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Study of Risk Perception and Potfolio Management of Equity Investors
Study of Risk Perception and Potfolio Management of Equity Investors
Roll No. 06
Specialization: Marketing
Submitted To:
APRIL 2021
1
DECLARATION BY THE CANDIDATE
I hereby certify that the work which is being presented in this Project entitled- STUDY OF RISK
PERCEPTION AND PORTFOLIO MANAGEMENT OF EQUITY INVESTORS” in partial fulfillment of
the requirement for the award of the Degree of Master of Management Studies, University of Mumbai and
submitted to the Sasmira’s Institute of Management Studies and Research, Worli, Mumbai, is an authentic
record of my own work carried out during a period from January, 2021 till April, 2021 under the guidance of
Dr. Shweta Kumari. The matter presented in this project report has not been submitted by me for the award
of any other degree of this or any other Institute.
Wherever references have been made to intellectual properties of any individual / Institution / Government
/ Private / Public Bodies / Universities, research paper, text books, reference books, research monographs,
archives of newspapers, corporate, individuals, business / Government and any other source of
intellectual properties viz., speeches, quotations, conference proceedings, extracts from the website,
working paper, seminal work et al, they have been clearly indicated, duly acknowledged and included
in the Bibliography.
This is to certify that the above statement made by the candidates is correct to the best of our knowledge.
Signature of Guide:
Name of Guide:
2
CERTIFICATE BY THE GUIDE
This is to certify that Mr. Akshay Bachhav of the two-year full-time Master's Degree Program in
Management Studies (MMS), (Marketing), Roll No. 6 has carried out the work on the Industry Oriented
Dissertation Project titled, “STUDY OF RISK PERCEPTION AND PORTFOLIO MANAGEMENT OF
EQUITY INVESTORS” under my guidance in partial fulfillment of requirement for the completion
MMS as prescribed by the University of Mumbai.
This Industry Oriented Dissertation Project Report is the record of authentic work carried out by him / her
during the period from January 2021 to April 2021.
Place:
Date:
Signature of Guide:
Name of Guide:
4
MMS PROGRAMME, SEM IV,AY 2020-2021
Received two copies of Hard Bound Book and two CDs the Specialization Project Report and two
copies of Summary Sheet from Mr. Bachhav Akshay Bhausaheb
of the Two Year Full-time Master's Degree Programme in Management Studies (MMS),
University of Mumbai.
Name of Guide:
Place:
Receivers Name:
5
ACKNOWLEDGEMENT
With immense pleasure, I would like to present this project on “STUDY OF RISK PERCEPTION
AND PORTFOLIO MANAGEMENT OF EQUITY INVESTORS”
It has been an enriching experience for me to undergo my research, which would not have been possible
without the goodwill and support of the people around. As a student of Sasmira’s Institute of
Management studies and Research, I would like to express my sincere thanks to all those who helped
me during my research.
I would like to thanks Dr. Tondon Kamal my HOD for this project & Dr. Shweta Kumari my guide for
giving such opportunity.
I thankfully acknowledge the continuous support and inspiration given to me by my Project Guide sparing
his valuable time with me and giving all the guidance in executing the project as per requirement.
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CONTENTS
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EXECUTIVE SUMMARY
The project studied by me in capital ways financial services, Indore, was “RISK PERCEPTION AND
PORTFOLIO MANAGEMENT OF EQUITY INVESTORS”. Capital ways financial services is
India’s leading capital markets company with All-India Presence and an extensive client base. Capital
ways financial services possesses state of the art trading platform, best broking practices and is the
pioneer in trading product innovations.
A survey was conducted by me among the investors. Many-a-times, stock market investors take their
investment calls based on certain prejudiced views which are often erroneous in nature. However, such
investors are reluctant to stop following the myths they traditionally believe in, unless they’re explained
as to why their views are illogically supported. It is important that investors keep a realistic view of the
market terminologies.
An appointment was fixed with the investors of the respected areas in which their view point was studied,
certain questions were asked regarding risk perception and portfolio management of equity investors;
activities are to be included by the company products in regard to these benefits; to what extent it effects
the level of satisfaction and how far it is beneficial for the investors. Their views helped me a lot to
practically understand my project.
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OBJECTIVES OF STUDY
The study has been conducted in the INDORE city the respondents chosen randomly the
sample size has been limited to 100, which may restrict to scope of complexity of the
study. The scope of the project could be broadened if the project duration is extended
To understand how
To understand the
process of portfolio
investors need for
management are
portfolio management.
implemented.
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COMPANY PROFILE
As an Advisory service firm in Equity Market & Commodity Market. The purpose of the firm is
to facilitate investment and provide qualified Research Advise to Existing Clients and New Investors who
unaware about the Equity & Commodity market to continue better Returns & profitability. Capital Ways
Financial Services providing Technical & Financial consultancy services in Stock, Commodities, FOREX
and having Corporate Office in Indore. The overall business model created keeping in mind that can
provide effective Research based advice to create a complete Investment solution platform of unlimited
Trading & wealth creating opportunities. This platform combines certain and enables the investors to
provide a wide variety of investment solutions to gain better returns.
When you choose Capital Ways Financial Services as your Research services, advising and Fund
Management solutions partner, you will discover what so many global & domestic enterprises have
already discovered. We are a leader in the global marketplace and among the top 10 Research firms in the
world. Our continued rapid growth is a testament to the certainty our clients experience every day.
Building on more than 6 years of experience, we add real value to global Research organizations through
our expertise plus solutions with proven success in the field and Solid intensified service.
Our Vision
To become one of the top global Research company in 2020 in facilitating uncompetitive
Research solutions for investment in most of the world exchanges. To satisfy Existing clients and new
investors who are unaware about market but want to invest in Equity, Commodity & FOREX Market and
handling with Proper Return. To cater better investment opportunity to create wealth & multiply hard
earned money of investor.
Our Value
Our core values of respect, professionalism and perseverance are reflected not only in our
workplace but also in the business we do with our customers and in our dealings with society. We believe
in treating every individual equally and with fairness.
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The major aim of Research Services is to
• Generate Maximum Returns - to its subscribers and for which Researcher Analysts work hard day
and night.
We think that the fees we are charging against a return which is to be generated in future and also
protect & multiply your capital/hard earned money. It is our duty to return this through good investment
opportunities so as you can realize the fees paid and make good money as well. Please do give us an
opportunity to serve and work for you.
