A PROJECT REPORT ON

ROLE OF FINANCIAL INSTITUTION IN CAPITAL

MARKET IN INDIA

SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQURIEMENT FOR

BACHELOR OF BUSINESS ADMINISTRATION

OF

PUNJAB TECHNICAL UNIVERSITY

JALANDHAR

SUBMITTED BY: SUBMITTED TO:

RANG NARAYAN Mr. LOKNATH MISHRA

B.B.A(6TH SEM.) (PROGRAM DIRECTOR)

Session:2009-2012 DELHI BUSINESS SCHOOL

Roll no. :9208490013 NEW DELHI

DBS
Delhi Business School
B-II/58 MCIE Mathura Road New Delhi
Website: www.dbs.edu.in
 ACKNOWLEDGEMENT

I would like to thank Mr. Loknath MIshra for providing me the opportunity to
work on this project. My sincere thanks continue to our institute for providing
me the opportunity to work on this project. It was an great part and a source
of learning for me. Last but not the least, I would like to thank all the people
who helped and contributed me knowingly or unknowingly during this project.
It may not be possible to mention all the names but their contributions have
always enriched me in every aspect.

Signature:
Rang Narayan
 DECLARATION
I, Rang Narayan, hereby declare that the Project Report
entitled ‘ROLE OF FINANCIAL INSTITUTION IN CAPITAL
MARKET IN INDIA’ written and submitted by me to the
Punjab Technical University, in partial fulfillment of the
requirements for the award of degree of Bachelor Of Business
Administration and Under Graduate Program under the
guidance of Mr. Loknath Mishra is my original work and does
not form earlier the basis for the award of any degree or
similar title of this or any other University or examining body.
In addition, the conclusions drawn therein are based on the
material collected by myself.

Rang Narayan

BBA(6th Sem.)

Roll. No.:9208490013
EXECUTIVE SUMMARY:

The objective of the project is to find the different role of institutional

investors in the capital market in India and then to find the role of

institutional investors in the major volatile episode in the capital

market in India. Finally to find the relationship between the Sensex

variation with the variation of the investments made by the

institutional investors. India opened its stock markets to foreign

investors in September 1992 and has, since 1993, received

considerable amount of portfolio investment from foreigners in

the form of Foreign Institutional Investor’s (FII) investment in

equities. While it is generally held that portfolio flows benefit the

economies of recipient countries, policy makers worldwide have

been more than a little uneasy about such investments. Portfolio

flows-often referred as “hot money”-are notoriously volatile compared

to other types of capital inflows. Investors are known to pull back

portfolio investments at the slightest hint of trouble in the host

country often leading to disastrous consequences to its economy

. They have been blamed for exacerbating small economic problems

in a country by making large and concerted withdrawals at the first

sign of economic weakness. The methodology used to is regression

analysis. The degree of association helps us to quantify the relation

ship between the variation in sensex due to the variation in the

 net investments

made by the institutional investors

.
After completeing the project I could recommend that Government
should certainly encourage foreign institutional investment but should
keep a check on the volatility factor. Long term funds should be given
priority and encouraged some of the actions that could be taken to
ensure stability are Strengthening domestic institutional investors
Operational flexibility to impart stability to the market Knowledge
activities and research programs
To conclude with I would say the that the foreign funds is certainly

one of the most important

cause of volatility in the Indian stock market and has had a considerable
influence on it. Although it would not be fair enough to come to any
conclusion as there are a lot of other factors beyond the scope of the
study that effect returns and risks .it is not easy to predict the
nature of the macroeconomic factors and their behavior but it has a
great significance on any economy and its elements. Although generally
a positive relation has been seen between the stock market returns
and the FII inflows it is not easy to say which is the cause n which is the
effect.
 TABLE OF CONTENTS
CONTENTS
ABSTRACT

1. INTRODUCTION

2. OBJECTIVE

3. METHODOLOGY

4. INSTITUTIONAL INVESTORS

5. TYPES OF INSTITUTIONAL INVESTOR

5.1 DOMESTIC INSTITUTIONAL INVESTORS

5.1.1 DOMESTIC FINANACIAL INSTITUTION

5.1.2 INSURANCE COMPANIES

5.1.3 BANKS

5.1.4 ASSET MANAGEMENT COMPANY

5.2 FOREIGN INSTITUTIONAL INVESTORS

5.2.1 SOURCES OF FII IN INDIA

6. CAPITAL MARKET IN INDIA

7. INSTITUTIONAL INVESTORS REGISTERED IN INDIA

7.1 MUTUAL FUND REGISTERED IN INDIA

7.2 FII REGISTERED IN INDIA

8. MAJOR INSTITUTIONAL INVESTORS IN INDIA

8.1 DOMESTIC INSTITUTIONAL INVESTORS

8.1.1 LIFE INSURANCE CORPORATION

8.1.2 RELIANCE MUTUAL FUND
8.1.3 ICICI PRUDENTIAL

8.1.4 UTI MUTUAL FUND

8.1.5 HDFC MUTUAL FUND

8.2 FII

8.2.1 DEUTSCHE GROUP

8.2.2 CITIGROUP GROUP

8.2.3 HSBC GLOBAL INVESTMENT

8.2.4 MORGAN STANLEY &CO INTERNATIONAL LTD

8.2.5 DSP MERRILL LYNCH

9. INVESTMENT TRENDS OF INSTITUTIONAL INVESTORS IN

INDIA

9.1 INVESTMENT TRENDS OF INDIAN MUTUAL FUND

INDUSTRY

9.2 FOREIGN INSTITUTIONAL INVESTMENT

9.2.1 REASONS FOR GROWTH IN FII INVESTMENT

10. FII: COST BENEFIT ANALYSIS

11. DETERMINATION OF FII

12. COMPARISION BETWEEN FIIS & MUTUAL FUND

INVESTMENT

13. ROLE OF INSTITUTIONAL INVESTORS IN CAPITAL

MARKET

14. A STUDY OF MAJOR EPISODES OF VOLATILITY

15. STATISTICAL ANALYSIS

RECOMMENDATION

CONCLUSION
REFERENCES

ANEXURE
ABSTRACT:
"The whole is much more than just the sum of
the parts"–Aristotle
An economy, apart from everything else, is a highly fluid transmission
mechanism. Its beauty lies in how the smallest of changes have the most
complex trickle-down effects. A paradigmatic example of how seemingly
minor policy changes can jumpstart the economy can be illustrated by
examining the effects liberalization on capital market in India.

Globalization had led to widespread liberalization and implementation

of financial market reforms in many countries, mainly focusing on
integrating the financial markets with the global markets. Indian Capital
Market has also undergone metamorphic reforms in the past few years.
Every segment of Indian Capital Market viz primary and secondary
markets, derivatives, institutional investment and market intermediation
has experienced impact of these changes which has significantly
improved the transparency, efficiency and integration of Indian market with
the global markets.

This is one of the prime reasons why the foreign portfolio investments have
been increasingly flowing into the Indian markets. A significant part of these
portfolio flows to India comes in the form of Foreign Institutional Investors’
(FIIs’) investments, mostly in equities. Ever since the opening of the Indian
equity markets to foreigners, FII net investments have steadily grown. Thus,
we can see that there has been a consistent rise in the FII inflows into the
country.

While the concerns such as FII pulling back their investments and the kind of
destabilizing effect on the capital market in India are all well-placed,
comparatively less attention have been paid so far to analyzing the FII flows
data and understanding their key features. A proper understanding of the
nature and determinants of these flows, however, is essential for a
meaningful debate about their effects as well as predicting their chances of
their sudden reversals. Thus this project aims at studying the role of these
Institutional investors and its impact on the capital markets in India
.This also aims to find out the various factors and determinants for their
investments and also cite out scenarios where in these investments when
pulled back by these FII could really effect the capital markets in India.

Institutional investors are a permanent feature of the financial landscape,

and their growth will continue at a similar and perhaps faster pace. The
factors that underpin their development are far from transitory and in many
cases have only just started having an impact. The behavioral
characteristics of institutional investors, therefore, will be an increasingly
important determinant of domestic and international financial market
conditions, and the implications for financial market stability warrant
serious consideration"
Bank for International Settlements, Annual
Report 1998, p95.
 1. INTRODUCTION:

Financial markets are the catalysts and engines of growth for any nation.
India’s financial market began its transformation path in the early 1990s. The
banking sector witnessed sweeping changes, including the elimination of
interest rate controls, reductions in reserve and liquidity requirements and an
overhaul in priority sector lending. Persistent efforts by the Reserve Bank of
India (RBI) to put in place effective supervision and prudential norms since
then have lifted the country closer to global standards. Around the same
time, India’s capital markets also began to stage extensive changes. The
Securities and Exchange Board of India (SEBI) was established in 1992
with a mandate to protect investors and usher improvements into the
microstructure of capital markets, while the repeal of the Controller of
Capital Issues (CCI) in the same year removed the administrative
controls over the pricing of new equity issues. India’s financial markets also
began to embrace technology. Competition in the markets increased
with the establishment of the National Stock Exchange (NSE) in 1994,
leading to a significant rise in the volume of transactions and to the
emergence of new important instruments in financial intermediation.

Indian investors have been able to invest through mutual funds since
1964, when UTI was established. Indian mutual funds have been organized
through the Indian Trust Acts, under which they have enjoyed certain tax
benefits. Between 1987 and 1992, public sector banks and insurance
companies set up mutual funds. Since 1993, private sector mutual funds
have been allowed, which brought competition to the mutual fund industry.
This has resulted in the introduction of new products and improvement
of services. The notification of the SEBI (Mutual Fund) Regulations of
1993 brought about a restructuring of the mutual fund industry. An arm’s
length relationship is required between the fund sponsor, trustees,
custodian, and asset Management Company. This is in contrast to the
previous practice where all three functions, namely trusteeship,
custodianship, and asset management, were often performed by one body,
Usually the fund sponsor or its subsidiary. The regulations
prescribed disclosure and advertisement norms for mutual funds, and, for
the first time, permitted the entry of private sector mutual funds. FIIs
registered with SEBI may invest in domestic mutual funds, whether listed or
unlisted. The 1993 Regulations have been revised on the basis of the
recommendations of the

Mutual Funds 2000 Report prepared by SEBI. The revised regulations

strongly emphasize the governance of mutual funds and increase the
responsibility of the trustees in overseeing the functions of the asset
management company. Mutual funds are now required to obtain the consent
of investors for any change in the “fundamental attributes” of a scheme, on
the basis of which unit holders have invested. The revised regulations
require disclosures in terms of portfolio composition, transactions by
schemes of mutual funds with sponsors or affiliates of sponsors, with the
asset Management Company and trustees, and also with respect to personal
transactions of key personnel of asset management companies and of
trustees.

