Karnataka Law Society’s

Gogte Institute of Technology

(Approved by AICTE, Permanently Affiliated and Autonomous Institution under VTU
Belagavi)
Department of MBA
“Jnana Ganga”, Udyambag, Belagavi – 590008, Karnataka, India

SUMMER INTERNSHIP PROGAM

On
Analysis on investors perception towards stock market

Submitted by
Sristi konnur
2GI20BA102

Prof. Nupur Veshne

Asst.professor
KLS GIT(MBA DEPT)

Academic Year: 2021 - 22

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 BONAFIDE CERTIFICATE

This is to certify that SRISTI KONNUR bearing USN (2GI20BA102.), is a bonafide

student of Department of MBA of KLS Gogte Institute of Technology, Department of MBA,
batch of 2020-22 affiliated to Visvesvaraya Technological University (VTU), Belagavi. The
SIP is undertaken by him/her for a period of 8 weeks under the supervision of (Name of the
Internal Guide) in partial fulfilment of the requirements for the award of the degree of MBA
of VTU Belagavi.

Signature of the Internal Guide Signature of HOD Signature of

Principal

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 DECLARATION

I, Sristi konnur, hereby declare that the summer internship project is prepared by me
under the guidance of PROF NUPUR VESHNE.
I also declare that this summer internship project is submitted adhering to the institute
and university regulations towards the partial fulfilment for the award of the degree of Master
of Business Administration by VTU Belagavi.
I have undertaken the SIP for a period of 8 weeks. I further declare that this report is
based on the original study undertaken by me and has not been submitted for the award of
any degree from any other University/Institution

Place: Signature of the Student

Date:

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 ACKNOWLEDGEMENT

No work is said to be complete without thanking the people who have helped me in
perceiving any job. So this acknowledgement is for those people who have played their role
in completion of my Summer Internship Program. The project would not have been
completed without the kind co-operation and help of certain individuals to whom I owe this
heartfelt gratitude.

I extend my sincere thanks to my beloved Principal Dr. Jayant K. Kittur, Gogte

Institute of Technology, Belagavi.

I also dedicate my sincere thanks to Dr. Krishna Shekhar Lal Das, Dean,
Department of MBA, Gogte Institute of Technology, Belagavi.

I would like to express my sincere gratitude to my (PROF NUPUR VESHNE) for

his/her valuable guidance in the completion of this project successfully.

I also express thanks to all the faculty members for their valuable suggestions,
encouragements, guidance and support. I would also like to thank all the respondents for
extending the required timely help. I would like to thank my family who were a constant
source of encouragement and provided me with the necessary resources. I would lastly
thank non-teaching staff and all my friends who were directly and indirectly involved with
their help and guidance in successful completion of my study.

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 Contents
Chapter I Industry Profile Page No
i) Industry Profile
ii) Origin and Evolution of
Industry
iii) Major Players in the
Industry
iv) Porter’s Five Forces
Model
v) SWOT Analysis
vi) Future growth and
prospectus of industry

Chapter II Theoretical background

of the study
Elaborative information
on the specialized subject
chosen for the study

Chapter III Research Methodology

i) Need for the study
ii) Objectives of the study
iii) Scope of the study
iv) Research Design
v) Data Collection Methods
vi) Limitations of study
vii) Literature review
Chapter IV Analysis and
Interpretation of the Data

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 Chapter V Summary of Findings,
Suggestions &
Conclusion

Bibliography

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 EXECUTIVE SUMMARY

This study aims to measure the investors perception towards Indian capital market. this
research study, in which, Investors act as major players in the Indian stock market. As they
form the bulk of the investment and revenue, the behaviour of each investor cannot be
ignored by the stock market regulators and intermediaries. Increased incomes and reduced
costs prove to be a major factor in investors investing in investments. The rational behaviour
of investors moves them to save their money between the money spent and the savings. With
the growing pace of Investment alternatives availability in the market the awareness and
knowledge level of the Investors have also increased many folds. Over a period, it is being
realized that the Stock Market has made its footage as an identity of Market which gives
maximum return but with rich component of risk in a short span of time.

This research is designed to understand and identify the factors that influence the behaviour
and attitude of an investor. A questionnaire was used as a way to get to know investors' views
on the stock market. In this ever-changing market, investors' perceptions and attitudes toward
the stock market change from time to time. With this in mind, the study was conducted to
understand the perceptions of investors and to be aware of their preferences, tastes, and
patterns with regards to terms of various investment option.

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Industry profile

Introduction

India has 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 banking
regulator has allowed new entities such as payments banks to be created recently thereby
adding to the types of entities operating in the sector.

Market size

India’s stock market is now the seventh biggest, up three spots, in the world as total market
capitalization increased to $2.7trillon. as of April 2021, AUM managed by the mutual funds
industry stood at rs. 3,237,985 crore (US$ 444.11 billion) inflows in India’s mutual fund
schemes via systematic investment plan (SIP) were rs.96,080 crore (US$ 444.11 billion)
inflows in India’s mutual fund schemes via systematic investment plan (SIP) were
Rs.96080crore (USN 13.12 billion) in FY21. Equity mutual funds registered a net inflow of
8.04 trillion (US$ 114.06 Billion) by end of December 2019.

Another crucial component of India’s financial industry is the insurance industry. Insurance
industry has been expanding at a fast pace. The total first year premium of life insurance
companies reached Rs. 2.59 lakh crore (US$36.73 billion) in FY20.

Furthermore, India’s leading bourse, Bombay stock exchange (BSE),will set up a joint
venture with Ebix INC to build a robust insurance distribution network in the country through
a new distribution exchange platform.

In FY21, US$ 4.25 billion was raised across 55 initial public offerings (IPOS). In FY21, the
number of listed companies on the NSE and BSE were 1,793 and 5,647, respectively.

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Financial market
It is the intermediary between the savers and investors of money.

Funds from households can be located through two different ways:

1) Banks
2) Financial markets

Households may deposit their surplus funds with the banks, who in turn could lend these
funds to business firms.

Alternatively, households may buy the shares and debentures offered by a business using
financial markets.

Functions of financial markets:

1)price determination

The financial market performs the function of price discovery of the different financial
instruments which are traded between the buyers and the sellers on the financial market. The
prices at which the financial instruments trade in the financial market are determined by the
market forces i.e., demand and supply in the market.

