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Submitted By

Md. Junaid Y. Dhariwala


Of PAI International Centre for Management Excellence, Pune

Tilak Maharashtra University

Gultekdi, Pune 411037

Tilak Maharashtra University, Pune
(Deemed Under Section 3 of UGC Act 1956 Vide Notification

No. F.9-19/85- U3 dated 24th April 1987 By the Government of India.)

Vidyapeeth Bhawan, Gultekdi, Pune - 411 037.


This is to certify that the project titled “Customer Relationship

Management in Religare Securities Ltd, Pune” Is a bonafide
work carried out by Mr. /Ms. MD. Junaid Y. Dhariwala a student
of Master of Business Administration Semester 3rd, Specialization

P.R.N. _____ Under Tilak Maharashtra University in the

year 2009.
Head of Department Examiner Examiner
Internal External


Place: University Seal


It is said, the most important single word is „WE‟ and the zero important single word is
„I‟. This true even in today‟s modern era. It is absolutely impossible for a single
individual to complete the assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mrs. Priya

Venkatraman (Sr. Relationship Manager) Religare Securities Ltd., Pune, for the
completion of the project work.

I would also like to acknowledge to my sincere gratitude to our Director Prof. R

Ganesan and my project guide Prof. Roshan Kazi for helping me in this project work.

I am thankful to all of my friends and batch mates for their help in completing this project
work. Finally, I am thankful to my entire family members for their great support and

Md. Junaid Dhariwala

Chapter 1. Rationale of the Study.

Chapter 2. Objectives of the study.

 Title of the project

 Objective of the study
 Scope of the study

Chapter 3. Profile of the company.

Chapter 4. Review of Literature.

Chapter 5. Research Methodology

 Research Design
 Data Collection Methods / Sources
 Sampling Plan which should include sampling unit, sampling size and
sampling methods viz. questionnaire methods interview methods observation
Chapter 6. Data Analysis and interpretations using various charts and

Chapter 7. Findings

Chapter 8. Limitations (if any)

Appendix –
 Copies of questionnaire
 Copies of form or any from the company
 Bibliography




Customer Relationship Management (CRM) is a business approach which

recognizes the importance of customers as the driving force behind the success of failure
of any business. It enables the business organization to maintain, analyze and act upon
the information which the business identifies as relevant to improve its relationships with
the customer, and thus enhance its chances of success.

Customer Relationship Management (CRM) helps companies improve the

profitability of their interactions with customers while at the same time making the
interactions appear friendly through individualization and personalization of services.
This management includes Data Mining with the help of which Customer Life Cycle can
be managed well in Acquiring new customers, increasing value of the customers,
retaining good customers.

The basic steps of Data Mining for effective CRM are:

1. Define Business Problem

2. Build Marketing Database

3. Explore Data

4. Prepare data for modeling

5. Build Model

6. Deploy model and results

The company can then use the information to learn about the behavior of its
customers and improve the way it does a business. It can look at recurring complaints
from multiple customers to solve a problem which would otherwise go unchecked with a
normal formats and management system of the company.

The main objective of my project is to find effective solution for the Customer
Relationship Management and accordingly increase the credibility and profitability of the
company. This study is more related to consumer behavior and perception about the
facilities and convenience provided by the company, Customer Satisfaction is
emphasized in this management.

o Helping an enterprise to enable its marketing departments to identify and target

their best customers, manage marketing campaigns with clear goals and
objectives, and generate quality leads for the sales team.

o Assisting the organization to improve telesales, account, and sales management

by optimizing information shared by multiple employees, and streamlining
existing processes (for example, taking orders using mobile devices)

o Allowing the formation of individualized relationships with customers, with the

aim of improving customer satisfaction and maximizing profits; identifying the
most profitable customers and providing them the highest level of service.

o Providing employees with the information and processes necessary to know their
customers, understand their needs, and effectively build relationships between the
company, its customer base, and distribution partners.




A. Title of the project:

Customer Relationship Management (CRM) with Religare Securities

B. Objective of the Study:

The objective of the project was to analyze „Effective Customer Relationship

Management‟ for Religare Securities Ltd., Pune for that we have to understand current
CRM System and Services provided from the company and its effect on Customer Needs,
Satisfaction Level, their response and emotions. The objective of this study to analyze
existing customer satisfaction as those customers are the key sources to new customers
with respect to the performance, sales efforts and sales service.

