A STUDY ON COMPARSTIVE STUDY ON TODAY’S YOUTH WITH

REGARDS TO MUTUAL FUND AND SHARE MARKET INVESTMENT A

PROJECT
SUBMITTED
TO

UNIVERSITY OF MUMBAI FOR

PARTIAL COMPLETION OF

THE

DEGREE OF

BACHELOR’S IN COMMERCE (ACCOUNTING & FINANCE)

UNDER THE FACULTY OF COMMERCE

BY

AJAY MATHURBHAI VADHER

UNDER THE GUIDANCE OF

PROF. NICOLE PEREIRA

KES SHROFF COLLEGE OF ARTS AND COMMERCE

Bhulabhai Desai Road, Kandivali (West), Mumbai- 400067

NAAC Re-accredited ‘A’ Grade and ISO 9001: 2008 Certified

April 2020

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 CERTIFICATE

This is to certify that MR. AJAY MATHURBHAI VADHER has worked and

duly completed his project work for the degree of Bachelor in Commerce

(Accounting Finance) under the Faculty of Commerce in the subject of Commerce

and his project is entitled,A STUDY ON COMPARSTIVE STUDY ON

TODAY’S YOUTH WITH REGARDS TO MUTUAL FUND AND SHARE

MARKET INVESTMENT under the supervision of guide MRS. NICOLE

PEREIRA.

I further certify that the entire work has been done by the learner under my

guidance and that no part of it has been submitted previously for any Degree or

Diploma of any University.

It is his own work and facts reported by her/his personal findings and

investigations.

PROF. NICOLE PEREIR

2
Date of Submission:

DECLARATION BY LEARNER

I the undersigned Mrs. AJAY MATHURBHAI VADHER hereby, declare that

the work in this project titled A STUDY ON COMPARSTIVE STUDY ON

TODAY’S YOUTH WITH REGARDS TO MUTUAL FUND AND SHARE

MARKET INVESTMENT, forms my own contribution to the research work

carried out under the guidance of MRS.NICOLE PEREIRA is a result of my own

research work and has not been previously submitted to any other University for

any other Degree/Diploma to this or any other University.

Wherever reference has been made to previous work of others, it has been clearly

in-dicated as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained

and presented in accordance with academic rules and ethical conduc

AJAY MATHURBHAI VADHER

3
 Certified By

PROF. NICOLE PEREIRA

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 ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous and the
depth is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
di-mensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me chance to
do this project.
I would like to thank my Principal, Dr. L. BHUSHAN for providing the necessary
facilities required for completion of this project.
I take this opportunity to thank our Coordinator, Dr. VAIBHAV. R. ASHAR for
his moral support and guidance.
I would also like to express my sincere gratitude towards my project guide, MRS.
NICOLE PEREIRA whose guidance and care made the project successful.
I would like to thank my College Library, for having provided various reference
books and magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project especially my Parents and Peers who
supported.

5
 TABLE OF CONTENT

PAGE
CHAPTER. CONTENT
NO.

I
Introduction

Mergers and Acquisitions

Types of Mergers And Acquisitions
Difference Between Mergers and Acquisitions
Mergers and Acquisitions In Telecom Sectors
Mergers and Acquisitions in India
History of Idea and Vodafone

II
Objective

III
Important and significance of study

IV Analysis of Vodafone and idea before

M&A-After M&A

V
Review of Literature

VI
Hypothesis

VII
Research Methodology

VIII
Data Analysis and Interpretation

XI
Suggestion, Finding, Conclusion

X
Bibliography

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CHAPTER-1 : INTRODUCTION

1 `

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Business combinations which may take forms merger, acquisition, amalgamation and

takeovers are important features of corporate structural changes. They have played an

important role in the financial and economic growth of a firm. The merger of Vodafone

essar Ltd. With idea cellular Ltd. (Vodafone idea Ltd.)

Merger is a combinations of two or more companies into one company.one or

more may merger with an existing company or they may merge to from a new

company. Laws in India use the term amalgamation for merger. For example, section

2(1A) of the income tax,1961 defines amalgamation as the merger of one or more

companies with another company or the merger of two or more companies (called

amalgamating company or companies) to form a new company (called amalgamated

company) in such a way that all assets and liabilities of the amalgamated company and

shareholders holding not less than nine-tenths in value of the share in the amalgamating

company or companies become shareholders of the amalgamated company.

