A SUMMER TRAINING REPORT

On

“ANALYSING VARIOUS AMC’S AND THEIR

SCHEMES”

Submitted in partial fulfillment of the requirements of

Post Graduate Programme

Submitted by
GOURAV GARG
Roll no:1120219464
ITS Bhiwani
(2011-13)
Institute of technology and Sciences
(Affiliated by MDU Rohtak)
 ACKNOWLEDGEMENT
I would like to convey my heartiest gratitude to several people, for their
support and guidance which helped me complete my Summer Internship.
First and foremost I would like to thank KARVY STOCK BROKING
LIMITED, GURGAON fro giving me an opportunity to do my internship in
their esteemed organization. My special appreciation extends to the Regional
Head Mr. Nitin Kumar Saxena for his constant encouragement throughout
this period. I also extend my gratitude to Zonal Manager Mr. Ashutosh &
Mr. Umesh Khare who gave knowledge full training on stock market and
mutual fund.
This internship would not be complete with out the support of Mr. Harish
Kumar, who gave me a guidance and unflinching support throughout the
phases of my Internship which gave me the strength and power to perform
my best. I also thank Mr. Brjesh Kumar for his insightful knowledge,
patience and encouragement.
I equally thank all the Employees and Executives for extended their
suggestions and helped me learn a lot about stock market.
My special thanks to my friend Mr. Vivek who has stood by my side and
given me moral support whenever I was low and boosted my will power.
Finally, I express my sincere gratitude to all my friends and well wishers
who helped me to do this project.

Gourav garg
 Preface

No professional curriculum is considered complete without work experience.

It is well evident that work experience is an indispensable part of every
professional course. In the same manner practical work in any organization
is must for each an every individual, who is undergoing management course.
Without the practical exposure one cannot consider himself as a qualified
capable manager.
Entering in the organization is like stepping into altogether a new world. At
first, everything seems strange and unheard but as the time passes one can
understands the concept and working of the organization and thereby
develop professional relationship.
Initially it is felt that as if classroom study was irrelevant and it
is useless in any concern working. But gradually it is realize that all
fundamental basic concepts studied are linked in one or other ways to the
organization. But how and what can be done with fundamentals depends
upon the intellectual and applicability of an individual.
During my summer training period a specific customer survey was assigned
which allow me to have full market exposure.
This project will help me to understand and cope up with different types
of people and there diversified needs.
 CONTENT
 Introduction

 Significance of the study

 Review of existing literature

 Conceptualization

Introduction of industry
Introduction of company
 Focus of the problem

 Objectives of study

 Research methodology

Research design
Universe and sample
Sample design
Collection of data
Analysis of pattern
 Limitation of the study

 Conclusion

 Findings

 Organisation of the study

 Reference
  Annexure

INTRODUCTION

The karvy group was formed in 1983 at Hyderabad, India. Karvy ranks
among the top player in almost all the fields it operates. Karvy
Computershare Limited is India’s largest Registrar and Transfer Agent with
a client base of nearly 500 blue chip corporate, managing over 2 crore
accounts. Karvy Stock Brokers Limited, member of National Stock
Exchange and the Bombay Stock Exchange, ranks among the top 5 stock
brokers in India. With over 6,00,000 active accounts, it ranks among the top
5 Depositary Participant in India, registered with NSDL and CDSL. Karvy
Insurance Brokers is registered as a Broker with IRDA and ranks among the
top 5 insurance agent in the country. Registered with AMFI as a corporate
agent, Karvy is also among top Mutual Fund mobilize with over Rs. 5,000
crores under management. Karvy Global offers niche off shoring services to
clients in the U.S.
Karvy has 575offices over 375 locations across India and overseas at Dubai
and New York. Over 9,000 highly qualified people staff Karvy.
Karvy has always believed in adding value to services it offers to clients. A
top-notch research team based in Mumbai and Hyderabad supports its
employees to advise clients on their investment needs. With the information
overload today, karvy’s team of analysts help investors make the right calls,
be it equities, mf, insurance. On a typical working day karvy:
 Has more than 25,000 investors visiting our 575 offices.

 Publishes/broadcasts at least 50 buy/ sell calls

 Attends 25,000 envelopes, containing Annual Reports, dividend

cheques/advises, allotment/ refund advises

 Executes 150,000+ traders on NSE/BSE

  Executes 50,000 debit/credit in the depositary accounts

 Advises 3,000+ clients n the investment in mutual funds.

SIGNIFICANCE OF STUDY

This project will accomplish to understand the investor preference regarding

different
investment alternative.

This study will also help me to know the state of mind of the investors &
their expected charges, Return, and Annual maintenance charges & also to
know the attitude and preference of the prospective investors regarding
capital market, banking, real estate etc.
Review of Existing Literature

According to the Webster’s dictionary, literature is “the writings that

pertain to a particular branch of learning, and printed matter”. And
review means “to examine again, to study carefully”.
Therefore literature review is the printed matter,
which we study very carefully during our work. This project is also a
collection of insight into the different printed material.
As this project is specifically related to investor who
invest their money using different investment alternative like equity, mutual
fund, banks, others.
The main source of data through which this project has taken its shape is
the circulars of SEBI. These circulars give description of existing market.
“INVESTMENT DECISION” is taken from

“FINANCIAL MANAGEMENT” written by D. K GOYAL. Purpose of this

book is to provide background needed to understand the basics concept of

investment.

Last but not the least, the practical experiences of

“Karvy stock broking ltd.” given the best ever exposure on the actually
market works in financial products and services.

The study related to investment decision also

helped me a lot to understand what factor an investor considers for his
investment.
 Chapter “The concept and role of mutual funds” of the AMFI mutual
fund testing programme by association of mutual funds in India. This book
provide concept of mutual funds.
Last but not the least, the practical experiences of Karvy has given the
best ever exposure on the actually.

