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A SUMMER INTERNSHIP PROJECT ON A Study on behaviour and investment

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 A

SUMMER INTERNSHIP PROJECT ON

A Study on behaviour and investment pattern of investor for

different investment avenues with special reference to
Ahmedabad city

Submission to

Sal institute of management

(807)

AHMEDABAD

Under the guidance of

PROF. MARGI CHOKSI

In partial Fulfilment of the Requirement of the award of the

degree of Master of Business Administration (MBA)

Offered By

Gujarat Technological University

Ahmedabad

Prepared by:

CHANDRESH B. VARMORA

MBA – 3𝑟𝑑 SEMESTER

Year: Oct 2021

1
 Student’s declaration

I hereby declare that the Summer Internship Project Report titled “In Sal Institute of
Management (807) is a result of my own work and my Indebtedness to other work
publications, references, if any, have been duly acknowledged. If I am found guilty of
copying from any other report or published information and showing as my original
work, or extending plagiarism limit, I understand that I shall be liable and punishable
by the university, which may include ‘Fail’ in examination or any other punishment
that university may decide.

ENROLLMENT NAME SIGNATURE

208070592030 CHANDRESH B.
VARMORA

Place: Ahmedabad Date:

2
This is to certify that project work embodied in this report entitled “A Study on
behaviour and investment pattern of investor for different investment avenues
with special reference to Ahmedabad city” was carried out by CHANDRESH
VARMORA for ENROLLMENT NO. -208070592030 of Sal Institute of Management
(807).

The report is approved / not approved

Comments of External Examiner:

This report is for the partial fulfilment of the requirement of the award of the degree of
Master of Business Administration offered by Gujarat Technological University

----------------------------------------

(Examiner’s Sign)

Name of Examiner:

Institute Name: Sal institute of management

Institute Code: 807

Date:

Place: Ahmedabad

3
PLAGARISM REPORT

4
Institute Certificate

Date: __/__/____

“This is to certify that this Summer Internship Project Report Titled “A Study on
behaviour and investment pattern of investor for different investment avenues
with special reference to Ahmedabad city” is the bonafide work of CHANDRESH
B. VARMORA (Enrolment No. 208070592030), who has carried out his project under
my supervision. I also certify further, that to the best of my knowledge the work
reported herein does not form part of any other project report or dissertation on the basis
of which a degree or award was conferred on an earlier occasion on this or any other
candidate. I have also checked the plagiarism extent of this report which is ………
% and it is below the prescribed limit of 30%. The separate plagiarism report in
the form of html /pdf file is enclosed with this.

Rating of Project Report [A/B/C/D/E]:_______________________

(A=Excellent; B=Good; C=Average; D=Poor; E=Worst) (By Faculty Guide)

Signature of the Faculty Guide/s

PROF. MARGI CHOKSI

[ASSISTANT PROFESSOR]

Signature of Principal/Director with Stamp of Institute

DR. VIRAL BHATT

[PRINCIPAL]

5
PREFACE

This project report has been prepared in fulfilment of the requirement for the summer
Internship project: “A Study on behaviour and investment pattern of investor for
different investment avenues with special reference to Ahmedabad city” in the
academic year 2020-22.

For preparing the project report, I have filled up the questions from the selected sample
of Ahmedabad during the suggested time period, to avail the necessary information.
The blend of learning and knowledge acquired during our practical studies at the
company is presented in this project report.

During the pandemic situation (covid) I could not able to going for workshop in
company for daily basis. This situation information presented in this project report is
obtained from sources like company website, collect primary data on survey method,
like questioners, other website, company report and other literature review.

6
ACKNOWLEDGMENT

I am highly thankful to PROF. MARGI CHOKSI for allowing me as a guide and trainer
for summer project of days i.e. 27𝑡ℎ September 2021 to 27𝑡ℎ October 2021 in addition
to helping me in my practical studies at the and study the entire organisation and various
aspect of managerial functions. They provide to me many details and enlighten me in
preparation of this project.

Preparation of such kind of report, which is based on secondary information, requires

data gathering from many sources like company websites, questioners, other websites,
company reports and other literature.

I would like to express my gratitude towards DR. VIRAL BHATT Principal at SAL
Institute of Management for their valuable guidance and help in the preparation of this
report. They were also help me for using various statistical tools and analysis of data.
At last but not least, I would be thankful to my friends and other people, who helped
me in preparation of this project report.

7
 TABLE OF CONTENTS

SR. CHAPTER PG
NO. NO.
1. INTRODUCTION
1.1 History of financial sector
1.2 Overview of financial sector
1.3 Introduction of investment avenues
1.4 Current scenario of financial service
1.5 Porter’s five forces of financial service
1.6 challenges of financial service
1.7 Scope of the study
1.8 Importance of the study
2. LITRETURE REVIEW
3. CONCEPTUAL MODEL
4. RESEARCH METHODOLOGY
4.1 Research objective
4.2 Research design
4.3 Data collection
4.4 Sample size
4.5 Sampling design
4.6 Limitation of the study
4.7 Sources and tools of data collection
4.7.1 Statistical data
4.7.2 Descriptive data
4.7.3 Data analysis tools

8
5. DATA ANALYSIS AND INTERPRETATION
5.1 Reliability
5.2 Frequency analysis
5.3 Descriptive analysis
5.4 Shapiro Wilk test
5.5 Correlation
5.6 One way ANOVA
5.7 Chi square test
6. FINDINGS
7. SUGGESTION
8. CONCLUSION
8.1 Conclusion
8.2 Learning from SIP
9. BIBLOGRAPHY
10. ANNEXURE

9
 CHAPTER-1

INTRODUCTION

10
1.1 HISTORY OF FINANCIAL SECTOR

Major changes in the history of the Indian financial sector after the 1991-1992
independence policies.

The financial services sector provides financial services to individuals and companies.
This economic sector is made up of various financial firms including banks, real estate
agents, lenders, financial companies, real estate agents, and insurance companies. As
noted above, the financial services industry is perhaps the most important sector in the
economy, earning the world in terms of income and equity financing. Major
conglomerates own the sector, but also include a number of different companies.

An efficient, transparent and well-developed financial system is essential for the rapid
economic growth of any country / economy. The process of economic development is
always accompanied by the consistent and consistent growth of financial institutions.
However, their institutional structure, operational policies, regulatory / legal framework
are very different, and are strongly influenced by the existing political and economic
environment. Planned economic development in India had great freedom / regulation /
globalization of the Indian economy since the early nineties had a significant impact on
the future of system development / financial sector. The current essay lays the
foundations for the transformation of India's financial system in the wake of the
development of economic freedom. The definition of a practice that arises is an
organization / building / institution and not quantitative data. The emergence of the
Indian financial system declined, from a defining point of view, by three distinct phases.
Accordingly, the essay is divided into three sections corresponding to three sections.
The key elements of the planning of the Indian financial system prior to 1951 are
described in Section 1. The key elements of the plan during the second phase are
presented in Section 2. Section 3 is devoted to describing the emerging situation of the
1990s.

11
Phase-I: PRE-1951

The planning of the Indian financial system before 1951 was almost identical to the
theoretical model of the financial institution in the traditional economy. The traditional
economy, according to R. The key elements of the pre-1951 financial plan were
appropriately described by L.C. Gupta as: “The main features of pre-liberal industrial
financial institutions are closed aspects of industrialization; a structured and small
industrial security market, with no outreach centres and a lack of participation of non-
mediated financial institutions in the long-term industry financing of the industry. As a
result, the industry had a significant limit to the availability of external storage. It
simply means that the financial system did not respond to investment opportunities.
Such a financial system would obviously not have been able to maintain a high level of
industrial growth, especially the growth of new businesses and innovation.

Phase- II: 1951 to MID-EIGHTIES

In stark contrast to the 1951 scenario, when the financial system organization left the
ambiguity, the ability of the financial and credit system to various businesses in various
ways was greatly strengthened in the second phase. The planning of India's financial
system during the post-1951 period arose as a result of the needs of the planned
economic development. In pursuit of the broader economic and social goals of the state
to protect economic growth through social justice as enshrined in the Indian
Constitution, under the provisions of the Directive of State Policy, a planned economic
development plan was introduced in 1951. Significant effects on the financial system.
With the adoption of a mixed economy as a pattern of industrial development, in which
the recommended role was taken in the public and private sectors, there was a need to
align the financial system with the priorities set by Government's economic policy. In
other words, the plan indicated the allocation of resources through the financial plan to
align with the priorities of the five-year plan. The need for budget allocations in line
with the corresponding pattern means Government control over debt and finance

12
allocation. The financial priorities of a financial institution in a planned economic
development can be divided into four broad categories:

a. Ownership of financial institutions in the State / Government.

b. Strengthening of institutional structure.

c. Investor protection as well

d. Participation of financial institutions in corporate governance.

Phase III: Post Nineties

He planning of India's financial system, from the mid-eighties in general, and the
introduction of a new economic policy in 1991, have been marked by dramatic changes.

The need for economic reform or a new economic policy was felt mainly for the
following reasons:

The increase in inflation was a major factor in bringing about a new economic policy.
It was 5.4% of gross domestic product in 1981-82 and rose to 8.4% of GDP in 1990-
91.

The organized balanceibrium payment occurs when the total import exceeds the total
export value. In 1980-81 it was against Rs. 2,214 Crores and rose to 17,367 Crores in
1990-91.

