PROJECT ON

STUDY OF INVESTORS BEHAVIOUR IN THE LIGHT

OF FINANCIAL / INVESTMENT PRODUCTS

Master of Business Administration

(Finance)

Submitted in partial fulfillment of the requirements for award of

Master of business Administration of Tilak Maharashtra

University, Pune.

Submitted by:

Arun R Nair
PRN:

of

07209008182

Institute of Business Studies & research, Navi Mumbai

Tilak Maharshtra University

Gultekdi , Pune 411037

1
 Acknowledgement

With regard to my Project with study of investors’ behavior in the light of financial
/investment products I would like to thank each and every one who offered help,
guideline and support whenever required.

First and foremost I would like to express gratitude to Madhukar Krishna sir and
other staffs for their support and guidance in the Project work. I am extremely grateful to
my Professor Shukla Sir for his valuable guidance and timely suggestions. I would like
to thank everyone for the valuable guidance& support.

I also thankful to all my professors who helped me for my project work, and
last but not the least to my friends who have helped me during the project.

Arun R Nair

2
 TABLE OF CONTENTS

Chapter No. Index Page No

 1 RATIONALE FOR THE STUDY 4-6

 2 OBJECTIVE OF THE STUDY 7 - 10

a) Title of the project

b) Objective of the study

c) Scope of the study

 3 PROFILE OF THE COMPANY 11 - 22

 4 REVIEW OF LITERATURE 23 - 34

 5 RESEARCH METHODOLOGY 35 - 38

a) Research Design

b) Data Collection Methods / Sources

c)Sampling

 6 DATA ANALYSIS AND INTERPRETATION 39 - 46

 7 OBSERVATION AND FINDINGS 47 - 48

3
  8 LIMITATIONS 49

 9 RECOMMENDATIONS AND SUGGESTIONS 50 - 51

APPENDIX 54 - 58

a) Copies of questionnaire

b) Copies of forms

c) Bibliography

CHAPTER: 1

4
 RATIONALE FOR STUDY

CHAPTER: 1

Rationale for the Study

This Research Project has been undertaken as a part of internship at NIVESHAK

FINANCIAL ADVISORY PROGRAMME with the project title “STUDY OF INVESTORS
BEHAVIOUR IN THE LIGHT OF FINANCIAL / INVESTMENT PRODUCTS”. My Main
idea behind this Research project was that as everyone knows that Consumers/
Investors are one of the most important aspects for any Organization. Organizations
strive on fulfilling the requirements of consumers / Investors as they are the most
mercurial of all the factors of Production.

In Today’s information – oriented society, information research has become an

important activity for business companies, institutions and organizations, who want to
know about the consumer market.

In the financial sector, nowadays one can observe a tendency that consumers /
Investors are generally confused with selection aspects as they are spoilt for choices

5
and they are particularly conscious about investing in financial products as there are
more experts than financial products.

The financial product can be regarded from a double point of view. On one hand the
product is destined to customers and is defined according to this.

At present, on the financial market any person has the quality of a consumer. The
consumers are divided into two categories – individuals and companies, categories
aimed by the institutions that offer financial products and services. This segmentation
has background different documents requested by each of these categories when they
want to buy a financial product or service.

Any decision of a consumer / Investors on the financial market must have at the base
the definition of at least 5 aspects, namely:

a) Establishing the profitability objectives (with this indicator one can

compare different opportunities of investment and according to the
established level as a target, one can set the structure of the investment
portfolio).

b) Establishing the time horizon for the investment (that is establishing the period
of time in which the profitability objectives should be achieved).

c) Establishing the investor’s risk profile that is tightly connected to the aimed
objective of profitability, the risk of an investment being directly proportional
with its rated capacity. From the risk’s profile point of view, investors are
divided into three categories: investors with risk aversion, neutral ones but
with preferences for risk as well.

d) Establishing an amount of money that will be invested. There is a principle

6
 According to which it is good to invest as much as the investor affords to lose
Omitting this recommendation that views more the investor’s psychic
comfort, the invested amount depends on a lot of factors among which we can
mention: the investor’s liquidities, the incomes that he obtains on a constant
base, his risk profile, the proposed level of profitability and the future usage of
the amounts gained from investment.

e) Establishing the structure of the investment portfolio, that depends mainly on

the investor’s risk profile, as well as on the associated risk of different financial
instruments (quantified by different companies of specialized rating).

CHAPTER: 2

7
 OBJECTIVE OF STUDY

CHAPTER: 2
OBJECTIVE OF THE STUDY

2.1. Title Of The Project

“STUDY OF INVESTORS BEHAVIOUR IN THE LIGHT OF FINANCIAL /

INVESTMENT PRODUCTS”

2.2. Objective of the study

8
The Objective of the Study was directly related to the experience I had while working
with Niveshak Financial Advisory Program. I worked on the project which was directly
related to the core purpose of NFAP i.e. to offer quality & practical training & education
in field of investment, financial planning, insurance and tax advisory.

2.2.1 The Main Objective of the study

• To create awareness about the latest development in financial products.

• To give a brief idea about the sophistication of financial markets and various
options available while investing in financial markets.

• To create awareness about the various risks associated with various financial
products like mutual funds, ULIP’s, Pension Products etc.

• To make investors well adverse with the current happenings in financial markets.

• To make an average family decide how to balance its budget, fund the children’s
education and ensure a sufficient income for a retired person.

• To measure whether the core purpose of the program has achieved its aims,
such as increased consumer awareness or changed behavior.

• To find out the reasons why the investors are still petrified of investing in financial
markets.

• To find the behavior of investors with regards to various demographics like

salary, age, etc

• To clear certain misconceptions about equity market.

• To make investors aware about the growing trend of financial markets.

• To expand my horizon by observing behavior of various investors.

• To further promote financial products like SIP, ULIP’s, and various other mutual
funds schemes.

• To meet various segments of investors and understanding their needs.

9
 • Promotion of Niveshak Financial Advisory Program.

2.3. Scope of the Project

Financial Products can be defined as the product and services offered by institutions
like banks of various kinds for the facilitation of various financial transactions and other
related activities in the world of finance like loans, insurance, credit cards, investment
opportunities and money management as well as providing information on the stock
market and other issues like market trends.

2.3.1. Distributors ‘dump’ MFs for financial products giving better fees(Economic
times

This was the news that appeared in Economic times on May 19, 2010

Lower commissions from their bread-and-butter business are forcing mutual fund (MF)
distributors to switch loyalties to other financial products that offer a better fee.

