135717817 investpror behaviour in stock market

8/12/2019 135717817 Investpror Behaviour in Stock Market

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A

Summer Training Project Report

On

INVESTORS BEHAVIOUR ON STOCK

MARKET

AT

RELIGARE SECURITIES LIMITED

Submitted in partial fulfillment for the award of MBA Degree

(Approved b AICTE! A""i#iated to Uttara$%and Tec%nica#

Univer&it and ') Gar%*a# Univer&it+

ACADEMIC SESSI,

(-../0-.1.+

Submitted to2 Submitted b2

Mr&3 TWEENA PANDEY NADEEM AHMAD

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To Whom It May Concern

"hi$ i$ to %ertif& that Mr3 adeem a%med' of !ttran%hal In$titute of Management for the

$e$$ion ())*+ (),)' ha$ %ompleted the pro-e%t report titled I5EST,R6S )E'A5I,UR

, ST,C7 MAR7ET AT RELIGARE SECURITIES LIMITED8 under m&

$uper.i$ion' a$ a part of partial fulfillment for the award of MBA Degree/ 0i$ report i$

$ati$fa%tor& and not %opied from an&where to the be$t of m& 1nowledge/

Date2

Signature

ProjectSupervi&orM&3 T*eena Pande

Lecturer

Deptt20 Management

UIM! De%radun

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AC7,9LEDGEMET

I would li1e to e3pre$$ m& ineptne$$ to M&3T*eena pande for her out$tanding %ontribution

to m& pro-e%t/ She i$ the figure who ha$ alwa&$ $upported me and en%ouraged me to wor1

hard/ I don4t ha.e word$ to e3pre$$ m& gratitude for her guidan%e' but will alwa&$ follow her

prin%iple$/

I am than1ful to Mr3Ab%a Deo# 5 M&3E&%a A%ujaof Re#igare Securitie& Limited'

for there guidan%e and pre%iou$ time at e.er& le.el of thi$ $tud&/ "he& ha$ been a $our%e of

in$piration and a %au$e of %on.i%tion$ and %ompul$ion/

I al$o than1 m& friend$ for their moral $upport to a%%ompli$h the pro-e%t wor1/ I

than1 the uttaran%hal In$titute of Management'dehradun for pro.iding the te%hni%al $upport/

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PRE;ACE

I ha.e a great plea$ure in pre$enting thi$ wor1 a$ a part of the "wo &ear$ full time MBA

DEGREE PROGRAM3

Ob-e%ti.e of m& wor1 initiated when I %ame a%ro$$ .ariou$ di$%u$$ion$ in the finan%ial

mar1et$/ Indian deri.ati.e$ mar1et i$ &et to rea%h it$ pea1 le.el/ "here i$ $till a la%1 of

1nowledge about deri.ati.e$' among$t the ma-orit& of mar1et pla&er$/

0igh degree of .olatilit& in the re%ent time$ in the Indian mar1et ha$ led to de.elopment of

more and more $ophi$ti%ated 0edging' Spe%ulation and Arbitrage te%hni6ue$ and $trategie$/

"he$e $trategie$ are e3ten$i.el& u$ed b& "rader$' Ri$1 Manager$' and Portfolio Manager$/

Ob-e%ti.e of thi$ pro-e%t i$ to pre$ent and anal&7e .ariou$ deri.ati.e $trategie$

in different mar1et $ituation$ for pla&er$ of different profile$/

"he $tud& would fa%ilitate the reader in ma1ing $ound in.e$tment de%i$ion$/ "hi$ would help

him %hoo$e the right deri.ati.e$ $trateg& in different mar1et %ondition$/

"hi$ wor1 i$ intended to be u$eful for re$ear%her$' trader$' portfolio manager$' finan%ial

in$titution$' mutual fund$' %orporate and $tudent finan%e/

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ONTENTSS. No. TOPICS Page no.

