SUMMER TRAINING PROJECT REPORT 2008-2010

Corporate Guide:- Faculty Guide:- Miss Monika Mishra Miss Nida Afsar Center manager Lecturer,Finance Agra

Submitted in Partial Fulfillment for the Award of Degree MASTER IN BUSINESS ADMNISTRATION

Submitted by: - Vikas Tiwari IVS Institute of Technology

TABLE OF CONTENTS

1

 Obje

ctive of Study…………………………………………05

 Abo

ut the Company………………………………………..07

 Intro

duction to the Topic………………………………….45

 Board of Director……………………………………………64

 Research Methodology………………………………………71

 Data

Analysis & Interpretation……………………………75

 Obse

rvation………………………………………………….82

 Limi

tations of the study…………………………………….87

 Recommendations & Suggestions…………………...…….…84

 Conclusion……………………………………………..………89

 Bibliography……………………………………………..……91

 Appendix…………………………………………………...….93

2 DECLARATION

I Vikas Tiwari do here by declare that the project work entitle on the “D-mat Account with Reliance Money”at DELHI is the original work done by me.

This project report presented as a partial fulfillment requirement for the degree of Master of Business administration.

VIKAS TIWARI IVS INSTITUTUE OF TECHNOLOGY MATHURA 3

ACKNOWLEDGEMENT

It was a great opportunity for me to work with Reliance money, pioneers in the field of stock trading, a part of Reliance Capital Ltd. I am extremely grateful to the entire team of Reliance Money at Agra who have shared their experience and knowledge with me and without whom the completion of this project would have been virtually impossible. I am gratified to Mr Brijesh Singh for their earnest coordination owing to which, I had the leg-up of undertaking the internship at the prominent organization, Reliance Money Pvt ltd. This is to express my sincere gratitude and heartfelt appreciation for all of the help,cooperation and patient guidance provided by Miss Nida Afsar( Finance Lecturer), Miss. Monika Mishra (Center Manager of Reliance Money, Agra) and company project guide, who has provided me the necessary information and his valuable suggestion and a good support in understanding the basics of the Reliance Money easily. I feel great pleasure to cordial thanks Mr. Prabhat Pun (Cluster Head of Reliance Money). Last but not least, I would like to extend my heartfelt gratitude to all those who directly or indirectly responsible for the successful completion of this project.

4 Vikas tiwari

IVS INSTITUTE OF TECHNOLOGY

5 OBJECTIVE

• To find the market potential and market penetration of Reliance Money product offerings in NEW DELHI • To collect the real time information about preference level of customers using D-mat account and their inclination towards various other brokerage firms e.g. Indiabulls, Sharekhan, Indiainfoline, Religare, Alankit , Unicon.ICICI Direct • To expand the market penetration of Reliance money. • To provide pricing strategy of competitors to fight cut throat competition. • To increase the product awareness of Reliance money as single window shop for investment solutions.

6 7 Executive Summary

Investment is a serious Proposition; one has to look into various factors before deciding on the instrument in which to invest. To save money is not enough. One must invest wisely, and regularly to get the maximum benefits. Hence, the concept of investment in profitable financial instruments comes into focus.

To cope up with inflation, one has to invest wisely so that he can cope up with uncertain future, for that you have to invest in investment opportunities available, before that one has take into consideration the following points before investing your savings:

Consider your investment objective- what are you saving for?

Define your investment horizon, or the time that you want to stay invested....

Determine your risk profile based on how much volatility you can take in your portfolio. One has to take a major decision that how to save money. But after saving the imperative issues that approach in one’s mind that is:

8  What are the sources of income?  Where to invest those incomes?  And how to earn maximum revenues from it. It’s an adage that earning wealth is not tough but the thing which matters that is how to hold on to and enhance that wealth.

The project dealt with various fields like:

1. Trading and Demat account 2. Mutual Funds 3. Life Insurance

Thus it gave trainees the opportunity to learn about all the products and with the range of products Reliance money offered it made the task a bit easier as we could fulfill the need of the customer in a better way.

Our task was divided in 4 phases:

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

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

9 3. Implementation in retail sector and pitching in corporate: By the start of this phase we were confident enough about the pitching and fulfilling the needs of the customer in the retail sector. This also included of the ways we should pitch the corporate.

4. Implementation at corporate levels: This included the implementation of the all the knowledge and ways learnt for the pitching and extracting business out of the corporate.

With the end of 6 weeks every phase was completed and it gave us the real experience of retail as well as corporate world. Training Manual – Equity Markets & Scope

Slide 1

Objective – To cover Equity Aspects and Scope for the Headstart to Leadership Program as per the PPT partEquity of L&D Product & P Markets & Scope 10

Prepared by – Neeraj Joshi (Learning & Development) A Reliance Capital company rocess Repository

INTRODUCTION

Have slide 1 on during the discussion to be followed

Meet & Greet the participants in the session – Conduct an activity to familiarize you with the crowd. Introduce yourself and your role within the company. Your responsibilities, The business that your area / zone has generated, the business that your cluster has generated (If you have the information)

Talk to participants about session related expectation –

 Behaviour  Absenteeism – Related to them getting the certificate (If attendance is less than 95% the certificate would not be issued)  Ask Questions – Encourage participants to ask questions  Discipline – Maintain silence during the session, mobiles to be switched off, no side talks, etc.

Discuss session flow - Slide 2 –

11 Objectives & Agenda

 Journey of the Indian Stock Markets

 Difference Between Primary & Secondary Markets

 Markets Around Read out the points to the participants to give them a brief of the flow of the presentation Equity Markets Slide 3  The Cycle of Market Emotions

 Sensex Highlights Over the Years

 Financial Saving - House Hold

 Return on equity: India and Emerging Markets

 Sectoral growth – Market expectations

 Trade in EquityWhat with Reliance is the single Money word that drives any market…

 Comparison with Online Brokers

 Franchisee Model

 Our trading Platforms COMPANY All is based on the communication flow in the market.  Identifying your clients and challengesINFORMATION

12

NEWS EVENTS

confidential 2 of 26 A Reliance Capital company INFORMATION

INTERNAL TECHNICAL INFORMATION

EXTERNAL FACTORS

confidential 3 of 26 A Reliance Capital company Company Information – Emphasize on – should know factors before investing -performance of the company over the last 3-5 years. Comparison with other players,

News – Both print and media channels – Newspapers, Magazines, TV / Radio etc.

Events – Country and global wide events – political disturbances, Economical Performance & Impacts etc.

External factors – Other industries, related industries to your segment that could impact you as well – e.g. – The Animal Husbandry Enterprise part of the Agricultural Industry Could impact Milk product based Industries

Technical – Product know how, market performance should be known, track of stocks traded on

Internal Information – management changes and impact. Business changes and impact, new business Models, New product lines being launched, Quote an example of a launch of a product – e.g. NANO and it’s impact on the auto industry

Slide 4

13 "If I give you one dollar and you give me one dollar, each of us will only have one dollar.

Read the quote and explain the concept of ideas related to information (if you have information you would get more ideas) in turn related to market (changes are what run the markets) But if you give me one idea and I give you another idea, we will both have two ideas".

Sr. Don Rafael del Pino y Moreno

Slide 5

14

confidential 4 of 26 A Reliance Capital company Journey of the Indian Stock Markets:

Slide 6

Wall Street was built in 1644, on the lower end of Manhattan "Island" by the Dutch to protect against British attacks.

The world's foremost marketplace New York Stock Exchange (NYSE), started its trading under a tree (now known as 68 Wall Street) over 200 years ago Address the participants by letting them know –

15

18th Century East India Company

confidential 5 of 26 A Reliance Capital company

•1840's: Recognition from banks and merchants to about half a dozen brokers

1850's: Rapid development of commercial enterprise saw brokerage business attracting more people into the business

confidential 6 of 26 A Reliance Capital company Reason for half a dozen brokers:

1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay.

More people in the brokerage business led to results in the coming years:

1860-1865 Cotton price bubble as a result of the American Civil War

1870 - 90's Sharp increase in share prices of jute industries followed by a boom in tea stocks and coal

Slide 7

•1860's: The number of brokers increased to 60

1860-61:The American Civil War broke out which caused a stoppage of cotton supply from USA; marking the beginning of the "Share Mania" in India 1862- 63. The number of brokers increased from approximately 200 to 2501865.

Slide 8

16

1874:With the rapidly developing share trading business, brokers used to gather at a street (now well known as "Dalal Street") for the purpose of transacting business

confidential 7 of 26 A Reliance Capital company Traditionally, trading in Stock Exchanges in India followed a conventional style where people used to gather at the Exchange and bids and offers were made by open outcry.

