Chapter V. Mutual Funds - Perceptions, Involvement & Policies of Mutual Fund Investors In Hubli-Dharwad - An Analysis

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1 Chapter V Mutual Funds - Perceptions, Involvement & Policies of Mutual Fund Investors In Hubli-Dharwad - An Analysis 148

2 CLASSSIFICATION OF SAMPLES FOR SURVEY : The samples survey was conducted among the citizens of Hubli-Dharwad to find out the inclination of the investors towards Mutual Funds. The survey covered 300 respondents. The method of purposive sampling was used to select the samples from all the category of investors so as to get accurate results. The samples belong to different occupations, age group and gender. The database of different category of investors was selected from different sources and the samples were selected for survey. Out of 300 samples surveyed 20 are from Primary/High School Teachers, 20 are from Pensioners/Retired people, 20 are Engineers, 20 are Industrialists, 20 are from Transport business, 20 are Students, 20 are University / College teaching staff, 20 are Doctors, 20 are Advocates, 20 are Banking/ Finance Professionals, 20 are Self employed, 40 are Government Employees and 40 are Businessmen/Traders. So almost all category of respondents were surveyed to get the opinion and experience about Mutual Funds. The survey samples selected were from different genders and age groups i.e, 83.67% are Males and % are Females. Then 14% of the respondents are in the age group of years, 40.33% of the respondents are in the age group of years, 37.33% of the respondents are in the age group of years and 8.33% of the respondents are in the age group of 55 years and above. The details are given in the table no.5.1.

3 Table No.5.1 : Distribution of study subjects according to groups, gender and age groups Factors No of respondents % of respondents Group Primary/High school teachers Pensioners/retired people Engineers Industrialists Transporters Students University/college teaching staff Doctors Advocates Bank/finance professionals Self employed Government employed Business/traders Total Gender Male Female Total Age groups 25-34yrs yrs yrs yrs Total

4 OCCUPATIONAL DISTRIBUTION OF STUDY SUBJECTS The sample survey conducted to collect the primary data consisted of purposive samples from different segments of investors. Of the 300 respondents from different segments 71 were Government employees (23%), 61 professionals (20.33%) like engineers, doctors, advocates, bankers, etc, 4 Private sector (1.33%) employees, 64 self employees (21.33%), 40 businessmen (13.33%), 02 Agriculturists (0.67%) and 58 (19.33%) respondents were from other segments like students, pensioners, self employed, etc. The respondents were selected from different segments so as to cover all the types of investors and study their investment behavior and their perception towards Mutual Funds. The details are given below in table No.5.2. Table No 5.2 : Distribution of study subjects according to Working Catagory Category of Respondents No of respondents % of respondents Government employee Professionals Private Self employed Business Agriculturists Others Total Source: Sample survey results. 151

5 Figure No.5.1: Distribution of study subjects according to working category No ot respondents Figure No: 5.1 Source : Sample survey results KNOWLEDGE OF MUTUAL FUNDS AMONG THE INVESTORS Understanding the knowledge of Mutual Funds among the investor is very important in this research. With respect to that, table no. 5.3 gives the information about the knowledge of Mutual Funds among the respondents. Out of 300 respondents, 70.67% of the respondents said that they know about Mutual Funds and 29.33% of the respondents said that they don't have any knowledge about Mutual Funds. From the above information we can say that majority of the investors are having knowledge about an investment instrument called Mutual Funds. The details are given below in table No

6 Table No. 5.3: Distribution of study subjects according to Knowledge of Mutual Funds among the investors. Knowledge About No of respondents % of respondents Mutual Funds Yes No Total Source : Sample survey results. Figure No. 5.2: Distribution of study subjects according to know about mutual funds No 29.33% 70.67% Figure No: 5.2 Source : Sample survey results 153

