investment pattern of investors (2)

central university of himachal pradesh, dharamshala

Investment pattern of investors

MBA – general (group 2)

4/4/2011

A study on the investment patterns of investors in Draman and its sub urban areas.

A STUDY ON INVESTMENT PATTERN

GROUP MEMBERS

1. Garima Singh Chandel CUHP10MBA10

2. Geetam Sharma CUHP10MBA11

3. Harsh Awasthi CUHP10MBA12

4. Jagjeet Singh CUHP10MBA13

5. Neha CUHP10MBA14

6. Prabhat Kumar CUHP10MBA15

7. Prince Kumar Gupta CUHP10MBA16

8. Priya Mahajan CUHP10MBA17

9. Puneet Sharma CUHP10MBA18

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Acknowledgement

Preservation, inspiration and motivation have always played a key role in the success of any venture. In the present world of cutthroat competition project is likely a bridge between theoretical and practical working, willingly we have prepared this particular project.

We feel highly delighted with the way our project report on topic “Investment Pattern of Investor’s in Draman and its sub urban areas” has been completed.Any accomplishment requires the efforts of many people and this work is not different. We would like to extend our sincere thanks to Mr Ashish Nag (Assistant Professor) CUHP for his co-operation and providing us good environment to work on and provide the fruitful guidance to complete the project.

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TABLE OF CONTENTS

SR. NO. CONTENTS PAGE NO.1. INTRODUCTION TO STUDY 4-11

INTRODUCTION 5-8 INVESTMENT INSTRUMENTS 8-10 SERVICE PROVIDERS 11

2. RESEARCH METHODOLOGY AND REVIEW OF LITERATURE

12-16

i) RESEARCH METHODOLGY NEED OF THE STUDY 13 OBJECTIVES OF THE STUDY 13 SAMPLE DESIGN 13 DATA COLLECTION TECHNIQUES 13-14 TOOLS AND TECHNIQUES USED 14 SCOPE OF THE STUDY 15 LIMITATIONS OF THE STUDY 15 EXPECTED CONTRIBUTION FROM THE STUDY 15

ii) REVIEW OF LITERATURE 163. DATA ANALYSIS AND INTERPRETATION 17-234. SUMMARY, CONCLUSION AND SUGGESTION 25-27

ANNEXUREIQUESTIONNAIRE 28-29BIBLIOGRAPHY 30

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INTRODUCTIONInvestment is the employment of funds with the aim of achieving additional income or growth in value. The essential quality of an investment is that it involves "waiting" for a reward. It involves the commitment of resources, which have been saved or put away from current consumption in the hope that some benefits accrue in future.

Broadly speaking, an investment decision is a trade-off between risk and return. All investment choices are made at points of time in accordance with the personal investment ends and in contemplation of uncertain future.

1.1 INVESTOR:

An investor is any party that makes an Investment. However, the term has taken on a specific meaning in finance to describe the particular types of people and companies that regularly purchase equity or debt securities for financial gain in exchange for funding an expanding company. Less frequently the term is applied to parties who purchase real estate, currency, commodity derivatives, personal property, or other assets.The term implies that a party purchases and holds assets in hopes of achieving capital gain, not as a profession or for short-term income.

TYPES OF INVESTORS:

Individual investors : (including trusts on behalf of individuals, and umbrella companies formed for two or more to pool investment funds)

Collectors of art, antiques, and other things of value Angel investors, either individually or in groups Venture capital funds, which serve as investment collectives on behalf of

individuals, companies, pension plans, insurance reserves, or other funds. Investment bank. Investment trusts, including real estate investment trusts Mutual funds, hedge funds, and other funds, ownership of which may or may not

be publicly traded investment.

1.2 INVESTMENT OR INVESTING:

Investment or investing is a term with several closely-related meanings in business management, finance and economics, related to saving or deferring consumption. An asset is usually purchased, or equivalently a deposit is made in a bank, in hopes of getting a future return or interest from it.

TYPES OF INVESTMENT:

The term "investment" is used differently in economics and in finance. Economists refer to a real investment (such as a machine or a house), while financial economists refer to a financial

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asset, such as money that is put into a bank or the market, which may then be used to buy a real asset.

