280 Global Business and Economics Review, Vol. 8, Nos.

3/4, 2006

Mutual fund industry in India: development

and growth

S. Mohanan
Department of Business Sciences,
Faculty of Economics and Business Administration,
Universidad Catolica del Norte,
Antofagasta, Chile
Fax: 56-55-355878
E-mail: [email protected]

Abstract: The Indian mutual fund industry is one of the fastest growing sectors
in the Indian capital and financial markets. The mutual fund industry in India
has seen dramatic improvements in quantity as well as quality of product and
service offerings in recent years. Mutual funds assets under management grew
by 96% between the end of 1997 and June 2003 and as a result it rose from 8%
of GDP to 15%. The industry has grown in size and manages total assets of
more than $30351 million. Of the various sectors, the private sector accounts
for nearly 91% of the resources mobilised showing their overwhelming
dominance in the market. Individuals constitute 98.04% of the total number of
investors and contribute US $12062 million, which is 55.16% of the net assets
under management.

Keywords: balanced scheme; growth/equity oriented scheme; income/debt

oriented scheme; India; mutual funds; net assets under management; private
sector; public sector; resource mobilisation; unit holding pattern; Unit Trust of
India.

Reference to this paper should be made as follows: Mohanan, S. (2006)

‘Mutual fund industry in India: development and growth’, Global Business and
Economics Review, Vol. 8, Nos. 3/4, pp.280–289.

Biographical notes: Dr. S. Mohanan has obtained his PhD in Commerce

(Finance) from the University of Kerala, India. He is now working as Professor
in the Department of Business Sciences, Universidad Católica del Norte,
Antofagasta, Chile. He worked for two years as Associate Professor in Jimma
University, Ethiopia. He has more than 20 years of teaching experience at
undergraduate and postgraduate levels. He has 10 years of research guidance
experience at doctorate level. He has produced four Doctorates in Commerce.
He has published 16 research articles and co-authored two books (Institutional
Finance and Rural Development and Industrial Relations in Public Sector).

1 Introduction

One of the most interesting financial phenomena of the 1990s was the explosive growth
of mutual funds (Klapper, Sulla and Vittas, 2004). The mutual fund industry is
considered as the most successful recent financial innovations (Khorana, Servaes and

Copyright © 2006 Inderscience Enterprises Ltd.

 Mutual fund industry in India: development and growth 281

Tufano, 2004). A mutual fund is a company that pools money from many investors and
invests the money in stocks, bonds, short-term money-market instruments, other
securities or assets, or some combination of these investments. The combined holdings
the mutual fund owns are known as its portfolio. Each share represents an investor's
proportionate ownership of the fund's holdings and the income those holdings generate
(Mussi, 2005). Investors who are ignorant of share market or do not want to get involved
in it directly can invest in the mutual funds with the help of mutual fund based stock
market experts who analyse the companies before investing in it. Thus mutual funds play
a very crucial role in an economy by mobilising and investing the savings of the people in
capital and money market.

1.1 Advantages/benefits of mutual funds

1.1.1 Professional management
The primary advantage of mutual fund is the professional management of money. A
mutual fund is a relatively inexpensive way for a small investor to get a full-time
manager to make and monitor investments. Mutual funds are managed and supervised by
investment professionals. As per the stated objectives set forth in the prospectus, along
with prevailing market conditions and other factors, the mutual fund manager will decide
when to buy or sell securities. This eliminates the investor of the difficult task of trying to
time the market. Furthermore, mutual funds can eliminate the cost an investor would
incur when proper due diligence is given to researching securities. The cost of managing
numerous securities is dispersed among all the investors according to the amount of
shares they own with a fraction of each dollar invested to cover the expenses of the fund.

1.1.2 Diversification
By owning shares in a mutual fund instead of owning individual stocks or bonds, risk is
spread out. The idea behind diversification is to invest in a large number of assets so that
a loss in any particular investment is minimised by gains in others. Large mutual funds
own hundreds of different stocks in many different industries. Using mutual funds can
help an investor diversify their portfolio with a minimum investment. Spreading
investment across a range of securities can help to reduce risk. If a few securities in the
mutual fund lose value or become worthless, the loss may be offset by other securities
that appreciate in value.

