SYMBIOSIS INTERNATIONAL DEEMED UNIVERSITY

ADVANCED FINANCIAL MANAGEMENT

RESEARCH PAPER SUBMISSION

‘MUTUAL FUND: PRE AND POST CRISIS DYNAMICS’

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Submitted by
Niharika Khanna
Division- ‘D’
PRN – 18010324093
Year – 3rd year
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In
May, 2021
Under the guidance of
Mr. Rajanikanth

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 TABLE OF CONTENTS

TITLE PAGE NUMBER

Introduction 3

Literature Review 3

Research Problem 5

Objectives of the study 6

Research Methodology 6

Scope of the study 7

Research Design 7

Data Collection sources 7

Method of Analysis 7

Limitations 7

Data Analysis and interpretation 8-13

Discussion 14

Findings and conclusion 15

References 16

Appendices 17

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 CHAPTER 1

1.1 INTRODUCTION
Mutual funds involve collection of money and resources by the investors and securing these
investments on their behalf. They can be in the form of debt or equity or both. The sector of
mutual fund has always played an important and essential role in the Indian financial system.
This sector has been rapidly growing in the financial market and also has the potential to hold
an increasing position in the market. The mutual funds sector has always played an important
role in the financial market. Back in the 2000’s, when the regulation of the mutual funds in
the money market was assigned to SEBI, the sector witnessed a rapid growth in this sector
that led to increased returns to the market. Until the year 2003, the mutual fund sector had
performed really well. In the year 2003, due to the global crisis that took place, it had a huge
impact in the economy of India as well. This was because the Mutual funds played a role in
managing the Foreign Direct Investment, and occurrence of crisis in the sector impacted the
Indian market.
The objectives of this sector involve stabilization of the financial market and management of
the huge inflows as well as the outflows of the investment from the foreign sector.(Mutual
Funds and Emerging Indian Economy, n.d.) Particularly, the mutual funds of the money
market enable the generation of investments of the investors belonging to the retail sector. In
the year 2000, SEBI was appointed and assigned to undertake the regulation and supervision
of all the mutual funds that were invested in the money market. This was done to ensure
increased returns and to enable transparency in the market. since then, the performance of
mutual funds had increased rapidly. In the year 2008, there was a global crisis that took place
which originally stemmed from the US market. This affected the performance of mutual
funds in India as well wherein, the country slowly started to experience the situation of
recession. The emerging and rising risk due to the high valuation fall in the USA, prompted
the outflows of the Indian economy.(De & Ghosh, 2019) As a result, India started to face
crisis especially in the sector of mutual funds, that highly affected the financial market as a
whole. The situation and performance of mutual funds did not remain the same post the
crisis. The paper aims to compare and analyze the position of mutual funds holdings pre and
post the crisis that led to a major back fall in the profits of the financial market. (Suchismita
Bose, 2012)

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1.2 LITERATURE REVIEW
1. (Moreno et al., 2010)
In this paper, the author has analyzed the position of India before the period of global crisis.
The figures with relation to the same have also been provided. In this paper, the author
concludes that the position of the mutual fund industry of India before the emerging global
crisis took place was way batter than post the crisis.
2. (Prasad & Reddy, 2009)
In this paper, the author has devised and analyzed the crisis that occurred in the mutual fund
industry in a detailed manner. Later, the author analyzed and interpreted its effect and impact
on India. The author concludes by saying that India is in a better position after subsequent
years of the crisis where it enjoys a considerable amount of inflow.
3. (Sinha, n.d.)
In this study the author has emphasized upon the importance of mutual funds and also listed
down all the types of mutual funds that exist in the market today. The manner in which the
money market of local India was impacted due to the global crisis has been analyzed by the
author in the paper.
4. (CBS JOURNAL. Pdf, n.d.)
In this study the author has stated that the mutual fund industry went through a significant
downfall due to the emergence and occurrence of the crisis. The author described the
situation of India before the period of crisis and then conducted a comparative study as to
what India went through during the crisis and which period of the mutual fund industry was
better.
5. (India and the Global Financial Crisis - The Economic Times, n.d.)
This study has clearly shown how the crisis that took place in the year 2007 impacted India.
This paper traces every phase of the period of crisis right from before its inception, during
and after its emergence. The author has also interpreted the entire periods to study about each
of them in detail.
6. (Bhaskaran, 2018)
In this study the author has analyzed the situation of India in the time of crisis from the point
of view of the investors. It has described the suffering and the losses that they had to go
through due to the occurrence of the crisis. The paper has also analyzed and provided
mechanisms that helped the investors to cope from the situation of crisis.

