chapter vi summary of findings suggestion...
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CHAPTER – VI
SUMMARY OF FINDINGS SUGGESTION AND CONCLUSION
INTRODUCTION
This chapter is intended to present the findings of the research and suitable
suggestions, profound conclusions and scope for further research.
The microscopic cross examinations of the primary and secondary data reveal the
following results. Primary and secondary data are explored completely to ascertain the
important factors of the study, to identify the reasons of investors for investing in retail
investment, impact of investment decision, relationship between financial sector reforms
and equity retail investment. The changes in the attitude of investors were noticed after
the latest developments in capital market in 1991. Now the investors possess greater
awareness through TV, newspaper and other sources of information. The transparency in
capital market is considered as one of the vital reforms that magnetically attracted the
investors and increased their number in retail investment. The classification of markets
paved way to the investors to select their own lucrative choice and make them to employ
various strategies to overcome the impediments in investment procedures.
6.2 MAJOR FINDINGS OF THE STUDY
6.2.1 OBJECTIVE ONE
To study the investment pattern of retail equity investors in Chennai.
A maximum percentage of 54.9% of investors are in the age group of 26 to 40
followed by the investors in the age group 41 to 60 which is 33.3%. Male investors are
more enthusiastic than females in equity shares investment.
It is identified that most of the investors are working in private concerns or
running their own business, that is 43% and 32.7% of investors are employed in private
or in their business concerns. The Government employees are not enthusiastic more in
equity shares.
It is found that 39.1% investors belong to the income groups of Rs. 1 - 2 lakhs and
26.6% investors have the income less then Rs. 1 lakh, 22.9% are in the income of groups
of Rs. 2 - 3 lakhs. The number of dependents and investment are inversely proportional to
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each other. When the number of dependents is more in the family, they do not have
ample money for investment in this present economic situation.
It is found that 72% of the respondents establish themselves as both long term
investors and daily traders and 12.6%of them operate equity investment daily. Most of
the investors are having the experience in the securities market just below 5 years. The
young investors and educated persons now enter into the securities markets.
It is found that 74.1% of the respondents in Chennai invested in less than 10
companies and remaining 25.9% of them are attracted towards more than 10 companies
share market investment. 10.7 % of the respondents have an investment of less than Rs.
1, 00,000. The investment level of 35.4 % of the respondents is between Rs. 1, 00,000
and Rs. 2, 00,000. 23.5 % of them have an investment size which ranges from Rs.2,
00,000 to Rs. 3, 00,000.
The maximum number of investors invest own funds to obtain better returns. A
maximum of 64% of sample size are investing their fund out of their savings below 25%,
most of the investor are invest their money out of their saving below 25% of the surplus
money that they had.
6.2.2 OBJECTIVE TWO
To analyse the information search and investment option of retail investors.
A maximum of 77.6% of investors get the information about the securities market
through news papers followed by 66.4% of investors get the information through
television media, 56.5% of investors receive the information through the stock brokers.
A major percentage of the investors are getting the information through news
papers television and stock brokers. 49.6 percent of investors are investing their money
after analyzing the financial performance of the companies and only 0.5 percent of
investors are considering some other factors like present market condition and new
production strategies.
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A maximum of 85.8 percent of investor are possessing experience in dealing their
investment forums followed by 14.2 percent of investor doesn’t have any experience with
the forum of investors. Most of the investors in Indian securities market are having the
knowledge about the malpractices done by the intermediaries and share brokers.
It is ascertained that a maximum of 82.1 percent of investors in securities market
are aware of the online trading and they buy and sell their equities followed by 17.9
percent of investors deal with offline trading. Majority of the investors in Indian
securities market are aware of the financial sector reforms made by the Government of
India.
42.9% of the investment decisions are taken based on sensex index and 31.9% of
the investors’ decisions are influenced by the index of Nifty. Most of the investor’s
decisions are influenced and taken by the observations of sensex index.
Newspaper plays a crucial role in identifying all the industries except IT industry.
It is found that the information through Journals and magazines is useful for investors to
invest in banking, manufacturing, textile and automobile industries. Banking, steel and
cement industry are concentrated by the investors with the help of information through
TV channels.
The stockbrokers give more information to the investors in selecting the industry.
The investment consultants significantly guide the investors to invest in banking, steel,
IT, manufacturing, textile and automobile industries. Web sites give profuse source of
information for investors about the performance of banking, cement, IT, pharma,
manufacturing, and automobile industries
6.2.3 OBJECTIVE THREE
To identify the various investment preferences and investors perception on
risk and return.
The most preferred investments are well established and the investors strongly
agree that the investment in capital market alone gives more returns with minimum
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market risk. The investors prefer share market as most preferred investment followed by
fixed deposit, real estate, mutual funds, government bonds, gold and debentures in order
The investors invest their money safely in banks in the form of deposits and give
second preference to IT industry followed by cement and pharma industry. The investors
also concentrate more on the safety of their investments in banking sector.