INDUSTRY PROFILE
Evolution

Indian Stock Markets are one of the oldest in Asia. Its history
dates back to nearly 200 years ago. The earliest records of security dealings
in India are obscure. The East India Company was the dominant institution
in those days and business in its loan securities used to be transacted towards
the close of the eighteenth century.
By 1830's business on corporate stocks and shares in Bank and Cotton
presses took place in Bombay. Though the trading list was broader in 1839,
there were only half a dozen brokers recognized by banks and merchants
during 1840 and 1850.
The 1850's witnessed a rapid development of commercial enterprise and
brokerage business attracted many men into the field and by 1860 the
number of brokers increased into 60.
In 1860-61 the American Civil War broke out and cotton supply from
United States of Europe was stopped; thus, the 'Share Mania' in India
begun. The number of brokers increased to about 200 to 250. However, at
the end of the American Civil War, in 1865, a disastrous slump began (for
example, Bank of Bombay Share which had touched Rs 2850 could only be
sold at Rs. 87).
At the end of the American Civil War, the brokers who thrived out of Civil
War in 1874, found a place in a street (now appropriately called as Dalal
Street) where they would conveniently assemble and transact business. In
1887, they formally established in Bombay, the "Native Share and Stock
Brokers' Association" (which is alternatively known as “The Stock
Exchange "). In 1895, the Stock Exchange acquired a premise in the same
street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay
was consolidated.

Indian Stock Exchanges - An Umbrella Growth

The Second
World War broke out in 1939. It gave a sharp boom, which was followed by
a slump. But, in 1943, the situation changed radically, when India was fully
mobilized as a supply base.
On account of the restrictive controls on cotton, bullion, seeds and other
commodities, those dealing in them found in the stock market as the only
outlet for their activities. They were anxious to join the trade and their
number was swelled by numerous others. Many new associations were
constituted for the purpose and Stock Exchanges in all parts of the country
were floated.
The Uttar Pradesh Stock Exchange Limited (1940), Nagpur Stock Exchange

Limited (1940) and Hyderabad Stock Exchange Limited (1944) were

incorporated.

In Delhi two stock exchanges - Delhi Stock and Share Brokers'

Association Limited and the Delhi Stocks and Shares Exchange Limited -
were floated and later in June 1947, amalgamated into the Delhi Stock
Exchange Association Limited

Securities & Exchange Board of India (SEBI)

Up to 1992, the capital
primary market was controlled by the Controller of Capital Issue (CCI)
formed under the Capital Issues Control Act. During that period, the pricing
of capital issues was controlled by CCI. The premium on issue of equity
shares issued through the primary markets was done in accordance with the
Capital Issues Control Act

The CCI guidelines were abolished with the introduction of Securities &
Exchange Board of India (SEBI) formed under the SEBI Act, 1992 with
the prime objective of protecting the interests of investors in securities,
promoting the development of, and regulating, the securities market
and for matters connected therewith or incidental thereto.’

The SEBI Act came into force on 30th January 1992 and with its
establishment, all public issues are governed by the rules & regulations
issued by SEBI.
 SEBI was formed to promote fair dealing in issue of
securities and to ensure that the capital markets function efficiently,
transparently and economically in the better interests of both the issuers
and the investors.

The promoters should be able to raise funds at a relatively low cost. At the

same time, investors must be protected from unethical practices and their

rights must be safeguarded so that there is a steady flow of savings into the

market. There must be proper regulation and code of conduct and fair

practice by intermediaries to make them competitive and professional.

Since, its formation, SEBI has been instrumental in bringing greater

transparency in capital issues. Under the umbrella of SEBI, companies
issuing shares are free to fix the premium provided adequate disclosure is
made in the offer documents.
Focus being the greater investor protection, SEBI has become a vigilant
watchdog with statutory powers for:
 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: -

  Primary Market
 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
in 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 for promoters contribution, contents of
offer 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: -
 The investors part with money only after allotment.
 It eliminates refunds except in case of direct applications.
 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 without use of information technology for
immediate matching or recording of trades. This was time consuming and
inefficient. This imposed limits on trading volumes and efficiency. In order
to provide efficiency, liquidity 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.

Trading Pattern of the Indian Stock Market

Trading in Indian stock exchanges is limited to listed securities of public

limited companies. They are broadly divided into two categories, namely,
specified securities (forward list) and non-specified securities (cash list).
Equity shares of dividend paying, growth-oriented companies with a paid-up
capital of at least Rs.50 million and a market capitalization of at least Rs.100
million and having more than 20,000 shareholders are, normally, put in the
specified group and the balance in non-specified group
Two types of transactions can be carried out on the Indian stock exchanges:
(a) Spot delivery transactions "for delivery and payment within the time
or on the date stipulated when entering into the contract which shall
not be more than 14 days following the date of the contract”: and
(b) Forward transactions "delivery and payment can be extended by
further period
Of 14 days each so that the overall period does not exceed 90 days
from the date
Of the contract". The latter is permitted only in the case of specified
shares.

A member broker in an Indian stock exchange can act as an agent, buy and
sell securities for his clients on a commission basis and also can act as a
trader or dealer as a principal, buy and sell securities on his own account and
risk, in contrast with the practice prevailing on New York and London Stock
Exchanges, where a member can act as a broker only.
The nature of trading on Indian Stock Exchanges are that of age old
conventional style of face-to-face trading with bids and offers being made by
open outcry. However, there is a great amount of effort to modernize the

Indian stock exchanges in the very recent times.

National Stock Exchange (NSE)

With the liberalization of the Indian

economy, it was found inevitable to lift the Indian stock market trading
system on par with the international standards. On the basis of the
recommendations of high-powered Pherwani Committee, the National Stock
Exchange was incorporated in 1992 by Industrial Development Bank of
India, Industrial Credit and Investment Corporation of India, Industrial
Finance Corporation of India, all Insurance Corporations, selected
commercial banks and others.

Trading at NSE can be classified under two broad categories:

(a) Wholesale debt market and

(b) Capital market.

Wholesale debt market operations are similar to money market

operations - institutions and corporate bodies enter into high value
transactions in financial instruments such as government securities,
treasury bills, public sector unit bonds, commercial paper, certificate
of deposit, etc.

