{"id":24384,"date":"2022-05-30T14:50:08","date_gmt":"2022-05-30T14:50:08","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=24384"},"modified":"2026-10-16T16:12:36","modified_gmt":"2026-10-16T10:42:36","slug":"understanding-stock-funds","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-stock-funds\/","title":{"rendered":"The Role of Mutual Funds in Modern Finance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24384\" class=\"elementor elementor-24384\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a0f88c0 elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"a0f88c0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5be21c7\" data-id=\"5be21c7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-0c1c19e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"0c1c19e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4b41643 chapters_list\" data-id=\"4b41643\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b0fd67 elementor-widget elementor-widget-shortcode\" data-id=\"7b0fd67\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery(\"#post_chapters a[href*='\" + location.pathname + \"']\")\n\t\t\t\t.addClass(\"current\")\n\t\t\t\t.attr(\"aria-current\", \"page\");\n\t\t})\n\t<\/script>\n\t<div class=\"desktop_chapters\"><div id=\"post_chapters\"><div class=\"post_chapters-heading\">Chapters<\/div><ul><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/background-and-orientation\/\">Background and Orientation<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-math\/\">Personal Finance Math<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/money-today-vs-money-tommorrow\/\">Money Today vs Money Tommorrow<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/the-retirement-part-1\/\">The Retirement -Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/assumptions-in-retirement-planning\/\">Assumptions in Retirement Planning<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-stock-funds\/\">The Role of Mutual Funds in Modern Finance<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/concept-of-fund-and-nav\/\">Concept of Fund and NAV<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-the-performance-of-your-fund\/\">Mutual Fund Factsheet<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/the-equity-scheme\/\"> The Equity Scheme<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/equity-scheme-part-2\/\">Equity Scheme Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-1\/\">Debt Funds Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/monitoring-your-portfolio\/\">Debt Funds Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-3\/\">Debt Funds Part 3<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/debt-funds-part-4\/\">Debt Funds Part 4<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/investing-in-bonds\/\">Investing in Bonds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/index-funds\/\">Index Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/arbitrage-funds\/\">Arbitrage Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/measuring-mutual-fund-returns\/\">Measuring Mutual Fund Returns<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/rolling-returns\/\">Rolling Returns<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-expense-ratio\/\">Mutual Fund Expense Ratio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-benchmarking\/\">Mutual Fund Benchmarking<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-beta-sd-and-sharpe-ratio\/\">Mutual Fund Beta SD and Sharpe Ratio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/sortino-and-capture-ratios\/\">Sortino and Capture Ratios<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/how-to-analyse-equity-mutual-funds\/\">How to Analyse Equity Mutual Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/how-to-analyse-debt-mutual-fund\/\">How to Analyse Debt Mutual Fund<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/mutual-fund-portfolio\/\">Mutual Fund Portfolio<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/smart-beta-funds\/\">Smart Beta Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/asset-allocation\/\">Asset Allocation<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/exchange-traded-funds\/\">Exchange Traded Funds<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/basics-of-macro-economics\/\">Basics of Macro Economics<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-part-1\/\">Personal Finance-Part 1<\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/personal-finance-review-part-2\/\">Personal Finance Review Part 2 <\/a><\/li><li><i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/know-your-funds\/\">Know Your Funds<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\"><a href=\"#\" id=\"open_chapters\" aria-label=\"View chapters\"><span>View Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\" aria-hidden=\"true\"><\/i><\/a><a href=\"#\" id=\"close_chapters\" style=\"display:none;\" 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    <span class=\"eael-tab-title title-after-icon\" >Slides<\/span>                            \n                                                    <\/li>\n                                            <li id=\"videos\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"videos-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-eye\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Videos<\/span>                            \n                                                    <\/li>\n                    \n                                  <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"study-tab\" class=\"clearfix eael-tab-content-item active-default\" data-title-link=\"study-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:0px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Why-Mutual-Funds-Matter' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h3 style=\"text-align: left\"><strong>6.1 <\/strong><strong><b>Why Mutual Funds Matter<\/b><\/strong><\/h3>\r\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-77828 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter.png\" alt=\"Why Mutual Funds Matter\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Why-Mutual-Funds-Matter-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Mutual funds today are not just investment vehicles; they are a key channel of financial inclusion in India and globally. To appreciate their role, imagine the financial system as a vast marketplace. In this marketplace, individual investors are like small shopkeepers \u2014 they have limited resources, limited knowledge, and limited time. Competing against giant corporations, hedge funds, and institutional investors is nearly impossible. Mutual funds act as a bridge, pooling together the resources of millions of small shopkeepers and giving them the collective bargaining power of a large wholesaler.<\/p>\r\n<ul>\r\n<li><strong>Accessibility:<\/strong> With SIPs starting at as little as \u20b9100 at some fund houses (and \u20b9250 \u201cChhoti SIPs\u201d promoted by SEBI and AMFI), even a college student can participate in equity markets.<\/li>\r\n<li><strong>Diversification:<\/strong> Instead of buying one or two stocks, investors gain exposure to dozens or hundreds of companies across sectors.<\/li>\r\n<li><strong>Professional Management:<\/strong> Fund managers backed by research teams provide expertise that retail investors cannot replicate individually.<\/li>\r\n<li><strong>Regulation &amp; Safety:<\/strong> SEBI mandates strict compliance, independent custody of assets, and transparency, which strengthens investor protection \u2014 although it does not protect investors from market losses.<\/li>\r\n<\/ul>\r\n<p><strong>Example: The Farmer\u2019s Cooperative<\/strong><\/p>\r\n<p>Think of a farmer in Maharashtra who grows sugarcane. Alone, he cannot negotiate with large sugar mills. But when hundreds of farmers form a cooperative, they pool their produce, negotiate better prices, and share profits. Mutual funds operate in the same way \u2014 pooling investor money to gain diversification, professional management, and lower costs per investor in the capital markets.<\/p>\r\n<p>Growth in India<\/p>\r\n<ul>\r\n<li>AUM Growth: From about \u20b98 lakh crore in 2010 to \u20b982.64 lakh crore in September 2026.<\/li>\r\n<li>Retail Participation: Nearly 28 crore folios (June 2026), held by about 6.2 crore unique investors, showing deep penetration into middle-class households.<\/li>\r\n<li>SIP Revolution: Monthly SIP inflows reached a record \u20b932,490 crore in September 2026, showing that systematic investing is now mainstream.<\/li>\r\n<\/ul>\r\n<p>Table: Mutual Funds vs Direct Stock Investing<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p>Feature<\/p>\r\n<\/td>\r\n<td>\r\n<p>Mutual Funds<\/p>\r\n<\/td>\r\n<td>\r\n<p>Direct Stocks<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Entry Barrier<\/p>\r\n<\/td>\r\n<td>\r\n<p>\u20b9100\u2013\u20b9500 SIP<\/p>\r\n<\/td>\r\n<td>\r\n<p>Price of one share; meaningful diversification needs a much larger sum<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Risk<\/p>\r\n<\/td>\r\n<td>\r\n<p>Diversified across sectors<\/p>\r\n<\/td>\r\n<td>\r\n<p>Concentrated in few stocks<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Expertise<\/p>\r\n<\/td>\r\n<td>\r\n<p>Professional fund managers<\/p>\r\n<\/td>\r\n<td>\r\n<p>Investor\u2019s own knowledge<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Regulation<\/p>\r\n<\/td>\r\n<td>\r\n<p>SEBI oversight, custodians, trustees<\/p>\r\n<\/td>\r\n<td>\r\n<p>SEBI-regulated market, but no professional oversight of stock selection<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Liquidity<\/p>\r\n<\/td>\r\n<td>\r\n<p>Redemption at NAV, paid within 3 working days (ELSS: 3-year lock-in)<\/p>\r\n<\/td>\r\n<td>\r\n<p>Sell on the exchange during market hours; T+1 settlement<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='Mutual-Funds-Real-World Analogies ' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h3 style=\"text-align: left\"><strong>6.2. <\/strong><strong><b>Mutual Funds \u00a0Real-World Analogies<\/b><\/strong><\/h3>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77829 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies.png\" alt=\"Mutual Fund Real Analogies\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Mutual-Fund-Real-Analogies-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>One of the best ways to understand mutual funds is through analogies that connect finance with everyday life. Imagine you are part of a housing society in Mumbai. Each resident contributes money to maintain the building \u2014 paying for security, cleaning, and repairs. Alone, you could not afford a full-time security guard or a maintenance team. But together, pooling resources makes it possible. Mutual funds operate on the same principle: collective contribution for collective benefit.