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The Indian Journal of Commerce THE INDIAN JOURNAL OF COMMERCE Quarterly Publication of the Indian Commerce Association Vol. 62 No. 3 July-September 2009 Contents Capital Market Reforms and Investors’ Satisfaction: 1 A Study of Retail Investors of Punjab Neeraj Maini and Sanjeev Sharma Impact of Index Futures on Spot Market Volatility in India 14 P. Srinivasan Stock Price Decision of Indian Investors 23 Abdul Aziz Ansari and Samiran Jana Voluntary Amalgamations in Indian Banking Sector: 32 Valuation Practices and Adequacy of Swap Ratios Sony Kuriakose, M.S. Senam Raju and N.V. Narasimham External Commercial Borrowings by Indian Corporates 45 An End Use Analysis S. Aravanan and S. Manikandan Global Growth, Global Trade and Reduction in 51 Poverty-Inequality in India M. Ramachandra Gowda, E.A. Parameswara Gupta and V. Neethu Financial Exclusion to Inclusion – Do SHGs Help? 62 Evidences from North East India A.P. Pati Self Help Group - The Informal Institution for 73 Rural Empowerment: A Case Study of Rajsamand District I.V. Trivedi and Deepti Bhargava Performance Evaluation of Prime Minister’s Rozgar Yojana: 80 A Case Study of Manipur G.P. Prasain, M. Ibungomacha Singh and N. Sharat Singh Auto-rickshaw Transport Service 88 A Study in Bangalore City M. Ramachandra Gowda, C.R. Reddy and E.A. Parameswara Gupta Economic Evaluation of Special Economic Zones in India 95 K.B.D. Sobha Rani and B. Appa Rao Book Review 106 ISSN : 0019-512X THE INDIAN JOURNAL OF COMMERCE Quarterly Publication of the Indian Commerce Association Vol. 62 No. 3 July-September 2009 Neeraj Maini and Capital Market Reforms and Investors’ Sanjeev Sharma Satisfaction: A Study of Retail Investors of Punjab P. Srinivasan Impact of Index Futures on Spot Market Volatility in India Abdul Aziz Ansari and Stock Price Decision of Indian Investors Samiran jana Sony Kuriakose, M.S. Senam Voluntary Amalgamations in Indian Banking Raju and N.V. Narasimham Sector: Valuation Practices and Adequacy of Swap Ratios S. Aravanan and External Commercial Borrowings by Indian S. Manikandan Corporates: An End Use Analysis M. Ramachandra Gowda, Global Growth, Global Trade and Reduction E.A. Parameswara Gupta and in Poverty-Inequality in India V. Neethu A. P. Pati Financial Exclusion to Inclusion–Do SHGs Help? Evidences from North East India I.V. Trivedi and Self Help Group - The Informal Institution Deepti Bhargava for Rural Empowerment: A Case Study of Rajsamand District G.P. Prasain, M. Ibungomacha Performance Evaluation of Prime Minister’s Singh and N. Sharat Singh Rozgar Yojana: A Case Study of Manipur M. Ramachandra Gowda, Auto-rickshaw Transport Service: A Study in C.R. Reddy and Bangalore City E.A. Parameswara Gupta K.B.D. Sobha Rani and Economic Evaluation of Special Economic B. Appa Rao Zones in India Prof. Nawal Kishor – Managing Editor With Secretariat at : School of Management Studies Indira Gandhi National Open University Maidan Garhi, New Delhi - 110 068 Notes for Contributors Papers based on application oriented research or field studies in the areas of industry, commerce, business studies and management are invited. The length of a paper including tables, diagrams, illustrations, etc., should not exceed 20 double space pages. Short communications (not more than 5 double spaced pages) relating to review articles, report of conferences, summary/views on various governments reports, debatable issues, etc., are also published. Book reviews and summary of Ph.D. dissertations not exceeding two double spaced pages, are welcome. Manuscripts sent for publication in this journal should not have been published or sent for publications elsewhere. All correspondence will be held with the senior (first) author only. Two copies of the manuscript typed in double space on A4 size bond paper should be submitted. Electronic version of the paper must accompany 3.5 inch high density floppy diskette in PC compatible WORD 7.0 document format. Paper without floppy/CD will be rejected. All contributions submitted will be subjected to peer review. The decision of the Editorial Committee will be the final. First page should consist of title of the paper, name(s), of author (s) with all details and abstract not exceeding 150 words. Second page should start with the title of the paper again, followed by the text. In captions for tables, figures, and column heading in tables, the first letter of the first word should be capitalised and all other words should be in lower case (except proper nouns). For example Table 5. Price ratios between edible groundnut kernel and other edible nut kernels. Footnotes in the text should be numbered consecutively in plain Arabic superscripts. All the footnotes, if any, should be typed under the heading ‘Footnotes; at the end of the paper immediately after ‘Conclusion’. Follow