Lobbying in Alcohol Industry Essay Example for Free

Lobbying in Alcohol Industry Essay 1. Alcohol industry in EU The economic role of the alcoholic drinks industry is considerable in many European countries. Alcohol excise duties in the EU15 countries amounted to â‚ ¬25 billion in 2001, excluding sales taxes and other taxes paid within the supply chain – although â‚ ¬1.5 billion is given back to the supply chain through the Common Agricultural Policy. Due to the relative inelasticity of the demand for alcohol, the average tax rates are a much better predictor of a government’s tax revenue than the level of consumption in a country. 1.1 Alcohol and the economy of Europe Europe plays a central role in the global alcohol market, acting as the source of a quarter of the world’s alcohol and over half of the world’s wine production. Trade is even more centred on Europe, with70% of alcohol exports and just under half of the world’s imports involving the European Union (EU). Although the majority of this trade is between EU countries, the trade in alcohol contributes around â‚ ¬9billion to the goods account balance for the EU as a whole. Price differences play more of a role in the level of legitimate cross-border shopping, where individuals legally bring back alcohol with them from cheaper countries. At least 1 in 6 tourists returns from trips abroad with alcoholic drinks, carrying an average of over 2 litres of pure alcohol per person in several countries. The economic role of the alcoholic drinks industry is considerable in many European countries. Alcohol is also associated with a number of jobs, including over three-quarters of a million in drinks production (mainly wine). Further jobs are also related to alcohol elsewhere in the supply chain, e.g. in pubs or shops. However, the size of the industry is not necessarily a good guide to the economic impact of alcohol policies – for example, trends in alcohol consumption show no crude correlation with trends in the number of jobs in associated areas such as hotels, restaurants, and bars, suggesting that the effect of changes in consumption may be relatively weak. A reduction in spending on alcohol would also be expected to free consumer funds to be spent on other areas, with the economic impact depending on the exact nature of the new expenditure. While further research needs to be done on this issue, current evidence from alcohol and other sectors suggests that declining consumption may not necessarily lead to job losses in the economy as a whole. Based on a review of existing studies, the total tangible cost of alcohol to EU society in 2003 was estimated to be â‚ ¬125bn (â‚ ¬79bn-â‚ ¬220bn), equivalent to 1.3% GDP, which is roughly the same value as that found recently for tobacco. The intangible costs show the value people place on pain, suffering and lost life that occurs due to the criminal, social and health harms caused by alcohol. In 2003 these were estimated to be â‚ ¬270bn, with other ways of valuing the same harms producing estimates between â‚ ¬150bn and â‚ ¬760bn. While these estimates consider a number of different areas of human life where alcohol has an impact, there are several further areas where no estimate has been made as it was impossible to obtain data. Similarly, while the estimates take into account the benefits of alcohol to health systems and loss of life (valued intangibly), there is no research that would enable the other social benefits to be evaluated. 1.1 The use of alcohol in Europe The EU is the heaviest drinking region of the world, although the 11 litres of pure alcohol drunk per adult each year is still a substantial fall from a recent peak of 15 litres in the mid-1970s. The last 40 years has also seen a harmonization in Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Most Europeans drink alcohol, but 55 million adults (15%) abstain; taking this and unrecorded consumption into account, the consumption per drinker reaches 15 litres per year. Just under half of this alcohol is consumed in the form of beer (44%), with the rest divided between wine (34%) and spirits (23%). Within the EU15, northern and central parts drink mainly beer, while those in southern Europe drink mainly wine (although Spain may be an exception). This is a relatively new phenomenon, with a harmonization visible over the past 40 years in the EU15. Around 40% of drinking occasions in most of the EU15 involve consuming alcohol with the afternoon/evening meal, although those in southern Europe are much more likely to drink with lunch than elsewhere. While the level of daily drinking also shows a north—south gradient, non-daily frequent consumption (i.e. drinking several times a week but not every day) seems to be more common in central Europe, and there is evidence for a recent harmonization within the EU15. While 266 million adults drink alcohol up to 20g (women) or 40g (men) per day, over 58 million adults (15%) consume above this level, with 20 million of these (6%) drinking at over 40g (women) or 60g per day(men). Looking at addiction rather than drinking levels, we can also estimate that 23 million Europeans (5% of men, 1% of women) are dependent on alcohol in any one year. In every culture ever studied, men are more likely than women to drink at all and to drink more when they do, with the gap greater for riskier behaviour. Although many women give up alcohol when pregnant, a significant number (25%-50%) continue to drink, and some continue to drink to harmful levels. Patterns in drinking behaviour can also be seen for socio-economic status(SES), where those with low SES are less likely to drink alcohol at all. Despite a complex picture for some aspects of drinking (with some measures showing opposite trends for men and women), getting drunk and becoming dependent on alcohol are both more likely among drinkers of lower SES. Every country in the European Union (EU) has a number of laws and other policies that set alcohol apart from other goods traded in its territory, often for reasons of public health. Despite the ubiquity of alcohol policies, just under half the EU countries still do not have an action plan or coordinating body for alcohol. Even so, most countries have programmes for one aspect of alcohol policy, of which school-based education programmes are the most common throughout Europe. All countries also have some form of drink-driving restrictions, with everywhere except the UK, Ireland and Luxembourg having a maximum blood alcohol limit for drivers at the level recommended by the European Commission (0.5g/L). However, many European drivers believe that there is only a slim chance of being detected a third overall believe they will never be breathalyses, although this is lower in countries with random breath testing. Sales of alcohol are generally subject to restrictions in most EU countries, in a few cases through retail monopolies but more often through licences, while the places that alcohol can be sold are frequently restricted. Over one-third of countries (and some regions) also limit the hours of sale, while restrictions on the days of sale or the density of off-premise retailers exist in a small number of countries. All countries prohibit the sale of alcohol to young people beneath a certain age in bars and pubs, although four countries have no policy on the sale of alcohol to children in shops. The cut-off point for allowing sales to young people also varies across Europe, tending to be 18 years in northern Europe and 16 years in southern Europe. Alcohol marketing is controlled to different degrees depending on the type of marketing activity. Television beer adverts are subject to legal restrictions (beyond content restrictions) in over half of Europe, including complete bans in five countries; this rises to 14 countries for bans on spirits adverts. Billboards and print media are subject to less regulation though, with one in