7 INVESTMENT IN MUTUAL FUNDS : We find that out of 212 respondents, who have the knowledge of Mutual Funds, only 123 respondents are investing in Mutual Funds and 89 respondents are not investing in Mutual Funds. In other words only 58% of the respondents are investing in Mutual Funds and rest of 41.98% of the respondents are not investing in Mutual Funds even though they have the knowledge of mutual funds. All together out of 300 respondents only 41% of the respondents are investing in Mutual Funds and rest are not investing because either they are not having awareness / knowledge or they have knowledge but they don t want to invest because of some reasons. The details are given below in table No.5.4 Table No. 5.4 : Distribution of study subjects according to Investment in Mutual Funds Investors in Mutual Funds No of respondents % of respondents Yes No Total Source : sample survey results 154

8 Figure No: 5.3 Source : Sample survey results FREQUENCY OF INVESTMENT IN MUTUAL FUNDS ; There are many types of Mutual Fund schemes which help the investors to invest in different frequencies i.e, one time investment schemes, once in a year, once in six months, once on quarter and monthly schemes (SIP-Simple Investment Plan). Investors choose the schemes according to their requirement i.e. based on their annual income and level of savings. Some investors invest in Mutual Fund Schemes as long term investment and some invest for short term. The sample survey results in table no.5.5 show that % of the respondents who invest in Mutual Funds are doing monthly investment in different schemes and rest are investing in other schemes. It is very clear that majority of the respondents are interested to invest in short term plans i.e, monthly SIP. The details are given below in table No

9 Table No.5.5 : Distribution of study subjects according to Frequency of Investment Frequency of Investment. No of respondents % of respondents Monthly Once in 6 months Total Source : Sample survey results. Figure No.5.4 : Distribution of study subjects according to pattern of investment Once in 6 months Figure No: 5.4 Source : Sample survey results 156

10 TYPES OF INVESTMENT SCHEMES: The Mutual Fund companies invest the investors money in different types of shares i.e, Equity shares, Preference shares (Debt) and a mixture of both Equity & Debt (Hybrid). Thus based on the above features the mutual funds are classified in to Equity Funds, Debt Funds and Hybrid funds. The survey results in table no. 5.6 show that 91.6% of the respondents are investing in Equity Funds, 7.32 % of the respondents are investing in Debt Funds and 1.63% are investing in Hybrid Funds. The details are given below in table No. 5.6 Table No.5.6 : Distribution of study subjects according to types of Mutual Fund Schemes Type of Mutual Fund No of respondents % of respondents Equity fund Debt fund Hybrid fund Total Source : Sample survey results. 157

11 Figure No.5.5: Distribution of study subjects according to type of mutual fund scheme No of respondents Figure No: 5.5 Source : Sample survey results CLASSIFICATION OF INVESTMENT IN EQUITY FUNDS: The Equity funds are further classified into four main types i.e, Diversified Equity Funds, Mid Cap Funds, Sector Specific Funds & Tax Saving Funds. The survey results in table no.5.7 show that 52.67% of the respondents are investing in Diversified Equity Funds, 36.60% of the respondents are investing in Sector Specific Funds and only 10.71% of the respondents are investing in Tax Saving Funds. None of the respondents are investing in Mid-Cap funds. The details are given below in table No

12 Table No. 5.7: Distribution of study subjects according to investment in different types of equity funds Types of Equity Funds No of respondents % of respondents Diversified Mid-cap funds Sector specific fund Tax saving fund Total Source : Sample survey results Figure No.5.6: Distribution of study subjects according to type of equity mutual fund No of respondents Diversified Mid-cap funds Sector specific fund Tax saving fund Figure No: 5.6 Source : Sample survey results 159

13 CLASSIFICATION OF INVESTMENT IN DEBT FUNDS : The Debt Funds are further classified into 5 main types i.e, Gilt Funds, Income Funds, Medium Income Plans (MIPs), Short Term Plans and Liquid funds. The survey results in table no. 5.8 show that 88.89% of the respondents invest in Income Funds, 11.11% of the respondents invest in MIPs and none of the respondents invest in Liquid Funds or Gilt Funds or short Term Plans. The details are given below in table No.5.8 Table 5.8 : Distribution of study subjects according to investment in different types of debt funds Type of Debt Funds No of respondents % of respondents Gift funds Income funds MIPS Short term plans Liquid funds Total Source : Sample survey results. 160

