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it is a reference for preparing thesis report for MBA students..
it is a reference for preparing thesis report for MBA students..

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Published by: srikwaits4u on Nov 06, 2010
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CONTENTS S. No Description Page No






10 ± 41

a) Company

10 -26

b) Customer

27 - 29

c) Competitor

30 ± 33

d) Environment


e) Technology


f) Terminology

36 ± 47


Business Objective



SWOT Analysis

49 - 50


Who is Who



About Orientation Program At SIP




While regulation and reforms have made major improvements in the quality of the equity markets in India, its rapid growth and development are largely due to strong and efficient market intermediation. The robustness of the Indian markets today is attributable to a healthy blend of the quality of market structure and efficient intermediation. Even as several countries are instituting procedures to commence equity derivative markets, India ranks amongst the top five countries globally in this segment, in less than five years of its introduction. This is an example of the proactive and progressive nature of the Indian brokerage industry.

In the last decade, the Indian brokerage industry has undergone a dramatic transformation. From being made of close groups, the broking industry today is one of the most transparent and compliance oriented businesses. Long settlement cycles and large scale bad deliveries are a thing of the past with the advent of T+2 settlement cycle and dematerialization. Large and fixed commissions have been replaced by wafer thin margins, with competition driving down the brokerage fee, in some cases, to a few basis points.

There have also been major changes in the way business is conducted. Technology has emerged as the key driver of business and investment advice has become research based. At the same time, adherence to regulation and compliance has vastly increased. The scope o f services have enhanced from being equity products to a wide range of financial services. Investor protection has assumed significance, and so has providing them with education and awareness. Greater need for capitalization has induced several firms to access the capital market; foreign firms are showing increasing interest in taking equity stakes in domestic broking firms.


Major developments in equity brokerage industry in India:

Corporate memberships There is a growing surge of corporate memberships (92% in NSE and 75% in BSE), and the scope of functioning of the brokerage firms has transformed from that of being a family run business to that of professional organized function that lays greater emphasis on observance of market principles and best practices. With proliferation of new markets and products, corporate nature of the memberships is enabling broking firms to expand the realm of their operations into other exchanges as also other product offerings. Memberships range from cash market to derivatives to commodities and a few broking firms are making forays into obtaining memberships in exchanges outside the country subject to their availability and eligibility.

Wider product offerings The product offerings of brokerage firms today go much beyond the traditional trading of equities. A typical brokerage firm today offers trading in equities and derivatives, most probably commodities futures, exchange traded funds, distributes mutual funds and insurance and also offers personal loans for housing, consumptions and other related loans, offers portfolio management services, and some even go to the extent of creating niche services such as a brokerage firm offering art advisory services. In the background of growing opportunities for investors to invest in India as also abroad, the range of products and services will widen further.

In the offing will be interesting opportunities that might arise in the exchange enabled corporate bond trading, soon after its commencement and futures trading that might be introduced in the near future in the areas of interest rates and Indian currency.

Greater reliance on research Client advising in India has graduated from personal insights, market tips to becoming

extensively research oriented and governed by fundamentals and technical factors. Vast progress has been made in developing company research and refining methods in technical and fundamental analysis. The research and advice are made online giving ready and real time access to market research for investors and clients, thus making research important brand equity for the brokerage firms.

Accessing equity capital markets Access to reliable financial resources has been one of the major constraints faced by the equity brokerage industry in India since long. Since the banking system is not fully integrated with the securities markets, brokerage firms face limitations in raising financial resources for business and expansion. With buoyancy of the stock markets and the rising prospects of several well organized broking firms, important opportunity to access capital markets for resource mobilization has become available. The recent past witnessed several leading brokerage firms accessing capital markets for financial resources with success.

Foreign collaborations and joint ventures

The way the brokerage industry is run and the manner in which several of them pursued growth and development attracted foreign financial institutions and investment banks to buy stakes in domestic brokerage firms, paving the way for stronger brokerage entities and possible scope for consolidation in the future. Foreign firms picked up stake in some of the leading brokerage firms, which might lead to creating of greater interest in investing in brokerage firms by entities in India and abroad.

Specialized services/niche broking While supermarkets approach are adopted in general by broking firms, there are some which are creating niche services that attract a particular client group such as day traders, arbitrage trading, investing in small cap stocks etc, and providing complete range of research and other support to back up this function.


Moreover. broking industry is giving greater emphasis on regulatory compliance and observance of market principles and codes of conduct. Brokerage firms now have a compliance officer who is responsible for all compliance related aspects and for interacting with clients and other stake holders on aspects of regulation and compliance. Keen competition has emerged in online broking services. which is a global trend as well. Demutualization and corporatization of stock exchanges bifurcated the 6 . Many brokerage firms are investing time. it is mandated for certain types of dealers/brokers to seek specific certification and examinations that will make them eligible to carry business or trade. Emergence of online broking enabled reduction in transaction costs and costs of trading. From owners to traders A fundamental change that has taken place in the equity brokerage industry. With the nature of markets and products becoming more complex. valuations. it becomes imperative for the broking firms to keep their staff continuously updated with latest development in practices and procedures. economic and financial forecasting and company research. money and resources to create efficient and effective compliance and reporting systems that will help them in avoiding costly mistakes and possible market abuses. is the transformation of broking from owners of the stock exchange to traders of the stock market. Compliance oriented With stringent regulatory norms in operation. Greater emphasis on aspects such as research and analysis is giving scope for in-depth training and skills sets on topics such as trading programs. with some of these offering trading services at the cost of a few basis points or costs which are fixed in nature irrespective of the volume of trading conducted.Online broking Several brokers are extending benefits of online trading through creation of separate windows. Focus on training and skill sets Brokerage firms are giving importance and significance to aspects such as training on skill sets that could prove to be beneficial in the long run. A wide range of incentives are being created and offered by online brokerage firms to attract larger number of clients. Some others have dedicated online broking portals.

