report on reliance capital
TRANSCRIPT
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A REPORT ONCOMPARATIVE ANALYSIS OF INVESTMENT OPTIONS AVAILABLE
IN THE MARKET AND INVESTMENT OPTION SELECTIONBEHAVIOUR OF INDIVIDUAL INVESTOR - WITH REFERENCE TODEHRADUN CITY.
BYJOYDEEP MONDAL[09BSDDU0033]
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A REPORT ONCOMPARATIVE ANALYSIS OF INVESTMENT OPTIONS AVAILABLE
IN THE MARKET AND INVESTMENT OPTION SELECTIONBEHAVIOUR OF INDIVIDUAL INVESTOR - WITH REFERENCE TO
DEHRADUN CITY.
BYJOYDEEP MONDAL[09BSDDU0033]
A report submitted in partial fulfillment of the requirements of MBA program of the ICFAI university ,
Dehradun
FACULTY GUIDE::PROF. JAGDISH BHAGWAT
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TABLE OF CONTENTSCONTENTS PAGE NO.
Abstract 4
VARIOUS INVESTMENT AVENUES
Fixed deposits offered by Banks 4
Fixed deposits offered by Post Offices 5
Company Fixed Deposits (FDs) 5
Bonds and Debentures 5
National savings certificate 6
Public Provident Fund 6
National Pension Scheme 6
Equities 6
Mutual funds 7
Insurance 7
Derivatives 7
Commodities 7
Gold 8
Exchange traded funds 8
Index funds 9
Currency market 10
Questionnaire 11
References 12
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ABSTRACT::Consumer behavior from the marketing world and financial economics has brought together to the
surface an exciting area for study and research: behavioral finance. Analysts seem to treat financial
markets as an aggregate of statistical observations, technical and fundamental analysis. A rich view of
research waits this sophisticated understanding of how financial markets are also affected by the
financial behavior of investors. With the reforms of industrial policy, public sector, financial sector and
the many developments in the Indian money market and capital market, investors now get many
options for investment purpose. But investment habit of individuals is heavily influenced by their
financial behavior. Hence, this study has made an attempt to examine the related aspects of the
investment option selection behavior of individual investors, in Dehradun city. From the researchers
and academicians point of view, such a study will help in developing and expanding knowledge in this
field.
VARIOUS INVESTMENT AVENUES::Fixed deposits offered by Banks ::Considered as the safest of all options, banks have been the roots of the financial systems in India.
Promoted as the means of social development, banks in India have indeed played an important role in
not only urban areas, but also in rural upliftment. For an ordinary person though, banks have acted as
the safest avenue wherein a person deposits money and earns interest on it. Fixed Deposit or FD isaccrues 8.5% of yearly profits, depending on the bank's tenure and guidelines, The minimum tenure of
FD is 15 days and maximum tenure is 5 years and above. Senior citizens are entitled for exclusive rate of
interest on Fixed Deposits.
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Fixed deposits offered by Post Offices : :Just like banks, post offices in India have a wide network. Spread across the nation, they offer financial
assistance as well as serving the basic requirements of communication. Among all saving options, Post
office schemes have been offering the highest rates. Added to it is the fact that the investments are safe
with the department being a Government of India entity. So the two basic and most sought features,
those of return safety and quantum of returns were being handsomely taken care of.
Company Fixed Deposits (FDs)::FDs are instruments used by companies to borrow from small investors. Typically FDs are open
throughout the year. Invest in FDs only if you have surplus funds for more than 12 months. Select your
investment period carefully as most FDs are not encashable prior to their maturity.
Just as in any other instrument, risk is an embedded feature of FDs, more so because it is not mandatory
for non-finance companies to get a credit rating for this instrument.
Investors should consciously and judiciously select the companies they invest in as quite a few small
investors have lost their life's savings by investing in FDs issued by companies that have run intofinancial problems.
Bonds and Debentures::Option for large investments or to avail of some capital gains tax rebates. Besides company FDs, bonds
and debentures are the other fixed-income instruments issued by companies. As a result of an illiquid
secondary market and a lack-lusture primary market, investment in these instruments is largely skewed
towards issues from financial institutions.
While one might find some high-yielding options in the secondary market, if one does not want the
problems associated with bad deliveries and the transfer process or if one wants to invest a large sum
of money, the primary market is the better option
Infrastructure Bonds::In this years budget, Finance Minister had announced that over the Rs.1 lakh that is exempt under
Section 80C, a further Rs.20,000 will be exempt if invested in long term infrastructure bonds. Only bonds
issued by Industrial Finance Corporation of India (IFCI), Life Insurance Corporation of India (LIC),
Infrastructure Development Finance Company (IDFC) and non banking finance companies classified asinfrastructure finance companies by the RBI are eligible. These bonds are not backed by the government
and carry risk of loss.
