A STUDY ON THE PERFORMANCE OF KOTAK MAHINDRA BANK FOR PRE AND POST- PERIOD

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1 International Journal of Mechanical Engineering and Technology (IJMET) Volume 9, Issue 5, May 2018, pp , Article ID: IJMET_09_05_028 Available online at ISSN Print: and ISSN Online: IAEME Publication Scopus Indexed A STUDY ON THE PERFORMANCE OF KOTAK MAHINDRA BANK FOR PRE AND POST- PERIOD Kantamaneni HemaDivya. T Assistant Professor, Koneru Lakshmaiah Educational foundation (K L University) Green Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India Goutham Reddy MBA Student, KLU Business School, KoneruLakshmaiah Educational foundation (K L University) Green Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India Sai Sabareesh MBA Student, KLU Business School, KoneruLakshmaiah Educational foundation (K L University) Green Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India ABSTRACT Purpose The purpose of this paper is to study on the performance of Kotak Mahindra bank for pre and post- period. Design/methodology/approach Based on the review of literature, the study is aimed at evaluating the performance of pre and post-merger of Kotak Mahindra Bank. The period taken for pre-merger is four years and post-merger is one year. Performance is evaluated on the basis of quick ratio, current ratio, debt equity ratio, Cash to current Liabilities, deposits over 1year to 3 years, Borrowings over 1 year to 3 years, Loans and advances and net Profit Margin. Findings loan advances in post-merger is higher than the loan advances in premerger period which is statistically significant. The debt equity ratio is gradually decreasing and in post-merger period it started increasing. Originality- To evaluate the liquidity position of pre and post- period of Mergers and Acquisitions of Kotak Mahindra bank Keywords: Capital Market, Investment Decisions, Time series, Stock Price, Bankex Cite this Article: Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh, A Study on the performance of Kotak Mahindra bank for pre and post- period, International Journal of Mechanical Engineering and Technology, 9(5), 2018, pp editor@iaeme.com

2 Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh 1. INTRODUCTION Bank in general terminology is referred to as a financial institute or a corporation which is authorized by the state or central government to deal with money by accepting deposits, giving out loan and investing in securities. The main role of banks is the growth of economy by providing funds for investment. In recent times banking sector has been undergoing a lot of changes in terms of regulations and effects of globalization. These Changes have affected this sector both structurally and strategically. With the changing Environment, many different strategies have been adopted by this sector in order to remain efficient and to surge ahead in the global arena. One such profitable strategy is the process of consolidation of the banks. There are several ways to consolidate the banking industry; the most common adopted by banks is merger. 2. REVIEW OF LITERATURE Dr. M. Ravichandran (2016) study is mainly concentrated on the financial performance and profitability of the banks after their merger by taking the merger of Centurion bank of Punjab with HDFC Bank to determine the impact of merger on performance of investment variables during pre and post-merger, to know the financial performance of the banks after merger and to analyze the profitability of the study unit during pre and post-merger. Research concluded that there is a significant difference in Earnings per Share, Total Capital ratio, Return on Average Net worth, Dividend Payout ratio, Tier 1 Capital ratio, Book Value Per Share, Dividend Per Share, Price to Earnings ratio, Market Price Per Share between before and after merger. After merger it shows an increase in the financial performance. Simranjeet Singh (2015) tried to analyze whether the ICICI Bank have achieved financial performance efficiency during post-merger period in the area of profitability, financial leverage, liquidity and capital market standards. The main objectives are to analyze the impact of merger of Bank of Rajasthan on the financial performance of ICICI Bank and to analyze the impact of merger of Sangli Bank on the financial performance of ICICI Bank. Variables like Net profit margin, ROI, ROA, ROE, Debt/Equity ratio, Current ratio, Acid test ratio and EPS has considered as most important and reliable ratio to check the financial performance of ICICI Bank. The study found in terms of Profitability ICICI Bank performs better in Return on Advances and Ratio of Operating Profit to Total Assets after both merger cases. In Financial Leverage Standards, Total Debt/Equity Ratio was significantly changed in one case, and same response has found in Liquidity Standards. Overall it is conclude that, out of total performance ratios of ICICI Bank half of ratios have significantly changed after mergers in both sample cases. While other half of ratios have not significantly changed after merger, because null hypothesis is accepted in both cases. Gurbaksh Singh and Sunil Gupta (2015) tried to analyze the impact of M&A s on productivity and profitability of consolidation in the Indian Banking sector. The study has undertaken the performance, strengthens and weakness of the sample two banks i.e. one public and one private sector banks based on the financial ratios from the perspective of pre and post merger grounds. From to With the help of statistical tools are arithmetic mean, standard deviation; t-test and p-value etc. Various ratios were analyzed in terms of before and after merger. Findings show that for ICICI Bank variables like Net Profit Margin, Operating Profit Margin, Return on Capital Employed, Return on Net Worth, Interest Coverage, Deposit per Employee and Credit Deposit Ratio are found to be significant and insignificant difference is found with respect to Gross Profit Margin, Dept-Equity Ratio, Current Ratio, Quick Ratio, Earnings per Share and Business per Branch as where incase of State Bank of India it is concluded that there is non-significant difference in respect to Gross Profit margin, Operating Margin, Return on Capital Employed, Dept-Equity, Interest editor@iaeme.com

