A STUDY ON INVESTMENT BANKING FD THANE

A PROJECT Submitted to
UNIVERSITY OF MUMBAI

For partial completion of the degree

Of
BACHELOR OF MANAGEMENT STUDIES

Under the Faculty of Commerce

By
ANKITA ASHOK PATIL

Under the guidance of

ASST.PROF. SHILPA SHELAR

SHET T.J. EDUCATION SOCIETY'S SHETH N.K.T.T. COLLAGE

OF COMMERCE& SHETH J.T.T. COLLEGE OF ARTS
KHARKAR ALI, THANE (W) 400601.

ACADAMIC YEAR 2019-2020

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 Sheth T.J. Education Society’s,
SHETH N.K.T.T. COLLEGE OF COMMERCE &
SHETH J.T.T. COLLEGE OF ARTS,
THANE (W)

CERTIFICATE
OF
PROJECT WORK

This is to certify that MS.ANKITA ASHOK PATIL has worked and duly completed
his project work for the degree of Bachelor of Management studies under the faculty
of commerce in the subject of commerce and his project is entitled, “INVESTMENT
BANKING” under my supervision.

I further certify that the entire work has been done by the learner under my guidance
and that no part of it has been submitted previously for any degree or diploma of any
university.

It is his own and fact report by his personal findings and investigation.

Name & signature ASST.PROF.SHILPA SHELAR

Of guiding teacher (EXTERNAL) (INTERNAL)

Date of submission College seal Signature

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 DECLARATION

I the undersigned MS. ANKITA ASHOK PATIL hereby declare that the work
embodied in this project work title “INVESTMENT BANKING ” forms my own
contribution to the research work carried out under
the guidance of ASST. PROF. SHILPA SHELAR is a result of my own research work
and has not been previously submitted to any other university for any other
degree/diploma to this or any other university.

Where reference has been made to previous work of other, it has been clearly
indicated as such and included in the bibliography.

I, hereby further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethics conduct.

ANKITA ASHOK PATIL

(Signature)

Certified by
ASST. PROF. SHILPA SHELA
(Signature)

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 ACKNOWLEDGEMENT

The presentation of the report in the way required has been made possible by the way
of contribution of various people.

The completion of this project report titled “INVESTMENT BANKING” brings to

express thanks to one & all of those who helped along the way.

I take this opportunity to thank the UNIVERSITY OF MUMBAI for giving me

chance to do this project.

I would like to give a humble thanks to the Principal DR. Dilip patil for the overall
support.

I would also like express my gratitude to our Coordinator, ASST. PROF. Dr.
Yogeshwari patil , for her support and guidance throughout this project.

I am very thankful to ASST. PROF. SHILPA SHELAR, my college project guide

for guiding me to conduct my project report.

I would like to thank the COLLEGE LIBRARY as well for providing me the various
reference books and magazines related to this project.

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5
INDEX
SR.NO CHAPTER PG.
. No.
1 Introduction
Introduction of investment banking
Meaning
Definition
History
Who needs an investment bank?
Organizational structure
Recent evaluation
Principle of investing
2 Research and methodology
Statement of problems
Objective
Hypothesis
Scope of studies
Limitations of studies
Source of data
3 Review and literature

4 Data analysis and data interpretation

5 Conclusion and suggestions

6 Bibliography
7 Annexure

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 1.1 INTRODUCTION

At a very macro level, ‘Investment Banking’ as term suggests, is concerned with the
primary function of assisting the capital market in its function of capital
intermediation, i.e., the movement of financial resources from those who have them
(the Investors), to those who need to make use of them for generating GDP (the
Issuers). Banking and financial institution on the one hand and the capital market on
the other are the two broad platforms of institutional that investment for capital flows
in economy. Therefore, it could be inferred that investment banks are those
institutions that are counterparts of banks in the capital markets in the [function of
intermediation in the resource allocation. Nevertheless, it would be unfair to conclude
so, as that would confine investment banking to very narrow sphere of its activities in
the modern world of high finance. Over the decades, backed by evolution and also
fuelled by recent technologies developments, an investment banking has transformed
repeatedly to suit the needs of the finance community and thus become one of the
most vibrant and exciting segment of financial services. Investment bankers have
always enjoyed celebrity status, but at times, they have paid the price for the price for
excessive flamboyance as well.

To continue from the above words of John F. Marshall and M.E. fills, ‘investment
banking is what investment banks do’. This definition can be explained in the context
of how investment banks have evolved in their functionality and how history and
regulatory intervention have shaped such an evolution. Much of investment banking
in its present form thus owes its origins to the financial markets in USA, due to which,
American investment banks have been leaders in the American and Euro markets as
well. Therefore, the term ‘investment banking’ can arguably be said to be of
American origin. Their counterparts in UK were termed as ‘merchant’s banks’ since
they had confined themselves to capital market intermediation until the US
investments banks entered the UK and European markets and extended the scope of
such businesses.
Investment banks help companies and governments and their agencies to raise money
by issuing and selling securities in the primary market. They assist public and private
corporations in raising funds in the capital markets (both equity and debt), as well as

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in providing strategic advisory services for mergers, acquisitions and other types of
financial transactions.
Investment banks also act as intermediaries in trading for clients. Investment banks
differ from commercial banks, which take deposits and make commercial and retail
loans. In recent years, however, the lines between the two types of structures have
blurred, especially as commercial banks have offered more investment banking
services. In the US, the Glass seagulls Act, initially created in the wake of the Stock
Market Crash of 1929, prohibited banks from both accepting deposits and
underwriting securities; Glass Seagull was repealed by the Gramm-Leach-Bliley Act
in 1999. Investment banks may also differ from brokerages, which in general assist in
the purchase and sale of stocks, bonds, and mutual funds. However some firms
operate as both brokerages and investment banks; this includes some of the best
known financial services firms in the world.
More commonly used today to characterize what was traditionally termed” investment
banking” is “sells side." This is trading securities for cash or securities (i.e.,
facilitating transactions, market-making), or the promotion of securities (i.e.
underwriting, research, etc.).
Investment banks help companies and governments and their agencies to raise money
by issuing and selling securities in the primary market. They assist public and private
corporations in raising funds in the capital markets (both equity and debt), as well as
in providing strategic advisory services for mergers, acquisitions and other types of
financial transactions.
Investment banks also act as intermediaries in trading for clients. Investment banks
differ from commercial banks, which take deposits and make commercial and retail
loans. In recent years, however, the lines between the two types of structures have
blurred, especially as commercial banks have offered more investment banking
services. In the US, the Glass seagulls Act, initially created in the wake of the Stock
Market Crash of 1929, prohibited banks from both accepting deposits and
underwriting securities; Glass Seagull was repealed by the Gramm-Leach-Bliley Act
in 1999. Investment banks may also differ from brokerages, which in general assist in
the purchase and sale of stocks, bonds, and mutual funds. However some firms
operate as both brokerages and investment banks; this includes some of the best
known financial services firms in the world.

