A

PROJECT REPORT
ON
“A Study of Factors Affecting Investment Behavior of an Individual ”
Submitted in partial fulfillment for the award of degree in

Master of Business Administration (Financial Management)

Batch (2020-22)

1
Under the Supervision of: Submitted
by:

2
Dr. Kavita Sharma Simran Kaur
Syal
Assistant Professor
02612359520

3
Delhi Institute of Advanced
Studies
(Approved by AICTE and Affiliated with
GGSIPU for [Link] (H), BBA, MBA, & MBA
(FM) programs)
(An ISO 9001:2015 Certified
Institution)

4
 DECLARATION

This is to certify that I have completed the Summer Training Project titled “A Study of
Factors Affecting Investment Behavior of an Individual ” under the guidance of “Dr.
Kavita Sharma” in partial fulfillment of the requirement for the award of the Post-
Graduate degree of Master of Business Administration at Delhi Institute of Advanced
Studies, Delhi.

This is an original piece of work & I have not submitted it earlier elsewhere.

Date: Student Name: Simran Kaur Syal

Enrollment No. 02612359520

i
 ACKNOWLEDGEMENT

It is really a matter of pleasure for me to get an opportunity to thank all the persons who
contributed directly or indirectly for the successful completion of the project report,
“Influence of Various Selected factors on Investment Behavior: - A Study on Delhi -
NCR”.

I am thankful to them, for their support and encouragement throughout the tenure of the
project. Also I am thankful to my faculty guide DR. Kavita Sharma from Delhi Institute
of Advanced Studies for being a source of support during this training period. Last but
not the least I am grateful to all the people who helped me for their kind cooperation and
help during the course of my project.

Student Name: Simran Kaur Syal (MBA FM)

Enrollment No.: 02612359520

ii
iii
EXECUTIVE SUMMARY
Investment behavior is based on uncertainty about the future and is thus risky. News and
rumors and speed and availability of information play important roles in investment
markets. Risk propensity, risk preference, and attitude are the major concepts and
explanations of investment behavior. People tend to imitate and follow other investors,
probably due to lack of relevant and reliable information and lack of courage to behave
differently. Understanding behavior finance will definitely help investor make more
rational decisions in his/ her investment journey.

Behavioral finance refers to the application of psychology to finance. Behavioral finance

offers an alternative tool to study investor Behavior and the causes of financial market
anomalies such as stock market bubbles, overreaction and under reaction to new
information that do not conform the traditional finance theory. Researchers also widely
applied behavioral finance to explain emotional investor behavior in recent years.

The world of investment and the capital market has always been an interesting topic of
discussion in the current era of globalization. Investment and the capital market have
become part of economic fundamentals not only in developed countries, but also in
developing countries. People believe that experts can consistently time the market and
make accurate buying and selling predictions, which ultimately results in huge profits.
But still there are various decisions making factors that influence ‘individuals’
investment decisions as well as the market outcomes. Generally, Investment decisions
undergo a thorough analysis of various factors, irrespective of the different information
available, that justifies rationality and irrationality and hence, trying to avoid
uncertainties associated with their decision-making process.

The study was done as part of exploratory study where primary data is collected through
questionnaire by convenient sampling technique. The primary data was collected by
distributing structured questionnaire which was given to hundred people and the data was
collected based on the same. Data was analyzed using the Statistical Package for Social
sciences SPSS software package and Anova test was used to know whether Investment
decisions are influenced by various factors, and to find out whether there is significant
v
relationship between income of the investors and their investment portfolio, and also CHI
SQUARE test was used for testing the relationship between age and behavior of investors
to the various information announcements. Descriptive statistics was used to summaries
the data. Tables and graphs were used to present the data.

The research brings out certain characteristics of investors living in Delhi - NCR There
are various factors that can influence investors in making investment decisions, including
behavior, demographic and sociological factors. The investment decision is in the form of
a decision to buy, sell, or maintain ownership of its shares.

People tend to imitate and follow other investors, probably due to lack of relevant and
reliable information and lack of courage to behave differently. By acting more or less
"irrationally", behavioral finance suggests that investors fall victim to a series of
cognitive, emotional, and social forces that lead them to make sub-optimal decisions and
undermine their performance in the markets and elsewhere.

Anyone who wants to achieve success in the capital market must acquire adequate
knowledge in behavioral finance. By knowing these limitations of human behavior and
decision-making, people can make corrections or adjust for them. It also implies that
markets are not as efficient as standard theory predicts, leaving room for savvy traders to
take advantage of mispricing and earn a profit.

Investors need to consult with the financial advisors for the investment decision. And
must be positively educated about the investments like shares, debentures, mutual funds
and commodities. Internet facilities can be extended further to enable the house hold
investors to collect investment information’s. Future research could be conducted to
examine the initiatives taken by various policymakers to enhance financial literacy in all
parts of India, and their impact on the investment habits of the [Link] is suggested
to individual investors from India and to gain a better understanding of their financial
investment behavior in an effective and efficient manner.

vi
 TABLE OF CONTENTS

S. No Topic Page Number

1 Title i

2 Student Declaration ii

3 Acknowledgement iii

4 Certificate

5 Executive Summary v

6 List of Tables vii

7 List of Figures ix

8 Chapter 1 : Introduction 15- 21

9 Chapter 2 : Literature Review 22- 25

10 Chapter 3 : Research Methodology 26- 29

11 Chapter 4 : Data Analysis and Interpretation 30- 54

12 Chapter 5 : Findings and Conclusion 55- 57

13 Chapter 6 : Limitations and Recommendations 58- 60

14 Bibliography 61- 62

15 Appendix: Questionnaire 63- 66

 LIST OF TABLES

[Link]. Topic Page

no.
Age Distribution Of The Respondents
TABLE -1 31
Income Distribution Of The Respondents
TABLE -2
Occupation Distribution Of The Respondents
TABLE -3
Experience In Investment Of The Respondent
TABLE -4
 Investment Avenues Of The Respondents
TABLE-5
Kind Of Investment Of The Respondents
TABLE -6
Investors Preference About Large And Small
TABLE -7
Investors Reaction To The Announcement Of Good Results
TABLE -8
Investors Reaction To Results Not As Per Market
TABLE -9 Expectation
Investors Reaction To The Declaration Of Dividend
TABLE-10
Investors Reaction To The Issuing Of Bonus Shares.
TABLE-11
Investors Reaction On Announcement Of Stock Split
TABLE-12
Investors Reaction On Announcement Of Company To
TABLE-13 Acquire Similar Kind Of Company.

