NOLEGEIN Journal of Financial Planning and Management 2018 Issue 2 by Mba Journals

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087

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NOLEGEIN Journal of Financial Planning and Management Nolegein - Journal of Financial Planning and Management is focused towards the rapid publication in the following areas of

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Personal Finance and Corporate financial Service Industry Financial statement analysis Sources of Financing Capitalization and Capital Structure Cost of Capital Leverage & Dividend Decision Capital Budgeting Working Capital Management Financial System Mutual Funds, Insurance, Stock Markets, Wealth Management Banking Service and Macro Economy Sections covered by this journal are review papers, research papers, interviews, news, companies/ institutions write-ups, short popular articles and case studies. All contributions to the journal are rigorously reviewed and are selected on the basis of quality and originality of the work. The journal publishes the most significant new research papers or any other original contribution in the form of reviews and reports on new concepts in all areas pertaining to its scope and research being done in the world, thus ensuring its scientific priority and significance.

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EDITORIAL BOARD MEMBERS Shalini Aggarwal Associate Professor Department of Management, Chandigarh University, Mohali, Punjab, India B.Raghavendra Prabhu Associate Professor Department of Business Administration, Sahyadri College of Engineering and Management, Mangaluru, Karnataka, India Dr. Ramu Nagarajapillai Associate Professor Department of Commerce, Annamalai University, Chidambaram, Tamil Nadu, India K.Lubza Nihar Assistant Professor Department of Accounting and Finance in Management, GITAM School of International Business,Visakhapatnam, Andhra Pradesh, India Binny Rawat Faculty Department of Finance & Accounts in Management, Amrut Mody School of Management, Ahmedabad, Gujarat, India Nidhi Sharma Sahore Assistant Professor Department of Management, Bharatiya Vidya Bhavan's usha and lakshmi Mittal Institute of Management, Gandhi Marg, New Delhi, India

Dr. Paritosh Basu Senior Professor Department of Finance in Management, NMIMS School of Business Management, Maharashtra, Mumbai, India Dr. Paresh Shah Professor Department of Management, Rai University and Accredited Management Teacher and Researcher, Ahmedabad, Gujarat, India Ashish Nag Assistant Professor Department of Finance and Marketing in Management, Central University of Himachal Pradesh, Shahpur, Himachal Pradesh, India Dr. Jnaneshwar Pai Maroor Assistant Professor MBA Department - Finance and Human Resource Management, Justice K.S. Hegde Institute of Management,Mangaluru, Karnataka, India Dr. Kajalbaran Jana Assistant Professor Department of Commerce, Tamralipta Mahavidyalaya, Tamluk, West Bengal, India Dr. Elgin Alexander Assistant Professor Department of Marketing and HR Area in Management, Saintgits Institute of Management, Kottayam,Kerala, India

Dr.MurthyJogalapuram Associate Professor MBA department, Sree Vidyanikethan Institute of Management, Tiruputhi, Andhra Pradesh, India

Dr. Mahajan Shrikrishna Shankar Professor Department of Commerce and Management,, Shivaji University, Kolhapur, Maharashtra, India

Sumitkumar S. Acharya Assistant Professor Department of Management, Shree Swaminarayan Institute of Management, Porbandar, Gujarat, India

Dr. S Harish Babu Professor and Head Department of Finance, Marketing and General Management, Nitte Meenakshi Institute of Technology, Bengaluru, Karnataka, India

Dr. Roop Kishore Singhal Assistant Professor Department of Management, Sinhgad Institute of Management, Pune, Maharashtra, India