As the company stands second in India in aspect of turnover after Kotak Mahindra
Securities, it‟s clear that it has very strong Customer Relationship Management System
and perfect people to handle it properly for the benefit of customers and company as well.

Actual and personal meeting with existing customers and employees has brought me
to the reality of the effectiveness of the system and their success. For analyzing the same
factor I staked my whole duration of the project and simultaneously for internal study and
market watch and other group assignments.

Questionnaire is based on the existing services and the satisfaction level of the
existing customers which includes questions like Name, Age, Gender, Income,
Investment Frequency, feedback about services which they are provided like
conformation, calls, suggestions, solutions on stuck money like dead investment and all.

On an average all the customers are happy with the company and look forward to the
growth of it.

C. Scope of the study:

Scope the this study is it will assist Religare to get its own Customer Relationship
Management system mirror well and it will get all the important things before eyes to
apply all the possible ways to provide a superb service to the customers and accordingly
make them loyal and retain them long lasting and also to get new customers to be served.
Scopes can be stated in few points as follows.

o Maintain current / existing customers.

o Achieve new potential customers.

o Retain all the customers.

o Profitability Increment

o Reputation and credibility Increment, etc.

The heart of CRM is not being customer centric but rather to use customer
profitability as a driver for decision making and action. Before exploring this assertion, it
is useful to review the process of resource allocation as it is practiced in most
organizations. The budget process largely consists of an extrapolation of the past.
Resource constraints pit function against function with back room deals that are based on
internal politics versus the marketplace. This decision process has little insight as to what
is working and what is not working (as it applies to the marketplace) or for that matter
why? Without insight relative to cause and effect, the organization has no choice but to
follow intuition and anecdote. It is analogous to the story about the marketing VP who
admitted that half the advertising budget was wasted; the problem was he did not know
which half.



Profile of company

Religare Enterprises Limited (REL):

Religare, a Ranbaxy promoter group company, is one of the leading

integrated financial services institutions of India. The company offers a large
and diverse bouquet of services ranging from equities, commodities,
insurance broking, to wealth advisory, portfolio management services,
personal finance services, Investment banking and institutional broking
services. The services are broadly clubbed across three key business
verticals- Retail, Wealth management and the Institutional spectrum.
Religare Enterprises Limited is the holding company for all its businesses,
structured and being operated through various subsidiaries.
Religare‟s retail network spreads across the length and breadth of the
country with its presence through more than 1,217 locations across more
than 392 cities and towns. Having spread itself fairly well across the country
and with the promise of not resting on its laurels, it has also aggressively
started eyeing global geographies

Religare Enterprises Limited (REL) is one of the leading integrated

financial services groups of India. REL‟s businesses are broadly clubbed
across three key verticals, the Retail Institutional and Wealth spectrums,
catering to a diverse and wide base of clients. The vision is to build Religare
as a globally trusted brand in the financial services domain and present it as
the „Investment Gateway of India‟.

All employees of the group guided by an experienced and professional
management team are committed to providing financial care, backed by the
core values of diligence and transparency. REL offers a multitude of
investment options and a diverse bouquet of financial services with its pan
India reach in more than 1800 locations across more than 490 cities and
towns. REL operates globally following its acquisition of London‟s oldest
brokerage and investment firm, Hichens, Harrison and Co. plc. With a view
to expand, diversify and introduce offerings benchmarked against global
best practices, Religare operates its Life Insurance business in partnership
with the global major- AEGON. For its wealth management business
Religare has partnered with Australia based financial services major-
Macquarie. Religare has also partnered with Vistaar Entertainment to launch
India‟s first SEBI approved Film Fund offering a unique alternative asset
class of investments.

Religare Securities Limited (RSL), a 100% subsidiary of Religare

Enterprises Limited is a leading equity and securities firm in India. The
company currently handles sizeable volumes traded on NSE and in the realm
of online trading and investments; it currently holds a reasonable share of
the market. The major activities and offerings of the company today are
Equity Broking, Depository Participant Services, Portfolio Management
Services, International Advisory Fund Management Services, Institutional
Broking and Research Services. To broaden the gamut of services offered to
its investors, the company offers an online investment portal armed with a
host of revolutionary features.

o RSL is a member of the National Stock Exchange of India, Bombay
Stock Exchange of India, Depository Participant with National
Securities Depository Limited and Central Depository Services (I)
Limited, and is a SEBI approved Portfolio Manager.

o Religare has been constantly innovating in terms of product and

services and to offer such incisive services to specific user segments it
has also started the NRI, FII, HNI and Corporate Servicing groups.
These groups take all the portfolio investment decisions depending
upon a client‟s risk / return parameter.

o Religare has a very credible Research and Analysis division, which

not only caters to the need of our Institutional clientele, but also gives
their valuable inputs to investment dealers.

