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A

Project Report
On
INVESTORS BEHAVIOUR FOR INVESTING IN EQUITY
MARKET IN VARIOUS SECTORS
(Conducted on Sharekhan Limited Jalgaon)
SUBMITTED TO
University of Pune
SUBMITTED BY
Aslam K. Alam
Roll No. 39
UNDER THE GUIDANCE OF
Prof :Dr. Mayanka Sharma
In Partial Fulfillment of
MASTER OF BUSINESS ADMINISTRATION
(MBA)
ALLANA INSTITUTE OF MANAGEMENT SCIENCES, PUNE.
2012-2014

I Aslam

DECLARATI
ON

K. Alam, Roll No: 39, here by declare that the project report entitled
Investors Behaviour for Investing in Equity Market in Various Sectors
Conducted on behalf of SHAREKHAN LIMITED, under the guidance of Prof

:Dr. Mayanka Sharma submitted in partial fulfillment of the requirements for


the award of the degree of MBA is my original Work-Research Study-carried out
during 2 months and not submitted for the award of any other degree / diploma /
fellowship or other similar titles or Prizes to any other Institutions/Organization or
University by any other person.

Place:
Date:

Aslam K. Alam

ACKNOWLEDGE
MENT
I

express

my

deep

sense

of

gratitude

towards

my

guide,

Prof :Dr. Mayanka Sharma without whose kind help this project study would
have been extremely difficult. She has helped me with her valuable suggestions
right from the beginning till the final draft of the report. The sheer mention of my
project study shall ever commemorate her kind guidance.
I am also grateful to Finance faculty of the Allana Institute Of
Management Sciences for M.B.A. for his kind effort to make all the required
facilities available and gave his valuable suggestions in preparing this project
report. The library facility of the college has been of immense use to me for
reference of books and old project reports.
I am also thankful to Mr. Jitendra Kolhe (BM) of Sharekhan Ltd. Jalgaon,
for giving me an opportunity for getting in valuable experience in such reputed
organization.
Finally, I would like to record my special thanks to my parents, friends,
and colleagues help me directly or indirectly in preparation of project work.

Aslam K. Alam
MBA
Roll No. 39

INDEX
NO.

PERTICULARS

1.

EXECUTIVE SUMMERY

2.

OBJECTIVES OF THE PROJECT

3.

COMPANY PROFILE

4.

INTRODUCTION TO MUTUAL FUND

5.

RESEARCH METHODOLOGY

6.

DATA ANALYSIS & INTERPRETATION

7.

FINDINGS

8.

LIMITATIONS OF THE PROJECT

9.

CONCLUSION

10.

RECOMMONDATIONS

11.

BIBLIOGRAPHY

12.

ANNEXTURE

PAGE.NO.

EXECUTIVE SUMMAR
Days were gone when people only invest their money in Post offices or in

Banks and another safely fixed return investment. Today people have several
choices for the investment alternatives. Now a day, one of the most emerging
choices is to invest in equities shares. To get good return on investment, people
are ready to take risks. Law always says that investors get HIGHER RETURN if
they take HIGH RISK. For high risk there is one avenue to invest and that is
Equity Market.
This Project Focused On INVESTORS BEHAVIOUR FOR INVESTING IN
EQUITY MARKET IN VARIOUS SECTORS. Objectives behind this project are to
know investors behavior for investing in various sectors regarding equity market,
to know their preference of investment in equity market, and to know whether
potential growth of equity market is there or not.
I have used Descriptive Research Design because answers the questions
who, what, where, when and how. This study is complex and determines high
degree scientific skill to study the problem. Questionnaires are used for survey
purpose and before going to actual survey pilot testing were also done.
Sample size is of 175 respondents who are the actual and potential
investors from whole of the equity market of and also from Sharekhan Securities
Pvt. Ltd. Here, each sample has the chance to be selected on an equal basis
because I have used simple random sampling method for surveying purpose.
From research I found that 68% of investors are investing in Equity
Market. While 36% of investors are not investing in Equity Market as per my
sample size 175.
Means most of the customers are aware about Equity Market. There are
certain customers who are also aware about equity market but, they not want to
invest in equity market, Reasons for not investing in equity market is high risk and

there are no any fixed returns criteria and Investors age also affect in risk factor.
Means old persons risk bearing capacity is law so, investors also select
investment avenue as per his/her risk bearing capacity
Equity share holder is real owner of the company in spite of their priority in
getting dividend is comes last.
Major

Investors

are

investing

in

equity

market

only

due

to

earn high return and hedge the risk by investing their 5%-10% of income in
Equity Market. 28% of investors invest in Equity market for the period of
1 to 3 Months and the same proportion of investors are invest for
long period more than year.
On the basis of research I found that, major investors have selected
Oil & gas sector as a 1st Rank, IT sector as a 2nd Rank, Banking sector as a 3 nd
Rank, Automobile sector as a 4th Rank and Infrastructure sector as a 5nd Rank.
Most of investors have considered Market trend, Price Earning Ratio,
Dividend and Profitability as a most important factor while selecting the Sector
and company under the sector.
I have used SPSS software (Statistical Package for the Social Sciences)
for analysis purpose and in that I have used graphical representation &
interpretation with each graphs and charts and Microsoft Office is used for data
typing formatting and analyzing the data.

company profile

COMPANY PROFILE
Company Name:
Parental Company:

SHAREKHAN LIMITED
SSKI Group
(Shripal Sevantilal Kantilal Ishwarlal Pvt. Ltd)

Establishment year:
CEO of the
company:
Head Office:

Work Done
Telephone No:

1922
Mr. Tarun Shah

10th Floor, Beta Building, Lodha iThink Techno


Campus, Off. JVLR, Opp. Kanjurmarg Railway
Station, Kanjurmarg (East), Mumbai 400 042,
Maharashtra.
Sharekhan Ltd, Jalgoan.
07738361964

Online division as
Sharekhan
Web Site:

8th February 2000


www.sharekhan.com

Email:

jitendrak@branch.sharekhan.com

Offices(Network):

More than 640 outlets in 280 cities

INTRODUCTION OF SHAREKHAN

Share khan is one of the leading share broking and retail brokerage firms
in the country. It is the retail broking arm of the Mumbai-based SSKI Group
which has more than 88 years of experience in the stock broking business. SSKI
is a veteran equities solutions company with more than 8 decades of trust and
credibility in the Indian stock markets. It helps the customers/people to make
informed decisions and simplifies investing in stocks.
Share khan brings to you a user- friendly online trading facility, coupled
with a wealth of content that will help you stalk the right shares. SSKI named its
online division as a Share khan and it is into retail broking. The business of the
company overhauled 10 years ago on February 8, 2000. It acts as a discount
brokerage house to a full service investment solution provider. It has specialized
research product for the small investors and day traders.
Share

khans

online

trading

and

investment

site

www.sharekhan.com was launched in 2000.


Though the www.sharekhan.com, have been providing investors a
powerful online trading platform, the latest news, research and other knowledgebased tools and Share khans equity related services include trade execution on
BSE, NSE, Derivatives, commodities, depository services, online trading and
investment advice.
Share khans ground network includes over 640 Share shops across 280
cities in India. With branches and outlets across the country, Share khans
ground network is one of the biggest in India!
They have talent pool of experienced professionals specially designated
to guide you when you need assistance, which is why investigating with us is
bound to be a hassle-free experience for you!

The Sharekhan provides its Customers First Step program, built


specifically for all investors, so testament is

YOUR GUIDE TO THE FINANCIAL JUNGLE means


Our commitment to being your guide throughout your investing lifecycle
The institutional broking arm of SSKI was also awarded Indias best
broking house for 2004 by Asia Money brokers poll recently & It has also won
the prestigious Awaaz Consumer Vote Awards 2005 for the Most Preferred
Stock Broking Brand in India, in the Investment Advisors category.
They have 640 share shops across 280 cities in India to get a host
of trading related services our friendly customer service staff will also help you
with any account related queries you may have.
Sharekhan won the award by the vote of consumers around the country,
as part of Indias largest consumer study cover 7000 respondents 21 products
and services across 21 major cities. The study, initiated by Awaaz Indias first
dedicated Consumer Channel and member of the worldwide CNBC Network, &
AC NielsenORG Marge, was aimed at understanding the brand preferences of
the consumers & to decipher what are the most important loyalty criteria for the
consumer in each vertical.
The reasons behind the preferences for brands were unveiled by
examining the following:

Tangible features of product / service.

Softer, intangible features like imagery, equity driving preference.

Tactical measures such as promotional / pricing schemes.

Sharekhan completes 10 years in Retail


Broking Business:
Sharekhan Ltd, Indias leading online retail broking house with a strong
online trading platform, has completed a decade in the business offering services
such as portfolio management, trade execution in equities, futures & options,
commodities and distribution of mutual funds, insurance and structured products.
In a short span of 10 years, the company has scripted a remarkable
growth story. Starting from beginnings in 8th February 2000 as an online trading
portal, Sharekhan today has a pan-India presence as well as global footprint in
UAE and Oman with over 1,200 outlets serving 9,50,0000 customers across
400 cities.

Mr. Tarun Shah, CEO, Sharekhan,


Says

We

are

proud

to

be

completing a decade of setting new


standards

in

the

industry.

This

journey has been eventful. And the


journey couldnt have been such a
rewarding one without the support of

our patrons who infused immense


faith in our services in the last 10
years.

We

profusely

thank

our

patrons for the same.


