INTRODUCTION The capital market in India has grown tremendously with public sector reforms, financial sector reforms, reforms in the industrial policies and new economic reforms. The Indian economy has developed rapidly due to the crucial role played by financial intermediaries which foster savings and channel them to their most efficient use. One such financial intermediary which has played a significant role in the growth and development of Indian capital market is Mutual Fund. |
Mutual fund industry has made commendable progress since 1964 when UTI was established as the first mutual fund in India. Entry of public sector banks and financial institutions in 1987 enhanced its growth. The Indian mutual fund industry gained momentum in 1993 with the establishment of mutual funds launched by private sector banks, financial institutions and foreign players. The mutual fund industry has grown by leaps and bounds during the last two decades. It has expanded and developed in terms of number of mutual funds, AUM (Assets Under Management) investors’ base or penetration level, number and type of schemes available to the investors. Mutual funds have become popular across globe and have become one of the most preferred choice of most of the investors world over. They provide various benefits to the investors like professional management, diversification, liquidity and higher returns, which has enhanced their relevance for the retail investors. |
Top PREVIOUS STUDIES A household investor survey was made with the objective to provide data on investor preferences on MFs (Mutual Funds) and other financial assets in 1993 (Gupta L.C. 1994)’. In a paper titled Marketing Strategies of Mutual Funds Current Practices and Future Directions in 1996 assessed the awareness of MFs among investors, identified the information sources influencing the buyer decision and the factors influencing the choice of a particular fund. They concluded that income schemes and open-ended schemes are preferred over growth schemes and close- ended schemes, during the prevalent market conditions. Investors look for safety of principal, liquidity and capital appreciation in order of importance. Newspapers and magazines are the first source of information through which investors get to know about mutual fund schemes and the investor service is the major differentiating factor in the selection of mutual funds (Madhusudhan V. Jambodekar 1996)2. A survey was conducted in 1998 to get an insight into the MFs operations of private institutions with special reference to Kothari Pioneer. The survey revealed that the awareness about MFs concept was poor during that time in small cities like Vishakhapatnam. Agents play a vital role in spreading the MFs culture. Open-end schemes were much preferred. Age and income are the two important determinants in the selection of fund scheme. Brand image and return are their prime considerations (Syama Sunder, 1998) In an article “Mutual Fund Investors’ Perceptions and Preferences: A Survey in 2002" concluded that thfc investors do not perceive the risk inherent in mutual fund investment and use it as a tax saving instrument. Among various financial instruments available to the investors, mutual funds are ranked below NSCs (National Saving Certicates), PPF (Public Provident Fund) and LIC (Life Insurance Corporation) policies. However, among the various mutual funds and schemes available for investment, private mutual funds, open-end schemes and balanced funds are most preferred by the investors (Y.P. Singh and Vanita, 2002)4. An attempt was made in 2003 to study the development in investment pattern of mutual funds industry in terms of various innovative products and also to assess the investor’s attitudes with regard to their preferences for mutual fund schemes. It was concluded that 90 per cent of the respondents preferred open-ended schemes (90%), the remaining preferred close-ended schemes. The proposed objectives of the schemes attract most of the investors. Past performance and the nature of products offered hold same influencing effect upon respondents. While 14 per cent of respondents indicated that all classes (rich, business houses and middle class throughout country) get benefits of mutual funds, only 11 per cent opined that the middle class staying in both urban/rural India benefit from mutual funds (Renu Jatana and Josephat Keros Bosire,2003)5. A study was made in 2004 to study the perceptions of investors towards mutual funds. It was concluded that investors perceive mutual funds to be a better investment avenue than others due to the expectation of receiving higher return than other investment instruments (Subhash Chander and Jaspal Singh, 2004) |