So the financial market provides the vehicle by which the process are set for both financial
assets.

2)Funds mobilization

Along with the determination of the prices at which the financial instruments trade in the
financial market, the required return out of the funds invested by the investor is also
determined by participants in the financial market. The motivated for persons seeking the
funds is dependent on the required rate of return which is demanded by the investors.

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3)Liquidity

The liquidity function of the financial market provide an opportunity for the investors to sell
their financial instruments at its fair value prevailing in the market at any time during the
working hours of the market.

4)Risk sharing

Financial market performs the function of risk sharing as the person who is undertaking the
investments is different from the persons who are investing their fund in those investments.
With the help of the financial market, the risk transferred from the person who undertakes the
investments to those persons who provide the funds for making those investments.

5) reduction in transaction costs and provision of the information

The trader requires various types of information while doing the transaction of buying and
selling the securities for obtaining the same time and money is required.
But the financial market helps in providing every type of information to the traders without
the requirements of spending any money by them.in this way the financial market reduces the
cost of the transactions

Capital market
a market which deals in medium- and long-term funds both debt and equity is termed as
capital market the market is an institutional Arrangement for borrowing medium and long-
term fund and which provides facilities for marketing and trading of securities the capital
markets consist of Development Banks commercial banks and stock exchanges
The capital market consists of primary market and secondary market.

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Primary market:
A company issue shares and debentures to establish new business ought to to expand
the existing ones .
The primary market refers to the market where securities are created and first issued it is a
new issue market primary market consists of arrangements that facilitate the transfer of
investor buys funds from savers to companies
secondary market:
And organised market fate securities are traded after being initially offered to the
public in a primary market are listed on the stock exchange is secondary market
it is also called the stock market or stock exchange as it provides a place for purchase and
sales of existing securities such as shares debentures and bonds government securities on the
regular basis it is the secondary market that controls the price of the stocks as the measure
Rate of trading is done here the major players in the secondary market in a primary market
data merchant bankers Mutual Funds Financial Institutions Individual Institutions investors
as well as stock brokers who are members of stock exchange who facilitated the trading.

Stock exchange:

A stock exchange is an exchange where traders and stock brokers purchase and sell bonds,
stocks, and other securities with certain rules and regulations. So, the stock exchange is called
a structured or organized market. It also provides services for redemption and deliverance of
securities and other financial instruments. Organization members are joined together to deal
with company stocks and securities for monitoring of buying and selling securities. There are
two major stock exchanges in India:

Bombay Stock Exchange (BSE)

BSE Limited, also known as the Bombay Stock Exchange, is an Indian stock exchange
located on Dalal Street in Mumbai. Established in 1875, it is South Asia's second oldest stock
exchange.

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The BSE is the 9th largest stock exchange with an overall market capitalization of more
than o 2,18,730 billion as of May 2021.
In 1986, the BSE developed the S&P BSE SENSEX index, giving the BSE a means to
measure the overall performance of the exchange. In 2000, the BSE used this index to open
its derivatives
market, trading S&P BSE SENSEX futures contracts. The development of S&P BSE
SENSEX options along with equity derivatives followed in2001 and 2002, expanding the
BSE’s trading platform.
BSE is Asia’s first and the fastest stock exchange in the world with the speed of 6 micro
seconds and one of India’s leading exchange groups.

options along with equity derivatives followed in 2001 and 2002, expanding the BSE's
trading platform.

BSE is Asia's first and the Fastest Stock Exchange in the world with the speed of 6 micro
seconds and one of India's leading exchange groups.

National Stock Exchange(NSE)

National Stock Exchange of India Limited (NSE) is the leading stock exchange of India,
located in Mumbai, Maharashtra. NSE was established in 1992 as the first dematerialized
electronic exchange in the country. NSE was the first exchange in the country to provide a
modern, fully automated screen-based electronic trading system that offered easy trading
facilities to investors spread across the length and breadth of the country.

National Stock Exchange has a total market capitalization of more than US$3 trillion, making
it the world's 10th-largest stock exchange as of May 2021. NSE's flagship index, the NIFTY
50, a 50 stock index is used extensively by investors in India and around the world as a
barometer of the Indian capital market.

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The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with
the launch of index futures on 12 June 2000. The futures and options segment of NSE has
made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index,
NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are
available. Trading in Mini Nifty Futures & Options and Long-term Options on NIFTY 50 are
also available.

NSE's trading systems are a state-of-the-art application. It has an uptime record of 99.99%
and processes more than a billion messages every day with a sub-millisecond response time.

NSE has taken huge strides in technology in 20 years. In 1994, when trading started, NSE
technology was handling 2 orders a second. This increased to 60 orders a second in 2001.
Today NSE can handle 1,60,000 orders/messages per second, with infinite ability to scale up
at short notice on demand, NSE has continuously worked towards ensuring that the
settlement cycle comes down. Settlements have always been handled smoothly. The
settlement cycle has been reduced from T+3 to T+2/T+1.

options along with equity derivatives followed in 2001 and 2002, expanding the BSE'
trading platform.

BSE is Asia's first and the Fastest Stock Exchange in the world with the speed of 6 micro
seconds and one of India's leading exchange groups.

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National Stock Exchange (NSE)

National Stock Exchange of India Limited (NSE) is the leading stock exchange of India,
located in Mumbai, Maharashtra. NSE was established in 1992 as the first dematerialized
electronic exchange in the country. NSE was the first exchange in the country to provide a
modern, fully automated screen-based electronic trading system that offered easy trading
facilities to investors spread across the length and breadth of the country.

National Stock Exchange has a total market capitalization of more than US$3 trillion, making
it the world's 10th-largest stock exchange as of May 2021. NSE's flagship index, the NIFTY
50, a 50-stock index is used extensively by investors in India and around the world as a
barometer of the Indian capital market.

The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with
the launch of index futures on 12 June 2000. The futures and options segment of NSE has
made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index,
NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are
available. Trading in Mini Nifty Futures & Options and Long-term Options on NIFTY 50 are
also available.

NSE's trading systems are a state-of-the-art application. It has an uptime record of 99.99%
and processes more than a billion messages every day with a sub-millisecond response time.

