52778275 31189944 merchant banking in india project finance
TRANSCRIPT
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MASTER OF FINANCE
CONTROL
SESSION (2008-2010)
Submitted by:-
Vinay Gulati
Roll no. MFC,44
A PROJECTREPORT ON
ANALYSIS OF MERCHANT BANKING
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SUBMITTED TO:-
Department of commerce,Kurukshetra UniversityKurukshetra (Haryana)
CONTENTSCONTENTS
Sr.No.
Preface Guide Certificate Declaration Acknowledgement
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Chapter I Introduction (Conceptual Framework)
Introduction Significance of the study
Merchant Banking in India Focus of the Study Conceptualization
Chapter II literature Review
Chapter III Objective &Methodology
Objective of the study Research design
Sample size & Technique Data collection (Primary & Secondary)
Chapter IV Data Presentation & Analysis
Chapter V Implications & Conclusions
Chapter VI Bibliography
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Introduction(ConceptualFramework)
INTRODUCTION
Original Definition: A Merchant Bank is a British term for a bank providing various
financial services such as accepting bills arising out of trade, providing advice on
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acquisitions, mergers, foreign exchange, underwriting new issues, and portfolio
management.
The Focus Definition: A Merchant Bank can be generally described as a financial
services company with a private equity investment arm offering investment banking and
ancillary services as well. Because a merchant bank acts not only as an advisor and
broker but also as a principal, a merchant bank has a longer term approach than a typical
investment bank and is highly concerned with the viability of each investment
opportunity and providing the right advice for a strong partnership with each client
company.
In banking, a merchant bankis a traditional term for an Investment Bank. It can also be
used to describe the private equity activities of banking. This article is about the history
of banking as developed by merchants, from the Middle Ages onwards.
Amidst the swift changes sweeping the financial world, Merchant Banking has emerged
as an indispensable financial advisory package. Merchant banking is a service-oriented
function that transfers capital from those who own to those who can use it. They try to
identify the needs of the investors & corporate sector & advice entrepreneurs what to do
to be successful.
The merchant banking has been defined as to what a merchant banker does. A merchant
Banker has been defined by Securities Exchange Board Of India (Merchant Banker)rules, 1992, as Any person who is engaged in the business of issue management either
by making arrangements regarding selling, buying or subscribing to securities or
acting as manager, consultant, advisor or rendering corporate advisory services in
rel ation to such issue managemen
MERCHANT BANKING HISTORY
In late 17th and early 18th century Europe, the largest companies of the world was merchant
adventurers. Supported by wealthy groups of people and a network of overseas trading posts, the
collected large amounts of money to finance trade across parts of the world. For example, The
East India Trading Company secured a Royal Warrant from England, providing the firm with
official rights to lucrative trading activities in India. This company was the forerunner in
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developing the crown jewel of the English Empire. The English colony was started by what we
would today call merchant bankers, because of the firm's involvement in financing, negotiating,
and implementing trade transactions. The colonies of other European countries were started in the
same manner. For example, the Dutch merchant adventurers were active in what are nowIndonesia; the French and Portuguese acted similarly in their respective colonies. The American
colonies also represent the product of merchant banking, as evidenced by the activities of the
famous Hudson Bay Company. One does not typically look at these countries' economic
development as having been fueled by merchant bank adventurers. However, the colonies and
their progress stem from the business of merchant banks, according to today's accepted sense of
the word. Merchant banks, now so called, are in fact the original "banks". These were invented in
the middle Ages by Italian grain merchants. As the Lombardy merchants and bankers grew in
stature on the back of the Lombard plains cereal crops many of the displaced Jews who had fled
persecution after 613 entered the trade. They brought with them to the grain trade ancient
practices that had grown to normalcy in the middle and far east, along the Silk Road, for the
finance of long distance goods trades.
The Jews could not hold land in Italy, so they entered the great trading piazzas and halls of
Lombardy, along side the local traders, and set up their benches to trade in crops. They had one
great advantage over the locals.
Christians were strictly forbidden the sin of usury. The Jewish newcomers, on the other hand,
could lend to farmers against crops in the field, a high-risk loan at what would have been
considered usurious rates by the Church, but did not bind the Jews. In this way they could secure
the grain sale rights against the eventual harvest. They then began to advance against the delivery
of grain shipped to distant ports. In both cases they made their profit from the present discount
against the future price. This two-handed trade was time consuming and soon there arose a class
of merchants, who were trading grain debt instead of grain.
TRADATIONAL MERCHANT BANKING
Merchant Banking, as the term has evolved in Europe from the 18th century to today,
pertained to an individual or a banking house whose primary function was to facilitate the
business process between a product and the financial requirements for its development.
Merchant banking services span from the earliest negotiations from a transaction to its
actual consummation between buyer and seller.
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In particular, the merchant banker acted as a capital sources whose primary activity was
directed towards a commodity trader/cargo owner who was involved in the buying,
selling, and shipping of goods. The role of the merchant banker, who had the expertise to
understand a particular transaction, was to arrange the necessary capital and ensure that
the transaction would ultimately produce "collectable" profits. Often, the merchant
banker also became involved in the actual negotiations between a buyer and seller in a
transaction.
MODERN MERCHANT BANKING
During the 20th century, however, European merchant banks expanded their services.
They became increasingly involved in the actual running of the business for which the
transaction was conducted. Today, merchant banks actually own and run businesses for
their own account, and that of others.
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Since the 18th century, the term merchant banker has, therefore, been considerably
broadened to include a composite of modern day skills. These skills include those
inherent in an entrepreneur, a management advisor, a commercial and/or investment
banker plus that of a transaction broker. Today a merchant banker is who has the ability
to merchandise -- that is, create or expands a need -- and fulfill capital requirements. The
modern European merchant bank, in many ways, reflects the early activities and breadth
of services of the colonial trading companies.
Most companies that come to a U.S. merchant bank are looking to increase their
financial stability or satisfy a particular, immediate capital need.
Professional merchant bankers must have: 1) an understanding of the product, its industry
and operational management; 2) an ability to raise capital which might or might not beone's own (originally merchant bankers supplied their own capital and thereby took an
equity interest in the transaction); 3) and most importantly, effective skills in concluding
a transaction - the actual sale of the product and the collection of profit. Some people
might question whether or not there are many individuals or organizations that have the
abilities to fulfill all three areas of expertise.
Who are merchant bankers ?
-Merchant banks are private financial institution.
-Their primary sources of income are PIPE (Private Investment In Public Entities)
financings and international trade.
-Their secondary income sources are consulting, Mergers & Acquisitions help and
financial market speculation.
-Because they do not invest against collateral, they take far greater risks than traditional
banks.
-Because they are private, do not take money from the public and are international in
scope, they are not regulated.
-Anyone considering dealing with any merchant bank should investigate the bank and its
managers before seeking their help.
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-The reason that businesses should develop a working relationship with a merchant bank
is that they have more money than venture capitalists. Their advice tends to be more
pragmatic than venture capitalists.
Functions of Merchant Bankers:
Consulting advice on going public and international business.
Advice and help in taking your company public. If they are unwilling to supply
Investment Banking bridge loans, they have a low cost strategy for taking your
company public.
They do PIPE (Private Investment in Public Equities) financings.
They can advise or help with a companys M&A strategy.
They are essential advisors for companies seeking to become multinational
corporations
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SIGNIFICANCE OF THE STUDY
It would help us to develop the ability to study the functioning of Merchant
Banking in India & learn & apply multidisciplinary concepts, tools & techniques
to solve vital problems.
It familiarizes with the various services provided by Merchant Bankers.
They would help us to draw comparison between public & private sector
companies engaged in Merchant Banking activities.
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Based upon the comparison, it would help us to determine which sector has more
growth potential & where should one invest his/her funds to maximize the return
at minimum risk.
MERCHANT BANKING
IN INDIA
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MERCHANT BANKING IN INDIA
In India Merchant Banking activities started from the year1967, following the footsteps
of similar activities in UK & USA. Currently Merchant Banking activity has
mushroomed in the Indian capital market with both public & private sector settings up
their respective merchant Banking divisions. Currently, the total no. of merchant bankersin India are approx. 1450 with more than 930 registered with SEBI. The SEBI authorized
Merchant Bankers Include merchant Banking divisions of All India Financial Institutions,
nationalized & foreign banks, subsidies of the commercial banks, private merchant banks
engaged in stock broking, underwriting activities & financial consultancy & investment
advisory service firms.
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Grindlays Banks 1967
Citi banks 1970
SBI 1973
ICICI - 1974
Merchant banking in India - an overview
Companies raise capital by issuing securities in the market. Merchant bankers act as
intermediaries between the issuers of capital and the ultimate investors who purchase
these securities.
Merchant banking is the financial intermediation that matches the entities that need
capital and those that have capital. It is a function that facilitates the low of capital in the
market.
