05 project report abhishek

8/7/2019 05 Project Report Abhishek

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CHAPTER-1INTRODUCTION

INTRODUCTION TO THE PROJECT

SIGNIFICANCE OF THE STUDY

OBJECTIVE OF THE STUDY

LIMITATION OF THE STUDY

SCOPE OF THE STUDY

1 INTRODUCTION

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1.1-INTRODUCTION TO THE PROJECT

The project report is an essential feature of the Masters of BusinessAdministration under the West Bengal University of Technology

(WBUT). It provides an excellent opportunity to learn the practical

aspects of the fundamental concepts taught in an academic institute. It

serves to reinforce the ideas learnt in the class and has a synergic

effect on the students knowledge.

As a student of Management Institute of Durgapur I was extremely

fortunate to have undergone my summer internship project on

Analyzing the investors risk taking perception towards

Financial Products A case study on Niveshak Mpowered from

Kolkata. I got to interact with expert and aided my learning process

immensely.Possibly the most challenging concept investors risk taking

perception towards Financial Products. But such knowledge is critical

for strong understanding of investor behavior will help shed light on

what is important to the investors and also suggest the important

influences on investor decision-making. Using this information,

marketers can create marketing programs that they believe will be of

interest to customers. It describes the major factors influencing the

investor investing behavior in financial products.

1.2 - SIGNIFICANCE OF THE STUDY

As the twentieth century has come to a close and we have move into

the third millennium, we can see many developments and changes

taking place around us with all the industries and firms within each

industry trying to keep pace with the changes and diverse needs of the

people. Though for decade together, marketers have regarded

customer as the king and evolved all activities to satisfy him or her,

giving this concept a momentum it is necessary to understand the

Perception and Expectations of the investors in respect various aspects

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& attributes so as to design a successful and an acceptable financial

product . Not only has competition become intense but over and above

with the market being flooded with many me-too financial products,

the challenge before the marketer is to understand the diversity ofconsumer expectations and offer different facility and risk cover

accordingly. Thus the success asset allocation company will be

determined by how effective it has been in meeting the diverse

investors needs and wants by treating each investor as unique and

offering products to suit his or her needs. The study is very much

significant because it brings out of difference in various parameters

like rate of return, investment goal, and downward fluctuation in

investment portfolio etc, behind investment between the financial

product of a particular company, and these are the main attributes

which build up investment perception and loyalty towards a financial

product.

1.3 - OBJECTIVES OF THE STUDY:As all the researches are based on something and this study is also

based upon some objectives and these are as follows:

To investigate the investment preferences towards financial

products.

To identify the factors that configures individuals perception

towards investment in financial products.

1.4 - LIMITATION OF THE STUDY

There have been a number of limitations because of which the survey

may not be indicative of the views of the target population. A few of

these have been mentioned below.

Time is the main constraints of this study. The Sample size used for the research is less.

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The Target Area was limited to the nearby area.

Consultation with Experts would have largely improved quality

of the Research.

The Questionnaire was not extensive and more issues couldhave been addressed.

The responses obtained might be inaccurate or biased,

inadvertently or deliberately.

The sample of the respondents chosen for the study might not

be representative.

Analysis of the proposed aspects might differ depending on

the tools and techniques used.

1.4 - SCOPE OF THE STUDY

There are the some scopes of the study related to this topic in future

research.

Analytical study of different financial products.

Customer awareness about financial products.

In order to know the company profile, it has been discussed in the following chapter.

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CHAPTER 2

COMPANY PROFILE

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2 COMPANY PROFILE

NIVESHAK MPOWERED

Niveshak is a Company incorporated under the Indian Companies Act 1956.

Niveshak is created solely with a view to provide a platform for the Investors

to enable them to take informed decision for investing their hard earned

money, in seeking this goal, Niveshak also endeavors to develop a qualified

and well-informed cadre of Financial Advisors and Distributors by

empowering the practicing Financial Advisors/Distributors with

better/relevant knowledge/skills and by training the young college and B-

School graduates with adequate knowledge/skills.

A unique Investor Education Program has been devised for helping the

investor understand the intricacies of the savings and investments. The

program also encompasses in it sufficient provision to draw sufficient learning

from the feedback received from the investors as to what is the significance

of learning and knowledge on the investment decisions of the common

investors. Niveshak Associates would help the investors in understanding

their risk profile so that they can understand what type of savings/investment

options or securities and mutual funds they should invest within their overall

risk profile.

Niveshak is an initiative of SPA Capital Services Ltd. and Acsys Software

(India) Pvt. Ltd

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2.2 - GROUP COMPANY

SPA Capital Service Ltd

SPA Group promoted in 1995, by a team of financial professionals,

provides value added financial services like corporate finance and

wealth management services to Indian companies and HNIs.

SPA Group has established itself as one of India's leading

financial advisory house, offering various financial services like

securities broking, insurance broking, corporate finance, merchant

banking, financial advisory, risk management and wealth

management.

SPA Capital Services Ltd. is a flagship company of SPA Group, engaged

in advisory and distribution services of mutual funds & insurance and is

ranked amongst the top 5 financial intermediaries of the country.

The company has a distribution network of over 200 sub-

brokers across India being serviced by its 58 branches. The company

has mobilized over Rs. 5 lac crores for various mutual funds during the

last 10 years and is currently having AUM over Rs.20000 crores with

hundreds of satisfied customers.

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Acsys Software (India) Pvt. Ltd

is a leading Technology and Software Solution Provider in the niche

vertical of the Mutual Fund Industry both in India and abroad. Its

Software products and services covering many application areas are

termed "Best of Brand" services within the Indian Fund Industry. Acsys

designs software solutions and products to keep pace with today's

changing market place. Its software applications and products, support

all participants in the fund industry, be it the Fund House, the

Distributor and/or Investor.

In addition, Acsys has a large pool of in-house expertise to continually

develop appropriate and advanced technology requirements to the

financial services market in general and Fund Industry in particular.

PROFILE

Acsys Software (India) Pvt. Ltd., incorporated in 1996, was originally

the software division of Computer Age Management Services (P) Ltd.,

(CAMS). It was hived off as a joint venture in association with Alliance

Capital LLP of the USA. Currently, Acsys Software is fully owned by the

original Indian promoters and is an affiliate Company to CAMS.