14 Figure No. 5.7: Distribution of study subjects according to type of debt mutual funds Liquid funds Gift funds Income funds 88.89% Figure No: 5.7 Source : Sample survey results KNOWLEDGE OF SHARE MARKET AMONG THE INVESTORS : Table No.5.9 gives the information about the knowledge of the share market and its functioning among the investors. We can see that 82.11% of the respondents who are investing in Mutual Funds have the knowledge of share market and its functioning and the rest don't have the knowledge about the same. The knowledge about the functioning of the share market will help the investors to monitor their NAV (Net Asset Value) related details on a regular basis and know the value of their investments. It also helps to understand how the fund managers / portfolio managers / investment managers etc., invest the investors money in different types of shares of different companies and what could be their return potential. The details are given below in table No

15 Table No. 5.9: Distribution of study subjects according to knowledge of functioning of share markets among the investors. Awareness among the respondents about the No of respondents % of respondents Functioning of the share market Yes No Total Source : Sample survey results. Figure No 5.8: Distribution of study subjects according to knowledge about the share market and its functioning Figure No: 5.8 Source : Sample survey results 162

16 KNOWLEDGE OF INVESTMENT METHODOLOGY OF MUTUAL FUNDS : Mutual fund companies invest the investor funds into shares and stocks of different companies. The investment is done by professional fund managers or portfolio managers of the Mutual Fund companies. The performances of the stocks are monitored regularly and accordingly funds are invested in well performing stocks and disinvesting is done in non-performing stocks. Thus from table no. 5.10, we can see that all the respondents (100%) who are investing in Mutual Funds are aware that their fund are being invested by mutual fund companies in the stocks of different companies in a very systematic portfolio where in maximum returns are expected and risk is being reduced by diversification of investment in different portfolios. The details are given below in table No.5.10 Table No. 5.10: Distribution of study subjects according to knowledge of investment methodology of Mutual funds. Knowledge among respondents about the No of respondents % of respondents investment methodology of mutual fund companies Yes No Total Source : Sample survey results. 163

17 Figure No. 5.9 Distribution of study subjects according to aware of mutual fund companies < No of respondents O Z Figure No: 5.9 Source : Sample survey results METHODS OF TRACKING PERFORMANCE OF MUTUAL FUNDS: There are different ways to monitor & analyze the performance of the mutual fund schemes after investing or before investing in them. Thus the present / potential investors can analyze the performance of Mutual Fund schemes based on the past performance results i.e, looking at the NAV of the Funds in the internet, financial magazines, financial daily news papers etc..., by looking at the ratings given by the Credit Rating agencies like CRIS1L. 1CRA etc..., based on the expert advise of the Mutual Fund advisors / consultants, investment managers, portfolio managers, etc.., based on the reputation or goodwill of the Asset Management Companies (AMC) who are managing the funds of the investors. From table no.5.11 we can see 164

18 that the 71.54% of the respondents monitor and analyze the performance of a particular scheme based on its NAV i.e, past performance, 15.45% of the respondents rely on expert advise and monitor the performance of the scheme, 12.20% of the respondents rely on the Asset Management Company s report to monitor the performance of the schemes and only 0.81% of the respondents rely on the ratings given by the Credit Rating agencies to monitor and analyze the performance of their Mutual Fund Scheme.. The details are given below in table No Table No. 5.11: Distribution of study subjects according to methods of tracking performance of Mutual Funds. Basis for analyzing past performance No of respondents % of respondents of Mutual Funds Past performance Ratings AMC Expert advice Total Source: Sample survey results 165

