Global Journal of Finance and Management ISSN 0975 - 6477 Volume 3, Number 1 (2011), pp.

137-149 Research India Publications http://www.ripublication.com/gjfm.htm

Appraisal of Investment Avenues: An Empirical Study of Selected Investors in Kolhapur City.

Anil G. Suryavanshi Assistant Professor, Ashokrao Mane Group of institutions, Faculty of Management Studies, Vatar Tarf Peth Vadgaon, Kolhapur, (MS), India. E-mail: suryavanshi.a.g@gmail.com

Abstract In global environment, today number of private and multinational finance companies are entering in India and competing with existing Indian companies. Mostly, it is observed that these companies are related to insurance, investment and finance business. The question before people is that where to invest, when to invest, how to invest and how to use our savings. The financial companies are dealing with mobilizing funds from customers, lending loans at high rate of interest; selling financial products etc. various products offered by these companies are Fixed Deposits, Mutual Funds, Shares, Debentures, Insurance policies, Gold etc. Today even real estate is considered as the best investment avenue. Many companies are offering maximum attractions to the customers. It creates confusion among the people about choosing the financial institution or company for doing their transactions. This empirical research paper deals with some societal aspects like to develop the awareness about investment and how to make beneficial investment for getting reasonable returns. Keywords: Global environment, financial companies, avenues, investment, confusion, reasonable returns.

Introduction
Investment is an employment of funds with the aim of achieving additional income or growth in value. The essential quality of an investment is that it involves waiting for a reward. Investment is the allocation of monetary resources to assets that are expected to yield some gain or positive return over a given period of time. These assets range from safe investments to risky investments. These forms of investments

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are also called as Financial Instruments. Investment is a commitment of a persons funds to derive future income in the form of interest, dividend, rent, premium, pension benefits or the appreciation of the value of their principal capital. Traditionally, investment is distinguished from speculation in three ways which are based on the factors of; risk, capital gains, return, use of funds and decisions. The term investment is compared with the term speculation and gambling. Generally, Investment is made into any financial instruments or avenues for getting extra income. The purpose or interest of person can be different for investment. One can invest by keeping the same objectives into mind such as extra income, appreciation of capital, safety, liquidity, Hedge against inflation, tax planning, future plans etc. It is always said in finance, One can save money, One can be a good saver, but cant be a good investor. All investments are risky; it means risk is always attached to every investment, but the purpose or interest of person can be different of investment. The study is important to know the criteria and preferences of investors because investment means many things to many people. Investment activity includes buying and selling activity on money or promissory notes. We should be aware about our investment in order to protect the investment and get the maximum return. Therefore, it is essential to know how to invest money or savings very wisely. The researcher is trying to remove the bottlenecks of investors. Therefore this research topic is selected.

Objectives of the study

This research paper deals with the following important objectives: 1. To understand the concept of investment and avenues of investment. 2. To develop awareness about investment and its pattern by understanding the concept of saving and investment activity. 3. To know the criteria and preferences of investors in selected avenues. 4. To promote the people or customers for beneficial investment in selected avenues. 5. To suggest precautionary measures for avoiding the risk of loss in investment. Hypotheses of the study: This study is based on following selected hypotheses; 1. All investors are not aware about investment avenues. 2. Every investment is beneficial for long term to the investor. 3. A criterion for selection of avenue is dominated by recommendations given by brokers or consultants. Research Methodology & Sample Size: This research study is based on both the types of data i.e. primary and secondary data. The study is purely based on primary data. Being an empirical study, the researcher is going to interview the respondents from different areas such as traders and manufacturers, professionals, salary earners from public undertakings and salary earners from private undertakings. The data and information is collected through a well prepared questionnaire.