three countries (mainly in the EU10) having no controls. Sports sponsorship is subject to the weakest restrictions, with only seven countries having any legal restrictions at all. The taxation of alcoholic beverages is another consistent feature of European countries, although the rates themselves vary considerably between countries. This can be seen clearly for wine, where nearly half the countries have no tax at all, but one in five countries has a tax rate above â‚ ¬1,000, adjusted for purchasing power. In general, the average effective tax rate is highest in northern Europe, and weakest in southern and parts of central and eastern Europe. Four countries have also introduced a targeted tax on alcopops since 2004, which appears to have reduced alcopops consumption since. When the different policy areas are combined into a single scale, the overall strictness of alcohol policy ranges from 5.5 (Greece) to 17.7 (Norway) out of a possible maximum of 20, with an average of 10.8. The least strict policies are in southern and parts of central and eastern Europe, and the highest in northern Europe – but the scores do not all decrease from north to south, as seen in the high score in France. This picture of alcohol policy is very different from the one visible fifty years ago, with the overall levels of policy now much closer together, largely due to the increased level of policy in many countries, particular in the area of drink-driving where all countries have a legal limit. Marketing controls, minimum ages to buy alcohol, and public policy structures to deliver alcohol policy are also much more common in 2005 than in 1950. Main interest groups in the industry and their leader in lobbying activities Eurocare: Who we are and what we do Eurocare, is an alliance of around 50 voluntary and non-governmental organizations across Europe created in 1990, working on the prevention and reduction of alcohol-related harm2 . One of the main goals is to promote the prevention of alcohol-related harm in European Union decision-making; this is achieved by monitoring all EU level policy initiatives, and carrying out advocacy campaigns directed at the European Commission (EC) and the European Parliament (EP) to ensure that alcohol issues are included in relevant policy discussions. The catalyst of our work in recent years (and the concrete result of fifteen years of lobbying) has been the â€Å"EU Strategy to Support Member States in Reducing Alcohol Related Harm†, published by the Directorate General for Health and Consumer Protection (DG Sanco) of the European Commission in October 20063. A cornerstone of this strategy is the recently launched Alcohol and Health Forum, a multistakeholder platform bringing together the industry and well as NGOs4 pledging to commit to concrete actions to reducing alcohol-related harm. The cross-sectoral nature of alcohol policy includes the Television Without Frontiers Directive (concerned with young people’s exposure to alcohol advertising), Minimum Excise Duties (a report from the EP proposed to scrap these in order to avoid cross border trade and smuggling), and Labeling (the EC is to present a draft Directive on labeling at the end of the year).For Eurocare, lobbying on alcohol presents several difficulties: first the EU has limited competence to legislate in the domain of public health5. DG Sanco’s Alcohol Strategy is thus useful for advocacy in Member States; at EU level, it has allowed alcohol to secure a place on the political agenda, despite being weakened by the influence of the Commission’s more powerful â€Å"big brothers† (DG Trade, DG Market, DG Agriculture, etc.) (Ulstein 2006). Second, at European level, the aim of reducing alcohol-related harm is competing against other strong public health discourses for example in the field of tobacco, nutrition and physical activity, the latter exemplified in the EU Platform for Diet, Physical Activity and Health on which the Alcohol and Health Forum is modeled. Roizen and Fillmore (2000) articulate this from the researchers’ perspective, but it is also true for advocates that â€Å"our consumerist or dangerous-commodity orientation to alcohol (†¦) obliges us to compete in a public-health-information-offering market place already crowded with health warnings of many kinds†. The specificities of alcohol serve to further complicate the picture; parallels with tobacco or junk food are obvious: indisputable public health burdens; links with social inequalities, and of course, powerful industries. What sets alcohol apart though, is the highly problematic, misunderstood and misused evidence on the â€Å"benefits of alcohol consumption†; like it or not, the â€Å"ambiguous molecule† alcohol forms an integral part of most cultures across Europe, â€Å"causing deaths while saving lives, inflicting pain while producing pleasure† The alcohol industry: no ordinary stakeholder The alcohol industry is undeniably a rival voice in the political process of â€Å"weighing up the evidence†; a strong economic asset, with increasingly visible corporate social responsibility policies, the industry represents a valid stakeholder. Alcohol producers unite underâ€Å"legitimate fronts† through social aspects (SA) organisations6, such as the International Centre for Alcohol Policies (ICAP) or the European Forum For Responsible Drinking (EFRD), both of which are participating in the Commission’s Alcohol and Health Forum. Under these banners, research, policy analysis and of course, lobbying are carried out: in fact, it has not been uncommon to find such groups walking the same corridors of power as ourselves. To the layperson, the â€Å"research† and â€Å"policy analysis† (e.g.: ICAP Blue Book) carried out by these organisations may appear methodologically sound, and conclusive, and the (simplistic) models as comprehensive and logical. For example, that â€Å"patterns of drinking are the best way to understand the place of alcohol in society†; that â€Å"targeted interventions are most sensitive to cultural differences†, and that â€Å"partnerships offer the best opportunities to develop policies†. Funnily enough â€Å"Drinking in Context: Patterns, Interventions and Partnerships†, an ICAP collaborative publication (Stimson et al. 2006) was recently publicised at a lunch meeting held in the European Parliament, hosted by German MEP Renate Sommer. Staff from the Eurocare Secretariat attended this lunch; the event was reminiscent of the spirit of the film â€Å"Thank You For Smoking†8; a sequel named â€Å"Thank You For Drinking† should be considered, and would be highly entertaining. This example highlights the tensions involved in the political process, and how apparently sound and legitimate evidence can be put forward by the industry, in order to counter what is regarded by the public health community as â€Å"legitimate† evidence. When the Institute of Alcohol Studies published the Alcohol in Europe report, the British Beer and Pub Association (also participating in the Alcohol and Health Forum) attempted to undermine its scientific objectivity by â€Å"denouncing† vested interests, namely, links to temperance; they likened this to â€Å"vegetarians writing a report about the benefits of eating meat†. The EFRD’s view (in Baumberg Anderson 2007) was that those advocating a stronger EU alcohol strategy â€Å"had a biased view of the evidence base†. It is precisely through the use of â€Å"evidence† and their engagement in research, policy analysis and lobbying (activities mirroring our own work) that the industry tries to secure a place at the policy table, which may be potentially difficult for the public health community to fight off. The WHO (2007) stresses the â€Å"importance of the participation of civil society organisations without the conflict of interests in alcohol policy development, as a counter influence to the vested trade interests, which might otherwise dominate political decision making†.

