1 PROJECT ON

CUSTOMER RELATIONSHIP MANAGEMENT

WITH
RELIGARE SECURITIES LTD
(REGIONAL OFFICE, BMCC ROAD, PUNE)
MASTER OF BUSINESS ADMINISTRATION (MBA)
(MARKETING)
SUBMITTED IN PARTIAL FULFILLMENTS OF
REQUIREMENTS FOR AWARD OF
MASTER OF BUSINESS ADMINISTRATION OF TILAK
MAHARASHTRA
UNIVERSITY, PUNE
Submitted By
Md. Junaid Y. Dhariwala
PRN:
Of PAI International Centre for Management Excellence, Pune
Tilak Maharashtra University
Gultekdi, Pune 411037
2
Tilak Maharashtra University, Pune
(Deemed Under Section 3 of UGC Act 1956 Vide Notification
No. F.9-19/85- U3 dated 24th April 1987 By the Government of India.)
Vidyapeeth Bhawan, Gultekdi, Pune - 411 037.
CERTIFICATE
This is to certify that the project titled Customer Relationship Management in
Religare Securities Ltd, Pune Is a bonafide work carried out by Mr. /Ms.
MD. Junaid Y. Dhariwala a student of Master of Business Administration
Semester 3rd, Specialization Marketing.
P.R.N. _____ Under Tilak Maharashtra University in the year 2009.
Head of Department Examiner Examiner Internal External
Date:
Place: University Seal
3
ACKNOWLEDGEMENT
It is said, the most important single word is WE and the zero important single word is I. This
true even in todays modern era. It is absolutely impossible for a single individual to complete
the assigned job without help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards Mrs. Priya Venkatraman
(Sr. Relationship Manager) Religare Securities Ltd., Pune, for the completion of the project
work.
I would also like to acknowledge to my sincere gratitude to our Director Prof. R Ganesan and
my project guide Prof. Roshan Kazi for helping me in this project work.
I am thankful to all of my friends and batch mates for their help in completing this project work.
Finally, I am thankful to my entire family members for their great support and encouragement.
Md. Junaid Dhariwala
4
TABLE OF CONTENTS
Chapter 1. Rationale of the Study.
Chapter 2. Objectives of the study.
Title of the project
Objective of the study
Scope of the study

Chapter 3. Profile of the company.
Chapter 4. Review of Literature.
Chapter 5. Research Methodology
Research Design
Data Collection Methods / Sources
Sampling Plan which should include sampling unit, sampling size and sampling
methods viz. questionnaire methods interview methods observation etc.

Chapter 6. Data Analysis and interpretations using various charts and graphs
Chapter 7. Findings
Chapter 8. Limitations (if any)
Appendix
Copies of questionnaire
Copies of form or any from the company
Bibliography
5
CHAPTER 1.
RATIONALE OF THE STUDY
6
RATIONALE OF THE STUDY
Customer Relationship Management (CRM) is a business approach which recognizes the
importance of customers as the driving force behind the success of failure of any business. It
enables the business organization to maintain, analyze and act upon the information which the
business identifies as relevant to improve its relationships with the customer, and thus enhance
its chances of success.
Customer Relationship Management (CRM) helps companies improve the profitability of their
interactions with customers while at the same time making the interactions appear friendly
through individualization and personalization of services. This management includes Data
Mining with the help of which Customer Life Cycle can be managed well in Acquiring new
customers, increasing value of the customers, retaining good customers.
The basic steps of Data Mining for effective CRM are:
1. Define Business Problem

2. Build Marketing Database

3. Explore Data

4. Prepare data for modeling

5. Build Model

6. Deploy model and results
7
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.

o 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.
8
CHAPTER 2.
OBJECTIVE OF THE STUDY
9
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,
its 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.
10
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.
11
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.
12
CHAPTER 3.
PROFILE OF THE COMPANY
13
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.
Religares 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. RELs 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 Investment Gateway of India.
14
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 Londons 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 Indias 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.
15
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 clients 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
16




-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
17
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.
18
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.
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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.
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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.
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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.
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Chapter 4.
Literature Review
30
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. Whats 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.
- BSE and NSE



- Online Trading

- NCDEX & MCX



- NSDL & CDSL








38
Stock Data
Religare Securities Limited (RSL)
Current Price (9/4/2009): INR-391.10
Recent Stock Performance:
1 Week
-0.1%
13 Weeks
5.6%
4 Weeks
-17.6%
52 Weeks
1.8%


Religare Enterprises Limited Key Data:


Ticker: 532915 Country: INDIA

Exchanges: BOM Major Industry: Financial

Sub Industry: Securities Brokerage

2008 Sales 8,964,404,553 (Year Ending Jan 2009). Employees: N/A

Currency: Indian Rupees Market Cap: 29,854,462,060

Fiscal Yr Ends: March Shares Outstanding: 76,334,600

Share Type: Closely Held Shares: 41,187,500





39
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 "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, "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 "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 "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 "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 "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.
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 Dmat 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
30%
8%
24%
38%
Businessmen
HNIs
Proprietors
Individuals
Data Analysis & Interpretation
1. Respondents:

