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A PROJECT REPORT ON

INVESTMENT AND PORTFOLIO MANAGMENT

SUBMITTED IN PARTIAL FULFILMENT


OF THE REQUIREMENT
FOR MASTER OF COMMERCE (M.COM)
ACCOUNTANCY GROUP
SEMESTER- III
IN THE SUBJECT FINANCIAL MANAGEMENT
TO
UNIVERSITY OF MUMBAI
BY
SAMPADA DEEPAK SHELAR
ROLL NO. 16A241
2016-2017
UNDER THE GUIDANCE OF
PROF. CA. NISHESH VILEKAR
CHETANAS H. S. COLLEGE OF COMMERCE & ECONOMICS
& SMT KUSUMTAI CHAUDHARI COLLEGE OF ARTS BANDRA
(EAST), MUMBAI 400 051

DECLARATION
I, Sampada Shelar, Student Of Master Of Commerce (M.COM)
Accountancy Group Semester-Iii, Roll No. 16A241 Of Chetanas H. S.
College Of Commerce & Economics & Smt. K. C. College. Of Arts,
(CHETANAS

M.COM

CENTRE)

Bandra (East),

Mumbai-400051,

Hereby Declare That I Have Completed The Project On Investment


And Portfolio Management In The Subject Financial Management For
The Academic Year 2016-2017

____________________________
SAMPADA DEEPAK SHELAR

DATE: 28 SEPTEMBER, 2016

CERTIFICATE
I, PROF. CA. NISHESH VILEKAR Hereby Certify That Sampada
Deepak

Shelar, Roll.

No.

16A241

Of

M.Com.

Semester-III

Of

Chetanas M.Com Centre, Has Successfully Completed Project On


Investment And Portfolio Management In The Subject Financial
Management For The Academic Year 2016-17

________________

_________________

Internal Guide

External Guide

________________
Coordinator

__________________
Principal

ACKNOWLEDGEMENT
At This Juncture, I Would Like To Express My Sincere Gratitude To Those
Who Have Helped Me Directly Or Indirectly During This Project. My
Sincere Thanks To PROF. CA. Nishesh Vilekar For His Whole Hearted
Support, Constructive Advice And Practical Guidance. I Would Also Like
To Thank The College Library For The Reference Material And
Information Used.

_________________________
SAMPADA DEEPAK SHELAR

INDEX
SR.NO

CONTENT

PAGE NO.

INTRODUCTION
INVESTMENT:
Investment is an activity that is engaged in by people who have savings and investments are
made from savings. But all savers are not investors so investment is an activity which is
different from saving.
If one person has advanced some money to another, he may consider his loan as an
investment. He expects to get back the money along with interest at a future date.
Another person may have purchased one kilogram of gold for the purchase of price
appreciation and may consider it as an investment.
Yet another person may purchase an insurance plan for the various benefit it promises in
future. That is his investment.
Investment involves employment of funds with the aim of achieving additional income or
growth in values or the commitment of resources which have been saved in the hope that
some benefits will accrue in future.
Thus, investment may be defined as, a commitment of funds made in the expectation of
some positive rate of return.
In the financial sense, investment is the commitment of a persons funds to derive future
income in the form of interest, dividend, premiums, pension benefits or appreciation in the
value of their capital. Purchasing of shares, debentures, post office savings certificates,
insurance policies are all investments in the financial sense. Such investments generate
financial assets.
In the economics sense, investment means the net additions to the economys capital stock
which consists of goods and services that are used in the production of other goods and
services. Investment in the sense implies the formation of new and productive capital in the
form of new constructions, plant and machinery, inventories etc. Such investments generate
physical assets.
The money invested in financial investments are ultimately converted into physical assets.
Thus, all investments result in the acquisition of some assets either financial or physical.

CHARACTERISTICS OF INVESTMENT

RETURN:
Investments are made with the primary objective of deriving a return. The return may be
received in the form of capital appreciation plus yield. The difference between the sales price
and the purchase price is capital appreciation. The dividend or interest received from the
investment is the yield.

RISK:
Risk may relate to loss of capital, delay in repayment of capital, non-payment of interest, or
variability of returns. While some investments like government securities and bank deposits
are riskless, others are more risky.
The risk of an investment depends on the following factors :
1) The longer the maturity period, the larger is the risk.
2) The lower credit worthiness of the borrower, the higher is the risk.
3) Investments in ownership securities like equity shares carry higher risk compared to
investments in debt instruments like debentures and bonds.
Risk and return of an investment are related. Normally, the higher the risk, the higher is the
return.

