ANALYSIS OF CONSUMER BEHAVIOR TOWARDS SHARE TRADING AND.doc
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PROJECT REPORT On
“ANALYSIS OF CONSUMER BEHAVIOR TOWARDS SHARE TRADING AND SALES PROMOTION OF INDIABULLS SECURITIES LTD”
In the partial fulfillment of the two year full time PGDBM (Equivalent to MBA)
Project Guide Faculty Guide Mr. Vijay Babbar Rashmi Sundryal Divisional Sales Head
NDIM Indianbulls Securities Ltd. New Delhi
Uttam Seth Roll No: 68 PGDBM (2004-06)
New Delhi Institute of Management 60-61 Tughlakabad Institutional Area \ New Delhi-110062
ACKNOWLEDGEMENTS I would like to express my sincere thanks to Indiabulls Securities Ltd., Delhi for giving me the opportunity to carry out the Summer Internship Program in their organization. The whole period spent
experience about the Indian Stock Market. Preparing a project of such a kind is not an easy task in itself and I am sincerely thankful to all those people who help me lot, in preparing and completing this project. I am grateful to Indiabulls Securities Ltd. who has given me this opportunity to carry out the project “Analysis of Consumer Behavior Towards Share Trading and Sales Promotion of Indiabulls Securities Ltd.” A study on investor’s perception their behavior about equities. I sincerely thank to Mr. Vijay Babbar (Divisional Sales Head, Indiabulls Securities Ltd., Delhi) for providing me this valuable learning opportunity. I would also like to thank Ms. Rashmi Sundryal – Faculty Guide, NDIM- Delhi for her valuable guidance and insight amidst her busy schedule. Finally I would like to thank Mr. Vineet Chandani (Relationship Manager) my project supervisor without his help and guidance the completion of this project would have become difficult task.
HISTORY OF STOCK EXCHANGE
COMPANY PROFILE a) Introduction b) Philosophy c) History and other corporate matters overview
SHARE TRADING ORGANIZATION CHART
PRODUCTS AND SERVICES
INDIABULLS – IN NEWS 2005
FINDINGS AND ANALYSIS
EXECUTIVE SUMMARY Investing in equities in a market like India is speculative and involves risk that may be greater than other types of investment strategies.
Before investing an Investor should be careful enough
about him investment decision to avoid erosion of wealth. As seen in the recent times the volatility of market is more detrimental to the retail investors as it seems to be lucrative for speculative gains of short duration of time.
Hence an investor has to evaluate his
options carefully for a prudent investment, keeping long-term horizon in mind. The report has tried to bring out the parameters those are of paramount importance to general public dealing in an equity trading on day-to day and delivery base trading. The working methodology has been discussed i.e. the data collection methods, sampling methods
questionnaire prepared is designed so as to cover a wide range of customer “touch points” The report given a view about the investors perception that what thy think while making investments in shares. A sample of 100 people was selected randomly and survey was done as per the parameters of the questionnaire.
The results of
every parameter have been included in this report and shown
graphically (Pie Charts, bar graphs etc.) A complete structure of the research design has been included. Apart from above discussed points the brief history of Indiabulls Securities Ltd, its business diversification and a brief introduction about the concept of share trading.
To study investor’s behavior towards different attributes such as risk, return, liquidity etc. of investment in Equities.
To study the issues and challenges that investor’s face while making investment in share market.
To study the preferences and perceptions of investors regarding various financial products from the stable of Indiabulls Securities Ltd. so that the firm can benefit from the findings of the report in launching any new investment product in future.
To study the consumers perception in respect of investment in shares Trading.
To study about Risk Management with the help of equities.
HISTORY OF STOCK EXCHANGE
The only stock exchanges operating in the 19 th century were those of Bombay set up in 1875 and Ahemadabad set up in 1894. These were organized as voluntary non-profit making organization of brokers to regulate and protect their interests. Before the control on securities trading became a central subject under the constitution in 1950, it was a state subject and the Bombay securities contract (CONTROL) Act of 1952 used to regulate trading in securities. Under this Act, the Bombay stock exchanges in 1927 and Ahemadabad in 1937. During the war boom, a number of stock exchanges were organized in Bombay, Ahemadabad and other centers, but they were not recognized. Soon after it became a central subject, central legislation was proposed and a committee headed by A.D. Gorwala went into the bill for securities regulation. On the basis of committee’s recommendations and public discussions the securities contracts (regulations) Act became law in 1956.
Definition of Stock Exchange “Stock
incorporated or not, constituted for the purpose of assisting, regulation or controlling the business of buying, selling or dealing in securities.”
It is an association of member brokers for the purpose of self regulation and protecting the internets of its members. It can operate only if it is recognized by the Govt. under the securities contract (regulation) Act, 1956 the recognition is granted under section 3 of Act by the Central Govt. ministry of finance.
Byelaws Beside the above act, the securities contract (regulation) rules were also made in 1975 to regulate certain matter of trading on Stock Exchange. These are also byelaws of the exchanges, which are concerned with following subjects. Opening/Closing
regulation of blank transfer, regulation of Badla or carryover business, control of statement, and other activities of stock exchange, fixation of margins, fixation market price or making price, regulation of intraday (jobbing), regulation of broker trading, brokerage charges, trading rules on exchanges, attribution and settlement of disputes, settlement and clearing of the trading etc.
Regulation of stock exchange The securities contract (regulation) is the basis of the stock exchange in India. No exchange can operate legally without the Govt.
permission or recognition.
monopoly in certain areas under section 19 of the above Act to ensure that the control and regulation are facilitated. Recognition can be granted to a stock exchange provided certain condition are
government. Recognition can also be withdrawn, if necessary. Where there are no stock exchanges, the government can license some of the brokers to perform the function of stock exchange in its absence.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
SEBI was setup as an autonomous regulatory authority by the Government of India in 1988 “to perform the interest of investors in the securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto.” It is empowered by two Acts namely the SEBI act, 1992 and the securities contract (regulation) Act 1956 to perform the function of protecting investor’s right and regulating the capital market.