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More commonly used today to characterize what was traditionally termed” investment
banking” is “sells side." This is trading securities for cash or securities (i.e.,
facilitating transactions, market-making), or the promotion of securities (i.e.
underwriting, research ,etc.).
The "buy side" constitutes the pension funds, mutual funds, hedge funds, and the
investing public who consume the products and services of the sell-side in order to
maximize their return on investment. Many firms have both buy and sell side
components.

1.2 Definition
“An individual or institution, which acts as an underwriter or agent for corporations
and municipalities issuing securities. Most also maintain broker/dealer operations,
maintain markets for previously issued securities, and offer advisory services to
investors. Investment banks also have a large role in facilitating mergers and
acquisitions, private equity placements and corporate restructuring. Unlike traditional
banks, investment banks do not accept deposits from and provide loans to individuals.

1.3 History

The team investment banking has come into common use only within recent years. It
is now employed to designate a distinct work or branch of banking, which is
characterized primarily by the fact that it is concerned with long-term credits.
The old generic term of “banking”, on the one hand, has been broadened considerably
to permit this inclusion, and, on the other hand, the concept has been more sharply
limited and defined through division into the two branches of commercial and
investment banking, the one devoted to short-term financing, and the other to the
financing of long-term or capital requirements.
The development of this distinction has assumed greater importance during the past
few years, and has brought with it sharp differences of opinion as to the proper
limitations of each, and the suitable relationship between commercial and investment
banking.
In its most primitive form, the bank merely receives and safeguards the funds of the
individuals. In earlier days, this type of banking was well illustrated by the operations
of the gold smith bankers of England, who in the seventeenth century were the chief
custodians of the public’s money in that country. In our own time, this type of
banking is still carried on by safe-deposit companies which are formed by banks to
rent space in safe-keeping vaults to individuals and corporations.

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A step forward in the evolution of banking occurred when the bankers lent out at
interest the funds which they received from the public. The added vital features to the
banking process the study and analysis of credit for the purpose of assuring the safety
of the loan.
The Lombard bankers in Italy and the German bankers in the Rhine cities carried on
lending operations, with both their own money and that of depositors, even in the
Middle Ages. The bank thus became an intermediary between the owners of capital
who could not themselves use it productively and those who wished to utilize this
capital in one form or another.
A third step in the evolution of commercial banking was the issue by the bank of its
own obligations in the form of notes or deposit credits, while the bank retained from
its own funds and those of depositors merely enough actual cash to assure its ability to
meet such obligations on demand. Instead of merely handling the existing media of
exchange, the bank thus came to create such media.
Instead of acting as an intermediary between those who are in possession of cash and
those who wish to borrow it, the bank agreed to permit those who are in possession of
any form of property or wealth to gain possession of buying power in the form of
bank credit. With this property as the basis, the bank made loans which gave current
purchasing power to the borrower.
As banking has developed, furthermore, it was inevitable that there should be market
differences in the rate of turnover of bank funds. Some deposits have a low rate of
turnover-they are idle or almost idle awaiting the decision of their owner as to the way
in which they shall be used.
Other funds are active-constantly drawn against, and constantly rebuilt through new
deposits. Where these two classes of funds and others representing varying rates of
turnover are held and carried by the same institution, there is likely to be a strong
tendency toward their intermixture in use.
The bank which feels the pressure of strong demands from borrowers who want funds
for long-term uses to create capital goods is inclined to make such loans out of any
resources it may have, regardless of whether they are constantly liable to withdrawal
by their owners. On the other hand, the bank which finds itself compelled to hold an
undue amount of funds with slow turnover may allow itself to make advances for
commercial uses that are not as well protected by the actual operations of business as
they might be.
Accordingly, commercial banks have developed different branches such as those
dealing with savings, trust funds, thrift accounts, and the like, and certain of these are
more concerned with investment than with commercial banking- the division,

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however, is based upon the obvious requirements of book-keeping and administration,
rather than the essential nature of the use of the funds received by these departments.
The bank carefully classifies its liabilities, but its portion of assets is not
correspondingly classified.
In the course of this evolution of technique there has been evolved a separate type of
banking activity which only in recent years has developed into a distinct division of
the credit system with a recognized individuality. Efforts to determine which type of
banking first appeared in history would be fruitless, for some of the most primitive
banking operations recorded even in ancient time’s smack of both.
Suffice it to say that investment banking has followed a line of development
somewhat parallel to commercial banking. In its more primitive form, investment
banking involved a loan of the capital of the investment banker, or that of a few
clients, on a long-term basis to some sovereign.
Such loans were common in Europe in the later Middle Ages and after, and were
often represented by long-term securities. Now, however, the investment banker buys
issues of securities from governments and corporations which desire capital, after he
has made some analysis of the credit risk corresponding to the study of credit made by
the commercial banker, and then he resells these obligations to others.
In special fields of investment banking, an intermediate step may be taken, where the
investment institution sells its own obligations to investors, advancing the proceeds
those who can utilize the capital. The mortgage bank and the investment trust are
examples of these.
1.4 Who needs an Investment Bank?
Any firm contemplating a significant transaction can benefit from the advice of an
investment bank. Although large corporations often have sophisticated finance and
corporate development departments provide objectivity, a valuable contact network,
allows for efficient use of client personnel, and is vitally interested in seeing the
transaction close.

Most small to medium sized companies do not have a large in-house staff, and in a
financial transaction may be at a disadvantage versus larger competitors. A quality
investment banking firm can provide the services required to initiate and execute a
major transaction, thereby empowering small to medium sized companies with
financial and transaction experience without the addition of permanent overhead, an
investment bank provides objectivity, a valuable contact network, allows for efficient
use of client personnel, and is vitally interested in seeing the transaction close.

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Most small to medium sized companies do not have a large in-house staff, and in a
financial transaction may be at a disadvantage versus larger competitors. A quality
investment-banking firm can provide the services.