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Investments in National Saving Certificate (NSC)::National Saving Certificate (NSC) is subsidized and supported by government of India as is a secure
investment technique with a lock in tenure of 6 years. There is no utmost limit in this investment option
while the highest amount is estimated as Rs 100. The investor is entitled for the calculated interest of
8% which is forfeited two times in a year. National Saving Certificate falls under Section 80C of IT Act andthe profit accrued by the investor stands valid for tax deduction up to Rs 1, 00,000.
Investments in Public Provident Fund (PPF)::Like NSC, Public Provident Fund (PPF) is also supported by the Indian government. An inve stment ofminimum Rs 500 and maximum Rs 70, 000 is required to be deposited in a fiscal year. The prospective
investor can create it PPF account in a GPO or head post office or in any sub-divisions of the centralized
bank.
PPF also falls under Section 80C of IT Act so investors could gain income tax deduction of up to Rs 1,
00,000. The rate of interest of PPF is evaluated yearly with a lock in tenure of maximum 15 years. The
basic rate of interest in PPF is 8%.
National Pension Scheme(NPS)::A pension scheme available to all citizens of India, NPS brings the advantage of having 6 professional
fund managers manage your retirement savings. SBI, UTI, Reliance Capital, Kotak Mahindra, IDFC and
ICICI Prudential have been authorized to manage contributions to earn the best possible returns. Within
each scheme, you have the option to select the desired asset allocation Equity (E), Corporate Bonds (C)
and Government Bonds (G). The investments are market linked and hence are subject the relevant
market risks.
Investment in equity::Private Equity is expanding at a fast pace. India acquired US $13.5 billion in 2008 under equity sharesand featured among the top 7 nations in the world. At the end of 2010, the total equity investment is
predicted to increase upto USD 20 billion. Indian equities promise satisfactory returns and have more
than 365 equity investments firms functioning under it.
A company issues units of its equity capital (shares) to the public as a means of raising finance. Earningsin equities come from increase in the shares value based on how well the company performs. For this
very reason, equities are potentially, the highest earning, and the riskiest of all investment options. Few
universal guidelines for investing in equities:
Equities are a sophisticated investors instrument, requiring deep understanding and constantstudy of corporate, macroeconomic and global forces that may affect a shares value. Stock
tips from friends and family are not adequate replacements for this due diligence.
Understand your risk appetite well; investing in equities usually requires moderately high toaggressive risk taking appetite.
Look at this option for medium to long term at least 3-5 years to ensure that you do not loseout due to short term volatility in a shares price.
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Never invest your entire investible portfolio into equity. Study and plan how much of yourportfolio will be in equities and stick to the plan.
Mutual funds::Mutual Fundsare essentially investment vehicles where people with similar investment objective come
together to pool their money and then invest accordingly. Each unit of any scheme represents theproportion of pool owned by the unit holder (investor).
Mutual Funds in India are financial instruments. These funds are collective investments which gather
money from different investors to invest in stocks, short term money market financial instruments,
bonds and other securities and distribute the proceeds as dividends. The Mutual Funds in India are
handled by Fund Managers, also referred as the portfolio managers. The Securities Exchange Board of
India regulates the Mutual Funds In India. The share value of the Mutual Funds in India is known as net
asset value per share (NAV). The NAV is calculated on the total amount of the Mutual Funds in India, by
dividing it with the number of shares issued and outstanding shares on daily basis.
Investment in insurance::Insurance features among the best investment alternative as it offers services to indemnify your life,assets and money besides providing satisfactory and risk free profits. Indian Insurance Market offers
various investment options with reasonably priced premium. Some of the popular Insurance policies in
India are Home Insurance policies, Life Insurance policies, Health Insurance policies and Car Insurance
policies.
Some top Insurance firm in India under whom you can buy insurance scheme are LIC, SBI Life, ICICI
Prudential, Bajaj Allianz, Birla Sunlife, HDFC Standard Life, Reliance Life, Max NewYork Life, Metlife, TataAIG, Kotak Mahindra Life, ING Life Insurance, etc.
Derivatives: :These are financial contracts the values of which are derived from the value of the underlying assets,such as equities, commodities and bonds, on which they are based. Derivatives can be in the form of
futures, options and swaps. Derivatives are used to minimize the risk of loss resulting from fluctuations
in the value of the underlying assets (hedging).
Commodities: :A market that transacts business with commodities of all nature referred as commodity markets.