NSE has taken huge strides in technology in 20 years. In 1994, when trading started, NSE
technology was handling 2 orders a second. This increased to 60 orders a second in 2001.
Today NSE can handle 1,60,000 orders/messages per second, with infinite ability to scale up
at short notice on demand, NSE has continuously worked towards ensuring that the

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settlement cycle comes down. Settlements have always been handled smoothly. The
settlement cycle has been reduced from T+3 to T+2/T+1.

Stock Market Instruments

Indian stock market is one investment avenue where investors get a lot of opportunities. The
long-term investors invest their money in the market to create wealth for the future. Whereas
the short term investors indulge in intraday trading and make quick gains.

Types of Financial Instruments in Stock Market

Equities/ Shares / Stocks:

Equities are the most popular financial product on the stock exchanges. People across the
globe invest in the equity market and look for creating huge wealth for them in the future.
When you purchase the shares of the company, you become a partial owner of the company
and known as its shareholder. The amount of returns that can be made by purchasing equities
is much higher in comparison to any other financial instrument across the globe. Equities are
also popular because they are liquid in nature i.e., you can easily sell your shares in the
market whenever you are in need of cash.

Derivatives:

A derivative is a financial instrument that derives its value from an underlying asset or a
group of assets. The underlying asset can be stocks, currencies, interest rates, etc. Among
derivatives, futures and options contracts are the most popular financial instruments traded on
the stock exchange.

A futures contract is a contract in which there is an obligation to purchase or sell an asset at a

predetermined price on a future date. These contracts must be delivered at a predetermined
price. Similar to the futures, the value of the options is dependent on an underlying security
like stock, market index, etc. Under the options contract, the investor has an opportunity but
not the obligation to purchase or sell the asset on a specific date and at a specific price

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Mutual Funds

Mutual funds are financial instruments that collect money from a pool of investors and invest
in various securities. The different investment venues for mutual funds include equities, bond
markets, money market instruments and other options available in the market. The fund
managers manage the mutual fund portfolio and it is up to him to maximize returns of the
investors by generating long term capital gains for them. You can purchase mutual funds
through the stock exchanges. By investing in mutual funds, you will get units in return and
the profits on those units will be distributed among the unit holders in the proportion of the
units held.

Bonds

Whenever the private sector companies and the government are in need of capital, they issue
fixed income instruments known as bonds to raise the capital. The bonds issue comes with a
specific interest rate. The bonds act like a loan and must be repaid in full within the
mentioned period. The borrower must repay the lender upon completion of the maturity
period. The purchase of these bonds can be made from the stock exchanges. The companies
issue bonds to the public via this stock exchange.

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 Company profile

Angel Broking Ltd. is one of the largest retail broking houses in India in terms of active
clients on NSE as of June 30, 2020. The company is a technology-led financial services
company providing broking and advisory services, margin funding, loans against shares and
financial products distribution to clients under the brand "Angel Broking".

The company is a member of the Bombay Stock Exchange, National Stock Exchange of
India, National Commodity & Derivatives Exchange Limited and Multi Commodity
Exchange of India Limited. It is a depository participant with Central Depository Services
Limited (CDSL). The company has more than 8500 sub-brokers and franchisee outlets in
more than 900 cities across India.

The company's services include online stock broking, depository services, commodity trading
and investment advisory services. Personal loans and insurance are also delivered by this
company. In 2006, Angel Broking also started its portfolio management services, IPOs
business and mutual funds distribution arm. The company believes that their experience of
over two decades has helped them to integrate their knowledge and expertise in the broking
industry with the technology that they provide to retail clients through various platforms.
They have enhanced client engagement and experience through application of technology to
all their services, including the launch of a mobile application for broking services in the year
2011, KYC authentication and complete client on boarding through the electronic and digital
medium in the year 2015 and 2016, respectively.

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PROFILE

NAME: Vinayak Pattar Angel Broking

ADDRESS: Block-1 Shivdurga Residency, 2nd cross Bhagya Nagar Belgaum-590006.

Contact no: 8314216905, 9844911905

Popular services:

o Share registrar,
o Stock market analysis,
o Unlisted stockbroking services
o OTC exchange services

Also listed in:

o Insurance agents
o Share brokers
o Stock brokers
o Mutual fund agents: UTI, HDFC, SBI, BIRLS SUNLIFE, Dsp Blackrock, Franklin
Templeton, Reliance Capital, PNB, LIC ribution
o Online share trading
o Stock brokers

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VISION

To provide best value for money to investors through innovative products. Trading investment
state of the art technology and personalized services.

MISSION

Our mission is to provide the best of products and services to support customers in their
business and personal progress.

MOTTO
To have complete harmony between quality in process and continuous improvement to deliver
exceptional service that will delight our customers and clients.

QUALITY POLICY

We are committed to providing world-class product and services which exceed the expectations
of our customers, achieved by network and continuous improvement.

BUSINESS PHILOSOPHY

Angel Broking follows ethical practices with transparency in all the dealings keeping customers
interest above our own, Angel Broking is always known to deliver what is promised with
effective cost management.

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 Organization structure

Branch manager

Mr. Vinayak patter

Relationship manager Business developer

Dealers
officers Sneha
Jyoti nayadu
Choudhary

Dealer Dealer

Shabir sanadi Aishwarya kakatkar

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Promoters

▪ Mr. Dinesh Takkar (managing director)

▪ Mr. Lalit takkar (Director)
▪ Mr. Ketan shah (chief strategy officer and whole-time director)
▪ Mr. Narayan gangadhar (chief executive offer)
▪ Mr. Vineet Agrawal (chief financial officer)

The products offered by the angel broking:

✓ Equities Trading

✓ Commodities Trading

✓ Derivatives

✓ Currency And Forex Trading

✓ Life Insurance

✓ Mutual Fund Investments

Services Offered by Angel Broking

✓ Portfolio Management Services (Pms)

✓ Demat Account

✓ Angel Broking Depository Services

✓ Intraday Trading Calls

✓ Investment Management Advisory

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Major players in the industry:
Angel broking has many competitors such as

➢ Zerodha

Zerodha is a financial services company providing an online trading platform. It offers

brokerage-free equity investments, retail, institutional broking services, commodities trading,
and others.

➢ Upstox

Upstox is an online stock broking company. Its platform is used for trading of securities and
commodities at discounted brokerage costs, enabling professional traders and beginners, to
minimize the investing and trading expenses.

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 ➢ Groww

Groww is an online investment platform intended to enable investors to open an account

electronically and transact in mutual funds online.

