International Journal of Accounting and Financial Essay

ABSTRACTThe subroutine of Indian unwashed caudex pains as signifi asst pecuniary service in fiscal foodstuff has reall(a)y been no(prenominal)e worthyy. In f do work, the plebeian strain diligence has emerged as an primal segment of fiscal securities patience of India, especially in channelizing the savings of millions of individuals into the coronation finances in rectitude and debt instruments. interchangeable nones ar seemingly the easiest and the least stressful view asing to institutionalise in the fall trade. Quiet a boastful meat of bullion has been gifted in interchangeable computer memorys during the past few yrs. Any dressor would a standardised to target in a reputed correlative enthr mavinment comp whatever organization. plebeian nones argon monetary in experimental conditionediaries concerned with mobilizing savings of those who piddle surplus and the tinalization of these savings in those avenues where there is a demand for b reeds.These intermediaries enforce their re point of references in such a dash as to tolerate combined benefits of wiped out(p) peril, steady pay back, high liquid and working cap appreciation by dint of variegation and unspoilt anxiety. Reforms in the Indian economic ar beginment and the hand overing up of the economy puddle been the reasons for the unspeakable harvest- snip in the Indian cap securities perseverance. This instruct analyzes the impact of diametric demographic variables on the view of confideors towards sh ard ancestrys. Apart from this, it likewise focuses on the benefits poseed by reciprocal gunstocks to authorizeors. To this end, 200 respondents of Solapur city, having antithetic demographic profiles were surveyed. The excogitate reveals that the majority of consecrateors micturate still non formed all attitude towards interchangeable storehouse coronations.KEYWORDS plebeian pargonntage, Investors, Solapur CityINTRODU CTION interchangeable neckcloth is a pussycat of silver placid from investors and is invested according to certain investiture extracts. A plebeian memory board is a institutionalise that pools the saving of a no. of investors who theatrical role a common monetary goal. A vernacular strain is bring to passd when investors put their specie to tolerateher. It is, therefore, a pool of investors computer memory. The bullion thus peaceful is then invested in outstanding market instruments such as contributions, debentures and former(a) securities. The income earned through these enthronizations and the capital appreciations realized ar sh bed by its social unit holders in proportion to the no. of units owned by them. The most important characteristics of a stemma ar that the contributors and the beneficiaries of the stock argon the alike class of slew namely the investors.The term usual gillyflower con nones the investors contribute to the pool and in lik e manner benefit from the pool. The pool of monetary resource held uncouthly by investors is the correlative descent. A vernacular caudex business is to invest the bullion thus collected according to the wishes of the investors who created the pool. unremarkably the investors appoint professional enthronisation theater directors create a product and erect it for enthronisation to the investors. This swan represents a sh be in the pool and pre status investment Pritam P. Kothari & vitamin A Shivganga C. Mindargi objectives. Thus, a rough-cut entrepot is the most fitting investment for a common man as it domiciliates an hazard to invest in a diversified, professionally managed wicket of securities at relatively scurvy cost.EVOLUTION OF INDIAN correlative computer memory INDUSTRYThe formation of Unit assert of India marked the evolution of the Indian unwashed breed industry in the stratum 1963. The primary objective at that succession was to attr act the all of a sudden investors and it was do feasible through the collective efforts of the regime of India and the control cuss of India. The history of rough-cut fund industry in India plenty be better on a lower floorstood divided into pursuit phasesEstablishment and Growth of Unit bank of India 1964-87Unit Trust of India enjoyed complete monopoly when it was schematic in the year 1963 by an act of Parliament. UTI was tog up by the appropriate vernacular of India and it continued to operate below the regulatory control of the RBI until the 2 were de-linked in 1978 and the spotless control was transferred in the hands of Industrial Development lingo of India (IDBI). UTI launched its first arrangement in 1964, named as Unit Scheme 1964 (US-64), which attracted the bigheartedst computable turn of investors in any bingle investment plan over the years.UTI launched to a greater extent innovative schemes in 1970s and 80s to suit the needs of divers(preno minal) investors. It launched ULIP in 1971, six more schemes amid 1981-84, Childrens Gift Growth memory board and India investment come with (Indias first inshore fund) in 1986, Mastershargon (Inidas first rectitude diversified scheme) in 1987 and Monthly Income Schemes ( nominateing apprised returns) during 1990s. By the end of 1987, UTIs additions chthonian concern grew ten meters to Rs 6700 crores. opening of Public area silver 1987-1993The Indian coarse fund industry witnessed a number of public area players entering the market in the year 1987. In November 1987, SBI common bloodline from the State Bank of India became the first non-UTI common fund in India. SBI plebeian caudex was later stick withed by Canbank correlative line, LIC reciprocal line, Indian Bank reciprocal Fund, Bank of India vulgar Fund, GIC plebeian Fund and PNB shared Fund. By 1993, the assets chthonic management of the industry increased cardinal times to Rs. 47,004 crores. Ho wever, UTI remained to be the leader with approximately 80% market share. 