CHAPTER I

INTRODUCTION

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OBJECTIVES OF STUDY
Whenever a study is conducted, it is done on the basis of certain objectives in mind. A successful completion of a project is based on the objective of the study that could be stated as under: 1) To study the perception of investors towards equity products in Indian stock market. 2) To study the time period for which investments are generally made by investors in the stock markets. 3) To study how comfortable people are investing in stock market. 4) To study the decision making criterions of those investing in stock markets. 5) To determine the most preferred investment avenues of those dealing in stock markets.

RESEARCH METHODOLOGY
Research Methodology is a systematic way to solve the research problem. It may be understood as a science of studying how research is done scientifically. The present study was undertaken for knowing perception of investors towards equity products. This chapter gives us the Research Design, Sampling plan, methods of data collection and tools used for data analysis & interpretation. The selection of the respondents was done on the basis of convenience sampling as the universe under the coverage area of the study was too large.

METHOD OF DATA COLLECTION

T o o bs er ve a nd pr o be i nto the perceptio ns of the inv es to rs tow ar ds equi ty pr o ducts i n Ja ms hedpur , I ha v e pr epa r ed a ques tio nn ai re conta i ni ng 15 ques ti o ns. I per so na ll y contacted 188 respondents to get the questionnaires filled. All possible efforts were made together to remove biasness.

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DATA ANALYSIS & INTERPRETATION

For the purpose of analyzing, raw data was summarized into charts and the results have been carried out. The questions, which have alternative choices, were analyzed by taking percentages. Proper analysis of the data has been made to get proper results.

STATISTICAL TOOLS
Various statistical tools of analysis like frequency distribution, percentages, mean, F-test and Chi - s qua re tes t ha ve been used to meet the o bjectiv es o f the s tudy.

LIKERT SCALE
The response to the preference for investment products was measured on a 5 point scale. The scale consisted of the options of 5- very good 4- good 3-average 2-below average 1- poor.

LIMITATION
Some of the respondents were not candid enough t o r e v e a l a l l t h e r e q u i r e d information They might have given inflated or wrong data. T he s ur v ey was co nducted i n Ja mshedpur and o n co nvenience s a mpl i ng bas is. S o, this could have brought biasness into the study. However all the efforts were made to remove the biasness but it cannot be denied that there is no possibility of individual biasness on the part of respondent. It was tried very harder to include the best of information from published and unpublished sources available on internet, books and magazines but some of the data required for the detailed study was not available freely.

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CHAPTER II
COMPAY PROFILE & MY TRANING MODULE AT KOTAK SECURITIES LTD.

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Industry Profile
The Indian securities market, considered one of the most promising emerging markets, is among the top eight markets of the world. The Stock Exchange, Mumbai, which was established in 1875 as The native share and stockbrokers association (a voluntary non-profit making association), has evolved over the years into its present status as the premier stock exchange in the country. At present 24 stock exchanges operate all over India. These stock exchanges provide facilities for trading securities , securities markets provides a common platform for transfer of funds from the person who has excess funds to those who need them . Securities market is regulated by the Securities Exchange Board of India (SEBI).

COMPONENTS OF SECURITY MARKET:

The major components of the securities market are listed below: Securities-shares, Bonds, Debentures, Futures, Options, Mutual Fund Units Intermediaries-Brokers, Sub brokers, Custodians, Share transfer agent, Merchant Bankers Issuers of securities-Companies, Bodies corporate, Government, Financial Institutions, Mutual funds, Banks Investors-Individuals, Companies, Mutual funds, Financial Institutions, Foreign Institutional Investors Market Regulators-SEBI, RBI(to some extent), Department of Companies affairs

TYPES OF SECURITIES MARKET

In the contest of equity products, which this publications seeks to cover in depth, the following markets could be defined:
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 Primary Market Secondary Market Derivatives Market

PRIMARY MARKET
Fresh issue of shares and other securities are effected though the primary market. It provides issuers opportunity to issue securities, to raise resource to meet their requirements of business. Equity issues can be affected at face value or at discount/premium. Issues at discount are rare and almost unheard of issuers can issue the securities in domestic market and/or international market through ADR/GDR/ECB route.