There was another article that there is a public spat between the capital markets
regulator, the Securities and Exchange Board of India (SEBI) and the insurance
regulator, Insurance Development and Regulatory Authority, (IRDA) over the control of
ULIP’S

This were some of the news that helped me understand the needs of financial products
in current scenario because in 2008 – 09 there were as many as 7.03 crore ULIPs sold
for a staggering Rs 90, 645 crore (close to 1.3% of the country’s GDP!) while during the
last financial year alone (April- February) another 16.7 lakh ULIP’s were sold even while
carrying out my primary research the scenario were almost same as many investors
were interested in ULIP’S(United linked Insurance plan) SIP’s (Systematic Investment
Products).

In Niveshak I came to know that these financial products are as important as our basic
necessities. Many Investors were keen in investing in SIP’S and were keen to know
more about ULIP’S.

10
Let me explain more about ULIP’S. The ULIP’S are policies which provides for
insurance where the policy value at any time varies according to the value of the
underlying assets at the time.

Now, let me discuss briefly about the scope of the project. As mentioned earlier during
my primary data collection I came across many investors who were ambiguous about
their investment and savings.

Especially during my interaction with many lower middle class investors I came to know
that many of them have little idea about equity market and they were afraid of taking
risks and was not sure about returns.

It also came as a pleasant surprise that some high profile people like advocates, C.A’s,
doctors were not interested in stock market even though they were having sufficient
knowledge about stock markets, Insurance, mutual funds and returns associated with it.

My understanding was that many of them were misguided and some of them were
afraid of taking risks. Through Niveshak, to some extend I was able clear this
misconception. I came to the conclusion that it’s important to be knowledgeable and one
should take initiative before giving financial advice to investors.

CHAPTER: 3

11
 COMPANY PROFILE

CHAPTER: 3
COMPANY PROFILE

12
3.1. Niveshak Financial Advisory Program (NFAP)

It is believed that the financial and capital market would generate the largest number

13
of employment opportunities in the next 2 decades. Yet the talented people with the
skills sets required to fill most of the positions are glaringly missing in the country. A
successful sales & marketing career in the financial market requires a thorough
grooming at the grass-root level, and that is where this program commands
immense value.

NML believes that large scale employment opportunities exist in this field for
graduates and fresh MBAs, if empowered properly. Niveshak, therefore, offers
quality & practical education in field of investment, financial planning, insurance and
tax advisory. As part of this initiative Niveshak has chosen to offer a comprehensive
internship program titled "Niveshak Interaction Program" for a total duration of two
months. This Internship not only offers a strong opportunity to learn for a budding
student; but also shapes up the professional in the student as a result of mentoring
from an experienced Mentor. This paves the way for a strong and rewarding career.
The entire program is designed such that student will also be made to acquire the
AMFI & IRDA licenses. In addition, the internship also enables a student to earn
sizeable money.

3.1.1.Niveshak Mpowered

Niveshak is a Company incorporated under the Indian Companies Act 1956.

Niveshak is created solely with a view to provide a platform for the Investors to
enable them to take informed decision for investing their hard earned money, in
seeking this goal, Niveshak also endeavors to develop a qualified and well-informed
cadre of Financial Advisors and Distributors by empowering the practicing Financial
Advisors/Distributors with better/relevant knowledge/skills and by training the young
college and B-School graduates with adequate knowledge/skills.

A unique Investor Education Program has been devised for helping the investor
understand the intricacies of the savings and investments. The program also
encompasses in it sufficient provision to draw sufficient learning from the feedback

14
received from the investors as to what is the significance of learning and knowledge
on the investment decisions of the common investors. Niveshak Associates would
help the investors in understanding their risk profile so that they can understand
what type of savings/investment options or securities and mutual funds they should
invest within their overall risk profile.

Niveshak is an initiative of SPA Capital Services Ltd. and Acsys Software (India) Pvt.
Ltd.

3.1.2. SPA Capital Service Ltd

SPA Group promoted in 1995, by a team of financial professionals, provides value

added financial services like corporate finance and wealth management services to
Indian companies and HNIs. SPA Group has established itself as one of India's
leading financial advisory house, offering various financial services like securities
broking, insurance broking, corporate finance, merchant banking, financial advisory,
risk management and wealth management.

SPA Capital Services Ltd. is a flagship company of SPA Group, engaged in advisory
and distribution services of mutual funds & insurance and is ranked amongst the top
5 financial intermediaries of the country. The company has a distribution network of
over 200 sub-brokers across India being serviced by its 58 branches. The company
has mobilized over Rs. 5 lac crores for various mutual funds during the last 10 years
and is currently having AUM over Rs.20,000 crores with hundreds of satisfied
customers.

3.1.3. Acsys Software India Pvt. Ltd

is a leading Technology and Software Solution Provider in the niche vertical of the
Mutual Fund Industry both in India and abroad. Its Software products and services
covering many application areas are termed "Best of Brand" services within the
Indian Fund Industry. Acsys designs software solutions and products to keep pace
with today's changing market place. Its software applications and products, support

15
all participants in the fund industry, be it the Fund House, the Distributor and/or
Investor.

In addition, Acsys has a large pool of in-house expertise to continually develop

appropriate and advanced technology requirements to the financial services market
in general and Fund Industry in particular.

3.1.4. Profile

Acsys Software (India) Pvt. Ltd., incorporated in 1996, was originally the software
division of Computer Age Management Services (P) Ltd., (CAMS). It was hived off
as a joint venture in association with Alliance Capital LLP of the USA. Currently,
Acsys Software is fully owned by the original Indian promoters and is an affiliate
Company to CAMS.

CAMS is India's largest Transfer Agency for Open Ended Funds dominating more
than 60% of the market. CAMS offer Outsourced Transaction Processing, Customer
Care, and Fund Accounting and related Transfer Agency Services.

Acsys Software products for Asset Management Companies, Distributors and

related entities come with the following advantages:

• Substantial knowledge of business and domain of the Mutual Fund Industry. It

understands the needs easily and is able to harness the software solutions for
new products and services faster.

• Its Software Products and services are put through extreme process conditions
through its stake-holder's businesses.

• It operates in a dynamic environment dictated by enormous growth in the Indian

Mutual Fund Industry in a very short span.

