Professional Documents
Culture Documents
Mutual Fund Marketing in India
Mutual Fund Marketing in India
IBMR, Bangalore.
EXECUTIVE SUMMARY
IBMR, Bangalore.
Attested
Director / Principal
Of the Institute
IBMR, Bangalore.
Certified
Faculty Guides Name &
Qualification
Examiners Certification
Investment may be defined as an activity that commits funds in any
Mohneesh
Kumar brings
Bajpaiwith it a probability that
additional return in the future.
The expectation
the quantum of return may vary TITLE
from a minimum to a maximum. The
possibility of variationMutual
in the actual
is knowninas
investment risk. Thus
fundreturn
marketing
India
every investment involves a return and risk. The investor can choose the
approved
andtoisinvest
acceptable
in quality
andthe
form
investment Is
funds
he wants
his money,
providing
investor an
opportunity to have a direct stake in the performance of the financial markets.
He can also benefit from attractive tax advantages.
A mutual fund is a professionally managed firm of collective investments that
collects money from many investors and puts it in stocks, bonds, short-term
money market instruments, and/or other securities. The fund manager, also
known as portfolio manager, trades the fund's underlying securities, realizing
capital gains or losses and passing any proceeds to the individual investors.
Internal Examiner
External Examiner
Today, the worldwide value of all mutual funds totals more than $26 trillion in
assets.
The principal paid are invested in fund/funds of the investors choice
(depending on the allocation rate) & units are allocated depending on the
price of units for the fund/funds.
IBMR, Bangalore.
STATEMENT OF PROBLEM:
The premiums that are collected are invested in different funds like equity
fund, mid-cap fund, debt fund, balanced fund and cash fund. The funds must
be allocated such that their performance is stable and improves so that the
Mohneesh
Kumar
Bajpai
investor gets high returns.
Due to the
increasing
competition it becomes
necessary that the companies fund TITLE
is the best performing fund with highest
return. Among the different mutual funds this study is to find out the best fund
Mutual
Marketing
in India
which will yield high
returns toFund
the investor
and minimize
there risk.
Miss: Navneet
IBMR, Bangalore.
Student Declaration
Date: -07-09-08
IBMR, Bangalore.
IBMR, Bangalore.
IBMR, Bangalore.
DEFINITIONS:-
EQUTY DIVERSIFIED: Equity Fund This fund provides the scope of high appreciation over a long
term. The fund will primarily invest in equities & is expected to match returns
given by NSE NIFTY. This fund will invest at least 90% in equities and
maximum 10% in cash.
IBMR, Bangalore.
Cash Fund The cash fund will invest conservatively in money market &
short-term investments to ensure that return on investments shall never be
negative. 100% of this fund will be invested in money market instruments. The
price of the units in this fund is guaranteed never to go down. (i.e:- gold, govt.
Securities, etc)
Debt Fund - This fund provides the scope for steady returns at low risk
through investment in high quality fixed income securities. This fund will be
invested fully in debt instruments
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This is irrespective of how much you earn and under which tax bracket
you fall.
to
various
departmental
heads
connected
with
Fund
Management.
Types of Data:
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Sampling plan:
The sampling universe consisted of various funds and their returns.
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CONTENTS
Chapter 1 Introduction
12-42
12-14
15-18
18-19
20-23
24
24-25
25
25-26
26-27
27
28-39
40- 41
44
44
44
45
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45-46
47-59
47-51
52-54
55-56
57-58
59
60-63
63-65
66
66
66-73
4.5 findings
74
75-79
QUESTIONNAIRE
80-85
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Chapter 1
INTRODUCTION
Mutual Fund Marketing in India
An investor earns or expects to earn additional monetary value from the mode
of investment that could be in the form of financial assets.
FUND Instead of directly buying equity shares or fixed income instruments an
investor can participate in various schemes floated by mutual fund. A Mutual
Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital
market instruments such as shares, debentures and other securities. The
income earned through these investments and the capital appreciation
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below
describes
broadly
the
working
of
mutual
fund:
16
these entities. These agreements provide for the rights, duties and
obligations of these three entities. The UTI is also structured as a trust.
