1546. comparative analysis and study of marketing mix with reference to religare securities
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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 ChakrabartiIndian 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 5 th 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
on 31.03.2008
Total no. of sub-brokers as on
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 dont 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 worlds 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 Indias 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 Indias 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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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 ones 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
clients 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 PS
Group Services
Equities and Derivatives
Trading in equities at Religare has been customized to ones 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 days 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 brokers 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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* 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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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/-*
(for software)
Rs. 5000/-(minimum
balance to be maintained)Annual maintenance
Charge Rs.250/- Rs.250/- Rs.250/-
Rate of
Brokerages**
Intraday-0.05%
Delivery-0.5%
Intraday-0.05%
Delivery-0.5%
Intraday-0.05%
Delivery-0.5%
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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 its 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 religares marketing mix is an advantage over its competitors.
Religares retail network spreads across the length and breadth of the country with its
presence through more than1550 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.
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COMMON JOB TITLES
Manager17
%
Relations Manager12
%
Vice President 7%
Branch Manager5
%
Research Analyst3
%
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.
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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.
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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
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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.
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PROMOTIONAL TOOLS
1) Pamphlet Distribution
2) Banners at metro station
3) Canopy for awareness week\
4) SMS campaigns
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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
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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
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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: -
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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.
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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.
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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&mutual funds
Real estate Securities(Equity)
Commodity
Preferredalternative(fig)
26 4 32 13
Preferredalternative(per)
34 5 42 17
45
yes no
Do you know about investment options available?
0
10
20
30
40
50
60
Count
55
73.33%
20
26.67%
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Purpose (per) 45 14 22 17
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 basedportal
Telephone Sitting withRM (walk in
client)
Preferredmode(fig)
13 7 33 22
47
3445.33%
11
14.67%
17
2.67%
13
17.33%
What is the basic
purpose of your
investment?
High returns
capital appreciati
risk covering
tax benefits
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Preferredmode(per)
17 9 44 29
software web based portal telephone sitting with RM
0
5
10
15
20
25
30
Count
9.33%
29.33%
38.67%
22.67%
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?
Totalreligare ltd India Infoline ICICI direct India bulls
You trade in stock
market through:
software 4 0 0 3 7
web based portal 4 0 16 2 22telephone 10 9 3 7 29
sitting with RM 6 3 0 8 17
Total 24 12 19 20 75
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software web based
portal
telephone sitting with RM
0
5
10
15
20
25
30
Count
5.33% 5.33%
13.33%
8.0%
12.0%
4.0%
21.33%
4.0%
4.0%
2.67%
9.33%
10.67%
In which company
you have a D-MATaccount?
religare ltd
indiainfoline
ICICI direct
indiabulls
Bar Chart
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
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religare ltd indiainfoline ICICI direct indiabulls
0
5
10
15
20
25
Count 24
32.0%
12
16.0%
19
25.33%
20
26.67%
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
CountIn which company you have a D-MAT
account?
Totalreligare
ltdIndia
InfolineICICIdirect
Indiabulls
Are yousatisfied
yes 18 2 14 5 39
no 6 10 5 15 36
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with yourpresentbrokingcompany?Total
24 12 19 20 75
yes no
Are ou satisfied with our resent brokin
0
5
10
15
20
Count
24.0%
8.0%
2.67%
13.33%
18.67%
6.67%6.67%
20.0%
In which company
you have a D-MAT
account?
religare ltd
indiainfoline
ICICI direct
indiabulls
Bar Chart
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 Religares 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-MATaccount?
Totalreligare
ltdIndia
InfolineICICIdirect
Indiabulls
What is thereason?
services 9 1 6 6 22No hidden cost 9 0 2 0 11
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confirmationcall for yourday to daytransaction?
No
2 8 3 13 26
Total 24 12 19 20 75
Yes No
Do ou et confirmation call for our da to
0
5
10
15
20
25
Count1
29.33%
1
2.67%1
5.33%1
10.67%1
21.33%
1
4.0%1
9.33%1
17.33%
In which company
you have a D-MAT
account?
religare ltd
indiainfoline
ICICI direct
indiabulls
Bar Chart
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-MATaccount?
Totalreligare
ltdIndia
infolineICICIdirect
Indiabulls
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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
Count
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
In which company you have a D-MAT account?