Petrol prices were high during the Iranian war of 1990-91 and at that time India did not
receive funds from the gulf countries which led to poor cash flow. It was called the Gulf
Crisis.

The reduction in foreign reserves was not even enough to cover two weeks' import in
1990-99. The stocks were R15 8151 crores in 1986-87, down to 6252 crores in 1989-
990.

Increased inflation pressure due to inflation. Production costs are high due to the high
inflation rate that affects domestic and foreign demand.

13
Lack of sufficient profits has plagued the public sector in recent years due to
mismanagement of some state-owned enterprises and losses.

For the above reasons it was inevitable for the government to adopt a new economic
policy.

The basic philosophy of the development process in India was the transformation of a
free market economy and freedom / regulation / globalization. Major changes in
economic policy such as macroeconomic strengthening, industrial empowerment, trade
liberalization, currency conversion, subsidy reduction, financial sector / capital markets
/ banking transformation to facilitate the simplification and redevelopment of DE
offices are underway, and have had a significant impact on industrial sector structure.
Industrial in India. In the current context of the emerging economy, the role of
Government in the transparent economic governance of globalization / trade, the critical
importance of Government in this sector will be greatly diminished. As a sound
agreement, the Government's role in the distribution of finance and debt has been
marked by a sharp decline and planning of India's financial system, which is governed
for up to eighty years by state control, testifying to developments / changes focused on
major markets. The capital market is emerging as a major resource distribution agency
with all segments of the Indian economy as public, private, and national companies
competing to grow resources in major markets. At the heart of this development is the
fact that India's financial system is poised to be integrated into the domestic and
international economy.

1.2 OVERVIEW OF FINANCIAL SECTOR

India has a fast-growing diversified financial sector, both with strong growth in existing
financial services firms and new entities entering the market. The sector consists of
commercial banks, insurance companies, non-bank financial companies, co-operatives,
pension funds, joint ventures and other small financial institutions. The regulator of
banks has allowed new businesses such as payment banks to be formed more recently
thus adding to the types of businesses operating in the sector. However, the financial
sector in India is mainly a banking sector with commercial banks accounting for more
than 64% of total assets held by the financial system.

14
The Government of India has introduced a number of reforms to liberate, control and
develop the industry. The Government and the Reserve Bank of India (RBI) have taken
various steps to facilitate access to finance for small, medium and micro enterprises
(MSMEs). These measures include the introduction of the Small Business Credit Fund
Scheme, issuing guidelines to banks on financial requirements and the establishment of
the Micro Units Development and Refinance Agency (MUDRA). With collective
pressure from the government and the private sector, India is undoubtedly one of the
world's largest markets. In 2017, a new portal called 'Udyami Mitra' was launched by
the Small Industries Development Bank of India (SIDBI) with the aim of improving
access to credit for Micro, Small and Medium Enterprises' (MSMEs) in the country.

India has earned a total of 10 in protecting shareholder rights following changes

implemented by the Securities and Exchange Board of India (SEBI). Market size The
Mutual Fund (MF) industry in India has seen rapid growth in assets under Management
(AUM). AUM's total sector revenue stood at Rs 24.03 trillion between April November
2018. At the same time the total portfolio of Mutual fund (MF) financial portfolios
reached a high of 74.6 million as of June 2018. Another important factor is the Indian
financial industry insurance industry. The insurance industry has been growing at a
tremendous rate. The total value for the first year of life insurance companies reached
Rs 193,866.23 crore during FY18. Along with the secondary market, the Initial Public
Offers (IPOs) market has also seen rapid growth. The total amount of initial Public
Contributions (IPOs) increased to US $ 1.2 billion which increased from 37 April-June
2018. Over the past few years India has seen a significant increase in M&A. At H12018,
74 acquisition deals took place in the financial sector. The total value of the transaction
was US $ 4.166 billion.

In addition, India's leading Bourse Stock Exchange (BSE) will establish a partnership
with Ebix Inc. building an insurance distribution network in the country using a new
distribution exchange platform. Investment / Development Investment of Foreign
Investors (FPIs) in major Indian markets amounted to Rs 6,310 crore as of November
22, 2018. From October 2018, Financial Inclusion Lab has selected the founders of
fintech 11 with an investment of US $ 9.5 million promoted by IIM-Ahmedabad's
Bharat Inclusion Initiative (BII) and JP Morgan, Michael and Susan Dell Foundation,
and the Bill and Melinda Gates Foundation. Independent equity and venture funds (PE
/ VC) amounted to US $ 25.20 billion between January and October 2018.

15
Government Efforts In December, 2018, the Securities and Exchange Board of India
(SEBI) recommended the inclusion of a direct list of Indian companies and other
regulatory changes. The Bombay Stock Exchange (BSE) has introduced futures
contracts and options for Sensex 50 companies from October 26, 2018. In September
2018, SEBI requested recommendations to tighten regulations that would improve
overall management standards for market providers, mediators or financial
infrastructure providers.

1.3 INTRODUCTION OF INVESTMENT AVENUES

Saving means not spending all your current income on spending. Investing on the other
hand, choosing what assets to carry. We can choose to invest in secure assets, dangerous
assets, or a combination of both. In normal use, however, the term savings often mean
to invest in a secure asset with an insured bank account. It is easy to confuse saving
with safe investment. An investor's portfolio is simply his or her set of investment
assets. Once a portfolio is established, it is revised or measured by selling existing
securities and using the proceeds to buy new securities, by investing more to increase
the overall size of the portfolio, or by selling securities to reduce the size of the
portfolio.

Investment is a sacrifice of a certain present value of an uncertain future reward. It

includes access to many decisions such as type, mix, value, time, distance etc.
"Moreover, making such decisions should not only go forward but also make sense.
Thinking about the uncertain future. Until then, they re-evaluate and re-evaluate their
various investment commitments by looking at new information, changing expectations
and ending traditionally. In some cases, such as the purchase of a bank deposit
certificate, the amount of the subsequent amount of money received is not known
exactly.

There is no comprehensive point of view of investments ’based on the concept of cost

flows and receipts over time. From this point of view, the purpose of the investment is
to set the pattern for this flow over time to be as attractive as possible. When expenses
and receipts are defined as cash, total receipts at any time are called cash flows, and a

16
series of cash flows over a period of time are called cash flows. The purpose of the
investment is to make these currencies more attractive than they would otherwise be.

There is also the art of investing. The art of this art knows what it analyzes and how to
do it. And, however, there is also the precise art of being able to evaluate investments
from other quality information / information, such as the personal characteristics of the
people involved, whether the proposed new product will sell well and so on. The
planting of his word has many meanings. It means different things to different people.

For someone who has lent money to someone else, it could be a return on investment.
Similarly, if a person buys shares in a company, bullion or real estate for the purpose
of informing the price, it also invests in him. Similarly, an insurance plan or pension
plan is an investment for its buyer. From these illustrations, it is clear that the
investment is a financial commitment to earn more money. In other words, an
investment is considered a sacrifice of a certain present value of money in anticipation
of a reward.

“An investment is a commitment to make money in anticipation of a specific profit. If

the investment is made well, the return will be equal to the risk the investor takes”.
Investment "The purchase by a single investor or institution of financial or real assets
that produces a return in proportion to the risk taken over a particular future
investment".

TYPE OF INVESTMENT AVENEUS

As an investor, everyone has a clear desire to get a sky-high return as soon as possible
with minimal risk of losing money. The investor must understand that investing is not
a casino, where you will hit the jackpot overnight.

Interestingly, there is no other investment option that guarantees a high return on a low
risk. In a working world and its bitter reality, risk and reciprocity are directly
proportional, e.g. above risk, height is advantageous and vice versa. However, it is very
important to build a strong, sustainable and long-term portfolio, which puts your
excessive corpus to your advantage. This leads to the base of the investor profile.

17
When choosing an investment method, a person will compare their risk profile with the
product. Understanding the urge to take risks will be important. There are other
investments that can potentially produce better and more volatile inflation returns,
compared to others but more often than not, with significant risks.

Also, the investor should understand that all investment products fall into two broad
baskets - financial assets and non-financial assets. The former category consists of
market-related products such as shares and joint funds as well as fixed income products
such as bank deposits, provident fund, and the latter is particularly prominent in India,
which includes physical investments in gold and real estate.

Equity

Equity as an inheritance category is beneficial but not everyone’s cup of tea. It is

probably the most volatile asset class with no guaranteed return. Investment is not
limited to stock options, but the timing of entry and exit is very important. Over time,
however, stock markets may become the most efficient asset class with the highest
alpha.

When you put your money into cash, investors will opt for a solid loss stop to minimize
damage. It is advisable to have an expert opinion before buying shares. To place your
hard-earned money in a straight line, one needs to have a data account.

Mutual Funds

A mutual fund is a professionally managed investment fund that collects money from
many investors to buy securities. They can invest their money in one or more security
measures. Mutual Funds can invest in stocks, debt or both. They can be effectively
regulated or synthetic funds.

In operating funds, the fund manager plays a key role in selecting scrip’s to generate
returns, while transaction funds or trading funds (ETFs) invest based on the indicators
set out below. Stock schemes are classified according to capital-capitalization or the
sectors in which they invest.

Debt Mutual Funds are best suited for investors looking for sustainable low-risk profits.
They do not change much as the corpus is placed on fixed interest-bearing securities

18
such as corporate bonds, government securities, financial liabilities, trading paper and
other financial market instruments. However, shared debt is not a risk, nor does it
guarantee a return.