Book Review Of the Burning Man By Phillip Margolin :: essays research papers

Book Review of "The Burning Man" by Phillip Margolin Peter Hale, the son of Richard Hale, a four-year associate at Hale, Greaves, Strobridg, Marquand, and Bartlett, has lived his life under the shadow of his father. Despite having a high five-figure salary and fire-engine-red Porsche, Peter was constantly trying to overcome the expectations of his high- class lawyer of a father, who was former president of the Oregon State Bar. Handling only small-time cases did not present Peter with the opportunity to outshine his father, who was also a second-team All-American football player and National Champion wrestler, but when his father had a heart attack and could no longer handle a million dollar case in which Peter had been helping him, Peter could not let the opportunity pass. As Richard Hale lied helpless in a hospital bed, he demanded Peter ask for a mistrial, but it seemed only to go in one ear of Peter's and out the other. Peter's boldness would be costly though, as he would lose the case and lose his father. Richard did not die, but when he heard of his son's error he could not forgive him and couldn't bare to see him anymore. Only a fatherly instinct would force Richard to find a meager job for his helpless son in a small town with an old friend who was looking for someone trying to regain status as Peter now was. Whitaker was not as exciting as Portland was to Peter, but he began to be accustomed to the town when he began his handling small criminal cases and ran into an old friend who graduated with him from highschool, Steve Mancini. Steve, like Peter's father, was a football star, but at the Division II level for the Whitaker State football team. Hale became close with Mancini and met many other residents of Whitaker through Steve. One being Steve's beautiful and intelligent fiance, Donna Harmon and her slightly retarded brother Gary. Just as things began to become settled for Peter in Whitaker, he ran into some problems with Gary Harmon. Peter had to save him once from the police in a peeping incident and then became Gary's lead attorney, under some influence from Steve Mancini, as Gary was charged with the murder of a local college girl. The night of the murder, Gary had been at a local bar, the Stallion, and had gotten into an argument with a girl whom he had asked to buy a drink for. Despite the assurance of a local drug-dealer friend of Gary's, Kevin Booth and his friend, Christopher Mammon, the college girl had rejected Gary heavily not

PROJECT ON CUSTOMER RELATIONSHIP MANAGEMENT WITH RELIGARE SECURITIES LTD Essay

The company can then use the information to learn about the behavior of its customers and improve the way it does a business. It can look at recurring complaints from multiple customers to solve a problem which would otherwise go unchecked with a normal formats and management system of the company. The main objective of my project is to find effective solution for the Customer Relationship Management and accordingly increase the credibility and profitability of the company. This study is more related to consumer behavior and perception about the facilities and convenience provided by the company, Customer Satisfaction is emphasized in this management. o Helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns with clear goals and objectives, and generate quality leads for the sales team. Assisting the organization to improve telesales, account, and sales management by optimizing information shared by multiple employees, and streamlining existing processes (for example, taking orders using mobile devices) o Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service. o Providing employees with the information and processes necessary to know their customers, understand their needs, and effectively build relationships between the company, its customer base, and distribution partners. CHAPTER 2. OBJECTIVE OF THE STUDY OBJECTIVES OF THE PROJECT A. Title of the project: Customer Relationship Management (CRM) with Religare Securities B. Objective of the Study: The objective of the project was to analyze „Effective Customer Relationship Management‟ for Religare Securities Ltd., Pune for that we have to understand current CRM System and Services provided from the company and its effect on Customer Needs, Satisfaction Level, their response and emotions. The objective of this study to analyze existing customer satisfaction as those customers are the key sources to new customers with respect to the performance, sales efforts and sales service. As the company stands second in India in aspect of turnover after Kotak Mahindra Securities, it‟s clear that it has very strong Customer Relationship Management System and perfect people to handle it properly for the benefit of customers and company as well. Actual and personal meeting with existing customers and employees has brought me to the reality of the effectiveness of the system and their success. For analyzing the same factor I staked my whole duration of the project and simultaneously for internal study and market watch and other group assignments. Questionnaire is based on the existing services and the satisfaction level of the existing customers which includes questions like Name, Age, Gender, Income, Investment Frequency, feedback about services which they are provided like conformation, calls, suggestions, solutions on stuck money like dead investment and all. On an average all the customers are happy with the company and look forward to the growth of it. C. Scope of the study: Scope the this study is it will assist Religare to get its own Customer Relationship Management system mirror well and it will get all the important things before eyes to apply all the possible ways to provide a superb service to the customers and accordingly make them loyal and retain them long lasting and also to get new customers to be served. Scopes can be stated in few points as follows. o Maintain current / existing customers. o Achieve new potential customers. o Retain all the customers. o Profitability Increment o Reputation and credibility Increment, etc. The heart of CRM is not being customer centric but rather to use customer profitability as a driver for decision making and action. Before exploring this assertion, it is useful to review the process of resource allocation as it is practiced in most organizations. The budget process largely consists of an extrapolation of the past. Resource constraints pit function against function with back room deals that are based on internal politics versus the marketplace. This decision process has little insight as to what is working and what is not working (as it applies to the marketplace) or for that matter why? Without insight relative to cause and effect, the organization has no choice but to follow intuition and anecdote. It is analogous to the story about the marketing VP who admitted that half the advertising budget was wasted; the problem was he did not know which half. CHAPTER 3. PROFILE OF THE COMPANY Profile of company Religare Enterprises Limited (REL): Religare, a Ranbaxy promoter group company, is one of the leading integrated financial services institutions of India. The company offers a large and diverse bouquet of services ranging from equities, commodities, insurance broking, to wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. The services are broadly clubbed across three key business verticals- Retail, Wealth management and the Institutional spectrum. Religare Enterprises Limited is the holding company for all its businesses, structured and being operated through various subsidiaries. Religare‟s retail network spreads across the length and breadth of the country with its presence through more than 1,217 locations across more than 392 cities and towns. Having spread itself fairly well across the country and with the promise of not resting on its laurels, it has also aggressively started eyeing global geographies Religare Enterprises Limited (REL) is one of the leading integrated financial services groups of India. REL‟s businesses are broadly clubbed across three key verticals, the Retail Institutional and Wealth spectrums, catering to a diverse and wide base of clients. The vision is to build Religare as a globally trusted brand in the financial services domain and present it as the „Inv estment Gateway of India‟. All employees of the group guided by an experienced and professional management team are committed to providing financial care, backed by the core values of diligence and transparency. REL offers a multitude of investment options and a diverse bouquet of financial services with its pan India reach in more than 1800 locations across more than 490 cities and towns. REL operates globally following its acquisition of London‟s oldest brokerage and investment firm, Hichens, Harrison and Co. plc. With a view to expand, diversify and introduce offerings benchmarked against global best practices, Religare operates its Life Insurance business in partnership with the global major- AEGON. For its wealth management business Religare has partnered with Australia based financial services major- Macquarie. Religare has also partnered with Vistaar Entertainment to launch India‟s first SEBI approved Film Fund offering a unique alternative asset class of investments. Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a leading equity and securities firm in India. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments; it currently holds a reasonable share of the market. The major activities and offerings of the company today are Equity Broking, Depository Participant Services, Portfolio Management Services, International Advisory Fund Management Services, Institutional Broking and Research Services. To broaden the gamut of services offered to its investors, the company offers an online investment portal armed with a host of revolutionary features. o RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and is a SEBI approved Portfolio Manager. o Religare has been constantly innovating in terms of product and services and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all the portfolio investment decisions depending upon a client‟s risk / return parameter. o Religare has a very credible Research and Analysis division, which not only caters to the need of our Institutional clientele, but also gives their valuable inputs to investment dealers. Trading in Equities with Religare truly empowers you for your investment needs. We ensure you have superlative trading experience through – ï‚ · A highly process driven, delight approach ï‚ · Powerful Research & Analytics and ï‚ · One of the „best-class‟ dealing rooms Further, Religare also has one the largest retail networks, with its presence in more than 1800* locations across more than 490* cities and towns. This means, you can walk into any of these branches and connect to our highly skilled and dedicated relationship managers to get the best services. The Religare Edge o Pan India footprint o Powerful research and analytics supported by a pool of highly skilled research analysts o Ethical business practices o Single window for all investment needs through your unique CRN Religare Enterprise Limited, through its subsidiaries, offers a range of integrated financial products and services to retail inventors, high net worth individuals, and corporate and institutional clients in India. It operates in three divisions: Retail Spectrum, Wealth Spectrum, and Institutional Spectrum. The Retail Spectrum division offers equity brokerage, commodities brokerage, personal financial services, including insurance brokerage and mutual fund distribution; internet trading; loans against shares; and personal loans. The Wealth Spectrum division provides portfolio management services, wealth advisory services, and private client equity services, such as international equity services. The company was formerly known as Religare Enterprises Private Limited and changed its name to Religare Enterprises Limited in July 2006. The company was incorporated in 1984 and is based in New Delhi, India. Industry Profile 19 Industry Profile While regulation and reforms have made major improvements in the quality of the equity markets in India, its rapid growth and development are largely due to strong and efficient market intermediation. The robustness of the Indian markets today is attributable to a healthy blend of the quality of market Structure and efficient intermediation. Even as several countries are instituting procedures to commence. Equity derivative markets, India ranks amongst the top five countries globally in this segment, in less than five years of its introduction. This is an example of the proactive and progressive nature of the Indian brokerage industry. In the last decade, the Indian brokerage industry has undergone a dramatic transformation. From being made of close groups, the broking industry today is one of the most transparent and compliance oriented businesses. Long settlement cycles and large scale bad deliveries are a thing of the past with the advent of T+2 (Trading day + 2 days) settlement cycle and dematerialization. Large and fixed commissions have been replaced by wafer thin margins, with competition driving down the brokerage fee, in some cases, to a few basis points. 20 There have also been major changes in the way business is conducted. Technology has emerged as the key driver of business and investment advice has become research based. At the same time, adherence to regulation and compliance has vastly increased. The scope of services have enhanced from being equity products to a wide range of financial services. Investor protection has assumed significance, and so has providing them with education and awareness. Greater need for capitalization has induced several firms to access the capital market; foreign firms are showing increasing interest in taking equity stakes in domestic broking firms. Major developments in equity brokerage industry in India: 1. Corporate memberships There is a growing surge of corporate memberships (92% in NSE and 75% in BSE), and the scope of functioning of the brokerage firms has transformed from that of being a family run business to that of professional organized function that lays greater emphasis on observance of market principles and best practices. With proliferation of new markets and products, corporate nature of the memberships is enabling broking firms to expand the realm of their operations into other exchanges as also other product offerings. Memberships range from cash market to derivatives to commodities and a few broking firms are making forays into obtaining memberships in exchanges outside the country subject to their availability and eligibility. 21 2. Wider product offerings The product offerings of brokerage firms today go much beyond the traditional trading of equities. A typical brokerage firm today offers trading in equities and derivatives, most probably commodities futures, exchange traded funds, distributes mutual funds and insurance and also offers personal loans for housing, consumptions and other related loans, offers portfolio management services, and some even go to the extent of creating niche services such as a brokerage firm offering art advisory services. In the background of growing opportunities for investors to invest in India as also abroad, the range of products and services will widen further. In the offing will be interesting opportunities that might arise in the exchange enabled corporate bond trading, soon after its commencement and futures trading that might be introduced in the near future in the areas of interest rates and Indian currency. 22 3. Greater reliance on research Client advising in India has graduated from personal insights, market tips to becoming extensively research oriented and governed by fundamentals and technical factors. Vast progress has been made in developing company research and refining methods in technical and fundamental analysis. The research and advice are made online giving ready and real time access to market research for investors and clients, thus making research important brand equity for the brokerage firms. 4. Accessing equity capital markets Access to reliable financial resources has been one of the major constraints faced by the equity brokerage industry in India since long. Since the banking system is not fully integrated with the securities markets, brokerage firms face limitations in raising financial resources for business and expansion. With buoyancy of the stock markets and the rising prospects of several well organized broking firms, important opportunity to access capital markets for resource mobilization has become available. The recent past witnessed several leading brokerage firms accessing capital markets for financial resources with success. 