changes could be rapid and so as the challenges that emerge from time to time. Numerous small firms operate in this space. Current requirements stipulation capital adequacy in regard to trading exposure. Given the growing importance of technology in operations and increasing emphasis on regulatory compliance. In this background.ownership and trading rights with brokers vested only with the later and ownership being widely distributed. Given the nature of the brokerage industry being very dynamic. Fragmentation Indian brokerage industry is highly fragmented. Capital Adequacy Capital adequacy has emerged as an important determinant that governs the scope of business in the financial sector. Demutualization is providing balanced welfare gains to both the stock exchanges and the members with the former being able to run as corporations and the latter being able to avoid conflict of interests that sometimes came as a major deterrent for the long term growth of the industry. but in future more tighter norms of capital adequacy might come into force as a part of the prudential norms in the financial sector. A brief description on some of the prospects and challenges of the brokerage firms are discussed below. it becomes imperative for the brokerage firms to focus on raising capital resources that will enable to give continuous thrust and focus on business growth. Emerging challenges and outlook for the brokerage industry Brokerage firms in India made much progress in pursuing growth and building professionalism in operations. smaller firms might find it constrained to make right type of investments that will help in business growth and promotion of investor interests. Global Opportunities Broking in the future will increasingly become international in character with the stock markets being open for domestic and international investors including institutions and 7 .

and as the market momentum continues. wealth management. Initial measures to promote South Asian economic integration is being made by governments in the region first at the political level to be followed up in regard to financial markets. if they are well prepared. South Asian economic integration will provide greater opportunities for broking firms in India to pursue cross border business. in the last three to four years. as also opportunities for investing abroad. which could benefit the domestic brokerage firms. For instance. 8 . In view of several of common features prevailing in the markets. brokerage firms had newer opportunities in the form of commodities futures. Keeping abreast with developments in international markets as also familiarization with global standards in broking operations and assimilating major practices and procedures will become relevant for the domestic brokerage firms. new market segments will come into force. Domestic broking firms should always give due focus to emerging trends in competition and prepare accordingly. expertise and market experience will bring dramatic changes in the brokerage industry space which the local firms should be able to absorb and compete. Product Dynamics As domestic finance matures and greater flow of cross border flows continue.individuals. mutual funds etc. broking firms will have an opportunity to introduce a wider number of products. Competition from foreign firms Surging markets and growing opportunities will attract a number of international firms that will increase the pace of competition. Opportunities from regional finance Regional economic integration such as that under the European Union and the ASEAN have greatly benefited businesses in the individual countries with cross border opportunities that helped to expand the scope and significance of the business. Global firms with higher levels of capital. distribution of insurance products. it would be easier to make progress in this regard.

The broking house like any other company has a Board of directors. The Board plans and formulates the goals for the broking house. headed by a Chairman. and directs the Chief Executive Officer or the CEO. The Board provides the vision and the mission to the broking house. The nature of penalties and punitive damages would become more severe. The main responsibility of the CEO is to achieve the goals and the mission formulated by the Board through specialized teams under him. Firms found not having suitable infrastructure and processes to ensure investor safety and protection will encounter constraints from regulation as also class action suits that investors might bring against erring firms. It is important for brokerage firms to establish strong and streamlined systems and procedures for ensuring investor safety and protection.Investor Protection Issues of investor interest and protection will assume centre stage. These specialized teams are departments in a broking house. He provides executive directions to around eight departments that include: · Business strategy · Business development · Technology · Research · Finance · Operations · Compliance · Human resources 9 .

GOI bonds and other small savings instruments to loan products and investment banking. india infoline limited and its wholly-owned subsidiaries.INDIA INFOLINE LIMITED The India Infoline group. straddle the entire financial services space with offerings ranging from equity research.indiainfoline. comprising the holding company.com and www.5paisa. mutual funds. fixed deposits. Vision Statement : Our vision is to be the most respected company in the financial services space. life insurance. equities and derivatives trading.com the company has a network of over 2100 business locations (branches and sub-brokers) spread across more than 450 cities and towns. portfolio management services. commodities trading. India Infoline also owns and manages the websites www. 10 . the group caters to approximately a million customers.

We gradually evolved into a one-stop financial services solutions provider. Two subsidiaries ± India Infoline Investment Services and Moneyline Credit Limited ± are registered with RBI as non-deposit taking non-banking financial services companies. credit and finance. Singapore and Dubai. 11 . CDSL and NSDL as depository participants. insurance. asset management and investment banking. India infoline Housing Finance Ltd. We are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Our strong management team comprises competent and dedicated professionals We are a pan-India financial services organization across 1. MCX. wealth management. is registered with the National Housing Bank.361 business locations and a presence in 428 cities. We also received the FII license in IIFL Inc.HISTORY We were founded in 1995 by Mr. We are registered with the BSE and the NSE for securities trading. Nirmal Jain (Chairman and Managing Director) as an independent business research and information provider. NCDEX and DGCX for commodities trading. We offer a wide range of services and products comprising broking (retail and institutional equities and commodities). Our global footprint extends across geographies with offices in New York. the housing finance arm. We are registered as a Category I merchant banker and are a SEBI registered portfolio manager. IIFL Securities Pte Ltd received approval from the Monetary Authority of Singapore to carry out corporate advisory and dealing in securities operations.

2004 Acquired commodities broking license. 2000 Commenced the distribution of personal financial products. launched archives. entered life insurance distribution as a corporate agent. launched Portfolio Management Service. Acknowledged by Forbes as µBest of the Web¶ and µ. raised over USD 300 mn in the group. 2007 Launched a proprietary trading platform. 2006 Acquired membership of DGCX. 12 . launched online equity trading.. launched investment banking services.must read for investors¶. 2005 Listed on the Indian stock markets. banks.indiainfoline.MILESTONES 1995 Incorporated as an equity research and consulting firm with a client base that included leading FIIs.com mobilised capital from reputed private equity investors.. launched consumer finance business under the µMoneyline¶ brand. formed a Singapore subsidiary. 1999 Restructured the business model to embrace the internet. inducted an institutional equities team. consulting firms and corporates.

viz. set up India Infoline Private Equity fund. received the Insurance broking license from IRDA. the Stock Exchange.2008 Launched wealth management services under the µIIFL Wealth¶ brand. Wealth Advisory Services and Portfolio Management Services. Mumbai (BSE) and the National Stock Exchange (NSE) and is also a member of both the exchanges. It is engaged in the businesses of Equities broking. received inprinciple approval to sponsor a mutual fund. received the venture capital license.India¶ award from FinanceAsia. providing a one-stop solution for clients trading in the equities market. It offers broking services in the Cash and Derivatives segments of the NSE as well as the Cash segment of the BSE. It has recently launched its Investment banking and Institutional Broking business.Large firms¶ in India by Dun & Bradstreet. 2009 Received registration for a housing finance company from the National Housing Bank. It is registered with NSDL as well as CDSL as a depository participant. received µFastest growing Equity Broking House . received µBest broker.India¶ award from Asiamoney. 13 . Company Structure India Infoline Limited is listed on both the leading stock exchanges in India. µMost Improved Brokerage.

