The document is an invitation for expression of interest to conduct an investor survey for the Securities and Exchange Board of India (SEBI) for 2014-15. The scope of work includes surveying 50,000 households and 1,000 market participants across India to understand investor behavior, savings patterns, risk profiles, impact of regulations and financial literacy programs. The objectives are to analyze investment trends, reasons for non-investment in securities, and responses of market participants. Deliverables include survey reports, fact sheets and clean electronic data.
The document is an invitation for expression of interest to conduct an investor survey for the Securities and Exchange Board of India (SEBI) for 2014-15. The scope of work includes surveying 50,000 households and 1,000 market participants across India to understand investor behavior, savings patterns, risk profiles, impact of regulations and financial literacy programs. The objectives are to analyze investment trends, reasons for non-investment in securities, and responses of market participants. Deliverables include survey reports, fact sheets and clean electronic data.
The document is an invitation for expression of interest to conduct an investor survey for the Securities and Exchange Board of India (SEBI) for 2014-15. The scope of work includes surveying 50,000 households and 1,000 market participants across India to understand investor behavior, savings patterns, risk profiles, impact of regulations and financial literacy programs. The objectives are to analyze investment trends, reasons for non-investment in securities, and responses of market participants. Deliverables include survey reports, fact sheets and clean electronic data.
Securities and Exchange Board of India SEBI Bhavan, Plot No. C4-A, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai, India 400 051
EOI for SEBI - Investor Survey 2014- 15
CONTENTS
1. ABOUT SEBI .......................................................................... 1 2. BACKGROUND ...................................................................... 1 3. SCOPE OF WORK..................................................................... 1 4. SURVEY OBJECTIVES ........................................................... 3 5. DELIVERABLES ....................................................................... 4 6. DURATION .............................................................................. 4 7. INSTRUCTION TO AGENCIES.................................................. 5 8. MINIMUM QUALIFICATION CRITERIA..................................... 6 9. SHORT-LISTING FOR THE PURPOSE OF RFP....................... 8 10. GENERAL TERMS AND CONDITIONS..................................... 8
Annexure 1: Format of Covering Letter for Expression of Interest......... 10 Annexure 2: Details of the Agency ........................................................ 11 Annexure 3: Format of No Conviction Letter ......................................... 13 Annexure 4: Checklist of Items .............................................................. 14 EOI for SEBI - Investor Survey 2014- 15
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1. ABOUT SEBI For a growing and dynamic economy like India, securities market plays an important role in not just attracting domestic and foreign investment but also it mirrors the state of Indian economy. Since the establishment of SEBI, the securities market in India has developed significantly. SEBI, in its short journey of 25 years, has made a remarkable impression on investors as well as securities markets. The Indian securities market has evolved manifold in terms of size, reach, diversity of investors and product complexity.
2. BACKGROUND The 2008-09 Investors Survey was conducted immediately after global recession. Since then, markets have undergone changes. There has been an upswing in the market which has resulted in growth of the market. The Sensex and Nifty were 9708 and 3021, respectively, as on March 31, 2009. After a period of five years, the Sensex and Nifty closed at 22,386 (increase of 131 per cent) and 6696 (increase of 122 per cent), respectively as on March 31, 2014. Also, according to RBI data, the investment of household in financial assets has increased from `7,269 billion in 2008-09 to `10,969 billion in 2012-13 (increase of 33.73 per cent).
Further, there are several policy initiatives and introduction of new products in the securities market. These developments are likely to have an influence on the investment pattern and investment behavior of households. The advancements in technological innovations have impacted the market dynamics and influenced businesses of various market participants.
Thus, there is a requirement of another survey to ascertain the impact and changing dynamics of securities market as well as responses of investors and market participants to the same.
3. SCOPE OF WORK The proposed survey will have a coverage to whole of India i.e. 29 states and 7 union territories. All India coverage may be further divided into sub-categories rural, semi-urban and urban (or similar categorization), covering all districts.
SEBI is seeking to appoint a survey agency having extensive experience in conducting household surveys, preparing questionnaire, data collection, computing, analysis and report writing, etc. SEBI expects the tabulation of information and study to be done at State level as well as National level. The sample size would be approximately 50,000 households and 1000 market EOI for SEBI - Investor Survey 2014- 15
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participants. The samples will be collected randomly in multiple stages and in some specified proportion based on various factors of target areas such as demography, economic conditions, distance from district headquarters, etc.
