VOLUME NO. 2 (2011), ISSUE NO.

4 (APRIL) ISSN 0976-2183

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A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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www%i1rc0%or#%in
C CC CONTENTS ONTENTS ONTENTS ONTENTS

Sr.
No.
TITLE & NAME OF THE AUTHOR (S)
Page
No.
1. CUSTOMER SATISFACTION AND SUSTAINABLE FIRM PERFORMANCE: THE ROLE OF UNCERTAINTY
DR. SANAL K. MAZVANCHERYL
1
2. MOVEMENT FROM EEE SYSTEM TO EET SYSTEM
DR. SAMBHAV GARG
7
3. THE IMPACT OF CAPITAL STRUCTURE-CHOICE ON FIRM PERFORMANCE: EMPIRICAL INVESTIGATION OF LISTED COMPANIES IN
COLOMBO STOCK EXCHANGE SRILANKA
B. PRAHALATHAN & DR. (MRS.) R.P.C.RANJANI
12
!. AN ANALYSIS OF ORGANISATIONAL CULTURE IN THE COMPANIES
DR. ARAVIND. S., DR. FISSEHA GIRMAY TESSEMA & DR. HAILAY GEBRETINSAE
17
". RESOLVING EXPECTATIONS GAPS IN FINANCIAL REPORTING: ISSUES FOR INTERNATIONAL FINANCIAL REPORTING STANDARDS
DR. JOHN A. ENAHORO
2"
#. E-BANKING SCENARIO AND ITS IMPACT ON CUSTOMERS$ SATISFACTION IN INDIA
PROF. (DR.) SULTAN SINGH & SAHILA CHAUDHRY
2%

