SUMMER INTERNSHIP PROJECT REPORT

ON
INVESTMENT PATTERN ON THE BASIS OF RISK PROFILE
OF INVESTORS AT SHAREKHAN

Submitted in partial fulfillment of requirement of Bachelor of

Business Administration (B.B.A) General
(Batch: 2017-20)

Supervised By: Submitted by:

MS.ANUBHUTI SAXENA HITESH SAINI
45525501717

JAGANNATH ENGINEERING MANAGEMENT TECHNICAL

CAMPUS, GREATER NOIDA

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 ACKNOWLEDGEMENT

Exchange of ideas generate a new object, which helps a person to work in a

better way. When a person is helped and co-operated by others, his heart is
found to pay gratitude and commutative appreciation.
This report bears the imprint of many people. At the outset i would like to thank
all the people for the wholehearted co-operation and guidance extended by
them, which made my Summer Internship Project report possible.
I express my profound sense of gratitude to my guide "MS. ANUBHUTI
SAXENA", for all the encouragement and inspiration given to me during the
preparation of this report and having made valuable critical comment of it.
I would be failing from my duty if i do not express my gratitude to all Faculty
members, for all the encouragement and inspiration given to me during the
preparation of project report and for their valuable teaching and guidance
throughout.

NAME: HITESH SAINI

ENROLLMENT NO. 45525501717

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 STUDENT DECLARATION

This is to certify that I have completed the Summer Internship Project titled "A
STUDY ON INVESTMENT PATTERN ON THE BASIS OF RISK PROFILE
OF INVESTORS" under the guidance of "MS. ANUBHUTI SAXENA" in
partial fulfillment of the requirement for the award of degree of Bachelor of
Business Administration from JIMS ENGINEERING MANAGEMENT
TECHNICAL CAMPUS, GREATER NOIDA. This is an original piece of work
and I have not submitted it earlier elsewhere.

HTESH SAINI
45525501717

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 CERTIFICATE FROM GUIDE

This is to certify that the summer internship project titled "A STUDY ON
INVESTMENT PATTERN ON THE BASIS OF RISK PROFILE OF
INVESTORS " is an academic work done by “HITESH SAINI” submitted in the
partial fulfillment of the requirement for the award of the degree of “Bachelor of
Business Administration” from “JIMS ENGINEERING MANAGEMENT
TECHNICAL CAMPUS, GREATER NOIDA” under my guidance and
direction. To the best of my knowledge and belief the data and information
presented by him in the project has not been submitted earlier elsewhere.

MS. ANUBHUTI SAXENA

Assistant Professor

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 ABSTRACT

Days were gone when people only invest their money in Post offices or in Banks
and another safely fixed return investment. Today people have several choices for
the investment alternatives. Now a day, one of the most emerging choices is to
invest in stock market. To get good return on investment, people are ready to take
risks. Law always says that investors get Higher Return if they take High Risk. For
high risk there is one avenue to invest and that is Stock Market.
This Project Focused On “A study on investment pattern on the basis of risk profile
of investors”. Objectives behind this project are to know investors behavior for
investing in Stock market, to know their preference of investment in Stock market,
and to know whether potential growth of Stock market is there or not.
I have used Descriptive Research Design because answers the questions who,
what, where, when and how. This study is complex and determines high degree
scientific skill to study the problem. Questionnaires are used for survey purpose.

Sample size is of 96 respondents who are the actual and potential customers from
Sharekhan Pvt. Ltd. Here non-probability sampling technique i.e. convenience
sampling procedure was adopted for surveying purpose. Stock shareholder is real
owner of the company in spite of their priority in getting dividend is comes last.

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 TABLE OF CONTENTS
Certificate from Corporate Mentor
Acknowledgement i
Student Declaration ii
Certificate from Guide iii
Abstract iv

CHAPTER-1: INTRODUCTION
1.1 About the Topic 8

CHAPTER-2: COMPANY’S PROFILE/INDUSTRY PROFILE

2.1Company’s Profile 17

CHAPTER-3: LITRATURE REVIEW

3.1 Literature review of topic 30
CHAPTER-4: RESEARCH METHODOLOGY
4.1 Research Objectives of the Study 34
4.2 Research Methodology 35
4.2.1 Research Design 35
4.2.2 Methods of Data Collection 36
4.2.3 Sample Design 36

CHAPTER-5: DATA ANALYSIS AND INTERPRETATION

5.1 Analysis and Interpretation 37

CHAPTER-6: FINDINGS & CONCLUSION

6.1 Findings 53
6.2 Conclusion 54

CHAPTER-7: SUGGESTIONS & RECOMMENDATIONS

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7.1 Suggestions 56
7.2 Recommendations 57
CHAPTER-8: BIBLOGRAPHY

8.1 Website 58

CHAPTER-9: Annexure
9.1Questionnare 60

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 CHAPTER-1
INTRODUCTION

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 INTRODUCTION

Introduction of stock market

Indian stock markets are one of the most established market in Asia. Its history goes back to
about 200 years prior. The most punctual records of securities dealings in India are disgraceful
and cloud. The East India Company was the prevailing establishment back then & business in its
advance securities used to be executed towards the end of the eighteenth century.
By 1830’s business on corporate stocks offers in stock exchanges and cotton presses occurred in
Bombay. In spite of the fact exchanging list was more extensive in 1839, there were just about
six intermediaries perceived by banks and dealers amid 1840 and 1850.
The 1850’s seen a quick advancement of business undertaking and financer business pulled in
numerous men into the field & by 160 the quantity of intermediaries expanded into 60.
In 1860-61 the American civil war broke out & cotton supply from united states of Europe was
ceased, consequently, the ‘offer mania’ in India started. The quantity of dealers expanded to
around 200 to 250. Nonetheless, towards the finish of the American civil war, in 1865, an
unfortunate droop started (for instance, bank of Bombay share which had touched Rs 2850 must
be sold at Rs 87).
In 1887, they formally settled in Bombay, the “local share & stock brokers’ association” (which
is on the other hand known as the stock exchange). In 1895, the stock exchange obtained an
introduce in a similar road & it was initiated in 1899. Consequently, the stock exchange at
Bombay was solidified.
Consequently similarly, step by step with the progression of time number of trades were
expanded & at as of now it came to the figure of 24 stock trades.