<\/p>\r\n<p>Analogy 1: The Airline Ticket<\/p>\r\n<p><img decoding=\"async\" class=\"aligncenter wp-image-77830 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1.png\" alt=\"The Airline Ticket example\" width=\"437\" height=\"266\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1.png 437w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1-300x183.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1-50x30.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1-100x61.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Image-1-150x91.png 150w\" sizes=\"(max-width: 437px) 100vw, 437px\" \/><\/p>\r\n<p>Buying a mutual fund unit is like buying an airline ticket. You don\u2019t own the plane, but you share the journey with hundreds of passengers. The airline (AMC) decides the route, the pilot (fund manager) navigates turbulence, and regulators (aviation authorities\/SEBI) ensure safety. Your ticket price (investment) gives you a seat (unit), and the destination (returns) depends on how well the journey is managed.<\/p>\r\n<p>Analogy 2: The Cricket Team<\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77831 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team.png\" alt=\"Cricket team\" width=\"582\" height=\"303\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team.png 582w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team-300x156.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team-50x26.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team-100x52.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Cricket-team-150x78.png 150w\" sizes=\"(max-width: 582px) 100vw, 582px\" \/><\/p>\r\n<p>A mutual fund portfolio is like a cricket team. You don\u2019t rely on one star batsman alone. Instead, you balance batsmen, bowlers, and all-rounders. Similarly, a fund manager balances large-cap stocks (stable batsmen), mid-cap stocks (aggressive hitters), debt instruments (defensive bowlers), and cash (fielders). The team\u2019s performance depends on how well the captain (fund manager) allocates roles.<\/p>\r\n<p>Analogy 3: The Buffet Meal<\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77832 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets.png\" alt=\"5 Reasons Mutual Funds are like Buffets\" width=\"469\" height=\"266\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets.png 469w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets-300x170.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets-50x28.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets-100x57.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/5-Reasons-Mutual-Funds-are-like-Buffets-150x85.png 150w\" sizes=\"(max-width: 469px) 100vw, 469px\" \/><\/p>\r\n<p>Direct stock investing is like ordering \u00e0 la carte \u2014 you pick one or two dishes, which may or may not satisfy you. Mutual funds are like a buffet: you pay a fixed price and get access to a wide spread of dishes. Some may be spicy (high-risk equity), some bland (low-risk debt), but together they provide a balanced meal.<\/p>\r\n<p>Table: Mutual Fund Analogies<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p>Analogy<\/p>\r\n<\/td>\r\n<td>\r\n<p>Mutual Fund Equivalent<\/p>\r\n<\/td>\r\n<td>\r\n<p>Key Insight<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Housing Society<\/p>\r\n<\/td>\r\n<td>\r\n<p>Pooling resources<\/p>\r\n<\/td>\r\n<td>\r\n<p>Collective benefit<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Airline Ticket<\/p>\r\n<\/td>\r\n<td>\r\n<p>AMC, Fund Manager, SEBI<\/p>\r\n<\/td>\r\n<td>\r\n<p>Shared journey, regulated safety<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Cricket Team<\/p>\r\n<\/td>\r\n<td>\r\n<p>Portfolio allocation<\/p>\r\n<\/td>\r\n<td>\r\n<p>Balance of risk and return<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Buffet Meal<\/p>\r\n<\/td>\r\n<td>\r\n<p>Diversification<\/p>\r\n<\/td>\r\n<td>\r\n<p>Variety reduces risk<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='The-Institutional-Architecture-of-Mutual-Funds ' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>6.3 <\/strong><strong><b>The Institutional Architecture of Mutual Funds<\/b><\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77833 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1.png\" alt=\"The Institutional Architecture\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1.png 1080w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-300x300.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-1024x1024.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-150x150.png 150w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-768x768.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-50x50.png 50w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-100x100.png 100w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/The-Institutional-Architecture-1-96x96.png 96w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\r\n<p>Mutual funds are not casual businesses; they are highly regulated institutions designed to protect public money. SEBI mandates a three-tier structure \u2014 sponsor, trustees, and asset management company (AMC) \u2014 supported by independent service providers such as the custodian and the registrar &amp; transfer agent (RTA). These five entities together ensure transparency and accountability. The rules are now set out in the SEBI (Mutual Funds) Regulations, 2026, which replaced the 1996 regulations with effect from 1 April 2026.