• Demonstrated capabilities overseas, through offshore development, which

resulted in an entity migrating from a multiple database and legacy systems
environment to a "state of the art" open architecture software solution - See Case
Study.

16
• Members of NICSA and ALFI, leading Fund Forums in US and Europe. Thereby
continually tracking trends in the overseas Investment Industry.

• Multi-currency functionality to include Euro compliancy.

Acsys has a library of core products, which meets the software requirements
of Mutual Fund Asset Management Companies, Fund Distributors and other
intermediaries. All its products are designed and customized using Client Server
Architecture for Oracle Databases with Power Builder and other Internet enabled
front ends, using JAVA, XML and other revolutionary tools for 24/7 web delivery.
Acsys Software has production facilities at Chennai, India and provides client
service from Luxembourg for Europe.

3.2. Board Members

3.2.1.Mr. Kamal Somani

He is a senior finance professional with over 30

years of experience in investment banking, securities
broking and corporate finance. His vast
experience and vision has enabled the Group to
establish itself as a respected financial services provider in the country. He looks
after the overall group strategies and leads securities broking, investment
advisory and investment banking activities of the Group.

3.2.2. Mr. Sandeep Parwal

He has over 20 years of experience in various aspects of financial services. He

handles investment advisory, insurance broking and merchant banking activities
of the Group. His expertise in providing customized innovative solutions with
unmatched speed provides a distinctive edge to the Group's capability.

3.2.3. Mr. V. Shankar

17
He is an alumnus of Indian Institute of Management Calcutta and Indian Institute
of Technology Madras, is the Managing Director of Computer Age Management
Services (CAMS), the largest RTA in India. Computer Age Management Services
Pvt. Ltd. (CAMS), offers a comprehensive package of Transaction Processing
and Customer Care services to the Mutual Fund industry, and has been
constantly raising the bar in customer service since 1995. CAMS today has the
most appropriate and advanced technology employed, with the best network for
service delivery through its network of Service Centers in all major cities in India.
Currently CAMS provides this comprehensive package of services to 18 Indian
Mutual Fund families as services provider. Of every 100 Mutual Fund
transactions processed in India, CAMS processes 50 or more. CAMS is clearly
the #1 choice for Mutual Funds in India.

Mr. Shanks is also a Director at Acsys Software., which is a leading Technology

and Software Solution Provider in the niche vertical of the Mutual Fund Industry
both in India and abroad.

3.3. Objectives

Today the Indian Capital market requires the inclusion of a wide base of retail
investors to counter the volatility caused by the inflow & outflow of foreign money
on which we have excessive dependence. Indian middle class savers largely
share the capital market (only amount 2% of the salary savers participate). Only
through a process of personalized education can they be attracted to join the
capital market via Mutual Funds, Insurance etc. To ensure the delivery of"
Investor Education @home" and facilitate investments, India needs to grow a
new cadre of financial advisors who are not merely "Salesmen" but rather
"Advisors" - properly trained to educate and assist the saver, logistically and with
knowledge. NML proposes to achieve this goal through this unique Internship
Program in addition to the soon to be launched regular 6 month diploma
program.

18
This program seeks to develop a vocational skill by providing knowledge required
to obtain licenses to advise investors, and then provide the environment through
an experimental learning proven to avoid the temptation of merely hard selling
financial products but rather to deliver financial education. This program provides
opportunity to sharpen the communication and presentation skills. The field work
helps student in understanding the nitty-gritty of the financial advisory.

This program also fulfils the need of the Interns/Students to complete the
internship which their regular degree program expects them to do.

Niveshak Mpowered Pvt. Ltd has been created to meet regulatory and corporate
requirements for providing the requisite Course Material & forum for various
regulatory licenses necessary for selling the MF & Insurance products,
Supervision by Expert Mentors for augmenting critical skills and information
Technology Environment. The entire design is such that it also offers the most
favorable brokerage for the students (only available to corporate national
distributors & not individuals) and sufficient remuneration for lead generation.

3.4. Unique Characteristics of Niveshak Interaction Program

The practical training is based on the application or use of the acquired

knowledge in Financial Planning. The unique feature of the program is that 6
weeks out of the total duration of 8 weeks, the students will be acquiring practical
experience.

The unique characteristics of NIP program are as under:

3.4.1. Learning & Skill Acquisition through Field Work

19
Students will deliver an elementary financial literacy workshop to the potential
clients at their respective homes (financial_literacy@home). This will give them a
clear idea about the basics of Financial Planning Advisory. Students will be
helped to groom themselves in such a manner that without the fear of meeting
the strangers they would be able to give an effective and impressive presentation
to the potential clients. Students will also assist the client in procuring the KYC
and PAN codes - the pre-requisites for investing in MF or equity market.

3.4.2 .Regular Mentoring

Experts (to be designated as 'Mentor') in the field of the financial and capital
market will assist the Students in identifying potential clients and meeting them.
The Mentor for each student will be identified right from the beginning of the
program who would hand-hold them in all aspects of financial planning advisory.
Students will be assisted by the mentor in identifying and meeting the potential
clients.

3.4.3.Training to be a true Financial Advisor

The emphasis of the program is to help students hone their skills as advisor,
therefore, there would be no expectation from the students to generate sales
from the client. They would be truly acting as Advisor to their clients. In case the
investor wants to invest, Mentor will help in enabling the Investor to select right
product and close the transaction so that the Investor gets 360 degree service.

3.4.4. Unique blend of Learning with Opportunity of Earning

when the investor chooses to invest through the student then the student will in
return be rewarded from the Niveshak Mpowered Private Limited purely in
accordance with the governing regime/prevailing regulations. This performance
based incentive will become revenue for the Students and the target of this
course is so designed that if the student is successful, he/she could earn
significant money by way of advisory fee/commission. This would be a significant
differentiating factor from other Internship Programs and will provide every

20
student an equal opportunity to earn with his own efforts.

3.4.5. Technological skills enhancement and support

The entire program has a strong technological base. This will help the student in
acquiring the most modern techniques to advise the clients and improve his/her
efficiency. Student Section allows the student to get all feedback about him/her to
gauge the progress of work. The Prospecting Module helps in developing list of
quality prospectus and taking them to logical end. The Transaction module will
allow a student to monitor the investments made by the client.

3.4.6. Regular Review & Feedback

system through the technology platform will allow students to access feedback of
his faculty and mentor online and also to receive feedback where does he stands
vis-à-vis his peers and also against scheduled pace of the Program.