23 5. Foreign collaborations and joint ventures The way the brokerage industry is run and the manner in which several of them pursued growth and development attracted foreign financial institutions and investment banks to buy stakes in domestic brokerage firms, paving the way for stronger brokerage entities and possible scope for consolidation in the future. Foreign firms picked up stake in some of the leading brokerage firms, which might lead to creating of greater interest in investing in brokerage firms by entities in India and abroad. 6. Specialized services/niche broking While supermarkets approach are adopted in general by broking firms, there are some which are creating niche services that attract a particular client group such as day traders, arbitrage trading, investing in small cap stocks etc, and providing complete range of research and other support to back up this function. 7. Online broking Several brokers are extending benefits of online trading through creation of separate windows. Some others have dedicated online broking portals. Emergence of online broking enabled reduction in transaction costs and costs of trading. Keen competition has emerged in online broking services, with some of these offering trading services at the cost of a few basis points or costs which are fixed in nature irrespective of the volume of 24 trading conducted. A wide range of incentives are being created and offered by online brokerage firms to attract larger number of clients. 8. Compliance oriented With stringent regulatory norms in operation, broking industry is giving greater emphasis on regulatory compliance and observance of market principles and codes of conduct. Many brokerage firms are investing time, money and resources to create efficient and effective compliance and reporting systems that will help them in avoiding costly mistakes and possible market abuses. Brokerage firms now have a compliance officer who is responsible for all compliance related aspects and for interacting with clients and other stake holders on aspects of regulation and compliance. 9. Focus on training and skill sets Brokerage firms are giving importance and significance to aspects such as training on skill sets that could prove to be beneficial in the long run. With the nature of markets and products becoming more complex, it becomes imperative for the broking firms to keep their staff continuously updated with latest development in practices and procedures. Moreover, it is mandated for certain types of dealers/brokers to seek specific certification and examinations that will make them eligible to carry business or trade. Greater emphasis on aspects such as research and analysis is giving scope 25 for in-depth training and skills sets on topics such as trading programs, valuations, economic and financial forecasting and company research. 10. From owners to traders A fundamental change that has taken place in the equity brokerage industry, which is a global trend as well, is the transformation of broking from owners of the stock exchange to traders of the stock market. Demutualization and corporatization of stock exchanges bifurcated the ownership and trading rights with brokers vested only with the later and ownership being widely distributed. Demutualization is providing balanced welfare gains to both the stock exchanges and the members with the former being able to run as corporations and the latter being able to avoid conflict of interests that sometimes came as a major deterrent for the long term growth of the industry. Emerging challenges and outlook for the brokerage industry .Brokerage firms in India made much progress in pursuing growth and building professionalism in operations. Given the nature of the brokerage industry being very dynamic, changes could be rapid and so as the challenges that emerge from time to time. A brief description on some of the prospects and challenges of the brokerage firms are discussed below. 26 11. Fragmentation Indian brokerage industry is highly fragmented. Numerous small firms operate in this space. Given the growing importance of technology in operations and increasing emphasis on regulatory compliance, smaller firms might find it constrained to make right type of investments that will help in business growth and promotion of investor interests. 12. Capital Adequacy Capital adequacy has emerged as an important determinant that governs the scope of business in the financial sector. Current requirements stipulation capital adequacy in regard to trading exposure, but in future more tighter norms of capital adequacy might come into force as a part of the prudential norms in the financial sector. In this background, it becomes imperative for the brokerage firms to focus on raising capital resources that will enable to give continuous thrust and focus on business growth. 13. Global Opportunities Broking in the future will increasingly become international in character with the stock markets being open for domestic and international investors including institutions and individuals, as also opportunities for investing abroad. Keeping abreast with developments in international markets as also familiarization with global standards in broking operations and assimilating major practices and procedures will become relevant for the domestic brokerage firms. 27 14. Opportunities from regional finance Regional economic integration such as that under the European Union and the ASEAN have greatly benefited businesses in the individual countries with cross border opportunities that helped to expand the scope and significance of the business. Initial measures to promote South Asian economic integration is being made by governments in the region first at the political level to be followed up in regard to financial markets. South Asian economic integration will provide greater opportunities for broking firms in India to pursue cross border business. In view of several of common features prevailing in the markets, it would be easier to make progress in this regard. 15. Product Dynamics As domestic finance matures and greater flow of cross border flows continue, new market segments will come into force, which could benefit the domestic brokerage firms, if they are well prepared. For instance, in the last three to four years, brokerage firms had newer opportunities in the form of commodities futures, distribution of insurance products, wealth management, mutual funds etc, and as the market momentum continues, broking firms will have an opportunity to introduce a wider number of products. 28 16. Competition from foreign firms Surging markets and growing opportunities will attract a number of international firms that will increase the pace of competition. Global firms with higher levels of capital, expertise and market experience will bring dramatic changes in the brokerage industry space which the local firms should be able to absorb and compete. Domestic broking firms should always give due focus to emerging trends in competition and prepare accordingly. 17. Investor Protection Issues of investor interest and protection will assume centre stage. Firms found not having suitable infrastructure and processes to ensure investor safety and protection will encounter constraints from regulation as also class action suits that investors might bring against erring firms. The nature of penalties and punitive damages would become more severe. It is important for brokerage firms to establish strong and streamlined systems and procedures for ensuring investor safety and protection. 29 Chapter 4. Literature Review Literature Review Historical Background: Customer relationship management (CRM), a concept that has been around since the mid 90s, has its roots in the technology of sales automation and call center operations. At that time, it was thought that merging the customer data from the field (sales) with the call center interactions would result in more informed interactions with the customer. The concept resonated with user organizations and soon mergers and acquisitions created a host of software vendors all claiming to have an integrated set of capabilities that became known as CRM. On a parallel track, Internet-based tools such as e-commerce, Internet marketing, personalization, and self-help were evolving. These products competed outside of the CRM sphere due to the newness of the technology, and they were referred to as e-business. When the concepts of CRM and e-business melded together there was a short period of e-madness where vendors talked about eCRM and e-everything. There are still vestiges of this transition in the industry such as essentially using e-business to add value to vendors and referring to it as partner relationship management (PRM) or providing tools for employees and referring to it as employee relationship management (ERM). 