SECONDARY MARKET
Investors can buy and sell securities in secondary market from/to other investors. The securities are traded, cleared and settled through intermediaries as per prescribed regulatory framework under the supervision of the exchange and oversight of SEBI. The regulatory framework has prohibited trading of securities outside the exchanges. There are 24 exchanges (the capital stock exchanges, the latest in the list, is yet to commence trading) today recognised over a period of time to enable investors across the length and breadth of the country to access the market.

DERIVATIVES MARKET
Derivatives are contracts that are based on or derived from some underlying asset, reference rate, or index. Most common financial derivatives are: forwards, futures, options and swaps. Derivatives trading commenced in India in June 2000 after SEBI granted the final approval to this effect in MAY 2000 for trading in index futures, currently, the Indian market provides equity derivatives of the following types: Index futures two indices Stock futures twenty nine stocks Index options two indices Stock options twenty nine stocks
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Company Profile
ABOUT KOTAK SECURITIES
Originally established in 1994, Kotak Securities is a subsidiary of Kotak Mahindra Bank, which services more than 7.4 lakh customers. The firm has a wide network of more than 1400 branches, franchisees representative offices, and satellite offices across 448 cities in India and offices in New York, London, Dubai, Mauritius and Singapore. We process more than 400000 trades a day which is much higher than some of the renowned international brokers. The company is a corporate member of both The Bombay Stock Exchange (BSE) and The National Stock Exchange of India (NSE). Our operations include stock broking services for trading in stock markets through branches & internet and distribution of various financial products including investments in IPOs, Mutual Funds and Currency Derivatives. Currently, Kotak Securities is one of the largest broking houses in India with substantial geographical reach to Asia Pacific, Europe, Middle East and America. Kotak Securities Limited has Rs. 1,202 crore of Assets under Management (AUM) as of 31st Dec, 2011.

INNOVATIONS

Kotak Securities Ltd. has been the pioneers in providing many products and services which have now become industry standards for stock broking in India. Some of them include: Mobile stock trading application to keep track of your investments even on the go Facility of Margin Finance to the customers for online stock trading Investing in IPOs and Mutual Funds on the phone SMS alerts before execution of depository transactions Auto Invest - A systematic investing plan in Equities and Mutual funds

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My TRAINING MODULE AT KOTAK SECURITIES

SALES: 1) Different products available a) Offline b) Online 2) Offline & Online features

OFFLINE:
In this form of trading in Kotak Securities the customer places the order by two ways:- The customer goes to the dealing room and asks dealers to place orders. - The customer calls the dealer, asks the share quotes and market information and places orders. - The terminal used by Kotak securities for share trading is ODIN - Account opening charges are Rs. 750 + initial investment amt.

ONLINE:
- It is a service provided through internet for purchase and sale of equity, derivatives and commodities. - Clients can do self trading through internet by software provided by Kotak ( KEAT PRO X) - Clients can also trade over the phone by calling to dealer asking the rates of share and other important details. - Kotak provides exclusive online tool to monitor what is happening in the market and also investor can view gain/loss in real- time.

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- Kotak Securities provides daily sms alerts, market pointers, periodical research reports, stock recommendations etc. - In online there are two types of accounts Trinity a/c & Non- Trinity a/c Trinity a/c offers Kotak Mahindra saving bank account + demats a/c + trading a/c Charges for opening trinity a/c is Rs. 750 + initial investment Non- trinity a/c offers demat a/c + trading a/c Charges for opening non- trinity a/c is Rs. 1200 + initial investment.

Documentation:
Documents required for opening offline account are:2 photos Address proof (bank account statement ) Identity proof PAN card 1 cheque if it is personalize cheque , 2 cheque for not personalized cheque or if address proof is bank account statement

Documents required for opening online account are:3 photos Address proof Identity proof PAN card personalized cheque or if address proof is bank account statement.

- 1 cheque if it is personalize cheque, 2 cheques for not

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KYC:
It is required for account opening through this process the norms for opening of account is stateted and it is done to know your clients by the kotak securities.

Standard pitch:
It refers to how sales person get more referrals through calling to there clients

Prospecting:
Sales people generates a database from where they get there prospects

Taking appointment:
After the prospects are generated they call to them and take appointment.

Visit:
They visit to the prospects after taking the appointment and explain about the products and investments in various products and features of investment into the market.

Follow ups:
After the a/c is opened by the client sales people continue to be connected and provide new information related to existing products or new products.

KRISP leads and updation:

It is the Kotak HR Information System Portal and all the leads and Its updation is done with the portal. Through sales LMS fast self Lead access, fast lead assess by follow up date, lead dashboard, View leads; add leads and lead search are provided by KRISP.