Trading in Equities with Religare truly empowers you for your

investment needs. We ensure you have superlative trading experience
through –

 A highly process driven, delight approach

 Powerful Research & Analytics and

 One of the „best-class‟ dealing rooms

Further, Religare also has one the largest retail networks, with its
presence in more than 1800* locations across more than 490* cities and
towns. This means, you can walk into any of these branches and connect to
our highly skilled and dedicated relationship managers to get the best

The Religare Edge

o Pan India footprint

o Powerful research and analytics supported by a pool of highly skilled

research analysts

o Ethical business practices

o Single window for all investment needs through your unique CRN

Religare Enterprise Limited, through its subsidiaries, offers a range of
integrated financial products and services to retail inventors, high net worth
individuals, and corporate and institutional clients in India. It operates in
three divisions: Retail Spectrum, Wealth Spectrum, and Institutional
Spectrum. The Retail Spectrum division offers equity brokerage,
commodities brokerage, personal financial services, including insurance
brokerage and mutual fund distribution; internet trading; loans against
shares; and personal loans. The Wealth Spectrum division provides portfolio
management services, wealth advisory services, and private client equity
services, such as international equity services. The company was formerly
known as Religare Enterprises Private Limited and changed its name to
Religare Enterprises Limited in July 2006. The company was incorporated in
1984 and is based in New Delhi, India.

Industry Profile

Industry Profile

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 (Trading day + 2 days) 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 of 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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. Online broking

Several brokers are extending benefits of online trading through

creation of separate windows. Some others have dedicated online broking
portals. Emergence of online broking enabled reduction in transaction costs
and costs of trading. Keen competition has emerged in online broking
services, 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. A wide range of incentives are being created and offered
by online brokerage firms to attract larger number of

8. Compliance oriented

With stringent regulatory norms in operation, broking industry is

giving greater emphasis on regulatory compliance and observance of market
principles and codes of conduct. Many brokerage firms are investing time,
money and resources to create efficient and effective compliance and
reporting systems that will help them in avoiding costly mistakes and
possible market abuses. 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.

9. 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.
With the nature of markets and products becoming more complex, it
becomes imperative for the broking firms to keep their staff continuously
updated with latest development in practices and procedures. Moreover, 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.
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,
valuations, economic and financial forecasting and company research.

10. From owners to traders

A fundamental change that has taken place in the equity brokerage

industry, which is a global trend as well, is the transformation of broking
from owners of the stock exchange to traders of the stock market.
Demutualization and corporatization of stock exchanges bifurcated the
ownership and trading rights with brokers vested only with the later and
ownership being widely distributed.

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

Emerging challenges and outlook for the brokerage industry

.Brokerage firms in India made much progress in pursuing growth and
building professionalism in
operations. Given the nature of the brokerage industry being very dynamic,
changes could be rapid and so as the challenges that emerge from time to
time. A brief description on some of the prospects and challenges of the
brokerage firms are discussed below.


Indian brokerage industry is highly fragmented. Numerous small

firms operate in this space. Given the growing importance of technology in
operations and increasing emphasis on regulatory compliance, smaller firms
might find it constrained to make right type of investments that will help in
business growth and promotion of investor interests.

12.Capital Adequacy

Capital adequacy has emerged as an important determinant that

governs the scope of business in the financial sector. Current requirements
stipulation capital adequacy in regard to trading exposure, but in future more
tighter norms of capital adequacy might come into force as a part of the
prudential norms in the financial sector. In this background, 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.

13.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 individuals, as also opportunities for
investing abroad. 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.

14.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. 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. South Asian
economic integration will provide greater
opportunities for broking firms in India to pursue cross border business. In
view of several of common features prevailing in the markets, it would be
easier to make progress in this regard.