the Author-date (Harvard) system in-text reference: e.g. Hooda (1997) observed that … A study (Grover et. Al. 1998) found that …. When it is necessary to refer to a specific page (s), cite it in the text as : Hooda (1997 P.105) observed that … A study Hooda 1997a, Hooda 1997b, Hooda 1997c, so on. Only cited works should be included in the ‘References’ which should appear alphabetically at the end of the paper. Follow the reference citation strictly in accordance to the following examples. Book : Narasimham, N.V. 1994. A model for the commodity price system analysis. New Delhi : Himalaya Publications. Journal Article : Alagh, Y.K. 1997. Agriculture trade and policies. The Indian Journal of Commerce L (192) : 1-11. Government Publication : Government of India, Ministry of Communications, Department of Telecommunications 1995. Annual report 1994-95. New Delhi : Government of India, Ministry of Communications, Department of Telecommunications. Chapter in a Book : Gilberto Mendoza, 1995, A premier on marketing channels and margins. Pages 257-276 in Prices, products and People (Gregory J. Scott, ed.) London. Lynne Rienner Publishers. All copyrights are with the Indian Commerce Association and authors. The authors are responsible for copyright clearance for any part of the content of their articles. The opinions expressed in the articles of this journal are those of the authors, and do not reflect the objectives or opinion of the Association. All manuscripts should be sent to the Managing Editor, The Indian Journal of Commerce, School of Management Studies, IGNOU, Maidan Garhi, New Delhi 110 068. Tel: 011-29535266, E-mail [email protected] © The Indian Commerce Association Lasertypeset by: Nath Graphics, 1/21, Sarvapriya Vihar, New Delhi 110 016. Prindid by: Prabhat Offset, 2622, Kucha Chellan, Daryaganj, New Delhi 110 002. Published by Prof. Nawal Kishor on behalf of the Indian Commerce Association. The Indian Journal of Commerce Aims and Objectives : The Indian Journal of Commerce, started in 1947, is the quarterly publication of the All India Commerce Association to disseminate knowledge and information in the area of trade, commerce, business and management practices. The Journal focusses on theoretical, applied and interdisciplinary research in commerce, business studies and management. It provides a forum for debate and deliberations of academics, industrialists and practitioners. Managing Editor Prof. Nawal Kishor School of Management Studies IGNOU, New Delhi Joint Managing Editor Joint Managing Editor Associate Editor Prof. N.V. Narasimham Prof. R.K. Grover Prof. M.S.S. Raju School of Management School of Management School of Management Studies Studies Studies IGNOU, New Delhi IGNOU, New Delhi IGNOU, New Delhi Editorial Consultants Prof. R.P. Hooda, Vice Chancellor Prof. I.V. Trivedi M.D. University, Rohtak Department of Banking and Business Prof. B.P. Singh, 22, Vaishali Administration, M.L. Sukhadia University Pitampura, Delhi Udaipur, Rajasthan Prof. Bhagirath Singh, Vice Chancellor Prof. M.B. Shukla, Dean M.D.S. University, Ajmier, Rajasthan Deptt. of Commerce & Management MG Kashi Vidyapeeth Prof. Nageshwar Rao, Vice Chancellor Deemed University, Varanasi UP Rajarshi Tandon Open University Allahabad (U.P.) Prof. A. Shankaraiah Kakatiya University, Warangal Prof. V. Gangadhar, Vice Chancellor Mahatma Gandhi University Dr. Subhash Garg, Head Nalgonda (AP) Deptt. of EAFM, Government College Hindaun City (Rajasthan) Prof. L. Venugopal Reddy Former Vice Chancellor Prof. K. Eresi Andhra University, Visakhapatnam Deptt. of Commerce, Bangalore University Bangalore (Karnataka) Prof. B.R. Ananthan, Former Dean Faculty of Business Administration Prof. Mahfoozur Rahman, Former Dean University of Mysore, Mysore Deptt. of Commerce, AMU, Aligarh (U.P.) Prof. D. Obul Reddy, Former Dean Prof. Kesav Sharma, Director Deptt. of Commerce Deptt. of Management Osmania University, Hyderabad University of Jammu, Jammu Prof. A. Aziz Ansari, Head Prof. Shivshankar Mishra, Professor Deptt. of Commerce and Business Studies Emeritus, IHM, Aurangabad Jamia Millia Islamia Prof. B. Ramesh, Dean New Delhi Dept. of Commerce, Goa University, Goa The Indian Journal of Commerce is published four times in a year i.e., March, June, September and December. The Indian Journal of Commerce is freely distributed to all members. Membership to Indian Commerce Association Individual Institutional Foreign Annual Members 300 600 US$100 Life Members 2000 10,000 Subscriptions are to be paid in the form of Demand Draft, drawn in favour of The Managing Editor, Indian Journal of Commerce, payable at New Delhi. Advertisements : Limited space is available for advertisement on the following rates : Back Cover page Full Rs. 10,000 Inside Cover page Full Rs. 5,000 Full Page
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