On KARVY STOCK BROKING LTD. Titled DEMAT SERVICES OF KARVY STOCK BROKING LTD. Submitted in partial fulfillment for the award of degree of Master Of Business Adinistrati!n Submitted To: - Submitted By:- Mr!"eha Sharma #haneh $umar harma %ecturer-A&MS MBA Sem-' A"e# Institute Of Mana$eent % S&ien&e'(ai"ur (Appro)ed by A&*T+,"ew #elhi-Affiliated to .ni)erity of Rajathan,/aipur0 )*+,,-*+,*. 1 De&/arati!n & #1A"+S1 2.MAR S1ARMA declare that the project report titled 3#+MAT S+R4&*+S O5 2AR46 STO*2 BRO2&"7 %T#!8 i baed on my project tudy! Thi project report i my original wor$ and thi ha not been ued for any other purpoe anywhere!
D0ANES0 K1MAR S0ARMA MBA III SEM
2 2refa&e 5or management tudent theoretical $nowledge a well a practical $nowledge i mut! Management of modern buine re9uire an appreciation of multidiciplinary concept and in depth $nowledge of pecific analytical tool, geared to the olution of real life problem! "o doubt e)ery ituation i uni9ue but a et of theoretical tool of $nowledge, itelf baed on empirical foundation, can help in de)eloping the mechanim for handling uch ituation! Therefore, the MBA curriculum ha been deigned to pro)ide practical e:poure to the future manager! The project tudy i neceary for the fulfillment of MBA curriculum, it pro)ide an opportunity to the reearcher to undertand indutry with pecial emphai on the de)elopment of $ill in analyi, interpretation of practical problem through application of management! 3 A&3n!4/ed$eent & e:pre my incere than$ to my project guide ,MRS!"+1A S1ARMA(%ecturer A&MS0for guiding me right form the inception till the ucceful completion of the project! & incerely ac$nowledge him for e:tending their )aluable guidance, upport for literature, critical re)iew of project and the report and abo)e all the moral upport he had pro)ided to me with all tage of thi project! & would alo li$e to than$ the upporting taff of 2ar)y Stoc$ Bro$ing %td! /A&P.R, for their help and cooperation throughout our project! D0ANES0 4 E#e&uti5e suar6 Thi project ha been a great learning e:perience for me; at the ame time it ga)e me enough cope to implement my analytical ability! Thi project a a whole can be di)ided into two part: The firt part gi)e an inight about the #+MAT S+R4&*+S and it )ariou apect! &t i purely baed on whate)er & learned at $ar)y! One can ha)e a brief $nowledge about #+MAT S+R4&*+S and all it baic through the project! Other than that the real er)ing come when one mo)e ahead! Some of the mot intereting 9uetion regarding #+MAT S+R4&*+S ha)e been co)ered! Some of them are: why ha it become one of the larget financial intermediarie< 1ow in)etor do choe between fund< Mot popular toc$ among fund manager, mot lucrati)e ector for fund manager, a pecial report on Sytematic &n)etment Plan, doe fund performance perit and the topping of all the er)ing in the form of portfolio analyi tool and it application! All the topic ha)e been co)ered in a )ery ytematic way! The language ha been $ept imple o that e)en a layman could undertand! All the data ha)e been well analy=ed with the help of chart and graph! The econd part conit of data and their analyi, collected through a ur)ey done on >? people! &t co)er the topic8 deat ser5i&es !f 3ar56 st!&3 7r!3in$ /td.. The data collected ha been well organi=ed and preented! 1ope the reearch finding and concluion will be of ue! &t ha alo co)ered why people don@t want to go for financial ad)ior< The 5 ad)ior can ta$e further tep to approach more and more people and indulge them for ta$ing their ad)ice! CONTENT A! &ntroduction to the &ndutry A B! &ntroduction to the Organi=ation C '! Reearch Methodology BB '!A Title of the Study B' '!B #uration of the Project B' '!' Objecti)e of Study B' '!D Type of Reearch BD '!? Sample Si=e and method of electing ample BC '!E Scope of Study BF '!> %imitation of Study ?G D! 5act and 5inding ?A ?! Analyi and &nterpretation ?B E! SHOT ?F >! *oncluion EG C! Recommendation and Suggetion EA F! Appendi: EB AG! Bibliography ED 6 7 Intr!du&ti!n t! t8e Industr6 &n mot indutriali=ed countrie, a ubtantial part of financial wealth i not managed directly by a)er, but through a financial intermediary, which implie the e:itence of an agency contract between the in)etor (the principal0 and a bro$er or portfolio manager (the agent0! Therefore, delegated bro$erage management i arguably one of the mot important agency 8 relationhip inter)ening in the economy, with a poible impact on financial mar$et and economic de)elopment at a macro le)el! &n mot of the metro, people li$e to put their money in toc$ option intead of dumping it in the ban$-loc$er! "ow, thi trend pic$ pace in mall but fat de)eloping citie li$e *handigarh, 7urgaon, /aipur etc! My reearch i baed on the reident of /A&P.R and it nearby area! A the per-capita-income of the city i on the higher ide, o it i 9uite ob)iou that they want to in)et their money in profitable )enture! On the other hand, a number of bro$erage houe ma$e ure the hale free in)etment in toc$! Aet management firm allow in)etor to etimate both the e:pected ri$ and return, a meaured tatitically! There are mainly two type of Portfolio management trategie! A! Pai)e Portfolio Strategy B! Acti)e Portfolio Strategy A! 2assi5e 2!rtf!/i! Strate$69 A trategy that in)ol)e minimal e:pectation input, and intead relie on di)erification to match the performance of ome mar$et inde:! A pai)e trategy aume that the mar$etplace will reflect all a)ailable information in the price paid for ecuritie B! A&ti5e 2!rtf!/i! Strate$69 A trategy that ue a)ailable information and forecating techni9ue to ee$ a better performance than a portfolio that i imply di)erified broadly! BACKGRO1ND OF STOCK E:C0ANGE IN INDIA The emergence of toc$ mar$et can be traced bac$ to AC'G! &n Bombay, buine paed in the hare of ban$ li$e the commercial ban$, the chartered mercantile ban$, the chartered ban$, the oriental ban$ and the old ban$ of Bombay and hare of cotton pree! &n *alcutta, +nglihman reported the 9uotation of DI, ?I, and EI loan of +at &ndia *ompany a well a the hare of the ban$ of Bengal in AC'E! Thi lit wa a further broadened in AC'F when the *alcutta newpaper printed the 9uotation of ban$ li$e union ban$ and Agra ban$! &t alo 9 9uoted the price of buine )enture li$e the Bengal bonded warehoue, the #oc$ing *ompany and the torm tug company! Between ACDG and AC?G, only half a do=en bro$er e:ited for the limited buine! But during the hare mania of ACEG-E?, the number of bro$er increaed coniderably! By ACEG, the number of bro$er wa about EG and during the e:citing period of the American *i)il war, their number increaed to about BGG to B?G! The end of American *i)il war brought diilluionment and many failure and the bro$er decreaed in number and properity! &t wa in thoe troubleome time between ACEC and AC>? that bro$er organi=ed an informal aociation and finally a recited in the &ndenture contituting the 3Article of Aociation of the +:change8! On or about F th day of /uly,AC>?, a few nati)e bro$er doing bro$erage buine in hare and toc$ reol)ed upon forming in Bombay an aociation for protecting the character, tatu and interet of nati)e hare and toc$ bro$er and pro)iding a hall or building for the ue of the member of uch aociation! A a meeting held in the bro$er@ 1all on the ? th day of 5ebruary, ACC>, it wa reol)ed to e:ecute a formal deal of aociation and to contitute the firt managing committee and to appoint the firt trutee! Accordingly, the Article of Aociation of the +:change and the Stoc$ +:change wa formally etablihed in Bombay on ' rd day of #ecember, ACC>! The Aociation i now $nown a 3The Stoc$ +:change8! The entrance fee for new member wa Re!A and there were 'AC member on the lit, when the e:change wa contituted! The number of member increaed to ''' in ACFE, 'EB in AFAEand D>C in AFBG and the entrance fee wa raied to R!? in AC>>, R!AGGG in ACFE, R!B?GG in AFAE and R! DC,GGG in AFBG! At preent there are *; re&!$ni<ed st!&3 e#&8an$es 4it8 a7!ut =+++ st!&3 7r!3ers. Organi=ation tructure of toc$ e:change )arie! AD toc$ e:change are organi=ed a public limited companie, E a companie limited by guarantee and ' are non-profit )oluntary organi=ation! Of the total of B', only F toc$ 10 e:change ha)e been permanent recognition! Other ha)e to ee$ recognition on annual bai! Thee e:change do not wor$ of it own, rather, thee are run by ome peron and with the help of ome peron and intitution! All thee are down a functionarie on toc$ e:change! Thee are A! Stoc$bro$er B! ub-bro$er '! mar$et ma$er D! Portfolio conultant etc! ,.. St!&37r!3ers9- Stoc$ bro$er are the member of toc$ e:change! Thee are the peron who buy, ell or deal in ecuritie! A certificate of regitration from S+B& i mandatory to act a a bro$er! S+B& can impoe certain condition while granting the certificate of regitration! &t i obligatory for the peron to abide by the rule, regulation and the buy-law! Stoc$ bro$er are commiion bro$er, floor bro$er, arbitrageur etc ! Detai/ !f re$istered 7r!3ers T!ta/ n!. !f re$istered 7r!3ers as !n ;,.+;.*+,+ T!ta/ n!. !f su7-7r!3ers as !n ;,.+;.*+,+ 11 AB?GG '>BGG *.. Su7-7r!3er9- A ub-bro$er act a agent of toc$ bro$er! 1e i not a member of a toc$ e:change! 1e ait the in)etor in buying, elling or dealing in ecuritie through toc$bro$er! The bro$er and ub-bro$er hould enter into an agreement in which obligation of both hould be pecified! Sub-bro$er mut be regitered S+B& for a dealing in ecuritie! 5or getting regitered with S+B&, he mut fulfill certain rule and regulation! ;.. Mar3et Ma3ers9- Mar$et ma$er i a deignated pecialit in the pecified ecuritie! They ma$e both bid and offer at the ame time! A mar$et ma$er ha to abide by bye-law, rule regulation of the concerned toc$ e:change! 1e i e:empt from the margin re9uirement! A per the liting re9uirement, a company where the paid-up capital i R! ' crore but not more than R! ? crore and ha)ing a commercial operation for le than B year hould appoint a mar$et ma$er at the time of iue of ecuritie! >.. 2!rtf!