1.1.3 Liquidity
Just like an individual stock, a mutual fund allows the investor to request that his shares
be converted into cash at any time. Mutual funds are liquid and orders to buy or sell are
placed during market hours. Fees or commissions may or may not be applicable. Fees and
commissions are determined by the specific fund and the institution that executes the
order. Mutual funds are very liquid financial instruments since they can be easily
purchased or sold with no significant price impact. Redemptions technically have no
direct effect on the net asset value at which they were executed.
The objective of the present article is to examine the origin, development and growth
of mutual fund industry India. For the purpose of the article, data published by Securities
282 S. Mohanan

and Exchange Board of India (SEBI) has been used. Data relating to different variables
like total resources mobilised by mutual find industry, sector wise total resources
mobilised, net assets under management of different sectors, scheme-wise growth of
mutual funds and unit holding pattern of mutual funds have been collected and analysed.

1.2 Origin and development of mutual fund industry in India

The origin of the Indian mutual fund industry can be traced back to 1964 when the Indian
Government with a view to augment small savings within the country and to channelise
these savings to the capital markets, set up the Unit Trust of India (UTI). The UTI was set
up under a specific statue, the Unit Trust of India Act, 1963. The UTI launched its first
open-ended equity scheme called Unit 64 in the year 1964, which turned out to be one of
the most popular mutual fund schemes in the country (Nishth Desai Associates, 2003).
The year 1987 marked the entry of non-UTI, public sector mutual funds set up by public
sector banks and Life Insurance Corporation of India and General Insurance Corporation
of India. Till the opening up of the Indian economy in 1991, UTI had a virtual monopoly
of the mutual fund industry and it performed an important role in the national economy
with regard to mobilisation of savings of the community and the development of the
capital market (Securities and Exchange Board of India, Malegam Committee report,
2001). The entry of private sector funds in 1993 marked a new era in the Indian mutual
fund industry, giving the Indian investors a wider choice of fund families (Association of
Mutual Funds in India, 2003). Mutual fund industry in its true sprit rooted in a free
market and oriented towards competitive functioning with the dedicated goal of service to
the investors can be said to have settled in India only in 1993 (Kannan, 2004). The Indian
mutual fund industry consists of mutual funds sponsored by banks and financial
institutions and private and foreign sector mutual funds.

1.3 Mutual fund industry in India and regulatory framework

Mutual funds require a robust and effective regulatory framework for their successful
operation and development. Investors need to be protected from fraudulent behaviour on
the part of mutual fund managers and the diversion of funds into projects or assets that
benefit fund managers at the expense of fund investors. Fund investors bear the
investment risk, but they rely on the advertised investment strategies of mutual fund
managers for making their selections. It is therefore essential that fund managers should
abide by their strategies and should not deviate from their declared objectives without
prior authorisation (Klapper, Sulla and Vittas, 2004). In India no uniform regulation of
the mutual fund industry existed until 1996 (Enrico and Vippan, 2002). In 1993, the SEBI
was formed with the objective of regulating capital markets. One of its responsibilities
was to regulate 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. The regulations were thoroughly reviewed
and re-notified in December 1996. The revised guidelines tightened the accounting and
disclosure requirements. Today all mutual funds are regulated by SEBI. All mutual funds
are registered with SEBI and they function within the provisions of strict regulations
designed to protect the interests of investors. The operations of mutual funds are regularly
monitored by SEBI. The standards in many areas such as disclosure, valuation,
 Mutual fund industry in India: development and growth 283

transparency, fees and expenses and risk management match with international standards
(Business Recorder, 2004).