There are two kinds of players in NSE:

(a) Trading members and
(b) Participants.
 Recognized members of NSE are called trading members
who trade on behalf of themselves and their clients. Participants include
trading members and large players like banks who take direct settlement
responsibility.
Trading at NSE takes place through a fully automated screen-based
trading mechanism, which adopts the principle of an order-driven market.
Trading members can stay at their offices and execute the trading, since
they are linked through a communication network. The prices at which
the buyer and seller are willing to transact will appear on the screen.
When the prices match the transaction will be completed and a
confirmation slip will be printed at the office of the trading member.
NSE has several advantages over the traditional trading exchanges.
They are as follows:
1 NSE brings an integrated stock market trading network across the
nation.
2 Investors can trade at the same price from anywhere in the country
since inter-market operations are streamlined coupled with the
countrywide access to the securities.
3 Delays in communication, late payments and the malpractice’s
prevailing in the traditional trading mechanism can be done away with
greater operational efficiency and informational transparency in the stock
market operations, with the support of total computerized network.
Unless stock markets provide professional’s service, small investors and
foreign investors will not be interested in capital market operations. And
capital market being one of the major sources of long-term finance for
industrial projects, India cannot afford to damage the capital market path.
 In this regard NSE gains vital importance in the Indian capital market
system.

Bombay Stock Exchange (BSE)

Background:
The BSE Sensitive Index (Sensex) has, to a considerable
extent, been serving the purpose of quantifying the price movements as also
reflecting the sensitivity of the market in an effective manner. It is the oldest
stock exchange, established in 1875.
The number of companies listed on the Bombay Stock Exchange has
registered a phenomenal increase from 992 in the year 1980 to about 4800
companies by the end of July 2005 and their combined market capitalization
rose from Rs. 5,421 crores to around Rs. 18, 00,000crores at end of July
2005.
Coverage:
 The equity shares of 200 selected companies from the specified
and non-specified lists of this Exchange have been considered for inclusion
in the sample for `BSE-200'. The selection of companies has primarily been
done on the basis of current market capitalization of the listed scrip on the
exchange. Besides market capitalization, the market activity of the
companies as reflected by the volumes of turnover and certain fundamental
factors were considered for the final selection of the 200 companies.
Choice of Base Year: The financial year 1989-90 has been chosen as the
base year for the price stability exhibited during that year and due to its
proximity to the current period.

ORGANISATION STRUCTURE

ORGANISATION
STRUCTURE BOARD
OF DIRECTORS

Karvy Karvy Karvy Karvy Karvy

Computer Investor Stock Global Group
Share Pvt. Services Broking Services
Ltd. Ltd. (KISL) Ltd. Ltd.
(KCSPL) (KSBL)

Merchant Karvy BPO

Karvy KArvy
Banking Insurance
Comtrade Reality &
Broking
Ltd. Services.
Ltd
MF Shar Issue
Servi e Regis
ces Reg. try

Stock Researc Deposi Person Distrib Institu-

Brokin h -tory al u-tion tional
g Client Desk
Group

Corporate Affairs Group HR Fin. & Accounts Technology Services

CORP. Quality

The internship was undertaken at GURGAON Branch of KARVY

STOCK BROKING Ltd. The following was the organizational structure at
this branch

REGIONAL HEAD

Mutual Fund Equities

Senior Senior
Executive Executive

Junior Junior
Executive Executive
 COMPANY PROFILE

INTRODUCTION:
Karvy is one of the leading retail brokerage firms in the
country. It is the retail broking arm of the lucknow based Karvy group,
which has over eight decades of experience in the stock broking business.
Karvy offers its customers a wide range of equity related services including
trade execution on BSE, NSE, Derivatives, Depository services, online
trading, investment advice etc. karvy is lead by a highly regarded
management team that has invested crores of rupees into a world class
Infrastructure that provides our clients with real-time service & 24/7
accesses to all information and products. Our flagship karvy 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 our knowledgeable and customer
focused Relationship Managers.

Your guide to the Financial Jungle

karvy offers a full range of financial services and products ranging from
Equities to Derivatives enhance your wealth and hence, achieve your
financial goals.
karvy’s Client Relationship Managers are available to you to help with your
financial planning and investment needs.
The Business Challenges
• Easily access customer portfolio information in a secure contact centre
environment.
• Seamlessly integrate with back-end applications and streamline customer
data to contact
Center agents.
• Easily manage upgrades and technology issues to accommodate growing
customer base.

karvy is the retail broking arm of KARVY, an organization with more than
eight decades of trust & credibility in the stock market.

• Amongst pioneers of investment research in the Indian market

• In 1984 ventured into Institutional Broking & Corporate Finance.
• Leading domestic player in Indian institutional business
• Over US$ 5 billion of private equity deals

Innovation
(a.) The firm's online trading and investment site-
www.karvy.com was launched on Feb 8, 2000. The site gives access to
superior content and transaction facility to retail customers across the
country.

(b.) On April 17, 2002 Karvy launched Speed Trade, a net-

based executable application that emulates the broker terminals along with
host of other information relevant to the Day Traders. In the last six months
Speed Trade has become a standard for the Day Trading community over the
net.

Network
The number of trading members currently stands at over 6
lacks. While online trading currently accounts for just over 2 per cent of the
daily trading in stocks in India, karvy alone accounts for 32 per cent of the
volumes traded online.

The objective has been to let customers make informed decisions

and to simplify the process of investing in stocks.

Karvy’s ground network includes over 588 centers in 148 cities in India,
of which 32 are fully owned branches.

Stakeholder
The karvy family holds a majority stake in the company. HSBC,
Intel & Carlyle are the other investors.

Experience
With a legacy of more than 80 years in the stock markets, the
karvy group ventured into institutional broking and corporate finance 18
years ago.

karvy institutional broking arm accounts for 7% of the market for Foreign
Institutional portfolio investment and 5% of all Domestic Institutional
portfolio investment in the country.