3 A Study on the performance of Kotak Mahindra bank for pre and post- period Coverage and Current Ratio but there is significant difference with respect to Net Profit Margin, Return on Net Worth, Quick Ratio, Credit Deposit Ratio, Earnings per Share, Deposit per Employee, Credit per Employee, and Business per Branch. Such findings of the study reflect that, more emphasis can be laid on those factors, which are positively associated with profitability, and an effort can be made to constrain the factors which affect profitability in a positive or negative way in the financial performance of banks before and after merger. The other aspects like taxation vision, accounting research and valuation of market risks, Human Resources and legal and strategic aspects etc. relates to mergers and acquisitions are avoided. The study concluded that the banks have been positive effects when distinguished between pre mergers and post- merger period. Dr. (Mrs.) G.Santhiyavalli and K.Abirami(2014) focuses on pre and post-merger financial performance of acquiring banks with the help of financial parameters like return on equity, net interest margin, net profit, burden ratio, business per employee, profit per employee, advance deposit ratio, investment deposit ratio and the overall impact of mergers and acquisitions on acquiring bank. Paired t-test is used for testing the statistical significance of the ratios of the select banks. The results of the study indicate that the banks have been positively impacted by the event of mergers and acquisitions. The results suggest that banks had improved efficiency and increased the shareholders value through strategic mergers. Devarajappa S. (2012) tried to compare the pre and post-merger financial performance of merged banks with the help of financial parameters like, Gross Profit margin, Net Profit margin, operating Profit margin, Return on Capital Employed, Return on Equity, and Debt Equity Ratio. Research has taken one case of merger as Sample i.e., merger of HDFC Bank ltd & Centurion Bank of Punjab. The pre-merger (three years prior) and post-merger (after three years) of the financial ratios being compared. Independent T-test used for testing the statistical significance and this test is applied not only for ratio analysis but also effect of merger on the performance of banks. This performance being tested on the basis of two grounds i.e. Pre-merger and Post- merger. Finally the study indicates that the banks have been positively affected by the event of merger. The findings of this study are that some ratios indicate no effect but most of the ratios shows the positive effect and increased the performance of banks after merger announcement. Finally the study concluded that return on equity, debt equity ratio and Gross Profit margin shows the improvement after the merger Dr. P. Chellasamy and N Ponsabariraj ( 2014) aims to compare pre and post-merger financial performance of merged banks with the help of financial parameters like net profit to total income, net profit to working capital, return on assets and return on equity which includes profitability analysis, current ratio and liquidity ratio which includes liquidity analysis. The study covers the area of performance evaluation of Merger and Acquisitions in Indian banking sector during the period from to The researcher want to use in this study was paired t-test to find out the significant relationship between the profitability and liquidity performance of pre and post- Merger and Acquisitions of select scheduled commercial banks in India. The study conclude that the banks have been no greater changes when compare with pre- Merger and Acquisitions period. V Radha Naga Sai and Dr. Syed Tabassum Sultana (2013) in their paper evaluate the performance of the selected two banks based on the financial ratios from the perspective of pre and post-merger. To analyze the impact of merger paired t-test was applied to the various financial ratios for before and after merger data. Based on the analysis of Indian overseas bank data, it can be concluded that Net profit margin, Operating profit margin, Return on capital employed, Return on equity and Debt Equity ratio there is significant difference but no significant difference with respect to Gross profit margin. Based on the analysis of HDFC bank data it can be concluded that Net profit margin, Operating profit margin, Return on editor@iaeme.com

