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&.& !"T #$%CT!#"

&.&.& '# E!(" !")T!T%T!#"A* !"+E)T# )

'!! is ,efine, as an institution or-ani.e, outsi,e of !n,ia for the purpose of ma/inin0estments into the !n,ian securities mar/et un,er the re-ulations prescribe, by )E1!. 2'!!3 inclu,e 4#0erseas pension fun,s5 mutual fun,s5 in0estment trust5 asset mana-ement company5 nominee company5 ban/5 institutional portfolio mana-er5 uni0ersity fun,s5 en,owments5 foun,ations5 charitable trusts5 charitable societies5 a trustee or power of attorney hol,er incorporate, or establishe, outsi,e !n,ia proposin- to ma/e proprietary in0estments or in0estments on behalf of a broa,base, fun,. '!!s can in0est their own fun,s as well as in0est on behalf of their o0erseas clients re-istere, as such with )E1!. These client accounts that the '!! mana-es are /nown as 2sub-accounts3. A ,omestic portfolio mana-er can also re-ister itself as an '!! to mana-e the. fun,s of sub-accounts

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'orei-n institutional in0estor means an entity establishe, or incorporate, outsi,e !n,ia which proposes to ma/e in0estment in !n,ia. Positi0e ti,in-s about the !n,ian economy combine, with a fast--rowin- mar/et ha0e ma,e !n,ia an attracti0e ,estination for forei-n institutional in0estors. '!! is ,efine, as an institution or-ani.e, outsi,e of !n,ia for the purpose of ma/in- in0estments into the !n,ian securities mar/et un,er the re-ulations prescribe, by )E1!.

Entry #ptions 'or '!! A forei-n company plannin- to set up business operations in !n,ia has the followinoptions: !ncorporate, Entity 1y incorporatin- a company un,er the Companies Act5&678 throu-h 9 9 :oint +entures; or <holly #wne, )ubsi,iaries

'orei-n e=uity in such !n,ian companies can be up to &>>? ,epen,in- on the re=uirements of the in0estor5 subject to e=uity caps in respect of the area of acti0ities un,er the 'orei-n $irect !n0estment @'$!A policy. &.&.B !mportant terms to /now about '!!s: )ub-account : )ub-account inclu,es those forei-n corporations5 forei-n in,i0i,uals5 an, institutions5 fun,s or portfolios establishe, or incorporate, outsi,e !n,ia on whose behalf in0estments are propose, to be ma,e in !n,ia by a '!!. $esi-nate, 1an/: $esi-nate, 1an/ means any ban/ in !n,ia which has been authori.e, by the eser0e 1an/ of !n,ia to act as a ban/er to '!!. $omestic Custo,ian: $omestic Custo,ian means any entity re-istere, with )E1! to carry on the acti0ity of pro0i,in- custo,ial ser0ices in respect of securities. 1roa, 1ase, 'un,: 1roa, 1ase, 'un, means a fun, establishe, or incorporate, outsi,e !n,ia5 which has at least twenty in0estors with no sin-le in,i0i,ual in0estor hol,in- more than

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&>? shares or units of the fun,. Pro0i,e, that if the fun, has institutional in0estor@sA it shall not be necessary for the fun, to ha0e twenty in0estors. !f the fun, has an institutional in0estor hol,in- more than &>? of shares or units in the fun,5 then the institutional in0estor must itself be broa, base, fun,.

&.&.C '# E!(" !")T!T%T!#"A* !"+E)T# )

E(!)T AT!#"

'ollowin- entities / fun,s are eli-ible to -et re-istere, as '!!: 9 9 9 9 9 9 9 9 9 9 Pension 'un,s Dutual 'un,s !n0estment Trust !nsurance or reinsurance companies !n0estment Trusts 1an/s En,owments %ni0ersity 'un,s 'oun,ations Charitable Trusts or Charitable )ocieties

'urther5 followin- entities proposin- to in0est on behalf of broa, base, fun,s5 are also eli-ible to be re-istere, as '!!s: 9 9 9 9 Asset Dana-ement Companies !nstitutional Portfolio Dana-ers Trustees Power of Attorney Hol,ers.

The eli-ibility criteria for applicant see/in- '!! re-istration As per e-ulation 8 of )E1! @'!!A e-ulations5&6675 'orei-n !nstitutional !n0estors are re=uire, to fulfill the followin- con,itions to =ualify for -rant of re-istration:

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9 Applicant shoul, ha0e trac/ recor,5 professional competence5 financial soun,ness5 eEperience5 -eneral reputation of fairness an, inte-rity. 9 The applicant shoul, be re-ulate, by an appropriate forei-n re-ulatory authority in the same capacity/cate-ory where re-istration is sou-ht from )E1!. e-istration with authorities5 which are responsible for incorporation5 is not a,e=uate to =ualify as 'orei-n !nstitutional !n0estor. 9 The applicant is re=uire, to ha0e the permission un,er the pro0isions of the 'orei-n EEchan-e Dana-ement Act5 &666 from the eser0e 1an/ of !n,ia. 9 Applicant must be le-ally permitte, to in0est in securities outsi,e the country or its in-corporation / establishment. 9 The applicant must be a Ffit an, properF person.

9 The applicant has to appoint a local custo,ian an, enter into an a-reement with the custo,ian. 1esi,es it also has to appoint a ,esi-nate, ban/ to route its transactions. 9 Payment of re-istration fee of %) G 75>>>.>> e-ulations5 &667 is to be fille, before applyin-

F'orm AF as prescribe, in )E1! @'!!A for '!! re-istration.

)upportin- ,ocuments re=uire, are: 9 Application in 'orm A ,uly si-ne, by the authori.e, si-natory of the applicant. 9 Certifie, copy of the rele0ant clauses or articles of the Demoran,um an, Articles of Association or the a-reement authori.in- the applicant to in0est on behalf of its clients 9 Au,ite, financial statements an, annual reports for the last one year 5 pro0i,e, that the perio, co0ere, shall not be less than twel0e months. 9 A ,eclaration by the applicant with re-istration number an, other particulars in support of its re-istration or re-ulation by a )ecurities Commission or )elf e-ulatory #r-anisation or any other appropriate re-ulatory authority with whom the applicant is re-istere, in its home country. 9 A ,eclaration by the applicant that it has entere, into a custo,ian a-reement with a ,omestic custo,ian to-ether with particulatrs of the ,omestic custo,ian. 9 A si-ne, ,eclaration statement that appears at the en, of the 'orm.

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$eclaration re-ar,in- fit H proper entity.

The fee for re-istration as '!! is %) G 75>>>. The mo,e of payment is $eman, $raft in fa0our of F)ecurities an, EEchan-e 1oar, of !n,iaF payable at "ew Ior/J. )E1! -enerally ta/es K wor/in- ,ays in -rantin- '!! re-istration. Howe0er5 in cases where the information furnishe, by the applicants is incomplete5 se0en ,ays shall be counte, from the ,ays when all necessary information sou-ht5 reaches )E1!. !n cases where the applicant is ban/ an, subsi,iary of a ban/5 )E1! see/s comments from the eser0e 1an/ of !n,ia @ 1!A. !n such cases5 K wor/in- ,ays woul, be counte, from the ,ay no objection is recei0e, from 1!. The '!! re-istration is 0ali, for 7 years. After eEpiry of 7 years5 the re-istration nee,s to be renewe,. )ame as initial re-istration5 Alon- with F'orm AF an, all the rele0ant ,ocuments5 the applicants are re=uire, to fill in a,,itional form @AnneEure &A while applyin- for renewal. %) G 75>>> nee,s to be pai, for renewal of '!! re-istration. The application for renewal shoul, be submitte, three months before eEpiry of the '!! re-istration. &>> ? ,ebt '!!s are ,ebt ,e,icate, '!!s which in0est in ,ebt securities only. The proce,ure for re-istration of '!!/sub-account5 un,er &>>? ,ebt route is similar to that of normal fun,s besi,es a clear statement by the applicant that it wishes to be re-istere, as '!!/sub-account un,er &>>? ,ebt route. The '!! re-istration application shoul, be sent to: )ecurities an, EEchan-e 1oar, of !n,ia $i0ision of '!! H Custo,ian Dittal Court F1F <in-5 'irst 'loor BB45 "ariman Point Dumbai 4>> >B& !n,ia.

&.&.4 )%1-ACC#%"T

E(!)T AT!#"

aA !nstitution or fun,s or portfolios establishe, outsi,e !n,ia5 whether incorporate, or not. bA Proprietary fun, of '!!.

http://www.final-yearprojects.co.cc/ cA ,A 'orei-n Corporates 'orei-n !n,i0i,uals.

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The '!! shoul, apply on the behalf of the )ub-account. 1oth the '!! an, the )ubaccount are re=uire, to si-n the )ub-account application form. FAnneEure 1F to F'orm AF @'!! application formA nee,s to be fille, when applyin- for sub-account re-istration. "o ,ocument is nee,e, to be sent with anneEure 1. The fee for sub-account re-istration is %)G &5>>>. The fee is to be submitte, at the time of submittin- the application. The mo,e of payment is $eman, $raft in the name of F)ecurities an, EEchan-e 1oar, of !n,iaF payable at "ew Ior/. )E1! -enerally ta/es three wor/in- ,ays in -rantin- '!! re-istration. Howe0er5 in cases where the information furnishe, by the applicants is incomplete5 three ,ays shall be counte, from the ,ays when all necessary information sou-ht5 reaches )E1!. The 0ali,ity of sub-account re-istration is co-terminus with the '!! re-istration un,er which it is re-istere,. The process of renewal of sub-account is same as initial re-istration. enewal fee in this case is %) G &5>>>. #C1s / " !s are not permitte, to -et re-istere, as '!!/sub-account. &.&..7 P#)T- E(!)T AT!#" P #CE))E): !f a re-istere, '!!/sub-account un,er-oes name chan-e5 then the '!! nee, to promptly inform )E1! about the chan-e. !t shoul, also mention the reasons for the name chan-e an, -i0e an un,erta/in- that there has been no chan-e in beneficiary ownership. !n case of name chan-e of '!!5 the re=uest shoul, be accompanie, with ,ocuments from home re-ulator an, re-istrar of the company e0i,encin- appro0al of name chan-e5 an, the ori-inal '!! re-istration certificate issue, by )E1! shoul, be sent bac/ for necessary amen,ment. Proce,ure for transferrin- a sub-account from one '!! to another: The '!! to whom the )ub-account is propose, to be transferre, has to sen, a re=uest alon- with a ,eclaration that it is authori.e, to in0est on behalf of the )ubaccount. The transferor '!! shoul, also submit a "o-objection certificate. The '!! shoul, sen, a re=uest5 alon- with no-objection certificate from eEistin,omestic custo,ian5 for chan-e in ,omestic custo,ian. The '!! woul, be re=uire, to sen, a re=uest for cancellation of its re-istration or re-istration of its )ub-account/s clearly mentionin- the name an, re-istration number of the entity. The '!! shoul, ensure that it / )ub-account has nil cash / securities hol,in-s. Proce,ure for chan-e of local custo,ian:

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!n case of chan-e of the local custo,ian of the '!! / sub-account5 the chan-e shoul, be intimate, to )E1! by the '!!. #n receipt of no objection from the eEistincusto,ian an, acceptance from the propose, custo,ian5 the chan-e of custo,ian woul, be appro0e, - by )E1!. Proce,ure for re-istration as '!!/sub account un,er &>>? ,ebt route: The proce,ure for re-istration of '!!/sub account un,er &>>? ,ebt route is similar to that of normal fun,s besi,es a clear statement by the applicant that it wishes to be re-istere, as '!!/sub account un,er &>>? ,ebt route. Howe0er5 (o0ernment of !n,ia allocates the o0erall in0estment limit for &>>? ,ebt fun,s annually. The -rant of in0estment limit for in,i0i,ual &>>? ,ebt fun,s is within this o0erall limit. The fun,s ha0e to see/ further in0estment limit in case the limit allotte, to them is eEhauste, an, they wish to in0est further. A 'orei-n !nstitutional !n0estor ha0in- an account with one custo,ian can open accounts with ,ifferent custo,ians for its ,ifferent sub-accounts. Howe0er5 one subaccount cannot be custo,ial with more than one custo,ian. Proce,ure if an eEistin- sub-account wants to -et re-istere, as a 'orei-n !nstitutional !n0estor: !n case if a re-istere, sub-account wishes to -et itself re-istere, as a 'orei-n !nstitutional !n0estor5 then it will ha0e to apply in 'orm A to )E1! for the same an, has to satisfy all the eli-ibility criteria norms mentione, in )E1! @'orei-n !nstitutional !n0estorA e-ulations5 &667. !t shoul, also submit a letter from the ol, '!! in,icatin- its L"o-objectionL to such re-istration. Proce,ure for renewal of '!!/)ub-Account re-istration: They ha0e to apply before C months of the eEpiry of re-istration in 'orm A. Circular "o '!TTC/C%)T/>6/B>>> ,ate, )eptember B&5 B>>> may be referre,. !f the '!! ,oes not renew its/sub-account3s re-istration: The re-istration of the '!! / )ub-account woul, -et eEpire, at ,ue ,ate an, it woul, not be allowe, to tra,e in !n,ian securities mar/ets. !f it is not intereste, in renewal but has certain resi,ual assets5 it can apply for ,isin0estment in terms of Circular "o. '!TTC/C%)T/&B/B>>& ,ate, :une >45 B>>& an, abi,es by the -ui,elines specifie, in this re-ar,. &.&.8 )cope of !n0estments un,er the Portfolio !n0estment )cheme.

'!!s5 un,er the Portfolio !n0estment )cheme5 are permitte, to ma/e both primary an, secon,ary in0estments in the !n,ia capital mar/ets. %nli/e an in0estor which relies solely on '$! re-ulations5 a forei-n in0estor which re-isters as a '!! woul, be

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allowe, to buy an, sell securities o0er !n,ian stoc/ eEchan-es. !n a,,ition5 '!!s are entitle, to effect transactions in a broa,er cate-ory of securities than an in0estor relyin- on '$! re-ulations alone. '!!s are permitte, to purchase e=uity securities @both liste, an, unliste,A5 units of schemes floate, by the %nit Trust of !n,ia an, other ,omestic municipal fun,s5 warrants5 ,ebentures5 bon,s5 -o0ernmental securities an, ,eri0ati0e instruments which are tra,e, on a reco-ni.e, stoc/ eEchan-e. There is no limit on the amount that '!!s may in0est in the !n,ian mar/et5 an, no loc/-up perio,s apply to in0estments ma,e by '!!s.

