A Study on Investment Pattern of Investors on Different Products Conducted at Asit c

A study on investment pattern of investors on different products conducted at asit c. mehta investment intermediates ltd, — Document Transcript

1. Investment pattern of investors on different products

INTRODUCTION EXECUTIVE SUMMARY An investment refers to

the commitment of funds at present, in anticipation of some

positive rate of return in future. Today the spectrum of investment

is indeed wide. An investment is confronted with array of

investment avenues. Among all investment, investment in equity is

in best high proportion. This is because the history of stock market

is booming and bursts overnight millionaires, an instant pauper.

Indian economy is doing indeed well in recent years. The study

has been undertaken to analyze the investment pattern of

investment community. The main reasons behind the study are the

factors like income, economy condition, and the risk covering

nature of the Indian investors. The percentage of Indian investors

investing in the Indian equity market is very less as compared to

foreign investors. This study has been undertaken in Asit C. Mehta

Investment Interrmediates Ltd. (ACMIIL), which was incorporated

in the year 1986. And the company, which is, diversified into many

fields like securities, insurance, distribution, commodities and

investment services. This project contains the investors’

preferences and as well as the different factors that affect investors

decision on the different investment avenues most of them

investors are the clients of Asit C. Mehta Investment

Interrmediates Ltd., which provides a complete bouquet of

products in equity, debt, commodities, forex, depository,

derivatives and allied services in India . This study includes

response of investor in choosing securities in each classification

and analysis has been for the respective performance based on

their returns. The findings relates to the outperforming products

and investors risk taking ability while investing in each different

products. H.R.I.H.E, Hassan Page 1

2. Investment pattern of investors on different products 1.1

PROBLEM STATEMENT The statement of the problem under

study is to analyze the investment pattern of investors and the

popularity of different products/Services provided by Asit C. Mehta

for investment. This problem tries to identify the investors’

perception and their risk taking ability while investing in different

products of market. 1.2 OBJECTIVES: • To study the investment

pattern of investors. • To study the investment decisions of

different social class investors (in term of age group, education,

income level etc.) • To analyze the investment pattern of investors

who reside in an economically developed area and economically

developing area. • To study the difference between various

investment options offered at Asit C. Mehta. • To study the role of

Asit C. Mehta as a depository participant.

1.3 SCOPE OF THE STUDY The primary market starts

from broad environmental factors to the industry, which influences

the share price and finally analyzing the companies’ potentiality by

considering possible risk associated with securities for investing

public. Since share prices of the company is empirically found to

depend up to 50% on the performance of the industry and the

economy, studying those related field provide insights for selecting

different products of Asit C. Mehta. Income and risk factors play a

significant role while selecting particular product of a Asit C Mehta,

as it can create an opportunity for one product and may not for the

other, the analyzing impact of income and risk on investment

pattern of investors is important. As research reports shows that

frequency of investment pattern, factors, income level play more

significant role in deciding pattern of investment. So analyzing the

factors that affect investment pattern of investors and other

investment criteria provide the valuable insights. H.R.I.H.E,

Hassan Page 2


RESEARCH METHODOLOGY • Definitions of the population

Since the study is mainly related to know the investment patterns

of the investors on different products of company. Their potentiality

of earning income and reducing risk of the investment community

on the products, where each security in the market has to be

analyzed through their earnings over the others. The population

here was being Asit C. Mehta customers. • Type of research: This

is a descriptive research where survey method is adopted to

collect primary information from the investors using different scales

as required and the required secondary information for the

analysis. • Primary Data A questionnaire schedule was prepared

and the primary data was collected through survey method. •

Secondary Data Company website Books Related information from

net Customer database • Sample Size The population being large

the survey was carried among 50 respondents, most of them are

the clients of Asit C. Mehta Investment Interrmediates Ltd, Hassan.

They will be considered adequate to represent the characteristics

of the entire population. • Sampling Procedure The sampling

procedure followed in this study is non-probability convenient

sampling. Simple random procedures are used to select the

respondent from the available database. The H.R.I.H.E, Hassan

Page 3


research work will be carried on the basis of structured

questionnaire. The study is restricted to the investors of the

Hassan. • Techniques for data analysis The analysis of data

collection is completed and presented systematically with the use

of Microsoft Excel and MS-Word. The various tools which were

used for presentation are: • Bar graphs. • Pie charts. • Column

graphs. 1.5 LIMITATIONS: • The investment pattern analysis has

been limited to only 50 investors. • This study is conducted to

analyze their pattern not all those factors that really matter while

investing. • It is conducted in Hassan city. • An interpretation of this

study is based on the assumption that the respondents have given

correct information. • The economy and industry are so wide and

comprehensive that it is difficult to encompass all the likely factors

influencing the investors’ investment pattern in the given period of

time. • As the study has been limited to only 50 only out of them

most are Asit C. Mehta clients and potential customers. • Besides

the study has the limitation of time, place and resources.

H.R.I.H.E, Hassan Page 4

5. Investment pattern of investors on diffe Financial and

Economic Meaning of Investment Investment is the allocation of

monetary resources to assets that expected to yield some gain or

positive return over a given period of time. These assets range

from safety investment to risky investments. Investments in this

form are also called ‘Financial Investments’. To the economists,

‘Investment’ means the net additions to the economy’s capital

stock which consists of goods and services that are used in the

production of other goods and services. In this context the term

investment implies the information of new and productive capital in

the form of new construction, new producers’ durable equipment

such as plant and equipment. Inventories and human capital are

included in the economist’s definition of investment. H.R.I.H.E,

Hassan Page 5rent products

REVIEW OF LITERATURE Investment is the sacrifice of

certain present value for the uncertain future reward. It entails

arriving at numerous decisions such as type, mix, amount, timing,

grade etc of investment and disinvestments. Further such

decisions making has not only to be continuous but rational too.

Instead of keeping the savings idle you may like to use savings in

order to get return on it in the future, which is known as

‘investment’. There are various investment avenues such as

Equity, Bonds, Insurance, and Bank Deposit etc. A Portfolio is a

combination of different investment assets mixed and matched for

the purpose of achieving an investor's goal. There are various

factors which affects investors’ portfolio such as annual income,

government policy, natural calamities, economical changes etc.

2.1What is Investment? Investment is the employment of funds

with the aim of achieving additional income or growth in value. The

essential quality of income is that, it involves ‘waiting ‘for a reward.

It involves the commitment of resources which have been saved or

put away from current consumption in the hope that some benefits

will occur in future. The term ‘investment’ does not appear to be a

simple as it has been defined. Investment has been categorized by

financial experts and economists. It has also often been confused

with the term speculation.

Liquidity Even investor requires a minimum liquidity in his

investment to meet emergencies. Liquidity will be ensured if the

investor buys a proportion of readily saleable securities out of his

total portfolio. He may therefore, keep a small proportion of cash,

fixed deposits and units which can be immediately made liquid

investments like stocks and property or real estate cannot ensure

immediate liquidity. H.R.I.H.E, Hassan Page 6 Safety of principal

The investor, to be certain of the safety of principal, should

carefully review the economic and industry trends before choosing

the types of investment. Errors are avoidable and therefore, to

ensure safety of principal, the investor should consider

diversification of assets. Adequate diversification involves mixing

investment commitments by industry, geographically, by

management, by financial type and maturities. A proper

combination of these factors would reduce losses. Features of

an investment programme In choosing specific investments,

investors will need definite ideas regarding features, which their

investment avenue should possess. These features should be

consistent with the investors’ general objectives and in addition,

should afford them all the incidental conveniences and

advantages, which are possible under the circumstances. The

following are the suggested features as the ingredients from which

many successful investors compound their selection policies. 6.

Investment pattern of investors on different products In simple

words investment means buying securities or other monetary or

paper (financial) assets in the money markets or capital markets,

or in fairly liquid real assets, such as gold as an investment, real

estate, or collectibles. Valuation is the method for assessing

whether a potential investment is worth its price. Types of financial

investments include shares or other equity investment, and bonds

(including bonds denominated in foreign currencies). These

investments assets are then expected to provide income or

positive future cash flows, but may increase or decrease in value

giving the investor capital gains or losses

Tangibility Intangible securities have many times lost their

values due to price level inflation, confiscatory laws or social

collapse. Some investor prefers to keep a part of their wealth

invested in tangible properties like building, machinery and land. It

may, however, be considered that tangible property does not yield

an income apart from direct satisfaction of possession or property.

H.R.I.H.E, Hassan Page 7 Legality and freedom from care All

investments should be approved by law. Law relating to minors,

estates, trusts, shares and insurance be studied will bring out

many problems for the investor. One way of being free from care is

to invest in securities like Unit Trust of India, Life Insurance

Corporation or Saving Certificates. The management of securities

is then left to the care of the Trust who diversifies the investments

according to safety, stability and liquidity with the consideration of

their investment policy. The identity of legal securities and

investments in such securities also help the investor in avoiding

many problems. Appreciation and purchasing power stability

Investors should balance their portfolios to fight against any

purchasing power stability. Investors should judge price level

inflation, explore their possibility of gain and loss in the

investments available to them, limitations of personal and family

considerations. The investor should also try and forecast which

securities will possibly appreciate. A purchase of property at the

right time will lead to appreciation in time. Growth stock will also

appreciate over time. These, however, should be done thoughtfully

and not in a manner of speculation. Income stability Regularity of

income at a consistent rate is necessary in any investment pattern.

Not only stability, it is also important to see that income is

adequate after taxes. It is possible to find out some good

securities, which pay particularly all their earnings in dividends. 7.

Investment pattern of investors on different products


TABLE: 2.1 FEATURE OF INVESTMENT AVENUES Particulars

Risk Return/ Capital Liquidity/ Tax Current appreciation

Marketability benefits yield Equity High Low High High High Shares

Debentures Low High Very low Very low Nil Bank Deposit Low

Low Nil High Nil Life Nil Nil Low Low Moderate Insurance Policies

Real Estate Low Low High in Moderate Changes Long-term

according to rules Gold and Low Nil High in Moderate Nil Silver

Long-term H.R.I.H.E, Hassan Page 8


THE INVESTMENT PROCESS-STAGES IN INVESTMENT The

investment process is generally described in four stages. These

stages are investment policy, investment analysis, valuation of

securities and portfolio construction. a. Investment Policy The first

stage determines and involves personal financial affairs and

objectives before making investments. It may also be called

preparation of the investment policy stage. The investor has to see

that he should be able to create an emergency fund, an element of

liquidity and quick convertibility of securities in to cash. This stage

may, therefore, be considered appropriate for identifying

investment assets and considering the various features of

investment. b. Investment Analysis When an individual has

arranged a logical of the types of the investments that he requires

on his portfolio, the next step is to analyse the securities available

for investment. He must make a comparative analysis of the type

of the industry, industry of security and fixed vs. variable securities.

The primary concern at this stage would be to form beliefs

regarding future behavior or prices and stocks, the expected

returns and associated risk. c. Valuation of investments The third

step is perhaps most important consideration of the valuation of

investments, investments value, in general, is taken to be the

present worth to the owners of the futures benefits from

investments. The investor has to bear in mind the value of these

investments. H.R.I.H.E, Hassan Page 9


Appropriate sets of weights have to be applied with use of the

forecasted benefits to estimate the value of the investment assets.

Comparison of the value with the current market price of the asset

allows a determination of the relative alternativeness of the asset.

Each asset must be valued on its individual merit. Finally the

portfolio should be constructed. d. Portfolio Construction As

discussed under features of investment programme, portfolio

construction requires knowledge of the different aspects of

securities. consisting of safety and growth of principal, liquidity of

assets after taking into account the stage involving investment

timing, selection of investment, allocation of savings to different

investments. The success of every investment decision has

become increasingly important in recent times. Making sound

investment decision requires both knowledge and skill. Skill is

needed to evaluate risk and returns associated with an investment

decision. Knowledge is required regarding the complex investment

alternatives available in the economic environment. 2.3 SUCCESS

IN INVESTMENT Success in most things is relative, and not less

so in the field of investment. Success in investment means earning

the highest possible return with the constraints imposed by the

investor’s personal circumstances-age, family needs, liquidity

requirements, tax position and acceptability of risk. If possible,

performance should be measured against alternative investment,

or combination of investment, available to the investor within those

constraints. Genuine success also means winning the battle

against inflation, against the fall in the real value of savings and

capital. To be successful investor, one should strive to achieve no

less than the rate of return consistent with the risk assumed. But is

this success? If markets are efficient, abnormal returns ere not

likely to be achieved, and so the best one can hope for return

consistent with the level of risk assumed. The trick is to assess the

level of risk we wish to assume and make certain that the

collection of assets we buy fulfills our risk expectations. As a

reward for assuming this level of risk, we will receive the returns

that are consistent with it. If however, we believe that we do better

than the level of return warranted by the level of risk assumed,

then success must be measured in these terms. But care must be

exercised here. Merely realizing higher returns does H.R.I.H.E,

Hassan Page 10


not indicate success in this sense. We are really talking about

outperforming the average of the participant in the market for

assets. And if we realize higher return we must be certain that we

are not assuming higher risks consistent with those returns in order

to measure our success. Thus we are left with two definitions of

success. (i) Success is achieving the rate of return warranted by

the level of risk assumed. Investors expect returns proportional to

the risk assumed. (ii) Success is achieving a rate of return in

excess or warranted by the level of risk assumed. Investors expect

abnormal returns for the risk assumed. To be successful under the

first definition, an investor must have a rational approach to

portfolio construction and management. Reasonably efficient

diversification is the key. To be successful under the second

definition, an investor must have at least one of the following:

Superior Analytical Skill, Superior Forecasting Ability, Inside

Information, Dumb Luck Whether and to what extent anyone is

likely to possess these characteristics and consistently be able to

outperform the market by the level of risk assumed is critical issue.

