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Investment Pattern v(1)

Investment Pattern v(1)

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Study on Investment Behaviour of Business Class And Service Class of Society

School Of Economics DAVV Indore

Submitted To,

Submitted By, Radhika Naik MBA (Business Economics) 4th Semester

Table of Contents
INTRODUCTION..............................................................................................................3 INVESTMENT...................................................................................................................3 INVESTMENT TOOLS....................................................................................................6 Open-end fund...........................................................................................................10 Exchange-traded funds..............................................................................................10 Equity funds..............................................................................................................11 Bond funds................................................................................................................12 Money market funds.................................................................................................12 Funds of funds...........................................................................................................12 Hedge funds..............................................................................................................13 Review of Literature........................................................................................................14 Rationale of the Study.....................................................................................................16 Objective of the Study.....................................................................................................16 RESEARCH METHODOLOGY...................................................................................17 REFERENCES / BIBLIOGRAPHY..............................................................................18 QUESTIONNAIRE..........................................................................................................19

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Money Market In finance. related to saving or deferring consumption. An asset is usually purchased. The money market is where short-term obligations such as Treasury bills. commodities (such as precious metals or agricultural goods). the money market is the global financial market for short-term borrowing and lending. Participants borrow and lend for short periods of time. The money market consists of financial institutions and dealers in money or credit who wish to either borrow or lend. 3 . finance and economics. related to saving or deferring consumption. in hopes of getting a future return or interest from it. It is a asset that is expected to give returns without any work on the asset parse. and other fungible items of value at low transaction costs and at prices that reflect the efficient market hypothesis. Financial Markets Financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds).INTRODUCTION Investment is a term with several closely-related meanings in business management. It provides short-term liquid funding for the global financial system. meaning garment. or equivalently a deposit is made in a bank. Types of Financial Market 1. finance and economics. An asset is usually purchased. In this research we have tried to closely observe the investment behavior of following two classes. in hopes of getting a future return or interest from it. The various avenues available to individuals for investment are as follows: 1. and refers to the act of putting things (money or other claims to resources) into others' pockets.1. or equivalently a deposit is made in a bank. commercial paper and bankers' acceptances are bought and sold. The basic meaning of the term being an asset held to have some recurring or capital gains. INVESTMENT Investment is a term with several closely-related meanings in business management. The word originates in the Latin "vestis".

In the case of a new stock issue. governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. while themselves selling cheaper paper. Other large corporations arrange for banks to issue commercial paper on their behalf via commercial paper lines. Examples of eligible assets include auto loans. such as General Electric. In the United States. The process of selling new issues to investors is called underwriting. States and local governments issue municipal paper. credit card receivables. • • • • • • Trading companies often purchase bankers' acceptances to be tendered for payment to overseas suppliers. federal. Retail and Institutional Money Market Funds Banks Central Banks Cash management programs Arbitrage ABCP conduits. The core of the money market consists of banks borrowing and lending to each other.1 Primary Market:- The primary is that part of the capital markets that deals with the issuance of new securities.2. which is supplied by bonds and equity.2. using commercial paper. this sale is an initial public offering (IPO). which seek to buy higher yielding paper. Finance companies such as GMAC typically fund themselves by issuing large amounts of asset-backed commercial paper (ABCP) which is secured by the pledge of eligible assets into an ABCP conduit. mortgage backed securities and similar financial assets. Companies. Capital Market Capital Market is further sub divided into two types:1. 1.typically up to thirteen months. Certain large corporations with strong credit ratings. state and local governments all issue paper to meet funding needs. Dealers earn a 4 . residential/commercial mortgage loans. Money market trades in short term financial instruments commonly called "paper". These instruments are often benchmarked to LIBOR. repurchase agreements and similar instruments. issue commercial paper on their own credit. This contrasts with the capital market for longer-term funding. This is typically done through a syndicate of securities dealers. while the US Treasury issues Treasury bills to fund the US public debt.