It has 60 institutional clients spread over India, Far East, UK and US.
Foreign Institutional Investors generate about 65% of the organization's
revenue, with a daily turnover of over US$ 2 million.
 PRODUCT AND SERVICES

The company offers several user-friendly services for

customers to manage their stock portfolios, including online capabilities
linked to an information database to help customers confidently invest, and
inbound customer services using voice self-service technology and customer
service agents handling telephone orders from clients. The products and
services offered by company are as follows: -
1) On-line Trading Account: -
Sharekhan provides two types of on-line
trading account: -
Classic Account: -
This account allows the client to trade through website
www.karvy.com and is suitable for the retail investors who is risk-averse
and hence prefers to invest in stocks or who do not trade too frequently.
Speed trade: -
Speed-trade is an Internet based software application that
enables us to buy and sell in an instant. It is ideal for active traders who
transact frequently during day’s session to capitalize on intra-day price
movement.
2) IPO ON-LINE: -
karvy also provide facility to apply all the forthcoming

IPO online hasselfree.

3) Dial-N-Trade: -
 The Dial-n-Trade service facilitates us to place orders
forbuy and
Sell of securities. All you have to do is dial any one of our two dedicated
numbers (1-800-22-7050 or 30307600), enters your TPIN number (which
is provided at the time of opening your account) and on authentication you'll
be directed to a telebroker who will buy and sell.TWO dedicated numbers
for placing your orders with your cellphone or landline. Toll free number: 1-
800-22-7050. For people with difficulty in accessing the toll-free number,
we also have a Reliance number (Your Local STD Code) 30307600 which is
charged at as a local call.
Features of Dial-n-Trade Service: -

 Simple and Secure Interactive Voice Response based system for

authentication

 No waiting time. Enter your TPIN to be transferred to our telebrokers

 You also get the trusted, professional advice of our telebrokers
 After hours order placement facility between 9.00 am and 9.30 am
(timings to be extended soon)
 Reliable service, wherever you are.

4) Mutual Fund: -
Karvy also provides facility of online purchasing of
mutual fund of various companies like ICICI, HDFC, and Sundaram etc.

Various Competitors OF KARVY LTD

The major brokerage firms: -
• 5paisa.com

• KotakStreet.com

• IndiaBulls.com

• ICICIDirect.com

• HDFCsec.com
 S

5paisa
Company Background

Indiainfoline was founded in 1995 and was positioned as a research firm .In
2000 e-broking was started under the brand name of 5 paisa. Com Apart
from offering online trading in stock market the company offers mutual
funds online. It also acts as a distributor of various financial services i.e.
Company Fixed Deposits, Insurance.
Limited ground network, present in 20 Cities
Online Account Types
•Investor Terminal: Investors / Students
•Trader Terminal: Day Traders / HNI’s

PRICING FOR RETAIL CLIENTS

Investor Terminal
•Account Opening: Rs 650

•Demat 1st Yr: Rs 250

•Initial Margin: Rs 2500(Compulsory)

•Min Margin Retainable: Rs 1000

•Brokerage:

Intraday 0.03% each side + ST

Delivery 0.30% each side + ST

PRICING FOR HNI CLIENTS

Trader Terminal

•Account Opening: Rs 650

•Demat 1st Yr: Rs 250

•Initial Margin: Rs 5000(Compulsory)

•Min Margin Retainable: Rs 1000

Brokerage:

Intraday 0.030% each side + ST

Delivery 0.30% each side + ST

(Negotiable to 0.05% each side & 0.25%)

Account Access Charges

Monthly Rs 800, adjustable against Brokerage

Yearly Rs 8000, adjustable against brokerage

 Kotakstreet

Company Background
Kotakstreet is the retail arm of Kotak securities. Kotak
Securities limited is a joint venture between Kotak Mahindra Bank and
Goldman Sachs

PRICING OF KOTAK
 Account Opening: Rs 500

Demat: Rs 22.5 p.m

Initial Margin: Rs 5000(Compulsory)

Min Margin Retainable: Rs 1000

Brokerage Slab wise:

Higher the volume, lower the brokerage. Even older

customers (on 0.25% & 0.40%) have been moved to the slab wise structure
w.e.f 1/4/2004

INDIABULLS

Company Background
An India bull is a retail financial services company
present in 70 locations covering 62 cities. It offers a full range of financial
services and Products ranging from Equities to Insurance. 450 +
Relationship Managers who act as personal financial advisors.

Pricing of IB Accounts
Signature Account

•Account Opening: Rs 250

•Demat: Rs 200, No AMC for this DP

•Initial Margin: NIL

•Brokerage: Negotiable

Intraday .05%+ST

Delivery .25%+ST

Power IndiaBulls

Account Opening: Rs 750

Demat: Rs 200

Initial Margin: NIL

Brokerage: Negotiable
 ICICIDirect

Company Background
ICICI Web Trade Limited (IWTL) maintains
ICICIdirect.com. IWTL is an Affiliate of ICICI Bank Limited and the
Website is owned by ICICI Bank Limited.
Account Charges:

•Account Opening: Rs 750

•Schemes: For short periods Rs 750 is refundable

against brokerage generated in a qtr. These schemes are introduced 3-4 times
a year.
•Demat: NIL, 1st year charges included in Account
Opening Plus a facility to open additional 4 DP’s without 1st yr AMC
•Initial Margin: Nil
•Brokerage: All brokerage is inclusive of stamp duty and
exclusive of other taxes.
 hdfcsecurities.com

HDFC Securities
Company Background
The HDFC BANK, HDFC and Chase Capital Partners
and their associates promote HDFC SECURITIES LTD. They are Pioneers
in setting up Dial-a-share services with the largest team of Tele-brokers
Pricing of HDFC Account
•Account Opening: Rs 750

•Demat: NIL, 1st year charges included in

Account Opening

•Initial Margin: Rs 5000/- for non HDFC Bank

customers

•Brokerage:
Intraday 0.15%* each side + ST

Delivery 0.50%** each side + ST

 SWOT ANALYSIS

Strength Weakness

1. Low brokerage. 1. If a company share is listed in

2. Free Depository A/C. both the exchange then customer
can do buying or selling through
3. On line Trading. NSE.
4. Highly Experience.
5. Instant Cash transferation
6. Brand image.
7. Better research team. etc.

