विषयवस्तु
म्यूचुअल फंड का परिचय
Mutual funds are one of the most popular investment options for individuals looking to participate in financial markets without selecting individual securities. They allow investors to invest in a professionally managed portfolio of assets with an amount that suits their budget. Understanding how mutual funds work, the different types available, and the investment process can help investors make informed decisions. This article explains what are mutual funds.
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म्यूचुअल फंड कैसे काम करते हैं?
Here is how a mutual fund works:
Step 1: Investors Contribute Money
Multiple investors invest money into a mutual fund scheme. The combined amount forms the fund corpus.
Step 2: The AMC Manages the Fund
The Asset Management Company appoints professional fund managers who invest the corpus according to the scheme's investment objective.
Step 3: Investments are Made
The fund manager invests in assets such as shares, bonds, treasury bills, or other securities depending on the type of mutual fund.
Step 4: Units Are Allotted
Investors receive mutual fund units based on the applicable NAV on the investment date.
Step 5: Portfolio Value Changes
As the market value of the underlying investments changes, the NAV of the scheme also changes. This affects the value of the investor's holdings.
उदाहरण:
Suppose 1,000 investors each invest ₹10,000 in a mutual fund. The fund collects ₹1 crore and invests it across different securities. If the value of these investments increases, the NAV rises, increasing the value of each investor's units.
म्यूचुअल फंड के प्रकार
SIP and lump sum both allow investors to invest in mutual funds. It all depends upon the investment objective of the investor, amount of capital available and market condition.
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म्यूचुअल फंड का प्रकार
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इसके लिए उपयुक्त
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जोखिम स्तर
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इक्विटी फंड
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लॉन्ग-टर्म वेल्थ क्रिएशन
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उच्च
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डेट फंड
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नियमित इनकम और पूंजी संरक्षण
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कम से मध्यम |
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हाइब्रिड फंड
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इक्विटी और डेट का संतुलित एक्सपोज़र |
मध्यम
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इंडेक्स फंड
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Investors seeking market index returns
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मध्यम से उच्च
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ईएलएसएस फंड
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Investors looking for tax benefits under Section 80C
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उच्च
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मनी मार्केट फंड
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Short-term investment requirements
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कम
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इक्विटी फंड
Equity funds make major investments in stocks listed on the stock exchange. Equity funds are appropriate for long-term investors who are willing to bear some risk.
डेट फंड
Debt funds generally invest in debt or income securities such as government securities, treasury bills, and corporate bonds. Debt funds are usually preferred by investors who wish to invest in a low volatile market environment.
हाइब्रिड फंड
Hybrid funds include both equity and debt investments in a single portfolio. The weightage given to equity or debt in a hybrid portfolio depends on the investment approach of the portfolio scheme.
इंडेक्स फंड
The Index funds attempt to track the performance of an underlying market index such as Nifty 50 or Sensex. Unlike mutual fund schemes, index funds invest in the same stocks forming an underlying index.
ईएलएसएस फंड
Equity Linked Savings Schemes (ELSS) are equity-oriented mutual funds that offer tax benefits under the applicable provisions of the Income-tax Act, subject to eligibility.
मनी मार्केट फंड
In money market funds, the money is invested in market securities such as treasury bills, commercial papers, certificates of deposits, and other short-term securities. These funds are usually considered for short-term investment purposes.
SIP vs Lump Sum – Which is Better?
SIP and lump sum both allow investors to invest in mutual funds. It all depends upon the investment objective of the investor, amount of capital available and market condition.
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फीचर
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सिप
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एकमुश्त राशि
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Investment pattern
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Fixed amount invested periodically
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एक बार का इन्वेस्टमेंट
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इसके लिए उपयुक्त
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Regular investors
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अतिरिक्त फंड वाले निवेशक
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मार्केट का प्रभाव
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Purchases units at different NAVs over time
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Entire amount is invested at one NAV
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निवेश अनुशासन
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Encourages regular investing
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Depends on available capital
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Average purchase cost
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May benefit from rupee cost averaging
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Depends on market level at investment
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What is NAV (Net Asset Value)?