7. A COMPREHENSIVE FINANCIAL ANALYSIS OF A&UA CULTURE FEED INDUSTRIES IN SOUTH INDIA
ASLAM CHINARONG, PROF. (DR.) K. MARAN & DR B. YAMUNA KRISHNA
3"
'. A STUDY ON COUSTOMER SATISFACTION TO(ARDS RELIANCE TELICOM IN TAMILNADU (ITH SPECIAL REFERENCE TO SALEM CITY
MR. B. ADHINARAYANAN & DR. K. BALANAGA GURUNATHAN
3%
%. VALUE FOR THE MONEY - SUCCESS MANTRA FOR MARKETERS IN RURAL MARKET
DR. N. RAJASEKAR & R.PRIYA
!!
1). INDIGENOUS BRANDING * INDIA$S FUTURE BRAND STRATEGY +AN EMPIRICAL STUDY OF THREE DECADES OF BRAND (ARFARE IN
INDIA,
DR. S. P. RATH, PROF. BISWAJIT DAS & PROF. CHEF GERARD D SOUZA
!%
11. STOCK PRICE REACTION OF THE MERGED BANKS * AN EVENT STUDY APPROACH
DR. P. NATARAJAN & K. KALAICHELVAN
"!
12. A STUDY ON ABSENTEEISM OF EMPLOYEES IN RETAILING INDUSTRY
DR. N. SANTHI, MRS. D. MARIA ANGELIN JAYANTHI & MS. HEMALATHA
#1
13. MEASURING OF &UALITY OF (ORK LIFE IN TEXTILE INDUSTRIES - AN INTEGRATION OF CONCEPTUAL RELATIONSHIP (ITH
PRODUCTIVITY
N. MOHAN & DR. J. ASHOK
#7
1!. RISK MANAGEMENT STRATEGIES AND PRACTICES IN THE BANKING SECTOR: CHALLENGES ARISING FROM GLOBAL RECESSION *
KEY TO SURVIVAL - GRO(TH
K. BHAVANA RAJ & DR. SINDHU
71
1". PREVENTIVE MEDICINE TO COMBAT OCCUPATIONAL STRESS OF EMPLOYEES IN BPO ORGANISATIONS * INDIA$S NEED OF THE
HOUR
DR. R. SRINIVASAN & MRS. A. BHARATHY
7!
1#. AYURVEDIC (ELLNESS TOURISM IN KERALA: A GATE (AY FOR ENTREPRENEURS TO EMERGE SUCCESSFUL
RAMESH U & KURIAN JOSEPH
')
17. THE BANNED SURROGATE MARKETING AS BRAND - NE( BRAND EXTENSION ADVERTISING
V V DEVI PRASAD KOTNI
'"
1'. COMPARATIVE STUDY ON RETAIL SHRINKAGE OF INDIA ASIA-PACIFIC AND GLOBAL COUNTRIES
SANDEEP RAJENDRA SAHU
%)
1%. &UALITY OF (ORK LIFE +&(L, FOR FINANCE PROFESSIONALS IN DUBAI
DR. SANGEETHA VINOD, FAYAZ AHAMED M.A. & N. MOHAMED RAFI
%#
2) ART OF DELIGATION- A PO(ERFUL TOOL FOR LIBRARIAN
NARENDER KUMAR, ASHISH SIWACH & MRS. SUNITA BHARATWAL
1)2
21 A STUDY ON BENEFITS AND RISK ANALYSIS OF FUTURES AND OPTIONS IN MADURAI
MS. K. HEMA MALINI & ER. R. DEEPA
1)"
22 GREEN AND SUSTAINABLE MANAGEMENT * A DECIDING FACTOR FOR TOMORRO($S BUSINESS
HARDEEP SINGH & BIKRAM PAL SINGH
11)
23 CHANGING CONDITIONS OF (ORKERS AND PROCESSES OF (ORK IN ADVERTISING AGENCIES IN INDIA
DR. YASHMIN SOFAT
11"
2! INDIAN FINANCIAL SECTOR REFORM +1%%1-2))1,: MISSING A MANDATORY SOCIAL CONSENSUS
SANJAY BHATTACHARYA
123
2" A STUDY ON CONSUMER BEHAVIOUR IN SELECTING CREDIT CARDS
DR. A. VALARMATHI & MRS. PRIYA KALYANASUNDARAM
127
RE&UEST FOR FEEDBACK 133
VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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CHIEF PATRON CHIEF PATRON CHIEF PATRON CHIEF PATRON
PROF. K. K. AGGAR(AL
)hancellor" 2in#aya3s 4niversity" Delhi
!ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi
67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar
PATRON PATRON PATRON PATRON
SH. RAM BHAJAN AGGAR(AL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana
5ice-President" Dadri 6ducation Society" )har:hi Dadri
President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani
CO CO CO CO- -- -ORDINATOR ORDINATOR ORDINATOR ORDINATOR
DR. SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
ADVI ADVI ADVI ADVISORS SORS SORS SORS
PROF. M. S. SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I%%$%O%4%" $ew Delhi
PROF. M. N. SHARMA
)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal
PROF. PARVEEN KUMAR
Director" M%)%A%" Meerut Institute of 6n#ineerin# 8 9echnolo#y" Meerut" 4% P%
PROF. H. R. SHARMA
Director" )hhatarpati Shiva1i Institute of 9echnolo#y" Dur#" )%%
PROF. S. L. MAHANDRU
Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri
PROF. MANOHAR LAL
Director 8 )hair0an" School of Infor0ation 8 )o0puter Sciences" I%%$%O%4%" $ew Delhi
EDITOR EDITOR EDITOR EDITOR
PROF. R. K. SHARMA
Dean ;Acade0ics<" 9ecnia Institute of Advanced Studies" Delhi