In a primary issue.2. Borrowers in the new issue market may be raising capital for converting private capital into public capital. Primary issues are used by companies for the purpose of setting up new business or for expanding or modernizing the existing business 5. such as loans from financial institutions. see History of the Stock Exchange). Initial Public Offer 2. the securities are issued by the company directly to investors. This is the market for new long term capital. Features Of Primary Market are:1. 6. The new issue market does not include certain other sources of new long term external finance. this is known as ‘going public’.e. Preferential Issue 1. is often referred to as the aftermarket. The market that exists in a new security just after the new issue. though it can be found in the prospectus. This is how stock exchanges originated. secondary market can refer to the market for any kind of used goods. as market makers provide bids and offers in the new stock. 3. secondary markets mesh the investor's preference for liquidity (i. the only way to create this liquidity was for investors and speculators to meet at a fixed place regularly. Therefore it is also called New Issue Market (NIM). The company receives the money and issue new security certificates to the investors. In the secondary market. 2. Fundamentally. It is therefore important that the secondary market be highly liquid (Originally. Once a newly issued stock is listed on a stock exchange. Secondary marketing is vital to an efficient and modern capital market. Methods of issuing securities in the Primary Market are: 1.2 Secondary Market:The secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. 4. The primary market is the market where the securities are sold for the first time. Alternatively. investors and speculators can easily trade on the exchange. the investor's desire not to tie up his or her money for a long period of time.. securities are sold by and transferred from one investor or speculator to another. in case the investor needs it to deal with unforeseen circumstances) with the capital user's preference to be able to use 5 . The primary market performs the crucial function of facilitating capital formation in the economy. Rights Issue (For existing Companies) 3.commission that is built into the price of the security offering.

a traditional loan allows the borrower to pay back the loan. also called the "BSE 30". his or her interest in the investment.the capital for an extended period of time. With secondary markets. With a securitized loan or equity interest (such as bonds) or tradable stocks. investors know that they can recoup some of their investment quickly. if their own circumstances change. Likewise. Every investor has different level of risk appetite and according to there appetite for risk they choose different investment options. is a Mumbai-based stock exchange. even in cases of emergencies. a partner in a traditional partnership is only able to access his or her original investment if he or she finds another investor willing to buy out his or her interest in the partnership. however. The BSE SENSEX (Sensitive index). the bulk of the lender's investment is inaccessible to the lender. Though a number of other exchanges exist. For example. in an emergency. Around 4. For the length of that period of time. This selling and buying of small parts of a larger loan or ownership interest in a venture is called secondary market trading. BSE and the National Stock Exchange of India account for most of the trading in shares in India. INVESTMENT TOOLS Investment tools are the pipelines through which the savings of people gets canalized to the assets that are expected to yield some returns over a period of time. and more likely to charge a higher interest rate (or demand a greater share of the profits) if they do. particularly if the loan or ownership equity has been broken into relatively small parts. over a certain period. NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India and between them are responsible for the vast majority of share transactions. with interest. for both equities and derivative trading. Under traditional lending and partnership arrangements. The two major secondary markets in India are Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) The Bombay Stock Exchange Limited is the oldest stock exchange in Asia. and it has a significant trading volume. NSE The National Stock Exchange of India Limited (NSE). relatively easily. the investor can sell. is a widely used market index in India and Asia. Though many other exchanges exist. It is the largest stock exchange in India in terms daily turnover and number of trades.800 Indian companies list on the stock exchange. 6 . investors may be less likely to put their money into long-term investments. The Bombay Stock Exchange was established in 1875. There are countless number of investment options available in the market for each type of investor.

even if the venture succeeds when the future stream of income will accrue to the investor and the alternative investment opportunities. it can generate rental income. Real property as opposed to personal or movable property is characterized by the right to transfer the title to the land whereas title to personal property can be retained. Larger deposits or longer terms of duration are rewarded with higher interest rates. Should you need to withdraw your funds prior to maturity. These usually imply the forfeiture of a portion of the interest you've earned. The investment in real estate essentially depends on the risks associated with it. The fact that exchange rates move over time add an element of uncertainty to these investments. you are likely to incur a penalty. you can take your deposit amount and earned interest or you can renew investment.Among the enormous number of investment options few are mentioned below: Bank fixed deposits  Real Estate (property)  Gold/Silver  Insurance (ULIP)  Bonds / Debentures  Shares  Mutual Funds Bank Fix Deposits Fixed deposits (FDs) are safe instrument to earn interest on cash you'll not need for awhile. In general. Real estate investment can be attractive if viewed as a business opportunity. using it as collateral to secure a loan for a business venture. you'll likely incur a fee for conversion back into Singapore dollars. You can withdraw your funds upon maturity of your FD. At the end of the agreed term. When you withdraw your funds from a foreign currency FD. 7 . Foreign currency FDs allow you to earn interest rates that are generally higher than those available in Singapore. You place with a specific sum of money for an agreed term and interest rate offered by the bank. Real Estate (property) Real estate is basically defined as immovable property such as land and everything permanently attached to it like buildings. You will be given your investment amount plus all accrued interest. Foreign currency FDs behave exactly as regular FDs with one exception: you need to convert your money into the target currency when you invest and back into any currency you want when you redeem. or simply from the profits garnered from its resale. to offset otherwise taxable income through cash savings on tax-deductible interest rate losses. that is to say. the rates offered are higher than those of regular deposit accounts.

