A Study On The Growth of Mutual Fund Industry in India From Period 2017-22

Special Issue - (MMK : ACE - 2023) International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
IJISRT22NOV026 www.ijisrt.com 1
ISSN No:-2456-2165
FROM THE DESK OF THE EDITOR…!
After Covid-19 the education world has been changing very fast with drastic majorchanges in the research
dimensions. UGC and MHRD have launched many virtual platforms with online depositories, e-books and other online
teaching/learning materials. Combination of the traditional technologies’ with mobile/web technologies to a single
platform with depositories would enhance better accessibility and flexibility to education.
The main objectives of NEP 2020 clearly define the pivotal role in catalysing interdisciplinary /multi-disciplinary
research culture at UG level.
Students’ research at undergraduate and post graduate level is the key to success towards real life education.
Implementation of this student centric research requires establishment of the Academic Bank of Credits (ABC), a national
level facility which will be a bank for academic purposes with students as academic account holders. A minimum of 20
credits of the 160 credits in four years undergraduate degree programmes will be earned via research activities according
to guidelines prepared under NEP 2020.
Further, it will encourage and make it possible for all students to open an academic bank account to commute credits
to award any degree/research fellowship/certificates.
The ability to integrate classroom knowledge with practical problems is important to decide research problems of the
real world and to provide realistic solutions for the same. Four years Undergraduate bachelor’s degree programme
objectives are clearly defined in these directions. This calls for developing research experiences in students and
developing system of offering real life research projects with keen interest towards pursuing realistic research projects.
Here role of research organisations, higher institutions or research centre can support research internships as providers.
Keeping such ideas in mind, I feel humbled to bring out the Third students special Issue of our reputed E-Journal
“MMK: ACE”, including research papers for the first time from students’ community at various undergraduate, post
graduate and Doctoral level Programmes of our College. This volume develops the fact finding empirical approach
among students community at higher education.
I extend my sincere gratitude to the Management of H.S.N.C. Board and our respected Principal Prof. Dr. CA
Kishore Peshori for their constant support and motivation towards a strong Research foundation.
Finally, a big thank you to the Peer-reviewers and Publishing House for helping us in publishing this E-Journal. I
invite feedback and suggestions from our Readers, Researchers and Academicians for further improvement in our E-
Journal “MMK: ACE”.
Dr. Aashish S. Jani

Vice-Principal & Executive Editor
ISSN No:-2456-2165
PRINCIPAL’S MESSAGE…!
Dear Members of the Academia,
It brings me immense joy and pride to witness the continued growth of SMT. M.M.K. College, especially in the realm of
research, as evidenced by the expansion of our esteemed Research Centre in Commerce (Business Policy & Administration) and the
recent approval in Accountancy.
I extend my heartfelt gratitude to the dynamic editorial team, led by Dr. Aashish Jani, Vice Principal, for their unwavering
commitment and dedication to advancing the cause of research at our institution. Their tireless efforts have played a pivotal role in
steering our academic community toward the frontiers of knowledge.
In the spirit of our rich cultural heritage, I am pleased to include a Sanskrit shloka in this research endeavour, symbolizing the
fusion of tradition and progress in our scholarly pursuits:
“चरै वेतिचरै वेति…”

“Keep Walking, Keep Walking”,
The present focus on student-centric research in this Third edition of MMK: ACE is indeed a commendable initiative taken at the
opportune moment. It reflects our collective commitment to nurturing the research acumen of our students, a vital aspect of our
academic mission.
I express my sincere appreciation to the Research Committee, whose proactive approach has not only fostered the development
of new faculty but has also provided a platform for meaningful research at both undergraduate and postgraduate levels. The previous
volumes of MMK: ACE have been well-received by the academic community, and I am confident that this edition, emphasizing
student research, will further elevate our standing.
Kudos to the editorial team for curating diverse themes that delve into various facets of the Economy and Education sector. I
extend my appreciation to the Course Coordinators, specialized students, academicians, research guides, and scholars whose valuable
contributions have enriched the content of this journal.
I applaud the continuous efforts of the editorial board in cultivating and promoting a robust Research Culture across all
multidisciplinary programs. Your dedication is instrumental in inspiring our faculty and students to embrace the role of researchers
and critical thinkers.
As we embark on this intellectual journey through the pages of MMK: ACE, I wish the entire team the very best. May the ideas
shared in this volume pave the way for positive outcomes and catalyze many more students and teachers to embark on the rewarding
path of research and scholarly exploration.
With warm regards,
Prof. Dr. CA Kishore Peshori