Merchant banker registered with SEBI:
Public Sector: - Commercial banks (24), Financial Institutions (6), State Institutions (4)
Private sector: - International bankers (10), Banks (10), finance & investment (231)
The following comprise the main functions of a
merchant banker in India:
Management of debt and equity offerings- This forms the main function of the
merchant banker. He assists the companies in raising funds from the market. The main areas of
work in this regard include: instrument designing, pricing the issue, registration of the offer
document, underwriting support, and marketing of the issue, allotment and refund, listing on
stock exchanges.
Placement and distribution- The merchant banker helps in distributing various
securities like equity shares, debt instruments, mutual fund products, fixed deposits, insurance
products, commercial paper to name a few. The distribution network of the merchant banker can
be classified as institutional and retail in nature. The institutional network consists of mutual
funds, foreign institutional investors, private equity funds, pension funds, financial institutions
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etc. The size of such a network represents the wholesale reach of the merchant banker. The retail
network depends on networking with investors.
Issue Management:
Management of issue involves marketing of corporate securities viz. equity shares, preferenceshares and debentures or bonds by offering them to public. Merchant banks act as an intermediarywhose main job is to transfer capital from those who own it to those who need it. After takingaction as per SEBI guidelines, the merchant banker arranges a meeting with companyrepresentatives and advertising agents to finalizeArrangements relating to date of opening and closing of issue, registration of prospectus,launching publicity campaign and fixing date of board meeting to approve and sign prospectusand pass the necessary resolutions. Pricing of issues is done by the companies in consultant withthe merchant bankers.
Underwriting of Public Issue: Underwriting is a guarantee given by the underwriterthat in the event of under subscription, the amount underwritten would be subscribed by him.
Banks/Merchant banking subsidiaries cannot underwrite morethan 15% of any issue.
Financial structuring includes determining the right debt-equity ratio and gearing ratio forthe client; the appropriate capital structure theory is also framed. Merchant bankers also explorethe refinancing alternatives of the client, and evaluate cheaper sources of funds. Another area ofadvice is rehabilitation and turnaround management. In case of sick units, merchant bankers maydesign a revival package in coordination with banks and financial institutions. Risk managementis another area where advice from a merchant banker is sought. He advises the client on differenthedging strategies and suggests the appropriate strategy.
Project Counseling:Project counseling includes preparation of project reports, decidingupon the financing pattern to finance the cost of the project and appraising the project report withthe financial institutions or banks. It also includes filling up of application forms with relevantinformation for obtaining funds from financialInstitutions and obtaining government approval.
Loan syndication-Merchant bankers arrange to tie up loans for their clients. This takes
place in a series of steps. Firstly they analyses the pattern of the clients cash flows, based on
which the terms of borrowings can be defined. Then the merchant banker prepares a detailed loan
memorandum, which is circulated to various banks and financial institutions and they are invited
to participate in the syndicate.
Providing venture capital and mezzanine financing-Merchant bankers help
companies in obtaining venture capital financing for financing their new and innovative
strategies.
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Portfolio Management: Portfolio refers to investment in different kinds of securities suchas shares, debentures or bonds issued by different companies and government securities. Portfoliomanagement refers to maintaining proper combinations of securities in a manner that they givemaximum return with minimum risk.
Off Shore Finance:The merchant bankers help their clients in the following areas involving foreign currency.(a) Long term foreign currency loans(b) Joint Ventures abroad(c) Financing exports and imports(d) Foreign collaboration arrangements
Non-resident Investment: The services of merchant banker includesinvestment advisory services to NRI in terms of identification of investmentopportunities, selection of securities, investment management, and
operational services like purchase and sale of securities.
Corporate Counseling and advisory services: Corporate counseling covers theentire field of merchant banking activities viz. project counseling, capital restructuring, publicissue management, loan syndication, working capital, fixed deposit, lease financing acceptance
credit, etc. Merchant bankers also offer customized solutions to their clients financial problems.
Developments in Merchant bankingEstablishments In India
Setting up of banks Subsidiaries:In order to meet the growing demand for broad-based finacial services from the corporatesector more effectively, the merchant banking division of the nationalise banks havestated forming independent subsidiaries. These subsidiaries offer more specialisedservices with proffecinal expertise & skills . SBI capital market ltd. Was incorporated asthe first such subsidiary of sbi on 2 july, 1986. Then CAN BANK finacial services ltdwas set up as wholly owned subsidiary of canra bank in 1987. PNB Capital Market was
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promoted by PNB during Mid 1988. Many more subsidiaries are being set up by anothernationalise banks.
Reorganisation of private Firms:Expecting tough Competition from growing number of merchant banking subsidiary ofnationalised banks, private merchant bankers have also started reorganising theiractivities e.g., J.M finacial & investment consultancy ltd., 20th century financecorporation ltd., LKP merchant finacing ltd are some of the private sector firms ofmerchant bankers who have taken steps to reorganise their activities.
Establishment of SUA:In order to educate and protect the interest of investor , to provide information about newissues of capital market, to evolve a code of conduct for underwriters & to render legal &other services to members & public, the STOCKBROKER UNDERWRITERASSOCIATION(SUA) was esteblished in 1984.
Discount & Finance House of India(DFHI)
DFHI was incorporated as a company under the company act 1956 with an authorised &paid up capital of rs 100 crore. Out of this rs 51 crores has been contributed by RBI, rs 16crores bt finacial institions & 33 crores by public sector banks. It would also have line of
credit from public sector banks , refinance facility from the RBI in order to meet theworking capital requirement.DFHI aims at providing liquidity in money makket as itdeals mainly in commercial bills.
Credit Rating Information Services of India Ltd.(CRISIL)
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CRISIL has been set up in 1987 to provide help to investors, merchant bankers,underwriters, brokers, banks & finacial institutions etc. CRISIL ratees various types ofinstruments such as debt, Equity, & Fixed return security offered to the public. It help theinvestor in taking investment decisions.
Stock-Holding Corporation of India Ltd. (SHC)
SHC was set up in 1986 by the all indian financial institutions to take care of safecustody, delivery of shares & collection of sale proceeds of the securities. The setting upof SHC is bound to affect the capital market ain future,
Registration of merchant bankers in India
Registration with SEBI is mandatory to carry out the business of merchant banking in
India. An applicant should comply with the following norms:
The applicant should be a body corporate
The applicant should not carry on any business other than those connected with
the securities market
The applicant should have necessary infrastructure like office space, equipment,
manpower etc.
The applicant must have at least two employees with prior experience in merchant
banking
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Any associate company, group company, subsidiary or interconnected company
of the applicant should not have been a registered merchant banker
The applicant should not have been involved in any securities scam or proved
guilt for any offence
SEBI HAS DIVIDED MERCHANT BANKERS IN
FOUR CATEGORIES, WHICH ARE AS FOLLOW:-
CATEGORIES ACTIVITIES NETWORTH
Category I To carry on the activities of issue mgt & act as
advisor, consultant, manager, underwriter,
portfolio management.
RS 1 Crore
Category II To act as advisor, consultant , co-manager,
Underwriter, portfolio management.
Rs 50 lakh
Category III To act as advisor, underwriter or consultant
to an issue
Rs 20 lakh
Category IV To act only as advisor& consultant to an issue Nil
Procedure for getting registration:
An application should be submitted to SEBI in Form A of the SEBI (Merchant Bankers)Regulations, 1992. SEBI shall consider the application and on being satisfied, issues aCertificate of registration in Form B of the SEBI (Merchant Bankers) Regulations, 1992.
Registration fee payable to SEBI:
Rs. 5 lakhs which should be paid within 15 days of date of receipt of intimation regardingGrant of certificate. Validity period of certificate of registration is three years from the
Date of issue. Three months before the expiry period, an application along with renewalFee of 2.5 lakhs should be submitted to SEBI in Form A of the SEBI (Merchant Bankers)Regulations, 1992. SEBI shall consider the application and on being satisfied renewCertificate of registration for a further period of 3 years.
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Leading Merchant Bankers in India
In Public Sector: SBI Capital Markets Ltd., Merchant Banking
Divisions of IDBI & IFCI, PNB Capital Services Ltd., Bank of
Maharashtra, etc.
In Private Sector: ABN AMRO, ICICI Bank Ltd, Axis Bank Ltd.,
Kotak Mahindra Capital Co., Bajaj Capital, Reliance Security Ltd.,
Yes bankLtd, Tata capital market ltd., JM Financial Co. and DCM
Financial Services Ltd etc.
Foreign Players: Goldman SACH (India) Security Pvt. Ltd., Morgan
Stanley Indian co. Pvt. Ltd., Barclays Security Indian Pvt. Ltd., Bank
of America, Deutsche Bank, Citi Group Global Market Indian Pvt.
Ltd., Fedex Security Ltd.,
Note: Please find the List of all registered Merchant Bankers with SEBI at the end in
Appendix-1
Role in India
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Merchant Banking:
The merchant banker are those financial intermediary involved with the activity of
transferring capital funds to those borrowers who are interested in borrowing. The
activities of the merchant banking in India are very vast in nature of which includes the
following
1. The management of the customers securities
2. The management of the portfolio
3. The management of projects and counseling as well as appraisal.
4. The management of underwriting of shares and debentures.
5. The circumvention of the syndication of loans.
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6. The management of the interest and dividend etc.