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IPV:
IN PERSON VERIFICATION (States the requirement of verification during the account opening process).

KRA:
Key Responsible Area states the responsibility of sales person as and when in their achievements of sales target.

Cheque bounces charges:

If there is cheque bounce of a client then Rs. 100 is charged from Kotak securities a/c and Kotak securities charges Rs. 500 from the clients a/c.

Dealer Visit:
It is done by the head of the branch to monitor the performance and work of the dealer.

AVR:
It is service of call recording of the dealers during the trading sessions , it helps in removing the chances of fraud and is as a proof for the Kotak securities that the trading order is given by the client in case client refuses to accept any order if he/she incurs losses .

Deal slip:
It is the slip that the client has to sign during their visit at dealing room for trading purpose.

Contract notes:
It is the note which gives the details of the trading with all the brokerage and taxes.

Pre and post confirmation: Confirmation done by the dealer during the call
of trading and after the days trading session is over dealers call the clients and confirm about the transaction.

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Authority letter:
It is the letter which gives the authority to trade on behalf of the client. For exif clients brother wants to do trading on behalf of the client then authority letter is to be signed by the client providing authority to his brother for trading.

Updating of changes:
Those documents which are given by the clients for updating the changes of the clients account.

RAL (REAL AUTHORITY LETTER):

It is the rule of SEBI to transfer the untraded amount of client and keeping Rs. 1000 for account charges to the clients account. This rule came into force because interest was earned by the broking houses by those untraded amounts.

Self declaration:
It is given by the client to proceed with the trading into the market. for ex- if client PAN card states different name then he signs an indemnity form to the bank and self declaration for Kotak Securities Ltd. For proceeding with trading purposes.

Knowledge of terminal:
+/f1 = buy of stocks -/f2 = sale of stocks F3 = shows order book F4 = gives market watch F5 = states market picture of the particular stock F7 = shows order history
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F8 = shows all the trades executed F10 = shows the message log (information related to researches) Alt + f11 = shows BSE auction Enquiry Ctrl + f12 = shows the market movement of stock Ctrl + f10 = shows the top gainers and losers Ctrl + f9 = shows snap quote of stocks Ctrl + f8 = multi leg book Ctrl + f5 = combined best five stock Alt + f6 = shows integrated net position Ctrl + alt + f6 = bulk order entry Ctrl + alt + f3 = bulk multi leg order entry Alt + f7 = online back up Shift + f11 = NSE auction inquiry Shift + f7 = security information

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PRACTICAL CLASSES IN BOSS:

BOSS is a complete analysis and information of every transaction entry by client. There is MIS (Management Information System) column from where we can know the client derivative summary, holding statement and realized gain or loss of a particular client. There is a report column where we can know client derivative net position, average price, settlement report, client DP details, STT & charges summary.

CRPS (Centralised Receipt and Payment System):

Function: In this software system all the cheque deposit entry and cheque withdrawn entry of client take place by the back office employee.

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CHAPTER III
DATA ANALYSIS AND INTERPRETATION

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DATA ANALYSIS AND INTERPRETATION

investors on basis of sex

male female

19%

81%

According to the survey conducted it has been seen that 19% of investors are female and 81% of the investors are male. So still in India maximum males who earn are interested in equity products on the other hand female are now getting awareness about these products and their interest towards equity is increasing.

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investor on the basis of age

20-30 30-40 40-50 50-60

7%

20% 43%

30%

We can see that the young generation is more influenced of equity products and prefer investing in equity market as 43 % of investors age range from 2030 yrs, 30% of investors are within the age group of 30-40 yrs, 20% of them are in 40-50 age group and only 7 % are in 50-60 age group which means older people are less awareness about the equity or they dont want to invest in risky instrument like shares.

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investors from various sectors

business service teacher

6%

16%

78%

Those who invest in equity are majorly from the service sector ( 78%) which shows their hunger for earning and high return whereas 16% of investor are from business sector and 6% of them where teachers who have investment in equity products.

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investors bank a/c

sbi icici hdfc others

17%

10%

57% 16%

As per survey done 57% of investors have their bank a/c in SBI. 17% of investors have in other banks 16% of them have a/c in ICICI and only 10% have their bank a/c in HDFC bank which shows that still investor believe that public sector banks are better option for keeping their money safe.

