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\def\makelabel##1{\upshape ##1}}% } {\end{list}\end{raggedright}} \newenvironment{specHead}[2]% {\vspace{20pt}\hrule\vspace{10pt}% \phantomsection\label{#1}\markright{#2}% \pdfbookmark[2]{#2}{#1}% \hspace{-0.75in}{\bfseries\fontsize{16pt}{18pt}\selectfont#2}% }{} \def\TheFullDate{2016-01-15 (revised: 15 January 2016)} \def\TheID{\makeatother } \def\TheDate{2016-01-15} \title{Ownership Trends in BSE 100-Index Companies from 2000 -2014: Evidence and Implications} \author{}\makeatletter \makeatletter \newcommand*{\cleartoleftpage}{% \clearpage \if@twoside \ifodd\c@page \hbox{}\newpage \if@twocolumn \hbox{}\newpage \fi \fi \fi } \makeatother \makeatletter \thispagestyle{empty} \markright{\@title}\markboth{\@title}{\@author} \renewcommand\small{\@setfontsize\small{9pt}{11pt}\abovedisplayskip 8.5\p@ plus3\p@ minus4\p@ \belowdisplayskip \abovedisplayskip \abovedisplayshortskip \z@ plus2\p@ \belowdisplayshortskip 4\p@ plus2\p@ minus2\p@ \def\@listi{\leftmargin\leftmargini \topsep 2\p@ plus1\p@ minus1\p@ \parsep 2\p@ plus\p@ minus\p@ \itemsep 1pt} } \makeatother \fvset{frame=single,numberblanklines=false,xleftmargin=5mm,xrightmargin=5mm} \fancyhf{} \setlength{\headheight}{14pt} \fancyhead[LE]{\bfseries\leftmark} \fancyhead[RO]{\bfseries\rightmark} \fancyfoot[RO]{} \fancyfoot[CO]{\thepage} \fancyfoot[LO]{\TheID} \fancyfoot[LE]{} \fancyfoot[CE]{\thepage} \fancyfoot[RE]{\TheID} \hypersetup{citebordercolor=0.75 0.75 0.75,linkbordercolor=0.75 0.75 0.75,urlbordercolor=0.75 0.75 0.75,bookmarksnumbered=true} \fancypagestyle{plain}{\fancyhead{}\renewcommand{\headrulewidth}{0pt}} \date{} \usepackage{authblk} \providecommand{\keywords}[1] { \footnotesize \textbf{\textit{Index terms---}} #1 } \usepackage{graphicx,xcolor} \definecolor{GJBlue}{HTML}{273B81} \definecolor{GJLightBlue}{HTML}{0A9DD9} \definecolor{GJMediumGrey}{HTML}{6D6E70} \definecolor{GJLightGrey}{HTML}{929497} \renewenvironment{abstract}{% \setlength{\parindent}{0pt}\raggedright \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt \textcolor{GJBlue}{\large\bfseries\abstractname\space} }{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{Nahila Nazir} \renewcommand\Authands{ and } \date{\small \em Received: 15 December 2015 Accepted: 1 January 2016 Published: 15 January 2016} \maketitle \begin{abstract} Ownership and control of corporations under the watchful stewardship and surveillance of their boards have a significant influence in shaping corporate behavior and the equitable management of relationships between and among themselves, the society and communities they serve, and the governments of the countries they operate in.This paper tracks the movements in corporate ownership in India among its top companies indexed in BSE-100 in the first decade of the new millennium and moving forward in to the second.The paper is organized as follows: section I provides a brief overview of the development of the corporate format of business organizations; section II provides literature related to the topic and describes the sample and its categorization for analysis,; section III methodology; and section IV sets out the findings, interpretation and conclusions. \end{abstract} \keywords{corporate governance, ownership structure, BSE, trend analysis.} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{Introduction}]{Introduction}\par orporate governance as a subject has gained strong rise globally both in scientific and cultural community as well as in organization level. The separation of ownership and control is exactly what creates the necessity for corporate and business governance, which include mechanisms to ensure advisable decision making and earnings maximization. Ownership structure is an important aspect of corporate governance system. Berle and Means 1932 call focus on the prevalence of broadly held corporations in the United States in which ownership of capital is dispersed among small shareholders, but still control is concentrated in the hands of professionals. {\ref Jensen and Meckling (1976)} or {\ref Grossman and Hart (1980)} indicated that the modern field of corporate and business finance is rolling out around the round the same image of a broadly held corporation.