(Principal)
ISSN No:-2456-2165
CONTENTS
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PAPER I.D & PROGRAMME RESEARCH TOPIC AUTHORS

IJISRT22NOV032 A Study Of Mergers And Acquisitions In India & Their Dr. Meena Kumari&
(M.COM.) Impact On Financial Performance Ms. Shaikh Noorjahan Begum
Murad Hussain
IJISRT22DEC1506 Analytical Study On Various Heterogeneous Valuation Dr. Meena Kumari&

(PH.D. ACCOUNTANCY) Techniques Followed In Balance Sheet Ms. CA Asmita Agrawal
IJISRT23JAN439 Opportunities and Challenges of Rural Areas of Dr. Jayesh K. Rana &
(PH.D. ACCOUNTANCY) Maharashtra State Ms. Bhavana T. Shinde
IJISRT23JAN051 A Study On Financial Risk Management Specifying Dr. Jayesh K. Rana &
(PH.D. ACCOUNTANCY) Incomplete Construction Projects In Real Estate Anil N. Tike
IJISRT23DEC1003 (PH.D. A study on the perception of Indians towards Gold as the Dr. Jayesh K. Rana &
ACCOUNTANCY) Safest Alternative Ms. Rachel George
IJISRT23DEC240 A Study on Tata Technology IPO Dr. Jayesh K. Rana & Mr.
(PH.D. ACCOUNTANCY) Bhavesh Dilip Khanted
IJISRT22NOV026 A Study On The Growth of Mutual Fund Industry In India Ms. Harsha Hardasani &
(B.F.M.) From Period 2017-22 Mr. Vinay Bafna
CONTENTS

IJISRT22NOV028 The Influence Of Corona virus Pandemic On The Indian Dr. Aashish S. Jani &
(PH.D. Digital Payments Ecosystem Mr. Kayzad F. Dadachanji
COMMERCE)
IJISRT22NOV029 Revival Of Hotel Industry With The Latest Trends: Post Dr. Aashish S. Jani &
(PH.D. Pandemic Period Ms. Jasmine Gulshan Rai
COMMERCE)
IJISRT22NOV030 A Comparison Of The Effectiveness Of Learning In The Dr. Aashish S. Jani &
(PH.D. Physical Classroom Versus Online Learning For Students Ms. Revati Hunswadkar
COMMERCE) During The COVID-19 Pandemic
IJISRT22NOV031 A Study of Various Social Security Measures of The Dr. Aashish S. Jani&
(PH.D. Government With Special Reference To Retirement Schemes Ms. Mamta Meghnani
COMMERCE)
IJISRT23DEC243 Factors Affecting The Longevity of Startups Dr. Aashish S. Jani & Mr.
(PH.D. Darshan Panchal
COMMERCE)
IJISRT23DEC241 Role Of Forensic Audit In Preventing &; Detecting Financial Prof. Shreekumar Menon &
(M.COM.) Frauds Danish Mohd Farukh Shaikh
IJISRT22DEC1503 A Study On Consumer Behavior Towards Buying Electric Prof. Vishal R. Tomar &
(PH.D. Vehicle In KDMC Ms. Jyotsana Suraj Agarwal
COMMERCE)
ISSN No:-2456-2165
IJISRT23DEC247 Unleashing Potential: Navigating Opportunities And Prof. Vishal R. Tomar & Mr.
(PH.D. Challenges In India's Evolving Gig Economy Ravi Rakesh Singh
COMMERCE)
IJISRT23DEC244 A Study On Opportunities & Challenges Posed By Ai Among Prof. Vishal R. Tomar & Ms.
(PH.D. College Students In Mumbai Aditi Kapoor
COMMERCE)
IJISRT23DEC245 Opportunities And Challenges Of Tourism Industry In Prof. Vishal R. Tomar & Mrs.
(PH.D. Ratnagiri District Veena V. Sawant
COMMERCE)
IJISRT23DEC248 Opportunities And Challenges Of Entrepreneurs In Prof. Vishal R. Tomar & Ms.
(PH.D. Sustainable Development Of Power Loom Sector (With Kamini Pawar
COMMERCE) Special Reference To Bhiwandi)
RESEARCH PAPERS & ARTICLES ON COMMERCE
CONTENTS
RESEARCH PAPERS & ARTICLES ON ECONOMICS

