`Project on

“A study of service expectation of

the investors from the terminal
operators.”
Dissertation in Financial Management
submitted to
RASHTRA SANT TUKADOJI MAHARAJ NAGPUR UNIVERSITY
in partial fulfillment of the MASTER OF BUSINESS
ADMINISTRATION

SUBMITTED BY

Neha Somani (A-29)

Nilesh Dixit (B-29)

GUIDED BY
Dr. VIVEK PIMPLAPURE

2008-2009
1
 CERTIFICATE

This is to certify that Neha Somani and Nilesh Dixit have

completed their project work titled “A study of service expectations of
investors from terminal operators”under my supervision and it is of
sufficiently high standard to warrant its presentation for the award of
Master of Business Administration Degree,RTM University,Nagpur.

This work is the own work of the candidates, complete in all

respects and has not been submitted for the same or any other degree in
this or any other University.

The assistance and the help rendered to the candidate during the
course of work in the form of basic source material and information has
been duly acknowledged.

(Dr. Sudhir Fulzele) Dr. VIVEK PIMPLAPURE

DIRECTOR SUPERVISOR

2
 DECLARATION

The research work presented in this project has been carried out under
the supervision of Dr. VIVEK PIMPLAPURE . The subject matter of the
project is original and has not been submitted, in part or full, for any
degree or diploma, to this or any other university.

The source of material, data used in this research study has been
duly acknowledged and certified.

Nagpur Neha Somani

Date: Nilesh Dixit

3
 ACKNOWLEDGEMENT

We are indebted to Dr. Sudhir Fulzele, Director, & coordinator

Dr. V.M.Chopde , Dr. Ambedkar Institute of Management Studies and
Research (D.A.I.M.S.R), Nagpur for providing us all the necessary
facilities and co-operation to carry out the project work effectively. We
are very much thankful to our guide Dr. VIVEK PIMPLAPURE for the
generosity, expertise, constant support and guidance, which we received
from him while working on this project.

We are also thankful to all the faculty members for their valuable
inputs and views in preparation of this project.

4
 CONTENTS

SNo. Topics Page No.

1) Executive Summary
2) Introduction
3) Research Methodology
4) Profile of Financial Institutions
5) Data Collection & Analysis
6) Conclusion
7) Suggestions

8) Annnexure

9) Bibliography

5
 CHAPTER 1
EXECUTIVE SUMMARY

Chapter 1:
EXECUTIVE SUMMARY :
6
 The major objective of the project was to study the service
expectations of the investors from the terminal operators in
Nagpur city.

A detailed study has been done on the service expectations

of the investors from terminal operators in Nagpur city on
basis of primary data collected.

The study helped us to know the various expectations of the

investors from the terminal operators. The investors while
answering the questionnaire described the various
attributes/facilities they expect from the operators. The
share brokerage houses also suffer in form of loosing their
customers, if their expectations of the investors are not met
with. As the marketing concept has changed from product
orientation to the customer’s satisfaction, thus customers
need to be served properly. As part of our project we visited
many brokerage firms and had discussion with broker as well
as the investors.

The interaction between the terminal operator and the

investor was proved to be very beneficial for carrying out our
research in the most appropriate way and received a deep
insight. The investor should receive proper intimation from
the terminal operator for the trade done by them.

7
 CHAPTER 2
INTRODUCTION

Chapter 2:

8
INTRODUCTION:

 What is a stock exchange?

The stock exchanges in India, under the overall supervision
of the regulatory authority, the Securities and Exchange
Board of India (SEBI), provide a trading platform, where
buyers and sellers can meet to transact in securities. The
trading platform provided is an electronic one and there is
no need for buyers and sellers to meet at a physical location
to trade. They can trade through the computerized trading
screens available with the trading members or the internet
based trading facility provided by the trading members.

Generally if talked about Indian stock exchanges; there are

many exchanges but the most notable is NSE and BSE.

• NSE:
The National Stock Exchange (NSE) is India's leading stock
exchange covering various cities and towns across the
country. NSE was set up by leading institutions to provide a
modern, fully automated screen-based trading system with
national reach. The Exchange has brought about
unparalleled transparency, speed & efficiency, safety and
market integrity. It has set up facilities that serve as a model
for the securities industry in terms of systems, practices and
procedures.