3.5. Niveshak Financial Advisors Program plus – Objectives

Today the Indian Capital market requires the inclusion of a

wide base of retail investors to counter the volatility
caused by the inflow & outflow of foreign money on which we
have excessive dependence. Indian middle class savers
largely share the capital market (only amount 2% of the
salary savers participate). Only through a process of personalized education can
they be attracted to join the capital market via Mutual Funds, Insurance etc. To
ensure the delivery of "Investor.Education@home" and facilitate investments,
India needs to grow a new cadre of financial advisors who are not merely
"Salesmen" but rather "Advisors" - properly trained to educate and assist the
saver, logistically and with knowledge. A discerning student willing to make a
career in highly remunerative, challenging and interesting field of financial selling
will find this program to be the true bridge to his/her destination of career.

21
This program seeks to develop a vocational skill by providing

• Knowledge

• Skills

• Maturity through an experimental learning proven to avoid the temptation

of merely hard selling financial products but rather to deliver financial
education

• Ability to acquire licenses to advise investor

• Sharpen the communication and presentation skills.

• The field work helps student in understanding the nitty-gritty of the

financial advisory.

• Opportunity to earn.

3.6. Career Opportunities

3.6.1.Potential Employment Sector
Niveshak also provided us with various employment opportunities like after my
interns they also invited me to be a part of sub brokership where once after
presentation we need to close in the deal by selling a particular financial product.
For that they are also conducting AMFI exams i.e Association of Mutual funds of
India where we get license to be sell a mutual funds with proper authorization. So
Niveshak has provided opportunities for employment as financial advisors

o Life Insurance Companies

o General Insurance Companies

o Banks

o Marketing Research Firm

22
 o Regulatory Organizations like SEBI,IRDA

o Multi product Financial Service Organization like ICICI Direct,

Reliance Money, Religare Finves

o Mutual Fund Distributors

o Self Employed Financial Advisor

o Insurance Broking Organisations

o Corporate Agents

o Knowledge Process Outsourcing Firms

o Business Process Outsourcing Firm

o Tax Practitioners & CAs

CONCLUSION
To Conclude, I can safely say that it is a very good initiative taken by Nfap to
promote financial products and in the process creating awareness about it. Looking
at the current financial scenario it is very essential as currently stock market is on a
rise and its very important to create awareness so as to differentiate between
traditional mode of investment and latest trend in financial markets. As the rate of
inflation keeps on fluctuating it’s very important to think keeping in mind the long
term objectives of a investment portfolio. So Niveshak as a distribution house for
financial products is an ideal platform to fulfill this long term objectives.

23
 CHAPTER: 4

REVIEW OF LITERATURE

CHAPTER: 4

REVIEW OF LITERATURE

In Niveshak Financial Advisory Program, It is believed that the financial & Capital

24
Market would be largest employment generating sector in the next 2 decades. Yet the
talented people with the skills sets required to fill most of the positions are glaringly
missing in the industry. A successful marketing and finance career in the financial
market requires a thorough grooming at the grass – root level, and that is where n- fap
commands immense value.

Niveshak Financial acts as a distribution office to financial products, where it provides

ample opportunities for large scale employment in the field of graduates and MBA’s, if
empowered properly. Therefore it also provides opportunities for investment, financial
planning, insurance and tax advisory.

It also helps in imparting the much needed advisory skills in the young aspirants on the
threshold of entering the job market to lay foundation for a rewarding & successful
career; and to evaluate whether investor education changes investor behavior in the
areas of
• Decision for investing in Mutual funds; Insurance and other instruments.
• Systematic Investing.
• Developing Risk Profile & Building Financial Plan.
• Willingness to pay for financial advisory

This training helped also gave opportunity to apply the acquired Financial Planning
Knowledge.

I did my Summer Interns in Niveshak Financial advisory Program as a trainee plus a

financial advisor and in the Process I went through various books, websites, various
company’ websites, journals, magazines which helped me in getting more data,
improve my presentation skills and also improve my knowledge about financial
products like mutual funds, insurance etc.

25
As part of my research I went through websites like money control.com, mutual
fundsindia.com.

For Financial products like ULIPs I went through Kotak group Company’s profile
which is one of the top financial product services in India. It is one of India's leading
financial Conglomerates, offering complete financial solutions that encompass every
sphere of life. From commercial banking, to stock broking, to mutual funds, to life
insurance, to investment banking, the group caters to the financial needs of
individuals and corporates.

It Comprises of following sub units which combines to form a vast company and
group of people.

1. Kotak Securities.

2. Kotak Insurance.

3. Kotak Mahindra bank.

4. Kotak Mutual funds.

5. Kotak Private equity.

6. Kotak Investment banking

7. Kotak Reality funds.

4.1.POLICIES OF KOTAK DIRECT

There are basically 3 policies dealt in KOTAK DIRECT

26
4.1.1.KOTAK SAFE INVESTMENT PLAN (KSIP)

4.1.2. KOTAK SMART ADVANTAGE PLAN (KSAP)

4.1.1.KOTAK SAFE INVESTMENT PLAN (KSIP)

Kotak Safe Investment Plan is a Unit Linked Insurance Plan that combines the
benefits of insurance and capital market returns into one. This plan from the stable of
Kotak Life Insurance is a true reflection of the company’s essence: innovation that
will benefit the investor.

What makes investing in Kotak Life Insurance truly unique is that an investor can
enjoy Guaranteed Maturity Value with varying degrees of equity exposure depending
on your risk appetite. So if the market value of your units is higher, you reap the
benefits with the peace of mind that whilst in a bear market your investment is under-
pinned by the Guaranteed Maturity Value. And there is more, the returns are totally
Tax free.

4.1.2. KOTAK SMART ADVANTAGE (KSAP)

• Guaranteed returns of unto 275% of your first year premium at maturity

• Assured bonus additions at regular intervals during he policy term to enhance

your fund value
.
• 100% allocation of the premium from 2nd year onwards

• Unique fund offering maximum opportunity for growth and choice for your
investment needs.

In order to understand the behavior of consumers towards ULIPs and to

determine the various factors which a consumer actually takes into
account while buying a ULIP, Kotak Group conducted a survey.

27
 They prepared a questionnaire consisting of 13 factors which plays an important role
in choosing a ULIP and asked the respondents to rate these factors on a scale of 1
to 5(1 being least important & 5 being most important). This questionnaire was not
specific to any particular company and aimed at determining the most important
factors from the consumer point of view. With the help of data thus obtained, a
complete analysis was done and results were obtained.