IJISRT23JAN440 Rebooting The German Economy Through Dr.Sheetal Chaddha &
(B.M.S.) Digitalization Mr. Santosh Gupta,
Mr. Aniket Pujari,
Mr. Durvankur Mukadam
IJISRT22NOV027 A Study Towards The Awareness And Impact Ofcovid- Ms. Prajakta Paralkar &
(B.B.I.) 19 On Health Insurance Sector In India Ms. Ayesha Iqbal Khair
ISSN No:-2456-2165
A Study on the Growth of Mutual Fund Industry

in India from Period 2017-22
MMK: ACE Volume 3: Paper No.01
Harsha Hardasani Vinay Bafna

Assistant Professor & Coordinator B.F.M. Department B.F.M student, Smt. M.M.K College of
Smt. M.M.K College of Commerce and Economics, Mumbai, Commerce and Economics,
Maharashtra, India Mumbai, Maharashtra, India
Abstract:- This paper covers the growth of mutual fund every industry in the economy in different ways. Thus it
industry for a period of 5 years and also studies the impact becomes necessary to study its impact on this sector also.
of covid 19 on this industry. The factors chosen to study
the growth are rise in value of asset under management III. OBJECTIVE OF THE STUDY
(AUM) and the rise in number of various types of schemes
like open ended, close ended, equity oriented, debt oriented  To study the growth of mutual fund industry in India for a
etc. The data for this paper is taken from a reliable source period starting from 2017 to 2022
AMFI (Association of Mutual Fund Industry in India),  To study the impact of COVID 19 on mutual fund industry
analyzed and proper conclusions are been drawn. The  To study the investor’s preference towards various
paper will also make investors aware about the preferred schemes
choice of investment in this industry.
IV. LIMITATION OF THE STUDY
I. INTRODUCTION
 The study is limited to a period of 5 years.
Mutual fund is a trust that pools the savings of a number  There are only few schemes which are highly demanded
of investors who share a common financial goal. This pool of by the investors are taken into consideration for the study.
money is invested in accordance with a stated objective. The  The study is limited to the country India.
joint ownership of the fund is thus “Mutual”, i.e., the fund
belongs to all investors. The money thus collected is then V. RESEARCH METHODOLOGY
invested in capital market instruments such as shares,
debentures and other securities. The income earned through The data for this study is collected from the secondary sources
these investments and the capital appreciations realized are like books, periodicals and various websites.
shared by its unit holders in proportion the number of units VI. MAJOR FINDINGS
owned by them. Thus, a Mutual Fund is the most suitable
investment for the common man as it offers an opportunity to The AUM of the Indian MF Industry has grown from Rs.
invest in a diversified, professionally managed basket of 6.59 trillion as on January 31, 2012 to Rs. 38.01 trillion as on
securities at a relatively low cost. January 31, 2022 more than 5½ fold increase in a span of 10
years. The MF Industry’s AUM has grown from Rs. 17.37
II. NEED OF THE STUDY trillion as on January 31, 2017 to Rs. 38.01 trillion as on
In India, most of the investors belong to the risk averse January 31, 2022, more than 2-fold increase in a span of 5
category which means they are not ready to invest in risky years.
assets directly like equity and most of them also lack Equity AuMs continued to be the major contributor with
knowledge for the same but in current scenario with the rising 42.1% share while debt-oriented schemes accounted for 28.8%
inflation and lower rates provided by the less risky securities of AuMs and Liquid/money market accounted for 23.3% in
