International Journal For Multidisciplinary Research

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Examining the rising awareness of Ethical Investment practices among Individual Investors in India: A Review

Author(s) Ms. Sumbul Javed, Ms. Vipasha Verma, Mr. Yatharth Kumar, Ms. Saman Ashrafi
Country India
Abstract Purpose: This study examines the increasing awareness and behavioural factors influencing ethical and socially responsible investment (SRI) among Indian individual investors. It examines how institutional factors and personal values together shape the investment preferences in an emerging economy.
Methodology: This study employs a descriptive and exploratory scoping review technique. A comprehensive review of literature from 2014 to 2024 was conducted to identify the main causes, mediators, and barriers to the adoption of SRI in India.
Findings: The review reveals that moral standards and policy support, such as the SEBI BRSR, act as influencing initial drivers, but a huge gap in investor awareness makes it hard for these factors to lead to adoption. The result shows that awareness mediates the relationship between regulatory policies and behavioural intention, a relationship that is currently underutilized in the Indian market.
Practical implications: This study suggests that regulators need to shift their focus from corporate transparency to retail-oriented “awareness connectivity”, such as simplified ESG ratings, to bridge the gap between policy regulation and adoption.
Originality: The main contribution of this study is the creation of a novel conceptual framework that builds on the TRA (theory of reasoned actions). Unlike previous research, this model incorporates unique institutional factors (Sharia compliance, ESG standards) with psychological mediators, providing a localised, testable framework for forecasting retail investor behaviour in India.
Keywords Ethical Investment, Individual investors, behavioural finance, ESG, SRI
Field Sociology > Banking / Finance
Published In Volume 7, Issue 6, November-December 2025
Published On 2025-12-21
DOI https://doi.org/10.36948/ijfmr.2025.v07i06.64110
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