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LITERATURE REVIEW

This project has been made after a detailed study. A lot of information has been gathered from

various sources. The sources can be classified as primary sources and secondary sources.

Primary sources are the respondents from whom the information has been taken. Secondary

sources are the other references that have been used to complete this project.

Completing a task is never a one man effort. The purpose of this project is not new , there has

been similar studies on reliability of stock broker, customer satisfaction and more, some of

them are.

1) Should You Bet on Your Broker's Advice? A Study of Analyst Recommendations in India.

Author - Rajesh Chakrabarti Indian School of Business

Published in - Money and Finance

A brief

Equity shares research serve an important function by bringing information about companies

to the stock market. Equity analysis and reporting by brokerage firms has increased

considerably in recent years in India. We examine over 2000 analyst recommendations to

study the predictive value and market impact of stock analyst forecasts in India. We find that

analysts tend to be optimistic in their predictions, recommending buys considerably more

often than sells. Their recommendations do have investment value at least in the near term.

Clear buy recommendations appear to be the most valuable. The recommendations also seem

to have some impact on stock price.

2) Broker-client contact and client satisfaction: Are client attitudes towards brokers bullish

and bearish with the stock market?

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Authors - Marcelline Fusilier and Mark Schaub

Published in - journal of Financial Services Marketing

A brief

The tremendous change in financial services industry requires an intimate understanding of

clients in order for brokerage firms to increase and maintain a client base. This study uses a

questionnaire in order to determine what clients felt were brokers' strengths and weaknesses in

attaining client satisfaction. The results of the survey indicate that clients' perceptions of

brokers' honesty, aptitude, knowledge and service to its customers are main determinants of

client satisfaction. The overall responses during the bull market and the bear market show

little change in client attitudes towards brokers.

Therefore my research is somewhat an extension to these studies which is more specific to

find which stock broker is the better service provider. In my study there is a questionnaire

which will help me to find out the strengths and weaknesses of brokers. Which will conclude

which brokers has better equity research so that investor can rely upon them and which broker

is ale to retain and satisfy its customer.

CHAPTER 1

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INDUSTRY PROFILE

• Background of stock exchange in India

• Meaning of Share Market

• Stock Market

- Function

- Types of Stock Exchanges (NSE, BSE)

1.1 BACKGROUND OF STOCK EXCHANGE IN INDIA

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The emergence of stock market can be traced back to 1830. In Bombay, business passed in the

shares of banks like the commercial bank, the chartered mercantile bank, the chartered bank,

the oriental bank and the old bank of Bombay and shares of cotton presses. In Calcutta,

Englishman reported the quotations of 4%, 5%, and 6% loans of East India Company as well

as the shares of the bank of Bengal in 1836. This list was a further broadened in 1839 when

the Calcutta newspaper printed the quotations of banks like union bank and Agra bank. It also

quoted the prices of business ventures like the Bengal bonded warehouse, the Docking

Company and the storm tug company.

The end of American Civil war brought disillusionment and many failures and the brokers

decreased in number and prosperity. It was in those troublesome times between 1868 and

1875 that brokers organized an informal association and finally as recited in the Indenture

constituting the “Articles of Association of the Exchange”. On or about 9th day of July,1875, a

few native brokers doing brokerage business in shares and stocks resolved upon forming in

Bombay an association for protecting the character, status and interest of native share and

stock brokers and providing a hall or building for the use of the members of such association.

As a meeting held in the broker’ Hall on the 5th day of February, 1887, it was resolved to

execute a formal deal of association and to constitute the first managing committee and to

appoint the first trustees. Accordingly, the Articles of Association of the Exchange and the

Stock Exchange was formally established in Bombay on 3rd day of December, 1887. The

Association is now known as “The Stock Exchange”.

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The entrance fee for new member was Re.1 and there were 318 members on the list, when the

exchange was constituted. The numbers of members increased to 333 in 1896, 362 in 1916and

478 in 1920 and the entrance fee was raised to Rs.5 in 1877, Rs.1000 in 1896, Rs.2500 in

1916 and Rs. 48,000 in 1920. At present there are 23 recognized stock exchanges with about

6000 stock brokers. Organization structure of stock exchange varies.

14 stock exchanges are organized as public limited companies, 6 as companies limited by

guarantee and 3 are non-profit voluntary organization. Of the total of 23, only 9 stock

exchanges have been permanent recognition. Others have to seek recognition on annual basis.

These exchange do not work of its own, rather, these are run by some persons and with the

help of some persons and institution. All these are down as functionaries on stock exchange.

These are

1. Stockbrokers

2. sub-broker

3. market makers

4. Portfolio consultants etc.

1) Stockbrokers

Stock brokers are the members of stock exchanges. These are the persons who buy,

sell or deal in securities. A certificate of registration from SEBI is mandatory to act as a

broker. SEBI can impose certain conditions while granting the certificate of registrations. It is

Obligatory for the person to abide by the rules, regulations and the buy-law. Stock brokers are

commission broker, floor broker, arbitrageur etc.

Detail of registered brokers

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Total no. of registered brokers as Total no. of sub-brokers as on

on 31.03.2008 31.03.2008
9000 24,000

2.) Sub-broker

A sub-broker acts as agent of stock broker. He is not a member of a stock exchange. He assists

the investors in buying, selling or dealing in securities through stockbroker. The broker and

sub-broker should enter into an agreement in which obligations of both should be specified.

Sub-broker must be registered SEBI for a dealing in securities. For getting registered with

SEBI, he must fulfill certain rules and regulation.

3.) Market Makers

Market maker is a designated specialist in the specified securities. They make both bid and

offer at the same time. A market maker has to abide by bye-laws, rules regulations of the

concerned stock exchange. He is exempt from the margin requirements. As per the listing

requirements, a company where the paid-up capital is Rs. 3 crore but not more than Rs. 5

crore and having a commercial operation for less than 2 years should appoint a market maker

at the time of issue of securities.

4.) Portfolio consultants

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A combination of securities such as stocks, bonds and money market instruments is

collectively called as portfolio. Whereas the portfolio consultants are the persons, firms or

companies who advise, direct or undertake the management or administration of securities or

funds on behalf of their clients.

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1.2 Meaning of Share Market

A share market is a market for the trading of publicly held company share and associated

financial instruments including stock options, convertibles and stock index futures.

Conventionally, stock markets were open-protest where trading took place on the floor of a

stock exchange. Most modern stock trading is done in electronic exchanges where buying and

selling occurs through online real time matching of orders placed by buyers and sellers.

In early times, buyers and sellers were individual investors and businessmen. Markets have

become more institutionalized, now buyers and sellers are largely institutions for e.g., pension

funds, insurance companies, mutual funds, investor groups, and banks. The rise of the

institutional investor has brought with it an increase of professional meticulousness that has

tended to regulate the market.

