In-depth Study of Investor's Perception towards investment in Various Alternatives

In-depth Study of Investor’s Perception towards Various Investment Alternatives. Page 1
Chapter 1

Introduction
Investment involves making of a sacrifice in the present with the hope of deriving future benefits.
Two most important features of an investment are current sacrifice and future benefit. Investment is
the sacrifice of certain present values for the uncertain future reward. Investment may be defined as
an activity that commits funds in any financial/physical form in the present with an expectation of
receiving additional return in the future. The expectation brings with it a probability that the quantum
of return may vary from a minimum to a maximum. This possibility of variation in the actual return is
known as investment risk. Thus every investment involves a return and risk. A proper planning and
analysis should be done in order to reach to the perfect decision of investment or portfolio
management.
Indian financial system is considered as one of the most powerful economic system among the world
markets. Many of the investment agreements are made by the Indian government to increase the
investment in the country in various sectors.
Indian financial system is the result of effective governance and proper control of the country’s
supreme monetary authorities. i.e. Reserve Bank of India (RBI) and Securities Exchange Board of
India (SEBI).
 Various Governing Bodies regulates the Indian Financial System are as follow:
Reserve Bank of India is the supreme authority and regulatory body of all the monetary
transaction in the country. RBI is the regulatory body for various banking and non-banking
financial institutions in the country.

SEBI is the supreme authority and regulatory body for the India’s capital market.
Insurance Regulatory and Development Authority is the apex statutory body which regulates the
Insurance companies in India.
Association of Mutual funds in India regulates all the mutual fund companies in India.
Foreign Investment Promotion Board regulates all the foreign direct investment made in India
in various sector.
Ministry of Finance and the government of India has the controls on all the above governing bodies
established in country for the regulation of the money and non-monetary instruments in the country.
Investments are normally classified into five category using risk and return relationship in the Indian
Financial System. There are various other factors like risk, return, period of Investment, safety, past
performance etc. which affect the investment decision and also the selection of investment
alternative.

 Various Alternative Available in India for Investment are classified as follows:
1. Low Investment Alternative
 Saving Account
 Bank Fixed Deposits
 National Saving Certificates
 Government Securities
2. Moderate Investment Alternative
 Mutual Funds
 Insurance
 Bonds/Debentures
3. High Investment Alternative
 Equity Shares
 Commodities
 FOREX Market
4. Traditional Investment Alternative
 Residential And Commercial Real Estates
 Bullions
5. Emerging Investment Alternative
 Hedge Funds
 Art/ Passion
 Venture Capital
Description of Available Investment Alternative in India:
 .Savings Account
A savings account is a deposit account held at a bank or other financial institution that provides
principal security and a modest interest rate. Depending on the specific type of savings account, the
account holder may not be able to write checks from the account (without incurring extra fees or
expenses) and the account is likely to have a limited number of free transfers/transactions. Savings
account funds are considered one of the most liquid investments outside of demand accounts and cash.

In contrast to savings accounts, checking accounts allow you to write checks and use electronic debit
to access your funds inside the account. Savings accounts are generally for money that you don't
intend to use for daily expenses.
 Bank Fixed Deposits
A fixed deposit (FD) is a financial instrument provided by banks which provides investors with
a higher rate of interest than a regular savings account, until the given maturity date.
 National Savings Certificates
National Savings Certificates, popularly known as NSC, is an Indian Government Savings
Bond, primarily used for small savings and income tax saving investments in India. It is part of the
postal savings system of Indian Postal Service (India Post).
 Government Securities
A government security is a bond issued by a government authority with a promise of
repayment upon maturity. Government securities such as savings bonds, treasury bills and notes also
promise periodic coupon or interest payments. These securities are considered low-risk, since they are
backed by the taxing power of the government.
 Mutual Funds
A mutual fund is a pool of money from numerous investors who wish to save or make money
just like you. Investing in a mutual fund can be a lot easier than buying and selling individual stocks
and bonds on your own. Investors can sell their shares when they want.
 Insurance
Insurance is a contract, represented by a policy, in which an individual or entity receives
financial protection or reimbursement against losses from an insurance company. The company pools
clients' risks to make payments more affordable for the insured.
Insurance policies are used to hedge against the risk of financial losses, both big and small, that may
result from damage to the insured or her property, or from liability for damage or injury caused to a
third party.

 Bonds
The investor purchases debt issued by companies or governments which promises to pay an
annual return until the debt is repaid. The value of the investment changes as the level of general
interest rates fluctuates, causing the bond to become more or less valuable.
 Equity or Stocks
Equity shares are the main source of finance of a firm. It is issued to the general public. Equity
shareholders do not enjoy any preferential rights with regard to repayment of capital and dividend.
They are entitled to residual income of the company, but they enjoy the right to control the affairs of
the business and all the shareholders collectively are the owners of the company.
 Commodities
A commodity is a basic good used in commerce that is interchangeable with other commodities
of the same type. Commodities are most often used as inputs in the production of other goods or
services. The quality of a given commodity may differ slightly, but it is essentially uniform across
producers. When they are traded on an exchange, commodities must also meet specified minimum
standards, also known as a basis grade.
 FOREX Market
Forex (FX) is the market in which currencies are traded. The forex market is the largest, most
liquid market in the world, with average traded values that can be trillions of dollars per day. It
includes all of the currencies in the world.
 Real Estate
Real estate is property comprised of land and the buildings on it as well as the natural resources
of the land including uncultivated flora and fauna, farmed crops and livestock, water and minerals.
Although media often refers to the "real estate market" from the perspective of residential living, real
estate can be grouped into three broad categories based on its use: residential, commercial and
industrial.
 Bullions
Bullion is gold and silver that is officially recognized as being at least 99.5% pure and is in the
form of bars or ingots rather than coins

 Hedge Funds
Hedge funds are alternative investments using pooled funds that may use a number of different
strategies in order to earn active return, or alpha, for their investors.
 Venture Capital
Startup companies with a potential to grow need a certain amount of investment. Wealthy
investors like to invest their capital in such businesses with a long-term growth perspective. This
capital is known as venture capital and the investors are called venture capitalists.
 What is Perception?
Perception is the process through which an individual selects, organizes and interprets the
information he receives in order to do something that makes sense. The perception of a situation at a
given time may decide if and how the person will act.
Depending to his experiences, beliefs and personal characteristics, an individual will have a different
perception from another.
 Factors affecting the investor perception in investment in various alternatives.
Following are the factor which affects the investor’s perception:
 Income
Your income is an important determinant of gauging your risk tolerance. If your income is high
enough, you will not mind taking higher risks while taking investment decisions and vice-versa. This
is because small setbacks in your portfolio will not affect your ability and capability to invest.
 Expenses
Your outgoings also influence the risk which you can afford to take while investing. Thus although
you may be having a high income, but your disposable income is petite you could be refrained from
taking high risk. Hence it is imperative for you to streamline unnecessary expenses, so as to keep your
financial health in pink.
 Age
Investors risk appetite generally declines with age. This is primarily because as the investor
matures in age and reaches retirement, he psychologically cannot tolerate high volatility in his
portfolio. Any dips in his investment value will lead to erosion of his retirement corpus. On the other
hand, a young investor can comparatively take higher risks as he has a larger number of working years

before he retires. He has ample amount of time and opportunities to recover from any possible
setbacks in the value of his portfolio.
 Your past experience:
If you have a good experience about any product in the past, you tend to become more comfortable
with repetitive buying. If you have earned success in beating champs in derbies you wouldn't mind
betting even on dark horses. Same goes true in case of investments. Those who have earned
substantially high returns previously would have a heart to take more risk.
 Knowledge
This is one those rare assets which may never lose their value. A thorough knowledge about
something increases your awareness. Becoming aware about good and bad effects completely would
push your risk appetite up. In primitive stage of development, man knew little about fire and was as
apprehensive to it as any other animal. However, once he become aware about possible positive
changes that fire may bring to his life; he started using it to his benefit.
 Service Quality
Even in the case of goods that exhibit numerous flaws, excellent service quality can often
overshadow a negative experience with the product itself. If a consumer feels that he receives
exceptional attention when encountering a problem with a product, that consumer is somewhat more
likely to trust the brand or product knowing that the manufacturer or retailer provides a prompt and
effective response to problems. Humans are social animals and their consumer behavior is often
determined by the social relationships that surround a product, including interactions with customer
service representatives.
 Brand
A brand is a set of marketing and communication methods that help to distinguish a company from
competitors and create a lasting impression in the minds of customers.
 Attitudes
The perceiver’s attitudes affect perception. For example, suppose Mr. X is interviewing
candidates for a very important position in his organization – a position that requires negotiating
contracts with suppliers, most of whom are male. Mr X may feel that women are not capable of

holding their own in tough negotiations. This attitude will doubtless affect his perceptions of the
female candidates he interviews.
 Moods
Moods can have a strong influence on the way we perceive someone. We think differently when
we are happy than we do when we are depressed. In addition, we remember information that is
consistent with our mood state better than information that is inconsistent with our mood state. When
in a positive mood, we form more positive impressions of others. When in a negative mood, we tend to
evaluate others unfavorably
 Motives
Unsatisfied needs or motives stimulate individuals and may exert a strong influence on their
perceptions. For example, in an organizational context, a boss who is insecure perceives a
subordinate’s efforts to do an outstanding job as a threat to his or her own position. Personal insecurity
can be translated into the perception that others are out to "get my job", regardless of the intention of
the subordinates.
 Interest
The focus of our attention appears to be influenced by our interests. Because our individual
interests differ considerably, what one person notices in a situation can differ from what others
perceive. For example, the supervisor who has just been reprimanded by his boss for coming late is
more likely to notice his colleagues coming late tomorrow than he did last week. If you are
preoccupied with a personal problem, you may find it hard to be attentive in class.
 Cognitive Structure
Cognitive structure, an individual’s pattern of thinking, also affects perception. Some people have
a tendency to perceive physical traits, such as height, weight, and appearance, more readily. Others
tend to focus more on central traits, or personality dispositions. Cognitive complexity allows a person
to perceive multiple characteristics of another person rather than attending to just a few traits.
 Expectations
Finally, expectations can distort your perceptions in that you will see what you expect to see. The
research findings of the study conducted by Sheldon S Zalkind and Timothy W Costello on some
specific characteristics of the perceiver reveal