We believe that market opportunities often go unrecognized. However, with our structured advisory
services. We can help Investors to get market opportunity. Depending on whether Investor are an intraday
trader or a seasoned investor, we offer them various kinds of advisory Research that are designed to suit
Investor’s needs.
While there are thousands of stocks to choose from, it is important that Investors make informed
investment decisions. With our dedicated team of experts covering a wide range of stocks, our advisory
services can help Investors to get better Return.
In market 95 % looser and remaining 5 % who are taking interest in those market and invest & Earn
smartly. We would like to target such 95% Investors which have lose their money but through our
advisory they can regain their money from market.
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SERVICE PLAN STRUCTURE
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Review of related Literature In this section, the literature review including three parts. First,
behaviour finance perspective of individual investor. Second, individual investor’s risk perception, risk
tolerance and portfolio choice. Third, individual investor’s socio-economic status differential and risk
tolerance. The results for gender, education level and income level are consistent with the earlier
literature. Previous literature indicating those factors on risk-taking and risk tolerance are gender, age,
marital status, occupation, income level, education level and economic environments expectations, which
might
influence an individual investor’s level of risk taking, but the factor of education level might not.
Those studies are classified by three cataloguers.
It means those scholars in this field actually postulate whole investors in financial market are
rationales; they can’t influence through any factors only maximum profit for themselves. Most authors
show behaviour finance perspective on individual investor, such as Decaux and Emswiller (1974),
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Lenney (1977), Maital et al. (1986), Thaler and Johnson (1990) and Beyer and Bowden (1997). Those
authors are to exclaim that individual investor would demonstrate different risk attitude when facing
investment alternatives. Later instruction in our research, we called risk perception and risk tolerance of
individual investor. Comparing with previously research, current study is to focus on external factors and
psychological factors how to affect investor’s investment decision and portfolio choice. For instance,
Annaert et al. (2005), Wang et al. (2006) indicate the impact of information asymmetric problem on
investor behave, this is another subject in behavioural finance field. Most of these researches are pay
close attention to behavioural finance, especially in financial products choices (investment) and behave of
individual investor invest related.
Risk Perception, Risk Tolerance and Portfolio Choice Financial risk tolerance is defined as the
maximum amount of uncertainty that someone is willing to accept when making a financial decision.
Although the importance of assessing financial risk tolerance is well documented, in practice the
assessment process tends to be very difficult due to the subjective nature of risk taking (the risk of
investor willing to reveal their risk tolerance) and objective factors such as Grable and Joo (1997), Grable
and Lytton (1999), and Grable (2000).
Risk tolerance represents one person’s attitude towards taking risk. This indicated is an important
concept that has implications for both financial service providers (asset management institution or other
financial planner) and consumers (investors). For the latter, risk tolerance is one factor which may
determine the appropriate composition of many assets in a portfolio which is optimal and satisfied
investors invest preference in terms of risk and return relative to the needs of the individual investors
Droms, (1987), Hallahan et al., (2004). There are some empirical evidences showing the impact of risk
perception; risk tolerance and socio-economic on portfolio choice, for instance, Carducci and Wong
(1998), Grable and Joo (1997), Grable and Lytton (1999), Grable (2000), Hallahan et al., (2003),
Hallahan et al., (2004), Frijns et al., (2008), and Veld and Veld-Merkoulova (2008). In terms of different
risk perception or risk tolerance level, individual investor may show different reaction base upon their
psychology factor and economic situation, which would lead to heterogeneous portfolio choice for
individual investors. For this reason, it is crucial to recognize and attitudinal how individual investors
with different risk perceptions and risk tolerance make them invest products choice on investment plan, in
particular socioeconomic status differentials may make their choice vary and difference.
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Investor’s Socio-Economic Status and Risk Tolerance Some researchers have indicated that the validity
of widely used demographics as determinants of risk tolerance is noteworthy as the relationship between
socio-economic status differences including gender, age, income level, net assets, marital status,
educational level and investment decision or portfolio choice. With regard to the financial risk tolerance
literatures, there is much interest in the demographic determinants and risk attention (involving three risk
types: risk aversion, risk moderate and risk seeking) is particularly focused on age, gender, education
level, income level, marital status, the number of dependents and net assets. Specifically, although debate
remains on some issues, a range of common findings are generally observed. There are five phenomena in
socio-economic status variables differential and portfolio choice as the following: First, risk tolerance
decreases with age (e.g., Morin and Suarez 1983; Roszkowski, Snelbecker, and Leimberg 1993). Second,
females have a lower preference for risk than males (e.g., Roszkowski, Snelbecker, and Leimberg 1993;
Grable 2000). Third, risk tolerance increases with education level (e.g., Roszkowski, Snelbecker, and
Leimberg 1993; Haliassos and Bertaut 1995). Fourth, risk tolerance increases with income level and net
assets (e.g., Cohn et al. 1975; Roszkowski, Snelbecker, and Leimberg 1993; Bernheim, Skinner, and
Weinberg 2001). Fifth, single (i.e., unmarried) investors are more risk tolerant than married (e.g.,
Roszkowski, Snelbecker, and Leimberg 1993).
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INTRODUCTION OF THE TOPIC
The only stock exchanges operating in the 19th century were those of Bombay set up in 1875 and
Ahmedabad set up in 1894. These were Efficient Market Hypothesis organized as voluntary non-profit-
making association of brokers to regulate and protect their interests. Before the control on securities
trading became a central subject under the constitution in 1950, it was a state subject and the Bombay
securities contracts (control) Act of 1925 used to regulate trading in securities. Under this Act, The
Bombay Stock Exchange was recognized in 1927 and Ahmedabad in 1937.
During the war boom, a number of stock exchanges were organized even in Bombay, Ahmedabad
and other centres, but they were not recognized. Soon after it became a central subject, central legislation
was proposed and a committee headed by A.D. Gorwala went into the bill for securities regulation. On
the basis of the committee's recommendations and public discussion, the securities contracts (regulation)
Act became law in 1956.
"Stock exchange means anybody or individuals whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities."
It is an association of member brokers for the purpose of self-regulation and protecting the
interests of its members.
It can operate only, if it is recognized by the Government under the securities contracts
(regulation) Act, 1956. The recognition is granted under section 3 of the Act by the central government,
Ministry of Finance.