Business Management:The investment decision (also known as capital budgeting) is one of the fundamental decisions of business management: managers determine the assets that the business enterprise obtains. These assets may be physical (such as buildings or machinery), intangible (such as patents, software, goodwill), or financial (see below). The manager must assess whether the net present value of the investment to the enterprise is positive; the net present value is calculated using the enterprise's marginal cost of capital.

Economics:In economics, investment is the production per unit time of goods, which are not consumed but are to be used for future production. Examples include tangibles (such as building a railroad or factory) and intangibles (such as a year of schooling or on-the-job training). In measures of national income and output, gross investment I is also a component of Gross domestic product (GDP), given in the formula GDP = C + I + G + NX. I is divided into non-residential investment (such as factories) and residential investment (new houses). "Net" investment deducts depreciation from gross investment. It is the value of the net increase in the capital stock per year.

Finance:In finance, investment is buying securities or other monetary or paper (financial) assets in the money markets or capital markets, or in fairly liquid real assets, such as gold, real estate, or collectibles. Valuation is the method for assessing whether a potential investment is worth its price.

Personal Finance:Within personal finance, money used to purchase shares, put in a collective investment scheme or used to buy any asset where there is an element of capital risk is deemed an investment. Saving within personal finance refers to money put aside, normally on a regular basis. This distinction is important, as investment risk can cause a capital loss when an investment is realized; unlike saving(s) where the more limited risk is cash devaluing due to inflation. In many instances the terms saving and investment are used interchangeably, which confuses this distinction. For example many deposit accounts are labelled as investment accounts by banks for marketing purposes. Whether an asset is a saving(s) or an investment depends on where the money is invested: if it is cash then it is savings, if its value can fluctuate then it is investment.

Real Estate:In real estate, investment is money used to purchase property for the sole purpose of holding or leasing for income and where there is an element of capital risk. Unlike other economic or financial investment, real estate is purchased. Broad of speaking, a person can make use of his income in three alternatives. They are saving, investment and expenditure. If he saves more then he will have to reduce on his expenses and vice versa. To meet the current and future financial requirement of the person, a right combination of these is essential. These few lines explain the importance of a right combination of the three

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activities. This is what we mean by investor investment pattern & thus comes the need of awareness initiatives for this concept. An Investor has many objects for doing the investment some are doing investment for security purpose some are doing for high return purpose and some for tax benefits. Same income and age group people follow different pattern of investment and to understand this pattern is very complex. Researchers try to find out the investment pattern of Investor’s in Mutual Fund & Life Insurance.

1.3 INVESTMENT OBJECTIVES: The options for investing our savings are continually increasing, yet every single investment vehicle can be easily categorized according to three fundamental characteristics - safety, income and growth - which also correspond to types of investor objectives. While it is possible for an investor to have more than one of these objectives, the success of one must come at the expense of others. Here we examine these three types of objectives, the investments that are used to achieve them and the ways in which investors can incorporate them in devising a strategy.

SafetyPerhaps there is truth to the axiom that there is no such thing as a completely safe and secure investment. Yet we can get close to ultimate safety for our investment funds through the purchase of government-issued securities in stable economic systems, or through the purchase of the highest quality corporate bonds issued by the economy's top companies. Such securities are arguably the best means of preserving principal while receiving a specified rate of return. The safest investments are usually found in the money market and include such securities as Treasury bills (T-bills), certificates of deposit, commercial paper or bankers' acceptance slips; or in the fixed income (bond) market in the form of municipal and other government bonds, and in corporate bonds. The securities listed above are ordered according to the typical spectrum of increasing risk and, in turn, increasing potential yield. To compensate for their higher risk, corporate bonds return a greater yield than T-bills.

IncomeHowever, the safest investments are also the ones that are likely to have the lowest rate of income return, or yield. Investors must inevitably sacrifice a degree of safety if they want to increase their yields. This is the inverse relationship between safety and yield: as yield increases, safety generally goes down, and vice versa. Most investors, even the most conservative-minded ones, want some level of income generation in their portfolios, even if it's just to keep up with the economy's rate of inflation. But maximizing income return can be an overarching principle for a portfolio, especially for individuals who require a fixed sum from their portfolio every month. A retired person who requires a certain amount of money every month is well served by holding reasonably safe assets that provide funds over and above other income-generating assets, such as pension plans.