The investor should be aware of, but not denoted by, the fact that

professional investors in particular, largely dominate investment

markets, the stock market. As a consequence, grossly under-

valued investments are rarely easy to come by. Moreover, he

should beware of books subtitled. How I made a Million in the

Stock Market, Get Rich Quick and statements such as ‘You can

have a high return with no risk’. In reasonably efficient markets risk

and return go together like bread and butter; in the words of Milton

Friedman, there is no such thing as a free lunch. Success involves

planning—clearly establishing one’s objectives and constraints.

Investments should be looked at in terms of what they contribute to

the overall portfolio, rather than their merits in isolation. Institutional

investment will probably play some part, and performance tables

are available to give some guidance. But personal direct

investment should not be overlooked, particularly in the obvious

area of Turk ownership, and one’s own knowledge, skills, hobbies

and acquaintances can also be put to advantage. Remember

Francis Bacon’s words: If a man look sharply and attentively, he

shall see fortune; for though she be blamed, yet she is not so

invisible. More money has been lost in the stock market, then one

can imagine simply because of the failure of investors to clearly

define their objectives and assess their financial temperaments. In

analyzing the portfolios of individual investors, the most common

errors observed are: Firstly, portfolio is over diversified, containing

so many issues that the investors cannot follow closely the

development in those companies. H.R.I.H.E, Hassan Page 11


Secondly, many portfolios suffer from overconcentration in one or

two issues. Thirdly, all too often, the quality of these securities is

not consistent with the stated investment goal and usually a

portfolio contains too many speculative securities. Fourthly, many

individual investors are afraid to take losses; they want to wait for

their stock to come back to the price they paid. Fifthly, most

investors, without realizing it, do not have a plan. They are buying

and selling and believe is going where the action is instead of

sticking to an investment goal. Finally, most serious of all some

investors consider only profit potential never the risk factor. They

try to wait for the bottoms to buy and tops to sell, they don’t learn

from their mistakes and sight of their financial goals for the

timeframe of the investment objectives under pressure of hope,

fear, or greed. Should investors play a winner’s game or a loser’s

game while buying securities? To answer this question, probably

the best way to explain it is to use a sport as an illustration. Let us

take tennis. To professionals like Williams sisters, tennis is a

winner game. To win, they must deliver the ball to a place where

the opponent will find it difficult to return or play at a speed that the

opponent cannot keep up with. They win the game by delivering

winning shots. According to sports writers, on the one hand, tennis

to amateurs is actually a loser’s game. They do not have the

strikes that in any way resemble those of Williams sisters and

other professionals. The best strategy to win a game, they, is to

keep the ball in play and let the opponent defeat himself by hitting

the ball into the net or outside the court. They win game by loosing

less than their opponent. The above analogy clears the distinction

between winner and loser’s game. Probably now the investors can

guess whether buying securities is a winner’s game or a loser’s

game. Recently, buying securities has become a loser’s game

even for professionals engaged in institutional investing. For those

who determine to win the loser’s game, it is required: 1) Play your

own game. Know your policies very well and play according to

them all the time. 2) Do the things do best? Make ‘fewer’ but

‘better’ investment decisions. 3) Concentrate on your defences.

Most investors spend too little time on sell-decisions. Sell decisions

are as important as buy-decisions. Investors should spend at least

equal time in making sell-decision. H.R.I.H.E, Hassan Page 12

Physically Difficult Approach Many investors seem to

follow this approach, wittingly or unwittingly. They look at the

newspapers and financial periodicals to learn about new issues,

they visit the offices of brokers to get advice and application forms,

and they apply regularly in the primary market. They follow the

budget announcements intently, they read CMIE reports to learn

about the developments in economy and various industrial sectors,

they read investment columns written by the so called ‘experts’,

they follow developments in the companies, they solicit information

from company executives, they read the columns in technical

analysis, and they attend seminars and conferences. In a nutshell,

they apply themselves assiduously, diligently, and even doggedly.

They operate on the premise that if they can be a step ahead of

others, they will outperform the market. The physically difficult

approach seems to have worked reasonably well for most of the

investors in India since the late 1970s to the early 1990s, for three

principal reasons: 1. Typically, issues in the primary market have

been priced very attractively. 2. The secondary market, thanks to

limited competition till almost 1991, was characterized by

numerous inefficiencies that provided rewarding opportunities to

the diligent investor. 3. An advancing price-earnings multiple, in

general, bailed out even inept investors. Things, however, have

changed from mid-1995. The opportunities for subscribing issues

in the primary market have substantially dried up as companies,

quite understandably, are placing securities with institutional

investors at prices that are fairly close to the prevailing market

prices. Likewise, the scope for earning superior returns in the

secondary market has diminished as the degree of competition

and efficiency is increasing, thanks to the emergence of hundreds

of new H.R.I.H.E, Hassan Page 13 THREE APPROACHES TO

SUCCEED AS AN INVESTOR As Charles Ellis argued, it appears

that there are three different ways of earning superior risk-

adjusted returns on stock market. The first one is physically

difficult, the second one is intellectually difficult, and the third one is

psychologically difficult. 13. Investment pattern of investors on

different products The crucial point of loser’s game is to put the

balance sheet and the income statement through a fine screen.

This is the first step in making sure to avoid a mistake and will help

the investor to keep away from letting the excitement make him

move too quickly. Remember the old saying. A fool and his money

are quickly parted.

Intellectually Difficult Approach The Intellectually Difficult

Approach to successful investing calls for developing profound

understandings of the nature of investments and hammering out a

strategy based on superior insights. This approach has been

followed mainly by the highly talented investors who have an

exceptional ability, a rare perceptiveness, an unusual skill, or a

touch of clairvoyance. Such a gift has been displayed by investors

like Benjamin Graham, John Maynard Keynes, John Templeton,

George Soros, Warren Buffet, Phil Fisher, Peter Lynch, and others.

Benjamin Graham, widely acclaimed as the father of modern

security analysis, was an exceptionally gifted quantitative navigator

who relied on hard financial facts and religiously applied the

‘margin of safety’ principle. John Maynard Keynes, arguably the

most influential economist of the 20th Century, achieved

considerable investment success on the basis of his sharp insights

into market psychology. John Templeton had an unusual feel for

bargain stocks and achieved remarkable success with the help of

bargain stock investing. Warren Buffett, the most successful stock

market investor of our times, is the quintessential long-term value

investor. George Soros, a phenomenally successful speculator,

developed and applied a special insight which he labels as the

‘reflexivity’ principle. Growth Phil Fisher, a prominent growth stock

advocate, displayed a rare ability with regard to invest in growth

stocks. Peter Lynch, perhaps the most widely read investment

guru in recent years, has performed exceptionally well, thanks to a

rare degree of openness and flexibility in his approach. The

intellectually difficult approach calls for a special talent that is

diligently honed and nurtured over time. Obviously, it can be

practiced only by a select few and you should have the objectivity

to discern whether you can join this elite club. Remember that

many investors unrealistically believe that they have a rare gift

because the stock market provides an exceptionally fertile

environment for self-deception. Participants in the stock market

can easily live in a world of make belief by accepting confirming

evidence and rejecting contradictory evidence. As David Dreman

says: “Under conditions of anxiety and uncertainty, with vast

interacting information grid, the market can become a giant

Rorschach test, allowing the investor to see any pattern that he

H.R.I.H.E, Hassan Page 1414. Investment pattern of investors on

different products institutional players (mutual funds, foreign

institutional investors, merchant banking organisations, corporate

bodies) and millions of new individual investors. Finally, the

prospects of a fluctuating price-earnings multiple seem to be a

greater than the prospects of a rise in the price-earnings multiple.

Psychologically Difficult Approach The stock market is

periodically swayed by two basic human emotions, viz. Greed and

fear. When greed and euphoria sweep the market prices rise to

dizzy heights. On the other hand, when fear and despair envelop

the market, prices fall to abysmally low levels. If you can surmount

these emotions which can wrap your judgment, create distortions

in your thinking, and induce you to commit follies, you are likely to

achieve superior investment results. The psychologically difficult

approach essentially calls for finding ways and means of

substantially overcoming fear and greed. Its operational guidelines

are as follows: 1. Develop an investment policy and adhere to it

consistently 2. Do not try to forecast stock prices 3. Rely more on

hard numbers and less on judgment 4. Maintain a certain distance

from the market place 5. Face uncertainty with equanimity These

guidelines look simple, but they are psychologically difficult to

follow. Yet, for the bulk of the investors this appears to be only

sensible approach to improve the odds of their investment

performance. 2.4 INVESTMENT AND SPECULATION

Traditionally, investment is distinguished from speculation in three

ways, which are based on the factors of: 1. Capital gains. 2. Time

period. 3. Risk H.R.I.H.E, Hassan Page 1515. Investment pattern

of investors on different products wishes....experts cannot only

analyse information incorrectly, they can also find relationships that

aren’t there- a phenomenon called illusory correlation.”


The distinction between investments and speculations is given in

the table below: TABLE: 2.2 Investment Speculation Time Horizon

Long-term time Short-term planning framework beyond 12 holding

assets even months. for one day with the objective. Risk It has

limited risk. There are high profits and gains. Return It is consistent

and High returns, though moderate over a long risk of loss is high.

period. Use of funds Own funds through Own and borrowed

savings funds. Decisions Safely, liquidity, Market behaviour

profitability and information, stability, judgements on considerations

and movement in the performance of stock market. companies.

Hunches and beliefs. 1. Capital Gain The distinction between

investment and speculation emphasizes that if the motive is

primarily to achieve profits through price changes, it is speculation.

If purchase of securities is preceded by proper investigation and

analysis and review to receive a stable return over a period of time,

it is termed as investment. Thus, buying low and selling high,

making large capital gain is associated with speculation. 2. Time

Period H.R.I.H.E, Hassan Page 16


The second difference is the consideration of the time period. A

longer-term fund allocation is termed as investment. A short-term

holding is associated with trading for the ‘quick turn’ and is called

speculation. The distinction between investment and speculation is

helped to identify the role of the investor and speculator. The

investor constantly evaluates the worth of a security through

fundamental analysis, whereas the speculator is interested in

market action and price movement. These distinctions also draw

out the fact that there is a very fine line of division between

investment and speculation. There are no established rules and

loss, which identify securities, which are permanent for investment.

There has to be a constant review of securities to find out whether

it is a suitable investment. To conclude, it will be appropriate to

state that some financial experts have called investment ‘a well

grounded and carefully planned speculation’, or good investment is

a successful speculation. Therefore, investment and speculation

are a planning of existing risks. If artificial and unnecessary risks

are created for increased expected returns, it becomes gambling.

3. Risk The word ‘risk’ has a definite financial meaning. It refers to

possibility of incurring a loss in a financial transaction. In a broad

sense, investment is considered to involve limited risk and is

confined to those avenues where the principal is safe.

‘Speculation’ is considered as an involvement of funds of high risk.