SAFETY:
Safety is another feature which an investor desires for his investments. The safety of an
investment implies the certainty of return of capital without loss of money or time. Every
investor expects to get back his capital on maturity without loss and without delay.

LIQUIDITY:
An investment which is easily saleable or marketable without loss of money and without loss
of time is said to possess liquidity. Some investments like company deposits, bank deposits,
P.O. deposits, NSC, NSS etc are not marketable. Some investment instruments like
preference shares and debentures are marketable but there are no buyers in many cases and
hence their liquidity is negligible. Equity shares of companies listed on stock exchanges are
easily marketable through the stock exchanges.
An investor generally prefers liquidity for his investments, safety of his funds, a good return
with minimum risk or minimisation of risk and maximisation of return.

OBJECTIVES OF INVESTMENT:
The main objectives of investments are:
Maximisation of return
Minimisation of risk

Other subsidiary objectives are:


Maintaining liquidity
Hedging against inflation
Increasing safety
Saving tax

MAXIMISATION OF RETURN:
The rate of return could be defined as the total income the investor receives during the
holding period, stated as a percentage price at the beginning of the holding period.
Return = Capital Appreciation + Yield ( Dividend, Interest)
Return = End period value Beginning period value + Yield value
Beginning period value :If a particular share is bought in 2011 at Rs.50 and sold in 2012 at
Rs.60 and the dividend yield is Rs.5, then what would be the return?

MINIMIZING THE RISK:


The risk of holding securities is related to the probability of the actual return becoming less
than the expected return. If we consider the financial assets available for investment, we can
classify them into different risk categories. Government securities would constitute the low
risk category as they are practically risk free. Debentures and preference shares of companies
may be classified as medium risk assets. Equity shares of companies would form the high risk
category of financial assets.

MAINTAINING LIQUIDITY:
Liquidity depends upon marketing and trading facilities. If a portion of the investment could
be converted into cash without much loss of time, it helps the investor to meet emergencies.
Stocks are liquid only if they command a good market by providing adequate returns through
dividends and capital appreciation.

HEDGING AGAINST INFLATION:


The rate of return should ensure a cover against inflation to protect against a rise in prices and
fall in the purchasing value of money. The rate of return should be higher than the rate of
inflation otherwise the investor will experience loss in real terms.

INCREASING SAFETY:
The selected investment avenue should be under the legal and regulatory framework. If it is
not under the legal framework, it will be difficult to represent grievances. Approval of the law
itself adds a flavour of safety. From the safety point of view, investments can be ranked as
follows: bank deposits, government bonds, UTI units, nonconvertible debentures, convertible
debentures, equity shares and deposits with non-banking financial companies.

INVESTMENT AND SPECULATION


Investment and speculation involve purchase of assets like shares and securities.
Traditionally, investment is distinguished from speculation with respect to three factors, viz.,
risk, capital gain and time period.
speculation is about taking up the business risk in the hope of achieving short-term gain.
Speculation essentially involves buying and selling activities with the expectation of making
a profit from price fluctuations.
Ex: If a person buys a stocks for its dividend, he may be termed as an investor. If he buys
with the anticipation of a price rise in the future and the hope of selling it again, he would be
termed as speculator. The dividend line between speculation and investment is very thin
because people buy stocks for dividends and capital appreciation.

DIFFERENCE BETWEEN INVESTMENT AND SPECULATOR

Time horizon

Investor

Speculator

Plans for a longer time horizon. His holding

Plans for a very short period. His

period may be from one year to few years.

holding period varies from few


days to months.

Risk

Assumes moderate risk.

Willing to undertake high risk.

Return

Likes to have moderate rate of return

Like to have high returns for

associated with limited risk.

assuming high risk.

Considers fundamental factors and evaluates

Consider

the performance of the company regularly.

hearsays and market behavior.

Uses his own funds and avoids borrowed

Uses borrowed funds to supplement

funds.

his personal resources.

He chooses the investment alternative which

Focuses more on return than the

has high degree of safety.

safety.

Decision
Funds
Safety

Here safety is

inside

primary and return is secondary.