\par Looking back at the evolutionary background of the corporation as known today one could detect at least three major defining trends. First was the artificial creation of the corporate entity by the legal practice, followed launch of limited liability, the popularity of the corporations' to spend money on and hold stock of another firm, and lastly, the switch from democratic to plutocratic voting rights leaving one vote per shareholder to one vote per share and thence to even more skewed differential voting rights. The next was the introduction of the publicly traded (bought and sold) corporation representing a paradigm change in the manner business could be scaled up, where owners of the slice of the organization (represented by the percentage of shares hold) neither got claims to the property (net of liabilities) with their company in kind nor the compulsion to be permanently connected with their shareholdings; they could leave by selling their stocks disposing them off or otherwise. The developments of the organization board itself and its role, accountability and responsibility is the third defining component in modern corporate governance. However, the board is 'elected' by the shareholders but once so elected the board is practically its own arbiter in all matters associated with the company. With the demise of the lively, small time entrepreneurial investor-manager and the ascent of the generally unaggressive absentee shareholders in the organization format of business generally, professional management took over that function subject to the guidance and oversight of the board. The focus of this study is to analyze the trend of ownership structure for the period 2001-2014. \section[{II.}]{II.} \section[{Literature Review}]{Literature Review}\par Ownership structure has important implications for corporate governance and protection of minority shareholders' interest. Concentrated ownership structures and affiliation of companies with business groups is a common feature of Asian economies {\ref (Claessens and Fan, 2002)}. Influential legal scholars like Adolf {\ref Berle (1931)}, Merrick \hyperref[b10]{Dodd (1932)}, Lynn \hyperref[b15]{Stout (2002} {\ref Stout ( , 2012))}, Lucian \hyperref[b5]{Bebchuk (2005}\hyperref[b6]{Bebchuk ( , 2006))}, Stephen \hyperref[b1]{Bainbridge (2002}\hyperref[b2]{Bainbridge ( , 2005) )} and Leo \hyperref[b16]{Strine, Jr. (2006)}, have been debating the pros and cons of higher shareholder engagement in corporate and business decision making but as of now the absentee shareholders in many jurisdictions need to be satisfied largely using their (theoretical) right of having a say in the election of the directors to the board and thereafter expecting their interests would be reasonably protected. Shareholder primacy is influenced by the ownership structures of the organization. Within the confines of the modern corporation, both accountability and responsibility are heavily influenced by ownership structure. Ownership structure can also settle/interviene firm strategy and behavior \hyperref[b17]{(Wright, et al, 1996)} and can influence boardroom dynamics and stakeholder management {\ref (Goodstein and Boecker, 1991)}, executive compensation \hyperref[b9]{(David, Kochhar and Levitas, 1998;}\hyperref[b3]{Balasubramanian, et al, 2013)}, and R\&D investment \hyperref[b4]{(Baysinger, Kosnik and Turk, 1991)}. Knowledge of ownership patterns and trends can thus lead us to more nuanced knowledge of organizational behavior and its own predictability. \section[{a) Ownership Trends around the World}]{a) Ownership Trends around the World}\par Research on firm ownership has often been controlled by studies centered on the United States and the United Kingdom both with dispersed and concentrated ownership structures. Earlier studies by La \hyperref[b14]{Porta, et al (1999)} of other economies and recently by \hyperref[b0]{Aguilera et al (2011)} of companies in emerging marketplaces have found concentrated ownership as a general pattern in most other world economies. The La Porta research which included companies from 27 developed countries found that only 30\% of the companies showed dispersed ownership. Japan, in effect qualified as concentrated ownership geography because of predominant inter-corporate holdings even after they returned dispersed ownership because of direct ownership not being higher than 20\% which was made the study cut-off criterion. Significant ownership concentration, either in the form of holdings by corporate bodies, individuals or the state in their study of corporations in South America was found by \hyperref[b0]{Aguilera et al (2011)}. \section[{b) Classification of Shareholders}]{b) Classification of Shareholders}\par Data in this study is analysed under two major categories of shareholders namely (i) Promoters, (ii) Non Promoters Holding sub divided into two other categories namely (iii) Non Promoters Institutional Holding, (iii) Non Promoters Non-Institutional Holding. \section[{i. Promoters Holding}]{i. Promoters Holding}\par Holdings into various categories provide insight into control in the company. Promoters are the entities that floated the company and to a large extent have seats on Board of Directors or the Management. Relatives of the Promoters who hold shares also fall under this class and are termed the Promoter Group. Promoter Holdings show the extent of control Promoters have over running of the business. \section[{ii. Non Promoters}]{ii. Non Promoters}\par Shareholders other than promoters are known as public shareholders. Public shareholding pattern consists of institutional and non-institutional investors.