An example may be cited of stock brokers’ lists of securities which

labels and recommends securities separately for investments and

speculation purposes. Risk, however, is a matter of degree and no

clear-cut lines of demarcation can be drawn between high risk and

low risk and sometimes these distinctions are purely arbitrary. No

investments are completely risk-free. Even if it safety of principal

and interest are considered, there are certain non manageable

risks which are beyond the scope of personal power. These are (a)

the purchasing power risk – In other words, it is the fall in real

value of the interest and the principal and (b) the money rate risk

or the fall in market value when interest rate rises. These risks

affect both the speculator and the investor. High risk and low risk

are, therefore, general indicators to help and understanding

between the terms investments and speculation. 2.5 What causes

the risks? H.R.I.H.E, Hassan Page 17


The risks are caused by the following factors: 1) Wrong decision of

what to invest in. 2) Wrong timing of investment. 3) Nature of the

instrument invested say, the category of assets like corporate

shares or bonds, Chit funds, Nidhis, Benefit funds etc. are highly

risky, as they are in the unorganized sector. Some instruments as

bank deposits or P.O Certificates are less risky, due to their

certainty of payment of principal and interest. 4) Creditworthiness

of the issuer: The securities of Government end semi-Government

bodies are more credit worthy than those issued by the corporate

sector and much less secure are those in the unorganized sector

like indigenous bankers, shroffs, chit funds etc. private limited

companies share and shares of unlisted companies are more risky.

5) Maturity period are length of investment: The longer the period,

the more risky is the investment normally. 6) Amount of

investment: The higher the amount invested in any security the

larger is the risk, while a judicious mix of investments in small

quantities may be less risky. 7) Method of investment, namely,

secured by collateral or not. 8) Terms of lending such as periodicity

of servicing, redemption periods etc. 9) Nature of the industry or

business in which the company is operating. 10) National and

international factors, acts of god etc. Reference was made to two

types of Risk of investor: • Systematic Risks- • Unsystematic

Risks- 1. Systematic Risks- H.R.I.H.E, Hassan Page 18

Purchasing Power Risk: H.R.I.H.E, Hassan Page 19

Interest Rate Risk: The return on an investment depends on the

interest rate promised on it and changes in market rates of interest

from time to time. The costs of funds barrowed by companies or

stockbrokers depend on interest rates. The market activity and

investor perceptions change with the changes in interest rates.

These interest rates depend on nature of instruments, stocks,

bonds, loans etc maturity of the periods and the creditworthiness of

the issuer of securities. But basically the monetary and credit

policy, which is not controllable by the investor, affects the

riskiness of investments due their effects on returns, expectations,

and the total principal due to be refunded Market Risk: This

arises out of changes in Demand and Supply pressures in the

markets, following the changing flow of the information or

expectations. The totality of the investor perception and subjective

factors influence the events in the market which are unpredictable

and give rise to risk, which is not controllable. 19. Investment

pattern of investors on different products Systematic Risks are out

of external and uncontrollable factors, arising out of the market,

nature of the industry and state of the economy and a host of other

factors. In other words systematic risk refers to that portion of the

total variability of the return caused by common factor affecting the

prices of all securities alike through economic, political and social

factors. 2. Unsystematic Risks- Unsystematic Risks emerge out of

the known and controllable factors, internal to the issuer of the

securities or companies. In other words unsystematic risk refers to

that portion of the total variability of the return caused due to

unique factors, relating that firm or industry, through such factors

as management failure, labour strikes, raw material scarcity etc.

While the systematic risk is common to all companies and has to

be borne by the investor and compensated by the Risk Premium,

The unsystematic risk can be reduced by the investor through

proper diversification and planning a proper investment strategy for

the purpose. Examples of Systematic Risks

Business Risk: This relates to var20. Investment pattern

of investors on different products Inflation or rise in prices lead to

rise in costs of production, lower margins, wage rises and profit

sqeezing etc. The return expected by the investors will change due

to change in real value of returns. Cost pushed inflation is caused

by rise in the costs, due to wage rise or rise in input prices.

Demand-pull forces operate to increase prices due to inadequate

supplies and rising demand. The increase in demand may be

caused by changing expectation of future interest rates and

inflation or due to increase in money supply or creation of currency

to finance the deficits of the government. This element of

purchasing power risk is inherent in all investments and cannot be

controlled by him. Examples of Unsystematic Risks Default Or

Insolvency Risk: The barrower or issuer of securities may become

insolvent or may default, or delay the payments due, such as

interest installments or principal repayments. The barrower’s credit

rating might have fallen suddenly he became default prone and in

its extreme form it may lead to H.R.I.H.E, Hassan Page 20

Financial Risk: This relates to the method of financing, adopted by

the company, high leverage leading to larger debt servicing

problems or short-term liquidity problems due to bad debts,

delayed receivables and fall in current assets or rise in current

liabilities. These problems could no doubt to be solved, but they

may lead to fluctuations in earnings, profits and dividends to share

holders. Sometimes, if the company runs in to losses or reduced

profits, these may lead to fall in returns to investors or negative

returns. Proper financial planning and other financial adjustments

can be used to correct this risk and as such it is controllable.

iability of business, sales income, profits etc., which in turn

depend on the market conditions for the product mix, input

supplies, strength of competitors etc. This business risk is

sometimes external to the company due to changes in government

policy or strategy of competitors or unforeseen market conditions.

They may be internal due to fall in production, labour problem, raw

materials problem or inadequate supply of electricity etc. The

internal business risk leads to fall in revenues and in profit of the

company, but can be corrected by certain changes in the

company’s policies.

Marketability Risks: Marketability Risks, involving loss of

liquidity or loss of value in conversions from one asset to another

say, from stocks to bonds, or vice versa. Such risks may arise due

to some features of securities, such as capability; or lack of sinking

fund or Debenture Redemption Reserve fund, for repayment of

principal or due to conversion terms, attached to the security,

which may go adverse to the investor. All the above types of risks

are of varying degrees, resulting in uncertainty or variability of

return, loss of income and capital losses, or erosion of real value of

income and wealth of the investor. Normally the higher the risk

taken, the higher is the return. But sometimes the risk is caused by

acts of God and there may be no return at all. 2.6 Investment and

Gambling The difference between investment and gambling is very

clear. From the above discussion, it is established that investment

is an attempt to carefully plan, evaluate and allocate H.R.I.H.E,

Hassan Page 21 Management Risks: Management Risks, due to

errors or inefficiencies of management, causing losses to the

company. Political Risks: Political risks, fallowing the changes in

the government, or its policy shown in fiscal or budgetary aspects

etc., through changes in tax rates, imposition of controls or

administrative regulations etc. 21. Investment pattern of investors

on different products insolvency or bankruptcies. In such cases the

investor may get no return or negative returns. An investment in a

healthy company’s share might turn out to be a waste paper, if

within a short span, by the deliberate mistakes of management or

acts of God, the company became sick and its share price tumbled

below its face value. Other Risks In addition to the above major

risks both in controllable and uncontrollable categories, there are

many more risks, which can be listed, but in actual practice, they

may vary in form, size and effect. Some of such identifiable risks

are:

Financial Assets H.R.I.H.E, Hassan Page 22 Real

Assets Real assets refer to tangible assets, which are in the form

of land and buildings, furniture, gold, silver, diamonds, or artifacts.

These assets have a physical appearance. They may be

marketable or non-marketable. They may also have the feature of

being movable or non- movable. These assets are used to produce

goods or services. 22. Investment pattern of investors on different

products funds in various investment outlets which offers safety of

principal, moderate and continuous returns and long-term

commitment. Gambling is quite the opposite of investment. It

connotes high risk and the expectation of high returns. It consists

of uncertainty and high stakes for thrill and excitement. Typical

examples of gambling are horse racing, game of cards, lottery etc.

Gambling is based on tips, rumours and hunches, it is unplanned,

non-scientific and without knowledge of the exact nature of risk.

These distinctions between investment, speculation and gambling

give us a basic idea of their nature, purpose and role. 2.7

Investment and Arbitrage Investment is usually a planned method

of safely putting ones savings into different outlets to get a good

return. Arbitrage is the mechanism of keeping one’s risk to the

minimum through hedging and taking advantage of price

differences in different markets. The simultaneous purchase of the

same or similar security in two different markets would be an

arbitrage transaction. Short-term gains can be expected through

such transactions. An investor can also be an arbitrageur if he

buys and sells securities in more than one stock exchange to take

advantage of the price differentials in such exchanges. Derivatives

introduced in the Indian market have a great potential for arbitrage

transactions. Arbitrage transactions help in enhancing efficiency

and liquidity in the stock market and in increasing the volume of

trade. Hedgers, speculators and arbitrageurs can make riskless

profits through the arbitrage process.

Commodity Assets Commodities are a new form of

investment in India. Commodity assets consist of wheat, sugar,

potatoes, rubber, coffee and other grains. Commodities are also in

the form of metal like gold, silver, aluminium and copper. It also

consists of items like cotton oil and foreign currency. Importers and

exporters invest in commodities to diversify their portfolios. Traders

hedge or transact in commodities to make gains. A National

Commodity and Derivatives Exchange Ltd. (NCDEX) have been

set up in India in 2003 as a public limited company to transact in

commodities. The promoters of NCDEX were ICICI Bank Ltd.,

National Bank for Agriculture and Rural Development (NABARD),

Life Insurance Corporation of India, (Punjab National Bank, Canara

Bank, CRISIL Ltd., Indian Farmers Fertilizer, Co-operative Ltd.

(IFFCO) and National Stock Exchange of India Ltd., (NSE). All

these institutions subscribed to the equity shares of NCDEX. 2.8

Factors Favourable For Investment The investment market should

have a favourable environment to be able to function effectively.

Business activities are marked by social, economic and political

considerations. It is important that the economic and political

factors are favourable. Generally, there are four basic

considerations, which foster growth and bring opportunities for

investment. These are legal safeguards, stable currency and

existence of financial institutions to aid savings and forms of

business organization. H.R.I.H.E, Hassan Page 2323. Investment

pattern of investors on different products A financial asset is a

claim represented by securities. These assets are popularly called

paper securities. Shares, bonds, debenture, bills, loans, lease,

derivatives and fixed deposits are some of the financial assets.

Therefore, financial assets represent a claim on the income

generated by real assets of some other parties. Financial assets

can be easily traded, as they are marketable and transferable.

Financial assets are usually between two parties, for example, if a

person buys a bond of Rs. 10,000 of ICICI Bank. The bond is

liabilities of ICICI, but an asset of the person buying a bond

because he has a claim over the bank to receive the principal sum

with interest.

Legal Safegu24. Investment pattern of investors on

different products A Stable Currency A well-organized monetary

system with definite planning and proper policies is a necessary

prerequisite to an investment market. Most of the investments such

as bank deposits, life insurance and shares are payable in the

currency of the country. A proper monetary policy will give direction

to the investment outlets. As far as possible, the monetary policy

should neither promote acute inflationary pressures nor prepare for

a deflation model. Neither condition is satisfactory. Price inflation

destroys the purchasing power of investments. Thrift is also

penalized when the net interest after taxes received by the investor

is less than the rise in the price level, leaving the investor with less

total purchasing power than he had at the time of saving. Inflation

occurs generally in unstable conditions like war or floods but in the

last decade, it also discernible in peace conditions especially in

developing countries because of huge government deficit in

creating infrastructure. Deflation is equally disastrous because the

nominal values of inventories, plant and machinery and land and

building tend to shrink. An example of the evil effects of deflation

can be cited for the period 1929-1933 in the United States when

the shrinkage in nominal values came to a point of producing

wholesale bankruptcy. A reasonable stable price level, which is

produced by wise monetary and fiscal management, contributes

towards proper control, good government, economic well being

and a well- disciplined growth oriented investment market and

protection to the investor. H.R.I.H.E, Hassan Page 24ards A

stable government, which frames adequate legal safeguards,

encourages accumulation of savings and investments. Investors

will be willing to invest their funds if they have the assurance of

protection of their contractual and property rights. In India, the

investors have the dual advantage of free enterprise and control.

Freedom, efficiency and growth are ensured from the competitive

forces of private enterprises. Statutory control exerts discipline and

curtails some element of freedom. In India, the political climate is

conducive to investment since the new economic reforms in 1991

leading to liberalization and globalization.