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% of income investment
below 20% 20-30% 3% 17% 33% 30-40% 40% & above

47%

As per data collected people those who are investor they invest as 47% of them invest their 20-30% of income in investment products , 33% of investors invest 30-40% of their income , 17% of investor invest below 20% of their income and only 3 % are such investors who invest 40% and above of their income as investment.

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annual income of investors

below 2lacs 2-5lacs 2% 8% 7% 5-10lacs 10lacs & above

83%

Investors annual income are as : 83% of investors have their annual income within the range of 2-5 lakhs , 8% of them have annual income of 5-10 lakhs , 7% of investors have annual income below 2 lakhs and only 2 % of investor have annual income of above 10 lakhs. It has been observed that investors falling in high range of annual income invest more % of their income as investment.

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porfolio for investment

yes no

19%

81%

81% of investor have maintained portfolio of their investment whereas on the other hand 19% of investor doesnt have any portfolio.

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investors policies
retirement plan education plan pension plan tax plan no policies

7% 22%

44%

15%

12%

It has been observed that 44% of investors have taken tax plan which means investor are more concerned about saving tax , 22% of investors are having retirement plan , 15% of them have education plan, 12% of investors are having pension plan and 7% doesnt have any plan or policies.

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period of investment
1-6months 6months-3yrs 3yrs & above

14% 36%

50%

According to report 14% of investors are short term investor in equities , exactly 50% are classified as medium term investor and 36% are can be stated as long term investor in equity market.

purpose behind investment

returns tax saving liquidity wealth

17% 7% 19% 57%

Now purpose behind investment in equity are as follows 57% of investor invest for return from equity , 19% invest for saving tax , 17% for wealth and only 7% for liquidity . So the major purpose behind investment in equity is return.

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expected rate of return

below 10% 10-15% 15-20% 20% & above

7% 8% 23%

62%

Expected rate of return from equity that is preferred by investors are as follows : 62% of investors have expectation of return within 10-15% , 23% of investor have 15-20% of expected rate of return , 8% of them want below 10% as rate of return and 7% of investors have expectation for high return which is 20% and above.

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kind of investment
high risk & return medium risk & return 3% 10% 22% low risk & return I dont like risk

65%

Kind of investment into equity that investors like are 65% of investor want medium risk & return , 22% of investors want to have low risk and return , 10% are prone to take high risk and want high return and only 3% of investors dont like any risk . So it can be said that now investors are shifting their coin from risk free investment to risky products for investment which is good news for equity market.

income earned from equity

reinvest atleast 80% of earnings reinvest 20-80% of earnings 2% reinvest 20% of earnings

40% 58%

Now the question comes what do investor do with the earnings from investment in equity so the answer is 58% of investor reinvest 20-80% of earnings, 40% of investor reinvest at least 80% of earnings and only 2% of investors reinvest 20% of earnings. So it another good thing that the earning from shares are majorly reinvested infusing more funds into the equity market.

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% of investment in equity
below 20% 20-30% 1% 18% 27% 30-40% 40% & above

54%

Of the total investment how much % of investment is made into equity so we have got the answer and it is that 54% of investors invest 20-30% of total investment into equity, 27% of them invest below 20% of total investment, 18% of investors invest 30-40% of investment into equity and only 1% of investor invest more than 40% of investment in equity. So it is important from the equity market prospective that investors invest more into equity of their total investment so then they could get more benefit from high earnings from equity shares since playing with high risk.

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investors depositiries participants

kotak securities edelweiss iifl others

22%

43%

16%

19%

So from survey it has been observed that at Jamshedpur investors have their trading a/c with: 43% of investors have trading a/c in others (sri ram traders, angel broking house etc) 22% of investors have their trading a/c with Kotak Securities, 19% have trading a/c with iifl and 16% of investors have trading a/c with Edelweiss. So can be observed that most of the market share in trading business is with Kotak Securities because of its good services towards investors.

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what investors think as

very inexperienced experienced investor somewhat inexperienced very experienced investor somewhat experienced

5% 21%

15%

22%

37%

A question was asked to the investors to define themselves as investor in equity market so the answer that we got is; 37% of investors think themselves as somewhat experienced , 22% of them think as somewhat inexperienced, 21% perceive as experienced investor, 15% think as very experienced investor and only 5% think themselves as very inexperienced investor.