The survey of households will be face to face survey, that is, visiting the house of respondent household and conducting an interview on-the-spot or at a scheduled date. The survey of market participants will be an online survey also know as internet or web survey.
The selected agency is expected to be responsible for undertaking various activities, such as: Developing survey material such as maps, listing sheets required for collection of samples, sample selection and preparation of final field lists so as to meet the desired sample size. Recruiting and training field supervisors, Preparing manuals and designing questionnaires; Preparing activity-wise detailed time-line for all the tasks related to activities of survey and study. Pilot data collection prior to launching the survey and providing results of the pilot survey. Getting SEBI's approval for any necessary changes in methodology, data collection and also carry out relevant changes suggested by SEBI team. Using advanced technique such as electronically recording the data using tablets with active GPS/GPRS features, record the interviews on devices, etc. with approval from SEBI for door-to-door and face to face interviews. Converting the questionnaire responses in electronic form, maintaining the quality of the data by undertaking different levels of inspections, on-field survey verification & scrutiny, as the case may be. Providing raw survey data for quality control checks, as and when required by SEBI. Validation and cleaning the database for subsequent in-depth qualitative and quantitative analysis, Attend to the queries/clarifications by the SEBI team, preparation of fact sheets, reports, etc. EOI for SEBI - Investor Survey 2014- 15
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Provide regular staffing reports with changes, if any for managers, supervisors, enumerators etc. Provide periodic updates to SEBI and its advisory/monitoring committee. SEBI will undertake supervisory checks at the sample centers to verify whether the survey activities are being carried out properly. At the time of verification, agency shall ensure that the concerned investigator accompanies SEBI officials for identification of the respondent/location. Preparing reports and factsheets based on the findings from the survey, in line with the objectives of the survey and as per the requirement of SEBI.
4. SURVEY OBJECTIVES The objectives of the proposed Survey are as under : i. To determine savings and investment behavior of households ii. To understand pattern of investment in various instruments depending upon education, financial literacy, income, consumption, location and other demographic factors iii. To determine risk profile of the investors and relate it to savings and investment behavior iv. To estimate the number of household investors in the securities market v. To find out the reasons for non-investment in securities market vi. To understand the impact of regulatory policies on investment in securities market vii. To find out the impact of investor education/financial literacy programs on investments viii. To compare the results of the previous survey with the current survey to find out changes in investor population (growth/decline), investment behavior/patterns, etc. ix. To understand the response of various market participants under dynamic market situations, their perspective on investor awareness, penetration of securities market, business environment, concerns on regulatory aspects etc.
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5. DELIVERABLES The Agency shall be responsible for preparing reports and factsheets based on the findings from the survey, as per the requirement of SEBI and according to the requirement of survey objectives.
The agency will also provide clean data in electronic format with all variables, labels and codes included as per the survey questionnaires. A detailed technical report should be prepared on the data describing all codes, sampling and other pertinent information. The report will cover observations/experiences arising from the survey, deliberations with SEBI team and its advisory/monitoring committee and the methodology employed. Any data removed in the cleaning process other than through clarification with the responding establishment will also be reported. This technical report will include rigorous meta-data including descriptions of data, dates of data collection, enumerator information, target population, methods of data collection and relevant information from field reports. The report should be submitted within the stipulated time.
The report covering assignment objectives and all background documentation including computer databases of questionnaires will be the property of the Securities and Exchange Board of India. Softcopy in a CD and hard copies of above reports and other documents must be submitted to the SEBI.
6. DURATION The final analyzed study report should be submitted within 12 months from the date of signing the contract.
However, in case of contingency of major changes happening in external environment of laws, regulations etc., which may have the effect of altering or making irrelevant the conclusions/findings of the Report to be submitted by the Agency; SEBI, at its sole discretion may consider extension of the project period in accordance with the new circumstance, with SEBI's approval.
