A

SUMMER TRAINING REPORT

ON

“A STUDY ON CUSTOMER SATISFACTION IN”

RELIGARE SECURITIES LIMITED

Submitted in partial fulfillment of the requirement for

the award of degree
BACHELOR OF BUSINESS ADMINISTRATIVE
(2014-2017)
UNDER THE SUPERVISION OF SUBMITTED BY
SHREYATA NARULA ABHISHEK
ASSISTANT PROFESSOR 0004874969

SAMALKHA GROUP OF INSTITUTIONS, SAMALKHA

KURUKSHETRA UNIVERSITY
 DECLARATION

I, hereby declare that the Summer Training project entitled “A STUDY ON CUSTOMER
SATISFACTION IN RELIGARE SECURITIES LIMITED” is an original work and the same has
not been submitted to any other institute for the award of any other degree & the information provided
in the study is authentic to the best of my knowledge.
 ACKNOWLEGEMENT

I take this privilege at acknowledge all those who have helped me throughout the summer internship
project.
It is a matter of great pleasure for me in submitting the project report on “A STUDY ON CUSTOMER
SATISFACTION in Religare Securities Limited.” in the partial fulfilment of the requirement of my
course from “Samalkha Group of Institution, Samalkha.”

I would like to thank Director Dr. Manoj Kumar for providing this Opportunity. I also would like to
thank HOD Of MBA Mrs. Preeti Dhingra and all staff members for inspiring cooperation extended to
me by all the staff members for the successful of my completion project.

My first word of thanks goes to Mr. Munish Kumar Garg (Branch Manager) Religare Securities,
Panipat for giving me an excellent chance to undergo training in a reputed and prestigious brokerage
firm of India.

I further, am in deep gratitude to Mr. Shiv Kharb (Relationship Manager) at Religare Security Limited
for His kind support and guidance in marshalling my knowledge to the shaping of and the Becoming of
the project & other staff members of Religare for their kindness and Valuable guidance and assistance,
which helped me in the completion of my summer Training.

I am thankful to all those people who has supported me directly or indirectly, and provided me all the
necessary information throughout this project report completed.
 PREFACE
Management training has gained and tremendous importance over the past few year. Management was
the previously considered as an in born art or talent but in today’s fast developing world, the view has
been modified. One needs a particular experience to identify how the management concepts are helpful
in managing the organisation being a BBA student. This project report is overcome for the fulfilment of
Bachelor of Business Administration (BBA), the entitled “A Study on Customer Satisfaction in
RELIGARE SECURITIES LIMITED”
This academic research was quite intersecting, inspiring, satisfaction, knowledge gaining and help
to me.

ABHISHEK
BBA3rd year
0004874969
 EXECUTIVE SUMMARY
The Present business scenario is totally consumer oriented. Every company faces stiff competition from
its competitors, each provides the best product at competitive rates. As a result customers have lot of
choices to get the best with the least cost. To face this competition, it is very important to know
customer’s behaviour, there needs, preference and also the motivation factors.

Religare Securities Pvt. Ltd. Provide its Expert service in Capital market Operations to institutional
Investors. . Its strategies for marketing its services as well as developing a good Relationship Marketing
with its client has given an edge over the other service providers.

This project also throws lights on the working frame of broking service. This industry is on the spree to
adopt the latest technology and thus any player has to be dynamic in this industry. The comparative
analysis done in this project show how keynote has built competitive edge on some ground. The Project
help you understand the strategies of this industry right from De-Mat to Trading, Margin to analysis and
risk to return. I hope this project prove to be beneficial for the Company and also give the reader a
through idea about the industry. I learnt a lot throughout the process of undertaking this project report.

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

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

After going through the exercise I found that Religare is one of the upcoming companies in the Marketing
of financial Product, as the credibility of other companies are going down in the market and it is the right
time for the Religare Securities Pvt. Ltd. to built its reputation in the market. It will help business to
expand its network & also its services capitals low market share is because of local brokers in the market
which a charging very less Margin as initial investment for Trading in Stock Market.
 CONTENTS
CHAPTER PARTICULAR PAGES
NO
1 INTRODUCTION
1.1 INTRODCTION TO BROKERAGE INDUSTRY
1.2 INTRODUCTION TO RELIGARE COMAPNY
1.3 INTRODUCTION TO TOPIC

2 LITERATURE REVIEW

3 RESEARCH METHODOLOGY
3.1 TYPES OF DATA
3.2 TYPES OF RESAERCH
3.3 LIMITATION

4 DATA ANALYSIS AND INTERPRETATION

5 FINDINGS,SUGGESTION AND CONCLUSION

5.1 FINDINGS
5.2 SUGGESTION
5.3 CONCLUSION
6 BIBLIOGRAPHY

7 QUESTIONNAIRE
 CHAPTER-1
INTRODUCTION
1.1 INTRODUCTION TO THE BROKERAGE INDUSTRY

A brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and
selling of financial securities between a buyer and a seller. Brokerage firms serve a clientele of investors
who trade public stocks and other securities, usually through the firm's agent stockbrokers.[1] A
traditional, or "full service," brokerage firm usually undertakes more than simply carrying out a stock or
bond trade. The staffs of this type of brokerage firm is entrusted with the responsibility of researching
the markets to provide appropriate recommendations, and in doing so they direct the actions of pension
fund managers and portfolio managers alike. These firms also offer margin loans for certain approved
clients to purchase investments on credit, subject to agreed terms and conditions. Traditional brokerage
firms have also become a source of up-to-date stock prices and quotes.

1.1.2 History

During the 11th century, the French began regulating and trading agricultural debts on behalf of the
banking community, creating the first brokerage system. In the 1300s, houses began to be set up in major
cities like Flanders and Amsterdam in which commodity traders would hold meetings. Soon, Venetian
brokers began to trade in government securities, expanding the importance of the firms.
In 1602, the Dutch East India Company became the first publicly traded company in which shareholders
could own a portion of the business. The stocks improved the size of companies and became the standard
bearer for the modern financial system.

Indian brokerage industry

The equity brokerage industry in India is one of the oldest in the Asia region. India had an active stock
market for about 150 years that played a significant role in developing risk markets as also promoting
enterprise and supporting the growth of industry. The roots of a stock market in India began in the 1860s
during the American Civil War that led to a sudden surge in the demand for cotton from India resulting
in setting up of a number of joint stock companies that issued securities to raise finance. This trend was
akin to the rapid growth of securities markets in Europe and the North America in the background of
expansion of rail road sand exploration of natural resources and land development.
At that time, was a major financial centre having housed 31 banks, 20 insurance companies and 62 joint
stock companies. In the aftermath of the crash, banks, on whose building steps share brokers used to
gather to seek stock tips and share news, disallowed them to gather there, thus forcing them to find a
place of their own, which later turned into the Dalal Street. A group of about 300 brokers formed the
stock exchange in Jul 1875, which led to the formation of a trust in 1887 known as the “Native Share
and Stock Brokers Association”. A unique feature of the stock market development in India was that it
was entirely driven by local enterprise, unlike the banks which during the pre-independence period were
owned and run by the British. Following the establishment of the first stock exchange in Mumbai, other
stock exchanges came into being in major cities in India, namely Ahmadabad (1894), Calcutta
(1908),Madras (1937), Uttar Pradesh and Nagpur (1940) and Hyderabad (1944). The stock markets
gained from surge and boom in several industries such as jute (1870s), tea (1880s and 1890s),coal (1904
and 1908) etc, at different points of time.