CAMS is India's largest Transfer Agency for Open Ended Funds

dominating more than 60% of the market. CAMS offer Outsourced

Transaction Processing, Customer Care, Fund Accounting and related

Transfer Agency Services.

Acsys Software products for Asset Management Companies,

Distributors and related entities come with the following advantages:

Substantial knowledge of business and domain of the Mutual

Fund Industry. It understands the needs easily and is able to

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harness the software solutions for new products and services

faster.

Its Software Products and services are put through extreme

process conditions through its stake-holder's businesses.

It operates in a dynamic environment dictated by enormous

growth in the Indian Mutual Fund Industry in a very short span.

Demonstrated capabilities overseas, through offshore

development, which resulted in an entity migrating from a

multiple database and legacy systems environment to a "state of

the art" open architecture software solution - See Case Study.

Members of NICSA and ALFI, leading Fund Forums in US and

Europe. Thereby continually tracking trends in the overseas

Investment Industry.

Multi-currency functionality to include Euro compliancy.

Acsys has a library of core products, which meets the software

requirements of Mutual Fund Asset Management Companies, Fund

Distributors and other intermediaries. All its products are designed

and customized using Client Server Architecture for Oracle

Databases with Power Builder and other Internet enabled front

ends, using JAVA, XML and other revolutionary tools for 24/7 web

delivery.

Acsys Software has production facilities at Chennai, India

and provides client service from Luxembourg for Europe.

2.3 - BOARD MEMBERS OF COMPANY

Mr. Kamal Somani, FCA

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is a senior finance professional with over 30 years of experience in

investment banking, securities broking and corporate finance. His vast

experience and vision has enabled the Group to establish itself as a

respected financial services provider in the country. He looks after theoverall group strategies and leads securities broking, investment

advisory and investment banking activities of the Group.

Mr. Sandeep Parwal, B.Com (Hons), FCA,

has over 20 years of experience in various aspects of financial

services. He handles investment advisory, insurance broking and

merchant banking activities of the Group. His expertise in providingcustomized innovative solutions with unmatched speed provides a

distinctive edge to the Group's capability.

Mr. V. Shankar,

An alumnus of Indian Institute of Management Calcutta and Indian

Institute of Technology Madras, is the Managing Director of Computer

Age Management Services (CAMS), the largest RTA in India. Computer

Age Management Services Pvt. Ltd. (CAMS), offers a comprehensive

package of Transaction Processing and Customer Care services to the

Mutual Fund industry, and has been constantly raising the bar in

customer service since 1995.

Mr. Shanks is also a Director at Acsys Software., which is a

leading Technology and Software Solution Provider in the niche verticalof the Mutual Fund Industry both in India and abroad

2.4 - Niveshak Financial Advisory Program

(NFAP)

It is believed that the financial and capital market would generate the

largest number of employment opportunities in the next 2 decades.

Yet the talented people with the skills sets required to fill most of the

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positions are glaringly missing in the country. A successful sales &

marketing career in the financial market requires a thorough grooming

at the grass-root level, and that is where this program commands

immense value.

NML believes that large scale employment opportunities

exist in this field for graduates and fresh MBAs, if empowered properly.

Niveshak, therefore, offers quality & practical education in field of

investment, financial planning, insurance and tax advisory. As part of

this initiative Niveshak has chosen to offer a comprehensive internship

program titled "Niveshak Interaction Program" for a total duration of

two months.

This Internship not only offers a strong opportunity to learn

for a budding student; but also shapes up the professional in the

student as a result of mentoring from an experienced Mentor. This

paves the way for a strong and rewarding career. The entire program

is designed such that student will also be made to acquire the AMFI &

IRDA licenses. In addition, the internship also enables a student to

earn sizeable money.

Niveshak Interaction Program - Objectives

Today the Indian Capital market requires the inclusion of a wide base

of retail investors to counter the volatility caused by the inflow &

outflow of foreign money on which we have excessive dependence.Indian middle class savers the capital market via Mutual Funds,

Insurance etc. largely share the capital market (only amount 2% of the

salary savers participate). Only through a process of personalized

education can they be attracted to join

To ensure the delivery of"Investor.Education@home" and

facilitate investments, India needs to grow a new cadre of financialadvisors who are not merely "Salesmen" but rather "Advisors" -

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properly trained to educate and assist the saver, logistically and with

knowledge. NML proposes to achieve this goal through this unique

Internship Program in addition to the soon to be launched regular 6

month diploma program.

This program seeks to develop a vocational skill by providing

knowledge required to obtain licenses to advise investors, and then

provide the environment through an experimental learning proven to

avoid the temptation of merely hard selling financial products but

rather to deliver financial education. This program provides

opportunity to sharpen the communication and presentation skills. The

field work helps student in understanding the nitty-gritty of the

financial advisory.

2.5 - VISION

SPA believes in attaining customer satisfaction, on continuing

basis, by providing highest standard of financial services in India.

The philosophy at SPA is to provide services to clients after

assessment of their profile, needs and risk-appetite. The basic

work theme at SPA is:

-Dedicated, competent and honest team of professionals

-Customer centric work environment

- Insight of customers perspectives

- Strong research base

- Clear understanding of applicable laws

- Consistency and passion to excel

-Technology savvy

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2.6 - MILESTONE

Since 1994, with the coming into existence of the SPA Group, we have

diversified into a complete financial solution providing house, catering

aried needs of our clients ranging from investment advisory services to

investment banking, corporate re-structuring, distribution and broking

services, risk management and insurance advisory.

Within a short span of time, the Group has made a place for

itself in the midst of the top financial solutions provider in the country.

2.7 TYPES OF SERVICES PROVIDED BY GROUPS

OF SPA-

Financial Advisory

Tax Consultancy

Equity merchant banking

Corporate advisory

Corporate finance

Project finance

Investment advisory

Mutual fund distribution

Security broking

Equity broking

Insurance broking

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Valuation Services

Bond broking

In order to know about theoretical framework, it has been discussed in details in the

following chapter.