4 Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh capital employed, Return on equity and Debt Equity ratio there is no significant difference in these ratios before after merger. But significant difference with respect to Gross profit margin. Dr. (Smt). A.N.Tamragundi and Devarajappa S (2016) in this paper examines the impact of mergers on performance of selected commercial banks in India. The impact of mergers on performance of the banks has been evaluated from three prospective i) Physical Performance of merged banks, ii) Financial Performance of Merged Banks and iii) Share price performance by taking 6 Indian commercial banks merged during the period 2004 to 2008 were selected out of which, three are merger of public sector banks with private sector banks and three are merger of private banks with private banks and data have been collected from CMIE data base at IIM, Bangalore and Bank s annual reports. Statistical tool like, Mean, Standard deviation and T-Test have been used for analyzing the performance and testing. Finally, the study concludes that, Merger is a useful strategy, through this Banks can expand their operations, serve larger customer base, increases profitability, liquidity and efficiency but the overall growth and financial illness of the bank can t be solved from mergers. 3. OBJECTIVE OF THE STUDY The following are the objectives of the study 1. To analyze the performance Kotak Mahindra bank in terms of selected ratios. 2. To evaluate the performance of Kotak Mahindra bank in terms of selected ratios taking in t consideration pre and post- period of Mergers Sample Selection Since the study aimed at evaluating the performance of pre and post-merger of Kotak Mahindra Bank. ING VYSYA bank has been merged with Kotak Mahindra bank after 2015.So the period taken pre-merger is four years and post-merger is one year Sample Size The data for the study is collected for five years from financial year to Research gap According to the Reserve Bank of India s Annual Report it is witnessed that maximum mergers in financial services (15.70 per cent) and the acquisition activity was also the largest (17.90 per cent) in the sector. It was due to impact of liberalization in service sector. Bank Mergers and Acquisitions are not a new phenomenon for Indian banking industry. Since 1961 there have been as many as 79 amalgamations between banks in India, out of which 46 took place before nationalization of banks in 1969 while the remaining 33 occurred in postliberalization period. Initially, bank Mergers and Acquisitions were viewed as a regulatory mandate from the Reserve Bank of India wherein the central bank forced a profitable bank to embrace the sick bank to revitalize the latter. In the pre period of 1999 the amalgamation of banks was primarily triggered by the weak financial of the bank being merged, whereas in the post period of 1999 is there have also been mergers between healthy banks driven by business and commercial consideration. The government also proposed to recapitalize the weak banks (SujitSikidar 1996). The recapitalized of weak banks has not yielded the expected results in the past and hence should be linked to be a viable and time bound restructuring plan. With this backdrop, in the present study, the researcher has made an attempt to analyze the performance evaluation of Mergers and Acquisitions of Kotak Mahindra bank with IngVysya bank in India. Hence, the researcher wants to know the answers for the following research questions editor@iaeme.com

5 A Study on the performance of Kotak Mahindra bank for pre and post- period What is the performance of pre and post- period of Merger of Kotak Mahindra bank in terms of profitability? What is the performance evaluation on liquidity position of pre and post- period of Mergers and Acquisitions of Kotak Mahindra bank? 3.4. Source of data The study is based on secondary data. The secondary data is collected data from the annual reports of the banks included in sample. It also collected from the RBI, SEBI, from various journals, magazines, newspapers and Kotak Mahindra bank Annual Reports Significance of the study The following study is important for Investors This study is important for the investors to know the financial performance and pre and postmerger performances of banks. By this study they can think whether to invest or not to invest in these banks Bankers By this study bankers can know whether these type of mergers and acquisitions get succeeded or not. They can do comparative analysis to their banks with respect to mergers and acquisitions Government By this study government can know what the financial performance of banks in pre-merger and post-merger. So that they can take reasonable steps to control the problems occurred in banks. 4. HYPOTHESES The following hypotheses have been framed in the present study: H 1 1: The mean of Quick ratio is not equal for premerger and post-merger. H 1 2: The mean of current ratio is not equal for premerger and post-merger. H 1 3: The mean of debt to equity ratio is not equal for premerger and post-merger. H 1 4: The mean of cash to current liabilities is not equal for premerger and post-merger. H 1 5: The mean of DepositsOveroneyearto3years is not equal for premerger and postmerger. H 1 6: The mean of BorrowingsOveroneyearto3years is not equal for premerger and postmerger. H 1 7: The mean of Loan advances over one year to3years is not equal for premerger and post-merger. H18: The mean of Net profit margin is not equal for premerger and post-merger Statistical tools used in the study Independent Sample T Test is used which helps you compare whether two groups have different average values editor@iaeme.com