it offers Portfolio Management Services to clients. mutual fund and portfolio management services businesses. India Infoline's research is available not just over the internet but also on international wire services like Bloomberg (Code: IILL). India Infoline Commodities Limited India Infoline Commodities Pvt Limited is engaged in the business of commodities 14 .A SEBI authorized Portfolio Manager. These services are offered to clients as different schemes. Thomson First Call and Internet Securities where India Infoline is amongst the most read Indian brokers. It undertakes equities research which is acknowledged by none other than Forbes as 'Best of the Web' and '«a must read for investors in Asia'. Revenue generation is through the sale of content to financial and media houses. which are based on differing investment strategies made to reflect the varied risk-return preferences of clients. Indian as well as global. India Infoline Media and Research Services Limited The content services represent a strong support that drives the broking. commodities.

distribution of retail loan products. We have a multi-channel delivery model. a Singapore-based investment institution invested USD 76.7 million for a 22. Orient Global. We enjoy memberships with the MCX and NCDEX. two leading Indian commodities exchanges. Our experience in securities broking empowered us with the requisite skills and technologies to allow us offer commodities broking as a contra-cyclical alternative to equities broking. India Infoline Investment Services Limited Consolidated shareholdings of all the subsidiary companies engaged in loans and financing activities under one subsidiary. we propose to also commence the general insurance distribution business. 15 .5% stake in India Infoline Investment Services. SME financing. This will help focused expansion and capital raising in the said subsidiaries for various lending businesses like loans against securities. making it among the select few to offer online as well as offline trading facilities. and recently acquired membership of DGCX. We have applied to IRDA for the insurance broking licence and the clearance for the same is awaited. India Infoline Marketing & Services India Infoline Marketing and Services Limited is the holding company of India Infoline Insurance Services Limited and India Infoline Insurance Brokers Limited. Post the grant of license. consumer finance business and housing finance business.broking. Recently. (a) India Infoline Insurance Services Limited is a registered Corporate Agent with the Insurance Regulatory and Development Authority (IRDA). India Infoline Investment Services Private Limited consists of the following step-down subsidiaries. (b) India Infoline Insurance Brokers Limited is a newly formed subsidiary which will carry out the business of Insurance broking. It is the largest Corporate Agent for ICICI Prudential Life Insurance Co Limited. India Infoline was the first corporate agent to get licensed by IRDA in early 2001. which is India's largest private Life Insurance Company.

MANAGEMENT TEAM Mr. in 1995. providing globally acclaimed financial services in equities and commodities broking. Mr.(a) India Infoline Distribution Company Limited (distribution of retail loan products) (b) Moneyline Credit Limited (consumer finance) (c) India Infoline Housing Finance Limited (housing finance) IIFL (Asia) Pte Limited IIFL (Asia) Pte Limited is wholly owned subsidiary which has been incorporated in Singapore to pursue financial sector activities in other Asian markets. 16 . Further to obtaining the necessary regulatory approvals. Nirmal Jain. Jain began his career in 1989 with Hindustan Lever¶s commodity export business. which he co-founded in 1994 to set new standards in equity research in India. life insurance and mutual funds distribution. the company has been initially capitalized at 1 million Singapore dollars. among others. founded India¶s leading financial services company India Infoline Ltd. He was also associated with Inquire-Indian Equity Research. Nirmal Jain Chairman & Managing Director India Infoline Ltd. Ahmedabad) and a Chartered and Cost Accountant. MBA (IIM. contributing tremendously to its growth.

comprises: Mr Nilesh Vikamsey 17 . R Venkataraman. is a B. Tech (Electronics and Electrical Communications Engineering. possessing a varied experience of more than 16 years in the financial services sector. The Board of Directors Apart from Nirmal Jain and R Venkataraman. R Venkataraman Executive Director India Infoline Ltd. IIT Kharagpur) and an MBA (IIM Bangalore). co-promoter and Executive Director of India Infoline Ltd. He was also Assistant Vice President with G E Capital Services India Limited in their private equity division. He joined the India Infoline board in July 1999. their investment banking joint venture with J P Morgan of USA and with BZW and Taib Capital Corporation Limited. including ICICI Securities Limited. He previously held senior managerial positions in ICICI Limited.Mr. the Board of Directors of India Infoline Ltd..

consultancy. an ICAI study group member for Proposed Accounting Standard ² 30 on Financial Instruments ² Recognition and Management. A Board member of India Infoline Ltd. HLB Technologies (Mumbai) Private Limited and Chairman of HLB India. Gateway 18 .a practising Chartered Accountant and partner (Khimji Kunverji & Co. valuations etc. a member firm of HLB International. Finance Committee of The Chamber of Tax Consultants (CTC). Chartered Accountants).Independent Director India Infoline Ltd.Board member since April 2001 . Mr Sat Pal Khattar. Chairman of Guocoland Limited listed in Singapore and its parent Guoco Group Ltd listed in Hong Kong. investigations. Vikamsey is a director of Miloni Consultants Private Limited. is also a life trustee of SINDA. He joined the India Infoline board in April 2001. a non profit body. a leading property company of Singapore. Board member since February 2005 . Law Review. . Vikamsey. helping the under-privileged Indians in Singapore. China and Malaysia.. Mr. mergers and acquisitions. Mr Khattar is a Director of public and private companies in Singapore. Mr. India and Hong Kong. Reforms and Rationalization Committee and Infotainment and Media Committee of Indian Merchants¶ Chamber (IMC) and Insurance Committee and Legal Affairs Committee of Bombay Chamber of Commerce and Industry (BCCI).Presidential Council of Minority Rights member. headed the audit department till 1990 and thereafter also handles financial services. Chairman of the Board of Trustee of Singapore Business Federation. Mr Sat Pal Khattar Non Executive Director India Infoline Ltd.