bullion can be moved and stored with maximum privacy. Provides capital appreciation 8 . Being transparent the policyholder gets the entire episode on the performance of his fund. In the event of the insured person's untimely death. It saves the investor/insurance-seeker the hassles of managing and tracking a portfolio or products. 3. his nominees would normally receive an amount that is the higher of the sum assured or the value of the units (investments). 11. The policyholder can switch between schemes. They are simple. 10. The maturity benefit is not typically a fixed amount and the maturity period can be advanced or extended. The maturity benefit is the net asset value of the units. owning a little “physical” agrees with the libertarian in me. 7. 2. balanced to debt or gilt to equity. Investments can be made in gilt funds. ULIP attempts to fulfill investment needs of an investor with protection/insurance needs of an insurance seeker. the risk charge (mortality rate) varies with age. The risk cover can be increased or decreased. For this exact reason however. The other advantage of “physical” is its anonymity. balanced funds. Premiums paid can be single. regular or variable. Leads to an efficient utilization of capital 12. 13. growth funds or bonds. it enables the buyer to secure some protection for his family in the event of his untimely death and at the same time provides him an opportunity to earn a return on his premium paid. In other words. The other advantage of “physical” is its anonymity. ULIP key features 1. they are not a favorite of governments whose natural tendency is to expand its control. money market funds. To put it simply. 9. for instance. Insurance companies have the discretion to decide on their investment portfolios. 4. etc. Although far from Ayn Rand’s romantic ideals. The payment period too can be regular or variable. and easy to understand. 8. ULIP products are exempted from tax and they provide life insurance. Besides. 5. bullion can be moved and stored with maximum privacy. The costs in ULIP are higher because there is a life insurance component in it as well. clear. As in all insurance policies. anyone who has seen a bullion coin would agree they are truly beauties to behold Insurance (ULIP) A Unit Link Insurance Policy (ULIP) is one in which the customer is provided with a life insurance cover and the premium paid is invested in either debt or equity products or a combination of the two. Since they are not tied to a piece of paper or its electronic equivalent. Since they are not tied to a piece of paper or its electronic equivalent. 6.Gold / Silver Gold and silver bullion (“physical” to the hard money crowd) are truly an alternative investment. in addition to the investment component.

The most common process of issuing bonds is through underwriting.e.. after which the bond is redeemed. credit institutions. An exception is a consol bond. companies and supranational institutions in the primary markets. forming a syndicate. whereas bond-holders are lenders to the issuing company.Bonds / Debentures In finance. which is perpetuity (i. Debenture Holders have no voting rights and the interest given to them is a charge against profit. It is similar to a bond except the securitization conditions are different. In practice the distinction between bond and debenture is not always maintained. It is. Bonds are sometimes called debentures and vice-versa 9 . a bond is a debt security. secured by all properties not otherwise pledged.e. Government bonds are typically auctioned. the bond holder to the lender. or maturity. but the major difference between the two is that stock-holders are the owners of the company (i.. A bond is simply a loan in the form of a security with different terminology: The issuer is equivalent to the borrower. The advantage of debentures to the issuer is they leave specific assets burden free. Bonds enable the issuer to finance long-term investments with external funds. and the coupon to the interest. termed maturity. whereas stocks may be outstanding indefinitely. Note that certificates of deposit (CDs) or commercial paper are considered to be money market instruments and not bonds. In underwriting. A Debenture is a long-term debt instrument used by governments and large companies to obtain funds. one or more securities firms or banks. in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. and thereby leave them open for subsequent financing. however. they have an equity stake). A debenture is usually unsecured in the sense that there are no liens or pledges on specific assets. Debentures are generally freely transferrable by the debenture holder. Bonds and stocks are both securities. Another difference is that bonds usually have a defined term. bond with no maturity). In the case of bankruptcy debenture holders are considered general creditors. buy an entire issue of bonds from an issuer and re-sell them to investors. Bonds are issued by public authorities.