1.5 Organizational structure of an investment bank

The main activities and units
The primary function of an investment bank is buying and selling products both on
behalf of the bank's clients and also for the bank itself. Banks undertake risk through
proprietary trading, done by a special set of traders who do not interface with clients
and through Principal Risk, risk undertaken by a trader after he or she buys or sells a
product to a client and does not hedge his or her total exposure. Banks seek to
maximize profitability for a given amount of risk on their balance sheet
An investment bank is split into the so-called Front Office, Middle Office and Back
Office. The individual activities are described below:

Front Office
Investment Banking is the traditional aspect of investment banks which involves
helping customers raise funds in the Capital Markets and advising on mergers and
acquisitions. Investment bankers prepare idea pitches that they bring to meetings with
their clients, with the expectation that their effort will be rewarded with a mandate
when the client is ready to undertake a transaction. Once mandated, an investment
bank is responsible for preparing all materials necessary for the transaction as well as
the execution of the deal, which may involve subscribing investors to a security
issuance, coordinating with bidders, or negotiating with a merger target. Other terms
for the Investment Banking Division include Mergers & Acquisitions(M&A) and
Corporate Finance (often pronounced "cropping").
Investment management is the professional management of various securities (shares,
bonds etc) and other assets (e.g. real estate), to meet specified investment goals for the
benefit of the investors. Investors may be institutions (insurance companies, pension
funds, corporations etc.) or private investors (both directly via investment contracts
and more commonly via collective investment schemes example . mutual funds) .

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  Financial Markets is split into four key divisions: Sales, Trading, Research and
Structuring.
Sales and Trading is often the most profitable area of an investment bank responsible
for the majority of revenue of most investment banks In the process of market
making, traders will buy and sell financial products with the goal of making an
incremental amount of money on each trade. Sales is the term for the investment
banks sales force, whose primary job is to call on institutional and high-net-worth
investors to suggest trading ideas (on cave tempt or basis) and take orders. Sales desks
then communicate their clients' orders to the appropriate trading desks, which can
price and execute trades, or structure new products that fit a specific need.
Research is the division which reviews companies and writes reports about their
prospects, often with "buy" or "sell" ratings. While the research division generates no
revenue, its resources are used to assist traders in trading, the sales force in suggesting
ideas to customers, and investment bankers by covering their clients. In recent years
the relationship between investment banking and research has become highly
regulated, reducing its importance to the investment bank.
Structuring has been a relatively recent division as derivatives have come into play,
with highly technical and numerate employees working on creating complex
structured products which typically offer much greater margins and returns than
underlying cash securities.

Middle Office
Risk Management involves analyzing the market and credit risk that traders are taking
onto the balance sheet in conducting their daily trades, and setting limits on the
amount of capital that they are able to trade in order to prevent 'bad' trades having a
detrimental effect to a desk overall. Another key Middle Office role is to ensure that
the above mentioned economic risks are captured accurately (as per agreement of
commercial terms with the counterparty) correctly (as per standardized booking
models in the most appropriate systems) and on time (typically within 30 minutes of
trade execution). In recent years the risk of errors has become known as "operational
risk" and the assurance Middle Offices provide now include measures to address this
risk. When this assurance is not in place, market and credit risk analysis can be
unreliable and open to deliberate manipulation.

Back Office
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Operations involve data-checking trades that have been conducted, ensuring that they
are not erroneous, and transacting the required transfers. While it provides the greatest
job security of the divisions within an investment bank, it is a critical part of the bank
that involves managing the financial information of the bank and ensures efficient
capital markets through the financial reporting function. The staff in these areas are
often highly qualified and need to understand in depth the deals and transactions that
occur across all the divisions of the bank.

1.6 Recent evolution of the business

New products
Investment banking is one of the most global industries and is hence continuously
challenged to respond to new developments and innovation in the global financial
markets. Throughout the history of investment banking, many have theorized that all
investment banking products and services would be commoditized. New products
with higher margins are constantly invented and manufactured by bankers in hopes of
winning over clients and developing trading know-how in new markets. However,
since these can usually not be patented or copyrighted, they are very often copied
quickly by competing banks, pushing down trading margins.
For example ,trading bonds and equities for customers is not a commodity business
but structuring and trading derivatives is highly profitable. Each OTC contract has to
be uniquely structured and could involve complex pay-off and risk profiles. Listed
option contracts are traded through major exchanges, such as the CBOE, and are
almost as commoditized as general equity securities.
In addition, while many products have been commoditized, an increasing amount of
profit within investment banks has come from proprietary trading, where size creates
a positive network benefit (since the more trades an investment bank does, the more it
knows about the market flow, allowing it to theoretically make better trades and pass
on better guidance to clients).

Possible conflicts of interest

Potential conflicts of interest may arise between different parts of a bank, creating the
potential for financial movements that could be market manipulation. Authorities that

14
regulate investment banking (the FSA in the United Kingdom and the SEC in the
United States) require that banks impose a Chinese wall which prohibits
communication between investment banking on one side and research and equities on
the other.

Some of the conflicts of interest that can be found in investment

banking are listed here:
Historically, equity research firms were founded and owned by investment banks.
One common practice is for equity analysts to initiate coverage on a company in order
to develop relationships that lead to highly profitable investment banking business. In
the 1990s, many equity researchers allegedly traded positive stock ratings directly for
investment banking business. On the flip side of the coin: companies would threaten
to divert investment banking business to competitors unless their stock was rated
favorably. Politicians acted to pass laws to criminalize such acts. Increased pressure
from regulators and a series of lawsuits, settlements, and prosecutions curbed this
business to a large extent following the 2001 stock market tumble
Many investment banks also own retail brokerages. Also during the 1990s, some retail
brokerages sold consumers securities which did not meet their stated risk profile. This
behavior may have led to investment banking business or even sales of surplus shares
during a public offering to keep public perception of the stock favorable.
Since investment banks engage heavily in trading for their own account, there is
always the temptation or possibility that they might engage in some form of front
running.

1.6 Principles of Investing

1. Start Investing Now

We say this not just to discourage procrastination, but because an early start can make
all the difference. In general, every six years you wait doubles the required monthly
savings to reach the same level of retirement income. Another motivational statistic:
If you contributed some amount each month for the next nine years, and then nothing
afterwards, or if you contributed nothing for the first nine years, then contributed the

15
 same amount each month for the next 41 years, you would have about the same
amount Compounding is a beautiful thing.