1.4 Mutual fund compliances in India

1.4.1 Disclosure standards
The offer document shall contain disclosures which are adequate in order to enable the
investors to make informed investment decision including the disclosure on maximum
investments proposed to be made by the scheme in the listed securities of the group
companies of the sponsor. The mutual fund, the asset management company, the trustee,
custodian, sponsor of the mutual fund should submit to the SEBI copies of the duly
audited annual statements of accounts including the balance sheet and the profit and loss
account for the fund and in respect of each scheme, once a year, a copy of six monthly
unaudited accounts, a quarterly statement of movements in net assets for each of the
schemes of the fund, a quarterly portfolio statement, including changes from the previous
periods. A mutual fund and asset management company shall before the expiry of one
month from the close of each half year that is on 31st March and on 30th September,
publish its unaudited financial results in one English daily newspaper circulating in the
whole of India and in a newspaper published in the language of the region where the
Head Office of the mutual fund is situated. With a view to make unit holders aware of the
securities in which the funds have been invested by the mutual fund and to enable them to
take well informed investment decisions, it has been made mandatory that the mutual
funds should send to all unit holders a complete statement of the scheme of portfolio
before the expiry of one month from the close of each half year. (Securities and
Exchange Board of India (Mutual Fund Regulations), 1996 as amend up to 29th May
2003)

1.4.2 Investment norms

Prudential investment norms were prescribed to ensure that the investment portfolios of
the mutual funds are diversified to reduce the inherent risk associated with such
investments. Investments in equity related instruments of a single company have been
restricted to 10% of the Net Asset Value (NAV) of a scheme with an exception for index
funds and sector/ industry specific schemes. Investment in rated debt instruments issued
by a single issuer should not exceed 15% of NAV of the scheme. In case of unrated debt
instruments, the investment in a single issuer shall not exceed 10% of the NAV of the
scheme and in case of such debt instruments of all the issuers in a scheme shall not
exceed 25% of NAV subject to approval of Boards of Asset Management Company
(AMC) and Trustee Company. However, these restrictions for debt instruments will not
be applicable to government securities and money market instruments. The investment in
unlisted shares is restricted to a maximum of 10% of the NAV of a scheme in case of
close-ended scheme. In case of open-ended schemes the limit is 5% of the NAV of the
scheme (Ibid).
284 S. Mohanan

1.4.3 Evaluation of investments

Every mutual fund shall compute and carry out valuation of its investments in its
portfolio and publish the same. Every mutual fund shall compute the NAV of each
scheme by dividing the net assets of the scheme by the number of units outstanding on
the valuation date. The NAV of the scheme shall be calculated and published at least in
two daily newspapers at intervals of not exceeding one week. The price at which the units
may be subscribed or sold and the price at which such units may at any time be
repurchased by the mutual fund shall be made available to the investors. The mutual
fund, in case of open-ended scheme, shall at least once a week publish in a daily
newspaper of all India circulation, the sale and repurchase price of units. While
determining the prices of the units, the mutual fund shall ensure that the repurchase price
is not lower than 93% of the NAV and the sale price is not higher than 107% of the NAV
(Ibid).

1.4.4 Accounting policies and standards

Every asset management company for each scheme shall keep and maintain proper books
of accounts, records and documents, so as to explain its transactions and to disclose at
any point of time the financial position of each scheme and in particular give a true and
fair view of the state of affairs of the fund and intimate to the SEBI, the place where such
books of accounts, records and documents are maintained. Every asset management
company shall maintain and preserve for a period of eight years its books of accounts,
records and documents. For the purposes of the financial statements, mutual fund shall
mark all investments in the balance sheet at market value. Provision has to be made for
exclusion of unrealised gain arising out of appreciation on investments when arriving at
distributable income. Dividend income earned by a scheme should be recognised, not on
the date the dividend is declared, but on the date the share is quoted on an ex-dividend
basis. For investments, which are not quoted on the stock exchange, dividend income
must be recognised on the date of declaration. In respect of all interest-bearing
investments, when such investments are purchased, interest paid for the period from the
last interest due date up to the date of purchase must not be treated as a cost of purchase
but must be debited to Interest Recoverable Account. Similarly, interest received at the
time of sale for the period from the last interest due date up to the date of sale must not be
treated as an addition to sale value but must be credited to Interest Recoverable Account.
In determining the holding cost of investments and the gains or loss on sale of
investments, the “average cost” method must be followed (Ibid).