Top METHODOLOGY For the purpose of this study, primary data was collected by distributing structured questionnaires to a sample of 225 respondents in Chandigarh city covering different age groups, gender, educational qualification, occupation and income groups by using convenience sampling technique. The sample under study was selected keeping in view the fact that they were aware of the various financial instruments and knew about mutual funds. The research has been carried out to cover various issues like size of investment, main objective of mutual fund investment, time horizon of investment, nature and type of investment, future preference for investment, general awareness about mutual funds, preference of various investment options, investment in various categories of mutual funds, factors influencing mutual fund investment, investors’ perceptions about various aspects of mutual funds, satisfaction of investors and perception about future prospects of mutual funds. On the other hand, non-investors were also included in the study to know the reason behind their indifference towards mutual fund investment. Simple mathematical tools like addition and percentage have been used for the analysis of data on the basis of results of the survey. The study works on the null hypothesis that there is a negative perception of investors towards mutual funds. |
Top RESULTS OFTHE SURVEY The personal profile of the respondents under study constitutes 58 per cent of the respondents in the category of 20 to 40 years, 35.7 per cent of the respondents in the age group of 40 to 60 years, while only 5.1 per cent respondents were in the category of 60 to 80 years and 1.3 per cent belonged to the age group of less than 20. Out of the total sample selected for analysis, 84.1 per cent respondents were male and service class 15.9 per cent were females. 49.7 per cent respondents were post-graduates, 34.4 per cent respondents were graduates, 13.4 per cent respondents had professional degrees and 2.5 per cent respondents were undergraduates. 68.8 per cent respondents belonged to the service class, 15.9 per cent respondents were from business class, 8.3 per cent respondents were professionals, 3.2 per cent respondents were retired from service, 2.5 per cent respondents were students and 1.3 per cent respondents were house-wives. 38.1 per cent respondents belong to the income group of more than Rs.250000, 21.9 per cent respondents were from the income group of Rs. 150000-250000, 20 per cent respondents were in the income group of Rs. 100000-150000, 12.9 per cent respondents belong to the income group of Rs.50000-100000 and 7.1 per cent respondents were from the income group of up to Rs.50000 per annum. |
Size of Investment India has one of the highest household saving percentages and therefore, there is a need to convert a major portion of cash and deposits held in banks into mutual funds. Though a number of financial instruments have come to the financial markets, but most of the savings of a common man lie in bank deposits, post-office schemes, government securities and insurance policies. An attempt was made to know the size of investment in mutual fund schemes of majority of investors to determine the confidence of investors in mutual fund units. 157 respondents who had invested in mutual funds were asked about the size of their investment in mutual funds. 8.9 per cent respondents invested less than Rs.5000. 30.6 per cent respondents had invested Rs.5000-20000 in mutual funds, 26.1 per cent respondents had invested Rs.20000-50000, 21 per cent respondents invested Rs.50000-100000 and 13.4 per cent respondents invested more than Rs. 100000 (Table 1). Majority of investors had invested between Rs.5000 to Rs.20000, which reveals that investors are still not very confident about mutual fund investments. They invest very small amount in mutual funds as compared to their total savings. Necessary steps should be taken in order to encourage huge amount of investments in mutual fund units. Their confidence has to be increased by spreading awareness about mutual fund investments. There is a growing need to capture the small investors by tapping the semi-urban and the rural markets for further growth. Factors Influencing Mutual Fund Investment There are various factors which influence the behavior of investors in making a decision to invest in mutual funds like capital appreciation, liquidity, safety, taxsaving, immediate gains and periodical returns. 61.2 per cent respondents invested in mutual funds due to capital appreciation as the most influencing factor, 17.2 per cent respondents invested for saving tax, 7.6 per cent respondents invested for regular returns, 5.1 per cent respondents invested in mutual funds due to the liquidity facility available with mutual funds and another 5.1 per cent respondents invested for immediate gains, while 3.8 per cent respondents invested in mutual funds keeping in view the safety of investment as compared to direct equity investments (Table 2). Main factor influencing the majority of investors for mutual fund investments is capital appreciation. Factors like liquidity, regular returns and tax saving does not influence them as much when compared to capital appreciation. Time Horizon of Investment Mutual fund units demand for long-term investments for a period ranging from three to five years for capital appreciation. A survey was made to know the time horizon of majority of investors in mutual funds. 