The important difference through is that UTI does not have sponsors or a
separate AMC. Financial intuitions and banks that contributed to the
initial capital of the UTI have their representatives on UTIs Board of
Trustees, which oversees the operation of UTI Mutual Fund. The
Association of Mutual Funds in India (AMFI) is a self-regulatory body
formed by the various MF Companies to address the practices and
policies of various aspects like new scheme launches, payments to
intermediaries comparisons and other ethical systems.
Likewise, different companies have their own Compliance and Audit
offices, which are mandated to control and report adherence to and
deviations if any on the regulations and policies issued by SEBI.
ADVANTAGES OF MUTUAL FUNDS
Professional Management
Diversification
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Low Costs
Liquidity
Transparency
Flexibility
Choice of schemes
Tax benefits
well regulated
Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group,
is one of the fastest growing mutual funds in the country. RMF offers investors
a well-rounded portfolio of products to meet varying investor requirements and
has presence in 118 cities across the country. Reliance Mutual Fund
constantly endeavors to launch innovative products and customer service
initiatives to increase value to investors. "Reliance Mutual Fund schemes are
managed by Reliance Capital Asset Management Limited., a subsidiary of
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Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM,
the balance paid up capital being held by minority shareholders."
Reliance Capital Ltd. is one of Indias leading and fastest growing private
sector financial services companies, and ranks among the top 3 private sector
financial services and banking companies, in terms of net worth. Reliance
Capital Ltd. has interests in asset management, life and general insurance,
private equity and proprietary investments, stock broking and other financial
services.
being
held
by
minority
shareholders."
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Reliance Capital Ltd. has interests in asset management, life and general
insurance, private equity and proprietary investments, stock broking and
other financial services.
Statutory Details:
Sponsor:
Reliance
Trustee:
Reliance
Capital
Capital
Trustee
Limited.
Co.
Limited.
Companies
Act
1956.
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Reliance Mutual Fund has won the "Most Trusted Mutual Fund
2007
Reliance Growth Fund - Most Consistent CPR Performer - Equity Fund
Category
Reliance Growth Fund was the only scheme that won the CNBC TV18
21
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Establishes the
mutual fund as a
trust and registers
with SEBI
Sponsor Company
Mutual fund
(For e.g. Reliance
AMC)
Asset Management
Company.
Managed by the
board of trustees.
Registrar
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Distributors
1.4.
Product of company:
Growth shares
Income shares
Cyclical shares
Speculative shares
24
Government securities
PSU bonds
Preference shares
Equity schemes
Debt schemes
Balanced schemes
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1.4.5 Real Estate - For the bulk of the investors the most
important asset in their portfolio is a residential house. In
addition to a residential house, the more affluent investors are
likely to be interested in the following types of real estate:
Agricultural land
Semi-urban land
Options
Futures
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Professional Management
Diversification
Convenient Administration
Return Potential
Low Costs
Liquidity
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Transparency
Flexibility
Choice of schemes
Tax benefits
Well regulated
There are different types of mutual funds are available in the investment
market. An investor who wants to invest his money in mutual funds must have
the knowledge about different kinds of mutual funds.
Only companies that meet certain criteria will be included in the fund. For
example, a growth fund looks for companies with significant, untapped growth
potential, whereas a value fund will look for companies that are undervalued
by the market as a way to increase investor returns. Both of these types of
funds are designed for long-term capital appreciation.
If you need the funds to generate income either because you have retired, are
saving to buy a house or are unable to work, you need to look at funds that
will not only grow over time, but will also provide you with an income. For
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determined ranges. (For example, stocks 40-60%, bonds 30-50%, cash 030%).
The benefit of a balanced fund is that it provides automatic diversification by
investing in a variety of asset classes and thereby reduces the risk of one
asset class performing poorly.
Balanced funds tend to be more risky than bond funds and less risky than
equity funds. The main objective is to earn a high rate of return on the
invested money.
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Asset allocation funds differ from balanced funds because the fund manager
isn't restricted to the percentage of the money they can put in a specific type
of investment (stocks, bonds, and so on).
A tactical asset allocation fund is one where the manager frequently makes
decisions about the best asset allocation, sometimes every few months.
The manager of a strategic asset allocation fund will generally revise the
fund's asset allocation once a year.