1.5 Growth of Indian mutual fund industry

The investment vehicle that is gaining momentum in the Indian market is ‘Mutual Fund’
(Hemdev, 2004). Over the past ten years, the Indian mutual fund industry has been one of
the fastest growing sectors in the Indian capital and financial markets (Nitin, 2003).
Mutual funds, as a class, have become an important segment of institutional investors.
Mutual funds assets under management grew by 96% between 1997 and June 2003 and
as a result it rose from 8% of GDP to 15% (Securities and Exchange board of India,
2004). The Indian mutual fund industry is getting proactive and is trying to improve its
customer relationship management by introducing new and innovative products. (Rath,
 Mutual fund industry in India: development and growth 285

2004). The aim is to attract a larger audience through better marketing strategies and
wider penetration. Some of them have tied up with the postal department to foray into the
rural segment, which have remained untouched during the years. The industries have
introduced some new products such as Commodity Linked Funds, Floating Rate Funds,
Fund of Funds and finally the Equity Arbitrage Fund. The Commodity Linked Funds are
new to Indian Mutual Fund Industry.

1.6 Total resources mobilised by Indian mutual fund industry

Resource mobilisation is considered as an important variable to assess the performance of
any financial sector. It also shows the investors’ confidence in the sector. The mutual
fund industry in India has seen dramatic improvements in quantity as well as quality of
product and service offerings over the past decade. The government of India has given a
boost to the development of the mutual fund industry by offering sops in the form of tax
incentives. This has enabled the mutual funds to play an important role in the
mobilisation of savings and in the development of the financial markets (Rath, 2004).
Interestingly today, investors have large varieties of mutual funds to choose from as
against the number of companies issuing these mutual funds. The most important trend in
the mutual fund industry is the aggressive expansion of the foreign owned mutual fund
companies and the decline of the companies floated by nationalised banks and small
private sector players (Mehta, 2004). Resource mobilisation for a period from 1998–1999
to 2003–2004 reveals that there is enormously increasing trend in resource mobilisation
(Figure 1). The total resources mobilised through mutual funds increased from $4940
million in 1998–1999 to $128300 million in 2003–2004 registering a growth of nearly 26
times higher than the 1998–1999 (Hand Book of Statistics on the Securities Market,
2004; Securities and Exchange Board of India, Mumbai, India). It can be said that
competition and a continuous improvement to fund regulation have been the driving
forces behind a strong process of asset growth.

Figure 1 Resource mobilisation

286 S. Mohanan

1.7 Sector-wise resource mobilisation

There are three players in Indian mutual fund industry. They are private sector, public
sector and UTI. Table 1 shows sector-wise resources mobilisation for a period from
1998–1999 to 2003–2004. The data reveals that the share of private sector increases year
after year and at the same time the share of other two sectors decline year after year. In
1998–1999 private sector could mobilise only $1706 million constituting 34.53 % of the
total resources mobilised but in 2003–2004 it could mobilise $116228 million
constituting 90.59% of the total resources mobilised. The public sector, which mobilised
$364 million in 1998–1999 could mobilise $6857 million in 2003–2004 but its share in
total resource mobilisation reduced from 7.37 to 5.35%. Further analysis of the data
reveals that there is sharp decline in UTI’s share in resources mobilisation. Even though
the amount increased from $2870 million in 1998–1999 to $5215 million in 2003–2004,
its share declined from 58.10% in 1998–1999 to 4.06% in 2003–2004.
Table 1 Sector–wise mutual fund resource mobilisation (1998–1999 to 2003–2004) (Amount
in million US$)