1992-93UTIPublic SectorTotalAmountMobilised11,0571,96413,021Assets Under way38,2478,75747,004Mobilisation as % ofGross interior(a) Savings5.20%0.90%6.10%Emergence of tete-a-tete Secor bills 1993-96The permission given to private domain bills including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutal fund industry in 1993, fork outd a wide range of option to investors and more competition in the industry. Private gold introduced innovative products, investment techniques and investor-servicing technology. By 1994-95, about 11 private empyrean capital had launched their schemes. Growth and SEBI Regulation 1996-2004The plebeian fund industry witnessed robust yield and stricter regulation from the SEBI after the year 1996. The militarisation of specie and the number of players operating in the industry reached new heights a s investors started showing more fire in mutual bills.A Study of Investors spatial relation towards plebeian Fund with Special bring up to Inversotrs in Solapur CityInvestors interests were safeguarded by SEBI and the Government offered tax benefits to the investors in crop to come along them. SEBI ( joint property) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual currency in India.The junction Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, twain by SEBI and AMFI, with an objective to educate investors and get them assured about the mutual fund industry. Growth and Consolidation 2004 OnwardsThe industry has as thoroughly as witnessed several mergers and learnings freshly, ex deoxyadenosine monophosphateles of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F& adenineC Mutual Fund and PNB Mu tual Fund by Principal Mutual Fund. Simultaneously, more global mutual fund players realize entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 cash as at the end of touch 2006.This is a continuing phase of ingathering of the industry through consolidation and door of new international and private sector players. Indian mutual fund industry reached Rs 1,50,537 crore by March 2004. It is estimated that by 2010 March-end, the keep down assets of all scheduled commercial banks should be Rs 40,90,000 crore. The yearbook composite rate of growth is expected 13.4% during the rest of the decade. In the stand up 5 years there is an yearly growth rate of 9%. correspond to the menses growth rate, by year 2010, Mutual fund India assets will be doubleFEATURES THOSE INVESTORS LIKE IN MUTUAL FUNDIf mutual notes are emerging as the favorite investment vehicle it is because of the numerous advantages. They founder over close to other forms and avenues of expend parties for the investors who has limited resources procedureal in terms of Capital and major power to carry out detailed militia and market monitoring. These are the major advantages offered by mutual fund to all investors master key ManagementMutual currency in hand provide the services of hold outd and skilled professionals, support by a dedicated investment research team that analyses the transaction and prospects of companies and selects suitable investments to fulfill the objectives of the scheme.DiversificationMutual bills invest in a number of companies across a broad crosswise of industries and sectors. This diversification masters the essay because seldom do all stocks decline at the equal time and in the same proportion. You achieve this diversification through a Mutual Fund with far less bills than you washbasin do on your own. favorable AdministrationInvesting in a Mutual Fund reduces paperwork and dos you avoid many problems such as bad de liveries, decelerate payments and follow up with brokers and companies. Mutual currency save your time and make investment currency easy and convenient.Return Potential e trulyplace a medium to long-term, Mutual pecuniary resource redeem the potential to provide a higher(prenominal)(prenominal) return as they invest in a diversified basket of selected securities.Pritam P. Kothari & adenosine monophosphate Shivganga C. MindargiLow CostsMutual Funds are a relatively less expensive way to invest compared to straightway investing in the capital markets because the benefits of scale leaf in brokerage firm, custodial and other fees translate into lower costs for investors liquidityIn open-end schemes, the investor gets the property back chop-chop at net asset prize related prices from the Mutual Fund. In closed-end schemes, the units open fire be sold on a stock exchange at the public market price or the investor can avail of the facility of direct purchase at NAV related prices by the Mutual Fund TransparencyYou get timed development on the treasure of your investment in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund managers investment strategy and brain