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 7. (Singh, n.d.)
In this study the author has analyzed and interpreted in detail mainly the occurrence of the
time of the crisis. Various aspects such as the inception, the trouble period, the period of
downfall has been interpreted by the author. The author has also mentioned about the
aftermath of the crisis and how India managed to cope up and come out of such a global
crisis.
8. (Association of Mutual Funds in India, n.d.)
In this study the author has closely analyzed and studied the history of the industry of mutual
funds in India. The author has outlined and provided every small detail of the position of the
financial market before the crisis took place and has also mentioned the various regulations
that were introduced in the pre-crisis period that also played a major role in helping India to
come out of the financial and economic crisis.
9. (“History of Mutual Funds in India | Mutual Funds India | AMFI | SEBI,” n.d.)
In this paper the author has highlighted the history and importance of mutual funds. The
various sectors in which the assets were allocated before the period of crisis has been
mentioned and analyzed by the author in this paper.
10. (Kale & Panchapagesan, 2012)
This study mentions and analyzes the various opportunities that lie for several investors post
the period of financial crisis. The author has also mentioned the various sectors which have
the potential to prosper after the crisis and also provides a fair idea of the concept and
meaning of mutual funds.
11. (Mutual Fund Investing | Contribution to Economy & History, n.d.)
This paper analyses the contributions made by mutual funds towards the economy and also
lists the types of mutual funds available in the market. The role that mutual fund has played
as an industry in the overall development of the economy has been mentioned by the author.
12. (Money Front, n.d.)
This paper reflects upon how mutual funds industry has evolved since the occurrence of the
global crisis. The developments that took place before the crisis, the measures that were
adopted during the crisis and strategies adopted post the crisis have been discussed.

1.3 RESEARCH PROBLEM

Mutual funds play an essential and crucial role in the financial system of India. The money
and resources of the investors is collected and invested on their behalf. A small amount of fee

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is usually charged in return of managing the resources of the investors. Mutual funds are
usually highly subjected to the risk of the market. In organizations and companies whose
balance sheet is on a weaker side, the investment of the mutual fund still does a fine job at the
time of high growth rate period that too with almost no liquidity pressure. However, when the
economy is faces a period of ‘stress’, such low and weak balance sheets have to be handled
and dealt primarily. If these aren’t dealt at the right time, they lead to crisis in the economy.
These crises become a problem for the financial market. The paper aims to analyze the
position mutual funds before and after the crisis that took place in India. The effects of the
crisis will be analyzed and studied in detail.
The paper aims to address the following research questions:
 What is the definition, the types of funds existing in the Indian financial market?
 What is the position and estimates of Indian mutual fund holdings before the occurrence
of the crisis?
 What are the estimates of holdings of mutual funds during the crisis?
 How has the position of mutual funds changed post the occurrence of the crisis?

1.4 OBJECTIVES OF THE STUDY

The objective of the study are as follows:
 To understand the detailed concept of mutual funds including the definition and types in
the Indian financial market.
 To study the mutual funds holdings of the period before the occurrence of the crisis.
 To study the holdings of mutual funds of the during the period of crisis.
 To analyze in detail the position of mutual funds post-crisis.

1.5 RESEARCH METHODOLOGY

The research methodology that will be undertaken for this project is the doctrinal form of
research. This study will include analysing the values of the mutual funds before and after the
crisis to carry out the research. Both published and unpublished personal sources will also be
referred. No primary source of collection of data will be taken up in the present paper the
researcher will focus the research on secondary sources of data. The sources which have
already been presented and published by various authors will be used in the paper. The style
of citation that the researcher will use throughout the project will be ‘American Psychological