India opened its stock markets to foreign investors in September 1992

and has, since 1993, received considerable amount of portfolio investment
from foreigners in the form of Foreign Institutional Investor’s (FII)
investment in equities. This has become one of the main channels of
portfolio investment in India for foreigners. In order to trade in Indian
equity markets, foreign corporations need to register with the SEBI as
Foreign Institutional Investor (FII). SEBI’s definition of FIIs
presently includes foreign pension funds, mutual funds,
charitable/endowment/university fund’s etc. as well as asset management
companies and other money managers operating on their behalf
 The sources of these FII flows are varied .The FIIs registered with SEBI
come from as many as
28 countries(including money management companies operating in India on
behalf of foreign investors).US based institutions accounted for slightly over
41% those from the U.K constitute about 20% with other Western European
countries hosting another 17% of the FIIs.
Portfolio investment flows from industrial countries have become
increasingly important for developing countries in recent years. The Indian
situation has been no different. A significant part of these portfolio flows to
India comes in the form of FII’s investments, mostly in equities. Ever since
the opening of the Indian equity markets to foreigners, FII investments have
steadily grown from about Rs.2600 crores in 1993 to over Rs.272165 crores
till the end of Feb 2008.

While it is generally held that portfolio flows benefit the economies of

recipient countries, policy makers worldwide have been more than a little
uneasy about such investments. Portfolio flows- often referred as “hot
money”-are notoriously volatile compared to other types of capital inflows.
Investors are known to pull back portfolio investments at the slightest hint of
trouble in the host country often leading to disastrous consequences to its
economy. They have been blamed for exacerbating small economic problems
in a country by making large and concerted withdrawals at the first sign of
economic weakness. They have also been responsible for spreading financial
crisis –causing contagion in international financial markets.
International capital flows and capital controls have emerged as an
important policy issues in the Indian context as well. The danger of “abrupt
and sudden outflows” inherent with FII flows and their destabilizing effect on
equity and foreign exchange markets have been stressed.
The financial market in India have expanded and deepened rapidly over the
last ten years. The Indian capital markets have witnessed a dramatic
increase in institutional activity and more specifically that of FII’s.
This change in market environment has made the market more
innovative and competitive enabling the issuers of securities and
intermediaries to grow. In India the institutionalization of the capital markets
has increased with FII’s becoming the dominant owner of the free float of
most blue chip Indian stocks. Institutions often trade large blocks of shares
and institutional order’s can have a major impact on market volatility. In
smaller markets, institutional trades can potentially destabilize the markets.
Moreover, institutions also have to design and time their trading strategies
carefully so that their trades have maximum possible returns and minimum
possible impact costs.
2. OBJECTIVE OF THE PROJECT:
To Study the Impact of Institutional Investors especially the FII on the
capital market in
India.

To study the major Episodes of volatility in India and analyzing the impact
of Institutional investors in these episodes.

To quantify the relation between FII flows and their relationship with
economic variables, particularly with NIFTY.

3. METHODOLOGY:

For covering the Theoretical part I shall be going through a lot of literature
including books on FII & Capital Market. Beyond this I shall be tracking the
performance of FII through the help of internet.
To Study the major episodes of volatility in India, I would be reading through a
lot of literature, articles, and magazines and visiting various sites for their
comments during that period.

For the study purpose, I will take only NIFTY that is the National Stock
Exchange (NSE) benchmark Index is considered. This is because the larger
chunk of FII activity in India happens on the NSE. NSE is the dominant
exchange in India with close to 75% of cash market turnover and well over
90% of derivatives turnover in India happening on the NSE. The daily
index volatility and volatility in daily FII cash flows were studied and daily
FII volatility on the Nifty volatility. On the information so gathered I will be
running SPSS analysis & reaching onto the conclusion.

Thus throughout the project I shall be making use of

secondary data.
4. INSTITUTIONAL
INVESTOR:
An institutional investor is an investor, such as a bank, insurance company,
retirement fund, hedge fund, or mutual fund that is financially sophisticated
and makes large investments, often held in very large portfolios of
investments. Because of their sophistication, institutional investors may
often participate in private placements of securities, in which certain aspects
of the securities laws may be inapplicable.

5. TYPES OF INSTITUTIONAL
INVESTOR

5.1. DOMESTIC INSTITUTIONAL INVESTOR

is used to denote an investor - mostly of the form of an institution or

entity, which invests money in the financial markets of its own
country where the institution or entity was originally incorporated. In
India, there are broadly four types of institutional investors.

5.1.1 DEVELOPMENTAL FINANCIAL INSTITUTIONS like Industrial Finance

Corporation of India (IFCI), Industrial Credit and Investment
Corporation of
India (ICICI), Industrial Development Bank of India (IDBI), the State
Financial Corporations, etc. The role played by these financial institutions (FIs)
is to extend funds to the companies for both long term financing and (more
recently) working capital financing. The financial institutions extend both debt
and equity financing to their nominee directors in the companies.

5.1.2 INSURANCE COMPANIES like the Life Insurance

Corporation (LIC), General Insurance Corporation (GIC), and
their subsidiaries.

5.1.3 BANKS: Earlier banks used to finance only the working

capital of the companies. But now they are also extending
long-term finance to the companies.

5.1.4 ASSET MANAGEMENT COMPANIES all the mutual funds

including Unit Trust of India (UTI). The mutual funds collect funds
from both individuals and corporate to invest in the financial
assets of other companies. In India, the mutual funds
participate largely in the equity capital of the companies. The
mutual fund industry which is the major institutional investors in
India started in 1963 with the formation of Unit Trust of India,
at the initiative of the Government of India and Reserve Bank.

The history of mutual funds in India can be broadly divided into

four distinct phases

First Phase: 1964-1987, Unit Trust of India (UTI) was

established on
1963 by an Act of
Parliament.

Second Phase : 1987- 1993, Entry of Public Sector Funds

.1987 marked the entry of non- UTI, public sector mutual funds
set up by public sector
 banks and Life Insurance Corporation of India (LIC)
and General Insurance Corporation of India (GIC).

Third Phase: 1993-2003, Entry of Private Sector Funds in

1993. Kothari Pioneer (now merged with Franklin Templeton)
was the first private
sector mutual fund registered in July 1993.As at the end of
January 2003;

there were 33 mutual funds with total assets of Rs. 1, 21,805

crores. The Unit Trust of India with Rs.44, 541 crores of assets
under management was way ahead of other mutual funds.

Fourth Phase: 2003-2007 In Feb 2003 the Unit Trust of

India Act 1963
UTI was bifurcated into two separate entities. The Specified
Undertaking of Unit Trust of India, functioning under an
administrator and under the rules framed by Government of
India. The second is the UTI Mutual Fund Ltd, sponsored by
SBI, PNB, BOB and LIC. It is registered with SEBI and
functions under the Mutual Fund Regulations.

5.2 FOREIGN INSTITUTIONAL INVESTOR (FII)

is used to denote an investor - mostly of the form of an institution or

entity, which invests money in the financial markets of a country
different from the one where in the institution or entity was originally
incorporated.FII investment is frequently referred to as hot money for
the reason that it can leave the country at the same speed at which it
comes in. In countries like India, statutory agencies like SEBI have
prescribed norms to register FIIs and also to regulate such investments
flowing in through FIIs.
 Pension Funds
Mutual Funds
Investment Trust
Insurance or reinsurance companies
Endowment Funds
University Funds
Foundations or Charitable Trusts or Charitable Societies
Asset Management
Companies Nominee
Companies Institutional
Portfolio Managers Trustees

Power of Attorney Holders

Bank

5.2.1 SOURCES OF FII IN INDIA:

The sources of these FII flows are varied. The FIIs registered with
SEBI come from as many as 28 countries (including money
management companies operating in India on behalf of
foreign investors). US-based institutions accounted for slightly
over 41%; those from the UK constitute about 20% with other
Western European countries hosting another 17% of the
FIIs. It is, however, instructive to bear in mind that these
national affiliations do not necessarily mean that the actual
investor funds come from these particular countries. Given the
significant financial flows among the industrial countries, national
affiliations are very rough indicators of the ‘home’ of the
FII investments. In particular institutions operating from
Luxembourg, Cayman Islands or Channel Islands, or even those
based at Singapore or Hong Kong are likely to be investing funds
 largely on behalf of residents in other countries. Nevertheless,
the regional breakdown of the FIIs does provide an idea of the
relative importance of different regions of the world in the
FII flows.

6. CAPITAL MARKET IN INDIA

The Bombay Stock Exchange (BSE), which began formal trading in 1875,
is one of the oldest in Asia. Over the last decade, there has been a rapid
change in the Indian securities market, both in primary as well as the
secondary market. Advanced technology and online-based transactions
have modernized the stock exchanges. In terms of the number of
companies listed and tota market capitalization, the Indian equity
market is considered large relative to the country’s stage of economic
development. Currently, there are 40 mutual funds, out of which 33 are
in the private sector and 7 are in the public sector. Mutual funds were
opened to the private sector in 1992. Earlier, in 1987, banks were allowed
to enter this business, breaking the monopoly of the Unit Trust of India
(UTI), which maintains a dominant position. Before 1992, many factors
obstructed the expansion of equity trading. Fresh capital issues were
controlled through the Capital Issues Control Act. Trading practices were
not transparent, and there was a large amount of insider trading.
Recognizing the importance of increasing investor protection, several
measures were enacted to improve the fairness of the capital market.
The Securities and Exchange Board of India (SEBI) was established in
1988. There have been significant reforms in the regulation of the
securities market since 1992 in conjunction with overall economic and
financial reforms. In 1992, the SEBI Act was enacted giving SEBI
statutory status as an apex regulatory body. And a series of reforms was
introduced to improve investor protection, automation of stock trading,
integration of national markets, and efficiency of market operations. India
has seen a tremendous change in the secondary market for equity. Among
the processes that have already started and are soon to be fully
implemented are electronic settlement trade and exchange-traded
derivatives. Before 1995, markets in India used open outcry, a trading
process in which traders shouted and hand signaled from within a pit.
One major policy initiated by SEBI from 1993 involved the shift of all
exchanges to screen-based trading, motivated primarily by the need for
greater transparency. The first exchange to be based on an open
electronic limit order book was the National Stock Exchange (NSE), which
started trading debt instruments in June 1994 and equity in November
1994. In March 1995, BSE shifted from open outcry to a limit order book
market. Before 1994, India’s stock markets were dominated by BSE. In
other parts of the country, the financial industry did not have equal access
to markets and was unable to participate in forming prices compared
with market participants in Mumbai (Bombay).
As a result, the prices in markets outside Mumbai were often different
from prices in Mumbai. These pricing errors limited order flow to these
markets. Explicit nationwide connectivity and implicit movement toward
one national market has changed this situation. NSE has established
satellite communications which give all trading members of NSE equal
access to the market. Similarly, BSE and the Delhi Stock Exchange are
both expanding the number of trading terminals located all over the
country. The arbitrages are eliminating pricing discrepancies between
markets.