CHAPTER

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THEORETICAL FRAMEWORK

DEFINITION AND CLASSIFICATION OF EISK

COMPONENTS ON RISK TAKING

PROCEDURE OF RISK MANAGEMENT

RISK RETURN MATRIX

FINANCIAL PLANNING

BUDGETING

THEORETICAL FRAMEWORK

3.1 - RISK

Risk is the uncertainty concerning the occurrence of loss.

it is a part of our life. No one can escape it. When risk

occurs, it comes with its concomitant perils. In the case of the life, if

someone dies, the family may suffer. In case of property- business or

personal- it may impact the business or household. Therefore, what

can be done to remove or reduce the economic impact of the risk?

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A timely planning and going in for protection against

various types of risks through a variety of insurance policies can help

an individual in protecting ones wealth.

Classification of risk

Pure risk:

It is defined as a situation where there is only a loss or no loss

(neutral). There cannot be any gain in this situation. Like premature

death or medical expenses or damage to property by fire.

Speculative risk:

It is defined as a situation where the outcome can be loss or no loss or

gain from the event. Like investment in property or investment in

share market.

3.2 - TWO COMPONENTS ON RISK TAKING

In our country most of the people are willing to take risk. They will saythat they are risk takers , they have high Risk appetite , they love

challenge, and all kind of nonsense. But they forget to consider their

Ability to take risk. Its not important enough whether you are willing

to take risk or not , your situation should also allow you to take risk.

Ignoring your Ability to take risk can lead to situation like above

example.

1. Willingness to Take Risk:This depends on our inherent

nature, our attitude towards life, finance domain, Knowledge of

financial products etc. Our whole upbringing will contribute

towards this, because our willingness to take risk will depend on

our inherent self , who we are from inside . So you can either be

extra cautious by nature and may not be willing to take risks or

you can be a big risk taker who is willing to sell his pants and bet

money on anything. This is answer to Can you take risk ?

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2. Ability to Take Risk: This is the next important part in Risk

taking. Does your situation allow you to take risk or not? It has

nothing to do with your willingness to take risk , you can be very

much a risk taker and dieing to bet on the next multibagger orinvest in that 100% return a year mutual fund , but you have to

consider a worst case at the end. You have to visualize the worst

case as if it has happened after you take that risky decision . This

is answer to Shall you take the risk ?

3.3 - PROCEDURE OF RISK MANAGEMENT:

Risk avoidance- involving the elimination of a threatened

financial loss

Risk reduction- Involving strategies to minimize the amount of

loss if a loss does occur.

Risk transfer- sharing the burden of loss Means use of third

party like insurance.

Risk retention- retention of risk for higher return in future,

because high risk involve high return

3.4 RISK RETURN MATRIX

HIGHER RISK

LOWER RETURN

HIGHER RISK

HIGHER RETURN

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EQUIT

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LOWER RISK

LOWER RETURN

LOWER RISK

HIGHER RETURN

(SourceAdopted from NIVESHAK Mpowered N-FAP STUDY MATERIAL)

Risk returns matrix/ tradeoff

The risk and return tradeoff indicates if investors want a high return,

he have to take high risk also and vise versa.

3.5 FINAMCIAL PLANNING

Financial decisions are the basis to most of what we do in our lives.

Poor financial decisions can cause great anxiety and can also lead to

bankruptcy, whereas a well thought out sound financial decisions can

lead to a prosperous lifestyle.

People face many problems regarding finance; there are

some techniques to overcome those situations. These are:

>Manage and pay their debs

>Saving for their children

>How to take maximum of the tax benefit

>Saving for their retirement

>Reducing their risk through insurance

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MUTUAL

FUND

BANK FD

POSTAL

SAVING


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Financial Planning is the process of identifying a persons

financial goal, evaluating existing resources, and designing the

financial strategies that help the person to achieve goals.

Financial Planning or Advisory is a profession which

requires good communication skill and well knowledge of products and

services and working of financial service industry. As a financial

planner one can work in a bank, insurance company, a broker house,

tax consultant or have practice privately on his/her own.

Understanding Financial Planning

We need to understand the important of financial planning and its

advantages. The following highlights the importance of financial

planning:

--To protect yourself and your loved ones against financial risk

--To achieve the best possible lifestyle, suitable to your income

streams.

--To plan for the best possible education to children

--To build up adequate corpus for your long term goals

--To be able to retire when you want to and want

Its important to see if we can achieve the lifestyle we yearn for,

such a dream home, that snazzy car, educating children well or

the biggest dream of all to retire early and enjoy life peacefully.

3.6 - BUDGETING

budgeting is a process for tracking, planning, and controlling the inflow

and outflow of income. Relying solely on our overworked and

overloaded minds to manage such a complex process has many short

comings. The solution is to analyze our current situation, determine

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your goals, and develop a written plan against which you will measure

your progress.

Work of budgeting process

The budgeting process begins with gathering data that makes up your

financial history. next, you use this information to do a cash flow

analysis. you will calculate your net cash flow, which tells you cash is

coming in faster than its going out, or vice versa. Then you will

determine your net worth. Having a snapshot of your present financial

condition, you will define your financial objectives and create a

spending plan to achieve them. Finally, you will periodically check yourprogress against the plan and make adjustments as needed.

THE BUDGETING PROCESS

(SourceAdopted from NIVESHAK Mpowered N-FAP STUDY MATERIAL)

Indication of a Budget

Are you lnco

Your current spending pattern is satisfactory or not?

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1

Calculate

cash Flow

2

Determine

Net worth

3

Define

objectives

4

Create

spending

plan

5

Check

Progress

6

Make

adjustment


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Do your savings and investment suffice amounts to satisfy your

financial goal?

Is there need of any changes in your financial planning?

Steps of a Budget

1. Estimate future net income for the period of the budget.

2. Determine expected Expenditure during the period of budget.

3. Determine what you expect to spend to your fund your

personal goals.

4. Determine whether there is a surplus or a deficit.

5. Record your actual income and expenditure.

6. Evaluate whether changes in saving and spending are

necessary.

In order to know about development of hypothesis, it has beendiscussed in detail in the following chapter.

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CHAPTER

4DEVELOPMENT OF

HYPOTHESIS

DEVELOPMENT OF HYPOTHESIS

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Rate of return

There are different rate of return offered by the company but more

rate of return is more risky. To know the perception about rte of return

of return this hypothesis is developed.

H1: Preferences influence the rate of return.

