CHAPTER 6:

FINDINGS &
CONCLUSIONS
"270''"'1
6. FINDINGS & CONCLUSIONS

Based on the literature review and theoretical foundation research objectives were

identified by the researcher. Depending on the data sensitivity the research objectives

were converted into relevant questions with appropriate levels into the final instrument.

The researcher had used 5 Point Likert Like Scale to measure importance and

performance of services. As per Black(2010) 5 Point Likert Scale is ordinal level of

measurement so the researcher carried out Non-Parametric Test for hypothesis testing.

The researcher also attempts to measure the response of the respondent to each element

with one's ranking of performance. The categories are assigned scores and one's total

score measure the respondent's attitude, which is the sum of the scores of the categories

endorsed by the respondent. Based on literature review and focus group discussion to

analyze the performance of broker's services a pool of 26 statements/items describing the

diverse dimensions of performance was developed on 5 point Likert Like Scale. Each

respondent is asked to rate each question on five point response scale, where:

l=Excellent, 2=Very Good, 3=Good, 4=Fair, 5=Poor. After collecting the data with the

help of instrument the researcher carried out data entry in SPSS 16.0. with the help of

code sheet. For data description the researcher employed frequency analysis and

weighted average method. In order to examine significant relationship between

independent variables and dependent variable non-parametric such as Mann Whitney U

Test and Kruskal Wallis Test is applied. For identifying factors affecting the satisfaction

level of the customers factor analysis, discriminant analysis and logistic regression is

carried out by the researcher. The findings from the study are discussed further.

271
6.1. Findings Related to Socio-Economic Profile of Investors.

The major findirigs of the research are as below:

Out of 525 respondents,

1) 31.24% are in the range of 19 years to 25 years, 38.86% are in the range of 26 years to

35 years, 17.71% are in the range of 36 years to 45 years. (Table NQ.5.1.1, Page No. 77.).

It was found from the analysis that (70.1%) are investors in the age group ranging 19

years to 35 years.

•2) 75.62% are male investors and 24.38%) are female investors. (Table No.5.1.2., Page

No. 78). It was found from the analysis that (75.62%) are male investors in stock market.

3) 51.81% are graduates and 29.71% are post graduates. (TableNo.5.1.3., PageNo.79).

4) 27.05%) are self employed and 40.38% are employed. (Table No.5.1.4., Page No. 80).

5) 20.00% are using Angel Broking services, 19.62%) are using Share Khan Services,

10.67% are using India Infoline services and 36.68% are using traditional broker

services. (Table No.5.1.5., Page No. 81). Majority (36.68%) prefer traditional broker

services.

6) 29.33% have invested amount below Rs. 50000 in stocks, 28.76% in the range of

Rs.50000 to Rs.lOOOOO, and 22.29% in the range of Rs. 100000 to Rs. 250000. (Table

No.5.1.6., Page No. 82). Majority (80.38%) investors have invested an amount below

Rs.2,50,000.

7) 44.38% are using online services of Stock broker and 55.62% are using offline

services of stock broker. (Table Nd.5.1.7., Page No.83).

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8) 22.29% have broker's experience in the range of 3 year to 5 year, 35.24% have

broker's experience,in the range of 5 year to 10 year and 22AS% have broker's

experience of more than 10 years. (Table No.5.1.8., Page No. 84).

9)' 42.86% have experience in the range of 1 year to 3 year, 27.24%) have experience in

the range of 3 year to 5 year and 16.57% have experience in the range of 5year to 10 year

of investing in stock market. (Table No.5.1.9., Page No. 85). Majority (42.86%) of

investors have experience less than 3 years in stock market.

10) 25.90% respondents are in the age group of 19 years to 45 years investing amount

below Rs.50,000 and 25.90%) respondents are in the age group of 19 years to 45 years .

investing amount in the range of Rs.50,000 to Rs. 1,00,000. (Table No.5.1.42., Page No.

121).

11) 30.22%) male investors invest their amount in the range of Rs.50,000 to Rs. 1,00,000

and 38.28% female investors invest their amount below Rs.50,000. (Table No.5.1.43.,

Page No. 123). ^

12) 14.85%) respondents are graduates and 8.38%) are post graduates investing amount

below Rs.50,000 and 15.42%) respondents are graduates and 7.42%) are post graduates

investing amount in the range of Rs.50,000 to Rs.l,00,000. (Table No.5.1.44., Page No.