Sharekhan in its decade-old journey has set category leadership through
pioneering initiatives like Trade Tiger; a net based executable application that
emulates a broker terminal besides providing information and tools relevant to
traders. Through its First Step program Sharekhan has been guiding first-time
investors and helping them makes informed decisions.

ABOUT SHAREKHAN
SSKI named its online division as SHAREKHAN and it is into retail broking.
The business of the company overhauled 10 years ago on February 8,
2000.
It acts as a discount brokerage house to a full service investment solutions
provider.
It has specialized research product for the small investors and day traders.
Largest chain of 640 shares shops in 280 cities across India.
The site was also launched on February 8, 2000 and named it as
www.sharekhan.com.
The Speed Trade account of Sharekhan is the next generation technology
product launched on April 17, 2002.

It offers its customers with the trade execution facilities on the NSE and BSE,
for cash as well as derivatives, depository services.
Ensures convenience in Trading Experience: Sharekhans trading services are
designed to offer an easy, hassle free trading experience, whether trading is
done daily or occasionally. Sharekhan providing the customers with a multichannel access to the stock markets.
It gives advice based on extensive research to its customers and provides
them with relevant and updated information to help him make informed about
his investment decisions.
Sharekhan offers its customers the convenience of a broker-DP.
It helps the customers meet his pay in obligations on time thereby reducing the
possibility of auctions. And execute the instruction immediately on receiving it
and thereafter the customer can view his updated account statement on
Internet.
Sharekhan depository services offer D-mat services to individual and corporate
investors. A customer can avail of D-mat, repurchase and transmission
facilities at any of the Sharekhan branches and business partners outlets.

BRAND NAME:
The company as a whole in its offline business has named itself as SSKI

Securities Limited Shripal Sevantilal Kantilal Ishwarlal Securities Limited.


The company has preferred to name themselves under a blanket family name.
But, in its online division started since 1997, the company preferred to
name itself as SHAREKHAN. The Brand name SHAREKHAN itself suggests
the business in which the company is dealing so that the customer could easily
identify the product or service category.

SHAREKHANS MISSION & VISION:


MISSION
To educate and empower the retail investor
to help him/her take better investment decisions.

VISION
To be the best retail broking brand in the Indian equities market.

ROLE OF SHAREKHAN:
Interface between the stock exchange and the investor.
Assistance to investors in precise allocation of funds.
Building awareness amongst general public about stock market.

Core Services of Sharekhan:


As a Sharekhan customer you can decide the channel through which you
want to receive different Services.

OTHER SERVICES PROVIDED BY SHAREKHAN


1. Online Services
2. Offline Services
3. Depository Services: D-mat & Remat Transactions
4. Derivatives Trading (Futures and Options)
5. Commodities Trading
6. IPOs & Mutual Funds Distribution
7.

Fundamental Research

8.

Technical Research

9.

Portfolio Management
10. Free access to investment advice from Sharekhans Research team
11. Sharekhan Value Line (a monthly publication with reviews of
recommendations, stocks to watch out for etc)
12. Daily research reports and market review (High Noon & Eagle Eye)
13. Pre-market Report (Morning Cuppa)
14. Daily trading calls based on Technical Analysis
15. Cool trading products (Daring Derivatives and Market Strategy)
16. Personalized Advice

17.

Live Market Information

18. Internet-based Online Trading: Speed Trade

1. Online Services:

Online BSE and NSE executions (through BOLT & NEAT terminals

Mutual Funds

Commodity Futures

PMS (Portfolio Management Services)

Technical PMS

Demat Services

Share shops

2. Offline Services:

Trading with the help of Dealer

Trading without credit

By calling to the Share shops

Credit facility (Only in Delivery-based)

DTOCT
Special
website for Offline Clients: www.mysharekhan.com
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Physical
contract notes
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It provides various On-line trading services through various account:
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The company provided mainly two types of services to their customers for
the Demate Accounts.
(1) Online Account and
(2) Offline Account

1. Online Account: In the Online account, the company simply provides the terminal to the
customers or clients and the clients can do trading himself/herself when he/she
wants. The charges of online account is Rs. 750 /-, which is varies from company
to company. Online accounts are most popular than the Offline accounts.
In the Online A/C, the company provides 3 types of facilities to their clients
as per the requirements.
A. Classic Accounts

B. Trade Tiger Accounts


C. Dial n Trade

A. Classic Accounts:

Investing Online is so much easier!


In Classic accounts, it is very simple to do trading. Here customer has first
to open a D-mat account with Sharekhan and after opening an account he can
get the login ID and password. With the help of login ID and password, the client
can login to the Sharekhan.com and in the classic a/c whatever companys
information the clients wants, he has to type the companys name or code and he
will get all the necessary information about that company and he can buy or sell
the that companys stock or shares. But, here in the classical account the client
can access only one scrip at a time.

Features of Classic Account:


Classic account enables you to buy and sell shares through our website. You
get features like

Online trading account for investing in Equities and Derivatives via


sharekhan.com

Integration of: Online trading + Bank + D-mat account

Instant cash transfer facility against purchase & sale of shares

Make IPO bookings

You get Instant order and trade confirmations by e-mail

Streaming Quotes

Personalized Market Scan with your own customized stock ticker!

Single screen interface for cash and derivatives

Your very own Portfolio Tracker!

B.

Trade Tiger Account: -

Earlier it was known as Speed Trade and now it is known as Tiger Trade.
This account is same as fast trade account. But, difference between these
two accounts is that in the Tiger Trade Account the client can access more than
25 scripts at a time and buy and sell the share from wherever they wants. This
account also provides the charts and graphs, so that the clients can easily
understand about the stock of the company. This is only for big clients and dealer
kind of customers. This account is mainly for active traders who trade frequently
during the trading session.

F
e
at
ur
e
s
of

Trade Tiger Account:

A single platform for multiple exchange BSE & NSE (Cash & F&O), MCX,

NCDEX, Mutual Funds, IPOs


Multiple Market Watch available on Single Screen
Multiple Charts with Tick by Tick Intraday and End of Day Charting

powered with various Studies


Graph Studies include Average, Band- Bollinger, Know Sure Thing,

MACD, RSI, etc


Apply studies such as Vertical, Horizontal, Trend, Retracement & Free

lines
User can save his own defined screen as well as graph

template, that is, saving the layout for future use


User-defined alert settings on an input Stock Price trigger
Tools available to gauge market such as Tick Query, Ticker,
Market Summary, Action Watch, Option Premium Calculator, Span

Calculator
Shortcut key for FAST access to order placements & reports
Online fund transfer activated with 12 Banks

C.Dial-n-trade:

Features of Dial-n-trade:

TWO dedicated numbers for placing your orders with your cell phone or
landline. Toll free number: 1-800-22-7050. For people with difficulty in
accessing the toll-free number, we also have a Reliance number (Your
Local STD Code) 30307600 which is charged at as a local call.

Simple and Secure Interactive Voice Response based system for


authentication

No waiting time. Enter your TPIN to be transferred to our telebrokers

You also get the trusted, professional advice of our telebrokers

After hours order placement facility between 9.00 am and 9.30 am (timings
to be extended soon)

2. Offline Account: This is simple way to do trading. In the offline account, the client
can place the order by telephone or through personal visit in the office.
The client who is very busy in their jobs or business, they can directly
place the order by the telephone or the client who are not much busy; they
can come to the office of Sharekhan.

Sharekhan also provide the Dial-n-trade service to their customers.


So that customers can directly place the order by the telephone.

Demat

Account

Opening

&

Brokerage

Charges: -

Fee structure for General Individual:

Charges

Classic Account

Account Opening Charges

Brokerage

Free

Intra-day :

Free

0.10

%
Delivery :

Trade Tiger
Account

Intra-day : 0.10 %
Delivery : 0.50 %

0.50

%
Annual Maintenance
Charges

Rs. NIL first year


Rs. 400/= p.a.+ Taxes from second year
onwards

For Intra-day Trades:

This is subject to a minimum brokerage of 5 paisa per share. This means


that if the share price you trade in is Rs 50/- or less, a minimum brokerage
of 5 paisa per share will be charged.

For Delivery Based Trades :

This is subject to a minimum brokerage of 10 paisa per share. Minimum


brokerage of 10 paisa per share will be applicable when the share price
is Rs 20/- or less.

Sharekhan launches Share Mobile, an exclusive live streaming quotes and


trading facility for its online trading customers

Next time when you are on move, you need not worry about your favorite
stocks price movement. You can carry stock market terminal with you
anywhere anytime.

Have you ever missed an investment or an opportunity to book profit / loss,


just because you were on move?

Sharekhan brings your freedom of being Mobile. Yes, its so easy with Share
Mobile to track your favorite stocks price movement tick-by-tick.

How Share Mobile does empower you?

Live tick by tick stock price.


Latest News Headlines
Track your My Trade Portfolio investments
Live Research Fundamental & Trading Calls

Sharekhan Depository Services:


Sharekhan Depository Services offers dematerialization services to individual

and corporate investors.


Sharekhan has a team of professionals and the latest technological expertise

dedicated exclusively to our D-mat department, apart from a national network


of franchisee, making the services quick, convenient and efficient.

Trading in Commodity Futures:


It provides with facility to trade in commodities (Bullion: Gold, silver and

agricultural commodities) through a wholly owned subsidiary of its Parent


SSKI.

Sharekhan is a member of 2 Commodity Exchanges and offers trading


facility at both these exchanges:

1.

Multi Commodity Exchange Of India (MCX)

2.

