投资者对印度政府和 SEBI 采取的投资者保护措施的看法:一种序数法

IF 1.3 Q1 LAW
Jaspreet Kaur
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引用次数: 0

摘要

目的 本研究旨在通过实验确定影响散户股票投资者对印度政府和印度证券交易委员会(SEBI)实施的各种投资者保护监管措施的满意度的因素。为了实现研究目标,我们在文献综述的帮助下制作了一份结构合理的调查问卷,并在股票经纪人(即中介机构)的帮助下由旁遮普股票散户投资者填写。阿姆利则、贾兰达尔、卢迪亚纳和莫哈里地区的中介机构是通过随机选择程序选出的。调查问卷的复印件发给了中介,然后要求他们向客户收集答复。一些中介要求研究人员到他们的办公室收集客户的答复。在提供的 1000 份问卷中,只收回了 373 份。股票投资者正确填写的只有 328 份。为了进行分析,我们使用了完整填写的 328 份问卷作为数据。研究结果借助因子分析,确定了影响投资者对政府和证监会实施的各种投资者保护监管措施满意度的四个因素,包括一级和二级市场交易监管、投资者意识和保护规则、防止公司不当行为的规则以及公司治理和投资者保护法律。这四个部分对投资者满意度的影响采用了序数回归分析法进行研究。序数回归模型的假R平方统计量证明了模型的解释能力。研究的局限性/意义可以开展一项研究,分析各利益相关者对公司披露信息和遵循规范的看法。由于目前的研究仅局限于州一级,因此可以将目前的研究扩大到全国范围。可以考虑研究零售资本市场的投资如何影响农村地区的投资者。可以通过另一项研究来探讨改革对股票市场运作的影响。可以研究女性投资者对零售投资趋势的了解。可以在印度研究数字股票交易的影响。实际意义这项研究对监管机构制定保护散户股票投资者的政策极为有用。投资者需要得到保障和保护才能在证券市场自由交易,因此在投资者保护措施方面应给予他们更多自由。证券交易所应具备在交易中引入先进技术的潜力,以保护投资者免受任何形式的经济损失。由于政府有权制定规章制度,加强对投资者的保护。社会影响这项工作具有社会意义。因为如果有足够的规章制度来保护投资者,他们就能自由投资。公司将明智地使用资本并从中获利。公司应从利润中承担起企业社会责任,因为公司只是社会的一部分。 原创性/价值许多投资者可能缺乏必要的专业知识,无法做出正确的财务判断。他们可能不了解各种投资选择的全部风险回报情况。但是,他们必须了解印度政府及印度证券交易委员会(SEBI)为保障他们的利益而采取的各种投资者保护措施。投资者必须充分了解在与市场中介机构打交道时以及在股票市场上应采取的预防措施。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Investors’ perception towards investor protection measures taken by the government of India and SEBI: an ordinal approach

Purpose

This study aims to determine experimentally factors affecting the satisfaction of retail stock investors with various investor protection regulatory measures implemented by the Government of India and Securities and Exchange Board of India (SEBI). Also, an effort has been made to gauge the level of satisfaction of retail equities investors with the laws and guidelines developed by the Indian Government and SEBI for their invested funds.

Design/methodology/approach

To accomplish the study’s goals, a well-structured questionnaire was created with the help of a literature review, and copies of it were filled by Punjabi retail equities investors with the aid of stockbrokers, i.e. intermediaries. Amritsar, Jalandhar, Ludhiana and Mohali-area intermediaries were chosen using a random selection procedure. Xerox copies of the questionnaire were given to the intermediaries, who were then asked to collect responses from their clients. Some intermediaries requested the researcher to sit in their offices to collect responses from their clients. Only 373 questionnaires out of 1,000 questionnaires that were provided had been received back. Only 328 copies were correctly filled by the equity investors. To conduct the analysis, 328 copies, which were fully completed, were used as data. The appropriate approaches, such as descriptives, factor analysis and ordinal regression analysis, were used to study the data.

Findings

With the aid of factor analysis, four factors have been identified that influence investors’ satisfaction with various investor protection regulatory measures implemented by government and SEBI regulations, including regulations addressing primary and secondary market dealings, rules for investor awareness and protection, rules to prevent company malpractices and laws for corporate governance and investor protection. The impact of these four components on investor satisfaction has been investigated using ordinal regression analysis. The pseudo-R-square statistics for the ordinal regression model demonstrated the model’s capacity for the explanation. The findings suggested that a significant amount of the overall satisfaction score about the various investor protection measures implemented by the government/SEBI has been explained by the regression model.

Research limitations/implications

A study could be conducted to analyse the perspective of various stakeholders towards the disclosures made and norms followed by corporate houses. The current study may be expanded to cover the entire nation because it is only at the state level currently. It might be conceivable to examine how investments made in the retail capital market affect investors in rural areas. The influence of reforms on the functioning of stock markets could potentially be examined through another study. It could be possible to undertake a study on female investors’ knowledge about retail investment trends. The effect of digital stock trading could be examined in India. The effect of technological innovations on capital markets can be studied.

Practical implications

This research would be extremely useful to regulators in developing policies to protect retail equities investors. Investors are required to be safeguarded and protected to deal freely in the securities market, so they should be given more freedom in terms of investor protection measures. Stock exchanges should have the potential to bring about technological advancements in trading to protect investors from any kind of financial loss. Since the government has the power to create rules and regulations to strengthen investor protection. So, this research will be extremely useful to the government.

Social implications

This work has societal ramifications. Because when adequate rules and regulations are in place to safeguard investors, they will be able to invest freely. Companies will use capital wisely and profitably. Companies should undertake tasks towards corporate social responsibility out of profits because corporate houses are part and parcel of society only.

Originality/value

Many investors may lack the necessary expertise to make sound financial judgments. They might not be aware of the entire risk-reward profile of various investment options. However, they must know various investor protection measures taken by the Government of India & Securities and Exchange Board of India (SEBI) to safeguard their interests. Investors must be well-informed on the precautions to take while dealing with market intermediaries, as well as in the stock market.

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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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