The Indian Brokerage Industry consists of companies that primarily act as agents for the buy inland
selling of securities (e.g. stocks, shares, and similar financial instruments) on a commissioner transaction
fee basis. Hence, to understand this industry we have to study Security Market: Security market has two
main interdependent segments:

1- Primary Markets

The primary is that part of the capital markets that deals with the issuance of new securities. Companies,
governments or public sector institutions can obtain funding through the sale of a new stock or bond
issue. This is typically done through a syndicate of securities dealers. The process of selling new issues
to investors is called underwriting. In the case of a new stock issue, this sale is an initial public offering
(IPO). Dealers earn a commission that is built into the price of the security offering, though it can be
found in the prospectus. In primary market certain companies issue their shares directly to the public,
collect applications and after sorting out the good issues, they put in their applications. The share brokers
get their brokerage on the transactions made.

2- Secondary Market

The secondary market is that market in which tr ading is done of securities that have already been issued
in an initial private or public offering. The secondary market comprises of brokerage that a broker earns
in the buying and selling of companies that are listed in the stock exchange. These stock brokers are in
charge of the conformation and carrying out of transactions. Orders are taken and executed on behalf of
the clients. The fluctuation of rates in the share market makes the activity in a trade market a dynamic
process. It is necessary for a broker to have adequate knowledge about the economic and political factors
as they affect the share market.

Evolution of the Indian Brokerage Market the Indian broking industry is one of the oldest trading
industries that had been around even before the establishment of the BSE in 1875. Despite passing
through a number of changes in the post liberalization period, the industry has found its way towards
sustainable growth. The evolution of the brokerage market is explained in three phases: pre1990, 1990-
2000, post2000.

1.1.3 Development in Brokerage Industry

In actuality the brokerage industry continues to develop rapidly. Many of the traditional restrictions
against banking activities within the brokerage industry are being eliminated and the barriers are
disappearing. Due to this, some commercial banks have as subsidiaries, brokerage houses that offer
discounts and some of them have available accounts that offer all of the services that are offered by a
checking account. The basic function of a brokerage firm is to execute buy and sell orders for clients.
Traditionally these firms have offered the investigation of the quality and the possibilities of investing
in a variety of investment products. It is still accustomed for brokerage firms to offer information about
possible investments free of charge. This activity of bringing free of charge stock investment reports is
one of the main tools that are utilized by brokerage houses to compete against other firms and to investors
it continues to be an important service. Despite the previously, not all investors consider that investment
reports is an important service. Some investors prefer other types of services since many investors don’t
believe in this.

In order to capture this vast diverse clientele, the brokerage industry has segmented itself. After the
restrictions in commissions were eliminated, several brokerages began to open up their doors as discount
brokerage firms. In actuality, brokerage firms may be classified into full service brokers and discount
brokers. Full service brokerage firms continue to offer informative stock reports and a level of service
much higher than other brokerage houses. Discount brokerage houses only dedicate themselves to
execute orders for clients. Full service brokers are sellers looking for purchasing and selling for clients
and offering more customer service than is available from discount brokers. It is many times possible
that a client will not even know who is taking care of the buy or sell order that they placed. These
differences in services and philosophies may lead to great differences in commission costs. It is evident
that these differences may be an important factor in the return of an investment. This is particularly true
when we see that these commissions are added to the purchase as well as to the sale of a stock or other
investments. Post major reforms initiative in early 2000s brokerage industry in India is experiencing
rapid growth and diversity. At present apart of brokerage business industry is also offering wide range
of financial services. These developments have resulted in huge spurt in business and also growing
market share of the large sized brokerage houses has led to surge in enterprise value. In the year 2007
IPOs of large firms (Motilal Oswal, Religare, and Edelweiss) received huge response (Indian catalogue,
2001). At the same time global and private equity firms have taken stake in brokerage firms. In India
there are about 45 equity brokerage houses that are at present listed in the stock exchanges.

1.1.4 Globalization

Globalization has proved to be a boon for the Indian economy. After globalization there has been
tremendous growth in the Indian economy. Every sector of the economy has shown an outstanding
performance after globalization. Earlier Trading was confined in limited boundaries but now the scenario
has been totally different after the entrance of online trading. There is a cut throat competition between
the broking houses. Now the brokers are more concerned about their customers to improve their
performance.

The sector is undergoing fundamental changes that have diluted its traditional role of protecting small
deposits against capital and income risk and facilitating the conversion of Savings into investment. Also
there have been a drastic increase in the volume of share traded on stock exchange and with that the
online trading has shown Bull Run.

1.1.5 Industry Insight

• Majority of the broking firms entered the business post 1990. A majority of members have
memberships in more than one stock exchange and across equities, equity derivatives and commodities
futures in domestic and International stock exchange.
• On the back of growing equity culture broking activity is spreading in Tier II and Tier III cities in India.

Deepening financial system and economic growth has provided growth and expansion opportunities to
broking firms. Access to public equity markets and growing international investor’s interest has enabled
them to raise resources. Although there are more than 9000 brokers registered with SEBI 80% of the
turnover in NSE and BSE is accounted by about 100 brokers

1.1.6 List of Top Brokerage Firms in India Here are the top brokerage companies in India:-

1. Indiabulls Securities Indiabulls Securities is the leading brokerage firm in

India, which started functioning in the year 2000. The company's businesses include real estates, home
loans, power, securities and IT. Indiabulls securities is headquartered in Gurgaon, Haryana and employs
over 4,000 people. Across the nation, Indiabulls securities operates through its 450 branches. The
company provides its services both through off-line and on-line channels. Indiabulls Securities boasts of
running one of the most efficient and fastest trading base in India. Rs. 1200 is the trade account opening
fees at Indiabulls Securities.

2. Religare Limited Religare Limited was also established in 2000 and is one of the top
brokerage firms in India today. With its head office in Mumbai, Maharashtra, Religare is present in
around 450 cities in India and it is serving over 9,50,000 customers through its 429 outlets across the
country. Religare has two branches in Oman and UAE as well. The services provided by Religare Ltd.
include equities trade execution, portfolio management, distribution of mutual funds and commodities,
structured products and insurance. One can open their trade account with Religare Ltd. with Rs. 750
(Classic account) and Rs. 1000 (Trade Tiger).
3. Angel Broking Limited Angel Broking started its operations in 1987 and has its
headquarters in Mumbai, the commercial capital of India. Angel Broking is involved in the businesses
such as equity trading, portfolio management services, commodities, mutual funds, IPO, Life Insurance,
Investment Advisory and Depository Services. Angel Broking has more than 5,500 terminals in around
400 branches across India

4. Reliance Money Reliance Money is retail Brokerage Company and a subsidiary of the
prestigious Reliance Industries. It was founded in 1987 and is based in Mumbai, Maharashtra. On a
nationwide level, Reliance Money runs its business through 150 branches and around 2,000 employees.
Reliance Money provides services related to mutual funds, fixed income, gold, portfolio management
services and structured products. Rs. 750 is charged by Reliance Money to open a Demat or a trade
account.

5. Kotak Securities Limited With its headquarters in Mumbai, Kotak Securities Limited
started its operations in 1994. It is subsidiary of Kotak Mahindra Bank. Over 5.58 lakh customers have
an account with Kotak Securities. It has 450 branches in around 352 cities in India. The service base of
Kotak Securities consists of stock broking, portfolio management services and other customer oriented
financial services.

6. India Infoline Services Like most of the other brokerage firms, India Infoline Services
has its headquarters in Mumbai. It was started in 1995 and serves more than 2 million customers. The
company has around 650 locations in India and abroad. It is present in Sri Lanka, Mauritius, Singapore,
Hong Kong, Dubai, Switzerland, UK and USA. Rs. 750 is the amount required to open a Demat account
with India Infoline Services.
7. HDFC Securities HDFC Securities is based in Mumbai and over 1 million customers
have an account with it. The business services that HDFC Securities provides are mutual funds, equity,
IPO, national pension system, NRI offerings, insurance, fixed deposits, bonds and loans. HDFC
Securities has over 100 branches in India and has got over 1,500 employees working for it.

