Volume 8, Issue 12(6), December 2019 International …s3-ap-southeast-1.amazonaws.com/ijmer/pdf/volume8/volume...Volume 8, Issue 12(6), December 2019 International Journal of Multidisciplinary

Volume 8, Issue 12(6), December 2019 International Journal of Multidisciplinary

Educational Research

Published by Sucharitha Publications 48-12-3/7, Flat No: 302, Alekya Residency Srinagar, Visakhapatnam – 530 016 Andhra Pradesh – India Email: [email protected] Website: www.ijmer.in

Editorial Board Editor-in-Chief Dr. K. Victor Babu Associate Professor, Institute of Education Mettu University, Metu, Ethiopia

EDITORIAL BOARD MEMBERS Prof. S.Mahendra Dev Vice Chancellor Indira Gandhi Institute of Development Research, Mumbai Prof.Y.C. Simhadri Vice Chancellor, Patna University Former Director Institute of Constitutional and Parliamentary Studies, New Delhi & Formerly Vice Chancellor of Benaras Hindu University, Andhra University Nagarjuna University, Patna University Prof. (Dr.) Sohan Raj Tater Former Vice Chancellor Singhania University, Rajasthan Prof.R.Siva Prasadh IASE Andhra University - Visakhapatnam Dr.V.Venkateswarlu Assistant Professor Dept. of Sociology & Social Work Acharya Nagarjuna University, Guntur Prof. P.D.Satya Paul Department of Anthropology Andhra University – Visakhapatnam Prof. Josef HÖCHTL Department of Political Economy University of Vienna, Vienna & Ex. Member of the Austrian Parliament Austria Prof. Alexander Chumakov Chair of Philosophy Russian Philosophical Society Moscow, Russia Prof. Fidel Gutierrez Vivanco Founder and President Escuela Virtual de Asesoría Filosófica Lima Peru

Prof. Igor Kondrashin The Member of The Russian Philosophical Society The Russian Humanist Society and Expert of The UNESCO, Moscow, Russia Dr. Zoran Vujisiæ Rector St. Gregory Nazianzen Orthodox Institute Universidad Rural de Guatemala, GT, U.S.A Prof.U.Shameem Department of Zoology Andhra University Visakhapatnam Dr. N.V.S.Suryanarayana Dept. of Education, A.U. Campus Vizianagaram Dr. Kameswara Sharma YVR Asst. Professor Dept. of Zoology Sri. Venkateswara College, Delhi University, Delhi I Ketut Donder Depasar State Institute of Hindu Dharma Indonesia Prof. Roger Wiemers Professor of Education Lipscomb University, Nashville, USA Dr. N.S. Dhanam Department of Philosophy Andhra University Visakhapatnam Dr.B.S.N.Murthy Department of Mechanical Engineering GITAM University Visakhapatnam

Dr.S.V Lakshmana Rao Coordinator A.P State Resource Center Visakhapatnam Dr.S.Kannan Department of History Annamalai University Annamalai Nagar, Chidambaram

Dr. B. Venkataswamy H.O.D., & Associate Professor Dept. of Telugu, P.A.S. College Pedanandipadu, Guntur, India Dr.E. Ashok Kumar Department of Education North- Eastern Hill University, Shillong

Dr.K.Chaitanya Department of Chemistry Nanjing University of Science and Technology People’s Republic of China

Dr.Sandeep Narula Dept. of Management Sciences IIHMR University, Jaipur Dr. Bipasha Sinha S. S. Jalan Girls’ College University of Calcutta, Calcutta Prof. N Kanakaratnam Dept. of History, Archaeology & Culture Dravidian University, Kuppam Andhra Pradesh Dr. K. John Babu Department of Journalism & Mass Comm Central University of Kashmir, Kashmir Dr.T.V.Ramana Department of Economics, Andhra University Campus, Kakinada

Dr.Ton Quang Cuong Dean of Faculty of Teacher Education University of Education, VNU, Hanoi

Prof. Chanakya Kumar Department of Computer Science University of Pune,Pune

Prof. Djordje Branko Vukelic Department for Production Engineering University of Novi Sad, Serbia Prof. Shobha V Huilgol Department of Pharmacology Off- Al- Ameen Medical College, Bijapur Prof.Joseph R.Jayakar Department of English GITAM University Hyderabad Prof.Francesco Massoni Department of Public Health Sciences University of Sapienza, Rome Prof.Mehsin Jabel Atteya Al-Mustansiriyah University College of Education Department of Mathematics, Iraq Prof. Ronato Sabalza Ballado Department of Mathematics University of Eastern Philippines, Philippines Satheesha H Mettu University Mettu, Ethiopia Dr.J.B.Chakravarthi Assistant Professor Department of Sahitya Rasthritya Sanskrit Vidyapeetha, Tirupati Dr.Ni Luh Putu Agustini Karta Department of Tourism Triatma Mulya Institute of Economy Bali, Indonesia

© Editor-in-Chief, IJMER®

Typeset and Printed in India

www.ijmer.in IJMER, Journal of Multidisciplinary Educational Research, concentrates on critical and creative research in multidisciplinary traditions. This journal seeks to promote original research and cultivate a fruitful dialogue between old and new thought.

C O N T E N T S

Volume 8 Issue 12(6) December 2019

S. No Pg.No

1. vo/k izns”k ds Hkw&vkf/kiR; ,oa lkaLdf̀rd fodkl dk dkyØfed foospu iz'kkUr mik/;k;

1

2. A Study on Liquidity of Hybrid Securities Sithara C and Giridhar K. V

6

3. The Images of Indian Women in Vivekananda’s Philosophy Rubel Islam

13

4. Metamorphosis of Indian Insurance Sector - Pre & Post Liberalization Period

Neha Thakur

21

5. A Study of Professional Commitment of Government and Private Physical Education Lecturers

Basharat Ashraf

32

6. A Comparative Study of Health Related Physical Fitness Among Male and Female Secondary School Students

Rawoof Ahmad Sheikh and Manoj Kumar Pathak

43

7. Bee Hive Health Prediction Using Ensemble Voting Classifier Anisha.C.D and K.G.Saranya

52

8. Jagadish Mane

57

9. Analysis on Financial Performance of Selected Commercial Banks in India Using Camel Model Approach E. Chitrai Banu, V.Sornaganesh and K. Muthumalaiammal

62

10. Challenges and Prospects of Good Governance in India Vangala Sudhakar

72

11. Water Borne Diseases in Bihar: Challenges a Head Kamlesh Kumar Yadav

79

12. Internal Quality Assurance Impacts the External Quality Assurance in Higher Education

C.S. Sukumar Reddy and V.Vasavi

84

13. Frequency Monitoring Network (FNET) in Detection of Malicious Packets in Sensor Networks

Chander Prakash

89

14. Mall Customer Segmentation Using Clustering Algorithm

K. Archana and K.G.Saranya

94

15.

vkj0ih0 xaxokj

100

16. What Education Fails to Teach Us ! Nirendra Kumar Pachauri and Amit Gupta

105

17. Solution for Transmission & Distribution Network A.Arulvizhi, D.Venkatesan and M.Vadivazhgan

114

18. Origin of the Ramakrishna Movement in Coimbatore District S.Malaisamy

124

19. तेातरोपिनषिद सांतिनपणम ् हिर वम न

128

20. Recovery from Schizophrenia: Perceptions and Contributory Factors

Justin P.J

135

21. A Study of Health Consciousness of Secondary School Students in Relation to Their Gender and Locality

Neelamjahangeer and Manoj Kumar Pathak

143

22. Life Insurance Corporation – Risk and Profitability a Brief Analysis

V.Vasavi

150

23. S. Radha Ramana

155

24. Shaivism Described in Former Medieval North Indian Records Prashant Upadhyaya

162

25. A Study on Impact of Service Quality on the Customer Satisfaction with Reference to Oromia International Bank S.C., Mettu Branch

Fikru Terfa

166

26. Quantification of Physiological and Psychological Responses to Yogic Exercises, Physical Exercises and Combination of both Among School Boys

E.Kishore and M.Siva Sankar Reddy

179

27. Quantification of Anthropometric Responses to Yogic Exercises, Physical Exercises and Combination of both Among School Boys

E.Kishore and M.Siva Sankar Reddy

188

Dr. K. VICTOR BABU

M.A.,M.A.,M.Phil.,Ph.D.,PDF, (D.Lit) Associate Professor, Institute of Education & Editor-in-Chief International Journal of Multidisciplinary Educational Research (IJMER) & Sucharitha: A Journal of Philosophy and Religion Mettu University, Metu, Ethiopia.

ISSN : 2277 – 7881 Impact Factor :6.014 (2019)

Index Copernicus Value: 5.16

Editorial……

It is heartening to note that our journal is able to sustain the enthusiasm and covering various facets of knowledge. It is our hope that IJMER would continue to live up to its fullest expectations savoring the thoughts of the intellectuals associated with its functioning .Our progress is steady and we are in a position now to receive evaluate and publish as many articles as we can. The response from the academicians and scholars is excellent and we are proud to acknowledge this stimulating aspect.

The writers with their rich research experience in the academic fields are contributing excellently and making IJMER march to progress as envisaged. The interdisciplinary topics bring in a spirit of immense participation enabling us to understand the relations in the growing competitive world. Our endeavour will be to keep IJMER as a perfect tool in making all its participants to work to unity with their thoughts and action.