19 SOURCES OF GATHERING THE PERFORMANCE DETAILS OF MUTUAL FUNDS: There are different sources of gathering the details of the day to day performance or periodic performance of a particular Mutual Fund Scheme in which the investor has invested. The various sources are Internet, Financial Magazines / News Papers, TV Channels, Brokers, Financial Institutions, Financial Consultants, etc... From table no. 5.12, we can see that 65.85% of the respondents are sourcing the information related to the performance of the Mutual Fund Schemes from the internet by visiting the web site of the particular Mutual Fund company, 10.57% of the respondents are sourcing the information through financial magazines / daily news papers, 8.94% of the respondents source the information through financial consultants / advisors and 7.32% of the respondents source the information from both financial institutions or brokers. 166

20 The details are given below in table No Table 5.12: Distribution of study subjects according to sources of gathering performance details of Mutual Funds. Source of information about past performance No of respondents % of respondents of Mutual Funds Financial institutions Brokers Financial consultants TV channels Magazines/News Papers Internet Total

21 Figure No Distribution of study subjects according to information about the performance of different mutual fund schemes v O o oc o o 5 0 No of respondents O o xf o o <N O o o o Financial institutions Brokers Financial consultants TV channels Magazines Internet Figure No: 5.11 Source : Sample survey results DURATION OF RESPONDENTS' INVESTMENT IN MUTUAL FUNDS ; In the sample survey, information related to the duration of investment in mutual funds done by the investors was gathered. Table no.5.13 shows the details about the investment duration among the respondents. We can see that 9.76% of the respondents are investing in Mutual Funds since past 1 year, 69.92% of the respondents are investing since past 2 years, 17.89% of the respondents are investing since past 3 years and 2.44% of the respondents are investing since past 4 years. Thus we can say that majority of the investors are investing in Mutual Funds since past two years. The details are given below in table No

22 Table No. 5.13: Distribution of study subjects according to duration of respondents investment in Mutual Funds. Years of investing in Mutual Funds No of respondents % of respondents Since 1 year Since 2 years Since 3 years Since 4 years Since 5years Since 6+ years Total Source : Sample survey results Figure No.5.12: Distribution of study subjects according to years of investing in mutual funds % of respondents O J - *. Lft ON p o o o o --4 O o ri year 2 years 3 years 4 years 5years 6+ years Figure No: 5.12 Source : Sample survey results 169

23 RESPONDENTS PRIORITIES FOR INVESTING IN MUTUAL FUNDS : There are different reasons why investors invest in Mutual Funds. The investors prioritize their needs and desires when they do investment. Like wise in table no.5.14 we can see that 22.76% of the respondents give first priority to invest in Mutual Funds because of the reason that they give high return with low risk, 21.95% of the respondents give second priority because it is very simple to invest and monitor fund performance, 19.5% of the respondents give third priority because its better to invest in Mutual Funds rather than investing directly in to Shares, 18.69% of the respondents give fourth priority for Mutual Funds because it is professionally managed by fund managers or portfolio managers, 7.31% of the respondents give fifth priority for the reason that Mutual Funds provide cheap access to expensive stocks, 6.50% of the respondents give sixth priority for investing in Mutual Funds because they involve very less analysis & calculation as compared to shares, 2.43% of the respondents give seventh priority because of the reason that Mutual Funds provide assured and consistent returns and 0.81% of the investors give last priority ( Eighth ) for the reason that Mutual Funds are good investment instruments The details are given below in table No.5.14 Table No.5.14 : Distribution of study subjects according to respondents priorities for investing in Mutual Funds. Mean priority of the reasons for investing in Mutual Funds No of respondents % of respondents 1. Good Investment Instrument Better than directly investing in shares Assured and consistent return Provides high return with low risk Less analysis is required as compared to shares Very simple to invest and monitor fund performance Provides cheap access to expensive stocks Diversification of risk Professional management by investment managers Total