8. ICICI Direct ICICI Direct is a subsidiary of the leading private bank the ICICI
Bank and is headquartered in Mumbai, Maharashtra. It is involved in businesses such as equity, mutual
funds, ETF, life insurance, fixed deposit, bonds and loans. ICICI Direct has around 300 branches across
the country and over 2,000 employees. A trade account at the ICICI Direct can be opened with a fee of
Rs. 750

9. Bajaj Capital A relatively new player in the brokerage market, Bajaj Capital started
in 2008 and is based in Mumbai. It operated via 150 branches on pan India basis and a strong base of
around 2,500 employees. It serves its customers through services related to mutual funds, fixed deposits,
bonds, insurance, real estate and stocks.

10. Religare Enterprises Limited (REL) is the holding company for one of India’s
leading diversified financial services groups. REL offers an integrated suite of financial services through
its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance,
Health Insurance, Capital Markets and Wealth Management. REL is listed on the Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE) in India.

As a group, Religare caters to almost every segment of the market from mass retail to affluent, HNIs,
UHNIs, mid-size corporate, SMEs to large corporate and institutions. With over 7000 employees, the
group has a presence across more than 1450 locations pan India.

1.2 INTRODUCTION TO THE COMPANY

Religare Security Limited

Religare Enterprises Limited (REL) is a global financial services group promoted by the RANBAXY
Group. Religare Enterprises Limited (REL) is the holding company for one of India's leading diversified
financial services groups, headquartered in New Delhi, India. It offers an integrated suite of financial
services through its underlying subsidiaries and operating entities, includes Loans to Small and Medium
Enterprises (SME)'s, Capital Markets, Wealth Management, Health insurance and Asset Management.
It has one million clients in India and more than 1700 offices across India. Religare also has offices in
Hong Kong, Singapore, the United Kingdom, Australia, the Middle East and Sri Lanka.

1.2.1 History

Founded in 1984, initially Religare was a stock brokerage firm called Religare Securities Ltd (RSL) and
was admitted to the National Stock Exchange (NSE) in 1994. In 2000, it secured membership of the
Futures and Options segment of the NSE and also registered with National Securities Depository Limited
(NSDL) as a depository participant.[2]

Religare Finvest, a group company, was founded in 2001 as a private non-banking financial institution.
In 2002, RSL received registration as ‘Portfolio Manager’ from Securities and Exchange Board of India
(SEBI). RSL registered with Central Depository Services Limited (CDSL) as a depository participant in
2003. It also became a stock broker at the Bombay Stock Exchange (BSE) in 2004. In the same year,
Religare Commodities Ltd., a commodities broking company, started operations as a ‘trading cum
clearing member’ at both the Multi Commodity Exchange (MCX) and the National Commodity and
Derivatives Exchange (NCDEX).

An office was established in London in 2006. In 2006, RSL received registration as Merchant Banker in
Category - I from SEBI. Religare announced a joint venture with Macquarie Bank Ltd. in October 2007
to expand its wealth management business. REL went public with an initial public offering (IPO) of its
stock in November, 2007, which was oversubscribed 159 times. [3] The same year, RSL received
membership of derivative segment of the BSE as trading-cum-clearing member. In 2007, Religare also
entered into the Capital Markets business.

AEGON Religare, a life insurance joint venture between AEGON, Religare and Bennett, Coleman &
company, launched its pan-India operations in 2008. Religare Asset Management Company was formed
on the back of Religare’s acquisition of Lotus India AMC and received the final regulatory approval
from SEBI to launch mutual fund business in India. Religare entered into the institutional equities
business and Religare Global Asset Management formed, for international expansion.

In 2011, Religare Finvest successfully issued Non-convertible debentures (NCDs) worth Rs. 800 crore.
In December 2011, Avigo Capital and in January 2012, Jacob Ballas invest in Religare Finvest Limited
(RFL). In 2012 International Finance Corporation (IFC), an arm of World Bank Group invested in
Religare. Religare Health Insurance Company Limited (RHIC) started operations in the year 2012. Union
Bank of India and Corporation Bank tie up with Religare Health Insurance. In 2013 Religare bought
Macquarie's stake in the wealth management business. In the same year the name of Religare Mutual
Fund was changed to Religare Invesco Mutual Fund. In 2014 Religare announced acquiring a 26% stake
in YourNest Angel Fund through its Global Asset Management arm (RGAM).

1.2.2 Key persons

• Mr. Sunil Godhwani (Chairman & Managing Director)

• Mr. Shachindra Nath (Group CEO)
1.2.3 Philosophy & Values

Religare is a Latin word that means to bind together. We chose this name to reflect the
integrated nature of our services. Our name is paired with the symbol of a four-leaf clover. Traditionally,
it is considered good fortune to find a four-leaf clover as there is only one four-leaf clover for every
10,000 three-leaf clovers found.

Each leaf of the Religare clover has a special meaning. It is a symbol of Hope, Trust, Care and Good
Fortune.

The first leaf of the clover represents Hope

The aspirations to succeed. The dream of becoming. Of new possibilities. It is the beginning of every
step and the foundation on which a person reaches for the stars.

The second leaf of the clover represents Trust

The ability to place one’s own faith in another. To have a relationship as partners in a team. To
accomplish a given goal with the balance that brings satisfaction to all, not in the binding, but in the bond
that is built.

The third leaf of the clover represents Care

The secret ingredient that is the cement in every relationship. The truth of feeling that underlines sincerity
and the triumph of diligence in every aspect. From it springs true warmth of service and the ability to
adapt to evolving environments with consideration to all.

Signifying that rare ability to meld opportunity and planning with circumstance to generate those often
looked for remunerative moments of success.
Our Values
Passion - To demonstrate tremendous energy and enthusiasm at all times and act entrepreneurially
to achieve organizational objective.

Innovation - To constantly challenge the status quo and to look beyond mundane ways of working
and think out of the box.

Ambition – To think big: Aspire to achieve seemingly impossible and to set highest standards of
performance.

Diligence – To make constant and earnest efforts to accomplish whatever is undertaken and to adhere
to defined processes and systems.

Team Work – To build relationships to ensure collaboration and integration across business groups
/ boundaries and to act to build a positive spirit, morale and co-operation within and across teams,
take action to resolve team conflict.

1.2.4 Organizational Structure

Fig-1.2.4

1.2.5 Organization
Religare as a group has several portfolio companies that operate across four verticals and collectively
covering various sub-verticals within financial services:

SME Finance

• Religare Finvest Limited (RFL) is an NBFC that provides lending solutions to the SME sector.
It has a book size of INR 120.9 billion or nearly USD 2 billion and a network of 25 branches,
covering the major SME clusters across India.

Capital Markets & Wealth Management

• Retail Broking: Religare Securities Limited (RSL), the broking arm of REL, offers services such
as equity broking (cash and derivatives segments), currency futures and options broking and
depository participant services. It is affiliated with the country's leading exchanges (NSE and
BSE) and is a depository participant with NSDL and CDSL.
• Capital Markets: Religare Capital Markets (RCM) is an Asia focused Institutional Equities and
Investment Banking platform partnering emerging growth companies, recognized by clients and
independent agencies alike for the quality of its research and execution.
• Wealth Management: Religare Wealth Management Limited (earlier Religare Macquarie
Wealth Management (RMWM), which was formed as a joint venture between Religare and
Macquarie of Australia. In 2013 Religare acquired Macquarie's stake it has positioned itself as
an open-architecture advisory-led model.

