A

PROJECT REPORT
ON
A STUDY ON INVESTMENTS BY INDIVIDUAL AND
INSTITUTIONAL INVESTORS

SUBMITTED IN PARTIAL FULFILMENT FOR THE AWARD OF THE

DEGREE OF MBA (FM) 2020-2022

UNDER THE GUIDENCE OF: SUBMITTED BY: RISHABH SANGARI

Dr. KAVITA SHARMA ENROLLMENT NO: 02112359520

DELHI INSTITUTE OF ADVANCED STUDIES

 6, Pocket E, Sector 25, Rohini, Delhi, 110085
(NAAC ACCREDITED ‘A’ GRADE INSTITUTE)
(APPROVED BY AICTE & AFFILIATED WITH GGSIPU UNIVERSITY FOR
B.COM(H), BBA, MBA, MCA PROGRAMMES)
 DECLARATION

This is to certify that I have completed the Summer Training Project titled “CUSTOMER
PERCEPTION & AWARENESS LEVEL ABOUT VARIOUS FINANCIAL
INSTRUMENTS at THE CAPITAL BOX LTD” under the guidance of Dr Kavita Sharma
in partial fulfilment of the requirement for the award of the Postgraduation degree of Master
of Business Administration at Delhi Institute of Advanced Studies Delhi.
This is an original piece of work and I have not submitted it earlier elsewhere.

Date : Student Name:- Rishabh Sangari

Enrollment No- 02112359520

ACKNOWLEDGEMENTS
On the Successful Completion of this report, I would like to express my gratitude to
everybody who assisted and guided me in completing this report and making it a memorable
and successful one.
I wish to extend my deep and sincere thanks to Mr. LUV SEHRAWAT, Finance Head at
THE CAPITAL BOX LTD. whose motivation, constructive ideas, and vital inspiration to
work hard and set high targets propelled me to learn a lot about Online Trading ,Stock
Market and Various other Saving Plans for his support through this analysis and report
preparation phase. The results and learning from this comprehensive research project helped
me in gaining in-depth knowledge of the subject and gave necessary direction to my
cognitive process.
I am extremely grateful to Ms. Shivani Rawat , Relationship Manager, Sales Division,
who rendered her valuable advice and kind assistance at every step and helped me in
presenting this report successfully. I am thankful to her for sharing with me the necessary
insights about how the company’s Sales & Marketing division works
Lastly, I am grateful to Dr Kavita Sharma, lecturer at Delhi Institute of Advance Studies
for supporting and guiding me throughout the project and for providing me the opportunity &
means to complete this project.

Date : Student Name:- Rishabh Sangari

Course :- MBA FM
Ref No – The Capital Box / HR / 21 -22
Date – 12th October’ 2021

To Whomsoever It May Concern

This is to Certify that Rishabh Sangari a student of Finance at Delhi Institute of

Advanced Studies worked under my supervision during the Internship period from
04/08/2021 to 15/09/2021 at “The Capital Box” located in Gurgaon.
I am pleased to state that the performance throughout was noted to be Excellent
towards completing the projects assigned and the candidate was able to present a
good learning out of the concerned work.

The Candidate also presented a good moral character and pleasing personality. We
wish him/her every success in life.

Ashwani Singh
HR Team
 EXECUTIVE SUMMARY

Investing is an activity of putting money in an instrument for the purpose of getting a good
return on the investment and for the growth of the principle amount. There are a large number
of investment instruments available to the investors like bank deposits, forex, mutual funds,
derivatives, commodities, insurance, shares, govt. securities, corporate bonds, gold, real
estate etc. Investors invest their money in these instruments for getting good returns and the
money invested in turn helps in the growth of the economy.

The investors will invest the money only when they have knowledge & awareness of
different investment options that are available to them. The aim of the study was to find out
the Awareness about investment instruments among investors. The objectives were to check
the level of awareness for various investments, finding out what factors do the investors
consider before investing their money and thus finding out their preferences, what are their
pattern of the investment and are they aware of the various benefits of investing in Stock
Market.

The study was conducted as part of the author‟s summer internship at Amrapali Aadya
Trading & Investment Pvt. Ltd. which is a broking firm headquartered in Delhi and has 35
branches all over the country. It provides a wide variety of services like online trading,
depository services, insurance, technical support etc.

The research was a descriptive study. It was carried out by distributing a structured
questionnaire among the respondents who were selected via convenient sampling from
among the residents of Delhi NCR and the clients of Capital Box Pvt. ltd. The data collected
from the study was analysed with the help of statistical tools using Eview’s, sevral test was
used for this purpose by the author.

The primary findings of the study were that the level of awareness among the respondents for
various investment instruments was high with an average of 92..05% of the people having a
good knowledge of Gov Securities and only 62.4% have good knowledge of derivatives & so
on for the various investment instruments. It was found that the level of knowledge increased
with the increase in the income of the respondent.

The respondents preferred to invest in shares among all the instruments present in stock
market. They look at safety of principle amount invested while selecting an investment
option. The respondents preferred to invest small amounts regularly as compared to a large
amount at a single time. These research findings can be utilized by broking firms, investors
and scholars for further analysis on secondary market trading and to understand this issue
critically.

The author also recommended some steps for increasing the awareness level of people
specially the young professionals who are a very good potential market for investment
companies. It was felt that increasing awareness is the first step in increased market
penetration for the investment instruments.

Data is presented with the help of self-explanatory charts & tables. Interpretations have been
made together. And the most crucial, the „Recommendation‟ section bears author‟s personal
comments. This report is a written account of what author learnt and experienced during
project and author has tried to complete this report with as much perfection as possible to
make it more meaningful and purposeful
LIST OF TABLES

TABLE 1 - Data Description

TABLE 2 - Unit root test on BSE returns
TABLE 3- Unit root test on FPI in Equity
TABLE 4- Unit root test on FPI in Debt
TABLE 5 - Granger Causality Test

LIST OF FIGURES

FIG.1- Gender Ratio of Respondents

FIG.2- Age Group of Respondents
FIG.3- Qualification of Respondents
FIG.4- Annual Income of Respondents
FIG.5- Awareness of Instruments
FIG.6- Experience of investing in Years
FIG.7- Time Horizon of Investment
FIG.8- Expected Return
FIG.9- Mode of Investing
FIG.10- Percentage of income invested in market
FIG.11- Most likely time to invest money
 TABLE OF CONTENTS

DECLARATION .....................................................................................................................
CERTIFICATE ........................................................................................................................
ACKNOWLEDGEMENTS .....................................................................................................
LIST OF TABLES ...................................................................................................................
LIST OF FIGURES...................................................................................................................
EXECUTIVE SUMMARY……….....................................................................................

CHAPTER 1: INTRODUCTION .........................................................................................

