CHAPTER – I INTRODUCTION AND RESEARCH DESIGN
Transcript of CHAPTER – I INTRODUCTION AND RESEARCH DESIGN
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CHAPTER – I
INTRODUCTION AND RESEARCH DESIGN
1.1 Introduction
The development of India in all spheres is highly notable by the whole world.
India has a remarkable growth in technology, trade, education, infrastructure, industry
and financial services. Especially, innovations in capital market have played a crucial
role in shaping the economics of the world. In the past few decades, radical changes
and significant innovations have been seen in the Indian capital market. Financial
innovations have been witnessed in all spheres such as, financial products, process
and financial services. Financial innovations in capital market like introduction of
new products, financial services and risk management tools has been leading to better
integration and greater maturity in world financial matters. These financial
innovations have promoted efficiency and growth of financial markets that provided
low-cost effective tools and instruments. The emerging trends in capital market have
created new opportunities and near challenges for investors especially for women
investors also. Financial literacy and financial autonomy are more important for
women today than ever before. Financial independence gives a woman the power to
make her own decision and lead an independent life, regardless of marital status. The
changing face of the capital market paves the way for women to enjoy the investment
benefits.
1.2 Capital Market Development
The economy of a country functions on the fundamental mechanism of
savings and investment of financial capital into economic activities that help in the
creation of economic wealth. Economic wealth in turn creates a conductive
atmosphere for consumption that creates economic demand for goods and services
thereby stimulating production and further investment. Therefore, this continuous
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economic cycle leads to growth in the economy which is usually measured by the
gross domestic product or the GDP. Economic growth when channalised optimally
leads to economic development which is measured by the standard of living of the
people and other parameters such as the availability of developed capital and money
markets, the exchange value of the country’s domestic currency and the level of
infrastructural development to sustain economic activity.
With the above backdrop of broad economic considerations in mind, it is
necessary to understand the capital market role in economic development activity.
Capital market may be defined as a market for borrowing and lending long-term
capital funds required by business enterprises. Capital market is the market for
financial assets that have long or indefinite maturity. It provides alternative
mechanism of reallocating resources; it channelises household saving to the corporate
sector and allocates funds among firms.
1.2.1 Evaluation of the Indian Capital market
The Indian capital market is one of the oldest markets in Asia having found its
initiation nearly 200 years ago. While the early days were characterized mostly by
dealings of the East India Company, the first dealings in shares and securities were
witnessed in Bombay in the 1830s. Stock broking was initiated at this time and by the
1860s the number of stock brokers was around sixty. By 1874, native brokers started
assembling in the famous Dalal Street in South Bombay to conduct transactions in
shares and securities. The Bombay Stock Exchange, now known as the BSE was
established in 1875 as ‘The Native Share and Stock Brokers Association’. It is older
than the Tokyo Stock Exchange, which was established in 1878.1 It was constituted
as a voluntary non-profit association of brokers primarily to protect their interests in
security trading business. The BSE is currently engaged in the process of converting
itself into a demutualised corporate entity. It was the first stock exchange in India to
1 Pratap G Subramaniyam, “Investment Banking- An Odyssey in High Finance”, Tata McGraw-Hill
Publishing Company Limited, New Delhi, Pg 16-17.
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have been granted permanent recognition in 1956 by the Government of Indian under
the Securities Contracts (Regulation) Act1956. The SCRA was the culmination of a
process initiated by the government to regulate the several stock exchanges that had
proliferated during the Second World War. After independence, regulation of
securities business and stock exchanges became a central subject under the
Constitutions. The SCRA was passed in 1956 to substitute all state level legislations
on the subject.
1.2.2 Growth of Stock Exchanges
In the initial years Indian capital market was localized initially in Bombay and
then in Gujarat primarily driven by the textile business. In 1984, the Ahmedabad
Stock Exchange was established. Similarly by the 1880s and 1890s, the Calcutta
Stock Exchange in Lyons Range was established. As Indian industry grew in the
twentieth century with the setting up of the Tata Iron and Steel Company in 1907,
there were several shares of Indian Companies by around 1920 in the capital market.