Asset Management

• Global Asset Management: Religare Global Asset Management (RGAM) is a multi-boutique

asset management business focused on alternatives. Landmark Partners, Quadria Capital,
Northgate Capital, Investment Professionals Limited, Religare Health Trust, IBOF Investment
Management, etc. are the affiliates of RGAM. With a presence across US, Europe and Asia and
an aggregate AUM of USD $20 billion. it has emerged as the largest alternative asset
management platform based out of India.
• India Asset Management: Religare Invesco Asset Management Company Private Limited
(RIAMCPL), the domestic asset management arm of Religare, is India’s 13th largest mutual fund
house by AUM. With nearly 12 12,250,000 folios, it has a presence in 658 business locations
across 155 cities.
Insurance

• Health Insurance: Religare Health Insurance Company Limited (RHICL) is a specialist health
insurer engaged in the distribution & servicing of health insurance products. The shareholders of
Religare Health Insurance are three strong entities – Religare Enterprises Limited, Union Bank
of India & Corporation Bank. The company, headquartered at Delhi, commenced operations in
July 2012, and within a short span of time is already operating out of 54 offices, servicing more
than 2,600,000 lives across 300+ locations including over 1100 corporate.
• Life Insurance: AEGON Religare Life Insurance Company Limited (ARLI) is a three-way joint
venture between AEGON of the Netherlands (26%), Religare (44%) and Bennett, Coleman &
Company Limited (30%).

1.2.6 Awards

• In 2008, Religare Enterprises Ltd received the award for ‘Best IPO Listing’ in the Outlook Money
NDTV Profit Awards 2007-2008.
• Religare Securities Ltd was awarded by D & B for the category "Best Broking House-with a
Global Presence.
• In 2011, Religare Capital Markets Ltd was awarded the coveted Starmine award for the "Best
Brokerage Research House".
• In 2014, Religare Health Insurance was awarded the ‘Rising Star Insurer Award’ at the ‘India
Insurance Awards 2014’
• In 2014, Religare Invesco Asset Management Co. Pvt. Ltd. won the ‘Lipper Fund Award 2014’
for ‘the Best Fund in the Mid & the Small Cap-Growth Category’.
• In 2015, Religare Commodities Ltd. was awarded the ‘ASSOCHAM Excellence Award 2015’
for outstanding contribution to Commodity Markets.
• In 2015, Religare Health Insurance Co. Ltd. won the ‘Best Health Insurance Company Award’ -
ABP News BFSI Awards 2015.

• In 2016 Social Media Initiative of the Year’ award under the ‘Overall’ category - ‘The India
Insurance Awards 2016’
 • In 2016 ‘ERM Leadership Awards 2016’ under the category ‘The Most Innovative Risk
Management Strategy’
• In 2016 ‘CIBIL Data Quality Award 2016’ under the category ‘Fast and Upcoming’ –
outstanding data quality score improvement during the year 2015

1.3 INTRODUCTION TO THE TOPIC

CUSTOMER SATISFACTION:

What is the meaning of Customer?

An individual or business that purchases the goods or services produced by a business. The customer is
the end goal of businesses, since it is the customer who pays for supply and creates demand.
What is Satisfaction?
Satisfaction is an overall psychological state that reflects the evaluation of a relationship between the
customer/consumer and a company-environment-product-service. Satisfaction involves one of the
following three psychological elements: cognitive (thinking/evaluation), affective (emotional/feeling),
and behavioral.
Why Organizations Focus on Customer Satisfaction

