'It is not the strongest of a species that survives, nor the most intelligent. It is the one most adaptable to change.' There's controversy over whether it was Charles Darwin who said this, but it is a perceptive quote.
The reason why the Indian mutual fund industry has managed to beat back many other competing financial products and emerge as a go-to investment for the retail investor is that it has reinvented itself many times over in the last two decades. If you thought the evolution of the industry was done and dusted with the SEBI barring entry loads way back in June 2009, you're mistaken.