From the Editor's Desk Dear Readers, We would like to present, with great pleasure, the inaugural First volume of a new scholarly journal, NOLEGEIN Journal of Financial Planning and Management. This journal is part of the Financial Planning and Management, and is devoted to the scope of present management issues, from different prespective. This new journal was planned and established to represent the growing needs of marketing as an emerging and increasingly vital field, now widely recognized as an integral part of Management. Its mission is to become a voice of the Management community, addressing researchers and practitioners in this area. The core vision of NOLEGEIN Journal of Financial Planning and Management in MBA Journals is to propagate novel awareness and know-how for the profit of mankind ranging from the academic and professional research societies to industry practitioners in a range of topics in advertising in general. MBA Journals acts as a pathfinder for the scientific community to published their papers at excellently, well-time & successfully. NOLEGEIN Journal of Financial Planning and Management focuses on original high-quality research in the Capital Budgeting, Banking Service and Macro Economy, Consumer Credit, Debt Planning and Management, Taxation Planning and Estate Planning, Financial System etc. The Journal is intended as a forum for practitioners and researchers to share the views of Financial Planning and Management in the area. Many researchers have contributed to the creation and the success of the Financial Planning and Management. We are very thankful to everybody within that community who supported the idea of creating an innovative platform. We are certain that this issue will be followed by many others, reporting new developments in the field of Financial Planning and Management. This issue would not have been possible without the great support of the Editorial Board members, and we would like to express our sincere thanks to all of them. We would also like to express our gratitude to the editorial staff of MBA Journals, who supported us at every stage of the project. It is our hope that this fine collection of articles will be a valuable resource for Management readers and will stimulate further research into the vibrant area of Financial Planning and Management.

Puneet Mehrotra Managing Director

Contents MIS-Selling of Financial Products: A Review

Shveta Singh, Dipika Size of Asset under Management and Performance of Mutual Fund

Mayank Kumar Analysis of Perception and Penetration of Health Insurance among the Rural Women

Sinduja K., S. Sangeetha Movement of Stock Market and Its Effect on Banking Sector Stock

Swati Tripathi, Naina Srivastava Environmental Accounting in India: A Conceptual Study Dr. A. Abdul Hameed

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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MIS-Selling of Financial Products: A Review Shveta Singh*, Dipika Haryana School of Business, Guru Jambheshwar University of Science and Technology, Hisar, India

ABSTRACT This paper describes the mis-selling of financial products as it has been documented in the literature. The evidence pointed out that agents are maximising their own income at the cost of selling unsuitable financial products to retail investors. It is well documented that nontransparent product structures encourage mis-selling by agents and advisors. To structure the discussion, literature review is segregated into three parts: Mis-selling and Misconduct in Financial sector. Commission structure and Impact on the quality of advice. Impact of Regulatory reforms: Commission and Disclosure. After reviewing the literature, it is clear that there is a requirement to study the regulatory reforms like changes in the commission structure and advisory model and their impact on the retail financial sector. It will help to curb the large-scale mis-selling of the financial products in India. Keywords: conflicted advice, disclosure, financial literacy, investor sophistication, misleading, misconduct

INTRODUCTION The Indian Financial Services sector has witnessed exponential growth in the last decade. Mutual Funds asset base reached Rs 19.26 lakh crore (US$ 299.04 billion) at the end of April 2017. The Indian life insurance industry has begun to recover and is likely to report 12% to 15% growth in FY 2016-17 [1]. Over the last two decades, there have been several incidents about mis-selling. One of the key causes of the great financial crisis of 2008 was the mis-selling of subprime mortgages in the USA and their securitization which spread the sub-prime crisis throughout the world [1]. Financial fraud can be broadly defined as an intentional act of deception involving financial transactions for purpose of personal gain [2]. Although financial fraud is not new in any sense, both the frequency with which it occurs and the monetary cost associated with it seem to have increased.

A conceptual distinction is made between three types of financial fraud: (1) Financial statement fraud (2) Financial scams (3) Fraudulent financial mis-offering Various late improvements have encouraged the event of money related extortion, including: (1) The advancement of new principal irreconcilable circumstances and unreasonable motivating force structures in the money related industry. (2) A deluge of unsophisticated, guileless members in the budgetary commercial centre. (3) The expanding multifaceted nature associated with budgetary market exchanges because of quick mechanical, legitimate, and money related advancement and a regularly extending menu of monetary items.

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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Size of Asset under Management and Performance of Mutual Fund Mayank Kumar* Associate Professor (Finance), IMS Ghaziabad, Uttar Pradesh, India

ABSTRACT Various studies have been done to determine the impact of AUM (Asset Under Management) over performance of mutual fund. Results are conflicting in nature. Studies says that lower size of fund under management will lead to in efficiency and with increased cost of managing fund in terms of research and other expenses; performance will go down whereas funds with too big asset under management tends to incur excessive cost leading to negative marginal return. This paper studied the relationship between performance of mutual fund and asset under management. Three major indicators of mutual fund performance namely Sharpe’s, Treynor’s ratio and Jensen’s Alpha were considered. It was observed that schemes with lowest AUM category were least performer proving the earlier studies whereas schemes with largest AUM category has outperformed the others showing that returns tend to increase with increase in AUM, but failed to define size of too big AUM for underperformance. This opens a scope of further studies to define the size of AUM to be considered as too big. Keywords: mutual fund, AUM, Sharpe’s ratio, Treynor’s Ratio, Jensen’s Alpha.

