An efficient, articulate and developed financial system is necessary for the rapid economic growth and development of a country. Financial system facilitates the transformation of savings of individuals, governments, and businesses into investment and consumption. A complete system is formed of specialized intermediaries and non-specialized intermediaries, organized and non-organized financial markets and financial instruments and services. In India people have less investing in mutual fund if talk about USA, China, Canada, and any more country have people investing in mutual funds. If talk about other investment avenue like FD, Bond, Insurances, Gold, Derivatives, commodity etc. but people don’t want to take more risk and investing only those security which have less risk and average return. As per my point of view Indian investor investing more in FD, Gold, Silver, Stock and bond. Or talk about mutual fund market not develop very well in India and the reason behind is people not much more aware about mutual fund different different schemes, For the analysis have taken 5 year NAV data of different equity schemes from 1/4/2007 to 31/3/2012. And 3 Assets Management company like HDFC AMC LTD, ICICI AMC LTD and RELIANCE AMC LTD. For analysis applied various test like Descriptive test, correlation test, ganger causality test, Correlogram test etc.
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