It is difficult to find a clear definition of the term 'globalisation' but it is clear that it is associated with particular characteristics; the following is a list of some of those characteristics:

• Growth in technology
• Capitalist or market economic systems
• Corporate expansion
• Trade issues
• Poverty and inequality
• Impact on the environment
• Communication
• Brand expansion and recognition

Mutual fund schemes may be classified on the basis of their structure and their investment objective

By Structure- there are two types

Open-ended Funds -An Open-ended Fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices.

Close-ended Funds -A Close-ended Fund has a stipulated maturity period, which generally ranges from 3 to 15 years. The fund is open for subscription only during a specified period. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the Stock Exchanges, if they are listed. The market price at the stock exchange could vary from the scheme's NAV on account of demand and supply situation, unit holders' expectations and other market factors.