The Editor thanks one and all for their input towards the growth of the Knowledge Based Society. All of us together are making continues efforts to make our predictions true in making IJMER, a Journal of Repute

Dr.K.Victor Babu

Editor-in-Chief

SOCIAL SCIENCES, HUMANITIES, COMMERCE & MANAGEMENT, ENGINEERING & TECHNOLOGY, MEDICINE, SCIENCES, ART & DEVELOPMENT STUDIES, LAW

www.ijmer.in

INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH ISSN: 2277-7881; IMPACT FACTOR – 6.014; IC VALUE:5.16; ISI VALUE:2.286 VOLUME 8, ISSUE 12(6), DECEMBER 2019

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vo/k izns”k ds Hkw&vkf/kiR; ,oa lkaLdf̀rd fodkl dk dkyØfed foospu

MkW0 iz'kkUr mik/;k; vflLVsUV izks0&izkphu bfrgkl foHkkx

Lo0jkejkt oekZ egkfo0lkjaxiqj] lqyrkuiqj ¼mRrj izns'k½ HkkjrA Abstract : vfr izkphu dky ls ysdj vk/kqfud ;qx rd fofHkUu iztkfr;ksa ,oa laLd̀fr;ksa dk eq[; dsUnz jgk gSA ns”kkUrjoklh; fofHkUu tu lewgks dk dky&Øfed vUr% izns”k izos”k izkphu dky esa vk;ksZ dk vkxeu iqoZ e/;dkyhu Hkj ,oa vU; vkfnoklh tulewgksa jktiwr ca”kksa rFkk mRrj e/;dkyhu eqlyekuksa ds vkØe.k Hkwvkf/kiR; ,oa mifuos”khdj.k bl izns”k ds lkaLd̀frd Hkwn”̀; ds izeq[k dkjd jgs gSA ftUgksus bl izns”k ds HkkSfrd ,oa ,oa tSfod Hkwn”̀; fkrkoj.k ds fofo/k Lo#iksa ds lkFk fudV dk lek;kstu LFkkfir dj viuh laLd̀fr dh vfeV Nki NksM+ j[kh gSA tks bl izns”k ds xzkeh.k ,oa uxjh; vf/koklksa] HkXuko”ks’kksa ,oa ,sfrgkfld egRo dh bekjrksa esa vkt Hkh lqjf{kr gSA Keywords: lkaLd̀frd bfrgkl ,oa lkaLd̀frd ikfjfLFkfrdh bl “kks/k i= dk izeq[k mn~ns”; vo/k izns”k ds lkaLd̀frd bfrgkl ds ikap vUrfuZfgr izdj.kksa&% laLd̀frd {ks=] lkaLdf̀rd Hkwn”̀;] lkaLd̀frd bfrgkl ,oa lkaLd̀frd ikfjfLFkfrdh ds lUnHkZ esa vo/k izns”k dk izkphu ;qx ls ysdj vk/kqfud ;qx rd ds dkyØfed Hkw&vkf/kiR; ,oa lkaLd̀frd fodkl dk ,sfrgkfld foospu djuk gSA vo/k izns”k ds Hkw&vkf/kiR; ,oa lkaLd̀frd fodkl dk dkyØfed foospu fuEu ,sfrgkfld dkyksa esa fd;k x;k gSA

1- izkxSfrgkfld dky&iwoZ 1600 bZ0iwoZ 2- oSfnd dky& bZ0iwoZ 1600 ls 600bZ0iwoZ 3- ckS} ,oa ekS;Z dky& bZ0iwoZ 600 ls 185 bZ0iwoZ 4- xqIrdky& bZ0iwoZ 185 ls 1200bZ0 5- e/;dky& bZ0 1200 ls 1856bZ0 %&

d- iqoZ e/;dky ;k fnYyh lYrur dky& bZ0 1200 ls 1526 bZ0 [k- eqxydky & bZ0 1526 ls 1720 bZ0

Xk- uokchdky& bZ0 1720 ls 1856 bZ0 6- vk/kqfud dky & bZ0 1856 ls vc rd %&

d- fczfV”kdky& bZ0 1856 ls 1947 bZ0 [k- Lokra=ksRrjdky& bZ0 1947 ls vc rd

izkxSfrgkfld dky % euq’; ds xaxk ?kkVh esa igqapus ds iwoZ ;g izns”k eq[; #i ls taxyks ,oa nynyh ouLifr;ksa ls vkPNkfnr FkkA ,slk ekywe gksrk gSfd yxHkx 15000 gtkj o’kZ iwoZ xaxk?kkVh esa ¼ftldk ;g v/;;u {ks= ,d Hkkx gS½] euq’; iwoZ ik’kk.k dkyhu voLFkk esa FkkA euq’; dk thou izd̀fr ij vk/kkfjr FkkA df̀’k ,oa Ik”kqikyu vkfn ls og loZFkk vifjfpr FkkA d̀f’k ,oa Ik”kqikyu vkfn ls og loZFkk vifjfpr gksus ds dkj.k bl le; dk ekuo eq[;r% izkdf̀rd miknkuksa rFkk izkd`frd /ku ij fuHkZj jgkAmlds lkekftd ,oa vkfFkZd thou dk fiekZ.k bUgh miknkuksa ij voyfEor FkkA dqN le; I”pkr mlus vkx yxkuk [kky o o{̀k dh Nky ls tkM+s ls vius “kjhj dh j{kk djuk taxyh dqRrs ikyuk vkfn viuk;kA fdUrq yxHkx 10000 o’kZ iwoZ mldh lH;rk pyoklh d̀f’k ,oa dPps /kkrq fuekZ.k ij vkfJr gks x;hA blds iwoZ euq’; ds mi;ksax dh vf/kdrj lkexzh ik’k.k fufeZr FkhA fdUrq bl le; mlus feV~Vh ds crZuksa ds fuekZ.k rFkk mldk mi;ksx djuk vkjEHk dj fn;kA bl le; dh fo”ks’k mYys[kuh; ckr ;g gSfd yksxks esa df̀’k dk;Z ds izfr vuqjkx mRiUu gks x;kA d̀f’k ds izfr b; vuqjkx us gh mls I”kqikyu ds izfr izsfjr fd;kA iwoZ ,sfrgkfld ekuo ds vH;qFkku ds iwoZ ftUgksus ntyk Qjkr ,oa fla/kq&?kkVh lH;rk dks tUe fn;k] xaxk ?kkVh loZ izFke d’̀.k&nsg ,oa ukVs gClh ds tkrh ds ykxksa dk fuokl LFky jgk ftuesa ls cps dqN yksx vkt Hkh vaMeku fudksckj f}i&lewg esa jgrs gSA ukVs “;kekaxh yksxks ds ckn ,d yEch diky okyh nwljh tkfr ftUgs vkfne fu’kkn dgk tkrk gSA ;|fi lSa/ko laLd̀fr ds ds fuekZ.k esa Hkh budk lg;ksx fufoZokn jgk


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gSaA rFkkfi fu’kkn laLdf̀r dk izeq[k dsUnz xaxk dk eSnku jgk izrhr gksrk gSA fu’kkn laLd̀fr us nf{k.k&iwoZ dh vksj izlkjksUeq[k vk;Z laLd̀fr dks fo”ks’k #i ls izHkkfor fd;k gSAfu’kkn cz”k ds ykxks us uoik’kk.k ;qx dh laLd̀fr dh uhao MkyhA fu’kkn yksx vf/kdka”kr% ufn;ksa ds fdukjs jgrs FksA rFk eNfy;ksa ,oa vU; taxyh Ik”kqvksa dk f”kdkj djrs FksAHkk’k ds {ks= esa mudh nsu vf/kd fLFkj ,oz egRoiw.kZ gSA Hkkjr esa bu Hkk’kkvksa dk ca”k eq.Mk dgykrk gSA tks bl izns”k esa cksyh tkus okyh Hkk’kkvks esa vfr izkphu gSA vkfLVªd Hkk’k ifjokj dh eq.Mk Hkk’kk dk ,d le; xaxk ?kkVh rFkk e/; Hkkjr ds foLr̀r HkwHkkx esa cksyh tkrh FkhA eqUmkk Hkk’kk Hkk’h yksxksa dks eqUMk] dksy] fu’kkn vkfn ukeks ls iqdkjk tkrk FkkA iwoZ laLdqfr xzakFkksa esa ftls fu’kkn Hkjr “kcj uke ls tkuk tkrk gSA bu izkphu yksxksa dh laLd̀fr ,oa ijEijk,a vo/k izns”k esa fu’kkn Hkj iklh Fkk# ,oa vU; vkfnoklh tu&tkfr;ksa ds uke ls lqjf{kr gSA budh izeq[k lkaLd̀frd fo”ks’krk,a] Lora= xzkE; laLFkk,a] lkewfgd jhfr ls f”kdkj] ozr j[kuk] tkfr Hksn dk vkHkko vkfn jgk gSA pkoy laLd̀fr dk izlkj bl izns”k esa vk;ksZ ds iwoZ fu’kkn tkfr ds yksxks ds }kjk gqvk FkkA vk;ksZ us pkoy dh [ksrh fu’kknksa ls gh lh[kh FkhA vkfne fu’kkn o eqUMk tkfr;ksa ds ckn Hkkj esa Hkwe/; lkxj ds rVoklh euq’;ksa dh dbZ ygjs vk;hA mudh ,s izkjfEHkd /kkjk viuh laf”y’V Hkk’kk ds lkFk xaxk ds vUrZosnh dh vksj c< x;hA tgk¡ mlus vkjfEHkd eqUMk tkfr;ksa ds lkFk ?kqy feydj mudh Hkk’kkvksa dks izHkkfor fd;kA mUgksus xkS ikyu d̀f’k vkSj vux< iRFkjksa ds HKou fuekZ.k dh uhao MkyhA ihNs ls Hkwe/; lkxjh; vkoztd yksxks us viuh ml mUur laLd̀fr vksj lH;rk dks ysdj ;gk¡ izos”k fd;kA ftldk fuekZ.k mUgksus ntyk&Qjkr dh vUrZosnh esa vjehfu;k ds ewy fuokfl;ksa ds lkFkfeydj fd;k FkkA bl izdkj xaxk ?kkVh esa fLFkr ;g izns”k nks iwoZ ,sfrgkfld ekuoksa¼eqUMk Hkk’kh ,oa Hkqe/;lkxjh; vkjesuk;M yksxks½ dk LHkk LFky jgkA ftlesa eqUMk Hkk’kh yksxksa us pkoy laLdf̀r] flapkbZ] iap ifj’kn ,oa df̀’k forj.k ds lEiw.kZ