INVESTMENT AND GAMBLING


A gamble is usually a very short-term investment in a game or chance. Gambling is different
from speculation and investment. Typical example of gambling are horse races, card games,
lotteries etc. The time horizon involved in gambling is shorter than in speculation and
investment. Earning an income from gambling is a secondary factor. Risk and return trade-off
is not found in gambling and negative outcomes are expected.

information,

INVESTMENT PROCESS

INVESTMENT
POLICY

VALUATI
ANALYSIS
ON

Investible funnd
Objectives
knowledge

Diversif

n
and
The investment process involves a series of
allocation
securities or other investment alternatives.

The process can be divided into five stages:


1. Framing

of

the

PORTFOLIO

CONSTRUCTION

EVALUTION

Intrinsic value
Future value ication
Selectio

market
industry
company

PORTFOLIO

p
a

activities leading to the purchase of

sal
Revision

investment

policy

2. Investment analysis
3. Valuation
4. Portfolio construction
5. Portfolio evaluation.

1) Framing Of The Investment Policy:


For systematic functioning, the government or investor, formulates the investment policy before
proceeding to invest. The essential ingredients of the policy are:

a) Investible funds:
Funds may be generated through savings or from borrowings. If the funds are borrowed, the investor has to
be extra careful in the selection of investment alternatives. He must make sure that the returns are higher
than the interest he pays.

b) Objectives:
The objectives are framed on the premises of the required rate of return, need for regular income, risk
perception and the need for liquidity. The risk takers objective is to earn a high rate of return in the form
of capital appreciation whereas the primary objective of the risk-averse is the safety of principal.

c) Knowledge:
Knowledge about investment alternatives and markets plays a key role in policy formulation. Investment
alternatives range from security to real estate. The risk and return associated with investment alternatives
differ from each other.
The investor should be aware of the stock market structure and functions of the brokers. The modes of
operations are different in the BSE, NSE and OTCEI. Brokerage charges are also different. Knowledge
about stock exchanges enables an investor to trade the stock intelligently.

2) Security Analysis:

Securities to be brought are scrutinized through market, industry and company analyses after the
formulation of investment policy.

a) Market analysis
The growth in Gross Domestic product and inflation is reflected in stock prices. Recession in the
economy results in a bear market. Stock prices may fluctuate in the short run but in the long run, they
move in trends. The investor can fix his entry and exit points through technical analysis.

b) Industry analysis:
An analysis of the performance, prospectus and problems of an industry of interest is known as industry
analysis. The risk factors related to the automobile industry are different from those related to the
information technology industry. The performance of an industry reflects the performance of the
companies it consists of.

c) Company analysis:
The purpose of company analysis is to help the investors make better decisions. The company's earnings,
profitability, operating analysis, capital structure and management have to be screened. A company with a
high product market share is able to create wealth for investors in the form of capital appreciation.

3) Valuation:
Valuation helps the investor determine the return and risk expected from an investment in common stock.

Intrinsic value of the share is measured through the book value of the share and price earning ratio.
Simple discounting models can be adopted to value the shares.
Future value of securities can be estimated by using a simple statistical technique like trend analysis. The
analysis of the historical behavioral of price enables the investor to predict the future value.

4) Construction of a portfolio:
A portfolio is a combination of securities. By constructing a portfolio, investors attempt to spread risk by
not putting all their eggs into one basket and it also helps to meet their goals and objectives.

a) Diversification:
The main objective of diversification is the reduction of risk in the form of loss of capital and income. A
diversified portfolio is comparatively less risky than holding a single portfolio. Several models are
available to diversify a portfolio.
I) Debt And Equity Diversification:
Debt instruments provide assured returns with limited capital appreciation. Common stock provide income
and capital gain but with a flavor of uncertainty.
Ii) Industry Diversification:
Banking industry shares may provide regular returns but with limited capital appreciation. Information
technology stocks yield higher returns and capital appreciation.
iii) Company diversification:
Securities from different companies are purchased to reduce the risk. Technical and fundamental analysts
suggest the investors to buy the securities.

b) Selection And Allocation:

Securities have to be selected based on the level of diversification and funds are allocated for selected
securities.

5) Portfolio Evaluation:
It is the process which is concerned with assessing the performance of the portfolio over a selected period
of time in terms of return and risk.
a) Appraisal:
Developments in the economy, industry and relevant companies from which stocks are bought have to be
appraised. The appraisal warns of the loss and steps can be taken to avoid such losses.

b) Revision:
It depends on the results of the appraisal. Low-yielding securities with high risk are replaced with highyielding securities with low risk factor. The investor periodically revises the components of the portfolio to
keep the return at a level.