NSE has played a catalytic role in reforming the Indian

securities market in terms of microstructure, market
practices and trading volumes. The market today uses state-
of-art information technology to provide an efficient and
transparent trading, clearing and settlement mechanism,
and has witnessed several innovations in products & services
viz. demutualisation of stock exchange governance, screen

9
based trading, compression of settlement cycles,
dematerialization and electronic transfer of securities,
securities lending and borrowing, professionalisation of
trading members, fine-tuned risk management systems,
emergence of clearing corporations to assume counterparty
risks, market of debt and derivative instruments and
intensive use of information technology.

• BSE:
Bombay Stock Exchange is the oldest stock exchange in Asia
with a rich heritage, now spanning three centuries in its 133
years of existence. What is now popularly known as BSE was
established as "The Native Share & Stock Brokers'
Association" in 1875.

BSE is the first stock exchange in the country which obtained

permanent recognition (in 1956) from the Government of
India under the Securities Contracts (Regulation) Act 1956.
BSE's pivotal and pre-eminent role in the development of the
Indian capital market is widely recognized. It migrated from
the open outcry system to an online screen-based order
driven trading system in 1995. Earlier an Association Of
Persons (AOP), BSE is now a corporatised and demutualised
entity incorporated under the provisions of the Companies
Act, 1956, pursuant to the BSE (Corporatisation and
Demutualisation) Scheme, 2005 notified by the Securities
and Exchange Board of India (SEBI). With demutualisation,
BSE has two of world's best exchanges, Deutsche Börse and
Singapore Exchange, as its strategic partners.

Today, BSE is the world's number 1 exchange in terms of

the number of listed companies and the world's 5th in
transaction numbers. The market capitalization as on

10
December 31, 2007 stood at USD 1.79 trillion . An investor
can choose from more than 4,700 listed companies, which
for easy reference, are classified into A, B, S, T and Z groups.

The BSE Index, SENSEX, is India's first stock market index

that enjoys an iconic stature , and is tracked worldwide. It is
an index of 30 stocks representing 12 major sectors. The
SENSEX is constructed on a 'free-float' methodology, and is
sensitive to market sentiments and market realities. Apart
from the SENSEX, BSE offers 21 indices, including 12
sectoral indices. BSE has entered into an index cooperation
agreement with Deutsche Börse. This agreement has made
SENSEX and other BSE indices available to investors in
Europe and America. Moreover, Barclays Global Investors
(BGI), the global leader in ETFs through its iShares brand,
has created the 'iShares® BSE SENSEX India Tracker' which
tracks the SENSEX. The ETF enables investors in Hong Kong
to take an exposure to the Indian equity market.

BSE has tied up with U.S. Futures Exchange (USFE) for U.S.
dollar-denominated futures trading of SENSEX in the U.S.
The tie-up enables eligible U.S. investors to directly
participate in India's equity markets for the first time,
without requiring American Depository Receipt (ADR)
authorization. The first Exchange Traded Fund (ETF) on
SENSEX, called "SPIcE" is listed on BSE. It brings to the
investors a trading tool that can be easily used for the
purposes of investment, trading, hedging and arbitrage.
SPIcE allows small investors to take a long-term view of the
market.

BSE provides an efficient and transparent market for trading

in equity, debt instruments and derivatives. It has a nation-
wide reach with a presence in more than 450 cities and
towns of India. BSE has always been at par with the
international standards. The systems and processes are

11
designed to safeguard market integrity and enhance
transparency in operations. BSE is the first exchange in India
and the second in the world to obtain an ISO 9001:2000
certification. It is also the first exchange in the country and
second in the world to receive Information Security
Management System Standard BS 7799-2-2002 certification
for its BSE On-line Trading System (BOLT).

BSE continues to innovate. In recent times, it has become

the first national level stock exchange to launch its website
in Gujarati and Hindi to reach out to a larger number of
investors. It has successfully launched a reporting platform
for corporate bonds in India christened the ICDM or Indian
Corporate Debt Market and a unique ticker-cum-screen aptly
named 'BSE Broadcast' which enables information
dissemination to the common man on the street.

 Who are the participants?