24 Figure No : Distribution of study subjects according to reasons for investment in Mutual Funds VO % of respondents Figure No: 5.13 Source : Sample survey results RISK INVOLVED IN INVESTMENT IN MUTUAL FUNDS : As the Mutual Fund Companies invest in the funds in the shares and stocks of different companies there will be wide fluctuations in the returns because the share market is very volatile and the returns are not guaranteed. Table no.5.15 shows the respondents" opinion about the risk involved in the Mutual Fund investments % of the respondents say that that the investments in Mutual Funds are very risky and 71.54% of the respondents say that investment in Mutual Funds are not risky because of the reason that the investments are done in the share market by professionals like portfolio managers or fund managers who are experts in this field and also because the Mutual Fund companies are well regulated & controlled by the Central 171

25 Government through its regulatory body i.e, AMFI ( Association of Mutual Funds of India ). Thus they say that the funds of the investors are safe in the hands of the Mutual Fund companies The details are given below in table No.5.15 Table No.5.15 : Distribution of study subjects according to risk involve in investment in Mutual Funds Mutual Fund as a Risky Instrument No of respondents % of respondents Yes No Total Source : Sample survey results. Figure No. 5.14: Distribution of study subjects according to risk involved in investing in mutual funds. Yes 28.46% No 71.54% Figure No: 5.14 Source : Sample survey results

26 IMPORTANCE OF CREATING AWARENESS AMONG PUBLIC : From table no.5.16 we can see that out of 300 respondents only 212 respondents are aware about & have the knowledge of Mutual Funds. From the table no. 8 we can see that out of 212 respondents who have the knowledge of Mutual Funds only 123 ( 58.2% ) of the respondents are investing in Mutual Funds. So we can see that on an average out of 300 respondents only 41% are investing in Mutual Funds. Table no shows the respondents opinion about creating awareness among the general public of Hubli-Dharwad city about the Mutual Funds % of the investors are of the opinion that the Mutual Fund companies as well as the AMFI should create awareness among the public about Mutual Funds, its features and its benefits. Only 1.63 % of the respondents say that there is no necessity of creating awareness among the public about Mutual Funds. The details are given below in table No.5.16 Table No.5.16 : Distribution of study subjects according to importance of creating awareness about Mutual Funds. Need for creating awareness among the public No of respondents % of respondents about the Mutual Funds. Yes No Total Source : Sample survey results. 173

27 Figure No. 5.15: Distribution ot study subjects according to the need for creating awareness about Mutual Funds Figure No: 5.15 Source : Sample survey results NEED FOR MUTUAL FUND INVESTORS SERVICE CENTRES : Table no shows the respondents opinion about the need for more no of Mutual Fund Investors Education and Service Centres in Hubli-Dharwad. 81.3% of the respondents say that there are very less Mutual Fund Investors Education and Service Centres in Hubli-Dharwad and there is a need to establish more such centres to create awareness as well as provide investment advise & service to the potential investors of Hubli-Dharwad cities and only 18.7% of the respondents say that there are sufficient Mutual Fund Investors Education and Service Centres in Hubli-Dharwad. The details are given below in table No

28 Table No.5.17: Distribution of study subjects according to need for mutual fund investors' service centres. Availability of Mutual Fund Investors Education No of respondents % of respondents & Service Centres. Yes No Total Source : Sample survey results. Figure No.5.16: Distribution of study subjects according to availability of Mutual Fund investors education and service centres. % of respondents Figure No: 5.16 Source : Sample survey results 175

29 INVESTORS OPINION ON ECONOMIC DEVELOPMENT OF THE COUNTRY THROUGH INVESTMENT IN MUTUAL FUNDS : The Economic development of the country is possible when there is a huge amount of capital formation. The capital thus formed can be used for various developmental activities in the country. Thus it will raise the standard of living as well as per-capita income of the people in the country. Capital formations takes place only if people of the country make savings out of their income and invest in different financial instruments like bank savings account, shares, debentures, bonds, insurance schemes, mutual fund schemes, etc... Table no.5.18 shows the respondents opinion about the economic development of the country by investing in Mutual Funds. 100 % of the respondents are of the opinion that the investment in Mutual funds will lead to the economic development of the country. The details are given below in table No.5.18 Table No.5.18: Distribution of study subjects according to development of economy Investment in Mutual Funds can develop the No of respondents % of respondents Economy of the country. Yes No Total Source : Sample survey results. 176