Existence of Financial Institutions and Services The

presence of financial institutions and financial services encourage

savings, direct them to productive uses and helps the investment

market go grow. The financial institutions in existence in India are

mutual funds, development banks, commercial banks, life

insurance companies, investment companies, investment bankers

and mortgage bankers. The financial services include venture

capital, factoring and forfeiting, leasing, hire purchase and

consumer finance, housing finance, merchant bankers and

portfolio management. Investment bankers are merchants of

securities. They buy bonds and stocks of companies for re-sale to

investors. The investment bankers are distinguished from security

brokers who act as agents in buying and selling already issued

securities for commission. Mortgage bankers sometimes act as

merchants and sometimes as agents on mortgage loans generally

on residential properties. They serve as middlemen between

investors and borrowers and perform collateral service in

connection with loans. Commercial banks and financial institutions

also act as mortgage bankers in giving mortgage loans and

servicing the loans. In India, there are a large number of financial

institutions under Central Government and State Governments and

rural bodies that have encouraged the growth of savings and

investment. The Life Insurance Corporation and Unit Trust of India

offer a wide variety of schemes for savings and give tax benefits

also. Apart from these, there is a well-organized network of

development banks such as the Industrial Development Bank of

India (IDBI), Industrial Credit Investment Corporation of India

(ICICI) and Industrial Finance Corporation of India (IFCI). At the

state level, there are State Financial Corporation, for rural areas

and agriculture, the National Bank of Agriculture and Rural

Development (NABARD). These financial institutions and

development banks offer a wide variety of policies for encouraging

savings and investment. These institutions lend an element of

strength to the capital market and promote discipline while

encouraging growth. Since 1991, there has been a development of

the private corporate sector. Many new financial institutions have

emerged in the private sector. Insurance companies, mutual funds

and venture capitalists leasing companies have been opened up to

private financing agencies. Foreign banks have been allowed to do

business. Thus, there is the presence of a large number of

institutions and services, which channel the funds in productive

directions. H.R.I.H.E, Hassan Page 2525. Investment pattern of

investors on different products

Choice of Investment The growth and development of the

country leading to greater economic activity has led to the

introduction of a vast array of investment outlets. Apart from

putting aside savings in savings banks where interest is low,

investors have the choice of a variety of instruments. The question

to reason out is which is the most suitable channel? Which media

will give a balanced growth and stability of return? The investor in

his choice of investment will have to try and achieve a proper mix

between high rate of return and stability of return to reap the

benefits of both. Some of the instruments available are equity

shares and bonds, provident fund, life insurance, fixed deposits

and mutual funds schemes. The three golden rules for all investors

are: Invest early Invest regularly Invest for long term and not short

term One needs to invest for Earn return on your idle resources

Generate a specified sum of money for a specific goal in life Make

a provision for an uncertain future To meet the cost of inflation 2.9

Fundamental analysis of various investment alternatives: Before

investing in various investment alternatives fundamental analysis is

very necessary. A fundamental analysis believes that analyzing the

economy, strength, management, production, financial status and

other related information will help to choose investment avenues

that will outperform the market and provide consistent gain to the

investor. Fundamental analysis is the examination of the

underlying forces that affect the interests of the economy, industrial

sectors, and companies. It tries to forecast the future movement of

capital market using signals from the economy, industry, company.

Fundamental analysis requires an examination of the market from

broader prospective. It also examines the economic environment,

industrial performance, and company performance before taking

an investment decision. H.R.I.H.E, Hassan Page 2626.


Economic Analysis The economic analysis aims at

determining if the economic climate is conductive and is capable of

encouraging the growth of business sector, especially the capital

market. When the economy expands, most industry groups and

companies are expected to benefit and grow and when the

economy declines, most sectors and companies usually face

survival problems. Hence, to predict scrip prices, an investor has to

spend time exploring the forces operating in the overall economy.

Economic analysis implies the examination of GDP, government

financing, government borrowings, consumer durable goods

market, non-durable goods and capital goods market, saving and

investment pattern, interest rates, inflation rates, tax structure,

foreign direct investment, and money supply. The most used tools

for performing economic analysis are; o Gross Domestic Product o

Monetary policy and liquidity o Inflation o Interest rate o

International influences o Consumer behaviors o Fiscal polic27.

Investment pattern of investors on different products Industry

Analysis: It is very important to see how the industry to which the

company belongs is faring. Specifics like effect of Government

policy, future demand of its products etc. need to be checked. At

times prospects of an industry may change drastically by any

alterations in business environment. For instance, devaluation of

rupee may brighten prospects of all export-oriented companies.

Investment analysts call this as Industry Analysis. Companies

producing similar products are subset (form a part) of an

Industry/Sector. For example, National Hydroelectric Power

Company (NHPC) Ltd., National Thermal Power Company (NTPC)

Ltd., Tata Power Company (TPC) Ltd. etc. belong to the Power

Sector/Industry of India. Tools for industry analysis H.R.I.H.E,

Hassan Page 27y etc

Financial Analysis: If performance of an industry as well

as of the company seems good, then check, if at the current price,

the share is a good to buy or not. For this, look at the financial

performance of the company and certain key financial parameters

like Earnings per Share (EPS), P/E ratio, current size of equity etc.

for arriving at the estimated future price. This is termed as

Financial Analysis. For that you need to understand financial

statements of a company i.e. balance Sheet and Profit and Loss

Account contained in the Annual Report of a company. 2.10 Types

of investment: (i) Short term Investment- It is an investment made

by the investor for very short period of time i.e. for one to three

years. Such as investment in bank, money market, liquid funds etc.

(ii) Long Term Investment – When investor invests money for more

than three to five years then it is called long term investment. Such

as investment in bonds, mutual funds, fixed bank deposits, PPF,

insurance etc H.R.I.H.E, Hassan Page 28 Company Analysis:

Company analysis involved choice of investment opportunities

within a specific industry that consists of several individual

companies. How has the company been faring over the past few

years? Seek information on its current operations, managerial

capabilities, growth plans, its past performance vis-à-vis its

competitors etc. 28. Investment pattern of investors on different

products o Cross study of performance of the industry. o Industry

performance over times. o Differences in industry risk. o Prediction

about market behaviors, o Competition over the industry life cycle

Moderate investors Moderate investors want to increase

the value of their portfolios while protecting their assets from the

risk of major losses. For example, a moderate investor might use

an allocation model that has 60% in stock, 30% in bonds, and 10%

in cash equivalents. While they will tend to favor blue chip and

other large-cap stocks, they may be willing to invest a modest

portion of their principal in higher risk securities — such as

international stock, small-caps, and volatile sector funds — in order

to increase their potential for higher returns. H.R.I.H.E, Hassan

Page 29 Conservative investors Generally, conservative

investors feel that safeguarding what they have is their top priority.

These investors want to avoid risk — particularly the risk of losing

any principal (their original investment) — even if that means they’ll

have to settle for very modest returns. Conservative investors

allocate most of their portfolios to bonds, such as Treasury notes

or high- rated municipal bonds, and cash equivalents, such as CDs

and money market accounts. They’re generally reluctant to invest

in stocks, which may lose value, especially over the short term.

When conservative investors do venture into stocks they‘re often

inclined to choose blue chips or other large-cap stocks with well-

known brands because they tend to change value more slowly

than other types of stock and often pay dividend income. 29.

Investment pattern of investors on different products 2.11 Investor:

Investor is a person or an organization that invest money in various

investment sources for specific objective. Attitude of investment is

different in each alternative. E.g. financial market have different

attitude towards risk and return. Some investors are risk averse,

while some have an affinity of risk. The risk bearing capacity of

investor is a function of personal, economical, environment, and

situational factors such as income, family size, expenditure pattern,

and age. A person with higher income is assumed to have higher

risk- bearing capacity. Thus investor can be classified as risk

skiers, risk avoiders, or risk bearers. 2.12 Categories of Investors

While there are as many investing styles as there are investors,

most people fall more or less into one of three broad categories:

conservative, moderate, aggressive.

Aggressive investors Aggressive investors concentrate on

investments that have the potential for significant growth. They are

willing to take the risk of losing some of their principal, with the

expectation that they will realize greater returns. Aggressive

investors might allocate from 75 to 95% of their portfolios to

individual stocks and stock mutual funds. While large- and small-

cap stocks and funds may make up the core of their portfolios,

many aggressive investors will have significant holdings in more

speculative stocks and funds, such as emerging market and sector

mutual funds. Since aggressive investors focus on growth, they are

usually less inclined to hold income producing securities, such as

bonds. An aggressive investing style is definitely not for the faint of

heart. It’s best suited for investors with a long-term investing

horizon of 15 years or more, who are willing to make a long-term

commitment to the stocks they buy. But history has shown that an

aggressive investing approach, combined with a well diversified

portfolio, and the patience to stick to a long-term buy-and-hold

investing strategy through inevitable market downturns, can be the

most profitable in the long run. Before making any investment, one

must ensure to: o Obtain written documents explaining the

investment o Read and understand such documents o Verify the

legitimacy of the investment o Find out the costs and benefits

associated with the investment o Assess the risk-return profile of

the investment o Know the liquidity and safety aspects of the

investment o Ascertain if it is appropriate for your specific goals o

Compare these details with other investment opportunities

available o Examine if it fits in with other investments you are

considering or you have already made o Deal only through an

authorized intermediary o Seek all clarifications about the

intermediary and the investment o Explore the options available to

you if something were to go wrong, and then, if satisfied, make the

investment. H.R.I.H.E, Hassan Page 3030. Investment pattern of

investors on different products


2.13 Investment Avenues: In India, numbers of investment

avenues are available for the investors. Some of them are

marketable and liquid while others are non-marketable and some

of them also highly risky while others are almost risk less. The

investor has to choose Proper Avenue among them, depending

upon his specific need, risk preference, and return expected

Investment avenues can broadly be categorized under the

following heads o Corporate securities Equity shares Preference

shares Debenture/Bonds GDR’s/ADR’s o Deposit in bank and non

banking companies o Post office deposits and certificate o Life

insurance policies o Provident fund schemes o Government and

semi-government securities o Mutual fund and schemes o Real

estate (i) Corporate securities: (a) Equity share Total equity capital

of a company is divided into equal units of small denominations,

each called a share. The holders of such shares are members of

the company and have voting rights. When company makes profit

shareholder receives their share of the profit in form of dividends.

In addition, when company performs well and the future

expectation from the company is very high, the price of the

companies share goes up in the market. Investor can invest in

shares either primary market offerings or in the secondary market.

(b) Preference shares Preference share as that part of share

capital of the Company which enjoys preferential right as to: (a)

payment of dividend at a fixed rate during the lifetime of the

Company; and (b) the return H.R.I.H.E, Hassan Page 31

32. Investment pattern of investors on different products of

capital on winding up of the Company. It is lie in between pure

equity and debt. But preference shares cannot be traded, unlike

equity shares, and are redeemed after a pre-decided period. Also,

Preferential Shareholders do not have voting rights. These are

issued to the public only after a public issue of ordinary shares.

Preference shares also get traded in the market and give liquidity

to investor. Investor can opt for this type of investment when their

risk performance is very low. (c) Debentures and Bonds It is a fixed

income (debt) instrument issued for a period of more than one year

with the purpose of raising capital. The central or state government

corporations and similar institutions sell bonds. A bond is generally

a promise to repay the principal along with a fixed rate of interest

on a specified date, called the Maturity Date. Many types of

debenture and bonds have been structured to suit investors with

different time needs. Though having higher risk as compared to

bank fixed deposits, bonds and debentures do offer higher returns.

Debenture instruments require scanning the market and choosing

specific securities that will cater to investment objectives of the

investor. (d) Depository Receipts (GDRs/ADRs) Global depository

receipts are the instrument in the form of a depository receipts or

certificate created by the overseas depository bank outside India

and issued to non-resident investors against ordinary shares. A

GDR issued in America, is an American Depositary Receipts. As

investors seek to diversify their equity holdings, the option of GDRs

and ADR’s is very lucrative, while investing in such securities,

investors should identify the capitalization and risk characterizes of

the instrument and the companies’ performance in the home

country. (e) Warrants A warrant is a certificate giving its holder

rights to purchase securities at a stipulated price within a specified

time limit. The warrants act as a value addition because holder of

the warrant has the right but not the obligation to investing in equity

at the indicated rate. An option contract often sold with another

security. For instance, corporate bonds may be sold with warrants

to buy common stock of that corporation. Warrants are generally

detachable. Options H.R.I.H.E, Hassan Page 32


generally have lives of up to one year. The majority of options

traded on exchanges have maximum maturity of nine months.

Longer dated options are called Warrants and are generally traded

over-the counter (ii) Savings bank account with commercial bank

Broadly speaking, savings bank account, money market/liquid

funds and fixed deposits with banks may be considered as short-

term financial investment options: Savings Bank Account is often

the first banking product investors use, which offers low interest

(3.5% ), making them only marginally better than fixed deposits.

(iii) Bank fixed deposits Fixed Deposits with Banks are also

referred to as term deposits. Fixed Deposits in banks are for those

investors, who have low risk appetite. Bank FDs is likely to be

lower than money market fund returns. Fixed deposits may be

recurring deposits where in savings are deposited at regular

intervals or fixed deposits of varying maturities or with the varying

notice periods such as 15 days, etc. The interest rates on these

deposits vary depending on the maturity period, from 4 to 9%. In

general, it is lower for fixed deposits of shorter term and higher for

fixed deposits of longer term. If the deposit period is less than 90

days, the interest is paid on maturity; otherwise it is paid quarterly.