Shares A share (also referred to as equity shares) of stock represents a share of ownership in a corporation. short-term money market instruments. the investment proceeds are then passed along to the individual investors annually. Other funds have a limited number of shares. also known as the portfolio manager. bonds. ETFs are traded throughout the day on a stock exchange. continually buying and selling securities and maintaining liquidity positions) and therefore tend to have lower expenses. neither of which is a mutual fund. at the end of every day. but at prices generally approximating the ETF's net asset value. the fund issues new shares to investors and buys back shares from investors wishing to leave the fund. Most ETFs are index funds and track stock market indexes. Exchange-traded funds A relatively recent innovation. these are either closed-end funds or unit investment trusts. ETFs are more efficient than traditional mutual funds (which are continuously issuing and redeeming securities and. Mutual funds may be legally structured as corporations or business trusts but in either instance are classed as open-end investment companies by the SEC. Stock typically takes the form of shares of common stock (or voting shares). is often structured as an open-end investment company. Types of Mutual Funds Open-end fund The term mutual fund is the common name for an open-end investment company. Being open-ended means that. 10 . Most investors purchase and sell shares through brokers in market transactions. common stock typically carries voting rights that can be exercised in corporate decisions. As a unit of ownership. known as the net asset value per share (NAV). After realizing capital gains or losses. through the fund manager. The value of the mutual fund. is calculated daily based on the total value of the fund divided by the number of shares currently outstanding. Mutual Funds A mutual fund is a professionally-managed firm of collective investments that collects money from many investors and puts it in stocks. just like closed-end funds. the exchange-traded fund or ETF. ETFs combine characteristics of both mutual funds and closed-end funds. to effect such transactions. Because the institutional investors normally purchase and redeem in in kind transactions.000). Shares are issued or redeemed by institutional investors in large blocks (typically of 50. and/or other securities.

Growth funds tend not to pay regular dividends. and value funds.8 . typically including some level of investment in bonds.8 . Capitalization Fund managers and other investment professionals have varying definitions of mid-cap. and large-cap ranges. hold or sell individual holdings. value Another distinction is made between growth funds. etc. Since the composition of an index changes infrequently. financial theory states this is compensation for their greater risk.8 billion) Russell Midcap Index . with a focus on stocks that pay dividends.) and deciding when to buy. a fairly simple computer model can identify whatever changes are needed to bring the fund back into agreement with its target index.5 million) Russell 2000 Index . Additionally.micro-cap ($54. but who. Equity funds Equity funds. mutual funds. however. The assets of an index fund are managed to closely approximate the performance of a particular published index. yet aim for some growth. than does an active fund manager. which concentrate on stocks that are undervalued. while an actively managed fund attempts to outperform a relevant index through superior stock-picking techniques. for regulatory reasons. index funds do not incur expenses to pay for selection of individual stocks (proprietary selection techniques. research. Value stocks have historically produced higher returns. 11 . A balanced fund may use a combination of strategies.small-cap ($182.7 billion) Russell 1000 Index .large-cap ($1. For this reason.1.6 million . Equity funds hold 50 percent of all amounts invested in mutual funds in the United States.Exchange-traded funds are also valuable for foreign investors who are often able to buy and sell securities traded on a stock market. are limited in their ability to participate in traditional U. index funds generally have lower trading expenses than actively managed funds.8 . Often equity funds focus investments on particular strategies and certain types of issuers.539. Index funds versus active management An index fund maintains investments in companies that are part of major stock (or bond) indices.mid-cap ($1. Instead. such as the S&P 500. which invest in stocks of companies that have the potential for large capital gains. The following ranges are used by Russell Indexes: • • • • Russell Microcap Index . on average.386.13. which consist mainly of stock investments.9 billion) Growth vs. an index fund manager makes fewer trades. and typically incur fewer short-term capital gains which must be passed on to shareholders. to stay more conservative when it comes to risk. are the most common type of mutual fund.S. Income funds tend to be more conservative investments.