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izkphu ca”k¼lw;Zoa”k½ dh LFkkiuk gqbZA bl ca”k esa oSfnd /keZ] o.kZ o Je&O;oLFkk] fir̀&ewyd dqVqEc&izFkk] o lkezkT; ifjikVh dk izpyu fd;kA b{okdq ls ysdj ekS;Z ca”k rd dksly tuin esa lw;Z oa”k dh gh vkf/kiR; jgkA bl flyflys eas cgqr ls {kf=; ;gk¡ clsA bu lw;Zoaf”k;ksa esa cgqr ls yksx u;s izfl} iq#’k]xks= ifjorZu] izns”k] jktuSfrd ,oa /kkfeZd dkj.kksa ls u;s uke ,oa u;h mikf/k;ka &;Fkk % j?kqoa”k] ukxoa”k] “kkD;] ekS;Z] eYy vkfn /kkj.k dhA fdUrq tks yksx eqyoa”k ls fo”ks’k lEcU/k ,oa eerk j[krs Fks os vius dks lw;Zoa”k gh dgrs FksA vk;sZrj tkfr;k¡ % xaxk ?kkVh ds bl izns”k esa vkus ds ckn vk;ksZ us ;gka ds vkfne fuoklh vuk;Z tkfr;ksa¼dksy] Hkhy] “kcj ,oa fu’kkn½ dks ouks ,oa igkM+ksa dh vksn gVk fn;k] vkSj mUgs nkl cuk fy;kAbuesa ls dqN vuk;Z tkfr;ksa us foa/; ioZr vkSj rjkbZ izns”k ds vLokLF;izn {ks=ksa esa “kj.k yhA vk;ksZ ,oa vuk;ksZ ds ekSfyd }U} dh >kadh _Xosn esa izk;% feyrh gSA bl la?k’kZ dk dkj.k lkaLd̀frd ,oa jktuSfrd nksuks jgk gSA vk;ksZ ,oa vuk;ksZ ds chp dk ;g la?k’kZ nh?kZdkyhu ugh jgkA izkjfEHkd dyg dh fLFkfr ds lekIr gksrs gh budk ikjEifjd nqjko feVus yxkA vUrZfookg ,oa eS=h lEcU/k ds QyLo#i vk;ksZ ,oa vuk;ksZ ds chp esa vfuok;Zr% ,d izdkj dk feJ.k Hkh gks jgk FkkA vk;ksaZ us bl izns”k esa rhu izdkj dk fu;ksx dk;Z iwjk fd;kA bl izns”k dk fot; mldk mifuos”khdj.k rFkk mls laLd̀fr iznku djuk jgk gSA rFkkfi fotsrk vk;ksZ ds ,s NksVs lewg dh ckSf}d {kerk ,oa “kfDr Js’B FkhA fdUrq ,d foLr̀r {ks= esa FkksM+h tula[;k ds fy, Hkwfe dk d̀f’k ds #i esa iz;ksx ljy ugh FkkA fdUrq bldk rkRi;Z ;g ugha fd vk;Z yksx df̀’k ls vifjfpr FksA vfirq mudh lkekftd O;oLFkk eq[; #i ls xzkeh.k FkhA tks df̀’k lEcU/kh vkfFkZd ra= ij vk/kkfjr FkhA fu%lUnsg vk;Z yksx unh ?kkVh ds mi;qDr {ks=ksa esa lQkbZ dk;Z djds d̀f’k dk;Z djus yxsA

lkaLd̀fr miyfC/k;k¡ vkfFkZd ,oa lkekftd n”kk % oSfnd vk;ksZ ds lexz thou ij ǹf’V fu{ksi djus ij ge dg ldrs gSfd os jktuSfrd o lkekftd thou esa I;kZIr fodkl dj pqds FksA mudk thou lqO;ofLFkr FkA blfy, oSfnd vk;ksZ dks ge lqlaLd̀r ,oa lH; tkfr;ksa ds leku gh vkfFkZd thou ds fodkl ds fy, df̀’k] Ik”kqikyu] x̀g m|ksx&/kU/kksa rFkk O;kikj djrs gq, ikrs gSA xaxk eSnku ds nl HkwHkkx esa tkrh; fo”kq}rk dk fuokZg djuk dfBu FkkA ;g HkwHkkx la;ksxo”k tkrh; vUrfeZJ.k ds fy, vuqdwy FkkA mYys[kuh; gSfd ;g HkwHkkx u dsoy vkfne fu’kkn ,oa Hkwe/; lkxjh; dk gh feyu LFky jgk] vfirq oSfnd vkfnoklh laLd̀fr;ksa dk feJ.k {ks= jgkA xaxk ?kkVh esa tc vk;ksZ ,oa LFkkuh;tuksa dk lEidZ dkQh c< x;k] tc vYila[;d fotsrkvksa dh laLd̀fr ds yksi gksus dh “kadk mRiUu gksa x;hA vkSj ,slk izrhr gksus yxk fd ns”kh turk vkSj mldh laLdf̀r ds izokg esa vk;ksZ dh viuh lkaLd̀frd ijEijk;sa foyhu gks tk;sxhA vr% mUgksusa ikFkZD; dh uhfr dks izksRlkgu fn;kA bl izdkj ubZ fgUnq lH;rk tks vius fof”k’V tkfr O;oLFkk] n”kZu ,oa /keZ ds lkFk vkt Hkh fo|eku gS] vk;ksZ }kjk gh fodflr dh x;hA _Xosn esa firk&iq= oa”kkuqØe ls pyus okys ckzg~E.k] {kf=; ,oa rhu o.kZ vFkok pkj o.kksZ ds ds foHkkx dk mYys[k gSA o.kks ds bl foHkktu esa rrdkyhu /kkfeZd ,oa vkfFkZd ifjfLFkfr;ksa dk vf/k ;ksx FkkA oSfnd lkfgR; esa HkwLokfeRo ij oS;fDrd LokfeRo ds lwpd vusd izcy izek.k miyC/k gSA okLrfodrk rks ;g gSfd fd bl le; Hkqfe lEifRr foLr̀r FkhA rFkk mldh rqyuk esa tula[;k vis{kkdr̀ de FkhA vr% ftl O;fDr us Hkwfe dks lkQ fd;k rFkk ml ij d̀f’k dk;Z djuk izkjEHk fd;k] ogh mldk Lokeh cukA fuokl Hkwfe ij oS;fDrd LokfeRo jgrk FkkA esu egksn; us ;g fl} djus dk iz;kl fd;k fd Hkwfe igys iapk;rksa dk lkewfgd vf/kdkj gksrk FkkA rRi”pkr ìFkd&iF̀kd vf/kdkjksa dh mRifRr gqbZ] igyh vO;oLFkk lkeqnkf;d LokfeRo dh Fkh] vkSj blds I”pkr oS;fDrd LokfeRo dk tUe gqvkA fdUrq cSMy ikosy ds vuqlkj oSfnd ;qx esa lkewfgd LokfeRo ds lwpuk dk dksbZ izek.k ugha feyrk gSA xzkE; thou ,oa leqnk; % xzke vkRefuHkZj bdkbZ ds #i esa laxfBr FksA buds fuoklh jDRk lEcU/k ] jhfrfjokt] leku mn~ns”; ,oa leL;kvksa ds dkj.k ijLij lkeqnkf;d lw= esa vkc} FksA xkao ls xkso ds chp dh lhek,a dnkfpr gh fuf”pr gksrh FkhA tcfd ,d tkfr ;k laxks=h; {ks=ksa dh lhek,a vis{kdr̀ dqN fuf”pr jgrh FkhA

jkek;.k dkyhu laLd̀fr % vkfFkZd thou % mYys[kuh; gSfd oSfnd ;qxhu vk;Z jkek;.k dky ds cgqr iwoZ gh ,d fu;fer lekt O;oLFkk ds vUrxZr laxfBr gksdj LFkk;h thou O;krhr dj jgs FksAbl le; lH;rk dkQh fodflr gks pqdh FkhA leky vf/k lH; ,oa lalaLdr̀ cu pqdk FkkA fo|k] dyk] dkSly vius pjeksRd’kZ ij igq¡p pqds FksAlalD̀fr leqUur dk jkek;.kdkyu mnkgj.k vkt Hkh vn”kZ jkT; ds uke ls foJqr gSA izns”k dk “kk”or ,oa fpj vHkLr m|ksx df̀’k jkek;.k ;qx esa Hkh vkthfodk dk loZekU; lk/ku FkkA df̀’k]I”kqikyu vkSj O;kikj dk bl


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le; bruk egRo c< x;k Fkk]fd mls f=l% fo|k ¼rhuks osnks ,oa na.M uhfr ds led{k½ fxuk tkus yxk FkkA okfYefd us dksly jkT; dh lEifRr] rRdkyhu [ksrks] yrk]xqYeks] vkSj xkaoksa ds #i esa rFkk v;ks/;k ds ukxfjdks dh lèf} m|ku][ksrks] Hkouksa] vkSj /ku /kkU; ds #i esa of.kZr fd;k gSA mRrj dk.M ds vuqlkj jkek;.k dky ds iwoZ dr̀ ;qx esa d̀f’k tSls vkthfodk ds lk/ku gs; ǹf’V ls ns[ks vkSj *vur̀* ds uke ls iqdkjs tkrs FksA fdUrq bl ;qx esa *vùr* gh yksxksa dh izeq[k vkthfodk cu x;kA oS”;ksa dks *d̀f’k xksj{k thfou* vFkkZr os viuh vkthfodk d̀f’k ,oa Ik”kqikyu }kjk pykrs] dgk tkrk gSA df̀’k O;kolk; dks jkT; dk laj{k.k izkIr FkkA jkT; dk ;g drZO; Fkkfd og d̀’kdksa ,oa Ik”kqikydks ds d’Vks dk fokj.k djsa] rFkk mudh lq[k lèf} ds lk/ku tqVk;sAjktk tud }kjk gy ls ;K Hkwfe tksrrs le; lhrk dh izkfIr ls Li’V gksrk gSfd {kf=;ksa ds fy, oftZr ugha FkhA n”kjFk&jke ds dky esa dksly jkT; d̀f’k dh ǹf’V ls lq[kh ,oa lè} FkkA lEiw.kZ dksly jkT; /ku&/kkU; ls lEiUu] lq[kh ,oa lè}”kkyh xkSvksa ls ifjiw.kZ rFkk rkykcksa m|kkuksa ,oa vkezouksa ls ;qDr FkkA jke ds dky esa bl izns”k esa u dHkh dksbZ nqfHkZPN ,oa vukòf’V gqbZ] vkSj u pkjks vksj ls dksbZ Hk; gh mRiUu gqvkA lqjf{kr okrkoj.k esa d’̀kdx.k vius vius tuinksa esa LFkkbZ #i ls cls gq, FksaA vr% LFkku ifjorZu ds bPNqd ugh jgsA o’kZ le; ij vkSj I;kZIr gksrh FkhA [ksr vkukt ls Hkjs iwjs gksrs FksA uxj /ku&/kkU; iwfjr FksA iF̀oh iDds /kku ls ;qDr vkSj lHkh izdkj dh vkS’kf/k;ksa ls ;qDr FkhA [ksrh dh flapkbZ esa o’kkZ ds ty dk egRo FkkA fQj Hkh d̀f’k ds df̀=e lk/kku Hkh fodkflr FksA flapkbZ ds eq[; lk/ku cMs+ tyk”k;] NksVs rkykc ufn;ka vkSj dq,a FksA dksly jkT; esa rkykcksa dh izpqjrk FkhA flapkbZ dh ǹf’V ls [ksr nks Hkkxksa esa foHkDRk FksA