Slide 9

Difference Between Primary & Secondary Markets

Market Scope Individuals want to 1875:"The Native Share andinvest Stock in business Broker” Association" (also known as "The Bombay

Companies want to raise money to Stock Exchange”) was expand their business established in Bombay Basic Definition – Primary Market Company releases IPO. Individuals apply for IPO to obtain ownership of the company •Bombay Stock17 Exchangeplayed a pivotal role in the development of the Indian capital marketand its index Individuals apply to get •The Exchange has a nation-wide reach with a presence in 417 cities and towns of India.Shares Companies •BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives

confidential IPO8 of 26 A Reliance Capital company Company allocate shares to individuals in lieu of investments Secondary Market

Individual Broker Investors

Companies Companies get themselves listed on popular stock exchange like BSE and NSE

In the primary market the securities are issued to the public and the proceeds go to the company. Secondary market is a term used for stock exchanges, where stocks are bought and sold after they are issued to the public.

confidential 9 of 26 A Reliance Capital company A primary market is the main market to which you are selling.

A secondary market is an additional market to which you are selling

In the primary market, securities are offered to public for subscription for the purpose of raising capital or fund. Secondary market is an equity trading venue in which already existing/pre-issued securities are traded among investors. Secondary market could be either auction or dealer market. While stock exchange is the part of an auction market, Over-the-Counter (OTC) is a part of the dealer market.

A primary offering, such as with a corporate bond, means you are buying it directly from the issuer, at par value, usually. A secondary market is where you sell or buy existing issues. I.E. If you bought a bond last year, now need to get your principal, you can sell it in the secondary market. You may not get par value. If rates are up since you bought the bond, then you will likely have to sell it at a discount to be able to get rid of it. If rates have fallen since you bought it, you could get a premium for it.

For Primary Markets you can give the example of Reliance Power –

Investors submit application forms for the Reliance Power Initial Public Offering at an outlet for Reliance Money, an arm of the Anil Dhirubhai Ambani owned Reliance Capital in Mumbai, India, Tuesday, Jan. 15, 2008. Investors took up all available shares in the initial public offering of India's Reliance Power within a minute Tuesday, raising some US$3 billion (euro2. 0 billion) for the company, officials said, making it the country's largest IPO ever.

Slide 10

18 Markets Around (Major Indices)

INDIAN MARKETS:

Nifty – 50 stocks representing various sectors

Nifty Fifty was an informal term used to refer to 50 popular large cap stocks on the New YorkSensex Stock – 30 stocks representing various sectors

Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks.

The fifty are credited with propelling the bull market of the early 1970s. Most are still solid performers,WORLD MARKETS: although a few are now defunct or otherwise worthless.

BSE SensexUS or Bombay : DOW Stock Exchange JONES, Sensitive Index NASDAQ, is a value-weighted indexS& P 500 composed of 30 stocks started in 01 of Jan, 1986. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock ExchangeUK. These companies: FTSE account 100 for around one-fifth of the market capitalization of the BSE. The base value of the sensex is 100 on April 1, 1979, and the base year of BSE-SENSEXASIAN is 1978-79 . : NIKKEI 225, HANG SANG

EUROPE : CAC19 40

confidential 10 of 26 A Reliance Capital company NASDAQ – The NASDAQ (acronym of National Association of Securities Dealers Automated Quotations) is an American stock exchange. It is the largest electronic screen-based equity securities trading market in the United States. With approximately 3,800 companies, it has more trading volume per hour than any other stock exchange in the world.

It was founded in 1971 by the National Association of Securities Dealers (NASD), who divested themselves of it in a series of sales in 2000 and 2001. It is owned and operated by the NASDAQ OMX Group, the stock of which was listed on its own stock exchange in 2002, and is monitored by the Securities and Exchange Commission (SEC)

Slide 11

Various Indian Stock Exchange Formed Between 1908 - 1947

Slide 12

Allahabad Stock Exchange Hyderabad Stock Exchange Delhi Stock Exchange

20

National Stock Exchange of India OTC Exchange of India

Kolkata Stock Exchange Ahmedabad Stock Exchange Madras Stock Exchange

confidential 11 of 26 A Reliance Capital company The Cycle of Market Emotions “Temporary Setback, I am a long term investor.” Point of Maximum Risk

The reason for running this graphic of the Cycle of Market Emotions is because it's so Anxiety central to understanding market psychology andEuphoria investor emotions during bull markets and bear markets. Thrill Denial

I don't know where most people are on this curve, but the odds are it's somewhere between Denial and Hope. That covers a lot of ground and you could argue the Fear distinction between the terms desperation, despondency (sadness, misery) and Excitement Optimism depression is somewhat arbitrary.

The point is that we are certainly not at the cycle's top emotion, Euphoria, which is Desperation when most of us pile in to trends like technology and Emerging Markets, oblivious to the fact that's actually the point of maximum financial risk. You have to wonder how Panic many times we have to experience this cycle before we finallyWow get itI feelright. great Relief Optimism about this investment It is human nature to put too much weight on current conditions and extrapolate them Point of Maximum far into the future." Today, the market prices of many stocks are "well below the Capitulation Financial Opportunity Hope underlying value of the business.

Slide 13 Despondency Depression 21 “maybe the markets just aren’t for me.”

confidential 12 of 26 A Reliance Capital company Sensex Highlights Over the Years

2 2 0 0 0 2 1 0 0 0 2 0 0 0 0 J an 2008 - : 1 9 0 0 0 April 28, 1992: Oct – 1999: The CRB Scam SeptSensex 2005 -Sensextouched: touched highest all Sensex fall of 570 pts. May 2004: Sensex 1 8 0 0 0 Uncovered Sept 2007 - : Sensexof keeps5000 pts Timerising. - BJ peak P led of Govt. 21078 Harshad Mehta Scam dropped, BJ P 1 7 0 0 0 Biggest ever single dayFollowing briskcame buyingBefore into power. closing at coallition govt Gain of 654 pts. by foreign & domesticFeb 2000:20873 Important1 6 0 0 points 0 to be covered during this slide – lost to Heavy investment FundsInfoTech in J an boom 2009: Satyam Scam 1 5 0 0 0 congress of FII early trading.Helped Huge the market 1 4 0 0 0 Here is a timeline on the rise and rise of the Sensex through Indian stock market invesmentsOct 2006to -by : rise FII’ sfurther history.1 3 0 0 0 Sensexcrossed the magical 1 2 0 0 0 FigureJ un: of 130002005 •1 11000, 0 0 0July 25, 1990 - On July 25, 1990, the Sensex touched the four-digitFeb 1992: Took 135Sensex daystouched to move From 120007000 – 13000pts 1 0figure 0 0 0 for the first time and closed at 1,001 in the wake of a goodSensex monsoon crosses 9and 0 0 excellent 0 corporate results. 3000 mark

• 82000, 0 0 0 January 15, 1992 - On January 15, 1992, the Sensex crossed the 2,000- 7mark 0 0 0and closed at 2,020 followed by the liberal economic policy initiatives 6undertaken 0 0 0 by the then finance minister and current Prime Minister Dr Oct 208: Sensex Dropped below the Manmohan Singh. 5 0 0 0 10K mark due to 4 0 0 0 • 3000, February 29, 1992 - On February 29, 1992, the Sensex surged past the Global financial 33000 0 0 0mark in the wake of the market-friendly Budget announced by indictions 2Manmohan 0 0 0 Singh. 1 0 0 0 0 22

4 1 2 3 4 5 6 7 8 9 0 1 2 3 5 6 7 8 1 2 3 4 5 6 7 9 0 2 3 4 6 7 8 9 8 1 5 9 0 0 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 9 0

l l l l l l l l l l l l l l l l l l n n n n n n n n n n n n n n n n n n n u u u u u u u u u u u u u u u u u u a a a a a a a a a a a a a a a a a a a J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J

confidential 13 of 26 A Reliance Capital company • 4000, March 30, 1992 - On March 30, 1992, the Sensex crossed the 4,000- mark and closed at 4,091 on the expectations of a liberal export-import policy. It was then that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling.

Harshad Mehta Scam –

Harshad Mehta was an Indian stockbroker and is alleged to have engineered the rise in the BSE stock exchange in the year 1992. Exploiting several loopholes in the banking system, Harshad and his associates siphoned off funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering a rise in the Sensex. When the scheme was exposed, the banks started demanding the money back, causing the collapse. He was later charged with 72 criminal offenses and more than 600 civil action suits were filed against him. He died in 2002 with many litigations still pending against him.

Mehta first started working as a dispatch clerk in the New India Assurance Company. Over the years, he got interested in the stock markets and along with brother Ashwin, who by then had left his job with the Industrial Credit and Investment Corporation of India, started investing heavily in the stock market. The year was 1990. The shares which attracted attention were those of Associated Cement Company (ACC). The price of ACC was bid up to Rs 10,000. For those who asked, Mehta had the replacement cost theory as an explanation. The theory basically argues that old companies should be valued on the basis of the amount of money which would be required to create another such company.

On April 23, 1992, journalist Sucheta Dalal in a column in The Times of India, exposed the dubious ways of Harshad Metha. The broker was dipping illegally into the banking system to finance his buying.

“In 1992, when I broke the story about the Rs 600 crore that he had swiped from the State Bank of India, it was his visits to the bank’s headquarters in a flashy Toyota Lexus that was the tip-off. Those days, the Lexus had just been launched in the

23 international market and importing it cost a neat package,” Dalal wrote in one of her columns later.

