Mutual fund industry has emerged as a dominant financial intermediary in Indian capital market. The industry manages financial assets of over Rs.2792 billions (AMFI, July 2006), contributed by an estimated 30 million investors, which shows the popularity of mutual funds. The assets have grown at an astronomical, compounded annualized growth rate of 48 per cent over a period of four decades (1965-2004). During the period of this study (1993-2002), the financial ...