Commodity market was initially meant only for agricultural products and that too in the local market.Industrializations, globalizations, technological advancements, increasing demand from consumers and
intense competition from other players has paved way for commodity markets to cross boundaries and
break barriers with regards to the commodity traded.
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Commodity markets deal in the trade of commodities like gold, cotton, crude oil, orange juice etc. Many
items both perishable non perishable, finished goods, raw materials and semi finished goods will be
traded in this market at the international level. Commodity market does not necessarily require you to
buy or sell the commodities but you can even exchange them.
Gold::This is the oldest investment option available in the world. The way gold never looses its lusture,
inesting in gold is never loss making proposition in medium and long term. In the last 3 years this form
of investment has yielded highest return than any form of investment. This form of invest is highly
liquid, however in india, we purchase mainly Gold ornaments and attach emotional values
Exchange traded funds::An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An
ETF holds assets such as stocks, commodities, or bonds and trades at approximately the same price asthe net asset value of its underlying assets over the course of the trading day. Most ETFs track an index,
such as the S&P 500 or MSCI EAFE. ETFs may be attractive as investments because of their low costs, taxefficiency, and stock-like features.
ETFs are the most popular type of exchange-traded product.
An ETF combines the valuation feature of a mutual fund or unit investment trust, which can be bought
or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end
fund, which trades throughout the trading day at prices that may be more or less than its net asset
value. Closed-end funds are not considered to be "ETFs", even though they are funds and are traded on
an exchange.
Types of ETFs::Index ETFs::
Most ETFs are index funds that hold securities and attempt to replicate the performance of a stockmarket index. An index fund seeks to track the performance of an index by holding in its portfolio either
the contents of the index or a representative sample of the securities in the index. Some index ETFs,
known as leveraged ETFs or inverse ETFs, use investments in derivatives to seek a return that
corresponds to a multiple of, or the inverse (opposite) of, the daily performance of the index. As of
February 2008, index ETFs in the United States included 415 domestic equity ETFs, with assets of $350
billion; 160 global/international equity ETFs, with assets of $169 billion; and 53 bond ETFs, with assets of
$40 billion. As of November 2010 an index ETF, namely Standard & Poor's Depositary Receipts (SPDR
S&P 500), was the largest ETF by market capitalization.
Commodity ETFs or ETCs::
Commodity ETFs invest in commodities, such as precious metals and futures. Among the first
commodity ETFs were gold exchange-traded funds, which have been offered in a number of countries.
The idea of a Gold ETF was first officially conceptualised by Benchmark Asset Management Company
Private Ltd in India when they filed a proposal with the SEBI in May 2002.The first gold exchange-traded
fund was Gold Bullion Securities launched on the ASX in 2003, and the first silver exchange-traded
http://en.wikipedia.org/wiki/Index_fundhttp://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/Inverse_exchange-traded_fundhttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Standard_%26_Poor%27s_Depositary_Receiptshttp://en.wikipedia.org/wiki/Commodity_markethttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Gold_exchange-traded_fundhttp://en.wikipedia.org/wiki/Benchmark_Asset_Management_Company_Private_Ltdhttp://en.wikipedia.org/wiki/Benchmark_Asset_Management_Company_Private_Ltdhttp://en.wikipedia.org/wiki/SEBIhttp://en.wikipedia.org/wiki/Gold_Bullion_Securitieshttp://en.wikipedia.org/wiki/Silver_exchange-traded_fundhttp://en.wikipedia.org/wiki/Silver_exchange-traded_fundhttp://en.wikipedia.org/wiki/Gold_Bullion_Securitieshttp://en.wikipedia.org/wiki/SEBIhttp://en.wikipedia.org/wiki/Benchmark_Asset_Management_Company_Private_Ltdhttp://en.wikipedia.org/wiki/Benchmark_Asset_Management_Company_Private_Ltdhttp://en.wikipedia.org/wiki/Gold_exchange-traded_fundhttp://en.wikipedia.org/wiki/Futures_contracthttp://en.wikipedia.org/wiki/Commodity_markethttp://en.wikipedia.org/wiki/Standard_%26_Poor%27s_Depositary_Receiptshttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Inverse_exchange-traded_fundhttp://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/Index_fund -
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fund was iShares Silver Trust launched on the NYSE in 2006. As of November 2010 a commodity ETF,
namely SPDR Gold Shares, was the second-largest ETF by market capitalization.