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7. INSTRUCTION TO AGENCIES
7.1 Submission of EOI
Interested Agencies shall submit the following documents: Covering letter for Expression of Interest as per the Annexure 1 along with requisite documents mentioned in the Minimum Qualification Criteria. Details of Agency as per the format given in Annexure 2. Letter of Authorization duly authorizing a person as representative with all powers and authority to represent the Agency for submission of EOI. Audited Balance sheet and Income Statement for last three financial years. All documents as specified in the check list (Annexure 3) Check list of items (Annexure 4)
Application for EOI along with all the requisite documents and application fee to be submitted latest by 03.30 PM of June 30, 2014 in a sealed cover super-scribing EOI for SEBI - Investor Survey 2014 - 15 and addressed to
The Joint Director, Regulatory Research Division, Department of Economic and Policy Analysis, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051.
7.2 No Application for EOI shall be accepted after the due date and time. The applications received after the last date shall not be opened and no further action shall be taken on such bids. All, or any, incomplete bids shall be rejected without any evaluation. 7.3 SEBI reserves the right to reject any or all of the proposals received in response to this advertisement without assigning any reasons whatsoever. SEBI also reserves the right to revise the pre-qualification/ eligibility criteria for short listing of the agencies so as to have appropriate/restrict number of applicant agencies. 7.4 This document does not constitute an offer, or solicitation of an offer, nor does this document or anything contained herein, shall form a basis of any contract or commitment whatsoever. EOI for SEBI - Investor Survey 2014- 15
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7.5 The Agency shall bear all the costs for participation in the tender process including preparation of responses to the EOI etc. SEBI will not be liable for any cost incurred for preparation of response to this document. 7.6 The Agency shall furnish the details as per the formats enclosed in this document and strictly as per the serial order. The information intended to be supplied should be furnished in such a manner that the same satisfies the need/ requirement of EOI under various heads and is self-explanatory. 7.7 For on-line survey, the survey agency must use security technologies to protect the personal data collected or stored on websites or servers, using reliable encryption systems such as Secure Socket Layer (SSL) encryption mode or equivalent level security for on-line survey 7.8 SEBI shall communicate and coordinate only with applicants office in India and all the assignments should be executed in India only 7.9 In areas where the agency does not have significant presence for carrying out survey field work, the agency may seek the assistance of a reputed regional survey agency with prior approval of SEBI. However, SEBI reserves a right for the same if the circumstances require so. 7.10 For queries, if any, the interested agency may contact at investorsurvey@sebi.gov.in OR sudhakark@sebi.gov.in.
8. MINIMUM QUALIFICATION CRITERIA
The minimum qualification criteria for the Agencies have been provided in the table below:
Sr. No Minimum qualifications/Eligibility criteria Proof/documents required 1 The Agency must be an entity registered as Corporate Body with Registrar of Companies in India under Companies Act, Society Registration Act, 1860/ Autonomous Body of Government or a Corporate Body registered in the laws of the country in which it is incorporated with its own office (NOT through channel partners/ franchises/etc.) in India. Copy of Certificate of Incorporation/ Registration/ MoA as applicable. EOI for SEBI - Investor Survey 2014- 15
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Sr. No Minimum qualifications/Eligibility criteria Proof/documents required 2 The agency must have minimum 5 years of relevant experience of conducting at least 2 large scale surveys (sample size of such surveys should not be less than 5000 households), data analysis, writing survey report etc. Experience of carrying out surveys for financial market related organizations and global presence will be preferred. Attach relevant proofs. Provide write up on experience as a provider of services for large scale survey in India or abroad for a similar kind of organization. Detailed description of projects executed by the agency providing details of project scope, duration, project size with documentary proof. 3 The Agency should have a good reputation in the field of carrying out surveys List of current/recent clients/references wherein project completed entails handling similar complexities/ requirement. Relevant documentary proof subject to verification of SEBI. 4 The Agency should have a valid PAN and Service Tax Registration in India Copy of PAN card and Service Tax Registration certificate 5 The Agency should have a minimum average annual turnover of `5 Crore (Rupees Fi ve Crore) from survey related activities during the last 3 financial years Copy of Audited f i n a n c i a l Statement and Balance sheet / Certificate from a Chartered Accountant certifying the turnover amount for the last 3 financial years 6 Profiles of select personnel of applicant agency firm. Detailed profile of: (a) Working team members (b) Expert personnel serving in advisory capacity to the survey project.