13 Certi"icate 1

-3 Ac$no*#edgement :

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7e ;eature&2

Profe$$ional Approa%h

ontinuou$ portfolio monitoring

Regular !pdate$

?o ro$$ $ub$idi7ation of %o$t$

"ran$paren%&

Performan%e lin1ed fee

Lower E3pen$e$

Re%ent "a3 %hange$ + er& Attra%ti.e

I;RASTRUCTURE

,""ice&

"he %ompan& ha$ offi%e$ lo%ated at prime lo%ation$ in Mumbai' ?ew Delhi' @ol1ata and

hennai/ "he offi%e$ are %entrall& lo%ated to %ater to the re6uirement$ of in$titutional and

%orporate %lient$ and retail$ %lient$' and for ea$e of operation$ due to pro3imit& to $to%1

e3%hange$ and ban1$/

Communication&

"he %ompanie$ ha$ it$ di$po$al an effi%ient networ1 of ad.an%e %ommuni%ation $&$tem and

intend to in$tall RM fa%ilit&' be$ide$ thi$ it i$ implementing intera%ti.e %lient information

di$$emination $&$tem whi%h enable$ %lient$ to .iew their late$t %lient information on web/ It

ha$ an in$talled multiple A? to inter%onne%t the bran%he$ to

ommuni%ate on real time ba$i$/

"he %ompan& i$ e6uipped with mo$t ad.an%ed $&$tem$ to fa%ilitate $mooth fun%tioning of

operation$/ It ha$ in$talled it$ ma-or appli%ation on IBM ma%hine$ and u$e$ late$t $tate of art

finan%ial $oftware/

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MAAGEMETMr/ Sunil Godhwani i$ hief E3e%uti.e Offi%er and Managing Dire%tor of RELIGARE

Se%uritie$ Limited/ 0e i$ al$o the EO 5 MD of the parent %ompan& RELIGARE ;inan%ial

Ser.i%e$ Limited and i$ managing the entire operation$ of both the %ompanie$/

EO i$ $upported b& .ariou$ 0OD$ who are %reditable profe$$ional of their re$pe%ti.e field$

and the& are further wor1ing with team of profe$$ional$ %on$i$ting of hartered A%%ountant$'

MBA$ with .aried e3perien%e in finan%ial $er.i%e$ and $to%1 bro1ing fun%tion$/

Corporate Structure

Our organi7ation i$ led b& indi.idual$ who are profe$$ional$ and leader$ in e.er& $en$e of the

word/ E3pert$ in their re$pe%ti.e domain$' e$teem member$ of our Board of Dire%tor$ are2

Mr/ Mal.inder Mohan Singh C hairman ?on E3e%uti.e

Mr/ Sunil Godhwani C EO 5 Managing Dire%tor

Mr/ Shi.inder Mohan Singh C ?on E3e%uti.e Dire%tor

Mr/ 0arpal Singh C ?on E3e%uti.e Dire%tor

Mr/Deepa1 Ram%hand Sabnani C Independent Dire%tor

Mr/Padam Bahl C Independent Dire%tor

Mr/F// Balani C Independent Dire%tor

Mr/ Balde. Singh Fohal C Independent Dire%tor

Mr/ R/ @/ Shett& C Alternate to Mr/ F/ / Balani

apt/G/P/S/Bhalla C Alternate to Mr/ Deepa1 Sabnani

DEP,SIT,R PARTICIPAT SER5ICES

RELIGARE Se%uritie$ Ltd/ ha$ al$o .entured into depo$itor& $er.i%e$ to %ater to it$ %lient$

and i$ among leading depo$itor& $er.i%e$ pro.ider$ ha.ing more than


18/78

,/ Participant on t%e countr6& premier e?c%ange2 RELIGARE i$ a member of

the %ountr&4$ premier $to%1 e3%hange + "he ?ational Sto%1 E3%hange of India ?SE/

(/ C#earing member&%ip on Capita# Derivative& &egment&2 It ha$ %learing

member$hip$ on both the apital Mar1et and Deri.ati.e$ $egment of the e3%hange/

e are al$o authori7ed to trade the retail debt mar1et/


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$u%%e$$ rate of o.er


20/78

,;;ERIG ,; RELIGARE

Portfolio Management Ser.i%e$

International Ad.i$or&

In$titutional Bro1ing Ser.i%e$

In.e$tment Ban1ing

E6uit& 5 Deri.ati.e$

Depo$itor&

Depo&itor

RSL pro.ide$ depo$itor& $er.i%e$ to in.e$tor$ a$ a Depo$itor& Parti%ipant with ?SDL and

DSL/ "he Depo$itor& $&$tem in India lin1$ i$$uer$' Depo$itor& Parti%ipant$' Depo$itorie$