2. Know Yourself

The right course of action depends on your current situation, your future goals, and
your personality. If you don't take a close look at these, and make them explicit, you
might be headed in the wrong direction.
Current Situation: How healthy are you, financially? What's your net worth right
now? What's your monthly income? What are your expenses (and where could they
be reduced)? How much debt are you carrying? At what rate of interest? How much
are you saving? How are you investing it? What are your returns? What are your
expenses?
 Goals: What are your financial goals? How much will you need to achieve them?
Are you on the right track?
 Risk Tolerance: How much risk are you willing and able to accept in pursuit of
your objectives? The appropriate level of risk is determined by your personality,
age, job security, health, net worth, amount of cash you have to cover emergencies,
and the length of your investing horizon.

3. Get Your Financial House in Order

Even though investing may be more fun than personal finance, it makes more sense to
get started on them in the reverse order. If you don't know where the money goes each
month, you shouldn't be thinking about investing yet. Tracking your spending habits
is the first step toward improving them. If you're carrying debt at a high rate of
interest (especially credit card debt), you should unburden yourself before you begin
investing. If you don't know how much you save each month and how much you'll
need to save to reach your goals, there’s no way to know what investments are right
for you.

If you've transitioned from a debt situation to paycheck-to-paycheck situation to a

16
saving some money every month situation, you’re ready to begin investing what you
save. You should start by amassing enough to cover three to six months of expenses,
and keep this money in a very safe investment like a money market account, so you're
prepared in the event of an emergency. Once you've saved up this emergency reserve,
you can progress to higher risk (and higher return) investments: bonds for money that
you expect to need in the next few years, and stocks or stock mutual funds for the rest.
Use dollar cost averaging, by investing about the same amount each month. This is
always a good idea, but even more so with the dramatic fluctuations in the market in
the past 10 years. Dollar cost averaging will be to easier and remember; never invest
in anything you don't understand.

4. Develop a Long Term Plan

Now that you know your current situation, goals, and personality, you should have a
pretty good idea of what your long-term plan should be. It should detail where the
money will go: cars, houses, college, and retirement. It should also detail where the
money will come from. Hopefully the numbers will be about the same.
Don't try to time the market. Get in and stay in. We don't know what direction the
next 10% move will be, but we do know what direction the next100% move will be
Review your plan periodically, and whenever your needs or circumstances change. If
you are not confident that your plan makes sense, talk to an investment advisor or
someone you trust.

5. Buy Stocks

Now that you've got a long term view, you can more safely invest in 'riskier'
investments, which the market rewards (in general). This requires patience and
discipline, but it increases returns. This approach reduces the entire universe of
investment vehicles to two choices: stocks and stock mutual funds. In the long run,
they're the winners: In this century, stocks beat bonds 8 out of 9 decades, and they're
well in the lead again. According to Ibbotson's Stocks, Bonds, Bills and Inflation
1995 Yearbook, here are the average annual returns from 1926 to 1994 (before
inflation):
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 Stocks: 10.2% (and small company stocks were 12.1%)
 Intermediate term treasury bonds: 5.1%
 30-day T-bills: 3.7%
But is it really worth the additional risk just for a few percentage points? The answer
is yes. 10% a year for 20 years is 570%, but 7% a year for 20 years is only 280%.
Compounding is God's gift to long-term planners.
If you buy outstanding companies, and hold them through the market's gyrations, you
will be rewarded. If you aren't good at selecting stocks, select some mutual funds. If
you aren't good at selecting mutual funds, go with an index fund (like the Vanguard
S&P 500).

6. Investigate Before You Invest

Always do your homework. The more you know, the better off you are. This requires
that you keep learning, and pay attention to events that might affect you. Understand
personal finance matters that could affect you (for example, proposed tax changes).
Understand how each of your investments fits in with the rest of your portfolio and
with your overall strategy. Understand the risks associated with each investment.
Gather unbiased, objective information. Get a second opinion, a third opinion, etc. Be
cautious when evaluating the advice of anyone with a vested interest.

If you're going to invest in stocks, learn as much as you can about the companies
you’re considering. Understand before you invest. Research, research, Read books.
Consider joining an investment club or an organization like the American Association
of Individual Investors. Experiment with various strategies before you put your own
money on the line. Examine historical data or participate in a stock market simulation.
Try a momentum portfolio, a technical analysis portfolio, a bottom fisher portfolio, a
dividend portfolio, a price/earnings growth portfolio, an intuition portfolio, a mega
trends portfolio, and any others you think of. In the process you'll find out which ones
work best for you. Learn from your own mistakes, and learn from the mistakes of
others.

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 If you don't have time for all this work consider mutual funds, especially index funds.

7. Develop the Right Attitude

The following personality traits will help you achieve financial success:
 Discipline: Develop a plan, and stick with it. As you continue to learn, you’ll
become more confident that you're on the right track. Alter your asset allocation
based on changes in your personal situation, not because of some short-term market
fluctuation.

 Confidence: Let your intelligence, not your emotions; make your decisions for
you. Understand that you will make mistakes and take losses; even the best
investors do. Re-evaluate your strategy from time to time, but don't second-guess it.

 Patience: Don't let your emotions be ruled by today's performance. In most cases,
you shouldn't even be watching the day-to-day performance, unless you like to.
Also, don't ever feel like it's now or never. Don't be pressured into an investment
you don’t yet understand or feel comfortable with.

19
 CHAPTER :-2 Research and Methodology

2.1 Statement of problem

Fundamentally, there are no private pools of the capital of finance risk ventures in
India. The financial institutions perforce occupy a dominant position in the provision
of long-term capital to Indian industry. They and the State development agencies do
provide limited amount of equity finance to assist the development of new business
but there is no private, professionally managed investment capital sources. There are
no private sector insurance companies or the pension funds gathering regular
premium income and virtually no private banks willing to devote a small portion of
their resources to the venture capital niche. It is unlikely that such enterprises will be
created in the foreseeable future to mobilize private saving for investments. As an
answer the situation, mutual funds and investment trusts are permitted to set up and to
commit the part of their resources to the venture capital area. As a part of the broader
equity investment fund, given suitable standards of the valuation for unquoted
investments, it should be possible for the fund managers to commit the portion of
their portfolios to venture capital situations. The participation of the private sector in
venture capital funding, as it has come to be defined in the narrow Indian context, is
not possible in isolation from the opportunity to develop a broadly spread investment
business

2.2 Objectives

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 Researching and analyzing market information to support capital market
transaction.
 Identifying area of risk.
 Building and utilizing financial models.
 Ability to keep update knowledge of markets trends.
 Export to make investment related decision .
 Exceptionally able to explain investment related information .

