INTRODUCTION

The significant outcome of the government policy of liberalization in industrial and

financial sector has been the development of new financial instruments. These new
instruments are expected to impart greater competitiveness, flexibility and
efficiency to the financial sector. Growth and development of various mutual
fund products in Indian capital market has proved to be one of the most catalytic
instruments in generating momentous investment growth in the capital market. These is
a substantial growth in the mutual fund market due to, a high level of precision in the
design and marketing of variety of mutual fund products by banks and other financial
institution providing growth, liquidity and return. In this context, prioritization,
preference building and close monitoring of mutual funds are essential for fund
managers to make this the strongest and most preferred instrument in Indian capital
market for the coming years. With the decline in the bank interest rates, frequent
fluctuations in the secondary market and the inherent attitude of the Indian small
investors to avoid risk, Mutual Funds are taking their place. Mutual funds combine
various elements of liquidity, return and security in making themselves as the best
possible alternative for the small investors in Indian market. I have attempted to
study various need expectations of small investors from different types of mutual
funds available in the Indian market and identify the risk return perception with the
purchase of Mutual Funds.
The Indian financial system in general and the mutual fund industry in particular
continue to take turnaround from early 1990s. During this period mutual funds
have pooled huge investments for the corporate sector. The investment habit of
the small investors particularly has undergone a sea change.
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Increasing number of players from public as Well as private sectors has entered in
to the market with innovative schemes to cater to the requirements of the
investors, in India and abroad. For all investors, particularly the small investors,
mutual funds have provided a better alternative to obtain benefits of expertise- based
equity investments to all types of investors.

What exactly is a Mutual Fund?

A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned
through these investments and the capital appreciations realized are shared by its unit
holders in proportion to the number of units owned by them. Thus a Mutual Fund is the
most suitable investment for the common man as it offers an opportunity to invest in
a diversified, professionally managed basket of securities at a relatively low cost. The
flow chart below describes broadly the working of a mutual fund.
The Situation could vary as per age groups, mindsets and risk taking ability, but the
solution, in each case wants, money to grow. Most of the investors don't have
sufficient knowledge about different investment options, financial instrument's
nature, market information, analytical skills and therefore their funds are
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lacking proper management and diversification to get market-linked return with

flexibility as well as liquidity. These kinds of investors should prefer mutual
funds to channelize their funds properly.

A security that gives small investors access to a well-diversified portfolio of

equities, bonds and other securities. Each shareholder participates in the gain or
loss of the fund. Shares are issued and can be redeemed as needed.

Mutual Funds are the unique instrument that offers an individual professional
management, diversification, flexibility, liquidity and a chance to get market linked
returns. Mutual funds are indeed the best tool for wealth creation. Whatever other
instruments can do, mutual funds can do too and more efficiently.

TYPES OF MUTUAL FUNDS

Mutual fund schemes may be classified on the basis of its structure and its investments.
By Structure:
1) Open-ended Funds
An open-end fund is one that is available for subscription all through the year. These
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do not have a fixed maturity. Investors can conveniently buy and sell units at Net
Asset Value ("NAV") related prices. The key feature of open-end schemes is
liquidity.

2) Closed-ended Funds
A closed-end fund has a stipulated maturity period which generally ranging
from 3 to 15 years. The fund is open for subscription only during a specified
period.

Investors can invest in the scheme at the time of the initial public issue and
thereafter they can buy or sell the units of the scheme on the stock exchanges
where they are listed. In order to provide an exit route to the investors, some
close-ended funds give an option of selling back the units to the Mutual Fund
through periodic repurchase at NAV related prices. SEBI Regulations stipulate
that at least one of the two exit routes is provided to the investor.

3) Interval Funds
Interval funds combine the features of open-ended and close-ended schemes.
They are open for sale or redemption during pre-determined intervals at NAV
related prices.

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By Investment Objective :
1) Income Funds
The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds,
corporate debentures and government securities. Income Funds are ideal for
capital stability and regular income.

2) Balanced Funds
The aim of balanced funds is to provide both growth and regular income. Such
schemes periodically distribute a part of their earning and invest both in equities
and fixed income securities in the proportion indicated in their offer documents.

In a rising stock market, the NAV of these schemes may not normally keep pace,
or fall equally when the market falls. These are ideal for investors looking for a
combination of income and moderate growth.