31 Similarly, enterprise resource planning (ERP) vendors realized that the 360-degree view of the customer has to include transaction data, so they have likewise developed an integrated package with CRM capabilities. Thus from a technology perspective CRM consists of a set of applications that address the needs of customer-facing functions that in turn feed a common database that is supported by business analytics. Each vendor has variations on this theme. On the other hands, CRM can be defined as a process or methodology used to learn more about customers‟ needs and behaviors in order to manage and develop stronger relationships in an organized way with them. 32 Components of CRM: 1. Contact an Account Management: Relevant data for customer profile is captured with the help of the software. Necessary information is captured from prospective customers. CRM system stores data in common customer database. The database integrates customer account information and presents it in desirable format to the company. The data is used for sales, marketing, services and other applications. 33 2. Sales: Sales process management follows a customized sales methodology with specific sales policies and procedures. Sales activities include – Product information, Product configuration, sales prospectus and sales quote generation. CRM also provide the history of customer account so that the sales call can be scheduled accordingly. 3. Marketing and fulfillment: CRM helps the professionals in product marketing, target marketing, relationship marketing and campaign management. By analyzing customer and business value of direct marketing can be estimated. CRM also helps in customer retention, behavior prediction, channel optimization, personalization. Customer response and requests can be quickly scheduled and hence sales contacts. 34 4. Customer Service and support: CRM system provides service representatives with adequate access to customer database. It also helps to create, assign and manage the service requests by customers. Calling format is designed to route customer calls to respective attendants as per the skills and authority to handle special cases. Help desk system is developed to help customer service representative to help customers who face problems with product or service to resolve it. Web-based Self Service means help customer to access personalized information at company website. 5. Retention and loyalty programs: The primary objective of CRM is to enhance and optimize customer retention and loyalty. CRM systems are also useful in determining most loyal and profitable customers and reward. 35 The essential link between Marketing, Sales and Customer Service: Too often, the three key functions that directly affect customers -Marketing, Sales and Customer Service – operate independently of one another. This can create confusion and inconsistency in how you communicate and service your customers. For examples, marketing staff may come up with a price promotion. However, if that is not communicated to the sales team, the result could be incorrect billing, which may take time or resources from the customer to rectify and could create ill will and mistrust, making it seem like your company does not adhere to its word. 36 Similarly, if a salesperson makes a sale and gives certain guarantees to a customer but those are not communicated to the customer service team or even to the other sales team members, then the customer may fees as if the company is not standing behind its assurance. This can be particularly problematic if there is employee turnover and poor communication between or even departments. This „silo effect‟ – where information is between vertically in departments that may or may not communicate with each other- could actually damage your business. With comprehensive CRM system, however, customer communication is captured and housed in an accessible database, making the most current information available to anyone who needs it and has access to the system. By breaking through barriers between various business functions and making communication transparent, your company can act in a more consistent and unified fashion with its customers, instilling a greater level of trust and strengthening customer relationships. Religare Securities Limited (RSL) provides a host of financial services under one roof following a ONE STOP SHOP philosophy. It has a dedicated team of professionals to cater to the variety of services to Individuals, Corporate and Institutions. The team updates its clients with opportunities – with a sense of competitive urgency and risk management. What‟s more, their special analysts design customized services for HNI and Institutions. 37 Over the years Religare Securities Ltd. has played a successful role in client’s wealth creation. In the process Religare Securities Ltd. also refined itself, as an investment advisor and is poised to provide complete Investment Management Solutions to its valued clientele. The following is the product profile of the company. ï‚ · Equity Broking – BSE and NSE ï‚ · Derivatives Futures and Options ï‚ · Internet Broking- Online Trading ï‚ · Commodities Trading – NCDEX & MCX ï‚ · Institutional Broking ï‚ · Depository Services – NSDL & CDSL ï‚ · Portfolio Management Services ï‚ · NRI Investments ï‚ · Initial Public Offerings (IPO) ï‚ · Mutual Fund Investment NEWS: Religare Securities bags LIPPER-STARMINE Award for Excellence in Research Mumbai, February 18, 2009: Religare Securities Limited a wholly owned subsidiary of Religare Enterprises Limited has been recently awarded the LIPPER-STARMINE broker award for â€Å"Earnings Estimates in Midcap Research for 2008†. The Lipper| StarMine Awards organized by Thomson Reuters, for Asset Management and sell-side broking Companies in India, were announced last week in Mumbai. The awards recognize analysts who are more accurate than their peers in forecasting earnings, awarding credit to those who demonstrate an ability to make accurate estimates earlier than their peers. On receiving the award, Mr. Amitabh Chakraborty, President (Equity), said, â€Å"We are extremely proud to receive this award as a validation of our efforts in what was the most difficult and volatile year in stock market and corporate history. It is in these difficult times that the ability of a team to accurately estimate corporate earnings stands its truest test and we have succeeded in enabling our customers to make informed buy or sell recommendations in order to give above average returns to investors.† 40 Equities What is equity? Funds brought into a business by its shareholders is called equity. It is a measure of a stake of a person or group of persons starting a business. What does investing in equity mean? When you buy a company’s equity, you are in effect financing it, and being compensated with a stake in the business. You become part-owner of the company, entitled to dividends and other benefits that the company may announce, but without any guarantee of a return on your investments. Dematerialization What is Demat? Demat is a commonly used abbreviation of Dematerialisation, which is a process whereby securities like shares, debentures are converted from the â€Å"material† (paper documents) into electronic data and stored in the computers of an electronic Depository (SEE next page). You surrender material securities registered in your name to a Depository Participant (DP). These are then sent to the respective companies 41 who cancel them after dematerialization and credit your Depository Account with the DP. The securities on dematerialization appear as balances in the Depository Account. These balances are transferable like physical shares. If at a later date you wish to have these â€Å"Demat† securities converted back into paper certificates, the Depository can help to revive the paper shares. What is the procedure for the dematerialisation of securities? Check with a DP as to whether the securities you hold can be dematerialised. Then open an account