 Merger or amalgamation may take two forms :

 Merger through absorption

 Merger through consolidation

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Absorption:

In absorption, one company acquires another company. All companies

except one lose their identity in merger through absorption. The merger of Tata oil mills

Ltd. (TOMCO) with Hindustan lever Ltd. (HLL) is an example of absorption.

Consolidation:

In a consolidation, two or more companies to forms a new company. In

this form of merger, all companies are legally dissolved and a new entity is created. In

consolidation ,the acquired company transfers its assets, liabilities and shares to the

merger Hindustan computers Ltd., and Indian reprographics Ltd., to an entirely

new company called HCL Ltd.

Acquisition:

A fundamental characteristics of mergers (eithers through absorption or

consolidation) is that the acquiring company (existing or new) takes over the ownership

of other companies and combine their operations with its own operations. In an

acquisition two or more companies may remain independent, separate legal entity, but

there may be change in control of companies. Hindustan lever limited buying brands of

Lakme is an example of asset Acquisition.

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Takeover:

A takeover may also define as obtaining of control over management of a

company by another. Under the monopolies and restrictive trade practices act, takeover

means acquisition of not less than 25% of the voting power in a company. if a company

wants to invest in more than 10% of the subscribe capital of another company, it has to be

approved in the shareholders general meeting and also by the central government .the

investment in share of another companies in excess of 10% of the subscribed capital can

result into their takeover.

Demerger :

It has been defined as a split or division. As the same suggests, it denotes a

situation opposite to that of merger. Demerger or spin-off , as called in US involves

splitting up of conglomerate (multi-division) of company into separate companies.

This occurs in cases where dissimilar business are carried on within the same

company, thus becoming unwieldy and cyclical almost resulting in a loss situation.

Company, thus becoming unwieldy and cyclical almost resulting in a loss situation.

Corporate restructuring in such situation in the form of demerger becomes inevitable. A

part from core competencies being main reason for demerging companies according to

their nature of business, in some cases, restructuring in the form of demerger was

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undertaken for splitting up the family owned large business empires into smaller

companies. The historical demerger of DCM group where it split into four companies.

( DCM Ltd. , DCM Shriram Industries Ltd. ) is one example of family units splitting

through demergers.

Reverse Merger :

Normally , a small company mergers with large company or a sick company

Healthy company. However in some cases, reverse merger is done. When a healthy

company mergers with a sick a small company is called reverser merger. This may be for

various reason. Some reasons for reverse merger are :

a) The transferee company is a sick company and has carry forward losses and

Transferor company is profit making company. If transferor company mergers

with the sick transferee company. It gets advantage of setting off carry forward

losses without Any conditions. If sick company merges with health company.

Many restrictions are applicable for allowing set off.

B) The transferee company may be listed company. In such case, if Transferor

Company merges with the listed company, it gets advantages of listed company,

without following strict norms of listing of stock exchanges.

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For example Godrej soaps Ltd. (GSL) with pre merger turnover of 436.77 crores

entered into scheme of reverse merger with loss making Gujarat Godrej innovative

Chemicals Ltd. (GGICL) (with pre merger turnover of Rs. 60 crores) in 1994.

Difference Between A Merger And Acquisition

 What’s Although they are often uttered in the same breath and used as though they

were synonymous, the terms merger and acquisition mean slightly different things.

 A merger occurs when two separate entities (usually of comparable size) combine

forces to create a new, joint organization in which – theoretically – both are equal

partners. For example, both Daimler-Benz and Chrysler ceased to exist when the two

firms merged, and a new company, Daimler-Chrysler, was created.

 An acquisition refers to the purchase of one entity by another (usually, a smaller firm

by a larger one). A new company does not emerge from an acquisition; rather, the

acquired company, or target firm, is often consumed and ceases to exist, and its

assets become part of the acquiring company. Acquisitions - sometimes called

takeovers – generally carry a more negative connotation than mergers, especially if

the target firm shows resistance to being bought. For this reason, many acquiring

companies refer to an acquisition as a merger even when technically it is not.