Bond ETFs::
Exchange-traded funds that invest in bonds are known as bond ETFs. They thrive during economic
recessions because investors pull their money out of the stock market and into bonds (for example,
government treasury bonds or those issues by companies regarded as financially stable). Because of this
cause and effect relationship, the performance of bond ETFs may be indicative of broader economic
conditions.There are several advantages to bond ETFs such as the reasonable trading commissions, but
this benefit can be negatively offset by fees if bought and sold through a third party.
Currency ETFs or ETCs::
In 2005, Rydex Investments launched the first ever currency ETF called the Euro Currency Trust(NYSE: FXE) in New York. Since then Rydex has launched a series of funds tracking all major currencies
under their brand Currency Shares. In 2007 Deutsche Bank's db x-trackers launched EONIA Total ReturnIndex ETF in Frankfurt tracking the euro, and later in 2008 the Sterling Money Market ETF (LSE: XGBP)
and US Dollar Money Market ETF (LSE: XUSD) in London. In 2009, ETF Securities launched the world's
largest FX platform tracking the MSFXSM
Index covering 18 long or short USD ETC vs. single G10
currencies. The funds are total return products where the investor gets access to the FX spot change,
local institutional interest rates and a collateral yield.
Leveraged ETFs::
Leveraged exchange-traded funds (LETFs), or simply leveraged ETFs, are a special type of ETF that
attempt to achieve returns that are more sensitive to market movements than non-leveraged
ETFs. Leveraged index ETFs are often marketed as bull or bear funds. A leveraged bull ETF fund might forexample attempt to achieve daily returns that are 2xor 3xmore pronounced than the Dow Jones
Industrial Average or the S&P 500. A leveraged inverse (bear) ETF fund on the other hand may attempt
to achieve returns that are -2xor -3xthe daily index return, meaning that it will gain double or triple
the loss of the market. Leveraged ETFs require the use of financial engineering techniques, including the
use ofequity swaps, derivatives and rebalancing to achieve the desired return. The most common way
to construct leveraged ETFs is by trading future contracts.
INDEX FUNDS::An index fund is a a mutual fund or exchange-traded fund) that aims to replicate the movements of an
index of a specific financial market. An Index fund follows a passive investing strategy called indexing. It
involves tracking an index say for example, the Sensex or the Nifty and builds a portfolio with the same
stocks in the same proportions as the index. The fund makes no effort to beat the index and in fact itmerely tries to earn the same return.
Advantages of Index Funds::
As per efficient markets concept index funds provide optimum returns in the long run.
http://en.wikipedia.org/wiki/SPDR_Gold_Shareshttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://www.nyse.com/about/listed/lcddata.html?ticker=FXEhttp://en.wikipedia.org/wiki/Deutsche_Bankhttp://en.wikipedia.org/wiki/Eurohttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=XGBPhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=XUSDhttp://en.wikipedia.org/wiki/ETF_Securitieshttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/S%26P_500http://en.wikipedia.org/wiki/Inverse_exchange-traded_fundhttp://en.wikipedia.org/wiki/Financial_engineeringhttp://en.wikipedia.org/wiki/Equity_swapshttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Rebalancinghttp://en.wikipedia.org/wiki/Rebalancinghttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Equity_swapshttp://en.wikipedia.org/wiki/Financial_engineeringhttp://en.wikipedia.org/wiki/Inverse_exchange-traded_fundhttp://en.wikipedia.org/wiki/S%26P_500http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Averagehttp://en.wikipedia.org/wiki/ETF_Securitieshttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=XUSDhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=XGBPhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Eurohttp://en.wikipedia.org/wiki/Deutsche_Bankhttp://www.nyse.com/about/listed/lcddata.html?ticker=FXEhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/SPDR_Gold_Shares -
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An index fund doesn't have to pay for expensive analysts and frequent trading.
Index funds track a broad index which is less volatile than specific stocks or sectors, thereby
lessening the risk for investors.
Index Funds in the context of India::
In the Indian market scenario index funds may not be the best option. The basic principle of indexing is -
the more the number of stocks comprising an index the better is the diversification and price discovery.
Indian indices like the Sensex (30) and the Nifty (50) cover a relatively small number of stocks and ignore
many opportunities in the mid-cap sector. Also, unlike the capital markets in developed countries, Indian
markets haven't been thoroughly researched and there is enormous scope to beat the market by sound
research.
Currency market::The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as
anchors of trading between a wide range of different types of buyers and sellers around the clock, with
the exception of weekends. The foreign exchange market determines the relative values of differentcurrencies.