The Madras Stock Exchange came into existence 1920, which went out of existence
and was re-established in 1937. Since India followed a controlled regime in bullion,
exchange and commodity trade, the interest in stock markets grew and several other
stock exchanges such as Uttar Pradesh Stock exchange (1940), Nagpur Stock
exchange (1940), and the Hyderabad Stock exchange (1944), and the Delhi Stock
exchange 1947 were established. Bangalore Stock exchange was given recognition in
1963. In the 1980s several other stock exchanges were set up such as the Cochin
Stock exchange (1980), Uttar Pradesh Stock exchange, Kanpur, 1982, Pune Stock
exchange (1982), Ludhiana Stock Exchange (1983), Guahati Stock Exchange (1984),
Canara Stock Exchange, Mangalore (1985), Magadh Stock Exchange, Patna, (1986),
Jaipur Stock Exchange (1989), Bhubaneswar Stock Exchange (1989), Saurashtra
Kutch Stock Exchange Rajkot (1989), Vadodara Stock Exchange Baroda (1990) and
the more recent stock exchanges at Coimbatore and Meerut. With this, there are
totally twenty three stock exchanges in the country, 20 of them being regional ones
with allocated areas. Three others set up in the reforms era, viz., National Stock
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Exchange (NSE) the Over The Counter Exchange of India Limited (OTCEI) and
Inter-connected Stock Exchange of India Limited (ISE) have been mandated to
nationwide trading network. The ISE is promoted by 15 regional stock exchanges in
the country and has been set up at Mumbai.
Though the Indian capital market had breadth in terms of geographical reach,
the pattern followed was that of setting up regional stock exchanges with their own
distinct existence as compared to the practice in developed markets, which had few
large exchanges in each country. In terms of capital issues, post –independence, the
activity of fresh capital issues both in equity and debt became heavily controlled
processes under Capital Issues (Control) Act 1947. There were restrictive rules under
this enactment that prevented companies accessing the capital market in accordance
with their capital requirement. Every public offer required the approval of the central
government and pricing of shares was subject to a restrictive pricing formula under
the CCI Guidelines. The concept of ‘free pricing’ of a share was non-existent and the
right of a company to charge a particular price for its share in the capital market was
determined through administrative clearance rather than through market validation.
This regime led to very few Indian Companies making issues and raising capital from
the capital market. Most of them depended on the development financial institutions
such as IDBI, IFCI, ICICI and the SFIs for their capital requirements and remained
unlisted. The capital gearing of Indian Companies was also high due to the fact that
most of their capital comprised of long term loans from such institutions and
commercial banks.
1.2.3 Transformation of the Capital market
In 1991, with the liberlisation measures initiated by the Government of India,
the setting was created for a capital market rebirth in the years to follow. The Capital
Issues (Control) Act was abolishes and a new regulatory authority called the
Securities Exchange Board of India was established under the Securities Exchange
Board of India Act 1992 to promote the orderly growth and development . In the past
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nineteen years after the advent of SEBI, the capital market in India has undergone a
sea change both in terms of growth and development of the capital market.
In earlier days, buying and selling of securities happened in the physical form.
Whenever a seller sells security to a buyer, he/she needs to send securities in a
physical form to a broker who transfers it to the exchange. Exchange verifies the
security paper and sends it to the broker who in turn passes it to the buyer. In the year
1996, Ministry of Finance along with SEBI formed a body named National Securities
Depository Limited (NSDL). It has necessary infrastructure to hold securities in an
electronic form and to transfer them between accounts in a depository. Clearing
banks appointed the stock exchange facilitate settlement of funds. Holding and
handling of securities in electronic form eliminates problems that are normally
associated with physical certificate like mutilation, loss in transit, problems of bad
delivery, etc. Further it facilitates faster settlement cycle. All the scrips included in
S&P CNX Nifty and BSE Sensex has already joined NSDL. At the end March 2010,
the numbers of companies connected to NSDL were 8,124.2
1.2.4 Online Trading
The rapidly advancing technology, particularly the Internet, has drastically
changed the social and economic landscape,3 and every aspect of our daily lives.