/i! &!nsu/tants9- A combination of ecuritie uch a toc$, bond and money mar$et intrument i collecti)ely called a portfolio! Hherea the portfolio conultant are the peron, firm or companie who ad)ie, direct or underta$e the management or adminitration of ecuritie or fund on behalf of their client! Broking Firms A tranaction on a toc$ e:change mut be made between two member of the e:change J a typical peron may not wal$ into the "ew 6or$ Stoc$ +:change (for e:ample0, and a$ to trade toc$! Such an e:change mut be done through a bro$er! There are three type of toc$ bro$ing er)ice! 12 +:ecution-only, which mean that the bro$er will only carry out the clientK intruction to buy or ell! Ad)iory dealing, where the bro$er ad)ie the client on which hare to buy and ell, but lea)e the final deciion to the in)etor! #icretionary dealing, where the toc$bro$er acertain the clientK in)etment objecti)e and then ma$e all dealing deciion on the clientK behalf! &n addition to actually trading toc$ for their client, toc$ bro$er may alo offer ad)ice to their client on which toc$, mutual fund, etc! to buy! Definiti!n !f St!&3 Br!3er All toc$ in)etor ha)e one thing in common, whether they trade in penny hare or are long- term hare in)etor; they all ha)e to wor$ through toc$ bro$er! Hhen entering the world of the toc$ mar$et, chooing a toc$ bro$er i your firt priority and may be the mot important choice you will ma$e! There are many choice in toc$ bro$er and you need to undertand the $ey difference in each in order to better ma$e your deciion! Traditionally, full-er)ice toc$ bro$er were the only type that wa a)ailable! They charged )ery high commiion fee but alo ga)e a lot of help and guidance in chooing the right in)etment! &n AF>?, all of that changed and the dicount toc$ bro$er became the reigning champ of the in)eting world! &n the lat decade, the internet ha permitted indi)idual in)etor to reearch their own potential toc$ for themel)e, and e)en buy and ell toc$! There ha)e been ad)antage to the arri)al of the dicount toc$ bro$er and online bro$erage firm, but for ome in)etor it ha led to more mita$e in a maller time! The $ey i doing your reearch and in)eting wiely! 13 On one end of the pectrum are the dicount and online toc$ bro$er! Thee bro$erage firm act a order ta$er for their in)etor! The in)etor place an order on the telephone or online! The only help gi)en i with the technical apect of the webite or the ordering proce! There i no guidance gi)en a to which toc$ to buy, when to buy or when to ell! Many online bro$erage firm offer their member acce to toc$ mar$et reearch, but thi i pro)ided by a third party! The account management tool help you undertand how greatly you ha)e in)eted and where it i going! Thee tool are generally online or downloadable! The dicount and online toc$ bro$er are for people either already familiar with the toc$ mar$et, or thoe who do not ha)e much money to in)et! They do re9uire that the in)etor pend ome time reearching and planning their in)etment! &f you are intereted in doing your own reearch or want to dodge hefty bro$erage fee than dicount and online bro$er may be for you! The ne:t le)el in er)ice i a dicount or online bro$erage with an aitance toc$ bro$er! The aitance toc$ bro$er will gi)e a mall amount of help! &n online bro$erage firm, the aitant toc$ bro$er ta$e the form of offering more reearch a)ailable and newletter with in)eting tip! There i till a 9uantity of reearch that want to be done by the indi)idual in)etor, but thee bro$erage at leat point their client in the correct direction! The traditional full er)ice toc$ bro$er pro)ide recommendation for pecific hare that would be good for your portfolio! The toc$ bro$er analy=e your financial ituation to figure out your need! They put together an in)eting plan that i re)iewed periodically and adjuted a needed! 5ull-er)ice toc$ bro$er are an admirable choice for thoe who don@t ha)e the time or the interet in taying on top of the newet economic new! The full er)ice toc$bro$er doe all the reearch for you and preent you with the bet in)etment for your ituation! Their client are handled with awarene to pecial detail and goal! Thi awarene doe come with hefty commiion fee, but conidering the 9uantity of wor$ and dedication that full er)ice toc$ bro$er gi)e, thee fee are undertandable! Traditional full-er)ice bro$er ma$e money baed on the 9uantity of tranaction they facilitate! 14 A money manager i one le)el up from a full-er)ice toc$ bro$er in their le)el of economic er)ice! Money manager (alo called economic ad)ior0 will wor$ with client to de)elop their total financial picture, which may or may not include in)eting in toc$! Money manager upport toc$ and bond for client! +ach one ha hi or her own e:clui)e tyle and o it i important that you decide wiely to ma$e ure your money manager ha the ame economic philoophy that you do! A profeional money manager doe not collect commiion on tranaction! They are alaried from a percentage of the aet under their management! &n that way, they are wor$ing for you and themel)e at the ame time! &f your portfolio grow, their commiion will grow a well!
ORGANISATION OVERVIE?
INTROD1CTION 15 @Su&&ess is a A!urne6' n!t a destinati!n. &f we loo$ for e:ample to pro)e thi 9uote then we can find many but there i none li$e that of $ar)y! Bac$ in the year AFCA, fi)e people created hitory by etablihing $ar)y and company which i today $nown a $ar)y, the larget financial er)ice pro)ider of &ndia! Su&&ess sutras !f KARVY The ucce tory of $ar)y i dri)en by C ucce utra adopted by it namely trust' inte$rit6' dedi&ati!n' &!itent' enter"rise' 8ard 4!r3 and tea "/a6' /earnin$ and inn!5ati!n' e"at86 and 8ui/it6. Thee are the )alue that bind ucce with $ar)y! Visi!n !f KARVY To achie)e - utain mar$et leaderhip, 2ar)y hall aim for complete cutomer atifaction, by combining it human and technological reource, to pro)ide world cla 9uality er)ice! &n the proce 2ar)y hall tri)e to meet and e:ceed cutomerK atifaction and et indutry tandard! Missi!n stateent To be a leading, preferred er)ice pro)ider to our cutomer, and to achie)e thi leaderhip poition by building an inno)ati)e, enterpriing, and technology dri)en organi=ation which will et the highet tandard of er)ice and buine ethic! T8e su&&ess /adder 16 COM2ANY 2ROFILE 17 2AR46 i founded by a group of 1yderabad baed *1ART+# A**O."TA"TS in AFCB a a profeional er)ice firm! &n the pan of B? year, 2AR46 ha tra)eled the ucce route, toward building a reputation a an integrated financial er)ice pro)ider, offering a wide pectrum of er)ice! 2AR46 ha ?>? office o)er '>? location acro &ndia and o)erea at #ubai and "ewyor$! Around EGGGGG acti)e buine aociate are being attached with 2AR46 acro the country! &t alo comprie of FGGG highly 9ualified employee and profeional! 2ar)y wa etablihed a $ar)y and company by fi)e chartered accountant during the year AF>F-CG, and then it wor$ wa confined to audit and ta:ation only! %ater on it di)erified into financial and accounting er)ice during the year AFCA-CB with a capital of r!A?GGGG! &t achie)ed it firt miletone after it firt in)etment in technology! 2ar)y became a $nown name during the year AFC?-CE when it forayed into capital mar$et a regitrar! E5!/uti!n !f KARVY 18 &t i well aid that ucce i a journey not a detination and we can ee it being pro)ed by $ar)y! .nder thi ection we will ee that how thi 3$ar)y and company8 of AFCG became 3$ar)y8 of BGAG! 2ar)y bloomed with the etting up of it firt branch at Mumbai during the year AFC>-CC! The turning point came in the year AFCF when it decided to enter into one of the not only emerging rather potential field too i!e; toc$ bro$ing! &t added the feather of toc$ bro$ing into it cap! At the ame time it became the member of 1yderabad Stoc$ +:change through aociate firm $ar)y ecuritie ltd and then $ar)y ne)er loo$ed bac$LL!!it went on adding er)ice one after another, it entered into retail toc$ bro$ing in the year AFFG! 2ar)y@ trategy ha alway been being the firt entrant in the mar$et! 2ar)y again hit the limelight by becoming the firt regitrar in the country to be awarded &SO FGGB in the year AFF>! Then it tepped into the other mot happening ector i!e; &T enabled er)ice by etablihing it own BPO unit and at a gap of jut A year it too$ the path of e-Buine through it webite www!$ar)y!com ! Then it entered into inurance er)ice in the year BGGA with the launch of it retail arm 3$ar)y- the finapoli: your peronal finance ad)ior8! Then in the year BGGB it launched it P*7(Pri)ate *lient 7roup0 which loo$ after it 1igh "etworth &ndi)idual !and maintain their portfolio and pro)ide them with other financial er)ice! &n the year BGG', it commenced econdary debt and H#M trading! &t wa a decade which aw many &ndian companie going globalL!!o why the larget financial er)ice pro)ider of &ndia hould lag behind< 1ence, $ar)y launched 3$ar)y global er)ice limited8 after entering into a joint )enture with *omputerhare, Autralia in the year BGGD!the year BGGD alo aw $ar)y entering into commoditie mar$eting through $ar)y comtrade! 6ear BGGE aw $ar)y etablihing a eparate branch for it inurance er)ice under the head 3 $ar)y inurance bro$ing ltd8 and in the ame year, after being impreed with the rapid growth of $ar)y toc$ bro$ing limited, P*7 group of 1ong 2ong ac9uired BFIta$e at 2SB%! &n the year BGAG, $ar)y entered into one of the hottet ector of preent time i!e real etate through 2ar)y realty- er)ice (&ndia0 ltd! hence , we can ee now $ar)y being etablihed a the laget financial er)ice pro)ider of the country! KARVY GRO12 19 KARVY $r!u" &!nsists !f B 8i$8/6 ren!4ned entities 48i&8 are as f!//!49 20 KARVY GRO12 A! : The firt ecuritie regitry to recei)e &SO FGGB certification in &ndia! Regitered with S+B& a *ategory & Regitrar, i "umber A Regitrar in the *ountry! The award of being MMot Admired@ Regitrar i one among many of the ac$nowledgement we recei)ed for our cutomer friendly and competent er)ice! B! : $ar)y toc$ bro$ing ltd! *onit of fi)e unit namely toc$ bro$ing er)ic, depoitory participant, ad)iory er)ice, ditribution of financial product, ad)iory er)ice and pri)ate client goup! '! : it i regitered with S+B& a a category A merchant ban$er! &t clientele includeinclude leading corporate, State 7o)ernment, foreign intitutional in)etor, public and pri)ate ector companie and ban$, in &ndian and global mar$et! D! : $ar)y inurance bro$ing ltd i alo a part of $ar)y toc$ bro$ing ltd! At 2ar)y &nurance Bro$ing %imited both life and non-life inurance product are pro)ided to retail indi)idual, high net-worth client and corporate!