(iv) Company fixed deposits For a manufacturing company the

term of deposits can be one to three years, whereas for non-

banking finance company it can vary between 25 months to five

years. A manufacturing company can mobilize, by way of fixed

deposits, an amount equal to 25 percent of its net worth from the

public and an additional amount equal to 10 percent of its net

worth from its share holders. A non banking finance company,

however can mobilize a higher amount. The interest rates on

company deposits are higher than those on bank fixed deposits.

(v) Post Office Time Deposits (POTDs): Similar to fixed deposits of

commercial banks, POTDs can be made in multiples of Rs

50without any limit. The interest rates on POTDs are, in general,

slightly higher than those on bank deposits. The interest is

calculated half-yearly and paid annually. No withdrawal is



permitted upto 6 months. After 6 months, withdrawals are

permitted. However, on withdrawals made between 6 months and

1 year, no interest is payable. On withdrawals after 1 year, but

before the term of deposit, interest is paid for the period the

deposit has been held, subject to a penal deduction of 2%. A

POTD account can be pledged. Deposits in 10 years to 15 years

Post Office Cumulative Time Deposit Account can be deducted

before computing the taxable income under Section 80c. (vi)

Monthly Income Scheme of the Post Office: Post Office Monthly

Income Scheme is a low risk saving instrument, which can be

availed through any Post Office. It provides an interest rate of 8%

per annum, which is paid monthly. Minimum amount, which can be

invested, is Rs. 1,000/- and additional investment in multiples of

Rs. 1,000/-. Maximum amount is Rs. 3, 00,000/- (if Single) or Rs.

6, 00,000/-(if held jointly) during a year. It has a maturity period of

6 years. A bonus of 5% is paid at the time of maturity. Premature

withdrawal is permitted if deposit is more than one year old. A

deduction of 1% is levied from the principal amount if withdrawn

prematurely. The 5% bonus is also denied. (vii) Life insurance

policies Insurance companies offer many investment schemes to

investors. These schemes promote saving and additionally provide

insurance cover. LIC is the largest life insurance company in India.

Some of its schemes include life policies, convertible whole life

assurance policy, endowment assurance policy, jeevan Saathi,

money back policy etc. Insurance policies, while catering to the risk

compensation to be faced in the future by investor, also have the

advantage of earning a reasonable interest on their investment

insurance premiums. (viii) Public Provident Fund: A long-term

savings instrument with a maturity of 15 years it can be made in

monthly installments with a minimum of Rs.100 and a maximum of

Rs.60,000 per annum and interest payable at 8% per annum

compounded annually. It is not transferable, but has nomination

facility. One withdrawal per financial year can be made any time

after 5 years from the end of the year in which the subscription is

made. Withdrawal is limited to 50% at the end of the 4th year. All

subscription of PPF are completely free and balances in PPF are

not taken into account for wealth tax purpose. H.R.I.H.E, Hassan

Page 34


(ix) Government and semi-government securities It is a fixed

income (debt) instrument issued for a period of more than one year

with the purpose of raising capital. The central or state

government, corporations and similar institutions sell bonds. A

bond is generally a promise to repay the principal along with a

fixed rate of interest on a specified date, called the Maturity Date.

The government issues securities in the money market and in the

capital market. Money market instruments are traded in Wholesale

Debt Market (WDM) trades and retail segments. Instruments

traded in the money market are short term instruments such as

treasury bills and convertible bonds. (x) Mutual fund These are

funds operated by an investment company, which raises money

from the public and invests in a group of assets (shares,

debentures etc.), in accordance with a stated set of objectives. It is

a substitute for those who are unable to invest directly in equities

or debt because of resource, time or knowledge constraints.

Benefits include professional money management, buying in small

amounts and diversification. Mutual fund units are issued and

redeemed by the Fund Management Company based on the fund's

net asset value (NAV), which is determined at the end of each

trading session. NAV is calculated as the value of all the shares

held by the fund, minus expenses, divided by the number of units

issued. Mutual Funds are usually long term investment vehicle

though there some categories of mutual funds, such as money

market mutual funds, which are short term instruments. On the

basis of objective we can categories mutual funds as equity

funds/growth funds, diversified funds, sector funds, index funds,

tax saving funds, debt/income funds, liquid funds/money market

funds, gift funds, balanced funds. And on the basis of flexibility we

can categories them as open-ended funds, close-ended funds and

interval funds. (xi) Real Estate Investment in real estate also made

when the expected returns are very attractive. Buying property is

an equally strenuous investment decisions. Real estate investment

is often linked with the future development plans of the location. At

present investment in real assets is booming H.R.I.H.E, Hassan

Page 35


there are various investment source are available for investment

which are directly or indirectly investing real estate. (xii) Bullion

investment The bullion offers investment opportunity in the form of

gold, silver, and other metals; specific categories of metals are

traded in the metal exchange. The bullion market presents an

opportunity for an investor by offering returns and the end value of

future. It has been absurd that on several occasions, when stock

market failed, the gold market provided a return on investments.

2.14 Sources of study for investors: A look out for new investment

opportunities helps investors to beat the market. There are many

sources from which investors can gather the required information.

Such as; (i) Financial institutions Corporate house, government

bodies and mutual funds are the main source of investment

information. Many of these enterprises have their own website and

post investment related information on their websites. (ii) Financial

market Stock exchange and regulated bodies also provide useful

information to investor to make their investment decisions. With

respect to secondary market, the Securities and Exchange Board

of India uses various modes to promote investors education and

takes great effort to achieve an investor friendly secondary market

in India. The Reserve Bank of India also provide useful information

relating to the prevent interest rates and non-banking financial

intermediaries that mobiles money through deposit schemes. (iii)

Financial service intermediaries These are intermediaries who

promote securities among the public. Many of these intermediaries

are the agencies of specific instruments especially tax saving

instruments. These intermediaries offer to share their commission

from there concerned organization with the individual investor thus

investor get additional advantages while investing through

intermediaries. H.R.I.H.E, Hassan Page 36


(iv) Media Press sources such as financial newspapers, financial

magazine, business news channel, websites etc. provide

information related to investment to the public. Besides information

on securities, these sources also provide analysis of information

and in certain instance suggest suitable investment decisions to be

made by investor. The foregoing discriminations about stock

market and investment having under stood its important and its

unique optimization in the money market. 3.1 INDUSTRY

SCENARIO: A. Introduction: Basically, Securities markets provide

a channel for allocation of savings by an individual or an

organization to those who have a productive need for them. So, a

security market can be said a location where the savers meet the

real investors who need the fund. The savers and investors are

constrained by the economy’s abilities to invest and save

respectively which thus helps market in enhancing savings and

investment in the economy. The dynamics of the economic,

political, cultural and environmental activities within the country

and rest of the world therefore affect Stock Market. A stock market

is a public market for the trading of company stock and derivatives

at an agreed price; these are securities listed on a stock exchange

as well as those only traded privately. The size of the world stock

market was estimated at about $36.6 trillion US at the [1]

beginning of October 2008. The total world derivatives market has

been estimated at about [2] [3] $791 trillion face or nominal value,

11 times the size of the entire world economy. The value of the

derivatives market, because it is stated in terms of notional values,

cannot be directly H.R.I.H.E, Hassan Page 37


compared to a stock or a fixed income security, which traditionally

refers to an actual value. Moreover, the vast majority of derivatives

'cancel' each other out (i.e., a derivative 'bet' on an event occurring

is offset by a comparable derivative 'bet' on the event not

occurring.). Many such relatively illiquid securities are valued as

marked to model, rather than an actual market price. B. Brief

History: Indian Share Market is the oldest Asian stock market

incorporated in 1875. The name of the first share trading

association in India was Native Share and Stock Broker’

Association which later came to be known as Bombay Stock

Exchange. This association started with 318 members. The

Bombay Stock Exchange is known as the oldest exchange in Asia.

It traces its history to the 1850s, when stockbrokers would gather

under banyan trees in front of Mumbai's Town Hall. The location of

these meetings changed many times, as the number of brokers

constantly increased. The group eventually moved to Dallas Street

in 1874 and in 1875 became an official organization known as 'The

Native Share & Stock Brokers Association'. In 1956, the BSE

became the first stock exchange to be recognized by the Indian

Government under the Securities Contracts Regulation Act. The

Bombay Stock Exchange developed the BSE Sensex in 1986,

giving the BSE a means to measure overall performance of the

exchange. In 2000 the BSE used this index to open its derivatives

market, trading Sensex futures contracts. The development of

Sensex options along with equity derivatives followed in 2001 and

2002, expanding the BSE's trading platform. Today, BSE is the

world's number 1 exchange in terms of the number of listed

companies and the world's 5th in transaction numbers. The market

capitalization as on December 31, 2007 stood at USD 1.79 trillion.

An investor can choose from more than 4,700 listed companies,

which for easy reference, are classified into A, B, S, T and Z

groups. The BSE Index, SENSEX, is India's first stock market

index that enjoys an iconic stature, and is tracked worldwide. It is

an index of 30 stocks representing 12 major sectors. The SENSEX

is constructed on a 'free-float' methodology, and is sensitive to

market sentiments and market realities. Apart from the SENSEX,

BSE offers 21 indices, including 12 sect oral indices. H.R.I.H.E,

Hassan Page 38


Three segments of the NSE trading platform were established one

after another. The Wholesale Debt Market (WDM) commenced

operations in June 1994 and the Capital Market (CM) segment was

opened at the end of 1994. Finally, the Futures and Options

segment began operating in 2000. Today the NSE takes the 14th

position in the top 40 futures exchanges in the world. In 1996, the

National Stock Exchange of India launched S&P CNX Nifty and

CNX Junior Indices that make up 100 most liquid stocks in India.

CNX Nifty is a diversified index of 50 stocks from 25 different

economy sectors. The Indices are owned and managed by India

Index Services and Products Ltd (IISL) that has a consulting and

licensing agreement with Standard & Poor's. In 1998, the National

Stock Exchange of India launched its web-site and was the first

exchange in India that started trading stock on the Internet in 2000.

The NSE has also proved its leadership in the Indian financial

market by gaining many awards such as 'Best IT Usage Award' by

Computer Society in India (in 1996 and 1997) and CHIP Web

Award by CHIP magazine (1999). The past decade has been quite

remarkable for the Securities market in India with the boom in the

economy fuelled by better banking system. It has grown

exponentially and the market has also witnessed fundamental

institutional changes. There have also been significant

improvements in efficiency, transparency and safety. However

global economic activity decelerated towards the end of the

calendar year resulting in investment concerns on account of the

sub-prime crisis in the US and other developed nations. Naturally

the effects of this slowdown spilled over into developing economies

also and we are looking ahead with some degree of concern over

the prospects in the near future. In recent days economic

collapsed in variation of the foreign investors fund main effect of

the Indian economy in 2008-2009 the Bombay Stock Exchange

(BSE) the sensex was 13,400 in the month of 8th July 2009. In

other side National Stock Exchange (NSE) 3,974 is in the same

month of 2009. Since the markets has taken up word moment from

9th July 2009 from the low of 3,974 to 4,578 on 24th July 2009 due

to the Sharpe recovery in global economy as well as the 1 st

quarter Results of all major company which has been announced

better than expectations, Hence Indian markets are one of the

fastest emerging markets in world and attracted by many Foreign

intuitional investors. H.R.I.H.E, Hassan Page 39

Outlook 2009-10 The Indian markets traded in a very

narrow range during April amidst mixed cues coming from global

and domestic markets. While the markets were hurt by the

sovereign debt default concerns of Greece and SECs allegations

against Goldman Sachs, it found some comfort from good set of

FY 2009-2010earnings numbers declared by India Inc... India’s

industrial output, as measured by the Index of Industrial Production

(IIP), grew by 15.1% as against an annual gain of 16.7% in

January 2010, and17.6% in December 2009. Industrial production

grew by a mere 0.2% in the same month last year. Manufacturing

output rose by 16% as against a mere 0.2% in February 2009,

while Mining production was at 12.2% H.R.I.H.E, Hassan Page

40 To regulate and develop a code of conduct and fair practices

by the intermediaries involved in the stock market etc. Prohibit

insider trading in securities. Registration and regulation of stock

brokers, sub-brokers, registrar to all issue, merchant bankers,

underwriters, portfolio managers and such other intermediaries

who are associated with securities market To provide protection

to the investors and safeguard their rights and interests such that

there is steady flow of savings into the market. To promote fair

dealings by the issuers of securities and ensure a market place

where funds can be raised at relatively low costs. The Major

Functions Of SEBI: 40. Investment pattern of investors on

different products C. The Regulatory Authority: SEBI The rise in

number of investors was also leading to an increase in

malpractices on part of the companies, brokers, merchant bankers,

investment consultants and various other agencies involved in new

issues. This led to erosion of investor confidence. The Government

and the stock exchanges Realizing this, Securities Exchange

Board of India (SEBI) was constituted were helpless as the existing

legal framework was just not enough. By the Government of India

in 1992


versus (-) 0.2% in the year-ago period. Electricity sector output

expanded by 6.7%compared to just 0.7% in the same month a

year Consumer Durables production expanded by 29.9%in

February 2010 as against 6% in the same period in 2009. Output

in Capital Goods grew by 44.4% in February 2010 as against

11.8% for the same month of 2009. The growth rate in Basic

Goods category stood at 8.4% versus a contraction of 0.1% in the

year-ago period. Interrmediates Goods' output rose by15.6% in the

month under review versus (-) 3% in the year- ago period. As

many as 14 out of the 17 industry groups showed a positive growth

during February 2010 compared to the corresponding month of the

previous year. 3.2 COMPANY PROFILE: Company History &

Background Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL)

was established in the year 1986 with a view to offer a one-stop

solution to Indian entities for their needs in financial services. Over

the last two decades it has achieved the distinction of being

amongst the most trusted and reputed brokerage houses in India.