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Association’. Other secondary sources of data such as journals, articles, newspapers,
magazines, etc will be referred. Additionally, opinions of the experts, research papers,
authorised websites, dictionary as well as book reviews will be looked upon to carry out
research to complete the paper.
1.5.1 SCOPE OF THE STUDY
The scope of the study is limited to the Indian financial market and thus the
paper discusses the impact of crisis on the mutual funds and its position pre and
post the crisis. The scope is also limited to the years before the crisis, during
and after the third phase of the crisis.
1.5.2 RESEARCH DESIGN
The research design technique that will be undertaken by the researcher is qualitative design
of research. Such a research usually helps in the determination of relationships of those data
which have already been collected based upon calculations. Further, the research design
undertaken for the research paper will be descriptive research design. In such a design of
research, the researcher will describe the study of purpose.(“Research Design,” 2018) It is a
design which is generally based upon theories which have already been established. The
research is completed by assembling, examining, and providing the data which has been
collected. Such a kind of research enables the researcher to present information and insights
on the further research that will be conducted.
1.5.3 DATA COLLECTION SOURCES
The researcher has used secondary sources of data to conduct the research of the present
paper. The sources which have already been presented and published by various authors have
been used in the paper. The style of citation that the researcher has used throughout the
project is ‘APA’. Other secondary sources of data such as journals, articles, newspapers,
magazines, etc have been referred. The researcher has focused on secondary sources of data
for the paper.
1.5.4 METHOD OF ANALYSIS
The method of analysis that will be undertaken by the researcher is only qualitative. The
mutual funds before and after the crisis as a whole will be studied by using qualitative
methods and sources such as articles, journals, website of the company, etc. This will enable
the researcher to thoroughly analyze the mutual funds holdings of India pre and post the
occurrence of the crisis.

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1.5.5 LIMITATIONS
The limitations of the study are as follows:
 The study is limited to analyzing the financial market of India
 The holdings of mutual funds will be limited to the following years-
 2003-2007(pre-crisis period)
 2008-2018(post-crisis period)
 The study will be limited to non-statistical tools which will involve collection, analysis
and presentation of the data which has already been calculated.
 The period of study is limited and does not cover the analysis of the recent years

CHAPTER 2- DATA ANALYSIS AND INTERPRETATION

2.1 Concept of mutual funds including the definition, types, need and its
importance in the Indian financial market.

2.1.1 Definition and concept of mutual funds

“A mutual fund is a company that pools money from many investors and invests the money
in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual
fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents
an investor’s part ownership in the fund and the income it generates.”(Mutual Funds |
Investor.Gov, n.d.). “A mutual fund is a type of financial vehicle made up of a pool of money
collected from many investors to invest in securities like stocks, bonds, money market
instruments, and other assets. Mutual funds are operated by professional money managers,
who allocate the fund's assets and attempt to produce capital gains or income for the fund's
investors. A mutual fund's portfolio is structured and maintained to match the investment
objectives stated in its prospectus.”(Hayes, n.d.)
“Mutual funds give small or individual investors access to professionally managed portfolios
of equities, bonds, and other securities. Each shareholder, therefore, participates
proportionally in the gains or losses of the fund. Mutual funds invest in a vast number of
securities, and performance is usually tracked as the change in the total market cap of the
fund—derived by the aggregating performance of the underlying investments.”(Final Rule:
Investment Company Names, n.d.).

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2.1.2 Types of Mutual Funds
Mutual funds are divided primarily on the basis of their structure and by the objectives of the
investment. Under these main categories they can be sub-divided into further following
categories:
2.1.2.1 On the basis of their structure- On this basis, they can further be classified into open-
ended, close-ended and interval schemes.
 Open-ended scheme- These categories of mutual funds are supposed to either redeem
or buy back those shares that are outstanding at any given time. These are to be
redeemed upon demand. They are usually redeemable at a price that is fixed by the
present value of the net assets of the funds which are usually called the Net Asset
Value. The NAV is deduced by subtracting the asset’s market value from the
liabilities of their own. The single measure of NAV is calculated by dividing the
scheme’s NAV and the number of outstanding units.
 Close-ended scheme- This category of mutual funds usually provides for units that are
fixed in number during the Initial Public Offering (IPO). These funds procure
additional capital by way of subsequently providing public offers. The units once
offered aren’t usually bought or redeemed in a direct manner, by way of funds but are
purchased and then later sold on the stock exchange by the investors of the market.
The period of maturity of these mutual funds have a specific time period, i.e. from 2-
15 years.
 Interval scheme- This type is usually the mixture of both the above mentioned
schemes. They can either be purchased and sold on the stock exchange or could be put
out for sale in the form of IPO.
2.1.2.2 On the basis of their objectives of investment- On this basis, they can be divided into
growth, income, balanced and money liquid schemes.
 Growth scheme- The primary goal of this type of mutual fund is to offer and present
appreciation i.e. growth of capital over a term ranging from medium-long. The
strategy of using this type of scheme is to invest most of their funds in the equities
where they get completely prepared to borne a downfall for a short period of time, so
that in the future this value is appreciated.
 Income scheme- The main goal of this fund is to offer and present benefits to the
investors. This is usually provided in the form of income that is continuous and
provided on a regular basis. These types of schemes usually conduct investment in

