Symbiosis Centre for Management & Human Resources

Development
[Constituent of SYMBIOSIS INTERNATIONAL (DEEMED
UNIVERSITY), SI (DU)] (Established u/s 3 of the UGC Act 1956, by
notification No.F.9-12/2001 – U.3 of the Government of India)

MBA Executive (2016-19)

Project II

Investment in Mutual Funds (ELSS Vs Others) - Comparative study

By
Prasad Joshi
(Roll No. 2016 G 14)

Under the Guidance of

Dr. Pooja Sharma
 CERTIFICATE

This is to certify that the project work entitled “Investment in Mutual Funds (ELSS Vs

Others) - Comparative study”, is a bonafide work carried out by Mr. Prasad Joshi, a student

of Executive MBA (2016-19) at SCMHRD, is an authentic work which is carried out by him

under my supervision and guidance.

To the best of my knowledge, the matter embodied in the project has not been submitted to

any other University / Institute for the award of any Degree or Diploma.

Date:

Dr. Pooja Sharma

SCMHRD

2
 ACKNOWLEDGEMENT

I take this opportunity to express my gratitude to all of them who in some or other way have

helped me to accomplish this challenging project of ‘Investment in Mutual Funds (ELSS Vs

Others) - Comparative study’.

I am extremely thankful and pay my gratitude to my faculty guide Dr Pooja Sharma,

SCMHRD for his valuable guidance and support of this project. I am very thankful to my

friends and colleagues for providing their valuable feedback on the survey.

I also acknowledge with a deep sense of reverence, my gratitude towards my parents, wife

and my kids who have always supported me and sacrifice family time.

At last but not least gratitude goes to all of my friends who directly or indirectly helped me to

complete this project report.

3
Table of Contents

Introduction: ............................................................................................................................... 5

Problem Description: ................................................................................................................. 7

Literature Review: ..................................................................................................................... 8

Research Methodology: ........................................................................................................... 10

Analysis and Results: ............................................................................................................... 12

T - Test results (Independent sample T-Test): ..................................................................... 15

1) ELSS mutual fund schemes return with 10% tax benefit and Index mutual fund
schemes returns................................................................................................................. 15
2) ELSS mutual fund schemes return with 10% tax benefit and diversified (mixed)
mutual fund schemes ........................................................................................................ 16
3) ELSS mutual fund schemes return with 20% tax benefit and diversified (mixed)
mutual fund schemes ........................................................................................................ 17
4) ELSS mutual fund schemes return with 30% tax benefit and diversified (mixed)
mutual fund schemes ........................................................................................................ 17
Conclusion & recommendations .............................................................................................. 18

Limitations and Future Research: ............................................................................................ 20

References:............................................................................................................................................ 20

4
Investment in Mutual Funds (ELSS Vs
Others) – Comparative study
Introduction:
In India, there are various investment options available for general investors. Some people

who are risk averse they will invest into public provident fund or government bonds like

National Saving Certificates, Kisan Vikas Patra. Some people invest into bank fixed deposit

or recurring deposits. These assets are considered to be a risk free assets and return received

from these assets is considered to be risk free return. Some people can also invest into

immovable assets like land, house, shops, etc. Generally people invest in this category of

asset for a long term investments. They can also invest into assets like gold, silver like

Precious metals.

Other form of investment is investing into bond and share / Stock market. Bond is basically

instrument issues by company to raise its capital. This is debt fund in which company agrees

to pay fixed interest every specific period (generally every year). Investment in share market

is basically investing into actual company and becoming the shareholder of the company.

These investment options are involved with certain amount of risk. This is due to the fact that

return on the investment is depends on the company’s performance. Investor always expects

that the return received from these assets is always greater than risk free return. Investors are

interested in risk premium in such investment.

Return from Stocks = Risk free Return + Risk Premium

Hence if there is more risk involved the expectation from the investor is more for getting

higher risk premium. But if the investor invests into multiple stocks to diversify his

investment then depending on the level of diversification, he may reduce the risk associated

5
with the investment but he may get higher returns. To achieve this investor need to study the

company performance of all the stocks in detail. He also needs to select the various sectors to

avoid the impact of one sector on to his investment. Doing this activity is most of the time not

feasible for common investor. He needs to spend time and gain knowledge of various facets

of finance and economics. This need of the investor is satisfied by mutual fund companies.