15. Product Dynamics

As domestic finance matures and greater flow of cross border flows

continue, new market segments will come into force, which could benefit the
domestic brokerage firms, if they are well prepared. For instance, in the last
three to four years, brokerage firms had newer opportunities in the form of
commodities futures, distribution of insurance products, wealth
management, mutual funds etc, and as the market momentum continues,
broking firms will have an opportunity to introduce a wider number of

16. Competition from foreign firms

Surging markets and growing opportunities will attract a number of

international firms that will increase the pace of competition. Global firms
with higher levels of capital, expertise and market experience will bring
dramatic changes in the brokerage industry space which the local firms
should be able to absorb and compete. Domestic broking firms should
always give due focus to emerging trends in competition and prepare

17. Investor Protection

Issues of investor interest and protection will assume centre stage.

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. The
nature of penalties and punitive damages would become more severe. It is
important for brokerage firms to establish strong and streamlined systems
and procedures for ensuring investor safety and protection.

Chapter 4.

Literature Review

Literature Review

Historical Background:

Customer relationship management (CRM), a concept that has been

around since the mid 90s, has its roots in the technology of sales automation
and call center operations. At that time, it was thought that merging the
customer data from the field (sales) with the call center interactions would
result in more informed interactions with the customer. The concept
resonated with user organizations and soon mergers and acquisitions created
a host of software vendors all claiming to have an integrated set of
capabilities that became known as CRM.

On a parallel track, Internet-based tools such as e-commerce, Internet

marketing, personalization, and self-help were evolving. These products
competed outside of the CRM sphere due to the newness of the technology,
and they were referred to as e-business. When the concepts of CRM and e-
business melded together there was a short period of e-madness where
vendors talked about eCRM and e-everything. There are still vestiges of this
transition in the industry such as essentially using e-business to add value to
vendors and referring to it as partner relationship management (PRM) or
providing tools for employees and referring to it as employee relationship
management (ERM).

Similarly, enterprise resource planning (ERP) vendors realized that
the 360-degree view of the customer has to include transaction data, so they
have likewise developed an integrated package with CRM capabilities.
Thus from a technology perspective CRM consists of a set of applications
that address the needs of customer-facing functions that in turn feed a
common database that is supported by business analytics. Each vendor has
variations on this theme.

On the other hands, CRM can be defined as a process or methodology

used to learn more about customers‟ needs and behaviors in order to
manage and develop stronger relationships in an organized way with them.

Components of CRM:

1. Contact an Account Management:

Relevant data for customer profile is captured with the help of the
Necessary information is captured from prospective customers. CRM system
stores data in common customer database. The database integrates customer
account information and presents it in desirable format to the company. The
data is used for sales, marketing, services and other applications.

2. Sales:

Sales process management follows a customized sales methodology

with specific sales policies and procedures. Sales activities include – Product
information, Product configuration, sales prospectus and sales quote
generation. CRM also provide the history of customer account so that the
sales call can be scheduled accordingly.

3. Marketing and fulfillment:

CRM helps the professionals in product marketing, target marketing,

relationship marketing and campaign management. By analyzing customer
and business value of direct marketing can be estimated. CRM also helps in
customer retention, behavior prediction, channel optimization,
personalization. Customer response and requests can be quickly scheduled
and hence sales contacts.

4. Customer Service and support:

CRM system provides service representatives with adequate access to

customer database. It also helps to create, assign and manage the service
requests by customers. Calling format is designed to route customer calls to
respective attendants as per the skills and authority to handle special cases.
Help desk system is developed to help customer service representative to
help customers who face problems with product or service to resolve it.
Web-based Self Service means help customer to access personalized
information at company website.

5. Retention and loyalty programs:

The primary objective of CRM is to enhance and optimize customer

retention and loyalty. CRM systems are also useful in determining most
loyal and profitable customers and reward.

The essential link between Marketing, Sales and Customer Service:
Too often, the three key functions that directly affect customers -Marketing,
Sales and Customer Service – operate independently of one another. This
can create confusion and inconsistency in how you communicate and service
your customers. For examples, marketing staff may come up with a price
promotion. However, if that is not communicated to the sales team, the result
could be incorrect billing, which may take time or resources from the
customer to rectify and could create ill will and mistrust, making it seem like
your company does not adhere to its word.

Similarly, if a salesperson makes a sale and gives certain guarantees to
a customer but those are not communicated to the customer service team or
even to the other sales team members, then the customer may fees as if the
company is not standing behind its assurance. This can be particularly
problematic if there is employee turnover and poor communication between
or even departments. This „silo effect‟ – where information is between
vertically in departments that may or may not communicate with each other-
could actually damage your business.