?! : The company pro)ide in)etment, ad)iory and bro$erage er)ice in &ndian *ommoditie Mar$et! And mot importantly, it offer a wide reach through our branch networ$ of o)er BB? branche located acro ACG citie! 21 E! : 2ar)y 7lobal i a leading buine and $nowledge proce outourcing Ser)ice *ompany offering creative business solutions to client globally! &t operate in ban$ing and financial er)ice, inurance, healthcare and pharmaceutical, media , telecom and technology! &t ha it ale and buine de)elopment office in "ew 6or$, .SA and the offhore global deli)ery center in 1yderabad, &ndia >! : 2ar)y Realty (&ndia0 %imited i engaged in the buine of real etate and property er)ice offering: BuyingN ellingN renting of propertie &dentifying )aluable in)etment opportunitie in the real etate ector 5acilitating financial upport for real etate and in)etment in propertie Real etate portfolio ad)iory er)ice C! : it i a joint )enture between *omputerhare, Autralia and 2ar)y *onultant %imited, &ndia in the regitry management er)ice indutry! &n pite of all thi 2AR46 ha it R+S+R*1 *+"T+R in 1yderabad and alo a member of 1yderabad Stoc$ e:change! &t i alo a member of "ational Stoc$ +:change and Bombay Stoc$ +:change! ORGNISATION STR1CT1RE OF KARVY 22 Tal$ing about the organi=ation tructure of $ar)y, we ha)e the board of director a the upreme go)erning body , the chairman being Mr! * parthaarthy, MR! M! 6.7A"#1AR a the managing director, MR! M!S! RAMA2R&S1"A and MR! PRASA# 4! POT%.R& a director! The board of diretor head the $ar)y group, $ar)y computerhare limited, $ar)y in)etor er)ice ltd!, $ar)y comtrade, $ar)y toc$ bro$ing ltd!, and $ar)y global er)ice ltd! 2ar)y group being the flaghip company loo$ after the functional department uch a corporate affair, group human reource, finance - accounting, training - de)elopment, technology er)ice and corporate 9uality! 2ar)y computerhare pri)ate limited facilitate mutual fund er)ice, hare regitry and iue regitry wherea merchant ban$ing i loo$ed after by $ar)y in)etor er)ice ltd! 2ar)y toc$ bro$ing ltd head it another branch too ie! 2ar)y inurance bro$ing ltd! The er)ice offered by 2SB% are: toc$ bro$ing, depoitory, reearch, ditribution, peronal client group and intitutional de$! And finally the BPO er)ice are managed by $ar)y global er)ice ltd!Summari=ing it in a diagram, it can be preented a: 23 24 ?86 s8!u/d in5est!rs &8!!se f!r 3ar56C +:cellence i ne:t to nothingL!and here at $ar)y e)erybody trie their bet to offer e:cellent er)ice to it clientele through it offering maintaining the $ar)y culture which include: ,! *ontrolled and low cot er)ice culture: $ar)y i there to er)e it client at the minimum poible cot! it control cot by it )ariou cot- cutting techni9ue and minimi=ation of a)oidable cot! *! %arge )olume proceing capability: being the larget financial er)ice pro)ider in the country, it ha the uni9ue ditinction of operating it acti)itie on a large cale which benefit all the partie cordially! ;! Adherence to trict time chedule: $ar)y $now that time i money and trie it bet to finih the ta$ within the tipulated time chedule! >! +:pertie in the 9uerie and in reponding to any ituation! D. +:pertie in managing independent entitie uch a ban$, pot-office etc!: the wor$ culture of $ar)y and the ethic followed inide $ar)y ma$e it wor$force compatible with e)erybody, o the $ar)y people etablihe good coordination with independent entitie too! =! Pooling of group reource: $ar)y group conit of eight ubidiarie, o it can eaily pool up it reource for accomplihment of it goal, whene)er needed! The group can help each other whene)er there are pea$ and low, and e)en in the cae when they ha)e huge target jut a we aw few year bac$, Tata group pooling it reource to ac9uire *oru! 25 0!4 3ar56 a&8ie5ed itC The core competency of $ar)y lie in the following point due to which it enjoy a competiti)e edge o)er it competitor! The following culture adopted by $ar)y ma$e it all time fa)orite among it clientele: ,! Profeionally managed by 9ualified and trained manpower! *! .ni9uely tructured in-houe oftware and hardware department ;! Ouery handling within DC hr! >! Strong ecretarial, accounting and audit ytem! D! .ni9ue wor$ culture of wor$ing > day a wee$ in ' hift! =! .nmatched networ$ preading all o)er &ndia! A&8ie5eents !f t8e KARVY 9- The landmar$ achie)ed by $ar)y )ery well define it ucce tory! &n the pre)iou page, we learnt how a company tarted by fi)e chartered accountant, named a $ar)y and company turned into today@ $ar)y group, the larget financial intermediary of &ndia! But ucce didn@t came to $ar)y at a flow, the hard wor$ and dedication of it wor$force made it what it i todayLgradually it achie)ed the following landmar$ and now it ha became what we call the $ar)y group, now it i: ,. %arget independent ditributor for financial product! *. Amongt the top ? toc$ bro$er! ;. Among the top ' depoitory participant! > larget networ$ of branche - buine aociate! D . &SO FGGB certified operation by #"4! =. Amongt top AG in)etment ban$er! 26 0ierar&8i&a/ Stru&ture in dia$ra The abo)e diagram how the hierarchy of 2ar)y toc$ bro$ing ltd! &t can be eaily depicted from the diagram that the regional head (preently Mr! Alo$ *hatur)edi0 i the upreme in the eatern region, under whom the )ariou =onal head operate and under thee =onal head, the branch head operate! Between each le)el o the hierarchy, there e:it a coordinator, who act a the facilitator between the different head! 27 Stru&ture a&&!rdin$ t! t8e 2r!du&ts !ffered 76 Kar56 28 REGIONAL HEADS REGIONAL HEADS PRODU CT HEADS PRODU CT HEADS Mutu al fund Mutu al fund &nur ance bro$i ng &nur ance bro$i ng *om modit ie *om modit ie Stock brokin g Stock brokin g Depos itory partici pant Depos itory partici pant Merc hant - in)!ba n$ing Merc hant - in)!ba n$ing PMS PMS Realty Realty Debt division Debt division Kar56 In5est!r Ser5i&es Liited 9-
#eepening of the 5inancial Mar$et and an e)er-increaing ophitication in corporate tranaction, ha made the role of &n)etment Ban$er indipenable to organi=ation ee$ing profeional e:pertie and counelling, in raiing financial reource through capital mar$et apart from *apital and *orporate Retructuring, Merger - Ac9uiition, Project Ad)iory and the entire gamut of 5inancial Mar$et acti)itie! 2ar)y &n)etor Ser)ice %imited (M2&S%@0, a S+B& regitered Merchant Ban$er ha emerged a a leading &n)etment Ban$ing entity in the country with o)er a decade of e:perience! 2&S% ha built it reputation by capitali=ing on it 9ualified profeional, who ha)e uccefully e:ecuted a large number of comple: and uni9ue tranaction! Our 9uality profeional team and our wor$-oriented dedication ha)e propelled u to offer )alue-added corporate financial er)ice and act a a profeional na)igator for long term growth of our client, who include leading corporate, State 7o)ernment, 5oreign &ntitutional &n)etor, public and pri)ate ector companie and ban$, in &ndian and global mar$et! He ha)e alo emerged a a trailbla=er in the arena of relationhip, both at the cutomer and trade le)el becaue of our unha$able integrity, eamle er)ice and inno)ati)e olution that are tuned to meet )aried need! Our team of committed indutry pecialit, ha)ing e:teni)e e:perience in capital mar$et, further nurture thi relationhip! 29 RESEARC0 MET0ODOLOGY The main objecti)e of a reearch i to find out the truth which i hidden and which ha not been dico)ered! According to ad)ance learner@ dictionary of current +nglih the definition of reearch i:- 3A careful in)etigation or en9uiry epecially through earch for new fact in any branch of $nowledge8 Mar3etin$ resear&89- Mar$eting manager often commiion formal mar$eting tudie of pecific problem and opportunitie! They may re9uet a mar$et ur)ey, a product preference tet, or an ad)ertiing e)aluation! Mar$eting reearch i the function which lin$ the conumer, cutomer and public to the mar$eter though information- ued to identified and define mar$eting opportunitie and problem, generate ad e)aluate mar$eting action :- monitor mar$eting performance and impro)e undertanding of mar$eting a a proce! +ffecti)e mar$eting reearch include fi)e tep, which hould be $ept in mind to conduct a mar$eting reearch in a perfect manner! a! #efine the problem and reearch objecti)e! b! #e)elop the reearch plan! c! *ollect the information! d! Preent the finding! 30 Tit/e !f t8e Stud6 @DEMAT SERVICES OF KARVY STOCK BROKING LTD. Durati!n !f t8e 2r!Ae&t