Bonds or Debentures

Debts or bonds are long-term investment options with fixed cash flows according to the
quoted interest rate. They are considered less dangerous. The amount of risk involved
in debentures or bonds depends on who is issuing. Includes Government security,
savings bonds, bonds of public units etc.

Bank Fixed Deposits (FDs)

FD in banks is considered one of the safest and traditional investment options in the
nation. It is different from being added to savings accounts. They give a fixed interest
rate on the principal amount at a predetermined time. Bank FD offers a higher interest
rate than savings accounts. However, the amount of interest earned is added to the
individual's income and is taxed as a slab for each income.

Public Provident Fund (PPF)

The Community Service Fund is one of the most popular investment products, with a
long maturity period of 15 years. The impact of tax-exempt interest is huge, especially
in recent years. It is a safe investment as interest earned (reviewed quarterly by the
government) and the invested principal is backed by a royal guarantee.

National Pension System (NPS)

The National Pension Scheme is a long-term investment product managed by the

Pension Fund Regulatory and Development Authority (PFRDA). It is a combination of
equity, fixed currency, corporate bonds, liquid funds and government funds, among
others.

Real Estate

Buying property is one of the most popular ways to invest in the country. However, the
material you use should never be considered an investment. Investment in real estate is

19
not limited to real estate as components such as offices, real estate, housing, student
housing, data centers, and shared spaces are also gaining traction among investors.

Real estate is the most important factor affecting the price of property and the rental
income that can be earned. Investing in real estate brings returns in two ways - capital
investment and employment. However, unlike other categories of assets, wealth is not
the most valuable asset.

Gold

It is a traditional way of investing heavily among Indians, but having gold in the form
of jewellery has security concerns and high costs in the form of 'cost-effectiveness'.
However, buying gold coins or biscuits is still an option but a gold ETF can be counted
as a viable alternative. Investing in gold notes through ETFs is much safer and more
expensive.

Although they are a class of liquid goods, many novice investors are deceived by
‘double’ or ‘mixed’ jewellery, if purchased without proper knowledge or from dreaded
jewellery.

Life Insurance

Insurance schemes sold as life insurance will not be considered investment options as
they offer risk cover in the event of a misfortune. However, many Indians view
insurance as an investment. Life insurance is a health safety tool. The main purpose of
other forms of investment is to recover but the main purpose of life insurance is to
protect our families from adverse events.

Summary

Investments are made for the purpose of wealth creation and all the instruments
mentioned above achieve their objectives, depending on the risks involved. The
investor must understand risk anticipation, time limits and tax management in a variety
of investment strategies in order to make an investment call wisely and brutally.

20
1.4 CURRENT SCENARIO OF FINANCIAL SERVICE

India's financial sector growth is currently about 8.5% per annum. Rising growth rates
boost economic growth. Monetary policies and monetary policies are able to maintain
a stable growth rate.

Changes in monetary policy and economic policies over the past few years have had a
profound impact on the Indian economy. A major step towards further opening up the
financial market was the abolition of laws that restrict the growth of the financial sector
in India. To maintain such growth for a long time inflation should be significantly
lower.

India's financial sector has grown by 15% overall, indicating stability over the past few
years even though many other markets in the Asian region have been struggling. The
development of a financial sector plan has been key to similar growth. With the opening
of the financial markets a variety of products and services are introduced to suit the
needs of the customer. The Reserve Bank of India (RBI) has played a significant role
in the growth of the Indian financial sector.

Market Size

As of June 2021, AUM-owned joint venture industry stood at Rs. 33.67 billion. As of
June 2021, the total number of accounts stands at 102.6 million. In May 2021, the joint
bag industry surpassed 10 crore folios. Entry into Indian co-operative fund plans
through a formal investment plan (SIP) was Rs. 96,080 million on FY21. Equity Joint
Funds have registered a full entry of Rs. 8.04 trillion by the end of December 2019.

Another important factor in the Indian financial industry is the insurance industry. The
insurance industry has been growing at a tremendous rate. The total amount for the first
year of life insurance companies has reached Rs. 2.59 lakh crore on FY20.

In addition, India’s leading bourse, Bombay Stock Exchange (BSE), will form a
partnership with Ebix Inc. to build an insurance distribution network in the country
through a new distribution platform.

21
Investments/Developments

In May 2021, the Reserve Bank of India (RBI) authorized Eroute Technologies to
operate as a prepaid payment company (PPI).

In February 2021, the Reserve Bank of India (RBI) withdrew Rs. 34,250 crore
acquisition of Dewan Housing Finance Corporation (DHFL) acquisition by Piramal
Group.

In January 2021, Sundaram Asset Management Company announced the acquisition of

Principal Asset Management for Rs. 338.53 pounds

In January 2021, the National Stock Exchange (NSE) presented its findings on the Nifty
Financial Service Index. This service guide may provide institutions and investors who
sell more flexibility in managing their finances.

In November 2020, the LIC took steps to assist in the immediate completion of the
proposal by introducing a digital program - ANANDA.

In November 2020, Paytm reported a 2x increase in digital gold transactions over the
past six months. New customers have increased by 50% since the start of this financial
year and the total number of orders has increased by 60%.

In November 2020, the Reserve Bank of India (RBI) announced the launch of its
Innovation Hub. In order to promote access to financial services and assets and to
encourage investment, this initiative will create an ecosystem. The Reserve Bank's
Innovation Hub (RBIH) aims to promote innovation across the financial sector through
technology and to create a conducive environment for innovation.

VC's investment grew to US $ 3.6 billion in July-September 2020 from US $ 1.5 billion
in the last quarter, funded by mega deals, including US $ 1.3 billion acquired by online
retailer Flipkart.

On November 6, 2020, WhatsApp launched its UPI payment services in India with the
approval of the National Payments Corporation of India (NPCI) on 'Go Live' on the
UPI in a restricted manner.

In June 2021, Unified Payments Interface (UPI) recorded a $ 2.80 billion transaction
worth Rs. 5.47 lakh crore

22
The value of transactions using the instant payment service (IMPS) increased to 279.81
million (volume) and reached Rs. 2.66 trillion in total by May 2021.

Government Initiatives

The government has approved 100% FDI for insurer mediators and increased the FDI
limit on the insurance sector to 74% from 49% under the Union Budget 2021-22.

In January 2021, the Central Board of Direct Taxes launched an automated e-portal on
the department's website to process and receive complaints about tax evasion,
undisclosed external requests and registration of complaints about 'Benami' buildings.

In December 2020, the Reserve Bank of India released a circular framework for the
announcement of shares by NBFCs, in which it proposed that NBFCs should have at
least 15% Capital to Risk Weighted Ratio (CRAR) over the past 3 years, including one
year. Of accounting that proposes to declare the assignment.

In November 2020, the Union Cabinet approved a government grant of Rs. 6,000 crores
on the NIIF Platform supported by the National Investment and Infrastructure Fund
(NIIF) comprising Aseem Infrastructure Finance Limited (AIFL) and NIIF
Infrastructure Finance Limited (NIIF) (NIIF- IFL).

In November 2020, two MoUs were signed - one between the India International
Exchange (India INX) and the Luxembourg Stock Exchange and the other between the
State Bank of India and the Luxembourg Stock Exchange to co-operate with financial
services, ESG (environmental, social and administrative) and green finance. in the local
market.

On November 11, 2020, the Cabinet Committee on Economic Affairs approved the
continuation of the revitalization of public-private partnerships (PPPs) in the
'Infrastructure Disability Infrastructure (VGF)' programs until 2024-25. Rs. 8,100
pounds.

Road Ahead

India is expected to become the fourth largest independent market in the world by
2028.India today is one of the world's most powerful economies after strong banking
and insurance sectors. Relaxation of foreign investment regulations has received a

23
positive response in the insurance sector, with many companies announcing plans to
increase their stake in partnership with Indian companies. In future episodes, there may
be a series of cooperation agreements between major international insurance companies
and local players.

The Association of Mutual Funds in India (AMFI) has identified fivefold growth in
AUM to Rs. 95 lakh crore and triple growth in investor accounts to 130 million by
2025.

India's mobile wallet industry is projected to grow by a Compound Annual Growth Rate
(CAGR) of 150% to US $ 4.4 billion by 2022, and mobile wallet transactions will affect
Rs. 32 trillion over the same period.

1.5 PORTER’S FIVE FORCES OF FINANCIAL SERVICE

INDUSTRY

24
1. Threats of New Entrants

New entrants to Credit Services bring new products, new ways of doing things and
put pressure on Discover Financial Services on low-cost strategies, reduce costs,
and offer new value proposals to customers. Discover Financial Services must
manage all of these challenges and create effective barriers to protect its competitive
edge.

How Financial Services can tackle the Threats of New Entrants

By introducing new products and services. New products not only bring new
customers to the fold but also give the old customer a reason to buy Discover
Financial Service products.

By building a scale economy to reduce the planned costs per unit.

Capacity building and spending on research and development. New entrants are less
likely to enter the dynamic industry where established players such as Disco
Financial Services continue to define standards on a regular basis. It greatly reduces
the window of unconventional benefits for new firms thus discouraging new players
in the industry.

2. Bargaining Power of Suppliers

All companies in the Credit Services sector buy their immature goods from multiple
suppliers. Top providers can reduce the amount of Getting Financial Services
available in the market. Powerful financial providers use their negotiating power to
deliver high prices to firms in the Credit Services sector. The overall effect of high
supplier negotiation is that it reduces the overall profitability of Credit Services.