“On-line trading” is broadly defined as a trading mechanism where investors place
orders and confirm trading results via electronic communication channels, such as the
Internet, mobile phones, and Personal Digital Assistants (PDA). In India, the whole
process of securities transactions, from order placement and routing, order execution,
to trade confirmation, is fully automated, thus enabling the investors who have placed
orders to confirm their trading results within a few seconds. Having taken advantage
2 A review Indian Securities Market, Vol. XIII -2010. www.nseindia.com.
3 Bhole, L.M. (1999), Financial Institutions and Markets, Structure, Growth and Innovation, Tata
McGraw-Hill, New Delhi.
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of information technology at the right time, India has emerged as a front-running
country of on-line trading in the global securities markets.
The prevalence of on-line trading had significant impacts on the trading
patterns of investors, trading volume, transaction costs, securities service industry,
and overall market operations. The day trading accounted for 30 percent of the total
trading value of the Indian capital market in early 2001.
It is believed that on-line trading has significantly contributed to the growth in
trading volume. The market value turnover ratio broke through the 200 percent level
for the first time in 2007 when the trading volume of on-line trading picked up, and
has stayed beyond that level since then. Initially, a 0.5 percent of brokerage
commissions were applied to both on-line and traditional transactions. Due to the
price competition, brokerage commissions for on-line trading continued to be
lowered. Currently, the brokerage commissions for on-line trading are around 0.1
percent, whereas those for traditional transactions are around 0.5 percent. Lowering
of the capital requirements for the establishment of broking-only securities firms
prompted appearance of several broking-only securities firms, which are exclusively
engaged in on-line trading businesses. The low fee strategies of these securities firms
further accelerated price competition.
Though on-line trading has had positive effects on the securities market in
many respects, it raised some challenges to the Indian capital market. For instance,
excessive day trading increased the price volatility, and some devious large investors
attempted to mislead investors by placing fake orders. To solve the problems
associated with the placement of fake orders, the NSE & BSE discontinued the
practice of making available the aggregate bid and ask order quantities during
continuous trading hours. At the same time, the bid and ask quotations made
available to the public were increased from the highest and lowest fives each to the
highest and lowest tens each.
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Despite the growth in trading volume for the last several years, the same
cannot be said about the profitability of most securities firms. Considering the fact
those major income sources of securities firms are brokerage commissions, the
declining profitability might, to some extent, be attributable to the excessive
reduction of commissions for on-line trading. It is expected that securities firms will
pursue restructuring to reduce their operating costs and enhance their
competitiveness, and will make efforts to provide specialized services. At the end of
March 2011, a total number of 387 members were permitted to allow investor’s web
based access to NSE’s trading system.4 The members of the exchange in turn had
registered 5,640,513 clients for web based access as on March 31, 2011. During the
year 2010-11 10.70 percent of the trading value in the Capital Market segment (
765,271crore) was routed and executed through the internet.
1.3 Role of Women Investors in Indian Capital Market
The positive shifts of the earning power of women have created more interest
in them to know the financial matters than they were in the past. The last decade was
an eventful one for the Indian Capital market. Reforms particularly the establishment
of Security and Exchange Board of India (SEBI), market determined prices and
allocation of resources, screen- based nationwide trading, dematerialization and
electronic transfer of securities, rolling settlement and derivative trading have greatly
improved both the regulatory framework and efficiency of trading and settlement.