[1]
The primary purpose of the foreign exchange is to assist international trade and investment, by allowing
businesses to convert one currency to another currency. For example, it permits a US business to import
British goods and pay Pound Sterling, even though the business's income is in US dollars. It also supports
speculation, and facilitates the carry trade, in which investors borrow low-yielding currencies and lend
(invest in) high-yielding currencies, and which (it has been claimed) may lead to loss of competitiveness
in some countries.[2]
In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying aquantity of another currency. The modern foreign exchange market began forming during the 1970s
when countries gradually switched to floating exchange rates from the previous exchange rate regime,which remained fixed as per the Bretton Woods system.
The foreign exchange market is unique because of::
Its huge trading volume, leading to high liquidity; Its geographical dispersion; Its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on
Sunday until 22:00 GMT Friday;
The use ofleverage to enhance profit margins with respect to account size.
http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Currency_market#cite_note-0http://en.wikipedia.org/wiki/Currency_market#cite_note-0http://en.wikipedia.org/wiki/Currency_market#cite_note-0http://en.wikipedia.org/wiki/Pound_Sterlinghttp://en.wikipedia.org/wiki/US_dollarshttp://en.wikipedia.org/wiki/Carry_tradehttp://en.wikipedia.org/wiki/Currency_market#cite_note-UNCTAD-1http://en.wikipedia.org/wiki/Currency_market#cite_note-UNCTAD-1http://en.wikipedia.org/wiki/Currency_market#cite_note-UNCTAD-1http://en.wikipedia.org/wiki/Floating_exchange_ratehttp://en.wikipedia.org/wiki/Exchange_rate_regimehttp://en.wikipedia.org/wiki/Fixed_exchange_ratehttp://en.wikipedia.org/wiki/Bretton_Woods_systemhttp://en.wikipedia.org/wiki/Liquidityhttp://en.wikipedia.org/wiki/GMThttp://en.wikipedia.org/wiki/Leverage_(finance)http://en.wikipedia.org/wiki/Leverage_(finance)http://en.wikipedia.org/wiki/GMThttp://en.wikipedia.org/wiki/Liquidityhttp://en.wikipedia.org/wiki/Bretton_Woods_systemhttp://en.wikipedia.org/wiki/Fixed_exchange_ratehttp://en.wikipedia.org/wiki/Exchange_rate_regimehttp://en.wikipedia.org/wiki/Floating_exchange_ratehttp://en.wikipedia.org/wiki/Currency_market#cite_note-UNCTAD-1http://en.wikipedia.org/wiki/Carry_tradehttp://en.wikipedia.org/wiki/US_dollarshttp://en.wikipedia.org/wiki/Pound_Sterlinghttp://en.wikipedia.org/wiki/Currency_market#cite_note-0http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance) -
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QUESTIONNAIRE
I am currently engaged in a study on INVESTMENT OPTION SELECTION BEHAVIOUR OF INDIVIDUAL
INVESTOR .In this connection I request You to read the following items carefully and answer them. The
answers your give will be held confidential and used purely for academic purpose. Please put a tick mark
in the square corresponding your choice. I thank you for your time.
Please read the following and give your views::
1. Name [optional] : .. 2. Sex: : Male Female3. Age: Below 30 31-40 41-50 50-60 above 604. Academic qualification:
School final Graduate Post-graduate Professional degree
5. Marital status:Married Unmarried
6. Occupation:Professional Businessman Retired
7. Annual income:Below 1 lac 1.01-3.0 lacs 3.01-5.0 lacs Above 5 lacs
8. How much do you save annually:Less than 50 k 50 k-1 lac Above 1 lac
9. Objectives of your savings:For tax deduction To meet contingencies
For purchase of assets For childrens educationTo secure retired life
10. What is your current preference of savings avenues? [ Rank from 1-first preference to 12 lastpreference]:
Bank deposit Pension and provident fund
Mutual fund Postal savings
Insurance Shares
Real estate Currency market
Commodity market Gold
Govt. bonds Exchange traded funds
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11. Presently you invest in :Bank deposit Pension and provident fund
Mutual fund Postal savings
Insurance Shares
Real estate Currency market
Commodity market Gold
Govt. bonds Exchange traded funds
12. What are the factors that you look before investing:Good return Safety
Capital appreciation Liquidity
Flexibility Tax benefit
Professional management Diversification benefit
13. What is your current attitude towards the following financial instruments :Instruments Highly
favourable
Favourable Somewhat
favourablr
Not very
favourable
Not at all
favourableShares
Debentures
Mutual funds
Bonds
Gold
currency
ANY COMMENTS::
THANK YOU FOR PROVIDING THESE INFORMATIONS
REFERENCES::
www.wikipedia.com www.investopedia.com www.bseindia.com www.nseindia.com www.sebi.gov.in www.rbi.org.in www.finance.indiamart.com