1.1 Introduction to the Topic ....................................................................................................
1.2 Awareness about investment opportunities ........................................................................
1.3 Industry background ...........................................................................................................
1.4 History of stock exchange ...................................................................................................
1.5 Behavior of Household Savings in India .............................................................................
1.6 Theoretical Framework ........................................................................................................
1.6.1 BSE and NSE .............................................................................................................
1.6.2 Types of Investment ...................................................................................................
1.6.3 Stock Trading .............................................................................................................
1.6.4 Online and Offline Trading .........................................................................................
1.6.5 Demat Account and Trading Account..........................................................................
1.6.6 Depository and Depository Participants ......................................................................
1.6.7 Sensex and Nifty .........................................................................................................
1.6.8 Indian Broking Industry ..............................................................................................

CHAPTER 2: COMPANY PROFILE ................................................................................

2.1 Company Profile.................................................................................................................

2.2 Services Offered .............................................................................................................
2.3 Vision & Mission ...........................................................................................................
2.4 Objectives of Organisation .............................................................................................

CHAPTER 3 : REVIEW OF THE LITERATURE ............................................................

CHAPTER 4: RESEARCH METHODS AND PROCEDURES ......................................

4.1 Research Methodology.........................................................................................................
4.2 Research Objectives .......................................................................................................
4.3 Research Design .............................................................................................................
4.4 Data Collection ..................................................................................................................
4.5 Sampling Design ............................................................................................................
4.6 Data Analysis ....................................................................................................................
CHAPTER 5: DATA ANALYSIS AND FINDINGS ...................................................
5.1 Demographic Profile of Respondents .........................................................................
5.2 Awareness of Instruments ..........................................................................................
Shares ......................................................................................................
Mutual Funds ..........................................................................................
Insurance .................................................................................................
Derivatives- (Futures & Options) .............................................................
Fixed Deposits/ Recurring Deposits/ PPF ..............................................
Real estate/Land/Plot ................................................................................
5.3 Pattern of Investment .....................................................................................................
Timing and Duration of Investment ...........................................................
Market level for investments ......................................................................
5.4 Important Terminology..................................................................................................
5.5 DataDiscription………………………………………………………………………..
5.6 Emperical Results and Discussion…………………………………………………….

CHAPTER 6: FINDINGD AND CONCLUSIONS

6.1 Summary of the Findings .................................................................................................
6.2 Conclusion ........................................................................................................................

CHAPTER 7: LIMITATIONS AND RECOMMENDATION.............................................

7.1 Limitations .................................................................................................................
7.2 Recommendations ...........................................................................................................

CHAPTER 8: BIBLIOGRAPHY
Books ....................................................................................................................................
Internet Sources.....................................................................................................................

APPENDIX : QUESTIONNAIRE .......................................................................................

 CHAPTER-1
INTRODUCTION
 Introduction to the Topic

The present financial market is flooded with a lot investment instruments, viz., Shares,
Bonds, Mutual funds, Insurance plans, Fixed Deposits, other money and capital market
instruments and also various options of investment in Real Estate and Commodity Market
etc.
Sometimes people refer to these options as "investment vehicles," which is just another way
of saying "a way to invest." Each of these vehicles has its own positives and negatives and
ultimate decision of investment is influenced by the individual investor’s perception
regarding the risk and return of concerned investment opportunity available in the market.
Further, the investment decisions is full of complexity because of volatility of market
conditions, Inflation rate fluctuations, impact of Global environment, Cash reserve ratio, and
Repo rates. Therefore, it is imperative to analyse these factors while taking an investment
decision.
Keeping above in mind, the study has been done to see the perception of investors which
provides understanding to readers about the various factors which should be keep in mind at
the time of investment. The study is useful to company in providing the understanding about
the investors’ perception to devise the suitable product/marketing strategies, which would
help it in making their policies or strategies in order to attract them.
Further, financial planner get advent to make portfolio according to response given by
respondents, which belong to different occupations, having different income level, different
age level or which instrument is mostly like by the investors for investment.

The present scenario is a good time to study what the investors are expecting from their
investments and how aware they are about the different modes of investments that are
available to them. The time is very good for marketing of various investment instruments as
the investors want to put their idle money to some productive use.

1.2 Awareness about investment opportunities

During the summer internship the author conducted the research- “A comprehensive study on
Awareness, Preference & Pattern of investment in various Financial Instruments”. This was
an important research for the company as it would give them some idea about how much
needs to be done to spread awareness among the people about the various investment
avenues. Checking the existing level of awareness amongst the individuals is the first step in
spreading the awareness.
India is a country with a very young demographic and the young professionals are the major
target for investment firms. It is generally seen that many people are not aware about the
diverse modes of investments available and it is necessary to spread this awareness before
marketing the various products to the people. The purpose of the research was to find the
gaps which could subsequently be filled by awareness programs.
While making an investment activity, investors normally tolerate the sacrifice of certain
present value for the uncertain future reward. It could entail arriving numerous decisions,
such as what type of instruments to be invested, mixed instruments, the amount of
investment, timing consideration, and etc. A standard finance theory assumes that investor
decision towards investment must be made rationally, while the behavioural finance assumes
that the investors are basically deviated from rational decision making

1.3 Industry background

India has a diversified financial sector undergoing rapid expansion, both in terms of strong
growth of existing financial services firms and new entities entering the market. The sector
comprises commercial banks, insurance companies, non-banking financial companies, co-
operatives, pension funds, mutual funds and other smaller financial entities, The investment
industry is on the bloomy side. As now a days maximum people are interested in investment
in various instruments.

1.4 History of stock exchange

The trading in securities in India was started in the early of 1973. The stock exchange
operating in the 19th century was those of Bombay set up in 1875 and Ahmedabad set up in 1
894. These were organized as voluntary non-profit making associations 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 contact
(control) act, 1925 used to regulate trading in securities. During the war boom, a number of
stock exchanges were organized at 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 Mr. A.D. GORWALA went into bill for securities regulation. On the
basis of securities regulation, Securities Contract (control) Act became law in 1956. At
present there are 23 recognized stock exchanges in India. Number of Investors is increasing
day by day. The stock exchange is a double auction market. Quite distinct from the common
market in which only one seller and many buyers in a stock exchange a number of potential
buyers and potential sellers co-exist all competing both among themselves and with one
another in making bids, counter-bids, offers and counter-offers.