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The researcher has selected sample size of respondents from each area equally to investigate: Specified area No. of respondents Traders and Manufacturers 25 Professionals like Doctor, CA etc. 25 Salary earners Govt. undertakings 25 Salary earners- Private sector 25 Total 100

In case of Trades and Manufacturers, the researcher has taken interview of different respondents of engaging small trades like Computer Sales and Services, Booksellers, Painter, female respondents involved in Papad Udyog, Manufacturing concern etc. Further the researcher has interacted with the professionals such as Chartered Accountant, Tax consultant, Doctor, Advocates, Landscape and Interior designer, Civil Engineers, Contractors etc. In case of respondents from public undertaking, the researcher has interviewed teachers in Zilla-Parishad School, Government bodies and University level, Nurses from PHC, Employees from Banks like SBI, Policeman etc. In the last the researcher has met to the salary earners from private sector such as Officers of Reliance, Gokul Dudh Sangh, Hi-Tech Pvt. Ltd; Managers/Assistant Managers from Thermax Ltd. and software engineers, clerks etc. for getting more information and to fulfill the study within the time. Similarly, the researcher is taking the support of secondary data by collecting data and information from various reference books, journals wherever necessary. Expected contribution The expected contribution of this research paper is to develop awareness about savings and investment pattern amongst investors. It will focus how the investment may be gainful to the investors. Options for investment The following options are available for gaining in future to every investor.

140 Table 1: Options for Investor.

Options GPF/CPF GIS Education fees of children Housing loan/ principal, stamp duty, registration fees Life insurance Pension plan ( Insurance co./ MF) PPF ( Public Providend Fund) Tax saving equity linked scheme NSC & NABARD bonds FD in Schedule bank Object Compulsory Compulsory Optional Optional Risk coverer/ Tax save Exemption in future Certain gains (say, 8%) Risk and gain Certain gain (say, 8%) Certain gain (say, 7-8%)

Dr. Anil G. Suryavanshi

Interest & ROI are exempted? Yes Yes No No Yes Taxable pension Yes Yes Interest taxable Interest taxable

Tax Modal EEE EEE No No EEE EET EET EEE ETE ETE

(Source: Income Tax and Investment Journal AY-2008-09) The following table indicates the details about the tax modal and what is the impact on our investment, growth in investment and when the amount is refunded on maturity. (E- Exempted, T- Taxable)

Table 2: Details of Tax modal. EEE EET ETE Investment like Investment like in- Investment like in- FD, in- PPF, LIC Pension plan NSE Investment E E E Growth E E T Refund E T E (Source: Income Tax and Investment Journal AY-2008-09) Tax modal

Other options for profitable investment: U/S 80C postal saving schemes are also preferable and it is also favourable to investors to the some extent. These schemes are like National Saving certificate (NSC), Public Providend Fund (PPF), Kisan Vikas Patra, Tresery Deposit (TD), Recurring Deposit (RD), Postal Saving Scheme, Retired Person Plan and Postal Monthly Income Plan, Adult Citizen Plan. The tenure of maturity of these plans is said minimum one year to maximum six years, it depends upon plan. The investment is also started from Rs. 100 to Rs.15, 00,000 and the investor is beneficial by interest @ Rs. 3.5% to 9 % per annum. The investor can get expected gains from investment. Apart from this investors can invest their savings in shares or stock market with skill, expertise knowledge by taking certain precautions. An efficient investor can earn maximum benefits, if he enters in this market with high potential.

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Data analysis and interpretation: This is essential for a scientific study. The researcher is going to analyse and interpret the data by classifying into different classes. The researcher has made eight classes to appraise the investment avenues which are as follows; 1. Age-wise Classification 2. Income- wise Classification (Monthly) 3. Consumption- wise Classification (Monthly) 4. Saving- wise Classification (Monthly) 5. Investment Awareness 6. Criteria before Investment 7. Preference-wise Classification 8. Investment through Consultancy

The following tables will analyse and interpret the collected data in a significant manner. Table 1: Age-Wise Classification of Selected Respondents. Age Trade & Manufacturers 9 7 9 25 1.15 8.33 Professionals 12 8 5 25 3.51 8.33 Salary earnersGovt. undertakings 9 15 1 25 7.02 8.33 Salary earnersPrivate. undertakings 14 9 2 25 6.03 8.33 Total

25-40 40-60 60 & above Total S.D Average

44 39 17 100 14.36 33.33

The table No. 1 shows the information regarding to ages of selected respondents from different categories. The researcher has selected 25% respondents from Trade & Manufacturers, Professionals, Salary earners from Government undertakings and also Private undertakings respectively. As we know the financial data is very confidential and secrete to everyone and not disclosed by very promptly by the respondents. The survey shows that 44% of the total sample size falls in the category of 25 40 whereas 39% of the respondents fall in the age group of 40-60 years. Similarly, 17% respondents fall in the age group of over 60 & above. The respondents are classified into three age groups in the sense of to get information about standard of living, their experience & work culture, investment pattern at different stages of lifecycle. The average age of each category is 8.33% showing uniformity. While the group of trade and manufactures showing comparatively S.D 1.15 which is good and uniform as compared to other categories.