Mutual fund is an investment programme funded by shareholders that trades in diversified

holdings and is professionally managed. So by definition all the activities common investor

need to do to diversify his portfolio to minimize the risk and gaining maximum profit, will be

done by the mutual fund companies. They are the professional experts and can manage the

funds very well.

Government to influence investing behaviour of the people promotes the investment into

mutual funds by their policies with respect to income tax. Due to these mutual funds general

public can get the benefit of the market return with minimum risk. So Indian Government as

part of Income tax section 80C provides the tax rebate, if the investor has invested the

amount into mutual funds. Government also make sure through its policy that the investor is

investing long term into such funds. This is done using lock-in period of 3 years. i.e. any

investor invest to gain the benefits of Income tax sec. 80c then he will not be able to

withdraw his money from these funds for 3 years. For better tracking and validating these

policies and rules mutual fund companies maintain separate fund named equity linked saving

scheme (ELSS) funds.

Instead of investing into ELSS funds if investor invested into any other market liked fund

then they get advantage of withdrawing money anytime. But as the government gives the tax

rebate for the ELSS mutual fund schemes; it is important to study that, is consumer actually

getting benefit from such saving with losing the withdrawal rights for 3 years. Instead of

investing into ELSS mutual fund schemes if investor has invested into funds which are linked

6
to index (like Sensex or Nifty) i.e. index funds or invested into any other fund available in the

market then is the return significantly different.

So it is important to study the comparative analysis of ELSS mutual fund schemes including

tax benefits with any other available fund. Is tax rebate given by government is beneficial for

the investor or there is no significant different with respect to returns of ELSS and any other

mutual fund schemes.

Problem Description:

Indian government is providing the tax benefit under section 80c to investor of ELSS

mutual fund schemes to promote the investment into equity market. But from

consumers’/investor perspective it is important to know that if he is taking a risk in investing

in equity market then is he getting better benefits in terms of the risk he is taking. So there is

need for common man (who is not aware much details about the equity market) to provide the

guidance for the investment in appropriate mutual fund scheme to maximize the profit. This

research will help these investors to maximize their profit.

7
Literature Review:

There are various studies happened time to time on the comparative analysis of the

mutual fund schemes return and performance. These studies mainly focus on identifying the

mutual fund schemes which is top performing. Below is a review of some of the studies.

Gupta (2001) performed the comparative analysis of 73 mutual funds schemes which are

having various investment objectives from the period April 1994 to March 1999. Result of

the study gives that these schemes were not diversified properly and are not meeting their

investment objectives.

Study done by Ravinderan and Narayan (2003) also conclude that schemes are not generating

expected returns and not well diversified, this study was based on 269 open ended schemes

between period September 1998 - April 2002.

Elango (2004) did the empirical study on public sector and private sector mutual fund

schemes. The result says that private sector mutual fund schemes are giving higher return

with respect to public sector mutual fund schemes.

Study done by Sondhi and Jain (2004) with the help of 26 mutual fund schemes gives the

result that Pubilc sector mutual fund schemes are giving the return lesser than treasury bills

but private sector mutual fund schemes are giving better results. Study performed by Guha

(2008) as well as Phaniswara and Rao (2008) says that most of the mutual fund schemes

having a mismatch of risk they possess and return and those are failing to give the better

results.

All these various studies were focusing on the overall aspect of the risk and associated return

for the mutual fund schemes. Some studies were also focusing on comparative analysis

between private and public sector mutual fund companies. But there is a limited study on the

8
comparative analysis between ELSS mutual funds and other type of mutual fund schemes. So

there is a research gap to study the comparative analysis between these two segments.

So as part of this research we are focusing on the performance return with respect to ELSS

mutual fund schemes. But from Investor perspective, performance of ELSS mutual fund

should include the tax benefit. Hence while comparing the returns we have three different

returns for ELSS mutual fund schemes, i.e. 10% tax, 20% tax and 30% tax.

So below are the hypotheses for comparison between ELSS and index mutual funds -

H10: There is no significant difference with respect to return of ELSS mutual fund schemes

with 10% tax benefit and Index Mutual fund schemes.

H20: There is no significant difference with respect to return of ELSS mutual fund schemes

with 20% tax benefit and Index Mutual fund schemes.

H30: There is no significant difference with respect to return of ELSS mutual fund schemes

with 30% tax benefit and Index Mutual fund schemes.

Similarly as part of this research it is better to compare the returns of ELSS mutual fund

schemes with diversified (mixed) mutual fund schemes.