With comprehensive CRM system, however, customer

communication is captured and housed in an accessible database, making the
most current information available to anyone who needs it and has access to
the system. By breaking through barriers between various business functions
and making communication transparent, your company can act in a more
consistent and unified fashion with its customers, instilling a greater level of
trust and strengthening customer relationships.

Religare Securities Limited (RSL) provides a host of financial

services under one roof following a ONE STOP SHOP philosophy. It has a
dedicated team of professionals to cater to the variety of services to
Individuals, Corporate and Institutions. The team updates its clients with
opportunities - with a sense of competitive urgency and risk management.
What‟s more, their special analysts design customized services for HNI and

Over the years Religare Securities Ltd. has played a successful role in
client's wealth creation. In the process Religare Securities Ltd. also refined
itself, as an investment advisor and is poised to provide complete Investment
Management Solutions to its valued clientele.

The following is the product profile of the company.

 Equity Broking - BSE and NSE

 Derivatives Futures and Options

 Internet Broking- Online Trading

 Commodities Trading - NCDEX & MCX

 Institutional Broking

 Depository Services - NSDL & CDSL

 Portfolio Management Services

 NRI Investments

 Initial Public Offerings (IPO)

 Mutual Fund Investment

Stock Data

Religare Securities Limited (RSL)

Current Price (9/4/2009): INR- 391.10

Recent Stock Performance:

1 Week -0.1% 13 Weeks 5.6%

4 Weeks -17.6% 52 Weeks 1.8%

Religare Enterprises Limited Key Data:

Ticker: 532915 Country: INDIA

Exchanges: BOM Major Industry: Financial

Sub Industry: Securities Brokerage

2008 Sales Employees: N/A
(Year Ending Jan 2009).

Currency: Indian Rupees Market Cap: 29,854,462,060

Fiscal Yr Ends: March Shares Outstanding: 76,334,600

Share Type: Closely Held Shares: 41,187,500


Religare Securities bags LIPPER-STARMINE Award for Excellence in


Mumbai, February 18, 2009: Religare Securities Limited a wholly

owned subsidiary of Religare Enterprises Limited has been recently awarded
the LIPPER-STARMINE broker award for "Earnings Estimates in Midcap
Research for 2008". The Lipper| StarMine Awards organized by Thomson
Reuters, for Asset Management and sell-side broking Companies in India,
were announced last week in Mumbai. The awards recognize analysts who
are more accurate than their peers in forecasting earnings, awarding credit to
those who demonstrate an ability to make accurate estimates earlier than
their peers.

On receiving the award, Mr. Amitabh Chakraborty, President

(Equity), said, "We are extremely proud to receive this award as a validation
of our efforts in what was the most difficult and volatile year in stock market
and corporate history. It is in these difficult times that the ability of a team to
accurately estimate corporate earnings stands its truest test and we have
succeeded in enabling our customers to make informed buy or sell
recommendations in order to give above average returns to investors."


What is equity?

Funds brought into a business by its shareholders is called equity. It is

a measure of a stake of a person or group of persons starting a business.

What does investing in equity mean?

When you buy a company's equity, you are in effect financing it, and
compensated with a stake in the business. You become part-owner of
the company, entitled to dividends and other benefits that the company may
announce, but
without any guarantee of a return on your investments.


What is Demat?

Demat is a commonly used abbreviation of Dematerialisation, which

is a process whereby securities like shares, debentures are converted from
the "material" (paper documents) into electronic data and stored in the
computers of an electronic Depository (SEE next page).

You surrender material securities registered in your name to a

Depository Participant (DP). These are then sent to the respective companies

who cancel them after dematerialization and credit your Depository Account
with the DP. The securities on dematerialization appear as balances in the
Depository Account. These balances are transferable like physical shares. If
at a later date you wish to have these "Demat" securities converted back into
paper certificates, the Depository can help to revive the paper shares.

What is the procedure for the dematerialisation of securities?

Check with a DP as to whether the securities you hold can be

dematerialised. Then open an account with a DP and surrender the share

What is a Depository?

A Depository is a securities "bank," where dematerialised physical

securities are held in custody, and from where they can be traded. This
facilitates faster, risk-free and low cost settlement. A Depository is akin to a
bank and performs activities similar in nature.

At present, there are two Depositories in India, National Securities

Depository Limited (NSDL) and Central Depository Services (CDS). NSDL
was the first Indian Depository.