Bombay Stock Exchange The stock exchange, Mumbai, popularly known as “BSE” was established in 1875 as “The Native share and stock broker association”, as a voluntary non-profit making association. It has an evolved over the year into its present status as the premiere stock exchange in the country. It may be noted that the stock exchanges the oldest one in the Asia, even older than the Tokyo Stock Exchange, which was founded in 1878. The Exchange, while providing an effective and transparent market for trading in securities, uphold the interest of the investors and ensure
companies or its own member brokers. It also strives to educate
informative inputs and conducting investor education programmes. A governing board comprising of 9 elected directors, 2 SEBI nominees, 7 public representatives and an executive director is the apex body, which decides the policies and regulates the affairs of the exchanges. The executive director as the chief executive officer is responsible for the day today administration of the exchange.
daily turnover of the exchange during the year 2000-01 (AprilMarch) was Rs. 3984.19 crores and average number of daily trades 5.69 lakhs. However the average daily turn over of the exchange during the year 2001-02 has declined to Rs. 1244.10 crores and number of average daily trades during the period to 5.17 lakhs. The average daily turn over of the exchange during the year 200203 had declined and number of average daily trades during the period is also decreased. The Ban on all deferral products like BLESS AND ALBM in the Indian capital markets by SEBI with effects from July 2, 2001, abolition of account period settlements, in all scripts traded on the exchanges with effect from Dec 31, 2001, etc., have adversely impacted the liquidity and consequently there is a considerable decline in the daily turn over at the exchange. The average daily turn over of the
exchange present scenario is 110363 (laces) and number of average daily trades 1057 (laces).
BSE Indices In order to enable the market participants analysis etc., to track the various ups and downs in the Indian stock market, the Exchange has introduced in 1986 an equity stock index called BSE-SENSEX that subsequently became the barometer of the moments of the share prices in the Indian Stock market. capitalization
It is a “Market components
representing a sample of large, well-established and leading companies.
The base year of Sensex is 1978-79.
The Sensex is
widely reported in both domestic and international markets through print as well as electronic media. Sensex is calculated using a market capitalization weighted method. As per this methodology, the level of the index reflects the total market value of all 30-component stocks form different industries related to particular base period.
The total market value of a
company is determined by multiplying the price of its stock by the number of shares outstanding. Statisticians call an index of a set of combined variables (such as price and number of shares) a composite Index.
An Indexed number is used to represent the
results of this calculation is order to make the value easier to work with the track over a time. It is much easier to graph a chart based on Indexed values than one based on actual values world over
majority of the well-known Indices are constructed using “Market capitalization weighted method”. In practice, the daily calculation of SENSEX is done dividing the aggregate market value of the 30 companies in the Index Divisor. The keeps the Index comparable over a period or time and if the reference point for the entire Index maintenance adjustments. SENSEX is widely used to describe the mood in the Indian Stock Markets.
Base year average is changed as per the formula new
base year average = old base year average* (new market value/old market value).
National Stock Exchange The NSE was incorporated in Now 1992 with an equity capital of Rs. 25 crores.
The international securities consultancy (ISE) of
Hong Kong has helped in setting up NSE.
ISE has prepared the
detailed business plans and installation of hardware and software systems.
The promotions for NSE were financial institutions,
Infrastructure leasing and financial services ltd. and stock holding corporation ltd. It
professionalisation of the capital market as well as provide nation wide securities trading facilities to investors.
NSE is not an exchange in the traditional sense where brokers own and mange the exchange. A two tier administrative set up involving a company board and a governing abroad of the exchange is envisaged. NSE is a national market for share PSU bonds, debentures and government securities since infrastructure and trading facilities are provided.
NSE-NIFTY The NSE on April 22, 1996 launched a new equity Index. The NSE50. The new index, which replaces the existing NSE-100 index, is expected to serve as an appropriate Index for the new segment of futures
Stocks.The NSE-50 comprises 50 companies that represent 20 board Industry groups with an aggregate market capitalization of around Rs. 1,70,000 crores.
All companies included in the Index
have a market capitalization in excess of Rs. 500 crores each and should have traded for 85% of trading days at an impact cost of less than 1.5%. The base period for the close of prices on Nov 3, 1995, which makes one year of completion of operation of NSE’s capital market segment. The base value of the Index has been set at 1000.
NSE-MIDCAP INDEX The NSE madcap Index or the Junior Nifty comprises 50 stocks that represents 21 abroad Industry groups and will provide proper representation of the madcap segment of the Indian capital Market. All stocks in the index should have market capitalization of greater than Rs. 200 crores and should have traded 85% of the trading days at an impact cost of less 2.5 %. The base period for the index is Nov 4, 1996, which signifies two years for completion of operations of the capital market segment of the operations. The base value of the Index has been set at 1000. Average daily turn over of the present scenario 258212 (Laces) and number of averages daily trades 2160 (Laces). At present, there are 24 stock exchanges recognized under the securities contact (regulation) Act, 1956.
Indiabulls is India's leading retail financial services company with 135 locations spread across 95 cities. While its size and strong balance sheet allow them to provide you with varied products and services at very attractive prices, over 750 Client Relationship Managers are dedicated to serving your unique needs. Indiabulls is lead by a highly regarded management team that has invested cores of rupees into a world class Infrastructure that provides there clients with real-time service & 24/7 access to all information and products. Their flagship Indiabulls Professional Network
offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your finger-tips. This powerful technology is complemented by there knowledgeable and customer focused Relationship Managers. We
are Creating a World of Smart Investor
Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence, achieve your financial goals. Indiabulls' Client Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Indiabulls provides full access to all our products and services through multi-channels
THE INDIABULLS PHILOSOPHY – YOU COME FIRST
We have created a unique organization that is designed for you – the Smart Investor –. We passionately believe in the Smart Investor who wants to make his own educated investment choices and demands world class access to a full range of services and products ranging from Equities to Insurance, combined with the highest level of integrity, service and professionalism. Indiabulls is a full service investment firm offering clients access to a tremendous range of financial services from 135 locations across 95 cities. We have a strong team of over 750 Client Relationship Managers focussed on serving your unique needs. Our world class infrastructure, built with tens of crores of investment, provides our clients with real-time service, multi-channel & 24/7 access to all information and products. As we've expanded and developed to serve the needs of all kinds of investors, we've been guided by one underlying philosophy: You come first. We are proud to introduce to you Indiabulls Professional NetworkTM that offers real-time prices, equity analysis, detailed data
capabilities, right at your finger-tips. This powerful technology is complemented
by our knowledgeable and customer focussed
Relationship Managers who are available to help with your financial planning and investment needs.