investors have lost their interest in such securities. All of the September 2019.
above scenario, has increased the role and growth of mutual
fund industry in India and with the increase in the awareness The total number of accounts (or folios as per mutual
created by the various companies and the regulators through fund parlance) as on January 31, 2022 stood at 12.31 crore
advertisement investors have diverted their funds from the (123.1 million), while the number of folios under Equity,
traditional investments towards the mutual fund industry. Thus Hybrid and Solution Oriented Schemes, wherein the
it becomes inevitable to study the growth of this industry and maximum investment is from retail segment stood at about
the kind of schemes highly demanded by the investors. The 9.95 crore (99.5 million).
current pandemic COVID 19 had invariably affected each and
ISSN No:-2456-2165
Table 1: The Analysis Of Asset Under Management Which Has Grown In Last 5 Years Is Shown As:
Quarterly Data have mentioned below from the year 2017-21 (Rupees in Crores)
YEARS QUARTERS ASSET UNDER MANAGEMENT
2017 QUARTER 1 19,51,775
QUARTER 4 23,05,212
2018 QUARTER 1 23,40,377
QUARTER 4 24,48,438
2019 QUARTER 1 25,81,397.21
QUARTER 4 24,70,882.28
2020 QUARTER 1 26,06,945.91
QUARTER 4 32,17,194.64
2021 QUARTER 1 34,10,403.47
QUARTER 3 37,91,810.92
Quarter 1 = from April to June Quarter 4 = from January to March From the above year 2021, the Quarter 3 have been taken because
the Quarter 4 Data was not available.
SOURCE: AMFI
It is been observed from the above chart, that the AUM proportion of Q12020 due to the pandemic but the situation
of mutual fund industry is constantly rising from past 5 years. got better by Q4. By the year 2021, the AUM values again
There was a decline in Q42019 and decline in the increasing started rising.
Table 2: The growth of Number of schemes from past 5 years which is shown as:
ANALYSIS ON QUARTERLY DATA OF NUMBER OF SCHEMES IN LAST 5 YEAR’S
YEARS QUARTERS TYPES OF SCHEMES NUMBER OF SCHEMES
2017 QUARTER 1 OPEN ENDED SCHEME 828
CLOSE ENDED SCHEME 1194
INTERVAL SCHEME 59
QUARTER 4 OPEN ENDED SCHEME 840
INTERVAL SCHEME 31
INTERVAL SCHEME 28
INTERVAL SCHEME 29
INTERVAL SCHEME 26
INTERVAL SCHEME 23
INTERVAL SCHEME 23
INTERVAL SCHEME 21
INTERVAL SCHEME 21
INTERVAL SCHEME 21
Quarter 1 = from April to June & Quarter 4 = from January to March From the above year 2021, the Quarter 3 have been taken
because the Quarter 4 Data was not available
SOURCE: AMFI
ISSN No:-2456-2165
It is been observed that open ended scheme have grown towards open ended scheme as compare to close ended and
tremendously whereas there is reduction in close ended as well interval schemes.
as interval schemes. This shows the investors preference
Table 3: The growth of various Schemes from past 3 years
ANALYSIS ON QUARTERLY DATA OF DIFFERENT TYPES OF SCHEMES
YEARS QUARTERS TYPES OF SCHEMES NUMBER OF SCHEMES
2019 QUARTER 1 A.OPEN ENDED SCHEME
Income / Debt Oriented Schemes Growth / Equity Oriented Schemes 306
Hybrid Schemes 312
B.CLOSE ENDED SCHEME 126
Income / Debt Oriented Schemes Growth / Equity Oriented Schemes
C.INTERVAL SCHEME 883
25
01
QUARTER 4 A.OPEN ENDED SCHEME
Hybrid Schemes 324
23
-
Hybrid Schemes 322
23
-
Hybrid Schemes 344
21
-
Hybrid Schemes 351
21
-
ISSN No:-2456-2165
Hybrid Schemes 366
21
-
SOURCE: AMFI
Quarter 1 = from April to June & Quarter 4 = from schemes compare to income / debt oriented and there is also
January to March From the above year 2021, the Quarter 3 marginal rise in hybrid schemes.