30 Figure No.5.17 : Distribution of study subjects according to acceptance of investing in mutual funds No Yes % Figure No: 5.17 Source : Sample survey results REASONS FOR REDUMPTION OF INVESTMENT IN MUTUAL FUNDS : There are various reasons why some of the investors redeem ( disinvest ) their investments in Mutual Funds. The sample survey results in table no.5.19 give details about why some of the respondents have redeemed their Mutual Funds % of the respondents have redeemed their investments in some mutual fund schemes because of the reason that they are not performing or the funds are not giving expected returns % of the respondents have redeemed because of the reason that the Mutual Fund companies are not giving good service to their investors % of the respondents have redeemed because of the reason that they are not getting good investment support and service in Hubli-Dharwad city. 1.63% of the respondents have redeemed because of the reason that they are finding it difficult to monitor the fund performance and 0.81% of the respondents have redeemed because of the reason that they are not getting any information about the fund performance.

31 The details are given below in table No.5.19 Table No 5.19 : Distribution of study subjects according to reasons for redemption of investment in Mutual Funds. Reasons for redemption of Mutual Funds No of respondents % of respondents Non performance Non availability of good service from MF Company Non availability of investment support and service Lack of information about fund performance Difficulty in monitoring fund performances Total Source : Sample survey results. 178

32 RESPONDENTS REASONS FOR NOT INVESTING IN MUTUAL FUNDS : There are different reasons why some investors have not invested in Mutual Funds or not interested to invest in mutual funds. The sample survey results in table no 5.20 show the reasons why some respondents have not invested in Mutual Funds % of the respondents have not invested in Mutual Fund because of the reason that they don t provide satisfactory returns, 20.66% of the respondents have not invested because they don t have any knowledge about how to invest and where to invest, 16.33% of the respondents have not invested because they think that it is not a lucrative instrument to invest and there are other better investment options which give better return that what Mutual Funds give, 16.66% of the respondents have not invested because it is related to share market and the returns are not guaranteed and consistent, 12.66% of the respondents have not invested because they don t have the information about the Mutual Fund investment centre, 6.00% of the respondents have not invested because Mutual Fund is a risky investment instrument and 2.00 % of the respondents have not invested because there are no Mutual Fund Education and Service centre. The details are given below in table No.5.20 Table no 5.20 : Distribution of study subjects according reasons for not investing in Mutual Funds. Reasons for not investing in Mutual Funds No of respondents % of respondents 1. Not a lucrative instrument No satisfactory returns No safety of funds invested Risky investment instrument No or Less liquidity No investment knowledge No knowledge about investment centre No MF investor education and service centre It is related to share market so returns are not guaranteed Total Source : Sample survey results. 179

33 Figure No 5.19: Distribution of study subjects according to reasons of not investing in mutual funds % % % Figure No: 5.19 Source : Sample survey results RESPONDENTS' REASONS FOR NOT INVESTING IN MUTUAL FUNDS: (OPENIONS EXPRESSED IN OPEN ENDED QUESTION) : An open ended question was put in the questionnaire to get the other reasons if any for not investing in mutual funds. The results of the open ended question are shown in table no 5.21 which show the other reasons quoted by respondents for not investing in Mutual Funds. 23% of the respondents have not invested because there are too many schemes which are confusing them while investing, 20% of the respondents are not investing because of the reason that different mutual fund schemes carry very complicated features which are hard to understand, 17% of the investors are not investing because there are other attractive avenues to invest which give better return than the mutual funds, 17% of the respondents are not investing because the mutual fund companies demand many KYC (Know your customers) documents which may not be available will the investors, 10% of the respondents are not investing in mutual funds because of the 180

