international journal of informative & futuristic research...
Post on 07-Oct-2020
5 Views
Preview:
TRANSCRIPT
9264 This work is published under Attribution-NonCommercial-ShareAlike 4.0 International License
International Journal of Informative & Futuristic Research ISSN: 2347-1697
Volume 5 Issue 9 May 2018 www.ijifr.com
Abstract
Where to invest is the most complicated and confusing issue for the common people. Investment in bank fixed deposit is the most popular avenue of investment but in recent years, rates on bank fixed deposit have been reduced to the extent that investors are in dilemma for investment decision. On the other hand, increasing inflation rate nullifies the return earned on bank fixed deposits. In that case, to accomplish future financial goals, financial planning is required for future needs to be fulfilled in the context of child education, marriage, purchase of new house or car, retirement planning etc. In Indian society, Savings is common as it is traditional custom that is passed on from generation to generation. These small savings must be channelized in a way that gives confidence to the common people to make the correct decision of investment. That means the road map must be design which removes the hurdles between the savings and investment. Investment in mutual funds through SIP route is also gaining ground for its flexibility of investing in smaller proportion. The fall of rates on bank fixed deposits and the rise of mutual funds assets are hand in hand. Technological advancement, use of smart phones with internet has made the investors become well informed about the changes taken place around them. Advertisement on TV channels about ‘Mutual fund sahi hai’ is also influencing the investors to divert their savings towards mutual fund industry. Also performance analysis of the mutual fund industry leads the common people to take the right decision for their savings to be invested.
Mutual Funds are Subject to Investment: Growth
and Stand of Indian Mutual Fund Industry Paper ID IJIFR/V5/ E9/ 015 Page No. 9264-9274 Subject Area Management
Key Words Assets Under Management, Asset Class, Asset Management Company, Flow Of
Fund, SIP Investment
1 Dharmesh J Patel
M.Phil Scholar, School of Commerce and Management, Dr. Babasaheb Ambedkar Open University, Ahmedabad, Gujrat-India
9265
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
1. INTRODUCTION
The rate of interest on bank fixed deposit is decreasing day by day. Due to that, return on
bank FD is reducing. On the other hand inflation is increasing rapidly. As a result of that,
actual purchasing power of the money is lowering in present compare to past. Moreover,
insurance on bank FD is only rupees one lakh for whatever amount of FD is made with the
bank. Also people are loosing the confidence on PSU banks for large number of financial
scams coming out day by day in various PSU banks. Overall the investors of the bank FD
are confused in selecting the investment avenue. Also bankers are not reliable completely
in the context of money invested in bank because they are facing tremendous pressure of
cross selling at the cost of bank FD.
Earlier there was a limited access of market information, more dependency on financial
advisors, little knowledge of investment options, lengthy procedure all those problems
were common for all. As a result of that it was general belief that investment in bank FD is
the best option without considering the other options. Majority Investors were believed
that investment in bank FD is the safest avenue of investment with higher liquidity.
Majority of them were having low risk taking attitude.
Now a days, with the advancement of the technological changes, revolution in internet,
wide access of market information, young and dynamic investors having greater
knowledge and resources of investment options have discarded the traditional investment
avenues by considering the risk and return factors. Awareness is increasing about the
investment in mutual funds and also long term return figures disclosed by fund houses
have played a vital role in inflow in mutual fund investment.
Financial reforms introduced, digital India and cashless India campaign, „mutual fund sahi
hai‟ campaign have created an atmosphere that is capable to increase the trust factors
among the investors for investing in equity market through mutual funds. Also more and
more people are investing in mutual funds through direct plan instead of regular plan.
Why? because it is very easy to invest in mutual funds directly from the website of the
fund houses or application based platform available for mobile phones without getting any
headache of too much paper work and documentation. As a result of that there is no need
of financial intermediaries for investment process for investing in mutual funds. Thus, the
introduction of direct plan has been proved game changer for inflow of funds towards the
mutual funds industry. The proportion of direct investments in equity, to the total assets
held by individual investors, was about 7% in March 2018. The impact of all these points
mentioned would be tested by analyzing the performance of mutual fund industry for the
past time starting from 2014 to 2018.