Investment Goal

There are different investors have different investment goal.

Investment goal may be growth and income, grow faster than inflation

and also provide some income, grow as fast as possible if there is no

income today, preserve my original investment. To know perception

about investment goal this hypothesis is developed.

H2: All the defined investment goals are equally important.

Downward fluctuation in investment portfolio

In capital market invested money grows rapidly but risk is high in the

capital market. Sometimes money also decreases. Investors feel very

uncomfortable when downward fluctuation arises in investment

portfolio. To find perception about how large downward fluctuation in

investment portfolio, investors feel very uncomfortable following

hypothesis is developed.

H3: Feelings influence the categories of downward fluctuation

in the value of investment portfolio.

Asset Allocation

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There are different asset allocation categories, some of investor want

to more invest in equity and very low percentage in debt they are high

risk taker investor. Some of investor want very high percentage invests

in debt and very low percentage in equity market. To know theinvestors perception about asset allocation categories following

hypothesis is developed.

H4: All the asset allocation compositions are equally preferred

by the investors.

Relationship among the factors which include Investment goal,

Annual income, Occupation, Asset allocation and Annual rate

of return

There is a need to investigate the relationship among the factors which

include Investment goal, Annual income, Occupation, Asset allocation

and Annual rate of return.

H5: Investment goal influence the customers involved in

different occupation.

H6: Asset allocations are influenced by the nature of

occupation.

H7: Perception on annual on rate of return is influenced by

occupation.

H8: Perception on investment goal is influenced by asset

allocation.

H9: Preferences on investment goal is influenced by annual

income.

H10: Preferences on asset allocation is influenced by annual

income.

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In order to know about research methodology, it has been discussed in

detail in the following chapter.

CHAPTER

5RESEARCHMETHODOLOGY

LOCALE OF STUDY

METHOD OF SAMPLE SELECTION

TECHNIQUES OF DATA COLLECTION

TOOLS OF DATA COLLECTION

DEVELOPMENT OF QUESTIONNAIRE

TYPES OF DATA SOURCES

METHODS OF PROCESSING DATA AND TOOLSUSED

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PROBLEM FACED IN DATA COLLECTION

RESEARCH METHODOLOGY

5.1 LOCALE OF STUDY

As the time and the cost are the two main constraints in this research

so it is not possible to consider the whole pouch milk market so the

survey was conducted in Durgapur only.

5.2 METHODS OF SAMPLE SELECTION

With in the stipulated time it is not possible to collect data from all the

consumers so I have chosen the sampling process.

i. Sampling technique: The data collected from the samples in

Random sampling process. It is the process of selection of a group of

units in such a manner that every unit of population has an equal

chance of being included in the sample.

ii. Sample size: It denotes the number of elements to be included in

the study. Due to time constraints the sample size chosen is very

small. The total no of sample is 40.

5.3 TECHNIQUES OF DATA COLLECTION

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Once sampling plan has been determined, the marketing researcher

must decide how the subject should be conducted.

The method of data collection is survey method. In this survey the

personal interview method is adopted as a technique of data collectionas it is a versatile method. And through it more questions can be asked

and records of additional observations become easier from the

respondents.

5.4 TOOLS OF DATA COLLECTION.

In this survey the main tool of collecting primary data from the

investors is

Questionnaire as this is the most common instrument used to collect

data and the form of question can influence the response. The

questions were then prepared in order to fulfill the information

requirements as identified earlier in the study objectives... All the

questions in the questionnaire are close-ended.

5.5 DEVELOPMENT OF QUESTIONNAIRE

Questionnaire is developed according to the problem of the research.

In this research data collected in nominal scale.

5.6 TYPE OF DATA SOURCESA researcher can gather primary data, secondary data or both.

PRIMARY DATA are data freshly gathered for a specific purpose.

SECONDARY DATA are data that were collect for other purpose and

already exist somewhere.

i. Primary data: In this research the primary data are collected

from the respondents through the survey conducted. These data are

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collected for analyses purpose and from the analysis of those data the

inferences is drawn.

ii. Secondary data: In this research the secondary data are those

data which are collected from the Internet, different books, journals,etc. These data are collected for the purpose that which are the key

variables that can influence the investors risk taking perception

towards Financial Products.

5.7 METHODS OF PROCESSING DATA AND

TOOLS

USED

After the data collection the very next step is the processing of data.

For that the data are tabulated in the particular form of the

questionnaire. Then by Hypotheses testing and with the help of

different chart representation the inferences is drawn the inferences

based on each question. Mainly the Statistical tools are used here for

hypothesis testing are (1) Chi-square testof goodness of fit - This test is conducted to

identify the consumers preference is same or not across the different

variables.

(2) Chi-square test of independence This test is conducted to

identify which factor is influenced by which factor.

5.8 PROBLEM FACED IN DATA COLLECTION

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There are following problem faced in data collection.

Time problem

Language problem

Poor interaction by respondent

In order to know the data analysis and result, a comprehensive

research plan has been framed which is discussed in details in the

following chapter.

CHAPTER 6

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DATA ANALYSIS &

RESULTS

DATA TABULATION

DATA ANALYSIS & RESULTS

SUMMARISED TABLE

6.1 - DATA TABULATION

(1)Occupation

Types of occupation Frequency %

(A) Govt. Employee 11 27.5

(B) Corporate Employee 02 5

(C) Practicing Professional 02 5

(D) Enterpreaneur 24 60

(E) Retired 01 2.5

Total 40 100

Chart

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Occupation %

Govt Employee

corporate employee

practicing professio

enterpeeaneur

retired

(2) Annual Income:

Income Level (Rs.) Frequency %

(A) > 200000 27 67.5

(B) 200000 to 400000 13 32.5

(C) 400000 to 600000 0 0

(D) 600000 to 1000000 0 0

(E)


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(3) Monthly Household Expenditure

Expenditure Level Frequency %

(A) 50000 0 0

Total 40 100

Monthly household expenditure %

50000

(4) Have you taken any life insurance policy for yourself?

Life insurance policy by respondent Frequency %

Yes 30 75

No 10 25

Total 40 100

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Life Insurance Policy taken %

Y

N

(5) If yes, Annual premium of life insurance policy.