EEchan-e Controls

'!!s are re=uire, to open up one or more ban/ accounts with certain ,esi-nate, ban/s an, must also appoint a ,omestic custo,ian for custo,y of in0estment ma,e by the '!!. Throu-h the ,esi-nate, accounts5 '!!s are authori.e, to freely transfer fun,s from forei-n currency accounts to upee accounts an, 0ice 0ersa; ma/e upee ,enominate, in0estments in !n,ian companies; freely transfer after-taE procee,s from upee accounts to forei-n currency accounts5 an, repatriate capital5 capital -ain5 ,i0i,en,s interest income an, other -ains5 subject to ,e,uction for applicable withhol,in- taEes. )o lon- as '!!s eEecute purchases an, sales on a reco-ni.e, !n,ian stoc/ eEchan-e5 they are not re=uire, to obtain transaction specific appro0al from the eser0e 1an/. '!!s are also entitle, to effect transactions usin- their own proprietary fun,s5 or the fun,s of their sub accounts.

!n0estment

estrictions.

Certain limitations apply to in0estments by '!!s into !n,ia. 'irst5 '!!s3 an, their subaccounts3 in0estment in an !n,ian company can not eEcee, ten percent @&>?A of the total issue, share capital of the !n,ian company @fi0e percent if the subaccount is a forei-n corporation or in,i0i,ualA. !n a,,ition5 the a--re-ate in0estment of all '!!s in an !n,ian company may not eEcee, twenty four percent @B4?A of its total issue, share capital5 without the eEpress appro0al of its boar, of ,irectors an, sharehol,ers. E0en with boar, of ,irector an, sharehol,er appro0al5 the same sectoral limits which apply to forei-n ,irect in0estment woul, continue to apply. '!!s may re-ister with )E1! as a ,ebt fun, or an e=uity fun,. '!!s which are re-istere, as e=uity fun,s5 are re=uire, to in0est at least se0enty percent @K>?A of their fun,s in e=uity an, e=uity-relate, securities. A '!! re-istere, as a ,ebt fun,5 on the other han,5 must in0est one hun,re, percent @&>>?A of its fun,s in ,ebt instruments. 'orei-n corporations an, in,i0i,uals are not eli-ible subaccounts of a '!! that is

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re-istere, as a ,ebt fun,. '!!s are not permitte, to en-a-e in short sellin-5 other than in respect of ,eri0ati0e securities tra,e, o0er a reco-ni.e, eEchan-e5 an, must effect transactions throu-h a re-istere, stoc/ bro/er. )ector in0estment prohibitions an, caps which apply to forei-n ,irect in0estment also apply to in0estments by '!!s5 an, '!! in0estments must also comply with the pricinre=uirements applicable to forei-n ,irect in0estment. !n a,,ition5 '!!s are not permitte, to in0est in print me,ia. &.&.K Tren, of '!!s with the help of economic fi-ures: 9 !n B>>45 '!! in0estments crosse, G6 billion5 the hi-hest in the history of !n,ian capital mar/ets. 9 The total net in0estment for the year up to $ecember B6 stoo, at %)G65>KB million while forei-n in0estors pumpe, in about %)GB5&&C million in $ecember. 9 Morea an, Taiwan ha0e always been the bi--est recipients of '!! money. !t was only in B>>4 that !n,ia mana-e, to recei0e the secon, hi-hest '!! inflow at o0er GN.7bn. 9 !n B>>7 '!!s in0este, more in !n,ian e=uities than in Morean or Taiwanese e=uities. 9 #n 6th Darch B>>65 !n,iaLs eEceptional -rowth story an, its boomineconomy ha0e ma,e the country a fa0ourite ,estination with forei-n institutional in0estors @'!!sA. !t has continue, to attract in0estment ,espite the )atyam non-o0ernance issue an, the -lobal economic conta-ion impact on !n,ian mar/ets. 9 Accor,in- to Dr (autam Chan,5 CE# of !nstaneE5 sai, '!!s are the lar-est institutional in0estors in !n,ia with hol,in-s 0alue, at o0er %)G K7&.&4 billion as on $ecember C&5 B>>N. 9 They are also the most successful portfolio in0estors in !n,ia with &>B per cent appreciation since )eptember C>5 B>>C. 9 As per )E1!5 number of re-istere, '!!s stoo, at &8B8 an, number of re-istere, sub-accounts stoo, at 46KB as on Darch &K5 B>>6. 'uture Prospects of 'orei-n !nstitutional !n0estments: O )ustainin- the -rowth momentum an, achie0in- an annual a0era-e -rowth of 6-&> ? in the neEt fi0e years. O )implifyin- proce,ures an, relaEin- entry barriers for business acti0ities an, Pro0i,in- in0estor frien,ly laws an, taE system.

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O Chec/in- the -rowth of population; !n,ia is the secon, hi-hest populate, country in the worl, after China. Howe0er in terms of ,ensity !n,ia eEcee,s China5 as !n,iaLs lan, area is almost half of ChinaLs total lan,. $ue to a hi-h population -rowth5 ("! per capita remains 0ery poor. !t was only G BNN> in B>>C @<orl, 1an/ fi-uresA. O 1oostin- a-ricultural -rowth throu-h ,i0ersification an, ,e0elopment of a-ro processin-. O EEpan,in- in,ustry fast5 by at least &>? per year to inte-rate not only the surplus labour in a-riculture but also the unprece,ente, number of women an, teena-ers joinin- the labour force e0ery year. O $e0elopin- worl,-class infrastructure for sustainin- -rowth in all the sectors of the economy O Allowin- forei-n in0estment in more areas.

O Effectin- fiscal consoli,ation an, eliminatin- the re0enue ,eficit throu-h re0enue enhancement an, eEpen,iture mana-ement. O (lobal corporations are responsible for -lobal warmin-5 the ,epletion of natural resources5 an, the pro,uction of harmful chemicals an, the ,estruction of or-anic a-riculture. O The -o0ernment shoul, re,uce its bu,-et ,eficit throu-h proper pricinmechanisms an, better ,irection of subsi,ies. !t shoul, ,e0elop infrastructure with what 'inance Dinister P Chi,ambaram !nternational esearch :ournal of 'inance an, Economics - !ssue 7 @B>>8A &K& of !n,ia calle, 4ruthless efficiencyJ an, re,uce bureaucracy by streamlinin- -o0ernment proce,ures to ma/e them more transparent an, effecti0e. O Empowerin- the population throu-h uni0ersal e,ucation an, health care5 !n,ia must maEimi.e the benefits of its youthful ,emo-raphics an, turn itself into the /nowle,-e hub of the worl, throu-h the application of information an, communications technolo-y @!CTA in all aspects of !n,ian life althou-h5 the -o0ernment is committe, to furtherin- economic reforms an, ,e0elopin- basic infrastructure to impro0e li0es of the rural poor an, boost economic performance. (o0ernment ha, re,uce, its controls on forei-n tra,e an, in0estment in some areas an, has in,icate, more liberali.ation in ci0il a0iation5 telecom an, insurance sector in the future.

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&.B.& #1:ECT!+E) #' THE )T%$I:

'ollowin- are the objecti0es of the stu,y:

9 To stu,y the scope an, tra,in- mechanism of 'orei-n !nstititutional in0estors in !n,ia.

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9 To fin, the relationship between the '!!s e=uity in0estment pattern an, !n,ian stoc/ in,ices.

9 To analy.e the impact of '!!s e=uity in0estment on specific in,ustrial sector @'DC(5 Consumer $urables5 Auto5 1an/in-5 eal EstateA in,ices.

&.B.B )C#PE A"$ "EE$ #' )T%$I:

)cope of the stu,y is 0ery broa,er an, co0ers both the stoc/ in,ices an, its comparison with forei-n institutional in0estments. 1ut5 stu,y is only -oin- to co0er forei-n in0estments in form of e=uity. The time perio, is limite, from :anuary B>>K to $ecember B>>N as it will -i0e eEact impact in both the bullish an, bearish tren,.

The stu,y will pro0i,e a 0ery clear picture of the impact of forei-n institutional in0estors on !n,ian stoc/ in,ices. !t will also ,escribe the mar/et tren,s ,ue to '!!s inflow an, outflow.

The stu,y woul, be helpful for further ,escripti0e stu,ies on the i,eas that will be eEplore,. Doreo0er5 it woul, be beneficial to -ain /nowle,-e re-ar,in- forei-n institutional in0estments5 their process of re-istration an, their impact on !n,ian stoc/ mar/et.

&.B.C

E)EA CH DETH#$#*#(I:

esearch metho,olo-y is the arran-ement of con,itions for collection an, analysis of ,ata in a manner that aims to combine rele0ance to the research purpose with economy in proce,ure. esearch metho,olo-y is the conceptual structure within which research is con,ucte,. !t constitutes the blueprint for the collection measurement an, analysis of the ,ata.

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The research metho,olo-y here inclu,es: 9 9 9 9 9 esearch problem esearch ,esi-n )amplin- ,esi-n )amplin- techni=ue $ata collection metho,

esearch Problem

An a,a-e says 4a problem well ,efine, is half sol0e,J. The project ,eals with the 4!mpact of 'orei-n !nstitutional !n0estors on !n,ian )toc/ Dar/etJ. This research project stu,ies the relationship between '!!s in0estment an, stoc/ in,ices. 'or this purpose !n,ia3s two major in,ices i.e. )enseE an, )HP C"P "ifty are selecte,. These two in,ices5 in a way5 represent the picture of !n,ia3s stoc/ mar/ets. 'i0e in,ices of 1)E i.e. 1)E Auto5 1)E 1an/eE5 1)E Consumer $urables5 1)E 'DC(5 1)E ealty are also selecte, so as to further obser0e the effect of '!! in particular in,ustry . )o this project re0eals the impact of '!! on the !n,ian capital mar/et.

There may be many other factors on which a stoc/ in,eE may ,epen, i.e. (o0ernment policies5 bu,-ets5 bullion mar/et5 inflation5 economic an, political con,ition of the country5 '$!5 e./$ollar eEchan-e rate etc. 1ut for this stu,y ! ha0e selecte, only one in,epen,ent 0ariable i.e. '!!. This stu,y uses the concept of correlation an, re-ression to stu,y the relationship between '!! an, stoc/ in,eE. The '!! starte, in0estin- in !n,ian capital mar/et from )eptember &66Bwhen the !n,ian economy was opene, up in the same year. Their in0estments inclu,e e=uity only. The sample ,ata of '!!s in0estments consists of monthly a0era-e from :anuary B>>K to $ecember B>>N.

E)EA CH $E)!("

"ull Hypothesis @HoA: The 0arious 1)E in,ices an, )HP C"P "ifty in,eE ,oes not rise with the increase in '!!s in0estment.

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Alternate Hypothesis @HaA: The 0arious 1)E in,ices an, )HP C"P "ifty in,eE rises with the increase in '!!s in0estment.

EEploratory

esearch

As an eEploratory stu,y is con,ucte, with an objecti0e to -ain familiarity with the phenomenon or to achie0e new insi-ht into it5 this stu,y aims to fin, the new insi-hts in terms of fin,in- the relationship between '!!3) an, !n,ian )toc/ !n,ices.

)ADP*!"( $E)!("

%ni0erse

!n this stu,y the uni0erse is finite an, will ta/e into the consi,eration relate, news an, e0ents that ha0e happene, in last few year.

)amplin- %nit: -

As this stu,y re0ol0es aroun, the forei-n institutional in0estment an, !n,ian stoc/ mar/et. )o for the samplin- unit is confine, to only the !n,ian stoc/ mar/et.

)ADP*!"( TECH"!Q%E: -

Con0enient )amplin-: )tu,y con,ucte, on the basis of a0ailability of the $ata an, re=uirement of the project. )tu,y re=uires the e0ents that ha0e impact on the !n,ian stoc/ mar/et.

http://www.final-yearprojects.co.cc/ $ata collection Detho,

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)econ,ary ,ata: 'or the secon,ary ,ata 0arious literatures5 boo/s5 journals5 ma-a.ines5 web lin/s are use,. As there are not possibilities of collectin- ,ata personally so no =uestionnaire is ma,e.

E)EA CH A"A*I)!) T##*)

e-ression analysis an, Correlation analysis:

e-ression Analysis: <e can analy.e how a sin-le ,epen,ent 0ariable is affecte, by the 0alues of one or more in,epen,ent 0ariables R for eEample5 how an athleteLs performance is affecte, by such factors as a-e5 hei-ht5 an, wei-ht. <e can apportion shares in the performance measure to each of these three factors5 base, on a set of performance ,ata5 an, then use the results to pre,ict the performance of a new5 unteste, athlete.

Correlation: This analysis tool an, its formulas measure the relationship between two ,ata sets that are scale, to be in,epen,ent of the unit of measurement. The population correlation calculation returns the co0ariance of two ,ata sets ,i0i,e, by the pro,uct of their stan,ar, ,e0iations. <e can use the Correlation tool to ,etermine whether two ran-es of ,ata mo0e to-ether R that is5 whether lar-e 0alues of one set are associate, with lar-e 0alues of the other @positi0e correlationA5 whether small 0alues of one set are associate, with lar-e 0alues of the other @ne-ati0e correlationA5 or whether 0alues in both sets are unrelate, @correlation near .eroA.