He served as the Director and Chief Executive of LIC Housing Finance Limited from August 1998 to December 2002 and concurrently as the Managing Director of LICHFL Care Homes (a wholly owned subsidiary of LIC Housing Finance Limited). Mr Kranti Sinha Independent Director India Infoline Ltd.Distriparks Ltd ² both listed ² and a number of other companies he is also the Chairman of the Khattar Holding Group of Companies with investments in Singapore. He retired from the permanent cadre of the Executive Director of LIC. Mr. UK and across the world. Pune apart from various other such bodies. Kranti Sinha ² Board member since January 2005 ² completed his masters from the Agra University and started his career as a Class I officer with Life Insurance Corporation of India. Larsen & Toubro Limited. Sinha is also on the Board of Directors of Hindustan Motors Limited. Mr. Gremach Infrastructure Equipments and Projects Limited and Cinemax (India) Limited. served as the Deputy President of the Governing Council of Insurance Institute of India and as a member of the Governing Council of National Insurance Academy. 19 . LICHFL Care Homes Limited. India.

covering almost the entire range of commercial banking operations in his illustrious career.Mr Arun K. Waseda University. He is also working as Independent Director in leading companies in Telecom. Engineering and Consultancy. Mr. Japan. After retiring from the Bank at end May 2006. Steel. Company¶s philosophy on Corporate Governance The India Infoline Group is committed to placing the Investor First.-Professor in NMIMS and he is also a member of Advisory Board for Institute of Indian Economic Studies (IIES). He also played a key role in co-coordinating the work for the Bank's entry into the field of insurance.K. He has now taken over as Chairman of IndiaVenture Advisors Pvt.. as well as IL & FS Renewable Energy Limited. Autoparts. 20 . joined IIM±Indore as a visiting professor. Textiles. Tokyo. The Group aims at achieving not only the highest possible standards of legal and regulatory compliances. Purvar Independent Director India Infoline Ltd. Purwar joined the State Bank of India as a probationary officer in 1968. Purwar is now working as Member of Board of Governors of IIM-Lucknow. but also of effective management. A. Mr. by continuously striving to increase the efficiency of the operations as well as the systems and processes for use of corporate resources in such a way so as to maximize the value to the stakeholders. where he held several important and critical positions in retail. Ltd. corporate and international banking. Purvar ± Board member since March 2008 ± completed his Masters degree in commerce from Allahabad University in 1966 and a diploma in Business Administration in 1967. joined as a Hon. Mr.

a Non-executive independent Director. Salary.Recommendation and removal of External Auditor and fixation of the Audit Fees. Name of members and Chairman: The Compensation / Remuneration Committee comprises Mr Sanjiv Ahuja.Reviewing the Adequacy of the Internal Audit Function.Determination of the fixed component and performance linked incentives alongwith the performance criteria to all employees of the company . . The other 21 . Mr Sat Pal Khattar. pensions etc. The committee functions under the Chairmanship of Mr Kranti Sinha.COMMITTEE Audit Committee Terms of reference & Composition. Stock Option details: whether to be issued at discount as well as the period over which to be accrued and over which exercisable. bonuses. Chairman of the Committee. three of whom are independent Directors.To conduct discussions with the HR department and form suitable remuneration policies. Chairman of the Committee. . Mr Nilesh Vikamsey and Mr Kranti Sinha. Mr Sanjiv Ahuja and Mr Kranti Sinha. Share Transfer and Investor Grievance Committee Details of the Members. Compensation/ Remuneration Committee Terms of reference & Composition. Notice Period. Senior Employees and officers i. the Executive Director along with the Statutory and Internal Auditors are invitees to the Meeting. Name of members and Chairman: The Audit committee comprises Mr Nilesh Vikamsey.Overseeing of Company¶s financial reporting process and disclosure of its financial information. No of Complaints received and pending and pending transfers as on close of the financial year. Compliance Officer. 1956 . stock options. . Reviewing with the management the financial statements before submission of the same to the Board.e. . The Managing Director. perquisites.To fix suitable remuneration package of all the Executive Directors and Non Executive Directors. Severance Fees of Directors and employees. The Terms of reference of this committee are as under: . The Terms of reference of this committee are as under: . all of whom are independent Directors.To investigate into any matter that may be prescribed under the provisions of Section 292A of The Companies Act.Service Contracts.

Independent Director and Mr R Venkataraman. Company Secretary is the Compliance Officer of the Company. PMS Our Portfolio Management Service is a product wherein an equity investment portfolio is created to suit the investment objectives of a client. Indiainfoline made it possible for clients to view transaction costs and ledger updates in real time. Executive Director. which was hitherto restricted only to the institutions. Ms Komal Parikh. Research for the retail investor did not exist prior to Indiainfoline. Indiainfoline leveraged technology to bring the convenience of trading to the investor¶s location of preference (residence or office) through computerized access. Equities Indiainfoline provided the prospect of researched investing to its clients. We at Indiainfoline invest your resources into stocks from different sectors. 22 . This service is particularly advisable for investors who cannot afford to give time or don't have that expertise for day-to-day management of their equity portfolio. most respected for quality of its advice. APPLY IN IPOs You could also invest in Initial Public Offers (IPO¶s) online without going through the hassles of filling ANY application form/ paperwork.Members of the committee are Mr Sanjiv Ahuja. Overview of products and services We are a one-stop financial services shop. depending on your risk-return profile. personalised service and cutting-edge technology.

On the whole. The Company brings on board expertise in the loans business coupled with existing relationships across a number of principals in the mortgage and personal loans businesses. and we want you to find the facts that you need. The Company was among the first to offer the facility of commodities trading in India¶s young commodities market (the MCX commenced operations only in 2003). Average monthly turnover on the commodity exchanges increased from Rs 0. Equity investment professionals routinely use our research and models as integral tools in their work. Indiainfoline acquired a 75% stake in Moneytree Consultancy Services to mark its foray into the business of mortgages and other loan products distribution. Commodities Indiainfoline¶s extension into commodities trading reconciles its strategic intent to emerge as a one-stop solutions financial intermediary. Indiainfoline Equity Research is proud of its reputation for. The business is still in the investing phase and at the time of the acquisition was present only in the cities of Mumbai and Pune. They choose Ford Equity Research when they can clear your doubts. The commodities market has several products with different and non-correlated cycles.02 bn. The Company¶s commodities business provides a contra-cyclical alternative to equities broking. Indiainfoline now has plans to roll the business out across its pan-Indian network to provide it with a truly national scale in operations. 23 . Mortgages During the year under review.34 bn to Rs 20.Research Sound investment decisions depend upon reliable fundamental data and stock selection techniques. Its experience in securities broking has empowered it with requisite skills and technologies. the business is fairly insulated against cyclical gyrations in the business.