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 securities that provides a fixed steady income. Some of the examples of this scheme
includes debentures of corporate nature, bonds, etc.
 Balanced scheme- The primary motive of this type of scheme is to not only offer
growth but also provide a steady income to their investors. This is usually done by
way of distribution of a portion of income and the gains that they receive in a periodic
manner. Investment is carried both by way of investing in shares as well as securities
that provides income that is steady and fixed.
 Money liquid scheme- Also known as market liquid scheme, this type of mutual
fund’s motive is offering and providing easy liquidation, capital protection and
income that is moderate in nature. Investment that is safe in nature are conducted.
Some of the examples include commercial paper, treasury bills, etc. All these
instruments are short-term in nature.
There are various types of other mutual funds too which do not fit in any of the above
mentioned types. These include Index scheme, Tax saving scheme and Exchange traded
funds. There are invested in specific technology, provide incentives of tax and purchased on
stock exchange respectively.

2.2 Position and estimates of Indian mutual fund holdings before the
occurrence of the crisis.
The pre-crisis period of mutual funds is considered to be between the years of 2003-2007.
The aggregate of the investments and holding of mutual funds in the market of finance
decided after looking into their mobilization of the number of resources. Their holdings and
investments in distinct sectors of the market of finance depends upon the choice of the
investor.
TABLE 1
Investments by Mutual Funds

(Rs. crore)
Year Equity Debt Total
2003-04 1,308 22,701 24,009
2004–05 448 16,987 17,435
2005-06 14,303 36,801 51,104
2006-07 9,062 52,543 61,607
2007-08 16,306 73,790 90,065
2008-09 6,984 81,803 88,787
2009-10 -10,512 1,80,588 1,70,076
2010-11 -19,975 2,48,854 2,28,879
2011-12 4,221 2,04,095 2,08,316

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 #Till December 31, 2011.

Source: SEBI.
The choice is usually made in relation to investing in debt, equity or other sources or
financial instruments. Before the time of the crisis, the total investments by mutual funds was
on a rise. “Since the beginning of the year 2003, the market increased about eight-fold
witnessing a good increase with only a little decrease in the years.”(India and the Global
Financial Crisis - The Economic Times, n.d.) There was an increase of about 53% in the total
investment made by the mutual funds.
In the year of 1990’s, various private sector enterprises and companies entered the market of
mutual funds thus providing the Indian industry with diverse choices of investment. In these
years, the Mutual Fund regulations was also introduced, taking into consideration the
increased fund family. The first registration as per the introduced regulation was made by
Kothari Pioneer who has performed merger with Franklin Templeton. It was the company
belonging to the private sector to do so. Subsequent regulations were brought and amended
after this. This led to an increase in the amount of mutual fund houses. Various mutual funds
from the foreign company also stepped their foot in India to establish and grab opportunities
in the Indian mutual fund market. in the year 2003, there were various mergers as well as
acquisitions that were seen. The end of this year witnessed around 33 MF’s that held an asset
value worth Rs. 1,21,805 crores. In the year 2006, the markets in various cities were
blooming and increasing. From the year 2004 till the year of crisis, India witnessed a super
steady growth in the market for MF’s. between these years, an increased rate of 29% was
witnessed in the CAGR, i.e. Compounded Annual Growth Rate. This rate even crossed the
global rate that was considered to be around 4%. The industry of MF kept on moving towards
greater heights of success.