3) Growth Funds
The aim of growth funds is to provide capital appreciation over the medium to
long-term. Such schemes normally invest a majority of their corpus in equities. It
has been proven that returns from stocks, have outperformed most other kind of
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investments held over the long term. Growth schemes are ideal for investors
having a long-term outlook seeking growth over a period of time.

4) Money Market Funds

The aim of money market funds is to provide easy liquidity, preservation of capital
and moderate income. These schemes generally invest in safer short-term
instruments such as treasury bills, certificates of deposit, commercial paper
and inter-bank call money. Returns on these schemes may fluctuate depending
upon the interest rates prevailing in the market. These are ideal for Corporate and
individual investors as a means to park their surplus funds for short periods.

5) Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is, each time
you buy or sell units in the fund, a commission will be payable. Typically entry and
exit loads range from 1% to 2%. It could be worth paying the load, if the fund has a
good performance history.

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6) No-Load Funds:
A no-Load Fund is one that does not charge a commission for entry
or exit. That is, no commission is payable on purchase or sale of
units in the fund. The advantage of a no load fund is that the entire
corpus is put to work.

Other Schemes:
1) Tax saving Schemes
These schemes offer tax rebates to the investors under specific
provisions of the Indian Income Tax laws as the Government offers tax
incentives for investment in specified avenues. Investments made
in Equity Linked Savings Schemes (ELSS) and pension Schemes
are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act
also provides opportunities to investors to save capital gains u/s
54EA by investing in Mutual Funds, provided the capital asset has
been sold prior to April 1, 2000 and the amount is invested before
September 30, 2000.

Special Schemes:-

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 Industry Specific Schemes

Industry Specific Schemes invest only in the industries specified in
the offer document. The investment of these funds is limited to
specific industries like InfoTech, FMCG and Pharmaceuticals etc.

Index Schemes
Index Funds attempt to replicate the performance of a particular
index such
As the BSE Sense or the NSE 50.

Sectoral Schemes
Sectoral Funds are those, which invest exclusively in a specified
industry or a

group of industries or various segments such as 'A'

Group shares or initial public offerings.

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In the above graph shows how

Mutual Fund

works and how investor

earns money by

investing in the
Mutual
Fund.

Investors put
their saving as an

investment in

mutual fund. The fund

person who takes the

manager, who is a
decisions where the money should

be invested in securities according to the scheme's objective.

Securities include Equities, Debentures, Govt. securities, Bonds and
Commercial Paper etc. These securities generate returns to the fund
manager. The fund manager passes beck return to the investor.

Mutual Funds Organization

There are many entities involved and the diagram below illustrates the
organizational set up of a mutual fund:
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Organization of a Mutual Fund Mutual funds have a unique structure not shared with other entities such
as companies of firms. It is important for employees & agents to be
aware of the special nature of this structure, because it determines the
rights & responsibilities of the funds constituents viz.,
sponsors, trustees, custodians, transfer agents & of course, the fund &
the Asset Management Company(AMC) the legal structure also
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drives the interrelationships between these constituents.

The structure of the mutual fund India is governed by the SEBI (Mutual
Funds) regulations,1996. These regulations make it mandatory for mutual
funds to have a structure of sponsor, trustee, AMC, custodian. The
sponsor is the promoter of the mutual fund,& appoints the trustees. The
trustees are responsible to the investors in the mutual fund, &
appoint the AMC for managing the investment portfolio. The AMC is
the business face of the mutual fund, as it manages all affairs of the
mutual fund. The mutual fund &the AMC have to be registered with SEBI.
Custodian, who is also registered with SEBI, holds the securities of
various schemes of the fund in its custody.

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 Sponsor: - The sponsor is the promoter of the mutual fund. The

sponsor establishes the Mutual fund & registers the same with SEBI. He
appoints the trustees, Custodians & the AMC with prior approval of
SEBI, & in accordance with SEBI regulations. He must have at least five
year track record of business interest in the financial markets. Sponsor
must have been profit making in at least three of the above five years. He
must contribute at least 40% of the capital of the AMC.