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!"T #$%CT!#" T# !"$!A"

)T#CM DA MET

B.& #+E +!E< #' !"$!A" )T#CM DA MET The wor/in- of stoc/ eEchan-es in !n,ia starte, in &NK7. 1)E is the ol,est stoc/ mar/et in !n,ia. The history of !n,ian stoc/ tra,in- starts with C&N persons ta/in-

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membership in "ati0e )hare an, )toc/ 1ro/ers Association5 which we now /now by the name 1ombay )toc/ EEchan-e or 1)E in short. !n &6875 1)E -ot permanent reco-nition from the (o0ernment of !n,ia. "ational )toc/ EEchan-e comes secon, to 1)E in terms of popularity. 1)E an, ")E represent themsel0es as synonyms of !n,ian stoc/ mar/et. The history of !n,ian stoc/ mar/et is almost the same as the history of 1)E. The C> stoc/ sensiti0e in,eE or )enseE was first compile, in &6N8. The )enseE is compile, base, on the performance of the stoc/s of C> financially soun, benchmar/ companies. !n &66> the 1)E crosse, the &>>> mar/ for the first time. !t crosse, B>>>5 C>>> an, 4>>> fi-ures in &66B. The reason for such hu-e sur-e in the stoc/ mar/et was the liberal financial policies announce, by the then financial minister $r. Dan Dohan )in-h. The up-beat moo, of the mar/et was su,,enly lost with Harsha, Dehta scam. !t came to public /nowle,-e that Dr. Dehta5 also /nown as the bi--bull of !n,ian stoc/ mar/et ,i0erte, hu-e fun,s from ban/s throu-h frau,ulent means. He playe, with BK> million shares of about 6> companies. Dillions of small-scale in0estors became 0ictims to the frau, as the )enseE fell flat she,,in- 7K> points. To pre0ent such frau,s5 the (o0ernment forme, The )ecurities an, EEchan-e 1oar, of !n,ia5 throu-h an Act in &66B. )E1! is the statutory bo,y that controls an, re-ulates the functionin- of stoc/ eEchan-es5 bro/ers5 sub-bro/ers5 portfolio mana-ers in0estment a,0isors etc. )E1! obli-e se0eral ri-i, measures to protect the interest of in0estors. "ow with the inception of online tra,in- an, ,aily settlements the chances for a frau, is nil5 says top officials of )E1!. )enseE crosse, the 7>>> mar/ in &666 an, the 8>>> mar/ in B>>>. The K>>> mar/ was crosse, in :une an, the N>>> mar/ on )eptember N in B>>7. Dany forei-n institutional in0estors @'!!A are in0estin- in !n,ian stoc/ mar/ets on a 0ery lar-e scale. The liberal economic policies pursue, by successi0e (o0ernments attracte, forei-n institutional in0estors to a lar-e scale. EEperts now belie0e the senseE can soar past &4>>> mar/ before B>&>. The unpre,ictable beha0ior of the mar/et -a0e it a ta- S 2a 0olatile mar/et.3 The factors that affecte, the mar/et in the past were -oo, monsoon5 1haratiya :anatha Party3s rise to power etc. The result of a cric/et match between !n,ia an, Pa/istan also affecte, the mo0ements in !n,ian stoc/ mar/et. The "ational $emocratic Alliance le, by 1:P5 ,urin- B>>4 public elections unsuccessfully trie, to ri,e on the mar/et sentiments to power. "$A was 0ote, out of power an, the senseE recor,e, the bi--est fall in a ,ay ami,st fears that the Con-ress-Communist coalition woul, stall economic reforms. *ater prime minister Dan Dohan )in-h3s assurance of 2reforms with a human face3 cast off the fears an, mar/et reacte, sharply to touch the hi-hest e0er mar/ of N7>>.

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!n,ia5 after %nite, )tates hosts the lar-est number of liste, companies. (lobal in0estors now ar,ently see/ !n,ia as their preferre, location for in0estment. #nce 0iewe, with s/epticism5 stoc/ mar/et now appeals to mi,,le class !n,ians also. Dany !n,ians wor/in- in forei-n countries now ,i0ert their sa0in-s to stoc/s. This recent phenomenon is the result of openin- up of online tra,in- an, ,iminishe, interest rates from ban/s. The stoc/bro/ers base, in !n,ia are openin- offices in ,ifferent countries mainly to cater the nee,s of "on esi,ent !n,ians. The time factor also wor/s for the " !s. They can buy or sell stoc/ online after returnin- from their wor/ places. The recent inci,ents that le, to -rowin- interest amon- !n,ian mi,,le class are the initial public offers announce, by Tata Consultancy )er0ices5 Daruti %,yo- *imite,5 #"(C an, bi- names li/e that. (oo, monsoons always raise the mar/et sentiments. A -oo, monsoon means impro0e, a-ricultural pro,uce an, more spen,in- capacity amon- rural fol/. The bullish run of the stoc/ mar/et can be associate, with a stea,y -rowth of aroun, 8? in ($P5 the -rowth of !n,ian companies to D"Cs5 lar-e potential of -rowth in the fiel,s of telecommunication5 mass me,ia5 e,ucation5 tourism an, !T sectors bac/e, by economic reforms ensure that !n,ian stoc/ mar/et continues its bull run. B.B History of the !n,ian )toc/ Dar/et - The #ri-in

)toc/ mar/ets refer to a mar/et place where in0estors can buy an, sell stoc/s. The price at which each buyin- an, sellin- transaction ta/es is ,etermine, by the mar/et forces @i.e. ,eman, an, supply for a particular stoc/. *et us ta/e an eEample for a better un,erstan,in- of how mar/et forces ,etermine stoc/ prices. A1C Co. *t,. enjoys hi-h in0estor confi,ence an, there is an anticipation of an upwar, mo0ement in its stoc/ price. Dore an, more people woul, want to buy this stoc/ @i.e. hi-h ,eman,A an, 0ery few people will want to sell this stoc/ at current mar/et price @i.e. less supplyA. Therefore5 buyers will ha0e to bi, a hi-her price for this stoc/ to match the as/ price from the seller which will increase the stoc/ price of A1C Co. *t,. #n the contrary5 if there are more sellers than buyers @i.e. hi-h supply an, low ,eman,A for the stoc/ of A1C Co. *t,. in the mar/et5 its price will fall ,own. !n earlier times5 buyers an, sellers use, to assemble at stoc/ eEchan-es to ma/e a transaction but now with the ,awn of !T5 most of the operations are ,one electronically an, the stoc/ mar/ets ha0e become almost paperless. "ow in0estors ,on3t ha0e to -ather at the EEchan-es5 an, can tra,e freely from their home or office o0er the phone or throu-h !nternet.

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#ne of the ol,est stoc/ mar/ets in Asia5 the !n,ian )toc/ Dar/ets has a B>> years ol, history.

&Nth Century East !n,ia Company was the ,ominant institution an, by en, of the century5 busuness in its loan securities -aine, full momentum &NC>Ls 1usiness on corporate stoc/s an, shares in 1an/ an, Cotton presses starte, in 1ombay. Tra,in- list by the en, of &NC6 -ot broa,er &N4>Ls eco-nition from ban/s an, merchants to about half a ,o.en bro/ers

&N7>Ls api, ,e0elopment of commercial enterprise saw bro/era-e business attractin- more people into the business &N8>Ls The number of bro/ers increase, to 8>

&N8>-8& The American Ci0il <ar bro/e out which cause, a stoppa-e of cotton supply from %nite, )tates of America; mar/in- the be-innin- of the F)hare DaniaF in !n,ia &N8B-8C The number of bro/ers increase, to about B>> to B7>

&N87 A ,isastrous slump be-an at the en, of the American Ci0il <ar @as an eEample5 1an/ of 1ombay )hare which ha, touche, s. BN7> coul, only be sol, at s. NKA

B.C ACH!E+EDE"T) A"$ D!*E)T#"E)

Pre-!n,epen,ance )cenario - Establishment of $ifferent )toc/ EEchan-es &NK4 <ith the rapi,ly ,e0elopin- share tra,in- business5 bro/ers use, to -ather at a street @now well /nown as F$alal )treetFA for the purpose of transactin- business. &NK7 FThe "ati0e )hare an, )toc/ 1ro/ersL AssociationF @also /nown as FThe 1ombay )toc/ EEchan-eFA was establishe, in 1ombay

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$e0elopment of cotton mills in,ustry an, set up of many others

&N64 Establishment of FThe Ahme,aba, )hare an, )toc/ 1ro/ersL AssociationF &NN> - 6>Ls )harp increase in share prices of jute in,ustries in &NK>Ls was followe, by a boom in tea stoc/s an, coal &6>N FThe Calcutta )toc/ EEchan-e AssociationF was forme, &6B> Da,ras witnesse, boom an, business at FThe Da,ras )toc/ EEchan-eF was transacte, with &>> bro/ers. &6BC <hen recession followe,5 number of bro/ers came ,own to C an, the EEchan-e was close, ,own &6C4 Establishment of the *ahore )toc/ EEchan-e &6C8 Der-er of the *ahoe )toc/ EEchan-e with the Punjab )toc/ EEchan-e &6CK e-or-anisation an, set up of the Da,ras )toc/ EEchan-e *imite, @P0t.A *imite, le, by impro0ement in stoc/ mar/et acti0ities in )outh !n,ia with establishment of new teEtile mills an, plantation companies &64> %ttar Pra,esh )toc/ EEchan-e *imite, an, "a-pur )toc/ EEchan-e *imite, was establishe, &644 Establishment of FThe Hy,eraba, )toc/ EEchan-e *imite,F &64K F$elhi )toc/ an, )hare 1ro/ersL Association *imite,F an, FThe $elhi )toc/s an, )hares EEchan-e *imite,F were establishe, an, later on mer-e, into FThe $elhi )toc/ EEchan-e Association *imite,F

Post !n,epen,ance )cenario

The ,epression witnesse, after the !n,epen,ance le, to closure of a lot of eEchan-es in the country. *ahore Estoc/ EEchan-e was close, ,own after the partition of !n,ia5 an, later on mer-e, with the $elhi )toc/ EEchan-e. 1na-alore )toc/ EEchan-e *imite, was re-istere, in &67K an, -ot reco-nition only by &68C. Dost of the other EEchan-es were in a miserable state till &67K when they applie, for reco-nition un,er )ecurities Contracts @ e-ulationsA Act5 &678. The EEchan-es that were reco-ni.e, un,er the Act were: &. B. 1ombay Calcutta

http://www.final-yearprojects.co.cc/ C. 4. 7. 8. K. N. 6. &>. &&. &B. &C. &4. &7. Da,ras Ahme,aba, $elhi Hy,eraba, 1an-alore 1ombay Calcutta Da,ras Ahme,aba, $elhi Hy,eraba, 1an-alore !n,ore

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Dany more stoc/ eEchan-es were establishe, ,urin- &6N>Ls5 namely: 9 9 9 9 9 9 9 9 9 9 9 9 Cochin )toc/ EEchan-e @&6N>A %ttar Pra,esh )toc/ EEchan-e Association *imite, @at Manpur5 &6NBA Pune )toc/ EEchan-e *imite, @&6NBA *u,hiana )toc/ EEchan-e Association *imite, @&6NCA (auhati )toc/ EEchan-e *imite, @&6N4A Manara )toc/ EEchan-e *imite, @at Dan-alore5 &6N7A Da-a,h )toc/ EEchan-e Association @at Patna5 &6N8A :aipur )toc/ EEchan-e *imite, @&6N6A 1hubaneswar )toc/ EEchan-e Association *imite, @&6N6A )aurashtra Mutch )toc/ EEchan-e *imite, @at aj/ot5 &6N6A

+a,o,ara )toc/ EEchan-e *imite, @at 1aro,a5 &66>A Coimbatore )toc/ EEchan-e

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B.4 PE '# DA"CE #' !"$!A" )T#CM DA MET #+E

'E< IEA )

At present5 there are twenty one reco-ni.e, stoc/ eEchan-es in !n,ia which ,oes not inclu,e the #0er The Counter EEchan-e of !n,ia *imite, @#TCE!A an, the "ational )toc/ EEchan-e of !n,ia *imite, @")E!*A. (o0ernment policies ,urin- &6N>Ls also playe, a 0ital role in the ,e0elopment of the !n,ian )toc/ Dar/ets. There was a sharp increase in number of EEchan-es5 liste, companies as well as their capital5 which is 0isible from the table: ). "o. As on C&st $ecember & B C 4 7 8 K "o. of )toc/ EEchan-es "o. of *iste, Cos. &648 &68& &6K& &6N& &66& &667 B>>& B>>7 K K N N 6 &4 B> BC

&&B7 &B>C &766 &77B BB87 4C44 8BB6 N76C &7>8 B&&& BNCN CBC> C86K 8&K4 K7C &N&B B8&4 C6KC 6KBC CB>4& s.A 8C 6K& &&C &B6B B8K7 CBKC &8N N8 &K7 &>K BB4 &8K

"o. of )toc/ !ssues of *iste, Cos. N68K &&KN4 Capital of *iste, Cos. @Cr. 767NC s.A BK>

Dar/et 0alue of Capital of *iste, Cos. @Cr. 8K7> B7C>B&&>BK6 4KN&B& Capital per *iste, Cos. @4/BA @*a/h 7&4 86C s.A B4

Dar/et +alue of Capital per *iste, Cos. @*a/h B&& B6N 7NB &KK> 7784

s.A @7/BA

'i-ure B.& B.7 T A$!"( PATTE " #' THE !"$!A" )T#CM DA MET !n,ian )toc/ EEchan-es allow tra,in- of securities of only those public limite, companies that are liste, on the EEchan-e@sA. They are ,i0i,e, into two cate-ories: Types of Transactions The flowchart below ,escribes the types of transactions that can be carrie, out on the !n,ian stoc/ eEchan-es:

'i-ure B.B

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!n,ian stoc/ eEchan-e allows a member bro/er to perform followin- acti0ities: 9 9 9 Act as an a-ent5 1uy an, sell securities for his clients an, char-e commission for the same5 Act as a tra,er or ,ealer as a principal5

1uy an, sell securities on his own account an, ris/.

#0er The Counter EEchan-e of !n,ia @#TCE!A Tra,itionally5 tra,in- in )toc/ EEchan-es in !n,ia followe, a con0entional style where people use, to -ather at the EEchan-e an, bi,s an, offers were ma,e by open outcry.