Totalreligare ltd India infoline ICICI direct India bulls
Are yousatisfied withback officeservices ,likecollection ofcheques,delivery of contractnotes
Yes21 3 14 9 47
No
3 9 5 11 28
Total 24 12 19 20 75
Yes No
Are you satisfied with back office services ,like collection of che uesdeliver of
0
5
10
15
20
25
Count
28.0%
4.0%4.0%
12.0%
18.67%
6.67%
12.0%
14.67%
In which company
you have a D-MAT
account?
religare ltd
indiainfoline
ICICI direct
indiabulls
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Chapter-7
-SWOT of Religare Securities Ltd
Strengths
It is a Ranbaxy promoter Company
Very diverse products and a very
trusted brand in financial sector
No AMC for online broking
services
Have one of the best brokerage plan
Attractive brad
Relationship managers are attached
to customer
Equity research team one of the best
in Market
Opportunities
Financial services sector in India is
growing by leaps and bounds.
Growing awareness among youth
In the upcoming days Religare is
coming up with their mutual fund
and Banking
Large customer base of ICICI bank
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CHAPTER 8 FINDING & CONCLUSION
Findings
Conclusion
Suggestions
Limitations
FINDINGS
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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. Voters 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 users 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.
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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 RMs facility and transparency in costing. Moreover
after ICICI Direct Religare provides best web based trading
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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 Religares 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 its 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.
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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.
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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 theamount 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 HNIS by sending greetings, providing extra services.
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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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http://www.religare.in/BrandIdentity.asphttp://www.religare.in/BrandIdentity.asphttp://o3.indiatimes.com/rediscoveringindia/archive/2006/01/05/401976.aspxhttp://o3.indiatimes.com/rediscoveringindia/archive/2006/01/05/401976.aspxhttp://www.ftkmc.com/markets-equities.htmlhttp://www.ftkmc.com/markets-equities.htmlhttp://www.myxcompany.com/?alpha=Rhttp://www.myxcompany.com/?alpha=Rhttp://www.religare.in/admin/images/uploads/250.HTMhttp://www.religare.in/admin/images/uploads/250.HTMhttp://www.televisionpoint.com/news2007/newsfullstory.php?id=1184763529http://www.televisionpoint.com/news2007/newsfullstory.php?id=1184763529http://fixedreference.org/en/20040424/wikipedia/Stock_markethttp://fixedreference.org/en/20040424/wikipedia/Stock_markethttp://www.britain.tv/stock_market.shtmlhttp://www.britain.tv/stock_market.shtmlhttp://open-encyclopedia.com/Stock_markethttp://open-encyclopedia.com/Stock_markethttp://www.investing-palace.com/financialplanning/buying_municipal_bonds.htmlhttp://www.investing-palace.com/financialplanning/buying_municipal_bonds.htmlhttp://economictimes.indiatimes.com/Corporate-Trends/India-Inc-goes-green-to-save-more/articleshow/4629095.cmshttp://economictimes.indiatimes.com/Corporate-Trends/India-Inc-goes-green-to-save-more/articleshow/4629095.cmshttp://economictimes.indiatimes.com/Corporate-Trends/India-Inc-goes-green-to-save-more/articleshow/4629095.cmshttp://www.religare.in/BrandIdentity.asphttp://o3.indiatimes.com/rediscoveringindia/archive/2006/01/05/401976.aspxhttp://www.ftkmc.com/markets-equities.htmlhttp://www.myxcompany.com/?alpha=Rhttp://www.religare.in/admin/images/uploads/250.HTMhttp://www.televisionpoint.com/news2007/newsfullstory.php?id=1184763529http://fixedreference.org/en/20040424/wikipedia/Stock_markethttp://www.britain.tv/stock_market.shtmlhttp://open-encyclopedia.com/Stock_markethttp://www.investing-palace.com/financialplanning/buying_municipal_bonds.htmlhttp://economictimes.indiatimes.com/Corporate-Trends/India-Inc-goes-green-to-save-more/articleshow/4629095.cmshttp://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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http://www.experiencefestival.com/stock-racehttp://www.experiencefestival.com/stock-racehttp://www.articles2u.com/category/investments/http://www.articles2u.com/category/investments/http://finance.mapsofworld.com/financial-market/world-share/indian.htmlhttp://finance.mapsofworld.com/financial-market/world-share/indian.htmlhttp://www.bseindia.com/cirbrief/pr190109.asphttp://www.bseindia.com/cirbrief/pr190109.asphttp://inindiaonline.com/blog/category/finance/http://inindiaonline.com/blog/category/finance/http://www.nseindia.com/http://www.nseindia.com/http://www.icicidirect.com/http://www.icicidirect.com/http://www.experiencefestival.com/stock-racehttp://www.articles2u.com/category/investments/http://finance.mapsofworld.com/financial-market/world-share/indian.htmlhttp://www.bseindia.com/cirbrief/pr190109.asphttp://inindiaonline.com/blog/category/finance/http://www.nseindia.com/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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