It provides a complete bouquet of products in equity, debt,

commodities, forex, depository, derivatives and allied services in

India. Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL) is the

most trusted and reputed brokerage house for providing

investment-related services in the capital market and money

market and depository services in India. The company is jointly

promoted by noted stock market professionals, Mr. Asit C. Mehta

and Mrs. Deena A. Mehta, and is a part of the Mumbai-based

Nucleus Group of Companies. The other group companies are

engaged in IT and IT related services such as development of

databases, back-office applications for banks, corporate document

management solutions and geographical information systems

(GIS). H.R.I.H.E, Hassan Page 41

Vision, mission42. Investment pattern of investors on

different products ACMIIL has pan-India presence through its

branches, business associates, and marketing agents. You can

also become a part of this growing business and assist us in

increasing investor base, spreading investor education, and

providing capital market services to clients. & First limited liability

Company to acquire membership on Bombay Stock Ex The firsts

to our credit: That product, process, and technology led

innovations are necessary preconditions for continuously adding

value for all our constituents. That knowledge rather than capital

is the key driver of this business. That transparency and fairness

are the cornerstones of all dealings. That regulatory/legal

compliance ensures economic sustainability. That every

household can, should, and will need to participate in the financial

markets directly or indirectly to protect their financial interests

Our Belief Purpose To reach appropriate financial products,

services and solutions to every Indian entity. quality: Envisioned

to be the “Trusted Financial Intermediary”, the group has etched

out a very specific corporate purpose – “To reach appropriate

financial products, services and solutions to every Indian entity.”

Values, Relationship…core to our business H.R.I.H.E, Hassan

Page 42 Company Managing Director Mrs. Deena Mehta was the

first lady to be elected to the governing board of the Stock

Exchange Mumbai and first and only lady to be the President of

Stock Exchange, Mumbai. First to receive a CRISIL grading for

quality of operations and services. First to achieve the ISO

quality certification for business processes. First multiple seat

holder and multiple exchange members. change.

Nucleus Netsoft Mr.Kirit H Vora Mrs.Deena Asit

Mehta Mr.Asit C Mehta Shareholders Asit C Mehta

Investment Interrmediates Ltd. (ACMIIL) is incorporated as a

publicly held limited liability company in India under the Indian

Companies Act, 1956. The company was incorporated in the year

1993 under the new enabling provisions for limited liability stock

broking companies framed by the Government to encourage

limited liability company in this area. ACMIIL was first such

company on the Bombay Stock Exchange. Currently, the company

is mostly held by its founder shareholders as follows: 43.

Investment pattern of investors on different products We are

currently expanding our business in the retail and institutional

segments on the domestic and overseas (NRI/FII) fronts. We have

select positions open for marketing, sales, research, back office

operations, and business development activities. At Asit C. Mehta,

we aim to select a candidate whose goals are aligned with ours.

Knowledge about the product, a conceptual understanding of the

financial markets, a thirst to innovate, desire to grow within the

company, meticulousness towards the task on hand, an ability to

design and follow process are all qualities valued in the company.

We foster a culture that rewards talent, initiative, hard work, and

accountability and nurtures teamwork. & Service standardsGIS

(India) Ltd. & compliance: In order to institutionalize business

processes, our company has moved to a documented customer-

centric quality management system. This has ensured that the

entire organization is driven by the common objective of delivering

quality brokerage services that would create a unique brand and

top-of-the-mind recall. We are the first brokerage house to be

certified under ISO 9001:2000 for the Equity and Debt segments.

We are also first stock brokerage house to be graded under the

Broker Grading service by Credit Rating & Information Services of

India Ltd. (CRISIL) for our quality of operations and services

provided to clients. H.R.I.H.E, Hassan Page 43


3.3 ORGANISATION STRUCTURE: DESIGNATION NAME

Chairman and Managing Director Mr. Asit C. Mehta Chief

Executive Officer Mrs. Deena Asit Mehta Whole-Time Director Mr.

Kirit H Vohra Chief Operating Officer Mr. Kirit H Vohra Chief

Technological Officer Mr. Kamal Goel Chief Officer Wealth centre

Mr. T .S Netrajan Chief Manager Co-operative commodities Mr.

Vidia Chief Financial Manager Mr. Veerendra Thakur Chief Officer

Human Resources Mr. V. Vishvanath Senior Vp Operation Mr. T .S

Netrajan Branch Manager Mr. Kapadia Unit Manager Mr. B.P

Shanthish H.R.I.H.E, Hassan Page 44


MEMBERSHIP: • Cash Market: BSE, NSE • Derivatives: BSE,

NSE • Debt: NSE • Foreign Exchange: Accredited by FEDAI • PMS

under SEBI License • Merchant Banking: Approved by SEBI under

Category I • Commodities: NCDEX MCX, DGCX, EAST INDIA

Clearing Bank: State Bank of India Reach and Access (as on July

01, 2009) Investment Centre’s: 665 (branches, franchisee, etc.)

States & UT covered: 26 Employees: 1002 3.4 PRODUCTS AND

SERVICES: • Equity – Initial Public Offering (IPO) • Equity –

Secondary trading (cash and derivative) • Equity – PMS • Equity –

Online Trading • Equity – Depository Services • Equity –

Investment Advisory (fundamental and technical) • Equity – Mutual

Fund • Equity - Arbitrage • Commodity - Derivatives • Debt –

Government Securities • Debt – Primary Placements H.R.I.H.E,

Hassan Page 45

46. Investment pattern of investors on different products •

Debt – Advisory • Debt – Mutual Funds • Debt – Relief bonds, etc.

• Forex – Interbank broking • Merchant Banking – Amalgamation &

Equity and Derivatives Trading: Equity trading is offered to retail

clients through different channels in the Bombay Stock Exchange

(BSE) Our services: Mergers • Merchant Banking – Private

Equity Merchant Banking – Public Offering. & Investment

Banking: H.R.I.H.E, Hassan Page 46 Institutional Desk: Equity

trade execution services are provided to institutional investors both

domestic and FII by our institutional desk. Research and market.

Online Trading: Investmentz.com is our trading portal that offers

online trading to retail investors in the BSE and NSE cash and

derivatives segments. The investors can do their own trading

through a browser- based interface as well as a streamer-based

solution called Live exchange. This service is also available

through an Interactive Voice Response (IVR) facility for those

clients who are unable to access the Internet service at any time.

The company has tied up with leading nationalized, private and co-

operative banks to offer share-trading services to the banks'

customers. A seamless gateway has been established between

the banking and depository software of the bank. the National

Stock Exchange of India (NSE), for the cash and the derivatives

segments. Investors are serviced through a PAN India network of

over 650 associates / locations comprising of 585 franchisee and

65 company branches. (as on July 2009)

Commodity Trading Service are Provided Through Our

Associate: Asit C. Mehta Commodity Services Pvt. Ltd. The

company is member of India’s premier commodity exchanges,

namely, the Multi Commodity Exchange of India Ltd. (MCX), the

National Commodity47. Investment pattern of investors on

different products ACMIIL has been granted a Category I Merchant

Banking license by SEBI. It offers services in mergers,

amalgamations, private equity, public offerings and a full gamut of

investment banking services. & Derivatives Exchange, India

(NCDEX) and the East India Cotton Exchange Association (EICA).

The online trading portal also provides facility to trade on NCDEX.

One of the group company is a member of Dubai Gold & Advisory

Services: H.R.I.H.E, Hassan Page 47 Research: Investors are

provided with extensive information on markets and companies

through hourly market reviews, periodic market commentary and

recommendations, which enable them to make informed decisions.

The company firmly believes that providing continuous and

accurate decision making tools can add substantial value to its

investors. Support Services Inter-Bank Forex Desk: Our

associate company, Asit C Mehta Forex Pvt. Ltd., undertakes inter-

bank forex order execution. Accredited by the Foreign Exchange

Dealers’ Association of India (FEDAI), the company is empanelled

with approximately 60 banks and has a reasonable presence in the

market. Commodity Exchange (DGCX).

Accounts Information: Accounts information to the retail

clients is provided through access on our website. This assists

clients in knowing details about their trading accounts and their

resultant obligations through various reports like Bill, Contract,

Financial Ledg48. Investment pattern of investors on different

products Advisory services are provided as a value-added service

to all retail and institutional clients. This service is delivered

through the hourly, daily, weekly, fortnightly and monthly

publication of fundamental and technical research. Calls are made

through broadcast services on our private VSAT network, SMS

and e-mail. Alertz As our registered client, Investmentz.com

provides you with ‘Alertz’ facility on your email SMS and assists

you in your investment decision, thus enriching your capital market

investment experience through us. Investmentz.com’s Alertz

service keeps you informed about stock prices through email and

SMS. You may activate the Email Alertz service and track your

selected stocks/indices without monitoring the trading terminal

during market hours. It is now very easy to track the prices of your

selected stocks without deviating from normal activities .The SMS

Alertz service is H.R.I.H.E, Hassan Page 48 Price Ticker ACMIIL,

in association with Capital Market Publications, presents the

equity/derivative/commodity price ticker for easy desktop access to

capital market information. The prices reflected are generally

delayed by five minutes, and any additional delay (if any) depends

on the user’s connectivity and computer system configuration. You

can customize the ticker as per your individual needs. Other

services: er, Transaction Register, Stock Register, Portfolio

Tracker, Stock holding position, etc. E-contracts are generated for

investors giving trade details.

Advice Me To service general retail investor and

assistance them in systematic creation of wealth, we could try to

provide you with some basic / brief investment idea on stock of

your interest. You could ask us an investment question related to a

particular stock or sector and we would see that brief research

(fundamental / technical) input could be provided on that stock or

sector. Whatever may be our research input on your inquiry, still

the final investment decision would need to be taken by you as you

know your investment profile49. Investment pattern of investors

on different products available for trade confirmation, fund pay-in

and pay-out, market views/calls, etc, to clients who actively use our

trade execution services. As general information, Investmentz.com

does not guarantee any accuracy of generation, databases, and

delivery timings, and does not make any claims of any nature in

this matter The critical components to avail the Alertz service are:

a) Internet connectivity / bandwidth speed at your end, b)

Information feed available from the exchange, c) Computing speed

of the Alertz, and d) Speed of your Internet Service provider (ISP)

and/or domain provider and/or Telecom service provider (TSP). &

Do not disturb: To service our clients and aide them in wealth

creation process, we at Asit C Mehta Investment Interrmediates

Ltd. keep on sending information about our products and services,

information related to capital market investment, etc. This

information might be sent / conveyed to you via H.R.I.H.E, Hassan

Page 49 Potential Growth Areas: India is amongst the least

affected countries in the 2008 global meltdown. May 2009 general

election in the country provided a fairly stable government. We see

great potential for the country in general and financial market in

particular in the years to come. Investor participation, product

innovations, volume growth is likely to be in exponential proportion.

Our company is well poised to build a great institution in India to

service the Indian and global investors for their financial services

needs The company has created a strong organization driven by

processes to handle multifold volume growth. habits, risk

appetite, income – cash flow, person / family / social obligation,

etc.