Securities

Securities are types of transferable interests representing financial value. Conventionally

securities have been classified between debt and equity securities. It is also categorized

between bearer and registered securities. They comprise of shares of corporate stock or mutual

funds, bonds issued by corporations or government agencies, stock options or other options,

other derivative securities, limited partnership units, and various other formal investment

tools. Through banknotes, checks and some bills of exchange do not fall into this type.

Commodities like oil, food grains can also be called securities. One can buy or sell a variety of

quantities of such commodity securities in various commodity exchanges.

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Concept of Security

Initially the term securities were used to signify security interests like mortgages and charges

supporting the payment of a debt or other commitments. In early modern Europe, companies

and government agencies began to raise capital from the public using secured debt

obligations, which came to be known as “Securities”. As shares became more readily

transferable from the Victorian era, their functional similarity to debt securities became

clearer, and both forms of investment became known as “Securities”. More recently, the term

has also been extended to include units in investment funds and other forms of readily

transferable investment.

Stock Market

The Stock Market is a place for trading of company shares, stocks and stock index futures.

Investing your money in stock market trading requires certain knowledge of stock market

basics and value investing. Now stock market trading is possible by investing online and

developing your portfolio through investments in good companies. Price movements of stocks

are available on various stock market indices. Share trading could be either buying or selling

of shares and stocks.

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How does a Stock Market Function?

Stock Market functions either through share trading on the stock exchange floor or

electronically. You instruct your stock broker to purchase or sell shares of particular company.

He then informs floor clerk of stock exchange, who finds a suitable buyer. After completing

deal, stock broker gets back to you with final price of your investments. Mutual funds and

other institutional investors prefer electronic exchange for stock buying and selling. Such

online investing enables closer contact with share trading although you need services of stock

broker, who offers valuable investing advice and investment tips.

Is Stock Investing Risky?

As with any other investment instrument, investments in stocks are also fraught with risks and

benefits. Benefits come in two forms – dividend from the company and better utilization of

stock price, if you decide to sell it. These two usually go hand in hand. A high dividend

paying company ‘usually’ commands higher stock prices. Risks also knock the door in two

forms – you may not get dividend, and you may not be able to sell your stocks at a higher

price than purchase price. Compare this with a government bond where your risk is almost

zero, but then expected returns will be very low.

You need a broker to invest your money in stocks. If you feel that you don’t possess enough

knowledge of this industry, its better to appoint a full service broker. He is the one to offer

you his advice on how much and where to invest. If you are very comfortable with the stock

market, opt for a discount broker, and have your money invested through him.

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Different Techniques of Stock Investing

Stock investing could be either through Technical or Fundamental Analysis. Investment plans

through technical analysis uses various mathematical charts to predict the future price

movements of stocks in the market. It does not consider working of company or total

economic setup. Fundamental analysis studies total working of companies through balance

sheets, management, and growth rates. These indicate growth of company in future and hence

point to rise or fall of stock prices.

1.3 Two major stock exchanges that operating in India are

• National stock exchange
• Bombay Stock exchange

National Stock Exchange (NSE)

The National Stock Exchange of India (NSE) is one of the largest and most advanced stock

markets in India. It is the world’s Fourth largest stock exchange in terms of transactions and

First largest in terms of stock broking options. It is located in Mumbai, the financial capital of

India.

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Origins:

It was promoted by leading Financial Institutions at the behest of the Govt. of India and was

incorporated in Nov. 1992 as a tax-paying company. In April 1993, it got the recognition as a

Stock Exchange. NSE commenced operations in the Wholesale Debt Market (WDM) segment

in June 1994. The Capital Markets (Equities) segment commenced operations in Nov. 1994

and operations in Derivatives segment commenced in June 2000.

Innovations:

NSE has remained in the forefront of modernization of India’s capital and financial markets,

and its pioneering efforts include:

Co-promoting and setting up of National Securities Depository Ltd, first depository in India.

NSE pioneered commencement of Internet Trading in Feb.2000, which led to the wide

popularization of the NSE in the broker community.

Markets:

Currently, NSE has the following major segments of the capital markets:

• Equity

• Futures and Options

• Retail Debt Market

• Wholesale Debt Market

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Bombay Stock Exchange (BSE)

The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai, established in 1875.

BSE is the oldest Stock Exchange in Asia. There are around 3500 companies in the country

which are listed and have a significant trading volume. As on January 2005, the market

capitalization of the BSE is about Rs.13 trillion. The ‘Sensex’ is a widely used market index

for the BSE. As of 2005, it is among the 5 biggest stock exchanges in the world in terms of

transactions.

History

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An informal group of stock brokers have been trading under a banyan tree opposite to the

Town Hall of Bombay from mid 1850s. This banyan tree still stands in Horniman Circle Park,

Mumbai. This informal group of stock brokers has organized themselves as “The Native Share

and Stockbrokers Association” which, in 1875, was formally organized as the Bombay Stock

Exchange (BSE). BSE is the oldest stock exchange in Asia, the second being the Tokyo Stock

Exchange established in 1878.

Premchand Roychand was a leading stockbroker of that time, and he assisted in setting

out traditions, conventions, and producers for the trading of stocks at Bombay Stock Exchange

and they are still being followed.

BSE Sensex

The BSE Sensex is a value-weighted index composed of 30 companies, with the base April,

1979 = 100. The set of companies in the index is essentially fixed.

CHAPTER 2

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COMPANY PROFILE

Religare Securities Limited

• Origin of the company

• Vision and Mission
• An overview of the company

2.1 ORIGIN OF THE ORGANIZATION

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The promoter of the company was Late Dr. Parvinder Singh, father of Mr. Malvinder Mohan

Singh and Mr. Shivinder Mohan Singh. At the time of his death on July 3, 1999, Dr. Parvinder

Singh was the Chairman and Managing Director of Ranbaxy Laboratories Limited & and

together with members of his family and entities under control of his family held the

controlling Equity stakes in the Company. The Promoters together with entities owned,

controlled or managed by them/ their families hold the controlling Equity stakes in the

Company. The Company was incorporated on March 23, 1994 with the objects of offering

various corporate/ wholesale financial products in the growing market for financial services. It

obtained the Certificate of Commencement of Business from the Registrar of Companies,

NCT of Delhi Haryana on April 19, 1994.

Religare is one of India’s largest and fastest growing Integrated financial services institutions.

The company offers a large and diverse bouquet of services ranging from equities,

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commodities, insurance broking, to wealth advisory, portfolio management services, personal

finance services, Investment banking and institutional broking services. The services are

broadly clubbed across three key business verticals- Retail, Wealth management and the

Institutional spectrum. Religare Enterprises Limited is the holding company for all its

businesses, structured and being operated through various subsidiaries.

