PROJECT REPORT

ON

Competitive Advantage
of Trading in Reliance Money

Under Guidance Submitted by

Dr. A.K MITTAL NIKHIL
Reg. No.-1817460022
University Roll No.

Submitted to:

HINDU COLLEGE (SONIPAT)

Submitted in partial fulfillment for the Degree of
Bachelor of Business Administration
Session [2018-2021]

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 DECLARATION

I Nikhil, a student of sixth Semester, Bachelor of Business Administration Roll no. 202519 of Hindu College (Sonipat),
under the Maharshi Dayanand University, Rohtak declare that the Project Report entitled Competitive Advantage of
Trading in Reliance Money being submitted by me is an original piece of work done by me. The matter presented has
not been copied from any other existing report. However, extracts of any which has been used for this report has been
duly acknowledged providing details of such literature in the references. Also this Project Report has not been submitted
for the fulfillment of the requirements for the award of any other degree or diploma to any other
college/institution/university.

Signature
Nikhil
University Roll no -
University Reg. no – 1817460022
Dated:
Place: Sonipat

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 ACKNOWLEDGEMENT

I hereby take this opportunity to express my sincere gratitude to the following eminent personalities who
supported me to complete this project work successfully without any difficulty. I am indebted to A.K Mittal
Assistance Professor hindu college sonipat, for his expertice guidance and valuable suggestions which enable
me to submit this project report. I would like to express my deep regard to our beloved HOD [ Head of
Department] Dr. Yogita Girdhar Hindu College Sonipat for providing us better support in my academic
endeavours. Finally I would like to thank one and all who have helped me directly or indirectly in preparing
this report.

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NIKHIL

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 TABLE OF CONTENTS

Chapter No. Particulars Page No.

Declaration
I Acknowledge
ments
I Executive summary
I
III

IV Introduction And Review of Literature

V Company Profile

VI Competitors of Reliance Money

VII Trading Portal

VIII Research Methodology

IX Findings

X Recommendations and Limitations Derivatives

XI Conclusion

XII Bibliography

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 Introduction

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Whether it’s retiring early, saving for children’s education, paying off a loan or to live a
secured and satisfied life everyone has dreams they can achieve by investing their savings.
However, the question that arises is that, should one leave his money tucked away in the
bank or plough it into the stock market where the potential for higher returns is greater but
the chances of losing money is higher? Deciding where to invest depends on one`s attitude
towards risk (one`s capacity to take risk and one`s tolerance towards risk) and the
investment horizon and non-availability of guaranteed-return investment products. In such
a scenario, investing in equity, which offers returns that are higher than the inflation rate,
help to build wealth and to improve the standard of living.

India is a developing economy. It’s prospering in all spheres. Share market is a compelling
determinant of the economy and the financial situation of a country. Ever since the
liberalization, privatization and globalization, the foreign investment in our country is
booming. Share market is a clear indicator of the developing trend prevailing in our country.
Statistics reveal that the trade volume has been increasing continuously, coupled with the ups
and downs which is a nature of share trading. We are living in an interlinked world.
With the growing volume of trade, it has become a necessity that people are aware of the
intricacies of the web world.

SENSEX the benchmark indicator of share trading has more than tripled ever since on line
share trading commenced. It has become imperative to be a participant of this mode of
trading.

Recently, the crisis in the financial market resulted in global inflation. The share market
was a clear indicator of the prevailing prices.

Share trading is a way of faster earning and losing money. In the recent years, a volatile market
could be witnessed. In the desire to earn money in a quick manner, more and more people have
ventured out into share trading. Lack of awareness of many investors has made them loose laths
of money in the stock market. Wise plays by many others have made them earn in crores.

Where the American NASDAQ is in the commanding position, hongkong, Tokyo etc are some
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of the Asian exchanges being quoted repeatedly when it comes to news about the share market.
SENSEX is not far behind. Indian bourses are also often quoted.

Electronic trading or online trading eliminates the need for physical trading floors. Brokers can
trade from their offices, using fully automated screen based processes. Their workstations are
connected to a stock exchange’s central computer via satellite using Very Small Aperture
Terminus (VSATs). The orders placed by brokers reach the exchange’s central computer and are
matched electronically.

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Stock exchange

A stock exchange , share market or bourse is a corporation or mutual organization which

provides facilities for stock brokers and traders , to trade company stocks and other securities
.Stock exchanges also provide facilities for the issue redemption, as well as, other financial
instruments and capital events including the payment of income and dividends . The
securities traded on a stock exchange include: shares issued by companies ,unit trusts and other
pooled investment products and bonds .To be able to trade a security on a certain stock
exchange, it has to be listed . Usually there is a central Location at least for recordkeeping, but
trade is less and less linked to such a physical place, as modern markets are electronic
networks, which gives them advantages of speed and cost of transactions. Trade on an
exchange is by definition done in the primary market and subsequent trading is done in the

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secondary market. Supply and demand in stock markets is driven by various factors which, as in
free markets, affect the price of stocks(see stock valuation).There is usually no compulsion to
issue stock via the stock exchange itself, nor must stock be subsequently traded on the
exchange. Such trading is said to be off exchange or over-the- counter.This is the usually
way that bonds are traded. Increasingly more and more stock exchanges are part of a global
market for securities.

A.] The role of the stock exchange

Raising capital for businessess

The stock exchange provides companies with the facility to raise capital for
expansion through selling shares to the investing public.

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Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of
resources because funds, which could have been consumed, or kept in idle deposits with banks
are mobilized and redirected to promote business activity with benefits for several economic
growth and higher productivity levels.

Facilitate company growth

Companies view acquisitions as an opportunity to expand product lines, increase

distribution channels, hedge against volatility, increase its market share, or acquire other

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necessary business assets. A takeover bid or a merger agreement through the stock market is one
of the simplest and most common ways to company growing by acquisition or fusion.

Redistribution of wealth

By giving a wide spectrum of people a chance to buy shares and therefore become part-owners
(shareholders) of profitable enterprises the stock market helps to reduce large income
inequalities .Both casual and professional stock investors through stock price rise and dividends
get achance to share in the profits of promising business that were set up by other people.

Corporate governance-

By having a wide and varied scope of owners , companies generally tend to improve on their
management standards and efficiency in order to satisfy the demands of these shareholders and
the more stringent rules for public corporations by public stock exchange and the government .
Consequently , it is alleged that public companies (companies that are owned by shareholders
who are members of the general public and trade shares on public exchange) tend to have better
management records than privately-held companies (those companies where shares are not
publicly traded ,often owned by the company founders and / or their families and heirs , or
otherwise by a small group of investors) . However , some well-documented cases are
known where it is alleged that their has been considerable slippage in corporate governance on

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the part of some public companies .