National Commodity And Derivative Exchange, Mumbai (NCDEX)

Software (Technology) Used In Sharekhan: Sharekhan is using different technology for the running of their daily
transactions.
Mainly for the trading, the company using three software.
1. ODIN (VSAT Based)
2. Trade Tiger (WEB Based)
3. Classic/Fast Trade (WEB Based)
And also NEAT System Used for making transaction in NSE listed
company & same way BOLT System Used for making transaction BSE listed
company.
And for the client information or customer service, the company using two
software.
1. CIS Client Information System.
2. BOC Back Office.

Some Information about Sharekhan:


Turnover

Rs. 15 corers daily

Employees Strength

35

Offices

More than 640 outlets in 280 cities

Clients : Demat A/c

5000

Trading A/c

3000

Head office

Mumbai

Working Capital

More than 400 corers


Sharekhan Classic Account

Special Features

Sharekhan Trade Tiger Account


Dial n - Trade

Sharekhan provide right investment


decision to Investors according to their
needs

Seven
Reasons

Why Customers first choice is SHAREKHAN?


1. EXPERIENCE:
SSKI has more than eight decades of trust and Credibility in the Indian
stock market. In the Asia Money brokers poll held recently, Sharekhan won the
India best broking house for 2004 award. Ever since it launched Sharekhan

as its retail broking division in February 2000, it has been providing institutionallevel research & broking services to investors.

2. TECHNOLOGY:
With Sharekhan online trading account you can buy and sell shares in an
instant from any PC with an internet connection. You will get access to our
powerful online trading tools that will help you take complete control over your
investment in shares.

3. KNOWLEDGE:
In a business where the right information at the right time can translate
into direct profits, you get access to a wide range of information on Sharekhans
website www.sharekhan.com. You will also get a useful set of Knowledge-based
tools that will empower you to take informed decisions.

4. ACCESSIBILITY:
In addition to Sharekhan online and phone trading services also very
useful. Sharekhan also have a ground network of 640 share shops across 280
Cities in India where you can get personalize Services.

5. CONVENIENCE:
You can call Sharekhans Dial-n-Trade number to get investment advice
and execute your transactions. Sharekhan have a dedicated Call Center to
provide this service via a toll-free number from anywhere in India.

6. CUSTOMER SERVICE:
Sharekhans customer service team will assist you for any help that you
need relating to transactions, billing, d-mat and other queries. Sharekhans

customer service can be contacted via a toll-free number-mail or live chat on


www.sharekhan.com.

7. INVESTMENT ADVICE:
Sharekhan has dedicated research teams for fundamental and technical
research. Sharekhans analysts constantly track the pulse of the market and
provide timely investment advice to you in form of daily research e-mail, online
chat, printed reports and SMS on your phone.

SWOT ANALYSIS of Sharekhan


STRENGTHS:
Online Trading Facility
Largest Chain of Retail Share Shops in India
88 years of Experience in securities market
Dedicated and responsive workforce/staff
Value added service for HNI client
Research Center
Membership of NSE & BSE

Trading option like Future & Option and Commodities


Volume based differentiated product.

WEAKNESSES:
Less informative website
Does not have slab rate brokerage which is provided by competitors
Problems due to network crash
Unawareness Among Investors

OPPORTUNITY:

Collaboration with international financial institution

To tap the Untapped market

To capture the market lost to its Competitors.

To focus on developing a superior and powerful portal

To spread awareness of its Brand Name.

THREATS:

Follow government laws

Competitors develops

Prolonged depression and high volatility in the market

New Entrants.

Awards & Achievements of SHAREKHAN:

2001 - Web Award winner of Chip


magazines

Best

Financial

Website

Award.

2004 - Best Local Brokerage by Advisory


Poll of Poll 2004.

2005 - Awaaz Consumer Awards Best


Broking House by CNBC channel.

Sharekhan is amongst top 3 online


Brokers in India.

INDUSTRY
PROFILE

OF BROKING FIRMS

INDUSTRY PROFILE OF BROKING FIRMS


The Indian retail brokerage industry consists of companies that primarily
act as agents for the buying and selling of securities (e.g. stocks, shares, and

similar financial instruments) on a commission or transaction fee or Brokerage


basis.
An agent that charges a fee or commission for executing buys and sell
orders submitted by an investor. The firm that acts as an agent for a customer,
charge the customer the commission for its service. Roles similar to that of a
stockbroker include investment advisor, financial advisor and probably many
others. A stockbroker may or may not be also an investment advisor.
A stockbroker is a regulated professional broker who buys and sells
shares and other securities through market makers or Agency Only Firms on
behalf of investors.
Typically, a broker who receives an order from a customer will
communicate with a company employee located at a particular exchange, who
will execute the order at the exchange and report details of the transaction to the
broker. Customers typically keep their securities in an account with the broker.
Brokers charge customers commissions for conducting transactions and fees for
maintaining their accounts.
Some of the main characteristics of the brokerage industry include growth
in e-broking, decline in brokerage fees and growing derivative market and many
more.
There are several national as well as local players in stock trading services
which are providing various services to their customers like online trading,
portfolio management system, stock broking etc.
They are helping the investors to take decision about where to invest because
there is lots of Investment Avenue available with investors. Some of them are as
follows working at the national level.

5Paisa.com - Online trading, live stock quotes and market research

Anagram Capital - Stock broking, portfolio management and investment


banking services

Angel Broking -Stock-Broking and Wealth Management services

Advani Share Brokers - Share broking and market research services

Anand Rathi Securities - Portfolio management, corporate finance, equity &


fixed income brokerage services

Brescon Group - Advisory and broking services

CIL Securities - Stock broking & merchant banking services

CRN India - Trends of stock market, trading tips, chat etc

Churiwala Securities - Stock trading, quotes and market analysis

DSP Merrill Lynch - Investment banking and brokerage services

Dalmia Securities - Stock broking & depository services

Equity Trade - Stock trading, company news & market research

Gandhi Securities - Stock broking and investment services

Gogia Capital Services - Stock broking and market analysis

Hasmukh Lalbhai - Stock trading services

Idafa Investments - Stock broking services

India Info line Securities - Stock broking, portfolio management and


investment banking services

India Market Access - Offers stock broking, portfolio management and


investment banking services

Investsmart India - Personal finance advisory & online brokerage services

Kisan Ratilal Choksey Shares - Stock broking and e-trading services

Kotak Securities - Brokerage services & retail distributor of financial


securities

Manubhai Mangaldas Securities - Stock broking and market analysis

Moneypore - Investment and broking services

Motilal Oswal Securities - Online trading, live BSE and NSE quotes

Navia Markets - Stock broking, IPO and mutual funds services

Parag Parikh - Stock broking and portfolio management

Parsoli Corporation - Investment management & stock trading services

Pratibhuti Viniyog - Stock broking services

Prudential - Investment management services

Quantum Securities - Offers broking and portfolio management services.

Religare Enterprises Limited - Stock broking services and diversified


financial services group with in multiple international locations

Sivan Securities - offers services related investment banking & stock broking
with a focus on South India.

Etc..etc..
Lots of brokerage companies are moving towards consolidation with the

smaller ones becoming either franchisee for the larger brokers or closing
operations. There is an increasing demand for online trading due to consumers
growing preference for Internet as compared to approaching the brokers.
New forms of trading including T+2 settlement system, dematerialization
etc. are strengthening the retail brokerage market and attracting foreign
companies to enter the Indian industry Various alternative forms of investment
including fixed deposits with banks and post offices etc act as substitutes to retail
broking products and services.

Stock Market

Stock markets refer to a market place where investors can buy and sell
stocks. The price at which each buying and selling transaction takes is
determined by the market forces (i.e. demand and supply for a particular stock).
A stock market is a public market for the trading of company stock and
derivatives at an agreed price; these are securities listed on a stock exchange as
well as those only traded privately.
The size of the world stock market was estimated at about $36.6 trillion
USD at the beginning of October 2008.
The stock market is one of the most important sources for companies
to raise money. This allows businesses to be publicly traded, or raise additional
capital for expansion by selling shares of ownership of the company in a public
market.
In fact, the stock market is often considered the primary indicator of a
country's economic strength and development. Rising share prices, for instance,
tend to be associated with increased business investment and vice versa.
In this way, investing in stock market, the stock exchanges also play
importance role. Exchanges also act as the clearinghouse for each transaction,
meaning that they collect and deliver the shares, and guarantee payment to the
seller of a security. This eliminates the risk to an individual buyer or seller that the
counterparty could default on the transaction. So, here we also understand about
Stock Exchanges as follows.

Stock exchange
A stock exchange is an entity which provides "trading" facilities for stock
brokers and traders, to trade stocks and other securities.

Stock Exchanges are an organized marketplace, either corporation or


mutual organization, where members of the organization gather to trade company
stocks or other securities.
Stock exchanges also provide facilities for the issue and redemption of
securities as well as other financial instruments and capital events including the
payment of income and dividends.
The securities traded on a stock exchange include: shares issued by
companies, unit trusts, derivatives, pooled investment products and bonds. To be
able to trade a security on a certain stock exchange, it has to be listed there.
Usually there is a central location at least for recordkeeping, but trade is less and
less linked to such a physical place, as modern markets are electronic networks,
which gives them advantages of speed and cost of transactions. Trade on an
exchange is by members only. The initial offering of stocks and bonds to
investors is by definition done in the primary market and subsequent trading is
done in the secondary market.
A stock exchange is often the most important component of a stock
market. Supply and demand in stock markets is driven by various factors which,
as in all free markets, affect the price of stocks.
There is usually no compulsion to issue stock via the stock exchange
itself, nor must stock be subsequently traded on the exchange. Such trading is
said to be off exchange or over-the-counter. This is the usual way that derivatives
and bonds are traded. Increasingly, stock exchanges are part of a global market
for securities.