Stay connected to the market The trader of today. you are constantly on the move. All you have to do is register with us and that¶s all. INVEST IN MF Indiainfoline offers you a host of mutual fund choices under one roof. But how do you stay connected to the market while on the move? Simple.Home Loans Get expert advice that suits your needs Loan against residential and commercial property Expert recommendations Easy documentation Quick processing and disbursal No guarantor requirement Personal Loans Freedom to choose from 4 flexible options to repay Expert recommendations Easy documentation Quick processing and disbursal No guarantor requirement Invest Online Indiainfoline has made investing in Mutual funds and primary market so effortless. subscribe to Indiainfoline's Stock Messaging Service and get Market on your Mobile! 24 . backed by in-depth research and advice from research house and tools configured as investor friendly. No paperwork no queues and No registration charges.

you even get research reports of Indiainfoline 25 . it graduated the Company into a one-stop retail financial solutions provider. The Company¶s entry into the insurance sector derisked the Company from a predominant dependence on broking and equity-linked revenues. As a subscriber to the Daily Market Strategy. which could impact the market. Five intra-day ideas. Occasionally an investment idea from the research team and a crisp round up of the previous day's top stories. The annuity based income generated from insurance intermediation result in solid core revenues across the tenure of the policy. We offer you a dedicated group for giving you the most personal attention at every level. Best of the lot. unless the markets are really choppy coupled with a brief on the global markets and any other cues. concurrently. Newsletters The Daily Market Strategy is your morning dose on the health of the markets. To ensure maximum reach to customers across India. a number of private sector insurance service providers commenced operations aggressively and helped grow the market. we have employed a multi pronged approach and reach out to customers via our Network. Direct and Affiliate channels. VAS (Value Added Service ) Insurance An entry into this segment helped complete the client¶s product basket.There are three products under SMS Service: y y y Market on the move. Following the opening of the sector in 1999-2000. A worldleading wealth management company that sits down with you to understand your needs and goals. That's not all. Wealth Management Service Imagine a financial firm with the heart and soul of a two-person organization.

fund management and advisory services for offshore and domestic wealth management customers. Also. thereby facilitating the investment of dedicated funds in India. IIFL Securities Pte Ltd received approval from the Monetary Authority of Singapore to carry out global asset management operations. Singapore and Dubai. The Singapore arm can now offer broking. The Indiainfoline Weekly Newsletter is your flashback for the week gone by. 26 . It operates primarily in the retail segment leveraging its existing distribution network to reach prospective clients.research team on a priority basis. asset management and investment banking services. It has received the in-principle approval to set up a mutual fund. IIFL Capital aims to offer Indiafocused equity products. With offices in New York. The group recently commenced its offshore asset management business under the µIIFL Capital¶ brand. Leader Speak and features is delivered in your inbox every Friday evening Asset Management India Infoline is a leading pan-India mutual fund distribution house associated with leading asset management companies. IIFL Inc received an FII license. A weekly outlook coupled with the best of the web stories from Indiainfoline and links to important investment ideas.

the size of the equity portfolio is determined. balance and prudence. A few get on to high paying salaries early in their career. life can be financially comfortable. it is useful to have a perspective on the Life Cycle and Wealth Cycle of the investor. Others toil their way upwards. Young Unmarried: The earning years start here. They can plan where to stay in / buy a house. viz. The fortunate few who start off well have to avoid falling into the trap of unsustainable life styles. Children are dependents. rather than earning members. cash gifts and scholarships are potential sources of income during this phase. and those who wish to buy a car / two wheeler or house may prefer to invest more in relatively liquid investment avenues. Personal plans on marriage. transportation and residence determine the liquidity needs. Young Married:A cushion of assets created during the early earning years can be a huge confidence booster while taking up the responsibilities associated with marriage. Life Cycle These are the normal stages that people go through. Accordingly. the person needs to get into the habit of saving. focus is on education in most cases. rather than lavish the money away. This is the right age to start investing in equity. Parents and seniors need to groom children to imbibe the virtues of savings. Where both spouses have decent jobs. 27 .CUSTOMERS Customers of the mutual funds are divided based on their life cycles: While working on a comprehensive financial plan. Pocket money. Equity SIPs and ELSS are great ways to force the young unmarried into the habit of regular savings. People for whom marriage is on the anvil.: Childhood: During this stage. Either way. Others have the luxury of not having to provide much for liquidity needs. Values imbibed during this phase set the foundation of their life in future.

when they set up their independent families. cost of housing.e. The financial planner is well placed to advise on a level of insurance cover.based on job imperatives. health insurance policy cover too should be planned. and mix of policies that would help the family maintain their life style in the event of any contingency. the policy holder has to bear the expense first and then claim re imbursement from the insurer. If investments in growth assets like shares and real estate. competing with other basic needs of food. it would be useful to start a low value health insurance policy. are started early in life. Even where the employer provides medical coverage. clothing and shelter. life style aspirations and personal comfort. ability to pay insurance premium can be an issue. Where only one spouse is working. 28 . the outsourced service provider. life insurance to provide for contingencies associated with the earning spouse are absolutely critical. is the best antidote to the possibility of insurance companies rejecting future insurance claims / coverage on account of what they call ³pre existing illness´. and not the insurer. Depending on the medical coverage provided by the employer/s. a policy where the insurance company directly pays for any hospitalization expenses. Married with Older Children:The costs associated with helping the children settle i. Investment growth is required. This increases the liquidity provisions that need to be made for contingencies. All family members need to know what is covered and what is not covered in the policy. would be the touch point for processing claims. In other policies. While buying an insurance policy. In such cases. any approved or black listed health services provider. and maintained. Adequate investments are required to cover this. Expenses for education right from pre-school to normal schooling to higher education is growing much faster than regular inflation. to provide for situations when an earning member may quit a job and take up another after a break Further. marriage etc are shooting up. In case the earning spouse is not so well placed. starting a health insurance policy earlier and not having to make a claim against it for a few years. and the documentation and processes that need to be followed to recover money from the insurer. there has to be clarity on whether it is a cashless policy i.e. Married with Young Children:Insurance needs ± both life and health increase with every child. it would help ensure that the children enjoy the same life style. Term insurance (where premium is lower) possibilities have to be seriously explored and locked into. Many insurance companies have outsourced the claim settlement process.

the family should have adequate corpus. and how those regular expenses will be met. The family ought to plan for their retirement ± what kind of lifestyle to lead. the interest on which should help meet regular expenses. The availability of any pension income and its coverage (only for the pensioner or extension to family in the event of death of pensioner) will determine the corpus requirement 29 . the children should have started earning and contributing to the family expenses. The need to dip into capital should come up only for contingencies ± not to meet regular expenses. any loans taken for purchase of house or car. Further.Pre Retirement:By this stage. or education of children should have been extinguished. Retirement:At this stage.