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NATURE & FUNCTIONS OF STOCK EXCHANGE
There is an extraordinary amount of ignorance and of prejudice born out of ignorance with regard
to nature and functions of Stock Exchange. As economic development proceeds, the scope for acquisition
and ownership of capital by private individuals also grow. Along with it, the opportunity for Stock
Exchange to render the service of stimulating private savings and challenging such savings into
productive investment exists on a vastly great scale. These are services, which the Stock Exchange alone
can render efficiently.
The Stock Exchanges in India have an important role to play in the building of a real shareholders
democracy. To protect the interest of the investing public, the authorities of the Stock Exchanges have
been increasingly subjecting not only its members to a high degree of discipline, but also those who use
its facilities-Joint Stock Companies and other bodies in whose stocks and shares it deals.
The activities of the Stock Exchange are governed by a recognized code of conduct apart from
statutory regulations. Investors both actual and potential are provided, through the daily Stock Exchange
quotations. The job of the Stock Exchange and its members is to satisfy the need of market for
investments to bring the buyers and sellers of investments together, and to make the 'Exchange' of Stock
between them as simple and fair as possible.
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NEED FOR A STOCK EXCHANGE
As the business and industry expanded and economy became more complex in nature, a need for
permanent finance arose. Entrepreneurs require money for long term needs, whereas investors demand
liquidity. The solution to this problem gave way for the origin of 'stock exchange', which is a ready
market for investment and liquidity.
As per the Securities Contract Act, 1956, "STOCK EXCHANGE" means anybody of individuals
whether incorporated or not constituted for the purpose of regulating or controlling the business of
buying, selling or dealing in securities".
BY-LAWS
Besides the above act, the securities contracts (regulation) rules were also made in 1957 to
regulate certain matters of trading on the stock exchanges. There are also by-laws of exchanges, which
are concerned with the following subjects.
Opening / closing of the stock exchanges, timing of trading, regulation of blank transfers,
regulation of badla or carryover business, control of the settlement and other activities of the stock
exchange, fixation of margins, fixation of market prices or making up prices, regulation of taravani
business (jobbing), etc., regulation of brokers trading, Brokerage charges, trading rules on the exchange,
arbitration and settlement of disputes, Settlement and clearing of the trading etc.
The securities contracts (regulation) act is the basis for operations of the stock exchanges in India.
No exchange can operate legally without the government permission or recognition. Stock exchanges are
given monopoly in certain areas under section 19 of the above Act to ensure that the control and
regulation are facilitated. Recognition can be granted to a stock exchange provided certain conditions are
satisfied and the necessary information is supplied to the government. Recognitions can also be
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withdrawn, if necessary. Where there are no stock exchanges, the government can license some of the
brokers to perform the functions of a stock exchange in its absence.
The term "securities" has been defined in the SC(R)A. As per Section 2(h), the 'Securities' include:
1. Shares, scripts, stocks, bonds, debentures, debenture stock or other marketable securities of a like
nature in or of any incorporated company or other body corporate
2. Derivative
3. Units or any other instrument issued by any collective investment scheme to the investors in such
schemes.
4. Government securities
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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
Securities and Exchange Board of India (SEBI) setup as an autonomous regulatory authority by
the Government of India in 1988 "to protect the interests of investors in securities and to promote the
development of, and to regulate the securities market and for matters connected therewith or incidental
thereto". It is empowered by two acts namely the SEBI Act, 1992 and the securities contract (regulation)
Act, 1956 to perform the function of protecting investor's rights and regulating the capital markets.
Securities and Exchange Board of India (SEBI) regulatory reach has been extended to more areas
and there is a considerable change in the capital market. SEBI's annual report for 1997-98 has stated that
throughout its six-year existence as a statutory body, it has sought to balance the twin objectives of
investor protection and market development. It has formulated new rules and crafted regulations to foster
development. Monitoring. and surveillance was put in place in the Stock Exchanges in 1996-97 and
strengthened in 1997-98.
SEBI was set up as an autonomous regulatory authority by the government of India in 1988 "to
protect the interests of investors in securities and to promote the development of, and to regulate the
securities market and for matters connected therewith or incidental thereto". It is empowered by two acts
namely the SEBI Act, 1992 and the securities contract (regulation) Act, 1956 to perform the function of
protecting investor's rights and regulating the capital markets.
OBJECTIVES OF SEBI
The promulgation of the SEBI ordinance in the parliament gave statutory status to, SEBI in 1992.
According to the preamble of the SEBI, the three main objectives are:
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FEATURES OF SEBI
• The SEBI shall be a body corporate by the name having perpetual succession and a common seal
with power to acquire, hold and dispose of property, both movable and immovable, and to
contract, and shall, by the said name, sue or by sued.
• The Head Office of the Board shall be at Bombay. The Board may establish offices at other places
in India. In Bombay, the Board is situated at Mittal Court, B- Wing, 224, Nariman Point, Bombay-
400 021.
• The chairman and the Members of the Board are appointed by the Central Government.
• The general superintendence, direction and management of the affairs of the Board are in a Board
of Members, which may exercise all powers and do all acts and things which may be exercised or
done by that Board.
• The Government can prescribe terms of office and other conditions of service of the Chairman and
Members of the Board. The members can be removed under section 6 of the SEBI Act under
specified circumstances.
• It is primary duty of the Board to protect the interest of the investor in securities and to promote
the development of and to regulate the securities market by such measures, as it thinks fit.
FUNCTIONS OF SEBI
• Regulating the business in Stock Exchange and any other securities market. Registering and
regulating the working of Stock Brokers, Sub-Brokers, Share Transfer Agents, Bankers to the
issue, Trustees to trust deeds, Registrars to an issue, Merchant Bankers, Underwriters,
• Portfolio Managers, Investment Advisers and such other Intermediaries who may be associated
with securities market in any manner.
• Registering and regulating the working of collective investment schemes including Mutual Funds.
• Promoting and regulating self-regulatory organizations.
• Prohibiting fraudulent and unfair trade practices in the securities market. Promoting investor's
education and training of intermediaries in securities market. Prohibiting Insiders Trading in
securities.
• Regulating substantial acquisition of shares and take-over of companies
• Calling for information, understanding inspection, conducting enquiries and audits of the Stock
Exchanges, Intermediaries and Self-Regulatory organizations in the securities market.