CO CO CO CO- -- -EDITOR EDITOR EDITOR EDITOR
DR. SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
ED ED ED EDITORIAL ADVISORY BOARD ITORIAL ADVISORY BOARD ITORIAL ADVISORY BOARD ITORIAL ADVISORY BOARD
DR. AMBIKA .UTSHI
!aculty" School of Mana#e0ent 8 Mar:etin#" Dea:in 4niversity" Australia
DR. VIVEK NATRAJAN
!aculty" 2o0ar 4niversity" 4%S%A%
PROF. SIKANDER KUMAR
)hair0an" Depart0ent of 6cono0ics" +i0achal Pradesh 4niversity" Shi0la" +i0achal Pradesh
PROF. SANJIV MITTAL
4niversity School of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi
PROF. SATISH KUMAR
Director" 5idya School of Business" Meerut" 4%P%
PROF. RAJENDER GUPTA
)onvener" Board of Studies in 6cono0ics" 4niversity of Ja00u" Ja00u
PROF. ROSHAN LAL
+ead 8 )onvener Ph% D% Pro#ra00e" M% M% Institute of Mana#e0ent" M% M% 4niversity" Mullana
PROF. ANIL K. SAINI
)hairperson ;)R)<" uru obind Sin#h I% P% 4niversity" Delhi
PROF. S. P. TI(ARI
Depart0ent of 6cono0ics 8 Rural Develop0ent" Dr% Ra0 Manohar 2ohia Avadh 4niversity" !ai*abad
DR. ASHOK KHURANA
Associate Professor" % $% =halsa )olle#e" /a0unana#ar
DR. TEJINDER SHARMA
Reader" =uru:shetra 4niversity" =uru:shetra
DR. KULBHUSHAN CHANDEL
Reader" +i0achal Pradesh 4niversity" Shi0la" +i0achal Pradesh
DR. ASHOK KUMAR CHAUHAN
Reader" Depart0ent of 6cono0ics" =uru:shetra 4niversity" =uru:shetra
DR. SAMBHAVNA
!aculty" I%I%9%M%" Delhi
VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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DR. MOHINDER CHAND
Associate Professor" =uru:shetra 4niversity" =uru:shetra
DR. MOHENDER KUMAR GUPTA
Associate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad
DR. VIVEK CHA(LA
Associate Professor" =uru:shetra 4niversity" =uru:shetra
DR. VIKAS CHOUDHARY
Asst% Professor" $%I%9% ;4niversity<" =uru:shetra
DR. SHIVAKUMAR DEENE
Asst% Professor" overn0ent !% % )olle#e )hit#uppa" Bidar" =arnata:a
ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS ASSOCIATE EDITORS
PROF. NA(AB ALI KHAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%
PROF. ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida
DR. PARDEEP AHLA(AT
Reader" Institute of Mana#e0ent Studies 8 Research" Maharshi Dayanand 4niversity" Rohta:
PARVEEN KHURANA
Associate Professor" Mu:and 2al $ational )olle#e" /a0una $a#ar
SHASHI KHURANA
Associate Professor" S% M% S% =halsa 2ubana irls )olle#e" Barara" A0bala
SUNIL KUMAR KAR(ASRA
5ice-Principal" Defence )olle#e of 6ducation" 9ohana" !atehabad
DR. BHAVET
2ecturer" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana
TECHNICAL ADVISORS TECHNICAL ADVISORS TECHNICAL ADVISORS TECHNICAL ADVISORS
DR. ASH(ANI KUSH
+ead" )o0puter Science" 4niversity )olle#e" =uru:shetra 4niversity" =uru:shetra
DR. BHARAT BHUSHAN
+ead" Depart0ent of )o0puter Science 8 Applications" uru $ana: =halsa )olle#e" /a0unana#ar
DR. VIJAYPAL SINGH DHAKA
+ead" Depart0ent of )o0puter Applications" Institute of Mana#e0ent Studies" $oida" 4%P%
DR. ASHOK KUMAR
+ead" Depart0ent of 6lectronics" D% A% 5% )olle#e ;2ahore<" A0bala )ity
DR. ASHISH JOLLY
+ead" )o0puter Depart0ent" S% A% Jain Institute of Mana#e0ent 8 9echnolo#y" A0bala )ity
MOHITA
2ecturer" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar
AMITA
2ecturer" 6%)%)%" Safidon" Jind
MONIKA KHURANA
Associate Professor" +indu irls )olle#e" Ja#adhri
ASHISH CHOPRA
Sr% 2ecturer" Doon 5alley Institute of 6n#ineerin# 8 9echnolo#y" =arnal
SAKET BHARD(AJ
2ecturer" +aryana 6n#ineerin# )olle#e" Ja#adhri
NARENDERA SINGH KAMRA
!aculty" J%$%5%" Pabra" +isar
FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS
DICKIN GOYAL
Advocate 8 9a7 Adviser" Panch:ula
NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh
LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS
JITENDER S. CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%
CHANDER BHUSHAN SHARMA
Advocate 8 )onsultant" District )ourts" /a0unana#ar at Ja#adhri

VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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C702:3BA2370C 27 B77FC
Shar0a 9%" =watra" % ;D''H< 6ffectiveness of Social Advertisin#A A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David
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J7A:0/= /0> 72@5: /:23;=5C
Sche0enner" R%>%" +uber" J%)% and )oo:" R%2% ;&IHG<" Jeo#raphic Differences and the 2ocation of $ew Manufacturin# !acilities"J Journal of 4rban
6cono0ics" 5ol% D&" $o% &" pp% H--&'(%

C7065:50;5 D/D5:C
)handel =%S% ;D''I<A J6thics in )o00erce 6ducation%J Paper presented at the Annual International )onference for the All India Mana#e0ent
Association" $ew Delhi" India" &I,DD June%

U0DAB=3C@5> >3CC5:2/2370C /0> 2@5C5C
=u0ar S% ;D''F<A J)usto0er 5alueA A )o0parative Study of Rural and 4rban )usto0ers"J 9hesis" =uru:shetra 4niversity" =uru:shetra%

O0=305 :5C7A:;5C
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(5BC325
=el:ar 5% ;D''I<A 9owards a $ew $atural as Policy" 6cono0ic and Political >ee:ly" 5iewed on !ebruary &G" D'&&
httpA@@epw%in@epw@user@viewabstract%1sp
VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE - MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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&'.
A STUDY ON BENEFITS AND RISK ANALYSIS OF FUTURES AND OPTIONS IN MADURAI

MS. K. HEMA MALINI
ASST. PROFESSOR
DEPARTMENT OF COMMERCE
LADY DOAK COLLEGE
MADURAI * #2" ))2

ER. R. DEEPA
ASST. PROFESSOR
DEPARTMENT OF COMMERCE
LADY DOAK COLLEGE
MADURAI * #2" ))2

ABSTRACT
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2"("-2#! '( 1$#/("+ $% (/23") &"*!$+ *$ #$00"#* ,-2*'#',-%*( 2"(,$%("( *$ '+"%*'1) *!" 0"3"0 $1 -7-2"%"(( $% 1/*/2"( -%+ $,*'$%( &-28"* -%+ -%-0)9" *!" 2'(8( -%+
5"%"1'*( -(($#'-*"+ 7'*! '* .T!" 2"(,$%("( -2" #$%#0/+"+ 7'*! (/44"(*'$%( -%+ 2"#$&&"%+-*'$%( &-%-4"2'-0 -%+ 2"("-2#! '&,0'#-*'$%(.

KEY(ORDS
Arbitra#ers" !utures and Options" +ed#ers" Stoc: Bro:ers" Speculators%

INTRODUCTION
erivatives have chan#ed the world of finance as pervasively as the internet has chan#ed co00unications% >ell they are everywhere nowadays% $ew
ideas and innovations have always been the hall0ar: of pro#ress 0ade by 0an:ind% At every sta#e of develop0ent" two crore factors drive 0an to
ideas and innovations% 9hese are increasin# returns and reducin# ris:" in all facets of life% One such innovation in the financial 0ar:et is Derivatives"
which are contracts that ori#inated fro0 the need to 0ini0i*e ris: and 0a7i0i*e return to the investors% +ence it is introduced with the 0ain purposes of
enablin# individual or corporate investors to either increase their e7posure to certain specified ris:s in the hope that they will earn returns 0ore than ade?uate
to co0pensate the0 for bearin# these added ris:s" :nown as speculation% On the other hand" reduce their e7posure to specific financial ris:s by transferrin#
these ris:s to other parties who are willin# to bear the0 at lower cost" :nown as hed#in#% In addition" there is an i0portant activity carried out :nown as
Arbitration" which helps in earnin# profit fro0 price differential e7istin# in two 0ar:ets by si0ultaneously operatin# in two different 0ar:ets%
)ash 0ar:et participants ne#otiate the buyin# and sellin# ;the transfer of title< of a specific productK futures 0ar:et participants focus on the buyin# and sellin#
of a contract on the underlyin# product% >ith the contract standardi*ed in ter0s of delivery 0onths and locations" ?uantity and #rade of the co00odity" the
only ele0ent left to ne#otiate in the e7chan#e 0ar:et is the price% Since price and not the co00odity is the focus of the futures and options 0ar:et" delivery of
the actual co00odity is a function that #enerally is assi#ned to the cash 0ar:et% 9he 0ar:et 0a:es it easy to enter and e7it the 0ar:et before delivery beco0es
even a possibility% All the 0echanis0s of the futures 0ar:etplace focus on the ta:in# of a LpriceE position and then closin# it out at a profit or loss%
FUTURES
!utures contract 0eans a le#ally bindin# a#ree0ent to buy or sell the underlyin# security on a future date% !uture contracts are the or#ani*ed contracts in ter0s
of ?uantity" ?uality" delivery ti0e and place for settle0ent on any date in future% 9he contract e7pires on a pre-specified date called e7piry date of the contract%
All the financial futures contracts are cash settled% 9here is no physical transfer of securities% !uture contracts traded in India are based on co00odities" indices"
individual stoc:s" interest rate and currency%
OPTIONS
Options contract is a type of derivatives contract that #ives the buyer@holder of the contract the ri#ht but not the obli#ation to buy @ sell the underlyin# asset at a
predeter0ined price within or at the end of specific period% 9he buyer@holder of the option" purchases the ri#ht fro0 the seller@writer for a consideration which
is called the pre0iu0% 9he seller@writer of an option is obli#ated to settle the option as per the ter0s of the contract when the buyer@holder e7ercises his ri#ht%
Option contracts traded in India are based on co00odities" indices" individual stoc:s" interest rate and currency% Option contracts 0ay be
)all Option where the buyer has the ri#ht but not the obli#ation to purchase a #iven volu0e of the underlyin# asset at a #iven price on or before a #iven
future date%
Put Option where the buyer has the ri#ht" but not the obli#ation to sell a #iven volu0e of the underlyin# asset at a #iven price on or before a #iven future
date%
An investor needs to understand the concept of derivatives and its applications and the ris: associated with it and ris: 0ana#e0ent strate#ies to play safe and
successful in the 0ar:et% 9herefore the study ai0s at analy*in# the benefits and ris:s in tradin# futures and options 0ar:et