How Discover Financial Services can tackle Bargaining Power of the Suppliers

By building an effective supply chain with multiple providers.

By experimenting with product design you use a variety of materials so that when
prices rise from one raw item the company can switch to another.

Developing dedicated suppliers to their factory-based business. One of the lessons

Discover Financial Services can learn from Wal-Mart and Nike is how these

25
 companies have made third-party producers their business-only business which
creates a situation where these third-party producers have less negotiation power
than Wal-Mart and Nike.

3. Bargaining Power of Buyers

Consumers are often the hardest hit. They want the best deals you can get by paying
the lowest possible price. This puts pressure on Discover Financial Services benefits
over time. The smaller and more powerful customer base of Discover Financial
Services enhances customer engagement and enhances their ability to claim
growing discounts and offers.

How Discover Financial Services can tackle the Bargaining Power of Buyers

By building a large customer base. This will help in two ways. It will reduce
consumer negotiation capacity and will also provide an opportunity for the factory
to simplify its sales and production process.

By quickly introducing new products. Customers tend to seek discounts and offers
on established products so if Discover Financial Services continues to come up with
new products it can reduce consumer negotiation power.

The new products will also reduce existing Discover Financial Services customer
rivals from their competitors.

4. Threats of Substitute Products or Services

When a new product or service meets the same customer needs in different ways,
the profitability of the industry suffers. For example, services like Dropbox and
Google Drive are replacing hardware storage drives. The threat to a replacement
product or service is high if it offers a price proposition that is uniquely different
from the industry supply.

How Discover Financial Services can tackle the Treat of Substitute Products /
Services

Directed by the service rather than just the product.

By understanding the customer’s basic needs rather than what the customer buys.

26
 By increasing customer transaction costs.

5. Rivalry among the Existing Competitors

If the rivalry between the players in the industry is tense then it will lower prices
and reduce the overall profitability of the industry. Discover Financial Services
operates in the highly competitive Credit Services industry. The competition affects
the long-term profits of the organization.

How Discover Financial Services can tackle Intense Rivalry among the
Existing Competitors in Credit Services industry

By creating a continuous difference

By building a scale so that we can compete better

Working with competitors to increase market size rather than competing with a
smaller market.

1.6 CHALLENGES OF FINANCIAL SERVICE

Regulatory Compliance in Finance

The volatile regulatory environment poses a never-ending challenge to financial

institutions of all kinds. Regtech is an emerging industry that can help reduce the burden
of compliance. Using Fintech's latest technology to address compliance, Regtech's start
closes the gap between regulators and the financial services industry

Cybercrime in Finance

Data breaches involving financial services firms increased by 480% from 2017 to 2018.
With each attack cost millions of financial institutions, new solutions are needed if we
are to avoid the repetition of illegal West Coast days. Any cybercrime solutions that
come from protecting financial services, block chain technology must be the
foundation. As more and more institutions adopt ledger technology (DLT) technology,
block chain will be a facto solution to keeping financial data safe while at rest.

27
Integrating DLT with existing financial infrastructure presents major obstacles that
need to be overcome. However, it has passed the point of questioning whether the block
chain is a sacred graph of financial data security.

Eliminating Data Breaches

Financial services firms are mainly targeted at cybercrime. Because of the sensitive
data they carry, they are more likely to be victims. In fact, financial services firms have
been beaten 300 times more often than other businesses.

Big Data Use in Finance

Big data provides opportunities and barriers for financial service providers. Touching
social media, consumer information, and news feeds can help banks better serve their
customers, while better protecting their interests.

But random data streams of useful information are no small feat. It requires strong data
analysis technology if institutions are to benefit.

Customer Retention in the Financial Services Industry

Competition for financial services clients has never been stronger. While product
integrity may not be immortal, it is certainly a lifeline.

What is important for many customers this year is greater customization, automated
services, and easy access to services. Institutions that can bring all three will hold their
share in the market.

Exceeding Consumer Expectations

Consumers continue to have high expectations for their financial institutions. Many
want a highly customized service from their financial providers.

According to the 2019 Accenture Global Financial Services Consumer Study, one in
two consumers is seeking personalized advice from banks based on their circumstances.
They want to be evaluated on their spending habits and financial management advice.
64% of participants are interested in insurance premiums that match their behavior,
such as having a good driving record.

28
AI Use in Finance

Industry experts believe that AI will transform almost every aspect of the financial
services sector. Automated asset management, customer assurance, and open banking
all provide opportunities for AI solution providers.

Strong advances in in-depth learning technology are paving the way for AI. In fact, if
you have been notified by your bank of suspicious activity on your account, you may
have already benefited from AI.

The challenge facing financial services is learning how to benefit from AI power,
without being overwhelmed by it. In R&D labs around the world, that question is still
being considered at the moment.

Employee Retention in the Financial Service Industry

Today's financial services companies not only find it difficult to attract customers, but
they also find it difficult to attract employees.

Lack of the right talent to fill new IT roles, as well as thousands of employees who
avoid long-term employment, are factors that lead to better care.

Institutions looking to attract and retain qualified staff must change their philosophy.
There is no longer enough to offer good pay and benefits; Employees now expect
employers to develop a culture that conforms to the standards and lifestyles of the
workplace. Changes are needed if stable and trained staff are available. But do not
expect it to come easily.

Block chain Integration in Finance

We have previously mentioned block chain as an integral part of the fight against
cybercrime. But data security is not the only application for block chain blocks in the
financial sector.

Far from it, cases around the world have already shown the value of the block chain in
a variety of banking and investment applications. From solving the challenges facing
investment banks in helping customers make secure transactions, the list grows day by
day.

29
Crossing the Digital Divide in Financial Services Marketing

Success in digital banking means more than just having a mobile app. It means putting
all kinds of digital content into digital. How do you do that? You are moving your
advertising campaigns from mainstream ad media to digital channels. What better way
to reach your target audience where they are today, than to reach their target yesterday?

Of course, social media exposure is required, but you need more than just a Facebook
ad. You have to tap big data and AI to help find potential buyers, and deliver customized
offers in real time.

1.7 SCOPE OF THE STUDY

In today's environment many ways to invest are offered by various public and private
financial institutions, and people are completely confused as to where to invest. Current
study Inputs and risks play a significant role in the selection of specific investment
options. As the research report shows that the frequency of investment behavior,
pattern, factors, and income level play a very important role in determining the
investment pattern. Therefore, analyzing the factors affecting the investment pattern
and other investment strategies provides important details.

1.8 IMPORTANCE OF THE STUDY

For Individual Investors: The study looks at the investor's behavior and the decisions
they make on various investment options. In Investment Organizations: Research
support in an investment organization, in view of investment trends, credibility drives
better implementation and recommendations on growing investment strategies. Ethical
Finance: Ethical financial concepts are relatively new compared to other financial
concepts. This study hopes to ensure the effectiveness of effective ethical investment
in all types of investments.

30
 CHAPTER – 2

LITERATURE REVIEW

31
(Raghavendra Rao Rentala, 1 February 2018 )The range of Income and
proportionate of Savings indicate a person’s degree of standard of living in the society.
It is not only the savings that one has to maintain, the proper channel to invest them in
return oriented investment avenues so as the capital would be appreciated over a period
of time instead of keeping idle. This invested money would be rotating throughout all
the sectors viz., House hold sector, Private sector and Government Sector. The needy
section of society will use the money by accessing to various financial assets. This
would not only outcome into financial wealth creation but also accelerating various
financial services in the economy. Also, every individual needs proper financial
planning in the investment process. He or she should know the exact objective of their
investments and the rate of return that is expected as well the boundaries they can be
safe to face the risk levels.

(FCA Pratibha Chaurasia, June - 2017)Every investor has a unique choice of

investment avenues based on customized needs and goals. Every investment avenue
has its own unique set of characteristics. This study explores association of
demographic characteristics with the investment objectives affecting choice of
investment avenues of the individual investors. The investors’ decisions depend on the
risk and return relationship of various investment avenues influenced by the
psychology of the investors. In this study, survey approach has been adopted using a
structured questionnaire. The sample has been collected from 229 respondents. The
study has been taken within the geographical area of Indore district in Madhya Pradesh
State of Central India. The objective of Quick Return, Tax Benefit and Liquidity are
found to have significant relationship with age. Except objective of Tax benefit all the
other investment objectives under study s has found to have significant relationship
with gender of the investors.

(Kumar Singh A., 2006) Analyze the investment pattern of people in Bangalore city
and Bhubaneswar analysis of the study was undertaken with the help of survey
conducted. It is concluded that in Bangalore investors are more aware about various
investment avenues and the risk associated with that. And in Bhubaneswar, investors
are more conservative in nature and they prefer to invest in those avenues where risk
is less like bank deposits, small savings, post office savings etc.

32
(Chaiubey.D.S & Rajat P.Dimri, 2009)In research article, “Investment Pattern: A
Psychographic Study of Investors of Garhwal Region of Uttarakhand” identify the
investment perceptions and their behavior for designing effective investment policies.
Analysis indicates the shifting trend of investors from post office and other
government investment schemes to investments in banks, mutual funds and equity etc.