34 reason that the mutual fund investment application forms are very complicated to fill, 7% of the respondents are not investing because of the reason that the mutual funds carry high risk as they are associated with the share market, 3% of the investors are not investing in mutual funds because of the reason that there are insufficient funds especially with respect to schemes of top performing companies and 3% of the respondents are not investing in the mutual funds because their financial advisors have not suggested them to invest. The details are given below in table No.5.21 Table no 5.21 : Distribution of study subjects according reasons for not investing in Mutual Funds.(Open ended question) Reasons for not investing in Mutual Funds No of respondents % of respondents 1. Too many schemes Complicated product features Other attractive investment avenues Too many KYC documents required while investing Complicated application forms High associated risk Insufficient funds for investment Not advised be financial advisors. 9 3 Total

35 Reasons provided by Survey Respondents for Not Investing in Mutual Funds Insufficient funds for investments Not advised by 3% High Associated Risk my financial advisor 3% 7% Complicated application form 10% Other attractive investment avenues 17% Complicated product features 20% Too many schemes 23% KYC documents being demanded for investments over Rs 50,000 17% Figure No: 5.20 Source : Sample survey results RATING OF THE BEST INVESTMENT INSTRUMENTS BY RESPONDENTS: Different investors prioritize the investment instruments in their own way according to their income level & investment pattern. Table no Shows how the respondents prioritize the investment instruments based on the risk & returns and also the liquidity offered by them. The First priority is given by the respondents to the Real Estate as the best investment instrument, Second priority is been given to investment in Gold and Silver, Third priority is given for investment in shares, Fourth priority is given for investment in Postal Savings, Fifth priority is given for investment in Fix Deposits / Term Deposits, Sixth priority is given to investment in Insurance and last priority is being given for investment in Savings bank accounts. The details are given below in table No

36 Table 5.22: Mean priority about best investment instruments Rating of best investment instrument Mean priority Savings bank 1.56 Fixed deposit 2.45 Shares 2.90 Gold/silver 3.30 Postal savings 2.80 Real estate 3.50 Insurance 2.40 Source : Sample survey results Figure 5.21: Mean priority about best investment i&struments Z Savings bank Fixed deposit Shares Gold/silver Postal savings Real estate Insurance Mean value O O O O M o L ou bos s Oo Ko j Oo n co o H o Os Figure No: 5.21 Source : Sample survey results 183

37 RATING OF THE BEST PERFORMING MUTUAL FUND : An open ended question was asked to the respondents to know the Mutual Funds in which they are investing and also to know the most popular and best performing mutual fund. The results obtained from the survey are shown in the table no % of the respondents are investing in different schemes of Reliance Mutual Fund, 22% of the respondents are investing in the different schemes of Sundaram Mutual Fund, 18% of the respondents are investing in the different schemes of ICICI Mutual Fund, 10% of the respondents are investing in the different schemes of HDFC Mutual Fund and rest others i.e, 7% of the respondents are investing in the different schemes other than the companies mentioned above. The details are given below in table No.5.23 Table no 5.23 : Distribution of study subjects according reasons for not investing in Mutual Funds. Name of the Fund No of respondents % of Investors Reliance Mutual Fund Schemes Sundaram Mutual Fund Schemes ICICI Mutual Fund Schemes HDFC Mutual Fund schemes Other Mutual Fund Schemes

38 Figure No 5.22 : Distribution of study subjects according to the most popular Mutual Fund company Others 0% Reliance ICICI Figure No: 5.22 Source : Sample survey results 185

39 TESTING OF HYPOTHESIS Hypothesis 1.: There is no significant association between awareness of mutual fund and Savings bank as an investment instrument. To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table: Table No.5.24 : Association between awareness of mutual fund and Savings bank as an investment instrument: - Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No Yes Total p > 0.05 So Hi is accepted From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, only 12 samples have given first priority to savings bank as a best investment instrument followed by 288 samples who have not given priority to savings bank as a best investment instrument. By chi-square test of significance, no association was observed between awareness of mutual fund and Savings bank as an investment instrument (chi-square=1.9788, p>0.05) at 5% level of significance. Hence, the null hypothesis is accepted. 186