OBJECTIVES
9o study the concepts" technicalities and 0echanics of tradin# in futures and options%
9o e7a0ine the benefits of !utures and options%
9o analy*e the ris:s of !utures and Options%
9o analy*e the level of awareness a0on# traders in !utures and Options%

RESEARCH DESIGN AND METHODOLOGY
D
VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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9he followin# research 0ethodolo#y and desi#n has been used for the study%
+1, RESEARCH DESIGN: Survey 0ethod was used with a structured type ?uestionnaire as the data-collectin# instru0ent%
+2, PRE- TESTING: Pre , testin# was done for clarity and reliability of the tool%
+3, SAMPLE SI.EA A total of .' respondents were ta:en for the study%
+!, SAMPLING PROCEDUREA 9he sa0ple for the study was selected fro0 Madurai district of 9a0ilnadu% )onvenient sa0plin# was chosen after critical
review of literature% Respondents were 0ales and fe0ales who are interested in tradin# in futures and options%
+", DATA COLLECTIONA In total G' ?uestionnaires were distributed out of which .' sa0ple was finally selected%
+#, ANALYSIS OF DATA: 9he state0ents on traders were fra0ed after critical review of literature and discussions with e7perts in the field% 9he answer
to these state0ents was sou#ht in ter0s of B/es or $o3 and percenta#e analysis and chi s?uare analysis%

ANALYSIS AND INTERPRETATION
AGE
TABLE 1: AGE OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
A#e roup $o% of Respondents Percenta#e M
D& , -. DH .F%'
-F , .' &D D(%'
Above .' &' D'%'
9otal .' &''%'
Source A Pri0ary Data
9he table& shows that the youn# a#ed people between D& and -. have +i#h ris: ta:in# attitude of .FM and the around D(M of the respondents tradin# belon#s
to the a#e #roup of -F , .' %9he study shows that the tradin# level decreases as the a#e increases%
EDUCATIONAL &UALIFICATION
TABLE 2: EDUCATIONAL &UALIFICATION OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
6ducational Nualification $o% of Respondents Percenta#e M
4pto OII Standard . &'%'
De#ree +older (. I'%'
9otal .' &''%'
Source A Pri0ary Data
9able D shows that 0a1ority of the respondents are de#ree holders who have #reater e7posure to the futures and options 0ar:et as the e7posure"
understandin# ability and practical analysis is 0ore in colle#e education co0pared to school%
OCCUPATION
TABLE 3: OCCUPATION OF THE RESPONDENTS IN FUTURES AND OPTIONS
Occupation $o% of Respondents Percenta#e M
Retired G &(%'
Professional ( H%'
overn0ent 60ployee D (%'
Private 60ployee &D D(%'
Business D' ('%'
Service - F%'
A#riculture ' '%'
+o0e 0a:er D (%'
9otal .' &''%'
Source A Pri0ary Data
9able - portrays that the 0a1ority ;('M< of the respondents are Business people who are very interested in 0a:in# 0oney and ris: ta:in#% Around D( M are
private e0ployees who are ne7t to business people in ris: ta:in#%
MONTHLY INCOME
TABLE !: MONTHLY INCOME OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
Monthly Inco0e $o%of Respondents Percenta#e M
2ess than &'''' G &(%'
&'''' , D'''' &H -F%'
D'''' , -'''' &D D(%'
-'''' , ('''' ( H%'
('''' , .'''' D (%'
Above .'''' G &(%'
9otal .' &''%'
SourceA Pri0ary Data
VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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9able ( shows that the 0a1ority of the respondents who are tradin# in futures and options belon# to the inco0e #roup of &'''' , D'''' which depicts that the
0iddle inco0ed people are 0ore interested in tradin# in derivatives to 0a7i0i*e their earnin#s%
MARITAL STATUS

TABLE ": MARITAL STATUS OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
Marital Status $o%of Respondents Percenta#e M
Married -G G(%'
4n0arried &- DF%'
9otal .' &''%'
SourceA Pri0ary Data