<\/p>\r\n<p><strong><b>The Sponsor<\/b><\/strong><\/p>\r\n<p>The sponsor is like the architect of a building project. They provide the blueprint, capital, and credibility. Without a sponsor, the fund cannot exist. Sponsors must meet SEBI\u2019s eligibility criteria \u2014 including net worth, a track record of profitability, and \u201cfit and proper\u201d requirements \u2014 before a fund can be set up.<\/p>\r\n<p><strong><b>The Trustees<\/b><\/strong><\/p>\r\n<p>Trustees are the watchdogs. They don\u2019t pick stocks but ensure rules are followed. Think of them as referees in a football match \u2014 they don\u2019t play, but they enforce fair play. SEBI requires at least two-thirds of the trustees to be independent, ensuring unbiased oversight.<\/p>\r\n<p><strong><b>The AMC (Asset Management Company)<\/b><\/strong><\/p>\r\n<p>The AMC is the engine room. It employs fund managers, analysts, and a chief investment officer (CIO). Their job is to research markets, select securities, and manage portfolios. The AMC\u2019s fees and the scheme\u2019s other running costs are recovered through the expense ratio, which SEBI caps to protect investors. Under the 2026 regulations the cap applies to a base expense ratio (BER), with statutory levies such as GST charged separately.<\/p>\r\n<p><strong><b>The Custodian<\/b><\/strong><\/p>\r\n<p>Custodians are independent vaults. They hold securities so the AMC cannot misuse them. Imagine a jeweler storing gold in a bank locker instead of keeping it at home. Custodians ensure separation of management and ownership.<\/p>\r\n<p><strong><b>The RTA (Registrar &amp; Transfer Agent)<\/b><\/strong><\/p>\r\n<p>RTAs handle paperwork, folios, and investor records. They are the back-office clerks ensuring every transaction is recorded. Without RTAs, millions of investors could not track their holdings. In India, the two main RTAs are CAMS and KFin Technologies.<\/p>\r\n<p>Table: Mutual Fund Institutional Roles<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p>Entity<\/p>\r\n<\/td>\r\n<td>\r\n<p>Role<\/p>\r\n<\/td>\r\n<td>\r\n<p>Analogy<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Sponsor<\/p>\r\n<\/td>\r\n<td>\r\n<p>Promoter, provides foundation<\/p>\r\n<\/td>\r\n<td>\r\n<p>Architect<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Trustees<\/p>\r\n<\/td>\r\n<td>\r\n<p>Oversight, investor protection<\/p>\r\n<\/td>\r\n<td>\r\n<p>Referee<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>AMC<\/p>\r\n<\/td>\r\n<td>\r\n<p>Investment management<\/p>\r\n<\/td>\r\n<td>\r\n<p>Engine room<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Custodian<\/p>\r\n<\/td>\r\n<td>\r\n<p>Safekeeping of assets<\/p>\r\n<\/td>\r\n<td>\r\n<p>Bank locker<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>RTA<\/p>\r\n<\/td>\r\n<td>\r\n<p>Record keeping<\/p>\r\n<\/td>\r\n<td>\r\n<p>Clerk<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='Case-Study' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:405px; '><h2 style=\"text-align: left\"><strong>6.4 Case Study<\/strong><\/h2>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-77834 size-full\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study.png\" alt=\"Case Study\" width=\"893\" height=\"960\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study.png 893w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study-279x300.png 279w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study-768x826.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study-47x50.png 47w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study-93x100.png 93w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/05\/Case-Study-150x161.png 150w\" sizes=\"(max-width: 893px) 100vw, 893px\" \/><\/p>\r\n<p>To see this structure in action, let\u2019s examine HDFC Mutual Fund, one of India\u2019s largest AMCs in 2026.<\/p>\r\n<p>Ownership<\/p>\r\n<p>HDFC Asset Management Company Limited is promoted by HDFC Bank Ltd., which holds about 52% of the company. It began as a joint venture between HDFC Ltd. and Standard Life Investments (UK, later part of abrdn); abrdn sold its remaining stake in 2023, and HDFC Ltd. merged into HDFC Bank in July 2023. HDFC AMC has been listed on the stock exchanges since 2018.<\/p>\r\n<p>Structure<\/p>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li>Sponsor: HDFC Bank Ltd.<\/li>\r\n<li>Trustees: HDFC Trustee Company Ltd., whose board oversees compliance.<\/li>\r\n<li>AMC: HDFC AMC Ltd., managing equity, debt, hybrid, and passive funds.<\/li>\r\n<li>Custodians: Banks such as Citibank N.A., ICICI Bank, and HSBC safeguard securities.<\/li>\r\n<li>RTA: CAMS handles investor records.<\/li>\r\n<\/ul>\r\n<p>Performance<\/p>\r\n<ul>\r\n<li>AUM: About \u20b99.3 lakh crore (June 2026).<\/li>\r\n<li>Investor Base: 1.71 crore unique investors holding 3.11 crore live accounts (folios).<\/li>\r\n<li>Systematic (SIP) Inflows: About \u20b94,810 crore\/month (June 2026).<\/li>\r\n<\/ul>\r\n<p>Example Fund: HDFC Flexi Cap Fund<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>This flagship scheme invests across large, mid, and small-cap stocks. It has delivered about 15.8% CAGR over 10 years (Regular Plan, as of 30 June 2026), compared with about 13.9% for its benchmark, the NIFTY 500 TRI. Past performance does not guarantee future returns.