2. OBJECTIVES OF THE STUDY
This study attempts to analyze the growth of mutual fund industry for the last five years
period i.e. March 2014 to March 2018. The objectives of this study are:
i. To analyse Institution Wise Growth of Asset under Management of Indian Mutual
Fund Industry
ii. To analyse the Growth of Assets under Management of Indian Mutual Fund Industry
9266
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
iii. To analyse Asset Class wise Net resource mobilization by mutual fund
iv. To analyse the growth in total numbers of investor accounts
v. To examine the Total number of schemes under mutual funds
vi. To analyse the stand of Indian Mutual Fund Industry around the world
3. PERFORMANCE OF MUTUAL FUNDS
Table 1: Institution wise AVERAGE ASSETS UNDER MANAGEMENT FOR THE YEAR
ENDED 31 MARCH
Sr.No Name of the Asset Management Company 2014 2015 2016 2017 2018
A BANK SPONSORED
(i) JOINT VENTURES - PREDOMINANTLY INDIAN
1 BOI AXA Investment Managers Private Limited
1,991 3,518 2,385 3,552 5,802
2 Canara Robeco Asset Management Company Ltd.
6,499 7,617 7,968 9,940 12,496
3 SBI Funds Management Private Limited
65,499 74,942 1,06,781 1,57,025 2,17,649
Union KBC Asset Management Company Pvt. Ltd.
2,847 2,726 2,902 - -
TOTAL …………………………... A (i)
76,836 88,803 1,20,036 1,70,517 2,35,947
(ii) JOINT VENTURES - PREDOMINANTLY FOREIGN
1 Baroda Pioneer Asset Management Company Ltd.
8,106 7,172 9,656 10,324 13,022
TOTAL …………………………... A (ii)
8,106 7,172 9,656 10,324 13,022
(iii) OTHERS
1 IDBI Asset Management Ltd.
5,929 7,344 6,835 7,719 10,760
2 Union Asset Management Company Pvt. Ltd.
- - - 3,416 4,305
3 UTI Asset Management Company Ltd.
74,233 92,751 1,06,309 1,36,810 1,54,939
TOTAL …………………………... A (iii)
80,162 1,00,095 1,13,144 1,47,945 1,70,004
TOTAL ……………………………. A (i+ii+iii)