Respondents Businessmen HNIs Proprietors Individuals
Number of respondents 30 8 24 38

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.
52
43%
37%
13%
7%
10000 -1 Lakh
1 Lakh -5 Lakh
5 Lakh -10 Lakh
10 Lakh -Above
2. Income Group(Annual):

Income Group
(INR)
10000 - 1
Lakh
1 Lakh - 5
Lakh
5 Lakh-10
Lakh
10 Lakh -
Above
Number of
respondents
43 37 13 7

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
53
Excellent
Good
Fair
Poor
2. Company Interaction via Email and Telephone Calls:

Interaction Via Email and Telephone Calls Poor Fair Good Excellent
Number of respondents 2 11 59 18

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.
54
96%
1%
3%
Yes
No
Can't Say
3. Do you find companys investment tips useful and beneficial?

Investment Tips Yes No Cant Say
Number of respondents 96 1 3

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. Its nothing but the result of
Relationship Management.
It is said that Share Market means Well of Loss, nevertheless Religares Customer dont have
any tension in investing because they believe in Companys Researchers and Analysts and their
investment tips too.
55
4%
14%
40%
42%
4
6
8
10
4. Where do you rate Religare on the scale of 10 in terms of Services?

Religare on the scale of 1 to 10 4 6 8 10
Number of respondents 4 14 40 42

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 Religares Services and Attachment and it is all the output of Customer
Relationship Management.
56
66%
19%
15%
Equity
Commodity
Currency
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 dont want to invest for long time.And about currency some
people were not interested.
57
48%
37%
15%
Intraday
Delivery
Both
6. Where do you trade mostly?

Where Customers Trade mostly Intraday Delivery Both
Number of respondents 48 37 15
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. Its 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 its 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 doesnt lose its attention from
making money for its customers and lose its attention from Customer Relationship
Management.
59
73%
27%
Yes
No
7. Do you trade in any other broking firm?

Trade in other Broking Firm Yes No
Number of respondents 73 27

Interpretation:
Above pie chart represents the maximum people have their Dmat 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 Religares Customer Relationship Management really has something very
attractive and attachable to emotions cause of services.
Few of them were hesitating while answering this question.
60
64%
35%
1%
0%
Strongly Yes
Slightly Yes
No
Slightly No
8. Are you satisfied with the services provided by Religare?

Satisfaction Strongly
Yes
Slightly
Yes
No Strongly
No
Slightly
No
Number of
respondents
64 35 1 0 0

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.
61
17%
26%
57%
Less than 1 year
More than 1 year
More than 2 years
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 26 57 17

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.
62
Findings
63
Findings
Customer Relationship Management Business Drivers and Benefits
It empowers management with a real-time pipelines and forecasting so
they can build and focus on high profit, sustainable relationships.

empowers staff wit customer intelligence and best practices to increase
their likelihood of successful transactions.


integrating information across the enterprise.

enables executive and management to gain customer insight.
64
Customer Relationship Management Risks
Effective internal controls must be in place to prevent customer
information from becoming scattered across databases and servers.

e associated with significant revenue cycle.


only otherwise Customers Database can be misused by rivals.

Customer Common Findings while contacting:
Generally people whom I have contacted they were from different domains
like Business, Proprietors, High Net worth Income Group (HNIs) and students.


Room.

red very genuine but is
this case it misrepresents the Reality and Credibility.
65

this questionnaire is from Religare Securities internal.

people did not take it serious because this was not important to
them as they are busy for trading at dealing Room.


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 Companys 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:

LBusinessman LProprietor LHNI LIndividual
4. Income Group(Annual):

L 10000 - 1 Lakh L1 Lakh - 5 Lakh
L 5 Lakh-10 Lakh L 10 Lakh - Above
5. How do you find Company Interaction via Email and Telephone Calls
?

LPoor LFair LGood L Very Good
73
6. Do you find companys investment tips useful and beneficial?

LYes LNo LCant Say
7. Where do you rate Religare on the scale of 10 in terms of Services?

L L L L_
8. Where do you invest/ trade mostly?

LEquity LCommodity LCurrency
9. Where do you trade mostly?

LIntraday trading LDelivery Trading
10. Do you trade in any other broking firm?

Lm1 LC
If Yes, name of the broking firm__________________________________
74
11. Are you satisfied with the services provided by Religare?

Lm1 LC
Since last how many years you are in field of trading?
LLess than 1 Year LMore Than 1 Year LMore than 5 Year
12. What improvement do you want be done in companys services?

L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!
13. Which service do you like most in Religare?

L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!

Bibliography
Websites =
http://deadpresident.blogspot.com
http://religareonline.com
http://www.religaresecurities.com
Newspapers =
The Hindu
Books =