We invite you to learn more about Indiabulls by calling 1 600 11 1130 (toll free) or visit our 135 Indiabulls Offices Nationwide or explore the services we offer through the Indiabulls Market Trader.TM
HISTORY AND OTHER CORPORATE MATTERS OVERVIEW
Indiabulls Financial Services Limited was incorporated on January 10, 2000 as M/s Orbits InfoTech Private Limited at New Delhi under the Companies Act, 1956 with Registration No. 55 – 103183. The name of the Company was changed to M/s. Indiabulls Financial Services Private Limited on March 16, 2001 due to change in the main objects of the Company from Infotech business to Investment & Financial Services business. It became a Public Limited Company on February 27, 2004 and the name of Company was changed to M/s. Indiabulls Financial Services Limited. Company was promoted by three engineers from IIT Delhi, and has attracted more than Rs.700 million as investments from venture capital, private equity and institutional investors such as LNM India Internet Ventures Ltd., Transatlantic Corporation Ltd., Farallon Capital Partners, L.P., R R Capital Partners L.P., and Infinity Technology Trustee Pvt. Ltd. and has developed significant relationships with large commercial banks such as Citibank, HDFC Bank, Union Bank, ICICI Bank, ABN Ambro Bank, Standard Chartered Bank, Lord Krishna Bank and IL&FS. Company and there subsidiaries have facilities from the above mentioned banks and financial institutions aggregating to Rs. 1760 million. Companies headquarters are co-located in Mumbai and Delhi, allowing it to access the two most important regions for Indian financial markets, the Western region including Mumbai, rest of Maharashtra and Gujarat; and the Northern region, including the
National Capital Territory of Delhi, nearby cities, parts of Haryana, Uttar Pradesh and Punjab; and access the highly skilled and educated workforce in these cities. The Marketing and Sales efforts are headquartered out of Mumbai; with a regional headquarter in Delhi; and its back office, risk management, internal finances etc. are headquartered out of Delhi, allowing our Company to scale these processes efficiently for the nationwide network.
Main Objects Of The Company The main objects to be pursued by the Company on its incorporation are: 1. To hold investments in various step-down subsidiaries for investing, acquiring, holding, purchasing or procuring equity shares, debentures, bonds, mortgages, obligations, securities of any kind issued or guaranteed by our Company. 2. To provide financial consultancy services; to provide investment advisory services on the internet or otherwise; provide financial consultancy in the area of personal and corporate finance; publish books and CD ROMs and any other information related to the above. 3. To conduct the business of sale, purchases, distribution and transfer of shares, debts, instruments and hybrid financial instruments and to perform all related, incidental, ancillary and allied services.
4. To conduct depository participant services; to conduct dematerialization
depository participant centers at various regions in India and to perform all related, incidental, ancillary and allied services. 5. To receive funds, deposits and investments from the public, Government
bodies; grant advances and loans; conduct advisory services related to banking activities, project financing, funding of mergers and acquisition activities; fund management and activities related to money market operations. 6. To carry on the business of portfolio management services, investment
management services; leasing and hire purchase; mutual fund services and to act as brokers of real estate and financial instruments. 7. To carry on the business of financing; provide lease and hire purchase services; to provide consultancy in the area of lease and hire purchase financing. 8. To operate mutual funds; receive funds from investors; equity or debt instrument research activity instrument in debt and/or equity instruments.
Credit Rating Indiabulls Securities Limited has been granted ‘PR1+’ rating for its unsecured short term borrowing program of Rs. 200 million. Vide
letter dated May 5, 2004 the rating agency has increased the unsecured short term borrowing limit to Rs. 320 million maintaining the ‘PR1+’ rating. ISL also enjoys ‘A+’ rating for medium to long term unsecured borrowing program of Rs. 200 million. The Rating to the company has been assigned by Credit Analysis Research Limited. As for the present issue of equity shares of our Company, credit rating is not required.
Shareholders Agreement Shareholders Agreement was entered into by and among our Company
Technology Trustee Private Limited as the trustee of Infinity Venture India Fund, LNM India Internet Ventures Limited, Transatlantic Corporation
Promoters dated November 2, 2000. The VC Investors invested an aggregate amount of Rs. 206,000,000 in our Company for which they were issued 55,425 equity shares at an average price of Rs. 3,716.73 per equity share. Pursuant to a letter agreement (the “Letter Agreement”) dated May 27, 2004 between the parties to the Shareholders Agreement, each of the VC Investors have agreed not to enforce rights that have accrued to them before the said Letter Agreements and have agreed that the Shareholders Agreement, together with all the rights and obligation on the parties will stand terminated immediately upon the listing of the shares of our Company
Shareholders Agreement, including the rights that have arisen prior
to such termination shall be terminated. A copy of the Shareholders Agreement, and a copy of the Letter Agreement terminating the Shareholders Agreement are available for inspection as material documents at the corporate offices of our Company.