Annual premium Level (Rs.) Frequency %

20000 2 7

Total 30 100

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Annual premium %

20000

(6) Do you have any loan for which you are paying monthlyinstallments?

Do you have any loan Frequency %

Yes 6 15

No 34 85

Total 40 100

Do you have any loan %

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(7) Do you have some savings that you can use in emergency?

Do you have any emergency savings Frequency %

(A) No, I do not have any emergency savings 11 27.5

(B) Yes, I have, but it is small and would like tohave more

14 35

(C) Yes, I have sufficient emergency savings 15 37.5

(D) I have sufficient emergency savings, but canconsider more

0 0

Total 40 100

Do you have emergency savings %

(8) I think a reasonable annual rate of return for my portfolioinvestment would be

Level Frequency %

(A) 6% 8% 0 0

(B) 9% - 11% 14 35

(C) 12% 15% 23 57.5

(D) More than 15% 3 7.5

Total 40 100

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Perception about rate of return %

(9) My most important investment goal is to

Investment goal Frequency %

(A) Preserve my original investment 0 0

(B) Receive some growth and provide income 14 35

(C) Grow faster than inflation and also provide

some income

24 60

(D) Grow as fast as possible even if there is noincome today

2 5

Total 40 100

Investment goal %

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(10) How large a drop (or downward fluctuation) in the valueof your investment portfolio would you be prepared to seebefore you start feeling very uneasy or uncomfortable

Level of downward fluctuation in investmentportfolio

Frequency %

(A) Less than 15% 11 27.5

(B) More than 15% but less than 25% 24 60

(C) More than 25% but less than 40% 5 12.5

(D) More than 40% 0 0

Total 40 100

How laege a downward flucttuation in your in vsstment portfolio before start feeling

very uncomfortable %

(11) Tell us about your investment preferences andperceptions

Asset Allocation Risk Return Frequency %

(A) Debt 80%, Cash 20%,

Equity 0%

Very Low 6 15

(B) Debt 75%, Cash 10%,Equity 15%

Low 13 32.5

(C) Debt 50%, Cash 10%,Equity 40%

Moderate 17 42.5

(D) Debt 35%, Cash 10%,Equity 55%

Above Average 4 10

(E) Debt 25%, Cash 10%,Equity 65%

High 0 0

Total 40 100

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Risk Return Type %

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6.2 - DATA ANALYSIS & RESULTS

H1: Preferences influence the rate of return.

Based on this hypothesis question no (1) is developed to identify

preferences about rate of return. So I want to do chi- square test

(Goodness of fit). Here total no. of sample is 40, so the expected no of

investors in all the four investment goal categories are 10.

H0: Preferences remains same across the rate of return level.

H1: Preferences change across the rate of return level.

Here critical value of chi-square = 7.815 with 3 degree of freedom at

5% level of significance.

Observed value = 17.4 with 3 degree of freedom.

Since observed value of chi- square is greater than critical value 7.815

at 5% level of significance with degree of freedom 3.

So the null hypothesis is rejected and the alternate hypothesis is

accepted.

Inference

So by the testing of hypothesis no. 1 we can say that all the rate of

return level are not equally preferable by the investors is statistically

significant at 5% level of significance.

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H2: All the defined investment goals are equally

important.


preferences about investment goal. So I want to do chi- square test

(Goodness of fit). Here total no. of sample is 40, so the expected no of

investors in all the four investment goal categories is 10.

H0 : Preferences remains same across the investment goal categories.

H1 : Preferences change across the investment goal categories.







accepted.

Inference

So by the testing of hypothesis no. 2, we can say that all the

investment goal categories are not equally preferable by the investors

is statistically significant at 5% level of significance.

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H3: Feelings influence the categories of downward

fluctuation in the value of investment portfolio.


feelings about categories of downward fluctuation in the value of

investment portfolio. So I want to do chi- square test (Goodness of fit).

Here total no. of sample is 40, so the expected no of investors in all the

four categories is 10

H0: Preferences remains same across the rate of return level.

H1: Preferences change across the rate of return level.







accepted.

Inference

So by the testing of hypothesis no. 3 we can say that feelings changes

across the categories of downward fluctuation in the value of

investment portfolio is statistically significant at 5% level of

significance.

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H4: All the asset allocation compositions are equally

preferred by the investors.


preferences about asset allocation categories. So I want to do chi-

square test (Goodness of fit). Here total no. of sample is 40, so the

expected no of investors in all the five compositions of asset allocation

is 8.

H0: Preferences remains same across the asset allocation categories.

H1: Preferences change across the asset allocation categories.

Here critical value of chi-square = 9.45 with 4 degree of freedom at 5%

level of significance.

Observed value = 19 with 4 degree of freedom.




accepted.

Inference

So by the testing of hypothesis no. 4 we can say that preferences

change across asset allocation categories.

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TABLE 6.1

Summarized Table

SL.No.

Statement ofHypothesis

NullHypothesis

AlternativeHypothesis

Observed chi-squarevalue

CriticalChi-squarevalue

Hypothesisstatus

1 Preferences influencethe rate ofreturn.

Preferences remainsameacrossthe rateof returnlevel.

Preferences changeacrossthe rateof returnlevel

17.4 7.815 Reject

2 All thedefined

investmentgoals areequallyimportant.

Preferences

remainssameacrosstheinvestment goalcategories

Preferences change

acrosstheinvestment goalcategories

37.6 7.815 Reject

3 Feelingsinfluence

thecategoriesofdownwardfluctuationin thevalue ofinvestmentportfolio.

Feelingsremain

sameacrossthecategories ofdownwardfluctuation in thevalue ofinvestment

Feelingschange

acrossthecategories ofdownwardfluctuation in thevalue ofinvestmentportfolio.

32.2 7.815 Reject

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portfolio.

4 All theassetallocation

compositions areequallypreferredby theinvestors.

Preferences remainsame

acrossthe assetallocationcategories.

Preferences changeacross

the assetallocationcategories

19 9.45 Reject

H5: Investment goal influenced the customersinvolved in different occupation.


preferences on rate of return are independent of occupation or not. So

I want to do chi- square test (chi-square test of independent). Here

total no. of sample is 40.

H0 : Preferences on investment goal are independent of occupation.

H1: Preferences on investment goal are not independent of

occupation.