\par iii. Non Promoters' Institutional Holding Institutional investors include the pension funds, money managers, mutual funds, insurance companies, investment banks and commercial trusts. They buy large quantities of shares leaving high impact on the stock market's movements. They are considered knowledgeable and experienced. Hence, their footprints are generally followed by small investors.\par iv. Non Promoters' Non Institutional Holding Non institutional investors are those who carry their investments through a broker, bank, and real estate agent and so on. They are generally common people or organizations managing money on their own. III. \section[{Methodology a) Results}]{Methodology a) Results}\par In the research study, the long term trend is analyzed of the selected variables related Ownership structure. The descriptive analysis of the variables is done and represented. In descriptive analysis of the variables, the measure of central tendency (mean), distribution, minimum and maximum values are estimated for each variable and are represented in the tables below. In the research study, it is also found that among the 100 companies selected for the study in BSE 100 index, 42percent of firms in BSE 100 index are having average promoters holding of more than 50 percent, 23 percent of the firms are having average promoters holding in the range of 40 -50 percent of holding, 16percent of the firms are found to have average promoters holding of 30 -40 percent of holding, 16 percent of firms are found to have average promoters holding in the range of 20 -30 percent of holding, 0percent of the firms are found to have average promoters holding of 10 -20 percent of holding and 3 percent of the firms are having the average promoters holding less than less than 10 percent of holding.\par The Frequency Distribution is also shown with the help of Graph shown in Figure {\ref 1}.\par ii. In the research study, the trends of non-promoter's holding in the 100 companies selected for the study in BSE 100 index is analyzed and it is found that Housing Development Finance Corpn. Ltd. is having the highest non promoters holding of (100 percent) in last \hyperref[b14]{15} In the research study, it is also found that among the 100 companies selected for the study in BSE 100 index, 57percent of firms in BSE 100 index are having average non-promoters holding of more than 50 percent of holding, 22 percent of the firms are having average non-promoters holding in the range of 40 -50 percent of holding, 11 percent of the firms are found to have average non-promoters holding of 30 -40 percent of holding, 7percent of the firms are found to have average non-promoters holding of 20-30 percent of holding, 3percent of firms are found to have average non-promoters holding in the range of 10 -20 percent of holding and there is no holding of average nonpromoters holding less than 10percent of holding.\par The Frequency Distribution is also shown with the help of Graph shown in Figure {\ref 2} In the research study, the trends of nonpromoter's institutional holding in the 100 companies selected for the study in BSE 100 index is analyzed and it is found that I D B I Bank Ltd. is having the highest average Non Promoters Institutional Holding of (77.097 percent) in last \hyperref[b14]{15} In the research study, it is also found that among the 100 companies selected for the study in BSE 100 index, only 1percent of firms in BSE 100 index are having average non-promoters institutional holding of more than 50 percent of holding, 8 percent of the firms are having average non-promoters institutional holding in the range of 40 -50 percent of holding, 29 percent of the firms are found to have average non-promoters institutional holding of 30 -40 percent of holding, 35 percent of firms are found to have average nonpromoters institutional holding in the range of 20 -30 percent of holding, 23 percent of firms are found to have average non-promoters institutional holding in the range of 10 -20 percent of holding and 4 percent of the firms are having the average non promoters institutional holding less than 10 percent of holding.