124).

13) 13.52%) respondents are employed and 1A3% are self employed investing amount in

the range of Rs. 50,000 to Rs.l,00,000. (Table No. 5.1.4 5., Page No. 126).

14) 7.62% respondents have Angel Broking as their dealer and 5.71%) have Share Khan

as their dealer for investment amount less than Rs. 50,000. (Table No.5.1.46., Page No.

128).

IT:.
 15) 16.19% respondents in the age group of 19 years to 25 years, 19.42%) respondents in

the age group of 26 years to 35 years, ,12% respondents in the age group of 36 years to 45

years, 5.90%) respondents in the age group of 46 years to 55 years prefer Offline Mode of

Trading. (Table No.5.1.47., Page No. 130).

16) 57.18% male respondents and 50.78% female respondents prefer offline mode of

trading. (Table No.5.1:48., Page No. 131).

17) 28.38%o graduate respondents and 15.43% post gi-aduate respondents prefer offline

mode of trading. (Table No.5.1.49., Page No. 132).

. 18) 19.23% are employees, 10.28%) are self employed and 6.47% are student preferring

online mode of trading. 16.76%) are employees, 21.14% are self employed and 7.62% are

student preferring offline mode of trading. (Table No.5.1.50., Page No. 133).

19) 9.14% Angel Broking respondents and 9.90% Share Khan respondents prefer online

mode of trading. 10.85%) Angel Broking respondents and 9.71%) Share Khan respondents

prefer offline mode of trading. (Table No.5.1.51., Page No. 134).

20) 9.14% respondents in the age group of 19 years to 25 years and 8.95% respondents in

the age group of 26 years to 35 years are working with stock broker whose experience is

between 3 years to 5 years. (Table No.5.1.52., Page No. 135),

21) 17.90% graduate respo'ndents and 11.23% post graduate respondents are working

with stock broker whose experience is between 5 years to 10 years. (Table No.5.1.53.,

Page No. 137).

22) 8.95% employed respondents, 5.90% self employed respondents and 4% student

respondents are working with stock broker whose experience is between 5 years to 10

years. (Table No.5.1.54., Page No. 139).

J 274
23) 41.06% are male respondents having an investment experience in the range of 1 year

to 3 years and 48.44% are female respondents having an investment experience in the

range of 1 year to 3 years. (Table No.5.1.55., Page No. 141).

24) 13.90% are graduates and 7.80% are post graduates having an investment experience

in the range of 3 years to 5 years. (Table No.5.1.56., Page No. 142).

25) 19.80%) respondents are employed and 8.95% respondents are self employed having

an investment experience in the range of 1 year to 3 years. (Table No.5.1.57., Page No.

144).

275
6.2. Findings Related to Performance of Services Offered by Stock Broker.

1) 20.95%) have excellent opinion about their share broker, 44.38% have very good

opinion abput their share broker and 31.62% have good opinion about their share broker.

(Table No.5.1.10., Page No. 86).

2) 57.71%) consider 'Ease of Placing Order' to be the most important service and 30.29%

consider it to be more important. (Table No.5.1.11., Page No. 87).

3) 32.19% consider 'Viewing Exposures [Margin account]' to be most important service

and 40.57% consider it to be more important service. (Table No.5.1.12., Page No. 88).

4) 28.19% consider "Viewing Positions Taken' to be most important service and 45.90%

considers it to be more important service. (Table No.5.1.13., Page No. 89).

5) 41.33% consider 'Viewing Traded Shares' to be most important service and 37.14%

consider it to be more important service. (Table No.5.1.14., Page No. 90).

6) 28.95% consider 'Viewing Contract Note' to be most important service, 36.38%)

considers it to be more important service and 28.76% consider it to be important service.

(Table No.5.1.15., Page No. 91).

7) 26.67% consider 'Alert Facilities for Percentage Change in Price' to be the most

important service, 37.14% consider it to be more important service and 25.90% consider

it to be important service. (Table No.5.1.16., Page No. 92).

8) 21.52% consider 'Alert Facilities for Percentage Change in Volume of Shares' to be

most important service, 36.00%) consider it to be more important service and 27.81%)

consider it to be important service. (Table No.5.1.17., Page No. 93.)