,D-+D-*+,, TO ;+-+=-*+,, ) >D da6s . O7Ae&ti5es !f t8e stud69 A! To tudy and analye the proce of #ematerialiation and &n)etor opinion toward #emat Proceing! B! To $now and e:plain procedure for opening of #emat account and proce of demateriali=ation of ecuritie to eliminate the problem related with phyical holding of ecuritie! '! To e:plain the ad)antage of #ematerialiation of ecuritie, con)ince and ma$e them to demateriali=e their ecuritie! D! To $now the problem faced by the in)etor and reaon for phyical holding of ecuritie without demateriali=ation of ecuritie! ?! To gi)e awarene among the in)etor about #emat and to ma$e them to open #emat Account! 31 T6"es !f resear&8 The cutomer reearch wa carried out in two phae: a! An e:ploratory reearch wa carried out to $now what cutomer loo$ for in financial company and whether cutomer are atified or not with there product b! The other wa a diagnotic tudy to identify the factor reponible for atifaction or diatifaction of cutomer SO1RCES OF DATA 9- Reearch i totally baed on primary data! Secondary data can be ued only for the reference! Reearch ha been done by primary data collection, and primary data ha been collected by interacting with )ariou people! The econdary data ha been collected through )ariou journal and webite and ome pecial publication of 2AR46! 5or completing the project primary and econdary data ued! By way of collecting econdary & ued boo$, journal, new paper and maga=ine! The main aim of thi tudy are a follow! The data needed data thi tudy ha been collected from two main ource :- A! Primary ource! B! Secondary ource! Primary data ha been collected through wall Ptructured Tele mar$eting, campaigning, direct inter)iew method! Secondary data ha helped in collecting information regarding hitory of the company, di)iion of the company etc! of mar$et poition of other financial companie 32 TOOLS 1SED Hhate)er we deign of reearch tudy it i neceary to collect rele)ant data! theu it i ueful to conider method of collecting data and the 9uality of information produced, a. Euesti!nnaires9- &t i the baic method of collecting data in mar$eting reearch ! Ouetionnaire are the bai method of collecting data in mar$eting reearch! Ouetionnaire are ditinguihed by the fact that a$ing 9uetion to people who ha)e the deired information collect data! Hhen 9uetioning reearche collect data a$ 9uetion! They $eep trac$ of the object or action in which they are intereted! Sometime indi)idual ma$e the ober)ation on the other occaion mechanical de)ice note and record the deired information! &n thi tudy the data wa collected by mean of 9uetioning ince the method of ober)ation i alo ued for chec$ing the awarene regarding the financial product! The 9uetionnaire were filled by uing teted peronal inter)iew! 7. C!nta&t et8!ds9- To get information contact i neceary it can be either by telephone or by peronal contact! & prefer peronal inter)iew method to get the neceary information from the people! The data wa collected through peronal inter)iew by a$ing the 9uetion ! &. Te/ear3etin$9- To get information & alo ue thi method by calling them through telephone in their home, office, intitution etc! and made them aware from the demate and the financial product! 33 O7Ae&ti5e !f resear&8 The main objecti)e of thi project i concerned with getting the opinion of people regarding demat er)ice and what they feel about a)ailing the er)ice of financial ad)ior! & ha)e tried to e:plore the general opinion about demat er)ice ! &t alo co)er whyN why not in)etor are a)ailing the er)ice of financial ad)ior! Along with it a brief introduction to &ndia@ larget financial intermediary, 2AR46 ha been gi)en and it i hown that how they operate in mutual fund department! O7Ae&ti5e !f t8e "r!Ae&t9- !To $now the opinion of the conumer regarding the demate and financial product! To $now what conumer loo$ for while denmating their hare! To $now the atifactionNdiatifaction le)el of conumer toward the financial companie! To $now the factor reponible for the atifactionNdiatifaction of the conumer To $now the potential mar$et of the $ar)y! SIGNIFICANCE Thi area demand ma:imum benefit at minimum cot! An in)etor a to decide in thi electronic trading en)ironment where he i a$e with hi hare holding and where we can get bet er)ice at minimum cot! So my tudy i about whether the conumer i atified with all thee er)ice that he i getting from different depoitory participant in /A&P.R *onumer atifaction can be defined a more that e:pected that i one get more what he i e:pecting! So an in)etor find himelf atify when he get er)ice at there home and in the #ue to hortbecaue hare mar$et i the moit )olatile mar$et! 34 DATA COLLECTION9 & collect the data through 9uetionnaire, which i fill up by the people of the /aipur! *ity! the purpoe of data collection i $now the atifaction of cutomer toward the #emat er)ice in 7walior !The 9uetionnaire i fill up the >?people! &n data collection & a$ed the ome 9uetion about the atifaction of cutomer toward the demat er)ice! DATA ANALYSIS & ha)e analy=ed the data in following manner uing following atifaction and diatifaction ground:- A! *hooing criteria! B! #iatifaction ground! '! Rating among companie! SAM2LING A2ROAC0 There are baically two approache to ampling:- a! Probability Sampling! b! The ampling for the *utomer@ Sur)ey wa elected by random ampling! Random number wa generated for electing the ample! A ample i=e of ?G cutomer@ ur)ey! c! #ecription of the co)erage! 35 Sa"/e Si<e and et8!d !f se/e&tin$ sa"/e Sa"/e si<e The ample i=e of my project i limited to >? only! Sa"/e desi$n #ata ha been preented with the help of diagrammatic and pie P chart etc! Sa"/in$ "r!&edure The ample i elected in a random way, irrepecti)e of them being in)etor or not or a)ailing the er)ice or not! &t wa collected through mail and peronal )iit to the $nown peron, by formal and informal tal$ and through filling up the 9uetionnaire prepared! The data ha been analy=ed by uing the meaure of central tendencie li$e mean, median, mode! The group ha been elected and the analyi ha been done on the bai tatitical tool a)ailable! 36 S&!"e !f t8e stud6 S&!"e !f t8e stud6 The preent tudy ee$ to analye current operation of $ar)y toc$ bro$ing company regarding the demat proceing er)ice! Moreo)er $ar)y and it operation mar$et i a )at area with changing day to day regulation! So tudying about $ar)y er)ice it implication, to the length and breath and finding the por and con accurately from the point of )iew of in)etor protection i a difficult ta$ in )iew of the time and energy left before the candidate! The reearch wa carried on in the +atern Region of &ndia! &t i retricted to 2ol$ata where it ha got AA branch office and ' franchiee! & ha)e )iited people randomly nearby my locality, different hopping mall, mall retailer etc! 2ar)y #emat er)ice offer the in)etor a ecure and con)enient way to $eep trac$ of their ecuritie and in)etment, o)er a period of time, without the hale of handling phyical document that get mutilated or lot in tranit! 2ar)y Stco$ Bro$ing %td! i #epoitory particpant both with -"ational Securitie #epoitorie %imited ("S#%0 and *entral #epoitory Ser)ice %imited (*#S%0! 2ar)y #emat er)ice are acceable any of it networ$ o)er ?>? branche N in)etor er)ice centre located in o)er '>? citie and town acro the country! There are three type of #emat account which can be opened with 2ar)y! Beneficiary Account *learing Member Account and &ntermediary Account! 37 Deat 2r!&essin$ in India INTROD1CTION9 A widely neither ditributed nor uch ditre followed o 9uic$ly on the heel Athe e9uity bro$erage indutry in &ndia i one of the oldet in the Aia region! &ndia had an acti)e toc$ mar$et for about A?G year that played a ignificant role in de)eloping ri$ mar$et a alo promoting enterprie and upporting the growth of indutry! The root of a toc$ mar$et in &ndia began in the ACEG during the American *i)il Har that led to a udden urge in the demand for cotton from &ndia reulting in etting up of a number of joint toc$ companie that iued ecuritie to raie finance! Thi trend wa a$in to the rapid growth of ecuritie mar$et in +urope and the "orth America in the bac$ground of e:panion of railroad and e:ploration of natural reource and land de)elopment! 1itorical record how that a early a ACED, there were about A,GGG bro$er with the toc$ mar$et functioning from three place in Mumbai; between F am to > pm at the junction of Meadow Street and Rampart Row, from day brea$ till F am and from > pm to early hour of ne:t morning at Ba=argate! Share price roe harply e)en at that time! A hare of *olaba %and *ompany during the boom period of the ACEG roe from R AG,GGG at par to R ABG,GGG and that of Bac$bay Share went up from R B,GGG to R ?D,GGG! Bombay, at that time, wa a major financial centre ha)ing houed 'A ban$, BG inurance companie and EB joint toc$ companie! Report on toc$ mar$et around that time indicate that an ordinary bro$er in ACED earned about R BGG per day, a huge um in thoe day! The boom period came to an abrupt end in ACE?! &n /ul ACE?, what wa then ued to be called the hare mania ended with burt of the toc$ mar$et bubble< 3"e)er had & witneed in any place a run of uch properity8 thu wrote Richard Temple, who er)ed a the 7o)ernor of Bombay at that time! An intereting apect i that depite the collape of the toc$ mar$et, mot of the bro$er met their payment commitment! &n the aftermath of the crah, ban$, on whoe building tep hare bro$er ued to gather to ee$ toc$ tip and hare new, diallowed them to gather there, thu forcing 38 them to find a place of their own, which later turned into the #alal Street! A group of about 'GG bro$er formed the toc$ e:change in /ul AC>?, which led to the formation of a trut in ACC> $nown a the 3"ati)e Share and Stoc$ Bro$er Aociation8! A uni9ue feature of the toc$ mar$et de)elopment in &ndia wa that that it wa entirely dri)en by local enterprie, unli$e the ban$ which during the pre-independence period were owned and run by the Britih! 