The changing technology in capital market trading procedures, create the
opportunities to women entering into the trading activities. The far reaching sector
now, is in the lap of women. Many innovations have emerged due to developments in
technology. Innovations like open IPO, Exchange Traded Fund, Derivatives, and
Dematerialization are technological advances driven innovations. Dematerialization
is the process by which physical certificates of an investor are converted into an
4 Source: NSE Fact Book 2007, 2008, 2009, 2011.
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equivalent number of securities in the electronic format and credited in the investor’s
account with his Depository Participants (DPs).
The new look of capital market like greater transparency, better and faster
flow of information, efficient technologies paves the way to women entering into the
capital market activities. In the securities industry, the Internet has facilitated on-line
trading, changing the way the market works, as well as the way women investors
access the market. After introduction of on-line trading, individual women investors
could have an easy and speedy access to market information, and has stayed beyond
that level since then. The number of securities market-related websites increased
rapidly, providing a variety of information, including quotation information,
corporate disclosure, financial information, research papers and financial news, on a
real-time basis. The speed and lower transaction costs of on-line trading encouraged
women investors to trade, frequently in pursuit of short swing profits making, day
trading prevalent on the market.
1.4 Statement of the Problem
Financial literacy and financial autonomy are more important for women
today than ever before. Financial independence gives a woman the power to make her
own decisions and lead an independent life, regardless of her marital status.
Recognizing this power of financial empowerment, more and more women have
begun taking active interest in personnel financial planning. This is a distinct shift
from the earlier times when, in almost all societies around the world, women
depended on men for financial support, and believed that they were incapable of
handling money competently.
Like men, women are faced with numerous financial challenges today, such
as funding children’s education, getting adequately insured and ensuring sufficient
savings for future financial needs, to mention a few. In fact, it would not be wrong to
say that women are prone to more financial challenges and barriers than men.
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Illustrative of this issue is the fact that, women on an average tend to live longer than
men, but generally earn lesser. Thus they are faced with the tough task of saving for
more years of retirement out of comparatively smaller resource base.
In early days, all the financial matters were left to the husband and women
took least interest in planning and investment decisions. They efficiently shouldered
all the family financial responsibilities with their husband along with household jobs.
The concept of male dominated societies prevented women to enter the job market.
Due to women empowerment, and increased level of women education now they are
placed in various jobs.
Early studies say about the concept of women empowerment through labour
movement, SHG, Microfinance, Five year plans, education etc. Now, women in
position earn more salary and also they show an interest to invest their savings in the
stock market. A clear financial plan is definitely the first step towards efficient use of
financial resources. Financial planning holds the key to meeting many of life’s goals
such as, purchasing a house, funding children’s education, retirement planning or
wealth creation. Investment plans, retirement plans and tax plans all come under the
purview of financial planning.
In early days, the share market was a far reaching field of investment for
Indian women investors. With the advent of technology, the physical presence of
investors, especially women investors, have been spared along with other factors and
other areas of investment opportunities. Investments in shares have become an easy
way for the women investors. Without the culture getting affected in the least, women
investors can access the market easily on par with their counterparts. Women’s
economic empowerment is the social target of the Indian social architects. The Indian
Capital market paves way to women’s economic empowerment.
The researcher has taken this issue for her studies, to know the behaviour of
women investors in Indian capital market, and how the capital market investment can
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economically empower the women and their participation in decision making in
family and social activities.
1.5 Research Objectives
The present study has made an attempt to achieve the following specific
objectives:-
1. To understand the various aspects of women empowerment especially
women economic empowerment.
2. To analyze the variables and factors that influences the investment
activity of women under study.
3. To examine the investment behaviour of women investors in capital
markets.
4. To examine the role of capital market investment in women’s
economic empowerment.
5. To offer valid suggestions on the way to women’s economic
empowerment through investment in shares.
1.6 Hypotheses
The study endeavors to test the following hypotheses evolved in the light of
the aforesaid objectives:-
Hypothesis 1: H0 – The various sources of financial information preferred do not
vary with the age of the respondent at 5%.