(Lalit Mohan Kathuria & Kanika Singhania, 2012)concluded that private sector
banking employees were investing a larger portion of their savings into safe and risk-
free investment avenues, like employee provident fund, public provident fund and life
insurance policy and only forty per cent of the respondents had high level of awareness
regarding various investment avenues.

(Geetha. N & Dr. Ramesh. M, 1,2012)This study examines the factors responsible for
investment behavior of people and different investment options available. Equity are
high risk and high return investment with liquidity, debts are low risk and fixed return
instruments, Mutual funds and bonds are low risk with normal returns instruments,
Company deposits and bank deposits has low risk and low returns, post office
savings, PPF and insurance policies are no risk investment with low returns, Real estate
and Gold has no returns on investment but has capital appreciation.

(Patel P .Y & Patel Y .C, October)have found in their article ‘A Study of Investment
Perspective of salaried people (Private Sector)’, to understand the behavioral pattern
of investment among the salaried people working in private sector and the difference
in perception of an individual related to various investment alternatives and also aims
to provide factors considered for an appropriate investment. The study further reveals
that young investors are not hesitant in taking risks. Investment in mutual funds
through SIP and real estate is a preferred investment for youngsters in Mumbai.

(Samudra & Burgate M.A., May 2012)‘A Study of Investment Behavior of Middle
Class Households in Nagpur’, that middle class in India has gained attention of the
economists ,policy makers and the marketers as still there remains a considerable
untapped potential in this income class. They have analyzed that the preference of

33
investment pattern 9 and the objective for investment by middle class households
depends upon their knowledge and awareness about investment avenues. The study
further founds that bank deposits remain the most popular instrument followed by
insurance policies. The authors argued that the investors look for high returns and
liquidity rather than low risk and tax advantage of these instruments.

(Umamaheshwari & Kumar M. A, September 2013)‘A Study of Investment Pattern

&Awareness of Salaried Class Investors in Coimbatore District’ that the modern
investment trend has a different scenario and has options of investment. It has been
analyzed that the awareness level of salaried class investors towards the options of
investments. The techniques and tools used to analyze the study were chi square and
ANOVA. The study showed lack of awareness of the investors about the concept and
working of investment. Moreover socio economic factors like age, gender, income,
education and occupation have been considered to be influencing factors on the
attitude of investors towards investments.

(Murugan G. Dura & Chandrasekaran. G, July-Sep 2014)“A Study on The Opinion

and Attitude of Investors towards Investment Schemes in Tripura District (With Special
Reference to Salaried Class)”, that their study has made an attempt to analyze the saving
and investment pattern of salaried class investors. An in depth analysis is done to
identify the level of awareness, attitude, factors which influence the investors and
conversion of savings into investments and investment preferences. It is further
analyzed by the authors that due to lack of legislative provisions and effective
administration system many of their grievances remain unaddressed there is no
systematic and continuous educational programs as such these are not aware of suitable
grievance authority. It is concluded that the investors have a desire to invest in real
estate, government securities and chit funds. The share market and private finance
companies were strongly neglected by the investors.

(Patil. S & Nandawar. K, Sep-Oct 2014)‘A Study on Preferred Investment Avenues

among Salaried People with Reference to Pune, India’, that investment options such
as banks, gold, real estate, postal services, mutual funds are studied by the researchers.

34
It has been identified by them that the investors are aware about investment avenues
available in India but still preferred to invest in bank deposits, real estate and gold.
Investors preferred security and regular income on investments as an important
factor while making investments.

(Devi S.D & Chitra. P, July-Dec 2014)‘A Study on Salaried Employees Behavior
towards Domestic Savings and Investment in Rasipuram Town’, that the investment
is made by different categories of investors keeping in mind period of investment
avenues, investment decisions taken and level of satisfaction of investors. The data
was analyzed with the help of Chi- Square test and F- Test. It was further concluded
that investing has been an activity of rich and business class but today it has become a
routine course for every individual. Moreover increase in working population, larger
family incomes, provisions for tax incentives, availability of large and attractive
investment avenues etc., also paves a way for saving and investment. The study further
recommends that adequate supply of savings should be maintained as a central policy
objective for economic stability.

(C.R. Kothari, 1991)Investment pattern depend on the education level, income and
saving level of an individual. Only 100 respondents were considered for the survey
from the entire Hubli. Primary data is collected from Interaction with Branch Manager,
Survey with Questionnaire. The study found that many investors who don’t like to
invest in stock market believe risk (55%) to be the major cause for their non-
investment in stock market. Few others believe lack of safety (24%) and lack of
knowledge (18%) to be the other reasons for not considering stock market for their
investments. Most of the stock market investors of this Hubli region know more about
equity market than any other options in stock market Many investors who don’t like
to invest in stock market believe risk to be the major cause for their non-investment in
stock market. Investment pattern depend on the education level, income and savings
level. Through, the above literature survey it is found that there are several factors
which affect the investment decision of an individual and the scope of this Research
is wide.

35
(Sook Deepak & Dr. Kaur Navdeep, 2015)The objective of the study was to
determine the relationship between the savings and investment pattern among the
salaried class people if Chandigarh (India). The data was collected through structured
questionnaire distributed to 200 peoples working in different sectors at Chandigarh,
Researcher use one way ANOVA test. It found that most of the teacher prefer bank FD
and government securities as the investment option, there is lack of awareness about
other avenues like equity and mutual fund etc. they suggested that to regularly read
newspapers, journals and articles related stock market, to enhance the saving habits the
saving mode must attract people by providing many offers and new attractive schemes.

(Dr. Poongodi S. & Gowri S., 2016)They study analyzed that the gap between
financial literacy and saving and investment behavior among the working women. The
researchers studied women employed both in public and private organization was
considered as the sample population. (100 sample sizes) based on the convenience
sampling techniques, only voluntary individuals were including in the survey. In their
study findings determined that women have expressed high degree of awareness i.e.:
financial literacy towards traditional saving and investment avenues from traditional
saving and investment avenues to modern technically risky capital market options like
Investing in mutual funds, shares, debentures and bounds of public and private
companies.

(Kanti Das A, 2012) Studied the middleclass household’s investment behavior and
found that the trends of investment by households are not similar in nature and they
vary between several financial instruments. The study reveals that amongst other
avenues the bank deposits remain the most popular instrument of investment followed
by insurance and small saving scheme with maximum number of respondents
investing in fixed income bearing option.

(Panda Dr. B. N. & Panda Prof. J. K., 2013) made an analytical study on perception
of risk and return for individual investment which aims to put on some knowledge
about key factors that influence investment behavior and ways these factors impact
investment risk tolerance and decision making process in this analysis it was presented
that higher returns are expected on Mutual Fund followed by Postal deposits and

36
Insurance Schemes than other types of investment.

(Mehta, S. K. & Aggarwal, N., 2011)Observed that there is association of

demographic profiles and personality type of investor with investment choice. The
differences among genders were found to be significant for provident funds, fixed
deposits, and real estate. Females were found more conservative than males. The
investors in the higher age groups preferred post office as an investment option
compared to the investors in the lower age groups. Most of the investors preferred to
consult their family members for making investment.

(Kothari, H., 2012)The study analyses the investment behavior towards investment
avenues in Indore city. The study is consisting of private and public banking
employees as they have regular income, retirement benefits, safety and security of
income. Analyses of data states that Younger people invest more than Middle age
people.

(Brahmabhatt, P.S Raghu Kumari & Dr. Shamira Malekar, 2012)Study analyzed
the investor behavior and their preferences. The objectives for their study were to
understand about various investment avenues available in the market, to understand
the pattern of investors while making the investments, & to find out the factors that
investors consider before investing. Through their study it was revealed that people
like to invest in stock market. The percentages of income they make as investment
depend on their annual income.

(Dr. Arifur Rehman Shaikh & Dr. Anil B. Kalkundarikar, 2011)‘Analysis of

Investors Behavior in Belgaum District, Karnataka State ‘found that the primary
objective of investors is to earn regular income and expected rate of return differs from
person to person based on their level of market knowledge and risk taking ability. They
have analyzed that knowledge level significantly leverages the return on the
investment and there is a negative co- relation between the occupation of retail
investor and the level of risk.

(Ashly Lynn Joseph & Dr. M. Prakash, 2014)‘A Study on Preferred Investment
Avenues among the People and the Factors Considered for Investment’, that to have

37
an insight into different investment avenues available and to understand the
preferred investment avenue among the people of Bangalore City. In the present day
world, new financial products are available. It has become difficult and confusing to
choose the best options due to lack of proper financial knowledge to the common man
to decide the factors which are considered for making sound investment decisions. It is
further analyzed that investors are not much aware about investment in stock exchange
and equity and are more inclined towards traditional investments like bank deposits,
insurance, post office savings etc. Awareness programs should be introduced by the
government and stock broking firms to make people aware about investment options
with their merits n demerits so right decisions are taken for their personal finance.

(Sathiyamoorthy, M. C. & Krishnamurthy, K., 2015)“Investment Pattern and

Awareness of Salaried Class Investors in Triuvannamalai District of Tamil Nadu”, that
to understand the investment pattern and awareness towards salaried class investors.
To further analyze the factors influencing the investor’s perception and awareness
regarding investment pattern. The results highlight that most of the salaried class look
after safety of their investment rather than high returns. It further reveals that factors
like education level, age of investors, number of family members etc. makes a
significant impact while deciding on the avenues for investment. The study is based
on primary data and the statistical tools used for analysis are T- test and Chi Square
Test. The research shows that majority of the respondents are saving money as Bank
Deposits and the main purpose of investment is for the children education, marriage
and security after retirement.

