Markets: A Rigorous Course
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Readings and resources

Core about 5 min

Read first

  1. The SEBI (Mutual Funds) Regulations, 2026 (Gazette notification of 14 Jan 2026), at least Chapters VIII (NAV), XI (expenses: Regulations 66–67) and VI (winding up); and the SEBI Master Circular for Mutual Funds (latest version on sebi.gov.in → Legal → Master Circulars).
  2. NISM Series V-A, Mutual Fund Distributors certification workbook (nism.ac.in; the current edition was not checked): the industry's own vocabulary, documents and processes.
  3. AMFI's monthly note and TER disclosure (https://www.amfiindia.com/research-information/amfi-monthly ; https://www.amfiindia.com/ter-of-mf-schemes).
  4. One listed AMC's latest annual report and quarterly shareholder presentation, read with 6B.5.
  5. Berk, J. B. & Green, R. C. (2004). Mutual fund flows and performance in rational markets. Journal of Political Economy 112(6), 1269–1295.

Papers for depth

  • Sharpe, W. F. (1966). Mutual fund performance. Journal of Business 39(1), 119–138.
  • Jensen, M. C. (1968). The performance of mutual funds in the period 1945–1964. Journal of Finance 23(2), 389–416.
  • Carhart, M. M. (1997). On persistence in mutual fund performance. Journal of Finance 52(1), 57–82.
  • Fama, E. F. & French, K. R. (2010). Luck versus skill in the cross-section of mutual fund returns. Journal of Finance 65(5), 1915–1947.
  • Cremers, K. J. M. & Petajisto, A. (2009). How active is your fund manager? A new measure that predicts performance. Review of Financial Studies 22(9), 3329–3365.
  • Miller, R. M. (2007). Measuring the true cost of active management by mutual funds. Journal of Investment Management 5(1), 29–49.
  • Zitzewitz, E. (2003). Who cares about shareholders? Arbitrage-proofing mutual funds. Journal of Law, Economics, and Organization 19(2), 245–280.
  • Chen, Q., Goldstein, I. & Jiang, W. (2010). Payoff complementarities and financial fragility: evidence from mutual fund outflows. Journal of Financial Economics 97(2), 239–262.
  • Petajisto, A. (2011). The index premium and its hidden cost for index funds. Journal of Empirical Finance 18(2), 271–288.
  • Petajisto, A. (2017). Inefficiencies in the pricing of exchange-traded funds. Financial Analysts Journal 73(1), 24–54.
  • Ben-David, I., Franzoni, F. & Moussawi, R. (2018). Do ETFs increase volatility? Journal of Finance 73(6), 2471–2535.
  • Constantinides, G. M. (1979). A note on the suboptimality of dollar-cost averaging as an investment policy. Journal of Financial and Quantitative Analysis 14(2), 443–450.

Indian data and sources

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