The Indian capital market still faces many challenges if it is to

promote more efficient allocation and mobilization of capital in the
economy.

First, market infrastructure has to be improved as it hinders

the efficient flow of information and effective corporate
governance.

Second, the trading system has to be made more transparent.

Third, India may need further integration of the national

capital market through consolidation of stock exchanges.

Fourth, the payment system has to be improved to better

link the banking and securities industries.

The capital market cannot thrive alone; it has to be integrated with

the other segments of the financial system. The global trend is for the
elimination of the traditional wall between banks and the securities
market. Securities market development has to be supported by
overall macroeconomic and financial sector environments. Further
liberalization of interest rates, reduced fiscal deficits, fully market-
 based issuance of Government securities and a more competitive
banking sector will help in the development of a sounder and a more
efficient capital market in India.

7. INSTITUTIONAL INVESTORS REGISTERED IN INDIA:

7.1 MUTUAL FUNDS REGISTERED IN INDIA:

From the bar chart above it is clearly evident that the mutual fund
industry is still at a nascent stage as compared to the FII’s. Since its
inception in 1964 when the first mutual fund i.e. UTI had the
monopoly for 25 years. It was thus in the year after 1989 that public
sector banks and financial institution started their AMC .Finally in the
third phase when private players entered the arena, it lead to a fierce
battle to hold the top slot in the Indian mutual fund industry .The growing
number of mutual fund companies corroborates the fact that Indian
public are now looking for different avenues to invest their earnings and
are confident on the working of capital market in India. This shows that
SEBI has in a way restored the faith of these investors in spite of the
different scams that rocked the capital market in India.

7.2 FII REGISTERED IN INDIA:

Let’s look at some of the data to get an idea about the trend of FIIs
in India, and also to see the future direction of their movement.
India had 528 FIIs were registered with SEBI by end of 2001 and by
end of Feb-2008 the number increased to1303. The trend in the
number of registered FIIs has been consistently on the rise as can
be seen from the table; showing the significant amount of
confidence that Indian Capital market has developed in the last few
years.

Not only has been the number increasing on a consistent basis, but
the amount of inflow into Indian market has also seen a manifold
increased. The gross purchase, sales and net investment figure on
an annual basis gives a fair idea about the consistency of their
investments in our country.

As we can see in the investment trends table, except for 1998, the
net investment by the FIIs in the Indian market has always been
positive since liberalization which to a large extent tells about the
consistency of their presence in Indian market. This is also evident
from the fact that the number of FII registering in India is
increasing in spite of the fact that SEBI has declined to issue any
further PN notes and also asked them to get registered. This shows
 that India still remains the hot spot for the foreign investors in
the coming years.

8. MAJOR INSTITUTIONAL INVESTORS IN INDIA

The total number of Domestic institutional investors specially the

mutual funds is 40 in number. Similarly insurance companies and
other banks are very large in number. But out of these there are some
heavy weights which solely by their investments are among the top 5
domestic institutional investors in india.Among the total FII registered
i.e. 1303 by the end of feb 2008 the top 5 FII in terms of their
investment in India are listed below.

8.1. DOMESTIC INSTITUTIONAL INVESTORS

8.1.1. LIFE INSURANCE CORPORATION OF INDIA.

 Life Insurance in its modern form came to India from England
in the year 1818. The first two decades of the twentieth
century saw lot of growth in insurance business. From 44
companies with total business-in-force as Rs.22.44 crore, it rose
to 176 companies with total business-in-force as Rs.298 crore in
1938. During the mushrooming of insurance companies many
financially unsound concerns were also floated which failed
miserably. However, it was much later on the 19th of January,
1956, that life insurance in India was nationalized. About 154
Indian insurance companies, 16 non-Indian companies and 75
provident were operating in India at the time of
nationalization. Nationalization was accomplished in two
stages; initially the management of the companies was taken
over by means of an Ordinance, and later, the ownership too by
means of a comprehensive bill. The Parliament of India passed
the Life Insurance Corporation Act on the 19th of June
1956, and the Life Insurance Corporation of India was created
on 1st September,
1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to
reach all insurable persons in the country, providing them
adequate financial cover at a reasonable cost.
LIC’s emergence as the biggest investor in the country should not surprise
anyone. The state-owned company is 51 years old and enjoyed a
state-sanctioned monopoly over the life insurance business till 2000.
The firm has issued 220 million policies and earned total premium income
of Rs39, 541 crore in 2006-07. It is allowed to invest 35% of its funds in
equities.

The largest chunk in LIC’s portfolio is the stake it owns in listed

engineering giant Larsen and Toubro Ltd. The 15.7% stake in L&T is
valued at more than Rs19, 642 crore. Other major investments include a
4.14% stake in Reliance Industries Ltd, the largest Indian company by
market capitalization, 7.2 % in ICICI Bank Ltd,
13.4% in ITC Ltd and 4.2 % in Reliance Communications
Ltd.
8.1.2 RELIANCE MUTUAL FUNDS:

Reliance Mutual Fund (RMF) is one of India’s leading Mutual

Funds,
with Average Assets Under Management (AAUM) of Rs. 90,938
Crores (AAUM for Mar 08 ) and an investor base of over 66.87
Lakhs.Reliance Mutual Fund, a part of the Reliance - Anil
Dhirubhai Ambani Group, is one of the fastest growing mutual
funds in the country. Reliance Capital Ltd. is one of India’s
leading and fastest growing private sector financial services
companies, and ranks among the top 3 private sector financial
services and banking companies, in terms of net worth.
Reliance Capital Ltd. has interests in asset management, life and
general insurance, private equity and proprietary investments,
stock broking and other financial services.
8.1.3 ICICI PRUDENTIAL FUNDS:
ICICI Prudential Asset Management Company enjoys the
strong parentage of
prudential plc, one of UK's largest players in the insurance &
fund management sectors and ICICI Bank, a well-known and
trusted name in financial services in India. ICICI Prudential Asset
Management Company, in a span of just over eight years, has
forged a position of pre-eminence in the Indian Mutual Fund
industry as one of the largest asset management companies in
the country with assets under management of Rs. 37,906.24
crore (as of March 31, 2007). The Company manages a
comprehensive range of schemes to meet the varying
investment needs of its investors spread across 68 cities in the
country. Upon its inception in May
1998 it manages 2 funds of Rs 160 Cr and has grown to manage
35 Funds worth
Rs 62,008.95
Cr.

8.1.4 UTI MUTUAL FUNDS:

UTI Mutual Fund came into existence on 1st February 2003.

Bank of Baroda (BOB), Punjab National Bank (PNB) and State
Bank of India (SBI) and Life Insurance Corporation of India
(LIC) are the sponsors of the UTI Mutual Fund. UTI Mutual
 Fund is managed by UTI Asset Management Company
Private Limited (AMC). UTI AMC is a registered portfolio
manager under the SEBI (Portfolio Managers) Regulations,
1993 for undertaking portfolio management services and also
acts as the manager and marketer to offshore funds. UTI Mutual
Fund has a nationwide network consisting 70 UTI Financial
Centers (UFCs) and UTI International offices in London, Dubai
and Bahrain. The fund has a track record of managing a variety
of schemes catering to the needs of every class of citizenry.

8.1.5 HDFC MUTUAL FUND:

HDFC (Housing Development Finance Corporation Limited) is one of
the dominant players in the Indian mutual fund space. HDFC was
incorporated in 1977 as the first specialized Mortgage Company
in India. HDFC Mutual Funds are handled by HDFC Asset
Management Company Limited. HDFC Asset Management
Company was incorporated under the Companies Act, 1956, on
December 10, 1999, and was approved to act as an Asset
Management Company for the Mutual Fund by SEBI on July 3,
2000. The company also provides portfolio management / advisory
services.

8.2 FOREIGN INSTITUTIONAL INVESTORS:

8.2.1 DEUTSCHE GROUP:

DWS Investments part of Deutsche Asset Management, was

founded in 1956 in Frankfurt/Main. With fund assets under
management of euro 267 bn, the company is one of the Top 10
companies worldwide. In Europe, DWS is one of the leading
mutual fund companies and currently manages euro 173 bn. In
excess of more than euro 147 bn assets under management,
DWS represents 22, 3% of the fund market in Germany, making
it the unchallenged number one.

The International nature of its business differentiates DWS

significantly from its domestic and international competitors.
DWS Investments’ activities span all the key European markets.
In the USA, DWS is represented by DWS Scudder and manages
assets of euro 86 bn. In spring 2006, it launched its first funds
as well as the DWS brand in Singapore and India, continuing its
successful expansion in the
 Asia-Pacific region. Thereafter, more funds were registered in other
countries in
Asia-Pacific.

8.2.2 CITIGROUP:
The formation of Citigroup in 1998 created a new model of
financial services organization to serve its clients’ financial needs. As
the company continues to grow and evolve, it’s increasingly
evident that such a large, complex grouping of businesses can
indeed succeed. With 275,000 employees working in more than 100
countries and territories, Citigroup’s globality and diversity
contribute to its continued success.

8.2.3 HSBC GLOBAL INVESTMENTS:

HSBC Investments is one of the world's premier

fund management organizations. It has established a
strong reputation with institutional investors including corporations,
governments, insurance companies and charities the world over for
delivering consistently superior returns. In India we offer
fund management services for institutional as well as retail
investors. Our array of products includes Equity Funds Income /Debt
Funds.

8.2.4 MORGAN STANLEY &CO INTERNATIONAL LTD:

Morgan Stanley is a global financial services firm and a market leader

in securities, investment management and credit services. It has
more than 600 offices in 27 countries and manages $421 billion in
assets for institutional and individual clients around the world.
Stanley Investment Management (MSIM),
the asset management company of Morgan Stanley was
 established in 1975. Morgan Stanley entered Indian market in
1989 with the launch of India Magnum Fund. In
1994, Morgan Stanley launched Morgan Stanley Growth Fund
(MSGF). It is one of the largest private sector schemes investing in
equities.