A fund of funds will typically charge a management fee which is smaller than that of a normal fund because it is considered a fee charged for asset allocation services. mutual funds managed by the same advisor). but have tax advantages and lower risk. The interest rate quoted by money market funds is known as the 7 Day SEC Yield. 1989. FoFs have been classified into those that are actively managed (in which the investment advisor reallocates frequently among the underlying funds in order to adjust to changing market conditions) and those that are passively managed (the investment advisor allocates assets on the basis of on an allocation model which is rebalanced on a regular basis). Unlike certificates of deposit (CDs). The funds at the underlying level are typically funds which an investor can invest in individually. Money market funds entail the least risk. The fees charged at the underlying fund level do not pass through the statement of operations. High-yield bond funds invest in corporate bonds. although some invest in funds managed by other (unaffiliated) advisors. 12 . or long-term) before they mature. 1968. funds that performed well in the past are not able to beat the market again in the future (shown by Jensen. Municipal bond funds generally have lower returns. Types of bond funds include term funds. they are funds comprised of other funds). or statement of additional information. The cost associated with investing in an unaffiliated underlying fund is most often higher than investing in an affiliated underlying because of the investment management research involved in investing in fund advised by a different advisor. these bonds also come with greater risk. mutual funds underperformed the market in approximately half of the years between 1962 and 1992. Moreover. One study found that nearly 1. The fund should be evaluated on the combination of the fund-level expenses and underlying fund expenses. Bond funds Bond funds account for 18% of mutual fund assets. Grimblatt and Sheridan Titman. Most FoFs invest in affiliated funds (i.Certain empirical evidence seems to illustrate that mutual funds do not beat the market and actively managed mutual funds under-perform other broad-based portfolios with similar characteristics.e. With the potential for high yield.500 U. which have a fixed set of time (short-. money market shares are liquid and redeemable at any time.S. medium-.. prospectus. Money market funds Money market funds hold 26% of mutual fund assets in the United States.e. but are usually disclosed in the fund's annual report.. Mutual Fund Funds of funds Funds of funds (FoF) are mutual funds which invest in other underlying mutual funds (i. including high-yield or junk bonds. Recently. as well as lower rates of return. as these both reduce the return to the investor.

2030. The more distant the target retirement date. Some hedge fund managers are required to register with SEC as investment advisers under the Investment Advisers Act. There may be a "lock-up" period. 13 . etc. A variation of the hedge strategy is the 130-30 fund for individual investors. The allocation mixes usually vary by the time the investor would like to retire: 2020.The design of FoFs is structured in such a way as to provide a ready mix of mutual funds for investors who are unable to or unwilling to determine their own asset allocation model. Vanguard. the more aggressive the asset mix. Hedge funds typically charge a management fee of 1% or more. Fund companies such as TIAA-CREF. during which an investor cannot cash in shares. 2050. Hedge funds Hedge funds in the United States are pooled investment funds with loose SEC regulation and should not be confused with mutual funds. plus”performance fee” of 20% of the hedge fund’s profits. nor does it require or prohibit specific investments. and Fidelity have also entered this market to provide investors with these options and take the "guess work" out of selecting funds. The Act does not require an adviser to follow or avoid any particular investment strategies.