Factors responsible for changes:
Globalization of Indian Economy has made the whole economy open, which has more
multinational player in the era of the financial services? This has resulted in to the
emergence of the global investment in financial sector. Govt. has now open up the doors
of investment especially in the area of banks and insurance, which leads to competitive
environment for the present players. Now they have to bring something new which is
efficient and best services to live in the competitive environment. Competition arising out
of Private Company participation is due to liberalization of the economy.
Scope for growth of Merchant Banking in India
As planning and industrial policy of the country envisaged the setting of up of newindustries and technology, greater financial sophistication and financial services arerequired. There is a well proven link between economic growth and financial technology.Economic development requires specialist financial skills: savings banks to marshalindividual savings; finance companies for consumer lending and mortgage finance;insurance companies for life and property cover; agricultural banks for ruraldevelopment; and a range of specialized government or government sponsoredinstitutions. As new units have been set up and business is expanding, they requireadditional financial services. A public equity or debt issue is the logical source of fund inthis situation and merchant banks can tap this opportunity of growth.
The areas of great scope could be,
Growth of Primary market:
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If the primary market grows and number of issues increases, the scope of merchantbanking will be enhanced.
Entry of Foreign Investors: Now India capital market directly taps foreign capital through euro issues.FDI isincreased in capital market. So Merchant bankers are required to advice them for theirinvestment in India. The increasing number of joint ventures also requires expert servicesof Merchant Bankers. If more and more NRIs participate in capital market, there will begreat demand for merchant banker services.
Changing policy of Financial Institutions:Now the lending policies of financial institutions are based on project orientation, so themerchant banker services will be needed by corporate enterprise to provide expertguidance.
Development of debt markets:If the debt market is enhanced, there will be tremendous scope for Merchant bankers.Now NSE and OTCEI are planned to raise their fund through debt instruments.
Corporate restructuring:Due to liberalization and globalization Companies are facing lot of competition. In orderto compete, they have to go for restructuring, merger, acquisitions or disinvestments.They may offer good opportunities to merchant bankers
The scope could be extended to:-
1. Advising the company on designing of its Capital Structure.2. Advising the company on the instrument to be offered to the public.3. Pricing of the instrument.4. Advising the company on Legal/ regulatory matters and interaction with SEBI/ ROC/Stock5. Exchanges and other regulatory authorities.6. Assisting the company in marketing the issue.7. In channelizing the financial surplus of the general public into productiveinvestment avenues.8. To coordinate the activities of various intermediaries to the share issuesuch as the registrar, Bankers, advertising agency, printers, underwriters,brokers etc.9. To ensure the compliance with rules and regulations governing thesecurities market.
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THE FACTORS ON WHICH GROWTH OFMERCHANT BANKING DEPENDS:
Planning and industrial policy of the country i.e. India in this case
Prevailing Economic condition of the country.
Regulatory system of the market and economy prevailing inIndia.
Confidence of the people, traders, buyers, marketers, businesshouses, financial institutions etc.
The economic environment of the outside world.
Competition among the existing players and the upcoming
entrants.
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Problems of Merchant Banking:
Restriction of merchant banking activities:
SEBI guidelines have authorized merchant bankers to undertake issue
related activities and made them restrict their activities or think of
separating these activities from present one and float new subsidiary and
enlarge the scope of its activities.
Minimum net worth of Rs.1 crore:
SEBI guidelines stipulate that a minimum net worth of Rs.1 crore forauthorization of merchant bankers.
Non co-operation of issuing companies:
Non co-operation of the issuing companies in timely allotment of securitiesand refund of application money is another problem faced by merchantbankers.
Merchant Bankers Commission:
Maximum :- 0.5%
Project appraisal fees
Lead Manager :-- 0.5% up to Rs.25 crores- 0.2% more in excess of Rs.25 crores
Underwriting fees
Brokerage commission :- 1.5%
Other expenses :-- Advertising- Printing- Registrars expenses- Stamp duty
In spite of problems popping up, merchant banking in India has vast scope to developbecause of lot of domestic as well as foreign businesses booming here. Indian economyprovides an amicable environment for these firms to set up, flourish and expand here.
Difference Between Commercial Banking & MerchantBanking:
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COMMERCIAL BANKING
Deals with Debt & Debt related finance. Asset oriented.
Generally avoid risks.
MERCHANT BANKING
Deals with Equity & Equity related finance.
Management oriented.
Willing to accept risks.
Difference Between Investment Banking & MerchantBanking:
INVESTMENT BANKING
Both fee-based and fund-based.
Commit their own funds.
MERCHANT BANKING
Purely fee-based.
Impossible to stay aloof from international trends.
BRIEF ANALYSIS OF SOME MERCHANT
BANKS OF INDIA
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SBI Bank of India
ICICI Bank Ltd.Punjab National Bank Bank of Baroda
Union Bank of India
Kotak MahindraCanara BankIDBI BANK
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SBIMerchant Banking Group is strongly positioned to offer perfect financial solutions to your
business. We specialize in the arrangement of various forms of Foreign Currency Credits for
Corporate.
State Bank of India is the nation's largest bank. Tracing its roots back some 200 years to the
British East India Company (and initially established as the Bank of Calcutta in 1806), the bank
operates more than 13,500 branches and over 5,000 ATMs within India, where it also owns
majority stakes in seven associate banks. State Bank of India has more than 50 offices in nearly
35 other countries, including multiple locations in the US (California), Canada, and Nigeria. The
bank has other units devoted to capital markets, fund management, factoring and commercial
services, and brokerage services. The Reserve Bank of India owns about 60% of State Bank of
India.
SBI being an Indian entity has no India exposure ceiling. Our Primary focus is On Indian Clients.
SBIs seasoned Team of professionals provides you with Insightful credit Information and helps
you Maximize the Value from the transaction.
OUR PRODUCTS AND SERVICES
Arranging External Commercial Borrowings (ECB)
Arranging and participating in international loan syndication
Loans backed by Export Credit Agencies
Foreign currency loans under the FCNR (B) scheme
Import Finance for Indian corporate
SBI CAPITAL MARKETS LIMITED (SBICAPS) is India's leading investmentbank and project advisor, assisting domestic companys fund-mobilization efforts for last manyyears.
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We began operations in August 1986 as a wholly owned subsidiary of the State Bank of India,which is the largest commercial bank in India. In January 1997, fresh equity shares were issued to
Asian Development Bank (ADB) and ADB now holds 13.84% stake in the equity of SBICAPS.The distinguished parentage (with a 86.16% stake) together with the long standing association ofan internationally renowned financial institution like the Asian Development Bank furtherenhances our image as a truly 'World Class Investment Bank'.
Our Mission - To provide Credible, Professional and Customer Focused world-class investmentbanking services.
Our Vision - To be the best India based Investment Bank.
SBI Group:
The largest commercial bank group in India Position in the domestic banking sector as on 31 March 2008:
15.44% of the aggregate deposits.
15.28 % of total advances.
The only Indian Bank to find a place in the Fortune Global 500 List.
First Indian Bank to take up merchant banking in 1986.
SBI Capital Markets Limited:
No. 1 in Asia Pacific for Project Advisory. Rating by Thomson Project Finance
International.
No. 1 in IPOs, managed 700+ issues (since 1989 source Prime Database).
The only Indian Merchant Banker in the Global 10, Thomson Project Finance
International 2007.
Pioneer in Privatization.
Subsidiary:-
SBICAPS Ventures Ltd.
SBICAP Securities Ltd.
SBICAPS (UK) Ltd.
SBICAP Trustee Company Ltd.
Associates Bank:-State Bank ofBikaner &
State Bank ofSaurashtra
SBI Factors &Comm.
SBI (California) CommercialBank of India
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Jaipur Services Ltd. LLC
State Bank ofHyderabad
State Bank ofTravancore
SBI FundsManagement
(P) Ltd.
SBIInternational
(Mauritius)Ltd.
State Bank ofIndore
SBI CapitalMarkets Ltd.
SBI DFHI Ltd. Indo-NigerianMerchantBank
State Bank ofMysore
SBICI BankLtd.