Investors Reaction On Announcement Of A Company

TABLE-14 Getting Delisted For Restructure Purpose.
Investors Reaction On Announcement Of Gov. Increasing
TABLE-15 Stt.
Test Of Significance For Relationship Between Age Of The
TABLE-16 Investors And Investment Decisions

Test Of Significance Between Income Of The Investors And

TABLE-17 Their Investment Portfolio.

viii
 LIST OF FIGURES

[Link]. Topic Page

no
FIGURE-1 Profile of Respondents

FIGURE 2 Kind of Investment

FIGURE-3 Preferences

FIGURE-4 Result better than market Expectations

FIGURE-5 Result announced not as per market Expectations

FIGURE-6 When company declares Dividends

FIGURE-7 When company issues Bonus Shares

FIGURE-8 When company announces stock split

Company getting delisted for
FIGURE-9 restructure purpose

FIGURE-10 If government increase in STT

ix
 CHAPTER-1

INTRODUCTION

15
INTRODUCTION

Investing is not only a science, involving numeric analysis, but also an art, involving
one's behavior, emotions and attitude. Benjamin Graham, the father of value investing,
rightly said: “the investor's chief problem - even his worst enemy - is likely to be
himself.” Investor's decision-making process always starts with logic and reason, but
often deviates from it due to behavioral bias, which could lead to mistakes.

Different emotions follow the investment cycle in any given situation, investors think and
act in a certain way based on their personality traits, emotional state and psychological
make-up. These factors complicate the investment decision-making process and defy
logical reasoning.
• Anchoring Bias: Tendency to take decisions from an initial reference point
• Availability Bias: Tendency to give more importance to the most recent events
• Confirmation Bias: Tendency to favor only that which confirms one’s belief
• Disposition Effect: Tendency to sell winners early & holding losers for long
• Herd Mentality: Tendency of an investor to mimic the actions of a larger group

Investment behavior is based on uncertainty about the future and is thus risky. News and
rumors and speed and availability of information play important roles in investment
markets. Risk propensity, risk preference, and attitude are the major concepts and
explanations of investment behavior. People tend to imitate and follow other investors,
probably due to lack of relevant and reliable information and lack of courage to behave
differently. Understanding behavior finance will definitely help investor make more
rational decisions in his/ her investment journey.

Behavioral finance refers to the application of psychology to finance. Behavioral finance

offers an alternative tool to study investor Behavior and the causes of financial market
anomalies such as stock market bubbles, overreaction and under reaction to new
information that do not conform the traditional finance theory. Researchers also widely
applied behavioral finance to explain emotional investor behavior in recent years.

16
Behavioral finance research is rather new. Within behavioral finance, it is supposed that
information configuration and the features of capital market participants scientifically
influence individuals’ decisions regarding investments as well as market results.
Investors hardly act reasonably while taking investment decisions. Investors have definite
weaknesses like cognitive and poignant which take an important role in taking investment
decision of individuals. They have behavioral biases in the event of taking decision while
investing.

They just react to the available information with them and act accordingly to the financial
environment. Decisions relating to investment also depend on the different type of
investors, family back ground, age, occupation, sex, income, marital status, risk tolerance
capacity, education, demographic environment and advice of financial expert and
advisor. Not with standing, the entire wherewithal and infrastructure, investors espouse
some avenues after analyzing different factors which are influenced by environment.

Key attributes influencing financial investment behavior

1. Key psychological attribute

Regarding the psychological factor, individual investors are driven by experience or through
an investment appraisal process to make investment decisions. Past experience, as a
consequence, affects investors’ risk perception in terms of attitude to risk and risk tolerance.
Investment experience significantly affects investment decisions of individual investors in
terms of anchoring bias and overconfidence. These indicate that the investment experience of
individual investors forms a strong basis for investment decisions and thus it is as an
important attribute that influences financial investment behavior.

2. Key demographic attributes

The demographic factor is one of the behavioral factors that plays a significant role in
determining the behavior and decisions of investors. The main factors affecting investment
behavior and investors’ decisions are age and gender. Because age and the amount of funds
held tend to indicate a negative correlation. Gender is another crucial demographic attribute

17
that affects the investment decision-making process and investor behavior .Many
researchers suggested that there are gender differences in risk attitude and thus in the
choices of financial investment products. Many existing studies supported that female
investors are more conservative than male investors when investing and tend to show
greater risk aversion than male investors for financial service providers to offer financial
products which are best suited for investors of different genders, understanding the
gender difference in the investment behavior of individuals is crucial.

3. Key Sociological attributes

Education level, Income level and marital status are found to be significant sociological
attributes determining investors ‘behavior and influencing their investment decision. The
significant relevance of these sociological factors, including education level, income level
and marital status, in investment decisions and investor behavior can be found in the
literature. With the support of the literature review, these three attributes, income level,
education level and marital status, should be considered.

This research is to analyze the behavior of Investors on various selected factors. Such as Age,
Income and to gather information from the respondents regarding impact of Capital market
information on investment decisions and how Investment decisions are made by Individual
investors. and To study behavior under more realistic conditions and to better categorize the
way investors behave, this study identifies and evaluates the major attributes explaining
investment behavior under two constructs, namely, Sociological factor and demographic
factor, and how these attributes impact on the investors’ decision-making.

The world of investment and the capital market has always been an interesting topic of
discussion in the current era of globalization. Investment and the capital market have
become part of economic fundamentals not only in developed countries, but also in
developing countries. Investors are the backbone of capital market. A developing
economy, like India, needs a growing amount of savings to flow to corporate enterprises.
Investment is the flow of capital which is used for productive purposes.

18
 CAPITAL MARKET

Capital market is a market for securities (debt or equity), where business enterprises
(companies) and governments can raise long-term funds. Capital market may be
classified as primary markets and secondary markets. In primary market new stock or
bond issues are sold to investor via a mechanism known as underwriting. In secondary
markets, existing securities are sold and brought among investors or traders, usually on a
security exchange, over the counter or elsewhere. The capital market includes e stock
market (equity securities) and Bond market (debt).

The basic function of capital markets is to allow the efficient transfer of funds between
Borrowers and lenders. As a result of the opportunities provided by the market, everyone
(Borrowers and lenders) is better off than he would have been without capital market. It
is therefore expected that the decision to establish the Indian Capital Market was Born
from the benefits accruable from the performance of its traditional functions.