63.1 per cent respondents had invested for more than 3 years in mutual funds, 20.4 per cent respondents invested for 2 to 3 years, 8.9 per cent investors invested for 1 to 2 years and 7.6 per cent invested for less than 1 year (Table 3). A majority of respondents had invested for a longer time horizon of more than 3 years. The main objective of majority of mutual fund investors is capital appreciation over a longer period of time which ranges between three to five years. Mutual funds are, in fact, long-term investments. It is advised by the financial advisors to stay for longer periods to reap the benefits of capital appreciation, in spite of the ups and downs in the stock markets. Nature and Types of Investment Mutual funds have come out with various types of schemes with different objectives to cater the needs of different type of investors. Mutual funds schemes can be broadly classified into open-ended and close-ended schemes. These can be further classified into equity schemes, debt schemes and balanced schemes. It was examined as to the type of mutual fund schemes being preferred by the majority of investors on the basis of type and nature of schemes. 94.3 per cent respondent’s preferred open-ended mutual fund and 5.7 per cent investors had invested in close-ended mutual fund schemes. 64.3 per cent respondents preferred equity schemes, 12.1 per cent respondents preferred ELSS (Equity Linked Sawing Scheme) and 8.9 per cent investors’ preferred balanced funds, while 4.5 per cent respondents preferred gilt-funds and 3.8 per cent investors preferred debt funds. Hence, it is clear that majority of respondents invested in open-ended mutual funds and that they preferred equity funds for investment in mutual funds (Table 4). Future Preference A lot of mutual funds schemes have come to the market and an analysis was made to know the preference of majority of investors for future investment in the next 1-2 years from the given options. It is clear from the results of the study that 77.1 per cent respondents preferred equity funds for their future mutual fund investments, 10.2 per cent respondents preferred to invest in balanced funds, 8.3 per cent respondents invest in ELSS and 4.5 per cent respondents preferred to invest in debt funds. Majority of investors preferred to invest in equity schemes in the next 1-2 years (Table 5). General Awareness about Mutual Funds In order to check the general awareness about mutual funds among respondents under study, a general question was asked about the mutual fund industry. This question was “Mutual Fund Industry is regulated by which organization” and they were given options to tick the correct one on the basis of their information. 92.4 per cent respondents have ticked the correct answer as SEBI, where as 5.1 per cent ticked Govt, of India, 1.9 per cent ticked Ministry of Finance and 0.6 per cent ticked Company Law Board. It is found that most of the respondents were aware that mutual funds are regulated by SEBI (Table 6). Preference of various Investment Options There are various financial assets available for investment for the investors and each of them competes with each other to capture the small investors. Respondents were asked to rank the investment options, (post-office deposit schemes, fixed deposit schemes, government securities, mutual funds, equity-investments, insurance, and bonds/debentures), according to their preference. 58.6 per cent respondents preferred fixed deposit schemes on the first rank, 35 per cent investors ranked postoffice deposits schemes on the second place, while 45.9 per cent respondents placed government securities on the third rank, 33.1 per cent respondents ranked mutual funds on the fourth rank, 30.6 per cent investors placed insurance on the fifth rank, 27.4 per cent respondents ranked bonds/debentures on the sixth rank and 43.9 per cent respondents ranked equity investments on the seventh place. It is concluded that investors are still hesitant to invest in mutual funds and they prefer fixed-deposit schemes, post-office deposits and government securities before mutual fund investments. Mutual funds are on the fourth rank according to the majority of respondents (Table 7). Most Preferred Mutual Funds There are various mutual funds operating in the Indian mutual funds industry and an effort was made to obtain information as to the most popular mutual fund among the sample of respondents under study. 