Knowledge Center: Investor Education and Empowerment

is essential for inculcating correct investment habits. We undertake

various initiatives to educate investors and enable them to make

informed investment decisions based on their investment profiles,

risk appetites, and return expectations. Three important parts of

our Investor Education and Awareness Program are: Market

Wisdom series, Video broadcasts of Investment Education Topics,

and the Nucleus Investmentz newsletter. We also conduct

activities such as seminars, exhibitions, etc. H.R.I.H.E, Hassan

Page 50 New features: We've added some exciting new features

like Advise Me and Online Purchase of Mutual Funds and IPOs.

Easy Trading: We have two options for trading: Quick Trade and

Regular Trade. Quick Trade enables you to transact in any share

quickly by presenting only the most relevant information. Regular

Trade gives you full information about the share, enabling you to

take an informed decision. User-friendly design: No part of the

website is more than three clicks away. This ensures speedy

access to whatever information you may need. Message Board:

Welcome to our new website! We are pleased to announce some

exciting new features, an improved user-friendly design and

services to benefit our esteemed customers. We have also taken

steps to ensure faster loading of pages. 50. Investment pattern of

investors on different products letter, newsletter, email, phone;

SMS, etc. based on our assumption that you would need this

information and benefit you in your wealth creation process. But, at

times, you might need privacy and wish us not to contact you for

such information. We would take the precaution and see not to

disturb you by excluding your contact details from our marketing

list. Kindly provide your details so as to not disturb you.

Investor Education Topics We have been conducting the

Investor Education and Awareness program via video broadcasts

through our own network (branches and business associates),

which is spread over 600 locations across 25 states and union

territories in India. Speakers with industry expertise participate in

H.R.I.H.E, Hassan Page 51 Market Wisdom This is an Investor

Empowerment series comprising material prepared to assist

investors as they just step into the capital market or when they are

in the middle of various curves in the wealth creation process. The

various market wisdom series for general investor education and

awareness some of them are as follows: Why do we need financial

planning? Investors guide to share markets Safety, liquidity and

returns What is Stock market? Equity or Mutual funds? The first

step How to select your broker? Why is the stock market not a

gambling den? Do operators run the stock market? Why do prices

go up and down in the stock market? A Lesson in Options and

Futures Sensex 12000...12800...13000...What to do? Dividend:

What does it mean to investor? Margins and investors Hedge

funds Dabba trading Exchange-traded funds Basics of

commodities futures market Settlement of trades.. Investor

grievance redressal mechanism Risk associated with equity

investments etc. 51. Investment pattern of investors on different

products

Nucleus Investmentz. For the past seven years, we have

been publishing a fortnightly newsletter, Nucleus Investmentz. It

includes analyses of current financial topics, insights on

investment-relevant topics, and performance score cards of

various mutual funds. This is available in English, Hindi52.

Investment pattern of investors on different products video

broadcasts from our head office in Mumbai, which is accessible

from any of our branches across the country. The last session was

on February 21, 2009; our expert in-house fundamental and

technical research team conducted an investor education program

on crude oil market outlook. & Account Transfer of payout

directly to the designated customer bank account. Auto Pay-in /

Payout of securities. Client Level Risk Management. Focus on

wealth creation for the investors. Gujarati. Benefits of Trading

With Us: & Strong foundation of Technology, Compliance and

Transparency First corporate member of the Bombay Stock

Exchange Proven track record for the last 25 years in the stock

broking industry First broking house to gain the ISO 9001:2000

certification Presence in 23 states and 650Portfolio information

through Internet 24x7, 365 days. Having secured brokerage

grading of BQ1 from CRISIL of India. (Top Most Grading given to

any Good Broking House) It has been marked as a very good

broking house as regards to all the criteria given by CRISIL of

India. In previous year it was in the BQ2 grade, but looking at the

workings and very good Risk management system of the

company, it has been upgraded to BQ1 H.R.I.H.E, Hassan Page

52locations. Achievements of Asit C Mehta Investment

Interrmediates Limited.

Having its leadership position in equity broking, equity

research, forex and commodity markets To become the very old

brokerage house in India and getting incorporated in the year 1984

got the BSE membership card at the early stages. Making a very

good turnover and giving directly and indirectly appointment for

more than 2500 people in India. It has got more than 600 branches

network all over India covering all most all states in India. It is an

ISO 2000-9001 company. 53. Investment pattern of investors on

different products & Now serving around 2lakhs clients all over

India and abroad. (NRIs). 3.5 SWOT ANALYSIS: SWOT analysis

refers to; analyzing the strength, weakness, opportunity and threat

of the organization SWOT is a compound of two factors namely

external factors and Internal factors. Strengths and weaknesses

are the internal factors controlled by the technical and personnel

departments. Opportunities and threats are the external factors,

which cannot be controlled by the company. External factors may

include political factors, Socio –Cultural factors, Technical factors,

demography, and Environmental factors. H.R.I.H.E, Hassan Page

53 Holding an equity brand of investments. mutual funds.

Handheld/mobile feeds and SMS update. H.R.I.H.E,

Hassan Page 54 Customer first support team. Swift response

to market dynamics. Robust technology with online trading

facility. Rich experience of wealth creation. One of the fastest

growing brokerage firms in India. 54. Investment pattern of

investors on different products STRENGTHS:

Unable to market their products Lack of efficient and

effective strategies in attracting customers. Unable to compete

with the brokerage rates of their competitors. Less number of

branches in south India. 55. Investment pattern of investors on

different products WEAKNESS: & Falling brokerage rates

Changes in government polices and regulation. Uncertainty in

the market. Facing Increased level of competition. Targeting

rural and sub urban areas. THREAT: Company is committed to

achieve profitable progress consistently. Introduction of new

technologies leads to trapping new markets. Growing India

economy opens up huge market for stock broking companies.

services more efficiently. OPPORTUNITIES: & the entry of

several big players. H.R.I.H.E, Hassan Page 55


DATA ANALYSIS AND INTERPRETATION TABLE: 4.1

Investment preference among various age groups: Age Group (in

Years) Investment < 20 20 – 30 31 - 40 41 – 60 > 60 Respo Respo

Respo Respo Respo Avenues ndents (%) ndents (%) ndents (%)

ndents (%) ndents (%) Equity 13 26 12 24 13 26 14 28 7 14

Debenture / Bonds 5 10 5 10 5 10 7 14 12 24 Bank Deposits 9 18

9 18 9 18 8 16 10 20 Insurance 10 20 12 24 11 22 11 22 7 14

Mutual Fund 3 6 3 6 4 8 2 4 4 8 Gold & Real Estate 9 18 7 14 7 14

6 12 8 16 Others 1 2 2 4 1 2 2 4 2 4 TOTAL 50 100 50 100 50 100

50 100 50 100 Investment preference among various age groups:

30 Equity ) 25 % Debenture / Bonds n 20 i Bank Deposits ( y c 15

Insurance n e Mutual Funds u 10 q Gold & Real Estate e 5 r F

Others 0 < 20 20 - 30 31 - 40 41 – 60 > 60 Age Group (in Years)



Interpretation: From the above tables we can conclude that, all the

age groups are give more preference on investing in equity, except

those who are more than sixty years. The age group, which is

more than sixty years, gives more preference to invest in

Debenture, Tax saving bonds and then bank deposits. TABLE: 4.2

Investment preference among various income levels: Annual

Income (in Rs. Lakh) Investment <1 1–2 2 - 3.5 3.5 – 5 >5

Avenues Respo (% Respo (% Respo (% Respo (% Respo ndents )

ndents ) ndents ) ndents ) ndents (%) Equity 8 16 10 20 13 26 13

26 15 30 Debenture / Bonds 3 6 3 6 4 8 4 7 4 8 Bank Deposits 16

32 12 24 10 20 9 18 7 14 Insurance 7 14 8 16 9 18 10 20 10 20

Mutual Fund 7 14 8 16 9 18 7 15 8 16 Gold & Real Estate 1 2 2 4 3

6 4 8 4 8 Others 8 16 7 14 2 4 3 6 2 4 TOTAL 50 100 50 100 50

100 50 100 50 100 Investment preference among various income

levels: 35 30 Frequenvy (in %) Equity 25 Debenture / Bonds 20

Bank Deposits 15 10 Insurance 5 Mutual funds 0 Gold & Real

Estate <1 2-.3 2 - 3.5 3.5 - 5 >5 Others Annual Income (in Rs.

Lakh) Interpretation: H.R.I.H.E, Hassan Page 57


The above table reveals that higher income levels are giving more

preference to invest in equity where as lower income levels given

more preference to invest in bank deposits. It implies that the

higher income level groups are preferred to take more risk in

investment rather than lower income level. And those who are

taken more risk in investment are preferred to invest in equity

rather than any investment avenues. TABLE: 4.3 Relationship

between income level and investment: Annual income Investment

per annum (Weighted Average) Less than 1 lakh 28500 1 – 2 lakhs

45000 3.5 – 5 lakhs 70000 More than 5 lakhs 100000 Relationship

between income level and investment 120000 100000 80000

Investment per annum 60000 (Weighted Average) 40000 20000 0

Less than 1–2 3.5 – 5 More 1 lakh lakhs lakhs than 5 lakhs Annual

income (in rupees) Interpretation: From above table and chart we

can come to know when increases in income of investor his

investment also increases and % increase of investment is more

than % increase in income. It H.R.I.H.E, Hassan Page 58


means when income of investor changes his portfolio also

changes. So portfolio of investor is depend on income of an

investor. TABLE: 4.4 Occupation of the investors: No: of

(Frequency Occupation Respondent in %) s Government

Employee 8 16 Private sector 15 30 Employee Self-Employee 19

38 Retired 7 14 Others 1 2 Total 50 100 Occu pation of the

investors: 40 35 ) 30 Government Employee % n i ( 25 Private

sector Employee y c n 20 Sel f-Employee e u q e 15 r Retired F

Others 10 5 0 Interpretation: From the above table and chart it can

be seen that 38% of the investors are self-employed, 30% of the

investor are Private sector employee, 16% of the investor are

Government employee and 14% of the investors are retired.



TABLE: 4.5 Types of Investment: Types of No: of (Frequency

investmen Respondent in %) t s Short Term 11 22 Investment

Long Term 22 44 Investment Both 17 34 Total 50 100 Types of

Investment: Short Term Investment Both 22% 34% Long Term

Investment 44% Short Term Investment Long Term Investment

Both Interpretation: Among the total sample size 44 per cent

investors are prefer to investing in long term and 22 percent are

prefer to investment in short term. Whereas 34 per cent of

investors are preferred to invest in both long term as well as in

short term investment avenues. H.R.I.H.E, Hassan Page 60


TABLE: 4.6 Frequency of Investment: Frequency of No: of

(Frequency Investment Respondent in %) s Weekly 6 12 Monthly

18 36 Quarterly 13 26 Half Yearly 7 14 Yearly 6 12 Total 50 100

Frequency of Investment: 40 35 30 Frequency 25 20 15 10 5 0

Weekly Monthly Quarterly Half Yearly Yearly Time Period

Interpretation: This graph reveals that 36 percent of investors are

investing monthly, 26 per cent of investors are investing quarterly.