· Knowing oneself makes it easier to see others accurately.
· One’s own characteristics affect the characteristics one is likely to see in others.
· People who accept themselves are more likely to be able to see favorable aspects of other people.
· Accuracy in perceiving others is not a single skill.
These four characteristics greatly influence how a person perceives others in the environmental
situation.
 Habit
Habits die hard and therefore individuals perceive objects, situations and conditions differently
according to their habits. A Hindu will bow and do Namaskar when he sees a temple while walking on
road, because of his well-established habit. These are several instances in life settings where
individuals tend to react with the right response to the wrong signals. Thus a retired soldier may throw
himself on the ground when he hears a sudden burst of car tyre.
 Learning
The state of learning influences and plays a crucial role in the perception process. However, it
should be recognized that the role of learning is more pronounced in respect of complex forms of
perception where the symbolic content creeps into the process. Although interrelated with motivation
and personality, learning may play the single biggest role in developing perceptual set.
 Economic and social background
The employee perceptions are based on economic and social backgrounds. Socially and
economically developed employees have a more positive attitude towards development rather than less
developed employees.
 Personality
The personalities of the perceiver as well as the stimulator have an impact on the perception
process. The age, sex, race, dress, etc of both the persons have a direct influence on the perception
process.

 Investing Decision at Different Stages of Life
The following are some major life events that most of us share, and some investment decisions that
you may want to consider:
When you get your first "real" job:
Start a savings account to build a cash reserve.
Start a retirement fund and make regular monthly contributions, no matter how small.
When you get a raise:
Increase your contribution to your company-sponsored retirement plan.
Invest after-tax dollars in municipal bonds that offer tax-exempt interest.
Increase your cash reserves.
When you get married:
Determine your new investment contributions and allocations, taking into account your combined
income and expenses.
When you want to buy your first house:
Invest some of your non-retirement savings in a short-term investment specifically for funding your
down payment, closing, and moving costs.
When you have a baby:
Increase your cash reserves.
Increase your life insurance.
Start a collecting fund.
When you change jobs:
Review your investment strategy and asset allocation to accommodate a new salary and a different
benefits package.
Consider your distribution options for your company's retirement savings or pension plan. You may
want to roll over money into a new plan or IRA.
When all your children have moved out of the house:

Boost your retirement savings contributions.
When you reach 55:
Review your retirement fund asset allocation to accommodate the shorter time frame for your
investments.
Continue saving for retirement.
When you retire:
Carefully study the options you may have for taking money from your company retirement plan.
Discuss your alternatives with your financial advisor.
Review your combined potential income after retirement and reallocate your investments to provide
the income you need while still providing for some growth in capital to help beat inflation and fund
your later years.
Other than all above factor Risk and returns are two most important factors which affect the
investor perception towards investment in the various alternatives available in the market.
 Risk
Risk—just the thought of it can give investors sleepless nights. However, through careful planning
for your financial future, you can help manage risk.
Risk is something you encounter every day. Even crossing a busy street involves some risk. With
investments, balancing risk and return can be a tricky operation. All investors want to maximize their
return, while minimizing risk.
Some investments are certainly more “risky” than others, but no investment is risk free. Risk can never
be eliminated, but it can be managed.
 Types of risk
 Capital Risk: Losing your invested monies.
 Inflationary Risk: Investment’s rate of return doesn’t keep pace with inflation rate.
 Interest Rate Risk: A drop in an investment’s interest rate.
 Market Risk: Selling an investment at an unfavorable price.
 Liquidity Risk: Limitations on the availability of funds for a specific period of time.

 Legislative Risk: Changes in tax laws may make certain investments less advantageous.
 Default Risk: The failure of the institution where an investment is made.
 Return
Investment returns are the amount you may earn or lose on your investment. The amount is usually
expressed as a percentage per annum.
As risk and return are fundamentally linked, the greater an investment’s potential to achieve higher
returns, the greater the risk associated with it.
 REQUIRED RETURN
Required return = Risk-free return + Risk premium
Risk-free return
The risk-free return is the return required by investors to compensate them for investing in a risk-free
investment. The risk-free return compensates investors for inflation and consumption preference, i.e.
the fact that they are deprived from using their funds while tied up in the investment. The return on
treasury bills is often used as a surrogate for the risk-free rate.
Risk premium
Risk simply means that the future actual return may vary from the expected return. If an investor
undertakes a risky investment he needs to receive a return greater than the risk-free rate in order to
compensate him. The more risky the investment the greater the compensation required. This is not
surprising and it is what we would expect from risk- adverse investors.

Table 1.showing Risk Vs Return of Various Investment Alternatives
Investment Alternative Investment Risk Level Returns
Saving Account Low Low Low
Fixed Deposit Low Low Low
National Saving Certificates Low Low Low
Government Securities Low Low Low
Mutual Funds Moderate Moderate Moderate
Insurance Moderate Moderate Moderate
Bonds Moderate Moderate Moderate
Equity High High High
Commodities High High High
FOREX High High Moderate
Real Estate High High Low
Bullions Moderate High High
Hedge Fund Moderate High Moderate
Art High Moderate Moderate
Venture Capital High Moderate High
Table 2 Expected Returns from various Investment Alternatives
Type of Alternative Expected Returns (in %)
Low Investment 7% -9.5%
Moderate Investment 8% -11%
High Investment 10% - 20%
Traditional Investment 5% -16%
Emerging Investment 8% -25%

Chapter 2

Angel broking limited is one of the leading and professionally managed stock broking firm
involved in quality service and research. Angel broking limited is a member of The Stock Exchange
Mumbai.
The membership of the company with The Stock Exchange Mumbai was originally in the
name of Mukesh. Gandhi, which was eventually turned into a corporate membership in the name of
Angel Broking Limited.
Angel Broking is managed by Mr. Dinesh Thakkar and he is well supported by the Mr.
Mukesh Gandhi, a fifteen year veteran in the market.
The group is well supported by the professional and qualified research team and efficient
operation and back office team, which comprises of highly dedicated and qualified individuals, Angel
has an in-house, state of art research department.
Angel believes in reaching out the customers at the farthest end rather than by reaching out to
them. The company in its endeavor to give its client the best opened up several branches all over
Mumbai, which are efficiently integrated with the head office.
Angel broking limited is primarily into retail stock broking with the customer base of retail
investors, which has been increasing at the compounded growth rate of 100% every year. The
company has the huge network sub-broker in Mumbai and other outside the Mumbai. Registered with
SEBI, who act as the channel partner for the company. The company presently has the total staff
strength of around 250 employees who spread over accordingly across the head office and all the
branches.

Angel has empowered its physical presence throughout the India through various strategies which
it has been adopting efficiently and effectively over a period of time , like opening of a branches at
different places, tie-ups with various agencies and sales agents, buy-out the smaller regional outfits
and appointment of the sub-brokers and franchisees. Moreover Angel Broking has been tapping and
including high net-worth and self employed individuals to its vast array of clients.
Angel has always strived in the direction of delivering ultimate client satisfaction and developing
stronger bonds with its customer and chose partner. Angel has a vision to introduce new products and
services regularly. Moreover Angel has been one among pioneer to introduce the latest technologies
innovations and integrate it within its own business.
Angel Broking's tryst with excellence in customer relations began in 1987. Today, Angel has
emerged as one of the most respected Stock-Broking and Wealth Management Companies in India.
With its unique retail-focused stock trading business model, Angel is committed to providing ‘Real
Value for Money’ to all its clients.
The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange
(NSE) and the two leading Commodity Exchanges in the country: NCDEX & MCX. Angel is also
registered as a Depository Participant with CDSL.
 History of Angel Broking
Entrepreneur Dinesh Thakkar started his business in 1987 with a capital of Five Lakhs Indian
Rupees and lost half of the money within eight months. In 1989, he started off again as a sub-broker.
Later, Angel Broking was incorporated as a wealth management, retail and corporate broking firm in
December, 1997. In November 1998, Angel Capital and Debt Market Ltd. gained membership of
National Stock Exchange as a legal entity. The company opened its commodity broking Division in
April, 2004. In November 2007, Birla Sun Life Insurance joined hands with Angel Broking for
distribution of its insurance products. In 2007. The World Bank arm International Finance Corporation
bought 18% stake in Angel Broking.