9able . e7plains that the 0a1ority of the respondents ;G(M< are 0arried as they have 0ore responsibilities to ta:e care of their fa0ily when co0pared to the
un0arried traders%
SOURCE OF KNO(LEDGE ABOUT FUTURES AND OPTIONS

TABLE # :SOURCE OF KNO(LEDGE OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
Source of =nowled#e $o%of Respondents Percenta#e M
Bro:er -. G'%'
Advertise0ent . &'%'
Studied in course of 0y 6ducation &' D'%'
9otal .' &''%'
SourceA Pri0ary Data

9able F shows that 0a1ority of the respondents :new about futures and options throu#h the awareness created by bro:ers" who 0ar:et these products for
earnin# revenue% Advertise0ents play only a trivial role in creatin# awareness about futures and options%
MODE OF CONTACT OF STOCK BROKERS

TABLE 7: MODE OF CONTACT OF STOCK BROKERS BY THE RESPONDENTS TRADING IN FUTURES AND OPTIONS
Mode of )ontact $o% of Respondents Percenta#e M
9elephone &- DF%'
Direct Personal )ontact &G -(%'
Online tradin# . &'%'
9elephone 8 Direct Personal )ontact H &F%'
9elephone 8 Online tradin# ( H%'
Direct and Online )ontact ' '%'
9elephone" Direct Personal )ontact and Online tradin# - F%'
9otal .' &''%'
Source A Pri0ary Data

9able G shows that the 0a1ority of the respondents have chosen direct personal contact to trade as the trader 0ay feel co0fortable to be with bro:er and other
traders to #et sufficient details about the 0ar:et% 9he ne7t 0ode was the telephone as they have direct conversation with the bro:ers%
TYPES OF TRADERS IN FUTURES AND OPTIONS

TABLE ' : TYPES OF TRADERS IN FUTURES AND OPTIONS
9ype of 9raders $o%of 9raders Percenta#e M
+ed#ers &D D(%'
Speculators -& FD%'
Arbitra#ers ' '%'
+ed#ers and Speculators G &(%'
9otal .' &''%'
SourceA Pri0ary Data

9able H shows that the 0a1ority of the traders play the role of speculators due to the natural hu0an attitude of earnin# hu#e at a short span of ti0e and
addiction to #a0blin# and people are not aware of Arbitra#ers in Madurai as they show nil percenta#e%









VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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INFLUENCE OF OCCUPATION ON THE ROLE PLAYED IN THE FUTURES AND OPTIONS MARKET
TABLE %: INFLUENCE OF OCCUPATION ON THE ROLE PLAYED IN THE FUTURES AND OPTIONS MARKET.
Occupation Role played in the !utures and options Mar:et 9otal
+ed#er Speculator +ed#er 8 Speculator
Retired D
;('%'<
-
;F'%'<
'
;'%'<
.
;&''<
Professional &
;D.%'<
-
;G.%'<
'
;'%'<
(
;&''<
overn0ent 60ployee '
;'%'<
&
;&''%'<
'
;'%'<
&
;&''<
Private 60ployee -
;D&%.<
I
;F(%-<
D
;&(%D<
&(
;&''<
Business .
;D-%H<
&.
;G&%(<
&
;(%H<
D&
;&''<
Service '
;'%'<
&
;&''%'<
'
;'%'<
&
;&''<
A#riculture '
;'%'<
'
;'%'<
&
;&''%'<
&
;&''<
+o0e 0a:er D
;FF%G<
&
;--%-<
'
;'%'<
-
;&''<
9otal &-
;DF%'<
--
;FF%'<
(
;H%'<
.'
;&''<
SourceA Pri0ary Data" !i#ures in Parentheses represents percenta#e
!ro0 the table I it is clear that based on the occupation the role played by the traders varies% 9he #overn0ent e0ployees and service sector people have widely
chosen the role of speculators followed by professionals and business people%
9he calculated )hi s?uare value is DH%'G& and the p value is %'&( ;pP '%'.<% +ence there is si#nificant influence of occupation on the role played by the traders%
RANK GIVEN BY THE TRADERS ACCORDING TO THE SUITABILITY OF THE INSTRUMENT
TABLE1): RANK GIVEN BY THE TRADERS ACCORDING TO THE SUITABILITY OF THE INSTRUMENT
Product 9otal Score Mean Score Ran:
Inde7 !utures .FFF%. .I%'D I
Stoc: !utures (&-- (I%D II
Inde7 Options -IHH (H%'. III
Stoc: Options -&.D%. (&%(H I5
SourceA Pri0ary Data
9able &' shows that inde7 futures are 0ost suitable to trade because of its diverse nature and hi#h volu0e even durin# econo0ic recession" which 0a:es
traders to enter easily" earn hi#h return and e7it%
PRIORITY GIVEN BY THE STOCKBROKERS ACCORDING TO THE BENEFITS AND RISKS OF THE INSTRUMENT
TABLE 11: PRIORITY GIVEN BY THE STOCKBROKERS ACCORDING TO THE BENEFITS AND RISKS OF THE INSTRUMENT
Product 9otal Score Mean Score Ran:
Inde7 !utures &&DG FF%DI I
Stoc: !utures H.-%. .F%I II
Inde7 Options GD. (.%-& III
Stoc: Options .(G -F%(G I5
SourceA Pri0ary Data
9able && shows that the 0e0bers3 opinion #oes with the traders e7cept in the shift in position between inde7 option and stoc: futures% Inde7 option #ets second
ran: because of the diverse nature of inde7% Stoc: futures ran:s third because of the hi#h ris: factor in it%
INFLUENCE OF EXPERIENCE OF THE TRADER ON THE RISK EXPOSURE IN FUTURES AND OPTIONS MARKET
TABLE 12: INFLUENCE OF EXPERIENCE OF THE TRADER ON THE RISK EXPOSURE IN FUTURES AND OPTIONS MARKET
67perience;in 0onths< Ris: e7posure in the futures and options 9otal
/es $o
& , D( &H
;G.%'<
F
;D.%'<
D(
;&''<
D. , (H &'
;FF%G<
.
;--%-<
&.
;&''<
Above (H H
;GD%G<
-
;DG%-<
&&
;&''<
9otal -F
;GD%'<
&(
;DH%'<
.'
;&''<
SourceA Pri0ary Data
$oteA !i#ures in Parentheses represents percenta#e
9able &D shows that there is very 0ere difference in ris: e7posure between the trade havin# e7perience below two years and the traders of e7perience above (
years%9he calculated )hi s?uare value is '%(IF and p value is '%GH';pQ%'.<%+ence there is no si#nificant relationship between e7perience and the ris: 0et by the
traders in futures and options%