Sr. FACTOR AVER- MEDIAN MODE STANDARD VARIANCE

No AGE DEVIATION

1 Return On 4.74 5 5 0.59662 0.356

Investment

2 Financial Health 4.51 5 5 0.745 0.555

(Company)

3 Comparison with 4..34 4 5 0.69 0.48

Financial Products

4 Tax Saving 4.25 5 5 0.98 0.977

5 Policy Features 4.15 4 4 0.796 0.633

4.2.CONCLUSIONS FROM SURVEY

• Returns on Investment & Financial Health of the company are the 2 most
important factors while buying an insurance plan

28
• Return on Investment gets an average of 4.74 (on a scale of 5) with both
median & mode being 5. S.D & Variance are 0.56 & 0.36 respectively
which are quite less & shows high degree of similarity in the views of the
people surveyed, on the importance of this factor.

• Financial Health of the company gets an average of 4.51 (on a scale of

5) with both mean & median being 5. S.D & Variance are 0.75 & 0.56
respectively which also show quite a high degree of similarity in the
views but comparatively lesser than return on investment Factor.

• Comparison with Financial Products,Tax Saving & Policy Features are

also very important factors & plays a very important role in the purchase
of an Insurance Policy.

• The above 5 factors are the most important ones which affect the
purchase of an Insurance Policy.

• An Insurance company needs to pay a lot of attention on these factors

before developing a policy as they play utmost importance in the
purchase of an Insurance Policy.

To Get further understanding of financial Products I also went through the

research work undertaken by SBI mutual fund

SBI Funds Management Pvt. Ltd. is one of the leading fund houses in the

country with an investor base of over 4.6 million and over 20 years of rich

experience in fund management consistently delivering value to its investors.

SBI Funds Management Pvt. Ltd. is a joint venture between 'The State Bank of

29
India' one of India's largest banking enterprises, and Societe Generale Asset

Management (France), one of the world's leading fund management companies

that manages over US$ 500 Billion worldwide.

4.3.PRODUCTS OF SBI MUTUAL FUND

4.3.1. Equity schemes

The investments of these schemes will predominantly be in the stock markets
and endeavor will be to provide investors the opportunity to benefit from the
higher returns which stock markets can provide. However they are also exposed
to the volatility and attendant risks of stock markets and hence should be
chosen only by such investors who have high risk taking capacities and are
willing to think long term. Equity Funds include diversified Equity Funds,
Sectoral Funds and Index Funds. Diversified Equity Funds invest in various
stocks across different sectors while sectoral funds which are specialized Equity
Funds restrict their investments only to shares of a particular sector and hence,
are riskier than Diversified Equity Funds. Index Funds invest passively only in
the stocks of a particular index and the performance of such funds move with
the movements of the index.
• Magnum COMMA Fund
• Magnum Equity Fund
• Magnum Global Fund
• Magnum Index Fund

• Magnum Midcap Fund

• Magnum Multicap Fund

• Magnum Multiplier plus 1993

• Magnum Sectoral Funds Umbrella

• MSFU- Emerging Business Fund

30
 • MSFU- IT Fund

• MSFU- Pharma Fund

• MSFU- Contra Fund

• MSFU- FMCG Fund

• SBI Arbitrage Opportunities Fund

• SBI Blue chip Fund

• SBI Infrastructure Fund - Series I

• SBI Magnum Taxgain Scheme 1993

• SBI ONE India Fund

• SBI TAX ADVANTAGE FUND - SERIES

This Research was undertaken in Noida region where consumers behavior towards
mutual funds were carried out depending upon various demographics like age, income,
preferences etc…

(a) Age distribution of the Investors of Noida

Age Group <= 30 31-35 36-40 41-45 46-50 >50

No. of 12 18 30 24 20 16
35
Investors
Investors invested in Mutual Fund

30

25

20

15 30
24
10 18 20
16
5 12

0
<=30 31-35 36-40 41-45 46-50 >50
Age group of the Investors

31
 Interpretation:

According to this chart out of 120 Mutual Fund investors of Noida the most

are in the age group of 36-40 yrs. i.e. 25%, the second most investors are

in the age group of 41-45yrs i.e. 20% and the least investors are in the age

group of below 30 yrs.

(b) Occupation of the investors of Noida

Occupation No. of Investors

Govt. Service 35
Pvt. Service 45
Business 35
Agriculture 4
Others 6

32
 50

No. of Investors
40
30
20 45
35 30
10
4 6
0
Govt. Pvt. Business Agriculture Others
Service Service
Occupation of the customers

Interpretation:

In Occupation group out of 120 investors, 38% are Pvt. Employees,

25% are Businessman, 29% are Govt. Employees, 3% are in

Agriculture and 5% are in others.

(c) Monthly Family Income of the Investors of Noida

Income Group No. of Investors

<=10,000 5
10,001-15,000 12
15,001-20,000 28
20,001-30,000 43
>30,000 32

33
 50
45
40
No. of Investors

35
30
25
20 43
15 32
28
10
5 12
5
0
<=10 10-15 15-20 20-30 >30
Income Group of the Investorsn (Rs. in Th.)

Interpretation:

In the Income Group of the investors of Noida, out of 120 investors,

36% investors that is the maximum investors are in the monthly income

group Rs. 20,001 to Rs. 30,000, Second one i.e. 27% investors are in

the monthly income group of more than Rs. 30,000 and the minimum

investors i.e. 4% are in the monthly income group of below Rs. 10,000

(d) Awareness about Mutual Fund and its Operations

Response Yes No
No. of Respondents 135 65

34
 33%

67%

Yes No

Interpretation:

From the above chart it is inferred that 67% People are aware of Mutual Fund

and its operations and 33% are not aware of Mutual Fund and its operations.

This were some of the interpretations found out by SBI mutual funds and there
were many more.

This study helped SBI to understand the financial behavior of Mutual Fund investors
in connection with the preferences of Brand (AMC), Products, and Channels etc.
They observed that many people have fear of Mutual Fund. They think their money
will not be secure in Mutual Fund. They need the knowledge of Mutual Fund and its
related terms. Many of people do not have invested in mutual fund due to lack of
awareness although they have money to invest. As the awareness and income is
growing the number of mutual fund investors are also growing.