So below are the hypotheses for comparison between ELSS and diversified mutual funds -

H40: There is no significant difference with respect to return of ELSS mutual fund schemes

with 10% tax benefit and Index Mutual fund schemes.

H50: There is no significant difference with respect to return of ELSS mutual fund schemes

with 20% tax benefit and Index Mutual fund schemes.

H60: There is no significant difference with respect to return of ELSS mutual fund schemes

with 30% tax benefit and Index Mutual fund schemes.

9
Research Methodology:

This research is a quantitative research, which focus on comparative analysis of the

ELSS mutual funds schemes with Index mutual fund schemes and any other non-ELSS

mutual fund schemes. This research aimed to identify that tax benefits given by government

in ELSS mutual fund schemes is significantly more than the monetary benefits consumers’

getting by investing into other mutual funds schemes. This research is based on the secondary

data collection for the NAV of the various mutual fund schemes.

As part of this research five ELSS mutual fund schemes are selected which are having

highest return in last 3 to 5 years. These mutual fund schemes are also given a top ranking by

CRISIL India. For Index mutual fund schemes same process has been followed, i.e. Five

Index mutual fund schemes which are having highest return in last 3 to 5 years and top

ranked by CRISIL India are selected for the research. Similarly there are other mutual fund

schemes which are having highest returns selected and top ranked by CRISIL India for this

research. So in total eighteen mutual fund schemes are selected for this research.

For these eighteen mutual fund schemes, daily NAV data is collected for the period 02 Jan

2013 to 02 Mar 2017. Using these daily NAV, daily return % is computed for all these

mutual fund schemes. To avoid the impact on any specific day higher or lower return,

average of the daily return is taken for the further study. From a single investor perspective

we can calculate the return by considering the difference between NAV during the investing

and NAV during sale. But if we want to study the overall return of the mutual fund schemes

irrespective of the entry and exit for the investment then the method of daily return average is

helpful.

Using the daily average present researcher computed the yearly return % for these mutual

fund schemes. Yearly return is computed by formula

10
 (yearly working days)
Yearly % Return = ((1+ Daily % Average return) )-1

In a year there are 246 working days for equity market. Hence in above formula Yearly

working days are considered to be 246 days. As the ELSS mutual fund schemes are having

three years locking period hence it is must to compare the returns for three years instead of

one year. Hence using the yearly % returns three years % return is computed by multiplying

the yearly return by three. As part of section 80c there is tax rebate for one lakh fifty

thousand. So as part of this study we are considering if investor invested one lakh in these

mutual fund schemes then what will be his return after three years. This computed return

investors are going to receive after three years so it is important to know what the todays

discounted value for this return. In India in general risk free return is around 8%. So we

discounted the return with 8% return. The tax benefit investors are receiving in case of ELSS

mutual fund schemes will be received at the end of investing year. This benefit will be either

10% or 20% or 30% depending on the earning of the investor (if investor’s taxable income is

between 10% tax bracket then investor will get 10% tax rebate and so on.). So we discounted

this tax benefit by 8% risk free return to get the tax benefit. In case of ELSS, this discounted

tax benefit has been added to the discounted return computed above. For all other mutual

fund schemes the discounted return remains same. These final returns of these mutual fund

schemes are further used for the comparative analysis and arrive at the result.

11
 Analysis and Results:

Below are the selected mutual fund schemes along with their daily, yearly and 3 yearly %
returns.