INDIAN CAPITAL MARKET: CLASSIFICATION AND

GROWTH
The Indian capital market is the market for long term loanable funds as distinct from
money market which deals in short-term funds. It refers to the facilities and institutional
arrangements for borrowing and lending ‘term funds’, medium term and long term funds.
In principal capital market loans are used by industries mainly for fixed investment. It
does not deal in capital goods, but is concerned with raising money capital or purpose of
investment.

The capital market in India includes the following institutions (i.e., supply of funds for
capital markets comes largely from these);
(i) Commercial Banks;
(ii) Insurance Companies (LIC and GIC);
(iii) Specialized financial institutions like IFCI, IDBI, ICICI, SIDCS, SFCS, UTI
(iv) Provident Fund Societies;

19
(v) Merchant Banking Agencies;
(vi) Credit Guarantee Corporations.

Thus, like all the markets the capital market is also composed of those who demand funds
(borrowers) and those who supply funds (lenders). An ideal capital market at tempts to
provide adequate capital at reasonable rate of return for any business, or industrial
proposition which offers a prospective high yield to make borrowing worthwhile.

It is generally said that, in order to be successful in the Indian Capital Market, one must
have

• The right kind of knowledge about the market dynamics

• Knowing the right kind of firms to invest in.

The Indian capital market is divided into primary capital market and secondary
capital market

Primary Market

Securities generally have two stages in their lifespan. The first stage is when the company
initially issues the security directly from its treasury at a predetermined offering price.
Primary market is the market for issue of new securities. It therefore essentially consist of the
companies issuing securities, the public subscribing to these securities, the regulatory
agencies like SEBI and the Government, and the intermediaries such as brokers, merchant
bankers and banks who underwrite the issues and help in collecting subscription money from
the public. It is referred to as Initial Public offer (IPO). Investment dealers frequently buy
initial offering on the primary market and the securities on the secondary market.

20
Secondary Market
The second stage is when an investor or dealer makes the shares, bought from a company
treasury, available for sale to other investors on the secondary market. Secondary market
is the market for trading in existing securities, after they have been created in the primary
market. It essentially consists of the public who are buyers and sellers of securities,
brokers, mutual funds, and most importantly, the stock exchanges where the trading takes
place, such as the BSE (Bombay Stock Exchange) or NSE (National Stock Exchange).

GROWTH OF INDIAN CAPITAL MARKET:

Indian Capital Market before Independence:
Indian capital market was hardly existent in the pre-independence times. Agriculture was
the mainstay of economy but there was hardly any long term lending to agricultural
sector. Similarly the growth of industrial securities market was very much hampered
since there were very few companies and the number of securities traded in the stock
exchanges was even smaller.

Indian capital market was dominated by gilt-edged market for government and semi-
government securities. Individual investors were very few in numbers and that too were
limited to the affluent classes in the urban and rural areas. Last but not the least, there
were no specialized intermediaries and agencies to mobilize the savings of the public and
channelize them to investment.

Indian Capital Market after Independence:

Since independence, the Indian capital market has made widespread growth in all the
areas as reflected by increased volume of savings and investments. In 1951, the number
of joint stock companies (which is a very important indicator of the growth of capital
market) was 28,500 both public limited and private limited companies with a paid up
capital of Rs. 775 crores, which in 1990 stood at 50,000 companies with a paid up capital
of Rs. 20,000 crores. The rate of growth of investment has been phenomenal in recent
years, in keeping with the accelerated tempo of development of the Indian economy
under the impetus of the five year plans.

21
 CHAPTER-2

LITERATURE REVIEW

22
Literature Review

1. David Hirshleifer and Itzhak Ben-David (2021) examine how investor

preferences and beliefs affect trading in relation to past gains and losses. Investors
are much more likely to sell big losers than small ones. Their findings provide no
clear indication that realization preference helps explain investor trading behavior.

2. Meleanie Cao and Jason Wei (2021) investigated whether stock market returns
are related to body temperature. Their study suggested that lower temperature
leads to aggression whereas higher temperature leads to apathy and aggression.
Aggression would lead to more risk-taking activities while apathy could impede
risk taking. Apathy dominates aggression when temperature is high.

3. E Boehmer, EK Kelley (2021) used a broad panel of NYSE-listed stocks between

1983 and 2004 and studied the relation between institutional shareholdings and the
relative informational efficiency of prices, measured as deviations from a random
walk. Stocks with greater institutional ownership are priced more efficiently and
showed that variation in liquidity does not drive this result.

4. Richard W. Sias and David A. Whidbee (2021) investigate whether insider trading
is related to net demand by institutional versus individual investors. Their tests reveal
a strong inverse relation between insider trading and institutional. First, institutional
investors are more likely to provide the liquidity necessary for insiders to trade.
Second, insiders are more likely to buy low valuation and low lag return stocks while
institutions are attracted to the opposite security characteristics. Last, the results are
consistent with the hypothesis that insiders are more likely to view their securities as
overvalued following a period when institutions were net buyers and undervalued
following a period when institutions were net sellers.

23
5. RON KANIEL, GIDEON SAAR, and SHERIDAN TITMAN (2021)
investigates the dynamic relation between net individual investor trading and
short horizon returns for a large cross-section of NYSE stocks. The evidence
indicates that individuals tend to buy stocks following declines in the previous
month and sell following price increases.

6. R Kaniel, G Saar, S Titman (2020) investigated a unique dataset that enables us

to determine the aggregate buy and sell volume of individual investors for a large
cross-section of NYSE stocks. And found that individuals trade as if they are
contrarians, and the stocks that individuals buy exhibit positive excess returns in
the following month.

7. [Link] (2020) tests whether stock market investors appropriately

distinguish between new and old information about firms and find that investors
trade more aggressively when news is stale.

8. Terrance Odean and Brad M Barber (2020) tested and confirmed the
hypothesis that individual investors are net buyers of attention grabbing stocks
(e.g. socks in news).

9. [Link] Tripathi (2020) examines the various investment strategies in Indian

stock market. Her study revealed that investors use both fundamental as well as
technical analysis while investing in Indian stock market.

10. Dimitrios I Maditinos, Zejiko Service and Nikolas G Theorine (2020) used a
questionnaire to examine the various methods and techniques used by the Greek
investors on terms of stock market forecasting. They found out that the investors
rely more on newspapers and media while professionals rely more on
fundamental and technical analysis to make investment decisions.

24
11. [Link] Startup (2020) in her study indicated that investors give more
importance to their analysis than broker’s advice while investing in primary
markets.