 VISION & MISSION
Corporate Vision
To provide best value for money to investors through innovative products, trading/investments
strategies, state of the art technology and personalized service.
Corporate Mission
To have complete harmony between quality-in-process and continuous improvement to deliver
exceptional service that will delight our Customers and Clients.
 Objectives
 Fast paced, enriching career with exposure to best business practices
 Fair compensation & opportunities for growth / promotion based on merit
 Vibrant work culture and opportunities for training, recreation and social interaction
 Progressive HR policies with an open door approach and proactive processes to maintain high
morale
 Security of employment, subject to minimum acceptable performance
 Awards & Achievement
 2007-2009- ‘Major Volume Driver’ Award by BSE for 2007-2008
 2009 - 'Broking House with Largest Distribution Network' Award and 'Best Retail Broking
House' Award at BSE IPF-D&B Equity Broking Awards
 2012 - BSE IPF-D&B Equity Broking Award for ‘Best Retail Broking House’
 2012-13 - Among BSE Top 10 Performers in Equity Segment (Retail Trading) FY 2012-13
 2013 - BSE-IPF D&B Equity Broking Award for ‘Broking House with Largest Distribution
Network’
 2013 - BSE-IPF D&B Equity Broking Award for 'Best Retail Equity Broking House
 2013-14 - Awarded ‘Top Three Clients Traded Members in Equity’ by the BSE
 2014 - BSE-IPF D&B Equity Broking Award for ‘Broking House with Largest Distribution
Network’

 Organization Chart
Organization chart of Angel Broking Pvt Ltd.
Chairman
Managing Director
Zonal Manager
Regional Manager
Retail Marketing
Territory
Manager
Branch Manager
Business Dev
Manager
Sales Div Manager
Alternative
Channel
Territory
Manager
Branch Manager
Channel Executive
Operation
Channel
Team Manager
Operation
manager
Human
Resource
HR Executives

 Board of Directors-Profile
1. Mr. Dinesh Thakkar - Founder Chairman & Managing Director
The Angel group of companies is brought to life by Mr. Dinesh Thakkar. He ventured into stock
trading with an intention to raise capital of his own independent enterprise. However, he recognized
the opportunity offered the stock market to serve individual investors. Thus india’s first retail focus
stock broking firm house was established in 1987. Under his leadership, Angel become the first
broking house to embrace new technology for faster , more effective and affordable services to retail
investor.
Mr. Thakkar valued for his understanding of the economy and the stock market. The print and
electronic media often seek his view on the market trends as well as investing strategies.
2. Mr. Lalit Thakkar – Director Research
Mr. Lalit Thakkar is the motivating force behind the Angel’s highly acclaimed research team. He’s
been a part of the senior management team since the Angel group inception. His technical and
fundamental outlook has provided impetus to Angel’s market research team. Research based &
personalized advisory services are Angel’s forte and Mr. Lalit Thakkar has undoubtedly been the brain
behind it.
When it comes to analyzing the market he is truly genius. His hand-on experience and fundamental
knowledge of the market can predict the market trend early. His view on the market trend is often
quoted in the print and electronic media.
3. Mr. Vinay Agrawal – Executive Director Equity Broking
He leads the equity broking business at Angel, which comprises Business development, Operation,
Product Development and E-broking initiative. He is actively involved in exploring new ways to adopt
technology for business enhancement.
A chartered accountant by qualification, Mr. Agrawal began his career with Angel Group as Finance
and Operations consultant and since then he’s quickly climbed up the corporate ladder.

Other Major Executive of Angel Broking:
Name Designation
Mr. Gagan Singla Chief Marketing Officer
Mr. Ketan Shah Ass. Director : IT & B2B Business
Mr. Santanu Syam Chief Operating Officer
Mr. Suhash Menon Chief : Human Resource and Learning
Mr. Vineet Agrawal Chief Finance Officer
Mr. Naveen Mathur Ass. Director : Research & Advisory
 Angel Products & Services
Products of Angel Broking Pvt Ltd.
Product
Equity
Derivatives
Commodities
Currency
Trading
Mutual Funds
Insurance

Services of Angel Broking Pvt Ltd
1. Equity
Investing in shares or stock market is inarguably the best route to long-term wealth
accumulation. However, it can also be a very risky proposition due to high risk-return trade-off
prevalent in the stock market. Hence, it is more appropriate to take help of an experienced and
trustworthy expert who will guide you as to when, where and how to invest.
Angel provides guidance in the exciting world of stock market with suitable trading solutions and
value-added tools and services to enhance your trading experience.
2. Derivatives
The derivative segment is a highly lucrative market that gives investors an opportunity to earn
superlative profits (or losses) by paying a nominal amount of margin. Over past few years, Future &
Options segment has emerged as a popular medium for trading in financial markets. Future contracts
are available on Equities, Indices, Currency and Commodities.
Services
Depository
Services
Intraday Tips
Demat
Account
Portfolio
Management
NRI Services
Advisory
Management
Trading
Account

Angel with its membership as Trading and Clearing Member of NSE F&O Segment and BSE
Derivatives Segment, provides you a gateway to the exciting world of derivative market.
3. Commodities
Commodities Derivative market has emerged as a new avenue for investors to create wealth.
Today, Commodities have evolved as the next best option after stocks and bonds for diversifying the
portfolio. Based on the fundamentals of demand and supply, Commodities form a separate asset class
offering investors, arbitrageurs and speculators immense potential to earn returns.
Angel aims to harness the immense potential of the Commodities market by providing you a simple
yet effective interface, research and knowledge.
4. Life Insurance
Ensure your family’s well-being by securing their future with a life insurance policy. No
financial planning is complete without life insurance. Angel offers an array of life insurance products
like Term Plans, Endowment Plans, Money back Plans, Children Life Insurance Plans and ULIP Plans
to meet your individual insurance requirements.
5. Mutual Funds
Investing in a Mutual fund is an excellent way of diversifying risk as well as portfolio. Angel
presents its Mutual fund services that strive to meet all your mutual fund investment needs. We have a
wide spectrum of investment schemes from all top mutual fund houses.
Angel also provides recommendations based on in-depth research, mutual fund performance and
mutual fund ratings to help meet your investment goals.
6. Depositary Services
Enjoy the dual benefits of trading and depository services under one roof and experience
efficient, risk-free and prompt depository service. Angel is registered as a Depository Participant with
CDSL. We are also a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE)
and the two leading Commodity Exchanges in the country–NCDEX & MCX.
7. Portfolio Management
Portfolio Management Service is a highly customized service offering a range of investment
options best suited in the current market scenario. Angel offers professional Portfolio Management
Service (PMS) to HNI’s who seek customized solutions to realize their investment goals. Our Portfolio

Managers are equipped to design an investment portfolio across various investment avenues like
Equities, Fixed Deposits, and Bonds etc. in sync with your unique needs.
8. Currency Trading
The global increase in trade and foreign investments has led to inter-connection of many
national economies. This and the resulting fluctuations in exchange rates, has created a huge
international market for Forex rendering investors another exciting avenue for trading. The Forex
market offers unmatched potential for profitable trading in any market condition or any stage of the
business cycle.
9. NRI Services
Living in a foreign country never weakens the thread that binds you to your homeland. Angel
Broking understands the varied needs of the NRIs and value their patronage. We offer a bouquet of
products and services for NRIs.
10. Investment Advisory Management
Even a seasoned investor knows that effective timing of markets is not possible. Therefore,
professional and expert advice is essential to generate superior returns from the stock market.
At Angel, we offer you investment advisory services with ternary objective of superior returns, risk
minimization and portfolio diversification. Supported by a highly specialized and dedicated Research
team, Angel follows a client-centric approach to offer customized solutions.
11. Demat Account
Demat Account came into existence in India in 1996, stocks and shares were issued and traded
in physical paper form. With the age of computers and Technology, shares and securities are held
electronically in a Dematerialized form (Demat Account), instead of the investor taking physical
possession of certificates. It allows you to buy, sell as well as transact conveniently without the need
of any paperwork.
12. Trading Account
The trading account is used mainly for buying and selling of shares. An investor doesn’t
require a trading account to store shares and in certain cases when their trading is done by another
individual trader or company.
The bank account should be linked to the investor’s trading account to carry out monetary

transactions. An online trading account provides a secure platform to do share trading with advanced
security features.
An online trading account usually comes with add-on software for PC and mobile apps for trading
anytime, anywhere. These high-end technology solutions are specially designed with an intuitive user-
interface for making expert trading decisions. Some of the features of a trading account software
application are Portfolio tracker, tick-by-tick updates, interactive charts etc.
Investment Brokers/Advisors provide personalized advice to investors who open a trading account
with them at competitive brokerage charges.
13. Intraday Trading Tips
Intraday Trading, also known as Day Trading, is a simple process of buying and selling stocks
on the same day instead of waiting for delivery after 2 days. Otherwise, people trading in stock
markets who buy stocks get the delivery in their demat account after the settlement process is over,
which takes 2 days (T+2) from the day transaction takes place.
 Customer Retention Management
Customer Retention Management System
Customer
Retention
Management
Rewards
Program
Customer
Services
Customization
Community
Building
Frequency
Loyalty
Program

Chapter 3

Definition of Investment
 Investment involves making of a sacrifice in the present with the hope of deriving future
benefits. (Dr. K. Sowmya , J. Mounika Reddy , 2016)
 Investment is a conscious act of an individual or any entity that involves development of
money in securities or properties issued by any financial institutions with the objective of high
returns with in a definite period of time. (G. Velmurugan ,V. Selvam, N. Abdul Nazar ,
2015)
 Investment is considered the sacrifice of certain present value of money in anticipation of a
reward. (V.Alagu Pandian, G.Thangadurai, 2013 )
 Investment – parking of funds (current) to earn benefits or securing growth in future can be
termed as Investments. It is a sacrifice from current income to gain returns at a later stage/date.
(Dr.Priyanka Jain, 2012)
Perception
Selecting, organizing and interpreting information in a way to produce a meaningful experience of
the world is called perception. (Ms. Anitha, D. Phani Bhargavi, 2014)
Investor
An investor allocates capital with the expectation of a future financial return.
Investors’ perception
Investor’s perception refers to the choosing, purchasing and consumption of goods and services for
the satisfaction of their wants. ( Dr. K. Sowmya , J. Mounika Reddy, 2016)
Investors can be classified into three categories.
a) Risk Averters
As the term indicates risk averters do not invest in risky assets. These investors prefer to invest
in Government securities, Life insurance policies and Unit Trust Certificates.

b) Risk Moderates
Risk moderates (Risk neutrals) are willing to pay for making an investment provided they get
return of an equal value. They invest in common stocks and life policies.
c) Risk Takers.
Risk takers’ chief aim is getting higher return for their investments. They believe in high return
for a greater risk. They prefer to invest in common bonds, convertible securities. (Ramprasath
S., Dr. B. Karthikeyan, 2013 )
Alternative investments
Alternative investments are sometimes used as a tool to reduce overall investment risk
through diversification.( Ashly Lynn Joseph, Dr. M. Prakash, 2014)
 Factors Affecting Investor Perception while investing in various alternative
 Culture
Basically, culture is the part of every society and is the important cause of person wants and
behavior. The influence of culture on buying behavior varies from country to country therefore
marketers have to be very careful in analyzing the culture of different groups, regions.
 Motivation
The level of motivation also affects the buying behavior of customers. Every per son has
different needs such as physiological needs, biological needs, social needs etc
 Age
Age and life - cycle have potential impact on the consumer buying behavior. It is obvious that
the consumers change the purchase of goods and services with the passage of time.
 Past market trends
Sometimes history repeats itself; sometimes markets learn from their mistakes. The investors
need to understand how various asset classes have performed in the past before planning for
their finances.