8.2.5 DSP MERRILL LYNCH :

DSP Merrill Lynch Mutual Funds are managed by DSP Merrill

Lynch Fund Managers. DSP Merrill Lynch Ltd. (DSPML) is a
premier financial services provider and Merrill Lynch (ML)
holds 90% stake in DSPML. DSPML was originally called DSP
Financial Consultants Ltd. The firm traces its origins to D. S.
Purbhoodas & Co., a securities and brokerage firm with
over 140 years of experience in the Indian market. Merrill
Lynch is one of the world's leading wealth management, capital
markets and advisory companies with offices in 37 countries and
territories and total client assets of approximately $1.5 trillion.

9. INVESTMENT TRENDS OF INSTITUTIONAL INVESTORS:

9.1 INVESTMENT TRENDS OF INDIAN MUTUAL FUND INDUSTRY:

The Assets under Management of UTI was Rs.4563 Cr by the end of

1987. Let me concentrate about the performance of mutual funds in
India through figures. From Rs.
4563 Cr. the Assets under Management rose to Rs. 32977
Cr in March 1993

The net asset value (NAV) of mutual funds in India declined when
stock prices started falling in the year 1992. Those days, the market
regulations did not allow portfolio shifts into alternative investments.
There was rather no choice apart from holding the cash or to further
continue investing in shares.

A lone UTI with just one scheme in 1964 now competes with as
many as 400 odd products and 34 players in the market. In spite of
the stiff competition and losing market share, Last six years have been
the most turbulent as well as exiting ones for the industry. New
players have come in, while others have decided to close shop by
either selling off or merging with others. Product innovation is now
passé with the game shifting to performance delivery in fund
management as well as service. The industry is also having a profound
impact on financial markets. While UTI has always been a dominant
player
 on the bourses as well as the debt markets, the new generations of
private funds, which have gained substantial mass, are now flexing
their muscles. Fund managers, by their selection criteria for stocks
have forced corporate governance on the industry. Rewarding honest
and transparent management with higher valuations has created a
system of risk- reward created where the corporate sector is more
transparent then before.

Funds collection has been increasing in last 5 years which can be

attributed to the fact of sound economic growth and the confidence of
the retail investors on the capital market of India.

9.2 FOREIGN INSTITUTIONAL INVESTMENT

(FII) is one of the main channels of foreign investment in India.

Foreign institutional investors (FIIs) were permitted to invest in Indian
securities market in 1993. Since then, their investments into Indian
equity market have grown by leaps and bounds. In fact, FIIs, as a
class of institutional investors, have assumed a major role in
mature and emerging market economies, in recent years. The FII in
the Indian equity markets has risen steadily since 2003-04. The
gross purchases of debt and equity together by FIIs increased by
50.0 per cent to Rs. 5,20,508 crore in 2006-07 from Rs. 3,46,978
crore in
2005-
06.

INVESTMENTS BY FOREIGN INSTITUTIONAL INVESTORS

The gross sales by FIIs also rose by 60.3 per cent to Rs. 4, 89,667
crore from Rs. 3,
05,512 crore during the same period. However, the net investment
by FIIs in 2006-07
declined by 25.6 per cent to Rs. 30,840 crore in 2006-07 from Rs.
41,467 crore in 2005-
06 mainly due to large net outflows from the equity segment. But
the cumulative net investment by FIIs in Indian stock market (since
1993) crossed USD 50 billion at the end of March 2007. As on March
31, 2007, the cumulative net investment by FIIs was USD
52 billion. The cumulative net investment by FIIs at acquisition cost,
which was USD
15.8 billion at the end of March 2003, had risen to USD 45.3 billion at
the end of March
2006. The FII in equity, which was high in the previous years,
declined in 2006-07. During 2006-07, FIIs reduced their investment,
in both equities as well as debt securities. The net FII investment in
equity during 2006-07 was Rs. 25,236 crore, at its lowest in past
three years. This was mainly due to large net sales in some months of
2006-07.
NET INVESTMENT BY

FII INVESTMENT TRENDS

BY FII

As far as the investment trends of FII are considered we can see

that the trend and the actual investment go hand in hand except in
98-99 and 2003-2004.The net investment flows by FIIs were
negative during 1998-99 primarily because of the uncertainty that
prevailed after India tested a series of nuclear bombs in May 1998
and the imposition of economic sanctions by the US, Japan and
other industrialized countries but the FIIs portfolio flows quickly
recovered and have become a positive net investment from the
subsequent years onwards.
9.2.1 REASONS FOR GROWTH IN FII
INVESTMENTS
Global liquidity is, of course, the primary cause of the recent surge
in Asian markets including India. Also low interest rate regime
has led foreign investors to look for fresh avenues to invest. This
has resulted in most emerging markets seeing heavy inflows.
FII’s see India as a good destination to invest in and make
money. They are happy with the Indian government's
commitment to economic reforms. They are also looking closely
at sectors (and companies within these sectors) which they
think
 have potential. Infact, the growing competitiveness of Indian
companies is an enticing factor.
Long-Term Capital Gains Tax: which is the tax an investor pays
when he sells his shares after more than a year -- has been
abolished; thus one can sell his shares without having to pay the
government any kind of tax.
Rupee Appreciation: The dollar has been falling in value
vis-à-vis other currencies. As a result, FIIs don’t find the thought
of investing in the US market all that attractive. They know they
will make more money if they invest elsewhere. Economic
Growth: As mentioned earlier we witnessed a GDP growth rate of
about
8.5% last year. Our industries like Telecom, Banking etc are
doing relatively well. All these make our country very attractive to
invest in.
The sheer size of India and the relative stability the country offers
are other obvious plus points. Whatever the case may be, a
perception is gaining momentum that foreign investors are here
to stay at least in the short-term.

10. FOREIGN INSTITUTIONAL INVESTMENT: A COST BENEFIT

ANALYSIS

The role of foreign investment over the years can’t be ignored . It certainly
has had an impact on the Indian stock market with a lot of benefits but
along with these benefits there are a few costs attached with it. Therefore it
is useful to summarize the benefits and costs for India of having foreign
inflows.

BENIFIT
S
a) Reduced cost of
equity

FII inflows augment the sources of funds in the Indian capital

markets. FII investment reduces the required rate of return for equity,
enhances stock prices, and fosters investment by Indian firms in the
country. The impact of FIIs upon the cost of equity capital may be
visualized by asking what stock prices would be if there were no FIIs
operating in India.

b) Stability in the balance of payment

For promoting growth in a developing country such as India, there is

need to augment domestic investment, over and beyond domestic
saving, through capital flows. The excess of domestic investment over
domestic savings result in a current account deficit and this deficit is
financed by capital flows in the balance of payments. Prior to 1991, debt
flows and official development assistance dominated these capital flows.
This mechanism of funding the current account deficit is widely believed
to have played a role in the emergence of balance of payments
difficulties in 1981 and 1991. Portfolio flows in the equity markets, and
FDI, as opposed to debt-creating flows, are important as safer and more
sustainable mechanisms for funding the current account deficit.

c) Knowledge flows

The activities of international institutional investors help strengthen

Indian finance. FIIs advocate modern ideas in market design, promote
innovation, development of sophisticated products such as financial
derivatives, enhance competition in financial intermediation, and lead to
 spillovers of human capital by exposing Indian participants to
modern financial techniques, and international best practices and
systems.

d) Strengthening corporate governance

Domestic institutional and individual investors, used as they are to the

ongoing practices of Indian corporate, often accept such practices, even
when these do not measure up to the international benchmarks of best
practices. FIIs, with their vast experience with modern corporate
governance practices, are less tolerant of malpractice by corporate
managers and owners (dominant shareholder). FII participation in
domestic capital markets often lead to vigorous advocacy of sound
corporate governance practices, improved efficiency and better
shareholder value.
e) Improving market efficiency

A significant presence of FIIs in India can improve market efficiency

through two channels. First, when adverse macroeconomic news,
such as a bad monsoon, unsettles many domestic investors, it may
be easier for a globally diversified portfolio manager to be
more dispassionate about India's prospects, and engage in stabilizing
trades. Second, at the level of individual stocks and industries, FIIs
may act as a channel through which knowledge and ideas about
valuation of a firm or an industry can more rapidly propagate into
India. For example, foreign investors were rapidly able to assess the
potential of firms like Infosys, which are primarily export-oriented,
applying valuation principles that prevailed outside India for software
services companies.

COSTS
a) Hedging and positive
feedback training
There are concerns that foreign investors are chronically ill informed
about india, and this lack of sound information may generate herding
(a large number of FIIs buying or selling together) and positive
feedback (buying after positive returns, selling after negative
returns).These Kinds of behavior can exacerbate volatility ,and push
prices away from fair values.

b) Balance of payment
vulnerability
There are concerns that in an extreme event, there can be a
massive flight of foreign capital out of India, triggering difficulties in
the balance of payments front. India's experience with FIIs so far,
however, suggests that across episodes like the Pokhran blasts, or
 the 2001 stock market scandal, no capital flight has taken place. A
billion or more of US dollars of portfolio capital has never left India
within the period of one month. When juxtaposed with India's
enormous current account and capital account flows, this
suggests that there is little vulnerability so far.

c) Possibility of
takeovers
While FIIs are normally seen as pure portfolio investors, without
interest in control, portfolio investors can occasionally behave like FDI
investors, and seek control of companies that they

have a substantial shareholding in. Such outcomes, however, may

not be inconsistent with India's quest for greater FDI.
Furthermore, SEBI's takeover code is in place, and has
functioned fairly well, ensuring that all investors benefit equally in the
event of a takeover.

11. DETERMINANTS OF FOREIGN INSTITUTIONAL INVESTMENT

After the initiation of economic reforms in the early 1990s, the

movement of foreign capital flow increased very substantially. There are
a lot of factors that determine the nature and cause of foreign
institutional investment in a country a few of them being inflation
exchange rate equity returns, government policies, price earring ratio
and risk. Now if we try to analyze the relation of each of these factors
with the level of foreign inflow in the country, we might have a better
understanding. let us broadly classify the factors into inflation, risk and
stock market returns and understand the basic principle behind the
inflows.

a) Equity returns- An increase in the return in the foreign market

 will induce investors to withdraw from the Indian (domestic) stock
market to invest in the foreign market. Investors are believed to
follow a higher return, hence when the return in the domestic market
increases, FII flows to the domestic market. While the flows are
highly correlated with equity returns in India, they are more likely to
be the effect than the cause of these returns. . It is assumed that the
equity returns have a positive impact on the FII inflow but foreign
investors can also get involved in profit booking. They can buy
financial assets when the prices are declining, thereby jacking-up
the asset prices and sell when the asset prices are increasing and
hence be the cause of such returns so making it more of a bi-
directional relationship.

b) Risk- Investors are considered to be risk averse, hence when risk

in the domestic market increases they will withdraw from the
domestic market, when risk in the foreign market increases,
investors will withdraw from the foreign market and invest in the
Indian (domestic) market. Investments, either domestic or foreign,
depend heavily on risk factors. Hence, while studying the behavior of
FII, it is important to consider the risk variable. Risk can be divided
into ex-ante and unexpected risk. While the ex-ante risk certainly has
an inverse relation with the foreign investment nothing can be clearly
said about the unexpected risk.

c) Inflation- The inflation no doubt has an inverse relation with the foreign
investment inflow as the investor would keep in mind the purchasing
power of the funds invested and as inflation increase i.e. the purchasing
power declines the investor is most likely to withdraw his money. When
inflation in the domestic country increases, the purchasing power of the
funds invested declines, hence investors will withdraw from the domestic
 market. Similarly, when inflation in the foreign country increases, the
purchasing power of funds invested in the foreign country declines,
causing institutional investors to withdraw from the foreign market
and make investment in the domestic (Indian) market.

d) Exchange rate –When the value of the home currency is stronger

the FII investments will also increase as the percentage of returns the
FII get automatically increases and visa versa

So it can be said that the inflation and risk in the domestic country and
return in the foreign country adversely affect the FII flowing to the
domestic country, whereas inflation and risk in the foreign country and
return in the domestic country have a favorable effect on the flow of FII.