Businesses monitor customer satisfaction in order to determine how to increase their customer base,
Customer loyalty, revenue, profits, market share and survival. Although greater profit is the primary
driver, Exemplary businesses focus on the customer and his/her experience with the organization. They
work to Make their customers happy and see customer satisfaction as the key to survival and profit.
Customer Satisfaction in turn hinges on the quality and effects of their experiences and the goods or
services they receive.
Customer Satisfaction
The definition of customer satisfaction has been widely debated as organizations increasingly attempt to
Measure it. Customer satisfaction can be experienced in a variety of situations and connected to both
goods and services. It is a highly personal assessment that is greatly affected by customer expectations.
Satisfaction also is based on the customer’s experience of both contact with the organization (the
“moment of truth” as it is called in business literature) and personal outcomes. Some researchers define
a satisfied customer within .The private sector as “one who receives significant added value” to his/her
bottom line—a definition that may Apply just as well to public services. Customer satisfaction differs
depending on the situation and the product or service. A customer may be satisfied with a product or
service, an experience, a purchase decision, a Salesperson, store, service provider, or an attribute or any
of these. Some researchers completely avoid “Satisfaction” as a measurement objective because it is “too
fuzzy an idea to serve as a meaningful Benchmark.”4 Instead, they focus on the customer’s entire
experience with an organization or service contact and the detailed assessment of that experience. For
example, reporting methods developed for health care patient surveys often ask customers to rate their
providers and experiences in response to detailed questions such as, “How well did your physicians keep
you informed?” These surveys provide “actionable” data that reveal obvious steps for improvement.
Customer satisfaction is a highly personal assessment that is greatly influenced by individual
expectations some definitions are based on the observation that customer satisfaction or dissatisfaction
results from either the confirmation or disconfirmation of individual expectations regarding a service or
product. To avoid Difficulties stemming from the kaleidoscope of customer expectations and differences,
some experts urge Companies to “concentrate on a goal that’s more closely linked to customer equity.”
Instead of asking
Whether customers are satisfied, they encourage companies to determine how customers hold them
Accountable Customer satisfaction, a business term, is a measure of how products and services supplied
by a Company meet or surpass customer expectation. It is seen as a key performance indicator within
business Customer satisfaction depends on the product’s performance relative to a buyer’s expectation,
the Customer is dissatisfied. If preference matches expectations, the customer is satisfied. If preference
is Exceeds expectation, the customer is highly satisfied or delighted outstanding marketing insurance
companies go out of their way to keep their customer satisfied. Satisfied customers make repeat
purchases insurance Products and tell other about their good experiences with the product. The key is to
match customer Expectations with company performance. Smart insurance company’s aim to delight
customers by promising only what they can deliver, then delivering more than the promise. Consumers
usually face a broad array of Products and services that might satisfy a given need. How do they choose
among these many marketing? Makers offers? Consumers make choices based on their perception of the
value and satisfaction that various
Products and services deliver. Customer value is the difference between the values the customer gains
from owning and using a product and the costs of obtaining the products customers from expectations
about the value of various marketing Offers and buy accordingly. How do buyers from their
expectations? Customer expectations are based on
Past buying experiences, the opinion of friends and marketer and competitor information and promises.
Customer satisfaction with a purchase depends on how well the product’s performance lives up to the
Customers’ expectations. Customer satisfaction is a key influence on future buying behavior. Satisfied
customers buy again and tell others about their good experiences dies-satisfied customers of ten switches
to Competitors and disparage the products to others. An insurance provider open only to active duty,
retired and separated military members and their immediate families and therefore not included in the
rankings, achieved a satisfaction ranking equal to that any insurance company. In general, customer
satisfaction with auto insurance providers decreased significantly, with 20 of the21companies surveyed
decreasing in satisfaction from the previous year. Insurance is the only carrier that did not experience a
decline in satisfaction. Though consumers report their insurance carriers are resolving their claims and
problems faster. Businesses survive because they have customers who are willing to buy their products
or services. However, many businesses fails to “check in” with their customers to determine whether
they are happy or not and what it will make to make or keep them happy.
According to U.S consumers’ affairs department, it costs five times more to gain a new customer than to
retain an existing one. Other studies have repeated that with just a five percent increase in Customer
retention’s a firm can raise its profitability customers spend salary at first, but with succeeding years of
good experience, they will spend increasingly more.
Depending on the industry and the nature of the bad experience, dissatisfied customers will complain to
10 to 20 friends and acquaintances, which is three times more than those with good experiences are.
Hence, the negative information is influential, and consumers generally place significant weight on it
when making a decision. If that is not the reason enough, fierce competitor is needed more and more to
differentiate firms from one another. With technology available to virtually every one today, the
traditional features and cost advantages are no longer relevant. Still product and service quality provides
an enormous opportunity to distinguish a firm from the rest. The Japanese have recognized this and have
though us to expect quality. Today’s consumers do, and they know more about products and services
than they ever did.
Customers are the best source of information. Whether to improve an existing product or service or
whether firms are planning to launch something new. There is no substitution for “getting it from horse’s
mouth” When you talk to your customer directly, to increase your odds for achieving success you
“mistake proof” your decisions and work on what really matters. When you routinely ask the customers
for feedback
And involve them in business they, in turn, become committed to the success of your business.
Customer Satisfaction Measurement: -
A basic and effective base line customer satisfaction survey program should focus on measuring
customer perceptions of how will the company delivers on the critical success factors and dimensions of
the business as defined by the customers:
For example:
Service Promptness
Courtesy of Staff
Responsiveness
Understanding the customer problem, etc.
The findings of the company performance should be analyzed both with all customers and by key
segments of the customer population. The essential starting point for Customer Satisfaction
Measurement (CMS) is exploratory research. Since satisfaction is about an organization’s ability. To
meet customer requirement one has to start by clarifying with customers exactly what those requirements
are. This is done through exploratory research using focus groups or one to one depth interviews.
Two main factors determine the accuracy of CMS. The first is the asking the right question and the
second is the asking them to the right people sample of customers which accurately reflects the customer
base.
Three things decide the accuracy of a sample. They are:
It must be representative.
It must be randomly selected.
It must be adequate enough.
Measuring customer satisfaction
Organizations need to retain existing customers while targeting non-customers. Measuring customer
satisfaction provides an indication of how successful the organization is at providing products and/or
services to the marketplace.
Customer satisfaction is an abstract concept and the actual manifestation of the state of satisfaction will
vary from person to person and product/service to product/service. The state of satisfaction depends on
a number of both psychological and physical variables which correlate with satisfaction behaviors such
as return and recommend rate. The level of satisfaction can also vary depending on other factors the
customer, such as other products against which the customer can compare the organization's products.
Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988 delivered
SERVQUAL which provides the basis for the measurement of customer satisfaction with a service by
using the gap between the customer's expectation of performance and their perceived experience of
performance.
This provides the researcher with a satisfaction "gap" which is semi-quantitative in nature. Cronin and
Taylor extended the disconfirmation theory by combining the "gap" described by Parasuraman, Zenithal
and Berry as two different measures (perception and expectation) into a single measurement of
performance relative to expectation.
The usual measures of customer satisfaction involve a survey with a set of statements using a Linker
Technique or scale. The customer is asked to evaluate each statement in terms of their perception and
Expectation of performance of the service being measured.
Methodologies
American Customer Satisfaction Index (ACSI) is a scientific standard of customer satisfaction.
Academic research has shown that the national ACSI score is a strong predictor of Gross Domestic
Product
(GDP) growth, and an even stronger predictor of Personal Consumption Expenditure (PCE) growth. On
the microeconomic level, research has shown that ACSI data predicts stock market performance, both
for market indices and for individually traded companies. Increasing ACSI scores has been shown to
predict loyalty, word-of-mouth recommendations, and purchase behavior. The ACSI measures customer
satisfaction annually for more than 200 companies in 43 industries and 10 economic sectors.
In addition to quarterly reports, the ACSI methodology can be applied to private sector companies and
government agencies in order to improve loyalty and purchase intent. Two companies have been licensed
to apply the methodology of the ACSI for both the private and public sector: CFI Group, Inc. applies the
methodology of the ACSI offline, and Foresee Results applies the ACSI to websites and other online
initiatives. ASCI scores have also been calculated by independent researchers, for example, for the
mobile phones sector, higher education, and electronic mail.
The Kano model is a theory of product development and customer satisfaction developed in the 1980s
by Professor Noriaki Kano that classifies customer preferences into five categories: Attractive, One-
Dimensional, Must-
Be, Indifferent, Reverse. The Kano model offers some insight into the product attributes which are
perceived to be important to customers. Kano also produced a methodology for mapping consumer
responses to questionnaires onto his model. SERVQUAL or RATER is a service-quality framework that
has been incorporated into customer-satisfaction surveys (e.g., the revised Norwegian Customer
Satisfaction Barometer) to indicate the gap between customer expectations and experience.
J.D. Power and Associates provides another measure of customer satisfaction, known for its top-box
approach and automotive industry rankings. J.D. Power and Associates' marketing research consists
primarily of consumer surveys and is publicly known for the value of its product awards.
Other research and consulting firms have customer satisfaction solutions as well. These include A.T.
Kearney's Customer Satisfaction Audit process, which incorporates the Stages of Excellence framework
and which helps define a company’s status against eight critically identified dimensions. For Business
to Business (B2B) surveys there is the Info Quest box. This has been used internationally since 1989 on
more than 110,000 surveys (Nov '09) with an average response rate of 72.74%. The box is targeted at
"the most important" customers and avoids the need for a blanket survey.
Improving Customer Satisfaction
Published standards exist to help organizations develop their current levels of customer satisfaction.
The International Customer Service Institute (TICSI) has released The International Customer Service
Standard (TICSS). TICSS enables organizations to focus their attention on delivering excellence in them
management of customer service, whilst at the same time providing recognition of success through a 3rd
Party registration scheme. TICSS focuses an organization’s attention on delivering increased customer
satisfaction by helping the organization through a Service Quality Model. TICSS Service Quality Model
uses the 5 P's - Policy, Processes People, Premises, Product/Services, as well as performance
measurement. The implementation of a customer service standard should lead to higher levels of
customer satisfaction, which in turn influences customer retention and customer loyalty.
Customer Satisfaction Surveys:

Surveys and questionnaires are the most common marketing research methods. Typically, they are used
to:
Assess the level of customer satisfaction with a particular product, service or experience
Identify factors that contribute to customer satisfaction and dissatisfaction;
Determine the current status or situation of a product or service;
Compare and rank providers;
Estimate the distribution of characteristics in a potential customer population; or
Help establish customer service standards.
Benefits and Challenges:
Surveys allow an organization to quickly capture vital information with relatively little expense and
effort. A primary advantage of this method is its directness: “the purpose is clear and the responses
straightforward.” Additionally, the information gathered by surveys can easily be analyzed and used to
identify trends over time. The public views consumer product polls and pollsters in a generally positive
manner compared to political and other polls. One study found that at least sixty percent of the public
feels that market research about products and services has a positive impact on society. Seventy percent
consider the people who conduct such surveys to have positive impacts on society.
A major disadvantage of customer surveys is that the responses may be influenced by the
Measurement itself through various forms of bias. For example, most surveys are voluntary, and some
researchers have found differences between survey respondents and non-respondents. People who
respond to Project By surveys answer questions differently than those who do not respond, and late
responders answer differently than early responders.
 CHAPTER-2

LITERATURE REVIEW

2.1 Introduction
 The trading of financial derivatives has received extensive attention, while at the same time it has led
to a debate over its impact on the underlying stock market from various facets by the academicians.
The researchers all over the world have done research on derivative trading and were able to find out
various facts about derivative and its trading. In this literature review efforts have been made to bring
into the picture the research done about various issues throughout the world by the researchers. The
literature survey and review is presented in four sections: first, the review of studies fundamental to
capital market of India; second, the review of studies relating to the testing of capital market
efficiency; third, the review of studies concerning the volatility study; last, the review of studies
analysing the causal relation between spot and index futures market.

2.1 Capital Market of India

There has been a wide range of studies concerning financial sector reforms in general, and capital
market reforms in particular, since mid-1980s in India. This section highlights certain important
studies that are context relevant.