12. Michael Graham, Jussi Nikkinen and Petri Sahlström (2019) investigated the
relative importance of U.S macroeconomic news releases for stock valuation.
They study on 11 macroeconomic announcements and found 5 out of 11
announcements have significant influence on stock valuation.

13. Ning Zhu (2019) investigates individual investors' bias towards nearby companies.
Using data from a large U.S. discount brokerage and found that individual investors
tend to invest in companies closer to them relative to the market portfolio.

14. Balaji S Iyer and R Kumar Bhaskar (2019) studies the investor’s psychology
and behavior and provides an insight into the working of an investors mind in the
stock markets.

15. [Link] (2019) studied the trading behavior of institutional and

individual investors and found out that investors conduct a high degree of trading
around news releases especially earnings and dividend news. Institutions buy and
sell on both good and bad news, individual investors only trade on good news.

16. Graciela L. Kaminsky and Sergio L. Schmukler (2019) analysis what type of
news moves the market and found out that the movements are triggered by local
and neighboring country news, with news about agreement with international
organization and credit rating agencies have the most weight.

17. Mark L Mitchell and J Harold Mulhrin (2018) studied the relation between
news announcements reported by Dow Jones & Co and found out that the relation
between news and market activity is not strong.

25
 CHAPTER-3
RESEARCH METHODOLOGY

26
4. Research Methodology
The purpose of the study is to gather information from the respondents regarding impact
of market information on investment decisions. The present study consists of all those
individuals who invest.

4.1 Objectives of the study

• To analyze the investment behavior of investors to various capital market
information.
• To test the relationship between age of the investors and investment decisions.
• ]To test the between income of the investors and their investment portfolio

4.1.1 Hypothesis
[Link] BETWEEN AGE OF THE INVESTORS AND INVESTMENT
DECSIONS.
H0(A): Investment decisions of investors are not influence by Age.
H1(A): Investment decisions of investors are influenced by Age.

B. RELATIONSHIP BETWEEN INCOME OF THE INVESTORS AND THEIR

INVESTMENT PORTFOLIO
H0(B): There is no significant relationship between Income of the investors and their
investment portfolio.
H1(B): There is a significant relationship between Income of the investors and their
investment portfolio.

[Link] OF INVESTOR TOWARDS VARIOUS CAPITAL MARKET

INFORMATION
H0(C): Investors do not behave rationally towards various capital market information.
H1(C): Investors behave rationally towards various capital market information.

27
4.1.2 Research Design
The research is exploratory in nature as the research is to know the behavior of the
Investors and their decision-making process to various capital market information.

4.2 Data collection

Sources of data

The above research is fully bases on primary data source, a questionnaire is prepared on
Google sheet and being circulated to the respected audience.

4.3 Data Sampling

Sample population

In the sample population all those people are kept in mind who are earning , and the
investors considering all ages whether a professionals or a non – professional who are
some or the other investing or saving for their future .
Sample size: The number of sample size chosen is maximum to (n) =100

Sample area

As this research is being conducted in Delhi - NCR, the sample area is being chosen as
the native places. So, that it could be convenient to understand and read the data.

Sampling technique

Considering homogeneity and the small size of population, all subsets of the frame are
given an equal probability and non-probability sampling (convenient sampling) method
was adopted in respondent selection and data collection.

28
4.4 Statistical tools

• Software Package for Social Science (SPSS) has been used for the purpose of this
analysis.
• Anova test was used to know whether Investment decisions are influenced by
various factors such as Age, and to find out whether there is significant
relationship between income of the investors and their investment portfolio.
• CHI SQUARE test was used for testing the relationship between age and behavior
of investors to the various information announcements.

29
 CHAPTER 4

DATA PRESENTATION AND

ANALYSIS

30
Data analysis

AGE DISTRIBUTION OF THE RESPONDENT

From the questionnaire it was observed that maximum numbers of respondents fall in 31-
40 years category. The next highest number of respondents falls in 21-30 years category.
Thus around 65% of the respondents are below 40 years of age and are relatively young.

TABLE 1: SHOWING THE AGE DISTRIBUTION OF THE RESPONDENTS

Age Group No of Respondents

21 -30 Years 22
31 -40 Years 43
41-50 years 17
51 Years and above 18
Total 100

Age
50

45

40 43
35

30
count

25

20 22
15 17 18
10

0
21 -30 Years 31 -40 Years 41-50 years 51 Years and above

31
INCOME DISTRIBUTION OF THE RESPONDENTS

Most of the investors fall under the income level of below Rs 2, 00,000. From this we can
say that this is probably because most of the investors i.e. around 57% of the respondents
fell under the age group of less than 40years.

TABLE 2: SHOWING THE INCOME DISTRIBUTION OF THE RESPONDENTS

Income Levels No of Respondents

Less than 2 Lakhs 38
Between 2 -4 Lakhs 19
Between 4 -6 Lakhs 22
Above 6 Lakhs 21
Total 100

Income per annum

40

38
35

30

25
count

20 22
21
19
15

10

0
Less than 2 Lakhs Between 2 -4 Lakhs Between 4 -6 Lakhs
Above 6 Lakhs
OCCUPATION DISTRIBUTION OF RESPONDENTS:
It was disclosed that most of respondents are of Business class. Thus around 38% of
respondents are of business class. Next to Business is private employee that is 25% which
shows because of low income they will be less aggressive in investing in different
investment avenues.

TABLE 3: SHOWING THE OCCUPATION DISTRIBUTION OF THE

RESPONDENTS

Occupation No of Respondents
Government Employee 12
Private Employee 25
Business 38
Pensioner 14
Housewife 3
Student 8
Total 100

Occupation
40

35 38
30

25
25
count

20

15

10
14
12
5 8
0
3
Government Private Business Pensioner Housewife Student
Employee Employee
EXPERIENCE IN INVESTMENT OF THE RESPONDENT

It was disclosed that 33% of the people have experience between 1-3 Years followed by
30% people have experience of more than 5 Years.

TABLE 4: SHOWING THE EXPERIENCE IN INVESTMENT OF THE

RESPONDENT
Experience in Investment No of Respondents
Less than 1 Year 12
Between 1-3 Years 33
Between 3-5 Years 25
More than 5 Years 30
Total 100

Experience in Investment
35

33
30
30
25
25
20
count

15

10 12

0
Less than 1 Year Between 1-3 Years Between 3-5 Years
More than 5 Years
INVESTMENT AVENUES OF THE RESPONDENTS

When it is about investment in primary or secondary instrument almost 32% of

respondents invest in equity market. Next to equity is Commodities which is preferred by
almost 16% of respondents. Next to Commodities is Savings Bank and Mutual Fund that
is 15% it may be quite because of attraction towards less risky and assure returns &
because high fluctuation behavior in the equity. 12% investors were interested in
investing in Real Estate 10% in Insurance.