SBI LifeInsurance Co.Ltd
Nepal SBIBank Limited
Key Personnel:-Board of Directors Committee of
DirectorsAudit
CommitteeManagement Team
Shri O. P. Bhatt(Chairman)
Shri R. Sridharan(Chairman)
Shri D.Sundaram
(Chairman)
Shri S. Vishvanathan(MD & CEO )
Dr. R. H. Patil Dr. R. H. Patil Shri R.Sridharan
Shri M. K. Nag(Executive Vice
President)
Shri R. Sridharan Shri S. Vishvanathan(MD & CEO)
Dr R. H. Patil
Shri Bansi S. MehtaSmt. Bharati RaoShri D. SundaramShri Ajay Sagar
Dr. Swati A. PiramalShri S. Vishvanathan
(MD & CEO)
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Promoters Share: - Performance:-
Awards:- Asia Pacific Bank of the Year Award 2009 for Leadership in Project Finance by
Thomson Reuters (pfi)
India Loan House 2009 for Leadership in Loan Syndication by Thomson Reuters
(ifr Asia)
Asia Pacific Oil and Gas Deal of the Year 2009 for Cairn India by Thomson
Reuters (pfi)
African Power Deal of the Year 2009 for Morupule B by Thomson Reuters (pfi)
Indian Power Deal of the Year 2009 for Sasan by Euromoney Indian Upstream Oil & Gas Deal of the Year 2009 for Cairn India by Euromoney
Indian Road Deal of the year 2009 for Yamuna expressway by Euromoney
Indian Telecom Deal of the Year 2009 for Aircel by Euromoney
SAFA Best Presented Accounts Award 2008
Award for Excellence in Financial Reporting
SERVICES:- Project Advisory & Structured Finance
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SBICAP has built a formidable presence in the area of Project Finance Advisory andFunds Syndication with several prestigious mandates in almost every sector of theindustry to its credit.Our product portfolio includes:
Project Appraisal
Structured Finance and Syndication
Infrastructure Project Advisory
Securitisation
Debt & Equity Syndication
Capital MarketsCapital Markets Group handles transactions in the capital markets space across multipleinstrument structures.Our product and solutions bouquet includes:
Managing Initial Public Offerings and Follow-on Public offerings and Offers-for-Sale
Managing Rights Offering, be it the traditional or the structured formats
Qualified Institutional Placements
Open offers, Buyback and Delisting of securities
Offerings of convertible securities
Public offering of Corporate structured bonds
Arranging Private Equity to include growth capital, pre-IPO convertibles, private
investments in public equity (PIPES), mezzanine debt and equity, and equity
offerings completed as a private placement.
Private placement of bonds
Capital restructuring advisory services
Advisory and arrangement services for products such as AIM Listing, Indian
Depository Receipts, ADR/GDR and other off-shore equity or bond listing
options
M&A and AdvisoryThe M & A product portfolio includes:
Mergers & Acquisitions
Private Equity
Foreign Currency Convertible Bonds (FCCB) Corporate Advisory
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Employees:41,871
Employee growth: 37.2%
You see, ICICI Bank is India's #2 bank (after State Bank of India), with more than 600
branches and 2,200 ATMs nationwide. ICICI's retail banking group offers lending and
deposit services to small businesses and individuals. Larger businesses are served by the
corporate banking group, which offers finance services and treasury products. ICICI's
rural and government banking unit offers micro-loans and agricultural banking. Foreign
operations, as well as services related to international trade finance and expatriate
Indians, fall under the international banking group. Other ICICI offerings include online
banking, asset management, and insurance.
Key numbers for fiscal year ending March, 2008:
Sale: $5,796.3M
One year growth: 99.1%
Net income: $524.1M
Income growth: 167.4%
ICICI Advice on Wide Varity of Product:
Private Equity Financing
Secondary sale transactions
pre IPO deals
ICICI Securities Ltd is the largest equity house in the country providing end-to-endsolutions (including web-based services) through the largest non-banking distributionchannel so as to fulfil all the diverse needs of retail and corporate customers. ICICISecurities (I-Sec) has a dominant position in its core segments of its operations -Corporate Finance including Equity Capital Markets Advisory Services, InstitutionalEquities, Retail and Financial Product Distribution.
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ICICI Securities Inc., the step-down wholly owned US subsidiary of the company is amember of the National Association of Securities Dealers, Inc. (NASD). As a result ofthis membership, ICICI Securities Inc. can engage in permitted activities in the U.S.securities markets. These activities include Dealing in Securities and Corporate AdvisoryServices in the United States and providing research and investment advice to USinvestors.is a SEBI Registered CAT-1 Merchant banker. ICICI Securities Inc. is also registeredwith the Financial Services Authority, UK (FSA) and the Monetary Authority ofSingapore (MAS).
Board of Directors:-ICICI Securities Limited. ICICI Securities Holding Inc. ICICI Securities, I
Ms. Chanda Kochhar, (Chairperson) Ms. Anup Bagchi,(Chairman)
Mr. Anup Bagch(Chairman)
Mr. Ketan Patel Mr. A Murugappan Mr. A Murugapp
Mr. Narendra Murkumbi Mr. Charanjit Attra Mr. Charanjit At
Mr. Uday Chitale Mr. Subir Saha Mr. Subir Saha
Mr. Pravir Vohra Mr. Gopakumar P.,(President)
Mr. Sonjoy Chatterjee
Ms. Madhabi Puri-Buch, (ManagingDirector & CEO)
Mr. A. Murugappan,(Executive Director)
Mr. Anup Bagchi,(Executive Director)
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Awards & Recognition
Institutional ICICI Securities is awarded as the Best Investment Bank 2008 by Global Finance
Magazine
The Corporate Finance group also was awarded a runner-up Best Merchant
Banker by Outlook Money in 2007.
ICICI Securities (I-Sec) topped the Prime Database League Tables 2007 formoney raised through IPOs/FPOs.
The equities team was adjudged the 'Best Indian Brokerage House-2003' by
Asiamoney.
Retail ICICIdirect wins the prestigious Outlook Money - India's Best e-Brokerage House
for 2009.
ICICIdirect, the neighborhood financial superstore won the prestigious Franchise
India `Service Retailer of the Year 2008 award.
ICICIdirect wins the prestigious Outlook Money - India's Best e-Brokerage House
for 2008.
ICICIdirect been winning the prestigious Outlook Money - India's Best e-
Brokerage House for 2003-2004, 2004-2005, 2006-2007 and 2007-2008.
ICICIdirect has also won the CNBC AWAAZ Consumer Award for the Most
Preferred Brand of Financial Advisory Services.
Best Broker - Web 18 Genius of the Web Awards 2007
Franchisor of the year award 2009
Retail concept of the year awards 2009
Technology IDG India's CIO magazine has recognized ICICI Securities as a recipient of 2009
CIO 100 award
Indian Bank's Association Business Technology Awards for Best Online Trading
Platform in 2006 and 2007
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Punjab National Bank (PNB) is one of India's largest nationalized banks with some 4,500
branches or service counters. The financial institution offers services in personal and
corporate banking, including industrial, agricultural, and export finance, as well as
international banking. Its personal lending services include loans for housing, autos, and
education. PNB's diverse client list includes Indian conglomerates, small and mid-sized
businesses, non-resident Indians, and multinational companies. The bank was established
in Lahore in 1895 -- before the country was partitioned into India and Pakistan in 1947.
Key numbers for fiscal year ending 2008:
Sale: $2,315.0M
Net income: $322.1M
PNB's Financial Numbers
Sales $2.32 bil
Profits $.28 bil
Assets $24.12 bil
Market Value $2.79 bil
Employees 58,300
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Bank of Baroda (BOB) was established on 20th July, 1908 in the princely state of Barodaby the great visionary, Sir Sayajirao Gaekwad III. The founder strongly believed that, "abank of this nature would prove to be a beneficial agency for lending, transmission anddeposit of money and a powerful factor in the development of art, industries andcommerce of the state as also of adjoining territories". Unlike other state-owned bank,BOB could maintain its unique identity and established a strong national presence evenbefore independence, to all corners of the country.The Bank was led by eminent personalities and great bankers like Shri V.D. Thakersey,Walchand Hirachand, R.D. Birla, N.M. Chokshi, M.G. Parikh and others.BOB was amongst the first few banks to venture overseas by opening a branch atMombassa in 1953. Today it has significant international presence with a network of 72
offices in 25 countries.Bank of Baroda has 100 years of glorious performance and an uninterrupted profit record,serving generation after generation around the globe.
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BOB Capital Markets Ltd. (BOBCAPS) is a wholly owned subsidiary of Bank of Baroda.BOBCAPS is one of the Investment Banking Companies in India and is a SEBI registeredCategory I Investment Banker. We are shortly commencing Broking/E-broking Business.BOBCAPS offers the entire spectrum of financial services that includes Initial Public Offerings,Private Placement of Debt, Corporate Restructuring, Business Valuation, Mergers &Acquisitions, Project Appraisal and Loan Syndication. BOBCAPS also undertakes advisoryservices on Securitisation and Structuring of Debts.
Singular Strengths
Patronage of Bank of Baroda Excellent association with Banks and Financial Institutions
Good relationship with fellow market intermediaries
Large client base consisting of blue chip and midcap companies
Good rapport with regulatory authorities
Strengths
Patronage of over 101 years old "Bank of Baroda" having more than 3000 branches
across India and 70 branches overseas.
Excellent rapport with the concerned regulatory authorities.
Good liaison with Banks and Financial Institutions.
Strong relationship with fellow Market Intermediaries.
Strong pool of clients consisting of Blue chip and mid cap companies.