 Risk appetite
The ability to tolerate risk differs from person to person. It depends on factors such as the
individual financial responsibilities, environment, basic personality, etc. Therefore,
understanding the investor’s capacity to take on risk becomes a crucial factor in investment
decision making.
Risk appetite shows the capacity of an investor to bear losses related to his investments.
(Dr.Priyanka Jain, 2012)
 Investment horizon
It is the period that the investor can keep his money invested. The longer the time-horizon, the
greater are the returns that should be accepted. Further, the risk element reduces with time.
 Investible surplus
It basically refers to how much money is the individual able to keep aside for investments. The
investible surplus plays a vital role in selecting from various asset classes as the minimum
investment amounts differ and so do the risks and returns.
 Investment need
It refers to how much money does the investor needs at the time of maturity. This helps the
investor to determine the amount of money that they need to invest every month or year to
reach the magic figure.
 Expected returns
The expected rate of returns is a crucial factor as it will guide the choice of investment. Based
on the investors’ expectations, the investor can decide whether they want to invest heavily into
equities or debt or balance their portfolio. (Ms.Anitha, D. Phani Bhargavi ; Ashly Lynn
Joseph, Dr. M. Prakash, 2014)
 Awareness
Awareness is a continuing process by which investors come to learn about the investment
particulars. In certain cases they try to know about the modes clearly and eventually adopt it or
reject it. Awareness is commonly described as the first step in the process of investment. (V.G
Murugan, 2012)

 Risk
Risk = Probability of Negative x Importance of consequences occurring negative consequences
( w.r.f Peter and Ryan 1976)
 Types of Risk
 Financial Risk: Cost of shopping in relation to one’s own resources. Especially when
individual pays more than the product worth.
 Social Risk: Loss of self esteem due to the reputation of store from your social group family
and friend.
 Physical Risk: It refers to unsafe product or shopping experience, the level of energy and
exertion expended on shopping and threats to health.
 Psychological Risk: Disappointment from store shopping which is not match to self image.
 Time Risk: Refers to time to search out the right product in the store or compensate the
product failure. (Shaheera Amin, Syeda Shawana Mahasan, 2014)
(Dr. E. Apparoa , Prof.N.Kishore Babu , 2015 and Ramprasath S. , Dr. B. Karthikeyan) studied
in their study that factors like demographics factors , education level ,PE ratio, firm reputation , stock
marketability, awareness about the investment, sources of information, purpose of investment, and
motives of investment mainly affects the perception of investor in investing and also found that
majority of investor obtain the information from their friends & relatives and invest their fund in the
safest alternatives like bank deposits and other low risk alternatives. They also concluded that prime
motive of investor is to obtain regular income followed by profit, capital appreciation and returns with
safety.
(Patel Marteen H. 2015) In his study entitled as “Customer Perception Regarding Investment in
Different Investment Avenues “ studied the investor awareness about the investment avenues
available to invest and also found that factors like education level , period of investment , sources of
information affects the investor perception towards the investment and concluded that majority of the
respondent are aware about the equity , mutual funds , government securities and bank deposit as a
investment avenue for investing their funds and they prefer less than 1 to 5years tern for investment
and they are also recommending to other also.

(Ms.Anitha, D. Phani Bhargavi, 2014) in the research entitled under “Investors’ Perception
towards Investment” concluded their study with conclusion that demographic factors influences the
investor perception. Risk play vital role in investment while factors like culture, motivation and
attitude also influences the investor decision of investment. And also studied that Gender affects the
decision in a manner that females have less risk preference than males.
(Prof. Gauri Prabhu , Dr. N. M. Vechalekar) (Rajesh Kumar, Nitin Goel ) (Sandeep Bansal,
2014) observed that factors such as Age, occupation, preference , income , returns , risk and
motives of investment affects the perception of investor in taking investment decision and
concluded their study with conclusion that most of investor are aware about the mutual fund
schemes. Diversifications of portfolio and tax benefits are main motives to invest in mutual fund
while Returns are the important reason in investing the fund in Mutual fund.
(G. Velmurugan ,V. Selvam,N. Abdul Nazar , 2015) study in the research entitled as “ An
Empirical Analysis on Perception of Investor’s towards Various Investment Avenues” concluded
that investment done in various avenues with expectation of capital appreciation and regular returns.
When common man thinks about the investment he will never go for risky plan. In present scenario,
share and gold investment are highly uncertain and unpredictable so investor should analyze the
market cautiously and then make investment decision.
(Dr. B. Vijaykumar , 2015) observed that factors like Risk, security , return performance , period of
investment, satisfaction , futuristic goal effect the investor’s perception towards the investment in the
equity market and also find that age and income of individual doesn’t influence the perception of
investor while satisfaction level of investor is much influenced by perception and safety is considered
as important variable in investor’s perception.
(Gagan Kukreja, 2012) has found in his research that age, educational qualification, tax
advantages,liquidity and investment attributes are mediating factor for investors’ perception.
Investment influences and investment benefits are having high relevance.
(Shalini R, Kiran Hiremath , Dr. Poornima Charantimath ) concluded their research with the help
of perpetual mapping to investigate the investor perception for the investment in various alternatives.
Investors shows their faith in POD, government securities and they won’t get secured feeling towards

other instruments and they are lack of awareness about the other investment instrument and also
suggested to promote activities for the investment awareness highlighting liquidity, security and
returns.
(Lewellen, 1997) finds that demographic factors affect the investor preference and perception.
(V. Alagu Pandian, G.Thangadurai, 2013 ) observed the factor such as awareness, safety, liquidity,
capital appreciation, easily transferable, fixed income in the study entitled as “A Study of Investors
Preference towards Various Investments Avenues in Dehradun District” studied that various
factor influence the investor preference in selecting the suitable investment alternative every
alternative have their pro and cons. And at the end of study they concluded that “No pain no gain” it is
the golden principle of investment management. In the fast moving world, we can earn more and more
money. More risk leads to more profit. Investors cannot avoid risk but they can minimize the risk by
investing their money in various forms of investments so that they can get a moderate profit and most
of the researcher preferred the bank deposit as safest way for investment followed by gold.
(V. G. Murugan, 2012) observed that economics independence among the female is rather very low
and they participate in the investment decision in lower proportion and the earning capacity of the
household is another factor to be considered while analyzing the influence of various economic
factors on investor preferences and behavior in the study entitled as “ Investor attitude And also
concluded that the objective of motivating the public to invest their savings in the stock market will be
achieved only if the regulatory authorities succeed in providing a manipulation free stock market. With
the rate of interest offered by banks on deposits being very unattractive, more people could think of
investing in the stock market. This could happen only if the stock market is transparent and free from
scams because those who invest in bank deposits are basically averse to risk.
(Dr. R. Sellappan, Ms. S. Jamuna & Ms. Tnr. Kavitha,2013 ) observed in their study that married
women are more curious in making investment than unmarried and also stated that investment at
different life stage influences their investment decision.
(Heena Kothari) observed that the perception of varied age group investor who desired to invest in
different avenues which give you higher return and growth prospect.

( Dr. K. Sowmya , J. Mounika Reddy, 2016) observed the variable such as motives of
investment, awareness about the alternative, period of investment, occupation and educational
level as prime variable influences the investor perception towards the investment in the various
investment avenues and also concluded in their study entitled as “
A Study on Investors Perception towards Investment Avenues “ that the investors have different
views like investment pattern by market movement, factors influencing their decision, frequency of
investment, alternatives available and investment preferences truly influence their perception towards
different investments in market.
(Ashly Lynn Joseph, Dr. M. Prakash, 2014) finds the factors like demographic factors, education
level, occupation, income, awareness, preference to investment alternatives, period of investment,
risk, returns, purpose of investment, frequency of investment and concluded that all age group people
give first preference to bank deposists followed by Insurance and mutual funds due to less risk. Every
individual should be made aware about various investment avenues, its importance, advantages etc for
a secured future and also many more reasons.
(Parimalakanthi K. , Dr. M. Ashok Kumar 2015 ) In his research entitled as “A Study Pertaining
to Investment Behaviour of Individual Investors in Coimbatore City “ concluded that safety was
also a foremost preferred aspect in fixed income and investment for safety. Capital appreciation was
the foremost preferred aspect in long term investment. Additional income was the most preferred
aspect on liquidity investments. The factors namely gender and investment ratio in real estate
influences the investment behavior. Based on the study the government should make the policies for
the safety of investment and saving habits to be developed with Individuals at all levels rural or urban,
aged or young, male or female, married or spinster, low class or high class and so on. And the
demographic profile like gender, age, domicile, marital status, education, occupation, family type and
family size have significantly influences the investment behavior.
(Prof. Hardik Shah, Prof Rakesh Patel ) observed that the majority of the respondent are investing
their fund in Fixed Deposit followed by Mutual funds, real estates , gold/e-gold and NSC. Lesser
respondent invest in the equity, insurance and bonds. Maximum amount of investment is done in real
estate for the future option. And also observed that mutual fund is low popular due to certain factor
like lot size, entry and exit load, NAV value and also high risk low return formulation and concluded

that the selection of perfect alternative by the investor is difficult for the investor and there is a high
risk in the investing the fund in the shares and bonds.
(Dr. Unmekha Tare, Dr. Vishal Mehta) studied that there are various investment alternative
available to investor to invest as per need. And the management of an investment portfolio requires
knowledge, experience, constant research, appraisal of market. Investor should judge the alternative as
per their convenience and choice they select for investment.