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NSE (National Stock Exchange)
The National Stock Exchange of India Limited has genesis in the report of the High Powered
Study Group on Establishment of New Stock Exchanges, which recommended promotion of a
National Stock Exchange by financial institutions (FI’s) to provide access to investors from all
across the country on an equal footing. Based on the recommendations, NSE was promoted by
leading Financial Institutions at the behest of the Government of India and was incorporated in
November 1992 as a tax-paying company unlike other stock exchanges in the country. On its
recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April
1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994.
The Capital Market (Equities) segment commenced operations in November 1994 and operations
in Derivatives segment commenced in June 2000.

NSE's mission is setting the agenda for change in the securities markets in India. The NSE was
set-up with the main objectives of:
 Establishing a nation-wide trading facility for equities and debt instruments.

 Ensuring equal access to investors all over the country through an appropriate
communication network.

 Providing a fair, efficient and transparent securities market to investors using electronic
trading systems.

 Enabling shorter settlement cycles and book entry settlements systems, and

 Meeting the current international standards of securities markets.

The standards set by NSE in terms of market practices and technology, have become industry
benchmarks and are being emulated by other market participants. NSE is more than a mere
market facilitator. It's that force which is guiding the industry towards new horizons and greater
opportunities.

BSE (Bombay Stock Exchange)

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 The Stock Exchange, Mumbai, popularly known as "BSE" was established in 1875 as "The
Native Share and Stock Brokers Association". It is the oldest one in Asia, even older than the
Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making
Association of Persons (AOP) and is currently engaged in the process of converting itself into
de-mutualized and corporate entity. It has evolved over the years into its present status as the
premier Stock Exchange in the country. It is the first Stock Exchange in the Country to have
obtained permanent recognition in 1956 from the Govt. of India under the Securities Contracts
(Regulation) Act 1956.The Exchange, while providing an efficient and transparent market for
trading in securities, debt and derivatives upholds the interests of the investors and ensures
redresses of their grievances whether against the companies or its own member-brokers. It also
strives to educate and enlighten the investors by conducting investor education programmers and
making available to them necessary informative inputs
.
A Governing Board having 20 directors is the apex body, which decides the policies and
regulates the affairs of the Exchange. The Governing Board consists of 9 elected directors, who
are from the broking community (one third of them retire ever year by rotation), three SEBI
nominees, six public representatives and an Executive Director & Chief Executive Officer and a
Chief Operating Officer.

The Executive Director as the Chief Executive Officer is responsible for the day-to-day
administration of the Exchange and the Chief Operating Officer and other Heads of Department
assist him.

The Exchange has inserted new Rule No.126 A in its Rules, Byelaws pertaining to constitution of
the Executive Committee of the Exchange. Accordingly, an Executive Committee, consisting of
three elected directors, three SEBI nominees or public representatives, Executive Director &
CEO and Chief Operating Officer has been constituted. The Committee considers judicial &
quasi matters in which the Governing Board has powers as an Appellate Authority, matters
regarding annulment of transactions, admission, continuance and suspension of member brokers ,
declaration of a member-broker as defaulter, norms, procedures and other matters relating to

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arbitration, fees, deposits, margins and other monies payable by the member-brokers to the
Exchange, etc.

WHAT IS RISK?
The word “risk” has a definite financial meaning. It refers to possibility of incurring a loss in a
financial transaction. In a broad sense, investment is considered to involve limited risk and is
confined to those avenues where the principal is safe. „Speculation‟ is considered as an
involvement of funds of high risk.

TYPES OF RISK
1. Systematic risk
2. Unsystematic risk

SYSTEMATIC RISK
Systematic risk refers to that portion of the total variability of the return caused by common
factor affecting the prices of all securities alike through economic, political and social factors.

UNSYSTEMATIC RISK
Unsystematic risk refers to that portion of the total variability of the return caused due to unique
factors, relating that firm or industry, through such factors as management failure, labour strikes,
raw material scarcity etc.

WHAT IS INVESTMENT?
Investment is the purchase of an asset or item with the hope that it will generate income or
appreciate in the future and be sold at the higher price.

INVESTMENT RISK PROFILE

All investors have differing attitudes towards risk. When it comes to investing, it is important to
consider your risk profile or tolerance carefully, including how comfortable you are with the

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possibility of losing money, or that returns on your investments could vary widely from year to
year. Understanding your personal risk tolerance will help you choose an appropriate asset
allocation - the following points can help you to determine an investment mix that's appropriate
for your needs.
INVESTMENT EXPERIENCE
How would you describe your investment experience and understanding of financial markets?
Just started investing in the last year You understand the basics of investing You have been
investing on your own for several years and are reasonably confident of your knowledge of
financial markets Your knowledge of financial markets is well above average and you make
investment decisions confidently

RISK TOLERANCE
To establish investment strategies that suit your profile of risk and will be comfortable with, you
need to consider the possibility that the value of your investment may decline even though this
may be temporary. Are you prepared to accept the possibility of a negative return at any time in
exchange for potentially higher long term returns? What percentage of your money would you be
prepared to invest in higher-risk investments?
Which of the following is important to you:
 Avoiding any short-term losses Receiving regular income from investments Long-term
growth in the value of investments Protection against inflation

 In October 1987 the stock market fell more than 20% in one day. If you owned an
investment that fell by 20% in a short time what would you do or what did you do in
1987:Sell all of the remaining investment (Conservative)

 Sell a portion of the remaining investment (Conservative to Balanced) Hold the

investment and sell nothing (Balanced or Aggressive) Buy more of the investment
(Aggressive)

INVESTMENT GOALS AND OBJECTIVES

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Why are you investing? Is it for something in the near future (new car, or down payment on a
home) or something farther off (a young child's education or your own retirement)? If your
investing goals are short term you want your money to be there - with interest - when you need
it. Therefore you will need to focus on relatively short term investments like term deposits or a
cash management trust. If on the other hand, you are investing for the long term, you may be
able to afford to take some risk in pursuit of a higher return. Shares, property, and growth
orientated managed which historically have provided higher returns than fixed interest or cash
over time, may be more appropriate. INVESTMENT TIMEFRAME When do you expect to need
to access all or part of your investments:
Less than 1 year (immediate access) Less than 2 years (short term) 2 to 5 years (short to mid-
term) 6 to 10 Years (mid to long term) Over 10 Years (long term)

LIQUIDITY / CASH REQUIREMENTS

How much money do you need to keep available for emergencies such as house repairs, a dental
emergency or serious car repairs? These emergencies can be a serious setback if you are not
prepared. The amount of your emergency fund will depend on your current lifestyle and
expenses. As a general rule you should have about 3 months of income set aside to meet
emergencies without needing to rely on credit cards. A cash management trust that pays high
interest can be a good place to keep emergency funds.