Experienced & qualified professionals wholly devoted towards their key areas.
Board of Directors
Mr. J.S. Arora - Managing Director
Mr. P.H.Ravi Kumar - Independent Director
Mr. N.Ramani - Nominee Director Mr. Raj Kumar Aggarwal - Independent Director
Mr. Akshay M. Joshi - Whole Time Director
Mr. S. Swaminathan - Whole Time Director
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SERVICES:-
Investment Banking IPO / Rights Issue / FPO
Mergers & Acquisition
Private Placement of Debt / Equity
Private Equity Advisory
Corporate Advisory Services
Project Appraisal / TEV Studies
Debt Syndication
Business Valuation
Retail Broking Online Trading
Call n Trade
Applying IPOs Online
Applying MFs Online
Institutional Broking Institutional Equity Broking Services
Equity Research
F & O Dealing and Sales
Mutual Fund Distribution BOB Capital Markets Ltd. (BOBCAPS), a wholly owned subsidiary of Bank of Baroda is
into Mutual Fund Distribution and Advisory Services. As a distributor we are empanelled
with 28 SEBI Registered Mutual Funds in India including SBI, UTI, Reliance, HDFC,
Fidelity, and Franklin Templeton.
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PERFORMANCE
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Recent Offerings
Business Valuation
Business Valuation for acrossover M&A Deal
Project Appraisal and ValuationValuation of shares
Capital Issues - Equity
Lead Manager to the Initial Public Offering ofIssue Size INR 750 Million
Lead Manager to the Lead Manager to the RightsIssue Size INR 180 Million
Capital Issues - Debt
Arranged Issue of NCDs onPrivate Placement Basis worth
INR 3250 Million
Arranged Issue of NCDs on PrivatePlacement basis worth INR 500 Million
Arranged the Issue ofvarious Bond series for Tier
I and Tier II capitalrequirements aggregatingINR 20 Billion from 2007-
2009
Mergers & Acquisitions
Advisor to the Takeover Deal.
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Union Bank of India has been around for more than 88 years. The bank
has earned a reputation for being techno-savvy--more than 600
branches of Bank are networked and powered with a centralized
technology platform, the bank also manages close to 395 networked
ATMs.
Union Bank is a Public Sector Unit with 55.43% Share Capital held bythe Government of India. The Bank came out with its Initial Public Offer
(IPO) in August 20, 2002 and Follow on Public Offer in February 2006.
Presently 44.57 % of Share Capital is presently held by Institutions,
Individuals and Others.
Financial performance(as on 31st march 10) The Banks Net Worth increased by 25.76% and stood at Rs. 8758
crore as on 31st March 10 as compared to Rs.6964 crore in the
previous year. Net Profit Increased by 27.47% and stood at 594 crore as on 31st
March 10 as compared to 466 crore crore in the previous year. Gross NPA level increased to Rs.2671 crore as on 31st March10
from Rs.1923 crore as on 31stMarch09.
Board of Directors SHRI M.V.NAIR (Chairman & Managing Director) Shri S.C.Kalia(Executive Director)
SHRI S.Raman(Executive Director) Dr. Gulfam Mujibi(Part-time non-official Director) Shri B.M.Sharma(Chartered Accountant Director) SHRI N. SHANKAR (WORKMEN DIRECTOR)
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Products and Services
Personal Banking (Accounts & Deposits,Retail
Loans,Cards,Insurance & Investment,Demat)
NRI Banking(Remittance, Savings & Deposits, Loan & Services,
Payments)
Corporate Banking(CMS, E-Tax, Insurance, Trade Finance,
loans Syndication, MSME Banking)
Internet Banking(Account Information,Transfer of
Funds/Bills/Limits/Currency. Financial & NonFinancial enquiries)
Awards:
The Bank was awarded the Gold Trophy and a certificate in theElite Class for Excellence in Marketing & Brand Communicationby Association of Business Communicators of India (ABCI) inMarch 2010. The award was given away by the Honble Governorof Maharastra, Shri K.Sankaranarayan.
The Bank was awarded the prestigious Skoch Challenger Award2009 for excellence in capacity building through innovative
concept of Village Knowledge Centre as part of financialinclusion initiatives. The award was given away by Dr. CRangarajan, Economic advisor to the Prime Minister
As part of its global expansion initiatives, the Bank opened its5th overseas representative office in London, U.K. in April 2010. The Bank already has 4 representative Offices in Shanghai,Beijing in PRC, Abu Dhabi in UAE and Sydney, Australia. Besidesthe Bank has a full fledged overseas branch in Hong Kong. TheBank is the process of setting up a Rep Office in Toronto,Canada.
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The Kotak Mahindra GroupKotak Mahindra is one of India's leading financial conglomerates, offering completefinancial solutions that encompass every sphere of life. From commercial banking, tostock broking, to mutual funds, to life insurance, to investment banking, the group catersto the financial needs of individuals and corporates.The group has a net worth of over Rs. 7,100 crore and has a distribution network ofbranches, franchisees, representative offices and satellite offices across cities and townsin India and offices in New York, London, San Francisco, Dubai, Mauritius andSingapore. The Group services around 6.5 million customer accounts.Since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, it has been
a steady and confident journey leading to growth and success.
Kotak Group Products & Services:
Senior Management:
Mr. Uday S. Kotak (Executive Vice Chairman & Managing Director)
Mr. Anand Mahindra (Vice-Chairman and Managing Director)
Mr. C Jayaram (Executive Director)
Mr. Dipak Gupta (Executive Director) Dr. Shankar Acharya (Non-Executive Part-time Chairman)
Mr. Shivaji Dam (managing director of Kotak Mahindra Old Mutual Life
Insurance Limited)
Mr. C. Jayaram ( Executive Director)
Mr. Dipak Gupta ( Executive Director)
Mr. Cyril Shroff (managing partner of the law firm)
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Kotak Securities
Kotak Securities Ltd. 100 % subsidiary of Kotak Mahindra Bank is one of the oldest and
largest broking firms in the Industry. A subsidiary of Kotak Mahindra bank.
Reconstruction from a private company to a public limited company effective from June
13, 2003. Act as a lead manager to several (IPOs) & help in Client in accessing the
public & private equity market.
It is also a depository participant with National Securities Depository Limited (NSDL)and Central Depository Services Limited (CDSL).Kotak Securities Limited has Rs. 2300 crore of Assets Under Management (AUM) as of31st March, 2010.
Large Presence: At present Kotak in 331 cities with 843 offices all over the country.
Services :-
stock broking through the branch and Internet,
Investments in IPO, Mutual funds Portfolio management service, Currency Derivatives, Insurance.
Accolades :
UTI MF CNBC TV18 Financial Advisor Awards - Best Performing Equity Broker(National) for the year 09
Finance Asia Award (2009)-Best Brokerage Firm In IndiaBest Brokerage Firm in India by Asiamoney in 2008, 2007 & 2006Best Performing Equity Broker in India CNBC Financial Advisor Awards 2008Avaya Customer Responsiveness Awards (2007 & 2006) in Financial Services SectorThe Leading Equity House in India in Thomson Extel Surveys Awards for the year 2007Euromoney Award (2007 & 2006) - Best Provider of Portfolio Management: EquitiesEuromoney Award (2005)-Best Equities House In IndiaFinance Asia Award (2005)-Best Broker In India
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Finance Asia Award (2004)- India's best Equity HousePrime Ranking Award (2003-04)- Largest Distributor of IPO's
CANRA BANK is also one of the leading merchant bankers in India, offering specialize
services to banks, PSUs, and State owned corporation, Local statutory bodies, &
corporate sector.
It is SEBI register with CAT I Merchant banker to carry on issue management (public,right, private placement), Underwriting Consoltancy, Corporate advisory services.
It have associated with issue ranging from 1 crore to 1500 crore, involving various types
of industries, banks , statutory Bodies etc. & have an edge in handling Private Placement
issue- Both Retail & HNIs.
SPECTROM of Services:-
Equity Issue (Public/ Right) management.
Debt Issue management.
Private Placement
Project appraisal
Monitoring agency assignments.
Agriculture Consultancy Services
Corporate Advisory Services
Merger & Acquisition
Share valuation & Buy back Assignment.
IPO funding Security Trustee Services.
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About
PROMOTERS/ACTIVITY
The Company, a Subsidiary of Canara Bank was incorporated and accredited as aPrimary Dealer (PD) in 1996 in the name of Gilt Securities Trading CorporationLimited. (GSTCL) with a paid-up capital of Rs.100 Crores.The Primary Dealer activity of the Company was taken over by the parent Bank inFebruary, 2007 and the Company is focusing on capital market related activities mainlyinto equity broking and distribution of Financial Products.The name of the Company has been changed as Canara Bank Securities Ltd. (CBSL)in 2009.The On Line Trading (OLT) in Equity and FNO is a product added by CBSL to FinancialSuper Market of Canara Bank. This facilitates seamless trading in stock market byinvestor clients of the Bank at their comfort and convenience.