Since observed value of chi- square is less than critical value 21.03 at

5% level of significance with degree of freedom 12.

So the null hypothesis is accepted and the alternate hypothesis is

rejected.

Inference

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So by the testing of hypothesis no. 5 we can say that preferences on

investment goal are independent of occupation is statistically


H6: Asset allocations are influenced by the nature of

occupation.


preferences on asset allocation are independent of occupation or not.

So I want to do chi- square test (chi-square test of independent). Here


H0: Preferences on asset allocation are independent of occupation.

H1: Preferences on asset allocation are not independent of occupation.







rejected.

Inference

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asset allocation are independent of occupation is statistically


H7: Preferences on annual rate of return is

influenced by occupation.


preferences on rate of return are independent of occupation or not. So

I want to do chi- square test (chi-square test of independent). Here


H0: Preferences on rate of return are independent of occupation.

H1: Preferences on rate of return are not independent of occupation.







rejected.

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Inference


rate of return are independent of occupation is statistically significant

at 5% level of significance.

H8: Preferences on investment goal is influenced by

asset allocation.


preferences on investment goal are independent of asset allocation or

not. So I want to do chi- square test (chi-square test of independent).Here total no. of sample is 40.

H0: Preferences on investment goal are independent of asset

allocation.

H1: Preferences on investment goal are not independent of asset

allocation.







accepted.

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Inference


investment goal are not independent of asset allocation is statistically


H9: Preferences on investment goal is influenced by

annual income.


preferences on investment goal are independent of annual income or

not. So I want to do chi- square test (chi-square test of independent).

Here total no. of sample is 40.

H0: Preferences on investment goal are independent of annual

income.

H1: Preferences on investment goal are not independent of annual

income.






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rejected.

Inference


investment goal are independent of annual income is statistically


H10: Preferences on asset allocation is influenced byannual income.


preferences on asset allocation are independent of annual income or

not. So I want to do chi- square test (chi-square test of independent).

Here total no. of sample is 40.

H0: Preferences on asset allocation are independent of annual income.

H1: Preferences on asset allocation are not independent of annual

income.




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rejected.

Inference


asset allocation are independent of annual income is statistically


TABLE 6.2

Summarized Table

SL.NO

.

Statement of

Hypothesis

NullHypothes

is

Alternative

Hypothesis

Observed chi-

squarevalue

Critical

chi-squarevalue

Hypothesis

status

Findoutcome

1 Investment goalinfluencethecustomersinvolvedin

differentoccupatio

Investment goals areindependent ofoccupation

Investment goals arenotindependent ofoccupation

13.467 21.03 Accept Investment goals areindependent ofoccupation.

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n

2 Assetallocations areinfluence

d by thenature ofoccupation.

Assetallocationsareindepende

nt ofoccupation.

Assetallocationsare notindepende

nt ofoccupation.

24.942 26.30 Accept Assetallocationsareindepende

nt ofoccupation.

3 Perception onannualrate ofreturn isinfluenced by theoccupatio

n

Perceptionon rate ofreturn isindependent ofoccupation

Perceptionon rate ofreturn isnotindependent ofoccupation

10.481 21.03 Accept Perceptionon rate ofreturn isindependent ofoccupation.

4 Perception oninvestment goal isinfluenced byassetallocation.

Perceptiononinvestment goal isindependent of assetallocation.

Perceptiononinvestment goal isnotindependent of assetallocation.

23.88 21.03 Reject Perceptiononinvestment goal isnotindependent of assetallocation.

5 Perceptio

n oninvestment goal isinfluenced byannualincome

Perception

oninvestment goal areindependent ofannualincome

Perception

oninvestment goal arenotindependent ofannualincome

5.02 21.03 Accept Perception

oninvestment goal isindependent ofannualincome.

6 Perception onassetallocation

isinfluenced byannualincome.

Perceptionon assetallocationis

independent ofannualincome.

Perceptionon assetallocationis not


7.16 26.30 Accept Perceptionon assetallocationis


TABLE- 6.3

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SUMMARIZED HYPOTHESIS STATUS

Hypothesis Statistical Tools Find outcome

Descriptiv

e Statistic

Inferential

Statistic

H1 : Preferencesinfluence rate ofreturn

%,FrequencyCount

Chi-squaregoodness offit

Preferences changeacross the rate ofreturn level.

H2 : All the definedinvestment goalsare equallyimportant

%,FrequencyCount


Preferences changeacross theinvestment goalcategories.

H3: Feelingsinfluence thecategories ofdownwardfluctuation.

%,FrequencyCount


Preferences changeacross thecategories ofdownwardfluctuation in thevalue

H4: All the assetallocationcompositions areequally preferred by

the investors.

%,Frequencycount


Preferences changeacross the assetallocationcategories.

H5: Investment goalinfluence thecustomers involvedin differentoccupation.

Frequencycount

Chi squaretest ofindependence.

Investment goalsare notindependent ofoccupation.

H6: Assetallocations areinfluenced by the

nature ofoccupation.

Frequencycount

Chi-squaretest ofindependenc

e.

Asset allocationsare independent ofoccupation.

H7: Perception onannual rate ofreturn is influencedby occupation.

Frequencycount

Chi-squaretest ofindependence.

Perception on rateof return isindependent ofoccupation.

H8: Perception oninvestment goal isinfluenced by assetallocation.

Frequencycount

Chi-squaretest ofindependence.

Perception oninvestment goal isnot independent ofasset allocation.

H9: Perception on Frequency Chi-square Perception on

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investment goal isinfluenced byannual income.

count test of independence.

investment goal isindependent ofoccupation.

H10: Perception on

asset allocation isinfluenced byannual income.

Frequency

count

Chi-square

test ofindependence.

Perception on asset

allocation isindependent ofoccupation.

In order to know the findings and conclusion, it has been discussed in detail in the

following chapter.

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CHAPTER

7FINDINGS AND CONCLUSIONS

FINDINGS

CONCLUSIONS

FINDINGS AND CONCLUSIONS

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7.1 - FINDINGS

Preferences change across the rate of return level andinvestment goal categories..

Feelings change across the categories of downward fluctuation inthe value of investment portfolio.

Preferences of investors are change across the asset allocationcategories.

Investment goals are independent of occupation.

Asset allocations are independent of occupation.