All type of investors demand more returns with no risk. So they prefer share
market fabricated with minimal risk. It is found that the investors adopt the modes of
calculative, conservative, risk taking, impulsive and intuitive in the respective order.
The investors investing in secondary market give their first preference to NSE
followed by BSE and MSE respectively. The transparency about the performance of the
companies issuing the shares and continuous monitoring of central government and the
RBI raises the confidence among the investors besides the market risk. It is also found
that the investors are willing to invest their hard earned money to have lucrative returns
in the short span of time.
It is ascertained that a maximum of 59.2% of the investors expect to get return
below 12% of their investments followed by 19% of the investors prefer to invest 36 %
and above of their investments in equities.
6.2.4 OBJECTIVE FOUR
To examine factors influencing investment evaluation and decision of
investors.
The cluster analysis revealed that 42.16 percent investors express the opinion that
they moderately agree on all the elements of capital investments and remaining 57.54
percent investors strongly agree with the investments in equity shares
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The investors accept equally about the investments in secondary market, project
details and their changes, and financial parameters. It is concluded that all the
investments are important and they reflect the investments of equity shares Investors’
opinion on investments can not be distinguished on their experiences with equity shares
dealings. The retail investments are totally spread over all the investors equally
independent of their number of years of dealings.
The investors invest their money in share market to accrue maximum benefits
before and after investments. The retail investment just induces the investors to invest in
share market, but the investors welcome any type of investments of equity shares with
better returns and absolutely no risk.
All the investors are aware of retail investment immaterial whether they invest in
shares or not. The updated information to the investors could be a more effective source
of information.
The investors who differ in their opinion of investing in Government Bonds also
differ in identifying the investments in equity shares. The investors are very much
attracted towards the primary and Details of present values, change of project details
investments and investments in financial parameters.
The investors are very much attracted towards change of project details
investments in equity shares and that in turn induces them to invest more in primary and
secondary markets. When the investors invest their money in gold they do not have more
knowledge about retail investment. The investors who are investing in gold are also
turning their concentration towards equity shares
Investors who concentrate on debentures are very much attracted towards general
information, Details of present values and financial parameters. They profoundly believe
that retail investments of above elements are really worthy of better returns.
The investors of mutual funds also possess a tendency to shift their investment
pattern towards equity shares. They feel that the same amount of risk is involved in
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mutual funds and equity shares but in the case of returns the equity shares exceeds more
than the mutual fund.
The investors shift their concentration towards equity shares due to the latest
developments in Indian equity shares. They feel that they are able to get the same type of
returns as that of real estate within a short span of time.
The investors expect more returns, they differ in their views about general
informations, Details of present values and change of project details whereas they have
the same view on Company management and financial parameters.
It is inferred that when the investors expect liquidity from their investment, some
of them are highly aware of capital investments while some others do not. The investors
who invest their money for tax benefits are well aware of general information, Details of
present values, change of project details and financial parameters.
Company management and change of project details differ the investors
significantly in their perception of capital investments. The investors who are influenced
by the TV channels have high awareness on Details of present values and financial
parameters.
The investors want to invest in both the markets and the secondary market is more
popular among the investors than the primary market. There is a association between
preference of investment in equity shares and cluster of awareness on retail investment.
The investors decide to invest in primary market and secondary market after knowing the
capital investments only the investors
The general information in equity shares does not have any impact on investors to
invest certain percentage in primary and secondary markets. Company management
induce the investors to invest a considerable percentage of their money in share market.
The change of project details and financial parameters do not have any impact on
investors to invest funds in share market.
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It is inferred that there is an association between criterion for investment and
cluster of awareness of capital investments. The investors are all well aware that the
capital investments giving certain specific criteria for the investment procedure.
6.2.5 OBJECTIVE FIVE
To evaluate investors level of satisfaction and their futuristic perceptions
towards retail equity investment.
It is found that the investors of equity market are distributed into three groups on
the basis of investment pattern prevailing in India. The first group consists of 6.11
percent investors with minimum awareness on equities and 63.12 percent with high
awareness on equity investments.
Equity investments have affected the investment in the banking sector. More
number of investors is enthusiastic in venturing into equity shares pertaining to banking
sector. The investors have the knowledge about company management before they invest
in FMCG sector.
General information, company management, and details of present values, change
of project details and financial parameters significantly affect the investment in pharma
sector and PSE sector retail investment.
The degree of awareness and knowledge about retail investment has enabled the
investors for making meaningful investment decisions in MNC sector. It is also found
that change of project details does not have any impact on investment in IT sector
The general information affects the investment in manufacturing sector. The
investors find a scope for their investment in manufacturing sector after general capital
investments. Other details do not have any role to play with manufacturing sector.