Growth Of CapitalThis discussion has thus far been concerned only with safety and yield as investing objectives, and has not considered the potential of other assets to provide a rate of return from an increase in value, often referred to as a capital gain. Capital gains are entirely different from yield in that they are only realized when the security is sold for a price that is higher than the price at which it was originally purchased. (Selling at a lower price is referred to as a capital loss.) Therefore, investors seeking capital gains are likely not those who need a fixed,

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ongoing source of investment returns from their portfolio, but rather those who seek the possibility of longer-term growth. Growth of capital is most closely associated with the purchase of common stock, particularly growth securities, which offer low yields but considerable opportunity for increase in value. For this reason, common stock generally ranks among the most speculative of investments as their return depends on what will happen in an unpredictable future. Blue-chip stocks, by contrast, can potentially offer the best of all worlds by possessing reasonable safety, modest income and potential for growth in capital generated by long-term increases in corporate revenues and earnings as the company matures. Yet rarely is any common stock able to provide the near-absolute safety and Income-generation of government bonds.

1.4 SECONDARY OBJECTIVES:

1. Tax MinimizationAn investor may pursue certain investments in order to adopt tax minimization as part of his or her investment strategy. A highly paid executive, for example, may want to seek investments with favourable tax treatment in order to lessen his or her overall income tax burden. Making contributions to an IRA or other tax-sheltered retirement plan, such as a 401k, can be an effective tax minimization strategy.

2. Marketability LiquidityMany of the investments we have discussed are reasonably illiquid, which means they cannot be immediately sold and easily converted into cash. Achieving a degree of liquidity, however, requires the sacrifice of a certain level of income or potential for capital gains. Common stock is often considered the most liquid of investments, since it can usually be sold within a day or two of the decision to sell. Bonds can also be fairly marketable, but some bonds are highly illiquid, or non-tradable, possessing a fixed term. Similarly, money market instruments may only be redeemable at the precise date at which the fixed term ends. If an investor seeks liquidity, money market assets and non-tradable bonds aren't likely to be held in his or her portfolio. In brief, choosing a single strategic objective and assigning weightings to all other possible objectives is a process that depends on such factors as the investor's temperament, his or her stage of life, marital status, family situation , and so forth. You need only be concerned with spending the appropriate amount of time and effort in finding, studying and deciding on the opportunities that match your objectives.

1.5 INVESTMENT INSTRUMENTS:

A common man in India generally go with postal saving schemes, fixed deposits or other bank deposits for their investment. They don't look beyond that. But, if they can update themselves then definitely can get a good return. One more thing is Indian investors don't want to take risks. They are risk averters not lovers. But, they always try to find best option. There are so many investment options in the market.

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Bank fixed deposits:It is the most popular investment option in India. It yields up to 6.5% to 10% annual return depends on the Bank and period. To invest in this option minimum period is 15 days and maximum period is 7 years and above. It is a very safe investment option. Because, all banks run their operations under the guidelines of Reserve Bank of India.

Postal saving schemes:This option is more popular in rural India. It yields up to 4 % to 7% annual return depends on period.

National saving certificate:This is the safest investment option. Because, ‘National saving certificate' is come under government of India. Here, you can start your investment with 100 rupees and no upper limit. Lock in period will be 6 years. And yield will be 8% annual. You can also get income tax deduction up to one lakh rupees investment in ‘National saving certificate'.

Public Provident Fund:Public provident fund is also a government backed investment instrument. You can start your investment by 500 rupees and maximum 70,000 rupees in a financial year. And yield will be 8.5% annual. You can also get income tax deduction up to one lakh rupees investment in Public Provident Fund. Here, lock in period is 15 years.

Mutual Funds:Mutual Fund is nice option to get quick return. But, it's a risky investment option. Because, companies collect money from investors and invest in stock markets and money markets. And whatever return is come out that is distributed between investors.But, if you are ready to take risk then you can investment in stock market also. It's a great option to get more returns.

But, before investing in stock markets you should have a good knowledge about its operation. Because, lots of uncertainties prevail in the market. Apart from all these instruments some more options are in the market, like, bond and debentures. It is a long-term debt instrument used by governments and large companies to obtain funds. But, investment should be done in prudent way according to their requirement and risk taking capability.

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FINANCIAL INSTRUMENTS OF INDIA

The various financial instruments, for example Govt. securities , Commercial Papers, Certificate of Deposits, Preference Shares, Call Money Market etc, available in the Indian financial markets. This paper provides a brief description of all of these.