Opportunity Threats
1. They can expand his business in 1. Government policy, SEBI &
many areas where potential Depository policy may be changes.
customer is waited.
2. Due to experienced Research
report team they can enhance his
business and change the mind set of
customer due to risk in share
market.
 CONCEPTUALIZATION

Investing is not just putting money in some instrument for the future but it
involves taking careful steps to make money grow. When you invest, your
goal is that its value will increase over a period of time. There are large
numbers of investment avenues available to invest like stocks, real estate,
bank deposits, government of India bonds, post office saving schemes etc.

The investment vehicles available for one to choose today vary from money
market certificates (which earn set rates of interest) to high-risk growth
stocks. Investing in any instrument almost always involves some risk, but if
you learn how to analyze investments carefully and invest wisely over an
extended period of time, investing is a proven way to increase wealth.
Careful analysis and proper investment steps improve once capability to earn
reward in the long run through investment alternatives available.

Investments are nothing but parking your savings into various instruments
available which suits the best risk and return appetite of the individual.
“Income – expenditure = Savings”

Savings are the difference between the net income and the total expenditure
made.
Investment avenues and alternatives
1.1 ANALYSING VARIOUS AMC’S AND THEIR SCHEMES

Investment alternatives vary from fixed income to variable income which

includes RBI bonds, government securities, fixed deposit, equity
investments, property and so on.

In recent years the 6.5 percent tax-free RBI Bonds have become a very
popular saving instrument -- especially amongst individuals. Till 1996, these
bonds gave returns of 10 per cent. This came down to 9 per cent and then 8
percent and then in 2003 it was reduced to 6.5 per cent (tax free). Nowadays,
8 percent taxable Government of India bonds are also doing well to attract
investors who want safe and higher yield.

However, with inflation at nearly 4.5%, the return offered by these

instruments were still attractive. However, with the scrapping of the tax-free
bonds, safe investment options for individuals have become very limited and
people are now choosing to go with either post office saving schemes or
equity related instruments.

Take a look at what is happening. Debt funds, which were said to be

relatively risk-free, are giving very less returns. Monthly Income Plans
offered by mutual funds are also not attractive as their portfolio is made up
of 80 percent debt and 20 percent equity. With debt giving very less returns
and returns from equity becoming stagnant, the returns from MIPs are also
very attractive. The returns offered by MIPs are totally dependant upon the
type of security and debt instruments held by the fund But with recent rally
in the stock market, very few people are now going for MIPs and have a
very positive sentiment about the market and would like to stay with the
market for long. But continuously we still have a single question in mind:

So where should individuals park their money now?

"The 8 per cent taxable RBI Bonds seem to be one of the best options right
now looking for a safe avenues."

The person in the 30 percent tax bracket, the 8 per cent RBI bonds will give
returns of approximately 5.6 per cent. Though this is much lower than the
previous 6.5 percent, it is still a better than most other options. If you are a
senior citizen, the Senior Citizens Savings scheme offering a 9 Percent
yearly interest is a good investment option. The scheme was announced in
the Budget 2004-2005 and was meant for people above the age of 60.
However, this scheme has a maximum deposit limit of Rs. 15 lacs while RBI
Bonds do not have any limit. In this case, the term for deposit is five years
with a facility for premature withdrawal. The 9 percent returns are subject to
tax, so if you are in the 30 percent tax bracket, you will effectively get
returns of 6.3 per cent.

Another option can be Floating Rate Bond Fund offered by mutual funds.
Basically, these funds invest in floating rate instruments and therefore have a
direct correlation to interest rates. If interest rates go up the returns from
these funds rise and returns fall with a fall in interest rates. This is unlike
debt funds, where there is a reverse relationship between interest rates and
returns. A rise in interest rates results in a fall in returns. In the current
scenario, these funds are likely to give returns of 5 percent to 5.5 percent.
The dividends are tax-free in the hands of the investor and most importantly,
there is complete liquidity. Again, there is no limit on the amount that can be
deposited. Also, there is hardly any volatility making it a safe option. If you
are willing to take a bit of risk, you can divide your portfolio in such a way
that 60 percent is invested in floating rate bond funds and the remaining 40
percent in equity. That's like having an MIP except that instead of 80 percent
in debt and 20 percent in equity, here the 60 percent is in floating rate bond
funds. Such a portfolio can give you returns of aprox. 8.5 % to 9.5 %.

The NSCs and the Kisan Vikas Patras give returns of 8 percent so for those
in the 30 percent tax bracket, it works out to 5.6 percent. Here too there is no
limit on the amount of deposit. However, here the interest is posted only at
the time of maturity. So it is not a good option if you want regular returns.
On the other hand, RBI Bonds give returns every six months or half yearly.
So, depending upon their risk profile and need for liquidity, one will have to
decide on their portfolio. For anyone below 35 years, it is recommend that
one should invest some part of there portfolio in RBI Bonds and in NSCs,
KVPs as a long term investments and the remaining in combination of
floating rate bond funds and equity But for those above 35,

it is advocate that one should look at nearly 40 percent in RBI Bonds,

30 percent in NSCs, KVPs, hence giving safe and regular income. And the
remaining 30 per cent in floating rate bond funds and equity. For those
above the age of 60, 40 percent must be put in the Senior Citizens Scheme
(of course, this is up to a maximum limit of Rs 15 lakh), another 40 percent
in RBI Bonds and the remaining 20 percent in floating rate bond funds, so
that one has some liquidity.As an investor one has a wide array of
investment avenues available to one.
 Investment
Avenues

Non-
Marketable Equity Shares
Financial
Assets

Bonds Money
Market
Instruments

Mutual Fund Life Insurance

Schemes Policies

Real Estate Precious

Objects

Financial Derivatives
 Fig1.1 Investment Schemes

Non-marketable Financial Assets - A good portion of financial assets is

represented by non-marketable financial assets. These can be classified into
the following broad categories:
 Bank deposits
 Post office deposits
 Company deposits
 Provident fund deposits