Chapter 4

Objective of Study
Primary Objectives:
 This research focused on number of factors that highlights the factors which affects the perception
of an investor towards the investment in various alternatives in the market.
Secondary Objectives
 To find the factors which influences the investor’s perception while investing their funds in
different alternatives
 To find the investor’s preferred alternative for the investment.
 To find the motives behind the investment in preferred alternatives.

Research Design
A research design is a framework or plan for a study, used as a guide in collecting and
analyzing data. It is the blue print that is followed in completing the study. Research design is the
conceptual structure within which the research would be conducted. In this project I have conducted
descriptive research design. This design intended to provide accurate data description and relationship
between factors which influences the investor perception.
Research Methodology of the Research
Research Design
Exploratory
Research
Primary
Data
Secondary
Data
Conclusive
Research
Descriptive
Research
Cross Sectional
Design
Single Cross
Sectional Design

1. Exploratory Design
One of the research designs, which provide insight information regarding the problem and also
provide understanding of the problem faced by the researcher. In the exploratory research
design, there are two types of methods to collect the insight information about the problem.
 Primary Data
The primary data for the research is collected through structured questionnaire.
 Secondary Data
The secondary data for the research is collected through published data by various authors
and information published on the internet.
2. Conclusive Research Design
 It is one of the designs, which is used to conclude some result and give information for the
further research. In conclusive design I have used Descriptive Research.
 In descriptive research, to collect the information from the respondents I have used Cross
Sectional Design.
 In Cross Sectional Design, the information is collected only once from the respondents so I
preferred Single Cross Sectional Design to study the factor affecting the perception of investor
for investment in various alternatives.
 For the descriptive research design mostly methods are available for collecting the information
are as below mentioned:
 Surveys Method
It is based on the questioning of the respondent to obtaining information. For my
research I have used a well structured questionnaire to collect the information from
sample population.

3. Sampling Design
a. Target Population Definition
 Target population:
Investors of Ahmedabad City
 Sampling unit:
Investors of Ahmedabad City
 Sampling element:
An Investor
 Sampling frame:
Not available
 Extent:
Ahmedabad, Gujarat, India
 Time:
May-2016 to July-2016
b. Sampling method:
Non- Probability sampling: Convenience Sampling
I have used convenience sampling for the sampling of the respondent because target
population is unknown for the researcher and he doesn’t know who is perfect to be the
respondent and it is easy for researcher to target the respondent using convenience
sampling as the respondent are picked up unknowingly to observe their responses from
place like shop, mall, offices and from street. Because the respondent are known to
researcher and he don’t have any biased in taking response from them.
c. Sample size determination:
 Tolerable error=(e)= 0.089
 Confidence level=95%
 Using Likert scale
 Standard error=(σ) 5-1/6= 0.67
 Sample size=(n)?
n= (Z)^2 * (σ)^2 / (e)^2
(1.65)^2 * (0.67)^2 / (.090)^2 = 150 samples

4. Scaling Techniques
 Types of scaling methods:
 Comparative scaling
Q- Sort
 Non comparative scaling:
Likert scale
To measure the level of their perception for the observed factor, I have used Likert
scale because likert is 5 rating scale it is easy for the respondent to rate the factor
easily. And also have an option to stay neutral with the factor which doesn’t effects
its perception.
Using the likert scale it is easily for the respondent to rate the factor which is most
important and also influences their perception towards the investment in various
alternatives.
5. Data Collection Tool
 Questionnaire
To get the response from number of respondent I have a well design and structured
questionnaire.
6. Data Collection Method
 Survey using personal Interview and Telephonic Conversation.
7. Questionnaire Design
 Structured questionnaire:
Dichotomous Questions, Question with Options and Scaling
 Pretesting of Questionnaire :
Pretesting of Questionnaire is done by the Expert Investor and Mentor of Internship
Program
8. Data Analysis Software
 Ms-Excel
 SPSS

9. Data Analysis Techniques
 Frequency Distribution
 Descriptive Distribution
 Reliability Test
 Chi-Square Test
 ANOVA Test
 Independent T- Test

Chapter 5

5.1 Frequency Distribution and Descriptive Means Test
1. Age
Table 1 : Age Data Analysis
Frequency Percentage
Less than 20 years 7 4.7
21-40 Years 102 68
41-60 Years 38 25.3
More than 60 Years 3 2
Total 150 100
Figure Age of Respondents
Interpretation: It can be observed from the Study that Majority of the respondents belongs to Age
group of 21-40 Years (i.e. 68%, n=102) which means respondents are young in age which are followed
by age group of 41-60 Years (i.e. 25%, n=38). Only 7 and 3 respondents fall under the category of less
than 20 Years and more than 60 Years respectively.
5%
68%
25%
2%
Age
Less than 20 years
21-40 Years
41-60 Years
More than 60 Years

2. Gender
Table 2: Gender Data Analysis
Male 102 68.0
Female 48 32.0
Total 150 100
Figure Gender of Respondent
Interpretation: It can be clearly notice from above data that majority of respondents are Male i.e.
n=102 (68%) and females are only 32% (n=48) of whole sample population.
68%
32%
Gender
Male
Female

3. Marital Status
Table 3: Marital Status Data Analysis
Single 66 44.0
Married 84 56.0
Total 150 100
Figure Marital Status of Respondent
Interpretation: It can be clearly notice from above data that majority of respondents are Married i.e.
n=84 (56%) and Single 44% (n=66) of whole sample population.
44%
56%
Marital Status
Single
Married

4. Educational Qualification
Table 4: Educational Qualification Data of Respondent
Up to High School 33 22.0
Graduate 47 31.3
Post Graduate 59 39.3
Professional 11 7.3
Total 150 100
Figure Educational Qualification of Respondents
Interpretation: It can be observed from the survey of sample population that 40% (n=59) respondents
are occupying Post Graduate Degree followed by the respondent occupying Bachelors degree i.e. 40%
(n=47). Study also shows that 22% (n=33) are not so educated and only 7% (n=11) of the respondents
are professional degree occupier.
22%
31%
40%
7%
Educational Qualification
High School
Graduate
Post Graduate
Professional

5. Occupation
Table 5: Occupation of Respondents
Services 48 32.0
Business 56 37.3
Students 35 23.3
Retired 3 2.0
Professional 3 2.0
Housewife 5 3.3
Total 150 100
Figure Occupation of Respondents
Interpretation: Above figure and table shows that Majority of the respondents are Businessman
(n=56, 38%) which are followed by respondents preferring to do Service in various sectors (n=48,
32%). It can be also observed from the table that 23% (n=35)of the respondents are students which can
be turned into businessman or service sector. Only 3% (n=5) are housewife and 2% are professional,
2% (n=3) retired.
32%
38%
23%
2% 2%
3%
Occupation
Services
Business
Student
Retired
Professional
Housewife

6. Monthly Income
Table 6: Monthly Income Data of Respondent
Less than 10000 42 28
10001-25000 36 24
250001-50000 24 16
More than 50000 48 32
Total 150 100
Figure Monthly Income of Respondents
Interpretation: It can seen from above chart and table that most of the respondents are earning more
than 50000 (i.e. n=48 , 32%) as they are having their own business followed by people earning less
than 10000 per month as they are at start up of their career (n=42,28%). Respondent who are earning
in between 10001-25000 are at growing stage in the career or in professional segment (i.e. n=36, 24%)
and only 16% (n=24) respondents are earning 250001-50000 per month as most of respondents are
belonging to government sectors are they are having their own small business as a sources of income.
28%
24%16%
32%
Monthly Income
Less than 10000
10001-25000
250001-50000
More than 50000

7. Percentage of Income used for Investment Purpose
Table 7: % of Income used for Investment
Less than 10% 78 52.0
11-25 % 35 23.3
26-40% 11 7.3
More than 40% 26 17.3
Total 150 100
Figure: % of Income used for Investment Purpose by Respondents
Interpretation: It can be seen from the table of % of Income used for investment purpose by the
respondents that majority of the respondents are using less than 10% (n=78, 52%) of their income for
investment purpose in their preferred investment alternative as they are suffered by High Inflation rate
followed by the respondents spending 11-25% of their monthly income for investment purpose (n=35).
The respondent who are earning high are spending more than 40% (n=26) of their income in various
alternative with various motives. There are only 8% of respondents who are investing 26-40% of their
income for investment.
52%
23%
8%
17%
% of Income Used for
Investment
Less than 10
11-25
26-40
More than 40

8. Preferred Period of Investment
Table 8: Preferred Period of Investment
Less than an year 60 40
1-5 Years 48 32
6-10 Years 32 21.3
11-15 Years 6 4.0
More than 15 Years 4 2.7
Total 150 100
Figure Preferred Period of Investment by Respondents
Interpretation: It can be seen from the responses of the respondents that majority of the respondents
are investing their funds for less than year period preferring bank deposit, fixed deposit (n=60,40%)
followed by the respondents preferring period of investment as 1-5 years which may consist of
moderate investment alternative or high investment alternative (i.e. n=48, 32%). Respondents are also
preferring to investment their fund for 6- 10 years which may consist of real estate or precious metals
(n=32, 21%). Only 3% of the respondent of the survey are investing their funds for more than 15 years
(n=4) with the motive of long term investment in shares or in real estate.
40%
32%
21%
4%
3% Preferred Period of Investment
Less than an year
1-5 Years
6-10 Years
11-15 Years
More than 15 years