➢ Sharekhan

Sharekhan is the 5th largest retail brokerage full-service brokerage firm and the 8th largest
stock broker in India with 676631 customers. Sharekhan is one of the pioneers of online
trading in India. It offers a broad range of financial products and services including
securities brokerage, mutual fund distribution, loan against shares, ESOP financing, IPO
financing and wealth management.

Motilal oswal
Motilal Oswal Financial Services Ltd. (MOFSL) was founded in 1987 as a small sub-
broking unit, with just 2 people running the show. Focus on customer-first attitude, ethical
and transparent business practices, respect for professionalism, research based value
investing and implementation of cutting-edge technology have enabled us to blossom into an
8600+ member team

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.

➢ ICICI Securities:

ICICI Securities Limited (I-sec) is a subsidiary of ICICI Bank Ltd. The company began its
operation in May 1995 and continues to grow its operation through expanding its client
base and providing different type of services.

I-Sec operates www.icicidirect.com, a virtual financial supermarket, meeting the three need sets
of its clients - investments, protection, and borrowing. Through its four lines of businesses --
broking, distribution of financial products, wealth management, and investment banking-- I-Sec
serves customers ranging from the retail and institutional investors to corporates to high net-
worth individuals to government.

I-Sec is registered with the Securities and Exchange Board of India (SEBI) as a Stock
Broker, Merchant Banker, Portfolio Manager, Investment Adviser and Research Analyst. It
is also registered as Corporate Agent with the Insurance Regulatory and Development
Authority of India (IRDAI) and Point of Presence (POP) with the Pension Fund Regulatory
and Development Authority of India (PFRDA) for distribution of National Pension Scheme
(NPS)

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Awards and Recognitions

• Angel Broking won the prestigious Major Volume Driver' Award by BSE for 6 consecutive
years from 2005-2010.

• . In 2009, Angel Broking won two prestigious awards for 'Broking House with
Largest Distribution Network' and 'Best Retail Broking House' at Dun &
Bradstreet Equity Broking Awards.

• In 2011, Angel Broking was awarded the 'Best in Contribution Investor Education
& Category Enhancement of the year' and 'Best Commodity Research of the year'.

● Angel Broking was awarded the Top performer in equity segment' of the year by BSE

and the BSE-IPF D&B Equity Broking Award for 'Best Retail Equity Broking House' in

2013.

• In 2014, Angel Broking was awarded the Top Three Client Traded Members in
Equity BSE and the 'Broking House with the Largest Distribution Network'
• Won Star HR Practitioners Award for the inspiring workplaces in 2015 by Banking

Frontiers.

• Angel Broking's ARQ has been awarded for its Technology Effectiveness at Global
Marketing Excellence Awards by World Marketing Congress in 2016.

• . The company was granted the Fintech Trading Platform of the Year award at
MONEYTECH Awards 2017 presented by BusinessEx.com and was granted the
'Best Market Analyst in Commodity Futures' award at the ASSOCHAM
Excellence Awards.

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• Angel Broking Company was awarded the 'Most Trusted Financial Brand' for reliability and
customer satisfaction for the year 2016-2017 by WCRC Leaders Asia.

• Angel Broking Ltd was awarded for Financial Content of the Decade - Consumer
Education Initiative by Ink spell at The Decade Awards 2020.

• In 2021, Angel Broking Ltd was awarded for 'Best Search Engine Optimization in the

Equity Broking Sector at Resulticks BFSI Digital Stallions Awards

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Porter’s five forces model:

It is a model that identifies five competitive forces that shape every industry and helps
determine its strengths and weaknesses. Porter’s Five Forces model could be applied in any
segment of the industry to comprehend the competition in the sector and then use appropriate
strategies to boost profitability.

Porter’s five forces are a supporting structure for analysing a company’s competitive
environment. Hence, the five forces are mostly used to measure competition intensity,
attractiveness and profitability of a sector or industry.

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Competitive rivalry
A vital force happens to be the number of rival companies and their ability to threaten a
company. The larger the number of rivals and the products and services they offer, the lesser
the power of a company. Suppliers and buyers find out the competition if they can provide a
better deal or lower prices. When competition is low, a company is better poised to offer a
good deal and set the terms to achieve higher sales and profit.

The threat of new entrants:

An industry with substantial entry barriers is ideal for a company, as it safeguards its
position. In this case, the company can charge higher prices and negotiate better terms. If a
new rival company could easily enter an industry, it significantly weakens the position of the
existing company.

Power suppliers:

The power of suppliers is also a vital force in the five forces model. The number of suppliers
can shoot up the input cost. A company’s cost is affected by the number of suppliers, their
product quality, and how much it would cost a company to switch to another supplier. The
demand for suppliers will be greater if there are lesser number of suppliers in the market. In
this case, the supplier has greater power and maintains control over input cost price and other
trade advantages. When there is a more significant number of suppliers and low switching
costs among rival suppliers, a company can keep its input costs down and improve its profit.

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Power of customers:
Customers can drive prices lower or negotiate better terms. It, of course, depends on the
number of buyers and customers a company has, how important each customer is, and how
much it would cost a company to find new customers or markets for its output. A smaller set
of clients means that each customer has more power to negotiate better deals. A company
with a small, independent set of customers will find it easier to charge a higher price to
increase profitability.

Threat of substitutes:

Substitutes are similar available products or services that can be used instead of the existing
ones in a company. Such products certainly pose a threat. Companies that produce unique
products, with no substitute available, whatsoever, will have more power to increase prices
and lock in favourable terms. When similar products are available, the company will have the
option to opt for substitutes, thereby weakening its power

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Angel broking swot analysis:

SWOT analysis of Angel Broking analyses the brand by its strengths, weaknesses,
opportunities & threats. In Angel Broking SWOT Analysis, the strengths and weaknesses are
the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Angel
Broking to benchmark its business & performance as compared to the competitors. Angel
Broking is one of the leading brands in the banking & financial services sector

Angel broking strengths:

1. Innovative range of financial products

2. Known for transparent functioning
3. Innovative I. T solutions for customers
4. Emphasis on building stronger bond with customers
5. Services offered include Equity Trading, Commodities, Portfolio Management
Services, Mutual Funds, Life Insurance, IPO, Depository Services, Investment Advisory

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Angel broking weakness

1. Less penetration in rural areas

2. Indians are mostly conservative and prefer investing in Gold and land.

Angel broking opportunities:

1. High purchasing power and people looking to more investment opportunities

2. Growing rural market
3. Earning urban youth

Angel broking threats:

1. Stringent Economic measures by Government and RBI

2. Entry of foreign finance firms in Indian Market.

Future growth and prospectus of industry.