Age and Income

Your age and your income - particularly the stability of your income - are important factors to
consider when determining your investment profile. If you are young you can afford to take a
longer term view and any short-term losses may have minimal effect. If your income or
employment is unstable you will need to take this in to account when setting your investment
goals.
Risk Profile Investment Style

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Conservative Your primary investment goal is capital
protection. You require stable growth
and/or a high level of income, and access
to your investment within 3 years.

Cautious Your primary investment goal is capital

protection. Investors in this risk profile
require fairly stable growth and/or a
moderate level of income. Your
investment term is 3 years or more.

Moderate Your primary investment goal is capital

growth. You can tolerate some
fluctuations in the value of your
investment in the anticipation of a higher
return. You don't require an income and
you are prepared to invest for 5 years or
more
Moderately aggressive Your primary investment goal is capital
growth. Investors in this risk profile can
tolerate a fair level of fluctuations in the
value of your investment in anticipation
of possible higher returns. You don't
require an income and you are prepared
to invest for 5 to 10 years.
Aggressive Your primary investment goal is long-
term capital growth. You can tolerate
substantial fluctuations in the value of
your investment in the short-term in
anticipation of the highest possible return
over a period of 10 years or more

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OBJECTIVES OF THE STUDY
1. To understand the risk profile of investors.
2 To study the factors that impact risk bearing capacity of investors.

CHAPTER-2
COMPANY
PROFILE

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 SHAREKHAN LIMITED

INTRODUCTION
Sharekhan is one of the leading retail broking House of SSKI Group which was running
successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI
Group, which has over eight decades of experience in the stock broking business. Sharekhan
offers its customers a wide range of equity related services including trade execution on BSE,
NSE, Derivatives, depository services, online trading, investment advisory, Mutual Fund
Advisory etc. The firm’s online trading and investment site - www.sharekhan.com - was
launched on Feb 8, 2000. The site gives access to superior content and transaction facility to
retail customers across the country. Known for its jargon-free, investor friendly language and
high-quality research, the site has a registered base of over two lakh customers. The number of
trading members currently stands More than 8 Lacs. While online trading currently accounts for
just over 8 per cent of the daily trading in stocks in India, Sharekhan alone accounts for 32 per
cent of the volumes traded online.
The content-rich and research-oriented portal has stood out among its contemporaries because of
its steadfast dedication to offering customers best-of-breed technology and superior market
information. The objective has been to let customers make informed decisions and to simplify
the process of investing in stocks.

On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that
emulates the broker terminals along with host of other information relevant to the Day Traders.
This was for the first time that a net-based trading station of this caliber was offered to the
traders. In the last six months Speed Trade has become a de facto standard for the Day Trading
community over the net.
On October 01, 2007 Sharekhan again launched another integrated Software based product Trade
Tiger, a net-based executable application that emulates the broker terminals along with host of
other information relevant to the Day Traders. It has another quality which differs it from other
that it has the combined terminal for EQUITY and COMMODITIES both. Share khan’s ground
network includes over 1005 centers in 410 cities in India, of which 210 are fully-owned
branches. Sharekhan has always believed in investing in technology to build its business. The

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company has used some of the best-known names in the IT industry, like Sun Microsystems,
Oracle, Microsoft, Cambridge Technologies, Nexgenix, Vignette, Verisign Financial
Technologies India Ltd, Spider Software Pvt Ltd. to build its trading engine and content.
Previously the Morakiya family holds a majority stake in the company but now a world-famous
brand CITI GROUP has taken a majority stake in the company. HSBC, Intel & Carlyle are the
other investors.
With a legacy of more than 80 years in the stock markets, the SSKI group ventured into
institutional broking and corporate finance 18 years ago. Presently SSKI is one of the leading
players in institutional broking and corporate finance activities. SSKI holds a sizeable portion of
the market in each of these segments. SSKI‟s institutional broking arm accounts for 7% of the
market for Foreign Institutional portfolio investment and 5% of all Domestic Institutional
portfolio investment in the country. It has 60 institutional clients spread over India, Far East, UK
and US. Foreign Institutional Investors generate about 65% of the organization’s revenue, with a
daily turnover of over US$ 4 million. The Corporate Finance section has a list of very prestigious
clients and has many „firsts‟ to its credit, in terms of the size of deal, sector tapped etc. The
group has placed over US$ 1 billion in private equity deals. Some of the clients include BPL
Cellular Holding, Gujarat Pipavav, Essar, Hutchison, Planet Asia, and Shopper’s Stop.

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Sharekhan business
1. Brokering business.
2. White feathering house production.

Vision
To be the best retail broking brand in the retail business of the stock market.

Mission
To educate and empower the individual investor to make better investment decisions through
quality advices and superior services.

Stock exchange Mumbai

 Share khan is the retail broking arm of SSKI, an organization with more than eight
decade of trust and credibility in the stock market.

 Amongst pioneers of investment research in the Indian market.

 In 1984 venture into institutional broking and the corporate finance.

 Leading domestic player in the Indian institutional business.

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  Over US$5 billion of private equity deal.

 SSKI group companies

 SSKI investor services ltd (Sharekhan)

 S.S. Kantilal Isharlal securities

 SSKI corporate finance.

SSKI - Corporate Structure

SHAREKHAN PROFILE
SHAREKHAN RETAIL BROKING
 Among the top three (3) branded retail services providers (Rs. 856 Crores average daily
volume.

