In many emerging economies including India the growth of mutual fund industry has been phenomenal during the last ten years in terms of assets under management, number of mutual funds, products/schemes and more importantly, the number of retail investors. Notwithstanding this rapid growth, India remains as one of the least developed countries with respect to mutual fund industry as also participation in mutual funds by individuals. Although, at the aggregate level, it is difficult to pinpoint the determinants favoring the growth of mutual funds, the fact however remains that the...