12. COMPARISON BETWEEN FIIS AND MUTUAL FUNDS

INVESTMENTS

The comparison between the FII purchases and net investment with Mutual
funds for the period reveals some interesting information. As can be seen
from the figure,

The amount of mutual fund investment in our country is very meager

as compared to that of FIIs. It means that Indian public is still not
putting its bet on mutual funds and.

FIIs are much more aggressive in nature than mutual funds, who
seem to have been very constant in there approach to the Indian
equity market.
 Since May’04, when the stock market crashed by 800 points in a
day, the market has recovered smartly and the FIIs have been able
to cash on to the gains by buying ‘Value

stocks” during the lean periods, or buying on the dips. While the
mutual funds have seems to taken a different route altogether and
have been net sellers for most of the period since May’04.

But after the year 2004 mutual Fund investment have also a
tremendous increase. There activity is the proof of the condition that
has prevailed in the capital market recently that has created a lot of
faith among the retail investors also.

Also in the year 2007 has so far been the best year for mutual fund
industry as it has shown a tremendous growth in terms of net
investment.This corroborates the fact that now Indian public has
started recognizing mutual fund as tool for investing in the capital
market in india.

13. ROLE OF INSTITUTIONAL INVESTORS IN CAPITAL MARKET IN

INDIA :

As the Indian capital market opened its gates for the foreign institutional
investors . with time there has been an increasing trends of there
participating in the capital market. With there increasing participation
there has been a lot of effect on many parametes of the indiaN capital
market. The major effect of the increasing participation of the
institutional investors has been observed in the following areas.
Liquidity: Market liquidity is a business, economics or investment
term that refers to an asset's ability to be easily converted through
an act of buying or selling without causing a significant movement in
the price and with minimum loss of value. An act of exchange of a
less liquid asset with a more liquid asset is called liquidation.
Liquidity also refers both to that quality of a business which enables
 it to meet its payment obligations, in terms of possessing sufficient
liquid assets; and to such assets themselves.

A liquid asset has some or more of the following features. It can be

sold (1) rapidly, (2) with minimal loss of value, (3) anytime within
market hours. The essential characteristic of a liquid market is that
there are ready and willing buyers and sellers at all times. An elegant
definition of liquidity is also the probability that the next trade is
executed at a price equal to the last one. A market may be
considered deeply liquid if there are ready and willing buyers and
sellers in large quantities. This is related to a market depth, where
sometimes orders cannot strongly influence prices.The liquidity of a
product can be

measured as how often it is bought and sold; this is known as volume.

Often investments in liquid markets such as the stock exchange or
futures markets are considered to be more liquid than investments such
as real estate, based on their ability to be converted quickly. Some assets
with liquid secondary markets may be more advantageous to own, are
willing to pay a higher price for the asset than for comparable assets
without a liquid secondary market.

Price building mechanism: With the increasing participation of the

institutional investors in the capital market, it has also helped the
different companies to raise funds for there use through the capital
market in india.earlier the companies use to go for debt financing
which has a cost attachéd to it and also in those days the cost of issuing
an IPO was higher as compared to the funds that were being generated
by the companies.With the help of FII the market has become more
competitive. fair value of their.
Role of speculation: Generally people transact for three reasons hedging
speculating and arbitraging Hedgers are those to intend to hedge their
risk. Speculation may be defined as the purchase or sale of a good with a
view to resale or repurchase at a later date, where the motive behind
such action is the expectation of changes in the prices.

Speculation is one of the most watched activity in any capital market its
importance varies in different countries in countries like in US it forms
an integral part of the market whereas in developing countries like
India its taken as a threat. It is often believe that speculators even out
the price fluctuation by due to change in demand and supply
condition but the concerns about the adverse effects of speculation
come from two sources. First, the possibility that speculation, instead
of evening out price fluctuations, may end up exacerbating such
fluctuations. Second, is the problem of speculation destabilizing
rather than stabilizing prices and hence affecting resource
allocation. Through speculation, future expected price not only depends
on, but also has an impact on the spot price.

The market for shares is subject to much larger fluctuations than the
market for bonds or even commodities. Shares represent a share in the
expected future profits of a company.

When fortunes of companies – both in the short run as well as in the

medium to long run – fluctuate, so do share prices. Uncertainty
regarding the future leads to heavy discounting of future profits, and to
focus on short-period expectations about capital value rather than long-
period prospects of the company.

The effect of foreign speculative activity in emerging markets can

be particularly beneficial if in the emerging market, liquidity is poor
First, the potential of market manipulation is acute in small emerging
markets and liquidity is often poor. Although there are many policy
initiatives that could increase liquidity and reduce the degree of
collusion among large traders, there may not be a sufficient mass of
domestic speculators to ensure market liquidity and efficiency.
Second, opening the market to foreign speculators may increase the
valuation of local companies, thereby reducing the cost of equity capital.

Volatilty: Volatility most frequently refers to the standard deviation of

the change in value of a financial instrument with a specific time horizon.
It is often used to quantify the risk of the instrument over that time
period. Volatility is typically expressed in annualized terms, and it may
either be an absolute number ($5) or a fraction of the mean (5%).
Volatility is often viewed as a negative in that it represents uncertainty
and risk. However, volatility can be good in that if one shorts on the
peaks, and buys on the lows one can make money, with greater money
coming with greater volatility. The possibility for money to be made via
volatile markets is how short term market players like day traders hope
to make money, and is in contrast to the long term investment view of
buy and hold. In today's markets, it is also possible to trade volatility
directly, through the use of derivative securities such as options and
variance swaps. Foreign institutional investment is certainly volatile in
nature and its volatility has certainly posed some threats to the Indian
stock market considering its influence on the market. Given the presence
of foreign institutional investors in Sensex companies and their active
trading behavior, small and periodic shifts in their behavior lead to
market volatility. Such volatility is an inevitable result of the

structure of India’s financial markets as well. Markets in developing

countries like India are thin or shallow in at least three senses. First,
only stocks of a few companies are actively traded in the market. Thus,
although there are more than 8,000 companies listed on the stock
exchange, the BSE Sensex incorporates just 30 companies, trading in
whose shares is seen as indicative of market activity. Second, of these
stocks there is only a small proportion that is routinely available for
trading, with the rest being held by promoters, the financial institutions
and others interested in corporate control or influence. And, third the
number of players trading these stocks is also small.

In such a scenario investment by the foreign institutional investors leads

to a sharp price increase this provides incentives to FII investment and
enhances investment and when the correction in the stock prices begins it
would have to be a pull out by the FII and can result in sharp decline in
the prices. The other reason for volatility is that the foreign institutional
investors are attracted to a market by the expectation of price increase
that tend to be automatically realized, the inflow of foreign capital can
result in an appreciation of the rupee vis-à-vis the dollar This increases
the return earned in foreign exchange, when rupee assets are sold and
the revenue converted into dollars. As a result, the investments turn
even more attractive triggering an investment spiral that would imply a
sharper fall when any correction begins. Apart from that the growing
realization by the FIIs of the power they wield in what are shallow
markets, encourages speculative investment aimed at pushing the
market up and choosing an appropriate moment to exit. This
manipulation of the market would certainly enhance the volatility
and in volatile markets even the domestic investors try to manipulate
the market when the prices are really high. Overall the foreign
institutional investors have been bullish on the Indian stocks but the
problem is that this bullish nature might be a result of the activities
outside the Indian market it might be due to the performance of their
equity market or their non equity returns. Therefore they seek out for
 best returns and diversified geographical portfolio in order to hedge their
risk and when they make some adjustments in their portfolio and make
shifts in favor or against a country it borings about sharp changes.

14. A STUDY OF MAJOR EPISODES OF VOLATILITY

14.1 Asian Major Episodes of Volatility

Excess volatility induced by the foreign investment is often

taken as an argument against liberalization with such
incidences happening in the past. Let us now try to find out
whether the foreign investors in particular destabilize the
capital market beyond a level. The two most common
examples of such destabilization caused by the portfolio
investment particularly the hedge funds are the Asian crisis of
1997 and the ERM crisis of 1992.

I. ERM crisis The high-profile ERM crisis of 1992 came

with speculators betting that the member countries of
the European Monetary System (EMS) were
converging to the European Monetary Union (EMU), and
high-inflation countries would have to realign their
exchange rates, but the extent of depreciation would be
less than the interest rate differential between the high-
inflation and low-inflation countries. The expectation
regarding the extent of exchange rate adjustment led to
‘carry trade’ – borrowing from the low interest ERM
countries and lending to the high interest countries, or in
the forward currency market, taking a long position in the
higher yielding currency and shorting the lower-yielding
 currency. In spite of the material impact of hedge fund
activities in the ERM crisis, the role of the hedge funds in
the crisis was limited. The practice of extending lines of
credit to offshore entities on a non-recourse basis against
collateral was not widely accepted by most banks, and
foreign exchange trading was primarily an inter-bank
activity.