Asset allocation funds provide a "one stops shopping" approach to asset
allocation.
INDEX FUND:
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EQUITY FUNDS:
Equity funds invest primarily in stocks.
Because stocks have traditionally risen in value more than other types of
investments, they offer the greatest potential for long-term growth.
Investing in stocks is also riskier than other investments as stock prices can
fluctuate more than other types of investments.
The market price of a stock will vary with the company's financial
performance, general economic conditions in the country in which it operates,
as well as investor perceptions.
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International: These funds can generally invest in any country around the
world except for Canada. Most international funds invest in the U.S., Europe,
Australia and the Far East, sometimes referred to as the EAFE countries .
Global funds: These funds invest in any country around the globe,
including Canada.
Foreign equity funds provide an opportunity to diversify across many markets
and reduce the risks associated with the health of any one economy and its
stock market.
These funds do have risks associated with political and market conditions in
other countries. In addition, foreign funds are exposed to currency risk. If the
Value of the Canadian dollar rises, or the currencies of the countries the fund
invests in fall, your return calculated in Canadian dollars will be lower.
Different accounting practices and securities regulations around the world
may affect the fund managers' ability to value and trade in some securities.
Portfolio managers seek to reduce these risks by investing in different
countries and industries.
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on its market cap. However, if you can take the ups and downs, there can be
greater rewards for investors in small cap funds.
INDUSTRY:
Some funds concentrate all their investments in a specific sector or industry of
the
economy.
For
example,
biotechnology,
communications,
natural
INVESTMENT ATTRIBUTES
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Rate of return
Risk
Marketability/Liquidity
Safety
Tax Shelter
RATE OF RETURN:
Investments are made with the primary objective of deriving a return. The
expectation of a return may be from income (yield) as well as through capital
appreciation. The dividend or interest from the investment is the yield.
Different types of investments promise different rates of return. The
expectation of return from an investment depends upon the nature of
investment, maturity period, market demand, and so on.
RISK:
Risk is inherent in any investment. Risk may relate to loss of capital, delay in
repayment of capital, nonpayment of interest, or variability of returns. While
some investments such as government securities and bank deposits are
almost without risk, others are more risky. The risk of an investment is
determined by the investments maturity period, repayment capacity, nature of
return commitment, and so on.
SAFETY:
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MARKETABILITY/LIQUIDITY:
An investment that is easily saleable or marketable without loss of money and
without loss of time is said to possess the characteristic of liquidity. Some
investments such as deposits in unknown corporate entities, bank deposits,
post office deposits, national savings certificates, and so on are not
marketable. Investment instruments such as preference shares and
debentures listed on a stock exchange are marketable. The extent of trading
however depends on the demand and supply of such instruments in the
market for the investors. Equity shares of companies listed on recognized
stock exchanges are easily marketable. A well-developed secondary market
for securities increases the liquidity of the instruments traded therein.
TAX SHELTER:
Some investments provide tax benefits; others do not. They are of three
kinds.
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CONVENIENCE:
The degree of convenience associated with investments varies widely. At one
end of the spectrum is the deposit in a savings bank account that can be
made readily and that does not require any maintenance effort. At the other
end of the spectrum is the purchase of a property that may involve a lot of
procedural and legal hassles at the time of acquisition alIot a great deal of
maintenance effort subsequently.
An investor tends to prefer maximization of expected return, minimization of
risk, safety of funds and liquidity of investments
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OPEN-ENDED FUND:
An open-ended fund is equitably divided into shares (or units) which vary in
price in direct proportion to the variation in value of the funds net asset value.
Each time money is invested new shares or units are created to match the
prevailing share price; each time shares are redeemed the assets sold match
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CLOSED-ENDED FUND:
A closed-ended fund issues a limited number of shares (or units) in an initial
public offering (or IPO). The shares are then traded on an exchange or
directly through the fund manager to create a secondary market subject to
market forces. If demand for the shares are high they may trade at a premium
to net asset value. If demand is low they may trade at a discount to net asset
value. Further share (or unit) offerings may be made by the scheme if demand
is high although this may affect the share price.The added element of market
forces tends to amplify the performance of the fund increasing investment
risk through increased volatility.
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securities are all in a similar type of asset class or market sector then there
is a systematic risk that all the shares could be affected by adverse market
changes. To avoid these systematic risk investment managers may diversify
into different non-correlated asset classes. If any one of the three is failing,
because each is Non-correlated (i.e. behaves independently) then by logical
extension at least one of the other two is doing well.
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based) fee. If the investor managed their own investments, this cost would be
avoided.
Often the cost of advice given by a stock broker or financial adviser is built
into the scheme. Often referred to as commission or load (in the U.S.) this
charge may be applied at the start of the plan or as an ongoing percentage of
the fund value each year. While this cost will diminish your returns it could be
argued that it reflects a separate payment for an advice service rather than a
detrimental feature of collective investment schemes. Indeed it is often
possible to purchase units or shares direct from the providers without bearing
this cost.
LACK OF CHOICE
Although the investor can choose the type of fund to invest in, they have no
control over the choice of individual holdings that make up the fund.
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TYPES OF RISK
Depending on the nature of the investment, the type of 'investment' risk will
vary. A common concern with any investment is that you may lose the money
you invest - your capital. This risk is therefore often referred to as capital risk.
If the assets you invest in are held in another currency there is a risk that
currency movements alone may affect the value. This is referred to as
currency risk.Many forms of investment may not be readily salable on the
open market (e.g. commercial property) or the market has a small capacity
and can therefore may take time to sell. Assets that are easily sold are termed
liquid therefore this type of risk is termed liquidity.
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Rate
of Inflation (%)
option
SAVING A/C
interest (%)
3.75
G D P (%)
DIFFERENCE
8.5
-2.25(NEGATIVE
RETURN)
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8-9.5
8.5
DEPOSIT
THE
ACCOMMODATE
BY
PRESENT
8.5
VALUE FACTOR
-0.5 (NEGATIVE
REAL
8.5
RETURN)
HIGH AMOUNT
30+
ESTATE
OF
MONEY
REQURIED FOR
PURCHASE
KISSAN
7-8
8.5
VIKAS
PATRA
POST
OF
REAL ESTATE
-1(NEGATIVE
RETURN)
6.5-8.5
8..5
20-30
8.5
AVERAGE
OFFICE
DEPOSIT
MUTUAL
CHAPTER 2
RESEARCH DESIGN
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to
various
departmental
heads
connected
with
Fund
Management.
Types of Data:
1. Primary Data: This data was collected from discussions and
interactions with respective departmental heads and clients.
2. Secondary Data: This data was collected through various newsletters,
publications through researchers in the field of fund management,
journals magazine reports and consolidated records from Deutsche
asset management.
Sampling Plan:
The sampling universe consisted of various mutual funds and their returns .
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SWOT Analysis
Strengths:
* Rich experience of the management.
Weakness:
* Insufficient office equipments.
* Not all employees have his/her cabin.
* Work place (back office) is quite congested.
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Opportunities:
* Stability through increased brand awareness, market penetration and
Service offerings
* Across all categories of financial services.
* Increase in customers wallet share.
* Leveraging the latest technology for providing quality and client centric
Services.
Threats;
* Increasing interest rate scenario.
* Execution risk.
* Competition from local and multinational players.
* Rising inflation could reduce savings and investments
CHAPTER 3
Aim And Objective:
On Job Training:
1. Empanelment:
For empanelment we have to call up the IFA in the Bangalore from the data
base given by the company, have to fix the appointment then have to go for
empanelling them.
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updated about the market activities, as they dont have any sources of getting
the updates of the market.
Other
reason for organizing such an activity was the closing financial year in which
the people would require to pay the tax, and the investment in the tax saver
scheme can assist them in saving their tax.
PERFORMANCE APPARAISAL:
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1. DEVELOPMENT:
It is used to find out which employee need training, helps in
subordinate-supervisor counseling relation and encourages subordinate
behavior to help employee.
2. MOTIVATION:
It encourages initiative, develops a sense of responsibility and
stimulates efforts to perform better.
3. COMMUNICATION:
It serves as a basis for ongoing discussion between superior and
subordinate about job related matters and thus they get to know each
other better.
4. LEGAL COMPLIANCE:
It serves as a legally defensible reason for promotion, transfer, reward
and discharges.
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11. Leadership
12. Attendance/Punctuality
13. Integrity
14. Loyalty
15. Additional areas of responsibility you would like to handle:
16. Overall rating
The employee is rated of the areas and finally a cumulative
sum is taken out. The employee would scored high is awarded best employee
of the month (per semester) and the employee scoring low is given training for
the improvement of the work.
Objective of compensation:
The objective of the compensation function is to crate a system of
rewards that is equitable to the employee and employer alike. The desired
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fear
that
Reliance
Money
Being
Private
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the
approach
to
each
of
the
different
the
prospects
can
be
used
for
research
and
development purpose.
Enabling the consistent flow of information to the
customer and encouraging feedback from them.
Helping the customers do the Financial Planning for
future.
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MY RESPONSIBILITY IN ORGANISATION:
without
meeting
them.
Although
the
rate
of
conversion remained very less. For cold calling the quality and
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59
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CHAPTER 4
ANALYSIS AND INTERPRETATION OF DATA
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market into groups of buyers with similar needs and preference and than
select the more attractive groups/segments as part of their marketing strategy.
POSITIONING:
Here in the case of Reliance Money they did the very good segmentation,
targeting, positioning in the market. They have positioned itself very well in the
consumers mind by the way of attractive advertisement and excellent past
record. Now Deutsche asset management a brand in the market and its on
the consumers mind as a CASH COW
TARGETING:
Here in the case of Reliance Money, its targeting strategy is simply superb.
Reliance Money has basically targeting the all type of customer in every
level. They have the vide variety of product range that suit for every customer.
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TABLE OF S.T.P.
SEGMENT
TARGET
POSITIONING
BACHELOR
YOUTH
CREDIT
YOUTH
WHEELER- LOAN
CREDIT
CARD,
NEWLY MARRIED
CARD,
TWO
YOUTH
PLAN
ULIP-
PLAN,
LOAN,
FULLNEST TWO
MIDDLE AGE
INSURANCE,
CAR LOAN
EDUCATION
SAFE
HEALTH
HOME-
LOAN,
INVESTMENT,
INSURANCE,
EMPTYNESS ONE
MIDDLE AGE
RETIREMENT PLAN
EASY GROWTH FUND
EMPTYNESS TWO
OLD AGE
FIXED DEPOSIT
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Primary Objective:
MFs: Investments
ULIPs: Protection + Investments
Investment Duration:
MFs: Works out for Medium term, Long Term Investors. Risky for Short Term
investors.
ULIPs: Works out for Long Term Investors only.
Flexibility:
MFs: Very flexible. Plenty of scope to correct your mistakes if you made any
wrong investment decisions. You can easily shuffle your portfolio in MFs.
ULIPs: Flexibility is limited to moving across the different funds offered with
your policy. Correcting mistakes can turn out to be expensive. Moving funds
from one ULIP to an other ULIP of a different fund house can be expensive.
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Liquidity:
MFs: Very liquid. You can sell your MF units any time(except ELSS). Some
MF's like those from Reliance have introduced redemptions at ATMs.
ULIPs: Limited liquidity. Need to stay invested for the minimum number of
years specified before you can redeem.
Investment Objective:
MFs: MF's can be used as your vechile for investments to achive different
objectives. (Eg: Buying a car three years from now. Downpayment for a home
five years from now. Childrens education 10 years from now. Childrens
marriage 15 years from now. Retirement planning 25 years from now. Medical
expenses after retirement 25 years from now)
ULIPs: ULIPs can be used for achieving only long term objectives (Childrens
education, Childrens marriage, Retirement planning)
Tax Implications:
MFs: All investments in MF's don't qualify for section 80C. Only investments in
ELSS qualify for 80C.
ULIPs: Provide Tax Benefits under section 80C.
MFs: Returns on equity MF's are exempt from long term capital gains tax.
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Can easily rebalance your risk between equity and debt without any tax
implications.
Best suited for medium risk taking individuals who wish to invest in
equity and debt funds(atleast 40% or higher exposure to debt). No
additional tax burden for those investing mainly in debt unlike in MFs.