Creates investment opportunities for small investors

As opposed to their businesses that require huge capital outlay , investing in shares is open to

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both the large and small stock investors because a person buys the number of shares they can
afford . Therefore the Stock Exchange provides an extra source of income to small savers.

Government raises capital for development projects

Governments at various levels may decide to borrow money in order to finance infrastructure
projects such as sewage and water treatment works or housing estates by selling another
category of securities known as bonds .These bonds can be raised through the Stock Exchange
whereby members of the public buy them , thus loaning money to the government . The issuance
of such municipal bonds can obviate the need to directly tax the citizens in order to finance
development , although by securing such bonds with the full faith and credit of the government
instead of with collateral , the result is that the government must tax the citizens or otherwise
raise additional funds to make any regular coupon payments and refund the principal when the
bonds mature.

Barometer of the economy

At the stock exchange , share prices rise and fall depending , largely , on market forces. Share
prices rise tend to rise or remain stable when companies and the economy in general show signs
of stability and growth .An economic recession , depression , or financial crisis could eventually
lead to a stock market crash . Therefore the movement of the general tend in the economy .The
listing requirements are the set of conditions imposed by a given stock exchange upon
companies that want to be listed on that exchange .Such conditions sometimes include minimum
number of shares outstanding , minimum market capitalization , and minimum annual income.

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 COMPANY PROFILE

Reliance ADA Group

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About Reliance Money in brief

RELIANCE CAPITAL

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Reliance Reliance Reliance Reliance Reliance
General Insurance Life Insurance Money Consumer Finance

Reliance money is a part of the reliance Anil Dhirubhai Ambani Group and is promoted by
Reliance capital, the fastest growing private sector financial services company in India, ranked
amongst the top 3 private sector financial companies in terms of net worth.

Reliance money is a comprehensive financial solution provider that enables you to carry out
trading and investment activities in a secure, cost-effective and convenient manner. Through
reliance money, you can invest in a wide range of asset classes from Equity, Equity and
commodity Derivatives, Mutual Funds, insurance products, IPO’s to availing services of Money
Transfer & Money changing.

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 Reliance Money offers the convenience of on-line and offline transactions through a variety of
means, including its Portal, Call & Transact, Transaction Kiosks and at it’s network of
affiliates.

Some key steps of the company that are as…..

“Success is a journey, not a destination.” If we look for examples to prove this quote then we

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can find many but there is none like that of Reliance Money. The company which is today known
as the largest financial service provider of India.

Success sutras of Reliance Money:

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The success story of the company is driven by 9 success sutras adopted by it namely

Trust, Integrity, Dedication, Commitment, Enterprise, Hard work, Home work, Team work
play, Learning and Innovation, Empathy and Humility and last but not the least it’s the
Network .

These are the values that bind success with Reliance Money.

Vision of Reliance Money

To achieve & sustain market leadership, Reliance Money shall aim for complete customer
satisfaction, by combining its human and technological resources, to provide world class quality
services. In the process Reliance Money shall strive to meet and exceed customer's satisfaction and set
industry standards.

Mission statement:

“Our mission is to be a leading and preferred service provider to our customers, and we aim
to achieve this leadership position by building an innovative, enterprising , and technology

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driven organization which will set the highest standards of service and business ethics.

Equity

Reliance Money offers its clients competitively priced Equity broking, PMS and Portfolio
Advisory Services. Trading execution assistance provided to clients. In addition Reliance Money
provides independent and unbiased view on markets along with trading strategies and entry / exit
points for taking an informed decision.

Mutual Funds

A mutual fund is a professionally managed fund of collective investments that collects money

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from many investors and puts it in stocks, bonds, short-term money market instruments, and/or
other securities.

Reliance Money offers dedicated research & expert advice on Mutual Funds. Mutual funds are
considered to have low risk factors owing to diversification of assets into various sectors and
scripts or instruments within.

A mutual fund is a common pool of money into which investors place their contributions that
are to be invested in acoordance with a stated objective.Then the ownership of the fund is just
“joint” and “mutual”; the fund belongs to all investors.

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Insurance Studynama.com
Life-Insurance

Reliance Money assists its clients in choosing a customized plan which will secure the family’s
future and their expenses post-retirement. Clients can choose from different plans of almost all
Insurance Companies where they can invest their money. Clients can choose from products and
services that channelise their savings and protect their needs while guaranteeing security and
returns for life. A team of experts will suggest the best Insurance scheme which suits the client’s
requirement.

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General Insurance

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General Insurance is all about protecting against all kind of insurable risks. Reliance Money
assists you in areas of Health insurance, Travel insurance, Home insurance and Motor insurance.

Commodities

A single platform to trade on both the major commodity exchanges i.e. NCDEX and MCX. In
addition In-house research desk shall provide research reports on all major commodities which
shall enable in getting views for trading and diversify client’s holdings. Trade Execution
assistance is also provided to clients.

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Structured Products, Art Investments

Structured Products is a new class of financial products for investors apprehensive of increased
volatility in stock markets. Specially designed products could include Equity, Index-linked in
nature, Real Estate Funds, Art Funds, Overseas Investments and Infrastructure Investments.

Tax Planning

With a view to provide complete wealth management solutions, Reliance Money’s

wealthmanagement offerings include tax related services like:

Tax Planning & advisory

Filing Tax returns for individuals

Real Estate Advisory Services

Broking Model for lease/rent and buy/sell of property

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Property Valuation
Real-estate Consulting – Corporate earnings model, Lease rentals, etc.

Offshore Investments

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Reliance Money provides a unique opportunity to invest in international financial markets
through the online platform which includes different product ranges.

MY WORK AT RELIANCE MONEY

At RELIANCE MONEY , initially we were imparted process and product

knowledge. We were given sufficient time to know about the products and also
about sales and distribution channel. We had to work with the sales representatives
of the Distributor and think of ways of improving the sales and distribution channel
and implementing them. The main aim was to increase sales and for this different
ways were tried and implemented. We were provided with database and had to
make calls from the data. Company activity was also one of the major sources for
generating business. Initially they even accompanied sales representatives to the
clients place. Main objective was to know the need of the customer and how to
fulfill that in the best way.