Major stock exchanges in the world

Twenty Major Stock Exchanges in The World: Market Capitalization &


Year-to-date Total Turnover at the end of August 2009

Where, Two major Stock Exchanges from India, which is


1. Bombay Stock Exchange
2. National Stock Exchange

List of Stock Exchanges In India


1. Bombay Stock Exchange(BSE)
2. National Stock Exchange(NSE)
3. Regional Stock Exchanges (21)
There are 21 other regional stock exchanges, which are
AhmedabadBangalore Bhubaneshwar Calcutta
CochinCoimbatore Delhi Guwahati Hyderabad Jaipur
Ludhiana Madhya Pradesh Madras Magadh Mangalore
Meerut OTC Exchange Of India Pune Saurashtra Kutch Uttar
Pradesh Vadodara etc.

Bombay Stock Exchange (BSE)

The Bombay Stock Exchange Limited is the oldest stock exchange not

only in the country, but also in Asia with a rich heritage of over 133 years of
existence. In the early days, BSE was established as "The Native Share &
Stock Brokers Association."
It was established in the year 1875 and became the first stock exchange
in the country to be recognized by the government. In 1956, BSE obtained a
permanent recognition from the Government of India under the Securities
Contracts (Regulation) Act, 1956.
Today, BSE is the world's number 1 exchange in terms of the number of
listed companies and the world's 5th in handling of transactions through its
electronic trading system.
The companies listed on BSE command a total market capitalization of
USD Trillion 1.06 as of July, 2009.
BSE reaches to over 400 cities and town nation-wide and has around
4,937 listed companies, with over 7745 scripts being traded as on
31st July 09.

The BSE Index, SENSEX, is India's first and most popular stock market
benchmark index. The BSE SENSEX (Sensitive index), also called the "BSE

30", is a widely used market index in India and Asia. Sensex is tracked
worldwide. It constitutes 30 stocks representing 12 major sectors. The SENSEX
is constructed on a 'free-float' methodology, and is sensitive to market
movements and market realities. Apart from the SENSEX, BSE offers 23 indices,
including 13 sectoral indices.
BSE provides an efficient and transparent market for trading in equity, debt
instruments and derivatives.
BSE is the first exchange in India and the second in the world to obtain an
ISO 9001:2000 certifications. It is also the first exchange in the country and
second in the world to receive Information Security Management System
Standard BS 7799-2-2002 certification for its BSE On-line Trading System
(BOLT).
BSE continues to innovate. In 2006, it became the first national level stock
exchange to launch its website in Gujarati and Hindi and now Marathi to reach
out to a larger number of investors.

The BSE On-line Trading (BOLT):


BSE On-line Trading (BOLT) facilitates on-line screen based trading in
securities. BOLT is currently operating in 25,000 Trader Workstations
located across over 359 cities in India.

BSE Vision
The vision of the Bombay Stock Exchange is -

"To Emerge as the premier Indian stock exchange by


establishing global benchmarks."

BSE Profile

Address

:- Phiroze Jeejeebhoy Towers, Dalal Street


Mumbai-400001, India

Telephone

:-91-22-227212334

Website

:-www.bseindia.com

Trading hours

:-Monday-Friday, 9:00am to 3:30pm

Securities

:-Stocks, derivatives, debt

Trading System

:-Electronic

MD & CEO

:-Mr.Madhu Kannan

History of BSE
The Bombay Stock Exchange is known as the oldest exchange in Asia. It
traces its history to the 1850s, when stockbrokers would gather under banyan
trees in front of Mumbai's Town Hall. The location of these meetings changed
many times, as the number of brokers constantly increased. The group eventually
moved to Dalal Street in 1874 and in 1875 became an official organization known
as 'The Native Share & Stock Brokers Association'. In 1956, the BSE became the
first stock exchange to be recognized by the Indian Government under the
Securities Contracts Regulation Act.
The Bombay Stock Exchange developed the BSE Sensex in 1986, giving
the BSE a means to measure overall performance of the exchange. In 2000 the
BSE used this index to open its derivatives market, trading Sensex futures
contracts. The development of Sensex options along with equity derivatives
followed in 2001 and 2002, expanding the BSE's trading platform.

Historically an open-cry floor trading exchange, the Bombay Stock


Exchange switched to an electronic trading system in 1995. It took the exchange
only fifty days to make this transition.

Indices of BSE:

Sensex
BSE 100(This covers Banking Sector)
BSE 200(This covers Capital goods)
BSE 500(This covers Consumer goods)
BSE mid-cap index
BSE small-cap index

BSE mid-cap index covers the FMCG sector and BSE small-cap index
covers the IT, Metal, Oil & gas, Power industry, PSUs, etc.

BSE

disseminates information on the Price-Earnings Ratio, the Price to Book Value


Ratio and the Dividend Yield Percentage on day-to-day basis of all its major
indices.
The values of all BSE indices are updated every 15 seconds during market
hours and displayed through the BOLT system, BSE website and news wire
agencies.
All BSE Indices are reviewed periodically by the BSE Index Committee.
This Committee which comprises eminent independent finance professionals
frames the broad policy guidelines for the development and maintenance of all
BSE indices. The BSE Index Cell carries out the day-to-day maintenance of all
indices and conducts research on development of new indices.

Awards achieved by BSE


The World Council of Corporate Governance has awarded the Golden
Peacock Global CSR Award for BSE's initiatives in Corporate Social
Responsibility (CSR).
ICAI award for excellence in financial reporting for the year 2006-07

BSE has won the Asia - Pacific HRM awards for its efforts in employer

branding through talent management at work, health management at work


and excellence in HR through technology.

National Stock Exchange (NSE)

The National Stock Exchange of India Limited (NSE), is a Mumbai-

based stock exchange. It is the largest stock exchange in India in terms of daily
turnover and number of trades, for both equities and derivative trading.
NSE has a market capitalization of around Rs 47,01,923 crore
(7 August 2009) and is expected to become the biggest stock exchange in India
in terms of market capitalization by 2009 end. Though a number of other
exchanges exist, NSE and the Bombay Stock Exchange are the two most
significant stock exchanges in India, and between them are responsible for the
vast majority of share transactions.
NSE is mutually-owned by a set of leading financial institutions, banks,
insurance companies and other financial intermediaries in India but its ownership
and management operate as separate entities.
There are at least 2 foreign investors NYSE Euro next and Goldman
Sachs who have taken a stake in the NSE. As of 2006, the NSE VSAT terminals,
2799 in total, cover more than 1500 cities across India.
In October 2007, the equity market capitalization of the companies listed
on the NSE was US$ 1.46 trillion, making it the second largest stock exchange
in South Asia.
NSE is the third largest Stock Exchange in the world in terms of the
number of trades in equities. It is the second fastest growing stock exchange in
the world with a recorded growth of 16.6%.

Origins:
The National Stock Exchange of India was promoted by leading Financial
institutions at the behest of the Government of India, and was incorporated in
November 1992 as a tax-paying company.
In April 1993, it was recognized as a stock exchange under the Securities
Contracts (Regulation) Act, 1956.

NSE commenced operations in the Wholesale Debt Market (WDM)


segment in June 1994.
The Capital Market (Equities) segment of the NSE commenced
operations in November 1994, while operations in the Derivatives segment
commenced in June 2000.

Markets:
Currently, NSE has the following major segments of the capital market:

Equity
Futures and Options
Retail Debt Market
Wholesale Debt Market
Currency futures

NSE became the first stock exchange to get approval for Interest rate
futures as recommended by SEBI-RBI committee, on 31 August,2009, a futures
contract based on 7% 10 Year GOI bond (NOTIONAL) was launched with
quarterly maturities.

Hours:
NSE's normal trading sessions are conducted from 9:00 am India Time to
3:30 pm India Time on all days of the week except Saturdays, Sundays and
Official Holidays declared by the Exchange (or by the Government of India) in
advance.
The exchange in association with BSE (Bombay Stock Exchange Ltd.,)
thinking to revise its timings from 9.00 am India Time till 5.00 pm India Time.
However, on Dec 17, 2009, after strong protests from brokers, the
Exchange decided to postpone the change in trading hours till Jan 04, 2010.
NSE new market timing from Jan 04, 2010 is 9:00 am till 3:30 pm India
Time.

NSE Group:

National Securities Clearing Corporation Ltd. (NSCCL)


National Securities Depository Ltd. (NSDL)
India Index Services & Products Ltd. (IISL)
NSE.ITltd.
DotEx International Limited

History of N.S.E
Capital market reforms in India and the launch of the Securities and
Exchange Board of India (SEBI) accelerated the incorporation of the second
Indian stock exchange called the National Stock Exchange (NSE) in 1992. After a
few years of operations, the NSE has become the largest stock exchange in
India.
Three segments of the NSE trading platform were established one after
another. The Wholesale Debt Market (WDM) commenced operations in June
1994 and the Capital Market (CM) segment was opened at the end of 1994.
Finally, the Futures and Options segment began operating in 2000. Today the
NSE takes the 14th position in the top 40 futures exchanges in the world.
In 1996, the National Stock Exchange of India launched S&P CNX Nifty
and CNX Junior Indices that make up 100 most liquid stocks in India. CNX Nifty
is a diversified index of 50 stocks from 25 different economy sectors. The Indices
are owned and managed by India Index Services and Products Ltd (IISL) that has
a consulting and licensing agreement with Standard & Poor's.
In 1998, the National Stock Exchange of India launched its web-site and
was the first exchange in India that started trading stock on the Internet in 2000.
The NSE has also proved its leadership in the Indian financial market by gaining
many awards such as 'Best IT Usage Award' by Computer Society in India (in
1996 and 1997) and CHIP Web Award by CHIP magazine (1999).