This a-e-ol, tra,in- mechanism in the !n,ian stoc/ mar/ets use, to create many functional inefficiencies. *ac/ of li=ui,ity an, transparency5 lon- settlement perio,s an, benami transactions are a few eEamples that a,0ersely affecte, in0estors. !n or,er to o0ercome these inefficiencies5 #TCE! was incorporate, in &66> un,er the Companies Act &678. #TCE! is the first screen base, nationwi,e stoc/ eEchan-e in !n,ia create, by %nit Trust of !n,ia5 !n,ustrial Cre,it an, !n0estment Corporation of !n,ia5 !n,ustrial $e0elopment 1an/ of !n,ia5 )1! Capital Dar/ets5 !n,ustrial 'inance Corporation of !n,ia5 (eneral !nsurance Corporation an, its subsi,iaries an, Can1an/ 'inancial )er0ices. A,0anta-es of #TCE! 9 (reater li=ui,ity an, lesser ris/ of interme,iary char-es ,ue to wi,ely sprea, tra,in- mechanism across !n,ia 9 The screen-base, scripless tra,in- ensures transparency an, accuracy of prices 9 9 'aster settlement an, transfer process as compare, to other eEchan-es )horter allotment proce,ure @in case of a new issueA than other eEchan-es

"ational )toc/ EEchan-e

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!n or,er to lift the !n,ian stoc/ mar/et tra,in- system on par with the international stan,ar,s. #n the basis of the recommen,ations of hi-h powere, Pherwani Committee5 the "ational )toc/ EEchan-e was incorporate, in &66B by !n,ustrial $e0elopment 1an/ of !n,ia5 !n,ustrial Cre,it an, !n0estment Corporation of !n,ia5 !n,ustrial 'inance Corporation of !n,ia5 all !nsurance Corporations5 selecte, commercial ban/s an, others.

")E pro0i,es eEposure to in0estors in two types of mar/ets5 namely: &. B. <holesale ,ebt mar/et Capital mar/et

<holesale $ebt Dar/et - )imilar to money mar/et operations5 ,ebt mar/et operations in0ol0e institutional in0estors an, corporate bo,ies enterin- into transactions of hi-h 0alue in financial instrumets li/e treasury bills5 -o0ernment securities5 etc. Tra,in- at ")E 9 9 9 9 'ully automate, screen-base, tra,in- mechanism )trictly follows the principle of an or,er-,ri0en mar/et Tra,in- members are lin/e, throu-h a communication networ/ This networ/ allows them to eEecute tra,e from their offices

9 The prices at which the buyer an, seller are willin- to transact will appear on the screen. 9 <hen the prices match the transaction will be complete, 5 a confirmation slip will be printe, at the office of the tra,in- member.

A,0anta-es of tra,in- at ")E 9 !nte-rate, networ/ for tra,in- in stoc/ mar/et of !n,ia

9 'ully automate, screen base, system that pro0i,es hi-her ,e-ree of transparency 9 !n0estors can transact from any part of the country at uniform prices

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(reater functional efficiency supporte, by totally computeri.e, networ/

CHAPTE

!!!

)% +EI #' *!TE AT% E

E+!E< #' *!TE AT% E

&. ichar, <.)ias @&668A has foun, that a tra,er-intensifie, transactions ,atabase is employe, to in0esti-ate: @&A the relation between or,er-flow imbalance close,-en, fun,s share prices an, ,iscounts @BA the role of institutional in0estors in close,-en, fun,s. Empirical results are consistent with the hypothesis that buyers @sellersA of close,-en, fun,s face upwar, @,ownwar,A slopin- supply @,eman,A

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cur0es. The results also ,emonstrate that ownership statistics fail to accurately reflect institutional in0estors3 importance in close,-en, fun,s mar/et. The results faile, to pro0i,e the e0i,ence that institutional in0estors offset the position of in,i0i,ual in0estors or that institutional in0estors face systematic 4noise tra,er ris/J.

B. !lan-o0an Prof. $. et al @&66KA hel, that )teps are ta/en to -ain eEtra milea-e as re-ar,s the le0el of forei-n in0estment receipts is concerne,. 'orei-n ,irect in0estment is pro0en to ha0e well-/nown positi0e effect throu-h technolo-y spillo0ers an, stable in0estments tie, to plant an, e=uipment5 but portfolio capital is associate, more closely with 0olatility an, its capacity to be tri--ere, by both ,omestic as well as eEo-enous factors5 ma/in- it eEtremely ,ifficult to mana-e an, control.

C. Arshanapalli 1ala et al @&66KA has eEamine, the nature an, eEtent of lin/a-e between the %.). an, the !n,ian stoc/ mar/ets. The stu,y uses the theory of cointe-ration to stu,y inter,epen,ence between the 1)E5 "I)E an, "A)$AQ. The sample ,ata consiste, of ,aily closin- prices for the three in,ices from :anuary &66& to $ecember &66N with BCCN obser0ations. The results were in support of the intuiti0e hypothesis that the !n,ian stoc/ mar/et was not interrelate, to the %) stoc/ mar/ets for the entire sample perio,. !t shoul, be note, that stoc/ mar/ets of many countries became increasin-ly inter,epen,ent with the %) stoc/ mar/ets ,urin- the same time perio,. !n,ia was late in effectin- the liberali.ation policy an, when it implante, these policies it ,i, so in a careful an, slow manner. Howe0er5 as the effect of economic liberali.ations starte, to ta/e place5 the 1)E became more inte-rate, with the "A)$AQ an, the "I)E5 particularly after &66N. !t must be note, that thou-h 1)E stoc/ mar/et is inte-rate, with %) stoc/ mar/ets5 it ,oes not influence the "A)$AQ an, "I)E mar/ets.

4. Dichael Dosebach et al @B>>>A ha0e eEamine, the lon- run e=uilibrium relation between the net flow of fun,s into e=uity D' an, the )HP 7>> in,eE. Applyin- the En-el an, (ran-er correction metho,olo-y followe, by a state space proce,ure5 we fin, that the le0els of the stoc/ mar/et are influence, by the net flow of fun,s into e=uity D's. Their fin,in-s in,icate that the %) e=uity mar/et appears to be rationally a,justin- to a structural chan-e in the beha0iour of the %) in0estinpublic.

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7. Cha/rabarti @B>>&A has eEamine, in his research that followin- the Asian crisis an, the bust of info-tech bubble internationally in &66N-66 the net '!! has ,ecline, by %)G 8& million. 1ut there was not much effect on the e=uity returns. This ne-ati0e in0estment woul, possibly ,isturb the lon--term relationship between '!! an, the other 0ariables li/e e=uity returns5 inflation5 etc. has mar/e, a re-ime shift in the ,eterminants of '!! after Asian crisis. The stu,y foun, that in the preAsian crisis perio, any chan-e in '!! foun, to ha0e a positi0e impact on the e=uity returns. 1ut in the post-Asian crisis perio, it was foun, the re0erse relation that chan-e in '!! is mainly ,ue to chan-e in e=uity returns. Hence5 any empirical eEercise on '!! has to ta/e care of this fact.

8. ichar, A.Ajayi et al @B>>&A ha0e stu,ie, recent a,0ances in the time-series analysis to eEamine the inter-temporal relation between stoc/ in,ices an, eEchan-e rates for a sample of ei-ht a,0ance, economies. An error correction mo,el @ECDA of two 0ariables employe, to simultaneously estimate short-run an, lon--run ,ynamics of 0ariables. The ECD result re0eale, si-nificant short-run an, lon--run relationship between two financial mar/ets. )pecifically5 the results show that increase in a--re-ate stoc/ prices has ne-ati0e short-run effect on ,omestic currency 0alue. !n the lon--run5 howe0er5 stoc/ prices ha0e positi0e effect on ,omestic currency 0alue. #n the other han, currency ,epreciation has ne-ati0e short-run an, lon--run effects on stoc/ mar/et.

K. )tanley Dor-an @B>>BA has eEamine, that '!!s ha0e playe, a 0ery important role in buil,in- up !n,ia3s foreE reser0es5 which ha0e enable, a host of economic reforms. )econ,ly5 '!!s are now important in0estors in the country3s economic -rowth ,espite slu--ish ,omestic sentiment. The Dor-an )tanley report notes that '!! stron-ly influence short-term mar/et mo0ements ,urin- bear mar/ets. Howe0er5 the correlation between returns an, flows re,uces ,urin- bull mar/ets as other mar/et participants raise their in0ol0ement re,ucin- the influence of '!!s. esearch by Dor-an )tanley shows that the correlation between forei-n inflows an, mar/et returns is hi-h ,urin- bear an, wea/ens with stren-thenin- e=uity prices ,ue to increase, participation by other players.

N. )i0a/umar ) @B>>CA has analyse, the net flows of forei-n institutional in0estment o0er the years5 it also briefly analyses the nature of '!! flows base, on research5 eEplores some ,eterminants of '!! flows an, eEamines if the o0erall eEperience has been stabilisin- or ,estabilisin- for the !n,ian capital mar/et.

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6. ai Mulwant et al @B>>CA hel,f that the present stu,y tries to eEamine the ,eterminants of 'orei-n !nstitutional !n0estments in !n,ia5 which ha0e crosse, almost %)G &B billions by the en, of B>>B. (i0en the hu-e 0olume of these flows an, its impact on the other ,omestic financial mar/ets un,erstan,in- the beha0ior of these flows becomes 0ery important at the time of liberali.in- capital account. !n this stu,y5 by usin- monthly ,ata5 we foun, that '!! inflow ,epen,s on stoc/ mar/et returns5 inflation rate @both ,omestic an, forei-nA an, eE-ante ris/. !n terms of ma-nitu,e5 the impact of stoc/ mar/et returns an, the eE-ante ris/ turne, out to be major ,eterminants of '!! inflow. This stu,y ,i, not fin, any causation runnin- from '!! inflow to stoc/ returns as it was foun, by some stu,ies. )tabili.in- the stoc/ mar/et 0olatility an, minimi.in- the eE-ante ris/ woul, help in attractin- more '!! inflow that has positi0e impact on the real economy.

&>. A-arwal5 Cha/rabarti et al @B>>CA ha0e foun, in their research that the e=uity return has a si-nificant an, positi0e impact on the '!!. 1ut -i0en the hu-e 0olume of in0estments5 forei-n in0estors coul, play a role of mar/et ma/ers an, boo/ their profits5 i.e.5 they can buy financial assets when the prices are ,eclinin- thereby jac/in--up the asset prices an, sell when the asset prices are increasin-. Hence5 there is a possibility of bi-,irectional relationship between '!! an, the e=uity returns.

&&. aju D.T5 (hosh Anirban @B>>4A hel, that 0olatility estimation is important for se0eral reasons an, for ,ifferent people in the mar/et. Pricin- of securities is suppose, to be ,epen,ent on 0olatility of each asset. !n this paper we not only eEten, the stu,y perio, of the earlier paper but also eEpan, co0era-e in terms of number of countries an, statistical techni=ues. Dature mar/ets / $e0elope, mar/ets continue to pro0i,e o0er lon- perio, of time hi-h return with low 0olatility. Amon-st emer-in- mar/ets eEcept !n,ia an, China5 all other countries eEhibite, low returns @sometimes ne-ati0e returns with hi-h 0olatilityA. !n,ia with lon- history an, China with short history5 both pro0i,e as hi-h a return as the %) an, the %M mar/et coul, pro0i,e but the 0olatility in both countries is hi-her. The thir, an, fourth or,er moments eEhibit lar-e asymmetry in some of the ,e0elope, mar/ets. Comparati0ely5 !n,ian mar/et show less of s/ewness an, Murtosis. !n,ian mar/ets ha0e starte, becomin- informationaly more efficient. Contrary to the popular perception in the recent past5 0olatility has not -one up. !ntra ,ay 0olatility is also 0ery much un,er control an, has came ,own compare, to past years.

&B. )an,hya Ananthanarayanan @B>>4A hel, that as part of its initiati0e to liberali.e its financial mar/ets5 !n,ia opene, her ,oors to forei-n institutional in0estors in )eptember5 &66B. This e0ent represents a lan,mar/ e0ent since it resulte, in effecti0ely -lobali.in- its financial ser0ices in,ustry. <e stu,y the

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impact of tra,in- of 'orei-n !nstitutional !n0estors on the major stoc/ in,ices of !n,ia. #ur major fin,in-s are as follows. 'irst5 we fin, that uneEpecte, flows ha0e a -reater impact than eEpecte, flows on stoc/ in,ices. )econ,5 we fin, strone0i,ence consistent with the base broa,enin- hypothesis. Thir,5 we ,o not ,etect any e0i,ence re-ar,in- momentum or contrarian strate-ies bein- employe, by forei-n institutional in0estors. 'ourth5 our fin,in-s support the price pressure hypothesis. 'inally5 we ,o not fin, any substantiation to the claim that forei-ners3 ,estabili.e the mar/et.

&C. Mwan-soo Mo et al @B>>4A ha0e eEamine, the characteristics of institutional an, forei-n in0estor stoc/ ownership5 an, the stoc/ price performance accor,in- to their ownership for two major Asian mar/ets5 :apan an, Morea. The ,ifferences in abnormal returns are more e0i,ent for forei-n ownership portfolios than for institutional ownership portfolios5 especially in Morea. !f we consi,er either institutional or forei-n in0estors5 the ,ifferences in abnormal returns remain still si-nificant in Morea5 but not in :apan. 1oth institutional in0estors3 incenti0e for stoc/ hol,in- an, the eEtent of stoc/ mar/et efficiency woul, be the possible eEplanations for the ,ifferent results between :apan an, Morea.

&4. $a0i, A. Carpenter et al @B>>7A has eEamine, that the !n,ian -o0ernment has establishe, a re-ulatory framewor/ for three separate in0estment a0enues: forei-n ,irect in0estment; in0estment by forei-n institutional in0estors; an, in0estment by forei-n 0enture capital in0estors. <hile these in0estment alternati0es ha0e create, clear a0enues for forei-n in0estment in !n,ia5 they remain subject to many con,itions an, restrictions which continue to hamper forei-n in0estment in !n,ia.

&7. 1ose )uchismita et al @B>>7A has eEamine, the impact of reforms of the forei-n institutional in0estorsL @'!!sA in0estment policy5 on '!! portfolio flows to the !n,ian stoc/ mar/ets5 an aspect5 stu,ies on ,eterminants of '!! flows to !n,ia so far ha0e not ta/en into consi,eration. '!!s ha0e been allowe, to in0est in the ,omestic financial mar/et since &66B; the ,ecision to open up the !n,ian financial mar/et to '!! portfolio flows was influence, by se0eral factors such as the ,isarray in !n,iaLs eEternal finances in &66& an, a ,isor,er in the countryLs capital mar/et. Aime, primarily at ensurin- non-,ebt creatin- capital inflows at a time of an eEtreme balance of payment crisis an, at ,e0elopin- an, ,isciplinin- the nascent capital mar/et5 forei-n in0estment fun,s were welcome, to the country. Analysis also helps to e0aluate the impact of liberali.ation policies as well as measures for stren-thenin- of policy framewor/ for '!! flows5 in the post-Asian crisis perio,

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&8. )amy $r. P. Chella et al @B>>8A hel, that !n0estors can pic/ up stoc/s at these le0els for a -rowth story for lon- term i.e. for e=uities a 7 years hol,in- perio, is reasonable to -i0e a 0ery abo0e a0era-e return. Caution may be eEercise, to buy only -oo,5 well establishe, mar/et mo0ers an, ne0er5 to buy on mar-ins or play intra,ay or ,abble in ,eri0ati0es mar/et5 which is hi-h ris/.