The stock market is comprised of people. People who run the
stock exchanges, people who serve as market makers,
people who run stock brokerages and, of course, people who
buy and sell stocks. While every stock market participant is
important, the following groups are key players in making
the stock market function properly:

- The companies who issue shares of stock

- The stock exchanges who list the shares of stock

- The stock brokerages who give the buyers and sellers

access to the exchanges

- The market makers who line up the buyers with the sellers

- The buyers and the sellers who trade the stock

12
The securities market essentially has three categories of
participants, namely, the issuers of securities, investors in
securities and the intermediaries, such as merchant bankers,
brokers etc. While the corporates and government raise
resources from the securities market to meet their
obligations, it is households that invest their savings in the
securities market.

Many years ago, worldwide, buyers and sellers were

individual investors, such as wealthy businessmen, with long
family histories (and emotional ties) to particular
corporations. Over time, markets have become more
"institutionalized"; buyers and sellers are largely institutions
(e.g., pension funds, insurance companies, mutual funds,
index funds, exchange traded funds, hedge funds, investor
groups, banks and various other financial institutions). The
rise of the institutional investor has brought with it some
improvements in market operations. Thus, the government
was responsible for "fixed" (and exorbitant) fees being
markedly reduced for the 'small' investor, but only after the
large institutions had managed to break the brokers' solid
front on fees.

13
 CHAPTER 3
RESEARCH METHODOLOGY

14
Chapter 3:
RESEARCH METHODOLOGY

Generally research is considered as an endeavor to arrive at

the answer to intellectual and practical problem through the
application of scientific method to the acknowledge
universe. It is movement from know to unknown.

According to Clifford Woody,” Research comprises defining

and redefining problems, formulating hypothesis or
suggestion, organizing and evaluating data. Making
deduction and reaching conclusion, and at last carefully
testing the conclusions to determine whether fit the
formulating hypothesis.

APPLIED RESEARCH is conducted when a decision must be

made about a specific real life problem. Applied research
encompasses those studies undertaken to answer questions
about specific problems or to make decisions about a
particular course of action or policy.

Thus in our research, we are dealing with applied research to

get into the reality of the situation.

OBJECTIVE OF THE STUDY:

15
  To study the service expectation of the investors from
the terminal operators.

 To identify the factors that influences the investors

decisions while investing in the share market.

 To identify the information sources influencing the

investors.

 To identify the after service expectation of the

investors.

Rationale for study:

In this slow-down period many closed their account .So to
know whether they come to this decision voluntarily or there
was problem with the service provided to them.

RESEARCH PROCESS:
Exploratory research is usually conducted during the
initial stage of research process. The preliminary activities
undertaken to define the problem into a researchable one
need not be formal or precise. The purpose of the
exploratory research process is to progressively narrow
down the scope of the research topic and to transform
discovered problems into defined ones, incorporating
specific research objectives.By analysing any existing
studies on the subject, by talking to with knowledgeable
individuals, and by informally investigating the situation , the
researchers can progressively sharpen the concepts. After
such exploration the researchers should know what the data
to collect during the formal project will be conducted.

In our research we have made use of exploratory research to

explore the problem so to come out with better solution.

16
RESEARCH DESIGN
A survey is a research technique in which information is
gathered from a sample of people using a questionnaire. The
task of writing a list of questions and designing the exact
format of the printed or written questionnaire is an essential
aspect of the development of a survey research design.

In this project we made use of questionnaire method to

support our queries.

Sources of Data Collection:

We filled the questionnaire from major four broking houses
in Nagpur. The investors in these broking houses formed our
major source for data collection.

The broking house from which we collected the data are:

 Motilal Oswal Securities Ltd.

 Religare Securities

 Anand Rathi

 Karvy

Sample Size:
We surveyed 50 respondents for our study.

Limitation of the study:

 This study is restricted to Nagpur city only.

17
 CHAPTER 4
PROFILE OF FINANCIAL
INSTITUTIONS

18
Chapter 4:
Profile of Financial Institutions

Motilal Oswal Securities Ltd.

Motilal Oswal Securities Ltd. was founded in 1987 as a small
sub-broking unit, with just two people running the show.
Focus on customer-first-attitude, ethical and transparent
business practices, respect for professionalism, research-
based value investing and implementation of cutting-edge
technology has enabled us to blossom into an almost 2000
member team.