Table 1: Mutual Fund future returns %

Scheme Daily Yearly 3 Year

Category Code Scheme Name Return Return Return
Birla Sun Life Tax Relief 96 - Growth -
ELSS 119544 Direct Plan 0.076% 20.48% 61.43%
DSP BlackRock Tax Saver Fund - Regular
ELSS 104772 Plan – Growth 0.074% 20.03% 60.10%
Birla Sun Life Tax Plan - Regular Plan -
ELSS 104331 Growth Option 0.070% 18.64% 55.92%
L&T Tax Advantage Fund-Regular Plan-
ELSS 118047 Growth Option 0.066% 17.54% 52.62%
ELSS 103339 Kotak Tax Saver-Scheme-Growth 0.060% 15.77% 47.30%
Index 112351 Kotak Nifty ETF 0.042% 10.91% 32.72%
ICICI Prudential Global Stable Equity
Index 123651 Fund – Growth 0.075% 20.16% 60.47%
Index 100822 UTI - NIFTY Index Fund-Growth Option 0.045% 11.83% 35.49%
Index 113063 IDBI NIFTY Index Fund Growth 0.042% 10.91% 32.74%
Index 112877 IDFC Nifty Fund-Regular Plan-Growth 0.046% 12.09% 36.27%
Mixed 100349 ICICI Prudential Top 100 Fund - Growth 0.063% 16.89% 50.68%
Mixed 112090 Kotak Select Focus Fund - Growth 0.075% 20.13% 60.40%
SBI BLUE CHIP FUND-REGULAR
Mixed 103504 PLAN GROWTH 0.067% 18.05% 54.16%
Birla Sun Life Equity Fund - Growth -
Mixed 103166 Regular Plan 0.080% 21.72% 65.16%
Principal Emerging Bluechip Fund -
Mixed 111381 Growth Option 0.093% 25.76% 77.28%
Quantum Long-Term Equity Fund-Growth
Mixed 103490 Option 0.064% 17.08% 51.23%
Mixed 102142 Sundaram Rural India Fund Growth 0.074% 19.82% 59.45%
Tata Equity P/E Fund Regular Plan -
Mixed 101672 (Growth Option) 0.082% 22.26% 66.79%

12
 Below are the discounted returns for the same selected mutual fund schemes along with
addition of discounted tax benefit, if investor has invested one lakh for three years.

Table 2: Mutual fund - Discounted return

Scheme 10 % 20 % 30 %
Category Code 10% Tax 20 % Tax 30 % Tax return return return
ELSS 119544 ₹ 1,37,404.62 ₹ 1,46,663.88 ₹ 1,55,923.14 37.4% 46.7% 55.9%
ELSS 104772 ₹ 1,36,350.10 ₹ 1,45,609.36 ₹ 1,54,862.62 36.4% 45.6% 54.9%
ELSS 104331 ₹ 1,33,036.61 ₹ 1,42,295.87 ₹ 1,51,555.13 33.0% 42.3% 51.6%
ELSS 118047 ₹ 1,30,412.07 ₹ 1,39,671.33 ₹ 1,48,930.58 30.4% 39.7% 48.9%
ELSS 103339 ₹ 1,26,190.02 ₹ 1,35,449.28 ₹ 1,44,708.54 26.2% 35.5% 44.7%
Index 112351 ₹ 1,05,355.25 ₹ 1,05,355.25 ₹ 1,05,355.25 5.4% 5.4% 5.4%
Index 123651 ₹ 1,27,387.75 ₹ 1,27,387.75 ₹ 1,27,387.75 27.4% 27.4% 27.4%
Index 100822 ₹ 1,07,556.41 ₹ 1,07,556.41 ₹ 1,07,556.41 7.6% 7.6% 7.6%
Index 113063 ₹ 1,05,375.72 ₹ 1,05,375.72 ₹ 1,05,375.72 5.4% 5.4% 5.4%
Index 112877 ₹ 1,08,172.40 ₹ 1,08,172.40 ₹ 1,08,172.40 8.2% 8.2% 8.2%
Mixed 100349 ₹ 1,19,615.01 ₹ 1,19,615.01 ₹ 1,19,615.01 19.6% 19.6% 19.6%
Mixed 112090 ₹ 1,27,328.69 ₹ 1,27,328.69 ₹ 1,27,328.69 27.3% 27.3% 27.3%
Mixed 103504 ₹ 1,22,374.48 ₹ 1,22,374.48 ₹ 1,22,374.48 22.4% 22.4% 22.4%
Mixed 103166 ₹ 1,31,105.99 ₹ 1,31,105.99 ₹ 1,31,105.99 31.1% 31.1% 31.1%
Mixed 111381 ₹ 1,40,729.63 ₹ 1,40,729.63 ₹ 1,40,729.63 40.7% 40.7% 40.7%
Mixed 103490 ₹ 1,20,052.94 ₹ 1,20,052.94 ₹ 1,20,052.94 20.1% 20.1% 20.1%
Mixed 102142 ₹ 1,26,579.48 ₹ 1,26,579.48 ₹ 1,26,579.48 26.6% 26.6% 26.6%
Mixed 101672 ₹ 1,32,403.88 ₹ 1,32,403.88 ₹ 1,32,403.88 32.4% 32.4% 32.4%

Graph 1: Shows the comparison between the return for ELSS and index fund for 10%, 20%
and 30% tax benefit.