Equity Shares - Equity shares represent ownership capital. As an equity

shareholder, you have an ownership stake in the company. This essentially
means that you have a residual interest in income and wealth. Perhaps, the
most romantic among various investment avenues, equity shares are
classified into the following broad categories by stock market analysts:
 Blue chip shares
 Growth shares
 Income shares
 Cyclical shares
 Speculative shares

Bonds - Bonds or debentures represent long-term debt instruments. The

issuer of a bond promises to pay a stipulated steam of cash flow. Bonds may
be classified into the following categories:
 Government securities
 Government of India relief bonds
  Government agency securities
 PSU bonds
 Debentures of private sector companies
 Preference shares

less than one year at the time of issue are called money market instruments.
The important money market instruments are:
 Treasury bills
 Money Market Instruments - Debt instruments which have a
maturity of Commercial paper
 Certificates of deposits

Mutual Funds - Instead of directly buying equity shares and/or fixed

income instruments, you can participate in various schemes floated by
mutual funds which, in turn, invest in equity shares and fixed income
securities. There are three broad types of mutual fund schemes:
 Equity schemes
 Debt schemes
 Balanced schemes

Life Insurance - In a broad sense, life insurance may be viewed as an
investment. Insurance premiums represent the sacrifice and the assured sum
the benefit. The important types of insurance policies in India are:
 Endowment assurance policy
 Money back policy
 Whole life policy
 Term assurance policy

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
 Time share in a holiday resort

Precious Objects - Precious objects are items that are generally small in
size but highly valuable in monetary terms. Some important precious objects
are:
  Gold and silver
 Precious stones
 Art objects

Financial Derivatives - A financial derivative is an instrument whose value

is derived from the value of an underlying asset. It may be viewed as a side
bet on the asset. The most important financial derivatives from the point of
view of investors are:
 Options
 Futures

Since every individual would like to earn return on their investment but
where to invest has always been a problem. There has always been a
confusion as to which instrument to invest, which instrument will give me
higher returns, etc. Even now nuclear families are in and so are longer life
spans. Even inflation is increasing increasing and so do the standard of life,
medical costs, and other things. In such a scenario, one need to think as to
how he will take care of all his future needs and build up a corpus that will
not only take care of routine expenses but also provide for extra costs,
especially of health care. One need to have a corpus of funds, post-
retirement, which will give him close to 100% of the salary to preserve the
lifestyle he has grown to enjoy.

Is the time ripe to buy mutual funds?

Buying mutual funds have never been difficult even considering the
complexities involved in it. Mutual funds market has grown big enough in
the last decade or so that it has almost always out performed the stock
market.
 How to pick a mutual fund from the huge pool of existing funds?
 When you can sell the mutual funds?
 How much you can earn from mutual funds?
Those of you who are looking to investing money in order that higher
returns can be made must have concluded stock market is too hot for you
especially so when you are a new and a novice investor. But sulking that you
are loosing out on action while others are walking to their banks merrily is
not necessary. Take a look at the world of mutual funds. Mutual funds
market has grown big enough in the last decade or so that it has almost
always out performed the stock market. Yes, there is big money to be made
in mutual fund investment too provided you played your cards with aplomb.

Paradigms of Mutual Funds

Introduction

In today’s scenario, one of the upcoming options for investment in the

financial market is mutual fund. Mutual funds special features are it: easy
availability, risk containment, liquidity, transparency, professional
management and decent returns, these above features attract the small
investors mainly of average class, the investors play safer game as compare
to the up and down of the stock market.

Many private financial organizations like ING VYSA Bank, Standard

Chartered Mutual Fund etc are good examples, which allow investors to start
with just Rs 500only. Investors seem to have accepted the importance of
mutual funds and are know a days ready to invest under various mutual fund
schemes.

Suitability of Funds

Mutual Fund suits all class of investors who are interested in raising their
personal funds. The investments are based on the risk factor of the investor
if the risk is higher the return is also high similarly if the risk is low the
return on a particular investment will also be low.
If the risk is slightly-averse, the investor should prefer a balanced fund,
which invests in stocks only up to 60-70%. If the investor wants to go for
larger risk-averse, stick to growth funds. If the investor wants regular returns
than investor must go for income funds, with average risk but the risk is less
than equity fund. The Mutual fund managers make decision of the funds
depending on the investment objective of the investors. They can go for
liquid funds like Cash Funds or short term floating rate funds. They may
also go for funds based on when you want your funds back. The investor
who wants short term and quick return a short-term bond fund would just be
fine as return will be within three to six months. An income fund or an
equity fund would fit in if the investor willing to afford the fund to leave it
with the fund manager for over a year.

Even within each category, you can pick and choose i.e. in equity funds, for
example, you have a variety of options: blue chip funds, mid-cap funds,
contrarian funds, opportunity funds, dividend yield funds, sectoral funds that
invest specifically in select business segments etc. Equity-linked savings
schemes allow you to reap tax gains up to Rs 1 lakh (Rs 100,000) a year.

Many equity funds offer the option of systematic investment plan (SIP) that
allows you to invest a certain sum every month or every quarter. This
amount is fixed for every installment to be paid. This way, you not only
discipline your investments but to a great extent an investor can protect
themselves against the vagaries of the market.

Debt funds don’t lack luster either. The investor have a choice medium term
debt funds, short-term bond funds, floating rate funds, dynamic bond funds
and cash funds. If an investor wants an aggressive debt fund, then they can
go for gilt funds. If the preference is a mix of both equity and debt, MIPs or
balanced funds would do just fine.

Fair and Transparent dealings

A mutual fund is nothing more than a collective savings pool. Several

investors have come together to invest in stocks, bonds or in both. However,
mutual funds are strictly regulated. They have to declare their portfolios
from time to time. Almost all the funds declare their portfolios every month.