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Dr. Anil G. Suryavanshi Table 2: Income-Wise Classification of Selected Respondents (Monthly).

Monthly Income Trade (Rs.) & Manufacturers Below 5000 Nil 5001-10000 4 10001-15000 6 15001-20000 6 20001-onward 9 Total 25 S.D 2.06 Average 6.25

Professionals Nil 1 10 3 11 25 4.99 6.25

Salary earners-Govt. undertakings Nil 2 9 4 10 25 3.86 6.25

Salary earnersPrivate. undertakings 1 4 8 5 7 25 2.74 5.00

Total

1 11 33 18 37 100 15.03 20.00

The above table No.2 reveals the position of monthly income of selected respondents. The monthly income is the source to everyone. The survey result shows 37% of respondents fall between the monthly income groups of Rs. 20001-Onward whereas the 33% of investors fall between the income groups of Rs.10001- Rs.15000. Similarly, the percentage of respondents has less than Rs. 5000 of income is one percent. While 11 % respondents have monthly income in the range of Rs.5001Rs.10000 and 18% respondents are in the range of Rs.15001-Rs.20000. There is no income below Rs.5000 in case of trade & manufacturers, professionals and salary earners in government undertakings and private undertakings. The source of monthly earnings is the requirement to fulfill the basic as well as other needs. It is observed that due to education and employment opportunities with high pay packets, the income level of respondents is increasing very fast. The S.D 2.06 and 2.74 indicates the uniformity in monthly income while the professionals and salary earners in government undertakings are getting more income as change in economy and pay norms.

Table 3: Consumption-Wise Classification Of Selected Respondents (Monthly).

Monthly consumption (Rs.) Below 5000 5001-7500 7501-10000 10001-15000 15001-onward Total S.D Average Trade & Manufacturers 3 8 5 7 2 25 2.55 5.00 Professionals Salary earnersGovt. undertakings 3 4 6 4 6 6 7 5 3 6 25 25 1.87 1.00 5.00 5.00 Salary earnersPrivate. undertakings 2 3 8 7 5 25 2.55 5.00 Total

12 21 25 26 16 100 5.96 20.00

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The above table reveals that the information regarding to monthly consumption by respondents. It is observed that 26% respondents expend Rs. 10001-Rs.15000 on their consumption. The consumption level is similar in case of trade & manufacture, professionals and salary earners in private undertakings. About 12 % respondents expend on consumption below Rs. 5000 whereas 16% respondents spend more than Rs.15000 on their consumption. About 21% respondents spend for monthly needs in the range of Rs.7501-10000 while 25% respondents like to spend upto Rs.10,000. The reasons behind that is the consumption on education of child, marriage of daughter or son, installment of loan etc. Though the respondents are getting more earnings, they are aware about consumption. They are making expenditures on consumption in proportion of their income. The low S.D of professionals (1.87) and Salary earners-Government undertakings (1.0) indicates uniform range of consumption while the S.D 2.55 shows more consumption as their way of working.

Table 4: Saving -Wise Classification Of Selected Respondents ( Monthly).