Rate of return is independent of occupation.

Perception on investment goal is not independent of assetallocation.

Perception on investment goal is independent of annual income.

Perception on asset allocation is independent of annual income.

7.2 - CONCLUSIONSThere are many factors that can affect the individuals risk taking

perceptions. Some of important factors are rate of return, investment

goal, and downward fluctuation in investment portfolio. Investment

goals are independent of occupation, meance in one occupation

category people may have different investment goal. Asset allocation

perception is also independent on occupation. In every occupation

categories there are different type of risk taker. It has been observed

that asset allocation is depending on the investment goal categories.

Investors in one type investment goal categories have same

perception about asset allocation. Same annual income categories

people may have different investment goal, and investment goal is

independent on occupation.

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CHAPTER 8

SUGGESTIONS

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SUGGESIONS

On the basis of analyses & findings of the study some suggestions can

be put forwarded to the company are as follows:

The company should pay more attention on the rate of return

preferred by the investors

Company should provide financial product according the

investment goal of the investors.

Company should provide different financial products for different

risk perception categories.

Company should give more attractive advertisement through

different media for new financial product launched.

The company should give more attention for knowledge of the

investors about different facilities of different financial products.

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REFERENCES

BOOKS

Kotler, Philip (2005) "Marketing Management", Pearson

Education (Eleventh Edition).

Malhotra, N.K. (2005). Marketing Research: An AppliedOrientation", Pearson Education (Fourth Edition)

Richard I. Levin, David S Rubin (1997). "Statistics for

Management", Prentice Hall of India(seventh edition)

Book of NIVESHAK Mpowered N-FAP STUDT

MATERIAL

WEBSITES

http//www.jagoinvestor.com

http//onlinelibrary.wiley.com

http//www.iniveshak.com

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APPENDICES

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APPENDIX 1

INVESTOR PROFILE QUESTIONNAIRE

1. Name

..

Address

...

2. D.O.B .

3. PAN ...

4. Occupation

(A) Govt. Employee (B) Corporate Employee (C) Practicing

Professional

(D) Enterpreaneur (E) Retired

5. Your Annual Income

(A) Upto Rs. 2 lacs p.a. (B) More than Rs. 2 lac but less than

Rs. 4 lacs p.a.

(C) More than Rs. 4 lacs but less than Rs. 6 lacs p.a.

(D) More than Rs. 6 lacs but less than Rs. 10 lacs p.a.

(E) More than Rs. 10 lacs p.a.

6. Are you married or not (A) Yes (B)

No

7. Spouse Name

.

7.1 Spouse Date of Birth

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7.2 Spouse PAN Card No.

7.3 Spouse Occupation

(A)Govt. Employee (B) Corporate Employee (C) Practicing

Professional

(D) Enterpreaneur (E) Retired

7.4 Spouse Annual Income

(A) Upto Rs. 2 lacs p.a. (B) More than Rs. 2 lac but less than

Rs. 4 lacs p.a.

(C) More than Rs. 4 lacs but less than Rs. 6 lacs p.a.

(D) More than Rs. 6 lacs but less than Rs. 10 lacs p.a.

(E) More than Rs. 10 lacs p.a.

8. Dependents Details (including dependents parents)

.................................................................................................................

.................................................................................................................

..............................................................

9. Where does your monthly household expenditure falls?

(A) Less than Rs. 15000 p.m.

(B) Above Rs. 15000 but less than Rs. 25000 p.m.

(C) Above Rs. 25000 but less than Rs.40000 p.m.

(D) Above Rs. 40000 but less than Rs. 50000 p.m.

(E) Above Rs. 50000 per month

10. Do you own a house? (Yes/No)

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10.1 If yes, how much a similar house at the same place will cost

today? Rslacs

10.2 Was it taken on Loan? Yes/No

10.3 If yes what is the EMI (monthly installment) per month Rs.p.m.

10.4 If No, when do you propose to buy one?

(A) Within next 3 years (B) Within next 3-5

years

(C) Within next 5-10 years (D) Within next 10-15

years

11. Do you have a car? (Yes/No)

11.1 If no, when do you propose to buy one?

(A) Within next 3 years (B) Within next 3-5

years

(C) Within next 5-10 years (D) Within next 10-15

years

12 When & how much money would you require for your

childrens Marriage?

(A) 1st Child - > Rs. lacs 5 years from now ( ) 10 years

from now ( )

15

years from now ( )

(B) 2nd Child - > Rs. lacs 5 years from now ( ) 10 years

from now ( )

15

years from now ( )

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12.1 Any investment made by you for meeting the expenditure of

childrens education?

..

13. When & how much money would you required for your

childrens Marriage?

(A) 1st Child - > Rs. lacs 5 years from now ( ) 10 years from

now ( )

15

years from now ( )

(B) 2nd Child - > Rs.. lacs 5 years from now ( ) 10 years from

now ( )

15

years from now ( )

14. When do you plan to retire? At the age of ...years / or

after .years from now .

15. Is your current occupation pensionable? Yes/No

15.1 If yes, how much pension would you get? Rs. .. p.m.

15.2 If not, have you joined any pension plans to supplement or

provide you income post retirement? Yes/No

15.3 What investments are made for retirement needs?

15.4 How much do you save annually to create a pension for yourself

(in addition to EPF/GPF? Rs. ..

15.5 Would you like to estimate the amount you will get from EPF/GPF

on retirement?

15.6 How much will be your monthly expense after retirement?

p.m.

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16. Do you want the information about pension or do you want

someone to explain it to you? Yes/No

17. Have you taken any Life Insurance Policy for yourself?

17.1 If yes, how much is the value of sum assured?

..

17.2 How much is the annual premium?

...

18. Are you covered under any medical reimbursement scheme

or medical insurance scheme from your employer?

(A) Yes, I and my family are covered for 100% reimbursement

(B) No, medical reimbursement nor any medical insurance cover from

employer

(C) Yes, reimbursement or cover available from employer but only

partial

(D) Have my own medical insurance cover for myself and family

19. Do you have any loan for which you are paying monthly

installments? Yes/No If yes, give details

EMIs Rs. Purpose How many years more?