\par The Frequency Distribution is also shown with the help of Graph shown in Figure {\ref 3}. \section[{iv. Non Promoters Non Institutional Holding}]{iv. Non Promoters Non Institutional Holding} \section[{Company}]{Company}\par Mean min max In the research study, the trends of nonpromoter's non institutional holding in the 100 companies selected for the study in BSE 100 index is analyzed and it is found that M R F Ltd. (58.06 percent), is having the highest average non promoters non institutional holding of (58.06 percent) in last \hyperref[b14]{15} In the research study, it is also found that among the 100 companies selected for the study in BSE 100 index, only 1 percent of firms in BSE 100 Index are having average non-promoters non institutional holding of more than 50 percent of holding, 10 percent of the firms are having average non-promoters non institutional holding in the range of 40 -50 percent of holding, 18 percent of the firms are found to have average nonpromoters non institutional holding of 30 -40 percent of holding, 42 percent of firms are found to have average non-promoters non institutional holding in the range of 20 -30 percent of holding, 24 percent of firms are found to have average non-promoters non institutional holding in the range of 10 -20 percent of holding and 5 percent of the firms are having the average non promoters non institutional holding less than 10 percent of holding. \section[{Conclusion}]{Conclusion}\par In this study, there is empirical confirmation of the predominance of concentrated ownership and control in corporate India. Out of the BSE 100-Index companies the number of dominant ownership entities (promoters), nearly 42percent of firms are having more than 50 percent of shareholding which indicates that there is concentration of ownership in the hands of promoters. Such entrenchment and control offers immense potential to the owners/controllers for tunneling and personal enrichment at the expense of absentee shareholders.\par However, only 1 percent of firms are having more than 50 percent of average non promoters institutional holding as well as average non promoters non institutional holding. 35 percent of firms are found to have average non promoters institutional holding in the range of 20 -30 percent of shareholding. In case of average non promoters non institutional holding it is found that 42 percent of firms are having 20-30\% of shareholding. It indicates that institutional as well as retail shareholders don't have the majority powers. In line with the trends in other developed markets, noninstitutional retail shareholdings are on the declining mode in the country. In the BSE 100-Index companies, much of these holdings were picked up by the promoters to boost their entrenchment and as a defense against hostile takeovers. \begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-2.png} \caption{\label{fig_0}Ownership}\end{figure} \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{P{0.05185185185185185\textwidth}P{0.21666666666666665\textwidth}P{0.5469135802469135\textwidth}P{0.01728395061728395\textwidth}P{0.01728395061728395\textwidth}} \tabcellsep \multicolumn{4}{l}{Ownership Trends in BSE 100-Index Companies from 2000 -2014: Evidence and Implications}\\ Year 2016\tabcellsep \tabcellsep \tabcellsep \\ 54\tabcellsep \tabcellsep \tabcellsep \\ Volume XVI Issue II Version I\tabcellsep \tabcellsep \multicolumn{3}{l}{A time series analysis of ownership structures in corporate India for the period 2000-2014 is presented in this section. The research design of the study is descriptive. In the research study the secondary data of different variables related to ownership structure in the Index BSE-100 in Indian stock marketwas extracted from the Prowess databases from CMIE related to the years ended 31 March 2000 to 2014. The descriptive analysis of the variables is done and represented. In descriptive analysis of the variables, the measure of central}\\ ( E )\tabcellsep \tabcellsep \multicolumn{3}{l}{tendency (mean, median), distribution, minimum and maximum values are estimated. While the focus of this}\\ -Global Journal of Human Social Science\tabcellsep i. Promoters Holding\tabcellsep \multicolumn{3}{l}{paper is the publicly traded companies, it would be helpful also to recognise the phenomenal growth in the overall corporate sector in the last 15 years to show the trend of ownership structure in India.}\\ \tabcellsep \multicolumn{4}{l}{Table 1.1 : Average promoters holding of the firms in BSE 100 Index for the period 2000-2014}\\ \tabcellsep Company\tabcellsep Mean\tabcellsep min\tabcellsep max\\ \tabcellsep Mangalore Refinery \& Petrochemicals Ltd.\tabcellsep 85.1514\tabcellsep 68.22\tabcellsep 88.58\\ \tabcellsep Steel Authority Of India Ltd.\tabcellsep 84.9886\tabcellsep 80.00\tabcellsep 85.82\\ \tabcellsep Godrej Industries Ltd.\tabcellsep 80.2914\tabcellsep 68.22\tabcellsep 88.61\\ \tabcellsep Bharat Electronics Ltd.\tabcellsep 75.8000\tabcellsep 75.02\tabcellsep 75.86\\ \tabcellsep Oil \& Natural Gas Corpn. Ltd.\tabcellsep 75.2043\tabcellsep 68.94\tabcellsep 84.11\\ \tabcellsep s\tabcellsep \tabcellsep \end{longtable} \par {\small\itshape [Note: s-Year 2016]} \caption{\label{tab_0}Table 1 .