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 Legally speaking, a merger requires two companies to consolidate into a new entity

with a new ownership and management structure (ostensibly with members of each

firm). An acquisition takes place when one company takes over all of the operational

management decisions of another. The more common interpretive distinction rests

on whether the transaction is friendly (merger) or hostile (acquisition). In practice,

friendly mergers of equals d o not take place very frequently. It's uncommon that

two companies would benefit from combining forces and two different CEO's agree

to give up some authority to realize those benefits. When this does happen, the

stocks of both companies are surrendered and new stocks are issued under the name

of the new business identity.

 Since mergers are so uncommon and takeovers are viewed in a derogatory light, the

two terms have become increasingly conflated and used in conjunction with one The

another. Contemporary corporate restructurings are usually referred to as merger and

acquisition (M&A) transaction rather than simply a merger or acquisition.

 The practical differences between the two terms are slowly being eroded by the new

definition of M&A deals. In other words, the real difference lies in how the purchase

is communicated to and received by the target company's board of directors,

employees and shareholders. The public relations backlash for hostile takeovers can

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 be damaging to the acquiring .The victims of hostile acquisitions are often forced to

announce a merger to preserve the reputation of the acquiring entity.

Mergers and Acquisitions In Telecom Sectors

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Motive Behind The Merger

1. Growth : One of the fundamental motives that entice mergers is impulsive growth.

Organizations that intend to expand need to choose between organic growth and

acquisitions driven growth. Since the former is very slow, steady and relatively consumes

more time the latter is preferred by firms which are dynamic and ready to capitalize on

2. Synergy : Synergy is a phenomenon where 2 + 2 2>5. This translates into the ability

of a business combination to be more profitable than the sum of the profits of the

individual firms that were combined. It may be in the form of revenue enhancement or

cost reduction.

3. Managerial Efficiency : Some acquisitions are motivated by the belief that the

acquires management can better manage the target's resources. In such cases, the value

of the target firm will rise under the management control of the acquirer

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4. Strategic : The strategic reasons could differ on a case-to-case basis and a deal to the

other. At times, if the two firms have complimentary business interests, mergers may

result in consolidating their position in the market

5.Market entry: Firms that are cash rich use acquisition as a strategy to enter into new

market or new territory on which they can build their platform.

6.Tax shields: This plays a significant role in acquisition if the distressed firm has

accumulated losses and unclaimed depreciation benefits on their books. Such acquisitions

can eliminate the acquiring firm's liability by benefiting from a merger with these firms.

7.Resource transfer: Resources are unevenly distributed across firms (Barney, 1991)

and the interaction of target and acquiring firm resources can create value through either

overcoming information asymmetry or by combining scarce resources.

8.Vertical integration: Vertical Integration occurs when an upstream and downstream

firm merges (or one acquires the other). There are several reasons for this to occur. One

reason is to internalize an externality problem. A common example is of such an

externality is double marginalization. Double marginalization occurs when both the

upstream and downstream firms have monopoly power, each firm reduces output from

the competitive level to the monopoly level, creating two deadweight losses. By merging
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the vertically integrated firm can collect one deadweight loss by setting the upstream

firm's output to the competitivelevel. This increases profits and consumer surplus. A

merger that creates a vertically integrated firm can be profitable.

VALUATION MATTER

Naturally, both sides of an M&A deal will have different ideas about the worth of a target

company: Its seller will tend to value the company at as high of a price as possible, while

the buyer will try to get the lowest price that he can.

There are, however, many legitimate ways to value companies. The most common

method is to look at comparable companies in an industry, but deal makers employ a

variety of other methods and tools when assessing a target company. Here are just a few

of them:

1 .Comparative Ratios. The following are two examples of the many comparative metrics

on which acquiring companies may base their offers:

o Price-Earnings Ratio (P/E Ratio) - With the use of this ratio, an acquiring

company makes an offer that is a multiple of the earnings of the target

company. Looking at the P/E for all the stocks within the same industry

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 group will give the acquiring company good guidance for what the target's

P/E multiple should be.

o Enterprise-Value-to-Sales Ratio (EV/Sales) - With this ratio, the acquiring

company makes an offer as a multiple of the revenues, again, while being

aware of the price-to-sales ratio of other companies in the industry.

2. Replacement Cost - In a few cases, acquisitions are based on the cost of replacing

the target company. For simplicity's sake, suppose the value of a company is simply the

sum of all its equipment and staffing costs. The acquiring company can literally order the

target to sell at that price, or it will create a competitor for the same cost. Naturally, it

takes a long time to assemble good management, acquire property and get the right

equipment. This method of establishing a price certainly wouldn't make much sense in a

service industry where the key assets, people and ideas - are hard to value and develop.