Today they are a well diversified financial services firm

offering a range of financial products and services such as

 Wealth Management
 Broking & Distribution
 Commodity Broking
 Portfolio Management Services
 Institutional Equities
 Private Equity
 Investment Banking Services and

 Principal Strategies

19
It have a diversified client base that includes retail customers
(including High Net worth Individuals), mutual funds, foreign
institutional investors, financial institutions and corporate
clients. They are headquartered in Mumbai and as of December
31st, 2008, had a network spread over 512 cities and towns
comprising 1,428 Business Locations operated by our Business
Partners and us. As at December 31st, 2008, they had 5,27,368
registered customers.

In 2006, the Company placed 9.48% of its equity with two

leading private equity investors based out of the US – New
Vernon Private Equity Limited and Bessemer Venture Partners.

The company got listed on BSE and NSE on September 9, 2007.

The issue which was priced at Rs.825 per share (face value
Rs.5 per share) got a overwhelming response and was
subscribed 27.18 times in turbulent market conditions. The
issue gave a return of 21% on the date of listing.

As of end of financial year 2008, the group networth was Rs.7

bn and market capitalization as of March 31, 2008 was Rs.19
bn.

For year ended March 2008, the company showed a strong top
line growth of 91% to Rs.7 bn as compared to Rs.3.68 bn, last
year. New businesses like investment banking, asset
management and fund based activities have contributed to this
growth.

Motilal Oswal Financial Services has received many accolades

in the year gone by. Some of them are:

 Rated ‘Best Overall Country Research’ for a Local

Brokerage in the 2007 AsiaMoney Brokers poll
 Rated India’s top broking house in terms of total number
of trading terminals by the Dun & Bradstreet survey
 Rated ‘Outstanding Commodity Broking House-2007’ by
Globoil India
 Ranked second best for Customer Responsiveness in the
Financial Sector at the Avaya GlobalConnect Customer
Responsiveness awards.

20
 Religare
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.

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.

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.

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.

AnandRathi

AnandRathi is a leading full service securities firm providing the

entire gamut of financial services. The firm, founded in 1994 by
21
Mr. Anand Rathi, today has a pan India presence as well as an
international presence through offices in Dubai and Bangkok.
AR provides a breadth of financial and advisory services
including wealth management, investment banking, corporate
advisory, brokerage & distribution of equities, commodities,
mutual funds and insurance, structured products - all of which
are supported by powerful research teams.

The firm's philosophy is entirely client centric, with a clear

focus on providing long term value addition to clients, while
maintaining the highest standards of excellence, ethics and
professionalism. The entire firm activities are divided across
distinct client groups: Individuals, Private Clients, Corporates
and Institutions and was recently ranked by Asia Money 2006
poll amongst South Asia's top 5 wealth managers for the ultra-
rich.

In year 2007 Citigroup Venture Capital International joined the

group as a financial partner.

In line with its client-centric philosophy, the firm offers to its

clients the entire spectrum of financial services ranging from
brokerage services in equities and commodities, distribution of
mutual funds, IPOs and insurance products, real estate,
investment banking, merger and acquisitions, corporate
finance and corporate advisory.

Clients deal with a relationship manager who leverages and

brings together the product specialists from across the firm to
create an optimum solution to the client needs.

AR brings together a highly professional core management

team that comprises of individuals with extensive business as
well as industry experience.

There research expertise is at the core of the value proposition

that we offer to our clients. Research teams across the firm
continuously track various markets and products. The aim is
however common - to go far deeper than others, to deliver
incisive insights and ideas and be accountable for results.

22
 Karvy
The Karvy group was formed in 1983 at Hyderabad, India.
Karvy ranks among the top player in almost all the fields it
operates. Karvy Computershare Limited is India’s largest
Registrar and Transfer Agent with a client base of nearly 500
blue chip corporates, managing over 2 crore accounts. Karvy
Stock Brokers Limited, member of National Stock Exchange of
India and the Bombay Stock Exchange, ranks among the top 5
stock brokers in India. With over 6,00,000 active accounts, it
ranks among the top 5 Depositary Participant in India,
registered with NSDL and CDSL. Karvy Comtrade, Member of
NCDEX and MCX ranks among the top 3 commodity brokers in
the country. Karvy Insurance Brokers is registered as a Broker
with IRDA and ranks among the top 5 insurance agent in the
country. Registered with AMFI as a corporate Agent, Karvy is
also among the top Mutual Fund mobilizer with over Rs. 5,000
crores under management. Karvy Realty Services, which
started in 2006, has quickly established itself as a broker who
adds value, in the realty sector. Karvy Global offers niche off
shoring services to clients in the US.