01- nso ekr̀d % tks [ksr o’kkZ ty ij fuHkZj djrs FksA 02- vnso ekr̀d % tks [ksr o’kkZ ty ij fuHkZj ugha djrs FksA

dksly jkT; ds [ksr vf/kdka”kr% vnso ekr̀d FksA blls Li’V gSfd flapkbZ ds lk/ku I;kZIr ek=k esa miyC/k FksA o’kkZ _rq esa ufn;ka ck< izns”k dks mitkÅ cuk nsrh FkhA xkserh unh dk dNkjh {ks= Ik”kqpkj.k ds dke vkrk FkkA ;|fi lkjh Hkwfe dk Lokeh jktk gksrk FkkA rFkkfi iztk }kjk jkT; dksa dj nsuk jkT; ds HkwLokfeRo dk lwpd gSA [ksr dks {ks= ;k dsnkj dgk tkrk FkkA [ksr ds >kM+ >a[kkyksa dh lQkbZ ds ckn tqrkbZ dh tkrh FkhA d̀’kd yksx df̀’k dk;Z esa dfBu dkt] dy”k] dqBkj] dqnky] dq¡Hk ]{kqj] [kfur] Bad] nk=] ij”kq] fivd] Qky rFk ykaxy “kwy gy vkfn midj.kksa dk iz;ksx djrs FksA df̀’k vkSj Ik”kqikyu ijLij iwjd O;kolk; FksA Ik”kq iz/kku xkaoksa dks ?kks’k dgk tkrk FkkA xzke ?kks’kksa dk jkek;.k esa la;qDr mYys[k ls bu nksuksa izdkj dh cfLr;ksa dh fudVrk rFkk d̀f’k Ik”kqikyu dh ikjLifjd fuHkZjrk dk ladsr feyrk gSA dksly izns”k Ik”kqeku ¼


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Ik”kqikyu FksA d̀f’k dk;Z vkSj df̀’k lk/kuksa dk I;kSIr fodkl gks pqdk FkkA O;kikj] O;olk; Hkh vkthfodk esa izeq[k lk/kuksa esa ls ,d FksA lkekftd thou esa o.kksZ dk foHkktu xq.k deksZ ds vk/kkj ij FkkA ckS)dky % iwoZ fLFkfr & egkHkkjr ;q)¼ yxHkx 1400bZ0iw0½ ds le; Hkkjr ds lHkh jkT; nks i{kksa] dkSjo ,oa ika.Mo esa caV x;s FksA dksly jkT; dkSjoksa ds lkFk FkkA egkHkkjr ds bl ;q) us ¼ftlesa leLr Hkkjr “kkfey Fkk½lelr Hkkjr dh fLFkfr dks ttZj dj fn;kA O;kid #i ls gq, jDRk&ikr vkSj uj&lagkj us ns”k ds pkjksa vksj nq%[k] “kksd vkSj fu#Rlkg dk okrkoj.k O;kIr dj fn;k FkkA bl ;q) ds ckn Hkkjrh; bfrgkl ds lkFk dksly tuuin dk Hkh bfrgkl Hkh va/kdkj esa iM+ tkrk gSaA ;g vf/kd lEHko izrhr gksrk gSfd ,d yEch vof/k rd xaxk eSnku dk ;g Hkkx oukPNkfnr vkSj futZu lk jgkA rnuUrj ;gk¡&ogk¡ vkfnoklh yksxksa ,oa fefJr tkfr;ksa us “kfDr izkIr dj “kklu dh LFkkiuk dh] fdUrq “kkD; eqfu cq) ¼550 bZ0 iw0½ ds mRrj esa rjkbZ ls ysdj nf{k.k esa lksu ?kkVh rd dk”kh o dksly uked nks izeq[k tkrh;¼oa”kh;½ jkT; lkekftd& jktuSfrd laxBu ds vUrxZr mB [kM+s gq,A ftlds vUrxZr NksVs NksVs jkT;ksa us jktra= dk ifjR;kx djds x.kra= dh LFkkiuk dhA dk”kh dksly esa 18 x.kjkT;] 09 efYyd] vkSj 09 fyfPNo lfEefyr FksA dksly tuin esa jkIrh vkSj xaMd ufn;ksa ds chp eYy uked x.kra= LFkkfir gqvkA dq”khuxj ,oa ikok blds nks izeq[k dsUnz jgsA bl izdkj eYy jk’Vª dksly ls fcYdqy vyx Lora= x.kjkT; gks x;kA uxjks esa okjk.klh] v;ks/;k] lkdsr] JkoLrh izeq[k #i ls mYys[kuh; FksA ;s uxj ,d nwljs ls lM+d ifjogu }kjk lEc) FksA f”kYi ,oa O;olk; dkQh mUufr ij FksA f”kfYi;ksa ,oa O;olkf;;ksa us vius dks xzkeh.k d̀’kd turk ij iw.kZr;k voyfEor jgus ls cgqr dqN Lora= dj fy;k FkkA vc os xkao ds ykxksa dh vko”;drkvksa ls dgh vf/kd lkeku cukus yxsA vkSj mls ckgj Hkstus yxsA m|ksxksa dh mUufr vkSj lqj{kk ds fy, O;olk; okyksa us vius vius laxBu cuk fy,] tks la?k] fuxe] Js.kh] iwx] fudk; vkfn ukeksa ls izfl) gq,A cq) ds iwoZ lekt jax ;k o.kZ ds vk/kkj ij foHkDr FkkA mlus ijorhZ dky dh tkfr O;oLFkk dk #i ugh xzg.k fd;kA tUe gh mPprk ;k fuEurk dk fu.kkZ;d gSa] ;g ckr lekt ds vYi oxZ esa gh ekU; FkhA deZ dk iz/kkurh dh vksj lc yksxksa dk /;kku x;k Fkk vkSj ;g Lohdkj fd;k tkus yxk fd NksVs le>s tkus okys yksx] vPNs deksZ ls Åpsa nB ldrs gSA ckS) ;qxhu Hkkjr esa dksly dh cM+h [;kfr FkhA ufn;ksa ds rVorhZ {ks= tks mitkÅ tyks< feV~Vh ds Hkw[k.M Fks] d̀’kd ,oa lHl lqlaLdr̀ yksxks ls okflr FksA eq[; unh ekxksaZ ds fdukjs ds ?kkVh eSnkuksa esa l?ku ,oa vkRe fuHkZj xzke leqnk; LFkkfir FksA gesa dgha Hkh ,dkdh vkokl&xg̀ks ds ckjs esa ugh alqukbZ iM+rkA vkfFkZd thou dh fo”ks’krk,a fodflr xzke laLFkk,a FkhA ftuesa gj ,d Hkwfe dk Lokeh FkkA Hkwfe ij mlds LokfeRo ds fo’k; esa dsoy bruh gh e;kZnk ekuh tkrh Fkh] ftruh jkT; esa eqf[k;k dks dj ds #i nsuh iM+rh FkhA jkT; dk xkzg~; Hkkx ftls xkao dk eqf[k;k eki dj vyx fudky nsrk Fkk] mit ds ‘k’Bka”k ls ckjgosa va”k rd jgrk FkkA vj.; Hkwfe vkSj vLokHkkfod Hkwfe ;k lEifRr ij jktk dk vf/kdkj gksrk FkkA tehnkjh dh izFkk u gksus ls leku voLFkk ds NksVs NksVs fdlku vf/kd FksA xzke dh lqj{kk o U;k; dk dke eq[;r% lHkk ds gkFk esa gksrk FkkA flapkbZ] jkLrs] /keZ”kkyk] lHkkLFkku vkfn lkoZtfud fgr ds cgqr ls dke lHkk gh djrh FkhA d̀f’k ds vfrfjDr vkfFkZd thou dk vk/kkj cgqr ls m|ksx&/ka/ks vkSj O;kikj FksA bl fn”kk esa dkQh mUufr gks pqdh FkhA bl dky ds eq[; 18 f”kYiksa dk mYys[k feyrk gSA lUnHkZ xzUFk % Singh,R,L, Evaluation of settlement in the middile Ganga Valley. N.G.J.I,1,

1955,P-71. Mukherjee Radha Kamal,: The changing face of Bangal and Culcutta, 1938,

pp.233-34. Singh S.B.,Rajput Clan Sattelement in Varanasi districts, N.G.S.I.,

Varanasi,1975,p-39. Elliot,C.A. : Chronicles of Oonao, Allahabad, Mission Press,1862,p-27. Ram Awadth ; Sociological and Culturel Studey of Awadth Pradesh. Bhavdiya

Publication, Sringarhat Ayodhya, Faizabad, pp-21-41.


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A STUDY ON LIQUIDITY OF HYBRID SECURITIES

Sithara C. Research Scholar

Dept of Commerce and Management Sahyadri Commerce and Management

College Shivamogga

Dr. Giridhar K. V. Assistant Professor and Research

Supervisor Dept of Commerce and Management

Sahyadri Commerce and Management College

Kuvempu University Abstract The present study is carried out to know the liquidity position of Hybrid securities. Liquidity of a financial security is measured on the basis of its ability to convert them into cash immediately. In this study the liquidity of Hybrid securities are measured on the basis of certain factors like number of buyers, involvement of retail investors and structure of Hybrid securities. SPSS version of 22.0 had been employed for tabulation and analysis of data. Keywords: Hybrid securities, Liquidity, buyers, retail investors, financial security 1. Introduction

A hybrid security is a single financial security that combines two or more different financial instruments. Hybrid securities generally combine both debt and equity characteristics. Hybrid securities pay predictable rate of return or dividend until a certain date, at which point the holder has a number of options, including converting the securities in to underlying share. A hybrid security is structured differently than fixed interest securities. Hybrid security is defined by analyzing the different key factors like liquidity, volatility, convertibility, payment priority, rate of return, complex structure and risk.