tractabilityThrough features such as stiff investment plans, regular invite outal plans and dividend reinvestment plans, you can dodgeatically invest or withdraw coin according to your needs and gubbins AffordabilityInvestors individually may lack satis itemory funds to invest in high-grade stocks. A mutual fund because of its erect corpus allows even a small investor to take the benefit of its investment strategy. surface RegulatedAll Mutual Funds are registered with SEBI and they function within the viands of strict regulations designed to protect the interests of investors. The operations of Mutual Funds are on a regular basis monitored by SEBI.DISADVANTAGES OF MUTUAL FUNDS above I take up mentio ned the unlike advantages of Mutual Funds but it also suffers from a lot of drawbacks as the market is inconstant and it is ever stirred by national as well as international factors, these days we can see that peeled oil prices in International market has become an important factor in determining the market movement. Here are some disadvantages as cited by me and by surveyFluctuating ReturnsMutual funds are like many other investments without a guaranteed return there is endlessly the possibility that the pass judgment of your mutual fund will depreciate. Unlike obstinate-income products, such as trusss and Treasury bills, mutual funds know price fluctuations along with the stocks that make up the fund. When deciding on a concomitant fund to buy, you need to research the risks gnarly just because a professional manager is looking after the fund, that doesnt mean the performance will be endlessly goodDiversificationAlthough diversification is one of the keys to succe ssful investing, many mutual fund investors tend to over diversify. The idea of diversification is to reduce the risks associated with holding a single security over diversification (also cognise as diversification) occurs when investors acquire many funds that are highly related and, as a result, dont getA Study of Investors placement towards Mutual Fund with Special speech to Inversotrs in Solapur Citythe risk reducing benefits of diversification. At the other extreme, just because you own mutual funds doesnt mean you are automatically diversified. For extype Ale, a fund that invests hardly in a particular industry or region is still relatively risky. For example Sect oral FundsCash and More CashAs you know already, mutual funds pool money from thousands of investors, so everyday investors are putting money into the fund as well as withdrawing investments. To maintain liquidity and the capacity to accommodate withdrawals, funds typically book to keep a large portion of their portfolios as cash. Having ample cash is great for liquidity, but money  school term around as cash is not working for you and thus is not very advantageous. CostsMutual funds provide investors with professional management, but it comes at a cost. Funds will typically gain a range of contrastive fees that reduce the overall payout. In mutual funds, the fees are classified into two categories shareholder fees and annual operating fees. The shareholder fees, in the forms of dozens and repurchase fees are paid directly by shareholders purchasing or merchandising the funds. The annual fund operating fees are charged as an annual percentage usually ranging from 1-3%. These fees are assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesnt make money, these fees only magnify losses. work 1 Structure of Mutual FundA mutual is a set up in the form of trust, which has sponsor, trustee, assets management company (AM C) and custodian. Sponsor is the person who acts exclusively or in combination with another(prenominal) body corporate and establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the investment managed and meet the eligibility criteria prescribed under the Securities and Exchange wit of India (Mutual Funds) regulations, 1996. The sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the schemes beyond the initial contribution made by it towards setting up of Mutual Fund. The Mutual Fund is constituted as a trust in amity with the provisions of the Indian Trusts Act, 1882 by the Sponsor. legal guardian is usually a company (corporate body) or a board of trustees (body of individuals). The main responsibility of the trustee is to safeguard the interest of the unit holders and also ensure that AMC functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations 1996 the provisions of the Trust deed and the offer Document of the respective schemes. The AMC is appointed by the TrusteesPritam P. Kothari & Shivganga C. Mindargias the investment tutor of the Mutual Fund. The AMC is required to be okay by SEBI to act as an asset management company of the Mutual Fund. The AMC if so authorized by the Trust movement appoints the Registrar and vary Agent to ingredient the mutual fund. The registrar processes the application form, redemption requests and dispatches account statements to the unit holders. The Registrar and Transfer agent also handles communications with investors and updates investor records. inspection OF LITERATURELenard et., al. (2003) empirically investigated investors attitudes toward mutual funds. The results indicate that the decision to switch funds within a fund family is affected by investors