General information, Company management, Details of present values, change of
project details and financial parameters affect the investment in service sector. The
investors are drifting towards service sector after obtaining the details of investment.
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There is no association between extensive of risk and awareness of retail
investment. The investors are very much aware of risks involved in investing in equity
shares, because it depends upon the performance of firms.
It is inferred that different reasons for preference of stock exchange arise due to
retail investment. There is no association between dealing with electronic shares and
elements of retail investment.
The investors are very much attracted by share market after understanding the
attractive financial sector reforms. The transparency about the performance of the
companies issuing the shares.
Facility satisfaction does not create an impact on instruments and their changes.
Innovative measures have good impact on all elements of capital reforms, except
financial parameters. Problems create deep impact on capital market reforms, primary
market reforms secondary market reforms, instruments and their changes, but it does not
predict financial parameters.
The equity investment has predicted good impact on reforms in capital market.
Collectively the equity investments aim at reforming primary and secondary market.
Positive changes in the instrument and better returns to the investors prevail in the equity
market.
The investors are also exploring the avenues like real estate, gold investment and
government bonds to get more returns with less risk. There is no significant relationship
between the number of years in dealing with capital market and equity investment, some
investors are continuously investing in capital markets with their perception about the
developments in capital market. They feel it is an advantage for their investment.
Investment objectives and facility satisfaction severely affect the investor’s decision to
decide the percentage of investment in share market.
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6.2.6 OBJECTIVE SIX
To find the relationship between demographic variables of investors and
their investment objectives, decision and satisfaction.
In this moderate awareness cluster age, gender, annual income and vehicle
ownership of investors pave the way to know about general capital investments. The high
awareness of investors is achieved through their age, marital status occupation, no. of
dependents and percentage of investment.
In this moderate awareness group of investors, nature of family and vehicle
ownership help them to acquire knowledge about company management. It is concluded
that the nature of family decides the investor’s awareness on the company management.
The annual income, no of dependents and vehicle ownership are useful for the
investors to know the company management. It is concluded that income, vehicle
ownership and number of dependents explain the awareness of investors on company
management.
Age, nature of family, and house ownership create a good impact on details of
present values. In moderate awareness, clusters, the equity market awareness can be
observed by the investors using their age, nature of family and house ownership.
The investors with high awareness on retail investment are able to initiate more
ideas of details of present values through age alone. Genders, income, ownership of the
house explain the awareness of investors on changes of project details. The gender,
income and ownership of the house decide their high awareness on details of present
values.
The marital status and income of the investors decide them to possess moderate
awareness on change of project details. The marital status, occupation, income and house
ownership of investors pave the way for them to understand the financial parameters. The
moderate awareness on financial parameters can be obtained through the marital status,
occupation, income and house ownership of the investors.
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The high awareness on financial parameters of investors is decided by their
occupation and the number of dependents in the family. The investors show good
enthusiasm for various investment avenues. Company management makes the investors
to go for investing in Government bonds. Details of present values compel the investors
to invest in gold and in lands. Change in project details forces the investors to go in for
own lands and similarly financial parameters direct the investors to invest in lands.
It is found that the age of the investors predicts investment objectives,
Facility satisfaction, and Innovative measures. In investment objectives the investors in
the age group of 41-60 years are highly aware of investment objectives. Similarly the age
group 41-60 are aware of facility satisfaction and innovative measures.
Gender has its impact on problems, especially the female investors are aware of
problems in capital market than male investors. The marital status of the investors
explains facility satisfaction. It is found that the separated investors status concentrate
more on facility satisfaction followed by married and unmarried.
Educational qualification predicts problems. The graduate investors and diploma
investors are aware of innovative developments in capital market.
Occupation of investors predicts investment objectives and facility satisfaction.
Among these, occupations of the investors who are working as government employees
followed by private employees concentrate more on these reforms. In the case of
investment objectives, the income group of 3 lakhs and above investors alone are aware
of it. The investors with the annual income 2-3 lakhs are aware of investment
satisfaction; those with annual income of above 3 lakhs are very much aware of facility
satisfaction, innovative measures and finally the income group of 2-3 lakhs are aware of
problems.
The investors in the nuclear family are aware of investment objectives than joint
families. Similarly, the nuclear family investors are aware of investment satisfaction,
facility satisfaction and problems.
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It is inferred that the number of dependents is considered as a very important
factor for investors to deal with the capital market. The investors with own house are
showing special enthusiasm on investment satisfaction, facility satisfaction, and
problems. The investors with four wheelers are aware of investment objectives and those
who do not possess the vehicles are drawn by innovative measures.
6.3 SUGGESTIONS
Based on the study, the following suggestions have been made.