Hybrid securities are generally placed subordinate in the capital structure and hence offer a high rate of return than senior debt. Hybrid securities have less volatility in the market because they pay a regular, pre-determined, distribution of market returns. Hybrid securities are not bound by any strict definition of either equitable securities or debt securities and hence can diversify the overall risk portfolio while again, guaranteeing attractive returns and hence, improving a firm’s risk profile. Investing through hybrid securities is considered more complicated than investing through equity or bond securities.

In this study an attempt has made to study the liquidity position of Hybrid security. Liquidity describes the degree which an asset or security can be quickly bought and sold in the market at a price reflecting its intrinsic value. Basically, liquidity is the ability you have to convert any asset into cash quickly. It is also an ability to buy or sell a security without affecting the asset's price. Low liquidity makes it difficult to buy or sell an


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asset, raising the risk of having to buy at an inflated price or sell at a capital loss. Hybrid Securities are not as liquid as the ordinary shares of the same issuer. There are fewer buyers and sellers in the market for this type of investment and if the investor needs to sell his security in hurry, the investor has to sell them at lower price.

2. Review of literature

Review of literature is undertaken to identify the research gap that exists at present, based on the review of literature of earlier studies and to show that the present study is not a topic on which someone has already worked. Besides, it also aims at showing how this study is an attempt to fill the research gap that exists at present.

C.A. Hemraj Kumawat (2017) in his study “Financial Market: A study of Indian capital market”, told that the development of economies is intimately associated with the mobilization and investment of financial saving. The process through which these saving are invested is capital market. Capital market can be classified as primary and secondary market. The fresh issue of security takes place in primary market and trading among investors takes place in secondary market. In India common investors participating in the equity primary market is massive. The number of companies offering equity through primary markets increased continuously. This research paper described an overview of Indian capital market. Snehal Banerjee and Jeremy J. Graveline (2012) in their article “The cost of short-selling liquid securities” explored about Standard models of liquidity argue that the higher price for a liquid security reflects the future benefits that long investors expect to receive. They show that short-sellers can also pay a net liquidity premium, if their cost to borrow the security is higher than the price premium they collect from selling it. They provide a model-free decomposition of the price premium for liquid securities into the net premiums paid by both long investors and short- sellers. Empirically, it finds that short-sellers were responsible for a substantial fraction of the liquidity premium for on-the-run Treasuries from November 1995 through July 2009. Peter J Green, Thomas a Humphreys, Jeremy C Jennings, Mares & Anna T Pinedo(2018) in their article “Hybrid securities-an overview” gives a brief overview of the principal structuring, legal, tax, regulatory and accounting considerations related to the issuance of hybrid securities. Hybrid securities that have some equity characteristics and some debt characteristics. When structuring a hybrid security, it is helpful to identify the core elements of common equity and the core elements of debt. There are so many characteristics associated with pure equity like no maturity, no fixed payment of return, loss absorption etc. It also have some pure debt characteristics like right to receive payment before equity holders of the company and so on. Jason west in his article “Convertibles bonds and stock liquidity” examines how the liquidity of a stock changes in response to the anticipated exercise of convertible bonds issued by a firm. In particular, this study proposes that the probability of conversion of a


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convertible bond issued against a firm’s stock is directly and positively related to the liquidity of the underlying stock.

3. Research Gap An extensive review of literature has been carried out by the researchers, it has been found that majority of the studies are either on different concepts of financial securities. There is no evidence of any study being made specifically on liquidity of Hybrid securities and it is also evidence from the literature review that no study has been made on the topic entitled “A study on liquidity of Hybrid securities” and the scope of the current study. Hence a prompt attempt has been made to fill the research gap that existing at present. 4. Objective of the Study The primary objective of the present study is to study the liquidity nature of Hybrid securities and its role in incorporating Hybrid securities in Investment portfolio. 5. Scope of the study The present study covers the factors like number of buyers and sellers, involvement of retail investors and complexity of Hybrid securities. The study tries to assess the investor's perception regarding the liquidity of Hybrid securities. 6. Research Hypothesis Hypothesis Number

Research Hypothesis

H01 There is insignificant relationship between rare involvement of retail investors in trading of Hybrid Securities and liquidity of Hybrid securities.

H02 There is no association between liquidity of hybrid securities and complexity of hybrid securities.

7. Research Methodology

Research methodology is a practice of studying how research is to be carried out scientifically. This section deals with the description of the study area, sampling procedure employed, the nature and sources of data, various tools and techniques employed to accomplish the objectives of the study. The sample size of the study is 500.

8. Data Analysis and Interpretation The data analysis for present study was done quantitatively with the help of statistics. These data will provide more details about respondent’s perception regarding investing in Hybrid securities. Table :1: Gender wise classification of respondents


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Particular Frequency Percent

Gender Male 334 66.8 Female 166 33.2

Total 500 100

Analysis and Interpretation: Out of 500 respondents 66.8% of respondents are male and only 33.96% respondents are female. The female respondents are low compare to male because male are considered to be the earners of family, so they invests more.

Table 2: Respondent’s perception and Garrett’s ranking regarding Liquidity of Hybrid Securities

Particulars Garrett Ranking

Total Score

Mean Score Rank

Due to fewer buyers and sellers in the market 13105 52.42 1

Retail investors are rarely involved in Hybrid Securities trading 12600 50.40 3

Complexity of Hybrid Securities lead to less trading 12690 50.76 2

Source:Primary Data Analysis and Interpretation: Respondents accounting to 40.00 percent (13.60 % agree and 26.40 % strongly agree) accepted that complexity of Hybrid Securities leading to less trading moderately reflected on liquidity of Hybrid Securities. Respondents accounting to 37.60 percent (16.40 % agree and 21.20 % strongly agree) accepted that retail investors are rarely involved in Hybrid Securities had mildly reflected on liquidity of Hybrid Securities. The

0100

200

300

400

500

Gender Male Female Total

Frequency

Frequency


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Garrett’s ranking of respondent’s perception regarding liquidity of Hybrid Securities shows that with highest and lowest mean scores of 52.42 and 50.40 respectively, fewer buyers and sellers in the market and retail investors are rarely involved in Hybrid Securities highly and poorly reflected on the liquidity of Hybrid Securities. Further, mean score of 50.76 shows that complexity of Hybrid Securities leading to less trading moderately reflected on the liquidity of Hybrid Securities. 9. Result of Hypothesis H01: There is insignificant relationship between rare involvement of retail investors in

trading of Hybrid Securities and liquidity of Hybrid securities. Ha1: There is significant relationship between rare involvement of retail investors in

trading of Hybrid Securities and liquidity of Hybrid securities.

Factors r – value Remark Result

Due to fewer buyers and sellers in the market .228** Weak Positive Accepted Complexity of Hybrid securities lead to less trading .228

** Weak Positive Accepted

**. Correlation is significant at the 0.01 level; *. Correlation is significant at the 0.05 levelSource: Primary Data

Further, the study of relationship between rare involvement of retail investors in trading of hybrid securities and liquidity of hybrid securities showed that both the factors namely fewer buyers and sellers in the market of hybrid securities (r = 0.288) and complexity of hybrid securities leading to less trading (r = 0.288) had weak positive relationship with rare involvement of retail investors in hybrid securities trading. H02: There is no association between liquidity of hybrid securities and complexity of

hybrid securities. Ha2: There is association between liquidity of hybrid securities and complexity of

hybrid securities. Due to fewer buyers and sellers in the market


It is not easy to understand the returns and conditions .174


Less number of persons involved in trading .330** Weak Positive Accepted

Few Hybrid securities have some rules and few have some other rules 0.031

Weak Positive Accepted



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Retail investors are rarely involved in Hybrid securities trading


It is not easy to understand the returns and conditions 0.064


Less number of persons involved in trading .145** Weak Positive Accepted

Few Hybrid securities have some rules and few have some other rules 0.066


**. Correlation is significant at the 0.01 level; *. Correlation is significant at the 0.05 levelSource: Primary Data Complexity of Hybrid securities lead to less trading


It is not easy to understand the returns and conditions .158


Less number of persons involved in trading .384** Weak Positive Accepted Few Hybrid securities have some rules and few have some other rules .331



Difficulty in understanding the returns and conditions of hybrid securities accompanied with less number of people involved in trading and different rules regarding hybrid securities reflecting the complexity of hybrid securities on one hand and on the other hand, few buyers and sellers in the market of hybrid securities, rare involvement of retail investors in hybrid securities trading and complexity of hybrid securities reflected the liquidity of hybrid securities. With this context, the relationship between liquidity of hybrid securities and complexity of hybrid securities was studied and traced out that all factors related to liquidity of hybrid securities had weak positive relationship with all factors of complexity of hybrid securities. 10. Findings based on objectives With mean score of 52.42 few buyers and sellers in the market and with mean score

of 50.76 complexity of hybrid securities leading to less trading accompanied with retail investors rarely involved in hybrid securities trading highly influence the liquidity of hybrid securities.

Further, the study of relationship between rare involvement of retail investors in trading of hybrid securities and liquidity of hybrid securities showed that both the factors namely fewer buyers and sellers in the market of hybrid securities (r = 0.288) and complexity of hybrid securities leading to less trading (r = 0.288) had


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weak positive relationship with rare involvement of retail investors in hybrid securities trading.

11. Major suggestions The major suggestions relating to the particular study are as follows o There should be involvement of more retail buyers in trading of Hybrid securities,

to improve the liquidity of Hybrid securities. o Complex structure of Hybrid securities are another reason for less number of buyers

and sellers in the market, hence proper measures should be taken to simplify the features of hybrid securities.

o Proper awareness programmes should be conducted by financial intermediaries /advisors to educate the investors.

o Investor’s should be able to identify the Hybrid securities and make them to understand the distinct features of Hybrid securities through the various educational programmes conducted by the government, financial intermediaries, SEBI etc.

12. Conclusion Liquidity is very important nature of a financial security. The term liquidity refers to cash or money and other assets which can be converted into cash readily without loss of value and time. Provision of liquidity is one of the main functions of good financial system. In this study liquidity of Hybrid securities are focused. Hybrid security is a combination of both debt and equity. Here we can see that equity has more liquidity than debt. From the present study it is found out that the position of Hybrid securities as in case of liquidity is low. Due to less number of buyers and sellers of Hybrid securities, retail investors are rarely involved in trading of Hybrid securities and mainly due to complexity of Hybrid securities. Finally it can be concluded that strong measures should be taken to cover these loopholes, as Hybrid securities are best investment option with steady and defined income and less risk than equity. 13. References 1. C.A. Hemraj Kumawat, International Journal of research, Vol-1, Issue-7, Aug-

2014, ISSN-2348-6848. 2. Snehal Banerjee and Jeremy J. Graveline, The journal of Finance, vol-68, Issue-2,

Nov-2012, pp:637-664 3. Peter J Green, Thomas a Humphreys, Jeremy C Jennings, Mares & Anna T Pinedo,

Practical law Multi-Jurisdictional guide 2015/2016, capital market 4. Jason west, Asia –pacific Financial Markets, 19(1), pp: 1-21, Jan-2007.