The project dealt with various fields like:

1. Demat account
2. Mutual funds

3. Life insurance
This experience helped me to understand the basic functioning of the Reliance Money as a
Broking House and I came to know the products of Reliance Money. The Training Sessions were
held by different persons from different organization like from TATA-AIG, ICICI

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PRUDENTIAL and BIRLA SUN LIFE. We were
assigned targets to sell the Life Insurance of TATA-AIG and ICICI PRUDENTIAL, mutual fund
of BIRLA SUN LIFE along with Demat A/c of Reliance Money. The training for Life Insurance
was conducted by Mr. Sibashish Mohanty from Tata-Aig and Mr. Rakesh Kumar from ICICI
PRUDENTIAL and that of Mutual Funds was conducted by Mr. Rishabh Jain and Ashish Kumar

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of Birla Sun Life. The training for De-mat was conducted by Mr. Sudhanshu Parida of Reliance
Money. These training gave me an insight into the products that Reliance Money deals in. The
best learning experience was that I started from the very basics of getting to that position and not
from the position itself. This helped me get useful insight and understanding of various financial
products, the market details about them and the benefits provided by them to the customers.

Our task was divided in 4 phases:

1. Product knowledge: This included the theoretical knowledge about the field
and products which needed to be marketed.

2. Pitching in retail sector: This included the implementation of the knowledge

imparted to us and the test of our marketing skills. Initially we were
accompanied by other sales executive so that we can learn how to deal with the
customers and understand their need. This also enhanced our interpersonal skills
and confidence level.

3. Implementation in retail sector and pitching in corporate: By the start of this

phase we were confident enough about the pitching and fulfilling the needs of the
customer in the retail sector. This also included of the ways we should pitch the
corporate.

4. Implementation at corporate levels: This included the implementation of the

all the knowledge and ways learnt for the pitching and extracting business out of
the corporate.

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With the end of 8 weeks every phase was completed and it gave us the
real experience of retail as well as corporate world.

COMPETITORS OF RELIANCE MONEY:

Reliance Money serves a vast range of all financial products like advisory services,
Mutual funds, Demat Accounts, Insurances, Gold etc, so all the companies who offer these
services are the competitors of the Reliance Money. There are many competitors for Reliance
Money on this basis and almost all of them offer the services which Reliance Money offers.

Few Major competitors are:

 India bulls

 Anand Rathi securities

 ICICI Securities.

 Sharekhan

 Kotak Securities

 India Infoline

India Infoline Ltd:

India Infoline Ltd is listed on both the leading stock exchanges in India, viz. the Stock Exchange,

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Mumbai (BSE) and the National Stock Exchange (NSE). The India Infoline group, comprising
the holding company, India Infoline Ltd and its subsidiaries, straddles the entire financial
services space with offerings ranging from Equity research, Equities and derivatives trading,
Commodities trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed
deposits and other small savings instruments to loan products and Investment banking. India
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Infoline also owns and manages the websites.

India Infoline Limited is listed on both the leading stock exchanges in India, viz. the
Stock Exchange, 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, Wealth Advisory
Services and Portfolio Management Services. It offers broking services in the Cash and
Derivatives segments of the NSE as well as the Cash segment of the BSE. It is registered with
NSDL as well as CDSL as a depository participant, providing a one-stop solution for clients
trading in the equities market. It has recently launched its Investment banking and Institutional
Broking business.

India Infoline Securities Pvt Ltd:

India Infoline Securities Pvt Ltd is a 100% subsidiary of India Infoline Ltd, which is
engaged in the businesses of Equities broking and Portfolio Management Services. It offers
broking services in the Cash and Derivatives segments of the NSE as well as the Cash segment
of the BSE.

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Fig (4)

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Sharekhan Securities:

Sharekhan was created when SSKI Investor Services Pvt. Ltd., a company in the
securities and equities segment decided to harness the power of the Internet and offer services to
its customers through an online stock trading portal. Sharekhan brings and provides a user-
friendly online trading facility. They also have an extensive all-India ground network of
franchisees across the country.

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 The company offers its services through a combination of online and offline channels.
The online model comprises a portal, chat facilities, and 'speed trade' terminals. And the offline
model uses a combination of an IVR infrastructure and a team of customer agents to receive
orders over the telephone.
(www.sharekhan.com)

ICICI Securities;

ICICI Securities, A subsidiary of ICICI Bank, was set up in February 1993 to provide
investment-banking services to investors in India. As on date ICICI Bank holds 99.9% of the
share capital of ICICI Securities.

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ICICI Securities Limited is India’s leading full service investment bank with a dominant position
in all segments of its operations –

 Corporate Finance

 Fixed Income and

 Equities. (www.icicisecurities.com)

Kotak Securities:

Kotak Securities Limited, a 100% subsidiary of Kotak Mahindra Bank, is the stock
broking and distribution arm of the Kotak Mahindra Group. Kotak Mahindra is one of India's
leading financial institutions, offering complete financial solutions that encompass every sphere
of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to
investment banking, the group caters to the financial needs of individuals and corporate. Kotak
also offers stock broking through the branch and Internet, Investments in IPO, Mutual funds and
Portfolio management service.

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The Kotak Mahindra Group;

Kotak Mahindra is one of India's leading financial conglomerates, offering complete

financial solutions that encompass every sphere of life. From commercial banking, to stock
broking, to mutual funds, to life insurance, to investment banking, the group caters to the
financial needs of individuals and corporates.
The group has a net worth of over Rs. 5,609 crore, employs around 17,100 people in its
various businesses and has a distribution network of branches, franchisees, representative offices
and satellite offices across 344 cities and towns in India and offices in New York, London,
Dubai, Mauritius and Singapore. The Group services around 3.6 million customer accounts.

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Kotak Securities has 195 branches servicing more than 2, 20,000 customers and coverage of 231
Cities. Kotaksecurities.com, the online division of Kotak Securities Limited offers Internet
Broking services and also online IPO and Mutual Fund Investments.

Indiabulls:

Indiabulls is India’s leading Financial Services and Real Estate Company having over
640 branches all over India. Indiabulls serves the financial needs of more than 4,50,000
customers with its wide range of financial services and products from securities, derivatives
trading, depositary services, research & advisory services, consumer secured & unsecured credit,
loan against shares and mortgage & housing finance. Indiabulls Financial Services Ltd is listed
on the National Stock Exchange, Bombay Stock Exchange.