Religare’s retail network spreads across the length and breadth of the country with its

presence through more than 900 locations across more than 300 cities and towns. Having

spread itself fairly well across the country and with the promise of not resting on its laurels, it

has also aggressively started eyeing global geographies.

Religare is driven by ethical and dynamic process for wealth creation. Based on this,

the company started its endeavor in the financial market. Religare Enterprises Limited

through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited

and Religare Insurance Broking Limited provides integrated financial solutions to its

corporate, retail and wealth management clients. Today, we provide various financial services

which include Investment Banking, Corporate Finance, Portfolio Management Services,

Equity & Commodity Broking, Insurance and Mutual Funds. Plus, there’s a lot more to come

your way.

Religare is proud of being a truly professional financial service provider managed by a

highly skilled team, who have proven track record in their respective domains. Religare

operations are managed by more than 3000 highly skilled professionals who subscribe to

Religare philosophy and are spread across its country wide branches.

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Unlike a traditional broking firm, Religare group works on the philosophy of

partnering for wealth creation. We not only execute trades for our clients but also provide

them critical and timely investment advice. The growing list of financial institutions with

which Religare is empanelled as an approved broker is a reflection of the high level service

standard maintained by the company.

2.2 VISION AND MISSION

Vision

To be India's first Multinational providing complete financial services solution across the

globe.

Mission

Providing integrated financial care driven by the relationship of trust and confidence Religare

team is led by a very eminent Board of Directors who provide policy guidance and

work under the active leadership of its CEO & Managing Director and support of

its Central Guidance Team Board of Directors. Our services, until your

investments start showing provid.

Following is the list of Directors of Religare Securities Limited

• Chairman Mr. Harpal Singh

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• Managing Director Mr. Sunil Godhwani

• Director Mr. Vinay Kumar Kaul

• Director Mr. Malvinder Mohan Singh

• Director Mr. Shivinder Mohan Singh

RELIGARE BRAND IDENTITY

Name

Religare is a Latin word that translates as 'to bind together'. This name Religare was chosen to

reflect the integrated nature of the financial services the company offers. The name is intended

to unite and bring together the phenomenon of money and wealth to co-exist and serve the

interest of individuals and institutions, alike.

Symbol

The name is paired with the symbol of a four-leaf clover, a rare mutation of the common

three-leaf clover. Traditionally, it is considered good fortune to find a four leaf clover as there

is only one four-leaf clover for every 10,000 three-leaf clovers found.

Each leaf of the four-leaf clover has a special meaning in the sphere of Religare.

The first leaf of the clover represents Hope - The aspirations to succeed. The dream of

becoming. Of new possibilities. It is the beginning of every step and the foundation on

which a person reaches for the stars.

The second leaf of the clover represents Trust - The ability to place one’s own faith in another.

To have a relationship as partners in a team. To accomplish a given goal with the balance that

brings satisfaction to all, not in the binding, but in the bond that is built.

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The third leaf of the clover represents Care - The secret ingredient that is the cement in every

relationship. The truth of feeling that underlines sincerity and the triumph of diligence in

every aspect. From it springs true warmth of service and the ability to adapt to evolving

environments with consideration to all.

The fourth and final leaf of the clover represents Good Fortune. Signifying that rare ability to

meld opportunity and planning with circumstance to generate those often looked for

remunerative moments of success.

Hope, Trust, Care, Good Fortune. All elements perfectly combine in the emblematic and rare,

four-leaf clover to visually symbolize the values that bind together and form the core of the

Religare vision.

2.3 RELIGARE SECURITIES LIMITED

Religare Securities Limited (RSL) is a leading equity and securities firm in India founded in

2006. The company currently handles almost 4-5% of the total volumes traded on NSE and in

the realm of online trading and investments it currently holds a share of close to 8% of the

market, as per some recent published reports. The major activities and offerings of the

company today are Equity broking, Depository participant services, Portfolio

Management Services, Institutional Brokerage & Research. To broaden the gamut of

services offered to its investors, the company has also recently unveiled a new avatar of its

online investment portal armed with a host of revolutionary features

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RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of

India, Depository Participant with National Securities Depository Limited and Central

Depository Services (I) Limited, and SEBI approved Portfolio Manager

Religare has been constantly innovating in terms of product and services and to offer such

incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate

Servicing groups. These groups take all the portfolio investment decisions depending upon a

client’s risk / return parameter. Religare has a very credible research and analysis division,

which not only caters to the need of our institutional clientele but also gives their valuable

inputs to investment dealers.

Religare is also giving in house depository services to its clientele and is one of the leading

depository service providers in the country. In a span of less than five years of its retail

operations, RSL has recorded a healthy growth rate both in business volumes and profitability

which is clearly significant from the growth of its foot prints across India.

RELIGARE COMMODITIES LIMITED

RCL is a member of NCDEX and MCX and provides platform for trading in commodities,

which is an online facility also. RCL provides platform to both agro and non-agro commodity

traders to derive the actual price of the commodity and also to trade and hedge actively in the

growing commodity trading market in India.

With these realizations, Religare Commodities is coming up with its branches at mandi

locations. It is a flagship effort from our team which would be helpful in facilitating trade and

speculating price of commodities in future.

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MERGERS AND ACQUISITIONS

Religare is on the fast and ambitious growth trajectory with some interesting plans in the

pipeline. 1) Religare AEGON Life Insurance - Life Insurance Company, a Joint Venture with

Aegon, Religare Aegon AMC - Asset Management Company, a Joint Venture with Aegon

.Religare Finance - Personal Loans / Credit Cards / Loan against Property / Mortgage &

ReverseMortgage.

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CHAPTER 3
MARKETING MIX
7 P’S
Group Services
 Equities and Derivatives

Trading in equities at Religare has been customized to one’s investment need. A highly

process driven, diligent approach backed by powerful Research & Analytics and state of the

art dealing rooms ensures superlative experience. Further, Religare also has one of the largest

retail networks, with its presence in more than 900 locations across more than 320 towns &

cities. Religare provides branch trading and each and every client is assisted by its highly

skilled and dedicated relationships managers. It also provides the freedom of trading at clients

place by online trading.

 Depository Services

Religare is among the few major Depository Participants holding securities worth more than

Rs.6000 crore under its management. RSL (Religare Securities Limited) provides depository

services to investors as a Depository Participant with NSDL and CDSL.

The Depository system in India links issuers, depository participants, depositories National

Securities Depository Limited (NSDL) and Central Depository Services (India) Limited

(CDSL) and clearing house / clearing corporation of stock exchanges. These facilitate holding

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of securities in dematerialized form and securities transactions are processed by means of

account transfers.

 Portfolio Management System

Portfolio Management Service is a magnum opus banquet laid by Religare to address the

varying investment preferences. A focused service, PMS pays attention to details, and

portfolios are customized to suit the unique requirements of investors Religare PMS currently

operates four portfolio management schemes,

 Investment Banking

Religare provides innovative, integrated and best-fit solutions to its corporate customers.