TABLE5: SHOWING THE INVESTMENT AVENUES OF THE RESPONDENTS

Investment Avenues No of Respondents

Commodities 16
Savings Bank 15
Mutual Fund 15
Insurance 10
Stock Market 32
Real Estate 12
Total 100

Portfolio
35

30
32
25

20
count

15
16 15 15
10
10 12
5

0
Commodities Savings Bank Mutual FundInsuranceStock MarketReal Estate
KIND OF INVESTMENT OF THE RESPONDENTS

It was found that 50 % of the respondents opt for Long Term Investment whereas 25%
Short Term and 21% Medium term Investment.

TABLE 6: SHOWING KIND OF INVESTMENT OF THE RESPODENTS

Kind of Investment No of Respondents
Intraday 4
Short Term 25
Medium Term 21
Long Term 50
Total 100

Kind of Investment
60

50
50

40
count

30

25
20
21

10

0 4
Intraday Short Term Medium Term Long
Term
INVESTORS PREFERENCE ABOUT LARGE AND SMALL
STOCKS

It was found out that 48% of the respondent feel that Large Cap stocks are less risky than
mid and Small Cap stocks while 31% of the respondent tend to be neutral.

TABLE 7: SHOWING INVESTORS PREFERNCE ABOUT LARGE AND SMALL

Preference No of Respondents
I Strongly agree 10
I agree 38
Neutral 31
I disagree 8
I Strongly disagree 13
Total 100

Preferance
40

35 38
30
31
25
Count

20

15

10 13
10
5 8
0
I Strongly agree I agree Neutral I disagree I Strongly disagree
INVESTORS REACTION TO THE ANNOUNCEMENT
OF GOOD RESULTS:

When the results announced by the company are better than the expectation, 68% of
investors wanted to buy more shares, which shows that for investors if the performance
of company is good the company carries future growth potential which translates into
good returns on stock. 20% of investors preferred to hold the stock with a view that good
performance was already discounted by the market and there is little scope of future
appreciation & 12% of investors preferred to sell the stock with a view to encase the good
result.

TABLE 8: SHOWING INVESTORS REACTION TO THE ANNOUNCEMENT

OF GOOD RESULTS
Result announced Good No of Respondents
Buy 68
Sell 12
Hold 20
Total 100

Result better than market expectation

80

70

68
60
50
count

40

30

20
2
0
10
12
0
Buy Sell
Hold
INVESTORS REACTION TO RESULTS NOT AS PER
MARKET EXPECTATION

If the company performance was not as per expectation 14% investors want to buy the
stock and 17% want to hold the stock with a view to get long term return and 69% of
investors preferred to sell the stock.

TABLE 9: SHOWING INVESTORS REACTION TO RESULTS NOT AS PER

MARKET EXPECTATION
Result announced Not Good No of Respondents
Buy 14
Sell 69
Hold 17
Total 100

Result announced Not as per market expectation

80

70

69
60

50
Count

40

30

20

17
10 14

0
Buy Sell Hold
INVESTORS REACTION TO THE DECLARATION
OF DIVIDEND:

It was found that 29% of investors preferred to hold the stock after declaration of dividend
because of long term gain which was expected by the investor as a result of good
performance of company, while 57% investors preferred to buy the stock which shows good
performance of company attracts the investment and only 14 of investors sell the stock after
the dividend declaration with a view to book profits and liquidate their holdings.

TABLE 10: INVESTORS REACTION TO THE DECLARATION OF DIVIDEND

Declaration of Dividends No of Respondents

Buy 57
Sell 14
Hold 29
Total 100

When company declares Dividends

60

57
50

40
Count

30

29
20

10 14

0
Buy Sell Hold
INVESTORS REACTION TO ISSUING OF BONUS SHARES:

In case of bonus declaration 28% of investor’s favored holding the stock, so that they could
avails the opportunity of better price from the stock in future to gain good return. While 46%
of investors wish to buy more stocks when bonus is declared as for them bonus is good sign
for the company and the prospective returns gained by them & only 28% wanted to sell the
stock and book profits as they were cautious of unpredictable market movements.

TABLE 11: INVESTORS REACTION TO THE ISSUING OF BONUS SHARES.

Declaration of Bonus Shares No of Respondents

Buy 46
Sell 26
Hold 28
Total 100

When company issues Bonus Shares

50

45
46
40

35

30
count

25 28
26
20

15

10

0
Buy Sell Hold
INVESTORS REACTION ON ANNOUNCEMENT OF STOCK
SPLIT
It was found that 64% of investors wanted to sell the stocks as they were uncertain about
the company’s future growth. While 20% of the investors wished to hold on to the stock
and 16% wanted to buy the stock.

TABLE 12: INVESTORS REACTION ON ANNOUNCEMENT OF STOCK SPLIT

Declaration of Stock Split No of Respondents

Buy 16
Sell 64
Hold 20
Total 100

When company announces Stock Split

70

60 64

50

40
Count

30

20
2
0
16
10

0
Buy Sell
Hold
INVESTORS REACTION ON ANNOUNCEMENT OF
COMPANY TO ACQUIRE SIMILAR KIND OF COMPANY.

In case of acquisition 37% of the investors favored buying the stock because of long term
gain which was expected by the investor. While 36% of the investors tend to sell the
stock and 27% of the investors wish to hold on to the stock assuming that the share price
will touch the highs it did before.

TABLE 13: INVESTORS REACTION ON ANNOUNCEMENT OF COMPANY

TO ACQUIRE SIMILAR KIND OF COMPANY.
Declaration of ACQURING No of Respondents
Buy 37
Sell 36
Hold 27
Total 100

Announcement by your company of aquiring similar kind of

company
40

35
37 36
30

25
27
Count

20

15

10

0
Buy Sell Hold
INVESTORS REACTION ON ANNOUNCEMENT OF A
COMPANY GETTING DELISTED FOR
RESTRUCTURE PURPOSE.

It was disclosed that 85% wished to sell the stock as they didn’t have faith in the future of
the company or cut their losses and No respondent indicated a willingness to buy such
scrip.