• Branding in the tier cities
• More standardized infrastructure
• To remain the top stock broking company

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Theoretical background of the study:

Investor’s Behaviour Investor’s behaviour refers to the selection, purchase and consumption
of goods and services for the satisfaction of their wants. There are different processes
involved in the investor behaviour. Initially the investor tries to find what securities he would
like to consume, then he selects only those security that promise greater utility. After
selecting the security, the investor makes an estimate of the available money which he can
spend. Lastly, the investor analyses the prevailing prices of security and takes the decision
about the security he should consume.

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An efficient allocation of capital is the most important finance function in the modern items.
It involves decisions to commit the firm’s funds to the long term. Capital budgeting decisions
are of considerable importance to the firm since they tend to determine its value by
influencing its growth, profitability and risk. The capital budgeting decisions of a firm are
generally known as the investment appraisal, or capital expenditure decisions. A capital
budgeting decision may be define as the firm’s decisions to invest its current funds most
efficiently in the long term assets in anticipation of an expected flow of benefits over a series
of years.

Impact Of Demographic Factors On Investors’ Investment

Decisions: An investment is saving of current money and other resources for the future
benefit. There are various investment avenues available for retail investors and depending
upon ones' risk appetite, he/she can choose between bank deposits, government / private
bonds, shares and stocks, exchange traded funds (ETF), mutual funds, insurance,
commodities, currencies, etc. Risk is an important factor to be considered while making an
investment in the stock markets. This paper reveals that demographic factors have an impact
on retail investors' investment decisions. Consumer behaviour is deeply influenced by
cultural factors such as: buyer culture, subculture, and social class.

1) Culture: - Basically, culture is the part of every society and is the important cause of
person wants and behaviour. The influence of culture on buying behaviour varies from
country to country therefore marketers have to be very careful in analysing the culture of
different groups, regions. Investors’ Perception Towards Investment
A. Social Factors: - There are important factors affecting the consumer buying
behaviour
B. Age: -Age and life-cycle have potential impact on the consumer buying
behaviour. It is obvious that the consumers change the purchase of goods and
services with the passage of time.
C. Occupation: -The occupation of a person has significant impact on his buying
behaviour. For example, a marketing manager of an organization will try to
purchase business suits, whereas a low-level worker in the same organization will
purchase rugged work clothes.

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 2) Psychological Factors: There are four important psychological factors
affecting the consumer buying behaviour. These are: perception, motivation,
learning, beliefs and attitudes.
• Motivation: -The level of motivation also affects the buying behaviour
of customers. Every person has different needs such as physiological
needs, biological needs, social needs etc.
• Perception: -Selecting, organizing and interpreting information in a way
to produce a meaningful experience of the world is called perception.

Benefits of an investor perception study

1) Update strategy and business model: results from an investor perception survey typically
are expected to show that investors understand and agree with a company’s overall strategy
and business model. There may be specific areas within the overall strategy that investors
take issues with, and the study alerts management of these topics so they can better address
them. For companies contemplating major undertakings (M&A, delisting, etc.) or in
turnaround situations, real-time insights from an investor perception study can be even more
helpful in helping management re-think and re-evaluate the situation. It’s not unheard of that
a major project can be called off or delayed for a future time if results of the investor
perception study are overwhelmingly negative and against the original plan.

2) Identify valuation detractors: if management believe the company’s shares are undervalued,
they should most certainly ask investors as part of the perception study and make sure to ask
investors for their reasonings either way. What happens next is a win-win situation for the
company – if investors agree with management, they will tell management why they think the
shares are undervalued. If investors do not believe the shares are undervalued, they will tell
management that it’s because new markets are having a hard time taking off or because there
is a lack of progress on asset sale and deleveraging. Whatever the case may be, management
gain key insights into what investors think about the company’s current valuation.

3) Improve IR strategies and tactics: an investor perception survey can be quite detailed when it
comes to asking investors for their opinions of a company’s IR program – asking investors how
they feel about the effectiveness of the overall IR program, how investors feel about disclosure of
earnings releases, timing of the earnings releases, whether management is making

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enough efforts being on the road meeting with investors or attending investment conferences
etc. These data points are tremendously valuable and help the IR department and
management to work together and improve their IR program post study.

4) Learn about your peers: an investor perception questionnaire can be designed to directly
compare a company against its peers across a variety of topics and metrics so that
management have a better context to judge how they perform over time, both internally and
against other players in the space. In addition, investors sometimes make valuable
observations about how peers run their business or communicate with investors, which
management may have previously been unaware of and could choose to emulate and
incorporate as a result of the study.

5) Talk amongst yourselves: findings of an investor perception study can serve as great
starting point of internal discussion between IRO, management and the board of directors on
issues relating to operations, financials or investor communications and upon which they can
improve. Throughout the year, such internal discussions tend to be limited to financial or
annual reporting. By doing an investor perception study, a company gives itself additional
opportunity to reflect, discuss and strategize for better future outcomes.

The objective of every investor is to get high return on investment where the investor must
bear high risk. Their attitude towards stock market and market condition help them to achieve
a good return on the investment and their good decision-making skill would enable them to
be a successful investor. This study contains understanding the retail investor’s behaviour,
level of awareness and their investment decision in the stock market. And study includes
discussion with the investors, survey through questionnaire method in order to collect more
information from investors. The views and perception relating to investment often differ from
person to person. The various factors that can influence an individual to invest in stock
market is the ability to bear risk, the present and future financial goals, return expected, the
requirements and needs of the investors etc. The study revealed that majority of the investors
considers return as the motivating factor that influences their investment decision. Most of
the investors decided to invest on their own and few of them were influenced by newspapers,
advertisements, seminars and workshops. Majority of the investors preferred investing in
stocks rather than mutual funds and derivatives. Thus, it can be concluded that, investors who
expect high return will be ready to undertake high risk though few of them avoid investing in
stock market due to fear of losing their hard-earned money.

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CHAPTER-3
Research methodology

Need of the study:

Indian economy is growing significantly. It has various investment options the study has been
undertaken to analyse the attitude of investors towards stock market as well as the factors
affecting on investment. Against this back drop of the research, I have tried to find out the
investment preference of the respondents.