}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.4547367155566242\textwidth}P{0.0014306323635489302\textwidth}P{0.0016350084154844913\textwidth}P{0.0016350084154844913\textwidth}P{0.0016350084154844913\textwidth}P{0.16002644866554458\textwidth}P{0.11363308487617214\textwidth}P{0.11526809329165663\textwidth}} Bharat Forge Ltd. Bhushan Steel Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 60.0207 35.1262\tabcellsep 53.25 28.78\tabcellsep 65.68 56.84\\ \multicolumn{2}{l}{Reliance Infrastructure Ltd. Bosch Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 59.8079 34.5329\tabcellsep 41.78 28.82\tabcellsep 100.00 43.00\\ \multicolumn{2}{l}{Atul Ltd. Bharat Heavy Electricals Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 59.6336 32.6086\tabcellsep 49.38 32.27\tabcellsep 66.80 36.94\\ \multicolumn{2}{l}{Aditya Birla Nuvo Ltd. Procter \& Gamble Hygiene \& Health Care Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 59.2379 31.3850\tabcellsep 40.33 29.36\tabcellsep 73.32 35.00\\ Ramco Cements Ltd. Hindustan Zinc Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 58.6779 31.3736\tabcellsep 57.38 5.24\tabcellsep 65.68 35.08\\ Tata Elxsi Ltd. Pidilite Industries Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 58.5821 28.8543\tabcellsep 54.89 28.12\tabcellsep 61.85 29.94\\ Max India Ltd. Essar Oil Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 58.3329 28.2664\tabcellsep 48.36 9.46\tabcellsep 66.22 79.88\\ \multicolumn{2}{l}{Century Textiles \&Inds. Ltd. Torrent Pharmaceuticals Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 57.5621 27.0493\tabcellsep 54.63 25.90\tabcellsep 59.45 28.49\\ \multicolumn{2}{l}{L I C Housing Finance Ltd. Dabur India Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 57.3129 26.8036\tabcellsep 34.92 21.47\tabcellsep 65.30 31.36\\ \multicolumn{2}{l}{Tata Motors Ltd. Tata Communications Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 57.2657 25.2593\tabcellsep 44.41 15.09\tabcellsep 74.65 48.87\\ \multicolumn{2}{l}{50.00\% Oil \& Natural Gas Corpn. Ltd. Crompton Greaves Ltd. 40.00\% J K Lakshmi Cement Ltd. Bharat Electronics Ltd. 30.00\% 20.00\% E I D-Parry (India) Ltd. Godrej Industries Ltd. 10.00\% C E S C Ltd. Steel Authority Of India Ltd. 0.00\% Rallis India Ltd. Crisil Ltd. Ranbaxy Laboratories Ltd. [Merged] Glaxosmithkline Consumer Healthcare Ltd. less than 10\% Mangalore Refinery \& Petrochemicals Ltd.}\tabcellsep 10 -20\%\tabcellsep 20 -30\%\tabcellsep 30 -40\%\tabcellsep 57.0479 24.7950 56.4579 24.1957 56.4550 19.7071 54.0764 15.0014 40 -50\% 52.1979 52.2207 than 50\% 52.3143 more 53.7821 14.8486\tabcellsep 47.56 15.89 53.42 24.13 51.45 11.39 47.43 14.14 48.93 32.30 34.29 27.54 11.42\tabcellsep 61.64 31.06 60.44 24.98 61.26 31.78 65.80 19.99 54.80 67.51 67.96 60.00 31.78\\ Asian Paints Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 52.0907\tabcellsep 47.21\tabcellsep 57.54\\ Reliance Industries Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 51.4493\tabcellsep 44.92\tabcellsep 56.76\\ \multicolumn{2}{l}{Hindustan Construction Co. Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 51.3286\tabcellsep 39.88\tabcellsep 60.12\\ Kajaria Ceramics Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 50.8071\tabcellsep 46.49\tabcellsep 55.95\\ J S W Steel Ltd.\tabcellsep Company\tabcellsep \tabcellsep \tabcellsep \tabcellsep Mean 50.6850\tabcellsep min 34.11\tabcellsep max 61.95\\ \multicolumn{2}{l}{Housing Development Finance Corpn. Ltd. State Bank Of India}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 100.0000 50.5921\tabcellsep 100.00 32.40\tabcellsep 100.00 100.00\\ Larsen \& Toubro Ltd. Britannia Industries Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 98.2050 50.4364\tabcellsep 95.87 49.04\tabcellsep 100.00 56.28\\ Federal Bank Ltd. Exide Industries Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 97.0386 50.1379\tabcellsep 84.69 43.93\tabcellsep 100.00 54.01\\ \multicolumn{2}{l}{I F C I Ltd. Colgate-Palmolive (India) Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 92.0671 49.0000\tabcellsep 44.47 49.00\tabcellsep 100.00 49.00\\ \multicolumn{2}{l}{M R F Ltd. Hindustan Petroleum Corpn. Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 73.6350 48.9400\tabcellsep 72.67 48.89\tabcellsep 74.80 48.99\\ \multicolumn{2}{l}{Great Eastern Shipping Co. Ltd. Bajaj Finance Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 72.7000 48.9071\tabcellsep 69.30 37.93\tabcellsep 80.85 58.49\\ Voltas Ltd. Bata India Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 72.4700 48.6329\tabcellsep 69.39 47.04\tabcellsep 79.96 48.99\\ \multicolumn{2}{l}{Lakshmi Machine Works Ltd. Piramal Enterprises Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 72.4621 48.6129\tabcellsep 69.38 45.58\tabcellsep 78.56 50.76\\ \multicolumn{2}{l}{Mahindra \& Mahindra Ltd. Ashok Leyland Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 71.6621 48.3150\tabcellsep 64.15 45.24\tabcellsep 77.91 50.41\\ \multicolumn{2}{l}{Satyam Computer Services Ltd. [Merged] Glaxosmithkline Pharmaceuticals Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 71.0400 48.0714\tabcellsep 46.20 25.00\tabcellsep 86.96 51.17\\ \multicolumn{2}{l}{N C C Ltd. Amara Raja Batteries Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 70.9300 47.9700\tabcellsep 51.78 