1.5 Behaviour of Household Savings in India

Household savings in general and savings in the form of financial assets in particular
exhibited remarkable growth since late eighties. The aggregate household savings as share to
GDP, which was only 1.5 per cent during 1970-71, went up to 4.9 per cent in 1980-81. It
went up sharply to 14.2 per cent in 1990-91 and further to 19.7 per cent in 1994-95 before
coming down marginally to 18.5 per cent in 1998-99. The growth of household savings
during the decade of eighties has been facilitated by a simultaneous increase in physical as
well as financial assets. While household savings in physical assets increased from 3 per cent
of GDP in 1980-81 to 7.8 per cent in 1990-91, savings in the form of financial assets
increased from 2 per cent to 6.4 per cent for the corresponding period. Financial savings
during first half of the nineties registered remarkable growth from 6.4 per cent of GDP in
1990-91 to 11.9 per cent in 1994-95. However, the share of financial savings to GDP
fluctuated since 1995-96. The buoyancy in the economy is estimated to lead to a four-fold
increase in India's investable wealth from US$ 250 billion in 2007 to US$ 1 trillion by 2012.
Simultaneously, according to a report by Celente, an international consultancy firm, India's
wealth management segment will rise to an estimated 42 million households by 2019 from
about 18 million households in 2012. Clearly, there is huge potential in this segment.
Significantly, wealth management revenues are expected to account for 42-47 per cent of the
total full-service financial institutions by 2019. The market is also expected to undergo a
structural transformation with organized players increasing their market share. The
attractiveness of India in the global financial market is also reflected in the Indian cities -
Mumbai, New Delhi and Bangalore - finding a place of pride in the list of the world's top 75
commercial centres, as per the 2019 Mastercard Worldwide Centres of Commerce Index

1.6 Theoretical Framework

Indian stock market is one of the oldest stock markets in Asia with a glorious past that caters
to the huge population of India and gives them investment opportunities. In 1875 Bombay
Stock Exchange (BSE) was established by 22 brokers. From that time onwards the Indian
Stock market has grown in leaps and bounds, and has become a forceful and competent stock
market at the international level.
The depression after Independence led to closure of a lot of stock exchanges in the country.
Lahore Stock Exchange was closed down after the partition of India, and later on merged
with the Delhi Stock Exchange. Bangalore Stock Exchange Limited was registered in 1957
and got recognition in 1963. Most of the other Exchanges were in a miserable state till 1957
when they applied for recognition under Securities Contracts Act, 1956 (Stock market of
2009). But Government policies during 1980's played a vital role in the development of the
Indian Stock Markets. And there was a sharp increase in number of Exchanges, listed
companies as well as their capital.

1.6.1 BSE and NSE

The main focus of stock trading in India is on the companies that are registered with the
Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Many other stock
exchanges are also there in India, but they are small fish compared to these two large stock
exchange.
The Bombay Stock Exchange is the symbolic head of the stocks trading in India and lists
over 54,00 listed Indian companies as of Sep 2021. The equity market capitalization of the
companies listed on the BSE was ₹255.003 trillion as on Sep 2021, making it the 4th largest
stock exchange in Asia and the 8th largest in the world. The BSE has also the largest number
of listed companies in the world ("Bombay stock exchange," 2020). Another stock exchange
in India the National stock exchange is the 9th largest stock exchange in the world by market
capitalization and largest in India by daily turnover and number of trades, for both equities
and derivative trading. NSE has a market capitalization of around US$3.4 trillion as on
August 2021 and over 2002 listings.

1.6.2 Types of Investment

There are various ways to invest money such as:

Bonds: They are called fixed-income securities and refer to any securities that are founded
on debt. When one purchases a bond, one is lending out your money to a company or
government. In return, they agree to give interest on the money and eventually pay back the
amount lent out. Bonds are relatively safe but the rate of return is lower.

Stocks: When one purchases stocks or equities he/she becomes a part owner of the business.
This entitles him/her to vote at the shareholder’s meeting and allows to receive any profits
that the company allocates to its owners. Stocks are volatile and they fluctuate in value on a
daily basis. When one buys a stock, he/she is not guaranteed anything. But compared to
bonds, stocks provide relatively high potential returns.

Mutual Funds: A mutual fund is a collection of stocks and bonds. When one buys a mutual
fund, he/she is pooling his/her money with a number of other investors which enables to pay
a professional manager to select specific securities for him/her. The major advantage of a
mutual fund is that one can invest money without the time or the experience that are often
needed to choose a sound investment.

Futures: A future is just what it's called a contract. It is not equity in a stock or commodity.
It is a contract to make or take delivery of a product in the future, at a price set in the present.
In formalized trading of futures contracts on exchanges, agreements specify price, quantity
and the month of delivery. Futures can be used either to hedge or to speculate on the price
movement of the underlying asset.

Options: It is a financial derivative that represents a contract sold by one party (option
writer) to another party (option holder). The contract offers the buyer the right, but not the
obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price
during a certain period of time or on a specific date.

There are also other alternative investment opportunities such as: Forex, Gold, Real estate etc.
1.6.3 Stock Trading
In simple words, stock is a share in the ownership of a company. Holding a company's stock
means to be one of the many owners (shareholders) of a company and having a claim to
everything the company owns. As an owner, one is entitled to his/her share of the company's
earnings as well as any voting rights attached to the stock.
Earlier days a stock was represented by a stock certificate which was a piece of paper that
was proof of ownership. But in today‟s computer age, stock is stored electronically by
broker. This is done to make the shares easier to trade. In the past, when a person wanted to
sell his shares, that person physically took the certificates down to the broker, But now stocks
can be purchased with a click of mouse.
Most stocks are traded on exchanges where both buyers and sellers meet and decide on a
price. The purpose of a stock exchange is to facilitate the exchange of securities between
buyers and sellers, and reducing the risks of investing. Some exchanges are physical locations
where transactions are carried out on a trading floor. The other types of exchanges are virtual,
composed of a network of computers where trades are made electronically.

1.6.4 Online and Offline Trading

Traditionally stock trading was done through stock brokers personally or through telephones.
As number of people trading in stock market increased enormously in last few years, some
issues like location constrains, busy phone lines, miss communication etc. started growing in
stock broker offices. Then Information technology helped stock brokers to solve those
problems by Online Stock Trading method. Online stock trading is an internet based stock
trading facility where Investor can trade shares through a website without any manual
intervention from the broker. It also provides investors with rich, interactive information in
real time including market updates, investment research and robust analysis.Still some people
like offline stock trading where the customer calls the broker to enquire about the stock
prices. Then the broker asks some personal details to verify his identity. After that customer
can order the amount and the price at which he wants to buy a particular stock. The broker
places the order on behalf of the customer. Similarly, the customer can also sell the shares in
offline mode. And the customer can monitor all these transactions by logging into his
account. The main advantage in offline trading is time-saving.