Several studies such as Sahni (1985), Kothari (1986), Mukherjee (1988), Lal (1990), Chandra
(1990), Francis (1991), Ramesh Gupta (1991,1992), Raghunathan (1991), Varma (1991), Gupta
(1992), and Sinha (1993) comment upon the Indian capital market in general and trading systems in
the stock exchanges in particular and suggest that the systems therein are rather antiquated and
inefficient, and suffer from major weakness and malpractices. According to most of these studies,
significant reforms are required if the stock exchanges are to be geared up to the envisaged growth
in the Indian capital market. Barua et al (1994) undertakes a comprehensive assessment of the private
corporate debt market, the public sector bond market, the govt. securities market, the housing finance
and other debt markets in India. This provides a diagnostic study of 46 the state of the Indian debt
market, recommending necessary measures for the development of the secondary market for debt. It
highlights the need to integrate the regulated debt market with the free debt market, the necessity for
market making for financing and hedging options and interest rate derivatives, and tax reforms.

Cho (1998) points out the reasons for which reforms were made in Indian capital market stating the
after reform developments.

Shah (1999) describes the financial sector reforms in India as an attempt at developing financial
markets as an alternative vehicle determining the allocation of capital in the economy.
Shah and Thomas (2003) review the changes which took place on India’s equity and debt markets
in the decade of the 1990s. This has focused on the importance of crises as a mechanism for obtaining
reforms.

Mohan (2004) provides the rationale of financial sector reforms in India, policy reforms in the
financial sector, and the outcomes of the financial sector reform process in some detail.

Shirai (2004) examines the impact of financial and capital market reforms on corporate finance in
India. India’s financial and capital market reforms since the early 1990s have had a positive impact
on both the banking sector and capital markets. Nevertheless, the capital markets remain shallow,
particularly when it comes to differentiating high-quality firms from low-quality ones (and thus
lowering capital costs for the former compared with the latter). While some high-quality firms (e.g.,
large firms) have substituted bond finance for bank loans, this has not occurred to any significant
degree for many other types of firms (e.g., old, export-oriented and commercial paper-issuing ones).
This reflects the fact that most bonds are privately placed, exempting issuers from the stringent
accounting and disclosure requirements necessary for public issues. As a result, banks remain major
financiers for both high and low-quality firms. The paper argues that India should build an
infrastructure that will foster sound capital markets and strengthen banks’ incentives for better risk
management. 47 Chakrabarti and Mohanty (2005) discuss how capital market in India is evolved in
the reform period.

Thomas (2005) explains the financial sector reforms in India with stories of success as well as
failure.

Bajpai (2006) concludes that the capital market in India has gone through various stages of
liberalization, bringing about fundamental and structural changes in the market design and operation,
resulting in broader investment choices, drastic reduction in transaction costs, and efficiency,
transparency and safety as also increased integration with the global markets. The opening up of the
economy for investment and trade, the dismantling of administered interest and exchange rates
regimes and setting up of sound regulatory institutions have enabled time.

Gurumurthy (2006) arrives at the conclusion that the achievements in the financial sector indicate
that the financial sector could become competitive without involving unhealthy competition, within
the constraints imposed by the macroeconomic policy stance.
Mohan (2007) reviews India’s approach to financial sector reforms that set in process since early
1990s.

Allen, Chakrabarti, and De (2007) concludes that with recent growth rates among large countries
second only to China’s, India has experienced nothing short of an economic transformation since the
liberalisation process began in the early 1990s.

Chhaochharia (2008) arrives at the conclusion that India has a more modern financial and banking
system than China that allocates capital in a more efficient manner. However, the study is sceptical
about who would emerge with the stronger capital market, as both the country is facing challenges
regarding their capital markets.

Prasad and Rajan (2008) argues that the time has come to make a more concerted push toward the
next generation of financial reforms. The study advocates that a growing and increasingly complex
market-oriented economy and its greater integration with global trade and finance will require deeper,
more efficient, and well regulated financial markets.
 CHAPTER-3

RESEARCH METHODOLOGY
Research comprises "creative work undertaken on a systematic basis in order to increase the stock of
knowledge, including knowledge of humans, culture and society, and the use of this stock of knowledge
to devise new applications." It is used to establish or confirm facts, reaffirm the results of previous work,
solve new or existing problems, support theorems, or develop new theories.

A research project may also be an expansion on past work in the field. To test the validity of
instruments, procedures, or experiments, research may replicate elements of prior projects, or the project
as a whole. The primary purposes of basic research (as opposed to applied research) are documentation,
discovery, interpretation, or the research and development (R&D) of methods and systems for the
advancement of human knowledge. Approaches to research depend on epistemologies, which vary
considerably both within and between humanities and sciences. There are several forms of research:
scientific, humanities, artistic, economic, social, business, marketing, practitioner research, life,
technological, etc.

3.1 Definition
According to Goddard & Melville (2004), answering unanswered questions or exploring which
currently not exist is a research.

3.2 Statement of the Problem

This project is conducted to study the problem of customer satisfaction in Religare. The satisfaction of
the customer play key role in success of any organization. It’s the investor who wants up-to-date
information regarding the markets trend to exploit the opportunities to enjoy the profits.

3.3 Need of the Study

Customer satisfaction survey is a systematic process for collecting consumer data, analysing this data to
make it into actionable information, driving the results throughout an organization and implementing
satisfaction survey is a management information system that continuously captures the voice of the customer

3.4 Rational of the Study

This project is done to cater and understand the need of existing and potential investor in the market and
provide the best services to investors. In Today competitive world relation with customers plays a very
important role for success of an any organization. The purpose of this study is to study whether Customer
Satisfaction followed by Religare cater to the needs of the clients. Whether the clients are happy or not
with the services provided by Religare

3.5 Justification of Study

As we know, that Customer Relationship and Marketing Management practices are one of the main
aspects of any Organization. It is very important for any Organization to have a deep analysis of their
perspective customers and creating awareness regarding their Services. The importance of Customer
Relationship Management appreciates with the growing competition in the economy. So I have selected
“Study of Customer Relationship Management’ as my topic.

3.6 Statement of Objectives

a) Primary Objective
• To study the Customer Relationship Management of Equities at Religare Security
Limited.

b) Secondary Objective
• To study the Customer Relationship Management practices that is implemented at
customer level.
• To study the effect of Customer Relationship Management Practices while making
purchase and repurchase decision.
• To know the satisfaction level of Religare Equity clients in NCR region.

3.7 Scope of the project

This research was conducted in NCR (Panipat and near Towns) on those respondents who have been
investing in equities through Religare Securities Limited.

3.8 Research Design

A research design is the arrangement of conditions for collection and analysis of data in a manner that
aims to combine relevance to the research purpose with economy in procedure. Research design is the
conceptual structure within which research is conducted. It constitutes the blueprint for the collection
measurement and analysis of data. Research design includes an outline of what the researcher will do
from writing the hypothesis and its operational implication to the final analysis of data. A research design
is a framework for the study and is used as a guide in collecting and analysing the data. It is a strategy
specifying which approach will be used for gathering and analysing the data.

The research design used in this project is Descriptive in nature. Descriptive research includes surveys
and fact-finding enquiries of different kinds. The main purpose of this descriptive research is description
of the state of affairs as it exists at present. The main characteristic of this method is that the researcher
has no control over the variables; he can only report what has happened and what is happening.
Descriptive research is pre-planned and structured.

3.9 Sampling

Sampling is a process used in statistical analysis in which a predetermined number of observations are
taken from a larger population. The methodology used to sample from a larger population depends on
the type of analysis being performed.

Sampling techniques are two types:-

a) Probability sampling- In this sampling in which each and every unit of population have
equal chance to include in the sample.
b) Non- Probability sampling- In this sampling each and every unit does not have equal
chance to select on sample and sample selection depends on researcher convenient and
suitability.

In this project Researcher used Non-probability sampling technique to collect the data from samples
(Investors) with convenient and judgment sampling technique. Sample size in this project is 50 investor
in equities at stock market through Religare.

3.10 Data Collection

Data collection is in-fact, the most important aspect of a survey. While collecting data utmost care must
be exercised because data constitute the foundation on which the superstructure of statistical analysis is
built. If the data are inaccurate and inadequate the entire analysis may be faulty and the decision taken
would be misleading. The data can be collected from primary and secondary sources. The basic premises
of my study are supplemented with the secondary data.