Key Competitive Strengths Diverse Branch Network Since Company inception in FY 2000 Company and its subsidiaries have grown from a single location to a nationwide network spread over 135 offices in 95 cities. They have a pan India distribution networks for the purpose of distribution of financial products and services. Such a diverse and integrated network provides a centralized platform to there clients. Bouquet of financial products and services Company and its subsidiaries offer various financial services and products ranging from equity, F & O and wholesale debt, mutual fund, insurance and IPO distribution, equity research analysis, depository services to cater to the specific needs of the retail and institutional investors thus providing all these services in a single platform. Advanced Technology team that delivers market leading product innovation There ongoing investment in technology is a key element in expanding there product and service offerings, enhancing there
delivery systems, providing fast and consistent client service, reducing processing costs, and facilitating there ability to handle significant increases in client activity without a corresponding rise in risk and staff. Company and its subsidiaries have an in-house technology team of 27 people comprising of several engineers. The in-house technology team has been responsible for developing the technology products for operating at a large scale with efficient back office systems. The application of technology allows Company and its subsidiaries to build scaleable product and service offerings. The in-house technology team developed one of the first Internet trading platforms in India, one of the first in-house real-time CTCL link with NSE. Company and its subsidiaries introduced integrated accounts with automated gateways with client bank accounts so that they can transfer funds to and from their bank account to their brokerage account with the Company. This has enhanced customer ability to access their funds for market related activities. The inhouse technology team has good expertise to create mission critical applications and in the maintenance and upkeep of high transaction processing of there web-site. Strong
reinvestment and training Company’s relationship manager channel (through a team of 1050 Relationship Managers as on April 30, 2004) offers a single point contact to retail customers whereby their high net worth clients have separate relationship managers catering to them. These managers offer personalized services to the customers helping build
strong and continuing relationships with them. Also, our marketing associate channel helps Company and its subsidiaries in client acquisitions at minimal costs with client loyalty. The marketing associate’s channel also helps Company and its subsidiaries in increasing their penetration in smaller town and cities. Strong cross Selling Opportunities With 135 branches spread over 95 cities all over India and variety of financial products and offerings coupled with online, relationship manager
subsidiaries have strong cross product selling opportunities thus providing a multi-channel delivery systems to there diverse client base of 71,000 clients as on July 10, 2005. Strong Team of Experienced Promoters Indiabulls has a strong team of promoters who are engineers from Indian Institute of Technology and have several years’ experience in financial services industry. They believe that their strong technical experience will help them in achieving our key business strategies. Leading Product innovation and marketing strategies Management
introduced many new and innovative products to the market place that have played a significant role in their growth. Company’s relationship
experience to the clients. The relationship managers are trained and incentives to work with their client base and enhance ability to cross
sell and leverage the large client base. Indiabulls have launched marketing associate model, which replaces the traditional subbroker model with an authorized person that client can appoint independently and provide them with the benefit of their trading, clearing and servicing strengths. Its equity analysis product provides
continuously innovate and introduce market leading products and services to add to its competitive advantage. Well capitalized player, with strong banking relationships and credit ratings Indiabulls consolidated net worth is Rs. 1023.19 million making us a well capitalized companies. The Company and ISL have received sanctioned facilities of Rs. 1760 million from 9 leading commercial banks
relationships as of July 24, 2004 are as follows: Ability to combine People & Technology in unique ways They provide multiple distribution channels by combining people and technology. Clients can visit one of the 70 offices in 55 cities or access via telephone, call centre or online channel. Web enabled tools such as technical analysis, information, news, interactive web based programs and tools and back office solutions for clients and marketing associates; Power Indiabulls an order entry, routing and management technology through technology platform, for activelytrading investors.
Strong market presence and increased market share leads to virtuous cycle of growth and profitability They’re growing client base and market share have increased their market presence, brand recognition enhanced their profitability and increased the available credit facilities from the banks further strengthening its strong balance sheet. Company’s brand and profitability allows them to recruit good and efficient employees, compensate them attractively and provides the flexibility toes for investments in the business and technology systems. These attributes in turn have a positive effect on the growth of its client base thereby increasing its market share, leading to higher profits and credit facilities and thus forming a virtuous circle.
Key Business Strategies Their focus on the client has allowed Company and its subsidiaries to offer a range of services that have changed the investing landscape and created a new model of financial services that melds people and technology to provide an integrated human assisted technology interface service for investors who range from selfdirected full-time active investor to those who prefer to deal with through a marketing associate in smaller towns and cities. Their key strategies include:
Defend and maintain their differentiation as the firm that delivers ethical and useful services
Build and expand
“investing insight” through product offerings
such as Equity Analysis which is objective,
Uncomplicated and not driven by commission
Give clients new levels of choice tailored to their desire for help, tools for investing their assets, their willingness to pay for additional services and the level of business they can do with the company.
Provide clients with tools, relationship managers and choices that support their desired investment outcomes. Indiabulls has developed a client specific approach as a core element of its business strategy and are constantly focusing on acquiring new clients and expanding their customer base. They believe that the strong secular growth of the Indian financial Markets, due to increased household penetration of financial assets; increasing liquidity and market capitalization of Indian Markets, led by the listing of many public sector entities; and the increasing affluence of Indian households and savers provides an impetus to the growth perspective.
They believe that this diversification and growth strategy will continue to produce results and allow Company and its subsidiaries to grow business at a rapid pace irrespective of market conditions. In addition, management believes that the growth of the Indian financial markets, due to increased household penetration of financial assets; increasing liquidity and market capitalization of
Indian markets, led by the listing of many public sector entities; and the increasing affluence of Indian households and savers, favors our long term growth outlook. The table below encapsulates the financial metrics on an annual basis, and compares that with the Market trading volume. (NSE Yearly Trading Volume is taken as representative of Market activity). The core pillars of our business strategy are discussed below: Increase the number of Client Relationships They are focused on increasing the number of client relationships through a wide network of offices throughout India and having more number of relationship managers to service these relationships. They plan to grow their business by growing the number of client relationships. During a downturn of the markets they believe that increased number of client relationships will add stability to their earnings. Offer Diversified Financial Products & Services – Capture Greater Share of Wallet Company and its subsidiaries offer to their clients a wide range of financial services and products allowing the clients to leverage their relationship with Indiabulls and get products suiting their varied needs. This strategy allows them to gain “share of wallet” of the
clients’ consumption of financial services. They offer to the client a comprehensive product offering and are able to increase their revenues per client by selling different products to the same client. Indiabulls
distribution, mutual funds and insurance products. Their strategy is to increase the number of client relationships and then leverage those client relationships into offering in a whole suite of financial products. Multiple Channels – Enhance Customer Experience and Opportunities to interact with us Company’s clients can access their products and services through 135 offices spread across 95 cities; through operator assisted call Centers; or through their website www.indiabulls.com; or through their
Associates. These multiple channels provide flexibility to the clients and allow them to utilize their existing business Relationship with them through any channel from any part of India. Company’s strategy is to provide the most convenient, efficient and value added channel to the client at the lowest possible cost, and allow the clients with choice and varied access points. Indiabulls believe that their multiple channel strategy has been particularly effective in the affluent segment where many sophisticated clients like to have a close-by office they can access and yet have the flexibility of Internet account management, transactions and electronic funds transfer and settlement.
Relationship Manager driven sales model, provide high quality service and exploit cross-sell opportunities Company’s clients benefit from the personal attention and advice of the trained and motivated relationship managers. All its relationship managers are qualified and educated professionals, who have been extensively trained in-house to provide the products and services to the clients. These relationship managers are encouraged to develop long-term relationships with the clients and can access a variety of resources within the Company, such as insurance specialists, research services and others to add value to their clients. Most of the clients have dedicated relationship managers irrespective of the channel they use. Low cost and highly scalable business Indiabulls
constantly invested in products and innovations to provide an enhanced experience to its customers. The benefits of such infrastructure include integrated customer trading account with depositary services; electronic gateway for instant funds transfer to and from the bank to the brokerage account; and comprehensive client systems that track all activity in various segments. They believe that technology and systems are one of the key competitive edges in terms of lowering their operating costs; managing the business; reducing risk and providing an enhanced experience to the clients with superior service standards.