6 4.2. Data analysis Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh Table 1.1 Numbers of Deposits Year Deposits Chart 1.1 No of Deposits Interpretation: From the above chart the deposits for 2012 are , for 2013 are , for 2014 are , for 2015 are and for 2016 are From the above chart it is clear that deposits of Kotak Mahindra bank in post-merger period (i.e., deposits of 2016) is higher than the deposits of pre-merger (deposits from ). Table 1.2 Quick ratio Year Quick ratio (times) Chart 1.2 quick ratios Interpretation: From the above chart we know that the quick ratio for 2012 is 0.97, for 2013 is 1.06, for 2014 is 1.42, for 2015 is 1.48 and for 2016 is From the above chart it is evident that the quick ratio for post-merger period is higher when compared to quick ratio of pre-merger period. Table 1.3 No of branches Year No. of branches

7 A Study on the performance of Kotak Mahindra bank for pre and post- period Chart 1.3 No of branches Interpretation: From the above table we came to know that the number of branches in 2012 are 355, in 2012 are 438 in 2013 are 605, in 2014 are 605, in 2015 are 684 and in2016 are From the above chart it is clear that no of branches in the post-merger period are higher than the no of branches in pre-merger period. Table 1.4 net profit margins Year Net profit margin Chart 1.4 net profit margins Interpretation: From the above table net profit margin for 2012 is 14.98, for 2013 is 14.65, for 2014 is 14.29, for 2015 is and for 2016 is From the above chart it is clear that net profit margin is gradually decreased. When compared to net profit margin of pre-merger period is higher than the net profit margin of post-merger. Table 1.5 No. of employees Year No. of employees Chart 1.5 No. of employees

8 Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh Interpretation: From the above table no of employees for the year 2012 are 12000, for 2013 are 13500, for 2014 are 16000, for 2015 are and for 2016 are From the above chart it is clear that no of employees in post-merger is higher than the no of employees in pre-merger period. Table 1.6 Loan advances Year Loan advances Chart 1.6 Loan advances Interpretation: From the above table the loan advances for 2012 are , for 2013 are , for 2014 are , for 2015 are , and for 2016 are From the above chart it is clear that the loan advances in post-merger is higher than the loan advances in pre-merger period. Table 1.7 Borrowings Year Borrowings Chart 1.7 Borrowings Interpretation: From the above table the borrowings for2012 are , for 2013 are , in 2014 are 18211, in 2015 are , and in 2016 are From the above chart the borrowings in post-merger period are high and gradually increasing when compared to borrowings of

9 A Study on the performance of Kotak Mahindra bank for pre and post- period Table 1.8 Cash to current liabilities Year Cash to current liabilities (times) Chart 1.8 Cash to current liabilities Interpretation: From the above table cash to current liabilities ratio in 2012 is 0.58, in 2013 is 0.69, in 2014 is 1.09, in 2015 is 0.94 and in 2016 is 1.05 times. From the above chart it is clear that cash to current liabilities ratio is gradually increasing. Table 1.9 Debt to equity ratio Year Debt to equity ratio (times) Chart 1.9 Debt to equity ratio Interpretation: From the above table debt equity ratio in 2012 is 2.08, in 2013 is 2.16, in 2014 is 1.05, in 2015 is 0.86, and in 2016 is From the above chart it is clear that the debt equity ratio is gradually decreasing and in post-merger period it starts increasing. Table 1.10 Current ratio Year Current ratio (times)