Indices of N.S.E
NSE also set up as index services firm known as India Index Services &
Products Limited (IISL) and has launched several stock indices, including:
S&P CNX Nifty(Standard & Poor's CRISIL NSE Index)
CNX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)

Mission of N.S.E.
NSE's mission is setting the agenda for change in the securities markets in
India. The NSE was set-up with the main objectives of:

Establishing a nation-wide trading facility for equities, debt instruments and


hybrids,

Ensuring equal access to investors all over the country through an


appropriate communication network,

Providing a fair, efficient and transparent securities market to investors


using electronic trading systems,

Enabling shorter settlement cycles and book entry settlements systems,


and

Meeting the current international standards of securities markets.

The standards set by NSE in terms of market practices and technology


have become industry benchmarks and are being emulated by other market
participants. NSE is more than a mere market facilitator. It's that force which is
guiding the industry towards new horizons and greater opportunities.

RESEARCH METHODOLOGY
Introduction:
Research is one of the best instruments to identify the investing pattern of
investors to invest in various sectors & to study different sectors of Capital
market.

Definition:
Research is careful inquiry or examination to discover new
information and relationship and to expand and to vary existing
knowledge.
Research always starts with question or any problem and finds answer of
problem by using scientific method. It gives complete knowledge about any
problem or question.

Objective of Study (research):


Every study is conducted within for some specific purpose or to solve
some problem. When any research is conducted it has some primary objective
that helps to solve the main problem whereas a secondary objective helps to
solve peripheral problems. The primary and secondary objectives of this research
are:

Primary Objective:
The primary objective of carrying out this research is:-Investors behavior for Investing in Equity Market in Various Sectors

Secondary Objectives:
To find out in which investment option people invests most.
To find out how investors are motivates for investing in Equity Market.

To study the general investment criteria of people.

To know the peoples time horizon for investing in Equity Market and to
know the rate of return expected by them.
To study the interest of people for further investment in Equity Market.

To assess the customer satisfaction level for investing in equity market.

To classify the different sector on the basis of investors behaviour


regarding investing in equity market.
To identify various motivation factor which affect to investor while investing
in various selected sectors?

BENEFITS OF STUDY:
The study carried out under the title of Investors Behaviour for
Investing in Equity Market in Various Sectors will give benefits as under:
The research will be help to know in which sector investors are investing
more.
The study will be helpful in knowing that what factors consider most
important while selecting the Sectors and company under the sectors.

The study will be helpful in knowing that how the investors are trade in
Equity market.
The study will be helpful in knowing responses regarding problems faced
by the investors while investing in Equity Market
The study will be helpful in knowing that what are the motivational factors
that encouraging to the investors for investing in Equity Market.

LIMITATIONS OF THE STUDY:

As no human being is perfect, it is not possible for anyone to make the


best or perfect report. Each person has some level of knowledge and is affected
by some uncontrollable factors within which he/she has to work.

So, it

might possible that there can be some limitations in this report that may be due to
my knowledge level or some other factors.
According to me following limitations can be prevailing in my report:
Respondents might have felt hesitation in providing information related to
their age, income etc. So, there can be some data that might questionable
because of unwillingness of respondents to give right information.
Sample selected may not represent whole population, as sample size
selected is very small in proportion to population due to time and cost
constraints.
Even many of the respondents may give bias answer.

Research Design:
Research design is the plan structure and strategy if investigation
conceived so as obtain answers to research question and to control
variance
A research design is the master plan or model for the conduct of formal
investigation and survey. It is a specification of methods and procedures for
acquiring the information needs for solving the problem. It decides the source of
information and methods for gathering the data. A questionnaire and other forms
are tested to use the collection of data.
In the research study there is no perfect study to solve the problem. The

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research design has broadly three categories as follow.

1. Exploratory Research
I have used Descriptive Research
2. Descriptive Research
Design for research purpose.
3. Casual Research

2. Descriptive Research:
Descriptive research, also known as statistical research. It describes
data and characteristics about the population or phenomenon being studied.
Descriptive research answers the questions who, what, where, when
and how. This study is complex and determines high degree scientific skill to
study the problem.
The description is used for frequencies, averages and other statistical
calculations. Often the best approach, prior to writing descriptive research, is to
conduct a survey investigation. Qualitative research often has the aim of
description and researchers may follow-up with examinations of why the
observations exist and what the implications of the findings are.
In short descriptive research deals with everything that can be
counted and studied.
In this report, I have used this Descriptive Research Design for
conducting survey on Investors behaviour for Investing in Equity Market
in Various Sectors

Data Collection Method:

Data collection usually takes place early on in an improvement project,


and is often formalized through a data collection plan which often contains the
following data collection methods.
The source of data collection method is as follows.

Primary Data

Secondary Data

Primary Data:
Primary data means data collected directly from first-hand experience.
Means data collected for the first time by any researcher for any research use.
There are many methods of collecting primary data and the main methods
include:
Methods of collecting the primary data are:
Questionnaire method
Interviews method
Focus group interviews
Observation method
Case-studies method
Diaries method

I have used Questionnaire method for the Primary data collection for
the study.

Secondary Data:
Secondary data means data which are collected by any one for a
particular research purpose and which are used by others for different purpose.
I have also used the secondary data for the study like some company
resources like broachers, websites etc.

Sampling Plan:
Sampling is the process to analyze the whole population
by analyzing a part of it.

The effectiveness of the report depends on the sample size selected from the
population.

Sampling Unit:
Here, target population is decided who are the actual and potential
investors, each sample has the chance to be selected on an equal basis & this
research has been conducted through surveying the whole of the equity market
of Surat city

Sample Size:
For getting better result of the given problem I have to determine the
perfect sample size as on 90% confidence level which is calculated statically by
the given formula.

n = p*q (z /c) 2
Where,
n = sample size
p = percentage picking a choice (expressed as decimal)
q = (1 - p)
Z = Z value (e.g. 1.645 for 90% confidence level)
c = confidence interval, expressed as decimal
(e.g., 0.05 = 5)

For Example:
p = 0.80

q = 0.20

z = 1.645

c = 0.05

n = p*q (z /c) 2
= 0.80*0.20 (1.645/0.05)

= 173.1856
= 175
Therefore, I used sample size is 175

Confidence interval:
In statistics, a confidence interval (CI) is a particular kind of interval
estimate of a population parameter. Instead of estimating the parameter by a
single

value,

an

interval

likely

to

include

the

parameter

is

given.

Thus, confidence intervals are used to indicate the reliability of an estimate.


The end points of the confidence interval are referred to as confidence
limits.
A confidence interval is always qualified by a particular confidence
level, usually expressed as a percentage.
The calculation of a confidence interval generally requires assumptions
about the nature of the estimation.
For example,
Here, I have used a confidence interval of 0.05 and 80% percent of
sample picks an answer is to be "sure" that if I had asked the question of the
entire relevant population between 80% (100-20) and 20% (100-80) would have
picked that answer.

Confidence level:
The confidence level tells you how sure you can be. It is expressed as
a percentage and represents how often the true percentage of the population
who would pick an answer lies within the confidence interval.
The confidence level associated with a confidence interval estimate is the
success rate of the method used to construct the interval.
The 90% confidence level means you can be 90% sure; When I put the
confidence level and the confidence interval together, I can say that I am 90%
sure that the true percentage of the population is between 20% and 80%.
So, I have taken 90% confidence level means I am 90% sure. As on
90% confidence level value of Z = 1.645
Here, I have calculated formula on the basis of 90% confidence level .

Sampling frame:

Sampling frame is the actual set of units from which a sample has been
drawn. In sampling frame, I have used simple random sampling method for
conducting survey. In a simple random sample ('SRS') all units from the sampling
frame have an equal chance to be drawn and to occur in the sample.
Here, I have used sampling frame as an actual and potential investors
from whole of the equity market of Surat city and also from Sharekhan Securities
Pvt. Ltd. Here, each sample has the chance to be selected on an equal basis
because I have used simple random sampling method for surveying purpose.

Response Rate:

The response rate was average.


I have used questionnaire method for the financial information of the
respondent, most of the people hesitated to provide the required information
and also the questionnaire contained some financial terms that were technical
in nature, which resulted into reduced response rate.
I have visited nearly 200 potential respondents, out of which only 175 gave
proper response.
Hence,
Response Rate = 175/200 = 87.5%

Data analysis tools:

I have used SPSS software (Statistical Package for the Social Sciences)
for analysis purpose.
In that I have used Mean, Median, Mode, Frequency Table, and Cross
Tabulation, Graphical representation & interpretation with each graphs
and charts.
Microsoft Office is used for data typing formatting and analyzing the data.

Theoretical aspect about topic

Theoretical
aspect
abut topic

What is Investment?

The money you earn is partly spent and the rest saved for meeting future
Expenses. Instead of keeping the savings idle you may like to use savings in
Order to get return on it in the future. This is called Investment.

Why should one invest?


One needs to invest to:

Earn return on your idle resources


Generate a specified sum of money for a specific goal in life
Make a provision for an uncertain future
One of the important reasons why one needs to invest wisely is to meet the
cost of Inflation. Inflation is the rate at which the cost of living increases. The
cost of living is simply what it costs to buy the goods and services you need to
live.