1. Primary Data

The Data, which are collected directly by the researchers according to his/her requirement.

Methods of Primary Data Collection

These types of data are collected through interviews, observations, discussion etc.

• Interviews
• Personal Investigation
• Observation Method
• Information from correspondents
• Information from superiors of the organization

2. Secondary Data

The secondary data is the data, which is not directly collected by the researchers but is already prepared
by the other people.

• Published Sources such as Journals, Government Reports, Newspapers and Magazines etc.
• Websites like fazethree.com official site, some other sites are also searched to find data.
There are two methods of Data Collection and Researcher have used both methods i.e., primary method
and secondary method as well. In primary method for data collection, Researcher has conducted a survey.
In this survey, two kinds of questionnaires were prepared. One was related to customer and another one
was related to retailers. The survey is described in detail in the following section.

The sample size for both the survey was 50. In addition, Primary data has been collected through
Structured Questionnaires, Personal Interviews & Discussion with the employees. Secondary data has
been given by the Company executives in the form of previous records and Researcher has taken other
data from the company website & internet.

3.11 Statistical Tools used

In this project report various statistical tool are used to complete the project. These are some tools used:

• Tables: Tables are used to represent the response of the respondents in a precise term so that it
become easy to evaluate the data collected.
• Pie Chart: Pie charts have been used to express that what percentage of the respondents response
towards a particular option.
• Hypothesis Testing: Non Parametric Test (Chi- Square). The Chi-square test is an important test
amongst several tests of significance developed by the statisticians, symbolically written as X 2 ,
is a statistical measure used in the context of sampling analysis for testing the significance of
population variance. As a non-parametric test, it can be used as a test of goodness of fit and as a
test attributes. Thus, the chi-square test is applicable to a very large number of problems in
practice.

(𝑂 − 𝐸)2
𝑥2 = ∑
𝐸

Where O is observed value & E is expected value.

 CHAPTER -5
DATA ANALYSIS AND INTERPRETATION

AGE-
 20-30 18
30-40 7
40-50 20
50-60 5

AGE

20-
30
30-
40

INTERPRETATION :- From the above study the result is 18 respondents between 20 – 30 age , 7
respondents between 30 – 40 age , 20 respondents between 40 – 50 age , and only 5 respondents Above
50 age are the interested in Equity trading in RELIGARE LTD. majority 40 – 50 age people are came.

GENDER:-

MALE 36
FEMALE 14
 1st Qtr
2nd Qtr

INTERPRETATION: - From the above study we can clarify that out of 50, 36 male respondents and 14 female
respondents are doing trading in Religare securities pvt. Ltd. So we can clarify that male are more interested
compare to female in Equity trading in Religare securities pvt. Ltd.
Q2) What is your opinion about shares?

It offers an investment facility 14

It make earn quick profit / gain 12
It is a part of an investment 10
It offers easy liquidity 14

OPINION

OFFERS AN INVESTMENT
14 14 OPP.
EARN QUICK PROFIT / GAIN
10 12
PART OF AN INVESTMENT

OFFER EASY LIQUIDITY

INTERPRETATION: - out of 50 respondents, 14 are believes that shares offer an

investment policy , 12 people are believes that shares are earn quick profit / gain , 10 are
believe that it is a part of an investment , 14 people are believes that shares are useful for
easy liquidity.

- 27 -
Q3) how did you come to know about Religare ltd. online trading shares?

Share broker 12
Friends 5
Bankers 24
Online adv. 9

REFRENCE

9 12
SHARE BROKER
5
24 BANKERS
FRIENDS
ONLINE ADV.

INTERPRETATION :- Out of 50 respondents , 12 people got information about

Religare ltd. from share brokers , 5 people got information about Religare ltd. from
Bankers ,24 people got informationabout Religare ltd. from Friends , 9 people got
information about Religare ltd. from online advertisement . so we can justify that
majority people have got info. From friends and relatives.

- 28 -
Q4) What is your objective behind investing in shares?

Tax saving 10
Earn high dividends 17
Easy liquidity 8
Capital appreciation in the long run 15

OBJECTIVE

15 10 TAX SAVING
8 17 EARN HIGH DIVIDEND
EASY LIQUIDITY
CAPITAL APPRECIATION

INTERPRETATION :- Out of 50 respondents , 10 are thinks that investing in share is

Tax Saving , 17 are thinks that investing in share is earn high dividend , 8 are thinks that
investing in share is easy liquidity , 15 are thinks that investing in share is capital
appreciation for long term . Most of the people are investing only for earn high profit /
gain.
Q5) How frequently you invest in shares?

Monthly 22
Every 3 months 8
Every 6 months 9
Others 11

FREQUENCY

11 22 MONTHLY
9
8 EVERY 3 MONTH
EVERY 6 MONTH
OTHERS

INTERPRETATION :- Out of 50 respondents , 22 people are invest in shares Monthly,

8 people are invest in shares Every 3 month , 9 people are invest in shares Every 6 month,
11 people are invest in shares others.
Q6) How much risk can you take at a time?

Whole money 5
Half money 7
Depends on market 11
On particular brand only 10
Can’t say 17

RISK TAKING

WHOLE MONEY
17 5 7
HALF MONEY
10 11
DEPENDS ON MARKET
ON PARTICULAR BRAND
CAN'T SAY

INTERPRETATION: - Out of the 50 people, 5 people are take risk on whole money, 7
People are take risk on Half money, 11 people are take risk on the depends on market, 10
people are take risk on a particular brand only, 17 people are take risk for them can’t say.
Q7) Have you ever felt dissatisfied with any of the services of our company Religare ltd.?

Slow operation 15
Delayed correspondence 17
Inaccessibility to the service centre 7
Fund transfer facility 11

DISSATISFACTION

SLOW OPERATION
DELAYED OPERATION
INACCESSIBLE
FUND TRANSFER FACILITY

INTERPRETATION :- out of the 50 respondents 15 people are dissatisfy with services

of Religare ltd. is Slow operation , 17 people are dissatisfy with services of Religare ltd.
is Delayed operation , 7 people are dissatisfy with services of Religare ltd. is
inaccessibility to the service centre, 11people are dissatisfy with services of Religare ltd. is
Fund transfer facility .
Q8) Are you satisfied by the brokerage charges of transactions when compared to other
competitors in the market?

Highly satisfied 7
Satisfied 12
Moderate 9
Dissatisfy 7
Highly dissatisfy 15

BROCKRAGE

15 7 HIGHLY SATISFIED
12 SATISFIED
7 9
MODERATE
DISSATISFIED
HIGHLY DISSATISFIED

INTERPRETATION :- Out of 50 respondents , 7 are Highly satisfied with Brokerage of

Religare ltd., 12 are satisfied with Brokerage of Religare ltd., 9 are remain Moderate with
Brokerage of Religare ltd., 7 are Dissatisfied with Brokerage of Religare ltd. , 15 are Highly
Dissatisfied with Brokerage of Religare ltd.
Q9) Are you satisfied by the options BTST/DELIVERY (buy today sell tomorrow) provided by
the company?

Yes 40
No 10

SATISFACTION

10

40 YES
NO

INTERPRETATION: - Out of 50 respondents, 40 people are satisfied by the options

BTST/DELIVERY (buy today sell tomorrow), 10 Dissatisfied by the options
BTST/DELIVERY (buy today sell tomorrow).
Q10) Are you aware of the absence of AMC (Annual maintenance charges) with reference to
Religare ltd.?

Yes 50
No 0

AMC
0

50 YES
NO

INTERPRETATION: - Out of 50 respondents all 50 are aware about the AMC.

Q11) Are you aware of TRADE TIGER software, which is being used for the online
transactions?