age occupation . various qualities of AMC’s & the services offered are important to investors while making investment decision. by Animesh Kumar Shukla. "Factors Affecting preference for Mutual Funds in India and Performance Evaluation of Mutual Funds in India". 2009 by Ankit Singh. sex. 14 . "Factors Affecting Investors Preference for Mutual Funds In India". 2009. age. annual income etc.Review of Literature 1. 2006 by Kavitha Ranganathan. Madurai Kamaraj University This study has made an attempt to examine the related aspects of the fund selection behavior of individual investors towards Mutual funds. Objective: To categorize investors as being inclined towards investment products based on certain characteristic such as sex. University of Hyderabad It contains the findings and analysis of the survey conducted to gather the primary data to judge the factors that influence the investors the most that influence before taking any decision to make investment in Mutual Funds. academic qualifications. income level and occupation. "A Study of Fund Selection Behaviour of Individual Investors Towards Mutual Funds . 3.C A survey was conducted to gather primary data to judge the factors that influence investors before they invest in any of the investment tools and thus the first part of the paper scrutinizes the investor’s perception and analyzes the relation between the features of the products and the investors’ requirements. qualification. in the city of Mumbai. Objective: To identify preferred avenue among investors & to identify investment pattern among investors & to categorize investors as being inclined towards investment products based on certain products based on certain parameters such as Sex . An attempt has been been made to know as to how important the various qualities of mutual fund schemes .with Reference to Mumbai City" . marital status. With this back ground an attempt has been made in this paper to categorize investors based on various demographic factors such as age. 2. Sathishkumar. annual income etc. occupation.

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Rationale of the Study The study aims at providing information regarding the investment behavior of the society. Objective of the Study The main objective of the research study is: • • • To study the Investment Behavior of two major sectors of the society o The Business Class o The Service Class To study the main objective of an individual while investing To analyze the factors affecting the investment decision of the investor 16 . The study would help in revealing the factors that affects ones decision about the investment and to know the reason why an investor hesitates in investing in or is more attracted towards certain types of investment/tools. It also aims to get an idea about what are the preferred purposes that one seeks to fulfill out of the investment done by him. Thus the focus will be on to know the investment habits of the society.

This combination is necessary for the study to be conducted. the raw sources were tabulated for statistical analysis.RESEARCH METHODOLOGY The Study: The study is explorative in nature & will be conducted to determine the investment behavior of the society. It will also include some secondary data from sources like Internet & various other studies conducted Data Analysis: Once collected the data. The Study Area: The region chosen here for study is Indore city. The study will also examine the purpose/thought process of the investor while investing their funds in the various investment options available to them. Sampling Plan: The Sample size for the study is 200 Respondents from Indore City who are investing in various investment avenues. Appropriate data analysis tools will be used to arrive at final results. which therefore makes Indore a suitable area for city for study. 17 . keeping in mind the versatility of the various options available and opted by the people residing in the city. This city has a good combination of the Business class as well as service class people with a wide range of earnings and saving capacities. • • 100 respondents will be chosen from Business Class 100 respondents will be chosen from Service Class The Tools: Data Source: This research involved primary data collection through personal interviewing of actual individual investors with the help of Questionnaire.

nseindia. (Vikas Publications.scribd.com • http://www. 5th edition). Security Analysis and Portfolio Management (2005).wikipedia.investopedia.com • http://www.com • http://www.REFERENCES / BIBLIOGRAPHY • Punithavathy Pandian. Internet sites: • http://www.com 18 .

service Designation:Business Others Que 2: Investment alternatives (Tick all the preferred alternatives) Bank fixed deposits Real Estate Bonds and Debentures Informal Loans Que 3: Purpose of Investment: Tax saving Risk Avoidance Higher Returns Que 4: Expected Return:1-5 % 5-8 % 8-12 % Que 5: Influencing Factors Knowledge Past Experience Media Advisor 19 Equities Mutual Funds Plough back profits Others…………….QUESTIONNAIRE Personal Details: Name :………………………………………………………………… Address :……………………………………………………………… Contact No. 12-15 % 15 -20% 20 % and above . :…………………………………………………………. Que 1: To which class do you belong – Youth Student Private Service Govt.. Future Safety Guaranteed Income Others……………. service Designation: Business Others Middle age group Retired Private Service Govt.

Thank you... 20 . what are the reasons? No Investment knowledge Market sentiments not good No interest No investment needs Lack of information Others……………… No money for Investment Share market too complicated Too busy or no time Lack of confidence in market Loss experience Que 7: What are the factors that drive you to make investment in secondary market Appropriate knowledge Higher returns Availability of time Fewer funds required Que 8: Term of investment Long term Investment (more than one year) Short term Investment (less than one year) Speculation (intraday trading) Que 9: Basis of selection of broker Brokerage Research and tips Online trading facility Service Other service charges Others……………….Market Condition Other…………… Internet Que 6: Do you do not invest in Secondary Market... If No. Y/N ….. Better technology Flexible time period Liquidity Others………….

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