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 NO. 2 player in online business

 Large network of branded broking outlets in the country servicing around 5, 45, 000
Clients

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MANAGEMENT TEAM

BOARD OF DIRECTORS

Tarun P. Shah Mr. Jaideep Arora Shankar Vailaya

BENEFITS
 Free Depository A/c

 Secure Order by Voice Tool Dial-n-Trade.

 Automated Portfolio to keep track of the value of your actual purchases.

 24x7 Voice Tool access to your trading account.

 Personalized Price and Account Alerts delivered instantly to your Cell Phone & E-mail
address.

 Special Personal Inbox for order and trade confirmations.

 On-line Customer Service via Web Chat.

 Anytime Ordering.

 NSDL Account

 Instant Cash Transformation.

 Multiple Bank Option.

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 Enjoy Automated Portfolio.

 Buy or sell even single share

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Branch - Head Office
A-206, Phoenix House, 2nd Floor, Senapati Bapat Marg, Lower Parel, Mumbai- 400 013.
Telephone No: 67482000
Email: [email protected]

KEY OFFICIALS DESIGNATION

1. Mr. Shripal Morakhia Chairman
2. Mr. Tarun Shah CEO
3. Mr. Kaliyan Raman Online Sales Head
4. Mr. Jason Pandey and DP Head
5. Mr. Hemendra Aggarwal Cluster Head
6. Mr. Amit pal Singh and Regional Sales Manager

CLASSIC ACCOUNT
This account allows the client to trade through the website www.sharekhan.com and is suitable
for the retail investor who is risk-averse and hence prefers to invest in stocks or who do not trade
too frequently. It allows investor to buy and sell stocks online along with the following features
like multiple watch lists, Integrated Banking, De-mat and Digital contracts, Real-time portfolio
tracking with price alerts and Instant money transfer.

FEATURES
Online trading account for investing in Equity and Derivatives via www.sharekhan.com Live
Terminal and Single terminal for NSE Cash, NSE F&O, BSE & Mutual Funds (online and
offline). Integration of On-line trading, Saving Bank and De-mat Accounts. Instant cash transfer
facility against purchase & sale of shares. Competitive transaction charges. Instant order and
trade confirmation by E-mail. Streaming Quotes (Cash & Derivatives). Personalized market
watch. Single screen interface for Cash and derivatives and more. Provision to enter price
trigger and view the same online in market watch.

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TRADE TIGER
TRADE TIGER is an internet-based software application which is the combination of EQUITY
& COMMODITIES, that enables you to buy and sell share and well as commodities item
instantly. It is ideal for every client of SHAREKHAN LTD.

FEATURES
 Integration of EQUITY & COMMODITIES MARKET.

 Instant order Execution and Confirmation.

 Single screen trading terminal for NSE Cash, NSE F&O & BSE & Commodities.

 Technical Studies. Multiple Charting.

 Real-time streaming quotes, tic-by-tic charts.

 Market summary (Cost traded scrip, highest value etc.)

 Hot keys similar to broker’s terminal.

 Alerts and reminders.

 Back-up facility to place trades on Direct Phone lines.

 Live market debts.

DIAL-N-TRADE
Along with enabling access for your trade online, the CLASSIC and TRADE TIGER
ACCOUNT also gives you our Dial-n-trade services. With this service, all you have to do is dial
our dedicated phone lines which are 1800-22-7500, 3970-7500.

PORTFOLIO MANAGEMENT SERVICES

Sharekhan is also having Portfolio Management Services for Exclusive clients.

1. PROPRIME - Research & Fundamental Analysis.

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Ideal for investors looking at steady and superior returns with low to medium risk appetite. This
portfolio consists of a blend of quality blue-chip and growth stocks ensuring a balanced portfolio
with relatively medium risk profile. The portfolio will mostly have large capitalization stocks
based on sectors & themes that have medium to long term growth potential.

2. PROTECH - Technical Analysis.

Protech uses the knowledge of technical analysis and the power of derivatives market to identify
trading opportunities in the market. The Protech lines of products are designed around various
risk/reward/ volatility profiles for different kinds of investment needs.

 THRIFTY NIFTY: Nifty futures are bought and sold on the basis of an automated
trading system that generates calls to go long/short. The exposure never exceeds value of
portfolio i.e. there is no leveraging; but being short in Nifty allows you to earn even in
falling markets and there by generates linear

 BETA PORTFOLIO: Positional trading opportunities are identified in the futures

segment based on technical analysis. Inflection points in the momentum cycles are
identified to go long/short on stock/index futures with 1-2 month time horizon. The idea
is to generate the best possible returns in the medium term irrespective of the direction of
the market without really leveraging beyond the portfolio value. Risk protection is done
based on stop losses on daily closing prices.

 STAR NIFTY: Trailing Stops Momentum trading techniques are used to spot short term
momentum of 5-10 days in stocks and stocks/index futures. Trailing stop loss method of
risk management or profit protection is used to lower the portfolio volatility and
maximize returns. Trading opportunities are explored both on the long and the short side
as the market demands to get the best of both upwards & downward trends.

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3. PROARBITRAGE - Exploit price analysis
- ONLINE IPO'S AND MUTUAL FUNDS ADVISORY IS AVAILABLE.

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1) PREPAID OR AMC A/C: -
 Advance Amount which will be fully adjusted against your brokerage you paid in One
year.

Following Schemes Are Available: Brokerage will be charged -

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1)- 750/- Scheme: - 0.05 / 0.50 %
2) -1000/- Scheme - 0.045 / 0.45 %
3) - 2,000/- Scheme: - 0.035 / 0.40 %
4) - 6,000/- Scheme: - 0.025 / 0.25 %
5) -18,000/- Scheme: - 0.020 / 0.20 %
6) -30,000/- Scheme: - 0.015 / 0.18 %
7) - 60,000/- Scheme: - 0.010 / 0.15 %
8) -1,00,000/- Scheme: - 0.0075 / 0.10 %

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Minimum Margin of Rs. 25000/- is Required for Account Opening.
Annual Maintenance Charges will NIL for 1st year and Rs. 400/- from 2nd year.
- EXPOSURE: 4 TIMES (ON MARGINE MONEY)
- EXPOSURE: 10 TIMES (ON MAX TRADING)
- ONLINE IPO'S AND MUTUAL FUNDS ADVISORY IS AVAILABLE.
We are having tie-up with eleven banks for online fund transferring i.e. HDFC, ICICI, IDBI,
CITI, Union Bank of India, Oriental Bank of Commerce, INDUSIND, AXIS, Centurion Bank of
Punjab, Bank of India and Yes Bank .Company Provide 4-6 E-mail to their customers per day.

