{"id":4102,"date":"2026-07-21T17:43:54","date_gmt":"2026-07-21T12:13:54","guid":{"rendered":"https:\/\/journal.ipem.edu.in\/management\/?page_id=4102"},"modified":"2026-07-29T14:05:42","modified_gmt":"2026-07-29T08:35:42","slug":"behavioral-biases-in-mutual-fund-investments-a-study-using-amfi-and-sebi","status":"publish","type":"page","link":"https:\/\/journal.ipem.edu.in\/management\/behavioral-biases-in-mutual-fund-investments-a-study-using-amfi-and-sebi\/","title":{"rendered":"Behavioral Biases in Mutual Fund Investments: A Study using AMFI and SEBI"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t

Behavioral Biases in Mutual Fund Investments: A Study using AMFI and SEBI<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t Dr. Sachin, Mr. Amit Yadav<\/em><\/a>,\r\n\r\n\r\n\r\n\r\n

Vol 20 , Issue 1 , July 2026<\/a> | <\/span>Pages: 17-23\r\n <\/p>\r\n \r\n \r\n\t

DOI: 10.61691\/IPEM_Mgmt.20.2026.17-23 <\/a><\/p>\r\n\r\n

Published Online: July, 2026<\/span><\/p>\r\n

Download Article<\/a><\/p>\r\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t
\n
\n
    \n
  • \n \n \n \n Author Affiliations<\/span> <\/li>\n
  • \n \n \n \n Abstract<\/span> <\/li>\n
  • \n \n \n \n References<\/span> <\/li>\n
  • \n \n \n \n Citation<\/span> <\/li>\n <\/ul>\n <\/div>\n \n
    \n\t\t \n
    \n\t\t\t\t

    Author Details<\/b><\/p>

    1. Dr. Sachin1 Associate Professor, Dr. Akhilesh Das Gupta Institute of Professional Studies, New Delhi, Email: sachinjindal50@gmail.com<\/li>
    2. Mr. Amit Yadav2, Research Scholar, Management Discipline, IGNOU, New Delhi<\/li><\/ol><\/div><\/div> <\/div>\n\t\t \n
      \n\t\t\t\t

      The Indian mutual fund industry has experienced substantial growth over the past decade, driven by increasing financial inclusion, digital investment platforms, and regulatory reforms. Despite this expansion, investor decision-making continues to be shaped by psychological and emotional factors that deviate from rational finance assumptions. This study examines the role of behavioral biases in mutual fund investment behaviour in India using a Systematic Literature Review (SLR) and secondary data reported by the Association of Mutual Funds in India (AMFI) and the Securities and Exchange Board of India (SEBI).<\/p>

      Using industry-level data up to October 2025, the study analyses trends in Assets under Management (AUM), Systematic Investment Plan (SIP) inflows, fund category preferences, and redemption behaviour. The findings reveal that although AUM reached approximately Rs. 79.87 lakh crore and monthly SIP inflows surged to Rs. 29,529 crore, investor behaviour remains influenced by herding, recency bias, overconfidence, loss aversion, and panic-driven decision-making during periods of market volatility. The study integrates Prospect Theory and behavioural finance models to explain observed investment patterns. The research highlights the need for enhanced behavioural literacy, regulatory nudges, and simplified disclosures to promote long-term, disciplined mutual fund investing. The study contributes to behavioural finance literature by providing an India-specific, regulator-backed empirical perspective suitable for policy and academic discourse.<\/p>

      Keywords<\/strong>: Behavioral Finance, Mutual Funds, AMFI Data, SEBI Reports, Herding Behaviour, Recency Bias, Overconfidence, SIP Behaviour, Loss Aversion, Investor Psychology<\/p> <\/div>\n\t\t \n

      \n\t\t\t\t

      Agarwal, S., & Prakash, A. (2024). Behavioural regulation and investor protection in India. Journal of Financial Regulation and Policy, 16(2), 145\u2013162.<\/p>