2.3 Hypothesis

 H0: There is no significant difference in the total commission to total

premium ration of the public and private sector investment banks
 H0: There is no significant difference in total commission to total operating
expense ratio of the public and private sector investment banks.
 H0: There is no significant difference in the actuarial efficiency ratio of
public and private sector of investment bank
 H0: There is no significant difference in the current ratio of the public and
private sector of investment bank.
 H0: There is no significant difference in proprietary ratio of the public and
private sector investment banks.
 H0: There is no significant difference in the total investment to total liability
ratio of public and private sector investment company .
 Ho: The cost efficiency score of investment bank in India is equal.

2.4 scope of studies

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The study gives information about the customer needs and customer satisfaction level
towards Investment Banking . The study was under taken in thane city only. The
study was limited to 100 customer of Investment Banking in thane. It is confined to
the collection , analyze and interpretation on customer satisfaction level and opinions
on the various serves of Investment Banking and the performance of the organization
.

2.5 limitations of studies

 The information collect and opinions are of customer as to what they fill. Thus
the accuracy and information collected depends upon the perception of each
respondent and circumstances involve.
 The study has been conducted by including 100 customers. Though sample is
highly representative of the population, it does not cover the entire market of
customers having investment policies.
 Analysis could not draw for the entire questionnaire; only specific question
has be analysis and interpreted.
 Due to time constraint more information cannot be collected
The methodology followed for the fulfillment of the above mentioned goal as
is follow:

2.6 Source of data

There are basically two sources of data:
A) Primary data.
B) Secondary data.

22
 PRIMARY DATA: It is not recorded data. It is collected personally interviewing
the respondents through experience, observation and survey methods. It is
collected specially for a particular purpose with certain objectives in mind.
SECONDARY DATA: It is already collected and recorded data by some other
person for some purpose and is available for present study. Example: internet,
textbooks, organizations annual report etc.

SAMPLE SURVEY
At the period of research work, it is necessary to collect a certain data from the
people but it is not possible to survey each every person who can give information
on the issue.

SAMPLE CHARACTERISTICS:
Size Sample: 100 clients.
Nature of sample: Highly representatives of the population

CHAPTER: - 3 REVIEW AND LITERATURE

A literature review is a text written by someone to consider the critical points of

current knowledge including substantive findings, as well as theoretical and
methodological contributions to a particular topic. Literature reviews are secondary
sources, and as such, do not report any new or original experimental work. Thud, also
a literature review can be interpreted as a review of an abstract accomplishment.1
Most often associated with academic-oriented literature, such as a thesis or previewed
article, a literature review usually precedes a research proposal and results section. Its
main goals are to situate the current study within the body of literature and to provide
context for the particular reader. Literature reviews are a staple for research in nearly
every academic field. A systematic review is a literature review focused on a research
question that tries to identif1y, appraise, select and synthesize all high quality research
evidence relevant to that question. A systematic review aims to provide an exhaustive

23
summary of current literature relevant to a research question. The first step of a
systematic review is a thorough search of the literature for relevant papers. The
Methodology section of the review will list the databases and citation indexes
searched, such as Web of Science, base, and PubMed, as well as any hand searched
individual journals. Next, the titles and the abstracts of the identified articles are
checked against pre-determined criteria for eligibility and relevance. Thus, we can say
that review of literature is the process of reading, analyzing, evaluating, and
summarizing scholarly materials about a specific topic. Universal Banking plays vital
role in making banks profitable. This is very intense subject of debate among the
academician, researchers and policy maker. Internal as well as external factors affect
the universal banking. A wide range of services under the one roof are available only
through the universal banking. Some researchers have tried to find out the factors
which affect the profitability and efficiency of banks by providing universal banking
services to the customers. In universal banking, large banks operate extensive
networks of branches provide many different services hold several claims on firms i.e.
equity and debt and participate directly in the Corporate Governance of firms. The
outcome of the studies varies depending on the scope and need of the study. It has
been attributed to several factors i.e. the decline of traditional banking activities
means deposit taking and lending, poorly performing debts like arising from poor
lending decisions, and for domestic banks, depressed property prices and important
local industrial sectors performing badly, make it necessary to analyze of bank
performance tend to be short-term and narrow in their outlook and seldom attempt to
explain the underlying trends and processes of change, thus, the broad competitive
forces of information technology, globalization and deregulation are de establishing
the banking industry leading to irrevocable charges on a much greater scale than has
occurred in the past. Following literature gives us an idea about the studies of
universal banking with reference to private and public sector banks. It also gives us an
idea about the comparison of both private and public sector banks. These studies are
listed in alphabet sequential orders which are describe as under.
Adams Adewale Adegoke Alawiye and Babatunde Afolabi (2013) focused on the
arguments for Investment banking especially for efficient services to customers and
also for financial systems stability and profitability, while, the comparative practice of
Investment banking in some notable countries of the world was also x-rayed because

24
[ 3 ] Investment banking is a superstore for financial products under a single roof.
Corporate bodies can lot of opportunities of universal banking system are yet to be
fully exploited Investment banking being a worldwide banking business phenomenon
is continually been subjected to research efforts over the last century everywhere in
the world. Investment banking is the panacea to resuscitate and revamp the business
of banking back to recovery, efficiency and windfall profitability. This is especially so
from United States to Germany, Switzerland, Britain, and India and across all the
established financial markets and financial systems through the world, the impact of
investment banking on the growth and development of the banking industry cannot be
underestimated. Therefore, investment banking is preferable to split banking system is
that which provides greater financial systems stability and also offer better solutions
for customer services.
Albertazzi Ugo (2006) developed a used to show the provision of incentives in a
investment bank, which is regarded as a common agent serving different customers
with potentially conflicting interests for example, it may buy assets on behalf of
investors and sell assets on behalf of issuing firms. The customers offer incentive
schemes to the bank and they behave non-cooperatively. The bank decides a level of
effort and, when firewalls are absent, a level of collusion, modeled as a costly and
unproductive redistribution of wealth among the customers. Actually absence of
firewalls the equilibrium incentive scheme are steeper, means the level of effort is
higher and may compensate the ex-post inefficiency of collusion. It showed not to
hold in the presence of one inexperienced player who does not recognize the existence
of the conflict of interest. The model allows drawing result about the desirability of
firewalls or of softer measures like the imposition of transparency requirements.
Atunbas and Chonga (1996) examined the effects of universal banking on the risk and
returns of Japanese commercial banks, long-term credit banks, trust banks and
security firms using an event study methodology and Chi square, the results of their
study showed that universal banking in Japan has significant effects on the risks and
returns of financial institutions. Universal banking in particular increases the Japanese
financial [ 4 ] institutions exposure to market risks, but lowers the exposure to interest
rate risks but only the trust banks and security firms seem to benefit from universal
banking in terms of increased returns.