Trustees:- The Mutual Fund may be managed by Board of Trustees of

individuals or a Trust company- a Corporate body. Most of the funds in
India are managed by board of trustees. While the board of trustees is
governed by the provisions of the Indian trust act, where the trustee is the
corporate body, it would also be required to comply with the provisions of
the companies act, 1956. The board of trustee company, as an independent
body, act as protector of the unit-holders interest. The trustees dont directly
manage the portfolio of securities. For this specialist function, they appoint
an AMC. They ensure that the fund is managed by AMC as per the
defined objectives & in accordance with the trust deed & SEBI
regulations. The trust is created through a document called the trust
deed i.e., executed by the fund sponsor in favor of the trustees. The
trust deed is required to be stamped as registered under the provision of
the Indian registration act & registered with SEBI. The trustees begin the
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primary guardians of the unit-holders funds & assets; a trustee has to be a

person of high repute & integrity.

Asset Management Company (AMC):- The role of an Asset

management companies is to act as the investment manager of the trust.
They are the ones who manage money of investors. An AMC takes
decisions, compensates investors through dividends, and maintains
proper accounting & information for pricing of units, calculates the
NAV, & provides information on listed schemes. It also exercises due
diligence on investments & submits quarterly reports to the trustees.
AMCs have been set up in various countries internationally as an
answer to the global problem of bad loans. Bad loans are essentially of
two types: bad loans generated out of the usual banking operations or bad
lending, and bad loans which emanate out of a systematic banking crisis.
It is in the latter case that banking regulators or governments try to bail
out the banking system of a systematic accumulation of bad loans which
acts as a drag on their liquidity, balance sheets and generally the
health of banking. So, the idea of AMCs or ARCs is not to bail out banks,
but to bail out the banking system itself.
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Types of AMCs in Indian Context The following are the various types of AMCs we have in India.
AMCs owned by banks.
AMCs owned by financial institutions.
AMCs owned by Indian private sector
companies.
AMCs owned by foreign institutional investors.
AMCs owned by Indian & foreign sponsors.

Custodian:- Often an independent organization, it takes custody all

securities & other assets of mutual fund. Its responsibilities include
receipt & delivery of securities collecting income-distributing dividends,
safekeeping of the unit & segregating assets & settlements between
schemes. Mutual fund is managed either trust company board of trustees.
Board of trustees & trust are governed by provisions of Indian trust act. If
trustee is a company, it is also subject Indian Company Act. Trustees
appoint AMC in consultation with the sponsors & according to SEBI
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regulation. All mutual fund schemes floated by AMC have to be

approved by trustees. Trustees review & ensure that net worth of the
company is according to stipulated norms, every quarter. Though the
trust is the mutual fund, the AMC is its operational face. The AMC is the
first functionary to be appointed, & is involved in appointment of all other
functionaries. The AMC structures the mutual fund products, markets them
& mobilizes fund, manages the funds & services to the investors. A
draft offer document is to be prepared at the time of launching the
fund.
Typically, it pre-specifies investment objectives of the fund, the risk
associated, the cost involved in the process & the broad rules to enter & to
exit from the fund & other areas of operation. In India as in most
countries, these sponsors need approval from a regulator, SEBI in our
case. SEBI looks at track records of the sponsor & its financial strength
granting approval to the fund for commencing operations. A sponsor
then hires an asset management company to invest the funds according to
the investment objective. It also hires another entity to be the
custodian of the assets of the fund & perhaps the third one to handle
registry work for the unit holder of the fund.

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 Registrars & Transfer Agent (R & T Agent):The Registrars & Transfer Agents(R & T Agents) are responsible for the
investor servicing function, as they maintain the records of investors in
mutual funds. They process investor applications; record details provide
by the investors on application, forms; send out to investors details
regarding their investment in the mutual fund; send out periodical
information on the performance of the mutual fund; process dividend
payout to investor; incorporate changes in information as communicated by
investors; & keep the investor record up-to-date, by recording new
investors & removing investors who have withdrawn their funds.

Rights of a Mutual Fund Unit holder : A unit holder in a Mutual Fund scheme governed by the SEBI (Mutual
Funds) Regulations is entitled to:
1. Receive unit certificates or statements of accounts confirming the
title within 6 weeks from the date of closure of the subscription or
within
6 weeks from the date of request for a unit certificate is received
by the
Mutual Fund.
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2. Receive information about the investment policies,

investment
objectives, financial position and general affairs of the scheme.

3. Receive dividend within 42 days of their declaration and receive

the redemption or repurchase proceeds within 10 days from the
Date of redemption or repurchase.