&K. )i/,ar )oumyen @B>>8A hel, that the sur-e in inflows has not been matche, by a correspon,in- -rowth in the absorpti0e capacity of the !n,ian economy. The major reason is the persistent slow,own of in,ustrial acti0ity since &66K. At the same time5 the eser0e 1an/ of !n,ia @ 1!A has been reluctant to let the rupee fin, its mar/et-clearin- le0el un,er the circumstances. This has resulte, in stea,y accretion to our forei-n eEchan-e reser0es @'E A o0er the last few years. Problems of 'orei-n Capital are wi,enin- of current account ,eficit5 moneti.ation5 appreciation of real eEchan-e5 etc.

&N. An,y *in Chih-Iuan Chen @B>>8A has eEplore, the relationship between =ualifie, forei-n institutional in0estors @Q'!!sA an, Taiwan3s stoc/ mar/et an, e0aluates the effect of Q'!!s3 in0estment transactions on Taiwan3s stoc/ mar/et. 1y ta/in- the ,ate of easin- re-ulatory restrictions on forei-ners3 stoc/ in0estment hol,in-s as a cutoff point5 the research uses the hi-hest an, lowest &> stoc/s of Q'!! hol,in-s in three in,ustry sectors as sample portfolios to stu,y the prior- an, post-e0ent returns.

&6. $hamija "i,hi @B>>KA hel, that the increase in the 0olume of forei-n institutional in0estment @'!!A inflows in recent years has le, to concerns re-ar,inthe 0olatility of these flows5 threat of capital fli-ht5 its impact on the stoc/ mar/ets an, influence of chan-es in re-ulatory re-imes. The ,eterminants an, ,estinations of these flows an, how are they influencin- economic ,e0elopment in the country ha0e also been ,ebate,. This paper eEamines the role of 0arious factors relatin- to in,i0i,ual firm-le0el characteristics an, macroeconomic-le0el con,itions influencin'!! in0estment. The re-ulatory en0ironment of the host country has an important impact on '!! inflows. As the pace of forei-n in0estment be-an to accelerate5 re-ulatory policies ha0e chan-e, to /eep up with chan-e, ,omestic scenarios. The paper also pro0i,es a re0iew of these chan-es.

B>. P. Mrishna Prasanna @B>>NA has eEamine, the contribution of forei-n institutional in0estment particularly amon- companies inclu,e, in sensiti0ity in,eE

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@)enseEA of 1ombay )toc/ EEchan-e. Also eEamine, is the relationship between forei-n institutional in0estment an, firm specific characteristics in terms of ownership structure5 financial performance an, stoc/ performance. !t is obser0e, that forei-n in0estors in0este, more in companies with a hi-her 0olume of shares owne, by the -eneral public. The promoters3 hol,in-s an, the forei-n in0estments are in0ersely relate,. 'orei-n in0estors choose the companies where family sharehol,in- of promoters is not substantial. Amon- the financial performance 0ariables the share returns an, earnin-s per share are si-nificant factors influencin- their in0estment ,ecision.

CHAPTE

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!))%E )T%$!E$

4.& To stu,y the scope an, tra,in- mechanism of 'orei-n !nstititutional !n0estors in !n,ia.

The scope an, the tra,in- mechanism of 'orei-n !nstitutional in0estors in !n,ia is ,iscusse, as follow:

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The eli-ibility criteria for applicant see/in- '!! re-istration As per e-ulation 8 of )E1! @'!!A e-ulations5&6675 'orei-n !nstitutional !n0estors are re=uire, to fulfill the followin- con,itions to =ualify for -rant of re-istration: 9 Applicant shoul, ha0e trac/ recor,5 professional competence5 financial soun,ness5 eEperience5 -eneral reputation of fairness an, inte-rity. 9 The applicant shoul, be re-ulate, by an appropriate forei-n re-ulatory authority in the same capacity/cate-ory where re-istration is sou-ht from )E1!. e-istration with authorities5 which are responsible for incorporation5 is not a,e=uate to =ualify as 'orei-n !nstitutional !n0estor. 9 The applicant is re=uire, to ha0e the permission un,er the pro0isions of the 'orei-n EEchan-e Dana-ement Act5 &666 from the eser0e 1an/ of !n,ia. 9 Applicant must be le-ally permitte, to in0est in securities outsi,e the country or its in-corporation / establishment. 9 The applicant must be a Ffit an, properF person.

9 The applicant has to appoint a local custo,ian an, enter into an a-reement with the custo,ian. 1esi,es it also has to appoint a ,esi-nate, ban/ to route its transactions. 9 Payment of re-istration fee of %) G 75>>>.>> e-ulations5 &667 is to be fille, before applyin-

F'orm AF as prescribe, in )E1! @'!!A for '!! re-istration.

)upportin- ,ocuments re=uire, are: 9 Application in 'orm A ,uly si-ne, by the authori.e, si-natory of the applicant. 9 Certifie, copy of the rele0ant clauses or articles of the Demoran,um an, Articles of Association or the a-reement authori.in- the applicant to in0est on behalf of its clients 9 Au,ite, financial statements an, annual reports for the last one year 5 pro0i,e, that the perio, co0ere, shall not be less than twel0e months. 9 A ,eclaration by the applicant with re-istration number an, other particulars in support of its re-istration or re-ulation by a )ecurities Commission or )elf

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e-ulatory #r-anisation or any other appropriate re-ulatory authority with whom the applicant is re-istere, in its home country. 9 A ,eclaration by the applicant that it has entere, into a custo,ian a-reement with a ,omestic custo,ian to-ether with particulatrs of the ,omestic custo,ian. 9 9 A si-ne, ,eclaration statement that appears at the en, of the 'orm. $eclaration re-ar,in- fit H proper entity.

The fee for re-istration as '!! is %) G 75>>>. The mo,e of payment is $eman, $raft in fa0our of F)ecurities an, EEchan-e 1oar, of !n,iaF payable at "ew Ior/J. )E1! -enerally ta/es K wor/in- ,ays in -rantin- '!! re-istration. Howe0er5 in cases where the information furnishe, by the applicants is incomplete5 se0en ,ays shall be counte, from the ,ays when all necessary information sou-ht5 reaches )E1!. !n cases where the applicant is ban/ an, subsi,iary of a ban/5 )E1! see/s comments from the eser0e 1an/ of !n,ia @ 1!A. !n such cases5 K wor/in- ,ays woul, be counte, from the ,ay no objection is recei0e, from 1!. The '!! re-istration is 0ali, for 7 years. After eEpiry of 7 years5 the re-istration nee,s to be renewe,. )ame as initial re-istration5 Alon- with F'orm AF an, all the rele0ant ,ocuments5 the applicants are re=uire, to fill in a,,itional form @AnneEure &A while applyin- for renewal. %) G 75>>> nee,s to be pai, for renewal of '!! re-istration. The application for renewal shoul, be submitte, three months before eEpiry of the '!! re-istration. &>> ? ,ebt '!!s are ,ebt ,e,icate, '!!s which in0est in ,ebt securities only. The proce,ure for re-istration of '!!/sub-account5 un,er &>>? ,ebt route is similar to that of normal fun,s besi,es a clear statement by the applicant that it wishes to be re-istere, as '!!/sub-account un,er &>>? ,ebt route. )%1-ACC#%"T E(!)T AT!#"

eA !nstitution or fun,s or portfolios establishe, outsi,e !n,ia5 whether incorporate, or not. fA -A hA Proprietary fun, of '!!. 'orei-n Corporates 'orei-n !n,i0i,uals.

The '!! shoul, apply on the behalf of the )ub-account. 1oth the '!! an, the )ubaccount are re=uire, to si-n the )ub-account application form.

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FAnneEure 1F to F'orm AF @'!! application formA nee,s to be fille, when applyin- for sub-account re-istration. "o ,ocument is nee,e, to be sent with anneEure 1. The fee for sub-account re-istration is %)G &5>>>. The fee is to be submitte, at the time of submittin- the application. The mo,e of payment is $eman, $raft in the name of F)ecurities an, EEchan-e 1oar, of !n,iaF payable at "ew Ior/. )E1! -enerally ta/es three wor/in- ,ays in -rantin- '!! re-istration. Howe0er5 in cases where the information furnishe, by the applicants is incomplete5 three ,ays shall be counte, from the ,ays when all necessary information sou-ht5 reaches )E1!. The 0ali,ity of sub-account re-istration is co-terminus with the '!! re-istration un,er which it is re-istere,. The process of renewal of sub-account is same as initial re-istration. enewal fee in this case is %) G &5>>>. #C1s / " !s are not permitte, to -et re-istere, as '!!/sub-account. P#)T- E(!)T AT!#" P #CE))E): !f a re-istere, '!!/sub-account un,er-oes name chan-e5 then the '!! nee, to promptly inform )E1! about the chan-e. !t shoul, also mention the reasons for the name chan-e an, -i0e an un,erta/in- that there has been no chan-e in beneficiary ownership. !n case of name chan-e of '!!5 the re=uest shoul, be accompanie, with ,ocuments from home re-ulator an, re-istrar of the company e0i,encin- appro0al of name chan-e5 an, the ori-inal '!! re-istration certificate issue, by )E1! shoul, be sent bac/ for necessary amen,ment. Proce,ure for transferrin- a sub-account from one '!! to another: The '!! to whom the )ub-account is propose, to be transferre, has to sen, a re=uest alon- with a ,eclaration that it is authori.e, to in0est on behalf of the )ubaccount. The transferor '!! shoul, also submit a "o-objection certificate. The '!! shoul, sen, a re=uest5 alon- with no-objection certificate from eEistin,omestic custo,ian5 for chan-e in ,omestic custo,ian. The '!! woul, be re=uire, to sen, a re=uest for cancellation of its re-istration or re-istration of its )ub-account/s clearly mentionin- the name an, re-istration number of the entity. The '!! shoul, ensure that it / )ub-account has nil cash / securities hol,in-s. Proce,ure for chan-e of local custo,ian: !n case of chan-e of the local custo,ian of the '!! / sub-account5 the chan-e shoul, be intimate, to )E1! by the '!!. #n receipt of no objection from the eEistincusto,ian an, acceptance from the propose, custo,ian5 the chan-e of custo,ian woul, be appro0e, - by )E1!.

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Proce,ure for re-istration as '!!/sub account un,er &>>? ,ebt route: The proce,ure for re-istration of '!!/sub account un,er &>>? ,ebt route is similar to that of normal fun,s besi,es a clear statement by the applicant that it wishes to be re-istere, as '!!/sub account un,er &>>? ,ebt route. Howe0er5 (o0ernment of !n,ia allocates the o0erall in0estment limit for &>>? ,ebt fun,s annually. The -rant of in0estment limit for in,i0i,ual &>>? ,ebt fun,s is within this o0erall limit. The fun,s ha0e to see/ further in0estment limit in case the limit allotte, to them is eEhauste, an, they wish to in0est further. A 'orei-n !nstitutional !n0estor ha0in- an account with one custo,ian can open accounts with ,ifferent custo,ians for its ,ifferent sub-accounts. Howe0er5 one subaccount cannot be custo,ial with more than one custo,ian. Proce,ure if an eEistin- sub-account wants to -et re-istere, as a 'orei-n !nstitutional !n0estor: !n case if a re-istere, sub-account wishes to -et itself re-istere, as a 'orei-n !nstitutional !n0estor5 then it will ha0e to apply in 'orm A to )E1! for the same an, has to satisfy all the eli-ibility criteria norms mentione, in )E1! @'orei-n !nstitutional !n0estorA e-ulations5 &667. !t shoul, also submit a letter from the ol, '!! in,icatin- its L"o-objectionL to such re-istration. Proce,ure for renewal of '!!/)ub-Account re-istration: They ha0e to apply before C months of the eEpiry of re-istration in 'orm A. Circular "o '!TTC/C%)T/>6/B>>> ,ate, )eptember B&5 B>>> may be referre,. !f the '!! ,oes not renew its/sub-account3s re-istration: The re-istration of the '!! / )ub-account woul, -et eEpire, at ,ue ,ate an, it woul, not be allowe, to tra,e in !n,ian securities mar/ets. !f it is not intereste, in renewal but has certain resi,ual assets5 it can apply for ,isin0estment in terms of Circular "o. '!TTC/C%)T/&B/B>>& ,ate, :une >45 B>>& an, abi,e by the -ui,elines specifie, in this re-ar,. !"+E)TDE"T #PP# T%"!T!E) 'inancial instruments are a0ailable for '!! in0estments: a. )ecurities in primary an, secon,ary mar/ets inclu,in- shares5 ,ebentures an, warrants of companies5 unliste,5 liste, or to be liste, on a reco-ni.e, stoc/ eEchan-e in !n,ia; b. %nits of mutual fun,s;

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$eri0ati0es tra,e, on a reco-ni.e, stoc/ eEchan-e; Commercial papers.

!n0estment limits on e=uity in0estments by '!!/sub-account: a. '!!5 on its own behalf5 shall not in0est in e=uity more than &>? of total issue, capital of an !n,ian company. b. !n0estment on behalf of each sub-account shall not eEcee, &>? of total issue, capital of an !n,ia company. c. 'or the sub-account re-istere, un,er 'orei-n Companies/!n,i0i,ual cate-ory5 the in0estment limit is fiEe, at 7? of issue, capital. These limits are within o0erall limit of B4? / 46 ? / or the sectoral caps prescribe, by (o0ernment of !n,ia / eser0e 1an/ of !n,ia. !n0estment limits on ,ebt in0estments by '!!/sub-account: The '!! in0estments in ,ebt securities are -o0erne, by the policy if the (o0ernment for '!! in0estments in (o0ernment ,ebt5 currently of !n,ia. Currently followin- limits are in effect: &>> ? $ebt K> : C> oute oute %) G &.77 billion %) G B>> million

Total *imit

%) G &.K7 billion

'or corporate ,ebt the in0estment limit is fiEe, at %) G 7>> million.