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THE IMAGES OF INDIAN WOMEN IN VIVEKANANDA’S PHILOSOPHY

Rubel Islam Ph.D. Scholar

Department of Philosophy University of Gour Banga

Malda, W.B Abstract: This study examines the images of Indian women in Vivekananda’s Philosophy. Throughout his life, Swami Vivekananda (1803-1902), a great patriot, great philosopher, saint, reformer of India, struggled to uplift the troubles women, in particular Indian women. He worked hard for the freedom and equality of women for the functioning of home and societies. He has shown great respect for women. He considered men and women as two wings of a bird, and it is not possible for a bird to fly on only one wing. He believed that women mould the next generation. He sees women through many paths among them some are as follows- The best thermometer to the progress of a nation is its treatment of its women. There is no chance for the welfare of the world unless the condition of women is improved. Woman has suffered for aeons, and that has given her infinite patience and infinite perseverance. The idea of perfect womanhood is perfect independence. There is no hope of rise for that family or country where there is no estimation of women, where they live in sadness. -Vivekananda Thus, the study seeks to show that Vivekananda attempted to examine and minimize the gap between men and women as they are very much integral part of the society. He was against the early marriage. He worked hard for both all round development of the nation and also for the improvement of women’s condition in India.

Key Words: Images, Vivakananda’s Philosophy, Equality of women, Estimation of women, Child marriage etc. Introduction: Philosophy plays a vital role in the intellectual life as well as social life of man. Social philosophy deals with the various aspects of the social life of man in a philosophical background. Vivekananda’s social philosophy had


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great relevance of the ideal of womanhood. Throughout his life, Swami Vivekananda (1803-1902), a great patriot, great philosopher, saint, reformer of India, struggled to uplift the troubles of women, in particular Indian women. He worked hard for the freedom and equality of women for the functioning of home and societies. He considered women as the custodians of the spiritual tradition. He also believed that women are the cultural heritage of the nation. So they should be given greater honour than the other sex. Making active women in diverse faculties of national life could get society a long way in its onward march to fulfillment of desired goal of all round development. His initiation of women into monastic life, propagation of female education and his pugnacity against many of the social ills against them prevalent in his times constituted a glorious chapter in the history of Indian social philosophy and movement for the uplift of women. Swami Vivekananda felt, the thermometer to progress of a nation is its treatment of its women and it is impossible to regain Indians destroyed pride and esteem unless Indians attempt to better the condition of women. He deemed man and woman as the two wings of the nation. Just as both the wings are equally important for the bird in its successful flight, men and women are equally important for the perfectly balanced growth of any nation. He pronounced “There is no chance for the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly on only one wing”. (C.W., Vol. V. P 412) He also regarded the relationship between man and woman as a complimentary one. A man gets strength and support only from his woman partner. He believed that women mould the next generation. Vivekananda tried to fulfill the gap between man and women to the integral part of the society. He was against the child marriage. He worked hard for both all round development of the nation and also for the improvement of women’s condition in India. Review of Related Literature: Anju (2000) in her study entitled ‘Indian concept of women with special reference to Swami Vivekananda’ found that Vivekananda’s concept of woman has some similarity with the ancient Indian concept of woman. He glorifies the Indian womanhood in an excellent manner. According to Vivekananda the progress of a nation depends upon the progress of the women. Education improved the life condition of the women and made


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them more conscious of their rights. Swamiji stressed the necessity of removing their social subjection and also of educating women not only for the development of their own personality but for the progress of the nation. Subhasree (2001) in her study entitled ‘Educational Philosophy of Swami Vivekananda’, analyzed Swami Vivekananda’s philosophical approaches to education. Vivekananda’s educational philosophy is more social rather than individualistic and aims at an overall development of society. According to Vivekananda, each individual is divine by nature. The aim of education should be the manifestation of the inherent divine nature of man. The educational philosophy of Vivekananda has its roots in the ancient Indian scriptures like Vedanta. He strongly advocates an educational system based on modern technologies to suit Indian Spiritual ideas. His educational ideas have touched all realms of India’s social and economic life. His idea on education can be taken as a guideline for a complete reconstruction of the present system of education. Objectives of the study: To explores Vivekananda’s contributions to the Indian society. To examines the images of Indian Women in Vivekananda’s philosophy. To elaborate how Swami Vivekananda supported women in the society. Materials and Methods: This research study is a qualitative in nature based on secondary data. The secondary data are collected by gathering information from relevant materials like books, articles published in the leading journals and related internet sources. Here, the researcher will use the analytical method and shall apply philosophical investigation and arguments to scan the acceptability and tenability of established theories. Conclusion will be stood on fullness and solidness of the arguments. Delimitation of the Study: The present study is delimited to study the images of Indian Women only in Vivekananda’s Philosophy. Results: Swami Vivekananda properly pointed out that Indian Women’s position will never developed if they do not secure their dignified position. Vivekananda pronounced, the progress of a nation is its treatment of its


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women. If Indians do not try to uplift the condition of women India can never regain the lost pride and esteem of Indians. So according to him, there is no chance for welfare of the world unless the condition of women is improved. Discussion: Swami Vivekananda regarded that all great nations are devotees of women. Indeed, they respect their women. The respectful attitude is their secret greatness. Vivekananda believed that there can never attain greatness without respecting women. He pronounced that oppressing of women by the male members of the society is the main cause of India’s decline. Vivekananda pronounced that both men and women play same role for the development of a nation. The development of India will remain incomplete without awakening of women. Naturally, it is known to Vivekananda that some sacred books of Hindu religion interpreted women as inferior to men. He pronounced,

I admit that in our sacred books there are many passages which condemn women as offering temptation; you can see that for yourselves. But there are other passages that glorify women as the power of God. And there are other passages which state that in that house where one drop of a woman’s tear falls, the gods are never pleased and the house goes to ruin. (C.W., Vol. IX, p. 196)

Vivekananda addressed at Cambridge in 1894 on ‘The Women of India’ Women in statesmanship, managing territories, governing countries, even making war, have proved themselves equal to men—if not superior. . . . Whenever they have had the opportunity, they have proved that they have as much ability as men, with this advantage—that they seldom degenerate. They keep to the moral standard which is innate in their nature. . . . Even at the present day, we see women in India managing vast estates with great ability. (C.W., Vol. IX, p. 196.)

Vivekananda said that the male persons have responsibility about whether woman obtained appropriate education which should facilitate them to solve their own difficulties. He pronounced “Educate your women first and leave them to themselves; then they will tell you what reforms are necessary for them” (C.W., Vol. VI, p. 115). He also pointed as, “Their education would help them to deal with their own troubles and


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tribulations, for they are as capable of doing it as any in the world” (C.W., Vol. V, pp. 229-230). Vivekananda felt proud to see India’s family and social system. He pronounced,

In India the mother is the centre of the family and our highest ideal. She is to us the representative of God, as God is the mother of the Universe. It was a female sage who first found the unity of God, and laid down this doctrine in one of the first hymns of the Vedas. Our God is both personal and absolute, the absolute is male, the personal, female. And thus it comes that we now say: ‘The first manifestation of God is the hand that rocks the cradle.’ He is of the Aryan race, who is born through prayer, and he is a non-Aryan, who is born through sensuality (C.W., Vol. II, p.506.).

He conceived that woman has the dynamic character. Woman is mother, mother of the family. She is exhibiting and controlling the household relationships and catering to requires of all the family members. In this context Vivekananda said “the ideal woman in India is the mother, the mother first, and the mother last” (C.W., Vol. VIII, p .57). Becoming a mother each woman feels proud. In Indian heritage, becoming a mother is the ambition of every woman. Every Woman cultivated the unique qualities of motherhood in her very character. “Mother represents colourless love that knows no barter, love that never dies. Who can have such love? Only mother, not son, nor daughter, nor wife” (C.W., Vol.VI, p.149). Vivekananda believed that women can play an effective role in the regeneration of the country if the society provides the light of spiritual knowledge to women. In this context he pronounced,

If even one amongst the women became the knower of Brahman, then by the radiance of her personality thousands of women would be inspired and awakened to truth, and great well-being of the country and society would ensure (C.W., Vol. VII, p.219.)

The physical, moral and intellectual needs of the people in general and women in particular can be achieved by the ideal scheme of education. According to Vivekananda, the system of education should assist the female in the shape of their characters. Education expands the mental and intellectual power. It covers health, employment and family welfare


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along with spiritual development. By this type of education women cultivated spiritual awareness, spiritual freedom, and spiritual courage in their character. Such education, according to him, positively would meet the needs of women in India. It helps her solve her day to day problems. Such a spiritual education helps women to live a better life. By this they can care for their children in proper ways and play important role in conveying education to women. In this way, he had given major importance to education to women in his scheme of national improvement. In this context, Vivekananda pronounced,

As a man you are separate from the woman as a human being you are one with the woman. As a man you are separate from the animal, but as living beings, man, woman, animal, and plant are all one and as existence, you are one with the whole universe, that universal existence is God, the ultimate Unity in the universe (C.W., Vol. II p. 381.)

Women would be strong enough to face their future by the cultivating the quality of self dependence. Therefore, they are able to solve their day to day problems. After the completion of their education, they will stand on their own feet and can serve their family and society. Such a type of education produced the generation of ideal women. In this context, Vivekananda pronounced,

“If the life of the women in this country be moulded in such a fashion, then only will there be the reappearance of such ideal characters as Sita, Savitri and Gargi”( C.W., Vol. VII, p. 218).

Vivekananda was very much worried to see the girl’s modern education which cannot help them in their spiritual development. The modern educational system dissatisfied to him. He supports the freedom of women to choose their role in life according to their education. They serve the family entering married life. They motivate their children with noble thoughts or reside in the Math, perform yoga and direct a spiritual life as Brahma Charinis. Chastity is the major virtue in the life of men and women of India. So women should preserve their chastity. It is necessary for women to keep their mind and body pure. Women should sacrifice their lives for the sake of their chastity. Only by the preservation of chastity, women can develop purity, strength and faithful character. Such a woman can enter the service of society with a fearless mind. They would be honoured and respected by the rest of the world.