Monthly Savings (Rs.) Below 5000 5001-7500 750110000 1000115000 15001onward Total S.D Average Trade Professionals Salary earners& Govt. undertakings Manufacturers 13 4 3 4 5 3 Nil 25 4.57 6.25 5 8 6 2 25 2.24 5.00 3 4 10 5 25 2.92 5.00 Salary earnersPrivate. undertakings 13 6 2 2 2 25 4.80 5.00 Total

33 18 19 21 9 100 8.60 20.00

The above table No.4 reveals that the information regarding to monthly savings by respondents. Saving is the most important part of income after consumption. Everybody has to save money for future. It is observed that 13 respondents from trade & manufacturers and salary earners in private undertakings save very less amount which is below Rs.5000, while 9% respondents save more than Rs.15000 per month. The 18%, 19% and 21% respondents fall in the range of Rs.5001-Rs.7500, Rs.7501Rs.10000 and Rs.10001 to Rs.15000 respectively. The maximum respondents from government undertaking save their money in a good range for future problems and difficulties. Saving is the most important part of income after consumption. Trade and

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Manufacturers save money for day to day routine work while salary earners in private undertakings save a good amount for future purpose. Professionals & salary earners in government undertakings save in the range of Rs.10000-Rs.15000. The low S.D (2.24 & 2.92) of professionals and Salary earners-Government undertakings indicates uniform range of saving while the others saving is low because of their pattern of working.

Table 5: Classification On The Basis Of Investment Awareness Among Respondants. Classification of Respondent Trade & Manufacturers Professionals Salary earners-Govt. undertakings Salary earners-Private undertakings Total S.D Average Aware Not Aware 16 11 12 12 51 2.22 12.75 Total 25 25 25 25 100 0.00 25.00

9 14 13 13 49 2.22 9.80

The above table No.5 indicates the investment awareness among the respondents. It is surveyed that 51% respondents are not aware about investment while 49% respondents have positive approach towards investment. Approximately 50% respondents from each category except trade & manufacture are aware about investment avenues or instruments. The S.D 2.22 shows equal respondents in favour of investment and vice-versa. The average respondents (12.75) are unaware about investment.

Table 6: Classification On The Basis Of Selection Criteria Before Investment.

Criteria / Trade & Classification Manufacturers of respondent VIMP IMP LIMP Returns 10 04 11 (40%) (16%) (44%) Liquidity 11 03 11 (44%) (12%) (44%) Safety 12 04 09 (48%) (16%) (36%) Tax savings 10 05 10 (40%) (20%) (40%) Maturity 11 05 09 (44%) (20%) (36%) Professionals Salary earners-Govt. undertakings LIMP 02 (8%) 03 (12%) 03 (12%) 02 (8%) 02 (8%) VIMP 16 (64%) 16 (64%) 19 (76%) 16 (64%) 12 (48%) IMP 06 (24%) 06 (24%) 04 (16%) 06 (24%) 08 (32%) LIMP 03 (12%) 03 (12%) 02 (8%) 03 (12%) 05 (20%) Salary earnersPrivate undertakings VIMP 10 (40%) 10 (40%) 13 (52%) 11 (44%) 15 (60%) IMP 06 (24%) 05 (20%) 06 (24%) 05 (20%) 04 (16%) LIMP 09 (36%) 10 (40%) 06 (24%) 09 (36%) 06 (24%) Total

VIMP 18 (72%) 14 (56%) 14 (56%) 16 (64%) 15 (60%)

IMP 05 (20%) 08 (32%) 08 (32%) 07 (28%) 08 (32%)

VIMP 54 (54%) 51 (51%) 58 (58%) 53 (53%) 53 (53%)

IMP 21 (21%) 22 (22%) 22 (22%) 23 (23%) 25 (25%)

LIMP 25 (25%) 27 (27%) 20 (20%) 24 (24%) 22 (22%)

The table No. 6 reveals the information about selection criteria before investment into different avenues. It is observed that mostly selected respondents from each category prefers better return on their investment against risk, liquidity, safety, tax

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benefit and maturity in respect of their income pattern. The respondents work culture is different; therefore the preference of respondents before selecting any avenue for investment is also based on their occupation and income. About 40% respondents from Trade & Manufacturing, 72% of professionals, 64% of salary earners from Government undertakings and 40% of Salary earners from private undertakings are giving very much importance to return. Overall 21% respondents prefer return but 25% respondents do not prefer return as so far. The maximum 58% respondents give preference to safety before selecting investment. On an average 23% respondents are giving less importance to return, liquidity, safety, tax benefits and other criteria before investing into any financial instruments. Every respondent prefers multi-benefits from investment in different avenues. It means the investment by respondents is mostly depends upon behaviour pattern and psychological attitude.