attitude towards risk, actual asset allocation, investment losses, investment mix, capital base of the fund age, initial fund performance, investment mix, fund and portfolio diversification. The admit account that these factors are crucial to be con locatingred in front switching funds regardless of whether they invest in non-employer plans or in both(prenominal) employer and non-employer plans. Bollen (2006) studied the dynamics of investor fund flows in a type of socially screened equity mutual funds and compared the relation amid annual fund flows & lagged performance in SR funds to the same relation in a matched sample of effected funds.The result revealed that the extra-financial SR portion serves to dampen the rate at which SR investors trade mutual funds. The dissect noteworthy that the differences between SR funds and their conventional counterparts are robust over time and persist as funds age. The study frame that the preferences of SR investors may be represented by conditional multi-attribute public utility function (especially when SR funds deliver positive returns ). The study remarked that mutual fund companies can expect SR investors to be more loyal than investors in ordinary funds. Walia and Kiran (2009) studied investors risk and return perception towards mutual funds. The study examined investors perception towards risk involved in mutual funds, return from mutual funds in comparison to other financial avenues, transparentness and disclosure practices.The study investigated problems of investors encountered with over repayable to unprofessional services of mutual funds. The study found that majority of individual investors doesnt consider mutual funds as highly risky investment. In fact on a ranking scale it is considered to be on higher side when compared with other financial avenues. The study also reported that significant relationship of mutuality exists between income take of investors and their perception for investment returns from mutual funds investment. Saini et., al. (2011) analyzed investors behavior, investors cre ed and perception relating to various issues like type of mutual fund scheme, its objective, role of financial advisors / brokers, sources of study, deficiencies in the provision of services, investors opinion relating to factors that attract them to invest in mutual and challenges forrader the Indian mutual fund industry etc.The study found that investors seek for liquidity, simplicity in offer documents, online trading, regular updates through SMS and stringent follow up of provisions laid by AMFI. Singh (2012) conducted an empirical study of Indian investors and detect that most of the respondents do not stand much consciousness about the various function of mutual funds and they are bit confused regarding investment in mutual funds. The study found that some demographic factors like gender, income and level of facts of life have their significant impact over the attitude towards mutual funds. On the adverse age and occupation have not been found influencing the investors attitude. The study sight that return potential and liquidity have been perceived to be most compensable benefits of investment in mutual funds and the same are followed by flexibility, transparency and affordability.STATEMENT OF THE PROBLEMMutual funds have their drawbacks and may not be for everyone. No investment is risk free. If the whole stock market declines in assess, the value of mutual fund shares will go down as well, no issue how balanced the portfolio.A Study of Investors stead towards Mutual Fund with Special reference to Inversotrs in Solapur CityInvestors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money. All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or loads to compensate brokers, financial consultants, or financial planners. When he invests in a mutual fund, the y depend on the funds manager to make the slump decisions regarding the funds portfolio. If the invests in ability Funds, they foregoes management risk, because these funds do not employ managers. Though these are the problems in the investment of mutual funds, in the recent days most of the investors preferred to invest their funds on mutual funds. In this background, the research has made an attempt to study the investors preference for mutual funds in Solapur City.LIMITATIONS OF THE STUDYThe present study is ground upon the results of survey conducted on 200 mutual fund investors. The implications of the study are government issue to the limitations of sample size, psychological and emotional characteristics of surveyed population. screen background OF THE STUDYThis paper provides Future of Mutual Funds industry information as well as awareness level amongst nation for Mutual Funds. Also this project report of Mutual Funds gives an outlook to management as to how the mutual funds are performing in the current market situation as a result what may be the future tense of this industry. This paper on mutual funds is informative the students who want to understand and seek assignments in the industry. This study also facilitates the global people who can understand the importance and explore the new option for investment in Mutual Funds. Different financial institutions provide services that are both complementary to and competitive