(Jayasathya, R. & Retha, G., 2014)Attempted to show the key demands that the
major investors have of an investment are safety of principal amount, liquidity, income
stability, appreciation and easy transferability. This study was based on percentage
analyses and chi-square. A variety of investment avenues are available such as shares,
bank, companies, gold and silver, real estate, life insurance, postal savings and so on.
Author concluded that most of the investors preferred mutual fund investment
followed by Life Insurance Corporations.

(Harikanth, D. & Pragathi, B., 2012)Using the principles of Behavioral Finance the
study explores the psychological concept of individual attachment style, especially

38
individual investors to different available investment avenues and their investment
preference process. This study indicates that there is a significant role of income and
occupation in investment avenue selection by the male and female investors.

39
 CHAPTER – 3

CONCEPTUAL VIEW

40
Gender
Age Group
Education Qualification
Annual Income
Occupation
No. Of Family Member
Risk Level
Conservative In Nature
Behavior Demographic Factors
Perceptions Psychographic Factors
CONCEPTUAL
Safety & Security Risk & Return
DEVELOPMENT
Capital Appreciation Safety & Security
BASED ON LR
Liquidity Liquidity
MEASUREMENT
Tax Saving Tax Shelter
MODEL
Attitude Convenience
Easy Transferability Transparency
Knowledge Transferability
Financial Literacy
Preference
Convenience
Transparency
Savings
Awareness

41
 CHAPTER – 4

RESEARCH METHDOLOGY

42
4.1 RESEARCH OBJECTIVE

Examining an investor’s investment pattern with special reference to selected

investment methods available in the market.

➢ The main purpose of the research is to identify factors that influence investor
behavior and investor behavior.
➢ Analyzing investment behavior in personal and ethical aspects such as; gender,
employment, age and income, investment details, security and safety, risk and
refund, tax savings and payments.
➢ After examining sexual behavior we can give appropriate suggestions to investors
and it will help them make better decisions.

4.2 RESEARCH DESIGN

Descriptive research design:

Descriptive design is a scientific method that involves looking at and describing the
behavior of a topic without influencing it in any way. It does not answer the
questions of how things happened / when / why. Instead it answers the question of
“what”. The elements used to describe a situation or people are usually a kind of
category scheme that is also known as descriptive categories.

➢ Cross-Sectional research design:

This research design is a type of observational study that analyzes data from people,
or a block subset, at a time which is data divided into categories. Short-term studies
include data collected over a specified period of time. They are often used to assess
the prevalence of severe or chronic conditions, but they cannot be used to answer
questions about the causes of disease or the effects of interventions.

43
4.3 DATA COLLECTION

The current study covered primary and secondary data. The data collected key data in
a structured questionnaire. And second-hand information collected on websites,
articles, and thesis.

4.4 SAMPLE SIZE

Time sample size of total respondents will be 198 set of questionnaires will randomly
distributing and the sample for this study will selecting from the data obtained through
a survey questionnaire which will conducting in the area was mentioned above.

4.5 SAMPLING DESIGN

Convenience sampling design:

A simple sample is a type of sampling method in which a sample is taken from a

group of people that is easy to contact or reach. For example, standing in a mall or
store selling people to answer questions would be an example of a simple sample.
This type of sample is also known as sample capture or sample discovery. There
are no other ways to set an example except for people to be available and willing to
participate. In addition, this type of sampling method does not require a simple
random sample, as it is the only process by which participants agree to participate.

4.6 LIMITATION OF THE STUDY

➢ The sample size is very limited to 200 investors who may or may not be represented
by the entire area covered by the city of Ahmedabad.
➢ Studies have been conducted to analyze the same factor that affects investment
behavior.
➢ This study is limited to selected investment methods only.
➢ This study is a time problem and is only done in 1 month.

44
4.7 SOURCES AND TOOLS OF DATA COLLECTION

4.7.1 STATISTICAL TOOLS

Analyzing the data collected from respondents various mathematical strategies were
used to test the various hypothesis and obtain the results of the research questions.
Details of all the mathematical strategies used in the study are provided below.

4.7.2 DISCRIPTIVE STATISTICS

The steps used to understand data correctly and better are known as descriptive
statistics.

➢ Mean
➢ Standard Deviation
➢ Correlation

4.7.3 DATA ANALYSIS TOOLS

To analyses the primary data collected through questionnaire two most commonly used
data analysis tools were used.

1. SPSS
2. Microsoft Excel

45
 CHAPTER - 5

DATA ANALYSIS AND INTERPRETATION

46
5.1 RELIABILITY

To check the scale reliability we have used Cronbach’s Alpha. Scores of α > 0.50 is
acceptable and α > 0.70 is desirable. We have for scores above 0.70 for all the constructs
proving internal consistency of the constructs.

Case Processing Summary

N %

Valid 198 100.0

Cases Excluded 0 .0

Total 198 100.0

Reliability Statistics

Cronbach's N of Items
Alpha

.953 20

In order to confirm the results further we have applied Cronbach’s Alpha (α) for
individual factors. As shown in the table the factors II, RR, SS, LD, TS, reliability is
above (α)>0.70whichisdesirable, so thus we can say that the data collected for research
is reliable.

47
5.2 FREQUENCY ANALYSIS

Q.1) AGE OF THE RESPONDENTS:

AGE

Frequen Percent Valid Cumulative

cy Percent Percent

18-30 155 78.3 78.3 78.3

31-45 36 18.2 18.2 96.5

Valid
46>ABOVE 7 3.5 3.5 100.0

Total 198 100.0 100.0

Age of Respondent

3%
18%
18-30
31-45
46 Above
79%

Chart-1

Interpretation:

From the above data we can see that the highest number of respondents fall in the age
group of 18 to 30 years it is 79%. Lowest no. of respondents is above 46 years’ age
group that no. is 3%. And remaining of respondent age group are 18% of respondents.

48
Q.2) GENDER OF RESPONDENT:

GENDER

Frequency Percent Valid Cumulative

Percent Percent

FEMAL
57 28.8 28.8 28.8
E
Valid
MALE 141 71.2 71.2 100.0

Total 198 100.0 100.0

28%

Male
Female

72%

Chart-2

Interpretation:

In showing above chart for respondent of gender basis. We have to collect data from
female also. They are interactive of investment avenues. There are 28% of female
respondent and approximately 72% of male of respondent. Also we are doing
observation method when they give their respondent.

49
Q.3) MARITAL STATUS OF RESPONDENT:

MARITALSTATUS

Frequency Percent Valid Cumulative

Percent Percent

MARRIED 48 24.2 24.2 24.2

Valid UNMARRIED 150 75.8 75.8 100.0

Total 198 100.0 100.0

25%

Married
Unmarried

75%

Chart-3

Interpretation:

In showing above chart for respondent of marital status. We have to collect data from
the society. There are 25% of married respondent and approximately 75% of unmarried
of respondent. Also we are doing observation method when they give their respondent.

50
Q.4) QUALIFICATION OF RESPONDENT:

QUALIFICATION
Frequ Percent Valid Cumulative
ency Percent Percent
GRADUATION 100 50.5 50.5 50.5
POSTGRADUATION 46 23.2 23.2 73.7
Valid PROFESSIONAL 12 6.1 6.1 79.8
OTHERS 40 20.2 20.2 100.0
Total 198 100.0 100.0

20%
Graduation

6% Post Graduation
50%
Professional
Others
24%

Chart-4

Interpretation:

Based on the analysis, it can be concluded that following qualification wise respondents
who have participated in these study on behavior and investment pattern of investor for
different avenues. There are 50 %, 24%, 6% and 20% are Graduation, Post Graduation,
Professional and Others respectively.

51
Q.5) OCCUPATION OF RESPONDENT:

OCCUPATION
Frequen Percent Valid Cumulative
cy Percent Percent
STUDENT 103 52.0 52.0 52.0
JOB 47 23.7 23.7 75.8
Valid BUSINESS 23 11.6 11.6 87.4
OTHERS 25 12.6 12.6 100.0
Total 198 100.0 100.0

12%

12% Student
Job
52% Business
Others
24%

Chart-5

Interpretation:

In above chart Based on the analysis, it can be concluded that following occupation
wise respondents who have participated in these study on behavior and investment
pattern of investor for different avenues. There are 52%, 24%, 12% and 12% are
Student, Job, Business and Others respectively.

52
Q.6) FAMILY INCOME (MONTHLY) OF RESPONDENT:

FAMILYINCOME
Freque Percent Valid Cumulative
ncy Percent Percent
<25000 95 48.0 48.0 48.0
25001-35000 40 20.2 20.2 68.2
Valid 35001-45000 28 14.1 14.1 82.3
45001>ABOVE 35 17.7 17.7 100.0
Total 198 100.0 100.0

18%

Less than 25000

25001 - 35000
14% 47%
35001 - 45000
45001 & Above

21%

Chart-6

Interpretation:

In above chart it shows that maximum person’s income is less than Rs. 25000. It
includes all potential & non-potential investor. It also shows that the person who is
businessman whose only income is greater than RS. 45000.