Mutual fund NAV is the per-unit value of a mutual fund scheme. It is calculated after considering the total value of the fund's assets and liabilities.
NAV Formula
NAV = (Total Value of Assets − Total Liabilities) ÷ Total Outstanding Units
उदाहरण:
Suppose a mutual fund has:
- Total assets = ₹150 crore
- Total liabilities = ₹5 crore
- Total outstanding units = 10 crore
NAV = (₹150 crore − ₹5 crore) ÷ 10 crore = ₹14.50 per unit
When you invest, the number of units allotted depends on the applicable NAV.
For example, if you invest ₹14,500 when the NAV is ₹14.50, you receive 1,000 units. As the NAV changes, the value of your investment also changes.
म्यूचुअल फंड में इन्वेस्ट करने के लाभ
Mutual funds offer several features that make them suitable for different investment needs.
- Professional Management: Professional fund managers make decisions related to investment selection and management according to the goals of the scheme.
- Diversification: Mutual funds invest in different securities and therefore the effect of the performance of a particular security is limited.
- Low Cost of Investing: Investments start from smaller sums by way of SIP or single investments.
- Liquidity: The majority of open ended schemes allow redemption of the units on any working day according to the scheme guidelines.
- Compounding: Being invested for longer periods could mean that the returns will earn returns themselves.
- Investment Tax Saving Option: ELSS mutual funds provide Section 80C deductions for those investors who come under the old tax structure.
- Range of Investment Schemes: Investors have the choice of investing in equity, debt, hybrid, index, and money market funds depending on their financial goals and risk tolerance.
According to AMFI, monthly SIP contributions continue to remain at record levels, reflecting the growing preference for disciplined investing among mutual fund investors.
Risks of Mutual Funds
Although mutual funds are professionally managed, they are subject to market-related risks.
- Market fluctuations may affect investment value.
- रिटर्न की गारंटी नहीं है.
- Interest rate changes may affect debt funds.
- Credit risk exists in some fixed-income investments.
- Equity funds may experience short-term volatility.
म्यूचुअल फंड में निवेश कैसे करें
Investing in mutual funds involves a few simple steps.
इन्वेस्ट करने के चरण
- Define your financial goal.
- Select the appropriate mutual fund category.
- Complete the KYC process.
- Choose between SIP and lump sum investment.
- Invest through an AMC, distributor, or investment platform.
- Monitor your investments periodically.
Checklist before investing
- Complete KYC requirements.
- स्कीम इन्फॉर्मेशन डॉक्यूमेंट (SID) पढ़ें.
- Understand the investment objective.
- Review the applicable expense ratio and exit load.
- Invest according to your financial goals.
म्यूचुअल फंड का टैक्सेशन
The tax treatment of mutual funds depends on the type of scheme and the applicable holding period.
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म्यूचुअल फंड कैटेगरी
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टैक्स ट्रीटमेंट*
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इक्विटी म्यूचुअल फंड
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STCG and LTCG apply according to the prevailing tax rules.
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डेट म्यूचुअल फंड
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Tax treatment depends on the scheme's classification under the current tax provisions.
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ईएलएसएस फंड
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Eligible investments may qualify for deductions under Section 80C under the old tax regime.
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*Tax provisions are subject to changes under applicable laws.
निष्कर्ष
Mutual funds give investors an opportunity to invest in professional portfolios in various kinds of assets. The different schemes include equity funds, debt funds, hybrid funds, index funds, and ELSS funds where the investor may choose the scheme according to their investment needs and risks. Before investing in a mutual fund, it is necessary for you to know about the types of mutual funds, mutual fund NAV, taxation, and the investment procedure. You may explore and invest in mutual fund schemes via 5paisa after KYC compliance.