25
Banerji Sanjay and Basu Parantap (2009) analyzed that, relative performance of a
fully integrated financial system with respect to a stand-alone system where there is
strict separation among depositories and under writing activities where both system
vulnerable to problems of moral hazard. In other words, a simple inter temporal
model with moral hazard and uninsured risk, if financial contracts are properly
written, the integration in financial markets could give risk to greater risk sharing
arrangement and could eliminate the equity risk premium attributed to informational
asymmetry between the lenders and themthe borrowers.

Benston George J. (1994) found that universal banks are financial institutions which
offer the entire range of financial services including sell insurance, underwrite [ 5 ]
securities, and carry out securities transactions on behalf of others. They may own
equity interests in firms including non financial firms and shares of companies
including shares of others because Investment banks elect their employees as
members of the Board of Directors of these companies.
Beretal (2001) observed that the combination of bank lending, underwriting and
investment fund management is more likely to result in conflicts of interest. In line of
this finding, the ideal structure of universal banks should be compartmentalized into
separate departments for core-banking and other non-banking services. Berger, Allen
N. and Gregory F.
Udell (1995) examined the contention that as banks become larger and more
organizationally complex means more like investment banks, they may reduce the
supply of credit to small business borrowers. This would be consistent with an effort
to reduce Williamson-type managerial diseconomies in providing services for large
and small borrowers jointly, and investigated that the empirical association of loan
price and quantity with bank size and complexity, using a data set with over 9,00000
bank loans. The data support the proposition that larger, more complex banks may
reduced the supply of small business lending, although other institutions may replace
many of these loans.
Berhedva, Yafeh Yishay and Yosha Oved (2000) found that a newly-constructed data
set on Israeli Initial Public Offering (IPO) firms in the period of 1990s, and found
about the costs and benefits of investment banking. Because, a firm whose equity was
underwritten by a bank-affiliated underwriter, when the same bank was also a large

26
creditor of the firm in the IPO above year, exhibits significantly better than average
post issue accounting performance, but that its stock performance during the first year
Chaitanya, Krishna V (2005) observed that, since 1990 the financial sector reforms
were introduced the banking sector saw the emergence of new generation of private
sector banks, and these banks gained at most popularity as they have technology
edge and better business models, and when compared to public sector banks. Thus,
the most important thing is they able to attract more volumes simply because they
meet their customers requirements under one roof, and focused on understanding the
concept of universal banking in India attempts to explain the regulatory role and
requirements key duration and maturity distinction and the optimal transaction path
which gives an overview of the international experience and argues in favor of
developing a strong domestic financial system in order to compete in the global
market.

Edwards Jeremy and Ogilvie Sheilogh (1996) developed a relationship among

universal banks and industrial companies which are widely regarded as a distinctive
feature of the German economy and as having played an important part in German
industrialization. According to view of Jeidels, Riesser and Hilferding its most
influential exponent was Gerschenkron, who incorporated the supposedly crucial role
of universal banks in German industrialization and he has analyzed the contribution of
different institution to industrialization in backward economies i.e. investment finance
to economic growth. Thus, can say that Germany exemplifies the „bank-based‟
system of investment finance, which is superior to alternative systems, in particular
the „market-based‟ Anglo American system which is commonly encountered not only
in historical analysis, but also in current policy debates, especially those concerning
former centrally planned economies.

Emmons William R. and Schmid Frank A. (1998) observed about allocation of

control rights and corporate finance in Germany in favor of universal banking. Thus,
Corporate Governance practices differ greatly in the United States and Germany. It
described the main institutional of the Germany Corporate Governance
system .Resulted,focused on universal banks and codetermination. He also
summarized existing empirical evidence which has investigated how and how well

27
this system works.

Ferreira Miguel A. and Matos Pedro (2012 investigated the effects of bank
control over barrower firms by representation on boards directors or by the holding of
shares through bank asset management divisions if used a large sample of Syndicated
loans, find that banks are more likely to act as lead managers in loans when they exert
some control over the borrower firms because during the period of 2003 to 2006 bank
firm Government links are associated with hire loan spreads, and credit boom, but
lower spreads during the period of 2007 to 2008 financial crisis. In addition to that
these banks links mitigate credit rationing effects during the crisis, and after it, the
results strong to several methods to correct for the simple problem of the bank firm
Governance link it means, consistent with inter temporal smoothing of loan rates
which advised about costs and benefits from banks involvement in firm Governance.
Focarelli Dario, Ibanez David Marques and Pozzolo Alberto Franco, evolved that a
better understanding of the impact of commercial banks‟ involvement on the
securities business on the screening of all types of credit is warranted, because during
the recent crisis that banks involvement in investment banking activities might have
had an impact on the intensity of their underwriting standards and tern to evidence
from the period prior to the revocation of the act of Glass-Steagall in the United State
and analyzed whether investment banks or section 20 subsidiaries of commercial
banks underwrote riskier securities. On average, securities underwritten by
commercial banks subsidiaries have a higher probability of default than those
underwritten by investment houses, thus, resulted, that it is not possible to reject that
the repeal of the Glass-Stegall led to looser credit screening by broad universal
banking companies

Geyfman Victoria and Yeager Timothy J. (2007) suggested that, whether an

economically significant differential exists in market-based risk and return between
universal bank, banking organizations with investment banking subsidiaries and
traditional banks, which allowed financial holding companies to participate freely in
investment banking activities. Therefore, universal banks had higher return, but the
increase in risk more than offsets the return, resulting in a lower risk-adjusted return.
Universal banks exhibit lower risk and higher risk-adjusted return, particularly at

28
banks with a greater degree of involvement in securities operations. The study
suggested that the legislation has improved the risk-return tradeoff for universal banks
for which other activities of universal banks unrelated to investment banking may also
contribute to changes in their risk and return,
Hakimi, Dkhili and wafa (2012) studied the effect of universal banking on the base of
Tunisian banking credit risk. In the duration of 1980-2010 Tunisian banks based on
the panel data analysis method, and result showed that the universal banking increases
significantly the credit risk and the level of competition is positively correlated but
not significantly with the dependent variable while the GDP experts a positive and
significant effect on the credit risk, but the effect of the inflation variable is not
significant. Therefore, investigated the impact of universal banking on the banking
credit risk an unbalanced panel data set of 9 Tunisian universal banking which are
considered as the most active in the Tunisian banking system over a more recent
period, thus, providing more appropriate and recent empirical evidence so focused
solely on the effect of universal banking on the credit risk thus, universal banking can
reduce the credit risk.