1,65,104 1,96,070 2,42,836 3,28,786 4,18,973
B INSTITUTIONS
(i) INDIAN
1 IIFCL Asset Management Co. Ltd.
168 331 358 412 650
2 LIC Mutual Fund Asset Management Limited
10,584 9,313 13,156 21,475 20,118
TOTAL …………………………... B
10,752 9,644 13,514 21,887 20,768
C PRIVATE SECTOR
(i) INDIAN
1 Edelweiss Asset Management Limited
169 755 1,678 6,917 12,100
2 Deutsche Asset Management (India) Private Ltd.
18,795 22,427
3 Escorts Asset Management Limited
269 253 286 243 231
4 Essel Finance AMC Limited
- - - - 1,540
5 IDFC Asset Management Company Limited
- - - - 69,919
6 IL&FS Infra Asset Management Limited
415 882 923 1,020 1,274
9267
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
7 IIFL Asset Management Ltd.
- - 485 565 793
8 India Infoline Asset Management Co. Ltd.
234 346 - - -
9 Indiabulls Asset Management Company Ltd.
1,097 3,590 5,290 10,820 10,714
10 JM Financial Asset Management Limited
6,046 12,231 16,161 13,668 16,365
11 Kotak Mahindra Asset Management Company Ltd.
33,079 41,378 58,495 92,216 1,24,691
12 L&T Investment Management Limited
18,255 22,497 25,945 39,300 65,932
13 Mahindra Asset Management Company Pvt. Ltd.
- - - 1,995 3,368
14 Motilal Oswal Asset Management Company Ltd.
489 2,114 4,689 8,115 17,736
15 Peerless Funds Management Co. Ltd.
4,046 1,302 985 1,062 -
16 PPFAS Asset Management Pvt. Ltd.
340 575 614 696 1,010
17 Quantum Asset Management Company Pvt. Ltd.
356 575 636 962 1,203
18 Reliance Capital Asset Management Ltd.
1,03,542 1,37,124 1,58,408 - -
19 Sahara Asset Management Company Pvt. Ltd.
191 144 99 67 64
20 Shriram Asset Management Co. Ltd.
24 34 37 41 43
21 Sundaram Asset Management Company Limited
16,422 21,875 23,664 29,370 34,306
22 Tata Asset Management Limited
21,954 26,968 31,862 42,619 46,977
23 Taurus Asset Management Company Limited
3,532 4,150 3,949 1,876 509
TOTAL …………………………... C (i)
2,29,255 2,99,220 3,34,206 2,51,552 4,08,775
(ii) FOREIGN
1 BNP Paribas Asset Management India Private Limited 3,446 3,915 5,097 5,891 8,160
2 Franklin Templeton Asset Management (India) Pvt. Ltd. 45,404 70,444 66,947 81,615 1,03,152
3 Goldman Sachs Asset Management (India) Pvt. Ltd.
3,764 8,038 6,101 - -
4 Invesco Asset Management (India) Private Limited
- - - 23,528 26,203
5 Morgan Stanley Investment Management Private Ltd. 2,572 - - - -
6 PineBridge Investments Asset Mgt Co. (India) Pvt. Ltd. 649 - - - -
7 Pramerica Asset Managers Private Limited
2,411 2,309 - - -
8 Mirae Asset Global Investments (India) Pvt. Ltd.
692 1,818 3,133 7,457 15,756
TOTAL …………………………... C (ii)
58,938 86,524 81,278 1,18,491 1,53,271
(iii) JOINT VENTURES - PREDOMINANTLY INDIAN
1 Aditya Birla Sun Life Asset Management Company Ltd. 89,051 1,19,752 1,36,503 1,95,049 2,47,529
2 Axis Asset Management Company Ltd.
16,154 26,624 37,688 57,700 77,326
3 DSP BlackRock Investment Managers Private Limited 31,631 37,838 39,133 64,177 86,326
4 HDFC Asset Management Company Limited
1,12,963 1,61,634 1,75,779 2,37,178 3,00,549
5 ICICI Prudential Asset Mgmt. Company Limited
1,06,822 1,48,559 1,75,881 2,42,961 3,05,739
6 IDFC Asset Management Company Limited
41,349 51,715 52,129 60,636 -
7 Religare Invesco Asset Management Company Pvt. Ltd. 14,496 21,009 19,579 - -
8 Reliance Nippon Life Asset Management Limited
- - - 2,10,891 2,44,904
TOTAL …………………………... C (iii)
4,12,466 5,67,131 6,36,692 10,68,592 1,262,373
(iv) JOINT VENTURES - PREDOMINANTLY FOREIGN
1 HSBC Asset Management (India) Private Ltd.
7,659 8,242 7,274 8,812 10,261
2 ING Investment Management (India) Private Ltd.
564 - - - -
9268
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
(Rs. in crores)
(Source: AMFI)
From above table, it is observed that institution wise average assets under management at
the end of 31 March are increasing positively with upward trend. Average assets under
management under the categories of bank sponsored and private sector have increased
with positive growth in all years starting from 2014 to2018 where as institutions category
shows mix trend. Investment in mutual funds is increasing year by year positively that
shows the confidence of the investors in terms of risk and return of the mutual funds. Total
assets under management are more than double in 2018 compare to 2014.