5ollowing the etablihment of the firt toc$ e:change in Mumbai, other toc$ e:change came into being in major citie in &ndia, namely Ahmedabad (ACFD0, *alcutta (AFGC0, Madra (AF'>0, .ttar Pradeh and "agpur (AFDG0 and 1yderabad (AFDD0! The toc$ mar$et gained from urge and boom in e)eral indutrie uch a jute (AC>G0, tea (ACCG and ACFG0, coal (AFGD and AFGC0 etc, at different point of time! DEMATERIALISATION9- #ematerialiation i a proce in which you can con)ert phyical hare certificate into electronic hare! Share hould ha)e been tranferred in your name N joint name before ending it for dematerialiation! 6ou ha)e the option to hold hare either in the phyical OR in the demateriali=ed form! Thi i a per the #epoitorie Act, AFFE!1owe)er, when you buy hare you may recei)e deli)ery in the demat form a per the option of the eller! REMETRIALISATION9- &t i the proce by which a client can get hi electronic holding con)erted into phyical certificate! The client ha to ubmit the rematerialiation re9uet to the #P with whom he ha an account! The #P enter the re9uet in it ytem which bloc$ the client@ holding to that e:tent automatically! The &uer N R- T agent then print the certificate, dipatche the ame to the client and imultaneouly electronically confirm the acceptance of the re9uet to "S#%! Thereafter, the client@ bloc$ed balance are debited! To depoit peronal property a ecurity for a peronal loan of money! &f the loan i not repaid when due, the peronal property pledged hall be forfeit to the lender! A client (pledged0 ha)ing a beneficiary account with a #epoitory Participant can pledge ecuritie in electronic form againt loan N credit facilitie e:tended by a pledge, which too ha a beneficiary account with a #epoitory Participant! 39 Be$innin$ !f a ne4 eFuit6 &u/ture A new phae in the &ndian toc$ mar$et began in the AF>G, with the introduction of 5oreign +:change Regulation Act (5+RA0 that led to di)etment of foreign e9uity by the multinational companie, which created a urge in retail in)eting! The early AFCG witneed another urge in toc$ mar$et when major companie uch a Reliance acceed e9uity mar$et for reource mobiliation that e)inced huge interet from retail in)etor! A new et of economic and financial ector reform that began in the early AFFG ga)e further impetu to the growth of the toc$ mar$et in &ndia! A a part of the reform proce, it became imperati)e to trengthen the role of the capital mar$et that could play an important role in efficient mobiliation and allocation of financial reource to the real economy! Toward thi end, e)eral meaure were ta$en to treamline the procee and ytem including etting up an efficient mar$et infratructure to enable &ndian finance to grow further and mature! The importance of an efficient micro mar$et infratructure came into focu following the incidence of mar$et abue in ecuritie and ban$ing mar$et in AFFA and BGGA that led to e:teni)e in)etigation by two repecti)e /oint Parliamentary *ommittee! The Securitie and +:change Board of &ndia (S+B&0, which wa et up in AFCC a an adminitrati)e arrangement, wa gi)en tatutory power with the enactment of the S+B& Act, AFFB! The broad objecti)e of the S+B& include to protect the interet of the in)etor in ecuritie to promote the de)elopment of ecuritie mar$et and to regulate the ecuritie mar$et The cope and functioning of the S+B& ha greatly e:panded with the rapid growth of ecuritie mar$et in &ndia in the lat fifteen year! 5ollowing the recommendation of the 1igh Powered Study 7roup on +tablihment of "ew Stoc$ +:change, the "ational Stoc$ +:change of &ndia ("S+0 wa promoted by financial intitution with an aim to pro)ide acce to in)etor all o)er the country! "S+ wa incorporated in "o) AFFB a a ta: paying company, the firt of uch toc$ e:change in &ndia, ince toc$ e:change earlier were trut, being run on no-profit bai! "S+ wa recogni=ed a a toc$ e:change under the Securitie *ontract (Regulation0 Act AF?E in Apr AFF'! 40 STOCK BROKING SERVICES9- &t i an undiputed fact that the toc$ mar$et i unpredictable and yet enjoy a high ucce rate a a wealth management and wealth accumulation option! The difference between unpredictability and a afety anchor in the mar$et i pro)ided by in-depth $nowledge of mar$et functioning and changing trend, planning with foreight and chooing one@ option with care! Thi i what it pro)ide in their Stoc$ Bro$ing er)ice! 2ar)y Stoc$ Bro$ing %td! offer er)ice that are beyond jut a medium for buying and elling toc$ and hare! &ntead it pro)ide er)ice which are multi dimenional and multi-focued in their cope! There are e)eral ad)antage in utili=ing our Stoc$ Bro$ing er)ice, which are the reaon why it i one of the bet in the country! 2ar)y offer trading on a )at platform; "ational Stoc$ +:change, Bombay Stoc$ +:change and 1yderabad Stoc$ +:change! More importantly, it ma$e trading afe to the ma:imum poible e:tent, by accounting for e)eral ri$ factor and planning accordingly! &t i aited in thi ta$ by our in-depth reearch, contant feedbac$ and ound ad)iory facilitie! Their highly $illed reearch team, compriing of technical analyt a well a fundamental pecialit, ecure reult-oriented information on mar$et trend, mar$et analyi and mar$et prediction! ! DE2OSITORY 2ARTICI2ANT SERVICES9- ! The onet of the technology re)olution in financial er)ice &ndutry aw the emergence of 2AR46 a an electronic cutodian regitered with "ational Securitie #epoitory %td ("S#%0 and *entral Securitie #epoitory %td (*S#%0 in AFFC! 2AR46 et tandard enabling further comfort to the in)etor by promoting paperle trading acro the country and emerged a the top ' #epoitory Participant in the country in term of cutomer er)iced! Offering a wide trading platform with a dual memberhip at both "S#% and *#S%, it i a powerful medium for trading and ettlement of demateriali=ed hare! 2ar)y ha etablihed li)e #PM, &nternet acce to account and an eaier tranaction proce in order to offer more con)enience to indi)idual and corporate in)etor! 41 FINANCIAL 2ROD1CTS DISTRIB1TION SERVICES9- ! The paradigm hift from pure elling to $nowledge baed elling dri)e the buine today! Hith our wide portfolio offering, 2ar)y occupy all egment in the retail financial er)ice indutry! A team of highly 9ualified and dedicated profeional drawn from the bet of academic and profeional bac$ground are committed to maintaining high le)el of client er)ice deli)ery! Thi ha propelled them to a poition among the top ditributor for e9uity and debt iue with an etimated mar$et hare of A?I in term of application mobili=ed, beide being etablihed a the leading procurer in all public iue! ADVISORY SERVICES9- ! .nder their retail brand M2AR46 P the 5inapoliM, it deli)er ad)iory er)ice to a cro-ection of cutomer! The er)ice i bac$ed by a team of dedicated and e:pert profeional with )aried e:perience and bac$ground in handling in)etment portfolio! They are continually engaged in deigning the right in)etment portfolio for each cutomer according to indi)idual need and budget conideration with a compreheni)e upport ytem that focue on trading cutomer@ portfolio and pro)iding )aluable input, monitoring and managing the portfolio through )aried technological initiati)e! Thi i made poible by the e:pertie it ha gained in the buine o)er the year! Another )enture toward being in)etor-friendly i the circulation of a monthly maga=ine called M2AR46 P the 5inapoliM co)ering thlatet of mar$et new, trend, in)etment cheme and reearch-baed opinion from e:pert in )ariou financial field! 