Investor:

An investor is any party that makes an investment.


An individual who commits money to investment products with the expectation

of financial return.
The term has taken on a specific meaning in finance to describe the particular
types of people and companies that regularly purchase equity or debt
securities for financial gain in exchange for funding an expanding company.

!!!!.....Equity Markets climb a wall of worry..!!!!


The Sensex has returned about 18.62 %
compounded Annual return over the past 27
years in spite of

following Uncertainty..!!!

1 War (With Pakistan Cargill 1999).


Increasing Terrorism and threats to Internal Security (Punjab, J&K, Assam,
Naxalite problem in Bihar & other parts of India).
2 Major financial scandals and a number of minor ones (Harshed Mehta,
Ketan Pareikh, C.R. Bhansali,Sanjay Agarwal etc).
2 assassinations of Prime ministers (Indira Gandhi & Rajiv Gandhi).
Number of communal riots (Ajodhya, Godhra - They keep happening with
immaculate consistency).
More then 11 different Governments perusing different manifestos and
putting all of them under a common banner titled Common Minimum
Program..
Poor Monsoons on more then 3 to 4 occasions. Each year the market
speculates as to how the Monsoons have hit the coast of Kerala but over
alonger period of time they do not matter. More so with increasing irrigation
systems and development our dependence on monsons will come down
further.
Mortgage of Gold to tide over the foreign exchange crisis (In 1991 the
Indian Govt. mortgaged Gold to the Bank of England).
Coalition governments have governed major portion of the last 25 years.

Numerous numbers of natural calamities and disasters (Tsunami 2004,


Gujarat Earthquake 2001, Surat Plague 1995).
In this way, stock prices are rising regardless of market uncertainties,
so, the stock market is said to be climbing a wall of worry. These worries may
include political or economic risks etc.

INTRODUCTION OF VARIOUS SECTORS

A.

Meaning of Sector:

There are many companies or scrip that manufacturer the same


products and provide services are specified under the particular name that
called Industry or Sector.
There are many other different kinds of industries, and often
organized into different classes or variety of industrial classifications its
called Sector.

In this report, I have study on these Five Sectors which are:

1
2
3
4
5
.
.

List of various sector:


SECTORS
Agro Inputs Sector

IT Sector

Agriculture Sector

Insurance Sector

Auto Ancillaries Sector

Infrastructure Sector

Automobile Sector

Mining Sector

Aviation Sector

Media & Entertainment Sector

Banking Sector

Medical Sector

Cement Sector

Oil & Gas Sector

Chemicals Sector

Paint Sector

Cigarettes Sector

Paper Sector

Construction Sector

Pharmaceutical Sector

Consumer Durables Sector

Petrochemicals

Courier & Logistic Services


Sector

Power Sector

Cycle & Accessories Sector

Real Estate Sector

Engineering Sector

Retail Sector

Financial Institutions Sector

Sugar Sector

Food Products Sector

Service Sector

FMCG Sector

Shipping Sector

Fertilizer Sector

Steel Sector

Garment Sector

Tele communication Sector

Health Care Sector

Textiles Sector

INTRODUCTION OF selected SECTORS


1. Oil & gas Sector:
The oil & gas industry in recent years has been characterized by rising
consumption of oil products, declining crude production & low reserve accretion.
India remains one of the least-explored countries in the world, with a well density
among the lowest in the world. India is the fourth largest oil consumption
zone in Asia, even though on a per capita basis the consumption is a mere 0.1
tonne, the lowest in the region- This makes the prospects of the Indian Oil
industry even more exciting.
The oil and gas industry has been instrumental in fuelling the rapid growth
of the Indian economy. The petroleum and natural gas sector which includes
transportation, refining and marketing of petroleum products and gas industry
constitutes over 15 per cent of the GDP.
India's domestic demand for oil and gas is on the rise. As per the Ministry
of Petroleum, demand for oil and gas is likely to increase which is 186.54 million
tons in 2008-09.
India is emerging as the global hub for oil refining with capital costs
lower by 25 to 50 per cent over other Asian countries.
Already, the fifth largest country in the world in terms of refining
capacity, with a share of 3 per cent of the global capacity, India is likely to boost
its refining capacity by 45 per cent or 65.3 to 242 mtpa (million tons per annum)
over the next five years.

Importance of Capital Market

Capital
market is important as it plays an important role in bringing rapid industrial
development in a country. The savings are invested profitably for economic
development because of the services offered by capital market. Mobilization of
investable surplus and provision of expert services to investors and companies
are two significant activities undertaken by the capital market.
Capital market is importance due to: It enables the investors to adopt
their investment to their expectations which are constantly changing.
It acts as a link between those who want to save funds and those who
need funds and are in a position to invest them with safety and
reasonable return.
It provided the capital to those enterprises which can apply it profitably,
productively and increase the aggregate national income.
It provides proper flow of funds and brings about the rational allocation of
resources through the conversion of financial assets into physical assets.
Thus, the capital market facilitates capital formation.
It provides incentives to saving and facilitates capital formation by offering
suitable rate of interest as the price of capital.
It facilitated buying and selling of securities at listed price by providing
continuously marketability to the investors.
The securities offered in the capital market are transferable in character.
The changing business conditions in the economy are immediately
reflected on capital market. Booms and depression can be identified by
capital market. So suitable monitory and fiscal policies can be taken by
government.
Capital market supplies securities of different kinds with different maturity
and yields in unable the investors to diversify their risk by wider portfolio of
investment.

DATA ANALYSIS

ANALYSIS OF QUESTIONNAIRE

Que. 1. Do you investing in Equity Market?


[ ] Yes
[ ] No

Particulars

Investing

Percentage

Yes

119

68%

No

56

32%

Total

175

100%

Investing In Equity Market


140
120

119

100
Investing

80

56

60
40
20
0
Yes

No

Investing In Equity Market


( In Percentage)

35%
Yes

No

65%

Interpretation:

According to the above chart we can see that:

68% of investors (119) are investing in Equity Market.

While 36% of investors (56) are not investing in Equity Market.

Que. 2. If you want to invest, which investment option will provide


the best returns?
[
[
[
[
[
[

] Equity Share
] IPO
] Mutual Funds
] Bonds
] Fixed Deposits
] If any other _________

Investment option

Investors in Percentage

Equity Share

53%

IPO

18%

Mutual Funds

8%

Bonds

7%

Fixed Deposits

4%

Other

10%

Interpretation:
According to the previous chart:

According to 53% of investors, Equity market will provide the best


returns in compare to other investment option.

18% of investors believe that IPO (Primary Market) will provide the best
returns.

8% of investors think that Mutual Funds will provide the best returns.

7% of investors believe that Bonds Market will provide the best returns.

4% of investors trust that Fixed Deposits will provide the best returns.

According to 10% of investors, other investment option will provide the


best returns.
According to them other investment options are:
Commodity Market
Insurance
Government Securities etc.

Que.3. which factors motivate you for investing in Equity Market?


[
[
[
[
[

] Return
] Liquidity
] Safety
] Capital Appreciation
] Other _____________

Motivation Factors

Investors in
Percentage

Return

49%

Liquidity

26%

Safety

7%

Capital Appreciation

17%

Other

1%

Interpretation:
According to the Previous Figure:

49% of investors are motivated by Return to invest in Equity market.

26% of investors are motivated by Liquidity to invest in Equity market.

6% of investors are motivated by Safety to invest in Equity market.

16% of investors are motivated by Capital Appreciation to invest in


Equity market.

While 5% of investors are motivated by other factors like-Investment,


Profit etc. to invest in Equity market.

Que. 4. How much percentage of your income you invest in


Equity Market?
[
[
[
[
[
[

] Less than 5%
] 5%-10%
] 10%-15%
] 15%-20%
] 20%- 25%
] More than 25%

Percentage of Income

Investors in Percentage

Less than 5%

23%

5%-10%

45%

10%-15%

17%

15%-20%

7%

20%- 25%

5%

More than 25%

3%

Interpretation:
According to the Previous Figure:

23% of the investors are investing Less than 5% of their income in Equity
Market.

45% of the investors are investing 5%-10% of their income in Equity Market.

17% of the investors are investing 10%-15% of their income in Equity Market.

7% of the investors are investing 15%- 20% of their income in Equity Market.

5% of the investors are investing 20%-25% of their income in Equity Market.

While 3% of the investors are investing More than 25% of their income in
Equity Market.

Que. 5. How do you trade in Equity Market?


[
[
[
[
[
[

] Intraday
] Delivery
] Speculation
] Arbitragers
] Hedging
] If any other please specify _____________

Types of Trade

Investors in Percentage

Intraday

13%

Delivery

31%

Speculation

26%

Arbitragers

17%

Hedging

11%

Other

2%

Investors are Trade in


Equity Market
(Investors in
Percentage)
2%
Intraday

13%
11%
Delivery Speculation Arbitragers

Hedging

17%
31%

Other

26%

Interpretation:
According to the Previous Figure:

13% of the investors are doing Intraday trading in Equity Market.


Intraday Trading is trading for that one day only. Means any securities
are purchase & sell within the day.

31% of the investors are investing in Equity Market as a Delivery base


Trading.
Delivery based trading is normally considered as a safer approach for
trading in shares when compared to day trading. Delivery based trading
involves buying shares on a market day and selling them only after
receiving the delivery of those shares in d-mat account.

26% of the investors are trading in Equity Market as a Speculator.