PRODUCT

ICICI Kotak Motila India

Companies Reliance Direct Religare Securities l Bulls
Oswal
Type
of
product

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 Online
Services Equity
Delivery Cash Cash Cash Cash Cash Cash

Cash
Intraday NSE Y Y Y Y Y Y
BSE Y N N Y N N

upo 20
times
(conditions
Intraday Margin 5 times 5 times applied) 4 times 5 4 to 7
Margi Super
n Plus Multipl
Margin with -10 to e
-10 times
Stop Loss 12 exposure
order N times - in Cash - N
Other
Product - - - - -
Commodity Y Y Y Y N
IPO Y Y Y Y Y Y
Mutua
l Y Y Y Y Y N

Funds
Gold N N Y Y N
Forex N N Y N N

NRI
Trading Equity Y Y Y Y Y N
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 Derivative Y Y Y N N

Offline
Service PCG Y Y Y Y Y N
Forex Y N N N N N

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 ICICI Kotak Motilal
Companies Reliance Direct Religare Securities Oswal

Sources of
Business
Franchisee Franchisee
Remissars Agents
Sales
BDE Manager

Branch Branch

Bank

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Webworld Branches

Mode of
Trading Web Y Y Y Y Y
Kiosk Y N N N N
Call Center Y Y Y Y Y
Branch N Y N N
Channel
Partner Franchisee Franchisee N
Relationship
Manager N Y

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Handling
Y Y Y

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Call Center
Relationship Y Y Y Y Y
Manager Mapped
Other

Y Y Y Y

Reliance
Mode of
separate
Communication Email
mail ID Y Y

Posts

Cheque Y Y

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 Motilal
Companies
Reliance ICICI Direct Religare Kotak Securities Oswal

Online Trading
Retail Portal
EASY -
R-ACE Pro Account with
(Basic)- static Quotes
Activation - Refresh
Easy Trade Web based Charge Rs299 Fastlane option

R-ACE Pro KEAT - Kotak Spectrum-

(Advanced) Securities E Live
Equity Activation charge trading access streaming
Insta Trade Direct Link - Rs 499 Terminal. Quotes

R-ACE Pro
(Professional) KEAT - Premium
Activation (Coustomised to
Fast Trade Charge - Rs 999 need)

Recognia Recognia Y Y Y

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Y Y Y Y

Charting
Y Y - View N

Y N N
SMS

Send sms
after
Trade
Execution

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TRAD
ING
PORT
AL

Online trading refers to buying and selling of the

shares/stocks/contracts/bonds with the use of internet. In this shares are not
issued in physical form rather they are transferred in the dematerialized form in the
Demat account directly.

DEMAT ACCOUNT

In India, a Demat account , the abbreviation for dematerialized account, is

a type of banking account which dematerializes paper- based physical stock
shares. The dematerialized account is used to avoid holding physical shares: the
shares are bought and sold through a broker. This account is popular in India.

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The Securities and Exchange Board of India (SEBI) mandates a Demat account
for share trading above 500 shares. As of April 2006, it became mandatory that any
person holding a Demat account should posses a Permanent Account Number
(PAN), and the deadline for submission of PAN details to the depository lapsed
on January 2007.

What are the benefits of opening a Demat account?

Demat account has become a necessity for all categories of investors for the
following reasons/ benefits:

 SEBI has made it compulsory for trades in almost all scrip’s to be settled
in Demat mode. Although, trades up to 500 shares can be settled in
physical form, physical settlement is virtually not taking place for the
apprehension of bad delivery on
account of mismatch of signatures, forgery of signatures, fake certificates, etc.
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  It is a safe and convenient way to hold securities compared to holding
securities in physical form..

 No stamp duty is levied on transfer of securities held in Demat form.

 Instantaneous transfer of securities enhances liquidity.

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 It eliminates delays, thefts, interceptions and subsequent misuse of
certificates.

 Change of name, address, registration of power of attorney, deletion of

deceased's name, etc. - can be effected across companies by one single
instruction to the DP.

 Each share is a market lot for the purpose of transactions - so no odd lot
problem.

Any number of securities can be transferred/delivered with one delivery

order. Therefore, paperwork and signing of multiple transfer forms is done away
with. It facilitates taking advances against securities on low margin/low interest.

DEMAT ACCOUNT

There are many broking houses doing business in India and they charge a
brokerage on every transaction made online or offline. (Buying and Selling are
treated as separate transaction). Reliance Money’s advantage over others is that
it’s charging the lowest brokerage in the market which is just 1 paisa on every
executive trade irrespective of the volume traded. Reliance Money, the brokerage
and distribution arm of Reliance ADA Group, aims to tap investors in the smaller
towns and cities through a flat fee structure. The current leaders in the retail
broking segment like ICICI Direct, India Infoline and Indiabulls offer a ‘pay per
use’ model where the customer pays a percentage of the amount transacted by him.
Reliance Money’s brokerage rates are quite competitive.

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The new wonder is Reliance Money's pre-paid card for stock market
brokerage. Reliance Money, the financial services division of Anil Dhirubhai
Ambani Group-promoted Reliance Capital, is bringing to the market pre-paid
cards in denominations of Rs500, Rs1000,Rs 2500,Rs 5000,Rs 10000.

These cards would offer brokerage at one-third of the rate being charged by
institutional and individual brokerage houses. Samp le this. For a pre-paid card
worth Rs500, an investor can trade up to Rs2 lakh in both non delivery and
delivery option.

The Rs1000 worth pre-paid card, total trading limit would reach Rs 1
crore, of which Rs 90lakhs is for the non delivery segment and Rs10 lakh for
delivery-based activities.

For Rs2500 pre-paid card, total trading limit is fixed at Rs3 crore,of which
Rs2.70crore is for the non delivery option and Rs 30 lakhs for delivery option.
For the Rs 5000 pre-paid card, the total trading limit is Rs 7 crore,out of
which Rs 6.30crore is for non delivery option and Rs 70 lakhs for delivery option.

For the Rs.10000 pre paid card,the total trading limit is Rs 20crore,out of
which Rs 18 crore is for non delivery option and Rs 2 crore for delivery option.

Reliance Money offers most competitive brokerage rates - 0.01paise for intraday

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trades and 0.05paise for delivery trades.

Target low level of retail penetration in India - less than 3 per cent of
household financing savings makes it into equity markets

Reliance Money consumers can trade in equities, commodities and

offshore Investments , IPO’s, Mutual Funds, Insurance, Money transfer and Money
Changing - all through single window, both off- line and online.

Reliance Money has already tied-up with CMC Capital Plc UK to offer

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offshore Investment products to Indian consumers as per guidelines.

RESEARCH METHEDOLOGY

Objective of research;

 The main objective of this project is concerned with getting the opinion of people
regarding demat account, Mutual Funds, Life Insurance and other financial products, to
target them and create awareness while with the generation of leads.

 I have tried to explore the general opinion about the products and services provided by
Reliance Money.It also covers why/ why not investors are availing the services of

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financial advisors.

 Along with it a brief introduction to India’s largest financial intermediary, RELIANCE

MONEY has been given and it is shown that what are demat a/c, mutual funds and
life insurance and how they work.

Scope of the study:

The research was carried out in Cuttack city only. I have visited people randomly nearby my
locality, different shopping malls, small retailers etc.

Data sources:

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Research is totally based on primary data. Secondary data can be used only for the

reference. Research has been done by primary data collection, and primary data has been
collected by interacting with various people. The secondary data has been collected through
various journals and websites and some special publications of R-MONEY.

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Sampling:

Sampling procedure:

The sample is selected in a random way, irrespective of them being investor or not or availing
the services or not. It was collected through mails and personal visits to the known persons, by
formal and informal talks and through filling up the questionnaire prepared.

Sample size:

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The sample size of my project is limited to 100 only.

Sample design:

Data has been presented with the help of pie charts.

1. Preference of Investment

Fig.1 ResultofPreferenceof
Investment
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 Interpretation: This shows that although the mutual funds market is on the rise yet,
the most favored investment continues to be in the Share Market. So, with a more transparent
system, investment in the Stock Market can definitely be increased.

2. Awareness on Online Share Trading

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Fig. 2 Result of Awareness of Online Share Trading

Interpretation: With the increase in cyber education, the awareness towards online share
trading has increased by leaps and bounds. This awareness is expected to increase further with
the increase in Internet education.

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 3. Preference of investing in stock market

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NTERPRETATION: The study shows that most of the people prefer to invest in stock market
because of high risk and high return whereas some other try to capture the short term gain from
investment. But a very few section of people invest because of the benefits they gain in tax.

4. Awareness of Reliance Money as a Brand

Fig.3 Result of Awareness

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of Reliance money
as a Brand
 Interpretation: This pie-chart shows that reliance money has a reasonable amount of
Brand awareness in terms of a premier Retail stock broking company. This brand image should
be further leveraged by the company to increase its market share over its competitors.

5. Awareness of Reliance Money Facilities

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Interpretation: Although there is sufficiently high brand equity among the target
audience yet, it is to be noted that the customers are not aware of the facilities provided
by the company meaning thereby, that, the company should concentrate more towards
promotional tools and increase its focus on product awareness rather than brand awareness.

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5. Customers having Demat account in companies

7. Satisfaction Level among Customers with current broker

Fig7.5 Result of satisfaction level among customers with current

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Interpretation: This pie-chart corroborate the fact that Strategic marketing,
today, has gone beyond only meeting Sales targets and generating profit volumes. It shows that
all the competitors are striving hard not only to woo the customers but also to make them Brand
loyal by generating customer satisfaction.
8. Frequency of Trading

Fig7.6 Result of Frequency of Trading

Interpretation: Inspite of the huge returns that the share market promises, we see that
there is still a dearth of active traders and investors. This is because of the non – transparent
structure of the Indian share market and the skepticism of the target audience that is generated by
the volatility of the stock market. It requires efficient bureaucratic intervention on the part of the
Government.

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9. Percentage of earnings invested in Share Trading

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Fig7.7 Result of percentage of earning invested in
share trading

Interpretation: This shows that people invest only upto 10% of their earnings in
the stock market, again reiterating the volatile and non-transparent structure of the Indian stock
market. Hence, effective and efficient steps should be undertaken to woo the customers to invest
more in the lucrative stock market

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10. Rating of share trading companies

5
0
4
0

1
0

Reliance kotak
ICICI dirct others
money mahindra
lower 10 20 30 50
Medium 40 40 30 40
High 50 40 40 10

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11. Problems faced during trading

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INTERPRETATION: The most common problem faced by people during

trading is the information related problem i.e, they don’t get the required
information about trading either online or offline.Whereas some other
problems are also there like network problem,inmanual operatingproblem
and service provider problem.

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12. Describe yourself as a

18%
44%
Risks taker Variety seeker
26% Price conscious
12% Quality conscious

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INTERPRETATION: From the above graph I found that most of customer are mostly risk
taker and price conscious and least number of customer are quality conscious and variety seeker.
It suggests that the customer are ready to invest money in equity and commodity market which is
more risky than mutual fund.

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13. Rating of products of Reliance Money

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INTERPRETATION:About 20% of the people rated the products of reliance
money as excellent whereas 50% rated it as good. While some others rated it
as average and a very small portion of people rated it as poor.

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14. Suggestions

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INTERPRETATION:Most of the people suggested reliance money to
broaden their network so that it will be available to a large number of people.
Some others suggested on improving the customer service whereas others laid
emphasis on technical improvement.

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 15. Customer status

16%
Businessman Student
14% Service holder
Ex-serviceman
60%
10%

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INTERPRETATION: Most of the people who were surveyed are businessman,10% are
students,14% are service holder and rest 16% are ex- serviceman.

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 RECOMMENDATION

The most vital problem spotted is of ignorance. Investors should be made aware of the benefits.
Nobody will invest until and unless he is fully convinced. Investors should be made to realize
that ignorance is no longer bliss and what they are losing by not investing.

 After sales services and follow up calls are important for getting new references so trained
telesales should be appointed for this purpose whose sole work should be to make feedback
calls.

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 Reliance is having too many financial products right from Demat account to General
Insurance and not all the salespeople are familiar with each and every product so the
work force should be segregated each group dealing in a specific product and the
sales target should be given likewise.

 While interacting with the investors I found that most of the customers are unaware about
the Mutual fund. Some of the people look upon mutual funds and equity trading as
gambling. Thus a mutual fund awareness program can help to increase the penetration of
mutual funds in the market.

 Reliance should declare in black ink that they will charge just 1 paisa per transaction.


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People tend to think that there must be some hidden charges.

Rs750 account opening charges are too high when targeting a corporate so the company
should be flexible on this amount.