Table 2: Asset class wise disclosure of AAUM for the year ended 31 March
(Rs. in crores)
Category 2014 2015 2016 2017 2018
Income
4,42,376 5,16,086 5,68,700 7,78,760 7,95,972
Infrastructure Debt Fund 583 1,213 1,281 1,432 1,924
Equity (other than ELSS) 1,56,688 3,00,631 3,38,564 4,54,673 6,92,253
Balanced
16,364 26,044 40,906 84,526 1,88,099
Liquid/ Money Market 2,44,737 2,77,428 3,26,880 3,94,048 4,56,241
90
51
20
11
88
69
0
13
53
44
3
18
29
58
4
23
05
21
2
2014 2015 2016 2017 2018
3 JPMorgan Asset Management India Pvt. Ltd.
16,248 15,641 6,414 - -
4 Principal Pnb Asset Management Co. Pvt. Ltd.
4,134 6,218 5,242 5,347 7,196
TOTAL …………………………... C (iv)
28,605 30,101 18,930 14,159 17,457
(v) JOINT VENTURES - OTHERS
1 DHFL Pramerica Asset Managers Private Limited
- - 25,987 26,117 23,595
TOTAL …………………………... C (v)
0 0 25,987 26,117 23,595
TOTAL ……………………………. C
(i+ii+iii+iv+v)
7,29,264 9,82,976 10,97,093 14,78,911 18,65,471
TOTAL ……………………………. (A+B+C) 9,05,120 11,88,690 13,53,443 18,29,584 23,05,212
9269
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
Gilt
6,864 11,890 17,145 18,007 15,547
Equity - ELSS 23,928 38,537 38,788 53,505 77,849
GOLD ETF
9,099 6,996 6,335 5,643 4,860
Other ETF 1,568 7,374 12,926 37,141 70,933
Fund of Fund investing overseas 2,913 2,491 1,918 1,849 1,534
Total 9,05,120 11,88,690 13,53,443 18,29,584 23,05,212
(Source: AMFI)
Above table shows the asset class wise disclosure of average assets under management for
the year 2014 to 2018 ended on March 31. It is observed that Income funds are having the
growth of 180% from 2014 to 2018 with upward trend year by year. Infrastructure debt
fund has grown with 330% from 2014 to 2018 with upward trend year by year. Equity
(other than ELSS) has grown with 442% from 2014 to 2018 with upward trend year by
year. Balanced fund has grown with 1149% from 2014 to 2018 with upward trend year by
year. Liquid/ Money Market fund has grown with 186% from 2014 to 2018 with upward
trend year by year. Gilt fund has grown with 227% from 2014 to 2018 with upward trend
year by year upto 2017 and downward trend for 2018. Equity – ELSS fund has grown
with 325% from 2014 to 2018 with upward trend year by year. GOLD ETF fund has
grown with 53% from 2014 to 2018 with downward trend year by year. Other ETF fund
has grown with 4524% from 2014 to 2018 with upward trend year by year. Fund of Fund
investing overseas has grown with 53% from 2014 to 2018 with downward trend year
by year.
All assets class except Gold EFT and Fund of Fund investing overseas are on the track of
positive growth starting from 2014 to 2018 consecutively. It is also observed that Gilt fund
shows upward trend from 2014 to 2017 but in 2018 it is on downward track.