Online Trade in Share

Sharekhan customers can online trade through their computers, through internet during the
market timings.

Online Fund Transfer

We have tie up with Eleven Banks for online fund transferring i.e. HDFC, IDBI, CITI, UBI,
OBC, INDSLANDAND and UTI BANK, Yes bank, Bank of India for Online Money Transfer.
 Research based investment advice

 Investment and trading services

 Trading and seminars

 Technology based investment tools

 Integrated demat facility

 CUSTOMER CAN TRADE IN

a) Equities
b) Derivatives
c) Commodities

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SWOT ANALYSIS OF SHAREKHAN
(My observation)

STRENGTHS
1. Big client base
2. In-house research house
3. online as well as offline trading
4. Online IPO/ MF services
5. Share shops
6. Transparent
7. User friendly tie ups with 10 banks
8. Excellent order execution speed and reliability
WEAKNESS
1. Lack of awareness among customer
2. Less focus on customer retention
3. Less Exposure

OPPORTUNITIES
1. Diversification
2. Product modification
3. Improve Web based trading
4. Provide competitive brokerage
5. Concentrate on PMS
6. Focus on Institutional investors
7. Concentrate on HNI‟s (high net worth investor)

THREATS
1. Aggressive promotional strategies by close competitor like Religare, Angel Broking and India
bulls.

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2. More and more players are venturing into this domain, which can further reduce the earning
of Share Khan.
3. Stock market is very volatile, risk involves is very high.

STRENGTH WEAKNESS OPPORTUNITY

Big client base Lack of Diversification

In-house awareness Product
research house among customer modification
online as well as Less focus on Improve Web
offline trading customer based trading
Online IPO/ MF retention Provide
services Less Exposure competitive
Share shops brokerage
Concentrate on
PMS

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CHAPTER-3
LITERATURE
REVIEW

33
 A number of academic studies have provided evidence of demographic and non-
demographic characteristics related to the financial risk tolerance of individuals. The
most common variables researched by academics to determine their relationship with
financial risk tolerance are gender, age, marital status, number of dependents, income,
wealth, education and financial knowledge. We report the main findings as well as a
number of less-researched variables. Gender differences have been widely examined,
with a large number of studies reporting higher financial risk tolerance for males (Grable,
2000; Grable and Joo, 2000; Bemasek and Shwiff, 2001; Chaulk , Johnson, and Bulcroft ,
2003; Yook and Everett, 2003; Grable, Lytton, and O'Neill, 2004; Hallahan, Faff, and
McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006; Van de Venter
and Michayluk, 2007; Gilliam, Chatterjee, and Zhu,2010).

 Studies have also argued that financial risk tolerance decreases with age (Xiao, Alhabeeb,
Hong, and Haynes, 2000; Chaulk, Johnson, and Bulcroft, 2003; Hallahan, Faff, and
McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006; Van de Venter
and Michayluk, 2007; Faff, Hallahan, and McKenzie, 2009). Furthermore, a nonlinear
aspect to age has been observed (Hallahan, Faff, and McKenzie, 2004; Grable, Lytton,
O'Neill, Joo, and Klock, 2006; Faff, Hallahan, and McKenzie, 2009). The primary
explanation for the observation of a significantly negative coefficient for age and the
nonlinear relationship has been attributed to the time horizon to recover losses that is
lower with age and the higher reliance on investment funds as individuals‟ age.

 Marital status has been widely studied, especially because of its interaction with age and
gender. Financial risk tolerance is higher for single individuals (Grable and Joo, 2004;
Hallahan, Faff, and McKenzie, 2004; Yao, Hanna, and Linda mood, 2004; Fan and Xiao,
2006). The main justification for this result is that single individuals do not hold the same
responsibilities as those that are married and thus the single individuals are willing to
accept more financial risk. For example, Chaulk, Johnson, and Bulcroft (2003) propose
that married individuals tend to have a lower financial risk tolerance because of a greater
need for wealth protection. When gender and marital status are incorporated together,

34
 Jianakoplos and Bemasek. and Bemasek and Shwiff (2001) find that single men tend to
be more risk tolerant than single women. A negative relationship between financial risk
tolerance and the number of dependents is identified by Chaulk, Johnson, and Bulcroft
(2003) and Hallahan, Faff, and McKenzie (2004), with Faff, Hallahan, and McKenzie
(2009) proposing a statistically significant nonlinear linkage. This negative relationship
has been identified with marital status and may exist because of the added responsibilities
and more conservative outlook to risk when dependents are considered.

 Higher financial risk tolerance is reported for individuals in high income and wealth
categories (Grable, 2000; Chaulk, Johnson, and Bulcroft, 2003; Yook and Everett, 2003;
Chang, DeVaney, and Chiremba, 2004; Grable and Joo, 2004; Grable, Lytton, and
O'Neill, 2004; Hallahan, Faff, and McKenzie, 2004; Yao, Hanna, and Lindamood, 2004;
Fan and Xiao, 2006). In addition, Grable and Joo (1999) indicate a significantly positive
relationship between financial risk tolerance and an individual's level of financial
solvency.

 A positive relationship has been identified between financial risk tolerance and education
(Grable, 2000; Chang, DeVaney, and Chiremba, 2004; Grable and Joo, 2004; Hallahan,
Faff, and McKenzie, 2004; Yao, Hanna, and Lindamood, 2004; Fan and Xiao, 2006).
Hallahan, Faff, and McKenzie (2004) also observe high positive correlations between
income, wealth, and education, suggesting that financial risk tolerance could be a
function of income and wealth rather than education.
 Financial or investment knowledge has a positive relationship with financial risk
tolerance (Grable, 2000; Grable and Joo, 2000, Grable and Joo, 2004; Van de Venter and
Michayluk, 2007). However, Davey (2004) challenges the view that educating individual
investors about financial markets and instruments will necessarily increase their financial
risk tolerance.