19.1

19.2

19.3

20. Do you have some savings that you can use in emergency?

(A) No, I do not have any emergency savings

(B) Yes, I have, but it is small and would like to have more

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(C) Yes, I have sufficient emergency savings

(D) I have sufficient emergency savings, but can consider more

21. I think a reasonable annual rate of return of my portfolio

investment would be

(A) 6% - 8% (B) 9% - 11% (C) 12% - 15% (D)

More than 15%

22. My most important investment goal is to

(A) Preserve my original investment

(B) Receive some growth and provide income

(C) Grow faster than inflation and also provide some income

(D) Grow as fast as possible even if there is no income today

23. What percentage of your cash and bank balance you plan

to invest now?

(A) Less than 25% (B) More than 25% but

less than 50%

(C) More than 50% but less than 75% (D) More than 75%

24. When is the earliest you anticipate needing all or a

substantial portion of your investment assets?

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(A) < 1 Years (B) 1 to 2 years (C) 2 to 5 years (D) More

than 5 years

25. In the past, which of the following products or instruments

have you invested in (you can select all)?

(A) Fixed Deposits and/or Money Market Funds

(B) Govt./Securities & Corporate Bonds (or Company Fds)

(C) Mutual Funds

(D) Shares or Equity or Derivatives

26. How large a drop (or downward fluctuation) in the value of

your investment portfolio would you be prepared to see before

you start feeling very uneasy or uncomfortable

(A) Less than 15% (B) More than 15% but

less than 25 %

(C) More than 25% but less than 40% (D) More than 40%

27. What is your expectation from the Financial Advisor who

helps you in making various investments?

(A) He/She should explain to me the details of the product where I

want to make investment and help me in drawing comparison

with match in products

(B) He/She need not explain to me the details of the product where Iwant to make investment, since I know all about the investments

(C) He/She should give me full details of the product, help me in

depositing the form and help me in tracking my investment (after the

investment is made)

(D) He/She should simply deliver me the application form, collect it

from me and deposit it

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28. Are you willing to pay a fee to your Financial Advisor?

(A) Yes, because they deserve it for assisting me

(B) No, they do not deserve it since they are helping in only filling in

and depositing the application

29. If you are comfortable in paying a fee to your financial

advisor (or the agent), how much you would like to pay?

(A) A fixed sum every time he/she helps me in making an investment

or a transaction

(B) A certain percentage of the amount of investment

(C) Higher the amount for a small amount of investment and lower the

amount for higher amount of investment

30. Do you want assistance in filling your income tax returns?

(A) Yes, I want help. Please ask your representative to contact me.

(B) No, I do not want any help

31. Tell us about your investment preferences and perceptions

If you were to make your own portfolio of investments/savings, which

of the followings will be close to your comfort level? (assuming the

investment horizon is around 3 years)

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Asset

Allocation

Risk

Return

Projected

Return

(maximu

m/minimum)

Portfolio

type

Debt 80%,

Cash 20%,

Equity 0%

Very Low 7% 7% Cash &

Income

A

Debt 75%,

Cash 10%,

Equity 15%

Low 8% 6% Income B

Debt 50%,

Cash 10%,

Equity 40%

Moderate 12% 7% Balanced C

Debt 35%,

Cash 10%,

Equity 55%

Above

average

18% 5% Growth D

Debt 25%,

Cash 10%,

Equity 75%

High 25% 3% High

Growth

E

32. My immediate interest is for:

A. Complete Financial Planning ( ) B. A particular product

.

C. Goal achievement planning ( ) D. Investments (lump

sum/SIP)( )

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APPENDIX - 2

TABLES

TABLE NO. - 1

For test of H1:

Level of rate of return Observedfrequency

Expectedfrequency

(A) 6% - 8% 0 10

(B) 9% - 11% 14 10

(C) 12% - 15% 23 10(D) More than 15% 3 10

Total 40 40

TABLE NO. - 2

For test H2:

Investment goal categories Observedfrequency

Expectedfrequency

(A) Preserve my original investment 0 10

(B) Receive some growth and provideincome

14 10

(C) Grow faster than inflation and alsoprovide some income

24 10

(D) Grow as fast as possible even if 2 10

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there is no income today

Total 40 40

TABLE NO. - 3

For test of H3:

Categories ObservedFrequency

ExpectedFrequency

(A) Less than 15% 11 10

(B) More than 15% but less than 25% 24 10

(C) More than 25% but less than 40% 5 10

(D) More than 40% 0 10

Total 40 40

TABLE NO. - 4

For test of H4:

Categories of Asset allocation ObservedFrequency

ExpectedFrequency

(A) Debt 80%, Cash 20%, Equity 0% 6 8

(B) Debt 75%, Cash 10%, Equity 15% 13 8

(C) Debt 50%, Cash 10%, Equity 40% 17 8

(D) Debt 35%, Cash 10%, Equity 55% 4 8

(E) Debt 25%, Cash 10%, Equity 65% 0 8

Total 40 40

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TABLE NO. - 5

For test of H5:

Investment

Goal

Occupation

A B C D

A 0 3 8 0

B 0 0 1 1

C 0 0 2 0

D 0 11 12 1

E 0 0 1 0

TABLE NO. - 6

For test of H6:

Asset Allocation

Categories

Occupation

A B C D E

A 3 7 1 0 0

B 0 1 0 1 0

C 0 1 1 0 0

D 2 4 15 3 0

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E 1 0 0 0 0

TABLE NO. - 7

For test of H7:

Preferences on rate

Of return

Occupation

A B C D

A 0 6 5 0

B 0 1 0 1

C 0 1 1 0

D 0 6 16 2

E 0 0 1 0

TABLE NO. - 8

For test of H8:

Investment Goal

Asset Allocation

A B C D

A 0 4 2 0

B 0 3 10 0

C 0 7 10 0

D 0 0 2 2

E 0 0 0 0

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TABLE NO. - 9

For test of H9:

Investment

Goal

Annual Income

A B C D

A 0 12 13 2

B 0 2 11 0

C 0 0 0 0

D 0 0 0 0

E 0 0 0 0

TABLE NO. - 10

For test of H10:

Asset Allocation

Annual Income

A B C D E

A 3 6 14 4 0

B 3 7 3 0 0

C 0 0 0 0 0

D 0 0 0 0 0

E 0 0 0 0 0

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05 project report abhishek

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