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PROFILE OFNATIONAL STOCK EXCHANGE
The NSE was incorporated in November 1992 with an equity capital of Rs.25crs. The
International Securities Consultancy (IS C) of Hong Kong helped in setting up NSE. ISC prepared the
detailed business plans and installation of hardware and software systems. The promotions for NSE were
Financial Institutions, Insurances Companies, Banks and SEBI Capital Market Ltd., Infrastructure
Leasing and Financial Services Ltd. and Stock Holding Corporation Ltd.
It has been set up to strengthen the move towards professionalisation of the capital market as well
as provide nationwide securities trading facilities to investors. NSE is not an exchange in the traditional
sense where brokers own and manage the exchange. A two-tier administrative setup involving a company
board and a governing board of the exchange is envisaged.
NSE is a national market for shares of Public Sector Units Bonds, Debentures and Government
securities, since infrastructure and trading facilities are provided.
NSE-NIFTY:
The NSE on April 22, 1996 launched a new equity Index. The NSE-50. The new Index which
replaces the existing NSE-100 Index is expected to serve as an appropriate Index for the new segment of
futures and options.
The NSE-50 comprises 50 companies that represent 20 broad Industry groups with an aggregate
market capitalization of around Rs.1,70,000crs. All companies included in the Index have a market
capitalization in excess of Rs.500 crores each and should have traded for 85% of trading days at an
impact cost of less than 1.5%.
The base period for the index is the close of prices on Nov3, 1995 which makes one year of
completion of operation of NSE's capital market segment. The base value of the Index has been set at
1000.
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NSE-MIDCAP INDEX:
The NSE midcap Index or the Junior Nifty comprises 50 stocks that represents 21 board Industry
groups and will provide proper representation of the midcap segment of the Indian capital Market. All
stocks in the Index should have market capitalization of greater than Rs.200 crores and should have
traded 85% of the trading days at an impact cost of less 2.5%.
The base period for the index is Nov 4, 1996 which signifies two years for completion of
operations of the capital market segment of the operation. The base value of the Index has been set at
1000.
Average daily turnover of the present scenario 2,58,212 (Lacs) and number of average daily trades 2,160
(Lacs).
At present, there are 24 stock exchanges recognized under the Securities Contract (Regulation) Act, 1956.
They are:
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10 Pune Stock Exchange Limited. 1982
This Stock Exchange, Mumbai, popularly known as "BOMBAY STOCK EXCHANGE (BSE)"
was established in 1875 as ''The Native Share and Stock Brokers Association", as a voluntary non-profit
making association. It has evolved over the years into its present status as the premiere Stock Exchange in
the country. It may be noted that the Stock Exchange is the oldest one in Asia, even older than the Tokyo
Stock Exchange, which was founded in 1878.
The exchange, while providing an efficient and transparent market for trading in securities,
upholds the interests of the investors and ensures redressal of their grievances, whether against the
companies or its own member brokers. It also strives to educate and enlighten the investors by making
available necessary informative inputs and conducting investor education programmes.
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A governing board comprising of 9 elected directors, 2 SEBI nominees, 7 public representatives and an
executive director is the apex body, which decides the policies and regulates the affairs of the
exchange.The Executive director as the chief executive officer is responsible for the day-to-day
administration of the exchange.
BSE INDICES:
In order to enable the market participants, analysts etc., to track the various ups and downs in the
Indian stock market, the Exchange introduced in 1986 an equity stock index called BSE-SENSEX that
subsequently became the barometer of the moments of the share prices in the Indian stock market. It is a
"Market capitalization-weighted" index of 30 component stocks representing a sample of large, well
established and leading companies. The base year of SENSEX is 1978-79. The SENSEX is widely
reported in both domestic and international markets through print as well as electronic media.
SENSEX is calculated using a market capitalization weighted method. As per this methodology,
the level of the index reflects the total market value of all 30 component stocks from different industries
related to particular base period. The total market value of a company is determined by multiplying the
price of its stock by the number of shares outstanding. Statisticians call an index of a set of combined
variables (such as price and number of shares) a composite Index. An Indexed number is used to
represent the results of this calculation in order to make the value easier to work with and track over a
time. It is much easier to graph a chart based on Indexed values than one based on actual values world
over majority of the well-known Indices are constructed using "Market capitalization weighted method".
In practice, the daily calculation of SENSEX is done by dividing the aggregate market value of the
30 companies in the Index by a number called the Index Divisor. The Divisor is the only link to the
original base period value of the SENSEX.
The Divisor keeps the Index comparable over a period of time and it is the reference point for the
entire Index maintenance adjustments. SENSEX is widely used to describe the mood in the Indian Stock
markets. Base year average is changed as per the formula:
New base year average = old base year average *(new market value/old market value)
Since the traditional finance theory arises to play a limited role in understanding and interpreting
certain issues such as: (1) why do individual investors trade in the stock market, (2) how do they perform
the task, (3) how do they choose and build their portfolios to conform their conditions, and (4) why do
returns differ so quickly even across stocks and portfolios for reasons other than risk, therefore, the
behavioural finance emerged to answer such questions and help to interpret why and how individual
investors behave in their choice of investment (Prabhakaran and Kartika, 2011).
Several studies show behaviour finance perspective on individual investor, such as Slovic (1986),
Lopes (1987), Schubertl et al. (1999), and Abdeldayem and Assran (2015). Those authors argue that
individual investor would demonstrate different risk attitude when facing alternative investments. While,
the question of what is the impact of investors’ perception of risk on portfolio management remains
unanswered.
Furthermore, determinants of risk attitudes of individual investors are of great interest in the
behavioural finance. Behavioural finance focuses on the individual attributes, Psychological or otherwise,
that shape common financial and investment practices. Unlike traditional assumptions of expected utility
maximization with rational investors in efficient markets, behavioural finance assumes people are normal.
Despite great interest in this area, not much research looks at the underlying factors that may lead to
individual differences and play a significant role in determining people’s financing and investment
strategies in emerging markets
When we look at risk, risk is a complex notion, even in the practical finance community where
different measures are utilized such as the Sharpe ratio (or reward-to-variability ratio, Sharpe, 1975), VaR
(mean and variance based) (Coombs, 1975), and many other measures of financial risk exist like, for
instance, pure risk based on aspiration criterion and probability of failure (see Lopes 1987; Sokolowska &
Pohorille, 2000). Even finance theorists are not fully clear what the underlying risk dimensions are, and
they usually examine risk
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Risk perception can be managed if the investors are aware of their level of risk perception (Singh
and Bhowal, 2008). While making investment decisions, the investors make proper trade-offs between
risks and return (Fischer and Jordan, 2006). In a specific situation, people who are risk- seekers and are
concerned about high returns are likely to have low risk perception, whereas those who are risk-averse
have high risk perception; consequently, affecting the investment behaviour (Rana et al, 2011).