42 DE2OSITORY SYSTEM9- A 3#epoitory8 i a facility for holding ecuritie, which enable ecuritie tranaction to be proceed by boo$ entry! To achie)e thi purpoe, the depoitory may immobili=e the ecuritie or dematerialie them (o that they e:it only a electronic record0! &ndia ha choen the dematerialiation route! &n &ndia, a depoitory i an organiation, which hold the beneficial owner@ ecuritie in electronic form, through a regitered #epoitory Participant (#P0! A depoitory function omewhat imilar to a commercial ban$! To a)ail of the er)ice offered by a depoitory, the in)etor ha to open an account with a regitered #P 3#ematerialiation8 i a proce by which phyical certificate are con)erted into electronic form! #ematerialiation of ecuritie occur when ecuritie iued in phyical form are detroyed and an e9ui)alent number of ecuritie are credited into the beneficiary owner@ account! &ndia ha adopted dematerialiation route to depoitory! &n a depoitory ytem, the in)etor tand to gain by way of efficient ettlement, lower cot and lower ri$ of theft or forgery, etc! But the implementation of the ytem ha to be ecure and well go)erned! All the player ha)e to be con)erant with the rule and regulation a well a with the technology for proceing! The intermediarie in thi ytem ha)e to play trictly by the rule! &n the depoitory ytem, ecuritie are held in depoitory account, which i more or le imilar to holding fund in ban$ account! Tranfer of ownerhip of ecuritie i done through imple account tranfer! Thi method doe away with all the ri$ and hale normally aociated with paperwor$! *one9uently, the cot of tranacting in a depoitory en)ironment i coniderably lower a compared to tranacting in certificate! 43 DE2OSITORY SERVICE C0ARGES FOR RESIDENTS RETAIL C1STOMERS AND COR2ORATE9 A! ANc opening! R! AGG R!AGG B! Annual er)ice charge! R!'GG RS!AB?G '! *utody 5ee( an ANc with &S&" will R!B!B? per &S&" be aume to ha)e one &S&"0 per 9uarter per 9uarter D! Agreement tamp paper A per repecti)e A per tate Act repecti)e tate Act ?! Buy- Mar$et and Off-mar$et (Iof G!GB I( Min! R! "il tranaction )alue of each &S&"0- BG0 ma:imum r! ?GGN- for debt intrument! Sell Pmar$et and off P mar$et (Iof LLLLLLLLL!!G! LLLLLL!!!G!G tranaction )alue of each &&"0-Ma: GDI( Min R!AG 0 BI (Min R! ? 0 R! ?GG for debt intrument for each intruction for each intruction E! Rejection N fail! R! BG R AG >! +:tra charge for proceing of R!AGper &&" N R! AG per &S&" T&5# Submitted late (Iof tranaction )alue 0 Q On the e:ecution date (accepted at client ri$ 0 C! 5or each re9uet form! R! '? F! +:tra for each certificate! R! B AG! #emateriali=ation! R!BG AA! *loure of account! "il AB! Pledge creation N cloureN o!oB I ( Min G!GBI (Min R! confirmationN in)ocation (IOf )alue R!BG0 BG0 for each &S&" in each re9uet0! A'! Addition account tatement! R!BG 44 NSDL C0ARGES ARE C0ARGEABLE E:TRA AT ACT1AL .2RESENT NSDL C0ARGES ARE9 Sell-Mar$et and Of - Mar$et R! CN-per debit intruction nil for commercial paper and hort term debt intrument! Remat R! AGN-per certificate Pledge *reation R!B?N-per intruction *utody 5ee( on the bai of &S&" R! The )alue ofAN-per &S&" in the account on the lat Saturday of each month0 There will behare and charge and calculated a per "S#% formula and rate! *harge of R!AGGN-for dihonor of any che9ue ! The depoitory er)ice are liable to dicontinuation if 2ar)y i unable to reco)er charge from the cutomer, for any reaon whatoe)er! There will be a charge of R! AGGN- Any er)ice, which i not mentionedreumption of er)ice in uch cae! abo)e, will be charge eparately a per the rate applicable from time to time! 2ar)y reer)e the right to re)ie the tariff tructure from time to time with a notice of 'G day! The notice may be gi)en by ordinary pot or by an ad)ertiement in a national daily! F1NCTIONS OF DE2OSITORY9- A! Deateria/isati!n9- One of the primary function of depoitory i to eliminate or minimie the mo)ement of phyical ecuritie in the mar$et! Thi i achie)ed through #ematerialiation of ecuritie! #ematerialiation i the proce of con)erting ecuritie held in phyical form into holding in boo$ entry form! B! A&&!unt Transfer9 The depoitory gi)e effect to all tranfer reulting from the ettlement of trade and other tranaction between )ariou beneficial owner by recording entrie in the account of uch beneficial owner! '! Transfer and Re$istrati!n9 A tranfer i the legal change of ownerhip of a ecurity in the record of the iuer! 5or effecting a tranfer, certain legal tep ha)e to be ta$en li$e endorement, e:ecution of a tranfer intrument and payment of tamp duty! The depoitory accelerate the tranfer proce by regitering the ownerhip of hare in the name 45 of the depoitory! .nder a depoitory ytem, tranfer of ecurity occur merely by paing boo$ entrie in the record of the depoitorie, on the intruction of the beneficial owner! D! C!r"!rate A&ti!ns9 A depoitory may handle corporate action in two way! &n the firt cae, it merely pro)ide information to the iuer about the peron entitled to recei)e corporate benefit! &n the other cae, depoitory itelf ta$e the reponibility of ditribution of corporate benefit! ?! 2/ed$e and 06"!t8e&ati!n9 The ecuritie held with "S#% may be ued a collateral to ecure loan and other credit by the client! &n a manual en)ironment, borrower are re9uired to deli)er pledged ecuritie in phyical form to the lender or it cutodian! Thee ecuritie are )erified for authenticity and often need to be tranferred in the name of lender! Thi ha a time and money cot by way of tranfer fee or tamp duty! &f the borrower want to ubtitute the pledged ecuritie, thee tep ha)e to be repeated! .e of depoitory er)ice for pledgingN hypothecating the ecuritie ma$e the proce )ery imple and cot effecti)e! The ecuritie pledgedNhypothecated are tranferred to a egregated or collateral account through boo$ entrie in the record of the depoitory E! Lin3a$es 4it8 C/earin$ S6ste9 Hhether it i a eparate clearing corporation attached to a toc$ e:change or a clearing houe (department0 of a toc$ e:change, the clearing ytem perform the function of acertaining the pay-in (ell0 or pay-out (buy0 of bro$er who ha)e traded on the toc$ e:change! Actual deli)ery of ecuritie to the clearing ytem from the elling bro$er and deli)ery of ecuritie from the clearing ytem to the buying bro$er i done by the depoitory! To achie)e thi, depoitorie and the clearing ytem hould be electronically lin$ed! 46 BENEFITS9- The direct and indirect benefit of the depoitory ytem are decribed in detail below! &n the depoitory ytem, the ownerhip and tranfer of ecuritie ta$e place by mean of electronic boo$ entrie! At the outet, thi ytem rid the capital mar$et of the danger related to handling of paper! E/iinati!n !f 7ad de/i5eries9- &n the depoitory en)ironment, once the holding of an in)etor are dematerialied, the 9uetion of bad deli)ery doe not arie, i!e!, their tranfer cannot be rejected due to defect in the 9uality of the ecurity! All poible reaon for objecting tranfer of title due to deficiencie aociated with tranfer deed and hare certificate are completely eliminated ince both tranfer deed and hare certificate are eliminated in depoitory ytem! E/iinati!n !f a// ris3s ass!&iated 4it8 "86si&a/ &ertifi&ates9- #ealing in phyical ecuritie ha aociated ecurity ri$ of theft of toc$, mutilation or lo of certificate during mo)ement to and from the regitrar! Thee e:poe the in)etor to the cot of obtaining duplicate certificate, ad)ertiement, etc! Such problem do not arie in the depoitory en)ironment! N! sta" dut69- There i no tamp duty for tranfer of e9uity intrument and unit of mutual fund in the depoitory ytem! &n the cae of phyical hare, tamp duty of G!?I i payable on tranfer of hare! Iediate transfer and re$istrati!n !f se&urities9- &n the depoitory en)ironment, once the ecuritie are credited to the in)etor account on pay out, he become the legal owner of the ecuritie! There i no further need to end it to the company@ regitrar for tranfer of ownerhip or regitration which i neceary in the cae of phyical ecuritie! Thi proce normally ta$e longer than the tatutory precribed period of two month thu e:poing the in)etor to opportunity cot of delay in tranfer and to ri$ of lo in tranit! Redu&ti!n in 8and/in$ !f 8u$e 5!/ues !f "a"er9- &n the phyical en)ironment, e)ery entity in)ol)ed in purchae or ale of ecuritie wa to handle paper and pa on paper to the ne:t entity! "umber of paper to handle increaed with the )olume of 47 tranaction! 1owe)er, in the depoitory en)ironment, e:cept the deli)ery intruction to be gi)en by the clientNbro$er, there i no other paper mo)ement! "S#% ha permitted ue of floppie to gi)e debit intruction for large )olume of tranaction! "S#% ha recently introduced a common internet baed platform, SP++#-e, for *lient of all #P o that *lient can iue intruction to their #P through &nternet! .ing SP++#-e the client need not write deli)ery intruction or )iit it #P for iuing intruction! *lient can monitor the tatu of intruction gi)en by them on SP++#-e on &nternet! 