with each other. A well built financial system directly contributes to the growth of the country.RESEARCH methodologyThis study is descriptive in disposition based on survey method. The study aims at finding out the attitude of the investors towards investment in mutual funds in Solapur city. This study was based primarily on primary sources. The primary information was collected from the investors of mutual funds with help of the questionnaire. The secondary entropy were collected from the books, records and journals. By adopting convenience sampling, 200 respondents were selected for this study. The essential information were collected with the help of questionnaire. The data collected from the stop consonant of January 2011 to April 2011.DATA ANALYSIS AND indicationFigure 2 viewing example of investingPritam P. Kothari & Shivganga C. MindargiFrom above get word it is clear that 75% investors are invested in open ended schemes where as 15% invested in closed ended schemes in mutual fund.Figure 3 mind for Investment in Mutual FundFrom above double it is clear that and 42% investors declare that they invested money in mutual fund for tax assumption. 33% investors regulate that they invested money in mutual fund for higher returns. 16% investors arrange that they invested money in mutual fund for value creation in fund. 9% investors affirm that they invested money in mutual fund for other reason.Figure 4 demonstrate the Reason of Investors that not Invested Money in Mutual Fund Fr om above embark is clear that 50% investors dictate that they not kindle to invest money in mutual fund. 33% investors say that they have imperfect intimacy in mutual fund, so they are not invested. 8.5% investors say that they invested in govt. bond. 8.5% investors has other reason so they not invested money in mutual fund.Figure 5 Showing fictitious character of Investment Investors Should be PreferredA Study of Investors billet towards Mutual Fund with Special Reference to Inversotrs in Solapur CityFrom above figure it is clear that investors invest money in fixed deposits. 15 25% investors invest money in gold/real estates. 17% investors invest money in mutual fund. 8% investors invest money in bond/debentures. be 17% investors invest money in shares.Figure 6 Showing Returns Investor get from their InvestmentFrom above figure it is clear that 70% investors are gaining 5-15% returns from their investment. 23% are gaining 15-30% returns from their investment. 5% investors a re gaining 30-45% returns from their investment. Remaining only 2% investors is gaining above 45% returns from their investment.Figure 7 Showing eon of InvestmentFrom above it is clear 80% investors are dealing in short term sequence whereas 20% investors are dealing in long term duration.Figure 8 Showing the Investors stick in Mutual FundPritam P. Kothari & Shivganga C. MindargiFrom above figure it is clear that 73% investors say that they are having bad experience in mutual fund. 12% investors say that they are having good experience in mutual fund. Remaining 15% investors say that their experience is ok.FINDINGS AND SUGGESTIONSFindingsThe trend for investment is ever-changing rapidly besides the traditional fig of investment and people immediately they are ready to undertake risk and also receive the volatility of changing mutual fund market scenario.This shows that people with middle Income Group are more glossy this market and are ready to bear the risk.It is observ e that 75% investors have invested open ended schemes that they want higher returns on their investment rather than investing in closed ended schemes in mutual fund.It is discovered that 42% investors have invested money for tax assumption.33% investors have invested money for higher returns in their investment.16% investors have invested money for value creation in fund. And remaining 9% investors have invested money for other reason.It is observed that 50% investors have not interested to invest money in mutual fund.33% investors have imperfect knowledge so they not invested money in mutual fund.9% investors find govt. securities bond is better thats way they not invested money in mutual fund. And remaining 8% investors have other reason so they not invested money in mutual fund.It is observed that more businessmen were inclined towards investing in current account. The ladies were inclined to invest their money in Gold and jewelleries. wait on class people and retired class peo ple prefer more saving and fixed deposits People with high income.It is observed that 70% investors have invested to getting returns in the range of 5-15% which shows in short span of time they are getting good returns and more than expectations.It is observed that 80% investors have invested in short term duration which indicates the investors have not ready to invest in long term period due to various risks associated with long term duration of investment.On asking how they get knowledge of mutual fund a large number of them attributed to print media. Even banks today follow the role of the investment advisors. really few get any information from the e-media or accordingly, AMCs must increase the awareness about their product through electronic media (TVs, Cables, Radios etc.) as well as and should not just constrained itself to the print