Hypothesis 2: H0 – The various sources of financial information preferred
do not vary with the marital status of the respondent at 5%.
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Hypothesis 3: H0 – The various sources of financial information preferred do not
vary with the educational qualification of the respondent at 5%.
Hypothesis 4: H0 – The various sources of financial information preferred do not
vary with the occupation of the respondent at 5%.
Hypothesis 5: H0 – The various sources of financial information preferred do not
vary with the income of the respondent at 5%.
Hypothesis 6: H0 – The various sources of financial information preferred do not
vary with the nature of family of the respondent at 5%.
Hypothesis 7: H0 – There is no significant difference in the agreement level towards
the statements describing decisional empowerment before and after capital market
investment at 5%.
Hypothesis 8: H0 – There is no significant difference in the agreement level towards
the statements describing social empowerment before and after capital market
investment at 5%.
Hypothesis 9: H0 – There is no significant difference in the agreement level towards
the statements describing social empowerment before and after capital market
investment at 5%.
1.7 Research Design
The study is descriptive in nature. In order to collect the information from
individual investors, a well-designed and pre-tested questionnaire was used for
interview schedule. The survey was administered personally on face to – face basis
with the respondents. Respondents are classified according to their age, income,
occupation, education and living status so as to analyse the data purposefully.
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1.8 Scope of the Study
The scope of the present study is limited to the women investors dwelling in
the city of Madurai. The analysis is particularly directed towards the understanding of
durable features of the women economic empowerment through capital market
investment. The study mainly focuses on the women who involve in capital market
activities, whether they behave like investors or traders. The study is restricted to the
interview schedule conducted on women investors with respect to the preference of
capital market investment.
1.9 Area of the study
Madurai district is one of the oldest districts of the State and culturally and
politically a famous one from the earliest period in the history of Tamil Nadu.
Madurai district is famous for its orchards, forest products and handloom weaving.
The researcher has taken this area for her studies because of the tremendous
augmentation of depository office in Madurai city. Five years before, there were only
a few depository offices; but now 39 depository offices are available in this area. The
development is due to increase of interest of investors. The researcher wants to probe
whether women investors are included in the development arena. Online trading also
highly motivates the women to trade in capital market. So the study was taken in this
area for finding the women investors’ role in capital market and finding their
economic empowerment through investment.
1.10 Methodology
To achieve the objectives of the present study, both primary and secondary
sources of data have been used. While the primary data have been collected so as to
achieve two, third and fourth objectives, the secondary data has helped to attain the
first objective. The secondary data have been gathered from published materials in
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various journals, government reports, newspapers, business magazines etc. and
through internet. To study the women investors’ role in capital market on the way of
economic empowerment interview method has been applied.
1.11 Sampling Design
With the aim of collecting primary data, a sample of 450 women investors
was selected using Proportionate Stratified Random Sampling Method was applied
for the selection of samples from the Depository Offices situated in Madurai city. In
and around Madurai city, 39 depository’s offices are situated; among these 25 percent
(i.e. 9.75 or 10 DPs) is taken as the sample.
Table 1.1
Sampling Design
S.NO Name of the depository Size of sample
1. Karvy Stock Broking Ltd. Rakesh Tower, Madurai 45
2. Relicare Securities, AR Plaza, Madurai. 45
3. India bulls Securities Ltd. AR Plaza, Madurai. 45
4. India Info line Ltd. AR Plaza, Madurai. 45
5. Anagram Securities Ltd., AR Plaza, Madurai. 45
6. MF Global Securities, Near Lalitha Jewellery, Madurai 45
7. Fair Wealth Securities, AR Plaza, Madurai. 45
8. Way 2 Wealth, AR Plaza, Madurai. 45
9. Aditya Birla Money, AR Plaza Madurai 45
10. India Nivesh Securities (Pvt.) Ltd. AR Plaza, Madurai 45
TOTAL 450
Source: Computed Data
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This list of women investors obtained from the Depository Offices was used
as the sampling frame. Among these, 45 women investors are taken as a sample from
each DP. Totally 450 women investors were selected. Out of this, 9 incomplete or
unusable samples were discarded and the data on 441 women investors are used for
analysis. To find out the sample adequacy Kaiser-Meyer-Olkin Measure of Sampling
Adequacy (KMO) is used and the sample size is adequate (.616). A structured
questionnaire (Annexure) was prepared and administered personally. The survey is
limited to urban area of Madurai and it was conducted between March 2010 and
December 2010.