3. Discounted Cash Flow (DCF) - A key valuation tool in M&A, discounted cash flow

analysis determines a company's current value according to its estimated future cash

flows. forecasted free cash flows (net income + depreciation/amortization - capital

expenditures - change in working capital) are discounted to a present value using the

company's weighted average costs of capital (WACC). Admittedly, DCF is tricky to get

right, but few tools can rival this valuation method.

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The Premium for Potential Success

For the most part, acquiring companies nearly always pay a substantial premium on the

stock market value of the companies they buy. The justification for doing so nearly

always boils down to the notion of synergy; a merger benefits shareholders when a

company's post-merger share price increases by the value of potential synergy

Let's face it, it would be highly unlikely for rational owners to sell if they would benefit

more by not selling. That means buyers will need to pay a premium if they hope to

acquire the company, regardless of what pre-merger valuation tells them. For sellers, that

premium represents their company's future prospects. For buyers, the premium represents

part of the post-merger synergy they expect can be achieved. The following equation

offers a good way to think about synergy and how to determine whether a deal makes

sense. The equation solves for the minimum required synergy:

Pre-Merger Yalue of Both Firms + Synergy = Pre - Merger Stock Price

Pre-Merger Yalue of Both Firms + Synergy

In other words, the success of a merger is measured by whether the value of the buyer is

enhanced by the action. However, the practical constraints of mergers, which we discuss

in part five, often prevent the expected benefits from being fully achieved. Alas, the

synergy promised by deal makers might just fall short..

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 CHAPTER 3 : RESEARCH AND METHODOLOGY

The research methodology is specification of method of acquiring the information needed to

structure or solve the problem. It is not considered to be the decision of facts but also
building up the data knowledge and to discover the new facts involved through the process in
the dynamic change in the society.

3.1 OBJECTIVES OF THE STUDY

 To study the preferences of youth regarding investment in mutual funds and share
market.
 To analysis factors affection designing making of youth investors.
 To find out whether financial knowledgeable people are more likely to stock market in
particular.

3.2 SCOPE OF THE STUDY

The scope of the study is to get the first-hand knowledge about youth preferences regarding
investment in mutual fund or share market or both. The study covers the concept and details
of mutual fund and share market investment of youth.

3.3 DATA COLLECTION

PRIMARY DATA:

The present study incorporates the collection of both primary and secondary data for an in
depth investigation. Primary data has been gathered through structured unbiased
questionnaire. The questionnaire was pre-tested on some of the respondents and minor
modifications were made on the basis of pre-testing.

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SECONDARY DATA:

Secondary data was generated through, the information received from the journals and
online sources.

3.4 SAMPLE SIZE:

In this survey I have surveyed 100 respondents.

3.5 SELECTION OF THE PROBLEM

As i want to know about in which type of investment youth investing their money and also
get to know about which factor youths prefer most while investing their money.

3.6 LIMITATIONS OF THE STUDY

This study focuses on very small subset of the youth in India and is limited to the city
of Mumbai.

► The region is very vast and it was not possible to cover each and every unit in the
sample in the available short span of time.

► The sample size is quite small and may not be true pointer of the entire universe.
The information provided by respondents may not be fully accurate due to
unavoidable biases.

► The sample size of the study (i.e. No of questions asked to youth) is limited.

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 CHAPTER 4 : DATA ANALYSIS AND INTERPRETION

PRIMERY DATA

1. GENDER:

GENDER MALE FEMALE

% OF RESPONSE 65% 35%

GENDER

MALE
35%
FEMALE

65%

INTERPRETATION:

1. The above pie diagram shows the gender who are investing their money in to mutual
fund and stock market.
2. The above pie diagram 65% respondent are male and remaining are female that is 35%.

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 2. AGE GROUP:
AGE GROUP 18-25 25-30 30 AND ABOVE
%OF RESPONSES 88% 10% 2%

% OF RESPONSE
18-25
2% 25-30
10% 30 AND ABOVE

88%

INTERPRETATION:

1. The above pie diagram present age of respondent.

2. 88% of respondent are age group of 18 – 25.
3. 10% of respondent are age group of 25 -30.
4. 2% of respondent are age group of 30 and above.