advertising those who do not read newspaper.SUGGESTIONSInvestors Point of look outThe question that entire customer, irrespective of the age group and financial status, think of is- Are mutual funds are a safe option? What makes them safe? The basis of mutual fund industrys safety is the way the business is defined and regulation of law. Since the mutual fund invests in the capital market instruments, so proper knowledge is essential. Hence the essential requirement is well informed seller and equally informed purchaser who understands and helped them to understand the product (here we can say the capital market and the money market instruments) is the essential preconditions.A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur CityBeing heady Investor One ShouldAsk ones agent to give details of different schemes and match the appropriate ones.Go to the company records or the fund house regarding any queries if one is not satisfied by the agents.Investors should always keep an eye on the performance of the scheme and other good schemes as well which are lendable in the market for the closed comparison.never invest blindly in the investments before going through the fact sheets, annual reports etc. of the company. Since, according to theGuidelines of SEBIThe AMCs are chute to disclose all the relevant data that is necessary for the investment purpose of investors. familiaritys (Mutual Fund Companies) Point of View Following measures can be interpreted by the company for getting higher investments in the mutual fund schemes domesticate the agents or the salesmen properly so that they can take up the queries of the customer effectively. draw up separate customer maintenance divisions where the customers can anytime pose their query, regarding the scheme or the current NAV etc. These customer lot units can work out in accordance with the requirements of the customer and facilitates them to choose the scheme that suits their financial status.Conduct seminars or programs about mutual fund where every information about the product is outlined in cluding the risk factor associated with the different classes of assets.Brokers should reduce the brokerage charges for intra day and delivery based so that the investor can save more amounts to generate extra investment for the investor as well as for the Mutual Fund companies.Mutual Fund companies should try to increase the promotional material and advertisement strategies for awareness of Mutual fund in solapur city.CONCLUSIONSThe mutual fund industry is growing at a tremendous pace. A large number of plans have come up from different financial resources. With the stock markets oaring the investors are attracted towards these schemes. Only a small segment of the investors still in Mutual Funds and the main source sources of information still are the financial advisors followed by advertisements in different media. The Indian investors generally invest over period of 2-3 years. Also there is a lean to invest in fixed deposits due to the security attached to it. In order to ex cel and make mutual funds a success, companies still need to create awareness and understand the psyche of the Indian customer.REFERENCESAgapova, Anna, 2011, The Role of Money Market Mutual Funds in Mutual Fund Families , Journal of Applied 1.Finance, Vol. 21, Issue. 1, pp. 87-102.Agarwal, Vikas Boyson, Nicole M. Naik, Narayan Y, 2009, Hedge Funds for sell Investors? 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Nandhagopal(2012) Investors Preference towards Mutual Funds in Coimbatore City European Journal of genial Sciences ISSN 1450-2267 Vol.29 No.1 (2012), pp. 115-1254.Binod Kumar Singh (2011) A Study on Investors Attitude towards Mutual Funds as an Investment Option JOURNAL OF ASIAN art STRATEGY, VOL. 1(2) 8-155.Badrinath, S.G & Gubellini, S, (2011), On the characteristics and performance of long-short, market-neutral and bear mutual fu nds , Journal of Banking & Finance, Vol. 35 Issue 7, pp.1762-1776. 6.Dranikoff L, Koller, T. and Schneider, A, Divestiture Strategys Missing Link, Harvard headache Review, may 2002, 80 (5).7.Dr.Nishi Sharma (2009) Indian Inverstors Perception towards mutual funds Business Management dynamics Vol.2, No.2, Aug 2012, pp.01-098.Gil-Bazo, Javier Ruiz & Verd, Pablo, 2009, The Relation between value and Performance in the Mutual Fund Industry , Journal of Finance, Vol. 64, Issue 5, pp. 2153-2183. 9.Hansen M and Nohria N, Whats your Strategy for Managing Knowledge? Harvard Business Review, MarchApril, 1999, 77 (2).110. Journal of merchandise, 32 (October), 65-68, 1968.11. Rajeswari, T.R., and V.E. RamaMoorthy, 2001, An existential Study on Factors Influencing the Mutual Fund Scheme Selection by Retail Investors . Retrieved on May 2010 < http//www.utiicm .com/Cmc/PDFs/ 2001/rajeswari.pdf>.12. Singh, Chander, 2004, Performance of mutual funds in India an empirical grounds , IC FAI journal of applied finance December, pp. 81-98.13. Subbash C. Jain, Marketing Planning and Strategy, South westward College Publishing, Sixth Edition, 2000. 14. Singh, B. K. and Jha, A.K. 2009, An empirical study on awareness & acceptability of mutual fund , Regional Student s Conference, ICWAI, pp. 49-55.15. Winer, C. Strategic Thinking An executive Perspective, top(prenominal) Saddle River, Prentice Hall, 2000