53
Q.7) PERCETANGE OF INVEST OF RESPONDENT:

Percentage Respondent
< 10% 95
11-20% 64
21-30% 26
>30% 13
Total 198

7%
13%
< 10%
11-20%
48%
21-30%
>30%
32%

Chart-7

Interpretation:

In above chart it shows that maximum person invest their income percentage is less
than <10%. It includes all potential & non-potential investor. And 32% investor are
invest their income between 11-20% remaining 20% investor are invest their money
above 20% of their income.

54
Q.8) PORTFOLIO SUIT OF RESPONDENT:

Option Respondent
High risk – High return 75
Moderate risk – Moderate return 82
Low risk – Low return 41
Total 198

21%

38% HR - HR
MR - MR
LR - LR

41%

Chart-8

Interpretation:

In above chart we can show that the highest number of investor are choosing moderate
risk – moderate return those are 41% of investor which is take calculative risk.38%
investor are in category of high risk- high return which is called risk taker and reaming
21% investor are take low risk – low return which is called safe investor.

55
Q.9) HOLDING PERIOD OF RESPONDENT:

Holding Period Respondent

< 1 years 78
1-2 years 57
2-5 years 40
5 years > 23
Total 198

12%

< 1 years
39%
20% 1-2 years
2-5 years
5 years >

29%

Chart-9

Interpretation:

Here highest investor are invest their money for <1 years which is 39%. 29% and 20%
investor are invest their money for 1-2 years and 2-5 years each which called as a short
term investor. And remaining 12% investor are invest more than 5 years it is called long
term investor.

56
5.3 DISCRIPTIVE ANALYSIS

Descriptive Statistics

N Range Minimum Maximu Mean Std. Varianc

m Deviation e

Statistic Statistic Statistic Statistic Statistic Statistic Statistic

II1 198 4.00 1.00 5.00 3.2424 1.34119 1.799

II2 198 4.00 1.00 5.00 3.3586 1.26158 1.592

II3 198 4.00 1.00 5.00 3.5455 1.39085 1.934

II4 198 4.00 1.00 5.00 3.6667 1.24631 1.553

RR1 198 4.00 1.00 5.00 3.4747 1.27326 1.621

RR2 198 4.00 1.00 5.00 3.4848 1.27342 1.622

RR3 198 4.00 1.00 5.00 3.4192 1.17979 1.392

RR4 198 4.00 1.00 5.00 3.5556 1.16830 1.365

SS1 198 4.00 1.00 5.00 3.6364 1.26615 1.603

SS2 198 4.00 1.00 5.00 3.5202 1.19521 1.429

SS3 198 4.00 1.00 5.00 3.6212 1.30713 1.709

SS4 198 4.00 1.00 5.00 3.5758 1.21405 1.474

LD1 198 4.00 1.00 5.00 3.5202 1.21208 1.469

LD2 198 4.00 1.00 5.00 3.4798 1.19945 1.439

LD3 198 4.00 1.00 5.00 3.5505 1.16853 1.365

LD4 198 4.00 1.00 5.00 3.5303 1.21187 1.469

TS1 198 4.00 1.00 5.00 3.4192 1.13595 1.290

57
TS2 198 4.00 1.00 5.00 3.5000 1.21225 1.470

TS3 198 4.00 1.00 5.00 3.5000 1.23301 1.520

TS4 198 4.00 1.00 5.00 3.5556 1.23586 1.527

Valid N
198
(list wise)

Descriptive Statistics

Skewness Kurtosis

Statistic Std. Error Statistic Std. Error

II1 -.426 .173 -.946 .344

II2 -.428 .173 -.819 .344

II3 -.644 .173 -.816 .344

II4 -.759 .173 -.306 .344

RR1 -.636 .173 -.585 .344

RR2 -.495 .173 -.700 .344

RR3 -.432 .173 -.535 .344

RR4 -.598 .173 -.421 .344

SS1 -.758 .173 -.359 .344

SS2 -.463 .173 -.635 .344

SS3 -.730 .173 -.555 .344

SS4 -.514 .173 -.643 .344

LD1 -.531 .173 -.538 .344

58
LD2 -.478 .173 -.660 .344

LD3 -.567 .173 -.436 .344

LD4 -.556 .173 -.576 .344

TS1 -.438 .173 -.416 .344

TS2 -.518 .173 -.632 .344

TS3 -.648 .173 -.462 .344

TS4 -.585 .173 -.595 .344

Valid N (list
wise)

Interpretation:

On the basis of the above analysis, it can be interpreted that, if the quoted value is three
or less then it indicates disagreement among investors .Therefore, on the basis of the
analysis provided we can say that there is no statement indicating disagreement between
investors. Those who prefer savings investments prefer investment opportunities where
I get the most returns if the most risky is II1. And seeing in the table and it analysis
overall behaviour toward different investment avenues shows majority of response are
lies between neutral to agree scale measure.

59
5.4 SHAPIRO-WILK TEST
H0: The sample data is normally distributed for INVESTMENT AVENUES.
H1: The sample data is not normally distributed for INVESTMENT AVENUES.

Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
AGE .472 198 .000 .533 198 .000
GENDER .449 198 .000 .567 198 .000
FAMILYINC
.290 198 .000 .775 198 .000
OME
a. Lilliefors Significance Correction

Interpretation:
Overall data (chart and table) indicated that our collected data is normally. We can see
in chart for age graph, gender graph and income graph are indicating that follow all
respondent is normal base not significance out layer.so, null hypotheses are accepted
and alternative hypotheses will be rejected.

60
5.5 CORRELATION

Correlations
OBII OBRR OBSS OBLD OBTS
Pearson
1 .803** .786** .727** .743**
Correlation
OBII
Sig. (2-tailed) .000 .000 .000 .000
N 198 198 198 198 198
Pearson
.803** 1 .785** .806** .753**
Correlation
OBRR
Sig. (2-tailed) .000 .000 .000 .000
N 198 198 198 198 198
Pearson
.786** .785** 1 .820** .801**
Correlation
OBSS
Sig. (2-tailed) .000 .000 .000 .000
N 198 198 198 198 198
Pearson
.727** .806** .820** 1 .801**
Correlation
OBLD
Sig. (2-tailed) .000 .000 .000 .000
N 198 198 198 198 198
Pearson
.743** .753** .801** .801** 1
Correlation
OBTS
Sig. (2-tailed) .000 .000 .000 .000
N 198 198 198 198 198
**. Correlation is significant at the 0.01 level (2-tailed).

Interpretation:

1. Investment information

H0: There is no significant relationship between investment information (OBII) and risk
and return (OBRR).

61
H1: There is significant relationship between investment information (OBII) and risk
and return (OBRR).

Correlation coefficient is 0.803 and sig. value is 0.000 (less than 0.05) hence null
hypothesis is Rejected.

2. Risk & Return

H0: There is no significant relationship between risk and return (OBRR) and liquidity
(OBLD)

H1: There is significant relationship between risk and return (OBRR) and liquidity
(OBLD)

Correlation coefficient is 0.806 and sig. value is 0.000 (less than 0.05) hence null
hypothesis is Rejected.

3. Safety & Security

H0: There is no significant relationship between safety & security (OBSS) and Liquidity
(OBLD).

H1: There is significant relationship between safety & security (OBSS) and Liquidity
(OBLD).

Correlation coefficient is 0.820 and sig. value is 0.000 (less than 0.05) hence null
hypothesis is Rejected.

4. Liquidity

H0: There is no significant relationship between Liquidity (OBLD) and Safety &
Security (OBSS).

H1: There is significant relationship between Liquidity (OBLD) and Safety & Security
(OBSS).

62
Correlation coefficient is 0.820 and sig. value is 0.000 (less than 0.05) hence null
hypothesis is Rejected.

5. Tax Saving

H0: There is no significant relationship between Tax Saving (OBTS) and Safety &
Security (OBSS), liquidity (OBLD).

H1: There is significant relationship between Tax Saving (OBTS) and Safety & Security
(OBSS), liquidity (OBLD).

Correlation coefficient is 0.801 and sig. value is 0.000 (less than 0.05) hence null
hypothesis is Rejected.

5.6 ONE WAY ANOVA

ANOVA is carried out to test various hypothesis formulated in this study.

1. The first hypothesis is concerning about Investment Avenues and

age.

H0: There is no significance difference in the behaviour toward investment avenues on

the basis of age.

H1: There is significance difference in the behaviour toward investment avenues on the
basis of age.

ANOVA
OBIA
Sum of df Mean F Sig.
Squares Square
Between
6.776 2 3.388 4.337 .014
Groups
Within Groups 152.325 195 .781
Total 159.100 197

63
Interpretation:

The table show the Null hypothesis (H0) is rejected and Alternative (H1) is accepted.
Because of significance level is 0.014 it is less than 0.05. So, it indicates that there is
significance difference in the behaviour toward investment avenues on the basis of age.

2. The second hypothesis is concerning about Investment Avenues and

gender.

H0: There is no significance difference in the behaviour toward investment avenues on

the basis of gender.

H1: There is significance difference in the behaviour toward investment avenues on the
basis of age.

ANOVA
OBIA
Sum of df Mean F Sig.
Squares Square
Between
.154 1 .154 .189 .664
Groups
Within Groups 158.947 196 .811
Total 159.100 197

Interpretation:

The table show the Null hypothesis (H0) is accepted and Alternative (H1) is rejected.
Because of significance level is 0.923 it is greater than 0.05. So, it indicates that there
is no significance difference in the behaviour toward investment avenues on the basis
of gender.

64
3. The third hypothesis is concerning about Investment Avenues and
Family income.