276
9) 17.90% consider 'Viewing Charts' to be most important service, 35.43% consider it to

be more important service and 24.38% consider it to be important service. (Table

No.5.1.18., Page No. 94)

10) 16.00%) consider 'Opening Multiple Screens' to be most important service, 24.57%

consider it to be more important service and 30.29% consider it to be important service.

(Table No.5.1.19., Page No. 95).

11) Out of 1420 responses, importance of services is as follows:

a) Ease of Placing Order

b) Viewing Traded Shares

c) Viewing Exposures [Margin account]

d) Viewing Contract Note.

e) Viewing Positions Taken.

f) Alert Facilities for Percentage Change in Price of Shares.

g) Alert Facilities for Percentage Change in Volume of Shares

h) Viewing Charts

i) Opening Multiple Screens. (Table No.5.1.20., Page No. 96)

It was evident from the analysis that maximum respondents expect at least five facilities

in trading software such as 'Ease of Placing Order', 'Viewing Traded Shares', 'Viewing

Exposures[Margin Account]', 'Viewing Contract Note', 'Viewing Positions Taken'. The

results are very much in align with the research carried out by Ganapathi R. (2007)

12) Out of 525 respondents, 42.86%) rank 'Advisory Service Provided by your Share

Broker' as excellent and 41.33% rank it as very good. (Table No.5.1.21., Page No. 97).

277
13) 21.71% rate 'Trading Tips Provided by your Share Broker in the Morning' as

excellent, 42.86% rate it as very good and 25.71% rate it as good. (Table No.5.1.22.,

Page No. 98).

14) 27.24% rate 'Trading Tips Provided by your Share Broker during Trading Time' as

excellent, 45.33% rate it as very good and 21.33%) rate it as good. (Table No.5.1.23.,

Page No. 99).

15) 41.52% rate 'Timely Placing of Orders' as excellent and 38.86% rate it very good.

(Table No.5.1.24., Page No. 100).

16) 32.57%) rate 'Timely Sending of Ledgers(Contract Note)' as excellent, 37.90% rate it

very good arid 22.29% rate it good. (Table No.5.1.25., Page No. 101).

17) 23.43%) rate 'Execution of Trades by Dealer on your Behalf as excellent, 39.62%)

rate it as very good and 29.33%) rate it as good. (Table No.5.1.26., Page No. 102).

18) 35.24%) rate 'Proper Response from the Dealer' as excellent, 40.95%) rate it as very

good and 19.24% rate it as good. (Table No.5.1.27., Page No. 103).

19) 23.05%) rate 'Providing Exposures Properly' as excellent, 41.33% rate it as yery good

and 26.29% rate it as good. (Table No.5.1.28., Page No. 104).

20) 15.81% rate 'Informing Clients regarding t+5 Short Margin and Span Short' as

excellent, 37.33% rate it as very good, 39.62% rate it as good. (Table No.5.1.29., Page

No. 105) '

21) 24.76% rate 'RMS Providing Cheque Collection Facility to Clients' as excellent,

36.00% rate it as very good and 28.19% rate it as good. (Table No.5.1.30., Page No.

106).

278
22) 23.05%) rate 'Timely Opening Limit for Clients' as excellent, 40.19% rate it as very

good, 28.00% rate it as good. (Table No.5.1.31., Page No. 107).

23) 22.48% rate 'Fundamental Advice Provided by the Dealer' as excellent, 41.14% rate

it as very good and 24.19% rate it as good. (Table No.5.1.32., Page No. 108).

24) 22.29% rate 'Technical Advice Provided by the Dealer' as excellent, 42.10% rate it

as very good and 19.05%) rate it as good. (Table No.5.1.33., Page No. 109).

25) 29.71%) rate 'Number of Dealers Available to Place Order' as excellent, 41.14% rate

it as very good and 21.90% rate it as good. (Table No.5.1.34., Page No. 110).

26) 31.05% rate 'Seating Facilities Provided for Customers' as excellent, 35.62% rate it

as very good and 25.52%) rate it as good. (Table No.5.1.35., Page No. 111).