It was inaugurated in November 1996. NSDL was set up with an

initial capital of Rs 124 crores, promoted by Industrial Development Bank of

India (IDBI), Unit Trust of India (UTI), National Stock Exchange of India
Ltd. (NSEIL) and the State Bank of India (SBI).

Who is a Depository Participant (DP)?

NSDL carries out its activities through business partners - Depository

Participants (DPs), Issuing Corporates and their Registrars and Transfer
Agents, Clearing Corporations/Clearing Houses. NSDL is electronically
linked to each of these business partners via a satellite link through Very
Small Aperture Terminals (VSATS). The entire integrated system (including
the VSAT linkups and the software at NSDL and at each business partner's
end) has been named the "NEST" (National Electronic Settlement &
Transfer) system. The investor interacts with the Depository through a
Depository Participant of NSDL. A DP can be a bank, financial institution, a
custodian or a broker.

Chapter 5.

Research Methodology

Research Methodology

Research Design:

Research design means adopting that type technique of research

which is most suited for the research and study of the problem. For the study
and the research of the problem proper material has to be selected and
collected for the investigation.
“A research design is the arrangement of conditions for collection and
analysis of data in a manner that aims to combine relevance to the research
purpose with economy in procedure.”

- Jahoda, deutish. Cook.

In order to know about effectiveness of Customer Relationship

Management in Religare Securities Ltd., it was necessary to interact with the
customer. The sample taken comprised of respondents from Pune city. A
questionnaire had to be designed to collect valuable information from the
different customer groups. The questionnaire which was designed suitably to
meet the objective of research work.

Nature of Research:

In this project report I have undertaken quantitative type of study.

Type of the questions:

The questions in the questionnaire asked to the visiting customers of

Religare Securities Ltd, Regional office in Pune, are Straight Forward and
Limited Probing.

Type of the Questionnaire:

The questionnaire in this project report is straight forward and formalized.

Type of Analysis:

The analysis done in this particular project report is statistical.

Sources of Data:

a. Primary Data:

The Primary data are those data which are collected fresh and for the
first time and thus happen to be original in character. The primary data that
was collected through interview conducted in Regional Branch with daily
visiting customers. The primary data sources include copies of questionnaire
and data of their respective responses.

b. Secondary Data:

The secondary data are those which have already been collected by
someone else and which have been passed through the statistical process.
Secondary data was collected through company websites.
Some of the web sites and some others

Chapter 6.

Primary Data Collection

Primary Data Collection

Research Technique:

As the researcher, I adopted survey method as a research technique for

this particular project report.

Contact Method:

I as a researcher interviewed the respondents by personal interview.

Sampling Plan:

a) Population:

The population covered in this project report refers to the existing

(Office Coming) customers of Regional Office, who have their trading and
D‟mat A/c with Religare Securities Ltd.

b) Sample Size

The sample size undertaken by me for this particular project report is

100 respondents.

c) Sample Element

The respondents contacted and interviewed in this project report are

all from different domain some of them were Businessmen, High Net-worth
Investors, Proprietors, even Students also invest in Share Market.

d) Sample Extent

As a researcher, I conducted this survey only for the customers in

Regional Office of Religare Securities, Pune.

e) Sample Duration

The survey was undertaken from the 01st June, 2009 to 30th July,
2009 i.e. for two months.

f) Research Instrument:

Questionnaires containing both open ended and close ended questions

were used as a research instrument in this particular project report.

Chapter 7.

Data Analysis & Interpretation

Data Analysis & Interpretation
1. Respondents:

38% 30% Businessmen

8% Individuals

Respondents Businessmen HNIs Proprietors Individuals

Number of 30 8 24 38


Above pie chart represents that research contains 100 respondents

which are Businessmen, HNIs, Proprietors and Individuals and they are 30,
8, 24, 38 respectively in numbers and percentages.

2. Income Group(Annual):

43% 10000 - 1 Lakh
1 Lakh - 5 Lakh
37% 5 Lakh - 10 Lakh
10 Lakh - Above

Income Group 10000 - 1 Lakh 1 Lakh - 5 5 Lakh-10 10 Lakh -

Lakh Lakh Above

Number of 43 37 13 7


Above pie chart represents that the research contained 100 investors
and customers of Religare Securities Ltd. All the people were from different
different Income group which are in numbers shown above. W e can clearly
see sample includes more customers from first income group i.e. INR 10,000
– 1 Lakh

2. Company Interaction via Email and Telephone Calls:

Fair Excellent


Interaction Via Poor Fair Good Excellent

Email and
Telephone Calls

Number of 2 11 59 18

From the above result of Company Interaction via Email and
Telephone calls, we can imagine the satisfaction level of customers and
accordingly Customer Relationship is managed through electronic media to
maximize the wealth of customers. In Religare mostly dealers are in touch of
regular traders / customers and customers also get loyal to the company
through this practice. Every call is taped by default for the evidence of
orders to buy or sell the stocks and Emails too.