#ther in0estment limits: "ormal '!! @K>:C> outeA &>>? $ebt '!!

Total in0estment in e=uity an, e=uity relate, instruments shall not be less than K>? of a--re-ate of all in0estments. &>>? in0estment shall be ma,e in ,ebt security only. )ecurities to be re-istere, in name of : a. !n the name of '!! when ma/in- in0estments on its own behalf

b. !n the name of sub-account when ma/in- in0estments on behalf of )ubaccount

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a. The '!! position limits in a ,eri0ati0e contracts @!n,i0i,ual )toc/sA The '!! position limits in a ,eri0ati0e contract on a particular un,erlyin- stoc/ i.e. stoc/ option contracts an, sin-le stoc/ futures contracts are: o 'or stoc/s in which the mar/et wi,e position limit is less than or e=ual to s. B7> Cr5 the '!! position limit in such stoc/ shall be B>? of the mar/et wi,e limit. o 'or stoc/s in which the mar/et wi,e position limit is -reater than the '!! position limit in such stoc/ shall be s. 7> Cr. b. '!! Position limits in !n,eE options contracts s. B7> Cr5

'!! position limit in all in,eE options contracts on a particular un,erlyin- in,eE shall be s. B7> Crores or &7 ? of the total open interest of the mar/et in in,eE options5 whiche0er is hi-her5 per eEchan-e. This limit woul, be applicable on open positions in all option contracts on a particular un,erlyin- in,eE. c. '!! Position limits in !n,eE futures contracts:

'!! position limit in all in,eE futures contracts on a particular un,erlyin- in,eE shall be s. B7> Crore or &7 ? of the total open interest of the mar/et in in,eE futures5 whiche0er is hi-her5 per eEchan-e. This limit woul, be applicable on open positions in all futures contracts on a particular un,erlyin- in,eE. !n a,,ition to the abo0e5 '!!s shall ta/e eEposure in e=uity in,eE ,eri0ati0es subject to the followin- limits: i. )hort positions in in,eE ,eri0ati0es @short futures5 short calls an, lon- putsA not eEcee,in- @in notional 0alueA the '!!3s hol,in- of stoc/s. ii. *on- positions in in,eE ,eri0ati0es @lon- futures5 lon- calls an, short putsA not eEcee,in- @in notional 0alueA the '!!3s hol,in- of cash5 -o0ernment securities5 T1ills an, similar instruments. ,. '!! Position *imits in !nterest rate ,eri0ati0e contracts

At the le0el of the '!! The notional 0alue of -ross open position of a '!! in eEchan-e tra,e, interest rate ,eri0ati0e contracts shall be: i. %) G &>> million.

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ii. !n a,,ition to the abo0e5 the '!! may ta/e eEposure in eEchan-e tra,e, in interest rate ,eri0ati0e contracts to the eEtent of the boo/ 0alue of their cash mar/et eEposure in (o0ernment )ecurities. At the le0el of the sub-account The position limits for a )ub-account in near month eEchan-e tra,e, interest rate ,eri0ati0e contracts shall be hi-her of: O s. &>> Cr or

O &7? of total open interest in the mar/et in eEchan-e tra,e, interest rate ,eri0ati0e contracts.

4.B To fin, the relationship between the '!!s e=uity in0estment pattern an, !n,ian stoc/ in,ices.

The sample ,ata consists of B4 obser0ations for '!!5 )enseE an, )HP C"P "ifty startin- from :anuary B>>K to $ecember B>>N. A0era-e in,eE of all the in,ices an, monthly a0era-e of net in0estments ma,e by '!! is ta/en into consi,eration in the stu,y. '!! was ta/en as in,epen,ent 0ariable. )toc/ in,ices were ta/en as ,epen,ent 0ariable. The ,ata was ta/en from 0arious financial sites.

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The relationship between the '!!3s e=uity in0estment pattern an, !n,ian stoc/ in,ices is stu,ie, for the year B>>K H B>>N with the help of correlation an, re-ression analysis. The results an, the analysis are shown below:

Correlations@B>>KA '!!s '!!s )enseE & .76> .&KC

Pearson Correlation )i-. @B-taile,A " &B &B

)enseE

Pearson Correlation .76>

.&KC

&

)i-. @B-taile,A " &B &B

'i- 4.&: Correlation between the '!!3s e=uity in0estment pattern an, )enseE for the year B>>K

Do,el )ummary Do,el & )=uare .&KCa .>C> A,juste, )=uare )t,. Error of the Estimate

-.>8K BKBK.7>4>6

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares

,f

Dean )=uare

'

)i-.

http://www.final-yearprojects.co.cc/ & e-ression esi,ual BC>BB8&.&B8 K.4C6EK && &>

http://troubleshoot4free.com/fyp/ & BC>BB8&.&B8 .C>6 .76>a

K4C6BKN.7N>

Total K.8K>EK

a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: senseE

'i- 4.B e-ression between the '!!3s e=uity in0estment pattern an, )enseE for the year B>>K Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly )enseE an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "umber of #bser0ations T &B Correlation T >.&KC an, re-ression T >.76>

O There is positi0e effect of '!! on )enseE but the correlation coefficient is low. This means that )enseE has a relation with '!! but the '!! is not influencin- the )enseE much. O The re-ression coefficient is >.76> which reflects 76.> ? 0ariability in )enseE with the in,epen,ent 0ariable i.e '!! an, how much the '!! affects the )enseE in B>>K. O The stan,ar, error comes out to be BKBK.7>4>6 which is 0ery hi-h an, so it means that the ,e0iation from the mean 0alue is 0ery hi-h. This ,oes not mean the relation is false but we can say that the error in linear relation is hi-h.

Correlations '!! '!! )enseE & .8NN .&C>

Pearson Correlation )i-. @B-taile,A

http://www.final-yearprojects.co.cc/ " )enseE &B &B

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Pearson Correlation .8NN

.&C>

&

)i-. @B-taile,A " &B &B

'i- 4.C Correlation between the '!!3s e=uity in0estment pattern an, )enseE for the year B>>N

Do,el )ummary Do,el & )=uare .&C>a .>&K A,juste, )=uare )t,. Error of the Estimate

-.>NB CB8B.74&NC

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare &

'

)i-. .&K& .8NNa

&N&788B.6B8 &.>84EN && &>

&N&788B.6B8

&.>84EK

Total &.>NCEN

'i- 4.4 e-ression between the '!!3s e=uity in0estment pattern an, )enseE for the year B>>N

Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly )enseE an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&C>5 e-ression T >.8NN5 )tan,ar, Error T CB8B.74&NC

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O The effect of '!! on )enseE if positi0e5 1ut the correlation coefficient is 0ery low an, it is only >.&C>. This means that )enseE has a relation with '!! but the '!! is not influencin- the )enseE much. O The stan,ar, error comes out to be CB8B.74&NC which is hi-h. This ,oes not mean that the relation is false but the error in linear relation is hi-h. O !n B>>N5 the re-ression coefficient is >.8NN which means 8N.N? 0ariability in 1)E )enseE ,ue to in,epen,ent 0ariable '!! which is much hi-her than ,urin- B>>K in the bullish run.

Correlations '!! '!! nifty & >.84B .>C8

Pearson Correlation )i-. @B-taile,A " &B &B

nifty

Pearson Correlation )i-. @B-taile,A " &B &B >.84B

.>C8

&

'i- 4.7 Correlation between the '!!3s e=uity in0estment pattern an, "ifty for the year B>>K

Do,el )ummary Do,el & )=uare .>C8a .>>& A,juste, )=uare )t,. Error of the Estimate

-.>66 46&.8C>6B

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares

,f

Dean )=uare

'

)i-.

http://www.final-yearprojects.co.cc/ & e-ression esi,ual C&NC.>6K &

http://troubleshoot4free.com/fyp/ C&NC.>6K &> .>&C >.84B

B4&K>>6.7K7 &&

B4&K>>.67K

Total B4B>&6B.8KB

'i- 4.8 e-ression between the '!!3s e=uity in0estment pattern an, "ifty for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly "ifty an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.C85 e-ression T >.84B5 )tan,ar, Error T 46&.8C>6B O The nifty is positi0ely correlate, with '!!s. The correlation coefficient is >.>C8 which is almost near to .ero an, so we can say that '!! are almost unrelate, to nifty in B>>K. O The coefficient of ,etermination T EEplaine, +ariance/Total +ariance

EEplaine, +ariance T '!!s impact on o0erall fluctuation in "ifty %neEplaine, +ariance T impact of other factors s=uare is >.>>& which means &? chan-e in nifty ,ue to eEplaine, 0ariance an, all other 0olatility is ,ue to other factors. O The stan,ar, error is 46&.8C>6B which is hi-h. This ,oes not mean that the relation is false but the error in linear relation is hi-h. O The re-ression coefficient is >.84B which means 84.B? 0ariability in "ifty ,ue to a sin-le factor '!!.

Correlations '!! '!! nifty & .C4N

Pearson Correlation

http://www.final-yearprojects.co.cc/ )i-. @B-taile,A " nifty &B &B >.B8K

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Pearson Correlation )i-. @B-taile,A " &B &B >.B8K

-.C4N &

'i- 4.K Correlation between the '!!3s e=uity in0estment pattern an, "ifty for the year B>>N Do,el )ummary Do,el & )=uare .C4Na .&B& .>CC A,juste, K&C.68&C8 )=uare )t,. Error of the Estimate

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare

'

)i-.

K>CK8B.CN8 & 7>6K4>N.BNB &&

K>CK8B.CN8 &.CN& >.B8K &> 7>6K4>.NBN

Total 7N>&&K>.88N a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: nifty

'i- 4.N e-ression between the '!!3s e=uity in0estment pattern an, "ifty for the year B>>N

Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly "ifty an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.C4N5

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e-ression T >.B8K5 )tan,ar, Error T K&C.68&C8

O The nifty in B>>N is positi0ely correlate, to '!!. The correlation coefficient is >.C4N which is much hi-her than >.>C8 of last year. !t interprets that "ifty is more correlate, to '!! in B>>N as comparable to the B>>K. O The re-ression coefficient is >.B8K in B>>N. 1y re-ression it is analy.e, how a sin-le ,epen,ent 0ariable is affecte, by an in,epen,ent 0ariable. !t can be interprete, that with the fall in mar/et in B>>N the '!! ha0e starte, with,rawinfrom the ")E. O 1ut the correlation is hi-h ,ue to with,rawin- of money by '!!s in B>>N which reflects the relationship between the two. O The coefficient of ,etermination is >.&B& which is &B.&? chan-e in "ifty ,ue to eEplaine, 0ariance i.e. '!!.

4.C To analy.e the impact of '!!s e=uity in0estment on specific in,ustrial sector @'DC(5 Consumer $urables5 Auto5 1an/in-5 eal EstateA in,ices.

The relationship between the '!!3s e=uity in0estment pattern an, specific in,ustrial stoc/ in,ices is stu,ie, for the year B>>K H B>>N with the help of correlation an, re-ression analysis. The results an, the analysis is shown below:

Correlations '!! '!! auto & .N>K .>N4

Pearson Correlation )i-. @B-taile,A " &B &&

auto

Pearson Correlation )i-. @B-taile,A " && && .N>K

.>N4

&

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'i- 4.6 Correlation between the '!!3s e=uity in0estment pattern an, Auto sector for the year B>>K

Do,el )ummary Do,el & )=uare .>7Ca .>>C A,juste, )=uare )t,. Error of the Estimate

-.>6K CB8.NB&47

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare & C>>6.7K4 &>

' .>BN

)i-. .N>Ka

C>>6.7K4

&>8N&BB.8CB &&

&>8N&B.B8C

Total &>K&&CB.B>8

'i- 4.&> e-ression between the '!!3s e=uity in0estment pattern an, Auto sector for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,: The ,ata inclu,es &B obser0ations of monthly Auto sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.>N45 e-ression T >.N>K5 )tan,ar, Error T CB8.NB&47

O '!! has no si-nificant relation with 1)E Automobiles5 as the 0alue of correlation is >.>N4. This ,oes not mean that there is no relation at all between

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them. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. O The re-ression coefficient is >.N>K which means N>.K ? impact of '!! on 1)E automobiles. !t reflects how the mar/et is -oin- up with the increase in '!!s. O The stan,ar, error comes out to be CB8.NB&47 which is hi-h. This ,oes not mean that the relation is false but the error in linear relation is hi-h.

Correlations '!! '!! auto & .K&6 .&&8

Pearson Correlation )i-. @B-taile,A " &B &B

auto

Pearson Correlation )i-. @B-taile,A " &B &B .K&6

.&&8

&

'i- 4.&& Correlation between the '!!3s e=uity in0estment pattern an, Auto sector for the year B>>N.

Do,el )ummary Do,el & )=uare .&&8a .>&C A,juste, )=uare )t,. Error of the Estimate

-.>N7 67K.48CN6

a. Pre,ictors: @ConstantA5 '!!

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Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare

'

)i-. .K&6a

&B7C7B.666 & 6&8KCK&.>&K &&

&B7C7B.666 .&CK &> 6&8KCK.&>B

Total 6B6BKB4.>&8 a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: auto

'i- 4.&B e-ression between the '!!3s e=uity in0estment pattern an, Auto sector for the year B>>N

Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly Automobiles sector in,ices an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&&85 e-ression T >.N>K5 )tan,ar, Error T CB8.NB&47

O The correlation coefficient is >.&&8 which means there is no si-nificant correlation between Automobiles sector an, '!!s in B>>N. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. 1ut as comparable to B>>K there is more positi0e relation between the abo0e two 0ariables. O The coefficient of ,etermination which is &C? also reflects more clear picture that how eEplaine, 0ariance i.e. '!! are affectin- 1)E Auto in,eE.

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O The re-ression coefficient is >.K&6 which means that in B>>N with the with,rawal of money by '!!s in B>>N the Auto )ector in,eE has also fallen. This can easily be seen as the re,uction in re-ression coefficient from >.N>K to >.K&6. O The stan,ar, error comes out to be BKBK.7>4>6 which is 0ery hi-h an, so it means that the ,e0iation from the mean 0alue is 0ery hi-h. This ,oes not mean the relation is false but we can say that the error in linear relation is hi-h.

