India's mutual fund industry is today one of the fastest growing segments on the mutual fund market. It has 29 asset management companies managing 405 schemes with total assets of Rs 1,55,686 crore  (Rs 1,556.86 billion).

Over the last one year, it has grown by over 30 per cent, offering both conventional and non-conventional investment schemes. These schemes offer attractive investment avenues -- for the entire family, right from a child to a retired person.

"Whatever conceivable needs of any individual member, we have the right scheme today," said Association of Mutual Funds in India chairman A P Kurian in Mysore.

The varied schemes offer relatively better returns compared to other markets. Ending March 2004, the diversified equity funds gave an average return of 114 per cent per annum as against 87-88 per cent in other investment fields in the last one year, he told the media after inaugurating Wise Intermediary Services Pvt Ltd.

"The performance of mutual funds shows that it has given good market-related returns," he said and added, "Today, with declining interest rates, it is necessary for households to look at other avenues and mutual funds are the right kind of investments for them."

"The Indian regulatory mechanism also matches the best in the world," he said.

About the AMFI, Kurian said it is the eyes and ears of the industry. It interacts with regulators including SEBI, the Government of India and Reserve Bank of India. "We do the research and give them the inputs to set standards. We are also disseminators of information."

It has 40,000 certified individual agents across the country who offer advise on investments in mutual fund. It has conducted 63 investor awareness programmes in the last one year at different centres.

Mumbai equity research head Nipa Ladiwala made a presentation on "Direct Investment in Equity Market – do's and don'ts."

The current inflation rate of 7.86 per cent will definitely fall to 3-4 per cent and with low bank interest rates, "equity is a superior investment for the next three to five years," she said.

Bangalore metropolitan IG of police K S Suresh Babu chaired the meeting.