 Although the financial education of an advisor's clients is considered best practice, it will
most likely not have any direct influence on the risk preference of an individual as even
the most knowledgeable and educated could potentially have a low financial risk
tolerance.

35
 When advising clients about investment decisions, financial advisors have to consider
both their financial goals and financial risk tolerance. In many cases these two could
conflict, leading advisors to recommend that individuals take on more risk than they are
comfortable with to meet their financial goals. Bemasek and Shwiff (2001) report that
individuals generally tend to increase the level of risk of their retirement savings after
they have consulted a financial advisor. Furthermore, this increase was found to be
statistically significant for both the respondent and the spouse or partner consulting a
financial advisor, possibly suggesting the existence of a relationship between gender and
marital status as well.

 In contrast to the earlier finding. Van de Venter and Michayluk (2007) find no statistically
significant effect on financial risk tolerance when a financial advisor is consulted. When
examining whether a financial advisor has any impact on investment behavior. Hung and
Yoong (2009) conclude that unless financial guidance is actively sought by the
individual, consulting a financial advisor has no impact on investment behavior. This
finding highlights the difficulty when interpreting survey questions that encompass
financial advisors, and whether their advice is undertaken.

 Finally, Grable (2000) reports that individuals with positive economic expectations have
higher financial risk tolerance scores than those with less positive expectations, with Van
de Venter and Michayluk (2007) also finding evidence that financial risk tolerance is
positively related to both future expectations and previous investment performance.
These previous findings identify many factors that might influence risk tolerance on their
own or in combination with others.

36
 CHAPTER-4
RESEARCH
METHODOLOGY

37
RESEARCH METHODOLOGY
Research methodology is way to systematically solve the research problem. Research, in
common terms refers to a search for knowledge. Research methodology consists of different
steps that are generally adopted by a researcher to study the research problem along with the
logic behind them.
Research always starts with question or any problem and finds answer of problem by using
scientific method. It gives complete knowledge about any problem or question.
The criteria for the validity of any research study lies in its methodology. An inquiry would
prove a failure if it is not done along certain methodical lines.

RESEARCH DESIGN:
A research design is the master plan or model for the conduct of formal investigation and survey.
It is a specification of methods and procedures for acquiring the information needs for solving
the problem. It decides the source of information and methods for gathering the data. A
questionnaire and other forms are tested to use the collection of data.
 Research design is the plan, structure and strategy of investigation conceived so as to
obtain answers to research question.

 There are two types of research design. One is exploratory research and other is
descriptive research.

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

38
Survey method was adopted for this research.

DATA SOURCES:
The study is mainly based on the data collection from primary as well as secondary sources.
Primary data: Data collected for specific purposes in the form of questionnaire
Secondary data: Data existing in the form of Books, Internet, Catalogues etc.

SAMPLING DESIGN:
Definition of population: Customers of share khan of A1/125, Ground Floor, Lajpat Nagar,
Delhi - 110024
Sampling procedure: A non-probability sampling technique i.e. convenience sampling
procedure was adopted.
Sampling size: A sample of 96 customers was selected from the target population for the
study.

RESEARCH METHODOLOGY:
Research design : descriptive in nature.
Data source : data collected from primary and secondary sources.
Primary data : primary data is collected from the respondent
through
these structured questionnaires.

SAMPLING DESIGN:
Sample size : 96
Sampling procedure : convenience sampling
Statistical tool : Percentage method, mean
.

39
 CHAPTER-5
DATA
INTERPRETATION
&
ANALYSIS

40
DATA INTERPRETATION AND ANALYSIS

1. What do you expect when you invest?

a) No risk
b) Nominal risk
c) Moderate risk
d) Higher risk

Chart-1

Risk
40

35

30

25

20

15

10

0
No ri s k Nomi nal ri sk Moderate ri s k Hi gher ri sk

INTERPRETATION: -
This chart-1 shows, out of 96 respondents 40 people are ready to bear nominal risk and 36
people don’t want to take any risk. This shows that around 79% respondents are conservative in
terms of taking risk and only 21% respondents are ready to bear risk and out of these 21 % only
3% are ready for high risk situation.

41
2. Do you invest your money in share market? (Through a Demat A/c)
a) Yes
b) No

Chart-2

Investment in share
market through demat A/c

60

50

40

30

20

10

0
Yes No

i nvestment through demat a/c

INTERPRETATION: -
In chart 2 shows that out of 96 respondents 52 peoples are ready to take risk to invest in share
market whereas 44 people are not want and interested in investing in share through demat a/c.
This also shows that many people who has knowledge about share market are invested through
demat a/c.

42
3. How long do you normally hold investments?
a) For a day
b) For a week
c) For a month
d) For a year

Chart-3

Time period

35

30

25

20

15

10

0
For a day For a week For a month For a yea r

Ti me peri od

INTERPRETATION: -
As per Chart-3, most of the respondents invest for a longer time period i.e. around 32% and rest
of the respondents have very less variability regarding holding of investment as all other
respondents are equally interested in daily, weekly or monthly holding of investment i.e. around
20% go for each kind of investment holding.

43
4. Imagine that stock market drops after you invest in it then what will you do?
a) Withdraw your money
b) Wait to increase investment more in it
c) Wait to equalize the investment

Chart-4

Thinking of investor

60
50
40
30
20
10
0
ey it t
on in en
m
rm or
e st
u ve
yo tm in
w en th
e
ra m
d st e
i th ve liz
W i n ua
as
e eq
o
cre i tt
in wa
o
tt
ai
W
Thi nki ng of i nvestor

INTERPRETATION: -
Chart-4 is giving the overview regarding respondents’ reaction related to their investment, if
stock market drops after investor invest in it. We know that every investor is very conscious
about his investment if his investment value continuously drop then investors are willing to
withdraw all money or invest in other shares to cover up their losses. Most of the respondents are
aware & ready to face such condition. They want to be in the market in expectation of money of
market.

