Performance Evaluation of Indian Mutual Funds Schemes with Respect to Theoretical Performance Evaluation Measure

Abstract

The present study has made an attempt to evaluate the performance of equity oriented mutual funds in India during May 2000 to March 2012 taking into consideration the impact of global financial and economic crisis (2008). Findings of the study reveal that the global financial crisis has affected the performance of Indian mutual funds schemes which had larger exposure in equity shares. Secondly, the average return of the sample mutual fund schemes (growth, ELSS and balanced) have outperformed the market indices for all the periods. However, based on the multi criteria conformity the top five schemes during the overall period belong to mainly two AMCs, Reliance and HDFC out of forty one AMCs which is currently in vogue in the Indian capital market. This is not an encouraging finding in respect of the performance of the Indian mutual funds industry as a whole.