1.6.5 Demat Account and Trading Account

Physical share certificates are converted into electronic format is known as Dematerialization
or Demat. Currently almost 99 percent of shares traded in Indian stock exchanges are in
demat mode. One has to open a demat account if he/she want to buy or sell stocks, just like a
bank account where actual money is replaced by shares. Demat account allows one to buy,
sell and transact shares without the endless paperwork and delays. Similarly, a trading
account works as an intermediary between the savings account and demat account. When one
want to buy shares, first the money is transferred from his/her savings account to trading
account. After that required amount of shares are purchased and finally shares are stored in
electronic form in the demat account. It works just in opposite way during the time of selling
shares.

1.6.6 Depository and Depository Participants

A depository is an entity which holds securities of investors in electronic form at the request
of the investors through a registered Depository participant. Currently there are two
depositories in India they are:

a. National Securities Depository Limited (NSDL)

b. Central Depository Services Limited (CDSL)

Depository provides a safe and convenient way to hold securities and enables instant transfer
of securities. It eliminates the risk associated with physical certificates such as bad delivery,
fake securities, Delays, thefts etc. It also provides services such as : Dematerialization,
Rematerialization, transfer of securities and change of beneficial ownership. Depository
Participant (DP) acts as intermediaries between the depository and the investors
The relationship between the DPs and the depository is governed by an agreement made
between the two under the Depositories Act. Hence a depository participant acts as a
custodian of securities held in dematerialized form and carries out instruction to transfer the
same. Currently, CDSL has 553 DPs whereas NSDL has only 293 DPs

1.6.7 Sensex and Nifty

The Sensex is basically an indicator that gives an idea about whether most of the stocks have
gone up or have gone down. It is an indicator of all the major companies of the Bombay
Stock Exchange. BSE came out with this stock index in the year 1986 that subsequently
became the barometer of the Indian stock market. It is calculated taking into consideration
prices of 30 largest and most actively traded stocks of the BSE listed companies. The base
year of Sensex is 1978-79 and the base value is 100. Similarly, Nifty is an indicator of all the
major companies listed with National Stock Exchange. It is calculated based on 50 major
stocks listed with NSE. And the base year is taken as 1995 and the base value is 1000.
1.6.8 Indian Broking Industry

The Indian broking industry is one of the oldest trading industries that have been around even
before the establishment of the BSE. Despite passing through a number of changes in the post
liberalization period, the industry has found its way towards sustainable growth. The number
of brokers in various stock exchanges rose from 6,711 in 1994-95 to 9,335 in 2006. The
number of brokers in all the exchanges together peaked to 10,213 in the year 2001 but
gradually declined when the regional stock exchanges began to lose business in the light of
wide ranging market structure reforms.
According to the survey conducted by Dun and Bradstreet India (D&B India) among 33
Indian equity broking firms, the income of broking firms has seen a growth of 20.8% to Rs.
54,983 million in 2010. The overall profit of the broking firms eroded up to 70% in 2009
because of global financial crisis. But the trend has been changed in 2010 with profit level
growing 86% to Rs. 19,990 million. Similarly, the major cost overhead across all broking
firms was employee compensation (34.2%) in overall expenses
 CHAPTER-2
COMPANYPROFILE
2.1 Company Profile

The Capital Box” designs personal solutions to protect there clients’ unique lifestyles and
offer lasting peace of mind. Strive to build long-lasting relationships with clients through
attention to detail and commitment to superior service. They provide unparalleled consulting
services, financial products and risk management strategies to individuals, families and
businesses, specializing in niche markets and portfolios with complex needs.
The Company believes that it all starts with having a clear vision of your unique goals. With
this clarity, they combine objective advice and experience-led execution to bring the
collective vision to life. They offer every client true peace of mind and define peace of mind
as a deeply rooted confidence that comes from feeling in control and knowing your financial
plan is built on a foundation of increasing self-knowledge and awareness. It is at this critical
juncture – the intersection of proactive planning and peace of mind – they believe that clients
have the highest potential to realize their goals.
The firm focuses on helping others achieve financial goals, as well as understanding of each
client’s unique purpose, mission and values. They strive to empower clients by offering
education, tools and resources aimed at facilitating clear communication and bringing
definition to their ambitions and objectives. Each client has different ideas about what makes
life great. The Company takes the burden out of managing the financial details so clients can
enjoy life’s journey and live out their unique purpose. They strive to be a force of calm, a
navigator in the face of anxiety and uncertainty that all too often accompany financial
success.

2.2 Services Offered

* Investing principles and strategies
* Retirement investing and distribution strategies
* Estate conservation issues
* Risk management analysis

2.3 Vision & Mission

Firm focuses on helping others achieve financial goals, as well as understanding of each
client’s unique purpose, mission and values. strive to empower clients by offering education,
tools and resources aimed at facilitating clear communication and bringing definition to their
ambitions and objectives. Each client has different ideas about what makes life great. They
take the burden out of managing the financial details so clients can enjoy life’s journey and
live out their unique purpose. strive to be a force of calm, a navigator in the face of anxiety
and uncertainty that all too often accompany financial success
The mission is to help individuals, families, and small businesses embrace the
responsibilities of living their goals and dreams by designing, implementing, and monitoring
financial strategies consistent with their core values

2.4 Objectives of Organisation

Financial business objectives include increasing revenue, increasing profit margins,
retrenching in times of hardship and earning a return on investment

Revenue Growth Objectives: Increasing revenue is the most basic and fundamental
financial objective of any business. Revenue growth comes from an emphasis on sales and
marketing activities, and is solely concerned with increasing top-line earnings – earnings
before expenses.

Profit Margins and Bottom-Line Earnings: Profit objectives are a bit more sophisticated
than revenue growth goals. Any money left over from sales revenue after all expenses have
been paid is considered profit. Profit, or bottom-line earnings, can be used in a number of
ways, including investing it back into the business for expansion and distributing it among
employees in a profit-sharing arrangement.

Financial Sustainability in Times of Turmoil: At certain times, companies or brands may

be primarily concerned with basic economic survival. Retrenching is a marketing technique
based on a financial objective – that attempts to keep a brand alive and keep current revenue
and profit levels from falling any further during the “decline” stage of the product/brand life
cycle Companies may be concerned with financial sustainability during periods of economic
turmoil, as well. Common financial objectives for survival include collecting on all
outstanding debts on time and in full, de-leveraging by paying off debt and keeping income
levels consistent.
 CHAPTER-3
LITERATURE
REVIEW
3.1 Meaning:

A literature review is an overview of the previously published works on a specific topic. The
term can refer to a full scholarly paper or a section of a scholarly work such as a book, or an
article. Either way, a literature review is supposed to provide the researcher/author and the
audiences with a general image of the existing knowledge on the topic under question.

3.2 Literature Review

Any research builds on the research carried out previously on the given subject. The purpose
of the literature review is to review what has previously been done on the subject and
analysed it in the present context so that an effective understanding can be established.
Before conducting this project, some work which has been done previously on the subject of
the awareness, preference & pattern of investment were consulted. This helped the author
greatly in building up a framework for his project. A review of the works is presented below.