2eri!di& status re"!rts9- #P need to pro)ide periodic report to in)etor on their holding and tranaction! Thi lead to better management control on the part of the er)icing agency and better information for the in)etor! E/iinati!n !f "r!7/es re/ated t! n!inati!n9- An account holder can get ecuritie in all companie tranmittedNtranferred to hi account by completing formalitie with a ingle entity i!e! #P! 1e need not deal with all companie indi)idually! Deateria/ised se&urities &an 7e de/i5ered in t8e "86si&a/ se$ent9- Securitie forming a part of the S+B& pecified compulory lit (wherein deli)ery in demat form i mandatory for all categorie of in)etor0 can be deli)ered in phyical form in the toc$ e:change connected to "S#% - *#S%! Thi re9uirement i applicable to phyical deli)erie wherein the number of ecuritie i le than ?GG! E/iinati!n !f "r!7/es re/ated t! &8an$e !f address !f in5est!rs' transissi!n' et&.9- &n cae of change of addre or tranmiion of #emat hare, in)etor are a)ed from undergoing the entire change procedure with each company or regitrar! &n)etor ha)e to only inform their #P about the change along with all rele)ant document! The re9uired change are effected in the databae of all the companie where the in)etor i a regitered holder of ecuritie! The in)etor will recei)e all cah corporate benefit li$e di)idend, interet warrant, redemption money, etc! at the new addre with immediate effect!! 48 DEMAT 2ROCESSING IN KARVY STOCK BROKING LTD9- 2ar)y Stco$ Bro$ing %td! i one of the leading #epoitory Participant (#P0 in the country! 2ar)y #emat er)ice offer the in)etor a ecure and con)enient way to $eep trac$ of their ecuritie and in)etment, o)er a period of time, without the hale of handling phyical document that get mutilated or lot in tranit! 2ar)y Stco$ Bro$ing %td! i #epoitory particpant both with -"ational Securitie #epoitorie %imited ("S#%0 and *entral #epoitory Ser)ice %imited (*#S%0! 2ar)y #emat er)ice are acceable any of it networ$ o)er ?>? branche N in)etor er)ice centre located in o)er '>? citie and town acro the country! 2ar)y #emat er)ice buine ha a ditinction of ha)ing all it operation &SO FGGA:BGGG certified with the tate of the art-technology and operation capabilite! &t #emat er)ice ha)e inno)ated o)er time and it pro)ide online acce to the account tatement and tranaction alert through SMS to it client! DEMAT ACCO1NT9- #emat refer to a dematerialied account! /ut a open an account with a ban$ if public want to a)e thier money, ma$e che9ue payment etc, the in)etor need to open a demat account if he want to buy or ell toc$! So it i jut li$e a ban$ account where actual money i replaced by hare! The in)etor ha)e to approach the #P (remember, they are li$e ban$ branche0, to open their demat account! %et@ ay the in)etor Mr! R@ portfolio ha AGG of Satyam, BGG of Reliance and ABG of T*S hare! All thee will how in hi demat account! So, hi doen@t ha to poe any phyical certificate howing that he own thee hare! They are all held electronically in hi account! A he buy and ell the hare, they are adjuted in hi account! /ut li$e a ban$ paboo$ or tatement, the #P will pro)ide the in)etor with periodic tatement of holding and tranaction! 49 NEED OF DEMAT ACCO1NT9- "owaday, practically all trade ha)e to be ettled in dematerialied form! Although the mar$et regulator, the Securitie and +:change Board of &ndia (S+B&0, ha allowed trade of upto ?GG hare to be ettled in phyical form, nobody want phyical hare any more! So a demat account i a mut for trading and in)eting! The demat account reduce bro$erage charge, ma$e pledging N hypothecation of hare eaier, enable 9uic$ ownerhip of ecuritie on ettlement reulting in increaed li9uidity, a)oid confuion in the ownerhip title of ecuritie, and pro)ide eay receipt of public iue allotment! &t alo help you a)oid bad deli)erie caued by ignature mimatch, potal delay and lo of certificate in tranit! 5urther, it eliminate ri$ aociated with forgery, counterfeiting and lo due to fire, theft or mutilation! #emat account holder can alo a)oid tamp duty (a againt G!? per cent payable on phyical hare0, a)oid filling up of tranfer deed, and obtain 9uic$ receipt of uch benefit a toc$ plit and bonue! STE2S INVOLVED IN O2ENING A DEMAT ACCO1NT9- 5irt, an in)etor who want to open a #emat Account to dematerialie their holding ha to approach a 2ar)y and fill up an account opening form! The account opening form mut be upported by copie of any one of the appro)ed document to er)e a proof of identity (PO&0 and proof of addre (POA0 a pecified by S+B&! Beide, production of PA" card in original at the time of opening of account ha been made mandatory! All applicant hould carry original document for )erification! 5urther, the in)etor ha to ign an agreement with 2ar)y in a depoitory precribed tandard format, which detail right and dutie of in)etor and #P (2ar)y0! 2ar)y pro)ide the in)etor with a copy of the agreement and chedule of charge for their future reference! After )erification of the entire certificate, 2ar)y open the account in the ytem and gi)e an account number, which i alo called BO&# (Beneficiary Owner &dentification number0! S+B& ha rationalied the cot tructure for proceing of #emat account account opening charge, 50 tranaction charge for credit of ecuritie, and cutody charge! The 2ar)y may re)ie the charge by gi)ing 'G day notice in ad)ance! "o charge hall be le)ied by 2ar)y for tranfer of the ecuritie lying in hi account to another branch or to another #P of the ame depoitory or another depoitory! &n cae the BO Account at tranferor #P i a joint account, the BO Account at tranferee #P hould alo be a joint account in the ame e9uence of ownerhip! 2ROCED1RE9- A! 5illing account opening form (a)ailable with 2ar)y0! B! Submitting the duly filled account opening form with introduction document a may be re9uired! '! Signing in the agreement with 2ar)y (agreement will tate right - obligation of both partie0! The agreement will contain the fee tructure of 2ar)y! 2ar)y would gi)e the client a copy of thi igned agreement for hi record! D! 2ar)y would gi)e him *lient &d no! (Account "o!0 once hi depoitory account i opened! Thi *lient &d "umber along with 2ar)y &d "umber form a uni9ue combination! Both of thee hould be 9uoted in the future correpondence with 2ar)yN"S#%N &uing *ompanyNtheir regitrar - tranfer (R-T0 agent! ?! 2ar)y would gi)e to hi client pre-printed intruction lip for depoitory er)ice )i=!, dematerialiation, deli)ery intruction for trade, etc!! &t hould be preer)ed carefully! E! 2ar)y would gi)e a lit of deadline for gi)ing intruction for )ariou depoitory acti)itie )i=!, tranfer for effecting ale, purchae, etc! 51 TY2ES OF ACCO1NTS9- Type of depoitory account depend on the operation to be performed! There are three type of #emat account which can be opened with 2ar)y! Beneficiary Account *learing Member Account and &ntermediary Account! A! Benefi&iar6 A&&!unt9- A Beneficiary Account i an ownerhip account! The holderN of ecuritie in thi type of account own thoe ecuritie B! C/earin$ Me7er A&&!unt9- The *learing Member Account and &ntermediary Account are tranitory account! The ecuritie in thee account are held for a commercial purpoe only! A *learing Member Account i opened by a bro$er or a *learing Member for the purpoe of ettlement of trade! '! Interediar6 A&&!unt9- An &ntermediary Account can opened by a S+B& regitered intermediary for the purpoe of toc$ lending and borrowing! 52 DOC1MENTS REE1IRED FOR VERIFICATION9- 5or the purpoe of )erification, the in)etor ha)e to ubmit the following document, a precribed by S+B&, along with the tipulated account opening form! A beneficiary account mut be opened only after obtaining a proof of identity and addre of the applicant! An authoried official of the 2ar)y would )erify the photocopie of any of following document ubmitted with their correponding original and put hiNher ignature on them with remar$ @5erified 4it8 !ri$ina/ before proceeding to open the account! DOC1MENT REE1IRED S.NO. 2ROOF OF IDENTITY ) ANY ONE. 2ROOF OF ADDRESS ) ANY ONE. ,. PASSPORT Ration card *. 4OT+R &# *AR# Paport ;. #ri)ing licene 4OT+R &# *AR# >. PA" card with photograph #ri)ing licene D. *redit cardN#ebit card iued by Ban$! Ban$ paboo$ =. Identit6 &ardGD!&uent 4it8 a""/i&antHs 28!t! ISS1ED BY9- *entralNState 7o)ernment and it #epartment,S Identit6 &ardGd!&uent 4it8 address' issued 769- *entralNState 7o)ernment and it #epartment, 53 StatutoryNRegulatory Authoritie, Public Sector .nderta$ing, Scheduled *ommercial Ban$, Public 5inancial &ntitution, StatutoryNRegulatory Authoritie, Public Sector .nderta$ing, Scheduled *ommercial Ban$, Public 5inancial &ntitution, I. 4erified copie o5 E/e&tri&it6 7i//s (not more than two month old0, Te/e"8!ne 7i//s (not more than two month old0 pertaining to only %andline telephone (other than 5i:ed Hirele Phone0 *ollege affiliated to .ni)eritie (thi can be treated a )alid only till the time the applicant i a tudent0, Profeional Bodie uch a &*A&, &*HA&, &*S&, Bar *ouncil etc!, to their Member; and Self-declaration by 1igh *ourt - Supreme *ourt judge, gi)ing the new addre in repect of their own account! The aforeaid document are the minimum re9uirement for opening a Beneficial Owner Account! After )erifying the all the document ubmitted by the applicant, 2ar)y would open account in the name of applicant! Hhile they only a$ for photocopie of the document, they 54 will need the original for )erification! The applicant hould ha)e to ubmit a paport i=e photograph on which he ign acro FEE STR1CT1RE OF KARVY "OH to the cru: J the cot of opening and holding a #emat account! There are four major charge uually le)ied on a #emat account! i!e! Account opening fee, annual maintenance fee, cutodian fee and tranaction fee! All the charge )ary from #P to #P! 2ar)y charge the following fee for #emat Account and Trading Account from their client for the er)ice rendered by the 2ar)y! S/.N!. ReFuireents Deat AG& Tradin$ AG& E#"/anati!n A Agreement *ot E?!GG Stamp Paper *ot! AGG!GG B AM* DBB!GG Bro$ing *lient Only ' Refundable #epoit ?GGG!GG "on-&nteret Bearing