35
 CHAPTER: 5

RESEARCH METHODOLOGY

36
 CHAPTER: 5

RESEARCH METHODOLOGY

This report is based on primary as well secondary data, however primary data
collection was given more importance since it is overhearing factor in attitude
studies. One of the most important use of research methodology is that it helps
in identifying the problem, collecting, analyzing the required information data
and providing an alternative solution to the problem .It also helps in collecting
the vital information that is required by the top management to assist them for
the better decision making both day to day decision and critical ones.

5.1. Data sources:

Research is totally based on primary data. Secondary data can be used only
for the reference. Research has been done by primary data collection, and
primary data has been collected by interacting with various people. The
secondary data has been collected through various journals and websites.

5.2.Duration of Study:

The study was carried out for a period of two months, from 28th May to 28th July

2010.

5.3.SAMPLE DESIGN
As Part of my interns I did my research work in Navi Mumbai and various other parts
of Mumbai Region;

Nerul, Vashi, Thane, Mulund, Ghatkopar Kalyan,Badlapur,Bhandup

37
 5.3.1.Sampling Units

• Residential Areas

• Commercial Areas

• Friends & Relatives

5.4. PRIMARY DATA:

Primary Data is in which the researcher uses as a base for framing the
Questionnaires, which then highlighted all the important aspects for consideration.
Primary data was collected in the form of questionnaires which was given by
Niveshak Mpowered to find out the investors interest, to determine their risk taking
ability, financial goal, to determine their interest for particular product like for e.g
SIP’s and also to create investors profile.

5.5. SECONDARY DATA

Secondary Data normally comes after Primary data, it is data collected by someone
other than user. For this research I went through websites for few financial products
like mutual funds. For mutual funds I went through value research website which
gives daily up gradation of mutual funds and its ratings this helped me because there
were few investors who were immediate investors wants some information about
performance of various mutual funds. For weekly performance of mutual funds and
stock market I went through business standard magazine. It also helped me during
data compilation stage where after analyzing data, for authentication I went through
economic times website which helped me in updating the current and past
happenings in financial market.

38
5.6. INSTUMENTS FOR DATA COLLECTION:
Questionnaires & References
Questionnaires were the main instrument for primary data collection.
A copy of questionnaires has been enclosed in the annexure.
In addition to the questionnaire method, data was collected through references given
by investors. In the process respondent’s interest towards particular financial
product, body language, knowledge of financial products were also taken into
consideration. Their overall assessment was done through this method and this was
the base that I carried through out while doing this research in every area.

39
 CHAPTER: 6

DATA ANALYSIS & INTERPRETATION

40
 CHAPTER: 6
DATA ANALYSIS AND INTERPRETATION

In the data analysis, I collected some relevant data which helped me in further
interpretation of my research project. Each analysis is based on the result of the data
from the data collection method which I used while calculating it with the help of
response from the questionnaire which I got from the company.
For interpretation part Data has been presented with the help of bar graph, pie
charts, line graphs etc.

ANALYSIS & INTERPRETATION OF THE DATA

(a) Age distribution of the Investors

Age Group <= 30 31-35 36-40 41-45 46-50 >50
No. of 7 9 14 12 10 8
Investors

14
12
10
8
6 14 12 10
7 9 8
4
2
0
<=30 31-35 36 - 40 41 - 45 46 - 50 >50

Age Group of the investors

41
Interpretation:

According to this chart out of 60 investors most are in the age group of 36-40 yrs.

i.e. 23%, the second most investors are in the age group of 41-45 yrs i.e. 20% and

the least investors are in the age group of below 30 yrs.

(b).Yearly income of investors:-

Income Group <=2,00,000 2lac – 4lac 4lac – 6lac 6lac – 10lac >10lac

No. of Investors 16 18 12 9 5

>10lac
8%
<=2lac
6lac - 10lac 27%
15%

4lac - 6lac
20%
2lac - 4lac
30%
Interpretation:

According to this chart out of 60 investors 30% investors that is the maximum investors
are in the annual income group of between 2lacs and 4lacs ,Second one i.e. 27%

42
 investors are in the annual income group of below 2lacs the minimum investors i.e. 8%
are in the monthly income group of below 10lacs

(c) Occupation of the investors:

Occupation No. of Investors

Govt. Employee 02
Corporate Employee 26
Practicing Professional 16
Entrepreneur 10
Retired 6

Retired 6

Enterpreneur 10

Practicing Professional 16

Corporate Employee 26

Govt. Employee 2
Interpretation:
0 5 10 15 20 25 30
In Occupation group out of 60 investors, 43% are Corporate. Employees, 27% are
Practicing Professional, 03% are Govt. Employees, 17% are Entrepreneur and 10 % are
retired.

43
(d) Investors investment in different kind of investments.

Kind of Investments No. of Respondents

Saving A/C 17
Fixed deposits 12
Insurance 14
Mutual Fund 5
Post office (NSC) 6
Shares/Debentures 5
Gold/Silver 1

44
 Saving A/C

1 F.D
5
17
6 Insurance

5 Mutual funds

14 12 Post Office
(NSC)
Shares/
Debentures
Interpretation:
Gold / Silver
According to this Pie chart out of 60 investors Almost 28% investors that is the
maximum investors invest in Savings a/c Second one i.e. 23% investors have taken
insurance cover and the lowest is investment is for gold i.e. almost 1 %. One can also
say that as currently gold investment is picking up most of the middle class families are
more inclined towards investing in gold, whereas those with slightly higher income

45
 prefer to invest in mutual funds as many of them believe in wealth creation and with lot
more awareness about mutual funds, subscriptions will also pick up.

(e) Investors preference and perceptions about investment

portfolio:
Asset Allocation No of Respondents
Debt 80%, Cash 20%, Equity 0% 09
Debt 75%, Cash 10%, Equity 15% 11

Debt 50%, Cash 10%, Equity 40% 19

Debt 35%, Cash 10%, Equity 55% 14

Debt 25%, Cash 10%, Equity 65% 07

20
18
16
14 19
12 14
10 D-80
8 11 D-75
6 9
4 D-50
2 7 D-35
0 D-25
D- D- D- D- D-
80% ,C- 75% ,C- 50% ,C- 35% ,C- 25% ,C-
Interpretation: 20% ,E- 10% ,E- 10% ,E- 10% ,E- 10% ,E-
0% 15% 40% 55% 65%
According to this chart out of 60 investors Almost 32% investors prefer to have
investment portfolio of moderate portfolio i.e. moderate risk taking ability whereas
hardly 12% prefer to have investment portfolio of high growth i.e. high risk taking
ability and with almost 65% investments in equity market. It is assumed that still
consumers are afraid of equity market and most of them would prefer a moderate
portfolio with 50% in debt and 40% in equity market.