9. Awareness about the Investment Alternatives.
Table 9: Awareness about Investment Alternatives
Number of
Respondents
Mean of Responses
Low Investment Alternative 150 1.3000
Moderate Investment Alternative 150 1.7867
High Investment Alternative 150 1.9933
Traditional Investment Alternatives 150 1.3800
Emerging Investment Alternatives 150 2.4933
Figure: Awareness about Investment Alternatives.
Interpretation: As it can be observed from the bar chart and table of responses, respondents are aware
about the low investment alternative followed by the respondent having awareness about the
traditional investment alternative such as gold and real estate. Respondents are somewhat aware about
moderate and High Investment alternative but respondents are totally unaware about the emerging
investment alternatives which can give more returns against their investment. So the researcher should
provide information about the emerging investment alternative.
0
0.5
1
1.5
2
2.5
3
Low
Investment
Alternative
Moderate
Investment
Alternative
High
Investment
Alternative
Traditional
Investment
Alternatives
Emerging
Investment
Alternatives

10. Preferred Investment Alternative by Respondents
Table 10: Data about the Respondents preferred investment Alternative
Alternative Fixed
Deposit
Bank
Deposit
Government
Securities
Insurance Mutual
Funds
Bonds Equity
Means 2.1733 1.5400 2.8133 1.9867 2.8733 3.9933 3.2133
Rank 3 1 6 2 7 10 8
NSC Commodity Forex
market
Gold Real
Estate
Hedge
Fund
Venture
Capital
Art/
Passion
3.4133 4.2000 4.5000 2.4067 2.5933 4.3000 4.5667 4.6600
9 11 13 4 5 12 14 15
Figure: Response about the Respondents preferred investment Alternative
Interpretation: It can be seen from the means values of the investment preference about various
Investment alternative that majority of the respondents are preferring Bank Deposit, Insurance, Fixed
Deposit, gold and real estate as their first priority for investment and it can also be observed that
people won’t prefers emerging investment alternative and forex, commodity market due to lack of
knowledge and high risk. Respondents also prefer government securities, equity to earn more profit.
0.0000
0.5000
1.0000
1.5000
2.0000
2.5000
3.0000
3.5000
4.0000
4.5000
5.0000
Preferred Investment Alternative

11. Factors affecting Investor’s Perception
Table 11: Descriptive Statistics for factor affecting Investor Perception
N Minimum Maximum Mean Std. Deviation
Statistic Statistic Statistic Statistic Std. Error Statistic
Risk 150 1.00 5.00 4.1133 .09900 1.21256
Returns 150 1.00 5.00 4.1733 .08553 1.04751
Liquidity 150 1.00 5.00 3.5467 .09249 1.13271
Company Reputation 150 1.00 5.00 3.4800 .10307 1.26236
Safety of Funds 150 1.00 5.00 4.1600 .10148 1.24286
Growth of Funds 150 1.00 5.00 4.2000 .08670 1.06185
Income 150 1.00 5.00 3.8000 .10056 1.23158
Past Experience 150 1.00 5.00 3.1733 .11653 1.42719
Needs 150 1.00 5.00 3.7600 .10814 1.32442
Valid N (list wise) 150
Figure: factor affecting Investor Perception
Interpretation: Investment decisions of the investor are affected by many factors which include
demographic factors, personal intentions and many more. But in study it can be observed that factors
like Safety of funds (4.1600), Growth (4.2000) , Risk(41133) and returns (4.1733) against the
invested funds affects the investor perception and Income (3.800), Needs (3.7600),Liquidity (3.5467)
also play vital role while taking decision about investment.
4.1133 4.1733
3.5467 3.4800
4.1600 4.2000
3.8000
3.1733
3.7600
Risk Returns Liquidity Company
Reputation
Safety of
Funds
Growth of
Funds
Income Past
Experience
Needs
Factor Affecting Investor Perception

12. Motives of Investment
Table 12 :Descriptive Statistics for Motives of Investment
Regular Income 150 1.00 5.00 4.4067 .08143 .99729
Tax Benefits 150 1.00 5.00 3.7600 .09862 1.20780
Capital Gain 150 1.00 5.00 3.6933 .10700 1.31050
Other Purposes 150 1.00 5.00 3.6400 .11519 1.41079
Futuristic Goal 150 1.00 5.00 3.9200 .10849 1.32867
Long Term
Investment
150 1.00 5.00 3.5667 .12240 1.49907
Expertise 150 1.00 5.00 2.2667 .12065 1.47765
Diversification of
Funds
150 1.00 5.00 3.8733 .10069 1.23319
Profit 150 1.00 5.00 4.3933 .08613 1.05485
Valid N (listwise) 150
Figure: Motives of Investment
Interpretation: It can be observed from the response of the respondent that prime motive of investor
behind the investment is to get Regular Income, Profit , Capital Gain followed by motive to achieve
their futuristic goal of life, tax benefits and more. Only some of the respondents are investing to get
Expertise in the investment alternative.
4.4067
3.7600 3.6933 3.6400 3.9200
3.5667
2.2667
3.8733
4.3933
Regular Income Tax Benefits Capital Gain Other Purposes Futuristic Goal Long Term
Investment
Expertise Diversification
of Funds
Profit
Motives of Investment

13. Sources of Information which affects the Investor’s Perception
Table 13 : Sources of Information which affect Investor’s Perception
Media & Newspaper 150 1.00 5.00 3.5200 .09351 1.14529
Word of Mouths 150 1.00 5.00 3.9733 .09919 1.21482
Internet 150 1.00 5.00 3.3467 .09785 1.19836
Own Analysis 150 1.00 5.00 4.3600 .08042 .98499
Valid N (list wise) 150
Figure: Sources of Information which affect Investor’s Perception
Interpretation: While investing our fund, respondents are taking knowledge about the available
alternative from various sources such as Media (Television, Radio) Printed Material (Daily
Publications, Newspapers, Pamphlets) Internet (Pop Up Ads, Websites, Blog) and Own Analysis. But
the study shows that Own Analysis about the investment (4.3600) and word of mouth (3.9733) from
others affects the investment decision followed by Newspapers and Internet.
3.5200
3.9733
3.3467
4.3600
Media & Newspaper Word of Mouths Internet Own Analysis
Factor Affecting Investment Decision

14. Investment Alternative which give high return against Investment.
Table 14: Investment Alternative which Gives High Returns
Low Investment Alternative 44 29.3
Moderate Investment Alternative 11 7.3
High Investment Alternative 38 25.3
Traditional Investment Alternatives 56 37.3
Emerging Investment Alternatives 1 0.7
Total 150 100
Figure: Investment Alternative which Gives High Returns
Interpretation: According to the study, Most of respondent thinks that Traditional Investment
Alternative (n=56, 38%) gives more returns against their invested fund followed by the Low
Investment Alternative (n=44, 29%) because they don’t have any knowledge regarding the returns and
investment in other alternative which can provide more returns. Only 1% is getting high return against
the investment from Emerging Investment alternative.
29%
7%
25%
38%
1%
High Return Alternatives
Low Investment
Alternative
Moderate Investment
Alternative
High Investment
Alternative
Traditional Investment
Alternatives
Emerging Investment
Alternatives

15. Suggested to other
Table 15: Suggested to Other Data Analysis
Yes 105 70
No 19 12.7
May Be 26 17.3
Total 150 100
Figure: Suggested to Other Data Analysis
Interpretation: It is revealed from the above data that respondent will suggest other to investment
their fund in the alternative where they are investing their funds followed by respondent who are
confused weather they will suggest or not.
Yes
70%
No
13%
May Be
17%
Suggested to Other

Reliability Statistics:
Reliability analysis allows the researcher to determine the extent to which a scale produces consistent
results if the measurements are repeated. Cronbach's alpha is a statistic used to determine the internal
consistency, so Cronbach's alpha increases as the inter-correlations among the items included in the
analysis increase. If the questions on the survey or items being tested have very high inter-correlations,
the questions are considered to be measuring different dimensions of the same construct. Generally,
the value of Cronbach’s Alpha equal to 0.700 or above is considered acceptable criteria for having the
internal consistency of the questions used in the study.
The reliability statistics for the factor which are included in the research are as follow:
Table 16: Reliability Test of the Scale included in the research.
No Scales
Included
Description Items Cronbach’s
Value
1 Awareness This scale measure the level of awareness about the
investment alternatives among the respondents of the
research
5 0.690
2 Preferred
Alternative
This scale measure the level of preference given by
respondent to the alternative while investing their
funds
15 0.798
3 Factors This scale measure the affect of various factors on
investor’s perception while they are investing their
fund in their preferred alternative.
9 0.739
4 Motives This scale measure the motives of investor behind the
investment in their preferred alternative
9 0.611
5 Sources of
Information
This scale measure the affect of various sources of
information on investor’s perception towards the
investment
4 .224

The result of reliability shows that the value of Cronbach’s alpha is more than 0.65 which means the
scales which are scoring more than 0.65 are reliable to conduct various test and Sources of Information
which is scoring less than Cronbach’s alpha 0.65 is not reliable for tests. Overall Cronbach’s alpha
value is more than 0.65 which shows that the entire variable included in the research are reliable to
conduct different tests.
Table 17: Overall value of Cronbach’s alpha
Reliability Statistics
Cronbach's Alpha N of Items
.730 43
Interpretation: The revealed result of reliability test for overall included scale in the research is
reliable for test as the value of Cronbach’s alpha is 0.730 which is more than 0.615. So the data is
reliable to perform other tests to conclude the result of the research.