Brokerage Offering Company’s retail equity business primarily covers secondary market equity broking. It caters to the needs of individual Indian and Nonresident Indian (NRI) investors. They offer broker assisted trade execution and automated online investing and trading facilities to their customers. Automated online investing and trading includes automated order placement and execution of market and limit equity orders; and advanced trading platforms for active traders. All investors have full access to real - time quotes, personalized portfolio tracking, charting and quote applications, real-time market commentary, real-time quotes and news. Online Automated Channel Automated Online Business contributes more than 34.6% of its overall revenues. They control more than 20% market share in the online business. Clients are able to obtain financial information and execute trades on an automated basis through their online channel using product offerings like Power Indiabulls and Indiabulls Market
convenience for clients and minimize its costs of responding to and processing routine client transactions. Online channels include the Indiabulls Group Professional Network that provides access via their web-site www.indiabulls.com to information and trading service on the Internet. Additionally, Power Indiabulls online trading system is designed for the high volume trader and provides enhanced
software-based trading platforms. While most client transactions are completed through the online channel, they continue to stress the importance of blending the power of the Internet with personal service to create a full-service client interface. They offer an online portal where the clients can execute securities purchase and sales transactions through the Internet. This covers the Equity, Debt & Derivatives segment in the Indian securities market. With an objective of assisting our customers in taking investment decisions, the portal also provides financial information on various companies listed. For executing a transaction clients can directly log on to our website without requiring any assistance from offline intermediaries Third Party Financial Products Offering They distribute third party products and services through our comprehensive retail distribution network. The products offered include
secondary public offerings. They have a pan India retail distribution network, comprising 1050 relationship managers and 135 branches spread over 95 cities.
INTRODUCTION AND CONCEPT OF SHARE TRADING
Trading in shares is old phenomena its regulation had been started when securities contract act had been formed in 1956. Transfer of resources from those with idle resources to others who have a productive need for them is most efficiently achieved through the securities market. It provides a channel for reallocation of savings to investments. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) is a regulatory governing body of security market. The SEBI Act 1992 was enacted to empower SEBI with statutory powers for: (a)
Protecting the interests of investors in securities.
Promoting the development of the securities market
Regulating the securities market
Its regulatory jurisdiction extends over corporate in the issuance of capital and transfer of securities. It has powers to register and regulate all the market all market intermediaries and also to penalize them in case of violations of the provisions of the ACT, rules and regulations made there under. SEBI has a full autonomy and authority to regulate and develop an orderly securities market. The share market can be segmented in two parts one is Primary Market another is Secondary Market.
Primary Market It provides opportunity to issuers of securities government as well as corporate to raise resources to meet their requirements of investments. In this market companies issue fresh security sin exchange of funds through public issues or private placements. The market design for primary market is provided in the provision of Companies Act, 1956 which deals with issues, listing and allotment of securities. The investors have to apply the shares by filling the application form issue by the company along with the application money. According to Disclosure and Investor Protection guidelines of SEBI, 1992 company has to disclose all the necessary information regarding pricing of issues, listing requirements, disclosure norms lock-in-period
documents pre and post issue obligations etc. Company can issue shares at face value, at premium or at discount. Another method of pricing which is now days common is issuing the securities through online system of the stock exchange has to comply with the section 55 to 68a of the companies Act, 1956 and SEBI guidelines 2000. The company is required to enter in to an agreement with the stock exchanges which have the requisite system for online offer of securities. The advantages for this new system are:(a)
The investors part with money only after allotment.
It reduces the time taken for issue process
Secondary Market Secondary market is the place for sale and purchase of existing securities. It enables an investor to adjust his holdings of securities in response to changes in his assessment about risk and return. It enables him to sell securities for cash to meet his liquidity needs. It essentially comprises of the stock exchanges which provide platform for trading of securities and a host of intermediaries who assist in trading of securities and clearing and settlement of trades. The securities are traded, cleared and settled as per prescribed regulatory framework under the supervision of the exchanges and oversight of SEBI.
Trading Mechanism Earlier trading on stock exchanges in India used to take place through open outcry without use of information technology for immediate
consuming and inefficient. This imposed limits on trading volumes and
transparency National Stock Exchange introduced a nation wide on line fully automated screen based trading system where a member can punch in to the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon
as it finds a matching sale or buy order from a counter party. Screen based trading electronically matches orders on a price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational efficiency. It enables market participants, irrespective of their geographical locations to trade with one another and it provides equal access to everybody. NSE has main computer which is connected through Very Small Aperture Terminal (VSAT) installed at its office. The main computer runs on a default tolerant STRATUS mainframe computer at the exchange. Brokers have terminals installed at their premises which are connected through VSATs. An investor informs a broker to place an order on his behalf.
CHAIRMAN & CEO
Rajeev Rattan President & CEO
Sameer Gehlant CEO
Gagan Banga Head online sales
T.S. Muglani Chief Tech officer
Surabh Mital CEO
Oivyesh Shah Head online sales
Pheeta Nagpal Head- HR
Ashok Sharma Finance Controller
Suresh Jain V.P
ACCOUNTS AND FEATURES Through various types of brokerage accounts, they offer purchase and sale of securities, which includes Equity, Derivatives and Commodities listed on NSE, BSE and NCDEX. Additionally, they provide their clients access to a variety of insurance products like life, term and annuity products through third-party insurance companies like Birla Sunlife Insurance Company. Indiabulls Group Signature Client is designed to serve self-directed individual investors who want to manage their own portfolios. For these clients, they offer this account, which is a stock trading account that allows clients to combine investments and cash in one-account and trade securities. Clients are also eligible to subscribe to Indiabulls Equity Analysis, a fee based research offering. Other features of Indiabulls Group Signature Account include priority handling of their service calls at the Centralized Customer Service Centre and through
Signature account features include online integrated net transfers via integrated payment gateways with banks such as HDFC Bank. Power Indiabulls - For active traders, They offer Power Indiabulls accounts that include access to special features and services such as advanced trading tool dedicated team of relationship managers. Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence achieve your financial goals.
detailed data and news, intelligent analytics, and electronic trading capabilities, right at your finger-tips. This powerful technology is complemented
Relationship Managers. Indiabulls' Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Indiabulls provides full access to all products and services through multi-channels.