H0: There is no significance difference in the behaviour toward investment avenues on

the basis of family income.

H1: There is significance difference in the behaviour toward investment avenues on the
basis of family income.

ANOVA
OBIA
Sum of df Mean F Sig.
Squares Square
Between
2.140 3 .713 .882 .452
Groups
Within Groups 156.961 194 .809
Total 159.100 197

Interpretation:

The table show the Null hypothesis (H0) is accepted and Alternative (H1) is rejected.
Because of significance level is 0.151 it is greater than 0.05. So, it indicates that there
is no significance difference in the behaviour toward investment avenues on the basis
of family income.

65
5.7 CHI SQUARE TEST

1) AGE AND INCOME

Ho: There is no significance difference association between age and monthly income.

H1: There is significance difference association between age and monthly income.

AGE * FAMILYINCOME CROSSTABULATION

Count
FAMILYINCOME Total
<25000 25001- 35001- 45001>ABO
35000 45000 VE
18-30 85 30 15 25 155
31-45 8 10 10 8 36
AGE
46>ABO
2 0 3 2 7
VE
Total 95 40 28 35 198

Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 21.640a 6 .001
Likelihood Ratio 21.901 6 .001
Linear-by-Linear
10.823 1 .001
Association
N of Valid Cases 198
a. 4 cells (33.3%) have expected count less than 5. The
minimum expected count is .99.
Interpretation:

The above table show Alternative hypothesis (H1) is accepted and Null hypothesis (H0)
is rejected. So, there is significance association between age and monthly income.

66
2) QUALIFICATION AND OCCUPATION

Ho: There is no significance difference association between qualification and

occupation.

H1: There is significance difference association between qualification and occupation.

QUALIFICATION * OCCUPATION CROSSTABULATION

Count
OCCUPATION Total
STUDE JOB BUSINE OTHER
NT SS S
GRADUATION 58 26 8 8 100
POSTGRADUAT
QUALIFICA 27 12 3 4 46
ION
TION
PROFESSIONAL 4 1 6 1 12
OTHERS 14 8 6 12 40
Total 103 47 23 25 198

Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 35.635a 9 .000
Likelihood Ratio 27.457 9 .001
Linear-by-Linear
15.494 1 .000
Association
N of Valid Cases 198
a. 4 cells (25.0%) have expected count less than 5. The
minimum expected count is 1.39.
Interpretation:

The above table show Alternative hypothesis (H1) is accepted and Null hypothesis (H0)
is rejected. So, there is significance association between qualification and occupation.

67
3) OCCUPATION AND INCOME

Ho: There is no significance difference association between occupation and income.

H1: There is significance difference association between occupation and income.

OCCUPATION * FAMILYINCOME CROSSTABULATION

Count
FAMILYINCOME Total
<25000 25001- 35001- 45001>AB
35000 45000 OVE

STUDENT 55 21 10 17 103

OCCUPATI JOB 23 9 10 5 47
ON
BUSINESS 6 5 3 9 23

OTHERS 11 5 5 4 25
Total 95 40 28 35 198

Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 14.249a 9 .114
Likelihood Ratio 13.241 9 .152
Linear-by-Linear
3.138 1 .077
Association
N of Valid Cases 198
a. 5 cells (31.2%) have expected count less than 5. The
minimum expected count is 3.25.

Interpretation:

The above table show Null hypothesis (H0) is accepted and Alternative hypothesis (H1)
is rejected. So, there is no significance association between occupation and income.

68
CHAPTER – 6

FINDINGS

69
➢ From the study most number of the respondents are between 18- 30 years age
group that is 79%.
➢ On the basis of the gender most of them is male respondent that is 72%.
➢ Most of respondents are unmarried which is 75 %.
➢ Most of respondent’s qualification are graduation it is almost 50 % & also 40%
respondents from other category in this study.
➢ Most of respondent are from student it is 52% and 24% are from job category.
➢ Most of respondents are monthly income is less than 25000 and only 18%
respondents have monthly income of above Rs.45000.
➢ In the total number of respondent 48 % respondents invest less than 10 % from
their income, while only 7 % respondents invest above 30 % of their income.
➢ 39 % highest Respondents investment holding period is less than 1 year, only
12% lowest Respondents investment holding period is above 5 year.
➢ Most of the investor are consult their family and friends while taking an
investment decision.
➢ Most of respondents are invest in equity stock market. While some other
respondents invest in mutual fund and fixed deposit.
➢ Most respondents are choose the moderate risk-moderate return portfolio suits
the best which is 41 % and 38 % respondents has high risk-high return portfolio
suits the best.
➢ In the study of all over it find that investor take moderate risk moderate return
and investor are invest <10% of their income for the <1 years.

70
CHAPATER – 7

SUGGESTION

71
➢ The first and foremost suggestion to maintain an investment climate is based on
their goals and types of Investment Avenues.
➢ Instead of making poor investment decisions and making small profits, it is
advisable that investors should enlist the help of financial planners.
➢ Now-a-days returns on various investments are based on market conditions. So, of
course it is good for investors to keep updating the new guidelines, changes and
terms and conditions.
➢ Not only do they need to know the investment options in which to invest, but they
also have to you know how to invest in them all. In this way they can make the
needed changes by keeping their portfolio profitable.
➢ Recommendations for investors who want to invest at high risk and balanced risk
to invest with direct shares and Mutual funds.
➢ Investors who invest in stocks and stocks are both equally equal the portfolio should
be updated regularly so that, if a few stocks are not performing well, then the
necessary changes can be made.
➢ Instead of going for traditional investments they can choose new ways of investing.
➢ Current imports to address the inflation rate from your investment benefits so
choose your investment strategies wisely.
➢ Investors of Mutual fund should be patient in changing market conditions.
➢ Considering investing in key foundations is good but before this asset management
it is required for a small investor.

72
CHAPTER – 8

CONCLUSION

73
8.1 CONCLUSION

In the current context the research takes on modern forms of investment. Investment
and financial products become a common and important factor in leading a healthy
lifestyle. The study identified the main objectives of the code of conduct and investment
for investors. Research is also draw an important conclusion from research that
investors are interested in investing in the long term with low risk, high returns and low
risk, and with great interest in good returns from their series decisions while investing.
Investors are aware about the factors their investment plans, and they do take advice
from financial advisor, self- analysis by investors themselves and family consult. The
study also draws that investing in financial products is more male driven compare to
female.

8.2 LEARNING FORM THE SIP

➢ The project give us an opportunity something new and informative knowledge.

➢ I have learned about the behavior of different investment avenues. And as well as
understand a lot of information about it. And also learned how to read and
understand a research paper. In this project learning SPSS software which help to
the data analysis and data interpretation about the topic and basically use for
primary information or data.
➢ It will help to learning about different investment avenues and how it’s related with
investor and how it implement in real life situation.

74
 CHAPTER – 9

BIBLIOGRAPHY

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https://images.app.goo.gl/P9CYkvA9pWNvckY7A

79
CHAPTER – 10

ANNEXURE

80
 QUESTIONNAIRE

A Study on behavior and investment pattern of investor for different

investment avenues with special reference to Ahmedabad city

1. Name:

2. Age:

() 18-30
() 31-45
() 46 Above

3. Gender:

() Female
() Male

4. Marital status

() Married
() Unmarried

5. Qualification

() Graduation
() Post Graduation
() Professional
() Others

81
6. Occupation

() Student
() Job
() Business
() Others

7. Family Income (Monthly)

() Less than 25000

() 25001-35000
() 35001-45000
() 45001 & Above

8. How much Percentage from your income do you invest?

() Less than 10%

() 11-20%
() 21-30%
() Above 30%

9. While making investment, what would be your Holding period?

() Less than 1 years

() 1-2 years
() 2-5 years
() Above 5 years

10. Whom do you consult while taking an investment Decision?

() Own Analysis

82
 () Family and Relative
() Friends
() Neighbour
() Financial Advisor
() Others

11. In which financial instrument do you invest?

() Stock Market
() Fixed Deposit
() Mutual Fund
() Bonds
() Real Estate
() Gold/Silver
() PF
() Others

12. Which of the following portfolio suits you the best?

() High Risk-High Return

() Moderate Risk-Moderate Return
() Low Risk-Low Return

Kindly Give Your Response Regarding Investment Behaviour and Investment Pattern
for Following Parameters.
(1. Strongly disagree, 2. Disagree, 3. Neutral, 4. Agree, 5. Strongly agree)

Investment Information

Question 1 2 3 4 5

83
 Investment Information from Internet is useful while
taking investment decision.
Need an expert advice from Financial Planner
Easy to invest through mobile
Getting daily update of your investment growth

Risk & Return

Question 1 2 3 4 5
Getting good return from current investment.
Diversified portfolio reduces the risk.
Prefer more conservative investment avenue where
there is no more risk.
Select investment opportunities where I get more return
if they are riskier.

Safety & Security

Question 1 2 3 4 5
Check a Credibility of a company before initiating an
investment
Chances of getting guaranteed return
Capital safety is main priority
Invest with the help of advisor

Liquidity

Question 1 2 3 4 5
Investments are easy to convert into cash when needed
Avoid locking products while investing
Right portfolio diversification for managing liquidity
Using Online Banking and Credit cards for liquidity
purpose

84
 Tax Saving

Question
For taking benefit of 80C, 80D, and 80G.
Reducing taxable income from annual income
Getting return from investment with Tax benefit
Improving financial credibility from ITR filing

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