?ational Se%uritie$ Depo$itor& Limited ?SDL and entral Depo$itor& Ser.i%e$ India

Limited DSL and %learing hou$e$ 9 %learing orporation of Sto%1 E3%hange$/ "he$e

fa%ilitate holding of $e%uritie$ in demateriali7ed form and $e%uritie$ tran$a%tion$ are

pro%e$$ed b& mean$ of a%%ount tran$fer/

Euit Derivative&

R0ALL

"rading in E6uitie$ with Religare trul& empower$ &ou for &our in.e$tment need$/ e en$ure

&ou ha.e a $uperlati.e trading e3perien%e through C

,/ A highl& pro%e$$ dri.en' diligent approa%h

(/ Powerful Re$ear%h 5 Anal&ti%$ and


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the$e bran%he$ and %onne%t to our highl& $1illed and dedi%ated relation$hip manager$ to get

the be$t $er.i%e$/

'o* *i## *e ma$e trading ea&ier and betterF

Per$onal A$$i$tan%e

Dedi%ated Relation$hip Manager$

Dedi%ated dealer$ who fa%ilitate trading and $er.e &our po$t trade need$

Re&earc% and Advi&or

e at Religare belie.e in pro.iding re$ear%h $er.i%e$ for %lient$ to fa%ilitate their in.e$tment

de%i$ion$' with $tri%t empha$i$ on $elfCregulation' a.oiding po$$ible %onfli%t of intere$t in

ob-e%ti.it&/ Dri.en b& ethi%al bu$ine$$ pra%ti%e$' we 1eep a haw14$ e&e on the mar1et with

%on$i$tent tra%1ing of our re%ommendation$ to pro.ide our %lient$ $uitable 5 timel& in$ight$/

"he re$ear%h team at Religare ha$ %lo$e to ,)) man &ear$ of e3perien%e 5 %o.er$ a large

ba$1et of %ompanie$ from different %ategorie$/

aried Re$ear%h Produ%t$ C

;undamental re$ear%h

"e%hni%al re$ear%h

Dail& report$

IntraCda& trading te%h %all$

IntraCda& Deri.ati.e %all$

Dire%tional ;5O %all$

Stru%tured produ%t

5a#ue Add&

A%%e$$ &our ledger balan%e$ and a%%ount information o.er internet and at the bran%h 0elp

Brow$er and appli%ation ba$ed platform$ %an al$o be made a.ailable for e6uit& trading

A%%e$$ to all &our a%%ount$ through &our uni6ue u$tomer Relation$hip ?umber R?

T%e Re#igare Edge

Powerful re$ear%h and anal&ti%$ $upported b& a pool of highl& $1illed re$ear%h anal&$t$

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Ethi%al bu$ine$$ pra%ti%e$

Offline9Online deli.er& model$

Single window for all in.e$tment need$ through &our uni6ue R?

In&titutiona# )ro$ing Service&

"he mi$$ion of thi$ di.i$ion i$ to in$titutionali7e and implement a pro%e$$ dri.en approa%h to

%ater to the need$ of leading %orporate hou$e$ and in$titution$/

"he di.i$ion would li1e to be $een a$ a one $top in.e$tment gatewa& and 1nowledge

repo$itor& for it$ %lient$ $er.i%ing their uni6ue and $ophi$ti%ated need$/

"he di.i$ion i$ $tru%tured a$ a $eparate SB! and i$ hou$ed out of Mumbai' manned b& a

$mall &et fleet footed and e3tremel& $1illed group of top not%h profe$$ional$ drawn from the

be$t in the indu$tr&/

"he 1e& highlight$ of our $er.i%e platter are2

0ighl& $1illed' dedi%ated dealing' re$ear%h and $ale$ team$

Dealing %apabilitie$ on the ?SE' BSE and in the %a$h and deri.ati.e$ $egment

InCdepth' detailed and in$ightful %o.erage of more than ) $to%1$ a%ro$$ di.er$e

Se%tor$/ "he $e%tor$ %o.ered are ;MG' 0otel$' Media' Pharma' and Auto' ement' Steel

pipe$' Logi$ti%$' "ele%om' on$tru%tion and mu%h more/

Our urrent %lientele in%lude$ $ome ma-or dome$ti% Mutual ;und$' In$uran%e ompanie$'

Ban1$ and ;II4$

Internationa# Advi&or

International Ad.i$or& ;und Management Ser.i%e$ A;MS C A new hori7on for

international in.e$tment$ we pro.ide our wealth %lient$ an opportunit& to in.e$t in

international finan%ial in$trument$ %urrentl& limited to the !S/ E6uitie$' Mutual ;und$ and