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sum

BANK FD EQUITY MFS DEBT PPF INSURANC REAL ESTATE GOLD ETF COMMODITY 766 701 541 473 574 602 483 552 486

mean score median mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum standard error Count

4.0744681 4 4 0.8620255 0.743088 0.2147914 -0.650755 4 1 5 0.0628697 188

3.728723 4 4 0.962297 0.926015 -0.34149 -0.34162 4 1 5 0.070183 188

2.87766 3 3 0.931293 0.867306 -0.24631 0.045973 4 1 5 0.067921 188

2.515957 3 3 0.89846 0.807231 0.046478 0.264737 4 1 5 0.065527 188

3.053191 3 3 0.963139 0.927637 -0.50803 -0.25233 4 1 5 0.070244 188

3.20212766 3 3 0.83480168 0.696893845 0.455081584 -0.39556371 4 1 5 0.06088417 188

2.569148936 2 2 0.913654775 0.834765047 -0.177905527 0.409660048 4 1 5 0.066635123 188

2.93617021 2.585106383 3 3 3 3 0.9052256 0.929718196 0.81943338 0.864375924 -0.126269 -0.365142343 -0.31047615 0.071393619 4 4 1 1 5 5 0.06602036 0.067806668 188 188

According to the sum of points from the respondent we can see that Bank FD and Equity is the most preferred investment products. We can also analyse the data on the basis of standard deviation and as we can see that S.D. is not high so the data are appropriate and tools like skewness and kurtosis shows that the datas are normally distributed. Standard errors of instruments are low so it can be ascertained that sampling done is correct and statistical tools supports them. CHI-SQUARE TEST H0: Equity is good investment instrument. H1: Equity is not a good investment instrument.

Alpha: .05 Sample n: 188

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Calculated table value: (r-1)*(C-1) = 1496 Expected frequency (fe): row total * column total/grand total (fo-fe)^2/fe Sum of (fo-fe) ^2/fe= X^2 Calculated chi-square value= 352.3244 Table value chi-square =1587.0947 So, chi square calculated value < chi square table value The null hypothesis is accepted that equity is a good investment product in view of investors.

FISHERS TEST H0: All the investment products are equally important for investors. H1: At least one product is different in view of investors. Alpha: .05 Mean of each product: 1) 2) 3) 4) 5) 6) 7) 8) 9) bank fd = 4.074468 equity = 3.728723 mutual funds = 2.87766 debt = 2.515957 PPF = 3.053191 Insurance = 3.202128 Real estate = 2.5691489 Gold etf = 2.93617 Commodities = 2.585106383
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Mean of means: 3.060283688 Sum Square Between (SSB): 433.8297872 Mean Square between (MSB): 54.2287234 Sum Square Within (SSW): 1400.021 Mean Square within (MSW): 7.821348 Fishers test = MSB/MSW = 54.2287234/7.821348 = 6.933424

F calculated value: 6.933424 F table value: 2.707

So, F calculated value > F table value The null hypothesis is rejected which means any one investment or more than one investment products is important from investors prospective. So it can be said that investors basically want to invest in the most preferred products and all products are not equal in view of investors.

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CHAPTER IV
CONCLUSIONS & RECOMENDATIONS

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CONCLUSIONS
In a nation with population of more than 1.1 billion, only a handful of them invest in stock markets. It is a place for all those who dream of a better, financially comfortable tomorrow as stock markets are obviously the perfect place to invest-especially when stock markets can make them considerably rich in a short span of time, provided they play their cards right. Therefore, stock markets is all about taking right decision at the right time in the light of all the information available and keeping a close watch on various factors affecting the stock markets. In Kotak Securities Ltd, I was able to learn there practical World of the stock market. The market risk involved in share trading. The customers action when the ma rket pr i ce fl uctua tes. S to ck mar ket or ca pi ta l ma r ket provides the industry with a lot of capital needed by the industry, which leads to the growth of the industry and economy as a whole. Hence the stock market plays an important role in the development of the industry. As more and more people are attracted towards share market because of the returns they get, stock broking is growing day by day. T hi s s tudy a imed to know the per ceptio n o f i nves tor s towa r ds equi ty pro ducts i n Ja ms hedpur .The study revealed that most of the people dealing in stock markets are investors as against traders. This signifies that stock markets, despite of its risky nature is a good investment avenue for investors who are generally looking for short to medium term investment. The study was also aimed at finding out the returns that people expect out of their funds invested in stock markets and most of the answers ranged between 10%-20% which is a sheer sign of optimism among investors. The study also made it clear that most people still are not much risk takers when it comes to investing most part of their savings. They prefer to invest in one of the safest investment instrument called fixed deposits, PPF, mutual funds, and insurance.
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RECOMMENDATIONS
Inv es to rs s houl d under ta ke a n a nal ys is befo re i nv esti ng i nto the stock market, as most of the investors do not undertake any study before into a particular stock. Before making an investment or trade on particular script the in-depth analysis of that script is very important to yield more on our investment and to minimize the amount of risk involved. Co mpa ny s ho ul d cr eate the aw ar eness a bo ut i nvestment i n securi ti es a mong the inv es tors . T hey s ho ul d vi sit the g ener al public, businessmen, government offices and other work places a n d g u i d e t h e m a b o u t t h e s t o c k m a r k e t . T h i s w i l l h e l p t h e company to large customer base. Conduct seminars, workshops on capital markets, so that customers will come to know about the risk and return involved in investing equity market. For attracting the new customers it should increase the number of sales executives. The company has to provide proper training to new investors to avoid losses. New customers ma not is having the sufficient knowledge of the basic concept.