35.7 per cent respondents preferred UTI mutual fund, 64.3 per cent respondents favored SBI mutual fund, 5.7 per cent respondents preferred CAN BANK mutual fund, 17.2 per cent respondents chose LIC mutual fund, 3.8 per cent respondents preferred GIC mutual fund, 12.1 per cent respondents favored KOTAK MAHfNDRA mutual fund, 42.7 per cent respondents preferred RELIANCE mutual fund, 17.8 per cent respondents preferred SUNDARAM mutual fund, 11.5 per cent respondents have chosen TATA mutual fund, 14.0 per cent respondents favored BIRLA SUN LIFE mutual fund, 23.6 per cent respondents preferred HDFC mutual fund, 15.9 per cent respondents preferred PRU ICICI mutual fundfand 44.6 per cent respondents preferred FRANKLIN TEMPLETON mutual fund, while 10.8 per cent respondents preferred other mutual funds. It is evident that majority of respondents had invested in SBI mutual fund, which is sponsored by SBI, a public sector bank (Table 8). Factors Influencing Mutual Fund Investment There are various factors which influence the choice of investment in mutual funds. Keeping in view this fact, respondents were analyzed with respect to the factor which influences the most for mutual fund investment to the respondents under study. 72 per cent respondents invested in mutual funds due to strong possibility of capital appreciation, 33.8 per cent respondents invested on the basis of past record of the organization, 13.4 per cent respondents revealed obtaining tax benefits as their primary objective of mutual fund investment, another 13.4 per cent respondents invested due to friends’/ colleagues’/ brokers’/agents’ recommendations, 6.4 per cent respondents invested due to minimum assured return, 3.2 per cent respondents invested keeping early bird incentives as a factor influencing for mutual fund investment and 0.6 per cent respondents invested on the basis of attractive advertisement. It can be concluded that the main factor influencing majority of respondents for mutual fund investment is strong possibility of capital appreciation (Table 9). Investors’ Perception In an attempt to know the perception of investors about various aspects of mutual funds, some statements describing the potential of mutual funds were framed. The respondents were asked to give their agreement level to each of the statements on a five point scale i.e. strongly agree, agree, uncertain, disagree and strongly disagree. 93.6 per cent respondents agree that mutual funds are necessary for the growth of Indian capital market. A vast majority of respondents i.e. 97.4 per cent fully agree with the statement that mutual funds investments are less risky than direct investing in the share market. 85.3 per cent respondents opined that mutual funds are much better in terms of returns than depositing money in banks. 86.6 per cent respondents viewed that entry of private sector mutual funds has increased competition and thus returns to the investors. It is clearly shown that a majority of respondents agree with the statement that entry of private sector mutual funds has increased competition and thus returns to the investors. 98.1 per cent respondents agree with the statement that mutual fund investments are helpful in saving tax. 77.1 per cent respondents opined that mutual funds will help to mobilize savings from rural investors to the capital market (Table 10). Satisfaction of Mutual Fund Investors Investors’ satisfaction is the most important ingredient for the success of mutual fund industry. They must be provided with better after sale services so that investors’ interests towards mutual funds are not affected adversely. A survey was done to know whether mutual fund investors were satisfied after making investments in mutual funds. 73.2 per cent respondents were satisfied after investing in mutual funds, 21.7 per cent respondents were uncertain and 5.1 per cent were not satisfied with the mutual fund investment (Table 11). Perception about Future Prospects Mutual funds are gaining popularity among Indian investors and hence an attempt was made to know how investors perceive mutual funds in the current scenario with respect to its future prospects. 47.1 per cent respondents perceive future of mutual funds as very bright, 46.5 per cent perceive it as bright, 4.5 per cent respondents were not able to comment on future prospects of mutual funds, and 1.3 per cent respondents viewed its future as bleak, while 0.6 per cent respondents opined it as very bleak. This is evident that in all 93.6 per cent respondents perceive future of mutual funds as bright, which is a good symbol for the mutual!fund industry (Table 12). Reasons for not Investing in Mutual Funds Those respondents who had not invested in mutual funds were asked about the reasons for not investing in mutual funds. The purpose was to analyze the main reasons responsible for not investing in mutual funds. 