Speculators are those classes of investors who willingly take higherthan-average risk in return for a higher-than-average profit potential in
future. Speculators aim primarily at quick profit from a short-term
acquisition of assets.

17% of the investors are Arbitragers in Equity Market.


Arbitrager means who purchases securities in one market for immediate
resale in another in the hope of profiting from the price differential

11% of the investors are trading in Equity Market as Hedgers.


Hedging means reducing or controlling risk. Hedgers wish to eliminate or
reduce the price risk to which they are already exposed.

While 2% of the investors are trade in Equity Market for Other Purpose.

Que.6. What is the time horizon for investing in Equity Market?


[
[
[
[
[

] Less than 1 Months


] 1 to 3 Months
] 3 to 6 Months
] 6 to 12 Months
] More than 12 Months

Time Horizon

Investors in Percentage

Less than 1 Months

14%

1 to 3 Months

28%

3 to 6 Months

15%

6 to 12 Months
More than 12 Months

18%
25%

Investors Time Horizon for


investing in Equity Market
(Investors in Percentage)
28%

30%

25%

25%
20%
15%

15%

14%

18%

10%
5%
0%

Interpretation:
According to the Previous Figure:

14% of investors invest in Equity market for Less than 1 Months.

28%

of

investors

invest

in

Equity

market

for

the

period

of

1 to 3 Months.

15% of investors time horizon for in Equity market is 3 to 6 Months.

18% of investors time horizon for in Equity market is 6 to 12 Months.

25% of investors invest in Equity market for more than 12 Months.

Que.7. What is the rate of return expected by you from Equity Market
in a year?

[
[
[
[
[
[

] 5% 10 %
] 10% 15 %
] 15% 20%
] 20% 25%
] 25% 30%
] 30% and above
Rate of Return

Investors in Percentage

5% 10 %

12%

10% 15 %

18%

15% 20%

32%

20% 25%

26%

25% 30%

8%

30% and above

4%

Interpretation:

According to the above Figure:


12% of investors are expects 5%-10% return from Equity market.
18% of investors are expects 10%-15% return from Equity market.
32% of investors are expects 15%-20% return from Equity market.
26% of investors are expects 20%-25% return from Equity market.
Here, above two cases investors are more expects from Equity
market.
8% of investors are expects 25%-30% return from Equity market.
While 4% of investors are expects more than 30% return from Equity
market.

Que.8. Are you satisfied with the current performance of the Equity Market
in terms of expected return?

[
[
[
[
[

] Fully Satisfied
] Satisfied
] Neutral
] Unsatisfied
] Fully Unsatisfied

Rate of Return

No. of Investors

Percentage

Fully Satisfied

30

17%

Satisfied

73

42%

Neutral

49

28%

Unsatisfied

18

10%

Fully Unsatisfied

3%

Total

175

100%

Investors satisfaction level


From Equity Market
(Investors in Numers)(Total 175)
80
70
60
50
40
30
20
10
0

73
49
30

18
5

Interpretation:

According to the Previous Figure:


30 investors are Fully Satisfied

Equity market.
73 investors are Satisfied from Equity market.
49 investors are Neutral with current performance of Equity market.
18 investors are Unsatisfied from Equity market.
While 5 investors are Fully Unsatisfied from Equity market.

from

current performance

Que. 9. Who advise you to enter in Equity Market?


[
[
[
[
[
[
[

] Friends
] Relatives
] Advisers
] Media
] Research Report
] Magazines
] If any other ___________
Particulars

Investors in Percentage

Friends

28%

Relatives

12%

Advisers

25%

Media

17%

Research Report

10%

Magazines

5%

Other

3%

of

Interpretation:

According to the Above Figure:


Friends motivate 28% of the investors to enter into the equity market.
Relatives motivate 12% of the investors to enter into the equity market.
25% of investors enter in Equity market by the Advise of
Financial

Advisor.
Media motivate 17% of the investors to enter into the equity market.
Magazines motivate 10% of the investors to enter into the equity market.
5% of investors are motivates by Reading Magazines to enter in Equity

market.
While other factors like self-Study, their own View etc. motivate
3% of the investors to enter into the equity market.

Que.10. Which Factors do you consider most important while selecting


the Sectors?
[
[
[
[
[
[
[

] Market Trend
] Profitability
] Economic Condition
] Industry Condition
] Existence of well established Companies under Sectors
] Government Policy
] If any other please specify _____________

Particulars

Percentage

Market Trend

29%

Profitability

23%

Economic Condition

14%

Industry Condition

16%

Existence of well established


Companies under Sectors

12%

Government Policy

5%

Any Other

1%

Trend
Factors Consider byMarket
Investors
while selecting sector
(Investors in Percentage)
Profitability

Economic Condition 5%1%


12%
Industry Condition

29%

Existence of 16%
well established Companies under Sectors
Government Policy
Any Other

14%

23%

Interpretation:
According to the Previous Figure:

29% of the investors have considered Market Trend as a most important


factor while selecting the Sector.

23% of the investors have considered Profitability as a most important


factor while selecting the Sector.

14% of the investors have considered Economic Condition as a most


important factor while selecting the Sector.

16% of the investors have considered Industry Condition as a most


important factor while selecting the Sector.

12% of the investors have considered Existence of well established


Companies under Sectors as a most important factor while selecting the
Sector.

5% of the investors have considered Government Policy as a important


factor while selecting the Sector.

While 1% of the investors have considers Other Factor like


Global Position of the company and etc. important factor while selecting
the Sector.

Que.11. Which Sectors do you prefer the most?


(Give 1 to 5 Orders in given boxes)
Here, I have decided to study only these five sectors.

Oil & Gas Sector


Banking Sector
IT Sector
Infrastructure Sector
Automobile Sector

Sectors

Orders(Ranks) Given by Respondents

Total

Oil & Gas Sector

44

30

49

21

31

175

Banking Sector

26

24

53

42

30

175

IT Sector

20

40

47

35

33

175

Infrastructure Sector

37

32

33

28

45

175

Automobile Sector

35

30

28

52

30

175

Total

162

156

210

178

169

875

On the basis of above chart:

How many investors given 1st to 5th Rank to which sector?

Sectors

Investo
rs

Rank

Oil & Gas Sector

44

1st

IT Sector

40

2nd

Banking Sector

53

3rd

Automobile Sector

52

4th

Infrastructure Sector

45

5th

Interpretation:
On the basis of Previous Figures:

Oil & Gas Sector:


44 Investors gave 1st rank, 30 Investors gave 2nd rank, 49 investors gave
3rd Rank, 21 Investors gave 4th Rank, & 31 Investors gave 5th Rank to this
sector.
Here, over all 44 investors have selected oil & gas sector as a First Rank
in comparison with First Rank of all sectors.

IT Sector:
20 Investors gave 1st rank, 40 Investors gave 2nd rank, 47 investors gave
3rd Rank, 35 Investors gave 4th Rank, & 33 Investors gave 5th Rank to this
sector.
Here, over all 40 investors have selected IT sector as a 2nd Rank in
comparison with 2nd Rank of all sectors.

Banking Sector:
26 Investors gave 1st rank, 24 Investors gave 2nd rank, 53 investors gave
3rd Rank, 42 Investors gave 4th Rank, & 30 Investors gave

5 th

Rank to this sector.


Here, over all 53 investors have selected Banking sector as a 3nd Rank in
comparison with 3nd Rank of all sectors.

Automobile Sector:
35 Investors gave 1st rank, 30 Investors gave 2nd rank, 28 investors gave
3rd Rank, 52 Investors gave 4th Rank, & 30 Investors gave 5th Rank to this
sector.
Here, over all 52 investors have selected Automobile sector as a 4th Rank
in comparison with 4th Rank of all sectors.

Infrastructure Sector:
37 Investors gave 1st rank, 32 Investors gave 2nd rank, 33 investors gave
3rd Rank, 28 Investors gave 4th Rank, & 45 Investors gave

5th

Rank to this sector.


Here, over all 45 investors have selected Infrastructure sector as a
5nd Rank in comparison with 5nd Rank of all sectors.

Que. 12. Mention the most important factors for selecting a company
of your choice.
[
[
[
[
[
[
[

] Earning Per Share


] Dividend
] Brokers advise
] Market capitalization
] Performance of company
] P.E. Ratio
] If any other __________

Factors affect for


selecting company

Investors in
Percentage

Earning Per Share

19%

Dividend

17%

Brokers advise

15%

Market capitalization

7%

Performance of company

16%

P.E. Ratio

24%

Interpretat
Other

2%

ion:

On the basis of above Figures:

19% of the investors have considered Earning Per Share as a most


important factor to select a Company under the sector of their Choice.

17% of the investors have considered Dividend as a most important factor to


select a Company under the sector of their Choice.

While 15% of the investors are select a company under the sector of their
choice on the basis of Brokers advises.

7% of the investors have considered Market capitalization by the company


as a important factor to select a company under the sector.

16% of the investors have considered as a Performance of company most


important factor to select a company under the sector of their choice.
24% of the investors have considered Price Earning Ratio as a most
important factor select a company under the sector of their choice.
At

last

2%

of

the

investors have

considered

Other Factors

like

Suggestion from reference group, External advisors, Stakeholders,


Growth of Company, Market Trend, Profitability and their own view etc. to
select a company under the sector.

FINDINGS
As the main objective of the research is to find out the
Investors behavior for Investing in Equity Market in Various Sectors in
Surat city. So, I have questionnaire method on 175 sample size for research
and found out the views of investors on various parameters.

From the research I found out that 68% of investors (119) are investing in
Equity Market. While 36% of investors (56) are not investing in Equity Market

as per my sample size 175.


