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A Project Report on

“Relationship Marketing” in Capital Market









IIRM Campus, Tagore Marg

I would like to express my Acknowledgement to those people, without whose

contribution, Support and guidance this Report would not have seen the light of the
day. Notable among them are Mr. Raman Talwar (Branch Manager Preet vihar),
Mr. Sachin Aggarwal (senior relationship manager preet vihar), and Mr. Nesar
Ahmed (relationship manager preet vihar) who was my Project Guide and who
helped me in a lot.

I am also thankful to all other employees of Religare who guide me during my


I am also thankful and would like to express my Gratitude to the Honorable

Director Dr. R.K.Bharadwaj, Prof. Nandita Mishra and the entire Institute for
giving me a Platform to have this wonderful opportunity and being able to get a
glimpse of the Corporate Word

I am also thankful to Mr. Rohit Seghal (Head Corporate Resource Center) for
there constant Support and valuable suggestion.

With Regards,




As a Part of BBA Program, Student has to pursue a project duly approved by the Faculty of
Concerned area. I had the privilege of undertaking the project on “Relationship Marketing in
Capital Market” in Religare Securities Limited. Main aim of the Project is to study how to
build a long term relationship with the customer.

My Project work is divided into following parts which are as under.

1. Objective

2. Executive Summary

3. Product Detail

4. Relationship Marketing

5. Methodology

6. Data analysis & Interpretation

7. Finding & Recommendations

8. Conclusion

9. Appendices

10. Bibliography


This is to certify that MR. ROHIT SINGH KUSHWAH student of BBA (final) 2007-
2010 batch, SMPGC, has done his training project under my supervision and guidance.

During his project he was found to be very sincere and attentive to small details
whatsoever was told to him.

I wish him good luck and success in his future

Head of department(BBA)


I Rohit singh kushwah, Student of BBA Final Year, Smpgc jaipur, Hereby declare that the
project on “Relationship Marketing in Capital Market” has been done under the guidance of
Ms. Seema Sharma (HOD. BBA), Institute of Management Studies & Mr. Sachin Aggarwal,
{ Sr. Relationship Manager (Preet vihar Branch)} Religare Securities Limited, New Delhi.




List of Tables
List of Graphs / Figures











13. ANNEXURE 125



The Present business scenario is totally consumer oriented. Every company faces stiff
competition from its competitors, each provides the best product at competitive rates. As a result
customers have lot of choices to get the best with the least cost. To face this competition, it is
very important to know customer’s behavior, there needs, preference and also the motivation

My Project was on “Relationship Marketing of Financial Products” Dealing in the financial

product with in Jaipur. to know the Motivational & demotivational factors of the client so as to
cater the needs in most appropriate manner. It will help business to expand its network & also its

I had done my project under the guidance of My Guide Mr. Raman Talwar (Branch Manager)
Mr. Sachin Aggarwal (senior relationship manager) and MR. Nesar Ahmed (Relationship
manager) whose guidance helps me in completing my Project Work Successfully.

Religare Securities Limited Provide its Expert service in Capital market Operations to
institutional Investors. Company is a Member of National Stock Exchange as well as Bombay
Stock Exchange. Religare is slowly but steadily gaining market share and goodwill in the
Market. Its strategies for marketing its services as well as developing a good Relationship
Marketing with its client has given an edge over the other service providers. Religare is on
expansion path and is looking forward to be in the top. Religare is a very flexible organization
and its gives equal opportunity to its young and energetic staff to work so as to bring this
organization among the top.

This project also throws lights on the working frame of broking service. This industry is on the
spree to adopt the latest technology and thus any player has to be dynamic in this industry. The
comparative analysis done in this project show how Religare has built competitive edge on some

ground. The Project help you understand the strategies of this industry right from De-Mat to
Trading, Margin to analysis and risk to return. I hope this project prove to be beneficial for the
Company and also give the reader a through idea about the industry. I learnt a lot through out the
process of undertaking this project report.

To fulfill my task I had to visit the client personally who are dealing in share trading with this
company or some other broking house.

For this project I was assign the target of 10 accounts, for which I first generated the database
and made appointment with them and convert them in as traders of Religare Securities Limited,
for this I have to convince them and explain the concept and collect the Trading Form and a
cheque of Rs. 5000 only.

After going through the exercise I found that RSL is one of the upcoming companies in the
Marketing of financial Product, as the credibility of other companies are going down in the
market and it is the right time for the RSL to built its reputation in the market. The Main reason
for RSL low market share is because of local brokers in the market which a charging very less
Margin as initial investment for Trading in Stock Market.

But No doubt it is having lots of scope to grow in the financial Market, and I wish it is having a
shining future in the coming years.



Religare is driven by ethical and dynamic process for wealth creation. Based on this, the
company started its Endeavour in the financial market.

Religare Enterprises Limited (A Ranbaxy Promoter Group Company)

Through Religare Securities Limited, Religare Finvest Limited, Religare ComdexLimited and
Religare Insurance Advisory Services Limited provides integrated Financial solutions to its
corporate, retail and wealth management clients.

Religare is proud of being a truly professional financial service provider managed by a highly
skilled team, who have proven track record in their respective domains.

Religare operations are managed by more than 1500 highly skilled professionals who subscribe
to Religare philosophy and are spread across its country wide branches. Today, we have a
growing network of 150 branches and more than 300 business partners spread across 180 cities
in India and a fully operational

International office at London However, our target is to have 400 branches and 1000 business
partners in 300 cities of India and more than 8 International offices by the end of 2007.

Unlike a traditional broking firm, Religare group works on the philosophy of partnering for
wealth creation. We not only execute trades for our clients but also provide them critical and
timely investment advice. The growing list of financial institutions with which Religare is

empanelled as an approved broker is a reflection of the high level service standard maintained by
the company.

Religare has a very credible team research & Analysis division, which not only caters to the
need of our institutional client but also gives there valuable input to investment dealers.

Religare is among the capital market fraternity and the most vibrant place in terms of
information and every day it is consolidating its efforts to provide more customized services to
its clients.

Religare in recent past has been constantly innovating in terms of the product & services which it
offers, and in this respect it has started a premium NRI, HNIs & corporate servicing group. This
group specifically caters to the growing investment needs of these premium clients categories by
taking all there portfolio investment decisions depending upon there risk / returns parameter.



Providing integrated financial care driven by the relationship of trust and

To be India's first Multinational providing complete financial services solution
across the globe.


Religare Group of Companies:

Religare Enterprises Limited group comprises of Religare Securities Limited, Religare Comdex
Limited, Religare Finvest Limited and Religare Insurance Advisory Limited which deal in
equity, commodity and financial services business.

RSL is one of the leading broking houses of India and are dealing into Equity Broking,
Depository Services, Portfolio Management Services, Institutional Equity Brokerage &
Research, Investment Banking and Corporate Finance

Extension of services has been a constant feature in Religare to regard the needs of our clients.
Consequently, company is soon going to launch Internet Trading and Merchant Banking. This
would take care of different investment needs of different classes of investors

To facilitate free and fare trading process Religare is a member of major financial institutions
like, National Stock Exchange of India, Bombay Stock Exchange of India, Depository
Participant with National Securities Depository Limited and Central Depository Services (I)
Limited, and a SEBI approved Portfolio Manager

RSL serves a platform to all segments of investors to avail the opportunities offered by investing
in Indian equities either on their own or through managed funds in Portfolio Management.

Religare Comdex Limited:

Religare is a member of NCDEX and MCX and provides platform for trading in commodities,
which is an online facility also.

RCL provides platform to both agro and non-agro commodity traders to derive the actual price
of the commodity and also to trade and hedge actively in the growing commodity trading market
in India.

With this realization, Religare Comdex is coming up with its branches at 42 mandi locations. It
is a flagship effort from our team which would be helpful in facilitating trade and speculating
price of commodities in future.

Religare Finvest

Religare Finvest Limited (RFL), a Non Banking Finance Company (NBFC) is aggressively
making a name in the financial services arena in India. In a fast paced, constantly changing
dynamic business environment, RFL has delivered the most competitive products and services.
RFL is primarily engaged in the business of providing finance against securities in the secondary
market. It also provides finance for application in Initial Public Offers to non-retail clients in the
primary market
RFL is also planning to initiate personal loan portfolio as fund based activity and mutual fund
distribution as fee based activities
Along with this, the company also undertakes non-fund based advisory operations in the field of
Corporate Financing in the nature of Credit Syndication which includes bills discounting, inter
corporate deposit, working capital loan syndication, placement of private equity and other
structured products

Religare Insurance Advisory Ltd.

Religare has been taking care of financial services for long but there was a missing link.
Financial planning is incomplete without protective measure i.e. structured products to take care
of event of things that may go wrong

Consequently, Religare is soon coming up with Religare Insurance Advisory Services Limited.
As composite insurance broker, we would deal in both insurance and reinsurance, providing our
clients risk transfer solutions on life and non-life sides.
This service will take benefit of Religare’s vast business empire spread throughout the country --
providing our valued clients insurance services across India. We aim to have a wide reach with
our services – literally! That’s why we are catering the insurance requirements of both retail and
corporate segments with products of all the insurance companies on life and non-life side

Still, there is more in store. We also cater individuals with a complete suite of insurance
solutions, both life and general to mitigate risks to life and assets through our existing network of
over 150 branches – expected to reach 250 by the end of this year!

For corporate clients, we will be offering value based customized solutions to cover all risks
which their business is exposed to. Our clients will be supported by an operations team equipped
with the best of technology support.

Religare Insurance Advisory aims to provide neutral, transparent and professional risk transfer
advice to become the first choice of India.

Religare Securities Ltd. is a wholly owned subsidiary of Fortis Financial Services Ltd. A
company promoted by the late Dr. Parvinder Singh, Ex- CMD of Ranbaxy Laboratories Ltd.
The Primary focus of RSL is to cater services in capital Market operations to Institutional
Investors. The company is a member of the National Stock Exchange (NSE).


Over a period of time RSL has recorded a healthy growing rate both in business volume and
profitability as it only the major players in this line of business. The business thrust has mainly in
the development of business from Financial Institutions, Mutual Funds and Corporate.

The operations of the company are broadly organized among the following functions.

11. Research & Analysis

This group is focused on doing stock picks and periodical scrip/ Segment specific research. They
provide the best of analysis in the industry and are valued by both our institutional and Retail

12. Marketing
This group is focused on tracking potential business opportunity and converting them into
business relationships. Evaluation the need of the clients and tailoring products to the meet
there specific requirements help the company to build lasting relationship.

13. Dealing
Enabling the clients to procure the best rates on there transactions is the core function of this

14. Back office

This group ensures timely delivery of securities traded, operation matters with stock
exchange, statutory compliance, handling tasks like pay-in, pay-out, etc. This section is fully
automated to enable the staff to focus on the technicalities of securities trading and is manned
by professionals having long experience in the field.



The company has offices located at prime location in Mumbai, New Delhi, Kolkatta and
Chennai. The offices are centrally located to cater to the requirements of institutional and

corporate clients and retail clients, and for ease of operation due to proximity to stock exchange
and banks. Today we have more than 170 branches all over India.


The company has its disposal, an efficient network of advance communication system and intend
to install CRM facilities, besides this it is implementing interactive client information
dissemination system which enable clients to view there latest client information on web. It has
an installed multiple WAN to interconnect the branches to communicate on real time basis.

The company is equipped with most advanced system to facilitate smooth functioning of
operations. It has installed its major application on IBM machine and uses latest state of art
financial software.


Mr. Sunil Godhwani is Chief Executive Officer and Managing Director of Religare Securities
Limited. He is also the CEO and MD of the parent company Fortis Financial Service Limited
and is managing the entire operations of both the companies.

CEO is supported by various HODs who are creditable professional consisting of Chartered
Accountants, MBAs with varied experience in financial services and stock broking functions.
The Board of Directors consists of Mr. Harpal Singh as Chairman and Mr. V.K. Kaul, Mr.
Malvinder Mohan Singh, Mr. Shivinder Mohan Singh as Directors.


Religare Securities Limited has also ventured into depositary services to its clients and is among
leading depository services provider having more than 3000 Crore worth of securities under its


15. Participant on the country’s premium exchange:

Religare is a member of the country’s premium stock exchange- The National Stock
Exchange of India (NSE) as well as Bombay Stock Exchange (BSE)

 Clearing membership on Capital & Derivative Segments:

It has clearing membership on both the Capital Market and Derivative segments of the
exchange. We are also authorized to trade the retail debt market.

 Depositary Participant with NSDL & CDSL:

We are depositary participants with the country premium depositary service- National
Securities Depository limited (NSDL) as well as with the only depository with a country wide
reach – Central Depositary Service Limited (CDSL)

 Leading Private sector bank as partner:

Our banking partner is HDFC Bank, ICICI Bank & UTI Bank – The foremost private sector
bank in the country, which has the most technologically advanced infrastructure in the country,
with internet banking allowing access to information 24x7.

 Prime office location:

We have prime office location in the nation’s political capital and the business capital – Delhi &

 Research Capabilities:

We have a dedicated team of analysts in our Bombay office – They provide fundamental analysis
of stock and markets, which are fundamentally strong and are helpful for retail investors.

 Technical Analysis:

A daily technical newsletter is published by our in house technical analyst, who is a recognized
leading practitioner in capital market. He tracks the progress of the calls on the real- time basis,
and advises of any change in the profit points of stop loss levels.

Thus with this in house services that is provided by Religare Securities Ltd. To its Clients has
given a competitive edge & more over it has given trust and confidence to its retail investors
to as to build a long term relationship with its clients.


Our organization is led by individual who are professional and leaders in every sense of the
world. Experts in their respective domain, esteem members of our Board of Directors are:

Name Designation
Mr. Harpal Singh Chairman
Mr. Vinay Kumar Kaul Director
Mr. Malvinder Mohan Singh Director
Mr. Shivinder Mohan Singh Director
Mr. Sunil Godhwani M.D


The company owes its success to its strong management team, most of which has been
there since its inception.

Organization Structure:

National Sales and Marketing Head

Vice President-Investment Vice President-Sales

Assistant Vice President-Investment Assistant Vice President-Sales

Zonal manager investment Regional Sales Head

Senior Investment manager Branch Manager

Manager Investment Team Leader

Relationship Manager

Associate Relationship Manager

Asst. Relationship Managers

Relationship Executive.


Primary Objective:

• To Study how to build a relationship marketing in Capital Market.

Secondary Objective:

• To study various financial products like Equity, Mutual Funds, Commodity& Portfolio
Management Services.

• To Study the various services provided by Broker house to there clients.
• To know investors experience in capital market
• To study what other services investors expect from their broker house.


The study of research method provides you with the knowledge and skills you need
to solve the problem and meet the challenges of the fast- based decision. Marketing
environment we define Business Research as a systematic inquiry whose objective is to
provide information to solve managerial problem.
It seeks to find explanation to unexplored phenomena to clarify the doubtful facts
and to correct the misconceived facts.

Types of Research:

Descriptive Research:
Descriptive study is a fact- finding investigation with adequate interpretation. It is
the simplest type of research. It is more specific than an explanatory study, as it has focus
on particular aspect of the problem studied. It is designed to get her descriptive
information and provide information for formulating more sophisticated studies. Data are
collected by using one or more appropriate method, observation, interviewing and mail

Type of Data Used:-

There are basically two types of Data

• Primary Data
• Secondary Data

Primary Data:-
Primary Data is first hand information that the researcher collects. It helps in collecting
useful and most accurate information that is needed for the researcher to do his research.

Sources of Primary Data:-

• Questionnaire
• Interview Schedule

Secondary Data:-
Secondary data is what the researcher collects from different sources. It also help researcher
to get elaborate information to do his research.

Sources of Secondary Data:-

• Internet
• Journals

Target Group/ Population:-

As this research is based on Relationship Marketing my Target group is my Clients who
are using the Services of Religare Securities in Dealing with Capital Market.

Area of Study:-
Jaipur city

Tools for Data Collection:-

The Various method of Data gathering involves the use of appropriate recording forms. These
are called tools or instrument of data collection.

Sample Size :-
50 (Fifty)


• Close Ended Question:-

Are structured ones with two or more alternative responses from which respondent
can chose. They contain standardized answers and they are simple to administer and
easy to compile and analyzes.
• Dichotomous or two- choice questions:-

A dichotomous question can be answered in one of the two responses such
as “Yes” or “No”. It is necessary to realized that in many two choices question there
may be potential alternative beyond the stated two.

• Multiple Choice questions:-

These questions contain more than two alternatives.
Following points should be remembered before making this question
 The list of alternative choice should be exhaustive.
 It Should not overlapping
 There should be fair balance in choice
 All alternative should be reasonable.


The Basic idea of sampling is that by selecting some of the element in a population in order to
get first hand information of study.

There are two type of sampling probability Sampling & Non probability sampling and in this
research, Researcher has taken probability sampling.

Probability Sampling:
Probability sampling is most commonly associated with survey based research where you need
to make inferences from your sample about a population to answer your research questions or to
meet your objectives. The process of probability sampling can be divided into four stages:
1. Identify a suitable frame based on your research question or objectives
2. Decide on a suitable sample size
3. select the most appropriate sampling technique and select the sample
4. Check that the sample is representative of the population
The objective of probability sampling depends on the research question & on the objective.
Subsequently I need to have face to face contact with respondents.

Simple random sampling

Simple random sampling involve in selecting sample at random from the sampling frame using
either random no. table. In my research I had use random selection of respondent who used to
come for the trading purpose in Religare securities office it is most accurate and easily
accessible form of sampling method

Convenience Sampling
Convenience or haphazard sampling involve selection haphazardly those cases that are easiest to
obtain for your sample, Such as the person interviewed at random in a shopping center for the
interview programmed. The sample selection process is continued until your required sample
size has been reached. Although this techniques of sampling is widely used it is prone to bias and
influence that are beyond your control. I has selected convenience sampling as some of the
respondent are my clients only.

Technique used for analysis & interpretation:-

• Bar Diagram & Pie Chart
• Percentage Analysis
• Chi Square Test

Percentage Analysis:
Percentage Analysis is used for making comparison between two or more series of data.
Percentage (%) = No. of respondents * 100 / Total No. of respondents.

Chi- Square Test:

Many time manager need to know weather the differences they observe among several sample
proportion are significant or only due to chance.

X2 = (fo-fe)2

Determine Degree of Freedom:

No. of degree of freedom = (No. of rows -1) (No. of Columns-1)

Pilot Testing:-
A pilot testing is conducted to detect weakness in design and instrumentation and provide
proxy data fro flections of a probability sample. The objective of pilot survey is to filter
unnecessary question, question which are difficult to answer and improve the phrases of certain


 Stock Trading (RACE & RALLY)

 Depositary Services
 Marginal Financing

 Mutual Fund Distribution
 Portfolio Management Scheme
 Commodity Trading

R-ACE (Basic)

 Account activation charges Rs. 299/-
 Minimum margin of Rs. 5000/- required
 No software installation required, easily accessible on browser
 NSE cash segment, NSE F&O and BSE on single platform
 Trade online and over phone
 Access your ledger balances and account information over internet
and phone
 Integrated DP, back-office and trading account
 Earn interest on cash margin deposited with us
 Online transfer of funds through multiple banks
 Lifetime free DP account (No annual maintenance charges)*

R-ACE Lite (Advanced)

 Account activation charges Rs. 499/-

 Minimum margin of Rs. 5000/- required
 No software installation required, easily accessible on browser
 NSE cash segment, NSE F&O and BSE on single platform
 Real-time streaming quotes
 Alerts
 Hot key functions
 Trade online and over phone
 Access your ledger balances and account information over internet and phone
 Integrated DP, back-office and trading account
 Online transfer of funds through multiple banks
 Lifetime free DP account (No annual maintenance charges)*

R-ACE Pro (Professional)

 Account activation charges Rs. 999/-
 Minimum margin of Rs.10 000/- required
 Traders terminal on your desktop
 NSE cash segment, NSE F&O and BSE on single platform
 Real-time streaming quotes
 Technical charting (intra-day and EOD)
 Multiple watch list
 Advanced hot-key functions for faster trading
 Derivative chains
 Futures & options calculator
 Access your ledger balances and account information over internet
and phone.
 Integrated DP, back-office and trading account
 Online transfer of funds through multiple banks
 Lifetime free DP account (No annual maintenance charges)*
 Earn interest on cash margin deposited with us
 Trade online and over phone



The trading on stock exchanges in India used to take place through open outcry without use of
information technology for immediate matching or recording of trades. This was time consuming
and inefficient. These imposed limits on trading volumes and efficiency in order to provide
efficiency, liquidity and transparency. NSE introduced a nation-wide on-line fully-automated
screen based trading system (SBTS) where a member can punch in to the computer quantities of
securities and the price 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. SBTS electronically matches orders on a
strict price/ priority and hence cuts down on time, cost and risk of error, as well as on fraud
resulting in improved operational efficiency. It allows faster incorporation of price sensitive
information in to prevailing prices,
Thus increasing the informational efficiency of markets, it enables market participants,
irrespective of their geographical locations, to trade with one another simultaneously, improving
the depth and liquidity of the market. It provides full Anonymity by accepting orders, big or
small, from members without revealing their identity, thus providing equal access to everybody

It also provides a perfect audit trail, which helps to resolve disputes by logging in the trade
execution process in entirety.

This sucked liquidity from other exchanges and in the very first year of its operation, NSE
becomes the leading stock exchange in the country, impacting the fortunes of other exchanges
and forcing them to adopt SBTS also. Today India can boast that almost 100% trading take place
through electronic order matching.

Technology was used to carry the trading platform from the trading hall of stock exchanges to
the premises of brokers. NSE carried the trading platform further to the PCs at the residence of
investors through the Internet and to handheld devices through W A P for convenience of mobile
investors. This made a huge difference in terms of equal access to investors in a geographically
vast country like India.
The trading network is depicted in Figure 1.1 NSE has main computer which is connects through
Very small Aperture Terminal (VSAT) installed at its office. The main computer runs on a fault
tolerant STRATUS mainframe computer at the Exchange. Brokers have terminals (identified as
the PCs in the Figure1) installed at their premises which are connected through VSATs/leased
lines/modems. An investor informs a broker to place an order on his behalf. The broker enters
the order thorough his PC, which runs under Windows NT and sends signal to the satellite via
VSAT/leased line/modem. The signal is directed to mainframe.


The Act defines Depository as,
An organization where the securities of a shareholder are held in the form of electronic accounts
in the same way as a bank holds money. The Depository holds electronic custody of securities
and also arranges for transfer of ownership of securities on the settlement dates.

Depository System is concerned with conversion of securities from physical to electronic from,
settlement of trades in securities segment, transfer of ownership of shares and electronic custody
of securities.

National Securities Depository Ltd. (NSDL) is the country's first Depository, which provides
electronic depository facilities, traded in the equity and debt markets. Trading in dematerialized
securities on the National Stock Exchange (NSE) commenced on 26th December 1996. The
Bombay Stock Exchange (BSE) also extended the facility of dematerialized securities from 29th
December 1997.

Offering depository service to the shareholders is a positive sign a company can send about its
concern for the welfare of its shareholders.

Fortis Securities Ltd. has ventured into depository services to cater to its clients and is among
leading depository services having more than 4000 Crore worth of security under its custody.


In the depository system, the ownership and transfer of securities takes place by means of
electronic book entries. At the outset, this system rids the capital market of the dangers related to
handling of paper. NSDL provides numerous direct and indirect benefits, like:

. Elimination of bad deliveries- In the depository environment, once holdings of an

investor are dematerialized, the question of bad delivery does not arise i.e. they cannot be held
“under objection" In the physical environment, buyer was required to take the risk of transfer and
face uncertainty of the quality of assets purchased, In a depository environment good money
certainly begets good quality of assets.
. Elimination of al risks associates with physical certificates-Dealing in physical securities
have associates security risks of theft of stocks, mutilation of certificates, loss of certificates
during movements thorough and from the registrars, thus exposing the investor to the cost of
obtaining duplicate certificates and advertisements, etc This problem does not arise in the
depository environment.
. No stamp duty for transfer of any kind of securities in the depository. This waiver
extends to equity shares, debt instruments and units of mutual funds.
. Immediate transfer and registration of securities-In the depository environment, once the
securities are credited to the investors account on pay out, he become the legal owner of the

There is no further need to send it to the company's registrar for registration. Having purchased
securities in the physical environment, the investor has to send it to the company’s registrar so

that the change of ownership can be registered This process usually takes around three to four
months and is rarely completed within the statutory framework of two months thus exposing the
investor to opportunity cost of delay in transfer and to risk of loss in transit.

To overcome this, the normally accepted practice is to hold the securities in street names i.e. not
register the change of ownership. However, if the investors miss a book closure the securities are
not good for delivery and the investor would also stand to loose his corporate entitlements.
.Faster settlement cycle - The exclusive demat segments follow rolling settlement cycle of T+2
i.e. the settlement of trades will be on the 2nd working day from the trade day. This will enable
faster turnover of stock and more liquidity with the investor.
. Faster disbursement of non-cash corporate benefits like rights, bonus, etc- NSDL
provides for direct credit of non cash corporate entitlements to an investors account, there by
ensuring faster disbursement and avoiding risk of loss of certificates in transit.
. Reduction in brokerage by many brokers for trading in dematerialized securities -
Brokers provide this benefit to investor as dealing in dematerialized securities reduces their back
office cost of handling paper and also eliminates the risk of being the introducing broker.

Reduction in handling of huge volumes of paper -Periodic status reports to investor on
their holdings and transactions, leading to better controls.

. Elimination of problem related to change of address of investor, transmission etc.-In case
of change of address or transmission of demat shares, investors are saved from undergoing the
entire change procedure with each company or registrar. Investors have to only inform their DP
with all relevant documents and the required changes are effected in the database of all the
companies, where the investor is a registered holder of securities.
. Elimination of problems related to selling securities on behalf of a minor -A natural
guardian is not required to take court approval for selling demat securities on behalf of a minor
. Ease in portfolio monitoring- since statement of account gives a consolidated position of
investments in all instruments so as to make portfolio monitoring easy.



Transacting the depository way has several advantages over the traditional system of transaction
using share certificates.
Trading in de-mat segment completely eliminates the risk of bad deliveries, which in turn
eliminates all cost and wastage bad delivery has with follow up for rectification.
The reduction in risk associated with bed delivery has leas to reduction in brokerage to the extent
of 0.5% by quite a few brokerage firms.

In case of transfer of electronic shares, you save 0.5% in stamp duty.

You also avoid the cost of courier/notarization/the need for further follow - up with your broker
for shares returned for company objection.

In case the certificates are lost in transit or when the share certificates become mutilated or
misplaced, to obtain duplicate certificates, you may have to spend at least Rs, 500/- for
indemnity bond, newspaper advertisement etc,. Which can be completely eliminated in the demat

You can also receive your bonuses and right in to your depository account as a direct credit, thus
eliminating risk of loss in transit.

You can also expect a lower interest charge for loans taken against demat shares as compared to
the interest for loan against shares, This could results in a saving of about 0.25% to 1.5% Some
banks have already announced this,
RBI has increased the limit of loans against dematerialized securities as collateral to Rs, 2 mn
per borrower Rs, and 1 mn per borrower in case of loans against physical securities.

RBI has also reduced the minimum margin to 25% for lac against dematerialized securities as
against 50% for loans against physical securities.


Opening a depository account is as simple as opening a bank account. You can open a depository
with any DP convenient to you.

To Open an Account you have to"

Fill up the account opening form which is available with the DP.
Sign the DP-client agreement, which defines the right and duties of the DP and the person
wishing to open the account. Copy of PAN card is req. along with address proof and cheque.
After that client receives his/her client account number (client ID).
This client id along with your DP id gives you a unique identification on the depository system.

There is no restriction on the number of depository accounts you can open. However, is your
exertion physical shares are in joint names, be sure to open the account in the same order of
names before you submit your share certificates for demat.


Fill up a dematerialization request from, which is available with your DP"
Submit your share certificates along with the form; (be sure to write” surrendered for demat" on
the face of the certificate before submitting it for demat).
Receive credit for the dematerialized shares in to your account in 15 days

There are checks and balances in the depository design to ensure safety of your holding. A DP
can be operational only after by SEBI, which is based on the recommendation from the
depository and SEBI's own independent evaluation. SEBI has prescribed criteria for becoming a
DP in the regulations.

DPs are allowed to affect any debit and credit to an account only on the basis of valid instruction
from the client.

Every day, there is a system driven mandatory reconciliation between the DP and NSDL,

There are periodic inspection in to the activities of both DP and R&T agent by NSDL.
This also includes records based on which the debit/credit is affected. This data inter-charge
between NSDL and its business is protected by standard protection measures such as encryption.
This is a SEBI requirement. There are no direct communication links between two-business
partner and all communications between two business partners are routes through NSDL.
All investors have a right receive their statement of accounts to a random sample of investors as
a counter check.

In the depository, the depository holds the investor holdings on trust. Therefore,: if the DP goes
bankrupt the creditors of the DP will have no access to the holdings in the name of the DP There
investors can then either rematerialize their holding or transfer them to a different account held
with another DP.

Investor Grievance: All grievance of the investors are to be resolved by the concerned DP, if
they to do so the investors has the right to approach NSDL.

Insurance Cover: NNSDL has taken a comprehensive insurance policy to protect the interest of
the investors in cases of failure of the DP to resolve a genuine loss.


The Basics

Buying on margin is borrowing money from a broker to purchase stock. Margin trading allows
you to buy more stock than you will be having normally.

To trade on margin, you need a margin account. This is different from a regular cash account in
which you trade just with the money in the account. An initial investment in required for a
margin account. This deposit is known as the minimum margin. Once the account is opened and
operational, you can borrow money to purchase a stock.

You can keep your loan as loan you want, provided you fulfill a few criteria. First, when you sell
the stock in a margin account the proceeds go to your broker against the repayment of the loan,
until it is fully paid, second, there is also a restriction called the maintenance margin, which is
the minimum account balance you must maintain. If you do fall below this level, you will be
forced to deposit more funds or sell stock to pay down your loan; this is known as a “margin

Borrowing money isn't without its costs, On top of the fact that the margin - able securities in the
account are collateral and you’ll also have to pay interest on your loan.


Why use margin? It's all about leverage. Just as companies borrow money to invest in projects,
investors can borrow money and leverage the cost they invest. Every point a stock goes up is
amplified with leverage. If you pick the right investment margin can dramatically increase your


It should be clear by now that margin accounts can be very risky and are not suitable for
everyone, Leverage is a double-edged sword: losses are amplified to the same degree as gains
are. In fact one of the definitions of risk is the degree that an asset swings in price. As leverage is
amplifying these swings, by definition, it increases the risk to your portfolio.



As you probably know, mutual funds have become extremely popular over the last 20 years.
What was once just another obscure financial instrument is now a part of our daily lives. In fact
too many people investing mean buying mutual funds. After all, its common knowledge that
investing in mutual funds is (or at least should be) better than simply letting your cash waste
away in a saving account.

The Definition

A mutual fund is nothing more than a collection of stocks and/or bonds. You cam make money
from a mutual fund in three ways:
1) Income from dividends on stocks and interest on bonds. A fund pays out nearly all
income it receives over the year to fund owners in the form of a distribution.

2) If the fund sells securities that have increased in price the fund has a capital Gain.
Most funds also pass on these gains to investors in a distribution.

3) If fund holding increase in price but are not sold by the fund manager, the fund's shares
increase in price. You can then sell your mutual fund shares for a profit.

Advantages of Mutual Funds:

. Professional Management - A mutual fund is a relatively inexpensive way for a small

investor to get a full- time manager to make and monitor investments.

. Diversification- By owning shares in a mutual fund instead of owning individual stokes

or bonds, your risk is spread out.

. Economies of Scale- Because a mutual fund buys and sells large amounts of securities at
a time, its transaction costs are lower than you as an individual would pay.

. Liquidity - Just like an individual stock, a mutual fund allows you to request that your
shares be converted in to cash at any time.

. Simplicity - Buying a mutual fund is easy; Most Companies have their own line of
mutual funds, and the minimum investment is small.

Disadvantages of Mutual Funds:

. Professional Management - Management is by on means infallible, and even if the fund
loses money, the manager still takes his/her cut.

. Costs- The mutual fund industry is masterful at burying costs under layers of jargon.

. Dilution - It's possible to have too much diversification. Because funds have
smallholdings in so many different companies, high returns from a few investments offer don't
make much difference on the overall return.

. Taxes - When making decisions about your money, fund managers don't consider your
personal tax situation.


Portfolio Management Optimizes cash flows across a portfolio of assets, and provides risk
management expertise, Risks are assessed, mitigated and managed daily through rigorous and
strictly enforced processes that operate independently from the transactions they monitor,

1) Portfolio Management is a vital contributor to a successful deregulated market.

2) Reduces price and volume fluctuations and increases buyer and seller certainly.

3) Delivers lower costs by managing risk on behalf of producers and sellers, and by
managing supply and demand imbalances.

4) Fosters innovative thinking as well as new product and service offerings stabilize cash

5) Portfolio Management provides benefits to wholesale customers

Seeks to optimize return on invested capital

6) Fortis brings out Portfolio Management Service after obtaining the approval of the
Securities and Exchange Board of India (SEBI). Some

7) Advantages of Portfolio Management are Expertise, Professionalism and integrity,
tailor - made portfolio to match your risk profile, Periodic interaction and reporting
that enables you to track your portfolio without any delay or difficulties.


High net worth investors need personalized and professional services to cater to their every
growing need. We at Fortis Securities Limited focus on comprehensive private client service
capabilities to high net worth investors and investors first hand information relating to their
Investments. The motto at Fortis is to grow with your client and to adapt yourself according to
your clients need.

Fortis has a state-of-the-art consulting, implementation and investment services solution for
advising clients to focus on their core competencies.
Leveraging our reputation, expertise, economies of scale and continued reinvestment and our
private client Services team partners with the clients to develop a thorough understanding of their
investment styles


The depository and share dematerialization systems that have enhanced the efficiency of the
transaction cycle.
The Info Tech-driven National stack Exchange (NSE) with a national presence (for the benefit of
investor’s across locations) and other initiatives to enhance to exchange the quality of financial

Indian capital markets have rewarded Foreign Institutional Investors (FIIs) with attractive
valuations and increasing returns.


With over 20 million shareholders, India has the third largest investor base in the world after the
USA and Japan. Fortis offers specialized and personalized services to its NRI investor. We offer
a complete investment mechanism to help you make the right decisions at the right times. Fortis
even goes a step further and Invests for you by drawing on its extensive Research and Technical
analysis skills.

So as an NRI, all you need to so is register with us for peace of mind and watch your investments
Multiply and Grow.


Commodities Trading is a global phenomenon and offers tremendous potential to market
participants for both profit taking of small price corrections as well as also to hedgers looking at
managing price risk on account of price fluctuations.

A commodity must meet three basic conditions to be successfully traded in the futures market:

1- It has to be standardized and for, agricultural and industrial commodities must be

in a basic, raw, unprocessed state.

2- Perishable commodities must have an adequate shelf life, because delivery on a

futures contract is deferred.

3- The cash commodity's price must fluctuate enough to create uncertainty, which
means both risk and potential profit.

Unlike a stock, which represents equity in a company and can be held for a long
time, if not indefinitely, futures contracts have finite lives, in most cases, delivery never takes
place. Instead both the buyer and the seller, action independently of each other, usually liquidate
their long and short positions before the contracts expires the buyer sells futures and the seller
buys futures.


Multi Commodity Exchange of India Limited (MCX), is a new order Exchange with a mandate
for setting up a nationwide, online multi-commodity marketplace, offering unlimited growth
opportunities to commodities market participants, As a true neutral market , MCX has taken
several initiatives to usher in a new-generation commodities futures market in the process, to
become the countries premier Exchange.

MCX, an independent and a denaturalized exchange since inception is all set to introduce a state-
of- the-art online digital exchange for Commodities Futures trading in the country and has
accordingly initiated several steps to translate this vision in to reality.

Religare brings to you a unique opportunity to be able to trade in commodities. One of the first
and still a part of a very select group, Fortis enables you to trade in ways never before possible.


Relationship Marketing has an aim of building mutually satisfying long term relationship with its
clients in order to earn and retain their business. Marketer accomplishes this by promising and

delivering high quality product and services at fair price to the other parties over time.
Relationship marketing build longs strong economical, technical and social ties among the
parties. The ultimate outcome of relationship marketing is the building of unique company assets
called the marketing network.
A Marketing network consists of the company and its supporting stakeholders (Clients,
Employees, ad agencies and others) with whom it has built mutually profitable business
relationship. The operating principal is same build an effective network of relationship with key

• Marketing Channel: To reach target market, marketer uses three kinds of marketing
1. Communication Channel: It deliver & receive message from target buyers and include
newspaper, television, telephone etc.
2. Distribution Channel: To display sell or deliver the physical product or service(s) to the
buyer or user. This includes distributor and agents.
3. Service Channel: To carry out transaction with potential buyers. Marketer clearly faces a
design problem in choosing the best mix of communication, distribution and service
channel for their offerings

• Supply Chain: The marketing channel connect the marketer to the target buyers, the
supply chain describe a longer channel stretching. The supply chain represents a value
delivery system. Each company captures only a certain percentage of total value
generated by the supply chain. When a company acquires competitor or moves upstream
of downstream, its aim is to capture a highly percentage of supply chain value.

• Competitor: It includes all the actual and potential rival offering and substitutes that a
buyer might consider. We can broaden the picture further by distinguishing four levels of
competition based on the degree of product sustainability:
1. Brand Competition: A company sees its competition as other companies offering
similar products and service to the same customer at similar price.
2. Industry Competition: A company sees its competition as all company making the
same products or class of products
3. From Competition: A company sees its competitors as all companies manufacturing
products that supply the same service.
4. Generic Competition: A company sees its competitors as all companies that compete
for the same consumer.

Marketing Environment: Competitor represents only one force in the environment in which the
marketer operates. The marketing environment consists of the task environment and the broad
1. Task environment: It includes immediate actors involved in producing, distribution and
promoting the offering. The main actors are the company, suppliers, distributing, dealers
and the target customer.

2. Broad environment: It consists of demographic environment, economical environment,
natural environment, technological environment, political environment, and socio-
cultural environment. These environment contain forces that can have a major impact in
task environment

Principles of Relationship Marketing:

The principal of personal selling and negotiation thus for described are transaction oriented
because their purpose is to close a specific sale, but in many cases the company is not seeking an
immediate sale, but rather to build a long term suppliers- customer relationship. The company
wants to demonstrate that it has the capabilities to server the account’s needs in a superior way.

Today’s customers are large and often global. They prefer suppliers who can sell and deliver a
coordinated set of product and services to many locations.

When a relationship management program is promptly implemented, the organization will begin
to focus as much on managing its customer as on managing its products. At the same time
companies should realize that while there is a strong and warranted move toward relationship
marketing, it is not effective in all situations. Ultimately companies must judge which segment
and which specific customers will respond profitably to relationship management.

Customer Relationship Management

Customer Relationship Management (CRM) is a well known business concept. Managers today
are working hard to build and maintain a relationship with the customer - given the importance
of customer lifetime value. While the concepts of CRM and Customer Lifetime value are well

established and understood by managers, managing customer relationships has become a
challenge for many managers. Several firms have implemented dedicated software tools (Seibel, etc.) for customer relationship management, and even more number of companies
is planning to do the same. Few firms have even created offices of customer relationship
management: Client partners, Account managers, Program Managers etc. In spite of all these
efforts, managers are finding it hard to manage customer relationships

the challenge of managing customer relationships led to a new concept called Levels of
Customer Relationships developed by INSEAD, France. The central theme of this concept is:

• Customer relationship is an evolutionary process that can be identified as 6 distinct

• Customers have different needs and expectations during different stages of this
• Customer relationship is a dynamic process and can move from one stage to another
based on customer's aspirations and customer's buying experience

Why do customers have a relationship with the vendor?

Every salesman knows that customer often wishes to have a relationship with the vendor. Many
firms therefore want to make use of this relationship and have instituted customer loyalty
programs - aimed at rewarding loyal customers. For example, Airlines have free miles program,

credit card firms have points program, Grocery stores have a special discount for loyalty card
holders etc.

Looking from the customer's perspective, customer expresses a need for a relationship with the
vendor for a few basic reasons: satisfy their needs, convenience, reliability, lower cost of
transaction. Customers need products or services and will obtain them, but they are willing to
enter into a relationship with the seller to make the process of buying easier and a more pleasant

One has to note that the intensity or depth of the relationship which the customer expresses to
have with the vendor depends in the intensity of his/her needs. If a product/service is vital to the
customer e.g. financial product, then customer is willing to have a deeper relationship in order to
have their needs satisfied as precisely as possible. On the other hand if the customer wants a
routine service or generic product e.g. customer needs tips from his broker while trading in the
stock market, then the relationship is superficial - characterized by buyer's convenience. To
understand this considers the following examples:

1. Customer, who is a telecom service provider, wants to implement a ERP software. Since
the software has to be customized for the Telco, the customer is willing to establish a
deep relationship with the vendor by having a development & maintenance contract with
the vendor.

2. Customer, who wants a copy of MS Project installed in a computer. Since this is a simple
purchase, the customer wants to buy it from a near by store and install it himself. Thus
there is no real relationship between the customer and the vendor.

Both examples point to the fact that the level of relationship a vendor enjoys with the customer is
directly dependent on the criticality or importance of customer's Needs. In short, customers enter
into a relationship with the vendor in order to serve their own needs.

Strengthening Customer Relationships

We now understand that the depth of the relationship between vendor and customer is directly
dependent on the intensity of the customer's needs. Also note that the depth of relationship is
defined by the customer. This creates a challenge for a salesman or a marketer at the vendor
firm. For a vendor to increase sales, the vendor firm must improve the relationship with the
buyer. And to improve the relationship, vendor must know the current level/stage of relationship
he has with the customer. So the first step in managing customer relationship is to know and
understand the levels of customer relationships.

Levels of Customer Relationships

As mentioned earlier, relationship between buyer and seller can be identified in 6 distinct levels.
Level-1 being the lowest level of relationship and level-6 being the deepest level of relationship

Level-1: Utility Need

Level-2: Convenience Need

Level-3: Comfort Need

Level-4: Personal Recognition Need

Level-5: Self-_expression Need

Level-6: CO-Creation Need

From a marketing perspective, the customer lifetime value is lowest at level-1 and is highest at
level-6. This is also reflected in the revenue or sales from a customer. Customer, with whom a
company enjoys the highest level of relationship, will also

Be the most profitable customer. It is therefore in the vendor's best interest to have very deep
relationship with the customer.

Level-1: Utility Need

This is the most basic interaction between customer and vendor. Here the customer desires to
buy a particular product/service. Customer interacts with the seller with the sole aim of acquiring
the product/service. The relationship between the firm and the customer is characterized by
efficiency in transactions, straight forward, no-frills selling. To increase sales, vendor must work
on availability of the product/service. Customer will buy only if a product/service appeals to the
rational side of the customer i.e. Price and convenience. Customer does not bond with the vendor
as the relationship is a purely utilitarian one - exchange of goods/service for money.

The vendor should respond to the customer (in this level of relationship) by providing the
required goods/service, and refrain from interacting at a deeper level i.e., by not offering added
products/service - other than those requested by the customer. If the vendor insists or attempts to
force a relationship to a higher level, the customer may "pull-out" thus risking future sales.

To understand this, consider this example: If someone purchased a laptop from DELL
Computers. He placed an order online - for a particular configuration. His expectation from the
vendor is that Dell will deliver the computer on stated

Delivery date He is buying from Dell to meet by needs at a price which is attractive for him. If
the salesman at Dell attempts to push additional hardware or software - which is not what he
wanted, he might get annoyed and cancel the order.

Vendors must first identify the level of relationship the customer has with them, and then craft a
strategy to deepen it. In this case, a vendor can deepen the relationship by increasing the number
of interactions. This can be done by: Offering a wide range of products/service, having a 24/7
sales operations - i.e., Internet or all 24 hour shops.

For example, Dell can increase the number of customer interactions by offering a full range of
computer accessories: Printers, Scanners, cartridges, office software,

Computer games etc. Dell can increase the number of customer interactions by offering value
added services such as on-site maintenance, free software updates etc.

Utilitarian relationships can be deepened by augmenting the basic service/goods with a value
addition: Cross selling or value addition.

Level-2: Convenience Need

Once the customer has easy access to service/goods that they need, customers look for ease of
purchase process this denotes a second level of relationship. The vendor should respond by
providing services that simplify the buying process i.e., identify and eliminate those procedures
that are a hindrance to obtaining a product/service.

For example, having a shorter checkout lines in a store, having the products courier & providing
the tracking number to the customer, having a service personal ready to attend the customer
when the customer enters the bank/hotel/office etc.

To improve the buying process, the vendor must understand thoroughly the entire customer
purchase experience and then eliminate the nagging problems in the purchase process. Service
companies often resort to mystery shoppers - who act as customers and buy the product/service
to measure & improve the buying experience. Often times, managers listen to feedback from
front-line employees for suggestions to improve the customer's buying experience.

For example, Dell provides the exact shipment details of the computer and is delivered on the
specified time. In addition, Dell has a complete e-Commerce website which enables a secure and
easy payment method. Airlines provide comfortable lounges at the airport - while customers wait
for their flight. Airlines also provide e-ticketing, curb side luggage check in, on-line flight details
etc., to make customers feel comfortable during the purchase process.

Often times, there are several instances of customers abandoning their purchase process in the
midway. This is the sure sign of an inefficient and inconvenient buying process

Relationships at this level can in strengthened by widening the service interactions with
customers. By this I mean, look at the ways the customer buys your

Product/service and then provide additional services to make it simpler and easier for the
customer. Customer Activity Mapping (CAM) & Customer Decision Mapping (CDM) are the
tools that can be used to analyze the decision making, buying, using, and consumption

experience. And in each stage, the objective of the vendor is to identify situations that pose
obstacles to the buying process.

Making the buying process as pleasurable as possible, a vendor can strengthen relationship with
the customer in this level and also take the relationship to the next level.

Level-3: Comfort Need

Once the customer has a convenient buying process, then they wish to have a "pleasant shopping
experience" i.e., the customer seeks a buying interaction where he feels comfortable. This
implies that the vendor should foster a buying environment in which customer feels comfortable
and is characterized by an agreeable and relaxing purchase ambiance.
For example, many multi-million dollar business deals are done at resorts - away from the clutter
of the office environment. BASF, a fortune-100 chemical company often conducts the contract
negotiations on a luxury yacht. This provides the right ambiance and mood to put the customer at
ease and feel comfortable during the buying process.

Irony of this "comfort need" is that customers often overlook the comfort factor - and often
customer notices the absence of the comfort. A discomfort during the

Buying experience is easily noticed and registered, while comforts are forgotten by customer.
CRM efforts in this level must be focused on making the customer feel comfortable; create a

feel-at-ease feeling. The marketer should strive to provide customers comfort, fun, surprise, and
other means of generating a positive feeling. Note that this is distinctly different than relationship
building at level-2, where the focus was to remove any factor which caused inconvenience to the

Relationship is built on a feeling of ease and comfort can be strengthened by providing more of
the same - greater comfort, fun and pleasant interaction environment. This involves training the
front-end employees to provide a Comfortable experience to the customer and being sensitive
and responsive to the customer's level of interaction the marketing efforts must be directed at
improving/building the memory of pleasant experiences of the customer.

Level-4: Personal Recognition Need

Often times, regular/loyal customers expect the vendor to interact in a way that his/her personal
choices are recognized. This implies that the customer is seeking a level of relationship where
they expect the vendor to recognize their needs - without them asking for it.
At this level, the loyalty of customer has been well established; customer enjoys the convenience
and a feeling of comfort. Here, in this level of relationship, the customer needs are "personal". In
earlier levels, the needs were mostly contextual, i.e., based on the context of buying experience.

CRM efforts at this level are to personalize the service/product offerings. For example, financial
institutions treat their high value customers with personalized checkbooks, providing a personal

financial advisor, etc. In business-to-business environment, this is characterized by having a
dedicated relationship manager who interacts with the client, who knows the clients exact needs
and has the authority to deliver the customer's needs. The "relationship manager" or "client
partner" can also make suggestions; provide consulting advice to the customer - Along with
dinners/lunches, tickets to popular events etc.

Advent of Internet has created opportunities for vendors to provide customized web interfaces to
each of their clients. etc Provide customers with customizable web

To bring a customer to this deep level of relationship, the level-3 relationship of making the
customer feel comfortable must always be accomplished. Only when the customer is
comfortable, vendor can discover (discreetly) the personal needs of the customer - and then
move the relationship to the next higher level. Relationship at Level-4 is analogous to that of a
romantic partner - but not a spouse or fiancé. The relationship at this level is more personal - but
without invading the privacy of the customer. The timing therefore needs to be right - so that any
potential tensions or conflicts are avoided or reduced to minimum. The company must know the
customer details, possible tastes and preferences sufficiently well to

Build the relationship. Interactions must be respectful as exchange of personal information may
be perceived as invasive.

The irony of the CRM systems at this level is that customer feels that the CRM systems
compromise customer's privacy - and for that reason most customers are reluctant to share
personal information with the vendor, which in turn cause most CRM implementations fail. A
salesman or marketer or account manager must therefore take extra precaution not to reveal any
personal information of the customer to the CRM database system. This personal information
must be carried in the mind of the vendor salesmen.

Customer's need for personal recognition may be met by very simple acts by the salesman, such
as rewards for customer loyalty (given to the customer - i.e., buying agent or the key decision
maker), tailor made products, and words of appreciation.

Level-5: Self-_Expression Need

Once the customer feels that the vendor recognizes him/her as person and can associate
personally with the vendor, the customer is ready for the next level of relationship - that is of
Self-_expression. Customers who are in this level of relationship expect the vendor to focus on
customizing and personalizing the product/service offerings. The customer expects the vendor to
have a clear understanding of their needs and the vendor should be able to meet them. The
relationship is characterized by mutual trust, confidence & respect.

For example, Dell Computers being a customer of Intel expects Intel to know its needs for latest
and most powerful microprocessors for the Christmas season. The

Customer then expects Intel (vendor) to announce and supply the latest processors in time so that
Dell can ship the computers to its customers in time for Christmas.

In a consumer world, a common example will be that of a (famous) client and his/her fashion
designer. The client expects the fashion designer to know his/her tastes and provide clothes

It must be noted that in a B2B world, customers are more rational. Their business needs drives
the relationship and is partly independent of personal factors. As a result, vendor can build this
relationship by learning the customer needs. Based on these learning/insights, vendor should be
able to offer highly customized and personalized offerings.

Customer relationships in levels 1-4 are defined by customer's experience and is therefore
heavily dependent to the external environment (i.e., external to the customer). At levels 5 and
above the relationship depends on internal and external factors including rational and emotional

The key for success in building relationship at this level is to understand the customer's implicit
needs - i.e., those needs which are not expressed verbally. Vendor can strengthen the relationship
by understanding the customer's implicit needs and focusing on different ways to customize and
personalize the offerings. In a B2B setting, this involves understanding the customer's business
operations, business models and then providing customized solutions: Like releasing products in
time for Christmas or having goods packed in a truck in a manner it is efficient for customer etc.

Level-6: Co-Creation Need

This denotes the highest level of customer relationship. At this level, customer is very
comfortable dealing with the vendor; the relationship is characterized by a sense of collaboration.
The customer feels a need for a unique product/service and is willing to work with the vendor to
develop the product/service. Often the idea of co-creation is initiated by the customer to the
surprise of the vendor.

Co-creation relationships are personal and rational. At this level of relationship, the customer
loyalty & trust is very high. Customers are willing to invest for joint development of
products/service. Customer feel closely bonded to the vendor - to the point that the customer
seeks a joint destiny with the vendor. I.e., some aspects of customer's interests merge with that of
the vendor's interests.

Co-Creation denotes the highest level of customer relationships. This relationship can be
strengthened by broadening interactions which involve co-creation of products/services.


A SWOT analysis focuses on the internal and external environments, examining strengths and
weaknesses in the internal environment and opportunities and threats in the external environment



As a product Religare is a extremely innovative product with very less cost. Services like
online trading facility, institutional and domestic broking, customized research reports with
almost 80% efficiency etc give Religare an edge over its competitors. Religare provides
other support services that make retail investors more confident and assured with their
trading. SMS alerts (allowing traders and investors to make the most of the available
opportunities), Softer, intangible features like imagery, equity driving preference.

Relationship managers

The company has a team of relationship managers who are dedicated to the service of clients.
This RMs takes care of clients’ even smallest problem and makes efforts to solve them
through their expertise. They also help their clients to invest their wealth in the market.

Distribution Network

Religare with almost 150 branches beefed up by comprehensive online research, advice and
transaction services. In near future expect to make 200000+ retail customers being serviced
through centralized call centre / web solution.


Religare (previously Fortis securities) is a veteran equities solutions company with loads of
experience in the Indian stock markets. Religare does not claim expertise in too many things.
Religare expertise lies in stocks and that's what it talks about with authority. So when he says
that investing in stocks should not be confused with trading in stocks or a portfolio-based

strategy is better than betting on a single horse, it is something that is spoken with years of
focused learning and experience in the stock markets.

• Products

Company’s product line is a basket of financial services offered to its clients. It’s a all product
single shop for investors. Here we offer Along with Equity, Mutual funds, personal loans, PMS,
Corporate Finance and Investment banking etc to our customers. Our products are customized
according to individual demand and preference


• Customer Satisfaction

As far as customer satisfaction goes Religare has to tighten its Boots. The company does not
have enough Relationship managers to cater to huge customer base. The account opening takes 2
working days whereas an India bull takes half the time for this purpose.

• Branding

Though the company has a efficient products but large part of investment interested population
does not know the company. The most basic expectation for a trader or investor when one begins
trading is that one must get timely delivery of shares and proceeds from sale of shares. Also ones
cash balances with the broker must be safe and secure. Though this confidence in the broker

comes with time and experience, good and transparent practices also play a major role in
imbibing confidence in traders.

Competition from banks and Niche Players

Most of the banks due to good branding have the faith of the customers of their banking
database. So they enjoy the liberty of huge database and customers find it more reliable to trade
there rather than with a unknown broker. Also banks like HDFC Bank and ICICI Bank have the
advantage of linking the trading accounts of their customers to saving accounts. This makes
trading easier, and at the same time a trader withdraws exactly as much money from his account
as is needed to complete the trade. Similarly sales proceeds are credited directly to saving
account. Niche players’ presence as sub brokers or Small broking house like Abhipra, Way to
wealth etc. attracts a good share of market and run parallel to giant companies


The external environment analysis may reveal certain new opportunities for profit and growth.

• Ever-increasing market

After the NSE brought the screen based trading system stock markets are now more secured
which has attracted lot of retail investors and the demand is increasing day by day. This has
resulted in improved liquidity and heavy volumes on transactions. Religare is one of the early

entrants here. As to how much it will roar and how swift it can swoop on the market, the future
alone can answer such queries. Religare has been a mega player and is known for being a mover
of stocks. It is also known for putting big deals through and enjoys good networking with the
FIIs. It has been dynamic enough to move with the times and capture the opportunities that the
market throws up from time to time.

• Improving Technology

In country like India technology is always improving which gives the company a chance to keep
on improving their product with time whereas for the small players like local brokers it will be
difficult to keep the same pace as the changing technology. Also with SEBI lying down some
strict guidelines small brokers are finding it harder to retain the customers with no research
department and small capital. The traditional business model is highly dependent on a large
network of sub-brokers, and many established players may not have systems (technology,
customer service, etc.) capable of directly servicing so many retail customers.

• Unfulfilled needs of the customers

With so many competitors offering their products in the market but no one is able to completely
satisfy the customers. Some have the problem of lack of information or some were scared of
volatility of the stock markets. Religare has the opportunity to tap this unsatisfied set of
customers and to make hold in the market. The Internet serves to break all barriers to

information, as it offers an extremely hassle-free investing platform. And, Religare hopes to fully
utilize and capitalize on this platform. This original idea by Religare itself was born out of the
consumer's need for a more transparent, easy to understand and convenient option of investing in

• Education Level

The education level in the country is improving year after year as far as technology goes. With
that the understanding of the stock market is also increasing and a lot of retail investors are
steeping in the markets which is being shown by increasing volumes, transactions and indices


• New Competitors

A lot of new competitors are trying to enter the market in this bullish run to taste the flavor of
this cherry. This is creating a lot of competition for large players like Religare and it is creating
little confusion in the minds of the customers about the services provided by the broker. Also
many banking firms are entering into the market with huge investment. Competitors like ICICI,
kotak, hdfc, 5-paisa etc. are posing a lot of threats to the company.

Technology based business

Online trading is totally based on the technology which is quite complex. Typically, the
technology solution has to start from the Internet front-end (or the screen that you see when
you begin trading). Then it needs to get into the 'middle tier' of risk management systems
that assess data from banks and depository participants (DP), calculate client risk at that

point in time, and give the 'Go/No go' advice to the trade. So technology is a kind of threat
because unless until it is working properly it is good but internet is not that safe. Though a
lot of cyber laws are being made but not yet executed.

Switch over cost

The cost of switching over from one company to other is minimal therefore the company can’t
even stop for breathing i.e. it has to provide quality service all the time to its clients.

 In which professions are you engaged in?


Business 25 50%

Service 10 20%

Professional 10 20%

Entrepreneur 5 10%







Business Service Professional Enterprenure


50% of the respondents are Business Man

20% of the respondents are Service Man
20% of the respondents are Professionals
10% of the respondents are Entrepreneur

From the above survey most of the respondents are found to be business man by

 Do you trade in Stock Market?


YES 39 78%

NO 5 10%


Total 50




10 6

Yes No Earlier But Now

78% of the respondents trade in stock
10% of the respondents do not trade in stock
12% of the respondents trade earlier

From the above survey most of the respondents trade in stock market.

 How much is your income or your Credibility


Between 1- 2 lac 10 20 %

Between 2-3 lac 20 40 %

Between 3-4 lac 15 30 %

Above 4 lac 5 10 %



1 - 2 lac
2- 3 lac
3 - 4 lac
Above 4 lac


40% of the respondents are between 2- 3 lac
30% of the respondents are between 3-4 lacs
20% of the respondents are between 1-2 lacs
10% of the respondents are between above 4 lac

From the above survey most of the respondents falls under 2- 3 lac bracket.

 How much you trade in stock Market


10,000 - 50,000 23 46%

50,000 - 1,00,000 15 30%

1,00,000 - 1,50,000 8 16%

Above 1,50,000 4 8%





10,000 - 50,000 50,000 - 1,00,000 1,00,000 - 1,50,000 Above 1,50,000

46% respondents invest 10,000-50,000
30% respondents invest 50,000- 1, 00,000
16% respondents invest 1, 00,000- 1, 50,000
8% respondents invest above 1, 50,000

From the above survey most of the respondents invest 10,000- 50,000 in stock

 How much Return you Get after Investing


Below 5% 10 20%

5- 10 % 27 54%

10- 15 % 9 18%

15- 20 % 4 8%







>5% 5 - 10 % 10 - 15 % 15 - 20 %

20% of the respondents get below 5%
54% of the respondents get 5- 10 %
18% of the respondents get 10 - 15 %
8% of the respondents get 15-20 %

From the above survey most of the respondents get 5- 10 % returns on their

 What according to you is your risk level?


Highly Risky 5 10%

Average 27 54%

Moderate 9 18%

Risk free 9 18%


9 5

Highly Risky
Risk free

10% of the respondents are highly risky
54% of the respondents are average
18% of the respondents are Moderate
18% of the respondents are risk free

From the above survey most of the respondents are average risk takers

 Which mode of trading do you prefer?


Online 19 38%

Offline 31 62%








Online Offline

38% of the respondents prefer online
62% of the respondents prefer offline

From the above survey most of the respondents prefer offline trading as they are
new to stock market.

 What has been your investment experience in stocks?


Excellent 5 10%

Good 12 24%

Average 20 40%

Bad 13 26%


Excelent Good Average Bad

10% of the respondents feel excellent
24% of the respondents feel good
40% of the respondents feel average
26% of the respondents feel bad

From the above survey 40% of the respondents have an average investment
experience in stock market.

 What extra services do you expect from your broker?


Depository 2 4%

Marginal Financing 4 8%

P.M.S 7 14%

Trading 9 18%

Research 9 18%

All the above 19 38%


All the Above 19

Research 9

Trading 9

P.M.F 7

Marginal Financing 4

Depository 2

0 5 10 15 20

4% respondents prefer Depository service
8% respondents prefer Marginal Financing
14% respondents prefer P.M.S
18% respondents prefer Trading
18% respondents prefer research
38% respondents prefer all the above services

From the above survey most of the respondents prefer all services that any broker
must provide to its clients.

 Are you satisfied with the service of your Broker House?


Yes 27 54%

No 5 10%

Can’t Say 18 36%


30 27





Yes No Can't Say

54% of the respondents say yes
10% of the respondents say no
36% of the respondents say can’t say

From the above survey 54% of the respondents are satisfied the services of their
broker house.

 Rate the service according to your Criteria


Excellent 5 10%

Very good 15 30%

Good 21 42%

Poor 9 18%






Excillent Very Good Good Poor

10% of the respondents say excellent
30% of the respondents say very Good
42% of the respondents say Good
18% of the respondents say Poor

From the above survey most of the respondents rate good to the services provide
by their broker house.

 Have you heard of Religare Securities?


Yes 44 88%

No 6 12%


No, 6


Yes, 44

88% of the respondents know Religare Securities
12% of the respondents don’t know about Religare Securities

From the above survey most of the respondents know Religare securities

If Yes then Specify


Friends 17 34%

Newspaper 19 38%

T.V 10 20%

Other 4 8%


Friends News Paper T.V Other

34% Respondents say Friends
38% Respondents say Newspaper
20% Respondents say T.V
8% Respondents say other

From the above survey most of the respondents say Newspaper as a source of
information of Religare Securities

Chi- Square Test

 How would rate the services provided by your broker?

Sr. No. Services Provided Excellent Good Average Can’t say

1. Core Services

2. Facilitators service

3. Advisory services

Chi- Square test is used to determine is there any significant difference between the services
provided by the broker house. Null hypothesis is tested at 0.10 level of significance Our Problem
can be summarized.

 Ho: Null Hypothesis

 H1: Alternative Hypothesis
 Alpha = 0.10 Level of significance


Ho: There are no significant differences between the services provided by the broker house
H1: There are significant differences between the services provided by the broker house

Services Excellent Good Average Cant say


Core 11 19 17 3 50

Facilitators 12 14 19 5 50

Advisory 15 16 18 1 50

38 49 54 9 150

Degree of Freedom:

Formula: (r-1)(c-1)

6 Degree of freedom


Chi- square Formula:



Solution: 6.15


The table value of 0.10 at 6 degree of freedom is 10.645 and the calculated value is 6.15. Since
the calculated value is less then the table value we can conclude that the Null hypothesis is right.

I.e. “there is no significant difference between the services provided by the broker house”.

My Experience at Religare Securities

I was in Marketing & Sales section under the guidance of Mr. Raman Talwar (Branch Manager),
Mr. Sachin Aggarwal & Mr. Nesar Ahmed who is a Sr. Relationship Manager (Preet Vihar
Branch). My job was to emplane the share trader with our company. I basically target those
people who are sub-broker but along with this I also target those people who are active traders
and also those people who are new to this sector.

My job was to first generate the lead then contact with them then explain the whole concept to
convince them to join our organization. I have to collect the Trading Form and a Cheque of
5,000 Rs from them. It help me lot in enhancing my communication skills and my relationship
building attitude. It was totally a field job and I really enjoy working with boss and other
employees who are also very cooperative.


In this survey most of the questionnaires are filled from brokerage houses where clients sit on the
terminal & trade in the stocks. As the data collected shows that people who mostly invest in the
market are businessmen & service class person who don’t have enough time to keep continuous
watch on the market fluctuation so they need regular assistance from their relationship manager
who is assigned to them so every company is suggested to enforce their relationship managers to
stay in contact with their clients. There are some No answer in this survey because many time
clients may be with his friend who don’t trade in the market & that friend might be interested or
not do the relationship manager in that brokerage firm must take some extra care for them. Here
difference is because of the presence of the friend of client in the brokerage house who doesn’t
want to trade in the stock market because he might be afraid of losses or due to lack of resources.
But if that friend has lack of time than the relationship manager has to give a proper assistance &
dedication to that person so that friend can make himself to trade in the stocks. As technology
increases most of the people have less time to spend on the other activities than their core
business so most of the clients prefer online trading so they can put their bids whenever they
want as 24*7. In the case of online trading clients are not need to be provided any kind of
assistance from their relationship manager but if the dedicated relationship manager provide
them a good assistance can put that relationship manager & that organization apart from their
competitors. But even after the presence of internet some people like to trade through offline
mode reasons might be lack of knowledge or cost sensitive as offline product is used to being at
lower cost so here in offline that dedicated relationship manager has to be in contact with his
client. Most of the people look for moderate return because of presence of risk well as the age
group changes the risk-taking factor as age increase people started investing in bonds where a
fixed return is possible. As the data shows most of the people were satisfied with their brokers
because they are giving them profits on their investment & they were ready to pay more to their
brokers if they get some extra services.

Limitation of the study:-

 Time spent in terms of data collection was less as most of the time we are busy to
complete our target

 Non availability of related people.

 Awareness level about the company is very low among the clients.

 Market was too volatile during the period of research.

 Sample size is small so sampling error may be committed.


In spite of the bleak and grim outlook the future of capital market it is growing at a very high
pace. Taking this things into consideration there are lots of opportunity for the Broker House
which already exist and which are due to enter in the Indian market. These are little awareness

about Equity and Mutual funds in India people have accepted it as one of the major investment
avenue. As people have entered in this particular investment avenue they have lost there money
because of movement in the market which is below the par value and this has shaken the faith of
investor in this particular avenue. Another reason for low investment in this sector is due to
country most of the companies not performing well and also due to the scams that are taking
place frequently Once people know about the benefit offered by it, Capital market will become
one the sought after investment avenue. As far as other product marketed by Religare is
concerned they have a ready market. The only thing which is needed to focus on is that they
should have a strong marketing strategy so that prompt service and availability of forms is made
available to the investors at a short notice and if it keeps the traditional base for marketing in
India which is a price sensitive. We can say that Religare has a great future ahead.

Religare has emerged a very strong player in the field of distribution of financial product
within a short period of one year in Northern India and is giving stiff competition to the entire
player in the Jaipur & other parts. If the progress of Religare goes in the same way then I can
say that Religare will going to emerge as a major player in the Capital market. They have much
more potential to expand there business and market in India.


The Recommendation which is to be suggested is as follow:-

• Religare securities should enhance the customer care department where queries can be
timely solved.

• Religare securities should provide more security to the existing and prospective clients

• Religare securities should build its BRAND Image more strong by increasing visibility

• There should be more banners posters pamphlets distribution in the market to increase the
awareness level among the people

• It should provide regular and update market information

• Special attention need to be given to the delivery of monthly & fortnightly report to the

• Timely release of Brokerage & Fast redressed of clients grievance is a major plus if
Religare is looking to develop long term relationship with its clients

• Services should be more efficiently delivered to the prospective clients in order to

develop a long term relationship with the clients.


Feature of Fortis Securities

 Marginal funding to leverage the clients to buy securities

 Exposure against share

 Carry forward facility- you can take the delivery one day and sell the very next day
 Full online support for the online customers at no extra cost
 Technical analysis for the clients on the daily basis, other than the advice that can get
through phone
 Unique concept of Relationship Manager (RM’s) where the customer will be assigned
a dedicated RM who will be responsible for complete satisfaction
 Facility of collection & Delivering of cheque from the customer doors step
 Competitive brokerage (0.5% on Delivery based and 0.05% on Intraday, Jobbing)


1. In which professions are you engaged in?

Business Service

Professional Entrepreneur

2. Do you trade in stock market?

Yes No Earlier, But now Stopped

3. How much is your income or your Credibility

Between 1 lac to 2 Lac Between 2 Lac to 3 Lac

Between 3 lac to 4lac Above 4 lac

4. How much you trade in stock Market

10,000 – 50,000 50,000 – 1, 00,000

1, 00,000 – 1, 50,000 Above 1, 50,000


5. How much Return you Get after Investing

>5% 5 – 10 %
10 – 15 % 15 – 20 %

6. What according to you is your risk level?

Highly Risky Average
Moderate Risk free

7. Which mode of trading do you prefer?

Online trading Offline trading

8. What has been your investment experience in stocks?

Excellent Good

Average Bad

9. What extra services do you expect from your broker?

a. Depository services

b. Margin financing

c. Portfolio management services

d. Trading

e. Research and Technical services

f. All of the above

10. Are you satisfied with the service of your Broker House?

Yes No Can’t Say

11. Rate the service according to your Criteria

Excellent Very Good

Good Poor

12. Have you heard of Religare Securities?

Yes No
If Yes then Specify?

Friends News Paper

T.V Other

13. How would rate the services provided by your broker?

Sl. No. Services Provided Excellent Good Average Can’t say

1. Core Services
2. Facilitators service
3. Advisory services

Books & Journal:
 Philip Kotler & Kevin Keller, Marketing Management ; , Prentice-Hall India, 2006
12th edition
 Ramaswamy, V.S., & Namakumari, S., Marketing Management: Planning,
Implementation & Control, Macmillan India, DaryaGanj, 2003.

 Marketing Research, Dacid j. luck Ronald S.Rubin Prentice Hall of India Pvt. Ltd

 Websites:-