27) 23.62%) rate 'Ease of Placing Order' as excellent, 40.57% rate it as very good and

27.62% rate it as good. (Table No.5.1.36., Page No. 112).

28) 36.95% rate 'Attitude of Dealer towards Clients' as excellent, 43.24% rate it as very

good and 13.52% rate it as good. (Table No.5.1.37,, Page No. 113).

29) Out of 2506 responses, the services which are rated Excellent are listed in descending

order (Table No.5.1.38., Page No. lU).:

a) Advisory Services Provided by your Share Broker

b) Timely Placing of Orders.

c) Attitude of Dealer towards Clients.

d) Proper Response from the Dealer.

e) Timely Sending of Ledgers (Contract Note).

f) Seating Facilities Provided for Customers.

g) Number of Dealers Available to Place Order.

279 "T
 h) Trading Tips Provided by your Share Broker during Trading Time.

i) RMS providing Cheque Collection Facility to Clients.

j) Ease of Placing Order.

k) Execution of Trades by Dealer on your Behalf.

1) Timely Opening Limit for Clients.

m) Providing Exposures Properly.

n) Fundamental Advice Provided by your Share Broker.

o) Technical Advice Provided by your Share Broker.

p) Trading Tips Provided by your Share Broker in the morning.

q) Informing Clients regarding t+5 Short Margin and Span Short.

It was. evident from the analysis that five services which were rated excellent by

respondents are Advisory Service Provided by your Share Broker, Timely Placing of

Orders, Attitude of Dealer towards Clients, Proper Response from the Dealer, Timely

Sending of Ledgers (Contract Note). These are the core services which are expected by

the investors. The results are very much in align with the research carried out by

Ganapathi R. (2007).

30) Out of 2506 responses, the services which are rated Poor are listed in descending

order (Table No.5.1J9., Page No. 116).:

a) Technical Advice Provided by your Share Broker.

b) Trading Tips Provided by your Share Broker in the morning.

c) RMS providing Cheque Collection Facility to Clients.

d) Number ofDealers Available to Place Order.

e) Fundamental Advice Provided by your Share Broker.

280
 f) Informing Clients regarding t+5 Short Margin and Span Short.

g) Trading Tips Provided by your Share Broker during Trading Time,

h) Advisory Services Provided by your Share Broker

i) Providing Exposures Properly.

j) Seating Facilities Provided for Customers.

k) Attitude of Dealer towards Clients.

1) Execution of Trades by Dealer on your Behalf.

m) Ease of Placing Order.

n) Timely Sending of Ledgers (Contract Note).

. o) Timely Placing of Orders.

p) Proper Response from the Dealer.

q) Timely Opening Limit for Clients. •

It was evident from the analysis that five services which were rated poor by respondents

are Technical Advice Provided by your Share Broker, Trading Tips Provided by your

Share Broker in the morning,"' RMS providing Cheque Collection Facility to Clients,

Number of Dealers Available to Place Order, Fundamental Advice Provided by your

Share Broker, Informing Clients regarding t+5 Short Margin and Span Short.
6.3. Findings Related to Key Service Factor Requirement affecting Performance of

Services Offered by Stock Broker.

1) The statistical analysis {Table No.5.1.40., Page No. 118) shows that from 10 elements

comprising the importance of trading software, all the elements have a mean score <

3.000, implying importance towards these element. Further, 4 elements have the mean

scores > 1.000 and < 2.000, implying that respondents give more importance to these
\
facilities namely Ease of Placing Order, Viewing Exposures, Viewing Positions Taken,

Viewing Traded Shares. Lastly, 6 elements have the mean scores > 2.000 and < 3.000,

implying that respondents give comparatively less importance to these facilities namely

Viewing Contract Note, Alert Facilities for Percentage Change in Share Price, Alert

Facilities for Percentage Change in Volume of Shares, Viewing Charts, Opening Multiple

Screens.