4. Vote in accordance with the Regulations to:a. Approve or disapprove any change in the
fundamental
investment policies of the scheme, which are likely to
modify the scheme or affect the interest of the unit
holder. The dissenting unit holder has a right to redeem
the investment.
b. Change the Asset Management Company.
c. Wind up the schemes.

5. Inspect the documents of the Mutual Funds specified in the

Schemes offer document.
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Why should one invest in mutual funds??

One can avail of the benefits of better returns with added
benefits of anytime liquidity by investing in open-ended debt funds at
lower risk.
One can minimize his risk by investing in mutual funds as the
mutual fund managers analyze the companies' financials more
minutely than an individual can do as they have the expertise to do
so. They can manage the maturity of their portfolio by investing in
instruments of varied maturity profile.

Moreover, mutual funds are better placed to absorb the fluctuations

in the

prices of the securities as a result of interest rate

variation and one can benefits from any such price movement.

Liquid funds offer liquidity as well as better return than banks and so
attract investors. Many funds provide anytime withdrawal enabling
a big investor to take maximum benefits.
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Apart from liquidity, the funds provide very good post-tax

returns on year-to-year basis. Even some of the debt funds have
generated superior returns at relatively low level of risk. On an
average debt funds have posted returns over 10 percent over one year
horizon. In nutshell we can say that these funds have delivered
more than what one expects of debt avenues such as post office
schemes or bank fixed deposits.

Mutual funds specialize in identification of stocks through

dedicated experts in the field and this enables them to pick stocks at
the right movement. Sector funds provide an edge and generate good
returns if the particular sector is doing well.

The benefits listed so far are essentially for the small retail
investor but the industry can attract investments from institutional
and big in
Investors as well.

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 Moving up in the risk spectrum, there are many people who would like
to take some risk and invest in equity funds/capital market. However,
since their appetite for risk is also limited, they would rather have some
exposure to debt as well. For these investors, balanced funds provide an
easy route of investment. Armed with the expertise of investment
techniques, they can invest in equity as well as in good quality debt
thereby reducing risk and providing the investor with better returns
than he could otherwise manage.

Next problem is that of our funds or money. A single person can't

invest in multiple high-priced stocks for the sole reason that his
pockets are

not likely to be deep enough. This limits him from

diversifying his
portfolio as well as benefiting from multiple investments.

Investing through MF route enables an investor to invest in many good

stocks and reap benefits even through a small investment. This not
only diversifies the portfolio and helps in generating returns from a
number of sectors but reduces the risk as well. Through identification
of the right fund might not be an easy task, a good investment
consultants and counselors will can investors take informed decision.

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 Investing in just one Mutual Fund scheme may not meet all
investment needs.

One might consider investing in a combination

of schemes to achieve your specific goals. Here is the risk,

return grid that shows how and where an investor can invest
according to his risk, returns appetite.

Investing in just one Mutual Fund scheme may not meet all investment
needs. One might consider investing in a combination of schemes to
achieve your specific goals. Here is the risk, return grid that shows
how and where an investor can invest according to his risk, returns
appetite. An investor can see different kinds of funds where in he can
get maximum benefit with utmost care.

BENEFITS OF MUTUAL FUND

Mutual funds serve as a link between the saving public and the capital
markets. They mobilize savings from the investors and bring them to
borrowers in the capital markets, Today mutual funds are fast emerging
as the favorite investment vehicle because of the many advantages they
have over other forms and avenues of investing. The major advantages
offered by mutual funds to all investors are:
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 Professional Management
Mutual Funds provide the services of experienced and
skilled professionals, backed by a dedicated investment
research team that analyses the performance and prospects
of companies and selects suitable investments to achieve the
objectives of the scheme.
Diversification
Mutual Funds invest in a number of companies across a broad
cross section of industries and sectors. This diversification
reduces the risk because seldom do all stocks decline at the
same time and in the same proportion. You achieve this
diversification through a Mutual Fund with far less money than you
can do on your own.

Variety
Mutual funds offer a tremendous variety of schemes. This
variety is beneficial in two ways: first, it offers different
types of schemes to investors with different needs and risk
appetites; secondly it offers an opportunity to investors to invest
sums across a variety of schemes, both debt and equity. For
example, an investor can invest his money in a Growth Fund
(equity scheme) and Income Fund (Debt scheme) depending
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on his risk appetite and thus creates balanced portfolio easily or

simply just buy a balanced scheme.