I also found out that, 53% of investors believe that Equity Market is better
investment option and will provide the best returns in compare to other

investment option.
I found out that the 49% of investors who are dealing in equity market they
are motivated by return factor and 26% of investors are motivated by
Liquidity and some investor also consider capital appreciation and safety factor

while investing in equity market in various sectors.

I also found out that the 45% of the investors are ready or interested to
invest their 5%-10% of income in Equity Market. It means many investors trust
on the growth of equity market as they are ready to spend major proportion of
their income.

Going ahead I found out that very few investors want to deal in intraday
trading which shows that they consider safety factors while investing.

31% of

the investors are investing in Equity Market as a Delivery base Trading and
26% of the investors are trading in Equity Market as a Speculator. Means 26%
of investors who willingly take higher-than-average risk in return for a higher

than-average profit potential.


28% of investors invest in Equity market for the period of 1 to 3 Months and

the same proportion of investors are invest for long period more than year.

I also found out that 32% of investors are expects 15%-20% return from
Equity market and 26% of investors are expects 20%-25% return from Equity
market. Here, investors are more expects from Equity market.

42% of investors are satisfied with the current performance of the Equity
Market in terms of expected return, while 28% of investors are Neutral about
equity market.

I found that most of investors are motivated by their friends to enter in the
equity market and some investors are motivated by Advisers, Media, Research
Report and other factors like and self study of current scenario of equity market.

Other thing I found out that 29% of the investors have considered market
trend and 23% of the investors have considered Profitability as a most
important factor as a most important factor while selecting the Sector. There are
also other factors like - government policy, industry condition, and economic

condition also important factor while selecting the Sector


Then I found that 44 investors selected Oil & gas sector as a

First Rank (in comparison with First Rank of all sectors)


40 investors have selected IT sector as a 2nd Rank.
53 investors have selected Banking sector as a 3nd Rank
52 investors have selected Automobile sector as a 4th Rank
45 investors selected Infrastructure sector as a 5nd Rank
I also found out that 24% of the investors have considered Price Earning
Ratio, 19% of the investors have considered Earning per Share and

17%

of the investors have considered Dividend as a most important factor while


selecting a company from these selected sectors. Investors also consider other
factors like - Suggestion from reference group, External advisors,
Stakeholders, Growth of Company, Market Trend, Profitability and their own

view etc. are as an important factor while selecting a company from these
selected sectors.

CONCLUSI
ON

During my training period I have study on Investors Behavior for


Investing in Equity Market in Various Sectors by using Descriptive
Research Design as a Questionnaire method where respondents are from
whole of the equity market of Surat city and also from Share khan Securities
Pvt. Ltd.
From the survey I found that major people are investing in equity market
only due to Earn High Return and Hedge the Risk by investing their major
proportion of income in Equity Market. Here, the most of people are trade in
equity market as a speculation and they are invests for one to three months.
Generally, the investors who are invest for long period more than year they are
surely beneficial in equity market. Majority of people are motivated by their
friends & medias advise to enter into equity market. Majority people are expecting
something more from the equity market.So, finally some are satisfied and some
are not satisfy with equity market.
Major investors prefer the Oil & gas sector as a first rank on the basis of
Market trend, Profitability, industry condition and economic condition also
important factor while selecting the Sector and investors have also considered
Price Earnings Ratio, Earning per Share and Dividend as a most important
factor while selecting a company under these selected sectors.

RECOMMENDATION
Recommendation to Investors:
Prefer investment for long term investment strategy that provides you
moderate return with liquidity.
Investors should not invest in only equity market but, also invest in other
Safe Securities Like- Fixed Deposits, Government Securities, Bonds,
Mutual fund and Insurance etc. which also provides

moderate

return.
For Example: One should prefer
o Equity 50%
o Other Safe Securities 50%
So, one can get moderate return with liquidity.
Investors should invest money at lower level price and sale the stock at
higher price.
Investors should select company on the basis of PE ratio, EPS, Current
Growth of Company and Market capitalization and many more. So,
investors can get higher return on their investment.

Always invest extra money in stock market. Do not invest by taking


loan from banks or other resources.

Recommendation to Company:
From my research, I found that only 68% of investors are investing in
equity market, so more focus should on 32% of investors who are not
investing in equity market.

Broking

firms

or

companies

should

promote

Equity

investment

aggressively for long term investment purpose.

Majority of investors (53%) are investing secondary market (equity


market) and very few (18%) investors are investing in Primary Market.
So, here broking firm should promote to their client for investing in
Primary Market also.

Company should have to concentrate on those people who are


not investing in Equity Market because of High risk than convert them
in investing other security like-Mutual Fund, Bonds, and Insurance etc.
which also provides moderate return.
The Stock Broking firm should also provide better services to the investor
to increase the satisfaction level of the investors.

Company should focus on students also because equity market has risk
and the younger generation likes to take risk.
Majority investors are investing in Oil & gas sector and IT sector.

So, Company should also suggest to investors for investing other sector
which is also profitable.

BIBLIOGRAPHY
@. BOOKS:

Gordon & Natrajan, Financial Markets And Services Second


Revised Edition Reprint, Himalaya Publishing House, 2005.

Investment Management V.A. AVADHANI

@. Websites:
www.sharekhan.com
www.nseinda.com
www.bseindia.com
www.moneycontrol.com
www.investopedia.com
www.wikipedia.com

www.autherstream.com
www.myrisis.com

@. NEWS PAPER:
ECONOMICS TIMES
TIMES OF INDIA
@. OTHER:
Sharekhans Broachers
NCFM Capital Market Dealers Module
Other Magazines for Capitals Markets

Questionnaire
On
INVESTORS BEHAVIOUR FOR INVESTING IN EQUITY
MARKET
IN VARIOUS
SECTORS IN SURAT CITY
Student of Vivekananda College for B.B.A. is conducting a survey on
Investors Behavior for Investing in Equity Market in Various Sectors
on behalf of Share khan Security Pvt. Ltd, Surat
for fulfillment of BBA programmed.
This information is purely for an academic purpose and will be kept completely
confidential. You are requested to fill the below QUESTIONNAIRE.

1. Do you investing in Equity Market?


[ ] Yes

[ ] No

2. If you want to invest, which investment option will provide the best returns?

[ ] Equity Share
[ ] Bonds

[ ] IPO[ ] Mutual Funds


[ ] Fixed Deposits
[ ] If any other _________

3. Which factors motive you investing in Equity Market?


[ ] Return
[ ] Capital Appreciation

[ ] Liquidity
[ ] Safety
[ ] If any other please specify _____________

4. How much percentage of your income you invest in Equity Market?


[ ] Less than 5%
[ ] 15%-20%

[ ] 5%-10%
[ ] 20%- 25%

[ ] 10%-15%
[ ] More than 25%

5. How do you trade in Equity Market?


[ ] Intraday
[ ] Hedging

[ ] Delivery
[ ] Speculation [ ] Arbitragers
[ ] If any other please specify _____________

6. What is the time horizon for investing in Equity Market?


[ ] Less than 1 Months
[ ] 6 to 12 Months

[ ] 1 to 3 Months
[ ] More than 12 Months

[ ] 3 to 6 Months

7. What is the rate of return expected by you from Equity Market in a year?
[ ] 5% 10 %
[ ] 20% 25%

[ ] 10% 15 %
[ ] 25% 30%

[ ] 15% 20%
[ ] 30% above

8. Are you satisfied with the current performance of the Equity Market in terms
of expected return?
[ ] Fully Satisfied
[ ] Unsatisfied

[ ] Satisfied
[ ] Fully Unsatisfied

[ ] Neutral

9. Who advise you to enter in Equity Market?


[ ] Friends
[ ] Research Report

[ ] Relatives
[ ] Magazines

[ ] Advisers
[ ] Media
[ ] If any other ___________

10. Which Factors do you consider most important while selecting the Sectors?
[ ] Market Trend
[ ] Industry Condition
[ ] Government Policy

[ ] Profitability
[ ] Economic Condition
[ ] well established Companies under Sectors
[ ] If any other please specify _____________

11. Which Sector do you prefer the most? (Give 1 to 5 Orders in given boxes)
Oil & Gas Sector
Banking Sector
IT Sector

Infrastructure Sector
Automobile Sector
If any other please specify _____________

12. Mention the most important factors for selecting a company of your choice.
[ ] Earning Per Share

[ ] Dividend

[ ] Brokers advise

[ ] Market capitalization

[ ] Performance of company

[ ] P.E. Ratio

[ ] If any other _____________

13. If any Suggestion from your side, then please specify.


______________________________________________________________
______________________________________________________________
-:

Personal Information:-

Name:

Address: _______________________________________________

_______________________________________________

_______________________________________________

E-mail ID: ..

Contact No.: ..

Gender

Age:

[ ] Male

[ ] Below 20 Years
[ ] 41 TO 50 Years

[ ] Female

[ ] 21 TO 30 Years
[ ] 51 TO 60 Years

[ ] 31 TO 40 Years
[ ] Above 60 Years

Occupation:
[ ] Business
[ ] Student

[ ] Service
[ ] Employee
[ ] Other please specify _____________

Income (Yearly):
[ ] Less than 100000 Rs. [ ] 100000 to 200000 Rs. [ ] 200000 to 300000 Rs.
[ ] 300000 to 400000 Rs. [ ] 400000 to 500000 Rs. [ ] Above 500000 Rs.

!!!!.....Thanking you for providing your valuable


Response..!!!!

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