46
 (f) Investors immediate interest would be:

Immediate interest No of Respondents

Complete Financial Planning 12
A Particular Product 12

Goal Achievement Planning 09

Investments (Lump sum / SIP) 27

Complete Financ
12 Planning
27 A Particular Prod
12
9 Goal Achieveme
Planning
Investments

Interpretation:

According to this chart one can clearly see that investors immediate is for
Investments in SIP’ s which covers almost 50% of investors interest and rest of
them almost evens out with almost equal proportion in Complete financial planning
and Particular product which is mostly mutual funds and ULIP’ s. It can be
interpreted that investor’s interest in Sip’s is mainly because the initial investment
is very low as it can be started with minimum of Rs 1000 every month and
irrespective of the market 75% of times they are assured of returns so mutual
funds Sip’s are the safest bet as compared to other financial products.

47
 (g) Investors reasonable annual rate of return for portfolio
investment would be:-
Annual Rate of Return No of Respondents
6% - 8% 14
9% - 11% 22

12% - 15% 17

More than 15% 07

More than
7
15%
No of Respondents

12% - 15% 17

9% - 11% 22

6% - 8% 14

Interpretation:
0 5 10 15 20 25
This chart shows that out of 60 respondents 37% investors prefer annual rate of return
Annual Rate of return
between 9% – 11%, and the second most preferred investment portfolio is 28% i.e
between 12% - 15% and lowest is 11% i.e rate of return of more than 15%. It can be
interpreted that there are investors who still would prefer an annual rate of return giving
modest return that is because investors are still conservative in creating their own
portfolio and would wait and watch at least for 2 years. It can also be said that even now
investors don’t have sufficient rolling capacity i.e. high disposable income which is
essential in creating higher portfolio and in return getting a higher rate of return.

CHAPTER: 7
OBSERVATIONS & FINDINGS

48
• The Maximum numbers of investors were in the age group of 36 – 40 years. The
second most number of investor was in the age group of 41 – 45 years and the least
were in the age group of below 30.
• Most of the investors were in the income group of between 2lacs – 4lacs and the
least were in the income group of above 10lacs.
• In Occupation group most of the investors were corporate employees, the second
most investors were practicing professionals and the least encompasses of retired
professionals and Government employees.
• Out of the 60 respondents almost half of them have invested in fixed deposits and
only 16% of them have invested in stock market i.e. shares, debentures and mutual
funds.
• Most respondents preferred investing in returns having moderate return i.e.
portfolio encompassing of debt – 50%, cash – 10%, and equity – 40% and the least
were investors who prefer investing in high portfolio i.e portfolio encompassing of debt
– 25%, cash – 10%, equity – 65%.
• Almost 50% of the investor’s i.e 27% of them have immediate interest in investing
in Sip’s and rest of them evens out with 40% comprising of complete financial planning
and a particular product and rest 15% of them are interested in goal achievement
planning.
• Another deciding factor for investment was investors income it was found out that
those between income group of 2lacs – 4lacs were conservative investors and prefer
to have their investment portfolio giving moderate returns i.e 25% in equity market and
50% in debt whereas those whose between income group of around 6 to 10lacs are
bold in their investment portfolio and prefer to have a very high return which comprises
65% in equity market and 25% in debt.
• Almost 30 – 35% of investors are scared of stock market and are very conservative
in investment decisions like many of them still believes that investing in bank F.D’ s or
R.D are much safer proportion as compared to investing in equity market. They are of
the opinion that at least they are assured of fixed returns in long run.

49
• There were close to 90 – 100 respondents who don’t have proper knowledge about
financial products and were ambiguous about recent happenings in financial market.
• There were many respondents who don’t have the income to support their
investment plans and were not sure about their long terms plans.
• Around 20% of the investors were not sure about direct tax code that is going to be
implemented and because of that they were not sure about investing in pension plans
and ULIP’ s and some of them had recently taken ULIP’ s plans and were not sure
about the tax procedure for these plans.
• Around 30% of the investors were confident about current financial scenario and
were optimistic that as compared to other countries our financial sector is in much
better shape.
• More than 50% of the respondents were not willing to give their Personal details as it
was required, to create their own portfolio because some of them were misguided
while most of them had a torrid time giving this information in the past.
• Around 2 – 3% of them were interested in taking SIP plans for their children’s as it
helps in long run e.g. there were few respondents who were tensed about their
children’s education and their marriage and looking at the current inflation and current
market rate Sip’s would be an ideal investment proposition taken into consideration
the goal achievement planning associated with it.
• There were about 1 – 2% who have invested in gold and most of them were in the
income group of between 2lacs – 4lacs and most of them were lower middle class
investors who were of the opinion that a gold coin will assure a much better return and
some of them were investing in them as an hobby

CHAPTER – 8

50
 LIMITATIONS

• Some of the respondents were not very co – operative.

• Due to recent recessions respondents were not confident about investing in

financial products.

• Maximum respondents were having limited knowledge about financial

products.

• Some respondents were reluctant to divulge personal information which can

affect the validity of all responses.

• The questions were long and too much, so most of them found it very tedious to go
through it.

• Most of them were not interested in the entire presentation due to lack of time and
many of them were busy with their own work.

• Possibility of error in data collection because few of investors may not have given
actual answers of questioners.

• Investor’s mindset about current market scenario and pessimistic outlook towards it.

• Certain investors related this internship as marketing of the company i.e Nfap which
acted as a hindrance to my training.

• Lack of knowledge about financial products and in process developing certain

misconceptions about financial products.

• Lack of references were also a major problem, as many investors were not
interested in giving references so sometimes research process was confined to limited
areas.