44
5. If your investments were to fall in value by 15 per cent over a one-year period, you will
a) withdraw all money from share market
b) Take out some money and move it to a safer investment.
c) Wait until market recovers the loss and then consider other investments.
d) Stick to the investment.
e) Invest more money in the same investment as it is 15 per cent cheaper

Chart-5

Investment fall by 15%

30
25
20
15
10
5
0

Investment fal l by 15%

INTERPRETATION: -
Chart-5 is giving the overview regarding respondents’ reaction related to their investment, if
market falls in value. We can see here the respondents /investors are neither very conservative
nor aggressive in market condition i.e. only 15% investors are willing to withdraw all money or
invest more money in such situation. Most of the respondents are aware & ready for such
condition. They want to be in the market in expectation of money of market.

45
6. You are ready for limited losses in expectation of higher long-term returns?

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) strongly agree

Chart-6

LIMITED LOSSES IN EXPECTATION OF HIGHER RETURNS

40

35

30

25

20

15

10

0
e e e e e
re re re re re
g g g Ag g
i sa sa sa ya
yd Di r di n gl
l
ng no st
ro
ro e
St g re
e ra
i th
Ne

INTERPRETATION: -
Chart-6 is about that whether investors are ready to bear limited loss in expectation of high
returns we find that only around 30% investors are not agreed for this but around 70% are
considering the idea i.e. most of the respondents are aware about the ups & downs of stock
market & ready for risks involved in it in expectation of getting higher returns.

46
7. I am willing to experience the ups and downs of the market for the potential of greater
returns.

a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree

Chart-7

EXPERIENCE UPS AND DOWNS OF MARKET

40

35

30

25

20

15

10

0
Strongl y di sa gree Di s agree Nei ther agree nor di s a gree Agree strongl y agree

INTERPRETATION: -
Chart-7 is about that whether investors are ready to experience ups and downs of market we find
that only around 16% investors are not agreed for this but around 84% are considering the idea
i.e. most of the respondents are aware about the ups & downs of stock market & want to
experience that.

47
8. My main concern is security; keeping money safe is more important than earning high
returns.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.

Chart-8

MAIN CONCERN IS SAFETY

35

30

25

20

15

10

0
Strongl y di s a gree Di s agree Nei ther a gree nor di s agree. Agree. strongl y a gree

INTERPRETATION: -
This chart -8 shows the investors are aware about the highs and lows of security market and want
to experience that also they are quite positive towards market as they expect after a low market
will recover & give them higher return still the safety is major concern of investors. Out of total
96 respondents only less than 10% disagree with the fact.

48
9. I am fairly experienced in investment.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.

Chart-9

FAIRLY EXPERIENCED IN INVESTMENT

45

40

35

30

25

20

15

10

0
Strongl y di s agree Di sa gree Nei ther agree nor di s agree. Agree. strongl y agree

INTERPRETATION: -
As we can see in the chart-9, most of the respondents i.e. around 50% are not sure about their
investment capabilities. They are not very sure that their expectation of decision is fair enough.
Here I want to mention that the market is so volatile in India that very less investors find
themselves fairly enough experienced & don’t bear losses.

49
10. I am very secure related to my future income (such as from salary, pension or other
investments)?
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.

Chart-10

SECURE RELATED TO FUTURE INCOME

60

50

40

30

20

10

0
Strongl y di sa gree Di sa gree Nei ther agree nor di s a gree. Agree. strongl y agree

INTERPRETATION: -
Chart-10 shows that most of people involve in security market are quite secured related to their
future income. We can also understand the statement that the people who have fair enough
income resources, comes in security investment as they consider all the pros. & cons. Of the
market they know that the market is good place to get better returns but it also contains risk so
losses bearable only in the case of secured future returns.

50
11. What portion of income you are investing and taking risk?
a) 0-15%
b)15-30%
c)30-45%
d) Above 40%

CHART-11

Proption of income invested

35

30

25

20

15

10

0
0-15% 15-30% 30-45% Above 40%

i ncome

INTERPRETATION: -
CHART 11 shows that most of the people invest in the category of 15-30% of income because of
the risk of the uncertainty in returns and continuously change in the rate of the share value. As it
is observed that there are only a few people taking risk of their above 40% income and they get
higher return as they are taking higher risk.

51
12. Which type of investment is preferred by you most for taking risk?

a) Equity
b) Commodity
c) Mutual funds
d) Future/option

CHART-12

Type of investment

40

35

30

25

20

15

10

0
equity commodi ty mutual funds future/option

i nestment type

INTERPRETATION: -

CHART 12 shows the various type of investment in which people invest. And like to take the
risk according to the investment and here equity and mutual funds are the safest and most of the
people invest in these two categories and there are less or cans ay half of the people equity
investing in commodity and in future /option because of the risk factor and there require a huge
investment to go for commodity and future/option.

52
13. What is the sources of investment advicer?
a) Newspaper News
b) Internet
c) Channels family or friend
d) Advisors

CHART-13

Sources of investment

40

35

30

25

20

15

10

0
News paper Internet Fami l y or friend Advi sors

Sources of i nvestment1

INTERPRETATION: -
In chart 13, it shows that about 40% respondents prefer internet for investment advice and 15%
respondents prefer newspaper, 30% prefer advisors and about 15% prefer family and friends.
This shows that most of the people prefer internet over any advisor, newspaper, family or friend
because it is more accurate and fast way to know about the status of shares.

53
14. How often do you monitor your investment?
a) Daily
b) Monthly
c) Occasionally

CHART-14

Monitor investment status

30

25

20

15

10

0
Dai l y Monthl y Occas i ona l l y

Moni tor i nvestment status

Interpretation: -
In chart 14, This shows that half of the respondents check their investment occasionally and 20%
monitor their investment monthly and 10% check daily for their share status.

54
15. What is the education level of investor?
a) 12th pass
b) Under graduate
c) Graduate
d) Post graduate

CHART-15

Education level of investor

25

20

15

10

0
12th pa s s Under gra duate Graduate Post gra duate

Education l evel of investor

INTERPRETATION: -
In chart 15, this shows that 40% respondents are generally the graduates and 25% are under
graduates and 20% are post graduates and 15% are 12th pass. This shows most of the people who
invest in the market are generally

55
CHAPTER-6
FINDINGS
&
CONCLUSION

56
 FINDINGS

 Most of the respondents ready to take either no risk or nominal risk while doing the
investment.