NEED AND IMPORTANCE OF PORTFOLIO MANAGEMENT

Portfolio management is a process encompassing many activities of investment in assets and securities. It
is a dynamic and flexible concept and involves regular and systematic analysis, judgment and action. The
objective of this service is to help the unknown and investors with the expertise of professionals in
investment portfolio management. It involves construction of a portfolio based upon the investors
objectives, constraints, preferences for risk and returns and tax liability.
The portfolio is reviewed and adjusted from time to time in tune with the market conditions. The
evaluation of portfolio is to be done in terms of targets set for risk and returns. The changes in the portfolio
are to be effected to meet the changing condition. Portfolio construction refers to the allocation of surplus
funds in hand among a variety of financial assets open for investment.
Portfolio theory concerns itself with the principles governing such allocation. The modern view of
investment is oriented more go towards the assembly of proper combination of individual securities to
form investment portfolio. A combination of securities held together will give a beneficial result if they
grouped in a manner to secure higher returns after taking into consideration the risk elements. The modern
theory is the view that by diversification risk can be reduced.
Diversification can be made by the investor either by having a large number of shares of companies in
different regions, in different industries or those producing different types of product lines. Modern theory
believes in the perspective of combination of securities under constraints of risk and returns.

INVESTMENT AVENUES:

Investment Avenues

Securit
Stocks
ies
Bonds/
Securiti
es
Gsecuriti
es
Money
market
instrum
ents
Deriva
tives
Mutual
Funds

Deposit
s
Bank
Deposi
ts
NonBankin
g
Financi
al
Comp
any
(NBFC)
deposi
ts

INVESTMENT AVENUES:
1) Negotiable investments
2) Non-negotiable investments

Postal
Schemes
Monthly
Income
Scheme(MIS
)
National
Saving
Scheme(NSS
)
Public
Provident
Fund(PPF)

Insuran
ce

Real
Assets

Life
Insuran
ce
policies
Unit
Linked
Insuran
ce Plan
(ULIP)

Real
estate
Preciou
s metals
Art and
antiques

I) NEGOTIABLE INVESTMENTS:
a) variable income securities
b) Fixed income securities

Variable Income Securities - Equity Shares


Equity shares are commonly referred as common stock or ordinary shares. The most
common classification under this shares are:
a) Large-cap, mid-cap and small-cap stocks:
The large-cap stocks are shares of high market capitalization, the small-cap ones have
a low market capitalization and the mid-cap ones fall in between these two.
b) Blue chip shares:
The shares of companies which have a consistent track record and are doing exceedingly
well compared with other companies are known as blue chip shares. Ex: Reliance, SBI,
ICICI, HDFC, ONGC, Infosys, TCS, Wipro, HLL, ITC, Tata Steel and Jindal Steel.
c) Growth shares:
Stocks that have a higher rate of growth in profitability than the industry growth rate are
referred to as growth shares.
d) Income shares:
These stocks belong to companies that have stable operations and pay regular
dividends.
e) Defensive shares:
Defensive stocks are relatively unaffected by market movements. Ex: a host of
pharmaceutical stocks posted returns even in the period of market slowdown.

f) Cyclical shares:
The upward and downward movements of the business cycle affect the business
prospects of certain companies and their stock prices. Such shares provide low to moderate
current yield. Ex: automobile sector stocks are affected by business cycle.
g) Speculative shares:
Shares that have a lot of speculative trading in them are referred to as speculative shares.

Fixed Income Securities:


Fixed income shares are categorized as follows:
a) Preference shares:
The biggest advantage is the tax-exempt status of the preference shares dividend.
b) Debentures / Bonds:
Debentures are generally issued by the private sector companies as a long-term
promissory note for raising loan capital. The company promises to pay interest and principal
as stipulated whereas bond is a long-term debt instrument that promises to pay a fixed annual
sum as interest for a specified period of time. Public sector companies and financial
institutions issue bonds.
c) Government Securities:
The securities issued by the central government, state government and quasi-government
agencies are known as government securities or gilt-edged securities. It is a secure financial
instrument, which guarantees the income and capital.

d) Money market securities:


These have a short term maturity, say less than a year. Common money market
instruments are treasury bills, commercial paper and certificate of deposit.
i) Treasury bills:
It is fundamentally an instrument of short-term borrowing by the government of India to
help the cash management requirements of various segments of the economy. Generally,
treasury bills are of 91 days. Since the interest rates offered on treasury bills are low,
individuals very invest in them.
ii) Commercial Papers:
It is a short term negotiable instrument with a fixed maturity period. It is an unsecured
promissory note issued by the company either directly or through Banks.
iii) Certificate of deposit:
It is a marketable receipt of funds deposited in a bank for a fixed period at a specified
rate of interest.

