The study's main goal is to determine whether overconfidence has an influence on investors' investment decisions and whether risk perception and religion have a moderating effect on this connection. Through the use of a well-structured questionnaire, data is gathered. The sample size is 156 and systematic sampling is performed. According to statistical findings, overconfidence has a substantial influence on investors' investing choices. However, there is no empirical proof that religiosity and risk perception have a moderating effect on the model's moderating component. Thus, the study shows that overconfidence has an impact on investors' investment decisions, but that religiosity and risk perception have no moderating effects. The analysis is helpful for brokers, investors who are deciding whether to purchase or sell stocks, as well as for business owners. In addition, this study is unique and of higher significance since risk aversion and religion have never been associated with one another in the Indian stock market. The current research is helpful for academics who wish to investigate the influence in more detail in a different setting with different factors.