47.94\tabcellsep 80.41 48.00\\ A C C Ltd. Hero Motocorp Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 70.8507 47.3386\tabcellsep 49.70 45.04\tabcellsep 100.00 60.08\\ Trent Ltd. Reliance Capital Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 70.5700 47.3236\tabcellsep 67.39 37.12\tabcellsep 74.82 51.84\\ \multicolumn{2}{l}{Infosys Ltd. Kotak Mahindra Bank Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 70.0500 47.0621\tabcellsep 64.31 36.39\tabcellsep 80.50 56.26\\ Tata Chemicals Ltd. Hindustan Unilever Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 70.0293 47.0164\tabcellsep 68.40 32.75\tabcellsep 72.93 48.58\\ Tata Steel Ltd. Lupin Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 69.7736 46.7829\tabcellsep 65.67 32.78\tabcellsep 73.77 53.25\\ Grasim Industries Ltd. SesaSterlite Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 69.3929 46.7707\tabcellsep 60.05 36.64\tabcellsep 79.61 49.00\\ \multicolumn{2}{l}{Tata Global Beverages Ltd. Cummins India Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 67.3079 46.7607\tabcellsep 63.24 41.97\tabcellsep 71.39 49.00\\ \multicolumn{2}{l}{Bajaj Holdings \&Invst. Ltd. S K F India Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 66.8607 46.5350\tabcellsep 59.56 46.04\tabcellsep 71.42 49.19\\ Escorts Ltd. Titan Company Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 66.8493 46.5321\tabcellsep 58.02 44.93\tabcellsep 73.22 47.34\\ Tata Power Co. Ltd. B E M L Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 66.6050 42.3657\tabcellsep 64.31 38.76\tabcellsep 67.95 45.97\\ H D F C Bank Ltd. A B B India Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 66.3186 41.4293\tabcellsep 55.13 25.00\tabcellsep 78.00 49.00\\ \multicolumn{2}{l}{Hindalco Industries Ltd. Oriental Bank Of Commerce}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 65.7486 41.3586\tabcellsep 53.74 33.52\tabcellsep 78.61 48.91\\ \multicolumn{2}{l}{Jain Irrigation Systems Ltd. Siemens Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 65.0507 41.0186\tabcellsep 27.73 25.00\tabcellsep 72.32 48.99\\ Finolex Cables Ltd. I D B I Bank Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 64.4823 40.0179\tabcellsep 60.16 23.50\tabcellsep 71.99 47.33\\ \multicolumn{2}{l}{Dr. Reddy'S Laboratories Ltd. Sanofi India Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 64.1429 39.6086\tabcellsep 55.61 39.60\tabcellsep 74.24 39.62\\ Raymond Ltd. Nestle India Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 62.8921 39.4350\tabcellsep 57.18 37.24\tabcellsep 71.58 48.77\\ \multicolumn{2}{l}{Gujarat State Fertilizers \& Chemicals Ltd. Bharat Petroleum Corpn. Ltd.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep 62.1557 38.2364\tabcellsep 62.15 33.79\tabcellsep 62.16 45.07\\ BalrampurChini Mills Ltd. Thermax Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 61.0550 37.9071\tabcellsep 52.92 36.47\tabcellsep 68.18 38.02\\ Arvind Ltd. Bajaj Electricals Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 60.8800 36.6571\tabcellsep 48.78 25.44\tabcellsep 84.59 51.72\\ Cipla Ltd. Shree Cement Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 60.6993 36.5000\tabcellsep 59.03 34.44\tabcellsep 63.11 43.54\end{longtable} \par \caption{\label{tab_1}}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.7089601769911504\textwidth}P{0.039491150442477876\textwidth}P{0.10154867256637168\textwidth}} \multicolumn{3}{l}{(97.04 percent). The companies with lowest percentage}\\ \multicolumn{3}{l}{of non-promoters holding are Mangalore Refinery \&}\\ \multicolumn{3}{l}{Petrochemicals Ltd. (14.85 percent), Steel Authority Of}\\ \multicolumn{3}{l}{India Ltd. (15.0014 percent). and Godrej Industries Ltd.}\\ \multicolumn{3}{l}{(19.7 percent).The frequency distribution is shown below}\\ \multicolumn{2}{l}{in Table 1.4.}\tabcellsep \\ Average Non Promoters Holding\tabcellsep Frequency\tabcellsep Percent\\ less than 10\%\tabcellsep 0\tabcellsep 0.00\%\\ 10 -20\%\tabcellsep 3\tabcellsep 3.00\%\\ 20 -30\%\tabcellsep 7\tabcellsep 7.00\%\\ 30 -40\%\tabcellsep 11\tabcellsep 11.00\%\\ 40 -50\%\tabcellsep 22\tabcellsep 22.00\%\\ more than 50\%\tabcellsep 57\tabcellsep 57.00\%\\ Total\tabcellsep 100\tabcellsep 100.00\%\end{longtable} \par \caption{\label{tab_2}}\end{figure} \begin{figure}[htbp] \noindent\textbf{15} \par \begin{longtable}{P{0.3669064748201439\textwidth}P{0.04892086330935252\textwidth}P{0.04892086330935252\textwidth}P{0.04892086330935252\textwidth}P{0.04892086330935252\textwidth}P{0.28741007194244605\textwidth}} \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 59\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Volume XVI Issue II Version I\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep E )\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep (\\ 60.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 50.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 40.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 30.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 20.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 10.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 0.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ less\tabcellsep 10 -\tabcellsep 20 -\tabcellsep 30 -\tabcellsep 40 -\tabcellsep more\\ than\tabcellsep 20\%\tabcellsep 30\%\tabcellsep 40\%\tabcellsep 50\%\tabcellsep than\\ 10\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 50\%\end{longtable} \par {\small\itshape [Note: © 2016 Global Journals Inc. (US)]} \caption{\label{tab_3}Table 1 . 5 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.42110091743119266\textwidth}P{0.08188073394495413\textwidth}P{0.3470183486238532\textwidth}} Average Non Promoters Institutional Holding\tabcellsep Frequency\tabcellsep Percent\\ less than 10\%\tabcellsep 4\tabcellsep 4.00\%\\ 10 -20\%\tabcellsep 23\tabcellsep 23.00\%\\ 20 -30\%\tabcellsep 35\tabcellsep 35.00\%\\ 30 -40\%\tabcellsep 29\tabcellsep 29.00\%\\ 40 -50\%\tabcellsep 8\tabcellsep 8.00\%\\ more than 50\%\tabcellsep 1\tabcellsep 1.00\%\\ Total\tabcellsep 100\tabcellsep 100.00\%\\ \tabcellsep \tabcellsep 61\\ \tabcellsep \tabcellsep Volume XVI Issue II Version I\\ \tabcellsep \tabcellsep E )\\ \tabcellsep \tabcellsep (\end{longtable} \par \caption{\label{tab_4}}\end{figure} \begin{figure}[htbp] \noindent\textbf{16} \par \begin{longtable}{P{0.09162337662337662\textwidth}P{0.37201298701298696\textwidth}P{0.01435064935064935\textwidth}P{0.00883116883116883\textwidth}P{0.00883116883116883\textwidth}P{0.14019480519480518\textwidth}P{0.00883116883116883\textwidth}P{0.11038961038961037\textwidth}P{0.09493506493506493\textwidth}} Year 2016\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 62\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Volume XVI Issue II Version I\tabcellsep 0.00\% 5.00\% 10.00\% 15.00\% 20.00\% 25.00\% 30.00\% 35.00\%\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ ( E )\tabcellsep \tabcellsep less\tabcellsep 10 -\tabcellsep 20 -\tabcellsep 30 -\tabcellsep 40 -\tabcellsep more\tabcellsep \\ Global Journal of Human Social Science\tabcellsep M R F Ltd. Federal Bank Ltd. Tata Elxsi Ltd. Larsen \& Toubro Ltd. Lakshmi Machine Works Ltd. Finolex Cables Ltd. Trent Ltd.\tabcellsep than 10\%\tabcellsep 20\%\tabcellsep 30\%\tabcellsep 58.0586 47.7364 47.1929 46.0314 45.2679 45.2238 44.8800 40\%\tabcellsep 50\%\tabcellsep 46.28 29.22 34.17 41.56 37.64 39.04 30.93 than 50\%\tabcellsep 60.75 73.14 61.78 55.91 53.98 48.75 72.84\\ \tabcellsep I F C I Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 44.3407\tabcellsep \tabcellsep 26.33\tabcellsep 57.60\\ \tabcellsep Atul Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 42.2721\tabcellsep \tabcellsep 32.49\tabcellsep 52.10\\ \tabcellsep Bajaj Holdings \&Invst. Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 41.7907\tabcellsep \tabcellsep 33.44\tabcellsep 51.75\\ \tabcellsep Great Eastern Shipping Co. Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 41.2700\tabcellsep \tabcellsep 29.40\tabcellsep 58.59\\ \tabcellsep N C C Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 38.2221\tabcellsep \tabcellsep 20.23\tabcellsep 61.48\\ \tabcellsep Bajaj Finance Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 36.1014\tabcellsep \tabcellsep 19.11\tabcellsep 53.68\\ \tabcellsep Arvind Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 35.4086\tabcellsep \tabcellsep 19.03\tabcellsep 62.48\\ \tabcellsep Escorts Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 34.9929\tabcellsep \tabcellsep 25.63\tabcellsep 48.97\\ \tabcellsep Kajaria Ceramics Ltd.\tabcellsep \tabcellsep \tabcellsep \tabcellsep 34.8071\tabcellsep \tabcellsep 18.44\tabcellsep 48.87\end{longtable} \par {\small\itshape [Note: s -]} \caption{\label{tab_5}Table 1 . 6 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{17} \par \begin{longtable}{P{0.46706004140786744\textwidth}P{0.1524016563146998\textwidth}P{0.10805383022774326\textwidth}P{0.1101656314699793\textwidth}P{0.012318840579710146\textwidth}} Century Textiles \&Inds. Ltd.\tabcellsep 34.5229\tabcellsep 30.31\tabcellsep 38.31\tabcellsep \\ Amara Raja Batteries Ltd.\tabcellsep 34.2221\tabcellsep 21.34\tabcellsep 46.30\tabcellsep \\ Tata Chemicals Ltd.\tabcellsep 33.9479\tabcellsep 24.02\tabcellsep 44.37\tabcellsep \\ A C C Ltd.\tabcellsep 32.3007\tabcellsep 16.84\tabcellsep 71.03\tabcellsep \\ Voltas Ltd.\tabcellsep 31.6436\tabcellsep 21.53\tabcellsep 51.43\tabcellsep \\ J K Lakshmi Cement Ltd.\tabcellsep 31.4550\tabcellsep 21.52\tabcellsep 39.98\tabcellsep \\ Bharat Forge Ltd.\tabcellsep 31.2321\tabcellsep 22.78\tabcellsep 38.33\tabcellsep \\ Cipla Ltd.\tabcellsep 31.1814\tabcellsep 27.35\tabcellsep 39.72\tabcellsep \\ Hindustan Construction Co. Ltd.\tabcellsep 30.5529\tabcellsep 18.72\tabcellsep 42.57\tabcellsep \\ Titan Company Ltd.\tabcellsep 30.3300\tabcellsep 22.84\tabcellsep 37.08\tabcellsep \\ Tata Steel Ltd.