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Annexure Perception of investors towards equity products in Jamshedpur:

Hello, My name is Ravi Prakash Singh and I am from Institute of Management and Information Science (IMIS), Bhubaneswar. This is a humble request from my side to fill up this questionnaire with respect to a survey on perception of investors towards equity products in Jamshedpur. This survey is done for a research project in our college and privacy of your personal information will be maintained. Please do the needful, it will not take more than 10 minutes. Thanking you in anticipation.

Required

Name: Age: Gender: _ Male Nationality: Contact No. : Email-Id: _ Female Marital Status: Married Occupation: Unmarried

Q 1) In which bank do you have your account? a) SBI b) ICICI c) HDFC d) Others

Q 2) Do you have DEMAT A/C? a) Yes b) No

Q 3) How much % of your income you invest?

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a) Below 20 %

b) 20 30 %

c) 30 40 %

d) 40 % and above.

Q 4) what is your annual income? a) Below 2 lacs b) 2- 5 lacs c) 5- 10 lacs d) 10 lacs and above.

Q 5) Do you have your portfolio for investment? a) Yes b) No

Q 6) which policies you own? a) Retirement planning b) education planning c) pension planning d) tax planning

Q 7) For how much period you prefer to invest in equity? a) 1 - 6 months b) 6 months 3 yrs. c) 3 yrs. and above.

Q 8) What is the purpose behind investment in equity products? a) Returns b) Tax saving c) liquidity d) wealth

Q 9) What is your expected rate of return on your investment in equity in an year? a) Below 10 % b) 10-15% c) 15-20% d) 20% and above.

Q 10) what kind of investment in equity you prefer? a) b) c) d) High risk and high return Medium risk and medium return Low risk and low return I dont like any risks

Q 11) Rank your preference for the following: 1) 2) 3) 4) 5) 6) 7) 8) 9) Bank fixed deposits : Equity market : Mutual funds : Debt market : PPF : Insurance : Real estate : Gold ETF : Commodities : 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5

Q 12) How do you use the income earned by your investment in equity?
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a) Reinvest at least 80 % of earnings b) Reinvest between 20-80% of earnings c) Receive at least 80% of earnings as income Q 13) How much % of your total investment you invest in equity market? a) Below 20 % b) 20 30 % c) 30 40 % d) 40% and above.

Q 14) In which broking house do you have trading a/c? a) Kotak Securities b) Edelweiss c) IIFL d) Others ()

Q 15) When it comes to investing in equity market I would describe myself as; a) b) c) d) e) Very inexperienced investor Somewhat inexperienced investor Somewhat experienced investor Experienced investor Very experienced investor

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Bibliography

Bibliography

BOOKS REFERED:
RESEARCH METHODOLOGY BY DIPAK KUMAR BHATTACHARYYA FINANCIAL INSTITUTION MARKET BY JEFF MADURA FROM FLORIDA ATLANTA UNIVERSITY WEBSITIES: WWW.NSE.COM WWW.BSE.COM WWW.MONEYCONTROL.COM WWW.NIFTYDIRECT.COM WWW.BLOOMBERG.COM WWW.KOTAKSECURITIES.COM WWW.GOOGLE.COM

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