MEANING OF FINANCIAL REPORTING
   It is concerned with providing useful information to the 
    users  of  financial  statements  in  the  form  of  income 
    statement, balance sheet, statement of retained earnings.
   It also includes accounting ratios, cash flow statement, 
    graphs, diagrams etc.
          MEANING OF FINANCIAL 
                      INSTITUTION
        The term  includes  these:
         1.  Mutual funds
         2.  Non Banking financial companies
         3.  Merchant Bankers
         4.  Stock Brokers
         5.  Insurance Companies
         6.  Hire  purchase  companies etc. 
            MUTUAL FUNDS
   These are trusts, which pool resources from large 
    number  of  investors  through  issue  of  of  units 
    under specified schemes. Funds are invested in 
    different  securities.  The  mutual  fund  earns 
    income  from  these  investments  by  way  of 
    dividends, interest and capital gains
   In  India  mutual  funds  are  regulated  by  SEBI 
    Regulations,1996
   Asset Management Company means a company 
    formed  and  registered  under  the  Companies 
    ACT,1956    to  manage  the  funds  of  a  mutual 
    fund. 
                       TYPES OF 
                       SCHEMES
    In terms of objectives:        In terms of type of 
                                   entry and exit routes:
                                   Open ended Schemes:
    Growth Funds:  
      Major part  of the fund is       In  this  scheme  units  are 
      invested    in    equity      purchased  and  sold  on 
      instruments  to  provide      continuous basis.
      higher  return  in  the 
      form of dividends.             Close ended schemes:
    Income funds:                     These schemes have fixed 
      Funds  are  invested          maturity periods.
      in      fixed      debt        
      instruments.
    2. NON BANKING FINANCE 
            COMPANY
   This is a company engaged in the business of 
    providing  loans  and  advances,  acuisition  of 
    shares, debentures and other securities, leasing, 
    higher  purchase,  insurance  business  and  chit 
    business and is a company registered under the 
    companies Act, 1956.