Convenient Administration
Investing in a Mutual Fund reduces paperwork and helps you
avoid many problems such as bad deliveries, delayed payments
and follow up with brokers and companies. Mutual Funds save
your time and make investing easy and convenient.

Return Potential
Over a medium to long-term, Mutual Funds have the potential to
provide a higher return as they invest in a diversified basket
of selected securities.

Low Cost
Mutual Funds are a relatively less expensive way to invest
compared to directly investing in the capital markets because the
benefits of scale in brokerage, custodial and other fees
translate into lower costs for investors.

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 Liquidity
In open-end schemes, the investor gets the money back
promptly at net asset value related prices from the Mutual Fund.
In closed-end schemes, the units can be sold on a stock exchange
at the prevailing market price or the investor can avail of the
facility of direct repurchase at NAV related prices by the Mutual
Fund.
Transparency
You get regular information on the value of your investment in
addition to disclosure on the specific investments made by
your scheme, the proportion invested in each class of assets
and the fund manager's investment strategy and outlook.
Flexibility
Through features such as regular investment plans, regular
withdrawal plans and dividend reinvestment plans, you can
systematically invest or withdraw funds according to your needs
and convenience.
Affordability
Investors individually may lack sufficient funds to invest in highgrade stock. A mutual fund because of its large corpus allows
even a small
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investor to take the benefit of its investment strategy.

Choice of schemes
Mutual Funds offer a family of schemes to suit your varying needs
over a lifetime.

Regulations
All Mutual Funds are registered with SEBI and they function
within the provision of strict regulations designed to protect the
interests of investors. The operations of Mutual Funds are
regularly monitored by SEBI.
Tax Benefits
Any income distributed after March 31, 2002 will be subject to
tax in assessment of all unit holders. However, as a measure of
concession to unit holders of open-ended equity-oriented funds,
income distributions for the year ending March 31,2003,will be
taxed at a concessional rate of 10.5%.
In case of Individuals and Hindu Undivided Families a deduction
up to Rs

9000 from the Total income will be admissible in respect

of income from investments specified in Section 80L, including

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income from units of the Mutual Fund. Units of the schemes are not
subject to Wealth-Tax and Gift-Tax.

DRAWBACKS OF INVESTING IN MUTUAL FUNDS Potential loss

Unlike a bank deposit, the investment in a mutual fund could
fall in value, as the fund is nothing bur a portfolio of different
securities. Apart from a few assured returns schemes, the fund
does not guarantee any minimum percentage of return.

The Diversification Penalty

While diversification reduces the risk of loss from holding a
single security, it also limits the larger gains if a single security
increases dramatically in value. Also, diversification does not
protect the unit holders totally from an overall decline in the market.

No tailor made portfolio

Mutual fund portfolios are created and marked by AMCs, in to
which investors invest. They cannot made tailor made portfolio.
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MUTUAL FUND REGULATION

There was no uniform regulation of the mutual funds industry till a few
years ago. The UTI was regulated by a special Act of Parliament while
funds promoted by public sector banks were subject to RBI
Guidelines of July 1989. The Securities & Exchange Board of India
(SEBI) was formed in 1993 as a capital market regulator. One of its
responsibilities was to regulate the mutual fund industry and it
came up with comprehensive regulations for the industry in 1993.
The rules for the formation, administration and management of
mutual funds in India were clearly laid down. Regulations also
prescribed disclosure requirements. The regulations were
thoroughly reviewed and re-notified in December 1996. The revised
guidelines tighten the accounting and disclosure requirements in
line with recommendations of The Expert Committee on Accounting
Policies, Net Asset Values and Pricing of Mutual Funds. The SEBI
(Mutual Funds) Regulations, 1996 have been further amended in 1997,
1998 and 1999. Today, all mutual funds are regulated by SEBI. Efforts
have been made to bring UTI schemes under SEBI's ambit with the
result that all schemes, with the exception of Unit 64, are now
regulated by the capital market regulator.

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SOME FACTS FOR THE GROWTH OF MUTUAL FUNDS

IN
INDIA
100% growth in the last 6 years.
Our saving rate is over 23%, highest in the world. Only
channelizing

these savings in mutual funds sector is required .