The Agency having aforesaid minimum qualification and capability for the stated objectives should only apply.
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9. SHORT-LISTING FOR THE PURPOSE OF RFP The Agency Evaluation Committee (AEC) constituted for selection of Survey Agency will examine the documents submitted by the applicants in connection with Expression of Interest. The Committee will prepare a short list of applicants, based on Agency's past experience (number of years, surveys of similar nature in related sector and experience in India), experience of key personnel in terms of their qualifications and relevant experience, financial strength of applicant agency (turnover, net profit), and expertise as revealed by the Expression of Interest Document. The Committee may call Agencies for a presentation for further evaluation.
Request for Proposal (RFP) document will be prepared by SEBI. The short-listed Agencies shall submit their technical and financial bids as per RFP document. SEBIs decision in this regard would be final.
10. GENERAL TERMS AND CONDITIONS i. Intending applicant agencies are required to submit their full bio-data giving details about their organization, experience, professional personnel in their organization, competence and adequate evidence of their financial standing etc., in the enclosed form which shall be kept confidential. ii. An application fee of `1000/- (Rupees one thousand only) (non refundable) in the form of crossed demand draft in favor of Securities and Exchange Board of India payable at Mumbai shall be submitted along with application document. Application without prescribed application fee shall be rejected. iii. SEBI reserves the right to accept or reject one or all the proposals or annul the process without giving any reason whatsoever at any time without assigning any reason and without thereby incurring any liability to the affected applicants. iv. The decision of SEBI in selection of agency for empanelment will be final. SEBI is not bound to assign any reason thereof. v. If the space in the Performa is insufficient for furnishing full details, the information shall be supplemented on separate sheets of paper stating therein the part of the statement and serial number. Separate sheets shall be used for each part. vi. SEBI reserves the right to verify the eligibility criteria independently or seek any further information and also inspect the facilities of the applicant to verify the genuineness and to ensure the conformity with the details given. EOI for SEBI - Investor Survey 2014- 15
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vii. Applications received after due date and time or incomplete in any respect are liable to be rejected. viii. Applications containing false or inadequate information are liable for rejection ix. Agency may provide their area of specialization, skill set and any award received by any competent authority. x. SEBI reserves to create one or more panel of agencies for carrying out all the above mentioned activities depending upon eligibility criteria mentioned in Pre-qualification criteria. xi. Each page of the Application and declaration letter shall be signed by person/s on behalf of the Agency having necessary authorization / Power of attorney to do so. xii. Intellectual Property Rights for all documents and outputs developed specifically for the SEBI will rest solely with the SEBI. xiii. No contractual obligation on behalf of the SEBI whatsoever shall arise from this document unless and until a formal contract is signed. xiv. All information received from the applicants in their response will be treated strictly confidential. xv. The agency shall hold in confidence any information collected during the course of the survey, including identity or details of persons/participants of survey, and shall not disclose the information without the written permission of SEBI.
SEBI reserves the right to modify any/all of the terms of this document giving due notification through its website.
Note: This is not a Request for Proposal (RFP), and commercials are not required to be submitted with Expression of Interest
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Annexure 1: Format of Covering Letter for Expression of Interest
(On letterhead of the Agency ) To The Joint Director, Regulatory Research Division, Department of Economic and Policy Analysis, Securities and Exchange Board of India SEBI Bhavan, Plot No. C4-A, "G" Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051
Dear Sir, Sub: EOI for Investor Survey
Having examined your advertisement dated ................ inviting applications in response to the EOI, I/ We ............, hereby declare that I/we fulfill the minimum requirement/ eligibility criteria to undertake the assignment in full conformity with the EOI. I/We enclose the requisite documents as follows: Copy of Certificate of Incorporation/ Registration/ MoA as applicable Details of offices in India. Copy of PAN card and Service Tax Registration certificate Copy of Audited Profit and Loss Statement and Balance sheet/ Certificate from a CA, on turnover of the last 3 Financial Years. Copy of Work order/ Certificate of completion and Client details including Name and Postal Address, Contactable person, Phone number and email ID Details of legal cases in which Agency/organization is found guilty/penalized by any court of law. If the Survey Agency/firm is not involved / found guilty in any of such cases, self certification on letterhead to this effect. Details of pending litigation, if any. No Conviction Letter duly signed as per the Format provided in Annexure 3
I/ We understand that SEBI reserves the right to reject any or all the bids in response to the EOI without assigning any reasons whatsoever. I/ We hereby declare that all the information and statements made in this document are true and accept that any misrepresentation contained in it may lead to our disqualification.