Objectives of the study:

The main objectives of the study is to know the attitude of investors toward stock market
among the people .
To study the investors perception regarding investment in the stock market
• To study investment behaviour of investors and factors that affects theirs
investment.
• To know risk tolerance ability of the investors towards various investment
avenues
• Know why people don’t invest in the stock market

Scope of the study:

This study is to analyse and understand the investor psychology on choosing the product or
service so that easily the financial product can be positioned. It also helps to assess the real
opinion and mind-set of investors and aids to meet out their expectation in future in turn that
will increases the volume of sales.

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Research design:

Research design is the conceptual structure within which research is conducted. It constitutes
the blueprint for collection, measurement and analysis of data. The research design selected
for this study is Descriptive Research design. Descriptive research involves collecting
numerical results through self-collected reports, through questionnaires or through
observation. For present study, the research design was descriptive research with a multiple
cross-sectional approach.

The data was collected through survey. Google Forms were generated to conduct a survey
and the primary data was collected through google forms only.

Sampling Plan:

Sampling Frame - It is a list of all those within a population who can be sampled, here the
sampling frame includes individuals who are residing in Karnataka.

Sampling Unit -The target population must be defined that has to be sampled. The sampling
unit of research included students and professionals residing in Belgaum.

Sample Size – it plays an important role in research. Samples are respective of the whole
population. This refers to the no. of items to be selected from the universe to constitute a
sample. In context of the project study, 105 respondents are chosen keeping in view the
constrains.

Sampling Methods:

There are various methods of sampling in the context of my project study I have selected
Non-probability Sampling Method. And under that, I have taken Convenience Sampling.
Under this I prepared a simple questionnaire to collect the information.

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Data Collection Method:

Data collection is done basically in three ways: Observation Method, Survey Method and
Questionnaire. And in the context of my project study, I have selected questionnaire method
for collecting the data

Limitation:
1. The Study is limited to only 105 investors.

2. This Study used only some factors to analyse the factors effecting investment behaviour of
Individual investor.

3. The survey is conducted only in one city.

4. The study has also the limitation of time, place and Resources.

5. interpretation of this study is based on the assumption that the respondents have given
correct information.

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Literature review:

1)The purpose of this paper is to organize and take stock of the present
situation of research on stock market integration by reviewing the available
literature, to provide quick and easy access for future researchers. Another
objective of the present study is to classify the literature and to provide the
comprehensive bibliography on stock market integration and to analyse the
findings and results of the studies taken into consideration for review.
Sharma, A., & Seth, N. (2012). Literature review of stock market integration: a
global perspective. Qualitative Research in Financial Markets.
2) The economic liberalization and globalization have brought a fervent
environment for the common and small investors who are willing to participate in the
various investment avenues available in India. There are large number of small investors,
who have the ability to save and make an investment in share market, gold, real estate,
insurance and post office. In recent years, numerous researches have been conducted on
investors’ perception towards various investment from various perspectives
Velmurugan, G., Selvam, V., & Nazar, N. A. (2015). An empirical analysis on
perception of investors’ towards various investment avenues. Mediterranean Journal of
Social Sciences, 6(4), 427-427.
3) The investors’ sentiment can be defined as investors’ attitude and opinion towards
investing in the Stocks. The aim of this research is to analyse the individual investor’s
sentiment. This study also analyses the influence of market specific factors on investors’
sentiment. The investor’s attitude towards investing is influenced by rumours, intuition, herd
behaviour among investors and media coverage of the stock These investors were
administered a structured schedule, containing pre-validated scales to measure the investor
sentiment. Once the constructs were found to be both reliable and valid, the impact of Herd
Behaviour, Internet Led Access to Information and Trading, Macro Economic Factors, Risk
and Cost Factors, Performance Factors and Confidence Level of Institutional Investors, Best
Game in Town Factors were tested by using the Bootstrapping method. The Market Specific
Factors had a significant impact on the investors’ sentiment in India.

Bennet, E., Selvam, M., Vivek, N., & Shalin, E. E. (2012). The impact of investors
sentiment on the equity market: Evidence from Indian stock market. African Journal of
Business Management, 6(32), 9317-9325.

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4) In order to study the impact of price and term on the investment decision of the
investors, a review of literature was done to develop the concept and understand what had
been done earlier. Shaik, Murty, Krishna and Gopi Kiran (2012) concluded that nearly all of
our Indian investors’ psychological tendencies are identical. Now a days, many tools and
sources exist for analysis of equity stocks. Therefore, the investors should make up their
mind-set before taking investment decisions. Retail equity investors should realize that while
making their investment, they should develop a clear investment purpose with long term
investment outlook and orientation which should be based on fundamental analysis of various
equity scrips
Kotwani, S. (2018). A Study of Stock Market Investors’ Perception towards Price
and Term of the Investment. International Journal of Science, Engineering and
Management (IJSEM), 3(5).

5) Shanmnga Sundaram V (2011) examined the impact of behavioural dimensions of

investors in stock market and found that investor decisions are influenced by psychological
factors as well as behavioural dimensions and this psychological effect is created by the fear
of losing money, sudden decline in stock indices, greed and lack of confidence about their
decision-making capability.
Kukreja, G. (2012). Investors’ Perception for Stock Market: Evidences from
National Capital Region of India. Interdisciplinary journal of contemporary research in
business, 4(8), 712-726.

6) Lovric M. et al., (2008), presented a description model of individual investor

behaviour in which investment decisions are seen as an iterative process of interactions
between the investor and the investment environment. The investment process was influenced
by a number of interdependent variables. They suggested that this conceptual model can be
used to build stylized representations of individual investors and further studied using the
paradigm of agent-based artificial financial markets.
Kukreja, G. (2012). Investors’ Perception for Stock Market: Evidences from
National Capital Region of India. Interdisciplinary journal of contemporary research in
business, 4(8), 712-726.

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Chapter -4

Data analysis and interpretation:

Personal and demographic information:

1)Age group

Age is primary factor to determine the attitude of the investors. The opinions of the
respondents towards investment strategies differ according to their age.

4.1

Findings:
It is observed, from chart that out of 105 respondents 84% belong to the age group below 25,
11% respondents belong to the age group 26-30, and rest other age group share a small amount

of percentages among them. This indicated the fact that youngsters were much more
interested in investing as compared to elders.