Moreover, risk can be also considered as a deviation of an expected outcome. In investing we can
look at risk as a deviation of expected investment returns. This deviation can be either positive or
negative. The probability and magnitude of the deviation is what an investor is concerned about. There
are many factors that can affect risk and there are portfolio management tools to measure and mitigate the
risk factors. Hence, understanding the types of investment risk allows an investor to manage risk and
optimize returns. Accordingly, in this research effort we look at the different types of investment risk and
how a portfolio management can help to improve the probability of positive outcomes instead of negative
outcomes.
Although traditional finance theory always assumes that investors’ investment decisions are based
on their objective evaluation of risks and expected returns, psychological factors towards risk perception
may play vital role in investors’ investment decisions. The main idea behind this study is to identify some
core factors which affect investors' behaviour under risk and uncertainty and to examine and analyse
results in meaningful ways that can help the investors in their future investments. Therefore, the
overriding purpose of this study is to examine the impact of investors’ perception of risk on portfolio
management in the Kingdom of Bahrain. In this study investment decisions of investors (portfolio
management decisions) have been taken as a dependent variable because to its importance in stock
market; while determinants of risk perception, are taken as independent variables. The study aims also to
present and examine a model that evaluates this relationship (the Impact of investors’ perception of risk
on portfolio management) in the Kingdom of Bahrain.
The Kingdom of Bahrain is situated in the heart of the Gulf. Its strategic geographical position and
open market economy, coupled with the government’s dynamic economic policy and a well-trained
27
national workforce have all helped Bahrain to achieve this status. The Kingdom of Bahrain also has the
advantage of a modern and well-planned infrastructure, together with excellent air, sea and road links. A
tax-free environment and the ability to freely remit funds abroad gives Bahrain its unique appeal and
considerable advantage in attracting investors from different parties of the world to the country
(Abdeldayem, 2015 a).
The present study can have significant contribution in the area of behavioural finance through
exploring the relationship between various physiological factors that can affect the overall investment
decisions of the investors. Furthermore, if the proposed model of the study is validated, it would enable
researchers to use the instrument with increased confidence, perhaps in some other Gulf countries such as
Saudi Arabia, UAE, Kuwait, Qatar or Oman, especially for risk perception and portfolio management.
Therefore, this study could serve also as an example for instrument validation.
The rest of the paper is organized as follows: Section (2) includes the literature review to show the
relation between risk perception and portfolio management; and gives background to the Bahrain Stock
Exchange (BSE). The research methodology, data sources and measures of main variables are in section
(3). Section (4) presents the empirical analysis and test results of the relation between investors’
perception of risk and portfolio management. Section (5) provides a summary and concluding remarks.
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SCOPE OF THE STUDY
The Sample Size is Limited, so as to give the accurate information regarding INVESTMENT
PERCEPTION AND PORTFOLIO MANAGEMENT.
The scope is very limited, because attitude & expectations of the people change according to the
time & situation.
The study is conducted only for 45 days. Consistency was lacking with regard to the information given by
few customers.
The study is restricted to the certain area, so it could not give whole picture about Madhya Pradesh or
India.
Risk perception and Portfolio management is a continuous process. It is dynamic activity. The following
are the basic operations of a risk perception and portfolio management:
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What is 'Portfolio Management'
Portfolio management is the art and science of making decisions about investment mix and policy,
matching investments to objectives, asset allocation for individuals and institutions, and balancing risk
against performance. Portfolio management is all about determining strengths, weaknesses, opportunities
and threats in the choice of debt vs. equity, domestic vs. international, growth vs. safety, and many other
trade-offs encountered in the attempt to maximize return at a given appetite for risk.
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1. Security of Principal Investment: Investment safety or minimization of risks is one of the most
important objectives of portfolio management. Portfolio management not only involves keeping
the investment intact but also contributes towards the growth of its purchasing power over the
period. The motive of a financial portfolio management is to ensure that the investment is
absolutely safe. Other factors such as income, growth, etc., are considered only after the safety of
investment is ensured.
2. Consistency of Returns: Portfolio management also ensures to provide the stability of returns by
reinvesting the same earned returns in profitable and good portfolios. The portfolio helps to yield
steady returns. The earned returns should compensate the opportunity cost of the funds invested.
3. Capital Growth: Portfolio management guarantees the growth of capital by reinvesting in growth
securities or by the purchase of the growth securities. A portfolio shall appreciate in value, in
order to safeguard the investor from any erosion in purchasing power due to inflation and other
economic factors. A portfolio must consist of those investments, which tend to appreciate in real
value after adjusting for inflation.
5. Liquidity: Portfolio management is planned in such a way that it facilitates to take maximum
advantage of various good opportunities upcoming in the market. The portfolio should always
ensure that there are enough funds available at short notice to take care of the investor’s liquidity
requirements.
7. Favorable Tax Status: Portfolio management is planned in such a way to increase the effective
yield an investor gets from his surplus invested funds. By minimizing the tax burden, yield can be
effectively improved. A good portfolio should give a favorable tax shelter to the investors. The
portfolio should be evaluated after considering income tax, capital gains tax, and other taxes.
The objectives of portfolio management are applicable to all financial portfolios. These objectives, if
considered, results in a proper analytical approach towards the growth of the portfolio. Furthermore,
overall risk needs to be maintained at the acceptable level by developing a balanced and efficient
portfolio. Finally, a good portfolio of growth stocks often satisfies all objectives of portfolio management.
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Techniques of portfolio management:
As of now the under noted technique of portfolio management: are in vogue in our country
1. Equity portfolio: is influenced by internal and external factors the internal factors affect the
inner working of the company’s growth plans are analyzed with referenced to Balance sheet,
profit & loss a/c (account) of the company.
Among the external factor are changes in the government policies, Trade cycle’s, Political stability etc.
2. Equity stock analysis: under this method the probable future value of a share of a company is
determined it can be done by ratios of earning per share of the company and price earnings
ratio
One can estimate trend of earning by EPS, which reflects trends of earning quality of company, dividend
policy, and quality of management.
Price earnings ratio indicate a confidence of market about the company future, a high rating is preferable.