2.3 Estimates of holdings of mutual funds during the crisis

The beginning of the crisis was witnessed in the year 2007, which entered as a surprise in the
Indian mutual fund market. The crisis mainly took place due to issues in the economic and
financial market that took place globally. The crisis not only impacted channeling of savings
into mutual funds over the entire globe, but also affected the manner in which the resources
were distributed between the classes of the funds thereby increasing the amount of risk factor.
A significant shift in the pattern of allotment of assets by the investors was witnessed. Table
1 also indicates a major downfall in the total number of MF investments in the year of crisis.
The crisis that broke out in US affected the Indian market too but without causing any

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disruptions severe in
nature. The market
although did see downfalls
in their investments not
only in totality, but also in
different sectors in
which investment was
done.
2.3 Position of mutual
funds post the occurrence of the crisis.
The assets under the management of IMF must be analyzed to understand the situation of
Indian market post the
occurrence of the crisis.

Growth in Assets under Management

of Indian Mutual Funds (Rs. crore)
(FIGURE 1)

The assets of the MF’s

were seen to be grown by
almost 54.8% in the year
2008 and in the month of
March. But, post this, a
contraction was witnessed
of nearly 17% in the
subsequent year, i.e. in

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March 2009. This period is said to the one post the global crisis that took place impacting the
market with a continuous insufficiency in the mutual funds market. The market in itself
became very uncertain along with a downfall in the assets.

There was a major downfall seen in

cash price of equity as well as
the net inflows during the year
2009. The end of 2010 the AUM
witnessed a jump of about 45%.
This was witnessed due to
India’s wise decision taken by SEBI to completely take down the entry load for all the funds
which came into effect from the year 2009.
Assets Under Management of Different Categories of Funds India (FIGURE 2)

From the year 2009, it can be seen from Fig. 2 that there has been a severe downfall from
about 31%-23% in the equity’s share in the MFs assets. After recovering a little from the
crisis, a slight increase was seen where the percentage went upto 29% in the year 2011 by the
end of the month of March.

CHAPTER 3- DISCUSSION

The outburst of crisis that took place during the year 2007, which in turn resulted in
spreading the crisis throughout the world by the end of the year 2008 did not only harm the
amount of resources that flowed towards the industry of mutual funds, but also affected the
pattern of its distribution in various countries. The period before the crisis was all booming
without witnessing any major economic issues or financial crisis in the industry. The
companies were gaining a lot of capital through this industry and were holding a high amount

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of value of assets. The distribution of these funds were also quite balanced and proportioned
before the outbreak of the crisis. In the year 2008, India wasn’t left unaffected by the crisis
and good amount of downfalls were witnessed during those periods. India also went through
a main setback in the time of crisis, where both its inflows as well as net assets were seen to
below that of the pre-crisis time. It was in a way a testing time for India where the base of its
assets and returns that were way growing way higher than the global mutual fund industry
was challenged. Post the crisis, this base was seen to decline itself where the total worth
remained much less than that witnessed in the pre-crisis period. Not only this, but a
continuous outflow of investments and gains in the industry was witnessed with increasing
the chances and situation of uncertainties.
However, improvement was witnessed post the time when India did manage to come out of
the crisis pretty well. The investments and holdings in the mutual funds in the market of
equity slightly reduced post the crisis. But, on the other hand, the debt market witnessed itself
growing at a better speed. It continued to be strong with a steady growth in its holdings and
investments.
The assets and the total investments by mutual funds jumped over 120% in its total mutual
funds growth and also managed to further increase its growth by 40%.(Table 1) & (Fig. 1).
Thus, India regained its position and strength in the mutual fund industry and managed to
come of the crisis without being dwindling itself. Though it suffered in the initial years of the
crisis, it witnessed itself growing towards a height in the subsequent years.