Equities and Derivatives Our Retail Equity Business caters to the needs of individual Indian and Non-Resident Indian (NRI) investors. Indiabulls offers broker assisted trade execution, automated online investing and access to all IPO's. Through various types of brokerage accounts, Indiabulls offers the purchase and sale of securities which includes Equity, Derivatives and Commodities Instruments listed on National Stock Exchange of India Ltd (NSEIL), The Stock Exchange, Mumbai (BSE) and NCDEX.
THE FACILITIES PROVIDED BY INDIABULLS
Indiabulls Signature Account A multitude of ways to access your account either through priority access to Relationship Manager over phone or online access to your Account & Research Tools. Indiabulls Signature Account Features Priority Service — Enjoy priority telephone access that gives you direct access to your Relationship Manager. Premium Research — Benefit from full access to Indiabulls Equity AnalysisTM, our objective, fact-based approach to rating stocks. Online Accounting — Stay on the top of your investments with a snapshot of your Account Statements. Get access to Portfolio statement and access to digital contract notes. Benefits Control — Stay on top of your investments with convenient access to your account online or by phone. Confidence — Support your investing decisions with premium indepth research - Indiabulls Equity Analysis.TM Value — Enjoy competitive commissions and get the service and support you need at a fair price.
Power Indiabulls Indiabulls is dedicated to empower Active Traders through personal service and advanced trading technology. Active Trader - Get More At Indiabulls Regardless of how the market is performing or which way the economic winds are blowing, you, as a trader, are researching, charting, crafting a strategy, buying and selling. You are getting in, getting out and moving on to the next trade. Choose from a comprehensive offering of accounts, platforms and products. Customize our technology and services to support the way you work. Features of Power IndiabullsTM Live Streaming Quotes Fast Order Entry Tic by Tic Live Charts Technical Analysis Live News and Alerts Extensive Reports for Real-time Accounting
Benefits Comprehensive Financial Services — As an Active trader, you'll have the tools, resources and support you need to execute your trading strategy, plus your choice of a wide range of investment products and services. Dedicated Support and Services — Enjoy priority access to Relationship Managers who are dedicated to supporting your trading and investing needs. Non-Resident Indian (NRI) Investor Services With an extensive range of investment products, you will discover an unwavering commitment to helping you invest in India. Facilities Indiabulls
comprehensive trading tools for independent NRI investors Indiabulls
seamless delivery HDFC Bank Account - NRE/NRO Accounts with built in tax management
companies updated daily.
Benefits Indian Investments Brings You More Choices Investing in India, one of the world's fastest emerging financial markets, means a wider choice of investment opportunities and industries. At Indiabulls, you can take full advantage of the emerging Indian market. See what indiabulls offer Indiabulls provide you with a Seamlessly integrated trading, depository and bank account enabling you to trade from anywhere in the world. Investing in India, one of the world's fastest emerging financial markets, means a wider choice of investment opportunities and industries. At Indiabulls, you can take full advantage of the emerging Indian market. Indiabulls provide you with a Seamlessly integrated trading, depository and bank account enabling you to trade from anywhere in the world.
Depository Services Indiabulls is a depository participant with the National Securities Depository Limited and Central Depository Services (India) Limited for trading and settlement of dematerialized shares. Indiabulls performs clearing services for all securities transactions through its accounts. They offer depository services to create a seamless
transaction platform –execute trades through Indiabulls Securities and settle these transactions through the Indiabulls Depository Services. Indiabulls Depository Services is part of value added services for their clients that create multiple interfaces with the client and provide for a solution that takes care of all your needs. ISL is a depository participant with the NSDL and CDSL for trading and settlement of dematerialized shares. It performs clearing services for all securities transactions through its accounts. Clients of the brokerage business are able to use the depositary services to execute their trade through ISL and settle these transactions through our depositary services. Indiabulls depositary service is part of the value-added offerings to create multiple interfaces with the client.
When you hear the word Insurance, the words boring and mundane probably enter your mind. Insurance Products IIAPL is a Corporate Agent of Birla Sunlife Insurance Co., which is India’s second largest private insurance company. It offers life insurance and annuity products. The insurance experts assist relationship managers in evaluating the near term and long term financial needs of clients and design programs that they believe would best suit their needs and help them manage their risks. Insurance experts also co-ordinate with underwriting partners to complete the insurance transaction. IIAPL has a network of 77 insurance experts spread across its branch network. IIAPL has been awarded the “Flying Start” award by Birla Sunlife Insurance Co. for outstanding contribution towards growth and success of the partnership. When it comes to business, you are right up there. Taking all those split second decisions, avoiding pitfalls and making sure your money
works hard for you. But don't you think the business of life requires just as much attention and probably even more. That's we are proud to bring to you an offer exclusively for you. As a part of our endeavor to provide you with world-class products and services, Indiabulls gives you the opportunity to avail of the whole range of Birla Sunlife Insurance Products through the Indiabulls network of 1050 Relationship Managers over 135 locations nationwide. Which means you can take care of life, while taking care of business. As always, we put your needs first. Products: Individual Life Live Long Retirement Plan Flexi Save Plus Endowment Plan Flexi Cash Flow Money Back Plan Flexi Life Line Plan Flexi Secure Life Retirement Plan Premium Back Term plan My Child Riders Birla Sun Life Term Plan Single Premium Bond Classic Life
Critical Illness Plus Rider Critical Illness-Women Rider Products : Group Life Group Term Insurance Group Superannuation Plan Group Gratuity Plan Forms FAQ : Group Protection Solution Plan FAQ : Group Superannuation Plan FAQ : Group Gratuity Plan Bima Kavach Yojana
Indiabulls Equity Analysis They seek to provide their clients with customized research reports called Indiabulls Equity Analysis. It provides clients with an objective stock rating system on more than 200 stocks, assigning each equity a single grade: A, B, C, D, or E. On average, A-rated stocks are expected to strongly outperform the overall market over the next 12 months, while E-rated stocks are expected to strongly underperforms the market. Indiabulls Equity Analysis leverages their
Objective guidance to help you buy or sell Building and maintaining your ideal portfolio demands objective, dependable information. Indiabulls Equity AnalysisTM helps satisfy that need by rating stocks based on carefully selected, fact-based measures. And because we're not focused on investment banking, we don't have the same conflicts of interest as traditional brokerage firms. This objectivity is only one important difference in our ratings. A scale of A, B, C, D and E A to E ratings are applied to over 401 Indian headquartered stocks using a wide variety of investment criteria from four broad categories. Rating is Understandable and Actionable Over the next 12 months, A-rated stocks have a return outlook of strongly outperforming the market while E-rated stocks have a return outlook of strongly underperforming the market. Find out more about using Indiabulls Equity AnalysisTM The Indiabulls Equity AnalysisTM model attempts to gauge investor expectations, since stock prices tend to move in the same direction as changes in investor expectations. Stocks
expectations tend to receive A or B ratings.