with a DP and surrender the share certificates. What is a Depository? A Depository is a securities â€Å"bank,† where dematerialised physical securities are held in custody, and from where they can be traded. This facilitates faster, risk-free and low cost settlement. A Depository is akin to a bank and performs activities similar in nature. At present, there are two Depositories in India, National Securities Depository Limited (NSDL) and Central Depository Services (CDS). NSDL was the first Indian Depository. It was inaugurated in November 1996. NSDL was set up with an initial capital of Rs 124 crores, promoted by Industrial Development Bank of 42 India (IDBI), Unit Trust of India (UTI), National Stock Exchange of India Ltd. (NSEIL) and the State Bank of India (SBI). Who is a Depository Participant (DP)? NSDL carries out its activities through business partners – Depository Participants (DPs), Issuing Corporates and their Registrars and Transfer Agents, Clearing Corporations/Clearing Houses. NSDL is electronically linked to each of these business partners via a satellite link through Very Small Aperture Terminals (VSATS). The entire integrated system (including the VSAT linkups and the software at NSDL and at each business partner’s end) has been named the â€Å"NEST† (National Electronic Settlement & Transfer) system. The investor interacts with the Depository through a Depository Participant of NSDL. A DP can be a bank, financial institution, a custodian or a broker. 43 Chapter 5. Research Methodology 44 Research Methodology Research Design: Research design means adopting that type technique of research which is most suited for the research and study of the problem. For the study and the research of the problem proper material has to be selected and collected for the investigation. â€Å"A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.† – Jahoda, deutish. Cook. In order to know about effectiveness of Customer Relationship Management in Religare Securities Ltd., it was necessary to interact with the customer. The sample taken comprised of respondents from Pune city. A questionnaire had to be designed to collect valuable information from the different customer groups. The questionnaire which was designed suitably to meet the objective of research work. 45 Nature of Research: In this project report I have undertaken quantitative type of study. Type of the questions: The questions in the questionnaire asked to the visiting customers of Religare Securities Ltd, Regional office in Pune, are Straight Forward and Limited Probing. Type of the Questionnaire: The questionnaire in this project report is straight forward and formalized. Type of Analysis: The analysis done in this particular project report is statistical. 46 Sources of Data: a. Primary Data: The Primary data are those data which are collected fresh and for the first time and thus happen to be original in character. The primary data that was collected through interview conducted in Regional Branch with daily visiting customers. The primary data sources include copies of questionnaire and data of their respective responses. b. Secondary Data: The secondary data are those which have already been collected by someone else and which have been passed through the statistical process. Secondary data was collected through company websites. Some of the web sites http://www.religaresecurities.com/ and some others like. 47 Chapter 6. Primary Data Collection 48 Primary Data Collection Research Technique: As the researcher, I adopted survey method as a research technique for this particular project report. Contact Method: I as a researcher interviewed the respondents by personal interview. Sampling Plan: a) Population: The population covered in this project report refers to the existing (Office Coming) customers of Regional Office, who have their trading and D‟mat A/c with Religare Securities Ltd. b) Sample Size The sample size undertaken by me for this particular project report is 100 respondents. 49 c) Sample Element The respondents contacted and interviewed in this project report are all from different domain some of them were Businessmen, High Net-worth Investors, Proprietors, even Students also invest in Share Market. d) Sample Extent As a researcher, I conducted this survey only for the customers in Regional Office of Religare Securities, Pune. e) Sample Duration The survey was undertaken from the 01st June, 2009 to 30th July, 2009 i.e. for two months. f) Research Instrument: Questionnaires containing both open ended and close ended questions were used as a research instrument in this particular project report. 50 Chapter 7. Data Analysis & Interpretation 51 Data Analysis & Interpretation 1. Respondents: Respondents Businessmen HNIs Proprietors Individuals Number of respondents Interpretation: Above pie chart represents that research contains 100 respondents which are Businessmen, HNIs, Proprietors and Individuals and they are 30, 8, 24, 38 respectively in numbers and percentages. 30% 8% 24% 38% Businessmen HNIs Proprietors Individuals 52 2. Income Group(Annual): Income Group (INR) 10000 – 1 Lakh 1 Lakh – 5 Lakh 5 Lakh-10 Lakh 10 Lakh – Above Number of respondents Interpretation: Above pie chart represents that the research contained 100 investors and customers of Religare Securities Ltd. All the people were from different different Income group which are in numbers shown above. W e can clearly see sample includes more customers from first income group i.e. INR 10,000 – 1 Lakh 43% 37% 13% 7% 10000 -1 Lakh 1 Lakh -5 Lakh 5 Lakh -10 Lakh 10 Lakh -Above 53 2. Company Interaction via Email and Telephone Calls: Interaction Via Email and Telephone Calls Interpretation: From the above result of Company Interaction via Email and Telephone calls, we can imagine the satisfaction level of customers and accordingly Customer Relationship is managed through electronic media to maximize the wealth of customers. In Religare mostly dealers are in touch of regular traders / customers and customers also get loyal to the company through this practice. Every call is taped by default for the evidence of orders to buy or sell the stocks and Emails too. Excellent Interpretation: When it was asked sudden and on the time answer was the same of maximum people, it means the credibility and trustworthiness of the company is on the height. It‟s nothing but the result of Relationship Management. It is said that Share Market means „Well of Loss‟, nevertheless Religare‟s Customer don‟t have any tension in investing because they believe in Company‟s Researchers and Analysts and their investment tips too. 96% Number of respondents Interpretation: From the above answers Customer Relationship can be very well highlighted because out of 100, 43 people have rated Religare on the scale of 1 to 10 and again in remaining maximum customers say that they rate Religare at on the scale of 1 to 10.Every customer has his own value and consideration about Religare because they invest their Hard Earned money and take risk to earn more cause of Religare‟s Services and Attachment and it is all the output of Customer Relationship Management. 4% 5. Where do you invest/ trade mostly? Where Customers Invest mostly Equity Commodity Currency Number of respondents 66 19 15 Interpretation: One general question was asked in questionnaire to know the investment flow of customers towards Religare Services. When it was asked why they invest in specific area mostly then it was answered by many people that liquidity market is easy to make money out of investment and take money out whenever we feel not to put. And other reason many customers don‟t want to invest for long time.And about currency some people were not interested. 66% 19% 15% Equity Commodity Currency 57 6. Where do you trade mostly? Where Customers Trade mostly Intraday Delivery Both Number of respondents 48 37 15 48% 37% 15% Intraday Delivery Both 58 Interpretation: From the above view of graph we come to know that maximum people, 61% customers trade in Intraday Trading. On this customers say they like to trade in Intraday because of Short term investment and high level of excitement and sometimes they feel their money seems to sink. It‟s like One Day Cricket play for many customers. In Delivery, people say here is „No / Low Risk, More Money‟ , in this people say if scrip goes down like „Satyam‟, then also we get chance to book profit buying current stocks in low price and putting old stock aside temporarily. Here we find people hesitate to invest in Intraday and confident to trade in Delivery trading. Very less traders population do trade in both area, for few people it‟s nothing but fund managing, if one finds difficulty in making money in Intraday, they simultaneously manage their fund for Delivery, but very few people feel do this type of management. Eventually Religare is the Broking firm and it doesnâ₠¬Å¸t lose its attention from making money for its customers and lose its attention from Customer Relationship Management. 