12 per cent of investors are investing in a yearly basis where as 12

per cent and 14 per cent of investors are investing in weekly and

half-yearly basis respectively. H.R.I.H.E, Hassan Page 61


TABLE: 4.7 Basis of investment: Basis of No: of (Frequency

Investment Respondent in %) s Self 26 52 Analysis Financial 10

20 Advice Broker 6 12 Advice F/R Advice 5 10 C A Advice 3 6

Total 50 100 Basis of investment: 6% 10% 12% 52% 20% Self

Analysis Financial Advice Broker Advice F/R Advice C A Advice

Interpretation: From this we can come to know most of the investor

i.e. 52% basis of study is self analysis and remaining 48% of

investors take advice from advisers such as broker advice,



financial advice, friends or relatives advice or charted account

advice for investment. So it shows most of the individual investor

basis of study is self-analysis. TABLE: 4.8 Investment pattern

affected by market movement: Options No: of Frequency

Respondent (in %) s Yes 34 68 No 16 32 Total 50 100 Investment

pattern affected by market movement: No 32% Yes 68% Yes No

Interpretation: From this we can come to know that 68 investors

investment pattern will affect if any market movement (BSE index,

inflation rate etc). So majority of the investor’s investment pattern

will affect if any changes in the market. Market movement is very

important factor for changing in investment pattern. H.R.I.H.E,

Hassan Page 63


TABLE: 4.9 Risk management techniques of investors: Investor

No: of Frequency reaction Respondent (in %) s Switching 6 12

Averaging 14 28 Locking 24 48 Cut Loss 6 12 Total 50 100 Risk

management technique of investors: 60 50 Frequency (in %) 40

Switching Averaging 30 Locking 20 Cut Loss 10 0 Interpretation: It

can be seen that out of the risk management techniques, 48% of

the investors use locking, 28% use switching and 12% use cut loss

technique. So locking is the mostly used risk management

technique. H.R.I.H.E, Hassan Page 64


TABLE: 4.10 Factors influence to choice various investment

alternatives: Factors No: of Frequency influence Respondent (in

%) s Risk Involved 8 16 Return They 15 30 Give Past 10 20

Performance Future Growth 12 24 Other Factor 5 10 Total 50 100

Percentage Other factor Risk Involved 10% 16% Future Growth

24% Return they give Past 30% performance 20% Risk Involved

Return they give Past performance Future Growth Other factor

Interpretation: By seeing this findings we can say 30% of investor

investment decision is depend on return on investment, second

important factor is future growth and past performance of the



company are 24% and 20% respectively. 16% of investor’s

investment is based on risk involved. Choice of factor is changing

from investor to investor. TABLE: 4. 11 Asit C. Mehta Investment

Interrmediates Ltd clients: Asit C. Mehta No: of Frequency

Investment Respondents (in %) Intermediates Ltd client YES 37 74

NO 13 26 Total 50 100 Asit C. Mehta’s client NO 26% YES 74%

YES NO Interpretation: Out of 50 respondents 37 are Asit C.

Mehta Investment Interrmediates ltd clients. H.R.I.H.E, Hassan

Page 66


TABLE: 4.12 Investment option in Asit C. Mehta Investment

Interrmediates Ltd: Investment option in No: of Respondents

Frequency (in %) Asit C. Mehta Investment Interrmediates Ltd

Equity 12 24 Commodities 10 20 Debt 9 18 Forex 6 12 Total 37 74

Investment option in Asit C. Mehta Investment Intermediates Ltd:

30 25 Frequency (in %) 20 Equity Commodities 15 Debt 10 Forex

5 0 Frequency (in %) Interpretation: Asit C. Mehta clients are given

more preference to invest in equity than any other products of Asit

C. Mehta and the second preference is Commodities, which is

followed by Debt and Forex respectively. H.R.I.H.E, Hassan Page

67


TABLE: 4.13 Investor’s investment option in Hassan: No: of

Investment Frequency Respondent Avenues (in %) s Equity 22 44

Debenture / 5 10 Bonds Bank 9 18 Deposits Insurance 6 12 Mutual

Fund 3 6 Gold & Real 3 6 Estate Others 2 4 Total 50 100

Investment Pattern in Hassan 50 45 Equity 40 Frequency (in %) 35

Debenture / Bonds 30 Bank Deposits 25 Insurance 20 Mutual

Fund 15 Gold & Real Estate 10 Others 5 0 Frequency (in %)

Interpretation: The above graph reveals that, the investors of

Hassan are preferred to investing more in equity. H.R.I.H.E,

Hassan Page 68

68% of investors investment pattern will effect if any

changes in the market , so market movement is very important

factor in changing of investment pattern. H.R.I.H.E, Hassan Page

69 Lower income level groups are not preferred to take risk and

they choose bank deposits, post office savings and insurance as a

better investment option. They also look for tax saving investment

avenues. Middle age group investors are preferred to invest in

equity, where as the old age group investors are preferred to invest

in bank deposit or any other type of tax saving bonds. Higher

income level groups and risk taking investors are preferred to

invest in equity rather than any other investment avenues. Past

record, dividend record and future growth of the firm are the

important factor for those investors who are interested to invest in

equity. Return on investment and credit rating are two important

factors for those investor who are interested to invest in

Bonds/Debenture. Return on investment and risk involved is

most important factor for the investor before taking any investment

decisions. Business paper is an important source of study for the

investor. Apart from this, business channels and web sites are

some other important sources of study. . 52 per cent of the

investors are investing on the basis of self-analysis. 36 percent

of the investors are preferred to invest in monthly and 26% 0f

investors preferred to invest in quarterly basis. 44 per cent of

investors are preferred to invest in long-term avenues where as 34

per cent of investors are preferred to invest in both long term and

short-term avenues. Income level of an investor is an impotent

factor, which affects portfolio of the investor. 69. Investment

pattern of investors on different products FINDINGS: On

investment decision of investor


Generally those investors who are invested in equity, are

personally follow the stock market frequently i.e. in daily basis. But

those who are invested in mutual funds are watch stock market

weekly or fortnightly. Investors of Hassan are preferred to invest

more in equity. In Hassan, investors are more aware about various

investment avenues and the risk associated with that. On the

Products and services of Asit C. Mehta Investment Interrmediates

Ltd Asit C. Mehta Investment Interrmediates Ltd is India’s largest

and oldest DP service, which is customer friendly and it is free

from any misappropriation, scandals. Asit C. Mehta Investment

Interrmediates Ltd providing wide range of products and services

for investment but all the products and services of Asit C. Mehta

Investment Interrmediates Ltd is not aware to the client. H.R.I.H.E,

Hassan Page 70

Asit C. Mehta should expand its business by setting up of

new branches in various places where they have lot of client.

H.R.I.H.E, Hassan Page 71 Most of the investor’s portfolio is

diversified so there is huge scope in various new services. So Asit

C. Mehta should come with new intermediaries services like add

more mutual funds. As investors’ investment decision is based

on the study of different sources, Asit C. Mehta should start giving

advertisement in business newspaper and in business magazine.

Since the investors expect better products/services from Asit C.

Mehta it should provide more value added services like Gold Bees,

ETFs (Exchange Traded funds) etc. Asit C. Mehta Investment

Interrmediates Ltd clients give more preference to invest in equity

and second preference is commodity. So Asit C. Mehta Investment

Interrmediates Ltd Should adds more products/services like equity

research, futures and options to attract more investors. Client

awareness program has to be conducted by Since the intent and

web based communication is getting popular Asit C. Mehta should

update web site frequently and provide information up to date.

Those investors who want to avoid risk should invest in treasury

notes or high-rated municipal bonds and debentures etc. There

should be a regular sms updates to the investors regarding their

investment. Risk and return should be evaluated before making

an investment decision. It is recommended that investors’

decision should be based on their broker advice. Better analysis

tools should be used to make better predictions. 71. Investment

pattern of investors on different products SUGGESTIONS:


CONCLUSION The investors decisions are driven by the economic

indicators such as GDP, inflation rate, unemployment rate, NNP,

GNP, Monsoon, Government Policies, etc. The study shows how

different factors and instruments have different risk, returns and tax

considerations while taking investment decisions and are of

diverse natures. It is very difficult to come to any definite

conclusions that how a particular market instrument is doing and

how they will perform in the future, but still the study concludes to

an extent that the particular instruments or product like equity or

government security has performed well in the past, and supported

with strong demands will perform well in the future. Indian

economy has grown from a position of 2 to 3% of growth rate to a

position of 8.5% at present in a very less time. The economy has

done immensely well and so is the performance of the equity

market, which has given a very high return to the investors. Thus

equity market is presently very booming and expected even more

in the future. The study takes a random sample of fifty prospective

and existing clients that denotes the whole population of investing

community, which is limited to the extent of accurate results. The

population for the future of the investing community is that it will

give very high returns for the securities that are fundamentally

strong and not by any other means. The study also draws an

important conclusion from the study that the investors are a keen

to invest in long term and less risk products, much interested to

earn the good return on their investments. Investors are aware

about the factor affecting their short term as well as long-term

investment plans and they do take advice from different experts,

self-analysis by investors themselves. This intensive study will

somehow help investors in deciding the correct investment for their

savings. This study is conducted in Hassan; most of the

respondents are Asit C. Mehta Investment Interrmediates Ltd

(ACMIIL) clients. Asit C. Mehta Investment Interrmediates Ltd is

also a H.R.I.H.E, Hassan Page 72


leading player in the security dealing market. The analysis and

interpretations very clearly shows that the investors have different

views like investment pattern by market movement, factors

influencing their decision, frequency of investment, alternatives

available and investment preferences truly influence their

perception towards different products and services of the

company. Thus to conclude the study says that the Indian

investment community have shown much interest in investing

different financial products available in the market due to the

spiraling growth of Indian GDP, better performance by the

companies, liberal rules and regulations by the authority like SEBI

to protect the investors interest and this process will grow much

more quicker in the future. Scope for further research: The study is

conducted by taking a limited number of sample sizes, which is

stated earlier. And this study reflects the perceptions of those

investors who are residing in Hassan. There might be a chance

that the perceptions of the investors’ of different nature are varied

due to diversity in social life, living pattern, income level etc that

needs to be studied further. H.R.I.H.E, Hassan Page 73


Books o Preeti Singh, “Investment Management”(security analysis

and portfolio management), 17th Revised Edition: 2009, Himalaya

Publishing House, New Delhi, page no: 2,3,4,5,6,7,8,11,12,13. o

V.K. Bhalla, “Investment Management”,(security analysis and

portfolio management), 16th Revised Edition, S. Chand &

Company Ltd, New Delhi, page no:3,16,17. o Prasanna Chandra,

“Investment Analysis and Portfolio Management”, 2nd Edition, Tata

McGraw Hill Publication Company Limited, New Delhi, page no:

27,31,32,33. o V.A Avadhani, “Securities Analysis and Portfolio

Management”, 9th Revised Edition, Himalaya Publishing House,

New Delhi, page no: 14,15,49,50. Websites www.nseindia.com

www.bseindia.com www.sebi.com www.investmentz.com

www.google.com H.R.I.H.E, Hassan Page 74

Occupation H.R.I.H.E, Hassan Page 75 More than 60

41 – 60 31 – 40 20 – 30 Less than 20 Age Others

(Please Specify)………………. Professional Post-Graduation

Graduation PUC Educational level 75. Investment pattern of

investors on different products QUESTIONNAIRE Respected sir, I

am Niman Ulla Sharieff, student of MBA studying in Haranahalli

Ramaswamy Institute of Higher Education. As a part of my

curriculum, I am doing project in Asit C. Mehta Investment

Interrmediates Ltd (Sugam Share Services, Sahyadri Circle,)

Hassan. The project is on “Investment Pattern of Investors on

Different Products of Asit C. Mehta Investment Interrmediates Ltd.

(ACMIIL)”. So please take some time out of your schedule to fill

this questionnaire. I would be thankful for your precious time.

Kindly fill up the following questionnaire. Name of the Person:

Phone No:

2,00,001 1,00,001 – 2,00,000 50,001 – 1,00,000

25,000 – 50,000 Less than 25,000 More than 5 lakhs b. Annual

Investments (in Rs.) 3.5 – 5 lakhs 2 – 3.5 lakhs 1 – 2 lakhs

Less than 1 lakh Annual income and investments a. Annual

income (in Rs.) Others (Please Specify)………………. Retired

Self-Employee Private Sector Employee Government

Employee 76. Investment pattern of investors on different

products & Mutual Fu Life Insurance. Bank Deposits. Post-

office Savings. Investment avenues that you like to choose.

above State reason behind choice of your investment options

H.R.I.H.E, Hassan Page 76 Both. Long term Short term Are

you a short term or long term investor? Others (Please Specify)

………………. Real Estate Company Fixed Deposits

Corporate Debenture Equity Gold nds.

What kind of new product/service would you want from

Asit C. Mehta Investment Interrmediates Ltd.? a. ……………….. b.

……………….. c. ………………… H.R.I.H.E, Hassan Page 77

Forex Debt Commodity Equity If yes, then in which

products/services of Asit C. Mehta Investment Interrmediates Ltd

you have invested? No Yes Have you invested through Asit

C Mehta Investment Interrmediates s Ltd.? Other Factor

Future Growth Past Performance Return They Give Risk

Involved Your Investment Decision is depending on? Cut Loss

Locking Averaging Switching Which is the risk

management technique, which you use mostly? No Yes

Market movement affects your investment pattern? Yearly

Half-yearly Quarterly Monthly Weekly What is your

frequency of investments? Media Friends’ or Relatives’ Advice

Broker’s Advice Financial Advisors Self – Awareness 77.



Do you have any suggestion to make Asit C Mehta Investment

Interrmediates Ltd product/service better?

……………………………………………………………………………

………………………

……………………………………………………………………………

………………………

……………………………………………………………………………

……………………… ………………………... H.R.I.H.E, Hassan

Page 78

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A Study on Investment Pattern of Investors on Different Products Conducted at Asit c

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