II) NON-NEGOTIABLE INSTRUMENTS:


Deposits:
a) Bank deposits:
The banks offer current account, savings account and fixed deposit account with a fixed
rate of return.
b) Non-Banking Financial Companies (NBFC) :
It is one of the financial intermediate company which comes under the purview of RBI.
Security of the deposits with the NBFCs is lower than of the deposits with banks.

Postal Savings:
Postal savings like National Savings Certificate (NSC), Kisan Vikas Patra (KVP),
Monthly income scheme, Senior citizen scheme, PPF are considered as reliable form of
investment because they are backed by the Government of India under Indian Postal
department. Postal savings schemes offered to lower-middle class and lower class investors
but now middle income and higher-income groups are also considering this avenue with the
increase in the uncertainties.

Life Insurance:
It is contract for payment of a sum of money to the person assured on the happening of the
event insured against. The core feature of the is protection and elimination of risks. Insurance
emerge as a combination of both investment and assurance. The major advantages it includes
are : protection, easy payment, liquidity and tax relief.
Unit Linked Insurance Plan (ULIP):
This is a market-linked insurance plan. It provide life insurance combined with savings
at market-linked

returns. The premiums is mainly invested in risk-free securities like

government securities and fixed income securities.

Real Assets:

Gold
Silver
Real estate refers to various fixed assets which can be classified into three categories:
Residential Property, Commercial property, Land.
Art
Antiques

Risk return trade-off:


The principal that potential return rises with an increase in risk. Low levels of uncertainty
(low risk) are associated with low potential returns whereas high levels of uncertainty (high
risk) are associated with high potential returns.
According to risk return trade-off, invested money can render higher profits only if it is
subject to the possibility of being cost.
The trade off which an investor faces between risk ad return while considering
investment decisions is called Risk Return Trade-off.
Ex: Mr. Rohan faces a risk return trade-off while making his decision to invest. If he deposits
all his money in a SB account, he will earn a low return, but all his money will be insured up
to an amount of Rs. 1 Lakh.
The risk return spectrum also called the risk return trade-off which is the relationship
between the amount of return gained on an investment and the amount of risk undertaken in
that investment. The more return sought, the more risk that must be undertaken.

Capital Market:
Capital market deals with medium term and long term funds. It refers to all facilities
and the institutional arrangements for borrowing and lending term funds (medium term and
long term). The demand for long term funds comes from private business corporations, public
corporations and the government. The supply of funds comes largely from individual and
institutional investors, banks and special industrial financial institutions and Government.
It is the market segment where securities with maturities of more than one year are
bought and sold. Equity shares, preference shares, debentures and bonds are the long-term
securities traded in the capital market.

Capital market is classified in two ways:


1) Primary Market ( New Issue Market)
2) Secondary Market ( Stock Market)
Primary Market:

Primary market is the new issue market of shares, preference shares and debentures.

Stocks available for the first time are offered through the new issue market. The
issuer may be the new company or the exit company.

The issuing houses, investment bankers and brokers act as the channels of
distribution for a new issue. They take responsibility for selling the stocks to the
public.

The issuer can be considered as manufacturer.

Types of Issues:

Public Issue which is a method of raising a funds through the issue of shares to
investors in the primary market by companies.

Preferential issue means when listed companies issue securities to a selected group of
persons. It may be financial institutions, mutual funds or high net worth individuals.

Rights issues means an issue of capital offered by a company to its existing


shareholders through a letter of offer. In other wards, a listed company issues fresh
securities only to its existing shareholders.

Parties involved in the new issue:


1) Managers to the issue:

Drafting the prospectus

Preparing a budget expenses related to the issue.

Suggesting the appropriate timing of the public issue

Assisting in marketing the public issue successfully.

Advising the company in the appointment of parties involved in it.