The transparency must be made about the companies and their performance so
that the investors can decide their investment on suitable shares.
Corporate governance has to be implemented in all stock exchanges.
Innovative technologies like integration of stock exchanges, demat, online
trading, creation of development of web pages must be brought in capital markets
for its growth and to attract the educated investors.
Strategies like hedging, index futures must emerge in capital market to reduce the
market risk, provisions must be made to return at least the principal amount of
investors.
Strategies must be employed to encourage women investors. Awareness
programmes has to conduct in all places.
The competitions of capital market have come from instructional investors like
mutual funds and real estate. So the companies must be careful enough in issuing
their shares.
Transparency must be made both in primary market and secondary market equally
to help the investors to get their capital.
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Shares, Debentures and bonds are familiar to urban investors. But their
counterparts in rural areas do not know anything about them.
Investors are the hub of the capital market. Their satisfaction is the most
important. So it should be done by providing safety, return and liquidity for their
investments.
Capital market should create a higher level critical factors involved for making
investment decisions.
Companies should provide information/education to investors at large with
detailed data including the role of SEBI to make them smart.
Regarding capital market more journals, newspapers and TV media have to reach
the investors.
The investors should be allowed an opportunity to trade in International Stock
Exchanges.
As far as the capital market is concerned research carried out is very less. So,
SEBI and other agencies should provide assistance to carryout advance research
in this area.
Credit rating agencies should rate the equities and mutual funds for the benefit of
the investors.
SEBI and other intermediaries should tap the rural investors by conducting
awareness programme exclusively for them.
6.4 IMPLICATION OF THE STUDY
This study would be of immense help to managers, particularly, financial
managers who take decisions regarding investment and investors’ attitude towards share
market. The study will help investment consultants in identifying the investment avenues.
The credit rating agencies can use the information for their investment rating. Investor’s
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preference for equity retail investment will help policy makers in formulating strategies.
The study helps for timing and type of instruments for new issues in retail investment.
Stock exchanges can introduce technological advancement in trading. In short, this piece
of research work has become quite friendly to all the three groups of players in the capital
market viz. the investors, issuers and the intermediaries.
6.5 SCOPE FOR FURTHER RESEARCH
Based on the study done by the researcher, the following suggestions are identified
for further research.
Since the present study is at a regional level, it could be extended to state and
national level.
The impact of retail investment in capital market may be studied in view of rural
investors.
The study may further be carried out to analyse the impact of reforms on the
functioning of stock exchanges.
A study on the awareness of women investors about retail investment pattern
could be attempted.
Implications of internet stock trading in India can be taken up for study.
Impact of technological innovation in capital markets can be studied.
6.6 CONCLUSION
Indian retail investment in share market has now grown into a great material
market with a lot of qualitative inputs and emphasis on investors’ protections and
disclosure norms laid down. The market has become automated, transparent and self-
driven. It has integrated with global markets with Indian companies seeking listing on
foreign stock exchange, off shore investments coming to India and foreign mutual funds
floating their schemes and thus bringing expertise in to our markets. India has achieved
the distinction of possessing the largest population of investors next to the U.K. Perhaps
ours is the country to have the largest number of listed companies with around 19
Regional Stock Exchanges and National Stock Exchanges most of them automated. India
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now has world class regulatory system in place. Thus at the dawn of the new millennium,
stock market increased the wealth of Indian companies and investors. No doubt strong
economic recovery, upturn in demand, improved market structure, etc. have been the
driving forces.
Further, financial services sector is considered to be the nuclear of the growth
model designed for the economic development of our vast country. Financial services and
markets constitute significant components of the financial system. Development and
reforms in this field are inevitable for the growth of our developing economy.
Accordingly, a lot of financial reforms have been made as and when required for the
welfare of the investors and the institutions.
The investors of to-day are more rapidly informed than their predecessors of
yesterday. So they are better informed and better treated. They want to be secure when
they aspire to become rich, wanted to save while they are tempted to spend, want to feel
the joy of pride and avoid the pain of regret. However every agency in the capital market
should plan their strategies for profit to investors on a long term basis. The potential
investor must be properly educated and guided in a manner that more idle resources or
invested in other avenues will be diverted to capital market. Increase in GDP (9%) raising
of sensex around 20,000 more participation of MNCS with their FDI results in the
progress of Indian economy and awareness of the prudent Indian investors. If and when
all financial reforms are inflated, the Indian capital market will not only be on par with
developed capital markets of the world, but also will become the paradise for investors.
Conclusively the quantum of retail investment increased rapidly as well as enormously,
liberalization continues to blow retail market investment by adapting itself to new
procedures practices and patterns with the entry of various players in the market; it is
poised to achieve unprecedented levels of growth in the near future.
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II. JOURNALS AND PERIODICALS
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