80 13.45 433.90 970.38 -44.54 Sales Turnover 1.) 4.32 56.02 Net Profit Total Assets Indiabulls Edelweiss Cap HSBC Invest Motilal Oswal Network 18 Future Capital Geojit BNP Delta Corp Nalwa Sons Inv 132.90 422.53 14.16 34.56 1.287.01 757.89 1. cr.71 54.80 156.49 862.24 498.49 42.87 270.21 -1.865.98 533.11 1. Indiabulls Securities is the first stock broker in India to be assigned the highest rating BQ ± 1 by CRISIL.91 2.33 2. BSE & Luxembourg stock exchange.96 55.30 3.65 158.791.06 356. It is the pioneer in introducing online stock trading in India.005.29 261.90 INDIABULLS SECURITIES LIMITED: Indiabulls Securities Limited is a leading brokerage house in the Indian stock markets.577.65 264.13 9.28 667.65 31.13 32.41 51.792. 30 . (Rs.420.172.81 245. Indiabulls Securities Ltd is listed on NSE.65 395.70 159.15 1.75 276.216.20 33.123.COMPETITORS Last Price Market Cap.57 9.53 17.10 12.

it currently holds a reasonable share of the market. RELIGARE SECURITIES LIMITED: Religare Securities Limited (RSL). research-based value investing and implementation of cutting-edge technology has enabled them to blossom into an almost 2000 member team. Investment Banking Services and Principal Strategies. Today it is a well diversified financial services firm offering a range of financial products and services such as Wealth Management . a 100% subsidiary of Religare Enterprises Limited is a leading equity and securities firm in India. ethical and transparent business practices. (MOSL) was founded in 1987 as a small sub-broking unit. GEOJIT BNP PARIBAS: 31 .MOTILAL OSWAL SECURITIES LIMITED: Motilal Oswal Securities Ltd. Portfolio Management Services . respect for professionalism. Institutional Broking and Research Services. The major activities and offerings of the company today are Equity Broking. To broaden the gamut of services offered to its investors. Institutional Equities. Private Equity . Focus on customer-first-attitude. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments. Broking & Distribution . Commodity Broking. the company offers an online investment portal armed with a host of revolutionary features. with just two people running the show. Depository Participant Services.

The gamut of value-added products and services offered ranges from equities and derivatives to Mutual Funds. Future Group has pioneered and established a nation-wide chain of over 12 million of retail space in 71 cities and 65 rural locations across the country. phone service. Life & General Insurance and third party Fixed Deposits.000 clients are met via multichannel services .George.Geojit BNP Paribas today is a leading retail financial services company in India with a growing presence in the Middle East. The company rides on its rich experience in the capital market to offer its clients a wide portfolio of savings and investment solutions.a countrywide network of over 500 offices. Geojit BNP Paribas has membership in.J. dedicated Customer Care centre and the Internet. As a company with an investing mindset.Rakesh Jhunjhunwala ± when it took a stake to become the single largest shareholder. FUTURE CAPITAL HOLDINGS: Future Capital Holdings was conceptualized as a new age capital management and investing business that could play a vital role in the development of the consumption-led economy in India. the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). global banking major BNP Paribas joined the company¶s other major shareholders . we view India as an attractive long-term investment opportunity across asset classes. 32 . KSIDC (Kerala State Industrial Development Corporation) and Mr.Mr. Future Capital Holdings combines the entrepreneurial skills of world-class professionals from reputed international and domestic companies with the national scale and reach of the Future Group. and is listed on. In 2007. The needs of over 495. C.

(iv) Portfolio Management Services and (v) Securities related financing (NBFC). HIDL through its Subsidiaries offer a comprehensive range of value-added products and services backed by a professional service orientation for retail and corporate customers. (ii) Investment Advisory. 33 . The business activities undertaken by HIDL through its subsidiaries include (i) Securities Broking.HSBC INVEST DIRECT: HSBC InvestDirect (India) Limited (HIDL) is listed on the Bombay Stock Exchange Limited and National Stock Exchange Limited. (iii) Distribution of financial products.

FA¶s are also allowed to be in contact with the higher authorities. Macro Environment y y y It is one of the best professionalized financial services company. 34 . Company provides good benefit to the employees as well as customers.ENVIRONMENT There are two type of environment that is: a) Micro Environment. All the level of employees are allowed to participate in decision making. Micro Environment y y y y y y Employer and employee relationship is very good. Customer Oriented. y As the brand value of the company is increasing day by day it shows a positive environment. High level of interaction between employees. b) Micro Environment. The products and plans that are offered by the company are very good and beneficial to the customers. Recognition is not biased.

Integrated middle and back office : The customer can trade on the BSE and NSE. Content : The Company has leveraged its research capability to provide regular updates and investment picks across the short and long-term.TECHNOLOGY Over the last five years. The Company¶s customer service executives proactively contact customers to inform them of key changes and initiatives taken by the Company. in the cash as well as the derivatives segment all through the available multiple options of Internet. which facilitate business growth without a corresponding increase in costs. Multiple-trading options : The Company harnessed technology to offer services at among the lowest rates in the business.messenger chat for instant query resolution. phone or branch presence. emails and Internet. Technology : The Company provides a prudent mix of proprietary and outsourced technologies. Service : Clients can access the customer service team through various media like toll-free lines. India Infoline sharpened its competitive edge through the following initiatives: Multi-channel delivery model : The Company is among the few financial intermediaries in India to offer a complement of online and offline broking. 35 . The Company¶s network of branches also allows customers to place orders on phone or visit our branches for trading. Business World rated the Company¶s customer service as µBest¶ in their survey of online trading sites carried out in December 2003.Membership: The Company widened client reach in trading on the domestic and international exchanges.