Religare continuously endeavor to provide value enhancement through diverse financial

solutions on an on-going basis, through offerings like corporate debt, private equity, IPO,

ECB, FCCB, GDR/ADR etc.

3.1 Product offered by RSL

RALLY-LITE

This account allows the client to trade through our website www.religaresecurities.com and is

suitable for the retail investor who is risk-averse and hence prefers to invest in stocks or who

do not trade too frequently.

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Features

 Online trading account for investing in Equity and Derivatives via . . .

www.religaresecurities.com

 Live Terminal (NSE Online, BSE Online)

 Integration of On-line trading, Saving Bank and Demat Account.

 Instant cash transfer facility against purchase & sale of shares.

 Competitive transaction charges.

 Instant order and trade confirmation by E-mail.

 Streaming Quotes.(Cash & Derivatives)

 Personalized market watch.

 Single screen interface for Cash and derivatives and more.

 Provision to enter price trigger and view the same online in market watch.

RALLY-PRO

This account allows client to use ODIN software which is an internet-based software

application that enables you to buy and sell in an instant. It is ideal for active traders and

jobbers who transact frequently during day’s session to capitalize on intra-day price

movement.

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Features

 Instant order Execution and Confirmation.

 Single screen trading terminal.(NSE Online, BSE Online)

 Technical Studies

 Multiple Charting

 Real-time streaming quotes, tic-by-tic charts.

 Market summary (Cost traded scrip, highest value etc.)

 Hot keys similar to broker’s terminal.

 Alerts and reminders.

 Back-up facility to place trades on Direct Phone lines.

RALLY

It is like a Dial-n-trade service where you can place your orders on phone or else you go to

office and trade with our dedicated relationship managers and dealers. The RALLY-PRO and

RALLY-LITE ACCOUNT also gives you this service free of cost. With this service, all you

have to do is dial our dedicated toll free phone lines.

3.2 Pricing

Price is the most important factor for gaining market share. In this highly competitive market

price plays an important role in retaining customer. Whether it is account opening price, or

brokerage. Though brokerage is not fixed, it is flexible, in this industry service is more

important than price.

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Charge RALLY RALLY-PRO RALLY-LITE

Type Cash and F&O Cash and F&O Cash and F&O
Special rate of
Account Opening Rs. 500/- Rs.500/- +Rs. 1800/-*Rs. 5000/-(minimum
(for software) balance to be maintained)
Annual maintenance
Charge Rs.250/- Rs.250/- Rs.250/-
Rate of Intraday-0.05% Intraday-0.05% Intraday-0.05%
Brokerages** Delivery-0.5% Delivery-0.5% Delivery-0.5%

* Refundable in case the brokerage is equal to or more than Rs.1800/= p.m.

** Brokerage is negotiable as per trading volume.

NOTE:-

 Service taxes as per government are not included in the brokerage.

 Exposure: 8 to 10 times (on margin money) for intraday and 4 to 5 times on delivery.

 Tie up with ICICI, HDFC, CITI and AXIS bank for online money transfer.

 T+2 settlements followed which can further extend to T+5.

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In the financial sector Religare has positioned itself as a focused low cost service

provider. As many of its competitors are struggling in this highly competitive market

religare through transparency in its pricing strategy has gained its market share.

Moreover in this secondary market there are very few customers who get attracted of

less charges, mainly it’s the service and kind of relationship you develop matters most.

3.3 PLACE

Religare securities entered the market, when companies like India bulls and motilala oswal

has established themselves as market leaders. Ranbaxy brand name helps religare to make its

presence feel in the financial market. Funds were not the issue , therefore religare targeted

mass market. Opening branches in untapped areas has provided religare with a large customer

data base. This P of religare’s marketing mix is an advantage over its competitors.

Religare’s retail network spreads across the length and breadth of the country with its

presence through more than 1550 locations across more than 460 towns & cities.. Having

spread itself fairly well across the country and with the promise of not resting on its laurels, it

has also aggressively started eyeing global geographies. We have a growing network of more

than 300 branches and more than 580 business partners spread across more than 300

cities/towns in India and a fully operational international office at London.

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3.4 PROMOTION

In secondary market there is a certain limit or norms laid by SEBI for advertising. That is why

there is no brand ambassador for mutual funds etc. Therefore broking houses have to restrict

their promotional activity to some extent. Ranbaxy being the umbrella brand has helped

religare to promote under the cover of Ranbaxy. As we know price is not the factor in this

industry, Religare has positioned themselves as a best service provider. By designing a

environment friendly Brand identity Religare has shown its responsibility towards people.

They have started a campaign called “SAVE PAPER SAVE EARTH” in which they decide

to send electronic contract notes. Religare Enterprises has reduced its power costs by 30-

35% by incorporating three modular data centres. IBM has designed the green data centres for

Religare in Delhi, Noida and Mumbai as part of the $3.1 million agreement signed with the

company. Leveraging such technologies like high density computing, virtualization and

precision air-conditioning, Religare expects a saving of more than 3600 units (KWH) per day

in power consumption. In a year, this represents a saving of about Rs 1 crore.

Broking sector has consumer class of Brand switchers, to maintain long time relationship

with customers Religare has taken a step to send greetings to their customers. Religare is not

incurring much on advertising, there is no Brand ambassador and very few ads of Religare

securities are aired on television. Share market is an addiction; therefore, there is no need to

give any demonstration. However at recent times there is an urgent need to inform customers

about how to invest during recession. They believe more on word of mouth advertising.

Religare have many subsidiaries under its brand name and every single individual company

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also promotes itself differently. The following are various ways through which Religare

promotes itself -:

• Hoarding

• TV ads

• Print media ads

• Pamphlets

• Franchise promotion

• Word of mouth advertising by existing customer

• Canopy

• Sending thanking notes to the customers at the end of every year.

After studying the market mix of RSL, We have developed a small promotional plan to

promote our Branch in Shalimar Bagh. This will help our branch to spread awareness about

investing during a global slowdown. And to tap the potential investors in the nearby area.

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3.5 PEOPLE

This is the extended P of marketing mix in service industry. It comprises people working for

the company, the human resource of company. In a broking house employees are in direct

contact with customers in the form of relationship managers. Consumers usually make

judgments and deliver perceptions of the service based on the employees they interact with.

Each branch has minimum of 20 employees which includes dealers, back office and

relationship managers headed by Branch head. Branch has to report to their regional head

office for ex. Delhi regional office is in Nehru palace. The head office of religare is in Noida

which has all departments, like marketing, HR, Risk management Cell, Recovery department.

The total number of employees in religare securities is 10,000. The median age of employees

is 27 years. Working population comprises of 82% men and 18% women, so it is clear from

the demographics that this is a male dominated sector.