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3. OCCUPATION :

SELF-
OCCUPATION STUDENT SERVICE OTHERS
EMPLOYED

%OF
74% 14% 8% 4%
RESPONSES

% OF RESPONDENTS
4%
SSC
20% HSC
GRADUATE
PROFESSIONAL

76%

INTERPRETATION:

1. The above pie diagram shows that how many people invest.
2. 74% are student who invest.
3. 14% of people who are engaged in service and they invest.
4. 8% are self-employed and 4% other invest.
4. QUALIFICATION:

QUALIFICATION SSC HSC GRADUATE PROFESSIONAL

% OF
NILL 19% 71% 10%
RESPONSES

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 % OF RESPONSES
9% SSC
HSC
GRADUATE
PROFESSIONAL

34%
57%

INTERPRETATION:

1. The above pie diagram shows the qualification.

2. 19% are HSC qualified.
3.71% are the graduate.

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5. MONTHLY INCOME :

50,000 AND
INCOME 10,000-20,000 20,000-50,000
ABOVE
% OF RESPONSES 70.7% 14.7% 14.7%

MONTHLY INCOME

15% 10,000 - 20,000

20,000-50,000
50,000 AND ABOVE

15%

71%

INTERPRETATION:

1. 70.70% of responses are belonging to income of 10,000 TO 20,000.

2. 14.70% of responses are blong to income of 20,000 to 50.000.
3.14.70% of responses are blong ti income of 50,000 & above.

6. DO YOU HAVE EVER INVEST IN MUTUAL FUND OR SHARE

MARKET?

INVESTMENT YES NO
% OF RESPODENTS 46% 54%

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 YES NO

46%
54%

INTERPRETATION:

1. 54% of respondent are not invest their money in any mutual fund and stock market.
2. Remaining 46% respondent they are invest their money in mutual fund and share market.

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7.WHERE DO YOU INVEST YOUR MONEY ?

TYPES OF MUTUAL SHARE

BOTH OTHER
INVESTMENT FUND MARKET
% OF
21.3% 19.1% 24.7% 34.8%
RESPONSES

21%

35%
MUTUAL FUND
SHARE MARKET
BOTH
OTHER
19%

25%

INTERPRETATION:

1.21.30% of respondent are invest in mutual fund.

2. And 19.10% are investing in share market.
3. 24.70% of respondent invest in both.
4. Higher investment done in other.

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8. What % of invest in mutual fund?
MUTUAL
10% TO 25% 25%TO50% 50%TO75% 75% & ABOVE
FUND
% OF
58.20% 31.20% 5.4% 5.2%
RESPONSES

% OF INVESTMENT IN MUTUAL

10% TO 25%
25% TO 50%
50% TO 75%
75% & ABOVE

31%
58%

INTERPRETATION:

1.58.20% of respondent are invest in mutual fund in range of 10% TO 25%.

2. 31.20% of respondent are invest in mutual fund in range of 25% TO 50%.
3. 5.45% of respondent are invest in the range of 50% to 75%.
4. And remaining 5.2% are invest in the range of 75% and above.

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9. WHAT % OF INVEST IN SHARE MARKET ?

SHARE
10% TO 25% 25% TO 50% 50% TO 75% 75% & ABOVE
MARKET
% OF
67% 16% 11% 6%
RESPONSES

% OF INVEST IN SHARE MARKET

6%

11%

10% TO 25%
25% TO 50%
50% TO 75%
16% 75% & ABOVE

67%

INTERPRETATION:

1. 67% of respondent are invest in range of 10% to 25%.

2. 16% of respondent are invest in range of 25% to 50%.
3. 11% of respondent are invest in range of 50% to 75%.
4. And remaining in 75% and above.
5. people do not want to take risk therefore more people invest in mutual fund and less
people in equity.

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10. HOW IS YOUR INVESTMENT PATTERN?

INVESTMENT MONTHLY YEARLY RARELY

PATTERN
% OF RESPONSES 47% 24% 29%

INVESTMENT PATTERN

29% MONTHLY
YEARLY
RARELY

47%

24%

INTERPRETATION:

1. Investment pattern is shows the people invest on which basis.

2. 47% of respondent are done investment monthly basis.
3. 24% of respondent are invest yearly.
4. Other invests rarely.