3. Do you find company‟s investment tips useful and beneficial?

1% 3%

96% Can't Say

Investment Tips Yes No Can‟t Say

Number of 96 1 3


When it was asked sudden and on the time answer was the same of
maximum people, it means the credibility and trustworthiness of the
company is on the height. It‟s nothing but the result of Relationship
It is said that Share Market means „Well of Loss‟, nevertheless
Religare‟s Customer don‟t have any tension in investing because they
believe in Company‟s Researchers and Analysts and their investment tips

4. Where do you rate Religare on the scale of 10 in terms of

42% 4
40% 8

Religare on the 4 6 8 10
scale of 1 to 10

Number of 4 14 40 42


From the above answers Customer Relationship can be very well

highlighted because out of 100, 43 people have rated Religare on the scale of
1 to 10 and again in remaining maximum customers say that they rate
Religare at on the scale of 1 to 10.Every customer has his own value and
consideration about Religare because they invest their Hard Earned money
and take risk to earn more cause of Religare‟s Services and Attachment and
it is all the output of Customer Relationship Management.

5. Where do you invest/ trade mostly?

19% Equity
66% Commodity

Where Customers Equity Commodity Currency

Invest mostly

Number of 66 19 15


One general question was asked in questionnaire to know the

investment flow of customers towards Religare Services. When it was asked
why they invest in specific area mostly then it was answered by many people
that liquidity market is easy to make money out of investment and take
money out whenever we feel not to put.
And other reason many customers don‟t want to invest for long
time.And about currency some people were not interested.

6. Where do you trade mostly?

48% Intraday
37% Delivery

Where Customers Intraday Delivery Both

Trade mostly

Number of 48 37 15


From the above view of graph we come to know that maximum

people, 61% customers trade in Intraday Trading. On this customers say they
like to trade in Intraday because of Short term investment and high level of
excitement and sometimes they feel their money seems to sink. It‟s like One
Day Cricket play for many customers.

In Delivery, people say here is „No / Low Risk, More Money‟ , in this
people say if scrip goes down like „Satyam‟, then also we get chance to book
profit buying current stocks in low price and putting old stock aside
temporarily. Here we find people hesitate to invest in Intraday and confident
to trade in Delivery trading.

Very less traders population do trade in both area, for few people it‟s
nothing but fund managing, if one finds difficulty in making money in
Intraday, they simultaneously manage their fund for Delivery, but very few
people feel do this type of management.

Eventually Religare is the Broking firm and it doesn‟t lose its

attention from making money for its customers and lose its attention from
Customer Relationship Management.

7. Do you trade in any other broking firm?


73% No

Trade in other Yes No

Broking Firm

Number of 73 27


Above pie chart represents the maximum people have their D‟mat A
/c and Trading A/c somewhere else also nevertheless they say they trade
from Religare only and few of their other A/cs are put Non-Operating by
Here we get a fact that Religare‟s Customer Relationship Management really
has something very attractive and attachable to emotions cause of services.
Few of them were hesitating while answering this question.

8. Are you satisfied with the services provided by Religare?

35% Strongly Yes
Slightly Yes
Slightly No

Satisfaction Strongly Yes Slightly No Strongly Slightly

Yes No No

Number of 64 35 1 0 0


Above chart represents us the output of Customer Relationship

Management with the help of the services and customers satisfaction can
show a mirror of the efforts of the company towards making their customers
loyal to them.
Here 64% customers have selected and stated that they are fully
satisfied with the services that they are getting from Religare Securities Ltd.

9. Since last how many years you are in field of trading?

17% Less than 1

26% More than 1
More than 2

Since when Less than 1 year More than More than 2

customers are 1year years
trading ?

Number of 26 57 17


This question was asked intentionally to know the loyalty of

customers with Religare Securities Ltd., which is nothing but the back-
screen coding of on screen output. These all things are the proud of Religare
and its customers are also very proud to be in Religare.