Correlations '!! '!! ban/eE & .8>8 .&88

Pearson Correlation )i-. @B-taile,A " &B &B

ban/eE

Pearson Correlation .8>8

.&88

&

)i-. @B-taile,A " &B &B

'i- 4.&C Correlation between the '!!3s e=uity in0estment pattern an, ban/in- sector for the year B>>K

Do,el )ummary Do,el & )=uare .>7Ca .>>C A,juste, )=uare )t,. Error of the Estimate

-.>6K CB8.NB&47

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare & C>>6.7K4 &>

' .>BN

)i-. .8>8a

C>>6.7K4

&>8N&BB.8CB &&

&>8N&B.B8C

Total &>K&&CB.B>8 a. Pre,ictors: @ConstantA5 '!!

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'i- 4.&4 e-ression between the '!!3s e=uity in0estment pattern an, ban/in- sector for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly 1an/in- sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&885 e-ression T >.NK>5 )tan,ar, Error T CB8.NB&47

O There is positi0e effect of '!! on 1)E 1an/in- sector in,eE but the correlation coefficient is >.&88 which is low. This means that 1)E 1an/in- sector in,eE has a relation with '!! but the '!! is not influencin- the the in,eE much. O The s=uare is >.>C which means '!! has a C? influence on all fluctuations in the 1an/in- in,eE.

O The stan,ar, error comes out to be CB8.NB&47 which is 0ery hi-h an, so it means that the ,e0iation from the mean 0alue is 0ery hi-h. This ,oes not mean the relation is false but we can say that the error in linear relation is hi-h. O The re-ression is >.NK> from which it can be analyse, that how 1)E ban/inis affecte, by the 0alues of in,epen,ent 0ariable '!!. !t can be seen that 1)E ban/in- is affecte, a lot by '!! an, with more '!!s in,eE is also -oin- up.

http://www.final-yearprojects.co.cc/ Correlations '!! '!! ban/eE & .88B

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Pearson Correlation )i-. @B-taile,A " &B &&

.&46

ban/eE

Pearson Correlation .88B

.&46

&

)i-. @B-taile,A " && &&

'i- 4.&7 Correlation between the '!!3s e=uity in0estment pattern an, ban/in- sector for the year B>>N

Do,el )ummary Do,el & )=uare .>84a .>>4 A,juste, )=uare )t,. Error of the Estimate

-.>68 B>B&.C>C>7

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare

'

)i-. .88Ba

&8744B.B>K & 4.>N8EK && &>

&8744B.B>K .>4> 4>N7888.>BN

Total 4.&>BEK

a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: ban/eE

'i- 4.&8 e-ression between the '!!3s e=uity in0estment pattern an, ban/in- sector for the year B>>N

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Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly 1an/in- sector in,ices an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&465 e-ression T >.88B5 )tan,ar, Error T B>B&.C>C>7

O The correlation coefficient is >.&46 which means there is no si-nificant correlation between ban/in- sector an, '!!s in B>>N. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. 1ut as comparable to B>>K there is less positi0e relation between the abo0e two 0ariables. O The coefficient of ,etermination T EEplaine, +ariance/Total +ariance

EEplaine, +ariance T '!!s impact on o0erall fluctuation in 1)E 1an/in%neEplaine, +ariance T impact of other factors s=uare is >.>>4 which means 4? chan-e in nifty ,ue to eEplaine, 0ariance an, all other 0olatility is ,ue to other factors. O The re-ression coefficient is >.88B which means that with the chan-e in '!! there is less chan-e in the ban/in- sector in,eE an, fewer amounts is with,rawn from this.

Correlations '!! '!! consumer,urables & .8&> .&KC

Pearson Correlation )i-. @B-taile,A " &B &&

consumer,urables Pearson Correlation )i-. @B-taile,A " && && .8&>

.&KC

&

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'i- 4.&K Correlation between the '!!3s e=uity in0estment pattern an, consumer ,urables sector for the year B>>K

Do,el )ummary Do,el & )=uare .>KKa .>>8 A,juste, )=uare )t,. Error of the Estimate

-.>6C &>C7.7>CK>

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare & &> 84K77.6K8

' .>8>

)i-. .8&>a

84K77.6K8 &.>KBEK &&

&>KBB8K.6B>

Total &.>K6EK

a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: consumer,urables

'i- 4.&N e-ression between the '!!3s e=uity in0estment pattern an, consumer ,urables sector for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly Consumer ,urables sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&KC5 e-ression T >.8&>5 )tan,ar, Error T &>C7.7>K>

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O There is positi0e effect of '!! on 1)E C$ sector in,eE but the correlation coefficient is >.&88 which is low. This means that 1)E C$ sector in,eE has a relation with '!! but the '!! is not influencin- the the in,eE much.

The coefficient of ,etermination T EEplaine, +ariance/Total +ariance

EEplaine, +ariance T '!!s impact on o0erall fluctuation in 1)E C$ %neEplaine, +ariance T impact of other factors s=uare is >.>>8 which means 8? chan-e in nifty ,ue to eEplaine, 0ariance an, all other 0olatility is ,ue to other factors. O The re-ression is >.8&> from which it can be analy.e, that how 1)E C$ is affecte, by the 0alues of in,epen,ent 0ariable '!!. !t can be seen that 1)E ban/inis affecte, a lot by '!! an, with more '!!s in,eE is also -oin- up.

Correlations '!! '!! Pearson Correlation )i-. @B-taile,A " &B && .&6B & & .7KB .&6B consumer,urables

consumer,urables Pearson Correlation )i-. @B-taile,A .7KB

'i- 4.&6 Correlation between the '!!3s e=uity in0estment pattern an, consumer ,urables sector for the year B>>N

Do,el )ummary Do,el & )=uare .>47a .>>B A,juste, )=uare )t,. Error of the Estimate

-.>6N &&K7.NKB86

http://www.final-yearprojects.co.cc/ a. Pre,ictors: @ConstantA5 '!!

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Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare & &> BN48&.BK8

' .>B&

)i-. .7KBa

BN48&.BK8 &.CNCEK &&

&CNB8K8.7KB

Total &.CN8EK

a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: consumer,urables

'i- 4.B> e-ression between the '!!3s e=uity in0estment pattern an, consumer ,urables sector for the year B>>N

Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly Consumer ,urables sector in,ices an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&6B e-ression T >.7KB5 )tan,ar, Error T &&K7.NKB86

O The correlation coefficient is >.&6B which means there is no si-nificant correlation between 1)E C$ sector an, '!!s in B>>N. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. 1ut as comparable to B>>K there is more positi0e relation between the abo0e two 0ariables.

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The coefficient of ,etermination T EEplaine, +ariance/Total +ariance

EEplaine, +ariance T '!!s impact on o0erall fluctuation in "ifty %neEplaine, +ariance T impact of other factors s=uare is >.>>4 which means B? chan-e in nifty ,ue to eEplaine, 0ariance an, all other 0olatility is ,ue to other factors. O The re-ression coefficient is >.7KB which means that in B>>N with the with,rawal of money by '!!s in B>>N the Auto )ector in,eE has also fallen. This can easily be seen as the re,uction in re-ression coefficient from >.8&> to >.7KB.

Correlations '!! '!! fmc& .474 .B7B

Pearson Correlation )i-. @B-taile,A " &B &&

fmc- Pearson Correlation )i-. @B-taile,A " && && .474

.B7B

&

'i- 4.B& Correlation between the '!!3s e=uity in0estment pattern an, fmc- sector for the year B>>K

Do,el )ummary Do,el & )=uare .&KNa .>CB A,juste, )=uare )t,. Error of the Estimate

-.>87 &NK.>7CNC

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares

,f

Dean )=uare

'

)i-.

http://www.final-yearprojects.co.cc/ & e-ression esi,ual &&47C.&NB &

http://troubleshoot4free.com/fyp/ &&47C.&NB C46N6.&C4 .CBK .474a

C46N6&.CC6 &>

Total C8&C44.7B& && a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: fmc-

'i- 4.BB e-ression between the '!!3s e=uity in0estment pattern an, fmc- sector for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly 'DC( sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.B7B e-ression T >.4745 )tan,ar, Error T &NK.>7CNC

O There is a positi0e correlation between 'DC( an, '!!s an, the correlation coefficient is >.B7B. !t reflects 'DC( an, '!! inflow/#utflow mo0in- in same ,irection. O The s=uare is .>CB which means that '!! has a bi- impact on the 'DC( sector in,eE. O The re-ression is >.474 from which it can be analy.e, that how 1)E 'DC( is affecte, by the 0alues of in,epen,ent 0ariable '!!. !t can be seen that 1)E ban/inis affecte, a lot by '!! an, with more '!!s in,eE is also -oin- up.

Correlations '!! '!! fmc& .4>C

Pearson Correlation

http://www.final-yearprojects.co.cc/ )i-. @B-taile,A " &B &B .4>C .&64

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fmc- Pearson Correlation )i-. @B-taile,A " &B &B .&64

&

'i- 4.BC Correlation between the '!!3s e=uity in0estment pattern an, fmc- sector for the year B>>N

Do,el )ummary Do,el & )=uare .4>Ca .&8B .>KN A,juste, &N7.K766> )=uare )t,. Error of the Estimate

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare & 88KN>.>>N C47>8.K4&

'

)i-.

88KN>.>>N

&.6C7 .&64a

C47>8K.4>K &>

Total 4&&N4K.4&7 && a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: fmc-

'i- 4.B4 e-ression between the '!!3s e=uity in0estment pattern an, fmc- sector for the year B>>N

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Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly 'DC( sector in,ices an, '!!s in year B>>N. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.4>C e-ression T >.&645 )tan,ar, Error T &N7.K766>

O The correlation coefficient is >.&6B which means there is no si-nificant correlation between 1)E 'DC( sector an, '!!s in B>>N. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. 1ut as comparable to B>>K there is more positi0e relation between the abo0e two 0ariables. O The re-ression coefficient is >.&64 which means that in B>>N with the with,rawal of money by '!!s in B>>N the 'DC( )ector in,eE has also fallen. The less in0estment in 'DC( sector in,eE is the reason for this. This can easily be seen as the re,uction in re-ression coefficient from >.464 to >.&64.

Correlations '!! '!! realty & .7>& .BBN

Pearson Correlation )i-. @B-taile,A " &B &&

realty Pearson Correlation )i-. @B-taile,A " && && .7>&

.BBN

&

'i- 4.B7 Correlation between the '!!3s e=uity in0estment pattern an, realty sector for the year B>>K Do,el )ummary

http://www.final-yearprojects.co.cc/ Do,el & )=uare .&48a .>B& A,juste,

http://troubleshoot4free.com/fyp/ )=uare )t,. Error of the Estimate

-.>KK BB64.KKK6&

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare &

'

)i-. .B&K .7>&a

&&4CK6C.KNC 7.B88EK && &>

&&4CK6C.KNC

7B88>>7.8K>

Total 7.CN>EK

a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: realty

'i- 4.B8 e-ression between the '!!3s e=uity in0estment pattern an, realty sector for the year B>>K

Analysis for the year B>>K on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly ealty sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.BBN e-ression T >.7>&5 )tan,ar, Error T BB64.KKK6&

O There is a positi0e correlation between ealty an, '!!s an, the correlation coefficient is >.B7B. !t reflects ealty an, '!! inflow/#utflow mo0in- in same ,irection. O The coefficient of ,etermination T EEplaine, +ariance/Total +ariance

EEplaine, +ariance T '!!s impact on o0erall fluctuation in "ifty %neEplaine, +ariance T impact of other factors

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s=uare is >.>B& which means B&? chan-e in realty sectoral in,ices ,ue to eEplaine, 0ariance an, all other 0olatility is ,ue to other factors. O The re-ression is >.7>& from which it can be analy.e, that how 1)E realty is affecte, by the 0alues of in,epen,ent 0ariable '!!. !t can be seen that 1)E realty is affecte, a lot by '!!s inflow an, with more '!!s inflow5 in,eE is also -oin- up.

Correlations '!! '!! realty & .86> .&B6

Pearson Correlation )i-. @B-taile,A " &B &B

realty Pearson Correlation )i-. @B-taile,A " &B &B .86>

.&B6

&

'i- 4.BK Correlation between the '!!3s e=uity in0estment pattern an, realty sector for the year B>>N Do,el )ummary Do,el & )=uare .C4Na .&B& .>CC A,juste, K&C.68&C8 )=uare )t,. Error of the Estimate

a. Pre,ictors: @ConstantA5 '!!

Do,el )um of )=uares & e-ression esi,ual

,f

Dean )=uare

'

)i-.

K>CK8B.CN8 & 7>6K4>N.BNB &&

K>CK8B.CN8 &.CN& .86>a &> 7>6K4>.NBN

Total 7N>&&K>.88N

http://www.final-yearprojects.co.cc/ a. Pre,ictors: @ConstantA5 '!! b. $epen,ent +ariable: nifty

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'i- 4.BN e-ression between the '!!3s e=uity in0estment pattern an, realty sector for the year B>>N

Analysis for the year B>>N on the basis of the abo0e results obtaine,:

The ,ata inclu,es &B obser0ations of monthly ealty sector in,ices an, '!!s in year B>>K. The correlation an, re-ression is calculate, with the help of )P)). "o5 of #bser0ations T &B5 Correlation T >.&B6 e-ression T >.86>5 )tan,ar, Error T K&C.68&C8

O The correlation coefficient is >.&B6 which means there is no si-nificant correlation between 1)E realty sector an, '!!s in B>>N. !t shows the absence of linear relation between the two 0ariables but not a lac/ of relationship alto-ether. 1ut as comparable to B>>K there is less positi0e relation between the abo0e two 0ariables. O The re-ression coefficient is >.86> in B>>N which means that with the fall in '!!s in this year there is a bi- 0ariability in realty sector as well. 1ut there are many other factors which are affectin- realty sector other than '!! in B>>N.

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CHAPTE

'!"$!"()5 C#"C*%)!#")5 *!D!TAT!#")

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7.&

'!"$!"()

After the analysis followin- are the fin,in-s of the stu,y:

&A !mpact of '!!s on )enseE: !n B>>K5 the correlation coefficient is more than in B>>N which interprets that the relationship between these two 0ariables is more in the perio, when there is bearish tren,. 1ut in both the years '!!s were not much positi0ely correlate,5 so a less si-nificant impact of '!!s is seen. The error is 0ery hi-h in both the years which ,oesn3t mean that relation is false but we can say that the error in linear relation is hi-h.