PRINCIPAL OBJECTIVES
To provide a viable and efficient institutional platform for competitive trading in
equities.
To develop a Retail Equity market with broader investor base by offering
enhanced trading facility to the equity instruments and hassle-free & speedy
service using state of the art technology in the market.
To create an active secondary market for Equities, assure prompt settlement,
Liquidity to the instrument and transparency in dealing.
To provide Trading Convenience by way of:-
Efficient and Speedy On-Line Service
Prompt Settlement
Transparency in operation
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ORGANIATIONAL SETUP
As per SEBI guidelines the Company has functional separation for. Trading (Front Office)
Settlement accounting and Reconciliation(Back Office and Accounting)and
Monitoring and Control (Middle Office)
Similarly, there is a separation of transactions relating to Proprietary trads, Institutionalaccounts and Constituents accounts.The Company is Board managed. Day to day affairs are overseen by the ManagingDirector, assisted by the executives heading the departments and supported by competentand experienced staff, who are on deputation from Canara Bank.
BOARD OF DIRECTORS
Shri A C Mahajan - Chairman (Chairman and Managing Director of Canara
Bank)
Shri H S Upendra Kamath - Vice Chairman (Executive Director of Canara Bank)
Shri P N Murthy - Director (General Manager of Canara Bank)
Shri D S Anandamurthy - Director (General Manager of Canara Bank)
Shri D S R Murthy - Director (Chartered Accountant-with vast experience in
Capital Market)
Shri K Krishna Rai - Director (Retd Executive Director of Allahabad Bank)
Shri K R Rao - Managing Director (Deputy General Manager of Canara Bank)
BANKERS TO THE COMPANY
Canara Bank
AUDITORS TO THE COMPANY
M/S Ghalla & Bhansali
M/s A J Shah & Co.
Mumbai (Internal Auditors)
PRINCIPAL EXECUTIVES
Shri K R Rao (Managing Director )
Shri N S Rao (General Manager )
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Shri K Ganesh Kamath (General Manager )
COMPANY SECRETARY
Shri S Mutthu
IDBI Capital Market Services Ltd., (IDBI Capital) is a wholly owned subsidiary ofIDBI Bank Ltd and is a leading Investment Banking & Securities Company.
IDBI Capital offers a full suite of products and services to Corporates, Institutionaland Individual clients. The range of services include :-
Investment Banking Capital Market Products Private Equity Corporate Advisory Services Mergers & Acquisitions Project Appraisals & Debt Syndication Stock Broking - Institutional & Retail Distribution of Financial Products Debt Placement and Underwriting Fund Management (Managing Clients' Assets-Pension/PF Fund
Managers) Research Group
IDBI Capital is highly regarded for safety and trust and enjoys a credit rating ofAAA by CARE for its medium-term borrowings and P1+ by ICRA for its short-term borrowings.
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Milestones1995 March Commenced Equity Broking on NSE CM segment
1995 July Built agent Distribution Network across the country
1996 October Commenced Debt Broking on NSE WDM segment
1996December
Started operations as a Depository Participant
1996 Started to act as Arranger to Privately Placed Bond issues
1998 April Commenced operations as a Portfolio Manager
1999 February Acquired membership of BSE, Mumbai
1999November
Started operations as a Primary Dealer
2002 March Achieved an outright secondary market turnover exceedingRs.100000 crore in G-Secs
2000 JuneAcquired Derivatives memberships of BSE and NSE
2002 October Commenced trading in Interest Rate Swaps
2004 June Commenced Merchant Banking & Corporate AdvisoryServices
2006 January Launched the online investing portal www.idbipaisabuilder.in
2006September
IDBI Capital bags CNBC TV18 'Best National FinancialAdvisor-Institutional' award.
2006September
IDBI Capital ties up with Punjab National Bank and Bank ofRajasthan Bank.
2007 March IDBI Capital ties up with Oriental Bank of Commerce
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2007 May IDBI Capital ties up with Karur Vysya Bank (KVB)
2008 January IDBI Capital bags CNBC TV18's prestigious NationalFinancial Advisor Award
2008 March IDBI Capital ties up with Union Bank of India
Fund Management
IDBI Capital Market Services Ltd. (ICMS) is a leading Fund Manager in the country forProvident, Pension and Retirement Benefit Funds. The Company is a SEBI registeredPortfolio Manager and manage its Clients assets under both discretionary and non-discretionary mandates. These services are provided to various public and private sectorundertakings and their provident, pension, retirement benefit and surplus funds. The
Companys client base includes leading pension and provident funds in the country.
IDBI capital has been advising institutions, banks and corporates for their investment inDebt, Mutual Funds and Equities over several years. Its services include managing Client
Assets--Pension & Provident Funds, Surplus fund Management, Equity PortfolioManagement and Mutual Fund Advisory.
The funds have continuously yielded superior returns, which are significantly higherthan the benchmark.
ISO Certification 9001:2000Keeping in view the importance of standardized processes and service levels, the
Company has gone in for ISO Certification for Fund Management, and is the onlycompany to have done so in this sector. Being a public sector, the Company is alsoaudited by Comptroller and Auditor General (CAG) office and follows transparentpractices.
Regulatory ApprovalIDBI Capital is a registered Portfolio Manager with Securities and Exchange Board ofIndia (SEBI) since 1998 and is authorised to undertake Funds Management activities(Debt & Equity) for clients. These activities would be governed by Securities andExchange Board of India (Portfolio Managers) Rules and Regulations, 1993. SEBIRegisration No. of IDBI Capital is INP000000209, valid till the year 2010.
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Services:-
Retail Broking & Distribution Online Investing
IPO Distribution Capital Markets IPO / FPO / Right Issues TakeOver Buyback of Securities Qualified Institutional Placement Private Equity Investment Banking Financial Advisory Project Advisory Corporate Advisory Mergers & Acquistions
Strategic Advisory Institutional Broking & Distribution Equity Sales & Dealing Equity Research Mutual Fund Sales & Dealing Mutual Fund Research
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Present scenario of Indian Merchant Banking
U.S Stock Market Listings of Fast- Growing Indian Companies: An innovative financing
Option
New York, Feb 17 08 /PR Newswire/ Emissary Capital, LLC A merchant bank based in
New York City and specializing in Indian Companies, is a pioneer firm leading the
charge for Indian Companies to obtain stock market listings in the U.S and European
investors in conjunction with a U.S public company with market listing. This turns a fast
growing Indian company into U.S public company with the prestige and capability to
raise money from U.S and European institutional investors. Focus on small and medium
enterprises (SMEs). SMEs are dynamic force in India fall under this category.
Indias strength in Information Technology sector is well known, but it is Indias fast
growing manufacturing sector, driven by approximately three million SME`s in sectors
ranging from auto components to industrial goods, that is rapidly India a leading global
manufacturing hub. Debt Financing is not the answer for SME`s. There seems to an
across the board consensus that Indian SME`s have not been able to fully tap their
potential and keep pace with Indias growth because of their inability to access greater
sources of financing. For vast majority of Indian SME`s, the high domestic interest rate
regime (prime rate of 12.75% to 13.25%) continues to be a substantial hindrance.
Furthermore, the ability to raise debt financing outside India (typically referred to as
External Commercial Borrowings (ECBs) is strictly regulated by RBI. No IPO boom for
Indian SMEs in Indian stock markets. The Indian stock markets including the BSE &
NSE have essentially ignored robust Indian SMEs. The avg. size of Indian IPO rose to
approximately $100 million in 2008-09. Meanwhile smaller Indian companies seeking to
raise funds of less than that amount have found it increasingly difficult to raise funds
through Indian Stock Markets listings.
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According to SEBI only 104 companies raised capital in the range of $2.5 million to $125
million in March 2007 fiscal year. No companies have raised money in the $1.25 million
to $2.5 million range since April 2007. Finally, only 52 companies have been able to
raise funds in the range of $2.5 million to $125 million in March 2008 fiscal year. There
are few smaller Indian IPOs because Indian merchant bankers prefer to work on bigger
IPOs that earn them bigger, as the work required for a small IPO compared to a large IPO
is relatively the same. Also the regional stock exchanges, where the majority of SMEs
would list themselves if possible, face stiff competition from Indias two major stock
exchanges BSE & NSE.
Emissary Capital Ltd. Is a full service merchant banking firm which specializes in
assisting fast growing Indian companies in obtaining financing and U.S stock market
listings as well as identifying and advising on mergers & acquisitions transactions for
such companies.
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FOCUS OF THE STUDY
The main focus of the study would be on functioning of the Merchant Banking
companies. The study would have information and details of Merchant Banking of public
sector and private sector companies and then an analysis will be done on the collected
information and finally a comparison between these two categories will be done. After
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comparison it would be find out which category has more growth potential in present
scenario as well as in future.