Debt$ are $ome of the 1e& in$trument$ a.ailable and the %lient$ ha.e the option to %hoo$e

from .ariou$ a$$et allo%ation module$/

9% Inve&t ,ver&ea&F

A.enue$ for enhan%ing return$' minimi7ing ri$1 and portfolio di.er$ifi%ation

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Global outrea%h of opportunitie$

PreCappro.ed route for re$ident indi.idual$ to in.e$t 0ealth& Go.t/ Patronage and

fa.orable regulator& de.elopment$

Inve&tment )an$ing

e pro.ide inno.ati.e' integrated and be$tCfit $olution$ to our %orporate %u$tomer$/ It i$

our %ontinuou$ endea.or to pro.ide .alue enhan%ement through di.er$e finan%ial $olution$ on

an ongoing ba$i$' through offering$ li1e orporate Debt' Pri.ate E6uit&' IPO' EB' ;B'

GDR9ADR et%/

In.e$tment Ban1ing with Religare offer$ the following $er.i%e$2

Corporate ;inance

e fo%u$ on finding right and rele.ant partner$ for our %lient$' who not onl& help in adding

.alue but al$o impro.e the future .aluation of the organi7ation/ e $pe%iali7e in $tru%tured

finan%ing and pro.iding ad.i$or& $er.i%e$ related to finan%ial planning' modeling and

ad.i$ing on finan%ial re6uirement$/

orporate finan%e produ%t$ offered b& u$2

Pla%ement of Debt

S&ndi%ation of Dome$ti% Loan 9 ;oreign urren%& Loan

Se%uriti7ation

Debt Swap 5 Loan Re$tru%turing

Short "erm orporate Debt

or1ing apital a$h redit 5 Short term Loan apital Mar1et In$trument$

O.er$ea$ A%6ui$ition

Pla%ement of E6uit& Pri.ate E6uit&

Both for li$ted and unli$ted %ompanie$

Merc%ant )an$ing

IPO9;PO9RIG0"S

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Merger$ 5 A%6ui$ition$

orporate Ad.i$or& Ser.i%e$

ADR9GDR9;B

B!Q BA@ O; S0ARES

Port"o#io Management Service& (PMS

Religare offer$ PMS to addre$$ .ar&ing in.e$tment preferen%e$/ A$ a fo%u$ed $er.i%e' PMS

pa&$ attention to detail$' and portfolio$ are %u$tomi7ed to $uit the uni6ue re6uirement$ of

in.e$tor$/

Religare PMS %urrentl& e3tend$ fi.e portfolio management $%heme$' .i7 Panther' "ortoi$e'

Elephant' aterpillar and Leo/ Ea%h $%heme i$ de$igned 1eeping in mind the .ar&ing ta$te$'

ob-e%ti.e$ and ri$1 toleran%e of our in.e$tor$

Inve&tment P%i#o&op%

e belie.e that our in.e$tor$ are better $er.ed b& a di$%iplined in.e$tment approa%h' whi%h

%ombine$ an under$tanding of the goal$ and ob-e%ti.e$ of the in.e$tor with a fine tuned

$trateg& ba%1ed b& re$ear%h/

,/ Sto%1 $pe%ifi% $ele%tion pro%edure ba$ed on fundamental re$ear%h for ma1ing $ound

in.e$tment de%i$ion$/

(/ ;o%u$ on minimi7ing in.e$tment ri$1 b& following rigorou$ .aluation di$%ipline$/

/ O.erall to enhan%e ab$olute return for in.e$tor$/

Page -


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Sc%eme&

Pant%er

"he Panther portfolio aim$ to a%hie.e higher return$ b& ta1ing aggre$$i.e po$ition$ a%ro$$

$e%tor$ and mar1et %apitali7ation$/ It i$ $uitable for the 0igh Ri$1 0igh Return# in.e$tor

with a $trateg& to in.e$t a%ro$$ $e%tor$ and ta1e ad.antage of .ariou$ mar1et %ondition$/

Tortoi&e

"he "ortoi$e portfolio aim$ to a%hie.e growth in the portfolio .alue o.er a period of time b&

wa& of %areful and -udi%iou$ in.e$tment in fundamentall& $ound %ompanie$ ha.ing

Good pro$pe%t$/ "he $%heme i$ $uitable for the Medium Ri$1 Medium Return# in.e$tor with

a $trateg& to in.e$t in %ompanie$ whi%h ha.e %on$i$ten%& in earning$' growth and finan%ial

performan%e/

E#ep%ant

"he Elephant portfolio aim$ to generate $tead& return$ o.er a longer period b& in.e$ting in