The net asset value (NAVs) of a fund, which points to how much a unit of
the fund is worth on a particular day, is declared every working day. You
know where your money is going and how it is doing performing in the
market.

Easy Access and Availability in Market:

A few years ago, even if you wanted to buy a mutual fund, it was not easy.
Few distributors, most of them small, sold mutual funds. The quality of their
advice often left a lot to be desired. But today, you could buy mutual funds
in over 60 cities or towns, either through their own offices or through banks.
All private sector banks now sell mutual funds across the counters in most
branches. Some public sector banks too have begun marketing mutual funds
through select branches.

Professionally Managed

When you buy a mutual fund, you hand over the task of investing to a
qualified and probably more knowledgeable fund manager who is paid for
finding the right opportunities for you. The service standards set by mutual
fund companies are better as compare to other sources of raising finance. As
other sources of raising funds are more risky than mutual funds as their
investor have to do the direct dealings. As for example, most fund
distributors will come to your residence or office and explain the product
features and also collect your cheque.

If you want to sell your fund, you can do so pretty quickly too, mostly
within one or two working days. There is no paperwork to fear. For
example, in the case of some income funds, the money will be credited
directly into your bank account if the account is held with select banks.

In case of systematic investment plans too, you can do so with auto debits.
Every month, on a day you choose, your bank account will be debited with a
particular sum and specified mutual fund units available for that sum will be
bought. No more hassles of issuing post-dated cheques.

Despite all these facilities, you may have myriad doubts and queries. Mutual
funds offer toll-free lines at over 200 locations. For example, call-free
telephone line, you can get to know valuations, order for account statements
and even redeem your investments without any personal identification
number.

funds are performing better. The result is moving in upward curve of the
financial market. To sum up, mutual funds offer the investor large choices of
various schemes with special features and can be chosen on the requirement
of the investor.
 FOCUS OF PROBLEM

As inflation grow day by day and market is also crashed day by day. By
this project we focus on the investor preference to invest their money in
these days.

We focus on the problem that which investment instrument they used to

invest their money and what factor they consider like rate of return,
liquidity, tax benefit, etc.
 Objective of the study

The main objective of any kind of research is to

understand the reality behind a phenomenon. It involves a systematic

investigation involved to add to the available information through scientific

procedures.

The Broad objective of this project is to know about the

customer preference in different investment alternative. By this project we
know also the time horizon for investment and what factor affect in
investment decision.

We have to be in regular contacts with our clients so that we

come to know about the problem they are facing.

 What are the features and services that influence the investor to invest

their money?

 To know what are the expected return of the investors to invest their

money in capital market.

 Which factor they consider more while investing their money.

 Who influence their investing their money?

 HYPOTHESIS

Before starting the project I assume that in most of the investor prefer the
mutual funds.

But at the completion of this project I found that at present days most of the
people prefer the banks.

Meaning of Research: - Research is defined as "A scientific & systematic

search for pertinent information on a specific topic. Research is an art of
scientific investigation. Research is a systematized effort to gain new
knowledge. It is a careful investigation or inquiry especially through search
for new facts in any branch of knowledge. The search for knowledge
through objective and systematic method of finding solution to a problem is
research.

Research Methodology: -

Research Methodology is a way to systematically

study & solve the research problems. If a researcher wants to claim his study
as a good study; he must clearly state the methodology adopted in
conducting the research so that it may be judged by the reader whether the
methodology of work done is sound or not.

The research methodology here includes: -

1. Research Design
2. Universe and Survey population
3. Sample Design
4. Collection of Data
5. Analysis Pattern

Sample Design:-
The respondents selected should be as representative of
total population as possible in order to produce a miniature cross-section.
The selected respondent constitute what is technically called a 'sample' &
the selection process is called 'sampling technique'. The survey so
conducted, is known as sample survey.
Sample chosen must be representative of universe to be studied & therefore,
every care must be taken in size may give better results the constraints like
time and money comes to limit the size of sample. So, besides, being care
representative of the universe, a sample should be convenient in terms of
size. It should neither be too small nor too big. It should be manageable.

There are various steps in Sampling Design:

Researcher must pay attention to following points:
a) Sampling Area:
Sampling area may be a geographical one as in this

project Sushant lok,Gurgaon is taken in to consideration.

b) Source Unit:
In this project Karvy Ltd. is the sample unit.

c) Size of Sample:
It refers to the number of items to be selected from
the universe to constitute a sample. It is accepted that the bigger the size of
the sample, the greater the representatives of whole universe. A balance is to
be maintained between sample size and time cost trade off. Sample size has
been restricted to 200 investor. However, it has been tried that all socio-
economic perspectives are well considered in the samples
d) Sampling Technique:
The sampling technique used is the random
sampling
Technique.
 COLLECTION OF DATA

In my project I have used both Primary & Secondary data.

For Primary Data: - I made a questionnaire and the questionnaire filled by
the prospective investors.

For Secondary Data: - I have taken the information from the karvy official
website that is www.karvy.com. And also from karvy proposal and so on.

Analysis Pattern

Analysis can be defined as get some information from

collected date i.e. get information from raw data. Collected data is of no use
until some results have not been found out. And analysis serves this purpose.
Analysis can be done in many ways like graphs, charts, tables, coding and
statistical analysis etc.
The data thus collected was edited, tabulated, analyzed and
interpreted to make study meaningful.
Interpretation: This shows that although the mutual funds market is on the
rise yet, the most favored investment continues to be in the banks. So, with a
more transparent system, investment in the mutual funds can definitely be
increased.
 TIME HORIZON FOR INVESTMENT

0.45
39%
0.4 37%
0.35
0.3
24%
0.25
0.2
0.15
0.1
0.05
0
less than 2 years 2-5 years more than 5
years

Interpretation: This graph shows that the maximum time horizon for
investment in less than 2 years is 39%. Most of the people invest their
money for less than 2 years. People do not wait till more than 2 years.
 IDEAL RATE OF RETURN AGAINST ANY
INVESTMENT