Table 7: Classification On The Basis Of Investment Preferences Of Respondents.

Investment instruments Cash in hand Cash at Bank Insurance policy Gold & Silver Provident fund Real estate (Land) Postal Saving Scheme National Saving Scheme Govt. Bonds & Debentures Investment in Other Financial institutions Mutual funds Shares Investment in other assets Trade & Professionals Salary earnersManufacturers Govt. undertakings 25 (100%) 24 (96%) 24 (96%) 22 (88%) Nil (0%) 19 (76%) 07 (28%) 03 (12%) 03 (12%) 03 (12%) 08 (32%) 11 (44%) 08 (32%) 20 (80%) 20 (80%) 19 (76%) 13 (52%) 01 (4%) 11 (44%) 07(28%) 01 (4%) 02 (8%) 07 (28%) 11 (44%) 12 (48%) 05 (20%) 19 (76%) 21 (84%) 19 (76%) 15 (60%) 20 (80%) 11 (44%) 03 (12%) 04 (16%) 01 (4%) 02 (8%) 08 (32%) 04 (16%) 05 (20%) Salary earnersPrivate. undertakings 24 (76%) 24 (76%) 22 (88%) 16 (64%) 16 (64%) 10 (40%) 07 (28%) Nil (0%) Nil (0%) Nil (0%) 13 (52%) 11 (44%) 06 (24%) Total

88 (88%) 89 (89%) 74 (74%) 66 (66%) 37 (37%) 51 (51%) 24 (24%) 08 (8%) 06 (6%) 12 (12%) 40 (40%) 38 (38%) 24 (24%)

From the above table No.7, it is observed that respondents do not prefer only Single Avenue, but they are maintaining diversified investment in various avenues such as investment into gold, insurance, bank, provident fund, real estate, shares, government bonds, mutual funds etc. they are also interested to invest into other assets such as vehicle, furniture etc. It is observed that the respondents mostly prefer investment into gold, insurance, real estate, shares, mutual funds, banks other than other investment avenues. Approximately 88% respondents invest their money in bank while they want to

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keep with them. The main reason behind is that to get more safety in future. About 74% respondents prefer investment in insurance product, out of these, trade manufacturers and salary earners from private undertakings have more share. Generally the respondents are making this investment for only to bear risk in future. Some respondents prefer greater liquidity through making investment in Gold & Silver ornaments. About 66 % respondents invest their money in Gold & Silver ornaments. In case of Provident Fund, there is no response from trade and manufacturers and professionals, while respondents from private and public sector prefer provident fund for future benefit. As compared to the above investments there is less response given to NSC, Government Bonds & Debts and Investment in other financial institutes. The respondents are interested to make investment in Mutual Fund, Shares, Postal Saving Schemes and financial assets for getting tax benefits, safety, liquidity and maturity. The proportion of investment in this investment is to be found in the range of 24% to 40%. It is found that number of respondents prefers return, safety, liquidity, tax benefits and maturity at the time of investing their savings. The respondents prefer investment in Bank, Real estate, Gold, Insurance as well as Mutual Fund, shares, Postal Saving Schemes and other beneficial instruments.

Table 8: Classification On The Basis Of Investment Through Consultancy.

Type of Consultancy Trade & Professionals Salary earnersManufacturers Govt. undertakings 08 11 07 03 Nil Nil 14 25 05 Nil Nil 09 25 02 Nil 01 15 25 Salary earnersPrivate. undertakings 08 04 Nil Nil 13 25 Total

Chartered Accountant/ Tax consultancy Investment Broker/ Advisor Company Agents Friends/ Relatives Self Total

34 14 Nil 01 51 100

The above table No.8 reveals the information regarding to how investment is made by respondents through consultancy. In appraisal of investment avenues, it is important to know how respondents are investing their amount into different avenues. It is observed that 34% respondents are consulted with Chartered Accountant or Tax Consultant, while 14% respondents are advised by Investment broker or advisors. But it is noted that 51% respondents are making investment by self decision. Only 1% respondents from government undertakings are consulted with friends & relatives before investment. There is no well response or scope to company agents and others at the time of preferring investment avenues.