T!ta/ 2a6a7/e DC>!GG ?AGG!GG
55 A! A&&!unt-O"enin$ Fee9- &t i le)ied when the applicant open the #emat account with #epoitory Participant! 2ar)y doe not charge account opening fee from their client! B! Annua/ aintenan&e fee9- Thi i alo $nown a folio maintenance charge, and i generally le)ied in ad)ance! '! Cust!dian fee9- Thi fee i charged monthly and depend on the number of ecuritie (international ecuritie identification number J &S&"0 held in the account! &t generally range between R!G!? to R!A per &S&" per month! 2ar)y will not charge cutody fee for &S&" on which the companie ha)e paid one-time cutody charge to the depoitory! D! Transa&ti!n fee9- The tranaction fee i charged for creditingNdebiting ecuritie to and from the account on a monthly bai! 2ar)y i charging upto R!?GN- per debit tranaction of the account! &n addition, er)ice ta: i alo charged by the 2ar)y! 2LEDGING9- #ematerialied hare could be pledged! &n fact, thi i more ad)antageou a compared to pledging hare certificate! The following procedure are adopted while pledging the demateriali=ed hare! Both (Pledgor0 a well a the lender (Pledgee0 mut ha)e #emat Account! One mut initiate the pledge by ubmitting the detail of the ecuritie to be pledged in a tandard format which i a)ailable in 2ar)y! The pledge hould confirm the re9uet through 2ar)y! Once thi i done, ecuritie are pledged! All the commercial documentation between the pledgor and pledge are handled outide the depoitory ytem! After recei)ing the repayment, the pledge would intruct the 2ar)y for re9ueting cloure of pledge through tandard format! 56 TRADING OF S0ARES9- 2ar)y pro)ide the following option to hi client regarding trading of the demateriali=ed hare! Cas8 Tradin$9- Thi i deli)ery baed trading ytem which i generally done with the intention of ta$ing deli)ery of hare or money! &n *ah trading, the client can buy or ell only when he atifie ome condition! &f the client place an order to buy AGG hare of Reliance &ndutrie, he ha to ha)e AGGI of the order )alue in hi a)ailable li
57 LIMITATION OF T0E ST1DY LIMITATION "ot financially upport gi)en by thetime & wa not able co)er all area! #ue to lac$ of awarene and interet on the part of repondent company! created problem in the collection! Time limitation! Reearch ha been done only at Rajathan Some of the peron were not o reponi)e! Poibility of error in data collection! Poibility of error in analyi of data due to mall ample i=e! 58 Fa&ts and Findin$s FINDINGS A! People are intereted in hare mar$et by but they are not much aware about the hare mar$et procedure! B! The money problem with hare mar$et a big problem '! Trading problem i alo a big problem! D! Other group people li$e agricultural are not aware and intereted in hare mar$et! 59 ANALYSIS AND NTER2RETATION E. , #o you $now about the #emat account <
6+S DGI "O EGI According to thi pie-chart we can ay that DGI people $now about the demat account and EGI people do not $now about the demat account ! But they want $now about the demat account of 2AR46 toc$ bro$ing limited! 60 E. * Hhat bro$erage do you charge from the client< a0 AP:AGP b0 BP:BGP c0 'P:'GP d0 Other &n the tudy, it wa een that ma:imum competition wa in the bro$erage rate only! "ow the client wor$ with thoe companie who charge le bro$erage!EGI of the franchiee were charging bro$erage a low a AP:AGP!Alo BGI were charging bro$erage of BP:BGP!Only ABI of them were ta$ing bro$erage of 'P:'GP! Ret CI were thoe who were wor$ing on fi:ed bro$erage a R CGG per crore! 61 E. ; Hhere do you get upport le)el from< a0 1ead Office b0Branch Office b0 Both &t wa found that ACI of the upport le)el to the franchiee wa gi)en by 1ead Office wherea DDI were er)ed by Branch Office! Ret 'CI were er)ed by both head office and branch office! Thoe who were er)ed by both of them complained that the problem were not ol)ed immediately!'GI of franchiee claimed that their problem were not ol)ed immediately and it too$ little time a their wa a chain from Branch office to head office! 62 E. > After $nowing er)ice pro)ided by 2ar)y, would you li$e to be aociated with it< a0 6e b0 "o c0 Hill tell later &t wa noticed while carrying out the tudy that few cutomer were intereted in the plan gi)en by 2ar)y becaue of it Brand name and good facility! They were ready to open a demat aNc in 2ar)y high bac$ office cot, high bro$erage and le haring!E?I of franchiee refued a they found the plan cotly!ACI howed interet in aociating with 2ar)y! Ret A>I aid that they would contact the company later! 63 E.D Hhat do you thin$ #emat account i afe< 6e DGI "o BGI *an@t ay DGI &n thi pie-chart we found that DGI people aid we thin$ demat aNc i afe and BGI aid not afe and remaining DGI aid that we can@t ay demat aNc of $ar)y i afe or not! 64 E.= Hhy you chooe 2ar)y #emat er)ice< A 7ood will B?I C Ser)ice BGI B Safety B?I D *harge 'GI
65 O!> Hhat type of 2ar)y #emat er)ice< a. 1ighly atify EGI b. Satify 'GI c. #iatify AGI 66 S?OT ANALYSIS OF KARVY Stren$t8s9 A! +mployee are highly empowered! B! Strong *ommunication "etwor$! '! 7ood co-operation between employee! D! "umber A Regitrar and Tranfer agent in &ndia! ?! "umber A dealer of &n)etment Product in &ndia! E! Brand "ame ?ea3nesses9 A! 1igh +mployee Turno)er! B! %ow Ad)ertiement O""!rtunit69 A! Mar$eting at rural and emi-urban area! B! More aware people intending to in)et in mar$et with right companie '! Potential Mar$et for in)etor D! Tapping thoe people who are not atified with their e:iting buine! T8reats9 A! &ncreaing number of local player! B! Pat image of Mutual 5und! '! #ecreaing bro$erage rate! 67 CONCL1SION *oncerning my project title 3#+MAT S+R4&*+S O5 2AR46 STO*2 BRO2&"7 %T#!/A&P.R8 the ur)ey conducted by me a & found that the conumer atifaction the only way for the ucce of any organi=ation in the preent time! And & came to the following concluion which i a follow P Repone wa )ery good from the cutomer regarding financial product becaue in thi time e)ery one want more return on le in)etment and in cae of demat they want true time to open the demat ( li$e at the time of iue 0! 2ar)y gaining good repone in the demat field by pro)iding good er)ice! & concluded by thi that reearch that er)ice and return got more importance than goodwill! &n the lat i: month it ha opened the ma:imum number of #emat account at the time of new public iue than any other companie! & alo conclude that many financial er)ice at one place i the another reaon of it popularity ! 68 Re&!endati!ns and Su$$esti!ns RECOMMENDATIONS The detail tudy of the project idea to the following recommendation:- A! The company hould come up with ome good trategie to create awarene among people regarding the financially #emat! B! The company a oon a poible hould try to con)ert itelf into a ban$ o that many people come in contract and joint with company! '! They hould try to pro)ide ome e:tra er)ice to their cutomer! D! The company hould concentrate more on after ale er)ice! 69 A22ENDI: E. , #o you $now about the demat account < A! 6e DGI B! "o EGI E. * Hhat do you thin$ #emat account i afe< a! 6e DGI b! "o BGI c! *an@t ay DGI E. ; Hhy you chooe 2ar)y #emat er)ice< ,. 7ood will B?I B! Ser)ice BGI '! Safety B?I D! *harge 'GI E. > Hhat type of 2ar)y #emat er)ice< a! 1ighly atify EGI b! Satify 'GI c! #iatify AGI 70 E.D After $nowing er)ice pro)ided by 2ar)y, would you li$e to be aociated with it< a0 6e ACI b0 "o E?I c0 Hill tell later A>I E.= Hhere do you get upport le)el from< a0 1ead Office ACI b0 Branch Office 'CI c0 Both DDI E. I Hould you li$e to $now more about 2ar)y, epecially, 2ar)y #emat er)ice< a0 6e F?I b0 "o ?I E. B Are they able to ol)e your problem on immediate bai< a0 6e >GI b0 "o 'GI E. J #o you thin$ client databae would help you to grow buine< a0 6e DGI b0 "o B?I b0 c0 #oen@t matter '?I 71 Bi7/i!$ra"86 A! Sharma #!#! Mar$eting Reearch, 'rd +dition, Publication Sultan *hand - Son Publication! B! 2othari *!R! Reearch Mythology, 'rd +dition, "ew age Publication! '! 2otler Philip Mar$eting Management, millennium +dition, Prentice 1all inc! Publication! D! 2anu$ - Shiftmen, *onumer Beha)iour, Dth +dition, Tata Mc 7raw 1ill Publcation! 72 4e7/i!$ra"86 www!the-finapoli!com www!$ar)y!com www!)aluereearchonline!com www!moneycontrol!com www!morningtar!com www!yahoofinance!com www!theeconomictime!com www!rediffmoney!com www!beindia!com www!neindia!com www!in)etopedia!com 73