59 7. Do you trade in any other broking firm? Trade in other Broking Firm Yes No Number of respondents Interpretation: Above pie chart represents the maximum people have their D‟mat A /c and Trading A/c somewhere else also nevertheless they say they trade from Religare only and few of their other A/cs are put Non-Operating by them. Here we get a fact that Religare‟s Customer Relationship Management really has something very attractive and attachable to emotions cause of services. Few of them were hesitating while answering this question. 8. Are you satisfied with the services provided by Religare? Satisfaction Strongly Yes Slightly Yes No Strongly No Slightly No Number of respondents Interpretation: Above chart represents us the output of Customer Relationship Management with the help of the services and customers satisfaction can show a mirror of the efforts of the company towards making their customers loyal to them. Here 64% customers have selected and stated that they are fully satisfied with the services that they are getting from Religare Securities Ltd. 64% 9. Since last how many years you are in field of trading? Since when customers are trading ? Less than 1 year More than 1year More than 2 years Number of respondents Interpretation: This question was asked intentionally to know the loyalty of customers with Religare Securities Ltd., which is nothing but the back-screen coding of on screen output. These all things are the proud of Religare and its customers are also very proud to be in Religare. 17% Customer Relationship Management Business Drivers and Benefits ï‚ · It empowers management with a real-time pipelines and forecasting so they can build and focus on high profit, sustainable relationships. ï‚ · It empowers staff wit customer intelligence and best practices to increase their likelihood of successful transactions. ï‚ · It increases customer‟s acquisition, retention, loyalty, and profitability by integrating information across the enterprise. ï‚ · It enables executive and management to gain customer insight. 64 Customer Relationship Management Risks ï‚ · Effective internal controls must be in place to prevent customer information from becoming scattered across databases and servers. ï‚ · CRM can be associated with significant revenue cycle. ï‚ · CRM should be kept and handled and carefully kept inside the company only otherwise Customers Database can be misused by rivals. Customer Common Findings while contacting: ï‚ · Generally people whom I have contacted they were from different domains like Business, Proprietors, High Net worth Income Group (HNIs) and students. ï‚ · Their responses may not be proper because of their „Busyness‟ in Dealing Room. ï‚ · This data is called Primary Data, which is considered very genuine but is this case it misrepresents the Reality and Credibility. 65 ï‚ · Some people, its felt that they gave fake response, with impression that this questionnaire is from Religare Securities internal. ï‚ · Some people did not take it serious because this was not important to them as they are busy for trading at dealing Room. ï‚ · Every data interpretation and statistics cannot be think worthy from their results because this study is for only two months altogether. 66 Chapter 8. Limitations 67 Limitations Findings are according to the observations. 1. Many consultants, vendors, and analysts today define CRM in terms of being a customer-centric business strategy that is enabled by a set of applications that support customer-facing functions and management decision making. That may capture the essence of what CRM is, but while it does not concentrate on the extra expenses occurring on Company‟s A/c due to increment in expenses in serving customers all the ways and Return on investment means consideration may not be more than expected. Customer may not give that much business transactions which is estimated or expected. 2. It needs specific staffs to handle all the tasks of Customer Relationship Management because the data that is feed in system cannot be handled merely by Relationship Managers who has to make new customers and take care of their dealings and also to accomplish their additional responsibilities. 68 Suggestions 69 Suggestions 1. Short Duration: o Project research duration was only for two months, in this tenure neither study nor observation can be done properly. For example, we saw sample plan – in that only 100 customers could be contacted and now the problem is- from this samples we cannot think of Macro Level Perception of customers. Many people may be from same point of view and many may not and those 100 people may not contain these type of people. So duration of Research Project should be more than two months. 2. Customer Category: o To find effective Customer Relationship Management, Broking firm can do one more thing which will be very beneficial to them in finding Asset Customers from the bottom level management to top level management. Religare should adopt system of allotting Customer Categories according to their transactions, due payments, exposure, loyalty, frequency of trading and all. 70 o In this system at all the level where CRM is handled and watched by Top class officials of the company, they also get to know the list names and details of the loyal customers and CEO or Board of Directors also get to know total customers and at last their turnover of the total transaction. 3. Affiliated Awareness Programs: o Religare should arrange affiliated programs within its own groups to come to the sense of new people and accordingly to prospecting and acquiring new customers. o With the help of it companies CRM will help it to get height of success and dominate the world of Services. Because CRM affects Marketing, Sales and profitability and these all can be achieved by CRM. o For E.g., Religare Securities can play few awareness documentaries and Advertisement with „Religare Vistaar‟ this will result in getting more and more customers to serve and accordingly Religare can become the first ranker in turnover very soon. 71 Appendix I. Copy of questionnaire II. Bibliography , 72 Questionnaire 1. Name:________________________________________________ 2. Contact No:________________________________________________ 3. Occupation: ï‚ £Businessman ï‚ £Proprietor ï‚ £HNI ï‚ £Individual 4. Income Group(Annual): ï‚ £ 10000 – 1 Lakh ï‚ £1 Lakh – 5 Lakh ï‚ £ 5 Lakh-10 Lakh ï‚ £ 10 Lakh – Above 5. How do you find Company Interaction via Email and Telephone Calls ? ï‚ £Poor ï‚ £Fair ï‚ £Good ï‚ £ Very Good 73 6. Do you find company’s investment tips useful and beneficial? ï‚ £Yes ï‚ £No ï‚ £Can’t Say 7. Where do you rate Religare on the scale of 10 in terms of Services? ï‚ £4 ï‚ £6 ï‚ £8 ï‚ £10 8. Where do you invest/ trade mostly? ï‚ £Equity ï‚ £Commodity ï‚ £Currency 9. Where do you trade mostly? ï‚ £Intraday trading ï‚ £Delivery Trading 10. Do you trade in any other broking firm? ï‚ £Yes ï‚ £No If Yes, name of the broking firm__________________________________ 74 11. Are you satisfied with the services provided by Religare? ï‚ £Yes ï‚ £No Since last how many years you are in field of trading? ï‚ £Less than 1 Year ï‚ £More Than 1 Year ï‚ £More than 5 Year 12. What improvement do you want be done in company’s services? ï‚ £__________________________________________________________________________________________________________________________________________________________ _____________________ 13. Which service do you like most in Religare? ï‚ £_______________________________________________________________________________________________________________________________________________________________________________ 75 Bibliography Websites = http://deadpresident.blogspot.com http://religareonline.com http://www.religaresecurities.com Newspapers = The Hindu Books =

Success Is The End Of Success - 844 Words

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