Directing the various agencies

2) Registrar to the issue:


The registrar to the issue is appointed in consultation with the lead managers. They
receive the share applications from various collections centers. They arrange for the dispatch
of the share certificates. They hand over the details of the share allocation and related
documents to the company.
3) Underwriters:
Underwriting is a contract in which an underwriter gives an assurance to the issuer that
the he will subscribe to the securities offered in the event of non-subscription by the persons
to whom they are offered. Ex: financial institutions, banks, brokers and approved investment
companies.
4) Bankers to the issue:
Bankers to the issue are responsible for collecting the application money along with the
application form. They charge commission as brokerage.

5) Advertising Agents:
Advertising plays s key role in promoting a public issue. The advertising agencies take
responsibility for giving publicity to the issue through appropriate platforms.

Secondary Market:
Secondary market deals with securities which have already been issued and are owned by
investors. The buying and selling of securities already issued and outstanding take place in
stock exchanges. Hence, stock exchanges constitute the secondary market in securities.

STOCK EXCHANGE:
The stock exchange were once physical market places where the agents of buyers and
sellers operated through the auction process. These are being replaced with electronic
exchanges where buyers and sellers are connected only by computers over a
telecommunication network.
Auction trading is giving way to screen-based trading where bid prices and offer
prices are displayed on the computer screen. Bid price refers to the price at which an investor
is willing to buy the security and offer price refers to the price at which an investor is willing
to sell the security.
A stock exchange may be defined in different ways. In simple terms, stock exchange is
A centralized market for buying and selling stocks where the price is determined through
supply-demand mechanisms.
According to the Securities Contracts Act, 1956, Stock exchange means any body of
individuals, whether incorporated or not, constituted for the purpose of assisting, regulating
or controlling the business of buying, selling or dealing in securities.

Functions of Stock Exchange:


Maintains Active Trading
Shares are traded on the stock exchanges, enabling the investors to buy and sell securities.
The prices may vary from transaction to transaction. A continuous trading increases the
liquidity or marketability of the shares traded on the stock exchanges.

Fixation of Prices
Price is determined by the transactions that flow from investors demand and suppliers
preferences. Usually the traded prices are made known to the public. This helps the investors
to make better decisions.

Ensures Safe and Fair Dealing


The rules, regulations and by-laws of the stock exchanges provide a measure of safety to the
investors. Transactions are conducted under competitive conditions enabling the investors to
get a fair deal.

Aids in Financing the Industry


A continuous market for shares provides a favorable climate for raising capital. The
negotiability of the securities helps the companies to raise long-term funds. When it is easy to
trade the securities, investors are willing to subscribe to the initial public offerings. This
stimulates the capital formation.

Dissemination of Information
Stock exchanges provide information through their various publications. The publish the
share prices traded on daily basis along with the volume traded. Directory of Corporate
information is useful for the investors assessment regarding the corporate. Handouts,
handbooks and pamphlets provide information regarding the functioning of the stock
exchanges.

Performance Inducer
The prices of stock reflect the performance of the traded companies. This makes the corporate
more concerned with its public image and tries to maintain good performance.

Self-regulating Organization
The stock exchanges monitor the integrity of the members, brokers, listed companies and
clients. Continuous internal audit safeguards the investors against unfair trade practices. It
settles the disputes between member brokers, investors and brokers.

How a trade actually takes place on a stock exchange?

CONCLUSION
After the overall all study about each and every aspect of this topic it shows that portfolio
management is a dynamic and flexible concept which involves regular and systematic
analysis, proper management, judgment, and actions and also that the service which was not
so popular earlier as other services has become a booming sector as on today and is yet to
gain more importance and popularity in future as people are slowly and steadily coming to
know about this concept and its importance.

It also helps both an individual the investor and FII to manage their portfolio by expert
portfolio managers. It protects the investors portfolio of funds very crucially.

Portfolio management service is very important and effective investment tool as on today for
managing investible funds with a surety to secure it. As and how development is done every
sector will gain its place in this world of investment.

BIBLOGRAPHY
REFERENCES USED FOR THE COMPLETION OF PROJECT
http://www.slideshare.net/verma15/final-project-13554875
http://www.slideshare.net/hemanthcrpatna/a-project-report-onportfolio-management
http://www.pondiuni.edu.in/storage/dde/downloads/finiv_sapm.pdf

https://www.jpmorganchase.com/corporate/socialfinance/document/1
21001_A_Portfolio_Approach_to_Impact_Investment.pdf