Stocks with high and potentially falling investor expectations tend to receive D or E ratings. Special Considerations Indiabulls Equity AnalysisTM also do not reflect the possible impact of late-breaking news since the ratings are updated daily. Thus, it is important to conduct additional research prior to making a trading decision Indiabulls' systematic approach is dependent on the accuracy of financial data provided by third parties. Indiabulls Equity AnalysisTM may not capture more subjective, qualitative influences on return and risk, such as management changes and pending lawsuits. Parameters
individual stock Indiabulls
(Fundamentals, Valuation, Momentum and Risk) are provided to give you further insight into why a stock has a particular Indiabulls Equity Rating. The component grades should not be used alone in making investment decisions. Always consider your investment goals, portfolio diversification and tax situation and check recent news before making an investment decision on an individual stock. Fundamentals The
AnalysisTM is based upon several earnings-quality measures derived from
fundamental attributes such as a track record of high net profit margin and return on equity tend to have better Fundamentals grades. Valuation The Valuation grade underlying the Indiabulls Equity AnalysisTM is based upon several value-oriented investment criteria. Companies that are commanding a higher valuation in the market currently as compared to others having similar earnings and other parameters shall get a lower rating than others. The aim of this component is to judge the attractiveness of a particular stock. Typically stocks with lower PE ratio and other valuation related parameters would get higher valuation grades. Momentum The Momentum grade underlying the Indiabulls Equity AnalysisTM measures the potential of the stock to keep performing at a stronger than market level in the near future. IndiaBulls uses the opinions collected from a panel of analysts to get to a momentum rating for a company. Risk The Risk grade underlying the Indiabulls Equity AnalysisTM is based upon several diverse measures of investment risk. Larger stocks with good risk related attributes (such as low stock price volatility, low debt-equity ratio, high stock liquidity etc.) tend to have better risk grades.
Mutual Funds They provide various mutual funds (equity, debt and balanced mutual funds) through our retail distribution network. They offer clients a wide variety of mutual funds from Asset Management Companies like Prudential ICICI Mutual Fund, HDFC Mutual Fund etc.
Indiabulls Easy Money No questions. Only Loans. No matter where you work, or how much you earn, we offer you the shortest route to a loan with minimum paperwork and procedures. With EasymoneyTM, you can avail of easy loans for a minimum of Rs.10, 000 to a maximum amount of Rs.1, 00,000. With absolutely No Prepayment Penalty. Easymoney Team features Flexible loan tenor of up to 4 years (i.e. 1 month to 48 months). Loans available from a minimum of Rs.10,000 up to a maximum of Rs.100,000. Easy monthly repayment through equated monthly installments (EMI). Mediclaim Insurance bundled with every loan you avail. Easy documentation and quick disbursal.
You take today and you can pay it tomorrow with no penalties
INDIABULLS-IN NEWS 2005
Farallon pays Rs 88cr for 33% stake in Indiabulls arm [The Times Of India ( Jan 3, 2005 ) Merrill Lynch acquires 2% in Indiabulls
[Economic Times -
India ( June 29, 2005 ) ] Amaranth to pick up 42.5% stake in Indiabulls [Economic Times - India ( June 08, 2005 ) ] US Fund Amaranth LLC Acquires 42.5 Percent Stake In Indiabulls IPO ...
[Business Wire -San Francisco, CA, USA ( June
07, 2005 ) ] Toddler takes giant steps [Business India ( Feb 28-Mar 13, 2005 ) ] Indiabulls raises $60m via GDR issue
[ Sify ( Feb 25, 2005 ) ]
Indiabulls GDR priced at Rs 107 per share
(Feb 25, 2005)] Indiabulls prices $45mn GDR issue
[Business Standard (Feb
25, 2005 ) ] Indiabulls raises $60 mln via GDR issue - BSE [Reuters India (Feb 25, 2005)]
Indiabulls Financial prices GDR issue at US $45 million [Myiris.com (Feb 25, 2005)] Indiabulls GDR priced at Rs 107/share
[Economic Times (Feb
25, 2005)] Indiabulls' net grows 173% in Q3
[Economic Times (Jan 13,
2005)] Indiabulls for FII stake in Credit Services
(Jan 13, 2005)] Indiabulls
[Hindustan Times (Jan 13, 2005)] Indiabulls Q3 net soars 175% to Rs 18.4cr - New Delhi,India [Moneycontrol.com (Jan 13, 2005)] Indiabulls Q3 profits soar 173% to Rs. 18.4 crores
13, 2005)] Indiabulls plans to hike FII limit to 100%, EGM postponed: [New Kerala (Jan 13, 2005)] Farallon buys 33% in Indiabulls arm
[The Economic Times
(Jan 3, 2005)] Farallon buys 33% in Indiabulls Credit (Jan 3, 2005)]
The methodology section is the blue print for researcher activity and specifies bow the investigator intents to study the people or describe social settings. In other words the methodology section make explicit the study desire and constitutes the “how to do it” phase. The project study has been conducted by collecting primary data only using structured questionnaire. No secondary data is used. I have put my best possible effort to do this research and collect the necessary information to learn about this topic thoroughly.
OBJECTIVES OF THE RESEARCH
To study investor’s behavior towards different attributes such as risk, return liquidity etc. of investment in Equities.
To study the issues and challenges that investors face while making investment in share market.
To study the preferences and perceptions of investors regarding various financial products from the stable of Indiabulls Securities Ltd. so that the firm can benefit from the findings of the report in launching any new investment product in future.