This method is the best indicator to measure the performance of a fund. Asset Allocation It is the process of allocating the overall corpus to different assets like equities. It is basically imposed to discourage investors from exiting the fund. the AMC is Sun F&C Asset Management (India) Pvt. Back-end Load A kind of redemption charge that an investor has to pay for withdrawing his money from the mutual fund. which takes investment/ divestment decisions for the mutual fund. Asset Management Company (AMC) A Company registered with SEBI. It is also 36 . Ltd. and manages the assets of the mutual fund. real estate.g. This strategy is based on the premise that markets are not efficient and that there is scope to earn abnormal profits through an active investment strategy.TERMINOLOGY Active Portfolio Management Is a systematic and proactive approach to investment with the goal of beating the market. for Sun F&C mutual fund . derivatives etc. bonds. Annualized Return The return a fund would have generated over a year on a compounded basis. e.

In India these closed-ended funds have to necessarily be listed on recognized stock exchanges which provides an exit route. Contingent deferred sales charge (CDSC) An exit charge permitted under the regulations for a no-load scheme Continuous Offer Period Is the date from which the units are available for sale and repurchase at a price linked to NAV of the scheme. It is also referred to as default risk. Closed-ended fund A fund where investors have to commit their money for a particular period. Corpus The total investable funds available with a mutual fund scheme at any point of time. Balanced fund A fund that invests substantially both in debt and equity. Credit Risk It is the risk that the issuer of a fixed income security may default on payment of interest and repayment of principal. 37 .popularly referred to as an Exit Load.

corporate Bonds etc.Dated Security A debt instrument that is long term in nature and has a fixed date of redemption. 38 . Depository Participant An authorized body who is involved in dematerialization of shares and maintaining of the investors accounts. If the price is higher than the NAV. Treasury Bills. Discount/Premium to (Net Asset Value) NAV It is the difference between the unit price and NAV. In this process the investor opens an account with a Depository Participant (DP) and the number of shares the investor holds is shown in this account. the units are trading at a discount. Dematerialization The process of converting the physical /paper shares in Electronic form. These funds are generally preferred by investors wanting steady income and not willing to take higher risks. SEBI had made it compulsory to get the shares of some companies dematerialized. Debt fund A fund that invests in debt securities like Government securities. the units are trading at premium: if the price is lower.

These comprise gilt-edged securities. They are also referred to as Style Funds. Low P/E funds. preference shares and debentures. By diversifying a portfolio across different industries. Factor Fund It is a mutual fund that has a core philosophy of investing in a particular factor or style in the market.Diversification It is the investment strategy of not putting all one¶s eggs in one basket. Financial Pyramid An investment plan in the shape of a pyramid structure where the safest investments are at the base and the riskiest investments at the peak. overall risk of the portfolio is reduced. Front-End Load 39 . Efficient Portfolio A portfolio which ensures maximum return for a given level of risk or a minimum level of risk for an expected return. Growth funds etc. Fixed Income Security A type of security that pays fixed interest at regular intervals. Examples of factor funds are Mid-cap funds. bonds (taxable and tax-free). Less risky than equity shares and have little scope for capital appreciation.

It is good for investors who desire safety of principal and adequate liquidity. net profit. If the charge is made at the termination or redemption. Gilt-edged Security Government securities and bonds. Originally such certificates were edged with gold and hence the name. Gilt fund Funds that invest predominantly in government securities and treasury bills. Considered safest investments. Income Fund 40 . growth. Fundamental Analysis A method of investment analysis based on the fundamentals like turnover. usually with a low interest rate. The boom or depression of the stock markets are not considered in this analysis. it becomes a back-end load. as the government security is free from default risk. and vision of a company. Equity/Growth fund A fund that invest primarily in equities and has capital appreciation as its investment objective Fund Manager A professional manager appointed by the Asset Management Company to invest money in accordance with the objects of the scheme.An initial amount charged by a fund for its administrative expenses or for paying commissions to brokers.

and sometimes more. and high dividend shares. The interim dividend is a fair indication of a company's profitability. Interim Dividend An advance installment of the dividend finally declared. Such an investment philosophy reflects the belief that the market is efficient and trying to beat the market over the long term is futile Initial Offer Period The dates on which the initial subscription to the units of the scheme can be made. It is similar to the IPO of an equity issue. Liquid Fund 41 . It pays dividends to the investors out of its earnings. Interest Rate Risk The change in the price of a debt security due to changes in the market interest rates is the interest rate risk. This initial offer period is followed by a continuous offer period. but sometimes two such payments are made. Index Fund A fund whose portfolio is benchmarked against a popular index like the BSE Sensex or the BSE Natex. The final dividend is often at least equal. For debt oriented mutual fund schemes. A rise in the interest rates leads to a fall in the price of a fixed income security. Preferred by investors who wants regular income. bonds. More often one.A fund that usually invests in debentures. during the working year. this interest rate risk affects the NAV of the fund.

in which or in multiples of which. Certificate of Deposit (CD). Market Capitalization Represents the market value of the company. Liquidity Risk It is the risk in a fixed income security as well as in equities that these securities may not be sold in the market at close to their value. Market Lot A fixed minimum number of shares. Market Instrument A fully negotiable instrument for short-term debt. Net Asset Value (NAV) 42 . Load A charge by the fund when an investor buys (entry load) or sells (exit load) units in the fund. Liquidity risk is characteristic of narrow markets like India. shares are bought and sold on the stock exchange. treasury bills.A fund that invests its corpus in short term instruments like call markets. It is a product of the current market price and the number of shares outstanding. Commercial Paper (CP). The advent of dematerialization of shares will do away the significance of market lot.