10 Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh Chart 1.10 Current ratio Interpretation: From the above table current ratio in 2012is 0.97, in 2013 is 1.06, in 2014 is 1.42, in 2015 is 1.48 and in 2016 is From the above chart it is clear that current ratio in post-merger is higher than current ratio of pre-merger, and the current ratio is in increasing order Testing of Hypothesis The following hypotheses have been framed in the present study: H 1 1: The mean of Quick ratio is not equal for premerger and post-merger. H 1 2: The mean of current ratio is not equal for premerger and post-merger. H 1 3: The mean of debt to equity ratio is not equal for premerger and post-merger. H 1 4: The mean of cash to current liabilities is not equal for premerger and post-merger. H 1 5: The mean of DepositsOveroneyearto3years is not equal for premerger and postmerger. H 1 6: The mean of BorrowingsOveroneyearto3years is not equal for premerger and postmerger. H 1 7: The mean of Loan advances over one year to3years is not equal for premerger and post-merger. H18: The mean of Net profit margin is not equal for premerger and post-merger Testing of Hypothesis Group Statistics Group N Mean Std. Std. Error Deviation Mean Quick ratio times Pre-Merger Post-Merger Current ratio times Pre-Merger Post-Merger Debt to equity ratio Pre-Merger Post-Merger Cash to current Pre-Merger liabilities times Post-Merger DepositsOveroneyearto Pre-Merger years Post-Merger BorrowingsOveroneyea Pre-Merger rto3years Post-Merger Loan advances Over Pre-Merger one year to 3years Post-Merger Net profit margin Pre-Merger Post-Merger Significant Values editor@iaeme.com

11 A Study on the performance of Kotak Mahindra bank for pre and post- period H 1 1: The mean of Quick ratio is not equal for premerger and post-merger. From the above table it is evident that the mean for quick ratio during premerger is 1.23 and the mean during post-merger is 1.99 and the P value is which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of quick ratio during pre and post-merger are equal. H 1 2: The mean of current ratio is not equal for premerger and post-merger From the above table it is evident that the mean for quick ratio during premerger is 1.23 and the mean during post-merger is 1.99 and the P value is which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of quick ratio during pre and post-merger are equal. H 1 3: The mean of debt to equity ratio is not equal for premerger and post-merger. From the above table it is evident that the mean for Debt to equity ratio during premerger is 1.53 and the mean during post-merger is and the P value is which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of Debt to equity ratio during pre and post-merger are equal. H 1 4: The mean of cash to current liabilities is not equal for premerger and post-merger. From the above table it is evident that the mean for Cash to current liabilities during premerger is and the mean during post-merger is 1.05 and the P value is which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of Cash to current liabilities during pre and post-merger are equal. H 1 5: The mean of DepositsOveroneyearto3years is not equal for premerger and postmerger. From the above table it is evident that the mean of DepositsOveroneyearto3years for during premerger is and the mean during post-merger is and the P value is which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of DepositsOveroneyearto3yearsduring pre and post-merger are equal. H 1 6: The mean of BorrowingsOveroneyearto3years is not equal for premerger and postmerger. From the above table it is evident that the mean of Borrowings Overoneyearto3years for during premerger is and the mean during post-merger is and the P value is.086 which indicates that null hypothesis is to be accepted at 5% level of Significance which implies that the means of DepositsOveroneyearto3yearsduring pre and post-merger are equal. H17: The mean of Loan: advances over one year to3years is not equal for premerger and post-merger. From the above table it is evident that the mean of Loan advances Overoneyearto3years for during premerger is and the mean during post-merger is and the P value is.012 which indicates that null hypothesis is to be rejected at 5% level of Significance which implies that the means of Loan advances Overoneyearto3yearsduring pre and postmerger are not equal. H18: The mean of Net profit margin is not equal for premerger and post-merger. From the above table it is evident that the mean of net profit margin for during premerger is and the mean during post-merger is and the P value is.001 which indicates that null hypothesis is to be rejected at 5% level of Significance which implies that the means of during net profit margin pre and post-merger are not equal editor@iaeme.com