INTRODUCTION Mutual fund scheme is pool of money collected from a group of investors with a predefined common investment objective. Mutual fund has an advantage over direct investment in terms of bigger corpus as well as qualified fund manager backed with quality research. So, in terms of performance mutual fund gives better return with a lesser amount of risk in comparison to direct investment. The total amount invested in any of the mutual fund scheme is known as asset under management of that scheme. AUM (Asset under Management) impacts the performance of mutual funds. It’s a paradox about the optimal size of AUM for best performance. Lower AUM size will lead to higher per unit research cost as well as other related expenditure which will ultimately eat up a part of returns leading to lower return. On the other hand, bigger AUM also leads to in efficiency causing lower rate of marginal return.

Mutual fund industry is one of the fastest growing financial services industries in India. On March 31st, 2018, the total industry AUM reached to Rs.21.36 Trillion (21.36 lakh Crore). There are altogether 42 asset management companies are operating in industry and on regular basis they are launching mutual fund schemes. With several schemes available for investment leads to confusion among investor to choose the best one. There are number of ways to evaluate the performance of mutual fund. LITERATURE REVIEW Indro et al. (1999) found that fund size (AUM) affects mutual fund performance. Mutual fund need to achieve a minimum fund size to generate sufficient return by justifying related costs. It also found that after attaining an optimal size of AUM it starts generating negative marginal return. Chen et al. (2004) in their study found that fund size erodes performance. They tried

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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Size of Asset under Management and Performance of Mutual Fund Mayank Kumar* Associate Professor (Finance), IMS Ghaziabad, Uttar Pradesh, India

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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Analysis of Perception and Penetration of Health Insurance among the Rural Women Sinduja K.*, S. Sangeetha KCT Business School, Kumaraguru College of Technology, Coimbatore, Tamil Nadu, India

ABSTRACT There is a segregation among women inside the insurance division. The venture certainties on assurance exhibits the impact of this oversight. An examination through Birla sun life in 2017 recommends even among city ladies with motivate section to web only 50 for each penny of them have purchased an extra security cowl for themselves. The assessing decide for men is 72 for each penny. Ladies, all issues mulled over, do not get to the security display in India. There is no concerning figure on well-known assurance. The health problems for the women are increasing as compared to men. But the women are not insured for their health. Even in urban areas the penetration and perception about the health insurance among the women are low and the accessibility of micro health insurance among the rural women is also very low. The study is mainly focused on the health insurance penetration and perception among rural women. The study was based on primary data which was collected from women in Coimbatore rural areas which include Kallipalayam, Athipalayam, Vellanaipatti, Vellamadai. The statistical tools used for the analysis is descriptive, crosstabs, etc. From the study there is a highest impact on the type of insurance and the corresponding satisfaction level for the factor “whether employees are distinguished to be good to deal with and cooperative”. there is an impact on income and the reason for not taking health insurance. The most significant factor for not taking insurance was “more deductible applicable”. Keywords: health insurance, penetration, perception, rural women

INTRODUCTION Health insurance in India has seen a sharp increase in accomplishing 28.7% families in 2014–2015 from best 4.8% around 10 years returned, as demonstrated with the guide of the most extreme, most recent country wide family wellbeing review. The truth be exhorted, the invasion is by means of all obligations higher in USA domains than in urban India, making social scope additional direct and improving health tips. The NFHS-4 records show 29% over of relative’s gadgets in common place India have no significantly less than one part secured by method for a wellbeing design or logical scope, while appeared differently in relation to 28.2% in urban domains. Change in India's wellness

mind scope has more noteworthy unique wellbeing recommendations as more people are searching for treatment and therapeutic organizations. ABOUT THE STUDY There is segregation among women inside the insurance division. Except, those who can be requested through government policy in India, none associate with women to a great degree limits their choices, the part controller's record shows up. Some other time, over the most current couple of years, there was a storm of stories from consultancy partnerships at the security region, yet each absolutely one of them has been "gender blind". The venture certainties on assurance exhibit the