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Conclusion: First of all Vivekananda raised his voice on behalf of the women members of society. Indian Women’s position never developed if they do not secure their dignified position. He pronounced that the progress of a nation depends on its treatment of women. According to him, there is no chance for welfare of the world unless the condition of women is improved. He aptly puts that the promotion of material as well as spiritual emancipation of women can be attained only through education. Indian modern women’s physical, moral and spiritual growth is possible only through his educational philosophy and the ideal scheme of education. The women’s physical, intellectual and spiritual efficiency have been promoted only by the educational upliftment of women. He powerfully suggested that our nation should give freedom to women for social up gradation. He further mentioned that the social reformers hard work make the women spiritually perfect. He also believed that the social reformers can only teach women how to protect the country’s spiritual and cultural ritual. He says that both men and women’s hard work sustained the mutual respect, love and regard and spiritual regeneration of the nation. References:

1. The Complete Works of Swami Vivekananda., Advaita Ashrama,

Kolkata, Vol. V, p. 412 2. Anju., R. (2000). Indian Concept of Women with Special Reference to

Swami Vivekananda. M Phil thesis, Kerala University. 3. Subhasree., V. (2001). Educational Philosophy of Swami

Vivekananda. MPhil thesis, Department of Philosophy, University of Kerala.

4. The Complete Works of Swami Vivekananda., Advaita Ashrama, Kolkata,, Vol. IX, p. 196.

5. Ibid., Vol. IX, p. 196. 6. Ibid., Vol. VI, p. 115. 7. Ibid., Vol. V, pp. 229-230. 8. Ibid., Vol. II, p.506. 9. Ibid., Vol. VIII , p .57. 10. Ibid., Vol.VI, p.149 11. Ibid., Vol. VII, p.219.


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12. Ibid., Vol. II p. 381. 13. Ibid., Vol. VII, p. 218 E. References: 14. www.swamivivekanandaquotesgarden.blogspot.in 15. www.writespirit.net


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METAMORPHOSIS OF INDIAN INSURANCE SECTOR - PRE & POST LIBERALIZATION PERIOD

Neha Thakur Research Scholar

#3361, Sector 32-A, Chandigarh Road Ludhiana, Punjab

ABSTRACT The performance of Indian insurance sector in previous decades has been significant on global platform. It shows an upward growth trend with gross premiums written reaching Rs. 5.53 trillion for FY 18 including both life and non-life sectors. At present India ranks 10th in global life insurance business and 15th in global non-life insurance business. But the scenario was not same few years back. Indian insurance industry has come a long way to reach the present position at global platform and has undergone tremendous changes for growth and development. This development is mainly due to economic liberalization. The present study focuses on the growth aspects of Indian insurance industry post liberalization and also throws light on status of insurance sector before the economic reforms were initiated. It further discusses the development of both public and private sector in life and non-life insurance business. Keywords: Indian insurance industry, Liberalization, IRDA, Economic reforms. INTRODUCTION Insurance sector in an economy plays the role of a bridge that connects savings with investment as it mobilizes savings of individuals and then these savings are channelized into investment leading to economic growth. So for development and growth of a nation, insurance sector must be well developed to perform efficiently. In 1990s Indian government acknowledged that insurance sector was lacking behind as compared to its global counterparts and it completely relied on public sector because of which its growth was hindered. Hence, Malhotra Committee was set up to study the hindrances and suggest preventive measures. Following the recommendations of Malhotra Committee, IRDA Act 1999 was passed and with this act public sector monopoly was terminated and insurance industry began to work in accordance with market driven competition. Since the year 2000, Indian insurance industry witnessed the new phase of growth and development with the entry of private and foreign players, increased competition, development of innovative products and distribution channels like bancassurance. India’s share in global insurance market was 2.0 percent during


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2017. At the end of March 2018, there were 68 insurers operating in India; of which 24 are life insurers, 27 are general insurers, 6 are Standalone health insurers exclusively doing health insurance business and 11 are re-insurers. The Indian insurance industry is expected to grow to Rs 19,56,920 crore (US$ 280 billion) by FY2020, owing to the solid economic growth and higher personal disposable incomes in the country. OBJECTIVES OF THE STUDY 1. To understand the concept of insurance. 2. To review the performance and growth of Indian insurance sector before

and after liberalization. 3. To study the developments in both life and non-life insurance areas.

RESEARCH METHODOLOGY The present paper is based on secondary data. Figures and data is collected from annual reports of IRDA, IRDA journal, Handbook on Indian Insurance, report by IBEF, various research work done on similar or related field, newspapers/magazines, relevant online publication and any other information both online/offline. CONCEPT & NATURE OF INSURANCE Insurance in general sense is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. An insurer is a company selling the insurance; an insured or policyholder is a person or entity buying the insurance policy. According to Justice Tindall, “Insurance is a contract in which a sum of money is paid to the assured in consideration of insurer’s incurring the risk of paying a large sum upon a given contingency.” Allen Z. Mayerson defines insurance as, “a device for the transfer to an insurer of certain risks of economic loss that would otherwise come by the insured.” As defined by D.S. Hansell, “Insurance may be defined as a social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contribution of all parties participating in the scheme. Based on the above definitions following points describe the nature of insurance:-

Sharing of risk Pooling is the essence of insurance as premiums paid by different insureds are pooled by the insurance company for a common contingency or risk. This pooled amount is then paid by the insurer to compensate the insured who incurred covered losses. In this way, insurance helps in sharing risks collectively in a group of insureds who are a part of the pool.

Co-operative instrument Insurance is a cooperative device because it is the cooperation of a large number of people who are exposed to a specific risk and agree to share the risk together.


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Such group of people agrees to share the financial loss which may arise due to the risk insured.

Evaluation of risk The evaluation of risk is necessary because the amount of premium to be paid by the insured to insurer is based upon that. Greater the risk, higher will be the premium. The risk can be evaluated by using different methods.

Payment is linked to contingency Payment of insurance is directly related to contingency because insurer makes the payment if the contingent event occurs for which the insurance has been undertaken. Like in case of general insurance, events like fire or accident are insured. If the contingent event occurs then the policy holder gets paid, otherwise no amount is paid by the insurer. But life insurance is a contract of certainty where contingency is death or end of term which is certain to happen. Hence the payment is certain.

The amount In general insurance the amount to be paid by the insurer when certain contingency arises depends upon (a) quantum of loss (b) the cover of the insurance. This implies that in case the cover exceeds the loss suffered, the amount to be paid will be the actual loss suffered and in case the loss suffered exceeds the cover then the amount covered under the policy is to be paid. But the life insurance is not a contract to cover financial losses instead it is an assurance to paya fixed sum of money in case of death or expiry of the term of the policy.

Large number of insured persons Insurance works on the principle of pooling of risk as a group of people come together to get insured against a particular risk and it is also regarded as a means of equitable transfer of risk form one entity to another for a premium. Larger the number of people, lesser will be the amount of premium.

Neither gambling nor charity Insurance cannot be regarded as gambling because gambling involves some type of risk of loss whereas insurance provides protection against any loss. Also, insurance is not a charity because charity is a social initiative whereas insurer only meets the contractual obligations. INDIAN INSURANCE SECTOR: PRE-LIBERALIZATION PERIOD 1818-1907 Before independence, insurance sector in India was mainly concentrated on the needs of European community instead of Indian citizens and was dominated by foreign insurance companies. Oriental Life Insurance Company was the first life insurance company in India set up in the year 1818 in Kolkata but it catered to the needs of the Europeans and provided life insurance only to them. It was in


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the year 1870 when Bombay Mutual Life Assurance Society became the first Indian life insurance company that covered Indian lives. Where the year 1818 was marked as the beginning of life insurance business in India, the year of 1850 is considered for the onset of general insurance business in India with the establishment of Triton Insurance Company Ltd. in Calcutta by British. But the Indian Mercantile Insurance Ltd. set up in 1907 was the first company to transact all classes of general insurance business. 1912-1939 This period witnessed a considerable growth in insurance business from just 44 companies with total business of Rs. 22.44 crore to 176 companies with total business of Rs. 298 crore. But there were no legitimate laws to regulate the insurance business in India until the introduction of Life Insurance Companies Act 1912. The enactment of the act was the first step to regulate insurance business with strong laws and policies but it regulated only life insurance companies. Later in 1928, Indian Insurance Act was enacted to provide statistical information on both life and non-life insurance business transacted in India and in 1938, it was amended by the Insurance Act which was the first comprehensive legislation that governed both life and non-life branches of insurance. 1950-1992 The period of 1950s witnessed an increase in the number of insurance companies and high level of competition in the market. By 1956, there were around 240 private life insurers and more than 100 general insurers in the market. Increased competition led to an upsurge in unfair trade practices by some players to exploit consumers. Inspecting such unethical practices Indian Government decided to nationalize insurance sector. At first, life insurance business was nationalized on 19th January, 1956 and Life Insurance Corporation (LIC) came into existence which became the monopoly corporation after absorbing 154 Indian, 16 non-Indian insurers and also 75 provident societies – 245 Indian and foreign insurers in all. Indian government also took steps to regulate general insurance business and the first step taken in this direction was setting up of General Insurance Council in 1957 which aimed at ensuring fair business practices. In 1968, the Insurance Act was amended and Tariff Advisory Committee was also set up to regulate investments. By passing General Insurance Business (Nationalization) Act in 1972 general insurance business was nationalized with effect from 1st January, 1973 and the General Insurance Corporation of India was formed which incorporated on 22nd November, 1972. At that time nearly 107 insurers were amalgamated and grouped into four companies which are as follows:-

National Insurance Company Ltd. New India Assurance Company Ltd.


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Oriental Insurance Company Ltd. United Indian Insurance Company Ltd.