'B' and 'C' class cities are growing rapidly. Today most of the
mutual funds are concentrating on the 'A' class cities. Soon they
will find scope in the growing cities.
Mutual fund can penetrate rural like the Indian insurance
industry
with simple and limited products.
SEBI allowing the MF's to launch commodity mutual funds.
Emphasis on better corporate governance.
Trying to curb the late trading practices.
We have approximately 29 mutual funds which is much less
than
US having more than 800. There is a big scope for
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expansion.
Number of foreign AMCs is in the queue to enter the
Indian markets like Fidelity Investments, US based, with
over US$1trillion assets under management worldwide.

LEGAL AND REGULATORY FRAMEWORK Mutual funds are regulated by the SEBI (Mutual Fund) regulations,
1996. SEBI is the regulator of all funds, except offshore funds. Bank
sponsored mutual funds are jointly regulated by SEBI and RBI
permission. If there is a bank sponsored find, it cannot provide a
guarantee without RBI permission. RBI regulates money and govt.
securities in which mutual fund invest. Listed mutual funds are subject
to the listing regulations of stock exchanges.

Since the AMC and trustee co, are Cos they are regulated by the
department of co affairs, they have to send periodic report to the roc and the
co law board is the appellate authority. Investors cannot sue the trust, as
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they are the same as the trust and cant sure themselves. UTI is governed by
the UTI act, 1963 and is voluntarily under SEBI regulations. UTI can
borrow as well as lend and also engage in other financial services
activities. SROs are the second tier in the regulatory structure; SROs
cannot do any legislation on their own. All stock exchanges are SROs.
AMFI is an industry association of mutual funds. AMFI is not yet a SEBI
registered SRO. AMFI has created code for mutual funds. AMFI aims at
increasing investor awareness about mutual funds, encouraging best
practices and bringing about high standards of professional behavior in
the industry.

DIFFERENT TERMS Sale Price

Sale price is the price you pay when you invest in a scheme. Also called
Offer Price. It may include a sales load.
Repurchase Price
Repurchase price is the price at which a close-ended scheme
repurchases its units and it may include a back-end load. This is
also called Bid Price.
Redemption Price
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Redemption price is the price at which open-ended schemes

repurchase their units and close-ended schemes redeem their units on
maturity. Such prices are NAV related.

Sales Load
Sales load is a charge collected by a scheme when it sells the units. Also
called, Front-end' load. Schemes that do not charge a load are
called `No Load' schemes.
Net Assets Value (NAV) The performance of a particular scheme of mutual fund is denoted
by Net Assets Value (NAV).Mutual fund invest the money
collected from the investors in securities markets. In simple word,
Net Asset Value is the market value of the securities held by the
scheme. Since market value of securities changes every day, NAV
of a scheme also varies on day to day basis. The NAV per unit is the
market vale of securities of a scheme divided buy the total no of units
of the scheme of any particular date. For example if the market
value if securities of a mutual fund scheme is Rs. 200 lakhs and
mutual fund has issue 10 lakhs units of Rs.10 each to the investors,
then the NAV per unit of the fund is Rs. 20 . NAV is required to be
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disclosed by the mutual funds on a regular basis daily of weeklydepending on the type of scheme. The net assets value (NAV) is the
actual value of one unit of a given scheme in any given business
day. The NAV reflect the liquidation value of the funds
investments on that particular day after accounting for all expenses.
It is calculated by deducting all liabilities except unit capital of
the fund from the realizable value of all assets and dividing it by
number of units outstanding.
Unit
Unit means the interest of the holders in a scheme. Each unit
represents one

undivided share in the assets of a scheme. The

value of each changes depending on the performance of the fund.

CONCLUSION:
Running a successful MF requires complete understanding of the
peculiarities of the Indian stock market and also the psyche of the small
investor. This study has made an attempt to understand the financial
behavior of MF investors in connection with the scheme preference and
selection. The post survey developments are likely to have an influence on
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the findings. Behavioral trends usually take time to stabilize and they get
disturbed even by a slight change in any of the influencing variables. Hence,
surveys similar to the present one need to be conducted at intervals to
develop useful models. Nevertheless, it is hoped that the survey
findings will have some useful managerial implication for the AMCs in
their product designing and marketing.

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