East Asian crisis After ten years (1986–97) of pegging of

the Thai baht to the U.S. dollar, on July 2, 1997, the peg had
to be abandoned, and this created pressure

on other Asian currencies, and eventually brought down the

Malaysian ringgit, the Indonesian rupiah, the Philippine peso,
and the Korean won. By end-1997, these currencies had lost
between 44 and 56 percent of their value against the U.S.
dollar, bankrupting many Asian corporations and banks that
had borrowed in foreign currencies, and leading to a

significant contraction of the economies. This episode is known as

the East Asian crisis or Asian crisis.Foreign investors were often
blamed for the dramatic difficulties of the East Asian countries at
the times of the 1997 crisis. It was believed that the developing
countries were more vulnerable to vacillations in international
flows than ever before A variety of reasons are adduced to explain
why foreign investors can have a destabilizing effect on capital
markets in emerging economies. Foremost among them are the
pursuit of a positive feedback strategy that is buying when prices
are rising and selling when prices are falling, thereby exacerbating
both the upswings and downswings. Positive feedback leads to
bubbles when prices depart from fundamentals and to crashes
when bubbles burst.It is also believed that the Asian financial
 crisis was the result of a panic created in the market Prime
Minister Mahathir Mohammed of Malaysia accused hedge funds of
being the modern equivalent of “highwaymen” in breaking
the Asian currencies. Aggressive flow of the carry trade down the
credit spectrum in Asia during the 1990s — from sovereign credit,
to top -tier domestic commercial banks, to lower-tier commercial
banks and finance companies, and finally to firms. The excessive
build-up of foreign debt, they attribute to the confidence of
domestic companies and banks in the fixed official exchange rate.
FII investment in equities had little role to play in the crisis. Fung,
Hsieh, and Stsatsaronis (2000) report “At the height of the
episode, some Asian government officials accused speculators
and hedge funds of attacking the currencies and causing their
downfall. A public debate ensued, and the International Monetary
Fund (IMF) responded by examining the role of hedge funds in the
Asian currency crisis. The resulting study by Eichengreen,
Mathieson, Chadha, Jansen, Kodres, and

During the stock market scam which shook the capital

market in india the FII were also one of the major factors
which exacerbates the fall in the sensex.During the Black
Monday episode the FII were also on a heavy selling
spree which ultimately lead to some major fall in the sensex
value.

FII investment behavior during these four specific events indicates

that these events did affect the behavior of the foreign portfolio
investors. But, these events did affect domestic investors’ behavior
as well.

These experiences show that FII outflow of as much as a billion dollars

in a month – which corresponds to an average of $40 million or Rs.170
crore per day – has never been observed. These values – Rs.170 crore
per day – are small when compared with equity turnover in India. In
calendar 2004, gross turnover on the equity market of Rs.88 lakh crore
contained Rs.5 lakh crore of gross turnover by FIIs. This suggests that
as yet, FIIs are a small part of the Indian equity market. Transactions
by FIIs of Rs.5 lakh crore in a year might have been large in 1993, but
the success of a radical new market design in the Indian equity market
have led to enormous growth of liquidity and market efficiency on the
equity market. Through this, India’s ability to absorb substantial
transactions on the equity market appears to be in place.

The net FII inflows into India have been less volatile compared to
other emerging markets this stability could be attributed to
several factors: Strong economic fundamentals and attractive
valuation of companies. Improved regulatory standards, high quality of
disclosure and corporate governance requirement, accounting
standards, shortening of settlement cycles, efficiency of clearing and
settlement systems and risk management mechanisms. Product
diversification and introduction of derivatives. Strengthening of the
rupee dollar exchange rate and low interest rates in the US.

I. Post 2004 Major Volatile

Episodes:

As from the above graph it is clear that in the month of jan 2008 the
BSE sensex was already moving down due to the weak global cues
and US recession and similarly the FII investment fell drastically
during that period running panick among the investors

and further exacerbating the fall. But in the case of mutual fund
investment went up during the time shows that the the domestic
institutional investors cash on the fall of sensex because of the
strong fundamentals of the Indian capital market.
By looking at the above graph we can very well say that this time
around the fall of BSE sensex was majorly due to the FII which
went on a selling spree which lead to the fall of the market during
this Crash.FII acted in this fashion because of the weak global cues
i.e at that point of time other emerging markets were also down .

The fall of 769 points by sensex on Dec 17,2007 was attributed to the
fact mainly due to the subprime losses and also was exacerbated due
to the withdrawl of investments by the FII. As the subprimelosses
mainly hit the US economy and the majority of FII participating in the
Indian capital market are from US .To cover there losses in US
they started selling in india which lead to the fall of sensex on that
particular day and subsequent days.

During the month of Ostober 2007 indian govt took some strict
measure to control the usage of the Participatory notes. The
restrictions proposed by SEBI in regulating participatory notes in a
sudden announcement wrought havoc in the operations of the share
market causing a fall of over 1,700 points in the Sensex on
Wednesday. SEBI

should have used some pragmatic caution by avoiding the

announcement and introducing regulatory steps in a phased
manner. The share market is extremely vulnerable to the
sentiments created by the utterances of those in regulatory
 authority.

This lead the FII to withdraw from the Indian market as they were
not sure of how the measure taken by the govt will be
implemented .This is clearly vivble from the above graph that this
time around the FII were the main cause of the crash of the
sensex on
18th oct . But also there comes an interesting fact that there was
also a heavy selling on 22nd October but this time the FII
Withdrawl effect was offset by the Huge investment made by
domestic institutional investor specially LIC,which saved the
market from a heavy meltdown.
The reasons being given for the crash are the sale of Rs
7300 crore (Rs 73
Billion)sharwes by FII’s in the past 1 week, an expected increase
in interest rates by the US Feds, a crash in the international
commodity prices, and the straw which broke its back seems to
be a government circular which was interpreted that FIIs
should be taxed. P Chidambaram, the country’s Finance Minister,
issued an evening press release denying the latter.

15. STATISTICAL ANALYSIS

For the purpose of statistical analysis I have considered 7 yrs data of

FII Net Investments, Mutual Funds Net Invesments ,NSE S&P CNX
 Nifty and BSE Sensex Indices. Statistical Analysis is carried out to find
the degree of association between the Net investments by the
institutional investors with the capital market i.e (Sensex & Nifty
indices). Since 7 years data is a very comprehensive data and the
internal and the extraneous factors have been changing

over the time which does have impact on the Indian capital market. So
in order to have appropriate data I calculated the volatility of BSE Sensex
for each year and then divided them into 3 periods i.e 2001-2003,2004-
2005,2006-Feb 2008. Then I have applied regression analysis to find
out the degree of association among the FII Net Investments ,the Sensex
and Mutual Fund Investments , the Sensex . Similarly the degree of
association is been calculated for Nifty index with FII and Mutual funds net
investments.
To calculate the volatility of the BSE Index and to find out the degree of
association ,the formula and the methodology is given below.
I. Volatility
Volatility is a measure of the range of an asset price about its mean
level over a fixed amount of time. It follows that volatility is linked to
the variance of an asset price. If a stock is labeled as volatile then the
price will varies greatly over time. Conversely, a less volatile stock will
have a price that will deviate relatively little over time. Since volatility is
associated with risk, the more volatile that a stock is, the more risky it
is. Consequently, the more risky a stock is, the harder it is to say with
any certainty what the future price of the stock will be.

Computing the Volatility

The estimation of volatility comes from a mathematical model of stock
prices.The mathematical model we will use is based on three assumptions
about stock prices and their movements. The first assumption that we
will be using is that volatility is constant. The next assumption is that
stock prices cannot be negative; once a stock price reaches $0 it
cannot go any lower. The third assumption is that the price of a stock is
a normal random variable.

Thus volatility is calculated as standard deviation as it is the standard

measurement device used worldwide to calculate the volatility.

Standard deviation is a statistical term that provides a good indication

of volatility. It measures how widely values (closing prices for instance)
are dispersed from the average.

Dispersion is difference between the actual value (closing price) and

the average value (mean closing price). The larger the difference
between the closing prices and the average price, the higher the
standard deviation will be and the higher the volatility. The closer the
closing prices are to the average price, the lower the standard
deviation and the lower the volatility.

Standard Deviation =
√∑(Xi-X)2
II. Regression Analysis:

Regression Analysis is another statistical tool for measuring the

association between two variables. It is a technique used to predict
the nature and closeness of relationships between two or more
variables. This analysis helps the researchers to evaluate the causal
effect of one variable on another variable. It is used to predict the
variability in the dependent variable based on the
information of one or more independent
variable.Regression analysis that involves two variable is termed
as bivariate linear regression analysis. It is expressed as following
equation.

Y=a+b*X

Where

Y is the dependent variable (Sensex and

Nifty Indices )

X is the independent variable (FII Investments and Mutual

Funds Investments). a & b are two constants which are known

as regression coefficients.

b is the slope coefficient i.e the value of b is the change in value of Y

with corresponding change in one unit of X.

The constant b can be calculated using

following formula:

b = n∑(XY)-
∑X∑Y
n∑(X)2 – (∑-X)2

64
a represents Y intercepts

when X=0. a =Y-bX

where Y=the mean of values of

dependent variable.

X=the mean of values of

independent variable. We now develop the

estimated regression equation

Ŷ=
a+bX

Ŷ represents the estimated value of dependent variable for a

given value of X.

Strength of
Association - R2

The above developed estimated regression equation can only

explain the nature of relationshipbetween two variables.However, if
the researcher wants to know how strong or weak the relationship is
i.e to what degree that the variation in Y can be explained by X.the
coefficient of determination denoted by R2 is used. R2 which is
measured in percentage will explain how much of the total variation in
Y is explained by X variable.

R2 = explained Variance / Total

Variance

Total Variance=Explained Variance –

Unexplained Variance
64
 R2 = (Total Variance- Unexplained Variance) /

Total Variance. Unexplained Variance = ∑(Yi- Ŷ)2

Total variance=
∑(Yi- Y)2

Tables below give the results of the regression analysis done on the data
above mentioned.

The above table which shows the result of the regression analysis done
with ssensex as the dependent variable and FII as the independent
variable. Volatility is calculated for sensex and the table shows that the
sensex volatility has been increasing over the years.The value of R2 implies
that the in the year 2001 – 2003 , the total variation of sensex nearly 27%
is explained by the variation of FII investments.Over the years it has
been following a decreasing trend which is good for the Indian capital
market as this shows that FII is not the only criteria on which the
volatility of sensex is dependent.

The above table shows the analysis ran between the sensex and the
mutual funds in india.As we know mutual funds in india are at a nascent
stage . the result of R 2 tells us that the dependency of sensex variation on
the mutual fund investment has been increasing over the years.

The Above graph shows us the volatility of Nifty over the period of seven
years and the results tell us that the volatility has been increased over
the years. The Value of R 2 also tells us that the total variation of nifty
index, nearly 26% is explained by the variation in FII net investment in
the year 2001-2003 and has been decreasing over the years.

Interpretation of the
64
Analysis.