60.3 per cent respondents did not invest in mutual funds due to lack of proper information, while 20.6 per cent respondents were not interested to invest in mutual fimds due to bad experience from the past mutual fund investments and 19.1 per cent respondents viewed mutual funds investments as highly risky as there is possibility of losing the principal amount too in this investment option. Majority of respondents did not invest in mutual funds due to lack of proper information about mutual funds (Table 13). Investments by Non-investors Investors who had not invested in mutual funds were also studied to understand their response towards mutual fund investments. They were interested to invest in mutual fund schemes in future if given proper information. The result of the survey on the basis of the responses of the respondents under study concluded that 64.7 per cent respondents were interested to invest in mutual funds, while 35.3 per cent respondents denied investing in mutual funds. It is found that majority of respondents were interested to invest in mutual funds if given proper information about mutual funds (Table 14). Amount of Investment Non-investors, who were interested to invest in mutual funds, if given proper information were examined as to the amount of investment they would be interested to start with. The purpose was to obtain information regarding their initiative to invest in mutual funds and the amount with which they would be comfortable to bear the risk of market fluctuations. 56.8 per cent respondents were interested to invest up to Rs. 10000, 38.6 per cent respondents preferred to invest between Rs. 10000 to Rs.30000, while 4.5 per cent respondents were in favor of investing Rs.30000 and above. It can be depicted that majority of respondents were hesitant to invest huge amount in mutual funds and preferred to invest only up to Rs. 10000 to start with. There were only 4.5 per cent respondents who were ready to invest Rs.30000 and above showing a higher risk appetite (Table 15). Top CONCLUSION This paper made an attempt to examine the attitudes and perception of investors towards mutual funds. This is concluded that mutual funds have gained popularity among large section of investors in India. They have been able to pool small savings from those who are reluctant to invest in mutual funds due to a number of reasons like lack of sufficient funds to make a diversified portfolio, unavailability of ample time to look after equity investments, lack of knowledge about mutual funds, fears and misconceptions about mutual fund investments, etc. Majority of investors are interested to invest in mutual fund units. Their main motive behind mutual fund investment is capital appreciation over period of time. They invest for longer time period that is more than a year. They are interested in open-ended equity schemes of mutual funds. Mutual funds come in the first five most preferred investment options. Investors still prefer fixed deposit schemes, post-office schemes and government securities over mutual funds. Main factors which influence majority of investors are strong possibility of capital appreciation, past record of the organization and tax-rebate. They believe that mutual funds are necessary for the growth of Indian capital market. Mutual funds investments are less risky than direct investing in the share market. Mutual funds are much better in terms of returns than depositing money in banks. Private sector mutual funds have increased competition and thus return to the investors. Most of the investors find mutual fund investments helpful in saving tax. Mutual funds will help to mobilize savings from rural investors to the capital market. It is, therefore, clear that mutual fund investors have matured and there is positive perception of investors towards mutual funds in the current scenario. Hence, the null hypothesis that there is negative perception of investors towards mutual funds is rejected. |
Top Tables | Table 1:: Size of Investment
| | Size of Investment | No. of Respondents | Percentage (%) | | Less than Rs.5000 | 14 | 89 | | Rs. 5000 - Rs. 5000 | 48 | 30.6 | | Rs. 20000 - Rs. 50000 | 41 | 26.1 | | Rs. 50000-Rs. 100000 | 33 | 21 | | More than Rs. 100000 | 21 | 13.4 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 2:: Factors Influencing Mutual Fund Investment
| | Main Objective of Investment | No. of Respondents | Percentage (%) | | Capital Appreciation | 96 | 61.2 | | Liquidity | 8 | 5.1 | | Safety | 6 | 3.8 | | Tax Saving | 27 | 17.2 | | Immediate Gajns | 8 | 5.1 | | Periodical Returns | 12 | 7.6 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 3:: Time Horizon of Investment
| | Time Horizon | No. of Respondents | Percentage (%) | | Less than 1 year | 12 | 7.6 | | Between 1 to 2 years | 14 | 8.9 | | Between 2 to 3 years | 32 | 20.4 | | More than 3 years | 99 | 63.1 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 4:: Nature and Type of Investment
| | (A) Type-wise : | No. of Respondents | Percentage (%) | | (a) Open-ended | 148 | 98.3 | | (b) Close-ended | 9 | 5.7 | | Total | 157 | 100.0 | | (B) Nature-wise : | | | | (a) Equity | 101 | 64.3 | | (b) Debt | 6 | 3.8 | | (c) Balanced | 14 | 8.9 | | (d) Gilt | 7 | 4.5 | | (e) Sector | 10 | 6.4 | | (f) ELSS | 19 | 12.1 | | Total | 157 | 100.0 |