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11. WHICH INVESTMENT IS VERY RISKY?

INVESTMENT MUTUAL FUND EQUITY

% OF RESPONSES 25% 75%

% OF RISK

25%
MUTUAL FUND
EQUITY

75%

INTERPRETATION:

1. There is responses shows that the higher risk in the stock market rather than mutual
fund.
2. Higher risk involved in stock market.
3. Lower risk in mutual fund.

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12. WHAT ARE THE FACTORS AFFECT THE DECISION MAKING OF
INVESTOR?
FACTORS RISK FACTOR PROFIT/ LOSS OTHER
FACTOR
% OF RESPONSES 54% 34% 12%

FACTOR AFFECT

12%
RISK FACTOR
PROFIT/LOSS FACTOR
OTHER

54%
34%

INTERPRETATION:

1. 54% of response are affecting with risk factor.

2. 34% of responses are affecting with profit / loss factor.
3. 12% of responses are affecting with other factor.

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 CHAPTER 5: FINDING

1. 54% of respondent are those people who does not invest in mutual fund and stock market.

2. 21% of respondent invest in mutual fund therefore mutual fund is best option for youth.

3. In share market youth are invest Less .

4. Most of respondent are investment pattern is rarely .

5. Mutual fund are less risky than stock market investment.

6. Risk factor is more affect the Decision making of investor.

7. Most of youth invest their money in mutual fund because they want more return with less
risk.

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 CHAPTER 6 : SUGGESTION

1. Mutual fund is better option for today’s youth, because it’s give to high return and less
risk.

2. Mutual fund investing is termed as a long term horizon of getting a good return, as the
fund is going in a systematic way.

3. People need a systematic way of investing should go for mutual fund investing.

4. Investing with a fixed income strategy, should choose mutual fund as an investment
choice.

5. If you don’t know anything about stock market, just getting an income is your concern,
you should choose a mutual fund scheme.

6. Before make investment investor should done proper study that which option is better for
an investment.

7. Stock market investment is risky but it’s give more return than mutual fund.

CHAPTER 7 : CONCLUSION

As par the above research and data analysis proved that, mutual fund are better options in
today’s scenario. Though it has high risk, but with patients it has high return to.

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It is the fact that investing in mutual fund is time consuming, as the same time it is a myth
that investment I mutual fund leads towards loss.

Mutual fund is investment vehicles that pool money from many different investors to
increase their buying power and diversify their holding.

This allows investors to add a substantial number of securities to their portfolio for a much
lower price than purchasing each security individually.

Also, it allows investors to reinvest their dividend and interest in additional fund shares.

CHAPTER 8 : REFERENCE

WEBSITES:

WWW.Adityatrading.in / market / mutual fund

www.moneycontrol.com

www.comparative study on direct equity investing and mutual fund

www.academia.COM

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ANNEXURE

1. GENDER?
• MALE
• FEMALE

2. AGE
• 18-25
• 25-30
• 30&ABOVE

3. QUALIFICATION
• SSC
• HSC
• GRADUATE
• PROFESSIONAL

4. WHAT IS YOUR OCCUPATION?

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• STUDENT
• SELF-EMPLOYED
• SERVICE
• OTHER

5. MONTHLY INCOME
• 10,000-20,000
• 20,000-50,000
• 50,000-1,00,000

6. DO YOU HAVE EVER INVEST IN MUTUAL FUND OR SHARE MARKET?

• YES
• NO

7. WHERE DO YOU INVEST YOUR MONEY?

• MUTUAL FUND
• SHARE MARKET
• BOTH
• OTHER
8. WHAT % OF INVEST IN MUTUAL FUND?
• 10%-25%
• 25%50%
• 50%-75%
• 75%&ABOVE

9. WHAT % OF INVEST IN SHARE MARKET?

• 10%-25%
• 25%-50%
• 50%-75%
• 75%& ABOVE

10. HOW IS YOUR INVESTMENT PATTERN?

• MONTHLY
• YEARLY
• RERELY

11. WHICH INVESTMENT IS VERY RISKY?

• EQUITY
• MUTUAL FUND

12. WHAT ARE THE FACTOR AFFECT THE DECISION MAKING OF INVESTOR?
• RISK FACTOR
• PROFIT / LOSS FACTOR
• OTHER
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