5.2 Chi-Square Test:
H01: There is no association between Gender of Respondent and Percentage of Income used for
Investment.
H11: There is association between Gender of Respondent and Percentage of Income used for
Investment
Gender * Percentage of Income Used for Investment Cross tabulation
Count
Percentage of Income Used for Investment
TotalLess than 10 11-25 26-40
More than
40
Gender Male 49 25 9 19 102
Female 29 10 2 7 48
Total 78 35 11 26 150
Chi-Square Tests
Value df Asymptotic Significance (2-sided)
Pearson Chi-Square 2.424a
3 .489
Likelihood Ratio 2.516 3 .472
Linear-by-Linear Association 1.603 1 .205
N of Valid Cases 150
a. 1 cells (12.5%) have expected count less than 5. The minimum expected count is 3.52.
Interpretation: It can be observed from the Chi-Square test that there is no association between
gender and percentage of income used for investment purpose as the P-value is greater than 0.05
which suggest the researcher to accept the Null Hypothesis and reject Alternative.

H02: There is no association between Age of Respondent and Percentage of Income used for
Investment.
H12: There is association between Age of Respondent and Percentage of Income used for Investment.
Age * Percentage of Income Used for Investment Cross tabulation
Count
More than
40
Age Less than 20
years
5 1 1 0 7
21-40 Years 56 25 7 14 102
41-60 Years 16 8 3 11 38
More than 60
Years
1 1 0 1 3
Total 78 35 11 26 150
Chi-Square Tests
9 .512
a. 9 cells (56.3%) have expected count less than 5. The minimum expected count is .22.
Interpretation: It can be observed from the Chi-Square test that there is no association between age
and percentage of income used for investment purpose as the P-value is greater than 0.05 which
suggest the researcher to accept the Null Hypothesis and reject Alternative.

H03: There is no association between Marital Status of Respondent and Percentage of Income
used for Investment.
H13: There is association between Marital Status of Respondent and Percentage of Income used
for Investment.
Marital Status * Percentage of Income Used for Investment Cross tabulation
Count
More than
40
Marital
Status
Single 46 12 5 3 66
Married 32 23 6 23 84
Total 78 35 11 26 150
Chi-Square Tests
Value df
Asymptotic
Significance (2-sided)
3 .000
Interpretation: It can be observed from the Chi-Square test that there is an association between
marital status and percentage of income used for investment purpose as the P-value is less than 0.05
which suggest the researcher to accept the Alternative hypothesis and reject null hypothesis.

H04: There is no association between Educational Qualification and Percentage of Income
H14: There is association between Educational Qualification and Percentage of Income used
for Investment.
Qualification * Percentage of Income Used for Investment Cross tabulation
Count
TotalLess than 10 11-25 26-40 More than 40
Qualification High School 13 7 3 10 33
Graduate 24 11 5 7 47
Post Graduate 38 11 3 7 59
Professional 3 6 0 2 11
Total 78 35 11 26 150
Chi-Square Tests
9 .073
Interpretation: It can be observed from the Chi-Square test that there is no association between
qualification and percentage of income used for investment purpose as the P-value is greater than 0.05
which suggest the researcher to accept the Null Hypothesis and reject Alternative.

H05: There is no association between Occupation of the respondent and Percentage of Income
H15: There is association between Occupation of the respondent and Percentage of Income used
for Investment.
Occupation * Percentage of Income Used for Investment Cross tabulation
Count
Occupation Services 30 13 1 4 48
Business 15 17 6 18 56
Student 29 2 4 0 35
Retired 1 2 0 0 3
Professional 1 1 0 1 3
Housewife 2 0 0 3 5
Total 78 35 11 26 150
Chi-Square Tests
15 .000
Linear-by-Linear Association .904 1 .342
occupation and percentage of income used for investment purpose as the P-value is less than 0.05
which suggest the researcher to accept the Alternative hypothesis and reject null hypothesis.

H06: There is no association between Monthly Income and Percentage of Income used for
Investment.
H16: There is association between Monthly Income and Percentage of Income used for Investment.
Monthly Income * Percentage of Income Used for Investment Cross tabulation
Count
Monthly Income Less than 10000 34 4 3 1 42
10001-25000 26 8 0 2 36
250001-50000 8 10 5 1 24
More than 50000 10 13 3 22 48
Total 78 35 11 26 150
Chi-Square Tests
9 .000
Monthly Income and percentage of income used for investment purpose as the P-value is less than
0.05 which suggest the researcher to accept the Alternative hypothesis and reject null hypothesis.

H07: There is no association between Preferred Period of Investment and Percentage of Income
H17: There is association between Preferred Period of Investment and Percentage of Income used
for Investment.
Preferred Period of Investment * Percentage of Income Used for Investment Cross tabulation
Count
Period of Investment Less than an year 46 6 3 5 60
1-5 Years 24 16 4 4 48
6-10 Years 8 12 0 12 32
11-15 Years 0 1 3 2 6
More than 15 years 0 0 1 3 4
Total 78 35 11 26 150
Chi-Square Tests
12 .000
Period of Investment and percentage of income used for investment purpose as the P-value is less than
0.05 which suggest the researcher to accept the Alternative hypothesis and reject null hypothesis.

H08: There is no association between Qualification and Occupation of Respondent.
H18: There is association between Qualification and Occupation of Respondent.
Qualification * Occupation Cross tabulation
Count
Occupation
TotalServices Business Student Retired Professional Housewife
Qualification High
School
3 25 2 2 0 1 33
Graduate 18 20 8 0 0 1 47
Post
Graduate
26 5 24 0 2 2 59
Professional 1 6 1 1 1 1 11
Total 48 56 35 3 3 5 150
Chi-Square Tests
15 .000
qualification and occupation of respondent as the P-value is less than 0.05 which suggest the
researcher to accept the Alternative hypothesis and reject null hypothesis.

5.3 Independent T-Test for Factors affecting Investor’s Perception
While performing the Independent sample test, the researcher is assuming the value of equal
variance assumed. And all the results are based on the 2-tailed equal variance.
H01: Factors affecting investor’s perception are same for Male and Female respondent.
.H11: Factors affecting investor’s perception are not same for Male and Female respondent.
.
Independent Samples Test of Factor affecting Investor’s Perception and Gender.
Levene's Test
for Equality of
Variances t-test for Equality of Means
F Sig. T Df
Sig.
(2-
tailed)
Mean
Difference
Std. Error
Difference
95%
Confidence
Interval of the
Difference
Lower Upper
Risk Equal
variances
assumed
1.203 .274 .351 148 .726 .07475 .21287
-
.34590
.49541
Equal
variances
not
assumed
.363 100.573 .717 .07475 .20567
-
.33326
.48277
Returns Equal
variances
assumed
3.262 .073 1.395 148 .165 .25490 .18277
-
.10628
.61608
Equal
variances
not
assumed
1.311 79.433 .194 .25490 .19448
-
.13216
.64196
Liquidity Equal
variances
assumed
2.553 .112 .345 148 .730 .06863 .19885
-
.32433
.46159
Equal
variances
not
assumed
.359 101.890 .720 .06863 .19117
-
.31055
.44781
Company
Reputation
Equal
variances
assumed
.289 .591 .698 148 .487 .15441 .22134
-
.28298
.59180
Equal
variances
not
assumed
.683 87.478 .496 .15441 .22605
-
.29486
.60369
Safety of
Funds
Equal
variances
assumed
.899 .344 1.944 148 .054 .41912 .21554
-
.00682
.84505

Equal
variances
not
assumed
1.876 84.423 .064 .41912 .22341
-
.02513
.86336
Growth of
Funds
Equal
variances
assumed
.014 .906 1.255 148 .211 .23284 .18550
-
.13373
.59942
Equal
variances
not
assumed
1.212 84.672 .229 .23284 .19204
-
.14900
.61469
Income Equal
variances
assumed
2.338 .128 -.227 148 .821 -.04902 .21626
-
.47637
.37833
Equal
variances
not
assumed
-.233 98.656 .816 -.04902 .21052
-
.46675
.36871
Past
Experience
Equal
variances
assumed
.507 .478 .774 148 .440 .19363 .25014
-
.30069
.68794
Equal
variances
not
assumed
.783 94.830 .436 .19363 .24731
-
.29735
.68461
Needs Equal
variances
assumed
.407 .525 .327 148 .744 .07598 .23252
-
.38350
.53546
Equal
variances
not
assumed
.320 87.314 .750 .07598 .23766
-
.39636
.54832

Result Table for Independent T-Test between Factor affecting Investor’s Perception and Gender.
Factor P Value Remarks Decision about the Hypothesis
Risk 0.726 Same H01Accepted and H11 Rejected
Return 0.165 Same H01Accepted and H11 Rejected
Liquidity 0.730 Same H01Accepted and H11 Rejected
Company Reputation 0.487 Same H01Accepted and H11 Rejected
Safety of Funds 0.054 Same H01Accepted and H11 Rejected
Growth 0.211 Same H01Accepted and H11 Rejected
Income 0.821 Same H01Accepted and H11 Rejected
Past Experience 0.440 Same H01Accepted and H11 Rejected
Needs 0.744 Same H01Accepted and H11 Rejected
Interpretation: It is revealed from the above tested data that there is no factor which affects the
investor’s perception while investing the fund in regard with Gender as all the P-value lies in the
acceptance region and the researcher has to accept the null hypothesis and reject alternative and
conclude that factors affecting investor’s perception are same for Male and female Respondents.