Hauswald Robert B. H. focused on the combination of commercial and investment

banking natural universal financial intermediation, most advantageous transfer of
control, modes of Corporate Governance and the structure of particular banking
systems are developed in a two-stage game about investment in managerial resources
by banks, financial contracting and most advantageous restructuring of companies.
Its, showed about universal banking results in renegotiation-proof most advantageous
mixed finance combined debt-equity contracts with reorganization and investment in
organizational capital which leads to German method financial intermediation.
Specific banking admits optimal contracts only in the case of separate but immediate
debt and equity finance joint contracts and with non-duplication of investment in
restructuring capabilities. Thus, universal financial intermediation is related to main
banking and some principles for reforming banking systems of economies in
conversion are presented.

Johnson William C. and Westberg Jennifer Marietta (2009) found that, during the
period of 1993 to 1998 Initial Public Offers firms use asset management funds like

29
vehicles to help them, earn more equity under writing business and asset managers
affiliated with Initial Public Offers (IPOs) underwriters use their superior information
in favor of their own institutions and to earn annualized market adjusted returns.

Jun-Koo Kang and Wei-Lin Liu (2007) resulted the extent to which universal banking
in Japan creates conflicts of interest and also showed, that as banks enter the securities
business, banks discount the price of the corporate bonds and underwrite significantly
in an effort to attract investors, thereby generating conflicts of interest that are
harmful to issuers, means close prior lending relationships among banks and their
customer issuers is the driving force behind such conflicts and that competition from
investment houses limits but does not eliminate these conflicts.

Klein Peter G. and Zoeller Kathrin (2001) found that, conflicts of interest
associated with relationship banking. Used a sample of 306 German initial public
offersand if universal bank underwritten IPOs perform differently from other IPOs,
found that universal-bank affiliation is correlated with higher first-day returns “under
pricing” but uncorrelated with long-term performance, and suggested that under
pricing compensates for potential conflicts of interest, and also found that preexisting
bank relationships, rather than issuer characteristics, appear to determine the choice of
underwriter.

Lepetit Laetitia (2002) analyzed the effects of bank equity stakes in firms on bank risk
and on welfare. Which determine the likelihood that financing a firm at the same time
with both equity investment and loans increases the risk of a bank‟s asset range under
conditions of imperfect information? In which, there is a negative relationship
between the risk of a universal bank‟s asset range and its level of equity investment as
long as the latter does not exceed a critical threshold. Next is to compare bank risk
and the value of the investment associated with stylized universal and specialized
banking systems. So, each system has advantages and disadvantages in terms of bank
risk and investment, which are formally outlined.

30
Lili (2007) suggested the relationship among universal banking and firm performance
included 40 developed and developing countries, and found that the overall effect of
universal banking on growth was negative. It suggested that the negative effect of
conflict of interest dominated the positive effect of economies of scale and scope of
universal banking. However, in countries with higher information efficiency, conflict
of interest is less likely and negative because relationship between universal banking
and firm growth is significantly weaker.

Lin Chih Pin, found that, universal banking, or the practice of providing multiple
financial services under the same roof, has various findings and synergies in universal
banking, while others have got conflicts of interest. Drawing on institutional-based
view, I assume that universal banking in emerging economies such as Taiwan gives
rise to conflicts of interest. For this reason market-supporting institution in emerging
economies are less developed, universal banking there are more likely to result in
conflicts of interest.

Loranth Gyongyi and Morrison Alan D. (2011) examined the tying of lending to
investment banking business by universal banks, because tying may alleviate credit
rationing by assuring the lender of an adequate share of the social surplus that its
lending generates however tying raises the profitability of loans to troubled
entrepreneurs, softening entrepreneurial budget constraints and reducing effort levels.
Thus, investment banking is uncompetitive the former effect dominates, and there is
too little tying and resulted to the authority structure of the universal bank is the
appropriate focus for regulations.

31
 Chapter :- 4
DATA ANAYLISIS, INTERPRETATION & PRESENTATION
1. What is your annual income?

what is your annual income ?

60

50

40
what is your annual income ?
30

20

10

0
Winthin 1L 1L- 3L 3L-5L Above 5L

Interpretation:- In survey it is found 10% of people have income within 100000

and 49%peoplehave income in 1ooooo to 300000 and 30 % have 300000 to
500000 and 11% have above 50000

32
2. Have you invested in any scheme of investment banking?

90
have you invested in any scheme of
investment banking?
80

70

60

50

40
have you invested in any
30 scheme of investment
banking?
20

10

0
yes no

Interpretation: - In survey it found 77% of people are having invested in scheme and
23% of people are not invested in scheme.

33
3. Which of scheme you invested?

which of scheme you invested?

35

30

25

20 which of scheme you invested?

15

10

0
shares mutual fund debenturs others

Interpretation: - As per survey it found 32% people invested in share, 28% invested in
mutual funds, 25% invested in debenture and bond and 15% are invested in other
schemes.

34
Q. 4. Are you satisfied with the services provided by investment bank?

are you satisfy with the services provided by

investment banking?
54
53
52
51 are you satisfy with the services
provided by investment bank-
50 ing?
49
48
47
46
45
44
yes no

Interpretation: - According to survey it found 53% people are satisfy with the services
as another side 47% are not satisfies

35
Q5. It is flexible to use?

It is flexible to use?
60

50

40
It is flexible to use?
30

20

10

0
yes no

Interpretation:-According to survey it found 49% people are flexible to use as

another side 56% people are not flexible to use

36
Q6. Have you aware about investment banking?

Have you aware about investment banking?