Se%uritie$ $ele%ted onl& from BSE ,)) and ?SE ,)) inde3/ "hi$ plan i$ $uitable for the Low

Ri$1 Low Return# in.e$tor with a $trateg& to in.e$t in blue %hip %ompanie$' a$ the$e

%ompanie$ ha.e $tead& performan%e and redu%e li6uidit& ri$1 in the mar1et/

Caterpi##ar

"he aterpillar portfolio aim$ to a%hie.e %apital appre%iation o.er a long period of time b&

in.e$ting in a di.er$ified portfolio/ "hi$ $%heme i$ $uitable for in.e$tor$ with a high ri$1

appetite/ "he in.e$tment $trateg& would be to in.e$t in $%rip$ whi%h are poi$ed to get a reC

rating either be%au$e of %hange in bu$ine$$' potential fan%& for a parti%ular $e%tor in the

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%oming &ear$9month$' bu$ine$$ di.er$ifi%ation leading to a better operating performan%e'

$to%1$ in their earl& $tage$ of an upturn or for tho$e whi%h are in $e%tor$ %urrentl& ignored b&

the mar1et/

Leo

Leo i$ aimed at retail %u$tomer$ and $tru%tured to pro.ide medium to longCterm %apital

appre%iation b& in.e$ting in $to%1$ a%ro$$ the mar1et %apitali7ation range/ "hi$ $%heme i$ a

mi3 of moderate and aggre$$i.e in.e$tment $trategie$/ It$ aim i$ to ha.e a balan%ed portfolio

%ompri$ing $ele%ted in.e$tment$ from both "ortoi$e and Panther/ E3po$ure to

Deri.ati.e$ are ta1en within permi$$ible regulator& limit$/

T%e Re#igare Edge

e $er.e &ou with a diligent' tran$parent 5 pro%e$$ dri.en approa%h and en$ure that &our

mone& get$ the %are it de$er.e$/

?o e3pert$' onl& e3perti$e/ PMS brought to &ou b& Religare with it$ $olid reputation of an

ethi%al and $%ientifi% approa%h to finan%ial management/ hile we offer &ou the $er.i%e$ of a

Dedi%ated Relation$hip Manager who i$ at &our $er.i%e (=3' we do not depend on indi.idual

e3perti$e alone/ ;or &ou' thi$ mean$ lower ri$1' higher dependabilit& and unhindered

%ontinuit&/ Moreo.er' &ou are not limited b& a parti%ular indi.idual4$ in.e$tment $t&le/

?o hidden profit$/ e en$ure that a part of the bro1ing at Religare Portfolio Management

Ser.i%e$ i$ through e3ternal bro1ing hou$e$/ "hi$ mean$ that &our portfolio i$ not %hurned

needle$$l&/ !$ing more bro1ing firm$ gi.e$ u$ a%%e$$ to a larger number of report$ and

anal&$i$' enabling u$ to ma1e better' more informed de%i$ion$/ ;urthermore' &our portfolio i$

%u$tomi7ed to $uit &our in.e$tment ob-e%ti.e$/

Dail& di$%lo$ure$' Religare Portfolio Management Ser.i%e$ gi.e &ou dail& update$ on &our

in.e$tment/ Qou %an pinpoint where &our mone& i$ being in.e$ted' (=3' in$tead of waiting

till the end of the month to 1eep tra%1/

?o %harge till &ou profit ;or Profit Sharing Management ;ee$ onl& /So $ure are we of our

approa%h to Portfolio Management that we do not %harge &ou for our $er.i%e$' until &our

in.e$tment$ $tart $howing profit/ ith %u$tomi7ed in.e$tment option$ Religare Portfolio

Management Ser.i%e$ in.ite$ &ou to in.e$t a%ro$$ fi.e broad portfolio$ to $uit &our

in.e$tment need$

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Stock Market of India

IntroductionSto%1 mar1et$ refer to a mar1et pla%e where in.e$tor$ %an bu& and $ell $to%1$/ "he pri%e at

whi%h ea%h bu&ing and $elling tran$a%tion ta1e$ i$ determined b& the mar1et for%e$ i/e/

demand and $uppl& for a parti%ular $to%1/

In earlier time$' bu&er$ and $eller$ u$ed to a$$emble at $to%1 e3%hange$ to ma1e a

tran$a%tion but now with the dawn of I"' mo$t of the operation$ are done Ele%troni%all& and

the $to%1 mar1et$ ha.e be%ome almo$t paperle$$/ ?ow in.e$tor$ don4t ha.e to gather at the