32
 - 33 -

COMMON JOB TITLES

17
Manager
%
12
Relations Manager
%
Vice President 7%
5
Branch Manager
%
3
Research Analyst
%

3.5.1 PROCESSES

It refers to the system which is used to assist the organization in delivering the services to the

consumers. Processes which allow a customer to obtain an efficient service delivery. Religare

has positioned itself as a best service provider as compared to other stock brokers. The process

is a mix of different services starting from taping a customer, religare takes maximum 3 days

to open a new account. Than comes the regular service that is to help and guide the customer

in trading, to support this religare has a well established research department. This regularly

gives the tips to trade consciously in market. Back office performs a significant role by giving

confirmation call for the day to day transactions. Managing the documents, contract notes,

collection of cheques, Confirmation through SMS. Link ups with the various banks for

convenient transactions.

33
 - 34 -

Through these processes Religare provides, convenience, satisfaction, security, flexibility. As

the logo of religare depicts trust , efficient implementation of these processes has helped

religare to gain the trust of the consumer and provide them the value for their money.

3.5.2 PHYSICAL EVIDENCE

It is the physical evidence that allow a customer to make a

judgment. Physical evidence is a place where service is actually

delivered. The physical make up of a place influence the

customers to make a decision. It creates a good impression in

their minds and they start expecting a good service from that

company. E.g. Amity University is known for its mesmerizing infrastructure. Once a customer

enters the premises of the college, they start expecting a good service from the college and no

doubt Amity delivers and lives up to their expectations. Customer has different judgment for a

broker who is not able to show its worth in the market. There are many private brokers who

are working at a small shop size office. Religare has brand name and a name attached to it

called Ranbaxy. Every branch has an infrastructure that provides convenience and comfort to

all customers.

34
 - 35 -

CHAPTER 4
MARKETING PLAN
PROCESS

1) Segmentation

2) Target market selection

3) Positioning the brand and the branch

4) Selection of promotional tools

SEGMENTATION

We have to divide the consumer market in Shalimar bagh and nearby areas like pitampura,

rohini etc. on the basis of their occupation and income. Through segmentation we will get four

categories.

1) Potential new entrants

2) Existing investors and customers

3) Investors which are not active due to slowdown

4) Brand switchers

35
 - 36 -

TARGET MARKET

1) Mainly a concentrated mix of high middle class population

2) Commercial retail area with a huge customer potential

3) A market which consist of at least 10% High net worth customers.

POSITIONING

1) In amidst of Global recession, we have to position our brand and branch by imparting

Knowledge and awareness regarding Indian share market and the role of Indian

economy. If we compare the growth rate of India with other countries than India stands

on the top. In India recession is in the mind of customers. Or we can say India is

suffering from psychological recession.

2) Our branch will reflects more efficient and secure way of investment in the form of

Equity and Commodity trading based on world class equity research center and a

unique mix of investment products.

3) Brand positioning of making consumer identifies the branch and the brand as a

revolution in terms of corporate governance, customer satisfaction.

36
 - 37 -

PROMOTIONAL TOOLS

1) Pamphlet Distribution

2) Banners at metro station

3) Canopy for awareness week\

4) SMS campaigns

37
 - 38 -

RIDE THE BULL

AGAIN WITH

Religare securities limited, Plot No. 5,

Mahadevi chambers, BN Block Shalimar Bagh New Delhi-110088
M – 9312959532 T – 011 – 4553555, www.religare.in
PAMPHLET DESIGN 2

GET ALL THE ANSWERS FOR YOUR INVESTMENT

DURING THE EXCLUSIVE AWARENESS WEEK AT
RELIGARE

MANY ARE BENEFITING

38
 - 39 -

ARE YOU NEXT……?

FOR MORE INFORMATION VISIT

Religare securities limited, Plot No. 5, Mahadevi chambers, BN Block Shalimar Bagh New
Delhi-110088
M – 9312959532 T – 011 – 4553555, www.religare.in

CHAPTER 5
A COMPARATIVE ANALYSIS

Among these four companies India bulls is the oldest founded in 2000 and was a market

leader in this sector. ICICI has its own brand name in banking sector and Religare was

39
 - 40 -

founded in 2006 by Ranbaxy. India Infoline does not have any brand name carrying with it but

it attracts the local customer through its pocket friendly schemes. The purpose of this analysis

is to see whether religare has established as a better service provider. This comparative

analysis is being done between Religare, ICICI Direct, India Bulls and India Infoline.

Specifically in the north Delhi area, as these are the major players in this area. Other players

like Kotak and Karvy, hardly exits. Moreover the do not pose any major threat to religare

RESEARCH

• Research Methodology
• Scope of study
• Sources of Data collection

40
 - 41 -

RESEARCH METHODOLOGY

OBJECTIVE OF RESEARCH

Each research study has its own specific purpose. It is like to discover to Question

through the application of scientific procedure. But the main aim of our research to find out

the truth that is hidden and which has not been discovered as yet. Our research study has two

objectives:-

PRIMARY OBJECTIVE: -

41
 - 42 -

a) To find out whether RELIGARE is a better service provider than ICICI,

INDIA BULLS, INDIA INFOLINE by doing a comparative analysis on the

basis of various services a stock broker should provides.

b) To find the areas where religare need to improve to compete with its

competitors.

OTHER OBJECTIVE: -

1. To give suggestions to focus on the areas of improvement.

2. To know about the awareness towards stock brokers and share market.

3. To study about the competitive position of Religare Ltd in Competitive Market.

4. To study about the effectiveness & efficiency of Religare Ltd in relation to its competitors

5. To study about whether people are satisfied with Religare Services & Management

System or not.

.5.2 SCOPE OF STUDY

Sample design

“A sample design is a definite plan for obtaining a sample from a given population. It refers to

the technique or the procedure the researcher would adopt in selecting item for the sample”

We used the probability research design.

Sampling units - Sampling unit may be a geographical one, such as state, district, village etc.

The researcher will have to decide one or more of such units that he has to select for his study.

In my research North Delhi, and parts of south Delhi is a sampling unit.

42
 - 43 -

Size of sample -“This refers to the number of items to be selected from the universe to

constitute a sample” In my research sample size is 75

I also study the other 3stock broker companies related to security & commodity market like

India-Infoline, ICICI direct, and India bulls. for the appropriate collection of the information.

5.3 SOURES OF DATA COLLECTION

. 1. Primary data - was collected through a well structured questionnaire. My approach was to

get into the discussion with the respondent and meanwhile I will fill the questionnaire.

Information was also collected by interviewing them on the telephone and we also collected

some vital information when we participated in a many client meetings as observers.

2. Secondary Data. – was used only for the comparison on the basis of charges, which was

collected through websites, personal interview with the company professionals and we also

visited Religare head office in Noida.

. LIMITATIONS

 As only Delhi dealt in survey so it does not represent the view of the total Indian

market.