2) The statistical analysis (Table No.5.1.41., Page No. 119) shows that from 17 elements

comprising the performance of services offered by stock brokers, all the elements have a

mean score < 3.000, implying performance towards these element. Further, 4 elements

have the mean scores > 1.000 and < 2.000, implying that respondents rank these broker

services as "Excellent" namely Advisory Services Provided by your Share Broker,

Timely Placing of Orders, Proper Response from the Dealer, Attitude of Dealer towards

Clients. Lastly, 13 elements have the mean scores > 2.000'and < 3.000, implying.that

respondents give comparatively less ranking score to these services namely Trading Tips

Provided by your- Share Broker in the Morning, Trading Tips Provided by your Share

Broker during Trading Time, Timely Sending of Ledgers (Contract Note), Execution of

Trades by Dealer on your Behalf, Providing Exposures Properly, Informing Client

"282 ""I
regarding T+5 Short Margin and Span Short, RMS Providing Cheque Collection Facility

to Clients, Timely. Opening Limit for Clients, Fundamental Advice Provided by the

Dealer, Technical Advice Provided by the Dealer, Number of Dealers Available to Place

Order, Seating Facility Provided for Customers, Placing Order in Broker's Office.

3) The factor analysis was carried out on nine variables attributed to importance of

facilities required in trading software. .The names of these three factors are Portfolio

Management Services, Administrative Services and Documental Services. Portfolio

Management Services includes Alert Facilities for Percentage Change in Volume of

Shares, Alert Facilities for Percentage Change in Share, Viewing Charts and Opening

Multiple Screens. Administrative Services includes Viewing Exposures [Margin

Account], Ease of Placing Order, Viewing Positions Taken. Documental Services

includes Viewing Contract Note and Viewing Traded Shares. (Table No.5.3.8., Page No.

249).

4) The factor analysis was carried out on seventeen variables attributed to performance of

services offered by stock broker. The names of these three factors are Advisory Services,

Hospitality and Operations. Advisory Service includes Trading Tips Provided by your

Share Broker in the Morning, Trading Tips Provided by your Share Broker during

Trading Time, Advisory Services Provided by your Share Broker, Technical Advice

Provided by the Dealer and Fundamental Advice Provided by the Dealer. Hospitality

includes Attitude of dealer towards clients, Seating Facility Provided for Customers, Ease

of Placing Order and Proper Response from the Dealer. Operations include Timely

Sending of Ledgers (Contract Note), Timely Placing of Orders, RMS Providing Cheque

283
Collection Facility to Clients, Execution of Trades by Dealer on your Behalf. (Table

No.5.4.7., Page No. 257).

5) The researcher carried out discriminant analysis to classify offline and online users of

stock broker services and to identify the variables which are significant in availing these

modes of trading. In Table No. 5.5.2., Page No. 260 the significant value is 0.000 is less

than 0.05 indicates that the data differs significantly from multivariate normal. So the

researcher was unable to carry out discriminant analysis. As the researcher was unable to

meet normality assumptions of discriminant analysis so for further classification the

researcher carried out Logistic Regression.

6) By carrying out Logistic Regression the researcher was able to identify four variables

viz. Viewing Positions- Taken, Service Satisfaction, Opening Multiple Screens and

Response from the Dealer which plays significant role for availing online mode of broker

services by any investor. 'Classification Results' is a simple summary of number and

percent of subjects classified correctly and incorrectly. By using above four variables we

are able to classify online and offline user's equivalent to 63.6%. (Table No.5.6.10., Page

No. 268).

2U
6.4. Findings Related to Influence of the Socio-Economic Variables on Service

Satisfaction.

1) There is no significant influence of gender on service satisfaction of the customer.

(Table No. 5.2:2., Page No. 148).

2) There is significant influence of mode of trading on service satisfaction of the

customers. Online customers are more satisfied in service than offline customers. (Table

No.5.2.8.,PageNo.l55).

3) The qualification of the respondent does not significantly influence service satisfaction

of the customer. (Table No.5 2.14., Page No. 162).

4) The occupation of the respondent does not significantly influence service satisfaction.

(Table No.S.2.20., Page No. 172).

5) The broking firm does not significantly, infliience service satisfaction of the

respondent. (Table No.5.2.26., Page No. 183). The results are very much in align with

Ganapathi R. (2007).

6) There is no significant influence of an amount of investment on service satisfaction of

the respondent. (Table No.5.2.32., Page No. 198). The results are very much in align

with Ganapathi R. (2007)

7) The broker's experience significantly influences service satisfaction of the respondent

which means that broker's experience decreases service satisfaction of the respondent.

(Table No.5.2.38., Page No. 209).