12 Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh 5. FINDINGS The quick ratio for post-merger period is higher when compared to quick ratio of pre-merger period but statistically insignificant. 1. The no of branches in the post-merger period are higher than the no of branches in pre-merger period. Due to merger the branches of two banks are merged into single bank, so branches of Kotak Mahindra increased after merger. 2. The net profit margin is gradually decreased. The net profit margin of pre-merger period is higher than the net profit margin of post-merger and statistically significant. 3. The no of employees in post-merger is higher than the no of employees in premerger period. Due to merger employees of both banks belongs to Kotak Mahindra bank, so employees are increased. 4. The loan advances in post-merger is higher than the loan advances in pre-merger period which is statistically significant. 5. The borrowings in post-merger period are high and gradually increasing when compared to borrowings of 2014 but statistically insignificant. 6. The cash to current liabilities ratio is gradually increasing but statistically insignificant.. 7. The debt equity ratio is gradually decreasing and in post-merger period it started increasing. 8. The current ratio in post-merger is higher than current ratio of pre-merger, and the current ratio is in increasing order but statistically insignificant. 9. Of all the above variables, the loans and advances and net profit margin seems to be statistically significant during pre and post-merger. 6. CONCLUSION Finally, the study concludes that, Merger is a useful strategy, through this Banks can expand their operations, serve larger customer base, increases profitability, liquidity and efficiency but the overall growth and financial illness of the bank can t be solved from mergers. REFERENCES [1] Devarajappa S (2012).Mergers in Indian banks: A study on mergers of HDFC bank Ltd and centurion bank of Punjab ltd in IRJC International Journal of Marketing, Financial Services & Management Research Vol.1 Issue 9, September 2012, ISSN [2] Dr. (Mrs.) G.Santhiyavalli and K.Abirami (2014) Impact of Merger on Firm s Performance-A Case Study on Select Private Bank in Indian Journal of Applied Research Volume : 4 Issue : 9 September 2014 ISSN X [3] Dr. (Smt). A.N.Tamragundi and Devarajappa S (2014). Impact of mergers on Indian Banking Sector: A comparative study of Public and Private Sector merged Banks in Acme Intellects International Journal of Research in Management, Social Sciences & Technology. [4] Dr.M.Ravichandran (2016). A Study on Impact of Merger on Financial Performance of Selected Banks in IJIRST International Journal for Innovative Research in Science & Technology Volume 2 Issue 11 April 2016 [5] Gurbaksh Singh and Sunil Gupta (2014). An impact of mergers and acquisitions on productivity and profitability of consolidation banking sector in India Abhinav editor@iaeme.com

13 A Study on the performance of Kotak Mahindra bank for pre and post- period International Monthly Refereed Journal of Research in Management & Technology. in Volume 4, Issue 9 (September, 2015) Published by: Abhinav Publication [6] Simranjeet Singh (2015).Mergers in service sectors: Post merger financial analysis of ICICI bank in International Journal of Applied Research 2015; 1(9): [7] V Radha Naga Sai and Dr. Syed Tabassum Sultana (2015).Financial performance analysis in banking sector A Pre & Post-merger perspective in International Monthly Refereed Journal of Research In Management & Technology [8] Dr. Bishawjit Chandra Deb, ArupaSarker and Fahimul Kader Siddique. Relationship between Corporate Governance and Financial Performance of Banking Industry in Bangladesh. Journal of Management, 4(2), 2017, pp [9] Deepa Chavan, Makarand Upadhyaya, Abdulsattar Abdulbaqi Alazzawi and Hatem Mohamed EL-Shishini, An Empirical Study On Investors Investment Initiatives In Indian Capital Market, International Journal of Civil Engineering and Technology, 8(10), 2017, pp [10] Ugwuanyi, Charles Uche (Ph.D), Impact of Capital Market on Nigerian Economy, International Journal of Management, 8 (3), 2017, pp [11] Faisal Santiago, Implementation of the Role of Notary through Capital Market in The Era of Asean Economic Community. International Journal of Civil Engineering and Technology, 8(8), 2017, pp [12] Dr. Shivakumar Deene and Prof. Satyanarayan Pathi, Investors Perceptions and Preferences for Capital Market: A Study with Special Reference to Karnataka State, International Journal of Management (IJM), Volume 5, Issue 12, December (2014), pp [13] Dr. Shivakumar Deene and Prof. Satyanarayan Pathi, Investors Awareness about Capital Market Investments: A Study with Special Reference to Karnataka State, International Journal of Advanced Research in Management (IJARM), Volume 4, Issue 3, September - December 2013, pp editor@iaeme.com