Investor Patterns in Mutual Fund Investment in Farrukhabad District, Uttar Pradesh, India

This research presents a study of investor behaviour for investment in mutual funds in Farrukhabad District, Uttar Pradesh, India. The idea of mutual fund coined in Netherlands in eighteenth century and introduced in India by Unit Trust of India in 1960s. As the mutual fund gives an opportunity of diversified investment composition with changeable level of risk, Mutual fund was believed to be the main profitable medium for domestic investors. The present condition is of innovative investment. Investor are suitable for innovative investment as well as more attentive for cashless transactions, online banking, online shopping, online investment etc, feeling self-sufficient for Investment related matters. In related to investment previously Bank saving as well as saving account, Public Provident Fund through bank and post offices was the most suitable options for the investors. But now investors are more informative as compare to previously and investing in different areas for diversification of their investment. In the present condition, mutual fund investments are the important investment methods as compared to other options. Through mutual fund investment, we can get the indirect communication with capital market. The mutual funds can be choosing on the basis of different preferences like investor age, investor financial situation, investor risk capacity and what short of return investor looking from mutual fund investment. Mutual Funds gives high liquidity, managed by professionals, provides ELSS (Equity Linked Saving Schemes) tax saving with investment. Investor can get huge returns and having choice of different schemes as per the requirements as well execution of their financial goals. This research presents Investors' attitude for Mutual Funds Investment. In this research, Primary data collected through questionnaire and secondary data collected from various literatures and from internet. The results indicate that most of the investors know about mutual funds but still not investing in mutual fund due to lack of knowledge regarding investment in mutual fund. This research also investigate investors attitude for mutual funds investment in future for achieving investment objective. This research recommendation will be useful for mutual fund operating organizations and government to initiate the awareness programs for investors, so they become more literate and also run training programs for mutual funds advisors for developing trust in mutual fund investors. This research presents a study of investor behaviour for investment in mutual funds in Farrukhabad District, Uttar Pradesh, India.

As the mutual fund gives an opportunity of diversified investment composition with changeable level of risk, Mutual fund was believed to be the main profitable medium for domestic investors. The present condition is of innovative investment. Investor are suitable for innovative investment as well as more attentive for cashless transactions, online banking, online shopping, online investment etc, feeling self-sufficient for Investment related matters. In related to investment previously Bank saving as well as saving account, Public Provident Fund through bank and post offices was the most suitable options for the investors. But now investors are more informative as compare to previously and investing in different areas for diversification of their investment. In the present condition, mutual fund investments are the important investment methods as compared to other options. Through mutual fund investment, we can get the indirect communication with capital market. The mutual funds can be choosing on the basis of different preferences like investor age, investor financial situation, investor risk capacity and what short of return investor looking from mutual fund investment. Mutual Funds gives high liquidity, managed by professionals, provides ELSS (Equity Linked Saving Schemes) tax saving with investment. Investor can get huge returns and having choice of different schemes as per the requirements as well execution of their financial goals. This research presents Investors' attitude for Mutual Funds Investment. In this research, Primary data collected through questionnaire and secondary data collected from various literatures and from internet. The results indicate that most of the investors know about mutual funds but still not investing in mutual fund due to lack of knowledge regarding investment in mutual fund. This research also investigate investors attitude for mutual funds investment in future for achieving investment objective. This research recommendation will be useful for mutual fund operating organizations and government to initiate the awareness programs for investors, so they become more literate and also run training programs for mutual funds advisors for developing trust in mutual fund investors. This research presents a study of investor behaviour for investment in mutual funds in Farrukhabad District, Uttar Pradesh, India.

Introduction
The concept of mutual fund emerged for the first time in Netherlands in the18th century and introduced in India by Unit Trust of India (UTI) in1960s. In the late 80s Indian mutual fund market witnessed entry of number of public sector players and in 1993 private sector (including foreign fund management companies) was permitted to enter into the market. The entry of private sector led to the availability of more options to the investors and tougher competition International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 @ IJTSRD | Available Online @ www.ijtsrd.com | Volume -1 | Issue -5 | July -August 2017 Page: 320 to market players. One of the major events in the history of mutual fund industry was the bifurcation of UTI into two separate entities in 2003 [13]. Mutual funds have emerged as an key investment avenue for retail investors. A mutual fund is an investment tool for who pool their savings for investing in diversified portfolio [1,6]. By the definition of AMFI "Mutual fund in India is a kind of collective investment that is managed professionally [3,10]. In Mutual fund in India, the money is collected from a large number of investors and then it is invested in bonds, stocks, and various other securities. The fund manager of Mutual fund in India collects the interest income which is then distributed among the individual investors on the basis of the number of units that they hold". A mutual fund invites the prospective investors to join the fund by offering various schemes so as to the requirements of different categories of investors. There are a number of mutual fund schemes according to suit the needs and preferences of investors. Mutual funds in India are now governed under the SEBI (securities exchange board of India) regulations 1996 [2,8]. In India there are various companies which are dealing in mutual fund such as Reliance Mutual Funds, HDFC, ABN Amro, AIG, Bank of Baroda, Canara Bank, Birla Sun Life, DSP Merrill Lynch and DBS Chola Mandalam. In present situation online systems and websites gives investors to perform all types of transactions without compulsion of exact physical location [8][9][10][11]. This research presents a study of investor behaviour for investment in mutual funds in Farrukhabad District, Uttar Pradesh, India. Beetle-nut (Supari) is also processed to make sweet supari and is a famous product of Farrukhabad [12].