1.12 Pilot Study
A pilot study was conducted with the initial questionnaire to a sample of size
30. After knowing its drawbacks some comparative questions were removed and
some of the words were made simply to improve understanding. The data thus
collected was analyzed and interpreted with relevant statistical tools for drawing
conclusions.
1.13 Framework Analysis
For analysing the data collected during the investigation, the following
statistical tools were used. The statistical tools were selected on the basis of the
fulfillment of objectives and the scale of data.
The detailed methodology is as follows:
a) Entire data was entered and validated for ranges and consistency in
SPSS package.
b) Frequency distribution tables prepared for all questions for various
classifying variables.
c) Column-wise tables give options as the questions are being analysed.
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d) Row- wise tables give the various sub-groups of classifying variable.
e) To infer the data inferential statistics such as mean, median, SD and
percentage analysis are used.
f) One-way ANOVA is followed to identify whether there is an impact
of demographic variables with sources of information.
g) Rank methodology is adopted to identify the influencing factor for
investment decision.
h) Descriptive statistics tables are used to show the attitude of
respondents and their behaviour.
i) Factor Analysis is used for identifying the influence level of variables.
j) Wil-coxon tests are used to identify the empowerment level before and
after capital market investment.
1.14 Operational Definition
• American Depository Receipt (ADR)
A certificate of trading on a U.S. stock exchange that represents shares of a
foreign corporation.
• BSE Sensex
A stock index (one of many) is commonly used as an indicator of changes in
the general level of the stock prices in India. In this index, there are 30
diversified stocks traded on the Mumbai Stock Exchange which are thought to
be representative of the market in general.
• Capitalization
The value of a company as measured by the market price of its common
shares, multiplied by the total number of shares that have been issued.
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• Clearing House
It is a legal counter party to both legs of every trade. The netted purchase and
sale positions of the trading. Members are settled through the clearing house.
• Commodities
Products traded on an authorized commodity exchange. Types of commodities
include agricultural products, metals, petroleum, foreign currencies, financial
instruments and indexes to name a few.
• Depository Participant (DP)
A DP is a representative of the depository in the system. The DP maintains
the client's securities account balances and keeps him informed about the
status of holdings. According to SEBI regulations, financial institutions (FI's),
banks, custodians, stockbrokers, etc. can become DPs. It is comparable with a
branch of a bank if a Depository is likened to a bank. A DP is offered
depository services only after it gets proper registration from SEBI.
• Fundamental Analysis
A method of stock analysis based on the management of the company, past
and projected financial and profitability.
• Hedging
A practice of taking one market position to offset potential losses in another.
Contracts are generally European Style options i.e. they can be exercised
/assigned only on the expiry date.
• Intraday
Stock trading tracked in periods shorter than one day. For instance the trades
during the first two hours or last two hours of the trading day.
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• Margin money
‘Margin Money’ is a term associated with derivative instruments transaction.
An upfront payment made by the customer to take a position in the market.
• Market Capitalization
Total market value of the company on the stock exchange. Total number of
shares multiplied by the official price quoted on the stock exchange.
• Market Liquidity
Use to track money flow into and out of the markets. Positive cash flow can
serve as an indicator that fund managers have cash to put into the markets at
the next buying opportunity. Conversely, negative cash flow may indicate that
fund managers may need to liquidate some holdings to meet redemption
requirements. Additionally, IPO's reduce market liquidity; however mergers
increase market liquidity.