8) The client's experience does not significantly influence service satisfaction of the

respondent. (Table No.5.2.43., Page No. 220).

m
9) There is no significant influence of respondent's gender on amount of investment.

(Table No.5.2.50., Page No. 231).

10) There is no significant influence of respondent's age on amount of investment. (Table

No.5.2.54., Page No. 233).

11) There is no significant influence of respondent's qualification on amount of

inyestment (Table No.5.2.56., Page No. 234).

12) There is significant influence of respondent's occupation on amount of investment.

Here, mean rank of self employed (296.36) is more than employed (260.58) and

professionals (230.22) which can be interpreted as amount of investrnent done in stock

market by self employed is more than employed and professionals. (Table No.5.2.58.,

Page No. 235).

13) There is significant influence of broking firm on amount of investment. Here, mean

rank of Indian Bulls (393.52) is more than Marwadi (284.04), Reliance Money (269.50),

Share Khan (266.17) and Angel Broking (237.87) which can be interpreted as amount of

investment done through various trading firm in descending order can be given as India

Bulls, Marwadi, Reliance Money, Share Khan and Angel Broking. Some respondents

prefer traditional brokers (269.91) for investment rather than Share Khan and Angel

Broking. (Table No. 5.2.60., Page No. 236).

14) There is no significant influence of broker's experience on amount of investrnent.

(Table No.5.2.62., Page No. 237).

15) There is significant influence of client's experience on amount of investment. Here, it

can be obsei-ved that as client's experience increases amount of investment also increases.

(Table No.5.2.64., Page No. 238).

i 286
16) There is significant influence of age on mode, of trading. It can be observed that

below 26 years respondents prefer online trading mode and above 45 years respondents

prefer offline mode of trading. (Table No.5.2.66., Page No. 239).

17) There is no significant influence of gender on mode of trading. (Table No.5.2.68.,

Page No. 240).

18) There is no significant influence of respondent's qualification on mode of trading.

(Table No.5.2.70., Page No. 241).

19) There is no significant influence of occupation on- mode of trading. (Table

No.5.2.72., Page No. 242).

20) There is significant influence of mode of trading on amount of investment. Here,

mean rank of online trading (278.89) is more than offline trading (250.32) which can be

interpreted as amount of investment in online trading is more than offline trading. (Table

NoJ.2.52.,PageNo.232).

287
6.5. Findings Related to the Influence of the Socio-Economic Variables on the

Facilities required in Trading Software.

1)" There is significant influence of gender on 'Viewing Chart' facility in the trading

software. Males are more interested in 'Viewing Chart' facility in trading software than

females. (Table-No.5.2.4., Page No. 150).

2) The qualification of the respondent significantly influences factors such as Viewing

Exposures [Margin Account], Viewing Contract Note, Alert Facilities for Percentage

Change in Price, Alert Facilities for Percentage Change in Volume. Graduates give more

importance to 'Viewing Exposure', under graduates give more importance to Viewing

Contract Note while post graduates give more importance 'Alert Facilities for Percentage

Change in Price' and 'Alert Facilities for Percentage Change in Volume'. (Table

No.5.2.16., Page No. 165).

3) The occupation of the respondent does not significantly influence importance of

facilities required in trading software. (Table No.5.2.22., Page No. 176).

4) There is significant influence of broking firm on its importance of facilities required in

trading software. The factors which are significantly influenced are Viewing Exposures

[Margin Account], Viewing Positions Taken, Viewing Traded Shares, Viewing Contract

Note, Alert Facilities for Percentage Change in Price of Shares, Alert Facilities for

Percentage Change in Volume of Shares, Opening Multiple Screens and Viewing Charts.

The respondents of India Bulls give more importance to these facilities in comparison to

the respondents from any other trading firm. (Table No.5.2.28., Page No. 187).

5) An amount of investment significantly influences factors given below (Table

No.5.2.34., Page No. 201).: .

288
a) Respondents investing in the range of Rs. 1,00,000 to Rs. 5,00,000 gives more

importance to 'Viewing Exposures[Margin Account]' facility in trading software.

b) Respondents investing above Rs.2,50,000 gives more importance to 'Viewing

Positions Taken' facility in trading software.