Now looking at the result table above it is clearly visible that volatility
has increased tremendously during the years.Volatility has increased six
times in the case of Sensex and for nifty it has increased nine times as
compared to what it was there in the years 2001-
2003. Also the value of the constant ‘a’ in the regression equation
is following an increasing trend which tells the effect on the dependent
variable when the independent variable is zero. Similarly the constant
‘b’which tells the magnitudinal change with one unit change in the
independent variable is also following a decreasing trend in the case of FII
investments but in the case of mutual funds it is showing an increasing
trend which tells us that domestic institutional investors are also
restoring faith in the market and

subsequently they have increased there participation in the capital

market. The degree of association i.e R square tells us an important
fact that slowly and steadily the degree of association of FII
investments with the Sensex is decreasing .It tells us the fact that in
the year 2001-2003 around 27% of the total variance shown by
sensex could be explained by FII investments in both the leading stock
exchanges in india.Also in the subsequent years the value or R square
is decreasing in case of FII investments leading to the fact that the
volatility effect of FII on the capital market is on the decreasing
trend,which is beneficial for the Indian stock market.Also the
increasing value of R square in case of mutual funds is also a positive
sign for the Indian stock market as it tells us that the domestic
investors over the years has shown increased participation and helped
the market to stablise inspite of such high volatility .

64
 Recommendations
After analyzing the nature and behavior of the foreign institutional
investment in the past and its influence on the Indian stock market it would
be safe enough to say that foreign funds are one of the most volatile
instruments floating in the market and needs to be handled cautiously.

Government should certainly encourage foreign institutional investment but

should keep a check on the volatility factor. Long term funds should be
given priority and encouraged some of the actions that could be taken to
ensure stability are

Strengthening domestic institutional investors

The participation of domestic pension funds in the equity market would
augment the diversity of views on the market and hence the domestic
pension funds must be encouraged .
Broad basing of eligible entities

In order to address the market integrity concerns arising out of allowing

some entities, which do not have reputational risk or are unregulated,
there is merit in prohibiting such entities from getting registered.
Operational flexibility to impart stability to the market
The stability of foreign investment in India will be enhanced if FIIs are able
to switch between equity and debt investments in India, depending on their
view about future equity returns. SEBI can make such policies.
Knowledge activities and research programs
There must be a lot of research programs and studies conducted by
the economic affairs regulators in India

64
Conclusion
After analyzing the nature of FII in the past it would be safe enough to say
that the foreign funds is certainly one of the most important cause of volatility
in the Indian stock market and has had a considerable influence on it.
Although it would not be fair enough to come to any conclusion as there are
a lot of other factors beyond the scope of the study that effect returns and
risks .it is not easy to predict the nature of the macroeconomic factors and
their behavior but it has a great significance on any economy and its
elements. Although generally a positive relation has been seen between the
stock market returns and the FII inflows it is not easy to say which is the
cause n which is the effect and strange behavior has also been noticed in the
past.

Foreign investment certainly are influencing the Indian stock market

but the extent of this influence cannot be determined or rather the
extent of India’s dependence on the FIIs is a subjective issue as on no
clear grounds can we see a permanent relationship between the stock
market returns and the Foreign inflows. But to generalize they have
shown a positive relation most of the time apart from a few occasions
where the behavior of their relation was difficult to explain.

64
REFERENCES:

WEPSITE:

www.nseindia.com

www.finmin.nic.in

www.bseindia.com

www.investopedia.com

www.indiainfoline.com

www.amfiindia.com

www.livemint.com

www.sebi.gov.in

www.capitaline.com

73
ANEXURE:

Table 1: Data of Sensex,Nifty,FII and Mutual Fund Net Investment

Mutual
FII in Funds
Date Sensex Crore in Nift
3-Jan- 6679. 106. Crore23. y 2059.
05
4-Jan- 2
6651.0 7
345. 7.8 1 8
2080.
05
5-Jan- 1
6458.8 9
200. 107. 5 211
05
6-Jan- 4
6367.3 6- 719. 5
2103.7
05
7-Jan- 9
6420.4 57.9
- 9
73. 52032.
05
10-Jan- 6
6308.5 31.8
- 2
44. 2
1998.3
05
11-Jan- 4
6222.8 68.3
-32 4
60. 52015.
05
12-Jan- 7
6102.7 - 72 3 5 198
05
13-Jan- 4
6221.0 - 86.5 51. 2
1952.0
05
14-Jan- 6
6173.8 185.8
-0.8 8
131. 51913.
05
17-Jan- 2
6194.0 116 5.9 1 6
1954.5
05
18-Jan- 7
6192.3 15. -9.3 51931.
05
19-Jan- 5
6173.3 -8 - 1
1932.
05
20-Jan- 2
6183.2 164.6
- 67.4
24. 9
1934.0
05
24-Jan- 4
6106.4 77.3
- -1 5
1926.6
05
25-Jan- 3
6162.9 - 13.3 -29.8 51925.
05
27-Jan- 8
6239.4 158.6
- 16.3
92. 3 190
05
28-Jan- 3
6419.0 281.8
198. 8
62. 9
1931.8
05
31-Jan- 9
6555.9 8 632 -3 5 195
05
1-Feb- 4
6552.4 895. -1 24.6 5
2008.
05
2-Feb- 7
6530.0 3
820. - 3
2057.
05
3-Feb- 6
6619.9 4137 49.2
- 6
2059.8
05
4-Feb- 7
6618.2 4
489. 44 113 5
2052.2
05
7-Feb- 3
6535.1 3
249. - 5
2079.4
05
8-Feb- 7
6544.7 6
105. 16.2
17. 5
2077.9
05
9-Feb- 7
6593.5 3
220. -6 52055.
05
10-Feb- 3
6577.8 1
128. 85.5
29. 1
2055.1
05
11-Feb- 3
6633.7 4
176. 7
52. 5 207
05
14-Feb- 6
6679.3 6
249. 3
49. 0
2063.3
05
15-Feb- 3
6670.0 5
834. 7
61. 5
2082.0
05
16-Feb- 6
6607.7 2
604. 6
45. 5
2098.2
05
17-Feb- 8
6589.2 1 473 -2 5
2089.9
05
18-Feb- 9
6584.3 233. 132
22. 52068.
05
21-Feb- 2
6534.6 3 252 -2 8
2061.
05
22-Feb- 8
6589.4 210. 97.3
- 9
2055.5
05
23-Feb- 16582. 8 257 49.4
- 52043.
05
24-Feb- 5
6574.2 297. -73 58.4 2
2058.
05
25-Feb- 1
6569.7 841. 82. 4
2057.
05
28-Feb- 2
6713.8 5
464. 3
239. 1
2055.
05 6 1 7 3