12%
25%

15% UPTO 8%
8%-15%
15%-18%
MORE THAN 18%

48%

Interpretation: This shows that out of 200 respondent 48% of respondent

want 8%-15% rate of return. Most of people expected 8%-15% rate of
return.
 FACTOR THAT AFFECTED INVESTMENT
DECISION

60% 55%

50%
40%
30% 22%
20% 13%
10%
10%
0%
rate of return security liquidity tax benefit

Series1 Series2

Interpretation: In this graph shows that most of the people consider rate of
return factor while investing their money. Some people invest their money
for tax benefit also.
 PORTFOLIO SIZE OF INVESTMENT

40%
35%
30%
25%
20%
15%
10%
5%
0%
upto 500000- 200000- 500000- above
50000 200000 500000 800000 800000

Series1 Series2

Interpretation: This shows that 40% of respondent out of 200 investment

up to 50000rs.
Only 6% respondent invests above 800000rs.
 rate of various investment alternative

0.4 38%

0.35
0.3
0.25 23% 22%
Series1
0.2 17%
Series2
0.15
0.1
0.05
0
mutual equity banks others
funds

Mutual funds 1 2 3 4

Banks 1 2 3 4

Equity 1 2 3 4

Other 1 2 3 4

Interpretation: This graph shows that different investor rate according to

their preference. 38% of people give 1st rank to banks then 23% of people
choose mutual funds then after 22% of people prefer others and 17% of
people prefer equity.
 LIMITATIONS OF STUDY

Every survey has some sort of limitations and this survey also has some

limitations:

1. Time Constraint: -
The major limitation of the study was time

constraint as only few days were available for the study.

2. Financial Constraint: -
Another limitation was financial constraint
as very few money was available.
3. Small Sample Size: -
Sample size was very small as compared to the

scope of market share of Share khan Ltd. so it is very difficult to conclude

for the whole range of customer satisfaction on the basis of sample data.

4. Lack of knowledge: -
Proper information and knowledge are basis
of any research but there was lack of information and knowledge. Customers
were not ready to provide the information.
5. Inadequate Data: -
There might be wrong data provided in the
questionnaire as data was collected through telephonic calls also.
Conclusion
Mutual fund investment is better than other raising funds and in the coming
years it will prove to be the best source of investors. If past collection figures
are a testimony, investors seem to have realized this. Both the public Mutual
funds and Private Mutual

Findings and Analysis

In our survey of prospective investor’s preferences and their attitude towards

share market. We found that only 17% people invest in equity and rest of
percentage people used other investment alternative.
23% people invest mutual funds, 38% people invest in banks and 22% of
people invest in other like gold, bond, post office NSC ect.

Other Findings

 48% of people want 8%-15% rate of return against their investment.

 55% of people consider rate of return factor while investing their
money.
  40% of people invest up to 50000.
Organization of the Study

This study consists of mainly three chapters. Chapter 1 is related to

introduction of the study. It tells about the Objectives, Conceptualization,
limitations and significance of the study.

The next chapter i.e. CHAPTER 2 includes the Research Methodology. It

means the Research Design, its Universe, Survey Population and sample
size. It also tells about the data to be analyzed.

The last CHAPTER3 includes the data analysis, data interpretation,

summary and conclusion. It is basically the result of the study. It means the
recommendations and suggestions, conclusions various charts and all.
 SUGGESTIONS & RECOMMENDATIONS

We suggest following measures.

 While interacting with the investors I found that most of the

customers are unaware about the Mutual fund. Some of the people
look upon mutual funds and equity trading as gambling. Thus a
mutual fund awareness program can help to increase the penetration
of mutual funds in the market.

 The Stock Market has been very buoyant until now especially in the
past 3 years. This particular trend is very favorable because a soaring
SENSEX means higher returns, which encourages the investors to
invest their money in the market. Although in the past 3 months the
market has shown very unpredictable trend and has already lost over
1000 points.

 In case of insurance, it requires push selling because people always

associate it with emergencies and unpleasant situations like death and
they don’t want to think about such situation let alone prepare for
them, which means it requires a lot of conviction on part of the
executives.

People have just opened up to the idea of ULIPs because till now they knew
only two kinds of insurance plans, endowment and term plans so the concept
of high returns with protection is very new to them and slowly and slowly
these are becoming popular so there is a huge market waiting to be tapped
REFERENCES

 www.mutualfundsindia.com
 www.easymf.com
 www.amfiindia.com
 www.google.com
 www.moneycontrol.com
 www.valueresearchonline.com
 www.nseindia.com
 www.bseindia.com

Books:
Agarwal, J.D. "Security Analysis & Portfolio Management: A Review, Finance
India, Vol. II No. 1, March 1989.
Bhatt, V. V. "An Appraisal Of Some Recent Estimates Of Savings and
Investments", ICRNI, Vol. 5, 1963.
Douglas A. Hayes and W. Scott Bauman "Investments: Analysis and
Management" III Ed., 1976, MacMillan
Malhotra, Naresh "Marketing Research and Applied Orientation" IV Ed., 2005,
Pearson
 ANNEXURE

QUESTIONNAIRE

Q1. Where do you invest your money?

Equity mutual fund Banks others

(Others – Gold, Bonds, Post office, NSC)

Q2. What is your time horizon for investment?

Less than 2 years 2-5 years more than 5 years

Q3. Which factor you consider more while investing your money?

Rate of return Risk factor Liquidity

Tax benefit

Q4. What according to you is ideal rate of return against any

investment?

Up to 3% 3-8% 8-15% 15-18% more than 18

Q5. What percentage of your earnings do you invest in share trading?

Up to 10% Up to 25% Up to 50% Above

50%

Q6. Please rates investment alternative according to your preference?

Mutual fund 1 2 3 4
 Equity 1 2 3 4

Banks 1 2 3 4

Others 1 2 3 4

Q7. Who influence you in your investment decision?

Friends Family members C.A Colleges

others

Q8. Any suggestions you want to provide?

Personal Information

Name:

Age:

Sex: Male Female

Phone No:

Occupation: