भारतीय शेअर बाजार आणि परकीय गुंतवणूक यांचे परस्पर संबंध

Journal of Research and Development Peer Reviewed International, Open Access Journal. ISSN : 2230-9578 | Website: https://jrdrvb.org Volume-17, Issue-10 (III) October2025 164     󰲒    󰬎   󰱙 1, .   󰰣2 1.2 󰰗󰭅 - 󰬂   󰲛󰰩  󰲐󰫦 󰫵 ,  󰱳, ,  Email: [email protected] Manuscript ID: JRD -2025-171039 ISSN: 2230-9578 Volume 17 Issue 10 (III) Pp. 164-168 October 2025 Submitted: 22 Sept. 2025 Revised: 27 Sept. 2025 Accepted: 20 Oct. 2025 Published: 31 Oct. 2025  :      (󰲑󰱅 󰰘)  󰲒 󰲒󰫳  󰰩 (FPI/FII — 󰲒 󰫦 , FDI — 󰲒  ) 󰬎 . 󰬀 󰱮 ,  󰬾󰰗󰫺,  󰬎 (volatility), /󰫳 󰭈 󰲐    󰭈  󰲄  .  RBI/SEBI   󰫽 󰲐 󰱿󰲐 󰲐   󰫽  󰫼 󰬉 .     󰲒  (Foreign Investment - FDI  FPI)  󰬎 󰫦    (Research Paper)  󰭈   .  󰫳  󰲗󰫦  󰲒   󰫦󰱿󰬎    󰫵   .  󰬅 󰲒 󰲒   󰫦   (Liquidity),  (Volatility)  󰰘 (Index)   󰬅  . 󰭈󰱺  󰫦 󰲒, 󰲒 󰫦  (FPI)  󰭈  󰰘 (. 󰬁󰫮  󰬃) 󰫳 󰫽    . , 󰫽 󰲒 󰲒     󰬁󰫳   (Market Capitalization)  . , 󰲒 󰲒 󰬎 󰫽    ,   󰲗󰫦 󰰎  󰲐 󰫦  . 󰫯 󰬄 : 󰲒󰫦 (Keywords) ,  , FPI/FII, FDI, SEBI, RBI,  󰬎,  󰭈, 󰭈󰬎 :  󰲑󰱅    󰲗󰫦 󰭈   . 󰲒   —   󰲒  󰫦    (FPI/FII) —  󰬬  󰬬 ("hot money") 󰰎  󰫳 󰲕󰰎  󰬎  󰭈  .  , 󰲒    (FDI) 󰫦 󰫽󰫤     .  󰬁 󰭈  󰫳 󰭈  󰬁  󰫦 󰫳 󰰌 󰬎 󰰍󰫦 . RBI  S EBI   󰭈        󰫽  󰫳  󰫦   󰲑. 󰲒󰫳 , 󰫽 󰫳   (Capital Market) 󰲒 󰲒 󰭈 󰫦󰫤   . 󰫯  󰫦󰱿󰬎, 󰲒  (Foreign Investment)   (Capital)  ,  󰭃󰫥, 󰱿󰬎 󰬉  󰬎󰫦󰫽  . Quick Response Code: Website: https://jrdrvb.org/ DOI: Creative Commons (CC BY-NC-SA 4.0) This is an open access journal, and articles are distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Public License, which allows others to remix, tweak, and build upon the work noncommercially, as long as appropriate credit is given and the new creations ae licensed under the idential terms. Address for correspondence:  󰱙  , 󰰗󰭅 - 󰬂   󰲛󰰩  󰲐󰫦 󰫵 ,  󰱳, ,  How to cite this article:  󰱙  ,.   󰰣 . ( 2025).     󰲒   󰬎 , Journal of Research & Development, 17 (10 (IIl), 164 – 168. Original Article Journal of Research and Development Peer Reviewed International, Open Access Journal. ISSN : 2230-9578 | Website: https://jrdrvb.org Volume-17, Issue-10 (III) October2025 165    󰲒  󰭈󰫯 󰲒 󰫦  (Foreign Portfolio Investment - FPI)  󰲒   (Foreign Direct Investment - FDI)   󰰩 .  󰫯 󰱯 󰲒 󰲒󰫳     󰫳 󰭈 󰰘󰫳 (Sensex  Nifty) 󰰎   󰲑 󰭈 󰲐 ,   .   (Indian Stock Market)  󰫽    󰫦󰱿󰬎  . 󰬁     󰬁  󰰌 󰫦 󰫼  ,  󰫽 󰫯 󰫦 .     -       󰰩󰰁   .  󰬆 󰬎 󰫮󰰗 (BSE)  󰬎    󰫦  󰬎 󰫮󰰗. 󰰈 '󰲐󰬋   󰬎 󰭊󰫦 ' (Native Share and Stock Brokers' Association) 󰬆   .  󰲗󰫦 󰫦  󰫳  󰲐󰲐󰫽 󰰉 󰬉 󰫳   󰰈 .  󰫮󰲐 󰬁󰬾󰫮󰫸 (󰫰) 󰁰󰫮  󰱳     󰲐 󰬎󰰉 󰲑. 󰬁󰫮 (Sensex)  󰰈 BSE   󰭈 󰰘 (Index) '󰬁󰫮' (Sensex - Sensitive Index) 󰰉 .   (SEBI)  󰬎  󰭈    (Securities and Exchange Board of India)  󰬎 .    (Capital Market) ,    󰫤    󰫯  .   󰬎 󰫮󰰗 (NSE)  󰬎 |     󰫦  󰬎󰫦 󰫼  󰬎 .  NSE  󰫮󰬾 󰬾󰲓 󰰈 NSE  󰫽, 󰫦 󰬎 󰬎󰬴󰲒-󰲐 󰬾󰲓 (Electronic Trading) 󰭈 󰰉 .   󰱿    󰫦 .  󰬃 (Nifty)  󰰈 NSE   󰭈 󰰘 '󰬃 ' (Nifty 50) 󰰉 .   󰬃󰫦  󰬂󰬁 (F&O)   󰲐󰬋󰲐󰬋 󰰘 (Futures & Options) 󰰈 , 󰫵     󰱿󰬎 (Risk Management)  󰫦  . 󰫦 󰬎: ,    (BSE)   󰬎 󰫮󰰗 (NSE)      󰭈  ,  󰫦 󰫮󰬾 󰱮 .    󰫦    -󰬴󰲒  ,  󰫽 󰫦 󰫦󰱿󰬎 󰰍󰫦 . . 󰬁   (Capital Mobilization for Companies)  : 󰬁  󰱿 󰫼,  󰭈󰬉 󰰉 󰫼 󰲕 󰫦 󰫼 󰬋   , 󰬋 󰫽 IPO (Initial Public Offering) 󰱨  󰫦  󰬴󰲒 .  󰬁 󰫦 󰲐  . .  󰲌 (Source of Liquidity)  󰭈 :    󰫽   󰫦  󰫼  .  󰫦󰬀  (Liquidity) 󰲐 . 󰬆,   󰬉 󰰌 󰰉   (Cash) 󰰉 . . 󰲕 󰲀 (Price Discovery)  󰬉:  (Demand)   (Supply) 󰫳 󰬎󰲑󰬴  󰫦 󰲕 󰲀 .  󰲑 󰬁 󰬀 󰬉  󰬍  󰫤 󰫦. Journal of Research and Development Peer Reviewed International, Open Access Journal. ISSN : 2230-9578 | Website: https://jrdrvb.org Volume-17, Issue-10 (III) October2025 166 .  󰫤 (Investor Protection) 󰫤 󰱿:  (SEBI)   󰬎  󰫤 .   ,  󰬾󰲓 (Insider Trading)  󰱿  󰫳  󰫤    󰫯 󰫦 . . 󰲗󰫦    (Economic Growth and Savings)  :   󰬁  󰫽󰫳  (Savings) 󰲒 (Investment) 󰰉 󰫼  .   󰰌 󰫦    󰬁  󰬉 󰫳  󰲗󰫦   . 󰲗󰫦 :    󰫳 󰫦󰱿󰬎   .  - (Uptrends & Downtrends) 󰫳  󰲗󰫦 󰫰  .  󰲑󰱯󰲆 : 1. 󰲒     󰬎  FPI/FII  FDI 󰭈    󰰘 (Sensex, Nifty)  󰫤󰭃   󰲐   󰬅. 2. 󰬎 󰲄 (Volatility Analysis) 󰲒 󰭈 (inflow/outflow)  󰲕    󰬎 (volatil ity) 󰲑 󰭈   . 3.   󰱿 󰲐   INR-USD , RBI , 󰱿   󰲒 󰭈   . 4.   󰫽  󰬉 SEBI  RBI 󰫳  󰲒    󰬎󰫦   󰲐   . 5.   󰲒  󰫽 󰬅 Domestic Institutional Investors (DII)  Foreign Portfolio Investors (FPI) 󰫳   󰰉  󰬎󰫦 . 6. 󰫦  󰬉 󰲐   󰬉 “ ”  󰫦 󰬎 FDI  󰭈 󰬎󰭃  . 7. 󰫽  (Policy Implications)   󰲒   󰲗󰫦    󰬎󰫦 󰫼 󰫽      . 󰫽 󰫤: 1. FIIs/FPI 󰭈     󰬎   󰬀 (GARCH, VAR, 󰲐 󰲄) 󰰍󰫦    —  󰬅 FPI 󰭈  󰬎       󰰎    (.  󰲑󰱅  󰬎  ). 2. 󰲇 󰫳  (global risk-off/on episodes)  󰫤  󰲒 󰭈 󰭈    󰲑󰱅   󰫽 󰲐  — IMF   󰬅  󰫦. 3. 2024–2025 󰫳  FPI 󰬀  󰱿󰬎󰬀    (. FPI → FDI 󰰏 RBI/SEBI  󰭉󰫦), 󰫵 󰬎󰫽   󰭈  . 󰲎   󰲐 󰲑 . 󰬉󰫽  (Theoretical framework)  󰬃 :  󰬉 󰫦󰱿󰬎 󰲒 󰫦 󰭈  󰲕󰰎󰬀 󰫤 󰫽󰱷 (ex pec ted returns)  -󰫤  󰫽 󰭈 .       󰭈 : 󰱚 󰭈  󰬴󰲒/ (FX)  RBI 󰬎󰫤   󰫽    ;       󰲐 .    : SEBI  RBI 󰫳 󰱷   󰭈 󰬎󰰉  (, 󰲐󰱇 , KYC/ )  󰫽-  󰬎 -󰬎 .  󰱮 Journal of Research and Development Peer Reviewed International, Open Access Journal. ISSN : 2230-9578 | Website: https://jrdrvb.org Volume-17, Issue-10 (III) October2025 167  󰲌: NSE/BSE  󰫮 (NIFTY50, SENSEX), FPI inflows/outflows (RBI/NS DL/PwC 󰲐󰫦),     , /󰲗󰫦  bulletin.  (Suggested): 󰲑 10–15 󰰘 (. 2010–2024 / 2015–2025)  󰰉   (global crises) 󰲆  . 󰲐 󰬾 󰬀: GARCH/EGARCH 󰬉 (volatility dynamics), VAR/Structural VAR ( 󰬃  󰬃 /󰰈 󰫳 󰬎 󰲐), Granger causal ity 󰫼, impulse -response functions. 󰬋󰬁/󰰗󰲐 󰫼: Structural breaks (eg. COVID-19 2020, RBI policy changes Nov 2024) 󰫼 Bai-Perron / Chow tests. 󰫦 :(Discussion) 1. 󰫤 󰱮:   󰲑󰱅 󰫳 󰬁 RBI  -󰬎󰫤 (FX intervention)  󰬎 󰫺   — RBI  2025 󰬀  󰬁 󰬎    󰬴󰲒 󰬎󰫤   󰫵  󰬎 󰫼 󰭈󰱡 󰲑. 2.  󰱨 (Policy trade-offs):   — 󰱇 󰲒 󰭈 󰭈󰫽    󰬎󰫳  󰫤󰫽  (circuit breakers, limits)  —   󰫦 . 3.  󰫦  󰭃 : FPI 󰭈 - 󰫽  ; 󰲎  󰱿󰫳   (real-time)  󰫳 󰬋󰫦󰬁  󰬌 . 󰲒 󰲒󰫳  󰬂 .  