6) The broker's experience significantly influences factor such as 'Opening Multiple

Screens' which can be interpreted as respondents give more importance to 'Opening

Multiple Screen' facility depending upon the experience of broker. (Table No.5.2.40.,

Page No. 212).

7) The client's experience significantly influences factor such as Alert Facilities for

Percentage Change in Price of Shares, Alert Facilities for Percentage Change in Volume

of Shares, Opening Multiple Screens and Viewing Charts. The respondents give less

importance to above facilities as client's experience increases in stock market. (Table

No.S.2.46., Page No. 223).

289
6,6. Findings Related to the Influence of the Socio-Economic Variables on the

Performance of the Services Offered by the Stock Broker.

1) There is ho significant influence of gender on performance of services offered by stock

brokers. (Table No.5.2.6., Page No. 153).

2) Mode of trading significantly influences performance of services such as Trading Tips

Provided by your Share Broker in the Morning, Informing Clients regarding t+5 Short

Margin & Span Short and RMS Providing Cheque Collection Facility. Online trading

mode of these services is better than offline mode as in all case mean rank of online mode

is less than offline mode. (Table No.5.2.12., Page No. 160).

3) The qualification of the respondent has significant influence on the performance of

services such as Proper Response from the Dealer, Providing Exposures Properly,

Seating Facility Provided for the Customer, Attitude of Dealer towards Clients, Ease of

Placing Order. Graduates are more satisfied with the performance level of above services

than post graduates. (Table No.5.2.18., Page No. 170).

4) There is significant influence of occupation of respondent on the factors such as

Timely Placing of Orders, Timely Sending of Ledgers (Contract Note), Seating Facility

Provided for Customers. Professionals are more satisfied with the performance level of

above services than employed and self employed. (Table No.5.2.24., Page No. 181).

5) There is significant influence of broking firm on the factors discussed below (Table

No.5.2.30., Page No. 195).:

a) Respondents are highly satisfied with the performance level of 'Advisory Services'

offered by Marwadi and Share Khan.

>90
b) Respondents are highly satisfied with the performance level of 'Proper Response from

the Dealer' service offered by India Infolineand Share Khan.

c) Respondents are highly satisfied with the performance level of 'RMS Providing

Cheque Collection Facility to Clients' service offered by Angel Broking and Reliance

Money.

d) Respondents are highly satisfied with the performance level of 'Fundamental Advice

Provided by the Dealer' offered by Reliance Money and Marwadi

e) Respondents are highly satisfied with the performance level of 'Technical Advice

Provided by the Dealer' offered by Marwadi and Angel Broking.

f) Respondents are highly satisfied with the performance level of 'Number of Dealers

Available to Place Order' offered by India Infoline and Angel Broking.

g) Respondents are highly satisfied with the performance level of 'Seating Facility

Provided for the Customer' offered by India Infoline and Angel Broking.

i) Respondents are highly satisfied with the performance level of 'Attitude of Dealer

towards Clients' offered by India Infoline and Reliance Money.

6) There is significant influence of an amount of investment on the factors discussed

below (Table No.5.2.36., Page No. 207).:

a) Respondents investing an amount in.the range of Rs. 50,000 to Rs. 2,50,000 are highly

satisfied with the performance level of 'Proper Response from the Dealer' service offered

by their dealer

b) Respondents investing an amount in the range of Rs. 1,00,000 to Rs. 5,00,000 are

highly satisfied with the performance level of 'Timely Opening Limit for Clients' service

offered by their dealer.

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c) Respondents investing an amount below Rs. 50,000 are highly satisfied with the

performance level of 'Ease of Placing Order' service offered by their dealer.

7) There is significant influence of broker's experience on the factors such as Timely

Placing of Orders, Timely Sending of Ledgers (Contract Note), Proper Response from the

Dealer, Providing Exposures Properly, Timely Opening Limit for Clients,- Seating

Facility Provided for Customers and Ease of Placing Order. For above all factors it can be

interpreted as performance level of above services decreases as broker's experience

increases. (Table No.5.2.42., Page No. 217).

8) There is significant influence of client's experience on 'Trading Tips .Provided by your

Share Broker during Trading Time' which means that performance level of 'Trading Tips

Provided by your Share Broker during Trading Time service decreases as client's

experience increases. (Table No.5.2.48., Page No. 229).

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