The authors explain: “The crucial mechanism through which the scam was effected was the ready forward (RF) deal. The RF is in essence a secured short-term (typically 15-day) loan from one bank to another. Crudely put, the bank lends against government securities just as a pawnbroker lends against jewellery….The borrowing bank actually sells the securities to the lending bank and buys them back at the end of the period of the loan, typically at a slightly higher price.”

It was this ready forward deal that Harshad Mehta and his cronies used with great success to channel money from the banking system.

A typical ready forward deal involved two banks brought together by a broker in lieu of a commission. The broker handles neither the cash nor the securities, though that wasn’t the case in the lead-up to the scam.

“In this settlement process, deliveries of securities and payments were made through the broker. That is, the seller handed over the securities to the broker, who passed them to the buyer, while the buyer gave the cheque to the broker, who then made the payment to the seller.

In this settlement process, the buyer and the seller might not even know whom they had traded with, either being know only to the broker.”

This the brokers could manage primarily because by now they had become market makers and had started trading on their account. To keep up a semblance of legality, they pretended to be undertaking the transactions on behalf of a bank.

Another instrument used in a big way was the bank receipt (BR). In a ready forward deal, securities were not moved back and forth in actuality. Instead, the borrower, i.e. the seller of securities, gave the buyer of the securities a BR.

As the authors write, a BR “confirms the sale of securities. It acts as a receipt for the money received by the selling bank; hence the name - bank receipt. It promises to

24 deliver the securities to the buyer. It also states that in the mean time, the seller holds the securities in trust of the buyer.”

Having figured this out, Metha needed banks that could issue fake BRs or BRs not backed by any government securities. “Two small and little known banks - the Bank of Karad (BOK) and the Metorpolitan Co-operative Bank (MCB) - came in handy for this purpose. These banks were willing to issue BRs as and when required, for a fee,” the authors point out.

Once these fake BRs were issued, they were passed on to other banks and the banks in turn gave money to Mehta, obviously assuming that they were lending against government securities when this was not really the case. This money was used to drive up the prices of stocks in the stock market. When time came to return the money, the shares were sold for a profit and the BR was retired. The money due to the bank was returned.

The game went on as long as the stock prices kept going up, and no one had a clue about Mehta’s modus operandi. Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value - the banking system had been swindled of a whopping Rs 4,000 crore.

CRB Scam –

Important dates to Remember –

25 May 2006 - On May 22, 2006, the Sensex plunged by 1100 points during intra-day trading, leading to the suspension of trading for the first time since May 17, 2004. The volatility of the Sensex had caused investors to lose Rs 6 lakh crore (US$131 billion) within seven trading sessions. The Finance Minister of India, P. Chidambaram, made an unscheduled press statement when trading was suspended to assure investors that nothing was wrong with the fundamentals of the economy, and advised retail investors to stay invested. When trading resumed after the reassurances of the Reserve Bank of India and the Securities and Exchange Board of India (SEBI), the Sensex managed to move up 700 points, still 450 points in the red. July 6, 2007 - The Sensex on July 6, 2007 crossed another milestone and reached a magic figure of 15,000. it took almost 7 month and 1 day to touch such a historic milestone. Coincidentally Sachin Tendulkar achieved the same mark (15000 runs in international cricket) around the same time! (The usual refrain of the time was, "Sachin, make runs so Sensex rises!")

Effects of the Subprime crisis in the U.S

On July 23, 2007, the Sensex touched a new high of 15,733 points. On July 27, 2007 the Sensex witnessed a huge correction because of selling by Foreign Institutional Investors and global cues to come back to 15,160 points by noon. Following global cues and heavy selling in the international markets, the BSE Sensex fell by 615 points in a single day on August 1, 2007.

September 19, 2007- The Sensex on September 19, 2007 crossed the 16,000 mark and reached a historic peak of 16322 while closing. The bull hits because of the rate cut of 50 bit/s in the discount rate by the Fed chief Ben Bernanke in US.

September 26, 2007- The Sensex on September 26, 2007 crossed the 17,000 mark for the first time, creating a record for the second fastest 1000 point gain in just 5 trading sessions. It failed however to sustain the momentum and closed below 17000. The Sensex closed above 17000 for the first time on the following day. It was also during this record bull run that the Sensex for the first time zoomed ahead of the Nikkei of Japan.

26 October 15, 2007- The Sensex crossed the 19k mark for the first time on October 15, 2007. It took just 4 days to reach from 18k to 19k. This is the fastest 1000 points rally ever and also the 640 point rally was the second highest single day rally in absolute terms. This made it a record 3000 point rally in 17 trading sessions overall.

October 29, 2007- The Sensex crossed the 20k mark for the first time with a massive 734.5 point gain but closed below the 20k mark. It took 11 days to reach from 19k to 20k. The journey of the last 10,000 points was covered in just 869 sessions as against 7,297 sessions taken to touch the 10,000 mark from 1,000 levels. In 2007 alone, there were six 1,000-point rallies for the Sensex

Slide 14

Financial Saving of the House Hold Sector

Financial Saving Per cent to Total Financial Saving Investment Areas 2005-06 2006-07 2007-08

h

8.2 t 1 Deposits l l

17.5 w 8 e

0 o (i) With Banks 46 54.3 55.3 -

-3.7 s The focus of this slide needs to be the growth in the Shares & Debentures area. r w 7

e 0 g

0 10.5 r s (ii) With Non-banking Companies 1 1 1.2 2 s u 56.5a t u

10.9 n e With Co-operative Banks and 0 0 0 o e p

d (iii) Societies o b n c e

9.2 e

s (iv) Trade Debt (Net) 0 0 0 d

14.9 f m 7 & 0 o e -

5.3

2 Share and Debentures r 6 t t s 0

o 0 6.6 e 27 l n 2 (i) Private Corporate Business 1.3 1.4 2.7 r 55.3 e 8.6 a d e h n (ii) Banking 0.1 0.1 0.1 b a S

s

n (iii) Units of Unit Trust of India (0.1) 0.0 0.0 e

10.5 a o h i h t t

14

6 (iv) Bonds of public Sector undertakings 0 0 0 c 0 e n - 14.6 i r e 5 0

e (v) Mutual Funds (Other than UTI) 3.8 5.2 7.7 S

0 5.1 2 47 h

T 3 Claims on Government 8.9 (i) Investment in Government securities 2.4 0.2 -2 Currency Deposits Share and Debentures Claims on Government (ii) Investment in Small Savings, etc. 12.2 5.1 -1.7 Insurance Funds Provident and Pension Funds 4 Insurance Funds Life Insurance Funds 13.4 14.4 16.9 Note: Postal Insurance 0.3 0.3 0.4 All source from RBI • All figures in %age of total financial saving State Insurance 0.3 0.2 0.2 2. Figures in parentheses are percentage to GDP at current market prices. 3. Components may not add up to the totals due to rounding off.

confidential 14 of 26 A Reliance Capital company Slide 15

Relative Growth in Various Industries

Growth in Various Industries

40 This graph primarily represents the various sectors. 35 Acceleration –30 where industries have grown by a huge margin and there is more scope 0

of growth . 4 . 9 2 1 4 2 25 .

Deceleration – Where industries could have grown or not and would not have huge 3 e 1 growth g 20 a % Negative – Current15 and scope of growth is less – e.g Metal Products & Parts n I 3 8 0 . . . 2 3 1 2 6 . 0 . 6 3 8 1 . . .

10 . . 0 8 5 4 6 . 2 . 6 6 9 4 1 5 9 . 5 5 . 1 1 . 1 . 0 1 . 1 2 0 1 6 . 5 4 1 7 - . 8 . 5 . 8 . 2 . 6 3 3 4 4 6 9 . 5 . . . . 4 . 4 3 2 2 2 2 4 0 1 l t .

0 r d c d d s s , s d d r , g d d i e d g d a t t s

28 l n n e 0 s l t r s n n s e n n t u s n n n e d n y l n n t e t - c s c t i l f s e i i l l a h e a e b e a t a a a c n e i s r , t r t a l a d s n i t i a o a d n t s u u c d a i t t , l d

t a r f

t r c t l r u t a e g o u c m x r & a a o s r o e e i r m s t y d d u k e r x p l c t u s o

c e

d l c

i u n a s m l e t d x h r a p i r u p e e i t

-5 e e r o a r e t s i o o d t e t e t e l a c t c r m l b o d m m u c d e u p a o c e

s i e d r r

n s r c i h l e - p e u s o d u i t h - s m c t b c a

r c r w e T b o n t p

d i o e a n

t n o n p p r f n a , u i s l e i h n p d i a m n q l n u e x x a r p a v e u a r l t d o l r m ( p e a a t u p o p d u a

O o a a m n h p W a e o o d h r e e d p t r b h e r p i p i a n a r e t R e n t o q t ( e B e c t t o n c p P o b o u t r e i B N m T a i L g a o t l e o h a e e f o u q p e W p C m J C F e M M v Acceleration Deceleration Negative Industries

2006-07 2007-08 P Source : Central Statistical Organisation

confidential 15 of 26 A Reliance Capital company Slide 16

GDP growth to maintain its momentum Economy Growth Robust Ahead

10  Manufacturing to witness strong growth ahead on 9 back of 8 7

- Infrastructure spending of govt. 6 5

There is robust- economyCapex growthby coming industries ahead as and the India Capex has also been 4 shown in the other graphs reflecting various sectors. Self explanatory. 3 2 1 2008-09 (E) 2009-10 (E) 2010-11(E) 2011-02 (E) India Inc Capex (2007 - 2012) Yrs

6000 Robust Infrastructure By Government 5000 160 n 4000 o i l

l 140 i B 3000 120 n i

s 2000 100 R 29 80 1000 60 0 40 l t r r t s s e s s p n e e n l i l e n m k e a o l e e a u u a p e i i

w o t 20 i t t G c c a q

o i i c m S n m x C i d E P u P p e e

m m i r t n m t T r e e C 0 u

a s

u y s s n s

o s e h h l q r l t t n s t m i i c p y o a g r A r E C e i o d

s o o t c t a O a l o o i r G a n C r c t r a a a p t w P a o e l r o e c g r i i l i t i c W r P r T R t a e e A r S l c I T R e E l E Industries Industries 2002-07 2007-12 Source: Planning Commission, Cygnus Research

confidential 16 of 26 A Reliance Capital company Slide 17

Return on equity: India and Emerging Markets

This is just to show that Return of equity in India is higher as compared to emerging markets Emerging markets, e.g. – Philippines, Thai stocks, Baht, Polish Zloty, Turkish ISE 100 etc.

30

Source: FTSE, Worldscope, Factset, Lehman Brothers, Extel.

confidential 17 of 26 A Reliance Capital company Slide 18

Slide 19

Equity Markets- India & Global

31

A Reliance Capital company US & India Movement of Stock Markets

Sept 11 2001 attacks – Trading in fractions Unite States Real Time Ticker Introduced NYSE Euronext NYSE Merger with American Stock The usage ofUsage computers of started Computers very early in inthe ExchangesUS while very late in India. Online trading Started Exchange – Leads to market rise In financial markets, Black Monday refers to Monday, October 19, 1987, when stock Black Monday (1987) September 15 2008, Ugly Monday – markets around the world crashed, shedding a huge value in a very short time. The Flat Fee Structure Short Selling crash began in Hong Kong, spread west through international time zones to Europe, hitting the United1970 States after - 1990other markets had already declined by a significant 1991 – 2000 2001 - 2009 margin. The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.74 (22.61%). By the end of October, stock markets in Hong Kong had fallen 45.8%, Australia 41.8%, Spain 31%, the United Kingdom 26.4%, the United States 22.68%, and Canada 22.5%. New Zealand's market was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover. (The terms Black Monday and Black Tuesday are also applied to October 28 and 29, 1929, which occurred after Black Thursday on October 24, which started the Stock Market Crash of 1929. In Australia and New Zealand the 1987 crash is also referred to as Black Tuesday because of the timezone difference.) Bullish Markets for most part of this period Neat Bolt – Transparency in the Real Time Ticker Introduced system Majority Trading – Online. Charge Old Methodology – no transparency in was anything between 4% to 0.40 share prices 32 Emerging of new Brokers paisa - .01 paisa 1978-79 – Base year of sensex, Dot com bubble burst defined to be 100 Flat Fee Structure Introduced

1970 - 1990 1991 – 2000 2001 - 2009 confidential 19 of 26 A Reliance Capital company Flat fee structure was introduced during this era in the US – brokers started charging a flat fee structure. Customers started trading online during this era.

India

No transparency till late 1900’s. Emerging of Brokers during this entire period till 2000 and still running.

Neat BOLT introduced in the year 1995.

The "dot-com bubble" (or sometimes the "I.T. bubble") was a speculative bubble covering roughly 1995–2001 (with a climax on March 10, 2000 with the NASDAQ peaking at 5132.52) during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. The period was marked by the founding (and, in many cases, spectacular failure) of a group of new Internet-based companies commonly referred to as dot-coms. Companies were seeing their stock prices shoot up if they simply added an "e-" prefix to their name and/or a ".com" to the end, which one author called "prefix investing". A combination of rapidly increasing stock prices, individual speculation in stocks, and widely available venture capital created an exuberant environment in which many of these businesses dismissed standard business models, focusing on increasing market share at the expense of the bottom line.

The low interest rates in 1998–99 helped increase the start-up capital amounts. Although a number of these new entrepreneurs had realistic plans and administrative ability, many more of them lacked these characteristics but were able to sell their ideas to investors because of the novelty of the dot-com concept.

Slide 20

33 Brokerage in Various Markets

How can I Make more Before money – Where are the opportunities? Commission on Trade (could vary on broker to broker) United States While the term stockbroker is still in use, it is more commonly referred to as simply Charge Brokerage as per desire "broker", "registered rep" or simply "rep"-- shortened versions of the official FINRA Now (pronounced "FIN-ra") designation "Registered Representative". This designation is obtained by an individual passing the FINRA General Securities Representative Ch Examination (also known as the "Series 7 exam") and being employed ("associated arg e Br with") a registered Broker-dealer also called a brokerage firm; the firm is typically a oke A rage FINRA "member" firm. ppr – 2 oach -4% Commission from mutual More restrictiveBROKER FINRA licenses or series exams exist for brokers or reps who do not to b need the full array of capabilities with the Series 7. See the FINRA List of Securities uy fund companies ("trailer fees") Sha Examinations. And variable products such as a variable annuity contract or variable res universal life insurance policy typically require the broker to also have one or another state insurance department licenses.

United Kingdom In the UK, brokers are required to pass the XII (Securities and Investment Institute) Certificate in Securities, this qualification is achieved by passing two exams: Either Unit 1: FBI Financial regulations or Unit 10 Principles of Financial Regulation for MiFID compliant retail trading, and either Unit 2: Securities, Unit 3: Derivatives or Misquote Prices Customers 34 No Transparency Management Fees (ie: if they manage Services Provided your funds completely they would take a 1-2% yearly management fees as well)

confidential 20 of 26 A Reliance Capital company Unit 4: for both Securities and Derivatives. Passing Unit 10 or Unit 52 identifies individuals as having attained FSA Approved Person Status.

In 1995 there were 981 companies with revenues of $176.26 billion and 429,900 employees. In that year U.S. corporate stock and bond sales rose to $709.3 billion from $705.7 billion in 1994, due to a robust calendar of common-stock offerings. Behind the strong financing activity was a blend of lower interest rates and higher stock prices, which together spurred more and more individual investors to buy common stock. One of the most vibrant areas of the common-stock underwriting market was the initial public offering, as 572 companies came to market for the first time in 1995. Total debt sales, including convertible offerings, slipped to nearly $611 billion in 1995 from $628.8 billion in 1994. But asset-backed offerings jumped 42 percent to $107.1 billion.

In the past, investors had to call up their brokers and place an order on the phone. The broker would then enter the order in their system which was linked to trading floors and exchanges. With the advent of the internet, investors can now enter orders directly online, or even trade with other investors via ECN's (electronic communication networks). Some orders entered online are still routed through the broker allowing agents to approve or monitor the trades. This step assists in the protection of both the client and brokerage firm from unlawful or incorrect trades which could affect the client’s portfolio or the broker’s license. Online brokers are most often referred to as discount brokers, due to their lower fees as opposed to full service brokers who also give advice to clients.

Slide 21

35 NEAT BOLT Launched - in 1995 More Transparency

BROKER

Mumbai: : In technology terms, how are the two major exchanges of India—National Stock Exchange (NSE) and Bombay Stock Exchange—pitted against each other? Information Access Here’s a reality check. Information Access The older of the two, BSE launched the electronic trading platform for the cash segment—BSE On Line Trading System (BOLT)—in 1995. For BOLT, BSE uses Tandem Fault Tolerant System consisting of 26 central processing units (CPUs). Tandem systems are high performance trading engines enabling huge volumes without any downtime. This electronic trading platform is available to members and their hierarchy through a nationwide network spanning over 360 cities, through over Customers 7,000 trader work stations on campus LAN, leased lines and V-SATs for upcountry members. According to the BSE spokesperson, the BSE Private Network in one of the largest and mostStock sophisticated networksExchange in Asia Pacific running multiple services from trading to settlement. Terminals

36 Information with the Broker & the Customer is the same

confidential 21 of 26 A Reliance Capital company As against the BSE technology, the NSE trading system is implemented on the mainframe Continuum series of machine, which is supplied by Stratus Computers. The Stratus machines provide hardware-fault tolerance and therefore are able to sustain any single point failure. The operating system offers transaction protection, robust inter-process communication and network interface.

Slide 22

37 2007 – Reliance Money Ventures & Changed the Rules of The Game

Slide 23

Introducing Flat Fee Structure

Slide 24

38

Reliance Money Business Models confidential 22 of 26 A Reliance Capital company

A Reliance Capital company Various Business Models

 Apart form the rest of the models followed in the international markets the Franchisee Model across the world revolves around 4 types as mentioned in the visuals

As perReliance The Financial Express Moneyand the new trend seen Business in the markets - Broking Model firms have started opting for franchise route to weather meltdown.

Franchising refers to the methods of practicing and using another person's business philosophy. The franchisor grants the independent operator the right to distribute its products, techniques, and trademarks for a percentage of gross monthly sales and a royalty fee. Various tangibles and intangibles such as national or international advertising, training, and other support services are commonly made available by the franchisor.Capital Agreements typically Market last from five to thirty years, with premature cancellations or terminations of most contracts bearing serious consequences for franchisees.Vertical Household Vertical Through Franchisee Through suitcase Agents, Retired FranchisingPartners dates back & toRemisars at least the 1850s;/ Isaac Singer, who made improvementsPersonnel, to House wives etc. an existingagents model of a sewing machine, wanted to increase the distribution of his sewing machines. His effort, though unsuccessful in the long run, was among the first franchising efforts in the United States. A later example of franchising was John S. Pemberton's successful franchising of Coca-Cola. Early American examples include the telegraph system, which was operated by various railroad companies but controlled by Western Union, and exclusive agreements between automobile

Direct Vertical39 Through RMoney employee sales Emerging Markets Let’s look at the models in detail… force, Walk In at branches, Vertical seminars, road shows etc. Through Rural & upcountry locations….

confidential 24 of 26 A Reliance Capital company manufacturers and operators of local dealerships. Earlier models of product franchising collected royalties or fees on a product basis and not on the gross sales of the business operations of the franchisees.

What Type of Franchise Arrangement is Best for You? Introducing the right level of franchising, to meet your needs, is almost as important as introducing the right franchise. Below are the four levels of franchising, which include information on the territory specifics, the required level of participation, and the typical liquid capital requirements. It is best to consider all aspects of each level, before selecting a franchise. 1.) Single-Unit Franchise 2.) Multi-Unit Franchise 3.) Area Development Franchise 4.) Master Franchise

Master Franchise With a Master Franchise, you own an exclusive territory which allows you to receive franchise fees from franchises sold as well as ongoing royalties or possibly even residual income from overrides on product sales. This can be a low overhead business with very few employees needed and yet can be built to where the Master Franchise is worth millions of dollars. Single-Unit Franchise, Multi-Unit Franchise, Area Development Franchise Start with one unit and build up to several units. Control your own mini-empire and achieve financial independence in the quickest way. You'll receive excellent support in all areas of the business operation with a minimal out-of-pocket investment.

Reliance Money Business Models – Capital Market, Household, Direct & Emerging Markets

Slide 25

40 Capital Market Vertical Through Franchisee Partners & Reliance Money Corporate Office Remisars / agents

Slide 26

Requirements to become a franchisee:

1.) A nominal deposit as security 2.) Office Space 3.)Franchisee FOS (feet On street) Model - Example Ok. Why should I partner 4.) Dealers with Reliance Money? 5.) Tele callers BranchWhat IsOffice In It For Me Franchisee Partners (WIIFM)??? Benefits & Support provided: Let’s take a scenario

1.) Brand Name This2.) is an Marketingexample of the Franchisee support model – showcasing how much can a franchisee Assuming a Franchisee opens 100 Role on Account Opening – Acquire accounts in a month earn.3.) Research & Technicalas many customers Assistance as possible Slide4.) 27 Cross Selling Avenues 5.)Franchisee Training to franchisee and staff 41 Y e a r 2 AOF / MTHA - 1 0 0 OAF / YRB =- (A * 1 2 ) 1 2 0 0 O n lin e Franchisee 1 Franchisee 2 O f f linFranchisee e 3 7 5 % o f B 9 0 0 2 5 % o f B 3 0 0 confidential Previous Year 900 clients purchase500 Rs. 1000/- cards in the X25secondof 26If yearwe receive 75% of 200 Clients @ 10A RelianceTradesI / DayCapital - companyF Rev / Client on AOF (PRC for 500) current - 900 cleints acquired Y the customers R e v / DJ a y= I* 1 0 G through Online mode D K MF - 10K / YR @ 2% (now 2.5%) - Z and 25% through Rev / MTH =- J*20 (20 trading days / M TH)H IPO - 10K / YRE - A Offline Mode It Total = K*12 "XXX" T o ta l F- = C + D + E B translates to Revenue from 900 clientsG = F * B- "XXX"

Total Revenue earned Per Year By AnythingFranchisee between = 0 - 25Lacs / Annum

Assuming only 100 clients are active the number of trades / Day would be. Our research team gives 10 calls per day per customer and assuming 5 Trades are performed (5 Buys & 5 Sells = 10 Trades), then…

confidential 26 of 26 A Reliance Capital company Direct Vertical Through RMoney employee sales force, Walk In at branches, Direct Sales Productivity Drivers Slide 28 seminars, road shows etc. 1.)Territory / Strategic Planning 2.) Prospecting 3.) Need Analysis of the customer 4.) Create Portfolio 5.) Follow Ups 6.) Cover the gaps in the portfolio by suggesting the right product

Household Vertical Road Shows SeminarsThrough suitcase Agents, Retired Personnel, House wives etc. Branch Office How Do we generate the Business Slide 29 1.) Conduct Seminars 2.) Visit Senior citizens Club 42 3.) Various Housing Societies

Suitcase Agents Support Provided

1.) Provide Training confidential 27 of 26 2.) MarketingA Reliance Support Capital company Retired Personnel 3.) Cross Selling Avenues Government Employees

Housewives

confidential 28 of 26 A Reliance Capital company Emerging Markets Through Gram Panchayat, Co- Functionality Of The Business operative societies, etc. Slide 30 – 36 are very much self explanatory 1.) Create Awareness amongst the Gram Panchayats 2.) Organize Seminars / Meets 3.) Create Awareness amongst the farmers 4.) Provide Training 5.) Marketing Support 6.) Cross Selling Avenues

Co-operative Societies Gram Panchayat Agriculturist

Slide 37

43

confidential 29 of 26 A Reliance Capital company Comparison with Online Brokers

Online Account Annual Brokerage Fee Brokerage Investment Exposure Collaborating Broker Opening Maintenanc on delivery of Fee for intra - exposure for intra - bank Charge e Charges shares (Per day of shares day trading (Rs) (Rs) Transaction) (Per Transaction)

Almondz Capital 500 None 0.05 0.01 4times for 7 8 Axis, HDFC, ICICI, Markets days Kotak

nd Here focusAngel on RelianceBroking Money Brokerage 740 300 From 2 0.05 0.01 6 times T+2 7 ICICI, HDFC. Year

Slide 38Kotak – 41 – Securities only discuss that this is how750 the trading platforms360 look like – 0.059 – 0.18 0.03 - 0.06 T+2 4 - 6 Axis, Citibank, more would be shown once you take them through the live trading session. ICICI, Kotak.

Geojit Financial 600 300 0.30 0.03 3- 5 days for T 3 - 5 ICICI, HDFC, Services +1 Citibank, Federal bank, Punjab National Bank, IDBI. Religare 999 250 0.05 0.05 4 8 - 15 Axis, HDFC, ICICI.

Reliance Money 750 200 on HUF, 0.01 0.01 Deposited 5 ICICI, IDBI, Axis, Individual & amount HDFC. Trust Sharekhan 750 350 from 2nd yrs 0.05 0.01 4times for 4 4 Axis, HDFC, ICICI, days Citibank.

5 paisa.com 555 None 0.50 0.05 3 7 – 8 Axis, HDFC, ICICI, Slide 42 Citibank. ICICIDirect.com 975 450 0.75 0.05 Deposited Margin – 4 ICICI 44 amount Margin + - 20

IndiaBulls 900 None 0.05 0.01 3 times for 5 12 Axis, HDFC, ICICI, days IDBI

confidential 36 of 26 A Reliance Capital company Identify Your Clients

Infrequent Trader/ Frequent Trader/ Investor Investor

Call them for small This is a very importantTrades slide andof would Delivery help participants understandTrades how to for Intraday identify clients. Training

Classify them into Classify the Divide Cash Trade & Two Group (Trader/ investor in Long / FNO Traders Medium / Short Investor)

Teach them Option Teach them the Trading with Hedging concept market trend for minimizing risk

Mail them Research

Reports on market,45 sectors and stocks

confidential 42 of 26 A Reliance Capital company .“Success is a journey, not a destination’’

46 RELIANCE DEMAT ACCOUNTS

47 Overview of D-mat Account In India, a D-mat account the abbreviation for d-materialized account, is a type of banking account which dematerializes paper-based physical stock shares. The d- materialized account is used to avoid holding physical shares: the shares are bought and sold through a stock broker. This account is popular in India. The Securities and Exchange Board of India (SEBI) mandates a d-mat account for share trading above 500 shares. As of April 2006, it became mandatory that any person holding a d-mat account should possess a Permanent Account Number (PAN), and the deadline for submission of PAN details to the depository lapsed on January 2007.

Procedure

1. Fill d-mat request form (DRF) (obtained from a depository participant or DP with whom your depository account is opened). 2. Deface the share certificate(s) you want to dematerialize by writing across Surrendered for d-materialization. 3. Submit the DRF & share certificate(s) to DP. DP would forward them to the issuer / their R&T Agent . 4. After d-materialization, your depository account with your DP, would be credited with the d-materialized securities.

Reliance Money D-mat Account Services Reliance Money – Transacting and investing simplified.

48 Get ready to change the way you transact and invest in financial products and services. Whether you wish to transact in equity, equity & commodity derivatives, IPO’s offshore investments or prefer to invest in mutual funds, life & general insurance products or avail money transfer and money changing services, you can do it all through reliance money. Simply open a reliance money account and enjoy the convenience of handling all your key financial transactions through this one window. Benefits of having a reliance money account. •It’s cost effective You pay comparatively lower transaction fees. As an introductory offer, we invite you to pay a flat fee of just Rs. 500/- and 750/- and transact through reliance money. This fee is valid for two months or a specified transaction value.

The table below for details.

• Its offers single – Through reliance money’s associates, you can transact in equity, equity and commodities derivatives, offshore investments mutual funds, IPO’s life insurance, general insurance, money transfer, money changing and credit cards, amongst others. •Its convenient You can access reliance money’s services through •The internet •Transaction kiosks

49 •The phone (call & transact) •Our all – India network of associates On an assisted trade (through the call centre or our network of associates) a charge of Rs 12 per executed trade applicable. •Its Safe Your account is safeguarded with a unique security number that changes every 32 seconds. This number works as a dynamics password to keep your account extra safe.

• You get your own d-mat account with reliance capital at an annual fee of just Rs. 50/-. • Its provides you a d-mat account provides you a 3-in-1 facility, • You can access your banking, trading and d-mat account through a single window and transfer funds across accounts seamlessly. • It provide you value- added services At www.reliancemoney.com, you get. • Reliable research, including views of external experts with an enviable track record • Live news updates from Reuters and Dow Jones • CEO’s / expert views on the economy and financial markets • Tools that help you plan your investments, tax, retirement, etc. in the personal finance section • Risk Analyzers for analysis of your risk profile • Asset allocators to build an appropriate investment portfolio • Innovative use of technology for facilitating convenient trading/investments – kiosks (similar to ATM’s)

50

Reliance Money Provide the kiosks (similar to ATM’s) Facilities, to their customer through which the customers can trade on available kiosks at the particular Branch of Reliance Money. The company are going to open these kiosks in the market as the ATM’s of the Banks. Reliance Money provides 3 different trading platforms for equity trading: Insta Trade Fast Trade Easy trade The benefits • A safe and convenient way to hold securities; • Immediate transfer of securities; • No stamp duty on transfer of securities; • Elimination of risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc.; • Reduction in paperwork involved in transfer of securities; • Reduction in transaction cost; • No odd lot problem, even one share can be sold;

51 • Nomination facility; • Change in address recorded with DP gets registered with all companies in which investor holds securities electronically eliminating the need to correspond with each of them separately; • Transmission of securities is done by DP eliminating correspondence with companies; • Automatic credit into d-mat account of shares, arising out of bonus/split/consolidation/merger etc. • Holding investments in equity and debt instruments in a single account.

Reliance Money

BROKERAGE

ONLINE OFFLINE

RECHARGE VOUCHER RECHARGE VOUCHER + FRANCHISEE FEE

FRANCHISEE FEE RS. 15/ TRANSACTION

Reliance has the concept of Recharge Vouchers

RECHARGE VOUCHER: Rs. 500 12 Month 5 Lac Limit Rs. 500 2 Months 1 Crore Rs. 1350 6 Months 6 Crore Rs. 2550 12 Months 12 Crore

52 Account Opening Charges :

For Regular Customers : Rs. 750.00

For Govt. Employees / Corporate : Rs. 500.00

Offer:

One Year Trading Account Fee by Reliance of Rs. 500.00 & 12 Months. Validity / 5 Lacs.

Required Documents The extent of documentation required to open a d-mat account may vary according to your relationship with the institution. If you plan to open a d-mat account with a bank, a savings, current and, or other account for which the holder have been issued a check book, such holder has an edge over the non-account holder. In fact, banks usually offer additional incentives to customers who open a d-mat account with them. Along with the application form, your photographs (with co-applicants) and proof of identity/residence/date of birth have to be submitted. The DPs also ask for a DP-client agreement to be executed on non-judicial stamp paper. Here is a broad list:

• A canceled check, preferably MICR • Proof of Identification • Proof of Address • Proof of Pan card (mandatory) • Recent photographs, one and, or more For proof of identification and, or address self-attested facsimile copies of PAN card, Voter’s ID, Passport, Ration card, Driver’s license, Photo credit card, Employee ID card, Bank attestation, latest IT returns and, or latest Electricity/Landline phone bill are sufficient. While they only ask for photocopies of the documents, they will need the originals for verification.

Brokerage card:

53  500 for 2 months 1 crore (90 lakh for intra trade & 10 lakh for delivery)  1350 for 6 months 3 crores (2.70 lakh for intra trade & .30 lakh for delivery)  2500 for 12 months 6 crore (5.40 lakh for intra day & .60 lakh for delivery)  PR 500 for 12 months with the limit of 5 lakhs (both intraday & delivery)

Secured log in with reliance money:  Unique user id (different for each & every client)  User password (which you need to change every 15 days)  Security key (which changes in every 32 seconds and generate numbers randomly)

Brokerage:  Reliance money is working on the zero brokerage concept, because of which education cess as well as service tax will be NIL.  As per the SEBI guidelines any brokerage company can't charge zero brokerage so it charges 0.01% of brokerage in the name of transaction cost.  Other than this the security transaction tax (STT) is also being charged @  On Delivery: 0.125% On Intra day: 0.0125%  Other than this holding charges are also being charged on sale of securities @Rs 12 on  1 Scrip & 1 Order (irrespective of the fact as to how much big be the value of the complete order).

Points To Remember

54 1. Only securities admitted by NSDL can be dematerialized. The list is available with your DP. 2. Only securities registered in the name of the account holder can be dematerialized. 3. Dematerialization is normally completed within 15 days after the share certificates have reached the issuer/ their R&T Agent. Thus it may take you a month from the date you hand over shares, to receive d-mat credit. 4. Dematerialization would be done only when the issuer / their R&T Agent is satisfied of genuineness of securities & ownership status 5. All the joint holders should sign the DRF. 6. The pattern of holding in the DRF should match the pattern of holding on the share certificate & the pattern in which account is opened. 7. D-mat requests with name(s) not matching exactly with the name(s) appearing on the certificates merely on account of initials not being spelt out fully or put after or prior to the surname, would be processed, provided the signature(s) of the client(s) on the DRF tallies with the specimen signature(s) available with the issuer/ their R & T agent. 8. If the signature in the DRF does not match with the signature available with the issuer/ their R & T agent, the issuer/ their R & T agent may at the time of d-mat confirmation, ask for additional documentation (like bank attestation/ notarization, etc.) to prove that the certificate belongs to the person who forwarded the DRF. 9. In case there is any problem in processing the DRF, contact your DP and if he cannot resolve the problem you may contact NSDL.

Benefit: D-mat account has become a necessity for all categories of investors for the following reasons/ benefits: • SEBI has made it compulsory for trades in almost all scrip’s to be settled in D-mat mode. Although, trades up to 500 shares can be settled in physical form, physical settlement is virtually not taking place for the apprehension of bad delivery on

• account of mismatch of signatures, forgery of signatures, fake certificates, etc.

55 • It is a safe and convenient way to hold securities compared to holding securities in physical form..

• No stamp duty is levied on transfer of securities held in D- mat form.

• Instantaneous transfer of securities enhances liquidity.

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

• Change of name, address, registration of power of attorney, deletion of deceased's name, etc. - can be effected across companies by one single instruction to the DP.

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

Any number of securities can be transferred/delivered with one delivery order. Therefore, paperwork and signing of multiple transfer forms is done away with. It facilitates taking advances against securities on low margin/low interest.

IMPORTANCE OF THE STUDY

56 The need of the study arises because of the reason that a trainee must understand the company, its achievements and tasks, products and services and also to collect information about its competitors, its products and services offered. So that, after understanding and collecting information about the organization and its competitors, a trainee will be able to work well for the organization. From the study I have learned very much, about the company as well as the strategy of the customers, which helps me a lot at my working days.

COMPANY PROFILE

57 Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is ranked among the 25 most valuable private companies in India. Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services.

The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and has a market capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess of Rs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net profit of Rs. 7,700 crore (US$ 1.9 billion)

RELIANCE CAPITAL COMPANY OUTLINE

RELIANCE CAPITAL

RELIANCE RELIANCE RELIANCE MONEY LIFE GENERAL INSURNACE INSURANCE

RELIANCE RELIANCE MUTUAL MUTUAL FUNDS FUNDS

58 Reliance Money Reliance Money is a group company of Reliance Capital; one of India's leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group.

Reliance Money is a comprehensive electronic transaction platform offering a wide range of asset classes. Its endeavour is to change the way India transacts in financial markets and avails financial services. Reliance Money is a single window, enabling you to access, amongst others in Equities, Equity & Commodities Derivatives, Mutual Funds, IPOs, Life & General Insurance products, Offshore Investments, Money Transfer, Money Changing and Credit Cards. The Reliance – Anil Dhirubhai Ambani Group is among India’s top three private sector business houses on all major financial parameters, with a market capitalization of Rs.325,000 crores (US$ 81 billion), net assets in excess of Rs.115,000 crores (US$ 29 billion), and net worth to the tune of Rs.55,000 crores (US$ 14 billion) Reliance Money is a group company of Reliance Capital; one of India's leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services. Reliance Capital is one of India’s leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. The company has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking and other activities in financial services.

59 ORGANIZATION HIERARCHY

RELIANCE MONEY (Head Office Mumbai)

BHOPAL BRANCH

Cluster Head

Centre Manager

Business Development Executives

60 VISION STATEMENT To be globally respected wealth creator with an emphasis on customers care and a culture of good corportate governance. MISSION To Create and nurture a world class, high performance environment aimed at delighting our customers.

CONCEPT BEHIND Reliance Money Reliance Money provides a comprehensive platform, offering an investment avenue for a wide range of asset classes. Its Endeavour is to change the way India transacts in financial markets and avails financial services.

Reliance Money offers a single window facility, enabling you to access, amongst others. Equity, Equity and Commodity Derivatives Offshore Investments, IPO’s, Mutual Funds, Life Insurance & General Insurance Products. Why Reliance Money? Reliance Money is the most cost-effective, convenient and secure way to transact in a wide range of financial products and services. The highlights of Reliance Money’s offering are: Cost-effective: The fee charged by the affiliates of Reliance Money, through whom the transactions can be placed, is among the lowest charged in the present scenario. As an introductory offer, pay a flat fee of just Rs. 500/- valid for 2 months or specified transactional value*. Convenience: You have the flexibility to access Reliance Money services in multiple ways: through the Internet, Transaction Kiosks, Call & Transact (Phone) or seek assistance through our Business Partners. Security: Reliance Money provides secure access through an electronic token that flashes a unique security number every 32 seconds (and ensures that the number used for the earlier transaction is discarded). This number works as a third level password that keeps you account extra safe.

61 Single window for multiple products: Reliance Money, through its affiliates/partners, facilitates transactions in Equity, Equity & Commodity Derivatives, Offshore Investments**, Mutual Funds, IPO’s. Life Insurance and General Insurance products.

3 in 1 integrated access: Reliance Money offers integrated access to your banking, trading and demat account. You can transact without the hassle of writing cheques.

Demat Account with Reliance Capital: Through Reliance Money, you get a hassle- free demat account with Reliance Capital. The Annual Maintenance Charge for the Demat Account is just Rs. 50/- per annum.

RELIANCE ADA GROUP

62

63 Reliance Money is a group company of Reliance Capital, one of India's leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group. Reliance Money is a comprehensive electronic transaction platform offering a wide range of asset classes. Its endeavor is to change the way India transacts in financial markets and avails financial services. Reliance Money is a single window, enabling you to access, amongst others in Equities, Equity & Commodities Derivatives, Mutual Funds, IPOs, Life & General Insurance products, Offshore Investments, Money Transfer, Money Changing and Credit Cards. The Reliance Anil Dhirubhai Ambani Group is one of India's top 3 business houses, and has a market capitalisation of over Rs.2,90,000 crore (US$ 75 billion),net worth in excess of Rs.40,000 crore (US$ 10 billion), cash flows of Rs. 9,000 crore (US$ 2.2

64 billion), net profit of Rs. 5,000 crore (US$ 1.3 billion) and zero net debt.

RELIANCE MONEY PRODUCT OFFERING

1. Trading Portal (with almost negligible brokerage ) • Equity Broking • Commodity Broking • Derivatives ( Futures & Options ) • Offshore Investments (Contract For Differences) • D-Mat Account. 2. Financial Products

65 • Mutual Funds • Life Insurance o ULIP plan o Term Plan o Money Back Plan • General Insurance o Vehicle/Motor Insurance o Health Insurance o House insurance • IPO’s • NFOs 3. Value-Added Services • Retirement Planning • Financial Planning • Tax Saving • Children Future Planning 5.Credit Cards 4. Gold coins retailing

66 Chairman's Profile:

67 Regarded as one of the foremost corporate leaders of contemporary India, Shri Anil Dhirubhai Ambani is the chairman of all listed companies of the Reliance ADA Group, namely, Reliance Communications, Reliance Capital, Reliance Energy, Reliance Natural Resources and Reliance Power. He is also Chairman of the Board of Governors of Dhirubhai Ambani Institute of Information and Communication Technology, Gandhi Nagar, Gujarat. Till recently, he also held the post of Vice Chairman and Managing Director in Reliance Industries Limited (RIL), India's largest private sector enterprise. Anil Dhirubhai Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally involved in every aspect of the company's management, If we look for examples to prove this quote then we can find many but there is none like that of Reliance Money. The company which is today known as the largest financial service provider of India.

Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services. Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is India's fastest growing general insurance company and the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with more than 2.5 million customers and the largest distribution network. Reliance Consumer finance has a loan book of over Rs. 8,000 crores at the end of June 2008. Reliance Capital has a net worth of Rs.6,862 crores (US$ 1.6 billion) and total assets of Rs. 19,940 crores (US$ 4.6 billion) as of June 30, 2008 and over 26,000 employees. Money has increased its market share among private financial companies to nearly Convenient & effective – Anytime & anywhere financial transaction capability. Launched inApril 2007. It provides the Flat fees system. It has 2.2 million customers in 1 year of official launch. It has over 5,000 outlets across 700 towns/cities. Average daily turnover – in excess of Rs 2,000 crores. Considering the entire life market, including the Rs. 12,890 crores booked by life insurance Corporation, Reliance life insurance market share works out to around 6.25% .The

68 life insurance market continuous to be dominated by LIC which has about 67% share this only a marginal dip from its 73% share in end-July . These comparisons are only for first year or new business premium.

COMPETITORS

HDFC BANK is one of the leading Depository Participant (DP) in the country with over 8 Lakh d-mat accounts.

69 HDFC Bank D-mat services offers you a secure and convenient way to keep track of your securities and investments, over a period of time, without the hassle of handling physical documents that get mutilated or lost in transit. HDFC BANK is Depository participant both with – National Securities Depositories Limited (NSDL) and Central Depository Services Limited (CDSL).

Features & Benefits

As opposed to the earlier form of dealing in physical certificates with delays in transaction, holding and trading in D-mat form has the following benefits : Settlement of Securities traded on the exchanges as well as off market transactions. Shorter settlements thereby enhancing liquidity. Pledging of Securities. Electronic credit in public issue. Auto Credit of Rights / Bonus / Public Issues / Dividend credit through ECS. Auto Credit of Public Issue refunds to the bank account. No stamp duty on transfer of securities held in d-mat form. No concept of Market Lots.

Change of address, Signature, Dividend Mandate, registration of power of attorney, transmission etc. can be effected across companies held in d-mat form by a single instruction to the Depository Participant (DP). Holding / Transaction details through Internet / email. Incase you need any more information or have any queries , feedback & complaints , you may please mail us at [email protected] Secured & easy transaction processing HDFC Bank Ltd provides convenient facility called 'SPEED-e' (Internet based transaction) whereby account holder can submit delivery instructions electronically through SPEED-e website (https://speed-e.nsdl.com). SPEED-e offers secured means of transaction processing eliminating preparation of instruction slips and submission of the same across the counter to the depository participant. The 'IDEAS' facility helps in viewing the current transactions and balances (holdings) of D-mat account on

70 Internet on real time basis.

Disclaimer: Whatever have been stated above are in the good interest of the Investor / D-mat Applicants / holders to provide a brief picture about the depository system. You are requested go through the guidelines of the depositories before taking any further action. For detailed guidelines, you are requested to approach your nearest HDFC Bank branch. HDFC Bank will not be responsible for any misunderstanding / act based on the above. Also HDFC Bank might ask for additional information / documentation than what has been stated above to process your application / instruction.

ICICI DIRECT

ICICIDirect (or ICICIDirect.com) is stock trading company of ICICI Bank. Along with stock trading and trading in derivatives in BSE and NSE, it also provides facility to invest in IPOs, Mutual Funds and Bonds. Trading is available in BSE and NSE

ICICIDirect offers 3 different online trading platforms to its customers,

71 Type of Account

1. Share Trading Account

Share Trading Account by ICICIDirect is primarily for buying and selling of stocks in BSE and NSE. This account allows Cash Trading, Margin Trading,

Margin PLUS Trading, Spot Trading, Buy Today Sell Tomorrow and Call and Trade on phone.

ICICIDirect.com website is the primary trading platform for this trading account. They also provide installable application terminal based application for high volume trader.

2. Wise Investment Account 3. Online Mutual funds investment allows investor to invest on-line in around 19 Mutual Fund companies. ICICI Direct offers various options while investing in Mutual Funds like Purchase Mutual Fund, Redemption and switch between different schemes, Systematic Investment plans, Systematic withdrawal plan and transferring existing Mutual Funds in to electronic mode. This account also provides facility to invest in Government of India Bonds and ICICI Bank Tax Saving Bonds. 2.Active Trader account gives more personalized investment options to the investors. It allows investor to use online and offline stock trading. It also provides with independent market expertise and support through a dedicated Relationship Manager from ICICI.