H02: Factors affecting investor’s perception are same for married and single respondent.
.H12: Factors affecting investor’s perception are not same for married and single of respondent
Independent Samples Test between factor affecting Investor’s Perception and Marital Status
Levene's Test for
Equality of
Variances t-test for Equality of Means
F Sig. t Df
Sig. (2-
tailed)
Mean
Difference
Std. Error
Difference
95% Confidence
Interval of the
Difference
Lower Upper
Risk Equal
variances
assumed
.262 .609
-
1.704
148 .091 -.33766 .19819 -.72931 .05398
Equal
variances not
assumed
-
1.696
137.027 .092 -.33766 .19915 -.73147 .05614
Returns Equal
variances
assumed
5.880 .017
-
3.316
148 .001 -.55303 .16680 -.88265
-
.22341
Equal
variances not
assumed
-
3.239
124.712 .002 -.55303 .17077 -.89101
-
.21505
Liquidity Equal
variances
assumed
6.595 .011
-
1.028
148 .305 -.19156 .18628 -.55967 .17656
Equal
variances not
assumed
-
1.049
147.140 .296 -.19156 .18261 -.55243 .16932
Company
Reputation
Equal
variances
assumed
.734 .393 .301 148 .764 .06277 .20828 -.34882 .47436
Equal
variances not
assumed
.304 143.520 .762 .06277 .20661 -.34562 .47116
Safety of
Funds
Equal
variances
assumed
31.304 .000
-
5.083
148 .000 -.96212 .18927
-
1.33613
-
.58811
Equal
variances not
assumed
-
4.817
102.770 .000 -.96212 .19975
-
1.35828
-
.56596

Growth of
Funds
Equal
variances
assumed
17.997 .000
-
5.447
148 .000 -.87121 .15995
-
1.18729
-
.55513
Equal
variances not
assumed
-
5.181
105.450 .000 -.87121 .16817
-
1.20464
-
.53778
Income Equal
variances
assumed
1.817 .180 -.506 148 .613 -.10281 .20309 -.50414 .29851
Equal
variances not
assumed
-.512 144.838 .609 -.10281 .20076 -.49962 .29399
Past
Experience
Equal
variances
assumed
1.289 .258 1.219 148 .225 .28571 .23437 -.17744 .74886
Equal
variances not
assumed
1.235 145.228 .219 .28571 .23143 -.17169 .74312
Needs Equal
variances
assumed
.004 .948
-
1.899
148 .059 -.41017 .21597 -.83696 .01661
Equal
variances not
assumed
-
1.899
139.525 .060 -.41017 .21605 -.83733 .01698

Result Table for Independent T-Test between Factor affecting Investor’s Perception and Marital
Status.
Factor P-Value Remarks Decision about the Hypothesis
Risk 0.091 Same H02Accepted and H12 Rejected
Return 0.001 Not Same H02Rejected and H12 Accepted
Liquidity 0.305 Same H02Accepted and H12 Rejected
Company Reputation 0.764 Same H02Accepted and H12 Rejected
Safety of Funds 0.000 Not Same H02Rejected and H12 Accepted
Growth 0.000 Not Same H02Rejected and H12 Accepted
Income 0.613 Same H02Accepted and H12 Rejected
Past Experience 0.225 Same H02Accepted and H12 Rejected
Needs 0.059 Same H02Accepted and H12 Rejected
Interpretation: It can be reveled from the Independent T-Test analysis that Return (p=0.001), Safety
(p=0.000) and Growth (p=0.000) are not same for married and single respondent which effect on
investor’s perception. And the researcher also accept the alternative hypothesis and reject null
hypothesis and which leads the researcher to conclude that Returns, Safety of funds and Growth of
funds affects the perception of married and single respondent .

5.4 ANOVA Tests between Demographic Factors and factor affecting investor’s
Perception
H01: There is no significant difference in factors affecting investor’s perception among all
Educational Qualification groups.
H11: There is a significant difference in factors affecting investor’s perception among all
Educational Qualification groups
ANOVA Analysis between Factor Affecting Investor’s Perception and Qualification Group
Sum of
Squares Df Mean Square F Sig.
Risk Between Groups .970 3 .323 .217 .885
Within Groups 218.103 146 1.494
Total 219.073 149
Returns Between Groups 4.189 3 1.396 1.280 .284
Within Groups 159.304 146 1.091
Total 163.493 149
Liquidity Between Groups 3.402 3 1.134 .882 .452
Within Groups 187.771 146 1.286
Total 191.173 149
Company Reputation Between Groups 3.167 3 1.056 .658 .579
Within Groups 234.273 146 1.605
Total 237.440 149
Safety of Funds Between Groups 13.195 3 4.398 2.960 .034
Within Groups 216.965 146 1.486
Total 230.160 149
Growth of Funds Between Groups 7.307 3 2.436 2.213 .089
Within Groups 160.693 146 1.101
Total 168.000 149
Income Between Groups .451 3 .150 .097 .961
Within Groups 225.549 146 1.545
Total 226.000 149
Past Experience Between Groups 5.586 3 1.862 .913 .437
Within Groups 297.907 146 2.040
Total 303.493 149
Needs Between Groups .625 3 .208 .117 .950
Within Groups 260.735 146 1.786
Total 261.360 149

Result of ANOVA of Factors affecting Investor Perception between all Qualification Groups.
Risk 0.885 Not Significant H01Accepted and H11 Rejected
Return 0.284 Not Significant H01Accepted and H11 Rejected
Liquidity 0.452 Not Significant H01Accepted and H11 Rejected
Company Reputation 0.579 Not Significant H01Accepted and H11 Rejected
Safety of Funds 0.034 Significant H01Rejected and H11 Accepted
Growth 0.089 Not Significant H01Accepted and H11 Rejected
Income 0.961 Not Significant H01Accepted and H11 Rejected
Past Experience 0.437 Not Significant H01Accepted and H11 Rejected
Needs 0.117 Not Significant H01Accepted and H11 Rejected
Interpretation: From the above result table, it can observed that safety of fund’s p-value is equal to
0.034 which is less than (alpha) 0.05 it means researcher accept the null hypothesis and reject
alternative which leads the researcher to conclude that out of all factors which affects the investor
perception safety of funds affects more than all other variables and other factors don’t have any
significant effect on investor’s perception in regard with educational qualification.

H02: There is no significant difference in factors affecting investor’s perception among all Income
group.
H12: There is a significant difference in factor affecting investor’s perception among all Income
groups.
ANOVA Analysis between Factors affecting Investor’s Perception and Income
Sum of
Squares df Mean Square F Sig.
Risk Between Groups 11.280 3 3.760 2.642 .052
Within Groups 207.794 146 1.423
Total 219.073 149
Within Groups 149.169 146 1.022
Total 163.493 149
Liquidity Between Groups 9.749 3 3.250 2.615 .053
Within Groups 181.425 146 1.243
Total 191.173 149
Company Reputation Between Groups 4.821 3 1.607 1.009 .391
Within Groups 232.619 146 1.593
Total 237.440 149
Within Groups 209.752 146 1.437
Total 230.160 149
Within Groups 146.460 146 1.003
Total 168.000 149
Income Between Groups 19.593 3 6.531 4.620 .004
Within Groups 206.407 146 1.414
Total 226.000 149
Past Experience Between Groups 29.045 3 9.682 5.150 .002
Within Groups 274.448 146 1.880
Total 303.493 149
Needs Between Groups 3.421 3 1.140 .645 .587
Within Groups 257.939 146 1.767
Total 261.360 149

Result of ANOVA of Factors affecting Investor Perception and Income
Interpretation: from the above result table of ANOVA test between factors affecting investor’s
perception and monthly income of the respondents of the survey that factors such as Returns
(p=0.004), Safety of funds (p=0.004), Growth (p=0.000), Income (p=0.004) and Past experience
(p=0.002) has a significant effect on investor’s perception in regard with Income of respondent and in
all values which score less than alpha value (0.05) the researcher accepts the Alternative hypothesis
and rejects Null hypothesis.
Risk 0.052 Not Significant H02Accepted and H12 Rejected
Return 0.004 Significant H02Rejected and H12 Accepted
Liquidity 0.053 Not Significant H02Accepted and H12 Rejected
Company Reputation 0.391 Not Significant H02Accepted and H12 Rejected
Safety of Funds 0.004 Significant H02Rejected and H12 Accepted
Growth .000 Significant H02Rejected and H12 Accepted
Income 0.004 Significant H02Rejected and H12 Accepted
Past Experience 0.002 Significant H02Rejected and H12 Accepted
Needs 0.587 Not Significant H02Accepted and H12 Rejected

H03: There is no significant difference in factors affecting investor’s perception among all Percentage
of Income used for Investment Purpose group.
H13: There is a significant difference in factor affecting investor’s perception among all Percentage of
Income used for Investment Purpose group.
ANOVA Analysis between factor affecting Investor’s Perception and Percentage of Income used for Investment
Sum of Squares df Mean Square F Sig.
Risk Between Groups 7.253 3 2.418 1.666 .177
Within Groups 211.820 146 1.451
Total 219.073 149
Within Groups 159.827 146 1.095
Total 163.493 149
Liquidity Between Groups 11.668 3 3.889 3.163 .026
Within Groups 179.505 146 1.229
Total 191.173 149
Company Reputation Between Groups 6.665 3 2.222 1.405 .244
Within Groups 230.775 146 1.581
Total 237.440 149
Within Groups 219.161 146 1.501
Total 230.160 149
Within Groups 160.196 146 1.097
Total 168.000 149
Income Between Groups 14.195 3 4.732 3.262 .023
Within Groups 211.805 146 1.451
Total 226.000 149
Past Experience Between Groups 29.692 3 9.897 5.278 .002
Within Groups 273.801 146 1.875
Total 303.493 149
Needs Between Groups 6.974 3 2.325 1.334 .266
Within Groups 254.386 146 1.742
Total 261.360 149

In-depth Study of Investor's Perception towards investment in Various Alternatives

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