Interpretation:

From the above graph we understand that majority of the employee sector working in the
company is below the age of 25 thus we can conclude that over all employee sector of the
company as the working staff that consist of youth population. The remaining employees
belong to a variety of other age groups as mention in the findings.

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2)Gender

Gender is an important factor in determining the attitude of the investors. The opinion of the
respondents may vary according to the gender. Generally, the Male member of the family
holds the financial responsibility in the Indian society. But recently quite a lot of female
members have also come up to take financial Decisions as they had become educated and are
economically independent.
4.2

Findings:

According to the data collected with respect to gender distribution of respondents, it is

observed that, the majority of the respondents i.e., 58% were male while the remaining 41%
of the respondents were females.

Interpretation:

It can be concluded that the majority of male respondents are investors, as male family
members take financial responsibility and make investment decisions in Indian society.

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3)Educational qualification:
Education, which shows the level of, awareness about investment and surroundings of an
individual. Education affects the investment decision of individuals. Higher the education of
individual tend to hold more risky assets in his investments (savings), risky assets in the sense
equity holding. The level of education has a direct connection with investment decisions
regarding awareness level and information consideration to invest in the stock market.
4.3

Findings:

In the above chart its shows that 50% of the respondents had studied up to graduate level
followed by the respondents having studied up to post graduate, professional and school level
constituting 37%, 9.5% and 2% per cent respectively.

Interpretation:
The students pursuing post graduate are aware about the stock market investment. This is
because of their basic knowledge in the field of finance and stick market which shall help
them to understand the fundamentals of the securities. The other outcome of this survey
shows that the authorities can focus on involving more and more commerce students into the
process. This will give positive impact to the financial markets.

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4)Occupation:

Occupation is another important social factor that determines the earnings of the respondents
and the nature of one's occupation exposes him/her to different kinds of information that is
useful in life. For example, an individual working in financial services industry is expected to
have better knowledge in savings and investments.
4.4

Findings:

It is noticed from chart that 56.2% respondents were student, 26% were private employees
and 13.3% respondents were business people among the remaining respondents were
government employee and agricultural people. It is observed that majority of respondents of
the study unit were student.

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Interpretation:
it is observed from chart that majority of respondents have been student, very few of them are
been other individuals and rest are from commercial enterprise human beings some of the
closing respondents have been authorities worker and agricultural human beings.it is located
that majority of respondents of the observe unit have been student .this study shows that
individual people are using the traditional way of investment i.e., bank deposit, fixed deposit,
gold, silver ,land, property etc .whereas the youngsters believe in investing in stock market
for higher return, they believe in simple principle that for investment the high risk, high
return and low risk low return ,so if one wants high returns, they must tale risk.

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5)Monthly income
Income is the base for overall investment activities. Generally persons with higher income can
take more risks than those who have lower incomes. The risk appetite of the family with higher
income is generally higher than those with lower income. Investment managers have concluded
that increasing income levels are associated with access to more immediate resources. This leads
to the opinion that increased levels of income allow for increased levels of risk tolerance and the
income level is an important factor to determine the investment decision.
4.5

Findings:

It evident from the chart that 66.7% respondents reported that they were earning from less
then 1lakh as monthly income,17.1% respondents reported that they were earning from 1-3
lakh of the respondents has a monthly income. it is concluded that majority of the
respondents had a monthly income of less than 1lakh.

Interpretation:

It obvious from the chart that 66.7% respondents said that they have been incomes from
much less then 1lakh as month-to-month income,17.1% respondents said that they have been
incomes from 1-three lakh of the respondents has a month-to-month income. it is concluded
that majority of the respondents had a monthly income of less than 1lakh.

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6)Annual savings in general:
4.6

FINDINGS:

In the above chart that 65.7% people have annual savings of up to 50000, 20% people have
annual savings of 50,000-1,00,000 and rest of the annual savings are less in percentage .so
here more number of respondents having annual savings of up to 50,000.

Interpretation:

From the above data it Can be observed that majority of the population saves less than 50000.

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7)Investment other than stock market:

Savings and investment are planned bearing in mind some future financial needs which arise
due to various circumstances in the life of an individual.
4.7

Findings:

In the above chart that 37% people invest in mutual funds, 33.3% invest in fixed deposit ,
13.3% invest in gold and silver , and 10.5% invest in recurring deposits .as per chart people
invest very less in PPF and chit funds.

Interpretation:

According to the chart, people invest very little in PPF and chit fund. . Here we can see that
many investors invest their capital in mutual funds because it is trustworthy that collects
money from a number of investors who share a common investment objective. Then they
invest the money in equities, bonds, money market instruments and other securities.

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8)Do you invest in stock market?
4.8

Findings:

From the above chart we can observe that almost 50% of the respondents have invested in
stock market.

Interpretation:

Half of people are not yet investing in stock market, if more number of population start to
invest in stock market it will be beneficial to economy. People need to know the importance
of investing in stocks so that the main aim can be achieved.

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9)Nature of investors:
4.9

Findings:

From the above table it could be seen that the majority of the investors 48% had occasionally
traded in the stock market. another 27.6% investors made investments the stock market
regularly, and 17.1% investors made investments in the stock market at the time of boom and
depression only, the remaining percent of investors were one-time investors in the stock
market. It is seen that most of the respondents occasionally traded in the stock market.

Interpretation:

From the above table we can draw an interpretation that most people who opt for investing
are occasional investors and are drawn to the phenomenon due to circumstances like a
positive boom in the industry, peer influence.

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10)Market from where you get shares:
In stock market you can get shares from primary and secondary market,
4.10

findings:

In the above chart we can see that are 62.9% people get shares from both primary and
secondary market, 27.6% people use to get shares from primary market and rest 9.5%
investors use to get shares from secondary market. So here majority of the investors get
shares from the both primary and secondary market.

Interpretation:

Majority of the people choose both primary as well as secondary market to invest in shares.

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11)Awareness of investment instruments:
4.11

findings:

From the above chart it could be seen that the all the investors 64.8% are aware of shares
followed by 28% of the people are aware about the mutual fund investment, the rest other
investment instruments share small amount of percentage among them.

Interpretation:

Shares acquire a larger portion of awareness among the rest mutual funds, debentures, bonds
and derivatives.