 Size of the research may not be substantial.

 There was lack of time on the part of respondents.

 The survey was carried through questionnaire and the questions were based on

perception.

 There may be biasness in information by market participant.

43
 - 44 -

 Complete data was not available due to company privacy and secrecy.

CHAPTER 6 - ANALYSIS

Question A
Do you know about the investment options available?

a) Yes b) No
Break of 75 respondents
YES NO
Know about (fig) 55 20
Know about (per) 73.33% 26.67%

44
 - 45 -

60

73.33%

50

40

30
Count

55

26.67%
20

10 20

0
yes no

Do you know about investment options available?

Analysis

The bar graph above gives a clear picture that out of 75 respondents, 55 that are 73% are

aware of investment options available in the market. The purpose of this question was to know

whether people are aware where they can put their money so that they can get good returns.

Question B
Which is your preferred investment alternative?

a) Insurance & mutual funds b) Real estate c) Securities (Equity)

d) Commodity
Break of 75 respondents
Insurance& Real estate Securities Commodity
mutual funds (Equity)
Preferred 26 4 32 13
alternative(fig)
Preferred 34 5 42 17
alternative(per)

45
 - 46 -

Which is your

Theab preferred investment

alternative?
insurance and
mutual funds
real estate
17.33% security market
commodity

13 34.67%

26

32
4

5.33%
42.67%

Analysis

The above pie chart shows that 34% of the respondents prefer insurance and mutual funds to
invest their money, Real estate sector is the least preferred due to the current slowdown. The
selected area of survey was near broking houses that is why maximum people preferred
equity, because it gives quick returns. People opted for insurance because the risk is less.

Question C

What is the basic purpose of your investment?

a) High Returns b) Capital appreciation c) Risk covering

d) Tax benefits
Break of 75 respondents
High Returns Capital Risk covering Tax benefits
appreciation
Purpose (fig) 34 11 17 13

46
 - 47 -

Purpose (per) 45 14 22 17

What is the basic

purpose of your
investment?
High returns
17.33% capital appreciation
risk covering
tax benefits

13

45.33%
34
17
22.67%

11

14.67%

Analysis
The above pie chart shows 45% of respondents invest for high returns, those who invest in
insurance the avail tax benefits.

Question D
You trade in stock market through…….

a) Software b) web based portal c) Telephone

d) Sitting with RM (walk in client)

Break of 75 respondents
Software Web based Telephone Sitting with
portal RM (walk in
client)
Preferred 13 7 33 22
mode(fig)

47
 - 48 -

Preferred 17 9 44 29
mode(per)

30 38.67%

25

29.33%

20

22.67%

15
C
n
u
o
t

10

9.33%

0
software web based portal telephone sitting with RM
You trade in stock market through:
Analysis
The above graph shows that 38% respondents prefer to trade through telephone, after that
most of them were walk in clients who sits with RM. ICICI is the main player in software
mode and poses great threat to religare.

Question D &E
You trade in stock market through: * in which company you have a D-MAT account?
Cross tabulation

Count
In which company you have a D-MAT account?
religare ltd India Infoline ICICI direct India bulls Total
You trade in stock software 4 0 0 3 7
market through: web based portal 4 0 16 2 22
telephone 10 9 3 7 29
sitting with RM 6 3 0 8 17
Total 24 12 19 20 75

48
 - 49 -

Bar Chart

30 In which company
9.33%
you have a D-MAT
account?
religare ltd
25 indiainfoline
2.67% 4.0% ICICI direct
indiabulls
21.33%
20 12.0%
10.67%

15
C
n
u
o
t

13.33%
10 4.0%

4.0%
8.0%
5 5.33% 5.33%

0
software web based telephone sitting with RM
portal
You trade in stock market through:

Analysis

Out of 75 respondents 38% uses call and trade mode. In which 13% belongs to religare, 12%

India Infoline. ICICI has least number because it is mainly in online trading and has call and

trade option in only 11 states.

Question E
In which company you have D-mat account?
a) Religare Ltd b) India Infoline c) ICICI direct
d) India bulls
Break of 75 respondents
Religare Ltd India Infoline ICICI direct India bulls
D – mat a/c (fig) 24 12 19 20
D – mat a/c(per) 32 16 25 26

49
 - 50 -

25 32.0%

26.67%
20
25.33%

15

16.0%
C
n
u
o

24
t

10 20
19

12
5

0
religare ltd indiainfoline ICICI direct indiabulls
In which company you have a D-MAT account?

Analysis
Religare has the maximum market coverage in comparison to its major competitors with a
32% share. That is out of 75, 24 respondents have their account in religare. India bulls though
losing its marking ranking still has a share of 26 %. ICICI due to its brand name in banking
sector and quality software is the major threat to religare.

Question E & F
Are you satisfied with your present broking company? * In which company you have a
D-MAT account? Cross tabulation
Count
In which company you have a D-MAT
account?
religare India ICICI India
ltd Infoline direct bulls Total
Are you yes 18 2 14 5 39
satisfied no 6 10 5 15 36

50
 - 51 -

with your
present
broking
company?
Total
24 12 19 20 75

B
arC
hart

2
0 Inw
hic
hco
m p
any
y
ouhav
eaD-MAT
2
4.0
% accou
nt?
re
lig
areltd
in
dia
info
lin
e
2
0.0
% IC
ICId
ire
ct
1
5
1
8.6
7% in
dia
bulls

1
3.3
3%
C
n
u
o

1
0
t

8
.0%
6
.67
% 6
.67
%
5

2
.67
%

0
y
e s n
o
A
rey
ous
atis
fie
dwithy
ourp
res
entb
rok
ing
compa
ny?

Analysis

52% respondents are satisfied with their broking house, out of which 24 % belongs to religare.

Close to religare lies ICICI, only 2 % respondents are satisfied with India Infoline. Out of

32% of Religare’s customers 24% are satisfied.