73
 1-Mar- 6651.0 342. 105 2060.
05
2-Mar- 8
6686.8 8
538. - 9
2103.2
05
3-Mar- 9
6784.7 2
698. - 22.8 52084.
05
4-Mar- 2
6849.4 5
367. 172.3
46. 4
2093.2
05
7-Mar- 8
6878.9 6
554. 4
175. 5
2128.8
05
8-Mar- 8
6915.0 3
461. 8
216. 5
2148.1
05
9-Mar- 9
6892.8 8
498. 1
142. 52160.
05
10-Mar- 2
6907.6 3
793. 4- 1
2168.9
05
11-Mar- 5
6853.7 2131 21.1
24. 52160.
05
14-Mar- 3
6810.0 0
130. -8 8
2167.
05
15-Mar- 4
6752.4 7
2897. 38.6
49. 4 215
05
16-Mar- 5
6746.8 5- -9 4
2146.3
05
17-Mar- 8
6669.5 - 46.1 71.6
38. 5
2128.9
05
18-Mar- 2
6700.3 198.8
64. 7
160. 5
2125.5
05
21-Mar- 4
6656.6 2136 651. 52098.
05
22-Mar- 9
6535.4 43. 1
47. 5
2109.1
05
23-Mar- 5
6454.4 -8 8
142. 52096.
05
24-Mar- 6
6442.8 - 42.5 391. 6
2061.
05
28-Mar- 7
6510.7 131.2
263. 3
153. 6
2026.
05
29-Mar- 4
6367.8 2
535. 3
225. 4
2015.
05
30-Mar- 66381. -3 2- 4
2029.4
05
31-Mar- 4
6492.8 1724
9.4 70.8
183. 5
1983.8
05
1-Apr- 2
6605.0 358. 95 3 51993.
05
4-Apr- 4
6604.4 627. 77 7
2035.6
05
5-Apr- 2
6550.2 9244 104. 5
2067.6
05
6-Apr- 9
6606.4 103. 516. 52063.
05
7-Apr- 1
6545.6 495. 8
41. 4
2052.5
05
8-Apr- 4
6479.5 1
59. -8 9 52069.
05
11-Apr- 4
6397.5 -9 69. 3
2052.8
05
12-Apr- 2
6464.6 54.3
70. 5
65. 52031.
05
13-Apr- 1
6467.9 -5 4-2.5 2
2008.
05
15-Apr- 2
6248.3 108.7
176. 57. 2
2024.9
05
18-Apr- 4
6156.7 -4 3
49. 5
2025.4
05
19-Apr- 8
6134.8 574.4
- 9
27. 51956.
05
20-Apr- 6
6243.7 456.7
- 1
225. 3
1927.
05
21-Apr- 46299. 124.1
- 1
138. 8
1909.
05
22-Apr- 2
6346.5 231.2
- 6- 4
1929.
05
25-Apr- 7
6377.8 22.8
284 17.3
162. 7
1948.5
05
26-Apr- 5
6339.9 12. 8
176. 5
1967.3
05
27-Apr- 86278. -9 254. 5
1970.9
05
28-Apr- 5
6284. - 55.5 4
79. 51957.
05
29-Apr- 2
6154.4 133.9
- 8132 1
1935.
05
2-May- 4
6195.1 325.2
- 50 4
1941.
05
3-May- 5
6216.7 34.3
-16 41. 3
1902.
05
4-May- 7
6289.5 30. 5
53. 5
1916.7
05
5-May- 5
6359.6 -2 1
109. 51920.
05
6-May- 5
6388.4 67.6
123. 764. 7
1942.
05
9-May- 8
6481.3 3
127. 4140 6
1963.
05 5 3 3
73
10-May- 6454.7 39 110. 1977.
05
11-May- 1
6445.1 - 2
213. 5
2000.7
05
12-May- 3
6456.8 - 98.7 4 187 51994.
05
13-May- 2
6451.5 173.2
- 99. 3
1985.9
05
16-May- 4
6528.0 44.5
190. 2
167. 5
1993.1
05
17-May- 3 646 -7 4
286. 51988.
05
18-May- 6
644 188.3
-74 4
374. 3
2012.
05
19-May- 7
6478.9 - 5
180. 6
1990.
05
20-May- 46499. 438.5
63. 9
446. 8
1982.7
05
23-May- 5
6539.8 -5 3
123. 5
1990.8
05
24-May- 3
6565.3 64 22.9 677. 51992.
05
25-May- 76597. - 7
70. 4
2013.
05
26-May- 6
6670.7 162.5
- 2
366. 9
2028.
05
27-May- 8
6707.7 - 10.9 9
293. 6
2043.8
05
30-May- 2
6663.5 185.1
- 2
123. 52074.
05
31-May- 5
6715.1 446.9
185. 868. 7
2076.
051-Jun- 16729. 3
298. -8 4
2072.
05
2-Jun- 9
6655.5 5
205. 136.3
- 4
2087.5
05
3-Jun- 6
6748.8 2
125. 75.4
20. 5
2087.5
05
4-Jun- 5 675 5
302. -3 5
2064.6
05
6-Jun- 3
6758.1 532. -111.3 5
2094.2
05
7-Jun- 9
6781.2 7
87. 0.9 102.5 5
2092.3
05
8-Jun- 5
6858.2 7
76. -2 52092.
05
9-Jun- 4
6832.5 4
292. 23. 8
2098.1
05
10-Jun- 3
6781.9 8
293. 6
46. 52112.
05
13-Jun- 9
6832.6 5
261. -4 4
2103.
05
14-Jun- 8
6860.1 -9 36.9
- 2
2090.
05
15-Jun- 8
6906.9 2131.3
185. 4.7 30.1 6
2102.7
05
16-Jun- 8
6900.4 3
392. 21. 5
2112.3
05
17-Jun- 1
6906.5 8
418. -5 5
2128.6
05
20-Jun- 2
6984.5 3
229. 13.9
- 52123.
05
21-Jun- 5
7076.5 5
460. - 86.3 7
2123.
05
22-Jun- 2
7145.3 8
298. 166.8
- 4
2144.3
05
23-Jun- 4
7119.7 9
1467. 228.1
- 5 217
05
24-Jun- 6
7148.6 6485. - 68.2 0
2187.3
05
27-Jun- 2
7151.0 3
354. 306.3
- 5
2183.8
05
28-Jun- 8 704 2
275. 317.3
- 5
2194.3
05
29-Jun- 9
7119.8 5
521. 32.9
- 52199.
05
30-Jun- 8
7193.8 9
393. -88.4 8
2169.8
05
1-Jul- 5
7210.7 1
732. 211.9
- 5
2191.6
05
4-Jul- 7
7277.3 1
314. 73.9
- 52220.
05
5-Jul- 1
7220.2 5 196 - 57.6 6
2211.
05
6-Jul- 57287. 380. 0.2 187.8 9
2230.6
05
7-Jul- 6
7145.1 3
387. - 5
2210.7
05
8-Jul- 3
7212.0 8
405. -62.9 52228.
05
11-Jul- 8
7306.7 9
322. - 37.7 2
2179.
05
12-Jul- 4
7303.9 3
462. 103.3
- 4
2196.
05
13-Jul- 5
7247.9 6
376. -92.8 2
2218.8
05 1 9 111.1 5
73
 14-Jul- 7187. 253 - 2220.
05
15-Jul- 7
7271.5 176. 125.9
- 8
2204.0
05
18-Jul- 47347. 6
204. 138.8
40. 52185.
05
19-Jul- 1
7346.6 6
369. 5
106. 1
2212.5
05
20-Jul- 3
7342.8 4
388. 610. 5 223
05
21-Jul- 9
7304.3 1
317. 1
63. 4
2237.
05
22-Jul- 2
7423.2 7
299. 4
70. 3
2241.
05
25-Jul- 57505. 1
1040. 8
35. 9
2230.
05
26-Jul- 6
7552.7 6621. 9148 5
2265.
05
27-Jul- 7
7605.0 5
490. 143. 6
2291.7
05
29-Jul- 3
7635.4 9
194. 7
180. 5
2303.1
05
1-Aug- 2
7669.4 2
1010. 6
108. 52319.
05
2-Aug- 5
7756.0 2642. 4
343. 1
2312.
05
3-Aug- 4
7756.4 7
563. -8 3
2318.0
05
4-Aug- 7
7797.0 8
279. 134.4
116. 5
2353.6
05
5-Aug- 8 775 8 241 1
204. 5 235
05
8-Aug- 4
7606.1 807. 494. 7
2367.
05
9-Aug- 7
7595.5 2
419. 7
68. 8
2361.
05
10-Aug- 7
7729.8 9
118. -1 2
2324.
05
11-Aug- 2
7816.5 -7 86.8
- 4
2318.
05
12-Aug- 1
7767.4 101.3
-0.2 93.4
189. 7
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22-Nov- 6. - 138. 5780.
07 1885
32 2222.4 2 9
23-Nov- 2. - - 5561.0
07 1924
87 843.9 151.1 5
26-Nov- 7. - 305. 5519.3
07 1912
54 173.4 2 5
27-Nov- 7. 470. 334. 5608.
07 1893
73 2 7 6
28-Nov- 8. - 252. 5731.
07 1900
87 263.7 9 7
29-Nov- 3. - 128. 5698.1
07 1936
26 450 6 5
30-Nov- 3. - 57. 5617.5
07 1960
19 977.6 1 5
3-Dec- 3. 1480. 403. 5634.
07 1952941 4 4 6
4-Dec- . 114. 660. 5762.7
07 51973 4 5 5
5-Dec- 8. 19. 449. 586
07 1979
07 5 4 5
6-Dec- 5. 1081. - 5858.3
07
7-Dec- 87
1996 3822. - 25.7 5 594
07 1993
6 4 297.5 0
10-Dec- 0. 5.2 97. 5954.
07 2029
68 7 7
11-Dec- 0. 300. 72. 5974.
07 2037
89 6 4 3
12-Dec- 5. 689. - 5960.
07 87 9 292.1 6
13-Dec- 2010 59. 308. 6097.2
07 4. 8 1 5
14-Dec- 39 1082. 37. 6159.
07 2003 1 1 3
17-Dec- 0. 407. - 6058.
07 1907 5 181.1 1
83
18-Dec- 9.
1926 - - 6047.
07 1098.7 218.9 7
1. 64
35 73
 1909
19-Dec- 1. - - 577
07 1916
96 2449.8 199 7
20-Dec- 2. - 346. 5742.
07 1985
57 1092.5 6 3
24-Dec- 4. - 123. 5751.1
07 2019
12 515.8 6 5
26-Dec- 2. 167. 658. 5766.
07 2021
52 4 2 5
27-Dec- 6. 2420. 830. 5985.
07 2020
72 5 1 1
28-Dec- 6. 944 742. 6070.7
07 2028
95 7 5
31-Dec- 6. 1140. 716. 6081.
07 2030
99 9 9 5
1-Jan- 0. 797. 34. 6079.
08 2046571 9 3 7
2-Jan- . 142. - 6138.
08 20345
3 3 178.4 6
3-Jan- . - 183. 6144.3
08 22068 244.5 5 5
4-Jan- 6. 725. 295. 6179.
08 2081
89 1 2 4
7-Jan- 2. 508. 490 6178.5
08 2087
65 8 5
8-Jan- 3. - 616. 6274.
08 2086
33 80.9 6 3
9-Jan- 9. 1053. 30 6279.
08 2058
78 4 1
10-Jan- 2. 274. 12. 6287.8
08 2082
08 6 5 5
11-Jan- 7. - - 627
08 2072
05 630.8 201.2 2
14-Jan- 8. 113. 46. 6156.9
08 2025
05 7 3 5
15-Jan- 1. 174. - 6200.
08 1986
09 4 274.2 1
16-Jan- 8. 225. - 6206.
08 1970
11 8 551.4 8
17-Jan- 0. - - 6074.2
08 1901382 2279.6 519.5 5
18-Jan- . - - 5935.7
08 71760 2186 59.5 5
21-Jan- 5. - 460. 5913.
08 1672
35 1356.1 9 2
22-Jan- 9. - - 5705.
08 1759
07 2425.7 271.2 3
23-Jan- 4. - 2001. 5208.
08
24-Jan- 1722
07 -2256.2 8
1195. 8
4899.
08 1. 2499.9 1 3

73
 74
1836
25-Jan- 1. - 874. 5203.
08 1815
66 1351.2 4 4
28-Jan- 2. 669. 350. 5033.4
08 1809
78 1 1 5
29-Jan- 1. - 221. 5383.3
08 1775
94 1513.4 2 5
30-Jan- 8. - 368. 5274.
08 1764
64 285.1 8 1
31-Jan- 8. - - 5280.
08 1824
71 611.4 117.7 8
1-Feb- 2. - 416. 5167.
08 1866
58 3393.4 3 6
4-Feb- 0. 1034. 2134. 5137.4
08 1866
32 3 5 5
5-Feb- 3. 3810. 100 5317.2
08 1813
16 7 5
6-Feb- 9. 576. 818. 5463.
08 1752
49 9 9 5
7-Feb- 6. - - 5483.
08 1746
93 528.2 297.5 9
8-Feb- 4. - - 5322.5
08 1660
89 168.4 212.2 5
12-Feb- 8. - - 5133.2
08 1694
01 1845.6 78.4 5
13-Feb- 9. - - 5120.3
08 1776
14 115.1 293.5 5
14-Feb- 6. 349 - 4838.2
08 1811
63 99.9 5
15-Feb- 5. - 600. 4929.4
08 1804
25 1183.1 4 5
18-Feb- 8. 1147. 296. 520
08 1807
05 5 3 2
19-Feb- 5. - 161. 5302.
08 1761766 115.9 9 9
20-Feb- . 1585. 456. 5276.
08 61773 1 7 9
21-Feb- 4. 56. - 5280.
08 1734
68 7 326.8 8
22-Feb- 9. 285. - 5154.4
08 1765
07 6 191.3 5
25-Feb- 0. - - 5191.
08 1780
57 453.8 226.8 8
26-Feb- 6. 738. - 5110.7
08 1782
19 5 163.6 5
27-Feb- 5. 85. - 5200.
08 1782
99 4 140.5 7
28-Feb- 4. 396. 525. 5270.0
08 48 4 9 5

73
Table 2 Variables Calculated for Sensex and FII investments from
the table 1 data for the calculation of R2 .

Table 3 Variables Calculated for Sensex and Mutual Fund

investments from the table 1 data for the calculation of R2 .

Table 4 Variables Calculated for Nifty and FII investments from the
table 1 data for the calculation of R2 .

Table 5 Variables Calculated for Nifty and Mutual Fund investments from
the table 1 data for the calculation of R2 .

73