above objectives we had the following research design To evaluate the performance of various schemes of the mutual funds by employing Sharpe, Treynor and Jensen ratio A. Sampling Design models. The simple interest rates and growth rates are Initially the sample unit included 4 mutual fund schemes calculated through statistical techniques. from the various broad areas. For the primary study all the individual investors of Uttar Pradesh and Maharashtra who are D. Period Of The Study already invested their money in mutual funds and willing to The period of the study conducted in Agra, Mathura invest their funds in various mutual fund schemes are and Mumbai would be a span of 6 months. considered as the sample unit. A random sample selection process was adopted to select Secondary data sources were used of the analysis of the the respondents. Mutual fund schemes performance. The research was collected as a part of experiential learning exercise which is a unique learning process at The sample size taken is of 50 people from the 3 cities of India UNIVERSAL BUSINESS SCHOOL(UBS) by students and viz Agra, Mathura and Mumbai. 21 respondents are from discussed in the classroom sessions as a case for Research Mathura, 13 from Agra and remaining 16 from Mumbai. Methodology subject. B. Data Collection Method III. LITERATURE REVIEW This research study was conducted based both on the primary and secondary data sources. Rasheed Haroon, Qadeer Abdul (2012) in their study investigates the performance of survivorship biased twenty- Secondary Data: five open ended mutual fund schemes in Pakistan and The study has been done through secondary sources such managers ability of stock selection and also measured the as books, reports, magazines, web sites, newspapers, journals, diversification. The study revealed that overall performance of and corporate data reports. A portion of the study has taken the funds remains best as compare to market but out of the mutual fund brochurs of various financial mismanagement observed in mutual fund industry during the companies and various research projects. study period. Further study also revealed that portfolio was not completely diversified and contains unsystematic risk(Rasheed Primary Data- & Qadeer, 2012)(tariq zafar, 2012). Tools of Data Collections : Nishant Patel (2011) In his study examined fund A detailed structured questionnaire was prepared and sensitivity to the market fluctuations in term of Beta and found distributed among the respondents (investors), from the that the risk and return of mutual funds schemes were not in selected cities of Agra, Mathura and Mumbai. Structured conformity with their stated investment objectives (tariq zafar, questionnaire was utilized for data collection. With the help of 2012). further sample schemes were not found to be questionnaire and face to face interaction with the respondents adequately diversified, Kundu Abhijit (2009) In his study were performed by the researcher. Some times many examines the fund manager’s ability to outperform the market and to appraise the schemes in india. The study finds that in IJISRT19FB269 www.ijisrt.com 669 Volume 4, Issue 2, February – 2019 International Journal of Innovative Science and Research Technology ISSN No:-2456-2165 the context of ex-post risk, return and diversification and contributions combined the concepts from modern theories of found that over ‘the period’ mutual fund schemes on an portfolio selection and capital market equilibrium with more average have failed to outperform the market even after taking traditional concepts of good portfolio management (FAMA, a risk higher than that of the market and concluded that fund 1972). manager though has succeeded to some extent on the diversification front, but failed to earn significant positive Shashikant Uma (1993) critically examined the rationale
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