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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Movement of Stock Market and Its Effect on Banking Sector Stock Swati Tripathi, Naina Srivastava Student, School of Management Sciences, Lucknow, Uttar Pradesh, India

ABSTRACT Banking sector is always important for the economic growth and development of a country. As per the Reserve Bank of India (RBI), India's managing account area, is adequately promoted and all around directed. The money related and monetary conditions in the nation are far better than some other nation on the planet. Credit, market and liquidity chance investigations propose that Indian banks are for the most part versatile and have withstood the worldwide downturn well. The present study attempts to find out the impact of share market fluctuations on banking sector stock and vice versa. The research is based on secondary data. Past five years’ data of stock market have been used. Correlation analysis is used as a statistical tool to find out the relation between Indian Stock Market and Stocks of Banking Sector. Keywords: banking, economic growth, stock market

INTRODUCTION As we all know that banking sector is important for the development and economic growth of any country. It is considered as a life-blood in an economy. It plays a vital role in the Indian economy. This study will talk about the growth and development of India through banking sector. Share and stock market is a significant source of effect in banking sector. Stock is the market place where the shares of public limited companies are bought and sold. In India stock market mainly functions on two important stocks exchange, i.e., Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In terms of market capitalization, BSE and NSE is top stock exchanges of developing economic of the world out of total fourteen stock exchange of emerging economies [1].BSE stood at the fourth position with market capitalization of 1,01,87 as on June 2012. NSE at fifth

position with market capitalization of 1079.39 as on June 2012. In 1986 BSE developed in index named as Sensex. Sensex is to measure the performance of the stock of exchange. The banking sector and the stock market sector both are interdependent on each other, as both causes an equal effect on one another. So, the movement of stock sector Sensex effect on market of banking sector. We show the relationship and the effect occurs thoughts movements of stock exchange on banking sector [2]. OBJECTIVES To Study the Indian Stock Market First, we need to know that what is stock market. Stock market is the exchange is a market place where the share of publics limited companies is bought and sold. In India, the main stock exchange is NSE. The BSE had about 4,700 listed firms, whereas the rival NSE had about 1,200.

NOLEGEIN Journal of Financial Planning and Management eISSN: 2581-4087 Vol. 1: Issue 2

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Environmental Accounting in India: A Conceptual Study Dr. A. Abdul Hameed* Assistant Professor, Alliance School of Business, Alliance University, Bangalore, Karnataka, India

ABSTRACT Environmental accounting is defined under different perspectives. It includes identification, measurement and allocation of environmental costs. It integrates environmental costs into business decisions and communicates the same to the stakeholders of the company. The impact of environmental aspects is identified and measured in order to develop reporting systems to decision makers. An important function of environmental accounting is to bring environmental costs to the attention of corporate stakeholders who may be able and motivated to identify ways of reducing or avoiding those costs while at the same time improving environmental quality. The objectives of this study are to examine the various parameters which are adopted by corporate houses for environment accounting and reporting practices. This study will provide a broad view on the developments taken place in corporate environmental accounting practices in India and the major limitations of such practice. Keywords: Environmental accounting and reporting, environment cost, environmental management.

INTRODUCTION A native American Proverb States that, “only when the last tree is cut, only when the last river is polluted, only when the last fish is caught only when they will realize that you cannot eat money.” The economic development without environmental considerations can cause serious environmental damage, which is in turn dangers the life of present as well as future generations. It is a matter of common knowledge that there are limited resources available for the use of all spices on the earth, and the immense damage is caused to the environmental due to the activities of the business enterprises. Environmental accounting is a dynamic emerging concept. It is concerned with the accounting treatment of environment activities in a business. It identifies and highlights the resources used and the cost incurred related to the environment events

planned and executed by the business. It attempts to measure the best possible method of assessing the cost and benefits of an enterprise which are particularly directed into environmental preservation. It brings together all the forces functioning in nature including man and other inanimate organism. Even though, environment accounting is corporate focused, it is understood that it can be done at national and regional level as well. It emphasizes the practice of considering indirect costs and benefits of an activity or product or service along with the direct cost during decision making process. The indirect costs and benefits include the environmental effects on health and the economy of an activity [2]. In general, environmental accounting provides treatment of various environmental issues faced by corporates