<\/p>\r\n<p>Table: HDFC AMC Snapshot<\/p>\r\n<p>&nbsp;<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p>Metric<\/p>\r\n<\/td>\r\n<td>\r\n<p>Value (June 2026)<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>AUM<\/p>\r\n<\/td>\r\n<td>\r\n<p>~\u20b99.3 lakh crore<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Live accounts (folios)<\/p>\r\n<\/td>\r\n<td>\r\n<p>3.11 crore<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Systematic (SIP) inflows<\/p>\r\n<\/td>\r\n<td>\r\n<p>~\u20b94,810 crore\/month<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Flagship Fund<\/p>\r\n<\/td>\r\n<td>\r\n<p>HDFC Flexi Cap Fund<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>Regulatory Backstory<\/p>\r\n<p>Imagine you want to drive passengers for money. You cannot just start \u2014 you need a commercial licence, insurance, and compliance with transport rules. Similarly, anyone managing other people\u2019s money for a fee must be registered with SEBI \u2014 for example, as a portfolio manager (PMS) or as a mutual fund.<\/p>\r\n<p>A portfolio manager needs a net worth of at least \u20b95 crore, and PMS clients must invest at least \u20b950 lakh, which puts it out of reach for most individuals. Mutual funds solve this by creating a regulated, pooled structure where even small investors can access professional management with just a few hundred rupees.<\/p>\r\n<p>AMC Case Study<\/p>\r\n<p>Let\u2019s see SBI Mutual Fund, India\u2019s largest AMC in 2026, managing about \u20b912.5 lakh crore (March 2026). Its AMC, SBI Funds Management Ltd., listed on the NSE and BSE in July 2026.<\/p>\r\n<ul>\r\n<li>Sponsor: State Bank of India (India\u2019s largest bank).<\/li>\r\n<li>Trustees: SBI Mutual Fund Trustee Company Pvt. Ltd., whose board oversees compliance.<\/li>\r\n<li>AMC: SBI Funds Management Ltd.<\/li>\r\n<li>Custodians: HDFC Bank and SBI-SG Global Securities Services safeguard securities.<\/li>\r\n<li>RTA: CAMS (along with Datamatics) maintains investor records.<\/li>\r\n<\/ul>\r\n<p>Ownership Split (approx., after the July 2026 IPO; the balance is held by public shareholders and employees)<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p>Entity<\/p>\r\n<\/td>\r\n<td>\r\n<p>Role<\/p>\r\n<\/td>\r\n<td>\r\n<p>Ownership %<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>State Bank of India<\/p>\r\n<\/td>\r\n<td>\r\n<p>Sponsor (promoter)<\/p>\r\n<\/td>\r\n<td>\r\n<p>~55.6%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>Amundi (France)<\/p>\r\n<\/td>\r\n<td>\r\n<p>Foreign partner<\/p>\r\n<\/td>\r\n<td>\r\n<p>~32.6%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = jQuery('#text_slider');\n\t\tjQuery('.text_slider_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.text_slider_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tjQuery('.text_slider_goto3').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 2);\n\t\t});\n\t\tjQuery('.text_slider_goto4').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 3);\n\t\t});\n\t\tvar resize_22667 = jQuery('.owl-carousel');\n\t\tresize_22667.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p>                    <\/div>\n\t\t        \n                    <div id=\"slides-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"slides-tab\">\n\t\t\t\t        <p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png\" \/><\/p>                    <\/div>\n\t\t        \n                    <div id=\"videos-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"videos-tab\">\n\t\t\t\t        <p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/10\/coming-soon-person-g8026473a8_1920-removebg-preview.png\" \/><\/p>                    <\/div>\n\t\t                    <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Study Slides Videos 6.1 Stock Market Investing Most stock market investors who make money do so not because they\u00e2\u20ac\u2122re smarter, luckier, or more clairvoyant than anyone else. They make money by simply being more patient and by using three simple investment methods: Invest in a diversified portfolio of stocks. Continue to save money and add &#8230; <a title=\"The Role of Mutual Funds in Modern Finance\" class=\"read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/financial-planning-through-mutual-funds-course\/understanding-stock-funds\/\" aria-label=\"Read more about The Role of Mutual Funds in Modern Finance\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":11088,"menu_order":6,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-24384","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/24384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets"}],"about":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/types\/markets"}],"author":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/comments?post=24384"}],"version-history":[{"count":16,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/24384\/revisions"}],"predecessor-version":[{"id":77827,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/24384\/revisions\/77827"}],"up":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/11088"}],"wp:attachment":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/media?parent=24384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/categories?post=24384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}