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Findings, Observations & Conclusions From the analysis & interpretation, it has been possible to come across many facts and findings of the matters related investment avenues and investment behavior of the investors. Some of the main findings of the project are stated below in detail: 1. The survey shows that 44% of the total sample size falls in the category of 25 40 whereas 39% of the respondents fall in the age group of 40-60 years. Similarly, 17% respondents fall in the age group of over 60 & above. The respondents are classified into three age groups in the sense of to get information about standard of living, their experience & work culture, investment pattern at different stages of lifecycle. 2. There is no income below Rs.5000 in case of trade & manufacturers, professionals and salary earners in government undertakings and private undertakings. The source of monthly earnings is the requirement to fulfill the basic as well as other needs. It is observed that due to education and employment opportunities with high pay packets, the income level of respondents is increasing very fast. 3. The respondents are getting more earnings and they are aware about consumption. They are making expenditures on consumption in proportion of their income. 4. Saving is the most important part of income after consumption. Trade and Manufacturers save money for day to day routine work while salary earners in private undertakings save a good amount for future purpose. Professionals & salary earners in government undertakings save in the range of Rs.10001Rs.15000. 5. It is surveyed that 51% respondents are not aware about investment while 49% respondents have positive approach towards investment. Approximately 50% respondents from each category except trade & manufacture are aware about investment avenues or instruments. 6. It is concluded that 58% respondents prefer safety, which is followed by returns (54%), tax saving (53%), and maturity (53%) than liquidity (51%). It means on an average 23% respondents are giving less importance before investing into any financial instruments. It is also observed that the investment criterion is also based on nature of occupation, income and behavior pattern of respondents. 7. It is observed that the number of respondents is preferring return, safety, liquidity, tax benefits and maturity at the time of investing their savings. The respondents prefer investment in Bank, Real estate, Gold, Insurance as well as Mutual Fund, shares, Postal Saving Schemes and other beneficial instruments. 8. It is found that 51% respondents take decision at individual level while 34% respondents approach to Chartered Accountant, a Tax Consultant and 14:%respondents are advised by investment Broker / Advisor. In case of company agents and friends, there is low response.

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Precautionary Measures for Investment: The following are some of the suggested precautionary measures for the safest investment into various financial instruments. 1. If you are unaware about the market situation, or have a lack of knowledge regarding to investment, consult your problem immediately to you investment consultant. 2. The observation or analysis of market or financial and economic market, budgetary remarks and policies of government etc. should be considered when investment is to be made. 3. Provide maximum attention towards national and international political as well as economical issues. 4. The financial market is also exaggerated by the events natural calamities, flood, Tsunami etc. every investor should aware about all this facts. The investor should alert about what, when, where, why and how to make investment in different financial instruments. The awareness about profitable investment gives safety mode to investor. Proper training, proper skill and practical approach towards investment are an essence of gainful investment. Suggestions 1. The respondents have to develop the habit of making investment into any avenues at any stage of lifecycle. 2. It is needed to divert the portion of income in the form of investment in beneficial avenues when they earn high pay packets from their occupation. 3. The respondents expand on consumption and needs in the proportion of income. The respondents should consider the effect of economic factor. 4. Saving money is the traditional habit of people. But it is blind saving. It is necessary to save the amount for future benefits and getting maximum returns. The respondents are suggested to save their money into beneficial avenues. 5. The awareness is essential to avoid disinvestment and attraction of investment. The respondents should aware for avoiding the loss by frauds and disinvestment. 6. There are many investment avenues produced by various companies. The respondent should aware or cautious before making investment into any avenue. They should prefer well criteria of investment. 7. The respondents are suggested that they should prefer future benefits from investment avenues such as gold, land/real estate, mutual fund and banking schemes of investment. 8. The respondents should approach to the professional such as Tax Consultant, CAs to get dual benefits. They should avoid the listing of trials or not to take self decisions when they wants to make investment into any avenue. It is better to consult with experts in that field. 9. It is suggested to every respondents that they have to acquire a specific knowledge of investment and appraisal of investment for avoiding loss physically and mentally in future life.

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