The mutual fund sector in India has expanded as a result of consumer awareness and product accessibility. Nonetheless, there is a propensity for psychological considerations, such as herd mentality, loss aversion, and overconfidence, to influence an investor's decision, which can affect capital growth. This study examines how behavioural bias affects investors' choices of mutual funds, paying particular attention to the Indian market. Finding these biases and the relationships between these various factors and the demographic and psychographic traits of investors is the aim of this study. 483 urban retail investors from Punjab who have been investing in mutual funds for more than a year were the subject of a thorough research for the study. The study used descriptive research design and made use of statistical tools like t-tests, ANOVA and Chi-Square tests with the help of SPSS to determine the correlation between the demographic characteristics (age, gender, marital status, education level, income, occupation and residential area) and behavioural biases. The data was collected through questionnaires administered through a WhatsApp group and email with an aim of getting a wide and random sample size. The results suggest that the demographic characteristics make a difference in the behavioural bias of investors.
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