TABLE 14: INVESTORS REACTION ON ANNOUNCEMENT OF A COMPANY

GETTING DELISTED FOR RESTRUCTURE PURPOSE.
Declaration of Restructure Purpose No of Respondents
Buy 0
Sell 85
Hold 15
Total 100

Company getting delisted for Restructure

Purpose
90

80 85
70

60
Count

50

40

30

20

10 15
0
Buy Sell Hold
REACTION ON ANNOUNCEMENT OF GOVT INCREASING
STT.
In case of increase of STT by the Government 51% tend to sell the stock. While 39%
wish to Hold and 10% buy the Stock.

TABLE 15: INVESTORS REACTION ON ANNOUNCEMENT OF GOVT

INCREASING STT.
Increase in STT No of Respondents
Buy 10
Sell 51
Hold 39
Total 100

if Government Increase in STT

60

50
51

40

3
9
Count

30

20

10
10

0
Buy Sell Hold
TABLE 16: TEST OF SIGNIFICANCE FOR
RELATIONSHIP BETWEEN AGE OF THE INVESTORS
AND INVESTMENT DECISIONS.

H0(A): Investment decisions of investors are not influenced by Age.

H1(A): Investment decisions of investors are influenced by Age.

ANOVA
Sum of Df Mean Square F Sig.
Squares
Market Between Groups .880 3 .293 .400 .753
Conditions Within Groups 70.430 96 .734
Total 71.310 99
Between Groups 5.350 3 1.783 .657 .581
Brokers Within Groups 260.690 96 2.716
Total 266.040 99
Self- Between Groups 13.614 3 4.538 1.213 .309
Analysis Within Groups 359.136 96 3.741
Total 372.750 99
Between Groups 3.106 3 1.035 .469 .705
Professionals Within Groups 211.894 96 2.207
Total 215.000 99
Friends Between Groups .661 3 .220 .079 .971
Advice Within Groups 266.579 96 2.777
Total 267.240 99
Between Groups .539 3 .180 .099 .961
Institution Within Groups 174.771 96 1.821
Total 175.310 99

It was hypothesized (Table 16) to know whether there is a significant relationship

between age of the investors and their investment decisions. However, the Anova tests
revealed that age does not have a significant influence as Significance (P) value is greater
than 0.05. Hence the null hypothesis is accepted that there is no significant association
between the age of the investors and their investment decisions.
TABLE 17: TEST OF SIGNIFICANCE BETWEEN INCOME OF
THE INVESTORS AND THEIR INVESTMENT PORTFOLIO

H0(B): There is no significant relationship between the income of the investors and
their investment portfolio.
H1(B): There is a significant relationship between the income of the investors and
their investment portfolio.

ANOVA
Sum of Df Mean F Sig.
Squares Square
Between Groups 3.389 3 1.130 .730 .537
Commodities Within Groups 148.611 96 1.548
Total 152.000 99
Savings Between Groups 8.018 3 2.673 1.490 .222
Bank Within Groups 172.142 96 1.793
Total 180.160 99
Mutual Between Groups 3.684 3 1.228 .749 .525
Funds Within Groups 157.276 96 1.638
Total 160.960 99
Between Groups .321 3 .107 .518 .671
Insurance Within Groups 19.839 96 .207
Total 20.160 99
Stock Between Groups 11.538 3 3.846 2.236 .089
Market Within Groups 165.102 96 1.720
Total 176.640 99
Real Estate Between Groups .939 3 .313 .130 .942
Within Groups 232.061 96 2.417
Total 233.000 99

It was hypothesized (Table 17) to know whether there is a significant relationship between
income of the investors and their portfolio. However, the Anova tests revealed that income
does not have a significant influence on investment portfolio as significance (P) value is
greater than 0.05.
Hence the null hypothesis is accepted that there is no significant association between the
Income of the investors and their investment portfolio.
H0(C): Investors do not behave rationally towards various capital market
information.
H1(C): Investors behave rationally towards various capital market information.

Age * Result announced by a company is better than market expectation.

Cross tabulation

Result announced by a company is

Count better than market expectation.
Total
Buy Sell Hold
Age 21-30 15 4 3 22
31-40 27 5 11 43
41-50 10 2 5 17
51> 16 1 1 18
Total 68 12 20 100

Chi-Square Tests
Value Df [Link].(2-
sided)
a
Pearson Chi-Square 6.613 6 .358
Likelihood Ratio 7.251 6 .298
Linear-by-Linear .991 1 .319
Association
N of Valid cases 100
a. 6 cells (50.0%) have expected count less than 5. The minimum expected count
is 2.04.

The value of chi-squared statistic is 6.613. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link].(.358) is more than 0.05. Hence there is no
significant relationship between Age and If Company results are good.
 Age * Result announced by a company is not as per market expectation

Cross tabulation

Result announced by a company is

Count not as per market expectation.
Total
Buy Sell Hold
Age 21-30 4 15 3 22
31-40 6 30 7 43
41-50 2 10 5 17
51> 2 14 2 18
Total 14 69 17 100

Chi-Square Tests
Value Df [Link].(2-
sided)
a
Pearson Chi-Square 2.972 6 .812
Likelihood Ratio 2.749 6 .840
Linear-by-Linear .298 1 .585
Association
N of Valid cases 100
a. 6 cells (50.0%) have expected count less than 5. The minimum expected count
is 2.38.

The value of chi-squared statistic is 2.972. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link].(.812) is more than 0.05. Hence there is no
significant relationship between Age and If Company results are not good.
 Age * When company declares Dividends

Cross tabulation

Count
When company declares Dividends
Total
Buy Sell Hold
Age 21-30 1 13 8 22
31-40 25 6 12 43
41-50 9 3 5 17
51> 12 2 4 18
Total 57 14 29 100

Chi-Square Tests
Value Df [Link]. Sig.(2-
sided)
a
Pearson Chi-Square 1.529 6 .958
Likelihood Ratio 1.514 6 .959
Linear-by-Linear .865 1 .352
Association
N of Valid cases 100
a. 4 cells (33.3%) have expected count less than 5. The minimum expected count
is 2.38.

The value of chi-squared statistic is 1.529. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link].(.958) is more than 0.05. Hence there is no
significant relationship between Age and If Company announces Dividends.
 Age * When company issues bonus shares.

Cross tabulation

Count
When company issues bonus shares.
Total
Buy Sell Hold
Age 21-30 7 8 7 22
31-40 23 10 10 43
41-50 7 5 5 17
51> 9 3 6 18
Total 46 26 28 100

Chi-Square Tests
Value Df [Link]. Sig.(2-
sided)
a
Pearson Chi-Square 4.002 6 .676
Likelihood Ratio 4.090 6 .665
Linear-by-Linear Association .081 1 .776
N of Valid cases 100
a. 3 cells (25.0%) have expected count less than 5. The minimum expected count
is 4.42.

