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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vary with the educational qualification of the respondent at 5%.


vary with the occupation of the respondent at 5%.


vary with the income of the respondent at 5%.


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%.


the statements describing social empowerment before and after capital market

investment at 5%.


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.

CHAPTER – I INTRODUCTION AND RESEARCH DESIGN

Documents

Transcript of CHAPTER – I INTRODUCTION AND RESEARCH DESIGN