Geethal & Rameshwar (2011) - They conducted the study with the objective to analyze the
investment choice of people in Kurumbalur. Analysis of the study was undertaken with the
help of survey conducted. After analysis and interpretation of data it was concluded that in
Kurumbalur respondents were medium aware about various investment choices but they did
not know about stock market, equity, bonds and debentures. The study was conducted by
taking a limited number of samples. This study reflects the perceptions of those respondents
who are residing in Kurumbalur. There might be a chance that the perceptions of the
respondents of different area may vary due to diversity in social life, living pattern, income
level etc. All the age groups studied given more importance to investment in Insurance, NSC,
PPF and bank deposits. Income level of a respondent is an impotent factor which affects
portfolio of the respondent. Middle aged group, Lower income level groups respondents
preferred to invest in Insurance, NSC, PPF and bank deposit rather than any other investment
avenues. In Kurumbalur respondents were more aware about various investment avenues like
Insurance, PPF, bank deposits, small savings like post office savings etc. For that awareness
program has to be conducted by Stock Brokering firms because most of the respondents are
unaware about this new service and about stock market.
Jain (2012) - In his research he points out that investment markets are becoming more risky
and each and every passing day makes investors behave differently upon different market
dynamics. The basic methods of market analysis (Fundamental, Technical and Quantitative)
though are playing an important role in investment decisions, the behavior of the investors
has become more important and hence the study “Behavioral Finance” emerging and
becoming the topic of various researches and studies. In extension to the same, this study
reviews the literature on one of the most meaningful concepts in behavioral finance, the
decision factors which are influenced by market movements and examines the perceptions,
preferences and various investment strategies adopted by investors in the Indian stock market
on the basis of a survey of 110 respondents based in Udaipur and are investors in the stock
market during September 2011-January 2012. The study analyses the rationality of the
investors of Udaipur during different market expectations, dividend and bonus
announcements, and the impact of age, income levels and other market related information on
investment decisions of investors from Udaipur. The research brings out certain
characteristics of investors living in Udaipur. The ability to understand the judgment criteria
like rationality and irrationality in investment pattern and behavior which enables the investor
to be cautious as its consequences affect the lifestyle, asset value and relationship with others.
The present study has shown that investors prefer investing in both primary and secondary
market instruments. Most of the decision are rational and influenced by the various
information available in market. It was also found that investors prefer the wait and watch
policy for taking their decision, and are very cautious and their decisions are influenced by
various psychological factors and behavioural dimensions.

Agrawal (2018) noted that there is significant difference between male and female investors
in the expected rate of return. Sivakumar and others (2019) explained that awareness about
investment avenues is very low among rural people compared to urban people. The research
scholars suggested that educational status should be improved in the rural sector. Investors
invest their funds on the basis of rate of return. Most of the investors studied by him had
preferred to invest in pension policies in hope of getting tax benefits.
Tabassum and Sultana (2019) concluded in their empirical study that Indian individual
investors are conservative investors. Marital status, earnings, occupation and number of
dependents are significant factors associated with risk tolerance.
Shaa and Surendram (2020) found that Mutual fund and gold were the first preference of the
investors followed by bank deposits, life insurance, Bonds ,derivative market and real estate
were popular investment avenues for majority of the investors

Chakrabarti (2001) came with the evidence that the FII flows were highly correlated with
equity returns in India and also found that the FII flows are the effect rather than the cause of
these returns and hence it contradicted the view that FIIs determine the market return in
general

Kumar (2001) studied the co-integration between FII and BSE Sensex and found long-term
relationship between the two

Badhani (2005) applied Granger Causality test on the monthly data from April 1993 to March
2004 and observed (i) bidirectional long-term causality between FII investment flows and
stock prices, but no short-term causality could be traced between the variables; (ii) no long-
term relationship between exchange rate and stock prices, but short-term causality runs from
change in exchange rate to stock returns; and (iii) exchange rate long-term Granger causes FII
investment flow, not vice versa.
 CHAPTER-4
RESEARCH
METHODOLOGY
CHAPTER 4: RESEARCH METHODS AND PROCEDURES

4.1 Research Methodology

Research methodology is a way to systematically represent a research on any problem. It may

be understood as a science of analysing the details of how research is done scientifically. The
methodology may differ from problem to problem, yet the basic approach towards the
research remains the same. It is undertaken by the researchers in studying the research
problem along with the logic that works behind them. It tends to define the methodology for
the solution of the problem that has been undertaken for the purpose of the study. This part
focuses on the techniques that were used for the collection, classification and tabulation of
data. The latter part explains the manner in which the data was analysed; so as to reach to
conclusive results.

To Investigate the Lead lag relationships between selected FPI in equity , FPI in debt and
BSE index , the author employed following methods

 Unit Root Test

 Granger Causality Test

Unit Root Test

Augmented Dickey-Fuller tests was employed to verify the stationarity of the data series.
Further, the necessary lag length of the data series was selected.

Granger Causality Test

Under the Granger causality test, we test whether a scalar ‘t f ’ can help forecast another
scalar ‘t s’ . If it cannot, then we say ‘t f’ does not Granger-cause ‘t s’ . In particular, if ‘t s’
and ‘t f’ are cointegrated there must be a Granger causal link between them. According to
Granger (1986),if two variables are cointegrated, then causality must exist in at least one
direction (or both directions).

Bi-directional causality exists if the coefficients i & b from both equations are jointly
significantly different from zero
4.2 Research Objectives

 To study awareness of various financial products like Equity, Commodity, Currency,

Mutual Funds, Derivatives, etc. among investors.
 To Study the preference of investors towards various investment instruments available
in Indian stock market- A behavioural analysis.
 To Study factors influencing and affecting the investment decision.
 To study the lead and lag relation between FPI and BSE ( Secondary data )

4.3 Research Design

The research design specifies the methods and procedures for conducting a particular study.
The type of research design applied was “Descriptive” as the objective was to find awareness
of customer about various investment instruments available in Indian stock market. The
objectives of the study restricted the choice of research design up to descriptive research.
Therefore, no fixed hypothesis was set up. This survey will help the firm to know how & why
the investors invest in different investment instruments & which factors affect their
investment preference. As the name implies, objective of research was to describe something-
usually market functions or characteristics. The research was basically a typical descriptive
research and it was pre-planned and well structured. The research was a formal one and its
design specified the methods for selecting the sources of information and collecting data from
other sources.