Question E & G
What is the reason? (Whether Yes Or No) * In which company you have a D-MAT
account? Cross tabulation
Count
In which company you have a D-MAT
account?
religare India ICICI India
ltd Infoline direct bulls Total
What is the services 9 1 6 6 22
reason? No hidden cost 9 0 2 0 11

51
 - 52 -

( Whether Yes Hidden cost 0 9 2 8 19

Or No) Efficient equity
2 1 5 2 10
research
Inefficient equity
4 1 4 4 13
research
Total 24 12 19 20 75

Bar Chart

25 Inwhichcompany
youhaveaD-MAT
8.0% account?
religareltd
20 indiainfoline
10.67%
ICICI direct
indiabulls
8.0%
15
5.33%
C
n
u
o

2.67% 2.67%
t

2.67%
10 12.0% 12.0% 12.0% 5.33%
6.67%

5 5.33%

2.67%

0
services Nohidden Hiddencost Effecient Ineffecient
cost equity equity
research research
What isthereason?( Whether YesOr No)
Analysis
1) 28% of respondents are satisfied because of good services, out of which 12 % belongs
to Religare followed by ICICI and India bulls with 8% each. Religare is ruling the
market because of its transparency .However the research team of ICICI is more
efficient than Religare.
2) India Infoline is not liked because of its hidden costs. Therefore it holds 4th position,
while Religare is 1 followed by ICICI and India bulls.
Question E & H
Do you get confirmation call for your day to day transaction? * In which company you
have a D-MAT account? Cross tabulation
Count
In which company you have a D-MAT
account?
religare India ICICI India
ltd Infoline direct bulls Total
Do you get Yes 22 4 16 7 49

52
 - 53 -

confirmation No
call for your
2 8 3 13 26
day to day
transaction?
Total 24 12 19 20 75

BarChart

25 Inwhichcom pany
youhaveaD-M AT
29.33% account?
religareltd
20 indiainfoline
ICICI direct
indiabulls
21.33%

15
17.33%
C
n
u
o
t

1
10
10.67%
1
9.33%
1
5 5.33%
1 4.0%
1
2.67%
1
1
1
0
Yes No
Doyouget confirmationcall foryourdayto
daytransaction?

Analysis
Every day after trading Hours Company makes a call to its customers to confirm their
transactions of the day. This is very important service which every customer seeks. The above
bar chart clearly shows that 65% of respondents agree that they get confirmation call. More
than 90% of religare customer got confirmation call. ICICI is the only company which is very
close to religare. Other two companies are not efficient enough in providing this service.

Question E & I
Are you satisfied with the execution of your shares? * In which company you have a D-
MAT account? Cross tabulation
Count
In which company you have a D-MAT
account?
religare India ICICI India
ltd infoline direct bulls Total

53
 - 54 -

Are you Yes 22 4 15 10 51

satisfied with No
the execution
2 8 4 10 24
of your
shares?
Total 24 12 19 20 75

Bar Chart

25 Inwhichcompany
youhaveaD-MAT
29.33% account?
religareltd
20 indiainfoline
ICICI direct
indiabulls

20.0%
15
C
n
u
o
t

13.33% 13.33%
10
10.67%

5 5.33% 5.33%

2.67%

0
Yes No
Areyousatisfiedwiththeexecutionof your
shares?

Analysis

Proper execution of shares is of supreme importance from trader’s point of view. Again more
than 90% of Religare’s customers are happy with executions of their share. 70 % respondents
are satisfied out of which 30% belongs to religare. India Infoline is again failed to satisfy its
customers. 80 % of ICICI customers are also satisfied.

54
 - 55 -

Question E & J

Are you satisfied with back office services, like collection of cheques, delivery of contract
notes * In which company you have a D-MAT account? Cross tabulation

In which company you have a D-MAT account?

religare ltd India infoline ICICI direct India bulls Total
Are you Yes
satisfied with 21 3 14 9 47
back office
services ,like No
collection of
cheques,delive 3 9 5 11 28
ry of contract
notes
Total 24 12 19 20 75

Count

Bar Chart

25 Inwhichcompany
youhaveaD-MAT
account?
28.0% religareltd
20 indiainfoline
ICICI direct
indiabulls

15 18.67%
C
n
u
o

14.67%
t

10 12.0% 12.0%

6.67%
5
4.0% 4.0%

0
Yes No
Are yousatisfiedwithbackoffice services,
likecollectionof cheques,deliveryof
contract notes

Analysis
Back office services include many things, delivery on contract notes, collection of cheques,
trade queries, accounts queries, depository services. The satisfaction level is highest among

55
 - 56 -

religare customers that are 28%. Then comes ICICI with 19% followed by India bulls and
India Infoline with 12% and 4% respectively.

Results On the basis of Account opening charges

RELIGARE SECURITIES: - There is account opening charges of Rs 500, out of which 250

AMC is, 80 Rs are stamp charges, 16 Rs Tax and remaining amount is credited to customers

account. No initial margin money is required.

ICICI direct: - A one-time charge of Rs. 750 at the time of account opening will be charged.

You may later upgrade your Invest account to an ICICI direct.com share trading account when

you desire to trade in equity.

India Info line: - There is a nominal charge of Rs. 500 only towards stamp duty, legal and

processing fees for opening the account. This includes the registration and account opening

charges. Bank and Depository Participant (DP) account opening charges, if applicable, are

payable separately.

India bulls: - Account opening charges are Rs. 900. There is no AMC and no margin money

is required.

Comment: - There is not much difference in the opening charges of these companies, positive

point is Religare has less opening charges and no margin is required, but there is an AMC of

Rs 250. though India Infoline provides some life time account schemes due to which

customers get attracted , but India Infoline fails to provide services.

56
 - 57 -

Chapter-7
-SWOT of Religare Securities Ltd

Strengths Opportunities

• It is a Ranbaxy promoter Company • Financial services sector in India is

growing by leaps and bounds.

• Very diverse products and a very

trusted brand in financial sector • Growing awareness among youth

• No AMC for online broking • In the upcoming days Religare is

services coming up with their mutual fund

and Banking
• Have one of the best brokerage plan

• Large customer base of ICICI bank

• Attractive brad

• Relationship managers are attached

to customer

• Equity research team one of the best

in Market

57
 - 58 -

Weakness Threats

• It has changed its name from Fortis • Growing competition.

to Religare where the maximum

• Cut throat competition from
customer don’t know about this.
corporate big house.

• Non performing website as reported

• Low entry barrier.
by customer

• As they have change the name of

• Customer satisfaction on customer
their company the customer still did
care calls is non satisfactory and
not know about Religare.
often termed as unprofessional.

58
 - 59 -

CHAPTER 8 – FINDING & CONCLUSION

• Findings
• Conclusion
• Suggestions
• Limitations

FINDINGS

59
 - 60 -

Based on the market survey, new clients and existing clients following
recommendations can be given for more satisfaction of customers as well as more sell of the
product.

Findings related to account opening:

Documents required for an account opening are too unique and confusing. Voter’s ID
or driving license should be taken both as identity proof as well addresses proof.

Fees taken by the Religare Securities Ltd for account opening is low, though product
is providing extra facilities, but the user’s opinion is that time period of account opening
should be reduced.

While other brokerage House taking less time to opening the account. A brokerage charge is
comparatively very low to another brokerage House.

60
 - 61 -

CONCLUSION

The information collected from the various respondents helped us to arrive at the following:

Though price or charges are main factors which affect the market share of a company, but

particularly in the secondary market, services provided by the broker attracts the customer

most. All broking house follows almost similar charge slab, that to flexible with the type of

customer, for example a trader has a monthly volume of 5 crores, all the brokers will not

charge him more than 1 paisa on intraday and 10 paisa on delivery.