The following points must be considered by portfolio managers while analyzing the securities:
1. Nature of the industry and its product: long term trends of industries, competition with in, and
outside the industry, Technical changes, labour relations, sensitivity, to Trade cycle.
2. Industrial analysis of prospective earnings, cash flows, working capital, dividends, etc.
3. Ratio analysis: Ratio such as debt equity ratio’s current ratio’s net worth, profit earnings ratio, return
on investment, are worked out to decide the portfolio.
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The wise principle of portfolio management suggests that “Buy when the market is low or BEARISH,
and sell when the market is rising or BULLISH”.
Capital Assets pricing approach (CAPM) it pays more weight age, to risk or portfolio diversification of
portfolio.
Diversification of portfolio reduces risk but it should be based on certain assessment such as:
The following rules must be studied while cautious portfolio manager before decide to invest their funds
in portfolios:
1. Compile the financials of the companies in the immediate past 3 years such as turnover, gross profit,
net profit before tax, compare the profit earning of company with that of the industry average nature of
product manufacture service render and it future demand ,know about the promoters and their back
ground, dividend track record, bonus shares in the past 3 to 5 years ,reflects company’s commitment to
shareholders the relevant information can be accessed from the RDC(registrant of companies)published
financial results financed quarters, journals and ledgers.
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2. Watch out the highs and lows of the scripts for the past 2 to 3 years and their timing cyclical scripts
have a tendency to repeat their performance, this hypothesis can be true of all other financial.
3. The higher the trading volume higher is liquidity and still higher the chance of speculation, it is futile
to invest in such shares who’s daily movements cannot be kept track, if you want to reap rich returns keep
investment over along horizon and it will offset the wild intraday trading fluctuation’s, the minor
movement of scripts may be ignored, we must remember that share market moves in phases and the span
of each phase is 6 months to 5 years.
a. Long term of the market should be the guiding factor to enable you to invest and quit. The
market is now bullish and the trend is likely to continue for some more time.
b. UN tradable shares must find a last place in portfolio apart from return; even capital invested is
eroded with no way of exit with no way of exit with inside.
(1) Never invest on the basis of an insider trader tip in a company which is not sound (insider trader is
person who gives tip for trading in securities based on prices sensitive up price sensitive un published
information relating to such security).
(3) Never invest in a company about which you do not have appropriate knowledge.
(4) Never at all invest in a company which doesn’t have a stringent financial record your portfolio should
not a stagnate
(4) Shuffle the portfolio and replace the slow-moving sector with active ones, investors were shatter when
the technology, media, software stops have taken a down slight.
(5) Never fall to the magic of the scripts don’t confine to the blue-chip companies, look out for other
portfolio that ensure regular dividends.
(6) In the same way never react to sudden rise or fall in stock market index such fluctuation is momentary
minor corrections in stock market held in consolidation of market they’re by reading out a weak player
often taste on wait for the dust and dim to settle to make your move”.
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LITERATURE REVIEW
Various studies on Investment pattern & Investment behavior of investors had been conducted in
foreign countries. However, in Indian context, the number is quite few. Depending on the various issues
of investment, the review has been discussed in brief as follows:
Charles (1999) has analyzed that the astonishing growth in Americans' stock portfolios in the
1990s has been a major force behind the growth of consumer spending. This article reviews the
relationship between stock market movements and consumption. Using various econometric techniques
and specifications, the authors find that the propensity to consume out of aggregate household wealth has
exhibited instability over the postwar period. They also show that the dynamic response of consumption
growth to an unexpected change in wealth is extremely short lived, implying that forecasts of
consumption growth one or more quarters ahead are not typically improved by accounting for changes in
existing wealth.
Bhardwaj (2003) has stated the literature on globalization, He found the pervasiveness of the
west’s perception of the world effect on Indian investors that affects the trends in investor’s choice. They
are hugely affected by the west’s views and so changes in Indian trends occur.
Ranganathan (2003), has stated the investor behavior from the marketing world and financial
economics has brought together to the surface an exciting area for study and research: behavioral finance.
The realization that this is a serious subject is, however, barely dawning. Analysts seem to treat financial
markets as an aggregate of statistical observations, technical and fundamental analysis. A rich view of
research waits this sophisticated understanding of how financial markets are also affected by the
„financial behavior‟ of investors. With the reforms of industrial policy, public sector, financial sector and
the many developments in the Indian money market and capital market, mutual funds that has become an
important portal for the small investors, is also influenced by their financial behavior. Hence, this study
has made an attempt to examine the related aspects of the fund selection behavior of individual investors
towards Mutual funds, in the city of Mumbai. From the researchers and academicians’ point of view, such
a study will help in developing and expanding knowledge in this field.
Sarodiya (2003) conducted a survey on investor preferences in which he depicted the linkage of
investment with the factor so considered while making investment. He says “There are various factors
36
and their linkage also. These factors help us how to ensure safety, liquidity, capital appreciation and tax
benefits along with returns.”
Dijk (2007) has conducted 25 years of research on the size effect in international equity returns.
Since Benz’s (1981) original study, numerous papers have appeared on the empirical regularity that small
firms have higher risk-adjusted stock returns than large firms. A quarter of a century after its discovery,
the outlook for the size effect seems bleak. Yet, empirical asset pricing models that incorporate a factor
portfolio mimicking underlying economic risks proxied by firm size are increasingly used by both
academics and practitioners. Applications range from event studies and mutual fund performance
measurement to computing the cost of equity capital. The aim of this paper is to review the literature on
the size effect and synthesize the extensive debate on the validity and persistence of the size effect as an
empirical phenomenon as well as the theoretical explanations for the effect. We discuss the implications
for academic research and corporate finance and suggest a number of avenues for further research.
Vasudev (2007) analyzed the developments in the capital markets and corporate governance in
India since the early 1990s when the government of India adopted the economic liberalization
programmed. The legislative changes significantly altered the theme of Indian Companies Act 1956,
which is based on the Companies Act 1948 (UK). The amendments, such as the permission for nonvoting
shares and buybacks, carried the statute away from the earlier “business model” and towards the 'financial
model' of the Delaware variety. Simultaneously, the government established the Securities Exchange
Board of India (SEBI), patterned on the Securities and Exchange Commission of US. Through a number
of other policy measures, the government steered greater investments in the stock market and promoted
the stock market as a central institution in the society. The article points out that the reform effort was
inspired, at least in part, by the government’s reliance on foreign portfolio inflows into the Indian stock
market to fund the country’s trade and current account deficits.