 Reliance should provide periodic training for updating the product knowledge of various
financial advisors.

 Company should have a scheme of rewards and recognition to employees and the field
persons to boost their motivation.
 There must be proper advertisement of the company by various media like Exhibition,
Press releases, Newspaper, and Television etc.
 There should be a good research team who has to survey the market and know about the
client’s satisfaction level and also found out the potential customer.
 There must be a good infrastructure of the company to get the attention of the public and
the office should be at residential area so that customer get the service easily.

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  Though majority of the customer were satisfied with the existing function but the
organization should use some marketing strategies such as discount scheme on amount of
transaction made in a month by the regular customer. So it will enable the customer to
retain in the organization and to attract new customer.
 There should be regular training programme like Workshops, Seminars, and Meetings etc.
for the sake of development of the organization and also for the development of the
employees’ performance simultaneously.
Limitations:

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The project has been subject to the following limitations:

❖ The study was restricted to Reliance Money Limited to only in Cuttack district.
❖ The study is conducted with the data available and the analysis was made accordingly.
❖ It was tough to get all relevant facts from the personnel and employees concerned due to
some secret document not provided by the business organization, which is inherent in an
industry.
❖ Time factor was a limitation as only a stipulated period had been ascertained to me
while the personnel had little time to my queries due to their daily busy schedule.
❖ It is not feasible to compare all the products of various brokerage firm.

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 Derivatives

The origin of derivatives can be traced back to the need of farmers to protect
themselves against fluctuations in the price of their crop. From the time it was sown to
the time it was ready for harvest, farmers would face price uncertainty. Through the use
of simple derivative products, it was possible for the farmer to partially or fully transfer
price risks by locking-in asset prices. These were simple contracts developed to meet
the needs of farmers and were basically a means of reducing risk.

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A farmer who sowed his crop in June faced uncertainty over the price he
would receive for his harvest in September. In years of scarcity, he would probably
obtain attractive prices. However, during times of oversupply, he would have to
dispose off his harvest at a very low price. Clearly this meant that the farmer and his
family were exposed to a high risk of price uncertainty.

On the other hand, a merchant with an ongoing requirement of grains

too would face a price risk that of having to pay exorbitant prices during dearth,
although favorable prices could be obtained during periods of oversupply. Under such
circumstances, it clearly made sense for the farmer and the merchant to come together
and enter into contract whereby the price of the grain to be delivered in September
could be decided earlier. What they would then negotiate happened to be futures-

type contract, which would enable both parties to eliminate the price risk.

In 1848, the Chicago Board Of Trade, or CBOT, was established to bring

farmers and merchants together. A group of traders got together and created the ‘to-
arrive’ contract that permitted farmers to lock into price upfront and deliver the grain
later. These to-arrive contracts proved useful as a device for hedging and speculation on
price charges. These were eventually standardized, and in 1925 the first futures
clearing house came into existence.

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Today derivatives contracts exist on variety of commodities such
as corn, pepper, cotton, wheat, silver etc. Besides commodities, derivatives contracts
also exist on a lot of financial underlying like stocks, interest rate, exchange rate, etc.

Derivatives Defined

A derivative is a product whose value is derived from the value of one or more
underlying variables or assets in a contractual manner. The underlying asset can be
equity, forex, commodity or any other asset. In our earlier discussion, we saw that
wheat farmers may wish to sell their harvest at a future date to

eliminate the risk of change in price by that date. Such a transaction is an example of a
derivative. The price of this derivative is driven by the spot price of wheat which is the
“underlying” in this case.

The Forwards Contracts (Regulation) Act, 1952, regulates the

forward/futures contracts in commodities all over India. As per this the Forward
Markets Commission (FMC) continues to have jurisdiction over commodity futures
contracts. However when derivatives trading in securities was introduced in 2001, the
term “security” in the Securities Contracts (Regulation) Act, 1956 (SCRA), was

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amended to include derivative contracts in securities. Consequently, regulation
derivatives came under the purview of Securities Exchange Board of India (SEBI). We
of

thus have separate regulatory authorities for securities and commodity derivative
markets.

Derivatives are securities under the SCRA and hence the trading of derivatives
is governed by the regulatory framework under the SCRA. The Securities Contracts
(Regulation) Act, 1956 defines “derivative” to include-

 A security derived from a debt instrument, share, loan whether secured or

unsecured, risk instrument or contract differences or any other form of security.

 A contract which derives its value from the prices, or index of prices, of
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underlying securities.

Products, Participants and Functions

Derivative contacts are of different types. The most common ones are forwards,
futures, options and swaps. Participants who trade in the derivatives market can be
classified under the following three broad categories- hedgers, speculators, and
arbitragers.

 Hedgers The farmer’s example discussed in the introduction was a

case of hedging. Hedgers face risk associated with the price of an asset. They use
the futures or options markets to reduce or eliminate this risk.

 Speculators

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Speculators are participants who wish to bet on future movements in the
price of an asset. Futures and options contracts can give them leverage; that is, by
putting in small amounts of money upfront, they can take large positions on the
market. As a result of this leveraged speculative position, they increase the potential
for large gains as well as large losses.

 Arbitragers

Arbitragers work at making profits by taking

advantage of discrepancy between prices of the same product across different

markets. If, for example, they see the future price of an asset getting out of line with
the cash price, they would take offsetting positions in the two markets to lock in the
profit.

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Whether the underlying asset is a commodity or a financial asset, derivative markets performs a
number of economic functions.

 Prices in an organized derivatives market reflect the perception of market

participants about the future and lead the prices of underlying to the perceived future
level. The prices of derivatives converge with the prices of the underlying at the
expiration of derivative contract. Thus derivatives help in discovery of future as well
as current prices.

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The derivatives market helps to transfer risks from those who have them but
may not like them to those who have an appetite for them.
 Derivatives, due to their inherent nature, are linked to the underlying cash
markets. With the introduction of derivatives, the underlying market witnesses
higher trading volumes because of participation by more players who would not
otherwise participate for lack of an arrangement to transfer risk.
 Speculative traders shift to a more controlled environment of the derivatives
market. In the absence of an organized derivatives market, speculators trade in the
underlying cash markets. Margining, monitoring and surveillance of the activities
of various participants become extremely difficult in these kinds of mixed markets.

 An important incidental benefit that flows derivatives trading is that it acts as a

catalyst for new entrepreneurial activity. Derivatives have a history of attracting
many bright, creative, well-educated people with an entrepreneurial attitude. They
often energize others to create new businesses, new products and new employment
opportunities, the benefit of which are immense.