Several financial instruments are available in the Indian money market. These are government securities, or G-sec, preference shares, commercial papers, equity shares, discussed below.

1. Government Securities: In India, mainly the institutional investors buy the government securities. The government, both State and Central, and the government certificate of deposits, call money market and industrial securities. These are authorities, for example, state electricity boards, municipalities etc issue it. Commercial banks are the biggest investors who buy the G-securities. The government collects money through the G-securities to finance its several new infrastructure development projects or to meet its present needs. The government itself issues the risk of default for G-sec, for it.

2. Preference Shares: These carry a fixed dividend rate and a special right to dividends over the private equity holders. Currently, all the preference shares in the IndianMarket are `redeemable’, that is, they have a fixed period of maturity. Therefore, sometimes they are termed as hybrid variety.

3. Commercial Papers (CP): These are issued mainly by the corporate businessmen to fund their working capital needs. Commercial Papers are issued generally for short-term maturities. Commercial papers are not secure and subject to market risks, so those corporate bodies that have a good credit history will only be able to use this financial instrument.

4. Equity Shares: It is a "high return risk" instrument. Equity shares don't have any fixed return rate and thereby, no period of maturity.

5. Certificate of Deposits (CD): These are very similar to the Commercial papers. But the CDs are issued mainly by the commercial banks.

6. Call Money Market: The loans made in the call money market are mainly short term in nature. Call money market mainly deals with the interbank markets. Those banks that are suffering from a short-term cash deficit borrow cap from the call money market.

7. Industrial Securities: Normally the big corporate bodies are used to issue this to fulfil their long-term requirements regarding working capital. The

Debentures equity shares

fall under this category.

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1.6 SERVICE PROVIDERS:1. STATE BANK OF INDIA

2. CANARA BANK

3. PUNJAB NATIONAL BANK

4. ORIENTAL BANK OF COMMERCE

5. STATE BANK OF PATIALA

6. HDFC BANK

7. ICICI BANK

8. RELIANCE LIFE INSURANCE

9. LIFE INSURANCE CORPORATION

10. KANGRA CO-OPERATIVE BANK LTD.

11. IDBI BANK

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1. RESEARCH METHODOLOGY

1.1 NEED OF THE STUDY:i. IDENTIFICATION OF CUSTOMERS PREFERENCE: with the survey on investment pattern, we can identify customer preference towards investment in different options .

ii. The study will be helpful for the companies who are involved in investment banking to adopt a proper marketing strategy.

1.2 OBJECTIVES OF THE STUDY:i. The main objective of the study is to find out the investment pattern of the investors in

Draman and its sub-urban areas.ii. To determine what factors influence them while they choose a particular investment,

a particular company and in which particular scheme they prefer to invest and to find out whether they are satisfied with their investment decision or not.

1.3 SAMPLE DESIGN:

i. SAMPLE UNIT: INVESTORSii. SAMPLE SIZE: 50

iii. SAMPLING METHOD: RANDOM SAMPLINGIn random sampling, each item or element of the population has an equal chance of being chosen at each draw.

1.4 DATA COLLECTION:The task of data collection is begins after a research problem has been defined and research designed/ plan chalked out. Data collection is to gather the data from the population. The data can be collected of two types:

Primary data Secondary data

Primary dataThe Primary data are those, which are collected afresh and for the first time, and thus happened to be original in character.Methods of collection of Primary data are as follows:

Interview Questionnaire

Secondary data

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The Secondary data are those which have already been collected by someone else and which have already been passed through the statistical tool.Methods of collection of Secondary data are Journals, Websites and books.

DATA COLLECTION TECHNIQUES:

Using available information Observing Interviewing (face-to-face) Administering written questionnaires Focus group discussions

i. USING AVAILABLE INFORMATIONUsually there is a large amount of data that has already been collected by others, although it may not necessarily have been analysed or published. Locating these sources and retrieving the information is a good starting point in any data collection effort.

ii. OBSERVINGOBSERVATION is a technique that involves systematically selecting, watching and recording behaviour and characteristics of living beings, objects or phenomena.

iii. INTERVIEWINGAn INTERVIEW is a data-collection technique that involves oral questioning of respondents, either individually or as a group.

iv. ADMINISTERING WRITTEN QUESTIONNAIRESA WRITTEN QUESTIONNAIRE (also referred to as self-administered questionnaire) is a data collection tool in which written questions are presented that are to be answered by the respondents in written form.

v. FOCUS GROUP DISCUSSIONS (FGD)A focus group discussion allows a group of 8 – 12 informants to freely discuss a certain subject with the guidance of a facilitator or reporter.