40 Hypothesis 2.: There is no significant association between awareness of mutual fund and Fixed deposit as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No.5.25 : Association between awareness of mutual fund and Fixed deposit as an investment instrument Investments Awareness of mutual fond Chi -square p-value Yes % No % Total % No * Yes Total *p < 0.05 So H2 is rejected From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, only 106 samples have given first priority to fixed deposit as a best investment instrument followed by 194 samples who have not given priority to fixed deposit as a best investment instrument. By chi-square test, significant association was observed between awareness of mutual fond and fixed deposit as an investment instrument (chi-square=:6.9797, p<0.05) at 5% level of significance. Hence, the null hypothesis is rejected. 187

41 Hypothesis 3: There is no significant association between awareness of mutual fund and Shares as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No.5.26 : Association between awareness of mutual fund and Shares as an investment instrument Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No Yes Total p > 0.05 So H3 is accepted From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, only 17 samples have given first priority to shares as a best investment instrument followed by 283 samples who have not given priority to shares as a best investment instrument. By chi-square test of significance, no association was observed between awareness of mutual fund and shares as an investment instrument (chisquare=0.0553, p>0.05) at 5% level of significance. Hence, the null hypothesis is accepted. 188

42 Hypothesis 4: There is no significant association between awareness of mutual fund and Gold/silver as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No : Association between awareness of mutual fund and Gold/silver as an investment instrument Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No Yes Total p >0.05 So H4 is accepted From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, 217 samples have given first priority to Gold/Silver as a best investment instrument followed by only 83 samples who have not given priority to Gold/Silver as a best investment instrument. By chi-square test of significance, no association was observed between awareness of mutual fund and Gold/Silver as an investment instrument (chi-square=0.9964, p>0.05) at 5% level of significance. Hence, the null hypothesis is accepted. 189

43 Hypothesis 5: There is no significant association between awareness of mutual fund and Postal savings as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No : Association between awareness of mutual fund and Postal savings as an investment instrument Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No Yes Total p > 0.05 So H5 is accepted From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, 245 samples have given first priority to postal savings as a best investment instrument followed by 55 samples who have not given priority to postal savings as a best investment instrument. By chi-square test of significance, no association was observed between awareness of mutual fund and postal savings as an investment instrument (chi-square=2.3335, p>0.05) at 5% level of significance. Hence, the null hypothesis is accepted. 190

44 Hypothesis 6: There is no significant association between awareness of mutual fund and Real estate as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No.5.29 : Association between awareness of mutual fund and Real estate as an investment instrument Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No * Yes Total *p < 0.05 So H is rejected. From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, 265 samples have given first priority to real estate as a best investment instrument followed by only 35 samples who have not given priority to real estate as a best investment instrument. By chi-square test of significance, high level of association is observed between awareness of mutual fund and real estate as an investment instrument (chi-square=4.8742, p<0.05) at 5% level of significance. Hence, the null hypothesis is rejected. 191

45 Hypothesis 7: There is no significant association between awareness of mutual fund and Insurance as an investment instrument To achieve this hypothesis, the chi-square test for association was applied and the results are presented in the following table. Table No.5.30 : Association between awareness of mutual fund and Insurance as an investment instrument Investments Awareness of mutual fund Chi -square p-value Yes % No % Total % No Yes Total p > 0.05 So H7 is accepted From the results of the above table, it can be seen that, out of a total 300 samples, 259 samples are aware and 41 samples are not aware about mutual fund. Further, out of 259 samples having awareness, 39 samples have given first priority to insurance as a best investment instrument followed by 261 samples who have not given priority to insurance as a best investment instrument. By chi-square test of significance, no association was observed between awareness of mutual fund and insurance as an investment instrument (chisquared.3561, p>0.05) at 5% level of significance. Hence, the null hypothesis is accepted. 192

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