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Abstract
In India the investments in mutual fund is actively participating in the expansion of capital Market. Mutual fund is used by the retail investors as a channel for the investment of their money in professional funds management system, no matter what amount is invested. It allows the public to penetrate into the Indian Financial Market much easily. The aim of the study is to analyse the criteria for selecting a fund that is adopted by Mutual Fund Investors of India and the association between the Preference for Investing in Mutual Funds and Level of Financial Literacy. The study is conducted by bringing out the information from 210 Mutual Fund investors and it is concluded that the most significant factor that is considered by the retail investor a heading towards their investment in mutual funds is the performance of the fund in yesteryears and the study shows a significant association between the preference for investing in mutual funds and level of financial literacy.