 Derivatives markets help increase savings and investment in the long run. The
transfer of risk enables market participants to expand their volume of activity.

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Derivative Markets

Derivative markets can broadly be classified as commodity derivative market and financial
derivative markets. As the name suggests, commodity markets trade contracts for which the
underlying asset is a commodity. It can be agricultural commodity like wheat, soybeans, cotton,
rapeseed, etc or precious metals like gold, silver, etc. financial derivatives markets trade contracts
that have a financial asset or variable as the underlying. The more popular financial derivatives are
those which have equity, interest rates and exchange rates as the underlying. The most commonly
used derivatives contracts are forwards, futures and options.

Emergence Of financial derivative products

Financial derivatives came into spotlight in the post 1970 period due
to growing instability in the financial markets. However, since their emergence, these
products have become very popular and by 1990’s, they accounted for about two-
thirds of total transactions in derivative products. In recent years, the market f o r
f i n a n c i a l d e r i v a t i v e s h a s g r o w n t r e m e n d o u s l y i n terms of variety of
instruments available, their complexity and also turnover. In the class of equity
derivatives the world over, futures and options on stock indices have gained more
popularity than on individual stocks, especially among institutional investors, who are

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major users of index-linked derivatives. Even small investors find these useful due to
high correlation of the popular indexes with various portfolios and ease of use. The
lower costs associated with index derivatives vis-à-vis derivative products based on
individual securities is another reason for their growing use.

Emergence of Commodity Derivatives

Derivatives as a tool for managing risks first originated in the commodities

market. They were then found useful as the hedging tool in the financial markets as
well. In India trading in commodity futures has been in existence from the 19th
century with

organized trading in cotton through the establishments of Cotton Trade Association in

1875. Over a period of time, other commodities were permitted to be traded in futures
exchanges. A regulatory constraint in 1960’s resulted in virtual dismantling of the
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commodities future markets. It is only in the last decade that commodity futures
exchanges have been actively encouraged.

Commonly Used Derivatives

Here we define some of the more popularly used derivative contracts. Some of these,

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namely futures and options will be discussed in more details at a later stage.

 Forwards

A forward contract is an agreement between two entities to buy or sell the

underlying asset at a future date, at today’s pre- agreed price.

 Futures

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A futures contract is an agreement between two parties to buy or sell the
underlying asset at a future date at today’s future price. Futures contracts differ
from forward contracts in the sense that they are standardized and exchange traded.
 Options

There are two types of options- calls and puts. Calls give the buyer the right but
not the obligation to buy a given quantity of the underlying asset, at a given price on

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or before a given future date. Puts give the buyer the right, but not the obligation to sell
a given quantity of the underlying asset at a given price on or before a given date.
 Warrants

Options generally have lives of up to one year; the majority of options traded on
options exchanges having a maximum maturity of nine months. Longer-dated options
are called warrants and are generally traded over-the-counter.

 Baskets

Basket options are options on portfolios of underlying assets. The underlying asset
is usually a weighted average of a basket of assets. Equity index options are a form of
basket options.

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 Swaps

Swaps are private agreements between two parties to exchange cash flows in
the future according to a prearranged formula. They can be regarded as portfolios of
forward contracts. The two commonly used swaps are:

 Interest rate swaps

These entail swapping only the interest related cash flows between the parties in the
same currency.


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Currency swaps

These entail swapping both principal and interest between the parties, with the
cash flows in one direction being in a different currency than those in the opposite
direction.

 Swaptions

Swaptions are options to buy or sell a swap that will become operative at the
expiry of the options. Thus a swaption is an option on a forward swap.

Introduction to Commodity Markets

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Rapid economic growth in recent years with more than 6 percent GDP growth rate has
made India one of the fastest growing economies of the world. With higher income
giving significant purchasing power to over a billion strong population, demand for all
kinds of goods and services is set to grow rapidly.

With liberalization measures in place, commodity markets in India are likely to make an
overwhelming impact on the global commodity markets. Indian corporate entities are
now in a position to hedge their price risk in the domestic and international commodity
exchanges. Online trading at the three nationwide multi-commodity futures exchanges
allow domestic hedging, while some of the established commodity-specific exchanges

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are gearing up to meet the needs of the expanding market. There is no doubt that the
commodities market in India is definitely in for a big spert offering enormous
opportunities of growth to investors, speculators, arbitragers and even big corporations
in manufacturing sector. Study of commodity market and trading mechanism and
opportunities offered by them has thus become essential for everyone who has some
interest in the Indian economy in general and in commodity trading in particular.

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Markets
Markets have existed for centuries in India and abroad for selling and buying of good
and services. The concept of market started with agricultural products and hence it is as
old as the agro products or the business of farming itself. Traditionally, the farmers used

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to bring their produce to a central place (called Mandi/Bazar) in a town/village where
grain merchant/traders would also come and buy the produce and transport, distribute
it to other markets.
In a traditional market, agriculture produce would be brought and kept in the market and
the potential buyers would come and see the quality of the produce and negotiate with
the farmers directly for a price that they would be willing to pay and the quantity that
they would like to buy. The deals were then stuck once mutual agreement was reached
on the price and the quantity to be bought/sold.
In the system of traditional markets, shortages of a commodity in a given season
would lead to increase in price for the commodity or oversupply on even a single day
(due to heavy arrivals) could result into decline in prices sometimes below the cost of
production to the farers. Neither the farmers nor the food grain merchants were
happy with this situation since they could not predict what the prices would be on a
given day or in a given season. As a result, any times the farmers were required to
return from the market with their produce since it did not fetch reasonable price and
since there were no storage facilities available near the market place. It was in this
context that farmers and food grain merchants in Chicago started negotiating for
future supplies of grains in exchange of cash at a mutually agreeable price. This type of
agreement was acceptable to both parties since the farmer would know how much he
would be paid for his produce, and the dealer would know his cost of procurement in

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advance. This effectively started the system of organized commodity market and
forward contracts, which subsequently evolved the futures market.