Related Work
Walia and Kiran (2009) [4], studied investor's risk and return perception towards mutual funds. The study examined investor's perception towards risk involved in mutual funds, return from mutual funds in comparison to other financial avenues, transparency and disclosure practices. The study investigated problems of investors encountered with due to unprofessional services of mutual funds. The study found that majority of individual investors doesn't consider mutual funds as highly risky investment. In fact on a ranking scale it is considered to be on higher side when compared with other financial avenues. The study also reported that significant relationship of interdependence exists between income level of investors and their perception for investment returns from mutual funds investment.
Saini et., al. (2011) [5], analyzed investor's behavior, investors' opinion and perception relating to various issues like type of mutual fund scheme, its objective, role of financial advisors / brokers, sources of information, deficiencies in the provision of services, investors' opinion relating to factors that attract them to invest in mutual and challenges before the Indian mutual fund industry etc. The study found that investors seek for liquidity, simplicity in offer documents, online trading, regular updates through SMS and stringent follow up of provisions laid by AMFI.
Singh (2012) [6], conducted an empirical study of Indian investors and observed that most of the respondents do not have much awareness about the various function of mutual funds and they are bit confused regarding investment in mutual funds. The study found that some demographic factors like gender, income and level of education have their significant impact over the attitude towards mutual funds. On the contrary age and occupation have not been found influencing the investor's attitude. The study noticed that return potential and liquidity have been perceived to be most lucrative benefits of investment in mutual funds and the same are followed by flexibility, transparency and affordability.

Research Methodology & Design
This research study is descriptive in nature.

Data Collection
The primary data was collected using questionnaire in Farrukhabad District, Uttar Pradesh, India [12]. Secondary data was collected from Research papers and Websites.

Sampling Plan
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Tools of Data Analysis & Interpretation
The data analyzed and processed by applying classifying method, tabular method and presented for .interpretation and recommendations.    Interpretation: In this research, 66% investors are service class and 20% investors are businessman followed by 12% investors who are professionals  Unmarried 500 17 Interpretation: In this research, 82% investors are married and 17% investors are unmarried Interpretation: In this research, Savings and inflation balance is primary criteria for investment followed by Tax benefits related investments and capital gain Interpretation: In this research, 45% investors are able to save between 10% to 25% of their total yearly earnings followed by 31% investors who are able to save less than 10% International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 @ IJTSRD | Available Online @ www.ijtsrd.com | Volume -1 | Issue -5 | July -August 2017 Page: 323   Interpretation: In this research, As per Table 11, Balanced plan is the favorite in investors. Investment in Index Funds is the last options for 20% investors Interpretation: In this research, Systematic investment the best choice for investment in mutual funds as compared to occasional investment in mutual fund   Interpretation: In this research, Physical means interaction is preferred by 57% of investors for investment in mutual funds. Only 42% investors are using Internet/App for investment in mutual funds

Findings of the Research
This research presents a study of investor behaviour for investment in mutual funds in Farrukhabad District, Uttar Pradesh, India. The primary goal of the investors is to save money and fight with inflation. Service class and others want to invest in tax saving plans for saving tax as well as boost the return of investment. Most of the investors are saving between 10 to 25% of their earnings. As per our research, some of investor invested in mutual fund without aware about mutual funds and take advice from others while investing in mutual funds. Investment in Banks savings and different schemes of mutual funds are being 1st and 2nd choice for investors. Investment in Balance plan and Tax saving plans are mostly chosen by the investors. Systematic investment is the priority for investors while investing in mutual funds. Investment in mutual fund through physical means gives more trust for investment as compared to through Internet.

Conclusion
Mutual Fund organizations should educate investors to invest in mutual funds through Internet and Mobile App as compared to physical means because it saves time, money, paper work and complications. Mutual fund investment tracking is also very easy by using Internet and Mobile App. Direct interaction with equity can give high return but also risky for small and medium income group. In direct interaction while investing in equity market can be dangerous for inventors. Mutual funds give the ease to investors to get the indirect exposure of equity market. As per the performance of mutual funds, it can be better options as compared to bank savings. Mutual Fund organizations should also rung awareness camps for investors about investment methods and benefits of mutual funds. AMFI website shows past performance of Mutual funds and it can be the good way for investors for getting good returns and fight with inflation. Several advisory organizations proving advisory to Investors for investment in mutual fund and, a investor should have to maintain a diversified portfolio for maximizing their investment returns.