The portfolio manager assumes that markets are efficient and all information is already analyzed and reflected in the prices of shares. This is the main performance indicator for a mutual fund. Offshore Fund A fund domiciled outside the country where investments are made. US-64 is an example of a no-load fund. not subject to the tax laws of the holder's country. Offer Price The price at which units can be bought from a fund. This strategy is based on the premise that it is impossible to consistently beat the market. No-Load Fund Shares of an open-ended fund. Passive portfolio management Exactly the reverse of active portfolio management.This is calculated as total assets minus all expenses and divided by the number of outstanding units. Rating 43 . which can be bought directly from the fund without any sales charge or brokerage. It is often a tax haven. especially when viewed in terms of appreciation over time.

rights. bonus etc. Reinvestment Risk It is the risk that the interest on fixed income instruments cannot be reinvested at the same rate. Reinvestment Plan It is a plan where the earnings of a mutual fund scheme are reinvested back in the fund. Only investors whose names appear in the company¶s registers on that date are eligible for the said benefits.Evaluation of credit risk in fixed income securities. Care and Duff & Phelps. Sector fund Such funds invest only in stocks belonging to a specific industry usually aimed at growth. 44 .g. Sinking Fund Money regularly set aside in a separate fund and invested by a company for the repayment of debt instruments (fixed deposits. Record Date It is the date announced by the company/mutual fund. This evaluation is specific to the security rated and is done in India by Crisil. For e. which is a cut-off date for corporate benefits like dividends. Kothari Pioneer Infotech Fund. This problem becomes pronounced in a falling interest rate scenario. or for replacement of assets. Sector funds are generally considered to be risky in nature. debentures. other loans) or the redemption of preference shares. Icra.

SWOT Analysis A type of fundamental analysis of the health of a company by examining its strengths(S). 45 . business opportunity (O). Systematic Risk This is the market risk that a security faces and is essentially non-diversifiable in nature. Switching Transferring from one scheme to another in a group of schemes operated by a Mutual Fund. interest rates. A switching fee may or may not be charged. he only studies price and volume behavior. Since investor psychology follows a certain pattern. Technical Analysis A method of prediction of share price movements based on a study of price graphs or charts on the assumption that share price trends are repetitive. The technical analyst is not concerned with the fundamental strength or weakness of a company or an industry. and any threat (T) or dangers it might be exposed to. what is seen to have happened before is likely to be repeated. This risk is caused by macro level factors like changes in inflation. Kotak Mahindra Finance is the sponsor for Kotak Mahindra Mutual Fund.g. e. weakness (W). where the rules so permit. budget announcements etc.Sponsor Sponsor is the parent organization that contributes the initial capital of the asset management company (AMC).

Top-Down Investment An approach to stock selection which evaluates the prospects of the economy first. The trustee takes into custody or under its control all the capital and property of every scheme of the mutual fund and hold it in trust for the unitholders of the scheme. i. Value Investment 46 . Unsystematic Risk This is the proportion of risk that is specific to a particular company. Treasury Bills These are bills of exchange.e. Transfer Agents Professional firms. which maintain the records of shareholders of their client companies. It is the opposite of a bottom-up approach to investing. This diversifiable risk could arise due to company specific factors like operational factors. IOUs. labor unrest etc. financial factors. then the prospects of the industry and then finally the prospects of a particular company to take an investment decision. 91 days to 364 days.. issued by the Reserve Bank of India for short-term loans. Trustee The trustee is the legal owner of the mutual fund. now mostly computerized.

BUSINESS STRATEGIES & OBJECTIVES 47 .Investment in shares whose intrinsic value is above their market price. Venture Capital Fund A limited company formed to provide venture or risk capital to new industries. as they can spot undervalued shares. which is the maturity value. Fundamental analysts often make recommendations of value investment. A zero-coupon bond carries no interest. Zero Coupon Bond A coupon is an interest warrant attached to a debt instrument. The difference between the discounted price and the maturity value represents the interest on the bond. but is sold at a discount to its face value. and the coupon rate is the rate of interest.

 Multiple products and diverse revenue schemes ensure de-risked business. back office and customer service. SWOT ANALYSIS 48 . y Focus on personalized skilled service and use of technology to give the best experience. BUSINESS OBJECTIVES: y y Follow company code of ethics and leverage standards. Focus on attracting the best talents and giving them superior environment and training them.BUSINESS STRATEGY:  Focus on core competence in financial services space. Focus on sharpening research capabilities and training and development of human resources. CUSTOMER STRATEGY:  Drive customer stickiness through quality advice. y y Focus on perfecting process and leveraging technology.  Asset heavy or long gestation businesses of through separate JV¶s or group companies. multimodal network serving as one stop shop to customers.  Wide.  Cutting edge proprietary technology for execution. best value and a delightful experience.

STRENGTHS MANAGERIAL DEPTH: ‡Promoted by first generation professional entrepreneurs. TECHNOLOGY EDGE: ‡Only player with proprietary trading platform. DISTRIBUTION REACH: ‡Present at 1. ‡Effectively harnessed technology to facilitate processes and provide superior customer experience. WELL CAPITALISED: ‡Net worth approximately Rs 16 bn with negligible debt. ‡Well funded to not just weather but take advantage of downturn. with over 500 own branches. 49 . experience as well as academic background. ‡To think and work like an owner is part of organization¶s DNA. OWNER MINDSET: ‡The top management is driven by pride and reward of ownership.616 business locations. ‡Management team unmatched in terms of professional credentials. ‡Effectively cover 445 cities across India.

Limited awareness. Customers are not much aware about the brand value of the company.WEAKNESSES y y y There are no promotional activities in rural areas. Change in economic environment. Competitors providing more value added services. The mind set of customers that private companies do not provide good financial advices. 50 . Too much competition faced in the Indian Market even from the banking entities. Changes in customer attitude towards his income savings. of Competitors. THREATS y y y Increase in no. y y OPPORTUNITIES y y y y Increasing customer awareness Developed relationships with quality equity analysts. Customers are much interested to take services of the banks directly rather than contacting private financial houses.


The sessions were very interactive and informative and provided all round support. company exposure. It can be concluded that all together the orientation in the company was very motivated and also knowledge giving. which will surely help us not only in this Internship Program but also in future life. He also mentioned that they have some high expectations from us. The training sessions mainly dealt with preparing the trainees with product knowledge.Kishore He wished us all the best and gave examples of some of the top performers of the last batch. It was a session that is going to help us in the whole Internship Program. benefit of being part of the organization. One the first day of the training we were informed about the company profile. All the words of the Company Guide were very motivating and knowledge giving. 52 .N.D. Mr.Kishore (Company Guide). We were asked to be free and were asked to grab as much as knowledge that we can from this Internship Program in the Company. at India Infoline Ltd. We were also addressed by the Branch Manager.N. its main products. Then we started with the mutual funds industry training.A three day training program was conducted and mediated by D. Bangalore. which included company market share in India and abroad. We were also asked to give presentation on what we have learned so far about the products. and behavioral skills. We were also motivated to do hard work and how we can get recognition in the company as a whole. We were trained on the products for ten days and the the most important part was that it was just not one side speech or class.

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