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Commodity
A Commodity is a product having commercial value, which can be produced,
bought, sold and consumed. Commodities are basically the products of primary sector
of an economy. Primary sector of an economy is that part of the economy, which is
concerned with agriculture and extraction of raw materials. In order to qualify as a
commodity, an article or a product has to meet some basic characteristics, these are
listed below:

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 The product has not gone through any complicated manufacturing activity,
though simple processing (like mining, cropping, etc.) is not ruled out. In other
words, the product must be in a basic raw, unprocessed state. (For instance wheat
is a commodity; but wheat flour and bread are not commodities).
 The product has to be fairly standardized to facilitate writing of contracts on

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products of uniform quality. (e.g. Rice is rice though different varieties of rice can
be treated as different commodities and hence traded as separate contracts)

 Major consideration while buying a particular commodity is its price (since

there is hardly any difference in quality from seller to seller). Prices of the products
are determined by market forces, demand and supply and they undergo rapid
changes/fluctuations (price must fluctuate enough to create uncertainty, which
means both risk and potential profit / loss for buyers and sellers)
 Product should also be available in large volume.

 Usually there should be many competing sellers and buyers of the product in
the market to facilitate price discovery.
The product should have adequate shelf life so that delivery of a future contract can
be deferred.

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Commodity Market

Market is a place where buyers and sellers meet to transact a business i.e. for exchange
of goods or services for a consideration, which is usually money. In today’s world,
markets need no t e x i s t i n p h y s i c a l f o r m a s l o n g a s t h e e x c h a n g e o f
goods or services takes place for a consideration.
Commodity market is therefore logically a market where commodities or Commodity
derivatives are bought or sold for a consideration. It is an important constituent of the
financial system for any country. Thus, it is a platform where a wide range of product
like precious metals (gold and silver), base metals like aluminum, copper, zinc, crude
oil, energy and other commodities like soy oil, palm oil, coffee, food grain such as rice
and wheat, pulses, pepper are traded Existence of a vibrant, active and liquid
commodity market is normally considered as a healthy sign of development of any
economy. Commodity markets quite often have their centers in developed countries.
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Commodity futures in particular help price discovery and assist investors in hedging
their risk by taking positions in commodities and exploiting arbitrage opportunities in
the market. They also help producers to know what price their products could fetch in

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future. Assured prices and transparency are thus major hallmarks of commodity
markets.

Types of commodity markets

Basically, there are three types of regulatory commodity markets:

Over the Counter/Spot Market: Direct purchases and sales are achieved in spot
markets normally for immediate consumption. Buyers and sellers meet “face to face”
and deals are struck. This is akin to “over the counter (OTC)” market where there is
no need for an organization like commodity exchange. These are traditional markets.
Classic example of a spot market is mandi where food grains are sold in bulk. Traders
would purchase the produce “on the spot” and settle the deal in cash.
Forward and Future Markets: in this case, the agreements are normally made to pay
now and receive the goods at a later date in future. Forwards and futures contracts
reduce the risk by allowing trader to decide a price today for the goods to be delivered
in future. Forward markets are cash market where delivery takes place sometime in
future, unlike spot markets that call for immediate delivery. These advance sales help

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both buyer and seller with long term planning. Forward contracts laid the groundwork
for futures contracts. The main difference between these two contracts is the way in
which they are negotiated.
For forward contract, terms like quantity, quality, delivery date and price and
discussed in person between the buyer and the seller. Each contract is thus unique and
not standardized since it takes into account the needs of particular seller and a particular
buyer only.
In the case of futures contracts, all terms like quantity, quality and delivery date, are
standardized except price, which is discovered through the interaction of supply and
demand in a centralized market place or exchange. Forward contracting helped in
arranging long-term transaction between buyers and sellers but could not deal with the
financial risk that occurred with unforeseen price changes.
Major commodities listed and traded on a given commodity exchange would normally

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depend on the demand and supply situation for that commodity in the region in which
the exchange is located. For instance, commodity exchange in Jaipur will trade ore in
guar and guar products while commodity exchanges in Indore would be predominantly
dealing with soybeans or soy as products.
There are many regulated or deregulated commodity exchanges worldwide. They deal
in many commodities. In India there are 25 commodity exchanges and three national
level commodity exchanges which deal in around 80 commodities.

Benefits of trading in Commodities

Benefits to investor

 High financial leverage is possible in commodity market e.g. trading in gold calls
for only 3.5% initial margin. Thus if the gold contract (1kg) is valued for
600,000/-, the investor is expected to put in margin of only Rs. 21000/- to be able
to trade. If the price of gold goes up by even 5%, investor would make profit of
Rs 30,000/- on an investment of Rs 21000/- before the expiry of the contract.


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Investors can effectively hedge the risk in price fluctuations of a commodity.
Investor can also hedge his risk on investment in stock and debt markets since
commodities provide a safer choice and provide one more alternative avenue in
the investment portfolio. It may be mentioned here that the commodities are
less volatile as compared to G-sec’s.

 Commodity markets are extremely transparent in the sense that the manipulation
of prices of a Commodity is extremely difficult.

 Business involves just you and market. One does not have to manufacture or
acquire a product; allocate financial resources to advertise market and sell the
product, etc.

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  With the rapid spread of derivatives trading in Commodities, this route too has
become an option for high net worth and savvy investors to consider in their
overall asset allocation.
 The fact that the stock indices and commodity indices are not correlated
implies that the commodity markets can be used as an effective diversification
tool, where investors can park their money.

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A look at the performance of the commodities markets during the last year
shows that the positive movement was witnessed during most parts of the years.

 Benefits to producers

 It is useful to the producer because he can get an idea of the price likely to
prevail at a future point of time and therefore can decide between various
competing commodities, the best that suits him.

Farmers for instance, can get assured prices, decide on the crop that they want to
take and since there is transparency in prices, he can decide when and where to
sell.

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  Benefits to consumer/user

 It is useful for consumer because he gets an idea of the price at which the
commodity would be available at a future point of time.
 Corporate entities in particular can be benefited by hedging their risk if they are
using some of the commodities as their raw material.

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Future trading is very useful to the exporters as it provides an advance
indication of the price likely to prevail and thereby help the exporter in quoting a
realistic price and thereby secure export contract in a competitive market.

 Benefits to economy

As the constituents of the commodity market system get benefited Indian economy
in turn is also expected to gain a lot. Growth in the commodity markets implies that
there could be tremendous benefits to the Indian economy in terms of business
generation and employment opportunities.

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 Bibliography

Books

Market Research ( Naresh Malhotra)

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Marketing Management ( Philip Kotler)
Websites:

o www.reliancemoney.com

o www.nseindia.com

o www.bseindia.com

o www.moneycontrol.com

o www.indiabulls.com

o www.investopedia.com

o www.scribd.com

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