Year Private sector (%) Public sector (%) UTI (%) Total
1998–1999 1706(34.53) 364(7.37) 2870(58.10) 4940
1999–2000 9505(71.41) 830(6.24) 2975(22.35) 13310
2000–2001 16307(80.69) 1203(5.95) 2700(13.36) 20210
2001–2002 30322(89.84) 2478(7.34) 950(2.82) 33750
2002–2003 59634(90.27) 4936(7.47) 1490(2.26) 66060
2003–2004 116228(90.59) 6857(5.35) 5215(4.06) 128300

Source: Hand Book of Statistics on the Securities Market (2004), Securities and Exchange Board
of India, Mumbai, India.

1.8 Net assets under management

Net assets under management denotes the cumulative net assets under management of
companies after adjustment of repurchase and redemptions. The total net assets under
management increased from $14825 million in 1998–1999 to $23761 million in
2002–2003 (Figure 2). The share of net assets under private sector increased from 9.97 to
51.77%. The share of net assets under public sector reduced to 8.57% in 2002–2003 from
12.10% in 1998–1999 of the total net assets under management. The share of UTI in net
assets under management reduced from 77.93% in 1988–1999 to 39.66 in 2003–2004
(Table 2). It implies that ownership pattern of mutual fund assets has greatly influenced
the performance of mutual funds.

1.9 Scheme-wise net assets under management

In India mainly, there are three schemes according to investment objectives. They are
growth/equity-oriented scheme, income/debt oriented scheme and balanced fund. The
aim of growth funds is to provide capital appreciation over medium and long-term
periods. Income/ debt oriented scheme aims to provide regular and steady income to
investors. Balanced fund provide both growth and regular income. Table 3 shows scheme
wise net assets under management. The table reveals that the net assets in Income/debt
 Mutual fund industry in India: development and growth 287

scheme increased from $12024 million in 2000–2001 to $23968 million in 2003–2004,

showing a growth of 98.83%. The share of Income/debt scheme increased from 61.05%
in 2001–2002 to 78.97% in 2003–2004. The net assets under the Growth/equity scheme
increased from $3479 million in 2000–2001 to $5496 million in 2003–2004 registering
an increase of 56.96% and its share increased from 17.68% in 2000–2001 to 18.11% in
2003–2004. In the case of balanced-scheme there is reduction in amount as well as in its
percentage share. The amount under balanced scheme reduced to $887 million in
2003–2004 from $ 4190 million in 2000–2001 exhibiting a decline of 78.83% and its
share declined to 2.92% in 2003–2004 from 21.27 in 2000–2001. The analysis reveals
that Income/debt scheme is more popular among the investors.

Figure 2 Net asset under management

Table 2 Net assets under management (1998–1999 to 2002–2003) (Amount in million US$)

Year Private sector (%) Public sector (%) UTI (%) Total
1998–1999 1478(09.97) 1794(12.10) 11553(77.93) 14825
1999–2000 5471(23.31) 2271(09.68) 15725(67.00) 23467
2000–2001 5640(28.64) 1441(07.32) 12612(64.04) 19693
2001–2002 9013(41.22) 1674(07.66) 11181(51.12) 21868
2002–2003 12300(51.77) 2037(08.57) 9424(39.66) 23761

Source: Annual Reports (2000–2001 to 2002–2003), Securities and Exchange Board of India,
Mumbai, India.

Table 3 Scheme-wise net assets under management (Amount in million US$)

Year Income/debt (%) Growth/equity (%) Balanced scheme (%) Total

2000–2001 12024(61.05) 3479(17.68) 4190(21.27) 19693
2001–2002 14787(67.62) 3396(15.53) 3685(16.85) 21868
2002–2003 17589(74.02) 3113(13.10) 3059(12.87) 23761
2003–2004 23968(78.97) 5496(18.11) 887(2.92) 30351

Source: Annual Reports (2000–2001 to 2003–2004), Securities and Exchange Board of India,
Mumbai, India.
288 S. Mohanan

1.10 Unit holding pattern of mutual fund industry in India

In India the investor profile is very short term and turnover of units by investors is very
high compared to the UK and the USA. The average length of time an investor stays in a
securities scheme, other than a money market/liquid scheme, is one-fifth of the time that
he would in the UK and two-fifths of the time that he would in the USA. The investors
are largely based in the urban centres particularly the metropolitan cities (Asian
Development Bank, 2003). Table 4 shows the unit holding pattern of mutual funds
industry in India as on March 31, 2002. As per the table there are 30,843,942 investors in
the mutual funds industry and holding units worth of $21868 million.
Table 4 Unit holding pattern of mutual fund industry in India as on March 31, 2002

Net assets % to total net

Category Number of investors % to total investors million US$ assets
Individuals 30,238,065 98.04 12062 55.16
NRI 1,54,622 0.50 304 1.39
Corporates 4,51,255 1.46 9502 43.45
Total 30,843,942 100.00 21868 100.00

Source: Annual Report (2001–2002), Securities and Exchange Board of India Mumbai, India.
Individuals constitute 98.04% of the total number of investors and contribute 55.16% of
the net assets. Corporates form only 1.46% of the total number of investors in the
industry and they contribute 43.15% of the total net assets in the mutual funds industry.
The NRIs (Non-resident Indians) constitute a very small percentage of investors (0.50%)
and contribute $304 million (1.39%) of net assets.

1.11 Future of Indian mutual fund industry

In India net assets of mutual funds only represent approximately 11% of bank deposits.
Also, the mutual fund industry accounts for approximately only 10% of equity market
capitalisation. Most mutual fund shareholders are currently either corporate investors or
city residents (Enrico and Vippan, 2002). India is at the first stage of a revolution that has
already peaked in the USA. In the USA, the assets base of mutual funds are higher than
bank deposits. Stable and long term fiscal incentives with the objective of capturing long-
term retail and private savings will be of utmost importance. Indian savings rate is
highest in the world. Only channelising these savings in mutual funds sector is required.
There is a big scope for expansion in the number of mutual funds. In India ‘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 areas like the Indian insurance industry with simple and limited products.
There is a need to introduce financial planners who can provide need-based advice to the
investors. The mutual fund industry in India is quite sophisticated and successful and is
dominated by good and reputable institutions, both Indian and international. Nevertheless
improvements are always possible and desirable in order to enhance the ability of the
mutual fund industry to mobilise savings on a wider scale and to contribute to the further
development of capital market (Asian Development Bank, 2003).
 Mutual fund industry in India: development and growth 289

2 Conclusion
The Indian mutual fund industry is one of the fastest growing sectors in the Indian capital
and financial markets. It has made a leap to become an important and dynamic sector of
the Indian capital market. The resources mobilised by the industry increases year after
year. The total resources mobilised through mutual funds increased from $4940 million
in 1988–1999 to $128300 million in 2003–2004 registering a growth of nearly 26 times
higher than 1998–1999. The share of private sector in mutual fund mobilisation increases
year after year and at the same time the share of public sector and UTI decline year after
year. Of the various sectors, the private sector accounted for nearly 91% of the resources
mobilised showing their overwhelming dominance in the market. The net assets under
management increased from $14825 million in 1998–1999 to $23761 million in 2002–
2003 showing an increase of 60.28% during the period under review. Among the various
schemes the share of income/debt scheme increased from 61.05% in 2001–2002 to
71.81% in 2003–2004. There is popularity among the investors for income/debt scheme
and the income/debt scheme dominates the scene. Of the total number of investors,
30,238,065 are individual investors. Individuals constitute 98.04% of the total number of
investors and contribute $12062 million, which is 55.16% of the net assets. Corporates
form only 1.46% of the total number of investors in the industry and they contribute a
sizeable amount of $9502 million, which is 43.15% of the net assets in the mutual funds
industry. The NRIs constitute a very small percentage of investors (0.50%) and contribute
$304 million (1.69%) of net assets.

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