60.00%

50.00%

40.00%

30.00%
Average of 10 % return

20.00% Average of 20 % return

Average of 30 % return
10.00%

0.00%
103339

104331

104772

118047

119544

100822

112351

112877

113063

123651

ELSS Index

13
Graph 2: shows the comparison between the return for ELSS and diversified (mixed) fund
for 10%, 20% and 30% tax benefit.

60.00%

50.00%

40.00%

30.00%
Average of 10 % return

20.00% Average of 20 % return

Average of 30 % return
10.00%

0.00%
103339

104331

104772

118047

119544

100349

101672

102142

103166

103490

103504

111381

112090
ELSS Mixed

Graph 3: shows the comparison between the return for ELSS and index and diversified
(mixed) mutual fund schemes for 10% tax benefit.

10 % Tax Benefit
45.00%
40.73%
40.00%
35.66% 36.72%
35.00% 32.35% 32.40%
31.11%
29.73%
30.00% 27.39% 26.58% 27.33%
25.50%
25.00% 22.37%
19.62% 20.05%
20.00%

15.00%

10.00% 7.56% 8.17%

5.36% 5.38%
5.00%

0.00%
118047

100822
103339

104331

104772

119544

112351

112877

113063

123651

100349

101672

102142

103166

103490

103504

111381

112090

ELSS Index Mixed

Total

14
Graph 4: shows the comparison between the return for ELSS and index fund for 10%, 20%
and 30% tax benefit.

30 % Tax Benefit
60.00%
52.81% 53.87%
49.50%
50.00% 46.87%
42.65%
40.73%
40.00%
32.40% 31.11%
30.00% 26.58% 27.33%
22.37%
19.62% 20.05%
20.00%

10.00%

0.00%

103490
103339

104331

104772

118047

119544

100349

101672

102142

103166

103504

111381

112090
ELSS Mixed

Total

T - Test results (Independent sample T-Test):

1) ELSS mutual fund schemes return with 10% tax benefit and Index mutual fund
schemes returns
Group Statistics

Category N Mean Std. Deviation Std. Error Mean

10 % return ELSS 5 32.6786800% 4.56021119% 2.03938844%

dimension1

Index 5 10.7694000% 9.37623036% 4.19317769%

Independent Samples Test

Levene's Test for Equality of Variances t-test for Equality of Means

F Sig. T Df

10 % return Equal variances assumed 1.297 .288 4.699 8

Equal variances not assumed 4.699 5.792

15
 Independent Samples Test

t-test for Equality of Means

Sig. (2-tailed) Mean Difference Std. Error Difference

10 % return Equal variances assumed .002 2.1909280E1% 4.66281507%

Equal variances not assumed .004 2.1909280E1% 4.66281507%

2) ELSS mutual fund schemes return with 10% tax benefit and diversified (mixed)
mutual fund schemes
Group Statistics

Category N Mean Std. Deviation Std. Error Mean

10 % return ELSS 5 32.6786800% 4.56021119% 2.03938844%

dimension1

Mixed 8 27.5237500% 7.14008035% 2.52439962%

Independent Samples Test

Levene's Test for Equality of Variances t-test for Equality of Means

F Sig. t Df

10 % return Equal variances assumed .862 .373 1.430 11

Equal variances not assumed 1.588 10.954

Independent Samples Test

t-test for Equality of Means

Sig. (2-tailed) Mean Difference Std. Error Difference

10 % return Equal variances assumed .181 5.15493000% 3.60574522%

Equal variances not assumed .141 5.15493000% 3.24525787%

16
 3) ELSS mutual fund schemes return with 20% tax benefit and diversified (mixed)
mutual fund schemes
Group Statistics

Category N Mean Std. Deviation Std. Error Mean

20 % return ELSS 5 41.9379600% 4.56022362% 2.03939400%

dimension1

Mixed 8 27.5237500% 7.14008035% 2.52439962%

Independent Samples Test

Levene's Test for Equality of Variances t-test for Equality of Means

F Sig. t df

20 % return Equal variances assumed .862 .373 3.998 11

Equal variances not assumed 4.442 10.954

Independent Samples Test

t-test for Equality of Means

Sig. (2-tailed) Mean Difference Std. Error Difference

20 % return Equal variances assumed .002 1.4414210E1% 3.60574707%

Equal variances not assumed .001 1.4414210E1% 3.24526136%

4) ELSS mutual fund schemes return with 30% tax benefit and diversified (mixed)
mutual fund schemes
Group Statistics