ADVANTAGES OF MFS:
Very flexible and enables you to switch your investments from non
performing MF's to better performing MFs
Best suited for medium to high risk taking individuals who wish to
invest a significant portion in equity funds(atleast 65% exposure in
equities).
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1.
Preference of Investment
Fig7.1
Result
Investment
of
Preference
of
Interpretation:
This shows that although the mutual funds market is on the rise yet, the
most favored investment continues to be in the Share Market. So, with a
more transparent system, investment in the Stock Market can definitely
be increased.
68
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6. Frequency of Trading
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FINDINGS:
To find the market potential and market penetration of
Reliance Money product offerings in Bangalore
To collect the real time information about preference
level of customers using Demat account and their
inclination towards various other brokerage firms e.g.
Indiabulls, Sharekhan, Indiainfoline, Religare, Alankit,
and Unicon.
To expand the market penetration of Reliance money.
To provide pricing strategy of competitors to fight cut
throat competition.
To increase the product awareness of Reliance money as
single window shop for investment solutions.
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CHAPTER 5
CONCLUSION AND RECOMMENDATION
RECOMMENDATIONS
Based on the findings of our project we would like to suggest the
following: After sales services and follow up calls are important for getting
new references so trained telesales should be appointed for this
purpose whose sole work should be to make feedback calls.
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77
3 months the market has shown very unpredictable trend and has
already lost over 1000 points.
So in order to make the best the only thing required is to recruit
more field staff who should be trained in a proper way to get better
results.
In case of insurance, it requires push selling because people always
associate it with emergencies and unpleasant situations like death
and they dont want to think about such situation let alone prepare
for them, which means it requires a lot of conviction on part of the
executives.
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In the past few years there has been a tremendous inflow of funds
in the Indian market which has lead to the sky rocketing SENSEX.
In fact there has been a tremendous response from the investors not
only in shares but mutual funds as well. The Rs5700Cr infused in
the market through the Reliance Equity mutual Funds is an
example of the growing trust of investors who earlier shied from
such investments due to stock market fiascos like the Harshad
Mehta scam or the US64 disaster in which investors lost huge
amounts of money as well as their trust in financial instruments.
With the FDI limits being relaxed, a lot of avenues will open up in the
insurance sector and insurance companies are expected to come up with
new plans with a great deal of customization and flexibility
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QUESTIONNAIRE
QUESTIONNAIRE
Q1. In which of these Financial Instruments do you invest into?
Shares
Mutual Funds
Bonds
Derivatives
Q2. Are you aware of online Share trading?
Yes
No
Q3. Heard about Reliance money?
Yes
No
Q4. Do you know about the facilities provided by Reliance money?
Yes
No
Q5. With which company do you have your DEMAT account?
Reliance money
ICICI Direct
Kotak Mahindra
India
Bulls
Others (please specify)
Q6. What differentiates your Share trading company from others? (in
regards of brokerage, satisfaction, services, products )
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Q7. Are you currently satisfied with your Share trading company?
Yes
No
Q8. How often do you trade?
Daily
Weekly
Monthly
Yearly
Q9. What percentage of your earnings do you invest in share trading?
Up to 10%
Up to 25%
Up to 50%
Above
50%
Q13. How do you rate these share trading companies?
a. Reliance money
1.
2.
3.
b. ICICI Direct
c. India Bulls
4.
5.
d. Kotak Mahindra
Others (Please
Q14. What more facilities do you think you require with youre.
DEMAT
specify)
account?
Personal Information
Name:
Age:
Sex:
Phone No:
Occupation:
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Male
Female
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BIBLOGRAPHY
Agarwal, J.D. "Security Analysis & Portfolio Management: A
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Bhatt, V. V. "An Appraisal Of Some Recent Estimates Of Savings
and Investments", ICRNI, Vol. 5, 1963.
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Malhotra, Naresh "Marketing Research and Applied Orientation"
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REFERENCES
www.mutualfundsindia.com
www.easymf.com
www.amfiindia.com
www.google.com
www.moneycontrol.com
www.reliance capital.ac.in
www.reliancemoney.com
e-mail-mohneeshbajpai@gamil.com
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