The value of chi-squared statistic is 4.002. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link].(.676) is more than 0.05. Hence there is no
significant relationship between Age and If Company issues bonus shares.
 Age * Announcement by your company of acquiring similar kind of company.

Cross tabulation

Announcement by your company of

Count acquiring similar kind of company.
Total
Buy Sell Hold
Age 21-30 9 8 5 22
31-40 15 16 12 43
41-50 8 5 4 17
51> 5 7 6 18
Total 37 36 27 100

Chi-Square Tests

Value Df [Link]. Sig.(2-

sided)
a
Pearson Chi-Square 1.792 6 .938
Likelihood Ratio 1.797 6 .937
Linear-by-Linear Association .403 1 .525
N of Valid cases 100
a. 2 cells (16.7%) have expected count less than 5. The minimum expected count
is 4.59.

The value of chi-squared statistic is 1.792. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link]. (.938) is more than 0.05. Hence there is no
significant relationship between Age and If Company acquiring similar kind of company.
 Age * Company getting delisted for Restructure purpose.

Cross tabulation

Count
When company issues bonus shares. Total
Sell Hold
Age 21-30 17 5 22
31-40 37 6 43
41-50 14 3 17
51> 17 1 18
Total 85 15 100

Chi-Square Tests

Value Df [Link]. Sig.(2-

sided)
a
Pearson Chi-Square 2.420 3 .490
Likelihood Ratio 2.637 3 .451
Linear-by-Linear Association 1.656 1 .198
N of Valid cases 100
a. 3 cells (37.5%) have expected count less than 5. The minimum expected count
is 2.55.

The value of chi-squared statistic is 2.420. The chi-squared statistic has 3 degree of
freedom. The p value i.e., [Link]. (.490) is more than 0.05. Hence there is no
significant relationship between Age and Restructure purpose.
 Age *If Government increases STT.

Cross tabulation

Count
If Government increases STT.
Total
Buy Sell Hold
Age 21-30 3 10 9 22
31-40 4 22 17 43
41-50 2 8 7 17
51> 1 11 6 18
Total 10 51 39 100

Chi-Square Tests

Value Df [Link]. Sig.(2-

sided)
a
Pearson Chi-Square 1.458 6 .962
Likelihood Ratio 1.487 6 .960
Linear-by-Linear Association .000 1 .999
N of Valid cases 100
a. 4 cells (33.3%) have expected count less than 5. The minimum expected count
is 1.70.

The value of chi-squared statistic is 1.458. The chi-squared statistic has 6 degree of
freedom. The p value i.e., [Link]. (.962) is more than 0.05. Hence there is no
significant relationship.

Based on the P values i.e., [Link] of various selected factors on

capital market information. I accept the null hypothesis that Investors
do not behave rationally towards various capital market information.
 CHAPTER-5

FINDINGS AND CONCLUSION

5.1 Findings

➢ The research found that 65% of the Investors were below 40 years of age.
And rest 35% of the Investors were at the Age of 41 years and above.

➢ When the income profiles of the investors were analyzed, it was found that
57% of the respondent were under 4,00,000/-, and rest 43% investors were at the
Income level Rs. 4,00,000 and above.

➢ It was disclosed that 33% of the Investors have experience in Investment of

between 1-3 years followed by 30% Investors have experience of more than 5 years

➢ When the results announced by the company were better than market
expectation 68% of the respondent wanted to buy more shares. Whereas, 20% of
the investors preferred to hold on to their existing earnings and 12% of the
investors preferred to sell.

➢ In case of Dividend announcement, it was found that 57% of the investors

were willing to buy more shares whereas only 14% of investors preferred to sell
and the rest 29% investors preferred to wait.

➢ Unlike a dividend announcement in case of bonus declaration, it was

found that 46% of the investors were willing to buy more stocks. The number of
cautious investors is 28% who preferred to wait.

➢ Using Chi-square test to find if there is any association between investor

behavior and various capital market information, based on the P values of various
capital market information. It is concluded that investors do not behave rationally
to capital market information. Hence Null hypothesis is accepted.

➢ Analysis of variance (ANOVA) shows that Investment decision of

investors are neither influenced by Age nor by Income.
5.2 Conclusion

In today’s scenario, investors are considered to be rational wealth maximizers, who

follow basic financial rules and base their investment strategies considering only the risk
return as the factor that influences investment decisions. But when it actually comes to
investing, their thought patterns, emotional inclinations, and psychological biases color
how they perceive the world and how they make investment decisions.

The research brings out certain characteristics of investors living in Delhi &NCR.
There are many factors which effect on investment of individual in the capital market
these Factors divided into investors related, behavior related and other factors that
influence the individual investment decisions which includes demographic factors, and
sociology factors.

People tend to imitate and follow other investors, probably due to lack of relevant and
reliable information and lack of courage to behave differently. By acting more or less
"irrationally", behavioral finance suggests that investors fall victim to a series of
cognitive, emotional, and social forces that lead them to make sub-optimal decisions and
undermine their performance in the markets and elsewhere.

Anyone who wants to achieve success in the capital market must acquire adequate
knowledge in behavioral finance. By knowing these limitations of human behavior and
decision-making, people can make corrections or adjust for them. It also implies that
markets are not as efficient as standard theory predicts, leaving room for savvy traders to
take advantage of mispricing and earn a profit.
 CHAPTER -6

LIMITATIONS AND
RECOMMENDATIONS
6.1 Limitations

1. The main challenge faced was the administration of the questionnaires; most
individual. Investors were not comfortable with the questionnaires with the main
argument being their privacy was being infringed. As such, a lot of time was
taken in explaining that the study was for academic purposes only and also in
gathering data.

2. Due to time and cost constraints the large sample was not taken. Since the study
conducted was with a small sample hence the exact picture cannot be revealed
and the findings cannot be generalized.

3. The population was limited to Delhi & NCR, which may not reflect the opinion of
the entire population. Hence results would have altered if some other population
had been selected.

4. The questionnaire is not structured which might leads to some undetectable errors
and limitations.

5. The data is entirely based on responses given by respondents which may be

biased due to their personal bias in replying the questions. They may not be very
serious or interested in replying the questions and take it very lightly, due to
which data may not be very accurate.