• Money Market
The market encompassing the trading and issuance of short-term non-equity
debt instruments, including treasury bills, commercial paper, bankers’
acceptance, certificates of deposits etc. The market may be local or
international.
• Mutual Fund
Mutual Fund is a mechanism for pooling the resources by issuing units to the
investors and investing funds in securities in accordance with objectives as
disclosed in offer document. A fund established in the form of a trust to raise
money through the sale of units to the public or a section of the public under
one or more schemes for investing in securities, including money market
instruments.
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• Portfolio
A collection of securities owned by an individual or an institution (such as a
mutual fund) that may include stocks, bonds and money market securities.
• Portfolio investment
Investment which goes into the financial sector in the form of treasury bonds
and notes, stocks, money market placements, and bank deposits. Portfolio
investment involves neither control of operations nor ownership of physical
assets.
• Risk
The potential to lose money (principal and any earnings) or not to make on an
investment.
• Secondary Market
The market for previously issued securities or financial instruments.
• Securities
Documents proving debt or ownership that may be bought or sold.
• Stock exchange
Any body of individuals, whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling
or dealing in securities.
• Trading member
A member of the derivatives exchange or derivatives segment of a stock
exchange who settles the trade in the clearing corporation or clearing house
through a clearing member.
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• Volatility
A measure of the fluctuation in the market price of the underlying security.
Mathematically, volatility is the analyst standard deviation of returns.
• Women Empowerment
Women empowerment is process whereby women become able to organize
themselves, to increase their own self reliance, to assert their independent
right to make choices and to control resources which will assist in challenging
and eliminating their own subordination.
• Women Economic Empowerment
A woman is said to be economically empowered when she gains power as
result of increased access to economic resources. The means of achieving
economic empowerment are; increase in income, ability to make decisions
regarding the utilization of money/credit, investment, etc.
• Social Empowerment
A woman is said to be socially empowered when has the power to participate
in collective activities in the society. The means of achieving social
empowerment are; social status, mingling with others, access to various
organisations, social involvement, voice against social issues, etc.
1.15 Limitations of the Study
The study suffers from period limitation that is; the opinion of the respondents
may vary over a period of time. The sample size is only 441. However, the above
limitations will in no way affect the validity of the findings of the study and care will
be taken to have a representative sample.
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1.16 Period of the Study
The researcher has analysed the relevant data belonging to the period 2000-01
to 2009-10 for the purpose of the study.
1.17 Chapter Scheme
The study is organized in seven chapters as described hereunder
The First Chapter deals with design of the study. It covers introduction about
capital market development, role of women in capital market, objectives of the study
and hypotheses of the study, research design, scope of the study, area of the study,
methodology, sampling design, pilot study, and framework analysis.
The Second Chapter deals with existing literature on the present topic. It is
divided into five sections important aspects of existing research studies include the
following (i) Reviews of women empowerment studies; (ii) Reviews of Indian
Capital market Investment.
The Third Chapter enumerates an overview of Indian capital market
includes structure, characteristics of capital market, capital market instrument, list of
stock exchanges in India, market regulations, growth of primary market and
secondary market, performance of Indian securities market, growth of mutual fund,
investment by FIIs, movement of stock indices, growth of market capitalisation and
turnover, globalisation Indian securities market, impact savings and interest rate on
investment behaviour of households and conclusion.
The Fourth Chapter presents the theoretical framework of women
empowerment concept in various dimensions viz., decisional empowerment, social
empowerment, and economic empowerment.
The Fifth Chapter gives the survey results according to demographic
features. It contains brief introduction of the investors’ profile according to age,
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income, education, occupation, family style, assets held by them of the women
investors and investment pattern across these variables.
The Sixth Chapter deals with the Investment profile of the women investors
and their influencing factors, sources of information, investment behaviour, decision-
making level, economic empowerment, and social empowerment.
The Seventh Chapter presumes the findings, suggestions and conclusion of
the study.