VOLUME NO: 2 (2011), ISSUE NO. 4 (APRIL) ISSN 0976-2183
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INVESTMENT PATTERN OF THE RESPONDENTS IN E&UITY AND DERIVATIVES MARKET
TABLE 13: INVESTMENT PATTERN OF THE RESPONDENTS IN E&UITY AND DERIVATIVES MARKET
Invest0ent pattern $o%of traders Percenta#e M
6?uity D. .'%'
!utures &H -F%'
Options G &(%'
9otal .' &''%'
SourceA Pri0ary Data
9able &- shows that 0a1ority of the traders of around .'M follow the invest0ent pattern of e?uity shares than futures and options%

FINDINGS
9he analysis portrays that the 0a1ority of the respondents who involved in tradin# futures and options were youn#sters under the a#e #roup of
D& , -.%
9he study reveals that business and privately e0ployed people are interested in tradin# especially 0arried de#ree holders%
It is apparent fro0 the study that the bro:ers were the 0ain source of contact and created awareness to the traders%
9he study reveals that the 0a1ority of the traders preferred direct personal contact with the bro:er in tradin#%
Ma1ority ;F(M< of the traders plays the role of speculators and none of the traders were Arbitra#ers%
9he study reveals that the e7perience in the field of futures and options has no si#nificant relationship with the rate of hed#in# and speculation
Ma1ority of the traders are e7posed to hi#h ris: "but even then they have not stopped tradin# %Instead they are tryin# to identify the better
solution to reduce the ris:%
9he study reveals that the 0a1ority of the traders invest in the cash 0ar:et rather than in futures 0ar:et and e?uity 0ar:et%
9he analysis portrays that the hed#ers has co0paratively lower ris: e7posure than the speculators%
9he traders have #iven first ran: to inde7 futures" then to stoc: futures" inde7 options and stoc: options respectively%
9he bro:ers have #iven first ran: to inde7 futures" then to inde7 options" stoc: futures and stoc: options respectively%
9he analysis shows that 0a1ority of the traders follow the invest0ent pattern of e?uity shares than futures and options%