Active Trader also provides commodity trading.

Brokerage and fees

Account opening fees : Rs 750/- (One time non-refundable)

72 Brokerage : ICICIDirect.com brokerage varies on volume of trade and inclusive of d-mat transaction charges, service taxes and courier charges for contract notes. It ranges from 0.1% to 0.15% for margin trades, 0.2% to 0.425% for squared off trades and 0.4% to 0.85% on delivery based trades.

Disadvantages of ICICIDirect

1. Getting access to ICICIDirect.com website during market session can be frustrating.

.

73 RESEARCH METHODOLOGY

The approach to the research is considered in this chapter, from the theoretical underpinning to the collection and analysis of the data. It begins with the extent of the research to provide the specific guidelines of studying. The next part is concerned with the method of the research that refers to the data collection and analyzing which is used in the research.

METHODS- PRIMARY DATA

74 Date collection for this research was done primarily through filling up of questionnaire. The sample for the research including different individuals of various age groups and having different professions and qualifications. Data was collected through the interview of individuals. The questionnaire was containing questions regarding the personal details of individuals and then some light questions regarding their primary knowledge related to private insurance companies. Then there were questions related to their interest in being the Insurance Consultants of company. SECONDARY DATA

A large amount of secondary data has been collected from secondary sources. Some of the sources are:-  Reports on Insurance Sector of India.  Articles from Newspapers and magazines.  Various web sites of the insurance companies and related sites.

DATA ANALYSIS There are some features of analyzing data that need to be borne in mind when choosing the method for analyzing the research. The questionnaires were prepared to explore the psychology of individuals about being associated with as Insurance Consultants and to help the company grow by increasing its sales. Instead of testing a hypothesis, a qualitative analyst may demonstrate evidence showing that a theory, generalizing, or interpretation is plausible. SAMPLE SIZE:-

75 Various areas of Delhi were covered in order to fill the questionnaire. I interacted with 100 individuals in order to know about their interest of being Insurance Consultants.. SAMPLE COMPOSITION

 Youth  Executives  Serviceman  Business persons RESEARCH DESIGN: A research design provides the framework to be used as a guide in collecting and analyzing data.

Descriptive Research : Market survey is one of the best example of descriptive research. This is a one shot research study at a given point of time, and consists of a sample of the population of interest. Its advantages are that it gives a good overall picture of the position at a given time. It can cover many variables of interest, and is not affected by the movements of elements in the sample, because other elements can be substituted for them.

DATA ANALYSIS :-

After collection of data, the analysis of it was done through various graphs:-  Pie Diagram  Bar Diagram  Tubes  Cones

76 77 DATA ANALYSIS AND INTERPRETATION

Q .1 Which bank is easily available every where ?

Company Name Percentage of respondent Reliance Money 25 ICICI 15 HDFC 10

78 25

20

15

10

5

0 Reliance ICICI HDFC

Interpretation:- 50% have respondent of Reliance Money, 30% have respondent of HDFC, 20% have respondent of ICICI.

Q.2Which banking D-mat account offered you a large no. of services?

Company Name Percentage of respondent Reliance money 25 HDFC 10 ICICI 15

79 25

20

15

10

5

0 RLIANCE HDFC ICICI 4th Qtr

INTERPRETATION : 50% have respondent of Reliance Money, 20% have respondent of HDFC, 30% have respondent of ICICI.

Q.3 Which bank provide you a better email facility?

Company Name Percentage of respondent Reliance money 23 HDFC 11 ICICI 16

80 25

20

15

10

5

0 Reliance HDFC ICICI

INTERPRETATION: 46% have respondent of Reliance Money, 22% have respondent of HDFC, 32% have respondent of ICICI.

Q.4 Which company provide a less BROKARAGE rate ?

Company Name Percentage of respondent Reliance money 21 HDFC 15 ICICI 14

81 25

20

15

10

5

0 Reiance HDFC ICICI 4th Qtr

INTERPRTETATION: 42% have respondent of Reliance Money, 30% have respondent of HDFC, 28% have respondent of ICICI.

Q. 5 Which company provide you a large number of product and services?

Company Name Percentage of respondent Reliance money 21 HDFC 15 ICICI 14

82 25

20

15

10

5

0 Reliance HDFC ICICI

INTERPRETATION:- 42% have respondent of Reliance Money, 30% have respondent of HDFC, 28% have respondent of ICICI.

Represent a pie chart

83 ICICI 27%

Reliance 45%

HDFC 28%

84 OBSERVATION

To study the sales and distribution management and improve the Customer Acquisition Process by analyzing the consumer behavior, response and mindset towards the product and services the company offers.

85 • 50% have respondent of Reliance Money, 30% have respondent of HDFC, 20% have respondent of ICICI. • 50% have respondent of Reliance Money, 20% have respondent of HDFC, 30% have respondent of ICICI. • 46% have respondent of Reliance Money, 22% have respondent of HDFC, 32% have respondent of ICICI. • 42% have respondent of Reliance Money, 30% have respondent of HDFC, 28% have respondent of ICICI. • 42% have respondent of Reliance Money, 30% have respondent of HDFC, 28% have respondent of ICICI.

86 \

SUGGESTION

The Brand image of Reliance Money is good in market but according to customer satisfaction the company have to provide the better service. And also change the Market strategy

87 In order to render the existing Mutual Funds more effective and purposeful the following steps should be taken:

 There should be comprehensive legislation to control the operations of the Mutual Funds including the UTI. At present, Mutual Funds are subject to guidelines laid down by the RBI, Government of India and the SEBI and some of the guidelines are contradictories leading to confusion among the Mutual Fund managers. Further, the guidelines governing the UTI are not the same. It is, therefore, necessary that the Government should come out with single set of comprehensive legislation, which will uniformly be applicable to public sector and private sector Mutual Funds and the UTI.

 So far Mutual Funds in India confined themselves to urban areas; leaving vast saving potentials in rural hinterlands untapped. By penetrating in rural areas and introducing saving schemes tailored to the diverse preferences of rural community and by educating them about the benefits of the schemes, Mutual Funds can raise burgeoning resources which can be gainfully employed for the national development.

 Investors' confidence in Mutual Funds can be restored by rendering their operations more transparent and providing better services.

 While it is fine to advertise good performance of a particular scheme by a fund in order to attract more investment, the times are fast approaching when an honest view based approach would compel a Mutual Fund to advise investors on "sell" or "switch" between schemes, as emphatically as it would advise on the purchase. So as to attract investors, it is,

88 therefore, advisable to Mutual Funds to offer this sort of counseling which will certainly make a Mutual Fund different from other institutions.

89 LIMITATION

1. Low level of need.. 2. Low consumer awareness 3. For consumer, features and quality are less important. 4. market is very small. 5. More complex.

90 6. Regional, cultural and economic barriers exist in market.. 7. Poor standard of living in society. 8. Slow down in demand. 9. The time constraint was one of the major problems. 10. The study is limited to the different schemes available under the Demat account selected. 11. The lack of information sources for the analysis part.

91 CONCLUSION

Reliance D-mat Account is better than other D-mat account . Reliance Money has good return of investment. A good brand is always welcomed over here people are aware of quality so they go for ready to spend bucks of money. At last all con be concluded by that Reliance Money is still growing industry in India Reliance D-mat account have less brokerage rate .

92 It provide a security with the use of special type of key .

93 BIBLIOGRAPHY

By the Help of Manuals

• Reliance Money Report of 2008 & Internet.

94 By the help of Other Sources

• By the head’s and the consultant of the Reliance Money.

By the Help of Newspaper & Magazines

• Business World • Outlook • Business Economy • The Economic Times

By the help of Websites

1. www. IRDAIndia.org. 2. www.Reliancemoney.com 3. www.google.com

Reference books: 1. FINANCIAL INSTITUTIONS AND MARKETS - L.M.BHOLE 2.INVESTMENT MANAGEMENT - V.K.BHALL 3. RESEARCH METHODOLOGY - KOTHARI

95 QUESTIONNAIRE

1. NAME : ………………….

96 2. AGE : ………………….

3. OCCUPATION : ………………….

4. Do you know about stock market ? YES NO

5. Do you have a basic knowledge of Demat A/C ? YES NO

6. Do you know about Reliance Demat A/C ? YES NO

7. Do you know about Demat A/C concepts? YES NO

8. Do you know about mutual Demat A/C profits ? YES NO

9. Do you compare different companies Demat A/C? YES NO

10. Have you liked investing in them ? YES NO

11. Are you satisfied with mutual Demat A/C? YES NO

97 Q .12 Which bank is easily available every were ? . Reliance Money . HDFC . ICICI

Q.13 Which banking D-mat account offered you a large no. of services? . Reliance Money . HDFC . ICICI

Q.14 Which bank provide you a better email facility?

. Reliance Money . HDFC . ICICI

Q.15 Which company provide a less BROKARAGE rate ? . Reliance Money . HDFC . ICICI

Q. 16 Which company provide you a large number of product and services? . Reliance Money . HDFC . ICICI

98 99