1) On the basis of the study I can say that Religare Ltd is better services provider

than the other stockbrokers because of commitment towards services and transparency in

their charging system. Religare is known for its efficient back office services.

2) People who want less risk they invest in insurance, but people who wants high

returns in short span of time they invest in secondary market.

3) 28 % of respondent trade online out of which 21% belongs to ICICI, which

poses a great threat to Religare. ICICI has also started call and trade services. Therefore

Religare has to make its online trading much more compatible.

4) According to survey 90 % peoples are satisfied with RELIGARE

SECURITIES Ltd because of their RM’s facility and transparency in costing. Moreover

after ICICI Direct Religare provides best web based trading

61
 - 62 -

5) According to survey, RELIGARE SECURITIES Ltd open new branches for

individually handle to their customer, but in ICICI direct there is no separate offices for

this .So people prefer RELIGARE SECURITIES Ltd

6) The equity research department is not so efficient as compared to other stock

brokers. Good tips help to attract customer. This is the only major reason of

dissatisfaction from religare.

7) Religare has a good customer base in the surveyed area as compared to other

major players in the area.

8) ICICI Direct online trading is best in the area eating Religare’s web based

trading. 90% of the people who trade online prefer ICICI.

9) More than 90% customers are satisfied with the services of Religare. Same

figures exist with ICICI. India Bulls and India Infoline fail to satisfy their customers.

10) Confirmation call is of supreme importance for customers. Religare has no

complaints regarding this.

11) Study also concludes that people are not much aware of commodity market

and while it’s going to be biggest market in India.

12) ICICI is a very close competitor, has large customer base due to its banking

facilities. And it provides d mat account along with normal bank account.

62
 - 63 -

13) India bulls have lost charm among customers, because of entering of better

service provider.

14) India Infoline does not have a good brand name, but it offers very good

schemes and do have funding service.

15) People are ready to invest at high charge but they want services.

The company should also organize seminars and similar activities to enhance the knowledge

of prospective and existing customers, so that they feel more comfortable while investing in

the stock market.

63
 - 64 -

SUGGESTIONS

 Commitment should be equalized for every person.

 Provide the facility of free demonstrations for all. As I mentioned in the promotional
plan that in every month end their should be some awareness program as per branch
convenience, that could be a demonstration week in which we can explain the potential
customer that what are the processes.

 Improvement in the opening of De-mat & contract notice procedure is required. There is
a lot of paper work , in one form there are around 56 signatures , the numer of signatures
should be reduced and their should be a electronic form system.

 There should be a limited number of clients under the relationship manger. So that he
can handle new as well as old customer properly. This leads to improper execution of
shares. I experienced many live examples during my internship.

 Some promotional activities are required for the awareness of the customer. Like the
promotional plan in the project, this includes pamphlet distribution and awareness weak.

 The infrastructure of branch office should be improved. We should make walk in

customers as comfortable as possible, by providing basic amenities facilities.

 Focus on equity research department. Make separate research branches.

 Introduction of more schemes, like life time accounts at low charges. And reduce the
amount of deposits in Rally lite, to compete with ICICI Direct; update the online portal
with facilities like trade queries. Call and trade option.

 Maintain relationships with HNI’S by sending greetings, providing extra services.

64
 - 65 -

 People at young age should be encouraged to invest in stock market. We need to position
our brand in the mind of youth, as a fast money mode of investment.

 Seminars should be held for providing information to prospective and present customers.

 It’s said that building new customers is three times expensive then maintaing the old

customers so in order to building the customer loyalty Religare should send greeting

card on the special occasion such as birthday, anniversary to customers. This shows that

company is concern not only about the customers but also about the family of the

customer.

65
 - 66 -

BIBLIOGRAPHY

Internet:

1. http://www.religare.in/BrandIdentity.asp

2. http://o3.indiatimes.com/rediscoveringindia/archive/2006/01/05/401976.aspx

3. http://www.ftkmc.com/markets-equities.html

4. http://www.myxcompany.com/?alpha=R

5. http://www.religare.in/admin/images/uploads/250.HTM

6. http://www.televisionpoint.com/news2007/newsfullstory.php?id=1184763529

7. http://fixedreference.org/en/20040424/wikipedia/Stock_market

8. http://www.britain.tv/stock_market.shtml

9. http://open-encyclopedia.com/Stock_market

10. http://www.investing-palace.com/financialplanning/buying_municipal_bonds.html

11. http://economictimes.indiatimes.com/Corporate-Trends/India-Inc-goes-green-to-save-

more/articleshow/4629095.cms

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12. http://www.experiencefestival.com/stock-race

13. http://www.articles2u.com/category/investments/

14. http://finance.mapsofworld.com/financial-market/world-share/indian.html

15. http://www.bseindia.com/cirbrief/pr190109.asp

16. http://inindiaonline.com/blog/category/finance/

17. http://WWW.NSEINDIA.COM

18. http://WWW.ICICIDIRECT.COM

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Books:

• Nargundkar, Marketing Research, Tata Mc Graw-Hill Publishing Company Limited,

Fourth Edition

1. Chapter 4, Questionnaire Design Pg 53,54

2. Chapter 5 ,Sampling Methods Pg 97.104

3. Chapter 8 ,Cross Tabulation Pg 186,187,188

Rajan Saxena, Marketing Management, Tata Mc Graw-Hill

Publishing Company, Fifth Edition

Chapter 9, segmenting and targeting the market.

• Goyal, Dr.Alok, Financial Market Operation New Delhi, V.K. (India) Enterprises,

Fourth Edition

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APPENDIX

QUESTIONNAIRE

DATE:

NAME
OCCUPATION
AGE
CONTACT NO.

1) Do you know about Investment options available?

a) Yes b) No

2) Which is your preferred investment alternative?

a) Insurance & mutual funds b) Real estate c) Securities

d) Commodity

3) What is the basic purpose of your investment?

b) High Returns c) Capital appreciation

d) Risk covering e) Tax benefits

4) You trade in stock market through…….

a) Software b) web based portal c) Telephone d) Sitting with RM (walk in client)

5) In which company you have D-mat account?

a) Religare Ltd b) India Infoline

c) ICICI direct d) India bulls

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6) Are you satisfied with you present broking company?

a) Yes b) No

7) What is the reason? (Whether Yes or No)

a) Services b) No Hidden cost c) Hidden cost

c) Efficient equity research d) inefficient equity research

8) Do you get confirmation calls for your day to day transactions?

d) Yes e) No

9) Are you satisfied with the execution of your shares?

d) Yes e) No

10) Are you satisfied with the back office services, like collection of cheques, delivery of
contract notes etc?

d) Yes e) No

11) Please rank the following companies on the basis of services.

a) Religare Ltd b) India Infoline

c) ICICI direct d) India bulls

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