\tabcellsep 30.2879\tabcellsep 23.34\tabcellsep 40.97\tabcellsep \\ Max India Ltd.\tabcellsep 30.2821\tabcellsep 8.37\tabcellsep 47.47\tabcellsep \\ Rallis India Ltd.\tabcellsep 30.0393\tabcellsep 22.78\tabcellsep 42.60\tabcellsep \\ Raymond Ltd.\tabcellsep 29.6879\tabcellsep 23.17\tabcellsep 40.73\tabcellsep \\ Ramco Cements Ltd.\tabcellsep 29.4143\tabcellsep 20.80\tabcellsep 35.11\tabcellsep \\ H D F C Bank Ltd.\tabcellsep 29.3871\tabcellsep 16.40\tabcellsep 49.76\tabcellsep \\ Jain Irrigation Systems Ltd.\tabcellsep 29.3121\tabcellsep 11.37\tabcellsep 62.29\tabcellsep \\ Colgate-Palmolive (India) Ltd. Bhushan Steel Ltd.\tabcellsep 29.2500 28.9777\tabcellsep 22.05 23.03\tabcellsep 39.31 32.87\tabcellsep 63\\ Gujarat State Fertilizers \& Chemicals Ltd. Tata Global Beverages Ltd. BalrampurChini Mills Ltd. J S W Steel Ltd. E I D-Parry (India) Ltd. Reliance Capital Ltd. Hindalco Industries Ltd. Crisil Ltd. Grasim Industries Ltd. Aditya Birla Nuvo Ltd. Bata India Ltd. Satyam Computer Services Ltd. [Merged] Dr. Reddy'S Laboratories Ltd.\tabcellsep 28.7621 28.4807 28.1643 27.9286 27.9021 27.8529 27.3021 27.1771 26.7986 26.7021 26.5429 25.9562 25.4650\tabcellsep 22.99 20.86 20.10 17.37 21.41 14.43 13.82 13.78 20.04 12.89 16.85 10.58 14.38\tabcellsep 34.87 41.94 36.69 38.27 35.13 49.94 37.48 43.56 41.36 47.69 37.20 65.64 44.37\tabcellsep Volume XVI Issue II Version I\\ Piramal Enterprises Ltd.\tabcellsep 24.7393\tabcellsep 15.94\tabcellsep 34.50\tabcellsep E )\\ Glaxosmithkline Consumer Healthcare Ltd.\tabcellsep 24.4707\tabcellsep 15.05\tabcellsep 27.49\tabcellsep (\\ Shree Cement Ltd.\tabcellsep 24.2200\tabcellsep 20.30\tabcellsep 33.47\tabcellsep \\ Tata Power Co. Ltd.\tabcellsep 23.2671\tabcellsep 16.01\tabcellsep 33.51\tabcellsep \\ Ranbaxy Laboratories Ltd. [Merged]\tabcellsep 23.0486\tabcellsep 13.80\tabcellsep 33.58\tabcellsep \\ Infosys Ltd.\tabcellsep 22.9814\tabcellsep 12.20\tabcellsep 36.14\tabcellsep \\ Housing Development Finance Corpn. Ltd.\tabcellsep 22.9029\tabcellsep 12.33\tabcellsep 45.38\tabcellsep \\ Kotak Mahindra Bank Ltd.\tabcellsep 22.6564\tabcellsep 15.51\tabcellsep 53.21\tabcellsep \\ S K F India Ltd.\tabcellsep 22.6036\tabcellsep 13.93\tabcellsep 34.28\tabcellsep \\ Reliance Industries Ltd.\tabcellsep 22.4964\tabcellsep 17.71\tabcellsep 25.72\tabcellsep \\ Essar Oil Ltd.\tabcellsep 22.2707\tabcellsep 4.85\tabcellsep 74.62\tabcellsep \\ Mahindra \& Mahindra Ltd.\tabcellsep 21.9821\tabcellsep 14.55\tabcellsep 34.06\tabcellsep \\ Crompton Greaves Ltd.\tabcellsep 21.9707\tabcellsep 14.64\tabcellsep 35.46\tabcellsep \\ Tata Motors Ltd.\tabcellsep 21.9100\tabcellsep 7.53\tabcellsep 44.10\tabcellsep \\ Asian Paints Ltd.\tabcellsep 21.9043\tabcellsep 19.88\tabcellsep 24.70\tabcellsep \\ SesaSterlite Ltd.\tabcellsep 21.8857\tabcellsep 11.22\tabcellsep 34.74\tabcellsep \\ Britannia Industries Ltd.\tabcellsep 21.4193\tabcellsep 18.94\tabcellsep 24.63\tabcellsep \\ Procter \& Gamble Hygiene \& Health Care Ltd.\tabcellsep 21.1064\tabcellsep 14.77\tabcellsep 25.81\tabcellsep \\ C E S C Ltd.\tabcellsep 21.0957\tabcellsep 8.33\tabcellsep 43.80\tabcellsep \\ Bajaj Electricals Ltd.\tabcellsep 20.6879\tabcellsep 14.18\tabcellsep 30.79\tabcellsep \\ Reliance Infrastructure Ltd.\tabcellsep 20.5650\tabcellsep 9.07\tabcellsep 59.56\tabcellsep \\ L I C Housing Finance Ltd.\tabcellsep 20.3100\tabcellsep 12.25\tabcellsep 34.24\tabcellsep \\ Nestle India Ltd.\tabcellsep 20.0421\tabcellsep 18.23\tabcellsep 25.26\tabcellsep \\ Exide Industries Ltd.\tabcellsep 19.8736\tabcellsep 12.82\tabcellsep 22.84\tabcellsep \\ Lupin Ltd.\tabcellsep 19.4700\tabcellsep 9.02\tabcellsep 31.47\tabcellsep \\ Hindustan Unilever Ltd.\tabcellsep 19.4571\tabcellsep 14.53\tabcellsep 23.58\tabcellsep \\ Glaxosmithkline Pharmaceuticals Ltd.\tabcellsep 19.4336\tabcellsep 13.54\tabcellsep 25.07\tabcellsep \\ Siemens Ltd.\tabcellsep 19.2221\tabcellsep 12.01\tabcellsep 27.55\tabcellsep \end{longtable} \par \caption{\label{tab_6}Table 1 . 7 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.5037037037037037\textwidth}P{0.09894179894179893\textwidth}P{0.24735449735449733\textwidth}} Average Non Promoters Non Institutional Holding\tabcellsep Frequency\tabcellsep Percent\\ less than 10\%\tabcellsep 5\tabcellsep 5.00\%\\ 10 -20\%\tabcellsep 24\tabcellsep 24.00\%\\ 20 -30\%\tabcellsep 42\tabcellsep 42.00\%\\ 30 -40\%\tabcellsep 18\tabcellsep 18.00\%\\ 40 -50\%\tabcellsep 10\tabcellsep 10.00\%\\ more than 50\%\tabcellsep 1\tabcellsep 1.00\%\\ Total\tabcellsep 100\tabcellsep 100.00\%\end{longtable} \par \caption{\label{tab_7}}\end{figure} \begin{figure}[htbp] \noindent\textbf{18} \par \begin{longtable}{P{0.85\textwidth}} Year 2016\\ 64\\ E )\\ (\\ Global Journal of Human Social Science -\\ s\end{longtable} \par \caption{\label{tab_8}Table 1 . 8 :}\end{figure} \footnote{© 2016 Global Journals Inc. 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