      Association of Mutual Funds in India. (2025). Annual mutual fund industry report 2024\u201325. AMFI.<\/p>

      Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261\u2013292. https:\/\/doi.org\/10.1162\/003355301556400<\/p>

      Bansal, A., & Verma, R. (2022). Demographic determinants of behavioural biases in mutual fund investments. Asian Journal of Finance & Accounting, 14(1), 55\u201372.<\/p>

      Bikhchandani, S., & Sharma, S. (2020). Herd behaviour in financial markets: Evidence from Indian mutual fund flows. Journal of Behavioral Finance, 21(4), 321\u2013336.<\/p>

      Chandra, A., & Kumar, R. (2022). Loss aversion and redemption behaviour of mutual fund investors in India. International Journal of Financial Studies, 10(3), 1\u201315.<\/p>

      Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263\u2013291. https:\/\/doi.org\/10.2307\/1914185<\/p>

      Kumar, S., & Goyal, N. (2021). Behavioural biases and investment decision-making: Evidence from Indian mutual fund investors. Journal of Behavioral and Experimental Finance, 30, Article 100472.<\/p>

      Malhotra, P., & Garg, A. (2023). Recency bias and performance chasing in Indian mutual funds. Journal of Emerging Market Finance, 22(1), 45\u201362.<\/p>

      Nair, S., & Menon, P. (2024). Effectiveness of investor education programs in India. Indian Journal of Finance, 18(2), 23\u201338.<\/p>

      Patel, K., & Shah, M. (2024). Disposition effect in equity mutual funds: Evidence from retail investors. Global Finance Journal, 59, Article 100121.<\/p>

      Rao, V., & Gupta, S. (2021). Financial literacy and behavioural biases in investment decisions. Journal of Financial Education, 47(1), 1\u201320.<\/p>

      Raut, R. K., & Dash, S. R. (2021). Anchoring bias and mutual fund choice behaviour. International Journal of Bank Marketing, 39(4), 680\u2013699.<\/p>

      Reddy, K., & Kulkarni, S. (2023). Investor behaviour and redemption patterns: Evidence from SEBI data. Journal of Capital Markets Studies, 7(2), 89\u2013105.<\/p>

      Sahi, S. K., & Arora, A. P. (2021). Investor herding and market volatility in India. Vision: The Journal of Business Perspective, 25(3), 312\u2013324.<\/p>

      Saxena, R., & Mishra, P. (2022). Analysis of mutual fund flows in India using AMFI data. South Asian Journal of Business Studies, 11(2), 201\u2013218.<\/p>

      Securities and Exchange Board of India. (2024). Annual report 2023\u201324. SEBI.<\/p>

      Sharma, R., & Kumar, A. (2023). Impact of overconfidence on mutual fund investment decisions in India. Journal of Risk and Financial Management, 16(5), Article 218.<\/p>

      Singh, P., & Mehta, N. (2023). Gender differences in behavioural biases among mutual fund investors. International Journal of Economics and Financial Issues, 13(4), 87\u201396.<\/p>

      Thaler, R. H., & Sunstein, C. R. (2008). Nudge: Improving decisions about health, wealth, and happiness. Yale University Press.<\/p> <\/div>\n\t\t \n

      \n\t\t\t\t <\/div>\n\t\t <\/div>\n <\/div>\n\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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Behavioral Biases in Mutual Fund Investments: A Study using AMFI and SEBI Dr. Sachin, Mr. Amit Yadav, Vol 20 , […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-4102","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/pages\/4102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/comments?post=4102"}],"version-history":[{"count":5,"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/pages\/4102\/revisions"}],"predecessor-version":[{"id":4358,"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/pages\/4102\/revisions\/4358"}],"wp:attachment":[{"href":"https:\/\/journal.ipem.edu.in\/management\/wp-json\/wp\/v2\/media?parent=4102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}