4.4 Data Collection

Instruments Used

The primary data was collected by preparing a Questionnaire & it was done by administering
a survey. The questionnaire used was an online google form (due to time constrain), Well-
structured formalized schedule to obtain and record specified and relevant information with
fair accuracy and completeness. The questionnaire consisted mainly of close ended questions
(dichotomous & multiple choices) and rank order scale. The questionnaire was designed in
such a way that it could be understood and answered easily by the respondents. The
questionnaire included questions based on the investment pattern, general awareness of
investment instruments, criteria for investment & factors affecting choice of investment
instruments.

The Secondary data was taken from BSE website and Money Control , to study the lead and
lag relation between FPI in equity/debt and BSE. During the research data of FPI in equity,
FPI in debt and BSE Index was taken for the 5 years ie.1 Jan 2015 – 1 Dec 2020
4.5 Sampling Design

The sample comprised of 100 respondents in an age-group of 20 to 75. The sample was
selected on non-probability basis using convenient and location sampling. A representative
sample consisting of students, working professionals, businessmen and housewives was used.
All people residing in Delhi-NCR between 20 & 75 years of age were considered the
population.

4.6 Data Analysis

The Information from Primary data and Secondary data was verified for accuracy, adequacy and
pertinence to the objectives of this study. The data so obtained was coded and tabulated and
recorded for analysis. This was done using EViews that is a statistical package for Windows,
used mainly for time-series oriented econometric analysis.

Analysis of the entire data collected from questionnaire was done by applying various statistical
techniques such as Tabulation, Graphs, Pie Charts, etc., in Microsoft Excel and google forms in a
systematic manner.
 CHAPTER-5

DATA ANALYSIS
AND
INTERPRETATION
CHAPTER 5: DATA ANALYSIS AND FINDINGS

PRIMARY DATA

During the survey a data of 110 respondents was collected. However data of only 100
respondents was used for analysis purpose due to redundancy factor. An analysis of the data
is shown below

5.1 Demographic Profile of Respondents

Gender The data of 100 respondents included 60 males and 40 females. This is shown in the
pie chart below (Figure 5.1).

Gender Count

Male
40% Female

60%

Figure 5.1 Gender Ratio of Respondents

Age Groups Majority of the respondents fell in age group of 30-40 years. The age profile of
the respondents is shown in the Figure 5.2 below
 Age Profile

10% 14%
14%

25%
15%

22%

Figure 5.2 Age Group of Respondents

Education Majority (52%) of the respondents had Educational Qualification of Post

Graduate and (39%) Graduate along with (9%) as under graduate which is shown in Figure
5.3 below.

Qualification

9%
Under graduate
Graduate
Post Graduate or Above
52% 39%

Figure 5.3 Qualification of Respondents

Income A survey of the incomes of the respondents was done. The incomes were divided
into four levels The distribution of the respondents based on the income levels is as shown
Figure 5.4 below.

Annual Income

les than 1.5 Lakh

23%
1.5-3 Lakh
42% 3-4.5 Lakh
More than 4.5 Lakh
11%

24%

Figure 5.4 Annual Income of Respondents

5.2 Awareness of Instruments

The researcher asked the respondents to indicate the level of awareness they have about
various investment instruments. The respondents were asked to select the instruments that
they are aware off .The results of this are indicated below with the help of graph

A war e ne s s of i ns t r ume nt s
95.00%

92.50%
90.80%

89.80%
89.50%

84.80%

82.52%

62.40%

Figure 5.5 Awareness of Instruments

5.3 Pattern of Investment

Out of 100 selected data, 30% of respondents said that they invest their money in share
market in one way or the other and were investing since last 5-10 years and a good chunk of
people (25%) were investing since last 1-5 years and next is (20%) people were investing
since 0-1 year along with (15%) who are investing since 10-15 years besides (10%) who were
investing since last 15-20 years as shown in the pie chart below (Figure 5.6)

Period Since Investing

10% 0- 1
20% 1-5
15% 5-10
10-15
15-20
25%
30%

Figure 5.6 Experience of investing in Years

Timing and Duration of Investment

Before making an investment it is important to know when you will make the investment and for
how long? The answers to these questions reveal how the investors view the investments and the
market climate. The author asked the respondents some questions regarding the timing duration
of the investment. Duration of investment The respondents were asked the duration for which
they would like to invest their money. The result is as shown in the figure 5.7 below
 Figure 5.7 Time Horizon of Investment
The data shows that most of the respondents were interested in mid-term investments that
ranges between 1-5 and 5-10 years in stock market. The results indicate that there is a lack of
clarity for the ideal period of investment. It is generally seen that investments made over a
longer period of time yield better returns than for a mid-term period of 1-10 years.
Thus there is a need to spread the awareness about the benefits of long term investments

Return Expected

After making the investment the respondent have some expectation from there investment
when they invest it for different time period . The respondents were asked the Expected return
for which they would like to invest their money. The result is as shown in the figure 5.8 below

Expected Return

3% Less than 10%

27% 10%-20%
20%-30%
39% More than 30%

31%

Figure 5.8 Expected Return

Mode of Investing

The basic mode of Investing available are online with the help of internet and other is
offline in which one has to visit the stock exchange , The respondents were asked there
preferred mode of investing and the results are shown in the figure 5.9 below

Mode of Investing

7%
Online
Offline

93%

Figure 5.9 Mode of Investing

Amount of Investment

The investors have a choice of investing a large amount at one time or investing small
amounts regularly. In case of shares they can buy a large number of shares at once or buy
small number of shares at a regular interval. For investing in mutual funds the investors have
an option of investing a large amount as a one-time investment or investing in S.I.P. wherein
a fixed amount is debited from the bank account on a regular basis for the purpose of
investments. The respondents were asked about the percentage of income they deploy for the
investment purpose. The results are shown in Figure 5.10 below.
 Figure 5.10 Percentage of income invested in market

A majority 32.4% of respondents invest 30 to 45% of their income in stock market closely
followed by 31.4% who invest 0-15% of their income and not much far are 26.7%
respondents who invest 15-30% and last but not the least are 9.5% people who invest more
than 45% of there income

Market level for investments The expected returns from an investment depends strongly on
the economic climate at the time of making the investment. One barometer for the economic
climate can be the Sensex. The respondents were asked at which Sensex trend they would
prefer to investment. The results are as shown in figure 5.11 below.

Figure 5.11 Most likely time to invest money

As can be seen from Figure 5.11 ie.77.1% of the respondents feel that the best time to invest
is when the market is in upward trend. This maybe because from a low level the market is
expected to rise and as such the value of the investment will also rise giving a good return on
the investment. 22.9% of the respondents feel that one should invest in market when it is
showing downward trend. This can also be a good strategy because many people think that
they will gain when the market will become bullish. It may lead to some losses on the short
term but over a long term they will gain.
SECONDARY DATA

Macroeconomic factors play a vital role in attracting foreign investment in the country. This
study investigates the relationship foreign portfolio investment volatility in Indian Stock
market .