SUGGESTIONS
9he traders should have proper :nowled#e about the instru0ent" its ris:" benefits and strate#ies before enterin# the 0ar:et to play safe and
successful in the 0ar:et%
Read and properly understand the ris:s associated with investin# in securities@derivatives before underta:in# transactions%
9he traders 0ust be aware of the ris:s and benefits in tradin# throu#h various sources li:e 0edia" news papers" 0a#a*ines" websites etc%
9he trader 0ust consider his@her financial stren#th and obli#ations before startin# to trade in the derivatives 0ar:et%
9he econo0ic variables affectin# the stoc: 0ar:et are to be considered before placin# the orders%
9he traders need to #et the e7pert3s opinion and advice before tradin# rather than 0erely relyin# on bro:er%
9he traders need to have detailed infor0ation about the bro:er with who0 they are in contact for tradin#%
9he trends in futures and options 0ar:et need to be analy*ed to play safe and successful in the 0ar:et%
Investors who trade in derivatives at the e7chan#e should carefully read the Model Ris: Disclosure Docu0ent and the details contained therein
before enterin# into the 0ar:ets%
9raders 0ust not blindly i0itate invest0ent decisions of others who 0ay have profited fro0 their invest0ent decisions%
Be aware of your ri#hts and responsibilities
In case of co0plaints approach the ri#ht authorities for redressal in a ti0ely 0anner%

CONCLUSION
!utures and Options 0ar:et provides the benefits of playin# different roles in the 0ar:et accordin# to the ob1ective of the trader% It offers different instru0ents
to trader to choose suitable instru0ent% It provides contracts of different duration to avail it accordin# to the forecastin# ability of the trader and ob1ective in
tradin#% In addition" the trader #ets the benefits of hi#h levera#e" price discovery" lower transaction cost" cash settle0ent and initial pay0ent in the for0 of
collateral% Investors 0ust understand that invest0ent in derivatives has an ele0ent of ris:% In addition " it is #enerally not an appropriate avenue for so0eone of
li0ited resources@ li0ited invest0ent" li0ited :nowled#e and low ris: tolerance% An investor should therefore carefully consider whether such tradin# is suitable
for the0 in li#hts of their financial condition% An investor 0ust accept that there can be no #uarantee of profits or no e7ception fro0 losses while e7ecutin#
orders for purchase and @ or sale of derivative contracts" Investors who trade in derivatives at the e7chan#e should carefully read the Model Ris: Disclosure
Docu0ent and the details contained therein before enterin# into the 0ar:ets%An efficient trader should :now the benefits and ris:s involved in tradin# and try
to 0ana#e the ris:s usin# the ris: 0ana#e0ent strate#ies so as to efficiently trade in futures and options 0ar:et%

REFERENCES
ordon" $atara1an ;D''G<" !inancial Mar:ets and Services" +i0alaya Publishin# +ouse Mu0bai%
Pandey" I% M% ;D''H<% F'%-%#'-0 &-%-4"&"%* ;Ith ed%<% $ew DelhiA 5i:as Publishin# +ouse Pvt% 2td%" &(&%
Avadhani 5 A ;D''G<" Securities Analysis and Portfolio Mana#e0ent" +i0alaya Publishin# +ouse" Mu0bai%
Rusta#i%R%P ;D''G<"Invest0ent Analysis and Portfolio Mana#e0ent" Sultan )hand 8 Sons" $ew Delhi%
John )%+ull ;&IIH<" Options" !utures and other Derivatives" Prentice +all of India Pvt 2td"$ew Delhi%
=othari )%R ;D''F<" Research Methodolo#y-Methods and 9echni?ues" >ishwa Pra:ashan" $ew Delhi
5ohra $%D" Ba#ri B%R ;D''H<" !utures and Options" 9ata Mcraw +ill Publishin# )o0pany 2i0ited" $ew Delhi%
Pare1a" I% 5% 8 $ieto" % ;&IHF<% Invest0ent decision-0a:in# practices in )olo0biaA A survey% I%*"21-#"(" &F ;(<" F'-F.%
Pre0alatha Shenba#ara0an LDo !utures and Options 9radin# increase stoc: 0ar:et 5olatilityRE 9he I)!AI Journal of Derivative Mar:ets"& ;(<" Au# D'&'%"ppD.-
DI%
=eith Sill" L9he 6cono0ic Benefits and ris:s of Derivative SecuritiesE" 9he I)!AI Journal of Derivatives 0ar:ets &;-<" D''I" pp .H-FD%
Irala" 2% R% ;D''F<% !inancial 0ana#e0ent practices in India% F$2*/%" J$/2%-0 $1 I%*"2%-*'$%-0 M-%-4"&"%*" - ;D<" H--ID%
www%derivativesindia%co0@scripts@ris:@inde7%asp viewed on &D Dece0ber D'&'%
httpA@@www%sebi%#ov%in@fa?@derivatives%ht0l viewed on &D Dece0ber D'&'%



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