Customer Relationship Management Business Drivers and Benefits

 It empowers management with a real-time pipelines and forecasting

so they can build and focus on high profit, sustainable relationships.

 It empowers staff wit customer intelligence and best practices to

increase their likelihood of successful transactions.

 It increases customer‟s acquisition, retention, loyalty, and profitability

by integrating information across the enterprise.

 It enables executive and management to gain customer insight.

Customer Relationship Management Risks

 Effective internal controls must be in place to prevent customer

information from becoming scattered across databases and servers.

 CRM can be associated with significant revenue cycle.

 CRM should be kept and handled and carefully kept inside the
company only otherwise Customers Database can be misused by

Customer Common Findings while contacting:

 Generally people whom I have contacted they were from different

domains like Business, Proprietors, High Net worth Income Group
(HNIs) and students.

 Their responses may not be proper because of their „Busyness‟ in

Dealing Room.

 This data is called Primary Data, which is considered very genuine but
is this case it misrepresents the Reality and Credibility.

 Some people, its felt that they gave fake response, with impression
that this questionnaire is from Religare Securities internal.

 Some people did not take it serious because this was not important to
them as they are busy for trading at dealing Room.

 Every data interpretation and statistics cannot be think worthy from

their results because this study is for only two months altogether.

Chapter 8.



Findings are according to the observations.

1. Many consultants, vendors, and analysts today define CRM in terms

of being a customer-centric business strategy that is enabled by a set
of applications that support customer-facing functions and
management decision making. That may capture the essence of what
CRM is, but while it does not concentrate on the extra expenses
occurring on Company‟s A/c due to increment in expenses in serving
customers all the ways and Return on investment means consideration
may not be more than expected. Customer may not give that much
business transactions which is estimated or expected.

2. It needs specific staffs to handle all the tasks of Customer

Relationship Management because the data that is feed in system
cannot be handled merely by Relationship Managers who has to make
new customers and take care of their dealings and also to accomplish
their additional responsibilities.



1. Short Duration:

o Project research duration was only for two months, in this

tenure neither study nor observation can be done properly. For
example, we saw sample plan – in that only 100 customers
could be contacted and now the problem is- from this samples
we cannot think of Macro Level Perception of customers. Many
people may be from same point of view and many may not and
those 100 people may not contain these type of people. So
duration of Research Project should be more than two months.

2. Customer Category:

o To find effective Customer Relationship Management, Broking

firm can do one more thing which will be very beneficial to
them in finding Asset Customers from the bottom level
management to top level management. Religare should adopt
system of allotting Customer Categories according to their
transactions, due payments, exposure, loyalty, frequency of
trading and all.
o In this system at all the level where CRM is handled and
watched by Top class officials of the company, they also get to
know the list names and details of the loyal customers and CEO
or Board of Directors also get to know total customers and at
last their turnover of the total transaction.

3. Affiliated Awareness Programs:

o Religare should arrange affiliated programs within its own

groups to come to the sense of new people and accordingly to
prospecting and acquiring new customers.

o With the help of it companies CRM will help it to get height of

success and dominate the world of Services. Because CRM
affects Marketing, Sales and profitability and these all can be
achieved by CRM.

o For E.g., Religare Securities can play few awareness

documentaries and Advertisement with „Religare Vistaar‟ this
will result in getting more and more customers to serve and
accordingly Religare can become the first ranker in turnover
very soon.


I. Copy of questionnaire

II. Bibliography


1. Name:________________________________________________

2. Contact

3. Occupation:

Businessman Proprietor HNI


4. Income Group(Annual):

 10000 - 1 Lakh 1 Lakh - 5 Lakh

 5 Lakh-10 Lakh  10 Lakh - Above

5. How do you find Company Interaction via Email and

Telephone Calls ?

Poor Fair Good  Very Good

6. Do you find company’s investment tips useful and beneficial?

Yes No Can’t Say

7. Where do you rate Religare on the scale of 10 in terms of


4 6 8 10

8. Where do you invest/ trade mostly?

Equity Commodity Currency

9. Where do you trade mostly?

Intraday trading Delivery Trading

10.Do you trade in any other broking firm?

Yes No

If Yes, name of the broking


11. Are you satisfied with the services provided by Religare?

Yes No

Since last how many years you are in field of trading?

Less than 1 Year More Than 1 Year More than 5


12.What improvement do you want be done in company’s


13.Which service do you like most in Religare?



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