1.5 TOOLS AND TECHNIQUES USED:i. QUESTIONNAIRE

ii. OBSERVATIONS

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1.6 SCOPE OF THE STUDY:

i. This study will let us know the financial capacity of the people of Draman and

its sub-urban areas.

ii. Corrective measures can be taken for the overall development of the region.

iii. This study helps in estimating the purchasing power of the people.

iv. This study helps to know about the response of the people of Draman regarding

the investment opportunities.

1.7 LIMITATIONS OF THE STUDY:

In every research there are chances of errors and constraints. We have found following limitations in our study.

i. Sample size, which we have taken, is very small, on the basis of which efficient decision can’t be taken.

ii. Respondents were biased in their responses because they were more in favour of the brand they were using.

iii. Co-operation from respondents, this was the major problem.iv. Most of the people were at their work. So they did not have enough time to give all

replies.v. The population surveyed was not open to questions related to their personal income

i.e. either they fell hesitant in disclosing the facts about their incomes or they were simply not interested.

vi. The respondents were not in the favour to disclose their address and contact number because they believed that they would be contacted through telemarketing.

vii. Time factor.viii. Cost factor.

1.8 EXPECTED CONTRIBUTION FROM THE STUDY:This study is based on the investment pattern of the people in and around Draman and its sub-urban areas. So it will help acquaint us with the investment pattern of the local people. Also it will help find scope and opportunities for the future trends in the area. Also it will help in finding business potential in this area regarding mutual funds and other such options. Also this study is expected to contribute to incorporate future and new trends in the investment pattern in the area.

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2. REVIEW OF LITERATURE:

The literature review includes the academic books, journals, internet access, magazines etc.

1. Business Statistics by “S.P Gupta &M.P. Gupta”- The information regarding the statistical tools and their limitations in different fields the research is given in this section. This section explains why to use correlation and what are the 47 situations in which correlation can be used, and what does correlation means.

2. Research Methodology by “C.R. Kothari” The information regarding the basics of research and research methodology, what are the different types of research designs, what is problem statement, what are the sources of data collection and what are the methods of data collection is given in this section

3. Financial Management by “I.M. Pandey”- The information regarding nature of financial management, portfolio management, risk-return relationship, options, derivatives and valuation of shares have been understood from this book.

4. WORK BOOK by “Association Of Mutual Fund In India”-The information about the basic knowledge and working of mutual funds in India is taken from this book.

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Q1. Which age group do you belong?

18-30 30-45 45-55 55&above0

2

4

6

8

10

12

14

16

Q2. What is your occupation?

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government services

private srvices business others0

2

4

6

8

10

12

14

16

18

Q3. Are you an income tax payee?

yes no0

5

10

15

20

25

Q4. How much is your yearly income?

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below 1 lakh 1-3 lakh 3-5 lakh above 5 lakh0

2

4

6

8

10

12

14

16

18

Q5. Where do you generally prefer to invest?

PPF fixed deposit mutual funds real estates gold ETF LIC0

5

10

15

20

25

30

Q6. How much % of your income you invest yearly?

20


0-20% 20-35% 35-50% 50%&above0

5

10

15

20

25

Q7. Which of the following planning policies do you own?

child planning education planning retirement planning tax retirement0

2

4

6

8

10

12

14

16

18

20

21


Q. 8. Have you taken any loan? If yes, then for what purpose?

yes no0

5

10

15

20

25

22


house vehicle education business marriage0

1

2

3

4

5

6

7

Q. 9. For how much period do you prefer to invest?

short-term(0-5) long-term(5 yrs above)0

5

10

15

20

25

30

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Q. 10. What is the purpose behind investment?