Category N Mean Std. Deviation Std. Error Mean

30 % return ELSS 5 51.1971800% 4.56021119% 2.03938844%

dimension1

Mixed 8 27.5237500% 7.14008035% 2.52439962%

17
 Independent Samples Test

Levene's Test for Equality of Variances t-test for Equality of Means

F Sig. t df

30 % return Equal variances assumed .862 .373 6.565 11

Equal variances not assumed 7.295 10.954

Independent Samples Test

t-test for Equality of Means

Sig. (2-tailed) Mean Difference Std. Error Difference

30 % return Equal variances assumed .000 2.3673430E1% 3.60574522%

Equal variances not assumed .000 2.3673430E1% 3.24525787%

So as per above result we reject the hypothesis H10, H20 and H30 and there is a significant

difference between ELSS mutual fund schemes and index mutual fund schemes.

With respect to comparison of diversified mutual funds and ELSS schemes results, we failed

to reject hypothesis H50 but we reject hypothesis H60 & H70. There is a no significant

difference between ELSS mutual fund schemes with 10% tax benefit and diversified mutual

fund schemes but there is significant difference between ELSS mutual fund schemes with

20% & 30% tax benefit and diversified mutual fund schemes.

Conclusion & recommendations

From the above comparative results and independent sample T test results, index

funds are not giving the expected returns. ELSS funds are giving good returns (32.68%) with

10% Tab benefit compare to Index funds returns (10.77%). So people should not invest into

Index mutual fund schemes unless they want to avoid all the unsystematic risk (Risk

18
associated with the complete market is considered to be systematic risk and it is unavoidable

risk, risk due to less diversification and too much aggressiveness is considered to be

unsystematic risk and it is avoidable risk).

From the result, we also conclude that ELSS mutual fund schemes returns for the 10%

tax benefit (32.68%) are lesser than the returns of diversified (mixed) mutual fund schemes

(27.52%) but those are not having significant difference. So investors’ having tax bracket of

10% can invest in either ELSS or diversified (mixed) mutual fund schemes, there is no

significant difference but considering the locking period for ELSS mutual fund schemes he

may prefer diversified (mixed) mutual fund schemes.

From the result, we conclude that ELSS mutual fund schemes returns for the 20% tax

benefit (41.94%) are having better results than diversified (mixed) mutual fund schemes

(27.52%) and those are significantly more. So investors’ having tax bracket of 20% should

invest into ELSS mutual fund schemes than diversified (mixed) mutual fund schemes

From the result, we also conclude that ELSS mutual fund schemes returns for the 30%

tax benefit (51.20%) are significantly higher than the returns with respect to diversified

(mixed) mutual fund schemes (27.52%). So investors’ having tax bracket of 30% should

invest into ELSS mutual fund schemes instead of diversified (mixed) mutual fund schemes.

So recommendation for investor is if he is in 20% or 30% tax bracket then he should

invest in ELSS mutual fund schemes else he may invest in diversified (mixed) mutual fund

schemes. He should only invest in Index mutual fund schemes if he does not want to have

any unsystematic risk.

19
Limitations and Future Research:

This research was focusing only on the return aspect of the mutual fund schemes. Any

other factor consumers’ perceived is not considered as part of this research. Along with return

% of risk factor can be considered as part of future research. This research was focusing only

on 18 mutual fund schemes. Further study can be done by considering large no of mutual

fund schemes. The research is based on the past 4 years data, the result may change in future

if there are changes in the market dynamics. This research need to carry out time to time for

better judgement.

References:
- Elango, R. (2004). Which fund yields more returns?. The Management

Accountant, 39(4), 283-290.

- Guha, S. (2008). Performance of Indian equity mutual fund and their style

benchmarks. The ICFAI Journal of Applied Finance, 14(1), 49-81.

- Gupta, A. (2001). Mutual funds in India: A study of investment management.

Finance India, XV (2), 631-637.

- Phaniswara, R.B., & Rao, K. M. (2008). Performance evaluation of selected

Indian mutual funds. The Indian Journal of Commerce, 61(3), 70-82.

- Ravinderan, M., & Narayan, S. (2003). Performance evaluation of selected Indian

mutual funds. Retrieved from http://www.ssrn.com/article No 107.

- Sodhi, H. J., & Jain, P. K. (2004). Financial performance of equity mutual funds:

Empirical evidence from India, Dias Technology Review, 1(2), 69-78.

- Historical NAV for mutual fund schemes - Retrieved from

https://www.amfiindia.com/nav-history-download

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