have been taken because the Quarter 4 Data was not available.
So from the above three table, we can conclude that there
From the previous table it was observed that there is been has been a significant growth in mutual fund industry in past 5
rise in open ended schemes but from this table we can also years but the schemes which is driving this industry towards
conclude that there is been more rise in equity oriented the growth is equity oriented open ended schemes.
Table 4: Analysis Of Assets Under Management With Investors Classification (Rupees in Crores)
TYPES OF INVESTOR TOTAL AS ON 31ST TOTAL AS ON TOTAL AS ON 31ST TOTAL AS ON 31ST
ST
SCHEMES CLASSIFICATION DECEMBER 2019 31 JUNE 2020 DECEMBER 2020 DECEMBER 2021
EQUITY Corporates 305356.25 281969.72 361498.47 554410.31
Banks/FIs 8147.82 7338.24 4548.68 2881.38
FIIs 4867.3 3571.09 4276.36 3634.46
High Networth
535522.89 465845.1 546336.78 816341.54
Individuals*
Retail 491698.32 457114.34 594628.75 838781.15
TOTAL 1345592.59 1215838.49 1511289.04 2216048.85
NON
Corporates 830598.66 871285.24 1043529.86 1027721.24
EQUITY
Banks/FIs 34903.89 42251.23 42206.41 58642.51
FIIs 3062.41 1335.98 1118.66 1305.1
High Net worth
388215.62 367042.54 439024.03 399122.05
Individuals*
Retail 51701.57 51094.99 65307.38 69856.47
TOTAL 1308482.16. 1333009.98 1591186.33 1556647.37
GRAND TOTAL 2654074.75 2548848.46 3102475.37 3772696.22
SOURCE: AMFI
The above table shows the investment value of various VII. CONCLUSION
types of investors during covid times. The data clearly shows
that covid 19 had an impact on mutual fund industry in quarter From all the above finding, we can conclude that mutual
1 of 2020 but the impact was for short duration and by the fund industry has increased tremendously in the past 5 years
next quarter the industry again started rising. The investment neglecting the impact of pandemic also. The covid 19 impact
of retail investors in equity oriented schemes has increased could be seen only in quarter 1 of 2020 by quarter 2 the
tremendously during this period which can also be considered industry recovered it. The investors preferably the retail clients
as one of the reasons why markets have reached their peak prefer more of the equity oriented schemes followed by the
during this time. The main reason in the rise in their hybrid schemes. There is more demand of open ended
investment towards mutual fund industry is because of the schemes rather than close ended and interval schemes.
declining interest rate in the other secured investment deposits.
The second reason behind this shift in investment is Sebi- REFERENCES
driven initiatives towards transparency and disclosures. [1]. www.amfiindia.com
The number of mutual fund investors in the country has [2]. www.moneycontrol.com
doubled to 2.39 crore as of June 30, 2021 from 1.19 crore at [3]. www.sebi.gov.in
the end of March 2017, thereby indicating that pandemic has
actually had no impact on the inflows.

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Special Issue - (MMK : ACE - 2023) International Journal of Innovative Science and Research Technology

Dr. Aashish S. Jani

Dear Members of the Academia,

“चरै वेतिचरै वेति…”

With warm regards,

Prof. Dr. CA Kishore Peshori

PAPER I.D & PROGRAMME RESEARCH TOPIC AUTHORS

IJISRT22DEC1506 Analytical Study On Various Heterogeneous Valuation Dr. Meena Kumari&

PAPER I.D & PROGRAMME RESEARCH TOPIC AUTHORS

RESEARCH PAPERS & ARTICLES ON COMMERCE

PAPER I.D & PROGRAMME RESEARCH TOPIC AUTHORS

A Study on the Growth of Mutual Fund Industry

Harsha Hardasani Vinay Bafna

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