E3%hange$' and %an trade freel& from their home or offi%e o.er the phone or through Internet/

'i&tor o" t%e Indian Stoc$ Mar$et

T%e ,rigin

One of the olde$t $to%1 mar1et$ in A$ia' the Indian Sto%1 Mar1et$ ha.e a ()) &ear$ old

hi$tor&

1/t%

CenturEa$t India ompan& wa$ the dominant in$titution and b& end of the %entur&'

bu$ine$$ in it$ loan $e%uritie$ gained full momentum

1/:.& Bu$ine$$ on %orporate $to%1$ and $hare$ in Ban1 and otton pre$$e$ $tarted in

Bomba&/ "rading li$t b& the end of ,*


28/78

from !nited State$ of Ameri%a8 mar1ing the beginning of the Share Mania

in India

1/=-0=: "he number of bro1er$ in%rea$ed to about ()) to (>)

1/=> A di$a$trou$ $lump began at the end of the Ameri%an i.il ar a$ an

e3ample' Ban1 of Bomba& Share whi%h had tou%hed R$/ (*>) %ould onl& be

$old at R$/ *

Pre0Independence Scenario 0 E&tab#i&%ment o" Di""erent Stoc$ E?c%ange&

1/4< ith the rapidl& de.eloping $hare trading bu$ine$$' bro1er$ u$ed to gather at a$treet now well 1nown a$ Dalal Street for the purpo$e of tran$a%ting

bu$ine$$/

1/4> "he ?ati.e Share and Sto%1 Bro1er$ A$$o%iation al$o 1nown a$ "he

Bomba& Sto%1 E3%hange wa$ e$tabli$hed in Bomba&1//.& De.elopment of %otton mill$ indu$tr& and $et up of man& other$

1/@< E$tabli$hment of "he Ahmedabad Share and Sto%1 Bro1er$ A$$o%iation

1//. 0

@.&

Sharp in%rea$e in $hare pri%e$ of -ute indu$trie$ in ,*)$ wa$ followed b& aboom in tea $to%1$ and %oal

1@./ "he al%utta Sto%1 E3%hange A$$o%iation wa$ formed

1@-. Madra$ witne$$ed boom and bu$ine$$ at "he Madra$ Sto%1 E3%hange wa$tran$a%ted with ,)) bro1er$/

1@-: hen re%e$$ion followed' number of bro1er$ %ame down to < and the

E3%hange wa$ %lo$ed down

1@:< E$tabli$hment of the Lahore Sto%1 E3%hange

1@:= Merger of the Lahoe Sto%1 E3%hange with the Pun-ab Sto%1 E3%hange

1@:4 ReCorgani7ation and $et up of the Madra$ Sto%1 E3%hange Limited P.t/Limited led b& impro.ement in $to%1 mar1et a%ti.itie$ in South India withe$tabli$hment of new te3tile mill$ and plantation %ompanie$

1@


29/78

regi$tered in ,> and got re%ognition onl& b& , when the& applied for re%ognition under Se%uritie$ ontra%t$

Regulation$ A%t' ,>/ "he E3%hange$ that were re%ogni7ed under the A%t were

,/ Bomba&(/ al%utta

/ Delhi

/ 0&derabad

/ Bangalore

*/ Indore

At pre$ent' there are twent& one re%ogni7ed $to%1 e3%hange$ in India whi%h doe$ not in%lude

the O.er "he ounter E3%hange of India Limited O"EI and the ?ational Sto%1 E3%hange

of India Limited ?SEIL/

Go.ernment poli%ie$ during ,*)$ al$o pla&ed a .ital role in the de.elopment of the Indian

Sto%1 Mar1et$/ "here wa$ a $harp in%rea$e in number of E3%hange$' li$ted %ompanie$ a$ well

a$ their %apital' whi%h i$ .i$ible from the following table

S3

o3A& on :1&t December

1

@

1

@

/

.

1

@

/

>

1@

@1

1@

@>

,?o/ of Sto%1

E3%hange$ * *

,

=() ((

( ?o/ of Li$ted o$/

,,

(

>

,(

)

,>

>

(

((

>

=

135717817 investpror behaviour in stock market

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