CHAPTER 4- FINDINGS AND CONCLUSION

Before the crisis took place in the world and in India, the Indian market of mutual funds
enjoyed heavy gains from the investments. In addition to this, their asset values were also
high protecting them from any kind of risk and uncertainty in the market. No company
thought twice before making further investments and expanding their companies. However,
this changes after the crisis took place. Due to a sudden downfall witnessed in the net inflows
as well as in the valuation of assets, the market started to become more uncertain than ever.
Companies could not invest as and when and how it wanted to. The effect of the crisis made
them think twice about making investments in the mutual fund industry altogether. Not only
were the inflows effected, but the manner in which the assets were supposed to be allocated
also witnessed a huge change. In other words, a complete disbalance and disfunction was

14
 witnessed in the mutual fund industry where the fear of risk surrounded the markets.
Although a downfall was recorded during the time of the crisis and for few years after that,
the mutual fund industry of India was able to recover itself well, recording a good increase in
the debt industry. Along with this, outflows were also recorded which in turn led to
disinvestment. It majorly took place in the market of equity, but the other markets managed
to grow themselves at a good pace.
The subsequent period of the crisis witnessed immense amount of recovery of the Indian
market and industry. However, even in this just subsequent phase, outflows in India were
recorded with an increase in the number of disinvestments across the country. The rates
related to policy were seen to increase.
In the next phase of recovery, which is the third year from the period and time of crisis, India
witnessed a very positive growth across the country. Where the other countries still struggled
to level up and increase their investments in the mutual fund industry, India was now
witnessing a good amount of increase in the outflows. While other countries still faced the
phase of uncertainty and risk, India saw itself in a risk-free position. Increased inflows were
recorded with a downfall in the number of disinvestments. The equity market also came out
stronger were the investments considerably increased. Overall, the journey from the crisis
period till that of the post crisis period wasn’t easy at all. Setbacks, downfalls and risk factors
were present throughout the two phases post the crisis. Finally in the third phase, India was
recovering in a strong manner every day and bringing the factor of uncertainty and risk to
almost 3-4% only. The manner in which the investors diversely perceive the mutual fund
industry played a major role in overcoming the crisis. Most of all, the willingness, ability and
strength to take risk by the majority of the investors led India to the path of strong and
positive recovery.

CHAPTER 5- REFERENCES

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https://www.amfiindia.com/investor-corner/knowledge-center/history-of-MF-

india.html

2. Bhaskaran, L. P. B., Kayezad E. Adajania,Ashwini Kumar

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3. Sharma,Deepti. (2018, September 13). What investors learnt from the 2008

crisis and how they coped with losses. Mint.

4. https://www.livemint.com/Money/QdLyoKEY5uVUtf373CSSYI/Money-

management-investment-lessons-from-2008-global-crisis.html

5. CBS JOURNAL .pdf. (n.d.). Retrieved May 9, 2021, from

https://www.icsi.edu/media/portals/86/manorama/CBS%20JOURNAL%20.pdf

6. De, S., & Ghosh, K. D. (2019). Mutual Fund & Foreign Institutional Investors:

Pre & Post Crisis Dynamics. Indian Journal of Research in Capital Markets,

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https://www.sec.gov/rules/final/ic-24828.htm

8. Hayes, A. (n.d.). Mutual Fund Definition. Investopedia. Retrieved May 9, 2021,

from https://www.investopedia.com/terms/m/mutualfund.asp

9. History of Mutual Funds in India | Mutual Funds India | AMFI | SEBI. (n.d.).

Orowealth Blog. Retrieved May 9, 2021, from

https://www.orowealth.com/insights/blog/history-of-mutual-funds-in-india/

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https://doi.org/10.1016/j.iimb.2012.05.004

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12.MoneyFront. (n.d.). Retrieved May 9, 2021, from

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and Financial Intermediation in Emerging Market Economies (SSRN Scholarly

Paper ID 1959828). Social Science Research Network.

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https://www.investor.gov/introduction-investing/investing-basics/investment-

products/mutual-funds-and-exchange-traded-1

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editorials/mutual-funds-and-emerging-indian-economy

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20.Sinha, A. (n.d.). Impact of the international banking crisis on the Indian

financial system. 54, 10.

CHAPTER 6- APPENDICES

 Figure 1- Growth in Assets under Management of Indian Mutual Funds (Rs. crore
 Figure 2- Assets Under Management of Different Categories of Funds India
 Table 1- Investments by Mutual Funds
 Table 2- Category-wise Net Investments, Sales and Redemptions of all Mutual Funds (Rs.
crore)

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