󰫳  󰰈:   󰭈 (Liberalization and Entry) *  (Liberalization):  󰬀  󰲗󰫦   󰬎, 󰫵 󰲒 󰲒 󰫦  . * FII  󰭈 (Entry of FIIs):  󰬀,  󰲒 󰬎  (Foreign Institutional Investors - FIIs)     󰫼  󰲑.  󰲒        . * 󰰈 󰱯: FIIs   󰫼 󰱯   (Capital Inflow) ,   󰫦󰫤    󰬁  󰬎 󰰌 (Global Funding)    . .   :   󰬎 (Growth and Volatility) * 󰲒  :  󰫳 󰫳 󰰌󰫦   󰫳 󰰩 FIIs     󰫽 .  󰫦󰱿󰬎󰫳   󰬉 󰬃󰫳 󰰎 (Better Returns)  󰲒    󰲐 (Favoured Destination) . 󰬋 : 1.  󰬄  󰰌 󰲒 󰭈 󰲑      (disaggregated) 󰲕 paywalled ; sectoral breakdown  . 2.   󰭈 󰲒 󰭈     ; 󰲐 󰱿,  󰲗󰫦  , geopolitical    󰬍󰫦 󰰣  . 3. 󰱍 󰬎  󰫽     (. US Fed ,  󰱮,  󰲕)  inflow/outflow  , 󰫽  󰫦 󰬍󰫦   . 4.    SEBI  RBI   , 󰫽 time-series continuity .  : Journal of Research and Development Peer Reviewed International, Open Access Journal. ISSN : 2230-9578 | Website: https://jrdrvb.org Volume-17, Issue-10 (III) October2025 168 1. FPI 󰱿󰬎  󰭈 󰬎: SEBI  RBI 󰭃 󰫦󰫦 󰭈 — . 󰬎󰲐 󰫮/󰫽- 󰲐    󰬾󰬁󰰗  󰭈-󰲓󰬆 󰭃 —  . 2. FPI→FDI   󰫦: RBI 󰫳 reclassification 󰭉󰫦 󰫦    ;  󰫦 󰱿 󰫼  󰲐󰲜󰰩 󰬌. 3.  󰬎󰫽  : DIIs 󰫳    󰭐 - .  󰰗 , 󰬁󰬁     󰬀  . 4.   󰱮 : 󰬀  󰫦  󰬎󰫤  ; 󰬌 󰫦󰫽  󰬂 (capital flow management measures) . 󰬍󰫦 (Conclusion)     󰲒    󰬎     󰰀 . FPI 󰭈   󰫽  ,   FDI 󰫦 󰫽   .    ( . FPI→FDI  󰭉󰫦)  󰰗󰭅 󰬎󰫤 (RBI)        󰲗󰫦 󰫤   󰫼  . 󰫽   󰬎 󰬎󰫽    󰬉  󰬌 󰬎    . 󰫦 : 1. PwC India — Foreign portfolio investors - Destination India (report). 2. RBI — Notifications / operational framework (FPI/FDI)   . 3. EY — FPI trends: Financial Services Newsletter, Aug 2025. 4. Reuters — Market coverage (September 2025) — foreign outflows & market reaction. 5. SSRN /    — FII-driven volatility analysis (GARCH/VAR studies). 6. Agrawal, S. and Khan, M. I. (2011). The Relationship between Foreign Direct Investment (FDI) and Stock Market in India. 7. Kumar, S. and Devi, S. (2012). Impact of FIIs on Indian Stock Market. 8. SEBI Monthly/Quarterly Bulletin. 9. RBI Handbook of Statistics.