50
45
40
35
30 Have you aware about in-
vestment banking?
25
20
15
10
5
0
yes no heard about it

Interpretation:-According to survey it found 34% people are know about it and 24%
people are have no any idea about it at another side 43% people are heard about it .

37
Q7. Do you satisfy with the return from the investment avenues?

Do you satisfy with the return from the

investment avenues?
40

35

30
Do you satisfy with the return
25 from the investment avenues?
20

15

10

0
satisfied unsatisfied netural

Interpretation: -According to survey it found 34% people are satisfy with the avenues
and 37% people are unsatisfied as another side 30% people is neutral.

38
Q8. Are you satisfied with the interest rate they charge?

Are you satisfy with the interest rate they

charges?
80

70

60
Are you satisfy with the interest
50 rate they charges?
40

30

20

10

0
yes no

Interpretation:-According to Survey it found 67% people are satisfy with the interest
rate as another side 33% people are not satisfies with the interest rate.

39
Q9. Do you like service provide by bank?

Do you like services provide by bank?

70

60

50

40 Do you like services provide by

bank?

30

20

10

0
yes no

Interpretation: - According to Survey it found 35% people are satisfy with the services
provided by bank as another side 65% people are not satisfy with the service provided
by bank.

40
Q.10. In comparison of scheme which scheme you prefer the most?

In comparison of scheme which scheme you

prefer the most?
60

50

40 In comparison of scheme which

scheme you prefer the most?
30

20

10

0
shares debenture mutual fund others

Interpretation:- According to survey it found 25% people are want to invest in shares
, 10%people are want to invest in debentures , 50% people are want to invest in
mutual funds and 15% people want to invest in other schemes .

41
Q.11. Your remark on service of investment bank?

Your remark on servicec of investment bank?

60

50

40
Your remark on servicec of
investment bank?
30

20

10

0
good excellent average poor

Interpretation: - According to survey it found 13% people are mark service as good,
23% people are mark as excellent, 50% people are remark services as average and
14% people mark services as poor.

42
Q12. Is the bank personnel have been very helpful and courteous?

Is bank personnel have been very helpful and

courteous?
40

35

30
Is bank personnel have been
25 very helpful and courteous?
20

15

10

0
very good satisfying good could be better

Interpretation: - According to Survey it found 18% people are mark very good, 23%
people are mark as satisfying, 30% people are mark as the good and 34% people are
mark as could be better.

43
Q13. Is the bank follows fair and simplified procedure?

Is the bank folllows fair and simplified

procedure?
53

52

51
Is the bank folllows fair and
simplified procedure?
50

49

48

47

46
yes no

Interpretation:- According to survey it found 52% people are says the bank follows
fair and simplified process and 48% people are no.

44
Q14. Do you get appropriate information provision before invested in any
scheme?

Do you get aprropriate information provision

before invested in any scheme?
53

52

51 Do you get aprropriate in-

formation provision before
50 invested in any scheme?

49

48

47

46
yes no

Interpretation:-According to Survey it found 48% people are saying that the

information where provided to them and the 52% people are saying that the
information is not provided to them.

45
 Finding

 According to the survey conducting in between age group of 30to 40 year’s.

From that the younger generation are not more awar about the various
investment option .

 According to project survey majority of people think that it’s may accrue risk
accrue while investing in such investment avenues.

 According to the survey conducted people believe that it refuse use of cash .

 According to the survey majority of people think that it’s promote the
investment market to the next level.

 According to the survey conducted majority of people think is the secured nd

safe transaction process to earn money

 According to survey conducted majority of people says that saving is not

option to get interest on it or increase the value of money .

 But the investment in shares Bond’s it’s circulate money on market and after a
period get a interest amount on money .

 According to survey there are money option now in market those give
opportunity to new invester to invest in market.

 According to survey the majority of people are Happy with the investment
avenues nd the amount of interest they are earing out of it.

 According to survey the 60 peoples out of 100 are invested any many of the
investment policies

46
 Conclusion

After getting through the Entire Project one can easy be complete aware about what is
Investment Banking all about & how does their different creature help the Investors to
Grow. The Project clearly gives as clear Picture about who should go for Investment
Banking and also what all Precautions to be taken before.

All the main Activities what is being done by the Investment Banking is being
explained, Principles which is to be Followed by the Investors is also being explained.
When an individual should start with his/her inessential, so being said in the project.

Hence to sum up with the above project it is advisable to go ahead with investment in
different part as per the interest while following the crucial Guidelines Mentioned.

47
 Bibliography

I am over whelmed in presenting my project report and forth is wish to express my

deep sense of gratitude for following web sources, magazines, newspaper articles and
authors to take their reference for this project.
Sources of information:
1) Web Sources:
 http://www.gangainstituteofeducation.com/documents/Dr.-Sakshi-
Goyal-Miss-Chanchal-Mourya.pdf
 https://en.m.wikipedia.org/wiki/Investment_banking
 https://www.investopedia.com/terms/i/investmentbank.asp
 https://m.economictimes.com/definition/investment-banking/amp

2) Magazines:
 Business today

3) Newspaper:
 Times of India
 DNA

Annexure

48
1) Name?

2) Age?

3) Qualifications?

4) What is annual income?

 With in 100000
 100000-300000
 300000-500000
 Above 500000

5) Have you invested in any scheme of investment banking?

 Yes.
 No

6) Which of scheme you invested?

 Mutual funds
 Shares
 Debentures and bonds
 Others

7) Are you satisfied with the services?

 Yes
 No

8) It is flexible to use?
 Yes
 No

9) Have you aware about investing banking ?

 Yes
 No
 Heard about it

10) Do you satisfy with the returns from the investment avenues?
 Satisfied
 Unsatisfied
 Neutral

49
11) Are you satisfied with the interest rate they charge?
 Yes
 No

12) Do you like service provides by bank?

 Yes
 No

13) In comparison of scheme which scheme you prefer the most?

 Share
 Debentures
 Mutual funds
 Others

14) Your remark on service of investment bank?

 Good
 Excellent
 Average
 Poor

15) Is the bank personnel have been very helpful ND courteous?

 Very good
 Satisfying
 Good
 Could be better

16) Is the bank follows fair and simplified procedure?

 Yes
 No

17) Do you get appropriate information provision before investment any scheme?
 Yes
 No

50