6. From the findings it is understood that lack of awareness among the people is very
high which ultimately limits the purpose of study.
6.2 Recommendations

Investors just react to the available information with them and act accordingly to the
financial environment. Apart from demographic and Sociological attributes Decisions
relating to psychological factor, such as Past experience, should also be considered as it
affects investors’ risk perception in terms of attitude to risk and risk tolerance. Investment
experience significantly affects investment decisions of individual investors in terms of
anchoring bias and overconfidence. These indicate that the investment experience of
individual investor’s forms a strong basis for investment decisions and is therefore should
be included in the study as an important psychological attribute that influences financial
investment behavior.

Investors need to consult with the financial advisors for the investment decision. And
must be positively educated about the investments like shares, debentures, mutual funds
and commodities. Internet facilities can be extended further to enable the house hold
investors to collect investment information’s.

Future research could be conducted to examine the initiatives taken by various

policymakers to enhance financial literacy in all parts of India, and their impact on the
investment habits of the [Link] is suggested to extend the regression results to build
a data mining model to market the most appropriate products to individual investors from
India and to gain a better understanding of their financial investment behavior in an
effective and efficient manner.

The purpose of the study was to see the awareness, preference & behavior of investment
in taking decision. As is clear from the findings of the study there is some level of
awareness among the people but it is not very high. More awareness needs to be spread
among the individual investors.
 BIBLIOGRAPHY
7.1 Reference List

1. Aren, S., & Hamamci, H. (2020). Relationship between risk aversions, risky
investment intention, investment choices: Impact of personality traits and emotion.
Kybernetes, 49, 2651–2682. 10.1108/K-07-2019-0455

2. Arora, S, & Marwaha, K. (2014). Variables influencing preferences for stocks (high
risk investment) vis‐à‐vis fixed deposits (low‐risk investment). International Journal
of Law and Management, 56(4), 333–343.

3. Boehrrner, E. & Kelly, E. (2021)"Institutional Investors and the informational

Efficiency of Prices" Review of Financial Studies Volume 22, Issue 9 Pp. 3563-3594.

4. Frankel, J. & Froot, K. (2020) "Exchange Rate Forecasting Techniques, Survey Data,
and Implications for the Foreign Exchange Market"

5. Gunay, SG, Demirel, E.(2020) “Interaction between demographic and financial

behavior factors in terms of investment decision making”. Int Res J Finance Econ
2011; 66: 147–156.

6. Grable, J. E., & Lytton, R. H. (1999). Assessing financial risk tolerance: Do

demographics, socioeconomic, and attitudinal factors work? Family Economics and
Resource Management Biennial, 3, 80-88.

7. Jain, R, Jain, P, Jain, C. (2019) “Behavioral biases in the decision making of

individual investors.” IUP J Manage Res 2015; 14: 7–27.
8. Kathuria, L. M., & Singhania, K. (2010). Investor knowledge and investment practices of
private sector bank employees. The Indian Journal of Commerce, 63(3), 79–86.

9. Mittal, P. (2018). Investment avenues in India and their evaluation. IME Journal,
12(1– 2), 51–60.

10. Mahmood, I, Ahmad, H, Khan, AZ. (2019) Behavioral implications of investors for
investments in the stock market. Eur J Social Sci 2011; 20: 240.

11. Shusha, A. A. (2017). Does financial literacy moderate the relationship among
demographic characteristics and financial risk tolerance? Australasian Accounting,
Business and Finance Journal, 11(3), 67–86.

12. Zhang, Y, Zheng, X. (2019) A study of the investment behavior based on behavioral
finance. Eur J Bus Econ 2015; 10: 1–5.

8.2 Internet Sources

o [Link]

10.1142/ S2421

o [Link]

o [Link]

o [Link]
capital-market-classification-and-growth-of-indian-capital-
market/23476
APPENDIX: QUESTIONNAIRE

1) Name: _

2) Age:
a) 21-30 years
b) 31- 40 years
c) 41 - 50 years
d) 51 years and above

3) Gender

a) Male b)Female

4) Occupation
a) Government Employee
b) Private Employee
c) Business
d) Pensioners
e) Housewife
f) Student

5) Income Per Annum

a) Less than 2 Lakhs
b) Between 2-4 Lakhs
c) Between 4-6 Lakhs
d) Above 6 Lakhs
6) Experience in investments?
a) Less than 1Year
b) Between 1-3Years
c) Between 3-5Years
d) Above 5 Years

7) Which of the following consist our portfolio? ( Rank the following1- least
important,5-mostimportant)
a) Commodities/Gold
b) Saving bank
c) Mutual Funds
d) Insurance
e) Stock Market
f) Real-estate

8) What kind of Investment do you prefer?

a) Intra Day
b) Short Term Investment
c) Medium Term Investment
d) Long Term Investment

9) The Large Cap stocks are less risky than small &Mid-cap stocks.
a) I strongly agree
b) I agree
c) Ne u t r a l
d) I disagr e e
e) I strongly disagree
10)How do you make your investment decisions? (Rankthefollowing1-
Leastimportant,6-more important)
a) Market condition
b) Brokers advise
c) Self-analysis
d) Professional advisors recommendation
e) Friends advise
f) Intuition

11)How do you respond if:(Tick any one of the following)

a. Result announced by a company is better than market

expectation
Buy Sell Hold

b. Result announced by a company is not as per market expectation

B Sell Hold
u
y

12) How do you respond if company declares Dividends?

B Se Hold
uy ll

13) How do you respond to a company announcement of issuing

bonus shares?

B Se Hold
uy ll
14) How do you respond to an announcement of issuing bonus
shares?
B Se Hold
uy ll
15) How do you respond to an announcement made by your
company to acquire a similar kind of company

B Se Hold
uy ll

16) How do you respond if a company is getting delisted for

restructure purpose?

Buy Hold

Sell

17) How do you respond if Government increases the STT?

B Se Hold
uy ll
 DELHI INSTITUTE OF ADVANCED STUDIES
Plot No. 6, Sector-25, Rohini, Delhi-110085
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ATTENDENCE SHEET
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CLASS :
ROLL NO. :
NAME OF THE SUPERVISOR :
DATE :

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[Link]. DATE TIME
(REMARKS) OF STUDENT SUPERVISOR
1

10
*Minimum (8 out of 10) 80% attendance required

Co-ordinator
 DELHI INSTITUTE OF ADVANCED STUDIES
Plot No. 6, Sector-25, Rohini, Delhi-110085
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ROLL NO. :________________________________
EVALUATORS FEEDBACK :________________________________
_________________________________
_________________________________
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