Yours faithfully, Signature and Seal of Agency
Name: Date: Signed in the capacity of.............................................. Duly authorized to sign Bids for and on behalf of..............................................
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Annexure 2: Details of the Agency
(On letterhead of the Agency)
Sr. No. Particulars Details 1. Name of the Applicant/organization
2. Year of Incorporation
3. Address of the Registered office
4. Year of commencing operations in India
5. Address (Furnish full address of Head office/branches, contact details and email address, website address etc.)
6. No. of Offices world-wide
7. Total center/city wise staff strength (designation wise)
8. Key Management Personnel of the Agency with their qualification and experience
9. Name of authorized person responsible for the project
10. Contact phone/Mobile number /email address of responsible person for the project.
11. Annual turnover as per Income Tax returns of the last three financial years (in Rupees. lakh) Certificate from a CA
12. Profit after tax in last three years (in Rupees. lakh) 13. Number of years of experience in the field of conducting surveys and related activities by the Agency
14. Details of similar works carried out in the past three years
15. PAN No. (Copy to be attached)
16. Service Tax Registration No. (Copy of the certificate to be attached)
19. Details of three largest similar contracts undertaken during the last 12 months. Also, enclose copies of the contract awarded. Name of Organization for whom services rendered Year Description of the services offered Period taken for completion Team size for the assignment
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20. Legal Aspects (If yes, Give details) Have the applicant ever been blacklisted/barred by any government agency? Is the applicant penalized by any organization for poor quality of work delivered or for non meeting of deadlines?? Is the applicant expelled from any project or agreement? Has any of the present Director undergone or is facing any criminal proceedings? Has the applicant suffered from any bankruptcy/insolvency in the past years?
21. Any other special feature that the Applicant would like to mention:
I/ We hereby declare that all the information and statements made in this Bid are true and accept that any misrepresentation contained in it may lead to our disqualification.
Yours faithfully,
Signature and Seal of Agency
Name: Date: Signed in the capacity of............................................... Duly authorized to sign Application for and on behalf of........................................................... EOI for SEBI - Investor Survey 2014- 15
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Annexure 3: Format of No Conviction Letter
(On letterhead of the Agency)
I/ We the undersigned, having registered office at .................................................(Address of the registered office) certify that there has been no conviction by a Court of Law or Central/State Government Department/undertaking, indictment / adverse order by a regulatory authority for a grave offence against us or any of our sister concern anywhere in the country.
It is further certified that there is no investigation pending against us or our sister concern or the CEO, Directors / Managers / Employees of our concern or of our sister concern. It is certified that no conflict of interest exists as on date and in future if such a conflict or interest arises, we will intimate the Securities and Exchange Board of India of the same.
Signature and Seal of Agency
Name: Date: Signed in the capacity of............................................... Duly authorized to sign Application for and on behalf of........................................................... . EOI for SEBI - Investor Survey 2014- 15
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Annexure 4: Checklist of Items
Sr. No. Particulars / X 1 Copy of Certificate of Incorporation/ Registration/ MoA as applicable. Type equation here. 2 Copy of PAN card and Service Tax Registration certificate
3 Write up on experience as a provider of services for large scale sample survey/Government etc. in India or abroad or a similar kind of organization. Detailed description of projects executed by the agency providing details of project scope, duration, project size
4 Detailed profile of: (a) Working team members (b) Expert personnel serving in advisory capacity to the survey project
5 Copy of Audited Profit and Loss Statement and Balance sheet and Certificate from Chartered Accountant certifying the turnover amount for the last 3 years
6 Copy of work order/ Certificate of completion
7 No Conviction Letter duly signed as per the Format as provided in Annexure 3
8 Self declaration on : Details of litigation, if any Ability to conduct all India household survey of large sample size, qualitative and quantitative analysis, report writing, etc.