CONCEPTUALIZATION OF THE STUDY
Amidst the swift changes sweeping the financial world, Merchant Banking has emerged
as an indispensable financial advisory package. Merchant banking is a service-oriented
function that transfers capital from those who own to those who can use it. They try to
identify the needs of the investors & corporate sector & advice entrepreneurs what to do
to be successful. New players are entering in this field day by day. Merchant Banking in
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India has a great demand over the globe. So many companies in India are trying their
hands in this field. Some companies have built their strong image and some are still in
process to leave their mark in the international market.
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LITERATURE REVIEW
REVIEW OF EXISTING LITERATURE
There are no. of study Have Been done on mercent Banking.
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This will enable the company to carry out the entire range of merchant banking activities
ranging from public issue management to advisory services and underwriting of issues a
company release said here.
Mr. Ajit Menon, Senior Vice President and Head-Investment Banking, India Infoline,
said the company would provide focused corporate finance advisory for SME`s in the
areas of mergers & acquisitions, pvt. equity placements, IPOs & high yield debt. We
see specific opportunities in cross border M&A that would bring in strategic benefits and
growth opportunities for companies in the SME sector and we are already seeing good
traction in this area
India Infoline expects a significant number of small and medium-sized companies to be
turning to the capital markets and becoming involved in mergers and acquisitions.
The leading investment banks are targeting the large companies and the small and
medium-sized companies bracket is a good untapped growth opportunity.
The company recently acquired Marchmont Capital Advisors Ltd and entered into an
alliance with Marchmont International for exclusive services and non-compete in India.
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Objective &Methodology
OBJECTIVES OF THE STUDY
To develop the ability to study the functioning of Merchant Banking in India
& learn & apply multidisciplinary concepts, tools & techniques to solve vital
problems.
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To familiarize with the various services provided by Merchant Bankers.
To compare the public & private sector company engaged in providing
merchant banking services on various grounds.
To find out the growth potential of the Merchant Banking public & private
sector companies.
RESEARCH METHODOLOGY
RESEARCH DESIGN:
A research design is an arrangement of conditions for collection and analysis of
data in a manner that aims to combine relevance to the research purpose with
economy ion procedure.
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A sample design is a definite plan for obtaining a sample from a given
population.
For carrying out my research work I would follow Exploratory cum Descriptive
research design.
Universe and Survey Population Sampling
All the items under consideration in any field of inquiry constitute a universe
or population.
Here in this study universe and survey population sampling would be all the
public & private sector companies of India engaged in Merchant Banking
operations.
Sample Size
Sample size would be 7-8 public & private sector merchant banking companies.
Methods of Data Collection
Primary Data usually consists of the data that are collected afresh for the first
time and thus is original in character. Primary Data that used in the study
Questionnaire
In my Questionnaire There are 10 Questions
Secondary Data consists of data that is collected from some existing literature. It
has been already analyzed by some one else earlier and is derived from that
source. Secondary Data that used in the study are
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Newspapers
Websites
Books
Analysis Pattern
Statistical Tools- graphs & charts
Cross Tabulation Of Data
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Data Presentation & Analysis
Analysis & Interpretation
Q 1 Do you take any financial services from bank?
Sr. No.Take FinancialService Nos. Percentage
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1 Yes 36 45
2 No 44 55
Total 80
GRAPH
Take Financial Service
45%
55%
1 Yes2 No
Interpretation
Out of total respondents, 45% respondents have taken Financial Service and rest 55%
respondents have not taken the Financial Service.
Q 2 Do you Know about Merchant Banking?
Sr. No.Know aboutMerchant Nos. Percentage
1 Yes 32 40
2 No 48 60
Total 80
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1 Yes, 40
2 No, 60
0
10
20
30
40
50
60
Nos.
Know about Merchant
1 Yes
2 No
Interpretation
Out of total respondents, 40% respondents Know about merchant banking and rest 60%
respondents dont know about merchant banking.
Q 3 Are you satisfied with the services provided by your bank?
Sr. No. Satisfied Nos. Percentage
1 Yes 35 43.75
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2 No 45 56.25
Total 80 100
Percentage,
43.75
Percentage,
56.25
0
10
20
30
40
50
60
Percentage
1 Yes
2 No
Interpretation
Out of total respondents, 43.75% respondents Satisfied and rest 60% respondents dont
Satisfied.
Q4 Are you satisfied with services offered by banks?
Sr. no Bank Percentage
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1 ICICI 202 SBI 353 PNB 204 BOI 15
5 Other 10
Interpretation
Large no. of companies takes financial services from SBI.
Q 5 What is the position of Merchant Banking in Private Sector?
sr.no Position Percentage1 Good 50
0
5
10
15
20
25
30
35
40
icici sbi pnb boi any
other
icici
sbi
pnb
boiany other
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2 Normal 353 Bad 15
Total 100
Position
Good
1
50%Normal
2
35%
Bad
3
15%
1 Good
2 Normal
3 Bad
Interpretation
Out of total respondents, 50% respondents Say Good, 35% Say Normal and rest 15%
respondents say bad.
Q 6 What is the position of Merchant Banking in Public Sector?
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sr.no Position Percentage1 Good 402 Normal 553 Bad 5
Total 100
Position
40%
55%
5%
1 Good
2 Normal
3 Bad
Interpretation
Out of total respondents, 40% respondents Say Good, 55% Say Normal and rest 5%
respondents say bad.
Q7 What type of security have you deposited/you will deposit with the banks ?
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Sr.No. Type of Security Nos. Percentage
1. Bank Security (F.D.) 18 22.52. Gold 0 03. Land Papers 50 62.54. Third person security 12 15
Total: 80 100
Q 8 Are you satisfied by Security margin of bank?
Sr.No. Satisfaction by Security
Margin
Nos. Percentage
1. Yes 64 802. No 16 20
Total: 80 100
Interpretation
Out of total respondents, 80% respondents Satisfied and rest 20% respondents dont
Satisfied.
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Nos.2 No1 Yes5624Depends on M.B2 No1 Yes
Q 9 Are you satisfied with timely services provide by banks?
Sr. No. Depends on M.B Nos. Percentage
1 Yes 56 70
2 No 24 30
Total 80 100
Interpretation
Out of total respondents, 75% respondents Say that They are timely heared and rest 25%
say that They are not timely served by merchant banking.
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Q10 Will it differ from investment banks?
Sr. No. Difference Nos. Percentage
1 Yes 60 75
2 No 20 25
Total 80 100
Interpretation
Out of total respondents,75% respondents Think that It is differ and rest 25%
respondents dont Think so.
COMPARISION BETWEEN
PUBLIC & PRIVATE
SECTORS
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0%10
%
20
%
30
%
40
%
50
%
60
%
70
%
public sectorprivate sectorSeries1
Public Sector is the pioneer in providing Merchant Banking services in India.
But due to liberalization of economy the scenario has changed many private Merchant
Banking companies have entered in the industry since then.
Public sector merchant banking companies facing stiff competition from the private
sector companies.
Market Share
Public Sector= 66%
Private Sector= 34%
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Findings & Conclusions
Conclusion
Longstanding client relationships
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Strong positions in high-growth client and product niches.
Multiple revenue growth initiatives are in place with detailed and concrete action
plans, and with rigorous follow-up mechanisms.
Growth is controlled by a sound Risk Management System and disciplined cost
management.
Small & Medium scale enterprises SMEs need immediate attention from
merchant bankers to get access to finance.
SMEs are facing stiff competition from large scale companies.
LIMITATIONS OF THE STUDY
Due to paucity of time only limited information can be collected.
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There can be a possibility of individual biasness on the part of respondents.
Study would be confined to only 7-8 public & private sector merchant
banking companies.
Sample size to be taken may not be the true representative of the population.
Chapter 6
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BIBLIGRAPHY
i. NOTES
ii. RESEARCH METHODOLOGY BY C.R. KOTHARI
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iii. Financial Institutions & Market By Shashi K. Gupta, Nisha Aggarwal
iv. INTERNET
www.google.com/news
www.answer.com
www.emissarycapital.com
www.wikipedia.com
www.sebi.gov.in
http://unionbankofindia.co.in
http://www.asialaw.com/Article/1988860/Merchant-Banking.html
http://www.icicisecurities.com
http://www.sbicaps.com
http://www.bobcapitalmarkets.com
http://www.pnbindia.in/subsidiaries
http://www.kotaksecurities.com
http://www.canmoney.in
Questionnaire
Respondents Profile
Name :_______________
Age :_______________
http://www.google.com/newshttp://www.answer.com/http://www.emissarycapital.com/http://www.wikipedia.com/http://www.sebi.gov.in/http://www.asialaw.com/Article/1988860/Merchant-Banking.htmlhttp://www.bobcapitalmarkets.com/http://www.pnbindia.in/subsidiarieshttp://www.kotaksecurities.com/http://www.google.com/newshttp://www.answer.com/http://www.emissarycapital.com/http://www.wikipedia.com/http://www.sebi.gov.in/http://www.asialaw.com/Article/1988860/Merchant-Banking.htmlhttp://www.bobcapitalmarkets.com/http://www.pnbindia.in/subsidiarieshttp://www.kotaksecurities.com/ -