The proportionate share of each category based on growth from 2014 to 2018 can be
shown as under:
2% 4%
6%
15%
3%
3%
4%
1%
61%
1%
Income
Infrastructure Debt Fund
Equity (other than ELSS)
Balanced
Liquid/ Money Market
Gilt
Equity - ELSS
GOLD ETF
Other ETF
Fund of Fund investing
overseas
9270
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
Table 3: Asset Class wise Net Inflows / Outflows for the year ended March 31
(Rs. in crores)
Category 2014 2015 2016 2017 2018
Income
40,546 4,875 14,738 1,20,633 -5,851
Infrastructure Debt Fund 863 188 403 - 340
Equity (other than ELSS) -7,627 68,121 67,611 60,270 1,56,753
Balanced
-1,986 9,826 19,743 36,610 89,757
Liquid/ Money Market 24,099 9,782 17,109 95,826 -2,936
Gilt
-1,868 7,712 759 -3,306 -3,277
Equity - ELSS -1,641 2,908 6,413 10,097 14,316
GOLD ETF
-2,294 -1,475 -903 -775 -835
Other ETF 2,890 2,251 8,724 24,054 23,958
Fund of Fund investing overseas 1,101 -900 -417 -360 -428
Total 54,083 1,03,288 1,34,180 3,43,049 2,71,797
(Source: AMFI)
Above table shows the asset class wise net inflows and outflows of fund for the year 2014
to 2018 ended on March 31. It is observed that Income fund shows net inflows from 2014
to 2017 with mix trend of upward and downward, while in 2018 it shows net outflows.
Infrastructure debt fund shows net inflows with mix trend of upward and downward
except 2017. Equity (other than ELSS) shows net outflows for 2014 and net inflows from
2015 to 2018 with mix trend of upward and downward. Balanced fund shows net outflows
for 2014 and net inflows for 2015 to 2018 with upward trend year by year. Liquid/ Money
Market fund show net inflows from 2014 to 2017, while in 2018 it shows net outflows.
Gilt fund shows mix trend of upward and downward in net inflows and net outflows.
Equity – ELSS fund shows net outflows for 2014 and net inflows for 2015 to 2018 with
upward trend year by year. GOLD ETF fund shows net outflows from 2014 to 2018 with
overall downward trend year by year. Other ETF fund shows net inflows from 2014 to
2018 with mix trend of upward and downward. Fund of Fund investing overseas shows
net inflows for 2014 and net outflows from 2015 to 2018 with overall downward trend
year by year.
Trends in Equity Investment through Mutual Funds
-50000
0
50000
100000
150000
200000
2014 2015 2016 2017 2018
Equity (other than ELSS)
Balanced
Equity - ELSS
Other ETF
9271
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
By analyzing net inflows and outflows data, Equity – ELSS fund shows positive growth
starting from 2014 to 2018. It clearly indicates that tax paying investors are diverting their
funds towards the Equity-ELSS among other options. This is the clear sign that Equity-
ELSS is gaining the ground gradually. Net inflows in Equity (other than ELSS), Balanced
fund and Other ETF data indicate that equity investment is increasing rapidly with positive
image of reliable avenue of investment.
Table 4: Total Number of Investor Accounts for the year end March 31 (in Crores)
Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Investor Accounts 3.95 4.17 4.77 5.54 7.13
(Source: AMFI)
Since March 2014, there is an increase in investor accounts from 3.95 crores to 7.13 crores
in March 2018. Mutual funds investor‟s accounts are increase rapidly which is a good sign
for mutual fund industry as investors are more confident than earlier for accepting the
mutual funds as a reliable investment avenue.
Table 5: Total Number of Scheme for the year ended March 31
Category 2014 2015 2016 2017 2018
Income
1077 1245 1730 1575 1258
Infrastructure Debt Fund 4 4 7 7 9
Equity (other than ELSS) 311 379 413 420 442
Balanced
30 25 28 30 31
Liquid/ Money Market 53 52 53 52 52
Gilt
44 45 41 41 38
Equity - ELSS 52 55 60 64 72
GOLD ETF
14 14 13 12 12
Other ETF 26 34 45 51 56
Fund of Fund investing overseas 27 31 30 29 28
0
2
4
6
8
Mar-14 Mar-15 Mar-16 Mar-17Mar-18
3.95 4.17 4.77
5.54
7.13
9272
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
Total 1638 1884 2420 2281 1998
(Source: AMFI)
Above table shows the asset class wise number of schemes for the year 2014 to 2018
ended on March 31. It is observed that Income fund, Infrastructure debt fund, Balanced
fund, Liquid/ Money Market fund , Gilt fund, GOLD ETF fund and Fund of Fund
investing overseas show variation in number of schemes in different years either increase
or decrease. Equity (other than ELSS), Equity (ELSS) and Other ETF fund show positive
increase in number of schemes year by year.