5.4 IMPORTANT TERMINOLOGY

 NULL HYPOTHESIS

The null hypothesis is a typical statistical theory which suggests that no statistical
relationship and significance exists in a set of given single observed variable or between two
sets of observed data and measured phenomena.

 P- VALUE

The p-value is a number, calculated from a statistical test, that describes how likely you are to
have found a particular set of observations if the null hypothesis were true.

P-values are used in hypothesis testing to help decide whether to reject the null hypothesis

5.5 DATA DESCRIPTION

The following were the details of the Data of the selected index for the paper as discussed in
Table

Variables Starting Date Ending Date

BSE Return 1 Jan 2015 1 Dec 2020
FPI in Equity 1 Jan 2015 1 Dec 2020
FPI in Debt 1 Jan 2015 1 Dec 2020
Table 1- Data Description
5.6 EMPERICAL RESULTS AND DISCUSSION

As a Primary Investigation, Unit root test were conducted on the series of data for testing the
stationarity of the selected variables and the results are shown in Table bellow.

BSE RETURNS

Table 2- Unit root test on BSE returns

Null Hypothesis: BSE_RET has a unit root  

Exogenous: Constant    

Lag Length: 0 (Automatic - based on SIC, maxlag=11)

      t-Statistic   Prob.*

Augmented Dickey-Fuller test statistic -8.551165  0.0000

Test critical
1% level   -3.527045  
values:

  5% level   -2.903566  

  10% level   -2.589227  

Source-Authors own calculation

The above table reveals that BSE RETURNS are stationery , As we can see that in the above
table p- value is less than 0.05 ,it implies that data is stationary and hence null hypothesis is
rejected .

FPI IN EQUITY

Table 3- Unit root test on FPI in equity

Null Hypothesis: FPI_IN_EQUITY has a unit root

Exogenous: Constant    
Lag Length: 0 (Automatic - based on SIC, maxlag =11)
      t-Statistic   Prob.*
Augmented Dickey-Fuller test statistic -5.025281  0.0001

Test critical
1% level   -3.525618  
values:
  5% level   -2.902953  
  10% level   -2.588902  

Source-Authors own calculation

The above table reveals that FPI in EQUITY are stationery , As we can see that in the above
table p- value is less than 0.05 ,it implies that data is stationary and hence null hypothesis is
rejected

FPI IN DEBT

Table 4- Unit root test on FPI in debt

Null Hypothesis: FPI_IN_DEBT has a unit root  

Exogenous: Constant    
Lag Length: 1 (Automatic - based on SIC, maxlag=11)
      t-Statistic   Prob.*
Augmented Dickey-Fuller test statistic -3.555126  0.0092

Test critical
1% level   -3.527045  
values:
  5% level   -2.903566  
  10% level   -2.589227  

Source-Authors own calculation

The above table reveals that FPI in DEBT are stationery , As we can see that in the above
table p- value is less than 0.05 ,it implies that data is stationary and hence null hypothesis is
rejected

Granger Casuality Test was performed to test the Bi Directional Causality of the series of the
data and the results were summarized in Table below

GRANGER CAUSALITY TEST

Table 5- Granger Causality Test

Pairwise Granger Causality Tests
Date: 11/01/21 Time: 02:14
Sample: 1/01/2015 1/12/2020
Lags: 2

 Null Hypothesis: Obs F-Statistic Prob. 

 FPI_IN_EQUITY does not Granger Cause FPI_IN_DEBT  70  1.53778 0.2226

 FPI_IN_DEBT does not Granger Cause FPI_IN_EQUITY  0.59799 0.5529

 BSE_RET does not Granger Cause FPI_IN_DEBT  69  1.08150 0.3452

 FPI_IN_DEBT does not Granger Cause BSE_RET  3.97262 0.0236

 BSE_RET does not Granger Cause FPI_IN_EQUITY  69  1.30051 0.2795

 FPI_IN_EQUITY does not Granger Cause BSE_RET  0.11611 0.8906

Source-Authors own calculation

The author used the Granger test to find out the nature of causality between

 FPI in EQUITY and FPI in DEBT and visa versa , The results were as follows: From
Equity to Debt p -value is 0.22 and from Debt to Equity the value is 0.55 .
The null hypothesis in each case is that the variable under consideration does not
“Granger-cause” the other variable and as the Prob value (p-value) is more than (0.05)
5 percent level of confidence

 BSE RETURNS and FPI IN DEBT and visa versa, The result were as follows: BSE
Return to FPI IN Debt p-value is 0.34 and from Debt to BSE Return is 0.02.
The null hypothesis in first case does not cause Granger Causality and is accepted as
the p- value is more than 0.05 but in the second case the hypothesis is rejected as the
p-value is less than (0.05) 5 percent level of confidence , This means that FPI in debt
causses affect in BSE return.

 BSE RETURNS and FPI IN EQUITY and visa versa , The results were as follows:
From BSE Return to Equity p -value is 0.27 and from Equity to BSE Return the value
is 0.89 so null hypothesis in each case is that the variable under consideration does not
“Granger-cause” the other variable and as the Prob value (p-value) is more than (0.05)
5 percent level of confidence
CHAPTER-6

FINDINGS
AND
CONCLUSION
CHAPTER 6: FINDINGD AND CONCLUSIONS

6.1 Summary of the Findings

FOR PRIMARY DATA

The study reveals many facts that can either be used as opportunities in exploring and
expanding the business as well as can be used as safeguards against threat. To prepare an
effective marketing strategy, a company must study its competitors as well as its actual and
potential customers. A company should maintain good relation with distributor and retailers.
A company’s closest competitors are seeking to satisfy the same customers and needs and
making similar offers. As important as a competitive orientation is in companies should
manage a good balance of consumer, Dealer and competitor monitoring.

The information will prove beneficial in taking proactive action or combating competition.
The standing of the company and its competitors in the minds of the customers is a vital
factor in deciding the success of business. The study aims at finding out the pattern of
investment & preferences in choice of investment instruments in terms of certain parameters,
as adjudged by consumers. This information is a good guide to management as it brings out
the areas where the company needs to improve.

Thus the study is basically aimed at providing the management desired vital information
about the customer’s need & problems.

The major findings:

 The study reveals that male investors dominate the investment market in India.

 Most of the investors possess higher education like post-graduation and above.

 Majority of the active and regular investors belong to professional, sales &
managerial related employment, non-financial management and some other
occupations are very few.

 Most investors opt for two or more sources of information to make investment
decisions.

 Most of the investors discuss with their family and friends before making an
investment decision.

 Percentage income that they invest depend on their annual income, more the income
more percent of income they invest.

