``Our markets may not have reached the heights of efficiency, but definitely our market are more efficient than they were three years back,'' he added, listing the various achievements of the regulator such as disclosures of quarterly results and cash flow statements, surveillance systems at most exchanges, depository and increased trading in thedematerialised form, automated trading and regular settlement cycles.

Reforms in the secondary market have been a success and its sustainability would be a success only when it comes from within the system, he said.AP Kurian, chairman of the Association of Mutual Funds in India (Amfi), felt the mutual fund industry had been misinterpreted for a long time while this was the only industry in the world which could double your money in the shortest span of time. ``The mutual fund industry has been misunderstood and misinterpreted for a while now which needs to be rectified,'' he added.Amfi has already made a road map for educating investors and it is with a view to increase awareness even among the intermediaries as Amfi has started organising training programs for them.

Amfi chairman said that as compared to other financial products the mutual funds have a four tier system of keeping a vigil on the functioning of mutual funds, the trustees, Sebi, the internal auditors and the statutory auditors, making themutual fund industry as the highest regulated industry with highest transparency.``This makes the industry a very attractive one for investment,'' he said.

The vice-president of the Morgan Stanley Asset Management Company, K N Vaidyanathan outlining the method of investing in mutual funds and explaining the structure, said that product positioning of mutual funds was just as important as the proper positioning of products like soaps and perfumes.