Valuations, in India or elsewhere, are not as great as they were three to five years ago. That's a big risk for investors as they tend to come in when the market sentiment is upbeat, Kunal Kapoor, chief executive officer at Morningstar, told BloombergQuint in an interview.
The mutual fund industry will be much larger in five to 10 years as demonetisation encouraged transition towards ownership of financial assets, pushing up flows, he said.
Watch the conversation here:
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