CHAPTER – 9

RECOMMENTDATIONS AND SUGGETIONS

51
• The most vital problem spotted is of ignorance. Investors should be made aware of
the benefits. Nobody will invest until and unless he is fully convinced. Investors should
be made to realize that ignorance is no longer bliss and what they are losing by not
investing.
• Financial products like mutual funds offer a lot of benefit which no other single
option could offer. But most of the people are not even aware of what actually a mutual
fund is? They only see it as just another investment option. So the advisors should try to
change their mindsets. The advisors should target for more and more young investors.
Young investors as well as persons at the height of their career would like to go for
advisors due to lack of expertise and time.
• Before making any investment Financial Advisors should first enquire about the
risk tolerance of the investors/customers, their need and time (how long they want to
invest). By considering these three things they can take the customers into
consideration.
• Younger generation especially aged fewer than 35 will be a key new consumer
group into the future, so making greater efforts with younger customers who
show some interest in investing should pay off.
• Investors having some knowledge of financial products as well as interests
towards financial products are easier to advice to and there is a large untapped
market there. To succeed however, advisors must provide sound advice and high
quality in service.
• Systematic Investment Plan (SIP) is one the innovative products launched by
Assets Management companies. SIP is easy for monthly salaried person as it
provides the facility of do the investment in EMI. Though most of the prospects
and potential investors are not aware about the SIP. There is a large scope for
the companies to tap the salaried persons and this is being proved because
there was news that about 22.5 lacs Sip’s were subscribed in 2010 as against
7lacs in 2003

52
• Mouth of Word also plays a huge role in promoting financial products as even if
half of the investors invest after getting sound financial advice a platform should
be created where these investors can help in promoting these financial products.
• There should be more of seminars and sessions with financial experts so that it
helps in creating in more awareness towards financial products.
• Experience in financial sector also plays a huge role in creating awareness
towards financial products. E.g. those investors who have invested for long term
and those who have gained higher returns after investing in these products
should try to bridge the gap between those who are scared of investing in these
products.
• After the launch of new pension scheme last year it has come as a major relief
for many private sector employees so efforts should be made to create
awareness and benefits associated with it as still there are many who are not
aware about it.

CONCLUSION

53
 I did my internship at Niveshak financial advisory program for 2months and it was a
great learning experience for me. It created a platform which helped me in getting a
strong foothold in financial sector. During my interns I even shared some of my
knowledge to some of my friends and relatives and even they were interested in
financial planning.

I met close to 90 – 100 respondents and their observation and feedback helped the
company in getting a fair idea about financial market. I observed that many people are
still feared of some financial products like Mutual Fund and ULIP’s they think that their
money will not be secured in Mutual Funds They need the knowledge of Mutual Fund
and its related terms. Many of people do not have invested in mutual fund due to lack
of awareness although they have money to invest. As the awareness and income is
growing the number of mutual fund investors are also growing day by day. Brand
name, income, influences, security in investment plays an important role for
investment.

People invest in those schemes or brands where they have faith or they are well
known with them. For e.g. investors in the age group of 25 – 30 who have just started
earning would definitely be influenced by parents or relatives with their investment
related decisions because I did find that some of them didn’t invested because their
parents have already invested in government schemes, kisan vikas patra, savings a/c,
fixed deposits etc.. and they are of the opinion that they are much more safe and
secure as compared to private companies schemes and are assured of returns
irrespective of the market conditions Then in such situation I explained that funds are
kept idle in banks F.d.’s or government schemes but there is wealth creation if
invested systematically in financial products.

Like every company Nfap is also trying to create a strong foothold as distribution
house for financial products but has its share of problems like lack of awarness about
the company, consumers knowledge about financial products, rivalries between

54
various private companies launching similar products due to this rivalries consumers
have a certain perceived notion towards this products so making investors understand
about pros and cons in itself is a huge challenge. Irrespective of all its strengths and
weaknesses it also has ample opportunities to grow.

55
 APPENDIX

 COPIES OF QUESTIONNAIRE

 REFFERENCES

 BIBLIOGRAPHY

COPY OF THE QUESTIONNAIRES

56
 Investors Profile Questionnaire

Q.Q1) Personal Details

Name of the investor:-

Address for correspondence:-

City:-

Email id:-

Mobile No:-

Phone office:-

Phone Res:-

Q.2) Occupation:-

• Govt. Employee
• Corporate Employee
• Practicing Professional
• Entrepreneur
• Retired

Q.3) Your Annual Income:-

• Upto Rs.2lacs p.a.

• More than Rs.2lac but less than Rs.4lacs p.a.
• More than Rs 4lacs but less than Rs.6lacs p.a.
• More than Rs.6lacs but less than Rs 10lacs p.a.
• More than Rs. 10lacs p.a.

Q.4) Where does your monthly expenditure household expenditure fall:-

• Less than Rs.15000p.m

• Above Rs15000 but less than Rs 25000p.m
• Above Rs.25000 but less than Rs.40000p.m
• Above Rs.40000 but less than Rs.50000
• Above Rs.50000p.m

Q.5) Do you have some savings that you can use in emergency?:-

57
 • No. I do not have any emergency savings
• Yes, I have, but it is small and would like to have more
• Yes, I have some emergency savings
• I have sufficient emergency savings, but can consider more

Q.6) I think a reasonable rate of return for my portfolio investment would be:-

• 6% - 8%
• 9% - 11%
• 12% - 15%
• More than 15%

Q.7) My most important investment goal is to:-

• Preserve my original investment

• Receive some growth and provide income
• Grow faster than inflation and also provide some income
• Grow as fast as possible even if there is no income today

Q.8) In the Past, which of the following products or instruments have you invested in:-

• Fixed Deposits and/or Money market funds

• Government / Securities & Corporate Bonds
• Mutual funds
• Shares or Equity or Derivates

Q.9) Tell us about investment preferences and perceptions

Asset Allocation Risk Return Projected Return Portfolio

(maximum / minimum) Type

Debt 80%; Cash Very Low 7% 7% Cash & A

20%;Equity 0% Income
Debt 75%; Cash Low 8% 6% Income B
10%;Equity 15%
Debt 50%; Cash Moderate 12% 7% Balanced C
10%;Equity 40%
Debt 35%; Cash Above Average 18% 5% Growth D
10%;Equity 55%
Debt 25%; Cash High 25% 3% High Growth E
10%;Equity 65%
Q.10) My Immediate interest is for:-

58
• Complete Financial Planning
• A Particular Product
• Goal Achievement Planning
• Investments(lump / SIP)

59
 BIBLIOGRAPHY

• Newspapers (Economic times and Times of India)

• Business Standard

• Mutual fund fact sheet and statement

• www.moneycontrol.com

• www.amfiindia.com

• www.mutualfundsindia.com

• www.iniveshak.com

• Research Methodology - J K Sachdeva

• Bottom of the Pyramid – C.K. Prahalad

60