The financial sector reforms, role of regulatory authorities and increase in savings attracted investors towards mutual funds. Stock market developments created popularity for equity oriented schemes. In the face of availability of multitudinous schemes, growth schemes introduced in the year 1993 has been studied. Sharpe, Treynor, Jensen and Fama's measures reveals that all the seven schemes showed negative risk premium, scheme's performance was in line with that of market performance, existence of a high degree of positive correlation in weekly time lag while the impact gets reduced as the time lag increases.
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