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Gender :_______________
Occupation :_______________
1. Do you take any financial services from bank?
(a) Yes ( ) (b) NO ( )
2. Do you know about Merchant Banking?
(a) Yes ( ) (b) No ( )
3. Are you satisfied with the services provided by your bank?
(a) Yes ( ) (b) No ( )
4. Which bank provide you maximum services?
(a) ICICI ( ) (b) SBI ( )
(c) PNB ( ) (d) BOI ( )
(e) OTHER(specify)
5. What is the position of Merchant Banking in Private Sector?
(a) Good ( ) (b) Normal ( )
(c) Bad ( )
6. What is the position of Merchant Banking in Public Sector?(a) Good ( ) (b) Normal ( )
(c) Bad ( )
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7. What type of security have you deposited/you will deposit with the
banks
(a)Bank security ( ) (b) Gold ( )
(c) Land paper ( ) (d) Third party security ( )
8. Are you satisfied by Security margin of bank?
(a) Yes ( ) (b) No ( )
9. Non-financial institution depends on merchant banking. Are you
satisfied?(a) Yes ( ) (b) No ( )
10. Will it differ from investment banks?
(a) Yes ( ) (b) No ( )
APPENDIX-1
List of All Merchant Bankers Registered with SEBI
A.K. CAPITAL SERVICES LTD ALLAHABAD BANK ALLBANK FINANCE LTD. ALMONDZ GLOBAL SECURITIES LTD (FORMERLY ALLIANZ SECURITIES
LTD) AMBIT CORPORATE FINANCE PRIVATE LTD ANAND RATHI FINANCIAL SERVICES LIMITED (FORMERLY ANAND RATHI
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SECURITIES PVT LTD) ANDHRA BANK ANTIQUE CAPITAL MARKETS PVT. LTD. ARIHANT CAPITAL MARKETS LTD ARYAMAN FINANCIAL SERVICES LIMITED
ASHIKA CAPITAL LTD ASIT C. MEHTA INVESTMENT INTERRMEDIATES LTD ATHERSTONE CAPITAL MARKETS LTD AVENDUS CAPITAL PVT. LTD. BNP PARIBAS BOB CAPITAL MARKETS LTD BRICS SECURITIES LTD CALYON BANK (FORMERLY CREDIT AGRICOLE INDOSUEZ) CENTRUM CAPITAL LIMITED (FORMERLY CENTRUM FINANCE LTD) COMFORT SECURITIES PVT LTD CORPORATE PROFESSIONALS CAPITAL PVT. LTD. CORPORATE STRATEGIC ALLIANZ PVT LTD
D & A FINANCIAL SERVICES PVT. LTD. DAIWA SECURITIES SMBC INDIA PVT LTD CREDIT SUISSE SECURITIES (INDIA) PVT LTD DALMIA SECURITIES PVT. LTD. DARASHAW & COMPANY PRIVATE LTD (FORMERLY BADAR FINANC DBS BANK LTD EDELWEISS CAPITAL LTD ELARA CAPITAL (INDIA) PRIVATE LIMITED EMKAY SHARE AND STOCK BROKERS LTD EQUIRUS CAPITAL (P) LTD ESCORTS SECURITIES LTD FIRSTCALL INDIA EQUITY ADVISORS PVT. LTD. FORTRESS CAPITAL MANAGEMENT SERVICES PVT LTD
FORTUNE FINANCIAL SERVICES (INDIA) LTD GSFS CAPITAL & SECURITIES LTD HDFC BANK LTD IDBI BANK LTD.(FORMERLY INDUSTRIAL DEVELOPMENT BANK OF INDIA) IDBI CAPITAL MARKET SERVICES LTD IDFC-SSKI LTD. IMPERIAL CORPORATE FINANCE & SERVICES PVT LTD IND GLOBAL CORPORATE FINANCE PVT LTD INDIA CAPITAL MARKETS PRIVATE LIMITED INDIA INFOLINE LTD.(FORMERLY INDIA INFOLINE SECURITIES PVT LTD) INDIABULLS SECURITIES LIMITED (FORMERLY ORBIS SEC LTD) INDUSIND BANK LTD INFRASTRUCTURE DEVELOPMENT FINANCE COMPA ING VYSYA BANK LTD. (ERSTWHILE THE VYSYA BANK LTD.) INTEGRATED ENTERPRISES (INDIA) LTD (INTEGRATED ADVISORY SERV INTENSIVE FISCAL SERVICES PVT LTD INTER CORPORATE FINANCIERS & CONSULTANTS LTD. JEFFERIES INDIA PRIVATE LIMITED KARN MERCHANT BANKERS LTD. KARVY INVESTOR SERVICES LTD KEYNOTE CORPORATE SERVICES LTD
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KHANDWALA INTEGRATED FINANCIAL SERVICES PVT LTD KHANDWALA SECURITIES LTD LAZARD INDIA PRIVATE LTD ( LAZARD CREDIT CAPITAL LTD.) LKP SECURITIES LTD (FORMERLY LKP SHARES AND SECURITIES LTD) LODHA CAPITAL MARKETS LTD
LSI FINANCIAL SERVICES PVT. LTD. MACQUARIE INDIA ADVISORY SERVICES PVT LTD MAPE ADVISORY GROUP PVT LTD MASTER CAPITAL SERVICES LTD MEGHRAJ SP CORPORATE FINANCE (PVT) LTD MONEY MATTERS INVESTMENT ADVISORS PRIVATE LIMITED MOTILAL OSWAL INVESTMENT ADVISORS PVT. LTD. MPA FINANCIAL SERVICES LIMITED MUNOTH FINANCIAL SERVICES LTD N M ROTHSCHILD AND SONS (INDIA) PVT LTD NETWORTH STOCK BROKING LTD. NIRBHAY CAPITAL SERVICES PVT LTD
NOMURA FINANCIAL ADVISORY AND SECURITIES (INDIA) PVT. LTD. NORTHBRIDGE CAPITAL LIMITED ORIENTAL BANK OF COMMERCE PADMAKSHI FINANCIAL SERVICES LIMITED PIONEER INVESTCO PL CAPITAL MARKETS PVT LTD PNB GILTS LIMITED PNR SECURITIES LTD PRIME SECURITIES LTD PUNEET ADVISORY SERVICES PVT LTD R R FINANCIAL CONSULTANTS LTD RABO INDIA SECURITIES PRIVATE LIMITED REAL GROWTH SECURITIES PVT. LTD.
RELIGARE CAPITAL MARKETS LIMITED SAFFRON CAPITAL ADVISORS PVT LTD SAL SECURITIES PVT. LTD. SICOM LTD SMC CAPITALS LIMITED SOBHAGYA CAPITAL OPTIONS LTD. SOCIETE GENERALE SPA MERCHANT BANKERS LIMITED SPARK CAPITAL ADVISORS (INDIA) PVT LTD SREI CAPITAL MARKETS LTD STANDARD CHARTERED-STCI CAPITAL MARKETS LIMITED STCI PRIMARY DEALER LIMITED SUMEDHA FISCAL SERVICES LTD TAIB CAPITAL CORPORATION LIMITED TAMILNAD MERCANTILE BANK LTD THE CATHOLIC SYRIAN BANK LTD TRUST INVESTMENT ADVISORS PVT LTD ULJK SECURITIES PVT. LTD. UNION BANK OF INDIA UNITED BANK OF INDIA
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VALUE LINE ADVISORS PVT LTD.(FORMERLY S B & T FINANCE PRIVATELTD)
VC CORPORATE ADVISORS PVT. LTD. (FORMERLY ECCENTRIC CAPITALPVT LTD.)
VCK CAPITAL MARKET SERVICES LTD.
AXIS BANK LTD.(FORMERLY UTI BANK LTD.) BAJAJ CAPITAL LTD TATA CAPITAL MARKETS LTD ICICI BANK LTD (private) ICICI SECURITIES LTD RELIANCE SECURITIES LIMITED KOTAK MAHINDRA CAPITAL COMPANY LTD YES BANK LTD. BANK OF AMERICA, N.A MORGAN STANLEY INDIA COMPANY PVT LTD DEUTSCHE BANK & DEUTSCHE EQUITIES INDIA PRIVATE LIMITED BARCLAYS BANK PLC
BARCLAYS SECURITIES (INDIA) PVT. LTD. CITIGROUP GLOBAL MARKETS INDIA PVT. LTD. DSP MERRILL LYNCH LTD FEDEX SECURITIES LTD GOLDMAN SACHS(INDIA) SECURITIES PVT. LTD. J P MORGAN INDIA PVT. LIMITED SBI CAPITAL MARKETS LTD BANK OF MAHARASHTRA IFCI FINANCIAL SERVICES LTD KARUR VYSYA BANK LTD, PUNJAB NATIONAL BANK STATE BANK OF BIKANER AND JAIPUR
MERCHANT BANKING PLAYERS IN INDIA