Johnson (2008) has stated that Product quality is probably under-valued by firms because there is
little consensus about appropriate measures and methods to research quality. The authors suggest that
published ratings of a product's quality are a valid source of quality information with important strategic
and financial impact. The authors test this thesis by an event analysis of abnormal returns to stock prices
of firms whose new products are evaluated in the Wall Street Journal. Quality has a strong immediate
effect on abnormal returns, which is substantially higher than that for other marketing events assessed in
prior studies. In dollar terms, these
returns translate into an average gain of $500 million for firms that got good reviews and an
average loss of $200 million for firms that got bad reviews. Moreover, there are some important
asymmetries. Rewards to small firms with good reviews of quality are greater than those to large firms
37
with good reviews. On the other hand, large firms are penalized more by poor reviews of quality than
they are rewarded for good reviews. The authors discuss the research, managerial, investing, and policy
implications.
Patnaik and shah (2008) have analyzed on the preferences of foreign and domestic institutional
investors in Indian stock markets. Foreign and domestic institutional investors both prefer larger, widely
dispersed firms and do not chase returns. However, we and evidence of strong differences in the behavior
of foreign and domestic institutional investors.
Bhatnagar (2009) has analyzed of Corporate Governance and external finance in transition
economies like India. The problem in the Indian corporate sector is that of disciplining the dominant
shareholder and protecting the minority shareholders. Clearly, the problem of corporate governance
abuses by the dominant shareholder can be solved only by forces outside the company itself particularly
that of multilateral financial institutions in the economic development. India has relied heavily on external
finance as their domestic saving rates have been much lower than their investment rates. The less
promising prospects for the global supply of external finance the need for an increase in the multilateral
financial institutions. India being a transition economy is changing from a centrally planned economy to a
free market. It is undergoing economic liberalization, macroeconomic stabilization where immediate high
inflation is brought under control, and restructuring and privatization in order to create a financial sector
and move from public to private ownership of resources. These changes often may lead to increased
inequality of incomes and wealth, dramatic inflation and a fall of GDP.
Mayank (2009) has analyzed the role of two important forces - the regulator and the capital market as
determinant of external finance in transition economies analyses the changing pattern and future
prospectus of external finance to India and reviews the role of external finance. Under this framework, the
study evaluates current Indian corporate governance practices in light of external finance.
From the above reviews it can be concluded that many researches had been conducted before relating to
the investment patterns and the few researchers studied the literature only on the basis of returns. Analysts
treated financial markets as an aggregate of statistical observations, technical and fundamental analysis
but no researches had been conducted on Impact of global factors on Indian Economy. This gap had been
identified so that in this respect present study had been conducted.
38
SWOT ANALYSIS
STRENGTHS WEAKNESS
➢ experienced business uni ➢ taxes
ts ➢ Inventory investment sh
➢ barriers of market entry ould be more.
➢ domestic market ➢ The working of the sales
➢ high profitability and re force is traditional
venue
➢ monetary assistance pro
vided
➢ high growth rate
OPPORTNITY THREATS
➢ income level is at a cons ➢ growing competition
tant increase and lower profitabilit
➢ political stability in Indi y
a ➢ Financial capacity
➢ Increasing competiti
➢ better governance by seb
on in security market
i
39
RESEARCH METHODOLOGY
Data collection is most essential aspect of any research because the whole result of
research depends on the data and information hence, the methodology adopted by me to
Research Methodology is a way to systematically solve the research problem. The Research Methodology
includes the various methods and techniques for conducting a research. Research is an art of scientific
investigation. In other word research is a scientific and systematic search for pertinent information on a
specific topic. The logic behind taking research methodology into consideration is that one can have
knowledge about the method and procedure adopted for achievement of objective of the project.
RESEARCH DESIGN: Research design is the conceptual structure within which research is conducted.
It constitutes the blueprint for collection, measurement and analysis of data was a descriptive research.
Descriptive research involves collecting numerical through self-reports collected, through questionnaires
or interviews (person or phone), or through observation. For present study, the research was descriptive
and conclusion oriented.
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SAMPLING DESIGN:
1. Universe: The Universe is most commonly defined as everything that physically exists: the
entirety of space and time, all forms of matter, energy and momentum, and the physical laws and
constants that govern them. All those persons who make investment. Theoretical Universe: It
2. included investors make investment in all over world. Accessible Universe: It included investors
make investment in Indian Stock Market.
3. Sampling unit– The target population must be defined that has to be sampled. The sampling unit
of research included students and professionals residing in Indore city.
4. Sample size – This refers to number of respondents to be selected from the universe to constitute a
sample. The sample size of 100 Investors was taken.
5. Sampling Technique – Convenience Sampling was used to select the sample. Convenient
sampling is a non-probability sampling technique that attempts to obtain a sample of convenient
elements. In case of convenience sampling, the selection of sample depends upon the discretion of
the interviewer. In this project, Questionnaire Method was used for the collecting the data. With
the help of this method of collecting data, a sample survey was conducted.
To analyse the data obtained with the help of questionnaire, following tools we reused.
1. Likert scale: These consist of a number of statements which express either a favourable or
unfavourable attitude towards the given object to which the respondents are asked to react. The
respondent responds to in terms of several degrees of satisfaction or dissatisfaction.
2. Percentage, Bar Graphs and Pie Charts: These tools were used for analysis of data.
41
DATA COLLECTION AND ANALYSIS:
Data Collection Information has been collected from both Primary and Secondary Data.
1. Survey Research:
This kind of research finds favour with almost all the social science researches. It is one of
the most popular methods of investigation, because a study of the attributes and variables
in relation to the population (The entire group of people, inhabitants, items etc…under
It suffers from a negligible magnitude of error. Now-a-days sample survey has become
an effective method for research. This is possible with the help of personal interviews
which are backed by questionnaires, direct oral observations. Indirect oral observations
and, etc.
Meaning: Primary sources of data are the data which needs the personal efforts to collect
Primary sources of data are the other type of sources through which the data was
collected.
a) Questionnaires: It’s set of questions on a sheet of paper was being given to the
b) Direct Interviewing: Direct interviewing involved the process where I asked the
Secondary sources are the other important sources through which the data were collected.
These are the readily available sources of the data where one had need not put much
effort to collect, because it is already been collected and part in an elderly manner by
Text books like FINANCIAL Management, Research Methodology, RISK PERCEPTION and
PORTFOLIO MANAGEMENT.