 Most of the respondents generally go for longer time horizon.

 There is a situation of investment fall by 15% then most of the respondents are neither
conservative nor aggressive.

 Most of the respondents are agree to take limited losses in expectation of higher returns.

 Most of the respondents give their opinion in the favor of experiencing the ups and
downs of the market.

 Most of the respondents agreed with this their main concern is safety.

 Most of the respondents said that they are not sure about fairly experienced in
investment.

 Most of the respondents in favors of they are very much concern with security related to
future income.

57
 CONCLUSION

As the above study is concerned the researcher conclude that investment is the very cautious and
complex activity in the share market and the investors have got the different attitude towards
their investment behavior with respect to their risk profile. The most of the investors have got the
conservative risk profile and only few are having the aggressive risk profile. Most of the
investors go for a mid and long term period and most of them were disagreed to take limited
losses in expectation of higher returns and finally the researcher conclude that maximum number
of investors are having conservative risk profile and few of them got the aggressive risk profile.
This study helps in describing the risk profile of investors. This study describes the strong
relationship between demographic data in respect of different parameters.

58
 CHAPTER-7
SUGGESTIONS
&RECOMMENDATI
-ONS

SUGESSTIONS & RECOMMENDATIONS : -

59
 Company should also provide better services that is complementary financial planning
and advisory to the investors on weekly basis to increase the satisfaction level of the
investors.
 Genuine investors are not at all interested in the speculative gain as their investment is
based on based on future profit, the authorities of the exchange should be more vigilant to
the curb the speculation.
 Company has an advantage of reach out its customer so the customer who are new they
need relationship managers who will tell them about investment so a relationship
manager should be provided to all customer on demand. This will lead to customer
satisfaction and will lead to have more references from the satisfied customer.
 The company will also have the advantage of getting more customers if they do the
revision of brokerage charges so that the customer who is looking for the less brokerage
can open an account in Sharekhan Also, the company should take into consideration the
different proposal where the brokerage charges can be reduced for a new client.
 The company should revise the advertising strategy to increase its brand awareness.
Through survey we can see that most of the clients are attached through internet
advertising so Sharekhan should increase its advertising on television so that maximum
market can be targeted.
 Investor’s accounts must be more transparent as compared to other companies.
 The company should also organize seminars and similar activities to enhance the
knowledge of prospective and existing customers, so that they feel more comfortable
while investing in the stock market.

60
CHAPTER-8
BIBLOGRAPHY

61
WEBSITE
 https://en.wikipedia.org/wiki/Sharekhan
 http://www.topsharebrokers.com/fullservice/sharekhan-review/
 https://www.sharekhan.com/mutual-funds/overview
 https://www.scribd.com/?
utm_source=adwords_brand&utm_campaign=Google_Search_Beta_Brand_India&utm_t
erm=
%2Bscribd&utm_device=c&gclid=Cj0KCQjwk_TbBRDsARIsAALJSOYxby9zHWFZb
aux8OGRFOsvv-YJBVYz9TFGsiU-0-bt-zajLlBzczkaAvVXEALw_wcB

62
CHAPTER-9
Annexure

63
QUESTIONNARE
Personal Information
1. Gender
a) Male b) Female
2. Occupation
I) Business ii) Service iii) Students iv) House wife
3. Age
i) 20-30 ii) 30-40 iii) 40-50 iv) Above 50
4. Education
i) Under Graduate ii) Graduate iii) Post Graduate iv) Ph. D.
5.Income
a) < 3 Lakh b) 3-5 Lakh c) 5-10 lakh d) 10-20 Lakh e) > 20 Lakh
6. No. of dependents in Family
a) No dependent b) 1-2 c) 3-4 d) 5-7 e) >7
7. Family Income
a) <5 Lakh b) 5-15 lakh c) 15-25 Lakh d) > 25 Lakh
8. How much percentage of total income he/she invests?
a) Below 20% b) 20 % - 40 % c) 40 % - 60% d) > 60 %

The risk-profile questionnaire

1. What do you expect when you invest?
a) No risk
b) Nominal risk
c) Moderate risk
d) Higher risk
2. Do you invest your money in share market? (Through a Demat A/c)
a) Yes
b) No
3. How long do you normally hold investments?
a) For a day
b) For a week

64
c) For a month
d) For a year
4. Imagine that stock market drops after you invest in it then what will you do?
a) Withdraw your money
b) Wait to increase investment more in it
c) Wait to equalize the investment
5. If your investments were to fall in value by 15 per cent over a one-year period, you will
a) Withdraw all money from share market
b) Take out some money and move it to a safer investment.
c) Wait until market recovers the loss and then consider other investments.
d) Stick to the investment.
e) Invest more money in the same investment as it is 15 per cent cheaper
6. You are ready for limited losses in expectation of higher long-term returns?
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree
7. I am willing to experience the ups and downs of the market for the potential of greater
returns.
a) Strongly disagree
b) Disagree
c) Neither agree nor disagree
d) Agree
e) Strongly agree
8. My main concern is security; keeping money safe is more important than earning high
returns.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.

65
e) Strongly agree.
9. I am fairly experienced in investment.
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.
10. I am very secure related to my future income (such as from salary, pension or other
investments)?
a) Strongly disagree.
b) Disagree.
c) Neither agree nor disagree.
d) Agree.
e) Strongly agree.
11. What portion of income you are investing and taking risk?
a) 0-15%
b)15-30%
c)30-45%
d) above 40%
12. Which type of investment is preferred by you most for taking risk?
a) Equity
b) Commodity
c) Mutual funds
d) Future/option
13. What is the sources of investment advicer?
a) Newspaper New
b) Internet
c) Channels family or friend
d) Advisors
14. How often do you monitor your investment?
a) Daily

66
b) Monthly
c) occasionally
15. What is the education level of investor?
a) 12th pass
b) Under graduate
c) Graduate
d) Post graduate

67