 The investment habit was noted in a majority of people who participated in the study.
  Most investors prefer to park their fund in avenues like life insurance, mutual funds,
fixed deposit, & real estate
.
 Most of the investors get their information related to investment through electronic
media and Internet.

 Most of the investors are financial literates.

FOR SECONDARY DATA

After analysing the secondary data major finds are mentioned bellow:

 FPI in EQUITY does not Granger Cause FPI in DEBT and visa vera

 BSE RETURN does not Granger Cause FPI in DEBT but, FPI in DEBT Cause
Granger in BSE RETURN , that means FPI in Debt causes movement in BSE
RETURNS.

 BSE RETURN does not Granger Cause FPI in EQUITY and visa vera.

6.2 Conclusion

FOR PRIMARY DATA

In conclusion it can be stated that there is a need for the spread of awareness among the
people for various investment products. When people are aware of these products then only
they will invest their money. The money that is invested will ultimately go towards nation
building and the development of the country.
The awareness about Equities and the secondary market operations as a long-term capital
investment needs to be enhanced. This may include creating awareness amongst people about
risks factors involved with investment in primary and secondary market and the allied
instruments.
A few sectors have been found to be preferred over the others. New investor may be bogged
down with dreams of lucrative returns and then suffer losses because of this. Proper
awareness about risk mitigation instruments, hence, becomes a very important factor.
Diversification is one of the key elements. As the income level of people increases the
awareness of investment instrument increases. Same is the case with education level. People
prefer to invest small amounts at regular interval (say quarterly) than investing big amount at
one time. Investors generally invest 10 to 15 percent of their income in stock market which
provides a huge potential for broking firms to tap the market.
Most of the people prefer to trade online & they trade on delivery which provides potential
for earning interests by broking firms. People tend to trade when the market is bullish so it is
a big challenge to make people trade during bearish market condition.

FOR SECONDARY DATA

The results suggest that flow of FPI in Debt impacts the BSE returns as there is some upward
or downwards movement ,returns of BSE also starts fluctuation, the study also tells us that
Foreign portfolio investments have more part of debt funds when compared to there
investment in equity

The input of this study will also be of interest to investors and portfolio managers to
understand the linkages of FPI and investment and stock market volatility to further make
effective volatility strategies for their investment returns.
 CHAPTER-7

LIMITATIONS &
RECOMMENDATIONS
CHAPTER 7: LIMITATIONS AND RECOMMENDATION

7.1 LIMITATIONS
The present research paper was aimed to achieve the defined objectives in full earnest and
accuracy, although there were certain limitations:

Time and Cost – The time and cost play an important role where one goes for a particular
study. Both of these factors become constraints especially when a study is conducted at
academic level.

Sample Size – Due to time and cost constraints the large sample was not taken. Since the
study conducted was with a small sample hence the exact picture cannot be revealed and the
findings cannot be generalized.

Choice of Population - The population selected was limited to the places in Delhi NCR.
Hence results would have altered if some other population had been selected.

Inherent Discrepancies in the Questionnaire - The questionnaire might be having some

undetectable errors and limitations, which could shape the responses into a particular fashion.
No pre-test was done before the circulation of the questionnaire.

Bias in Response - The data is entirely based on responses given by respondents which may
be biased due to their personal bias in replying the questions. They may not be very serious or
interested in replying the questions and take it very lightly, due to which data may not be very
accurate.

Negligence by Respondents - People were not willing to answer the entire questionnaire due
to the less time available to them. Many were reluctant in divulging their financial details.

7.2 RECOMANDATION
The purpose of the study was to see the awareness, preference & pattern of investment in
stock market. As is clear from the findings of the study there is some level of awareness
among the people but it is not very high. More awareness needs to be spread among the
people.

The following steps can be taken to spread the awareness among the investors:

The college students -are the people who will soon be entering in the workforce and start
earning money. Thus it is important to spread the awareness about the investment among the
college students. To do this the company can organize seminars and presentations in the
college campuses where the representatives of the company can give information and answer
the queries of the college students regarding all the aspects of the investment.
This may also get good returns for the company as many students may approach the company
for investing their money.

Awareness among the Young Professionals- There are many industries like call centers
where the bulk of employees are young. These people have recently entered the workforce
and have started earning. The level of awareness among these people regarding investment is
less and the company must make efforts to spread the awareness among these professionals.
This can be done by means of posters pasted within the campus of these organizations. The
companies can also set up canopies in places like canteens where the people come frequently.
The company can offer various investment products to the people via these canopies.

Awareness among General Public- The general public can be made aware about investment
opportunities by use of canopies set up in public places like malls, metro stations
marketplaces etc.
 CHAPTER-8
BIBLOGRAPHY
CHAPTER 8: BIBLIOGRAPHY

Reference List
Geetha & Rameshwar (2011) “A Study on People’s Preferences in Investment Behaviour”
IJEMR – November 2011-Vol 1 Issue no 6
Jain (2012) “Savings and Investment Pattern of Investor -a study with reference to Udaipur
district, Rajasthan”. June 2012- Vol No 2 Issue no 6
Agrawal (2018) “How is the level of awareness of women investors towards investment
avenues” September 2018, Indian Journal of Economics and Development, Vol 6 (9)
Tabassum and Sultana (2019) “An Investigation of Relation between Risk Tolerance and
Demographic, Socioeconomic Characteristics of Indian Individual Equity Investors” FIIB
Business Review October 2019 Vol No- 4 Issue no 4
Shaa and Surendram (2020) “Factors Influencing Investment Decision of Generations in
India: An Econometric Study” Asian Journal of Management Research, ISSN 2229 – 3795
Vol. 2

Chakrabarti (2001) “FII flows to India: Nature and causes” Money and Finance ICRA
Bulletin, 2(7), 61–81.
Kumar (2001) “Does the Indian stock market play to the tune of FII investments? An
empirical investigation.” ICFAI Journal of Applied Finance, 7(3), 36–44.
Badhani,(2005)” Dynamic relationship among stock price, exchange rate and net FII
investment flow in India” , Retrieved from http://www.iiml.ac.in/conference/ abstract/5.pd

Books

Kothari C. R. (2005) “Research Methodology” 5/E- New Age International Limited

Damodar N. Gujarati “Basic Econometrics”

Internet Sources

https://www.thecapitalbox.com/about.html
http://www.nseindia.com/products/content/equities/equities/eq_security.htm
http://www.nse-india.com/research/content/nse_working_papers.htm
http://beta.bseindia.com/static/about/introduction.aspx?expandable=0
https://www.bseindia.com/static/fpi/introduction.aspx
http://en.wikipedia.org/wiki/Investment
https://www.moneycontrol.com/stocks/marketstats/fii_dii_activity/index.php
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1702855
https://doi.org/10.1016/S0304-405X(03)00166-1 
APPENDIX : QUESTIONNAIRE