4. Library Survey:
This was also undertaken for the collection of data. This type of research is based on
books like periodical, journals, documentations, and secondary data etc… which are
Shares 46 46%
Others 18 18%
50%
45%
40%
35%
30%
25% 46%
20%
15% 24%
10% 18% PERCENTAGE
5% 12%
0%
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INTERPRETATION
Delivery 38 33%
Intraday 51 55%
Both 11 12%
45
0%
both
12%
delivery
33%
intraday
55%
INTERPRETATION
Both 28 18%
46
3%
both
18% primary
27%
secondary
52%
INTERPRETATION
47
5 years & above 42 42%
INTERPRETATION
Low 18 18%
Moderate 32 32%
High 50 50%
48
50
40
30
20 RESPONSE
10 PERCENTAGE/
0 PERCENTAGE/
RESPONSE
INTERPRETATION
Daily 36 36%
Weekly 14 14%
Monthly 28 28%
Occasionally 22 22%
49
40
35
30
25
20
RESPONSE
15
10
0
daily weekly monthly occasionally
INTERPRETATION
Q7. What factors you consider while selecting your stock broker?
Services 22 22%
INTERPRETATION
Return 48 48%
48
return
48
PERCENTAGE
RESPONSE
22
tax saving
22
0 10 20 30 40 50 60
INTERPRETATION
51
Less than 12% 27 27
12-24% 23 23%
INTERPRETATION
10-20 65 65%
52
80
70
60
50
40
RESPONSE
30
PERCENTAGE
20
10
0
less than 10 20-Oct
RESPONSE 15 65
PERCENTAGE 75 25
INTERPRETATION
53
FINDINGS
2. Investors do not invest in a single avenue. They prefer different avenues and maximum investors prefer
to invest in shares, mutual funds & debentures.
4. The investment decision of investors is influenced by their own decision and through friends &
relatives.
5. Different factors considered by investors while investing is return, risk, tax benefits, capital
appreciation and the most prominent factor is the return on any investment avenue.
8. The investors investing in different avenues are highly satisfied with the return generated by their
investment option.
10. The most important factor is Return which influenced the decision regarding investment.
LIMITATIONS
This report had to work under several constraints and limitations. Some of the key limitations are.
1. Time period of the project was less, which may not be enough to understand the whole market.
3. The sample size taken was small, therefore it can be said that the chosen sample is not the
representative of the whole population and this hindered quantitative research.
4. The psychology and temperament of a respondent play a significant role. Some respondents are
more sensitive as against Others who are more tolerant. A change in the composition of the
respondents can affect the answers adversely or favorably.
54
5. Respondents may not have been true in answering various questions and may be biased to certain
others questions.
6. Out of the whole research and analysis, only major portion could be highlighted, leaving aside the
others non-popular area.
7. The questionnaire mostly contained multiple choice questions; therefore, many respondents did
not give a proper thought answering the questions, and some even ticked things, which were not
applicable. Therefore, all this increased the business.
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SUGGESTIONS
• Most of the respondents are not aware of Portfolio Management. So, proper guidance can be given
to them. This is to create awareness.
• A regular investor friendly seminar can be organized to suit the timings of the investing public.
For instance, such seminars can be interactive sessions, arranged at frequent intervals.
• The newsletters published help investors. Hence newsletters / bulletins can be published for
guidance.
• Efforts should be taken to popularize Equity through appropriate publicity measures.
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CONCLUSION
• The study is made to find out “Risk perception and portfolio management of equity investors”.
The study reveals that the investors in Coimbatore city are not aware of portfolio which would
minimize risk and maximize the return.
• And also, it is clear that the investors in Coimbatore city have low level of understanding about
risk and the importance of portfolio management as they are not aware these factors.
• Hence proper should to be taken in order to improve the awareness level in the minds of the
investors.
• Don't buy too many different securities. Better have only a few investments that can be watched.
• Study your tax position to known when you sell to greatest advantages.
• Always keep a good part of your capital in a cash reserve. Never invest all your funds.
• Failure to understand Mr. Market: Just because the market has put a price on a business does not
mean it is worth it. Only an individual can determine the value of an investment and then
determine if the market price is rational.
• Failure to understand the impact of taxes: Also known as the sorrows of compounding, just as
compounding works to the investor's long-term advantage, the burden of taxes because pf
excessive trading works against building wealth
• Too much focus on the market whether or not an individual investment has merit and value has
nothing to do with that the overall market is doing.
57
BIBLIOGRAPHY
Books:
• Alex Kane: (Mar- 1982) Skewness Preferences and Portfolio Choice, Journal of Financial and
Quantitative Analysis, Vol 17, No.1.
• Asia, M. and M. McAleer (2007), Portfolio index GARCH: a class of parsimonious dynamic
covariance models, Unpublished Paper, University of Western Australia.
• Boleslaw, T. (1990), modelling the coherence in short-run nominal exchange rates: a multivariate
generalized ARCH model, Review of Economics and Statistics, 72.
• Campbell, J.Y. (1987), Stock returns and the term structure, Journal of Financial Economics, 18,
373-399.
• Chen, N.F., R. Roll and S.A. Ross (1986), Economic forces and the stock markets, Journal of
Business.
• Fame, E.F. and K.R. French (1989), Business conditions and expected returns on stocks and
bonds, Journal of Financial Economics.
• F. Modigliani &M. Miller (1958), the Cost of Capital- Corporation Finance and the Theory of
Investment, the American Economic Review, Vol.6.
• Freid.Arditti, (Mar, 1967), Risk and the Required-on Equity, Journal of Finance, Vol.22.
• Harry Markowitz (1992) Portfolio Selection: Efficient Diversification of Investments, New
Haven, Yale University Press.
• Jorion, P. (2000), Value at Risk: The New Benchmark for Managing Financial Risk,
McGraw-Hill, New York.
• McAleer, M. (2005), Automated Inference and Learning in Modelling Financial Volatility,
Econometric Theory.
• Prasanna Chandra (2006) Projects-Planing-Analysis-Seelection-Financing-Implementationand
Review, Tata McGraw Hill.
Website:
• 1.www.google.co.in
• 2.www.wikipedia.com
• 3.www.learnfinance.com
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• 4.www.capitalways.com
• 5.www.gurusoftware.com
• 6.www.managementparadise.com
• WWW.BSEINDIA.COM.
• WWW.NSEINDIA.COM.
• WWW.MONEYCONTROL.COM.
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