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12)Risk bearing ability
4.12
Risk aversion reduces the probability of investing in risky assets whereas risk takers are ready to
face the challenges of their risky assets. But the risk neutrality was considered to be half way
between risk taker and risk averter, which meant that investors had to take risks some times.

Findings:
It is seen that 60% people are risk neutral 24.8% people are risk taker and 15% people are
risk averter.

Interpretation:

It is concluded that majority risk bearing ability of the respondents were risk neutral.

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55 | P a g e
13)Sources of pre investment information:
4.13

Findings:

The above chart that 36% of the people seek investment information from internet 34.3%
people seek information from the friends and relatives ,14% people seek information from the
stock brokers and other 9.5% people seek information through stock market related tv
channels. here majority of the investors get investments information from internet

Interpretation:

Majority of the investment information by the investors is being taken through friends,
relatives and through internet.

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14)Opinion on nature of risk associated with each type of
investment in stock market:
4.14

Interpretation:

As per the data collected the maximum of the respondents i.e 55% of the people think that
equity shares are safe. Equity shares are the shares where a shareholder will not get fix

amount of return on their investment, and he will get voting rights to management.

Debenture stock, loan contract issued by a company or public body specifying an obligation
to return borrowed funds and pay interest, secured by all or part of the company’s property.in
the above chart we can see that 10.5% people think that debentures shares are not safe.

Mutual fund investment programmed funded by shareholders that trades in diversified

holdings and is professionally managed. In the above chart we can see that 47% people think
that mutual funds are reasonably safe

ULIP (UNIT LINKED PLANS) is a combination of insurance and investment. In the above
chart we can see that 5% of people think that UILP safe.

In the above chart we can see that 20% of the people think that gold traded funds are safe.

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Futures and options: trading is the trading in derivatives where the contracts for the
underlying asset are bought and sold. By looking at the above chart we can see that 13% of
the people thinks that future and option is safe.

By looking at the above chart we can see that only 6% of the people thinks that investment in
commodity is safe.

15)To understand the overall outlook of respondents with regards

to stock market investment:
4.15

Findings:

According to the above data, most investors 74% think that investment in the stock market is
an opportunity, while 25% feel that it is a risk to invest in the stock market.

Interpretation:

The majority of the investors feel that it is an opportunity to invest in the stock market to
fulfil their objectives.

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16)Which of the following two do you regard as a better
investment.
4.16

Findings:
In the above chart we can see that 52% had given respond as can’t say, 26% people had given
respond buying IPO’s and 21% had given respond buying existing shares from the stock is a
better investment option .here I conclude by saying that many investors had given respond as
can’t say.
Interpretation:
Through this we can conclude that more than 50% of the people are still not aware of the
investment options, different type of investments and other investment related items and they
cant decide a suitable investment decision.

59 | P a g e
60 | P a g e
CHAPTER-5

Findings

➢ Most of the people are males over women. Males are more concerned for investment
point of view. In our data 56% male are doing investment.
➢ Younger people are more interested towards investment.
➢ people have more knowledge about investment
➢ Large number of investors in stock market are occasional
➢ Many investors purchase shares from both secondary and primary market.
➢ Many investors are risk neutral.
➢ Overall outlook shows that most of the respondents consider investment in the stock
market as an opportunity.

Suggestions
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 ➢ The various investment tools which were mostly preferred by the investors were
stocks and mutual funds. So, there should be various other means to create awareness
regarding the potential of other instruments and the tools which can be more
beneficial to the investors.

➢A lot of students and young professionals are showing interest in investing in the
stock market; therefore, the company should focus on them and try to create more
awareness among these groups.

➢ The company should conduct live learning sessions for investors to provide knowledge on
technical aspects for new investors. Angel Broking provides the facility of a trial account so
that new investors can learn to trade without actually losing money, so they should create
more awareness regarding this to attract new investors.

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Conclusion

The stock market has become an attractive investment destination for many investors and
with adoption of the internet and online access going deeper into the country, the stock
market has grown significantly over the years. Millions of young Indians have been showing
that the appetite for equities in the world's second-most-populated nation is finally growing.

In such a scenario, this study regarding Investors' perception towards stock market
investment has been helpful in understanding preferences of investors in different investment
avenues, sources that they gain awareness from, their basis for decision making, factor that
influences them the most and their overall perception towards investment in stock market.

From the study we found that the majority of the people who invest in the stock market like
to make their decisions through self-analysis and are influenced by friends or relatives. Their
purpose for investment is mainly to earn returns. In such a volatile market it is encouraged
that investors make informed decisions through thorough research and consider all relevant
factors as well.

Angel Broking Ltd. has been established in the country for more than two decades and has a
strong brand image in the market. They provide various financial products and services and at
lower transaction rates. The company has been seeing a good inflow of new investors even
from smaller cities and towns. Through its research and services regarding equity,
commodity and currency has proven its competitive advantage over the competitors. The
company has potential to cater to more new-age investors.

Through this study I learnt that investors' perception is an important consideration for
financial companies to understand the preferences and behaviour of investors. Their attitude
towards the stock market is important to help them to achieve a good return on the
investment. As an emerging market there is a lot of scope for new investors to use the stock
market as an opportunity to fulfil their financial objectives.

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Bibliography
https://www.ibef.org/industry/financial-services-india.aspx

https://indianmoney.com/articles/capital-market-instruments

https://www.sebi.gov.in/index.html

https://www.angelbroking.com/aboutus.

Research papers:

o Sharma, A., & Seth, N. (2012). Literature review of stock market integration:
a global perspective. Qualitative Research in Financial Markets.

o Velmurugan, G., Selvam, V., & Nazar, N. A. (2015). An empirical analysis on

perception of investors’ towards various investment avenues. Mediterranean
Journal of Social Sciences, 6(4), 427-427.

o Bennet, E., Selvam, M., Vivek, N., & Shalin, E. E. (2012). The impact of
investors sentiment on the equity market: Evidence from Indian stock
market. African Journal of Business Management, 6(32), 9317-9325.
o Kotwani, S. (2018). A Study of Stock Market Investors’ Perception towards
Price and Term of the Investment. International Journal of Science,
Engineering and Management (IJSEM), 3(5).
o Kukreja, G. (2012). Investors’ Perception for Stock Market: Evidences from
National Capital Region of India. Interdisciplinary journal of contemporary
research in business, 4(8), 712-726.

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