| | | Table 5:: Future Preference
| | Future Preference for Investment | No. of Respondents | Percentage (%) | | Equity Funds | 121 | 77.1 | | Debt Funds | 7 | 4.5 | | Balanced Funds | 16 | 10.2 | | ELSS | 13 | 8.3 | | Total, | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 6:: General Awareness about Mutual Funds
| | Mutual Fund Industry Regulated by: | No. of Respondents | Percentage (%) | | Govt, of India | 8 | 5.1 | | Ministry of Finance | o 3 | 1.9 | | SEBI | 145 | 92.4 | | Company Low Board | 1 | 0.6 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 7:: Preference of various Investment Options
| | Investment Options | Rank | No. of Respondents | Percentage (%) | | Post-office Deposits Schemes | 2nd Rank | 55 | 35 | | Fixed Deposit Schemes | 1st Rank | 92 | 58.6 | | Government Securities | 3rd Rank | 72 | 45.9 | | Mutual Funds | 4th Rank | 52 | 33.1 | | Equity Investments | 7th Rank | 69 | 43.9 | | Insurance | 5th Rank | 48 | 30.6 | | Bonds/Debentures | 6th Rank | 43 | 27.4 |
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| Source: Data based on primary research. | | | Table 8:: Most Preferred Mutual Funds
| | Investment in Mutual Funds | Nature and Type of Investment | Percentage (%) | | Utimutual Fund | 56 | 35.7 | | Sbi Mutual Fund | 101 | 64.3 | | Can Bank Mutual Fund | 9 | 5.7 | | Lie Mutual Fund | 27 | 17.2 | | Gic Mutual Fund | 6 | 3.8 | | Kotak Mahindra Mutual Fund | 19 | 12.1 | | Reliance Mutual £und | 67 | 42.7 | | Sundaram Mutual Fund | 28 | 17.8 | | Tata Mutual Fund | 18 | 11.5 | | Birla Sunlife Mutual Fund | 22 | 14.0 | | Hdfc Mutual Fund | 37 | 23.6 | | Pru ICICI Mutual Fund | 25 | 15.9 | | Franklin Templeton Mutual Fund | 70 | 44.6 | | Others | 17 | 10.8 |
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| Source: Data based on primary research. | | | Table 9:: Factors Influencin Mutual Fund Investment
| | Various Factors | No. of Respondents | Percentage (%) | | Strong possibility of capital appreciation | 113 | 72.0 | | Past record of the organization | 53 | 33.8 | | Minimum assured return | 10 | 6.4 | | Tax rebate | 21 | 13.4 | | Attractive advertisement | 1 | 0.6 | | Early bird incentives | 5 | 3.2 | | Friend’/colleagues’/broker’ or agents recommendations | 21 | 13.4 |
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| Source: Data based on primary research. | | | Table 10:: Investors’ Perception
| | Statements | SA | A | U | D | SD | Total | | Mutual funds are necessary for the growth of Indian capital market | 97 (61.8%) | 50 (31.8%) | 8 (5.1%) | 2 (1.3%) | - | 157 (100.0%) | | Mutual funds investments are less risky than direct investing in the share market | 74 (47.1%) | 79 (50.3%) | 4 (2.5%) | - | - | 157 (100.0%) | | Mutual funds are much better in terms of returns than depositing money in banks | 71 (45.2%) | 63 (40.1%) | 13 (8.3%) | - | - | 157 (100.0%) | | Entry of private sector mutual funds have increased competition and thus returns to the investors | 40 (25.5% | 96 (61.1%) | 20 (12.7%) | - | - | 157 (100.0%) | | Mutual fund investment are helpful in saving tax | 84 (53.5%) | 70 (44.6%) | 2 (1.3%) | - | - | 157 (100.0%) | | Mutual funds will help to mobilize savings from rural investors to the capital market | 35 (22.3%) | 86 (54.8%) | 22 (14.0%) | - | - | 157 (100.0%) |
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| Source: Data based on primary research. | | | Table 11:: Satisfaction of Mutual Fund Investors
| | Satisfaction of Investors’ | No. of Respondents | Percentage (%) | | Satisfied | 115 | 73.2 | | Not Satisfied | 8 | 5.1 | | Uncertain | 34 | 21.7 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 12:: Perception about Future Prospects
| | Future Prospects | No. of Respondents | Percentage (%) | | Very Bright | 74 | 47.1 | | Bright | 73 | 46.5 | | Bleak | 2 | 1.3 | | Very Bleak | 1 | 0.6 | | Does not know | 7 | 4.5 | | Total | 157 | 100.0 |
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| Source: Data based on primary research. | | | Table 13:: Reasons for not Investing in Mutual Funds
| | Reasons for not investing in Mutual Fund | No. of Respondents | Percentage (%) | | Lack of proper information | 41 | 60.3 | | Past bad experience | 14 | 20.6 | | High risk | 13 | 19.1 | | Total | 68 | 100.0 |
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| Source: Data based on primary research. | | | Table 14:: Investments bv Non-Investors
| | Response | No. of Respondents | Percentage (%) | | Yes | 44 | 64.7 | | No | 24 | 35.3 | | Total | 68 | 100.0 |
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| Source: Data based on primary research. | | | Table 15:: Amount of Investment
| | Amount of Investment | No. of Respondents | Percentage (%) | | Up to Rs. 10000 | 25 | 56.8 | | Rs. 10000-30000 | 14 | 35.6 | | Rs. 30000 & above | 2 | 4.5 | | Total | 68 | 100.0 |
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| Source: Data based on primary research. | |
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