BA !mpact of '!!s on "ifty: The correlation coefficient of '!!s an, "ifty is unrelate, in B>>K an, B>>N. The re-ression coefficient pre,icts the 0alue from an in,epen,ent 0ariable i.e. '!! for the ,epen,ent 0ariable "ifty. e-ression coefficient is >.B8K in B>>N an, >.6&& in B>>K which replicates that how "ifty in,eE has -one ,own by with,rawal of '!!s.

CA !mpact of '!!s on !n,ustrial )ectoral !n,ices: !n ,ifferent !n,ustrial sectoral in,ices of 1)E @ 1)E Auto5 1)E 1an/in-5 1)E C$5 1)E 'DC(5 1)E ealtyA the correlation is always less. An, also the coefficient of ,etermination re0eals that the eEplaine, 0ariance @ '!! A ,oesn3t has much impact on the sectoral in,ices. An, in

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B>>N the re-ression coefficient is -i0in- a clear picture that the with,rawal by '!!s is resultin- a fall in in,ices an, so '!!s are playin- -oo, role ,urin- this time.

4A '!!s ha0e less impact on !n,ian stoc/ in,ices an, other uneEplaine, 0ariables are also influencin- the !n,ices.

7A !n bearish tren, of B>>N the 0olatility in !n,ian )toc/ in,ices ,ue to '!!s is more than in bullish tren, of B>>K. "o ,oubt '!! inflow is more in B>>K. The ,omestic in0estors were also playin- an important role in B>>K but in B>>N '!!s are influencin- mar/et more as ,omestic in0estors are not in the mar/et.

7.B

C#"C*%)!#"

!n ,e0elopin- countries li/e !n,ia forei-n capital helps in increasin- the pro,ucti0ity of labour an, to buil, up forei-n eEchan-e reser0es to meet the current account ,eficit. 'orei-n !n0estment pro0i,es a channel throu-h which country can ha0e access to forei-n capital.

Accor,in- to $ata analysis an, fin,in-s5 it can be conclu,e, that '!! ,o ha0e any si-nificant impact on the !n,ian )toc/ Dar/et but there are other factors li/e -o0ernment policies5 bu,-ets5 bullion mar/et5 inflation5 economical an, political con,ition5 etc. ,o also ha0e an impact on the !n,ian stoc/ mar/et. There is a positi0e correlation between stoc/ in,ices an, '!!s but '!!s ,i,n3t ha0e any si-nificant impact on !n,ian )toc/ Dar/et. The null hypothesis is rejecte,. 1)E C$ an, "ifty showe, some positi0e correlation with '!! in B>>K an, B>>N but rest of the in,ices showe, 0ery less positi0e correlation with '!!. Also the coefficient of ,etermination is less in all the case. !t shows the absence of linear relation between '!! an, stoc/ in,eE. This ,oes not mean that there is no relation between them.

#ne of the reasons for absence of any linear relation can also be ,ue to the sample ,ata. The ,ata was ta/en on monthly basis. The ,ata on ,aily basis can -i0e more

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positi0e results @may beA. Also '!! is not the only factor affectin- the stoc/ in,ices. There are other major factors that influence the bourses in the stoc/ mar/et.

7.C

*!D!TAT!#")

1esi,es followin- scientific metho,olo-ies the stu,y has come across some limitations. These are: O The stu,y is base, on )enseE sample. The )enseE companies ha0e an eEternal ima-e that they are the best performers in the country. !f the sample companies consist of probably a hetero-eneous -roup then the results may -i0e better insi-ht in to relationship of the specific 0ariables.

O The ,ata is ta/en on monthly basis. The ,ata on ,aily basis can -i0e more positi0e results.

$ue to time constraint5 my project report is not fully eEhausti0e.

O )econ,ary ,ata that ! ha0e use, in this stu,y may not -i0e true picture of the concern.

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7.4

EC#DDE"$AT!#")

After the analysis of the project stu,y5 followin- recommen,ations can be ma,e:

&A )implifyin- proce,ures an, relaEin- entry barriers for business acti0ities an, pro0i,in- in0estor frien,ly laws an, taE system for forei-n in0estors.

BA Allowin- forei-n in0estment in more areas. !n ,ifferent in,ustries in,ices the '!!s shoul, be encoura-e, throu-h ,ifferent patterns li/e futures5 options5 etc.

CA )omewhere5 a restriction relate, to the trac/ recor, of )ub- Accounts is also to be ma,e on the in0estors who with,raw money out of the !n,ian stoc/ mar/et who ha0e in0este, with the help of participatory notes.

4A <e ha0e to mo,erni.e an, also ha0e to sa0e our culture. )imilarly the laws shoul, be such that it protect ,omestic in0estors an, also promote tra,e in country throu-h '!!s.

7A

Encoura-e in,ustries to -row to ma/e '!!s an attracti0e junction to in0est.

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CHAPTE

+!

1!1*!#( APHI

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eferences:

eferences for articles:

An,y *in Chih-Iuan Chen @B>>8A: 4The !mpact of Qualifie, 'orei-n !nstitutional !n0estors on Taiwan3s )toc/ Dar/etJ5 :ournal : :ournal of '!! 5 their flow to !n,ia an, (o0ernment policies +ol BC. Publisher: )) " (roup Publishin- *imite,. Arshanapalli 1ala an, Mul/arni Du/un, ). @&66KA : 4!mpact of %.). stoc/ mar/et on !n,ian stoc/ mar/etsJ5 :ournal: !nternational :ournal of mar/et fluctuations in stoc/ mar/et5 +ol: &&. Publisher: DC1 %P *t,. 1ose )uchismita an, Coon,oo $ipaan/ar @B>>7A: 4The !mpact of '!! e-ulations in !n,iaJ5 :ournal: !nternational :ournal of financial mar/et tren,s. +ol C>. Publisher: DC1 %P *t, Cha/rabarti @B>>&A5 :ournal: :ournal of forei-n institution in0estments +ol BK. Publisher: )) " (roup Publishin- *imite,. $a0i, carpenter Partner Dayer5 1rown5 owe H Daw **P @B>>7A: 4'orei-n !n0estment in !n,iaJ :ournal: :ournal of financial research. +ol &6.Publisher: DC1 %P *t, !lan-o0an Prof. $. H Dr. Tamilsel0an D. @&66KA : 4EEtra Dilea-e !n 'orei-n !n0estment in esur-in- !n,iaJ5 :ournal: !nternational :ournal of forei-n money supply Dana-ement5 +ol: BN. Publisher: DC1 %P *t,.

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Mwan-soo Mo 5 Meunsoo Mim H )un- Hoon Cho @B>>4A : 4Performance of !nstitutional an, 'orei-n !n0estors in the :apanese an, Morean )toc/ Dar/etsJ5 :ournal: :ournal of !nstitutional !n0estors . +ol &7. Publisher: Emeral, (roup Publishin- *imite, Dichael Dosebach an, Dohamma, "ajan, of #l, $ominion %ni0ersity @B>>>A: 4Are the structural chan-es in D' in0estin-5 ,ri0in- the %) stoc/ mar/ets to its current le0elsJ5 :ournal: !nternational :ournal of bull an, bear pulls5 +ol: B7. Publisher: DC1 %P *t,. "i,hi $hamija lecturer at Hin,u Colle-e at $elhi %ni0ersity @B>>KA : 4'orei-n !nstitutional !n0estment in !n,iaJ5 :ournal: esearch on !n,ian )toc/ +olatilty. +ol &4. Publisher: Emeral, (roup Publishin- *imite,. ai Mulwant H 1hanumurthy " @B>>CA : 4$eterminants of 'orei-n !nstitutional !n0estment in !n,iaJ5 :ournal: :ournal of !nstitutional !n0estors . +ol &7. Publisher: Emeral, (roup Publishin- *imite, aju D.T5 (hosh Anirban @B>>4A : 4)toc/ Dar/et +olatility S An !nternational ComparisonJ5 :ournal: esearch on !n,ian )toc/ +olatilty. +ol &4. Publisher: Emeral, (roup Publishin- *imite,. ichar, <.)ias of <ashin-ton )tate %ni0ersity @&668A : 4Price pressure an, the role of substitutional in0estors in close,-en, fun,sJ 5 :ournal: :ournal of !C'A!5 +ol: B7. Publisher: DC1 %P *t,.

ichar, A.Ajayi an, Dbo,ja Dou-ou of <ayne )tate %ni0ersity @B>>&A : 4#n the ,ynamic relation between stoc/ prices an, eEchan-e ratesJ 5 :ournal: :ournal of !C'A!5 +ol: B7. Publisher: DC1 %P *t,.

)amy $r. P. Chella an, Duru-an 1ala @B>>8A: 4A )tu,y on Capital )toc/ Dar/et Do0ement in !n,ia S Present )cenarioJ5 :ournal: European 1usiness e0iew. +ol &7. Publisher: DC1 %P *t,. )an,hya Ananthanarayanan of "anyan- Technolo-ical %ni0ersity@B>>4A : 4'orei-n !nstitutional !n0estors an, )ecurity eturns: E0i,ence from !n,ian )toc/ EEchan-esJ5 :ournal: !nternational :ournal of forei-n money supply Dana-ement5 +ol: BN. Publisher: DC1 %P *t,. )i/,ar )oumyen @B>>8A : 4'orei-n Capital !nflow into !n,ia: $eterminants an, Dana-ementJ5 :ournal: :ournal of !nstitutional !n0estors . +ol &K. Publisher: Emeral, (roup Publishin- *imite,

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)i0a/umar ) @#ctober B>>CA : 4'!!s: 1ane or boonOJ 5 :ournal : :ournal of stoc/ mar/et 0olatility 5 +ol: C4. Publisher: DC1 %P *t,.

)tanley Dor-an @B>>BA :4'!!3s influence on )toc/ Dar/etJ5 :ournal: :ournal of impact of !nstitutional !n0estors on ism. +ol &K. Publisher: Emeral, (roup Publishin*imite,

Tri0e,i H "air5 an, A-arwal5 Cha/rabarti @B>>CA 5 :ournal: !nternational :ournal of forei-n money supply Dana-ement5 +ol: &6. Publisher: DC1 %P *t,.

eferences from weblin/s:

http://stoc/stal/s.com/stoc/tal/sforums/in,eE.phpO PHP)E))!$T&c6e4a67fbN7CC>,c7c&,>b,>N&,&>feHtopicT8.>

http://www.sebi.-o0.in/wor/in-paper/stoc/.p,f

http://www.sharetipsinfo.com/'ii-"ewsstoc/mar/et.html

http://papers.ssrn.com/solC/papers.cfmOabstractUi,TK77CB4

http://e.inearticles.com/OA-)tu,y-on-Capital-)toc/-Dar/et-Do0ement-in-!n,ia--Present-)cenarioHi,TK&6C8>

http://news.in,iamart.com/news-analysis/fii-s-influence-on-s-B8B8.html

http://www.re,iff.com/money/B>>C/oct/>8specB.htm

http://www.final-yearprojects.co.cc/

http://troubleshoot4free.com/fyp/

www.i,e.-o.jp/En-lish/Publish/$e/p,f/>4U>4U>B.p,f

http://www.mayerbrown.com/publications/article.aspOi,TB>66

http://www.isb.e,u/CA'/htmls/)an,hyaH)en.p,f

http://mar.sa-epub.com/c-i/content/abstract/B/C/BNK

http://papers.ssrn.com/solC/papers.cfmOabstractUi,T787N8&

http://www.joaa-.com/uploa,s/4UPrasanna'inalCUBU.p,f

http:///nowle,-e.wharton.upenn.e,u/articlep,f/NN7.p,fO C'!$T4N466&CHC'T#ME"TCNK>8CNNHjsessioni,TaNC>N4eCa8caC7KKKCBbKCN4>7 b,&K88B7&b

http://cmr.ba.ouh/.e,u.h//cmr/webjournal/06nB/CD 7>CE>7.p,f

http://www.ibef.or-/economy/forei-nin0estors.aspE

http://www.isb.e,u/faculty/rajeshcha/rabarti/'!!U1asu.p,f

http://www.citeman.com/4>>7-fiis-an,-their-impact-on-in,ian-stoc/-mar/et/

www.bsein,ia.com

http://www.final-yearprojects.co.cc/ www.nsein,ia.com

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www.sebi.or-.

www.rbi.or-

www.moneycontrol.com

:ournals:

Economic Political <ee/ly

!C'A! :ournals

Da-a.ines an, "ewspapers:

Economic times

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CHAPTE

+!!

A""EP% E

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1)E Automobile sectoral !n,eE from :anuary B>>K to $ecember B>>N

Donth Close :an->K757&7.C8 'eb->K Dar->K Apr->K Day->K 75&>6.CN 45N86.&C 4566N.K& 75>&B.BN

:un->K45KC6.7K :ul->K 456CC.NC Au-->K )ep->K #ct->K "o0->K $ec->K 45NKN.>7 75CCB.B8 757>K.&K 75486.7> 7588K.47

:an->N45NCB.4N 'eb->N Dar->N Apr->N Day->N 45NNK.&K 457B4.KK 45KB8.>> 45C77.K8

:un->NC57N7.8B :ul->N C58K6.7&

http://www.final-yearprojects.co.cc/ Au-->N )ep->N #ct->N "o0->N $ec->N 45>>&.BC C58K4.6N B58N7.8B B5CC>.78 B5444.K&

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1)E 1an/in- sectoral !n,eE from :anuary B>>K to $ecember B>>N

Donth Close :an->KK5B8>.>6 'eb->K Dar->K Apr->K Day->K 854>N.>& 8574B.>& 85NNB.N6 K58>K.C7

:un->KN5>>6.64 :ul->K N5&4N.8N Au-->K K5N7N.K6

http://www.final-yearprojects.co.cc/ )ep->K #ct->K "o0->K $ec->K 65486.B8 &>5877.CC &>5NK>.NN &&54&N.>>

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http://troubleshoot4free.com/fyp/

http://www.final-yearprojects.co.cc/

http://troubleshoot4free.com/fyp/

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http://troubleshoot4free.com/fyp/

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http://www.final-yearprojects.co.cc/

http://troubleshoot4free.com/fyp/

1)E 'DC( !n,eE from :anuary B>>K to $ecember B>>N

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http://www.final-yearprojects.co.cc/

http://troubleshoot4free.com/fyp/

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