1993-1999 Despite of undertaking several regulatory steps for the improvement of insurance sector, government failed to achieve desired goals. The insurance sector at that time suffered from complications such as low penetration level as compared to global counterparts and dormant growth. There were no pertinent plans and policies to harness the full potential of this sector. Witnessing such slow growth of insurance sector Indian government set up a committee under the chairmanship of R.N. Malhotra, former Governor of RBI. The main aim for setting up Malhotra Committee was to examine the strengths and weaknesses of insurance industry and to recommend reforms to enhance the existing insurance system compatible with the global economic change. The Malhotra Committee submitted its report in 1994 and made various recommendations. Some of the major recommendations are as follows:-

1) to permit private sector to enter the insurance industry 2) to establish an independent regulatory authority 3) to reach weaker sections of the society by providing them relevant

insurance plans and appointment of institutional agents 4) to allow foreign companies to enter into insurance industry but only

through joint ventures with an Indian partner

The recommendations of Malhotra Committee were extensively discussed and deliberated. Government of India then decided to establish an authority to safeguard the interests of the policyholders and to regulate and promote the growth of insurance industry. Hence, in December 1996, the Insurance Regulatory Authority Bill was introduced but was not passed. In December 1998, new government came in power and introduced Insurance Regulatory Bill 1998 in Lok Sabha to permit the entry of private players into the insurance business and to undertake several other amendments. INDIAN INSURANCE SECTOR- POST LIBERALIZATION PERIOD (2000-2019) Indian insurance industry has witnessed tremendous changes after the economic reforms were undertaken and these reforms have revolutionized the whole insurance industry since 2000. Following the recommendations of Malhotra Committee report, several initiatives were undertaken like Insurance Regulatory and Development Authority (IRDA) was incorporated as a statutory body in April 2000 to bring about swift and systematic growth of insurance industry, insurance industry was opened up to private and foreign players, regulatory framework was improved, innovative insurance products were proliferated and


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many other initiatives were undertaken. The progress of Indian insurance sector can be studied through following developments that took place after reforms:-

1) Increase in number of insurers with the entry of private players

Opening up of insurance market for private players greatly affected the number of insurers in the market as the number of insurers kept on increasing. The main motive behind this was to increase and promote healthy competition and provide a wide variety of products for different sections of society. The table below clearly shows that opening up of insurance sector for private players increased the number of players in life insurance sector from 4 in 2000 to 24 in 2018 and in non-life insurance sector it increased from 8 in 2000 to 35 in 2018. Table – 1 Increase in the Number of Insurance Players in India (2000-

2018) Year Life Insurers Non- life Insurers

Public Private Public Private Reinsurer 2000 1 3 4 3 1 2001 1 10 4 6 1 2002 1 12 5 8 1 2003 1 12 6 8 1 2004 1 13 6 8 1 2005 1 13 6 8 1 2006 1 15 6 9 1 2007 1 15 6 10 1 2008 1 21 6 15 1 2009 1 21 6 15 1 2010 1 22 6 17 1 2011 1 23 6 21 1 2012 1 23 6 21 1 2013 1 23 6 21 1 2014 1 23 6 22 1 2015 1 23 6 22 1 2016 1 23 6 23 1 2017 1 23 6 23 2 2018 1 23 6 27 2

(Source – IRDA Annual Reports) 2) Upsurged insurance penetration and insurance density

Insurance Penetration is measured as the ratio of premium underwritten in a particular year to the GDP. Insurance density is the ratio of insurance


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premium to the total population and implies the spending of the people of a country on insurance in terms of premium. Both the measures indicate the level of development of the insurance sector of a country. During the pre-reform period the insurance penetration rate in India was as low as 1.5 percent in 1990 and 1.93 percent in 1999. The entry of private players coupled with various reforms undertaken proved to be beneficial as the penetration rate (as shown in IRDA reports) ascended to 2.71 percent in 2001 and there was a consistent increase from 2.71 percent in 2001 to 5.20 percent in 2009. While the life insurance penetration showed a strong development with a rise from 2.15 percent in 2001 to 4.60 percent in 2009, non-life insurance penetration increased at relatively lower rate with a rise from 0.56 percent in 2001 to 0.93 percent in 2017. After the first decade of reforms the overall penetration rate started to decline and reached at 3.30 percent in 2014 but again showed an upward trend since 2015 from 3.44 percent to 3.69 percent in 2017. The reports of IRDA show that the level of insurance density post liberalization increased from USD 11.5 in 2001 to USD 66.4 in 2010 but started declining from the year 2011 to 2016 being consistently stagnant at USD 50-60 and it started to increase again in the year 2017 reaching USD 73. The density of life insurance sector reached to USD 55.7 in 2010 from USD 9.1 in 2001 but showed a downward trend after 2010 till 2016 with density being USD 46.5 however it again increased to USD 55 in 2017 whereas the density of non-life insurance sector went up from USD 2.4 in 2001 to USD 18.0 in 2017. 3) Growth of insurance premium

The combined factors such as increased household income, improved insurance regulations, better economic stability, entry of private players and economic liberalization lead to remarkable growth in premium. Post reform period showing a significant growth in insurance premium implies that new players were successful in tapping the high potential areas of Indian insurance market which was impossible before due to the public sector exclusivity. Table – 2 shows the growth trend of insurance premiums written in India as demonstrated in IBEF report. Over FY05–FY17, total premiums increased at a CAGR of 11.48 percent rising from US $ 23 billion to US $ 84.72 billion. Similarly, both life and non-life insurance sectors showed an upward trend by increasing at a CAGR of 13.28 percent and 17.7 percent respectively. Where life insurance market grew from US$ 10.5 billion in FY02 to US$ 64.92 billion in FY17, the non-life insurance market grew from US$ 2.6 billion in FY02 to US$ 19.8 billion in FY17.


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Table – 2 Growth of Insurance Premium Written in India YEAR Premium from

Life Insurance (US $ billion)

Premium from Non-life

Insurance (US $ billion)

Total Premium Written

(US $ billion)

FY05 19 4 23 FY06 24 5 29 FY07 34 6 40 FY08 50 7 57 FY09 48 7 55 FY10 56 8 64 FY11 64 10 74 FY12 60 11 71 FY13 52 12 64 FY14 52 13 65 FY15 61.78 13.9 75.68 FY16 54.58 14.3 68.88 FY17 64.92 19.8 84.72

4) Improved and developed products

Initially insurance has always been confined to the perception of a risk covering medium with a moderate return of 3-4 percent. But with the increased competition and changing scenario of insurance industry, people started to consider insurance as an “investment” seeking higher returns rather than just a source of “protection”. The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs). Companies started to differentiate themselves by providing wide range of products with unique features and also focused on the needs of rural areas for example, New India Assurance launched Farmers’ Package Insurance to covering farmer’s house, assets, cattle etc. United India launched Workmen Medicare Policy to cover hospitalization expenses arising out of accidents during and in the course of employment. In March 2017, HDFC Life in collaboration with Haptik, has announced the launch of the country’s 1st life insurance chatbot which will help the customer as a financial guide to aid them to choose the most suitable plans befitting their needs.


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5) Introduction of brokers

Another significant development in insurance sector was the introduction of brokers. Earlier customers lacked technical know-how regarding suitable insurance products, policies or service range. Hence they had to rely solely on underwriters who never gave due attention to their needs and they were taken for granted. Underwriters usually emphasized on quantitative aspect i.e. to sell insurance products to maximum possible individuals. Soon after liberalization Indian insurance industry developed, there was a shift from mere sales perspective to providing quality products and customer satisfaction due to increased competition and brokers were validated by the government to act as intermediaries between insurer and the customer. Well educated and trained brokers provide expert advice to their customers regarding relevant insurance policies and are also licensed to provide policies from any insurance company. Entry of brokers in the system can be regarded as the success of regulatory intervention. According to IRDA there are total 443 valid insurance brokers in India as on November 21, 2019. 6) Emphasis on trained agency force

Since the introduction of reforms IRDA has aimed at professionalization of insurance and thus made it necessary that before obtaining a license all insurance intermediaries must undergo compulsory training so that they can serve better to policyholders. During the year 2000-01, IRDA accredited 495 training institutes for imparting pre-licensing training to agents and conducting examination. Introduction of diploma courses in insurance was also encouraged at various college and university level. 7) Insurance awareness and education

Pre-liberalization period was mainly associated with mis-selling of insurance policies, delayed settlement of claims and frauds which hindered the growth potential of the insurance industry. One of the main reasons for such issues was the lack of insurance awareness among consumers. Thus to safeguard the interests of consumers, IRDA emphasized on financial literacy and consumer education initiatives. During 2011-12 consumer awareness campaigns were promoted through workshops, seminars, newspapers, radio, television, handbooks/comic books, internet etc. Under the “Bima Bemisaal” initiative IRDA launched its consumer education website (www.policyholder.gov.in) for easy access to information in English and Hindi languages. The annual report of IRDA for the year 2017-18 shows that IRDAI has spent an amount of INR 34.17 crore towards insurance awareness and education initiatives.


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FINDINGS The analysis of secondary data above validates that liberalization has

substantially impacted the growth of Indian insurance industry. The entry of private players resulted in the increase in number of

insurers in the industry where 24 are life insurers and 33 are non-life insurers.

Post liberalization, both insurance penetration and density levels increased significantly. The increased insurance penetration and density shows that insurance industry has been successful in tapping growth potential in rural areas as well as middle class households.

The growth in insurance premiums proves that the entry of private players was a beneficial step in order to achieve desired growth.

The entry of private players also increased competition level and induced companies to provide innovative products in order to differentiate themselves in the market. This benefitted consumers as they have a wide range of products suiting their needs.

Emphasis on trained agents and brokers inculcated professionalism in the industry.

Since 2000, IRDA is constantly concentrating on creating awareness among individuals and this has resulted positively because now more and more individuals are going for various insurance policies.

SUGGESTIONS Though the penetration and density levels show increasing trend but the

rate of increase is much lower if compared to the global counterparts indicating that still insurance companies are not successful in reaching many rural areas of the country. They need to target those areas which are still not accessed.

The slow redressal mechanism and complicated process of settlement of claims must be made quick and effective to benefit policyholders.

IRDA has been successful in creating insurance awareness across the nation but still a considerable amount of individuals are unaware about the purpose and benefits of insurance and many sections of rural areas are still unserved and a single authority cannot reach the vast population of a nation like India. So, private sector should also help for such purpose.

The increasing competition urges the insurance companies for constant innovation in insurance products to serve better to the needs of individuals and success of insurance industry depends on catering to the needs of consumers.

INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY EDUCATIONAL RESEARCH ISSN: 2277-7881; IMPACT FACTOR – 6.014; IC VALUE:5.16; ISI VALUE:2

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