tax saving wealth liquidity returns0

5

10

15

20

25

30

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Executive summary

Today investors are smart and prudent when it comes to investing. They look for investment options that create maximum value based on their needs and desires. In Draman and its sub-urban areas, it is perceived that majority of the investors prefer to invest their funds either in bank deposits or in gold. This brings us to the assumption that investments in mutual fund are not so popular among the general public. A study was conducted to find out the general investment pattern of the residents in Draman and its sub-urban areas in order to identify customer’s preference towards investment in different investment options. A survey was conducted on 50 respondents comprising of individual investors among all income groups spread across the area. Information was collected using questionnaires and by conducting direct interviews. The survey revealed that, contrary to the assumption made prior to the survey life insurance corporation and fixed deposits were found preferable among the investors. Moreover investors tend to look into the current economic conditions before investing. When it comes to investing, investors tend to have a low risk appetite as a sudden crash in the markets creates a panic and makes more people move away from the stock market. Some of the investors who have invested in mutual funds have been deceived by mutual fund agents and brokers by miss-selling financial products. They were in favour of setting up a provision for investor grievance re-dressal which can help them to address their complaints or suggestions.

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Conclusions

Investor is any party that makes an investment. In finance these are the people and companies that purchases equity and debt securities in exchange of funding and expanding company. So, the investment is what the investor invests. Economists refer to a real investment (such as a machine or a house), while financial economists refer to a financial asset, such as money that is put into a bank or the market, which may then be used to buy a real asset.So the study performed gave the following results of sample of 30 people:The maximum age group that responded to the questions were of age 30 – 45 yrs.Their occupation was mainly business. The people were paying no income tax were 22 persons and the rest were paying income tax.The yearly income of 16 people were 1 -3 lakhs.Minimum people invested in the mutual funds i.e. 2 in number. Also maximum investment was seen in LIC and the number of people invested was 26.Percentage of income invested yearly by 23 persons was 0 – 20 % of their income.The amount invested mainly for child planning purposes and little money was invested in education planning process.Around 23 people had taken loan for the above mentioned purposes and rest didn’t take any type of loan.26 people had invested for long term process and rest for short term and the main purpose was for returns and tax saving. But maximum of the people invested for returns.Thus, the people here invested very less for the education purpose and their main focus was on the investment in the business.

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Suggestions

1. People in the area of Draman are still relying majorly on the bank accounts and the new investment patterns are not there in this area. So more emphasis should be done towards education of people regarding investment in the share market.

2. There are strong business opportunities in this area in the field of share trading and investment.

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ANNEXURE I

QUESTIONNAIRE:

Name: ______________________________________________________________

Age: ________________________________________________________________

Sex: ________________________________________________________________

Occupation: __________________________________________________________

Address: _____________________________________________________________

------------------------------------------------------------------------------------------------------

Q1) Which age group do you belong?

a) 18 – 30 b) 30 – 45 c) 45 – 55 d) 55 & above

Q2) what is your occupation?

a) Government service b) private services c) business

d) Others

Q3) are you an income tax payee?

a) Yes b) No

Q4) How much is your yearly income?

a) Below 1lakh b) 1-3lakhs c) 3-5lakhs d) 5lakhs & above

Q5) Where do you generally prefer to invest in?

a) PPF b) fixed deposit c) mutual funds d) real estate e) gold ETF f) LIC

Q6) How much % of your income you invest yearly?

a) 0-20% b) 20-35% c) 35-50% d) 50% & above

Q7) which of the following planning policies you own?

a) child planning b) education planning c) retirement planning d) tax planning

Q8) Have you taken any loan and if yes then for what purpose ?

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a) yes b) no

If yes then tick one or more applicable-

a) Housing loan b) vehicle loans c) education loan d) business loan e) Marriage loan

Q9) for how long period you would prefer to invest?

a) Short term (0-5yrs) b) long term (5 & above)

Q10) What is the purpose behind investment?

a) Returns b) liquidity c) wealth d) tax savings

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BIBLIOGRAPHYBooks:-

Financial Management 9th edition by “I.M. Pandey.” Vicas publication house pvt ltd.

Research Methodology 2nd edition by “C.R. Kothari” .New age international publication,

Business Statistics 14th edition by “S.P. Gupta &M.P.Gupta.”Sultan Chand & Sons publication.

Workbook 3rd edition May 2006 by “Association of Mutual Funds in India.”

Websites:-http://www.insurance.com/LifeArticles.aspxhttp://www.amfiindia.comhttp://www.investopedia.com/articles/basics/04/032604.asphttp://finance.indiamart.com/taxation/income_tax/tax_planning.htmlhttp://www.indiainfoline

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investment pattern of investors (2)

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