Yes 47
No 3

TRADE TIGER
3

47
YES

NO

INTERPRETATION: - From the 50 respondents 47 are aware about the TRADE TIGER,
only 3 are not aware.
Q12) Are you satisfied by the overall services provided by Religare ltd.?

High satisfied 7
Satisfied 7
Moderate 14
Dissatisfied 13
Highly dissatisfied 9

SERVICES

9 7 HIGHLY SATISFIED
7
13 SATISFIED
14
MODERATE
DISSATISFIED
HIGHLY DISSATISFIED

INTERPRETATION:-Services From the 50 respondents, 7 are Highly satisfied by the

overall services provided by Religare ltd., 7 are Satisfied by the overall services provided by
Religare ltd., 14 are Moderate by the overall services provided by Religare ltd., 13 are
Dissatisfied by the overall provided by Religare ltd. , 9 Highly dissatisfied by the overall
services provided by Religare ltd.
 CHAPTER- 5
FINDINS, SUGGESTION AND
CONCLUSION
FINDINGS

1. From the study it was found that majority of the customers are highly satisfied with the
Service provided by the Religare ltd.

2. Majority of the customers are satisfied with the Margin Cheque which is taken from the
customers.

3. Some of the customers are satisfied by the calls of Relationship Manager (RM) for
Buying and selling of shares. But some of the customers are not satisfied by calls of
Relationship Manager so they bear the loss.

4. From the study it was found that many of the customers are very happy because of the
Reliable services while trading with the Religare ltd.

5. Most of the customers are satisfied by the brokerage given by the Religare ltd. which
Gives them maximum income from the shares. But some customers are expecting some
Relaxation in brokerage charged from them.

6. It was found that the software Trade Tiger provided by Religare ltd. give knowledge to
The customers about buying and selling in the stock market. But some of customer cannot
Handle the software easily because it requires practice and regular usage.

7. Some customers are opening the Demat account in Religare ltd. But they are not
Trading due less knowledge of Share Market. They are fully aware about the Intraday
(Buying and Selling on same day) and the benefits of Intraday. Religare is sending
Reminders on the above issue but customers are not interested.
5.2 SUGGESTION

From the above analysis of the survey and personal observation of the customer
towards the awareness of the share and the share company RELIGARE LTD. Lots of
experience gained from the survey. The observations and suggestions provided by the
researcher will help the company to survive in the market and also improvise their market
potential in the current competitive environment. With this the company should take
immediate steps to improve the nature of the business.

From the survey: -

1) Most of the customers got information about the company only through the Friends. The
company should take necessary steps to concentrate on the advertisements. Through they
are advertising online, it is necessary to advertise in TV, radio, presses; only when they
give these kinds of advertisements they can get lots of customers. Also they have to go
for boarding, which can be viewed by everyone passing by.

2) The company should explain the benefits of intraday (buy today and sell today)
operations certain customers invest in shares.

3) The company should take necessary steps such as give reasonable Brokerage charges or
less Brokerage charges to customer according to competitors.

4) Many of the customers are not aware of software. This usefulness should be explained
to them by giving demonstration again and again which is necessary to them for buying
and selling the shares and for watching the market.

5) The company may think of deputing skilled Relationship Managers (RMs) to help the
customers through proper guidance and by passing on relevant information.
5.3 CONCLUSION

On the basis of the study it is found that Religare ltd. is better service provider than
the other stockbrokers because of their timely research and personalized advice on what
stocks to buy and sell. Religare ltd. provides the facility of Trade Tiger as well as
relationship manager facility for encouragement and protects the interest of the
investors. It also provides the information through internet and mobile alerts that what
IPO’s are coming in the market and it also provides its research on the future prospect of the
IPO.

The company also organizes seminars and similar activates to enhance the knowledge
of prospective and existing customers, so that they feel more comfortable while investing
in the stock market.

Majority of the customers are very happy offers and schemes. Some customers
are concerned about Margin money, Annual Maintaince Cost and Brokerage charges. But
according to the data majority of the customers are highly satisfied with the Religare ltd.

As Religare ltd. customers are satisfied organization shall increase

promotional activities to spread good word of mouth of the Religare ltd.
 CHAPTER-6
BIBLIOGRAPHY
6.1 Books

• Michael R.Czinkota: Marketing Management, Thomson, South Masaaki Kotabe

Western.
• Philip Kotler: Marketing Management, Pearson Prentice-Hall. Kevin lane Keller
• Capital Market module (NCFM) 71
• Sanjay Aggarwal: Capital Market
• Hampton, John: Financial Decision Making, Englewood Cliffs, New Jersy, Prentice
Hall Inc., 1997.
• Khan, M Y, and Jain, P K. : Financial Management, McGraw Hill, 2001.
• Cooper and Schindler: Business Research Methods, 8th edition, Tata McGraw Hill.
• Boyd & Westfall: Marketing Research, Prentice Hall.
• Kothari, C. R.: Research Methodology, New Age International Publishers.
• Robbins, Judge and Vohra, Organizational Behavior (Pearson Education, 12th Edition)
2012.
• Newstrom John W.Organizational Behavior: Human Behavior at Work (Tata Mc Graw
Hill, 12th Edition).

6.2 Web links

• http://www.religare.in/
• http://www.religarecommodities.com/product_rally.asp
• http://money.rediff.com/companies/religare-enterprises-ltd/14010630/ratio
• http://indiaearnings.moneycontrol.com/sub_india/
• http://indiaearnings.moneycontrol.com/sub_india/financialreports.php?
sc_did=RE09&type=balance
• http://www.moneycontrol.com/
• http://www.theinvestor.tv/
• http://www.economywatch.com/market/share-market/share-market-trading
• http://bseindia.com/deri/Deri/Introduction.htm?L=2&id=hd1&Lid=0
• http://bseindia.com/
• http://crmweblog.crmmastery.com/
• http://www.thetawer.com/wiki/images/4/43/B._Customer_Relationship_Management
_A_Framework.pd
• http://www.indianjournals.com/

CHAPTER-7

QUESTIONNAIRE
 QUESTIONNAIRE

Dear Respondent,

I, ABHISHEK student of BBA in SAMALKHA GROUP OF INTITUTIONS affiliated to

KURUKSHETRA UNIVERSITY, Kurukshetra. I have been assigned project on the topic “A
Stud on Customer Satisfaction”. As part of my project I am collecting data through this
questionnaire for the Project. The information provided by you will remain confidential and be
used for academic purposes only.

Q1. In which professions are you engaged in?

(A) Business (B) Services

(C) Entrepreneur (D) OTHERS

4. Are you interested in equity market?

(A)Yes (B) No

5. Will you recommend investing in stock market through Religare to others?

(A) Yes (B) No

6. From how long you are investing in equity market?

(A)Less than 1 year 1 to 2 year (B) 2 to 3 years More than 3 years

7. Why do you invest in equity market?

A. For quick short term gain (B). For high long term gain
8. What attracts you towards equity market?

(A). High return (B). Speculation

(C) Dividend d. Liquidity of invested fund

9. What is the purpose of investment?

(A) To meet the cost of Inflation

(B) To earn return on idle resources

(C). To generate a specified sum of money for a specific goal in life

(D) To make a provision for an uncertain future

10. How much is your total investment annually?

(A) < 5000 (B) 5000 – 10000

(C) 10000 – 25000 (D) 25000 – 50000

11. How much of investment for equity?

(A) < 25% (B) 25% - 50%

(C) 50% - 75% (D) 75% - 100%

12. Generally which is the holding period of equity?

(A) Intraday (B) Delivery

13. In which sector you invest most?

(A) IT (B) Pharmacy (C) Telecom

(D) Banking (E) Petroleum (F) Others

14. What will be the future of equity market in India as per you?

(A) Bullish (B) Bearish

(C) Can’t say

Personal Details: ..........

Name: ……….

Age: ……….

Gender: …………..

Annual Income: ……….

Thank you for cooperation and valuable time: …………