Equity (other than ELSS), Equity (ELSS) and other ETF are the scheme categories under
which number of schemes show positive and upward trend. It is the clear indication that
more and more investors are investing in these funds. That is why the number of schemes
is increasing year by year.
Global Assets under Management and India
(Source: IIFA)
There is tremendous scope of the growth of Indian mutual fund industry compare to rest of
the world. Huge market is yet to be penetrated. In a report “Asset & Wealth Management
Revolution: Embracing Exponential Change”, PwC anticipates that global Assets under
Management set to rise to $145.4 trillion by 2025.
22146986
1914949
1292023
1238039
2144052
1688981
1759449
181762
2313588
2312051
2873630
4988625
923269
451886
307387
0 5000000 10000000 15000000 20000000 25000000
US
UK
Canada
Brazil
Australia
China
Japan
South Africa
France
Germany
Ireland
Luxembourg
Netherlands
Republic of Korea
India
TOTAL NET ASSETS AROUND THE GLOBE FOR THE YEAR ENDED 31 MARCH 2018 (Millions of US dollars)
9273
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
4. CONCLUSION
Stable government, rapid developing stage of the economy, favorable business
development polices of the government, global positive factors, strong growth
fundamentals, financial reforms undertaken by the government all these factors working
together increase the confidence of the investors who are the source of savings and
investment in particular economy. Presently India is witnessed of this transformative
stage. All these positive sentiments lead the investors to flow their savings towards
investment in financial assets for good return with optimistic attitude. The reflection of all
these factors clearly points out in Graphical data that shows the growth of investment in
mutual funds year after year.
With introduction of direct Plan of investing in mutual funds and decreasing rates on bank
deposits, the growth in assets size of mutual funds is expanding. Also questionable role of
PSU banks in the context of High NPA, low financial performance, banking scams
indirectly fosters the investors to start searching another planet for better life in terms of
financial goals. Online investment in direct plans of mutual funds are gaining ground for
some reasons like no intervention of financial intermediaries, paperless procedure, no need
to pay extra charges in terms of transaction charges and commission. As it is said that
India is a country of Young population, new generation of investors are familiar and used
to online investment at their own convenience. Also our country is passing from
transformation process in terms of digital India, cashless India so online transactions in
mutual funds are more and more popular with the benefit of no need to pay any extra cost
to any intermediaries. One another reason is anybody can participate in mutual funds with
small savings by SIP. This SIP route has played a crucial role in channelizing the small
monthly savings into financial assets. Less earning as well as high earning households
both are comfortable with SIP route in mutual fund investment.
Investment in mutual funds is subject to market risk but still it is an attractive investment
avenue for the new generation investors as well as traditional investors. Investors are fully
aware about the risk involved and return expected from such investment and that‟s why
47.59
4.11 2.78 2.66 4.61
3.63
3.78
0.39
4.97
4.97
6.17
10.72
1.98 0.97 0.66
TOTAL NET ASSETS AROUND THE GLOBE FOR THE YEAR ENDED 31 MARCH 2018 (in %) US
UK
Canada
Brazil
Australia
China
Japan
South Africa
France
Germany
Ireland
Luxembourg
Netherlands
Republic of Korea
India
9274
ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR)
Continuous 57th Edition, Volume - 5, Issue -9, May 2018 Page No. : 9264-9274
Dharmesh J Patel :: Mutual Funds are Subject to Investment: Growth and Stand of Indian Mutual Fund Industry
mutual funds are getting popular. Despite introduction of LTCG taxes, mutual funds are
still attractive for investment.
5. REFERENCES [1] https://www.amfiindia.com, accessed on May 15, 2018
[2] https://press.pwc.com, accessed on May 22, 2018
[3] https://www.iifa.ca, accessed on May 22, 2018
top related