The data collected was a primary in nature no secondary data was used. Primary data was collected using structured questionnaire. The questionnaire has been designed for the target group to get the best amount of data possible keeping in view the importance and authenticity of the information and convenience of the respondent. The selection of investor was predetermined in nature Personal contacts were established to conduct a face-to-face interview. Interview was conducted under strict supervision to maintain the standards of the data collected.
Data Collection and Surveying
Findings and Recommendations
Research design Research design is a specification of methods and procedures for acquiring the information we need to solve the problems. Research design was adopted for the purpose of collection and analysis of data in a manner aimed at getting relevant information. It was conceptual
collected, measured and analyzed.
Research Idea To know the market scene of trading and Investment in equities through Indiabulls securities Ltd.
Research Question What is the market trend regarding investment? What difficulties and challenges investors are facing while making investments?
Research Statement “To get an insight into the mind of investors regarding trading and investment in Equities” “To get an insight into the mindset of investors regarding the importance assigned to different attributes such as risk, return, liquidity etc. of various investment channels such as equities. In the report this tries to understand the investor’s behavior while trading.”
“To study the preferences and perceptions of investors regarding various financial products from the stable of Indiabulls Securities Ltd. so that the firm can benefit from the findings of the report in launching any new investment product in future.”
RESEARCH METHODOLOGY Defining the populations: The population taken for the research consists
institutional) Defining the Sample: A random sample has been taken for the purpose of extensive market survey. A structured questionnaire has been prepared and the results are analyzed for precise findings. Size & Type of Sample: A random sample of size 100 is taken for surveying. Method to be used: A frequency count has been done for different parameters/
suggested to the company for betterment of sales operations.
LIMITATIONS OF THE STUDY
To study share market is a very vast topic and the search is just limited to a small portion.
Due to the reluctant nature of the respondents it was not an easy task to collect relevant information from them.
Sometime it was difficult to make the respondents understand the purpose of the survey.
Busy schedule of the respondents was also a major hindrance to establish a contact with them.
It may be possible the information provided by them is not true.
1. Where do you prefer to invest your money? a) Bank Deposits b) Shares c) Mutual Funds
estate e) Insurance Plans 2. What are the factors, which attracts you for the investment? a) High Return c) Low Risk
Moderate Return d) Moderate Risk
3. Do you prefer to invest in shares? a) Yes b) No 4. If yes, out of following, which intermediating company would you go For?
a) Kotak Securities
Securities c) ICICI
Fortis Securities d) Others, please specify 5. If Indiabulls, What are the factors, which attract you to deal with Indiabulls?
6. If Others, What are the factors, which attract you, please specify?
7. What attracts you to invest in Shares? a) Brokerage
Expertise Knowledge c) Exposures/loan
8. On what basis do you prefer to trade in shares? a) Daily
d) other, please
specify 9. Does the companies profile matter for the investment decisions?
No 10. Do you require the opinion of portfolio managers to manage your
investment? a) Yes
11. What is the most important service parameter that you look for while trading. a) Information
12. Any recommendation / Suggestion
ANALYSIS OF THE PREFERRED INVESTMENT AREA The investment was broadly divided into five areas, mainly-Bank deposits. Shares, Mutual Fund ,Real Estate and insurance plans.
45 40 35 30 25 20
No. of Respondents
15 10 5 0 Bank Deposits
Following observations can be made on the basis of above analysis:
Bank Deposits being the most preferred area, 43% respondents out of hundred invested in bank deposits.
The second preferred area was Shares as 27% respondents were investing in the share market.
Then preferred area was the Mutual Funds with 13% of respondents
Real estates were the least preferred area i.e. only 7%
ANALYSIS OF THE FACTORS AFFECTING THE INVESTMENT
The factors are categorized in to four parameters to know the purpose of investment made by the investor.
High returns Moderate Return Low Risk Moderate Risk
52% respondents go invests for higher returns.
15% prefer moderate risk.
Only 4% for Low risk.
ANALYSIS FOR INTERMEDIATING COMPANY
These factors are categorized into brokerage, Information provided by them the exposure limit or loan facility provided by them and their Brand Name.
21% respondents choose Kotak Securities Ltd.
38% respondents choose Indiabulls Securities Ltd. for trading.
7% respondents choose ICICI direct.
4% respondents choose Fortis.
30% go for others.
ANALYSIS OF THE FACTORS FOR BROKING HOUSE
These factors are categorized into brokerage, Information provided by them the exposure limit or loan facility provided by them and their Brand Name.
12 Brokerage Expertise Know ledge Exposure/Loan
Brand nam e
44% respondents choose their broking house on basis of information provided by them.
28% prefer by the exposure limit and the loan facility provided to them.
12% by the brokerage charge by the broking house.
16% by Brand Name.
ANALYSIS OF THE INFLUENCE OF THE PAST PROFILE OF A COMPANY
58% respondents say yes they study profile of the company before making investment.
42% respondents say no.
ANALYSIS OF THE REQUIREMENT OF EXPERTISE
7% respondents say no.
MOST IMPORTANT SERVICE PARAMETER
20% Speed Quality Information Others
The most important service parameter that came up as a result of survey is Information i.e. the investors feel that the information contained in the service package is the key to more profits.
Second major parameter is Quality of service.
20% investors feel that the quickness of service is above par than any other aspect.
INDUCTION PROGRAMS must be held for the sales teams before letting them go into the field. In these induction classes the experienced sales staff employees should share their valuable live experiences and knowledge, which they have experienced while in field.
Weekly magazines must be published and distributed to the investors that can help them for making better investments.
Sales team must be fully equipped with latest technology such as using Laptop that can be used for making presentation to the customers especially to the corporate clients about their product and services provided by them.
Make your site user friendly so that more and more people know about trading and do the same also.
Advertisement through Canopy, help to generate leads.
Company should advertise with a concern that has a brand name in the market.
C.R. Kothari, Marketing Research
Date: 1st July, 2006
TO WHOM IT MAY CONCERN
This is to certify that Mr. Mohammad Kashif Aftab, student of Master of Business Administration, Institute of Management in Studies, Ghaziabad
has successfully completed his training
from 1st May 2006 – 20th June 2006 with us and the project report on “STUDY OF OEM & REPLACEMENT TYRE SEGMENT FOR MARUTI SWIFT” is a original study done by him under our guidance.
JOSEPH ALEX (Marketing Manager)