Karvy has 575 offices over 375 locations across India and
overseas at Dubai and New York. Over 9,000 highly qualified
people staff Karvy.

Karvy was started by a group of five chartered accountants in

1979. The partners decided to offer, other than the audit
services, value added services like corporate advisory services
to their clients. The first firm in the group, Karvy Consultants
Limited was incorporated on 23rd July, 1983. In a very short
period, it became the largest Registrar and Transfer Agent in
India. This business was spun off to form a separate joint
venture with Computershare of Australia, in 2005. Karvy’s foray
into stock broking began with marketing IPOs, in 1993. Within a
few years, Karvy began topping the IPO procurement league
tables and it has consistently maintained its position among
the top 5. Karvy was among the first few members of National
Stock Exchange, in 1994 and became a member of The Stock

23
Exchange, Mumbai in 2001. Dematerialization of shares
gathered pace in mid-90s and Karvy was in the forefront
educating investors on the advantages of dematerializing their
shares. Today Karvy is among the top 5 Depositary Participant
in India.

While the registry business is a 50:50 Joint Venture with

Computershare of Australia, we have equity participation by
ICICI Ventures Limited and Barings Asia Limited, in Karvy Stock
Broking Limited. For a snapshot of our organization structure,
please click here.

Karvy has always believed in adding value to services it offers

to clients. A top-notch research team based in Mumbai and
Hyderabad supports its employees to advise clients on their
investment needs. With the information overload today,
Karvy’s team of analysts help investors make the right calls, be
it equities, mf, insurance. On a typical working day Karvy:

 Has more than 25,000 investors visiting our 575 offices

 Publishes / broadcasts at least 50 buy / sell calls
 Attends to 10,000+ telephone calls
 Mails 25,000 envelopes, containing Annual Reports,
dividend cheques / advises, allotment / refund advises
 Executes 150,000+ trades on NSE / BSE
 Executes 50,000 debit / credit in the depositary accounts
 Advises 3,000+ clients on the investments in mutual
funds

24
 CHAPTER 5
DATA COLLECTION & ANALYSIS

Chapter 5:
Data Collection & Analysis

Data Collection:
ATTRIBUTE RESPONSE RANKING

25
No of accounts 1 40

2 7

3 3

Account anywhere Yes 10

else
No 40

Proper response Yes 36

over telephone
No 14
provided

Telephone Yes 33
conversation
No 17
satisfactory

Tips follow Firm’s 17

News Channel 19

Your own 36

Any other 07

Fundamental Yes 26
/technical analysis
No 24
provided

Are tips relevant Yes 34

No 16

Satisfied with Yes 41

operators
No 09
software system

Portfolio Yourself 32
management
Broker 24

Satisfied with Yes 43

portfolio
No 07
management

26
How is service of Satisfactory 42
delivery of
Unsatisfactory 08
statements

Satisfied with Yes 38

time of returning
No 12
cheque

Brokerage Excessive 07
charged is
Nominal 22

Equivalent with 21
market

Atmosphere of Very good 06

organisation
Good 24

Satisfactory 20

Rating of service 5 -

4 17

3 24

2 07

1 02

Data Analysis:

27
 no of a ccounts
6%

14%

1
2
3

80%

prope r te le phone re s pons e provide d

28%

yes
no

72%

28
 telephone response satiafactory

34%

yes
no

66%

whose tips do u follow?

9%
22%

45%
24%

firm new s channel your ow n any other

29
fundam ental/technical analysis provided

yes
48%
52%
no

ar e tip s r e le van t

32%

y es
no

68%

30
 satisfied with operators software system

18%

yes
no

82%

portfolio management

43%
yourself
broker
57%

31
 brokerage charged is

14%

excessive
42%
nominal

equivalent with
market
44%

Rating of service

4%
14%

34%
1
2
3
4

48%

32
 atmosphere of organisation

12%

40%
very good
good
satisfactory

48%

Most of the people had only one account .They also doesn’t
have their account anywhere else also. Thus here comes the
role of these terminal operators to provide them with proper
services and retain their customer.

It is been found that the investors receive proper response

during telephonic conversation and also its satisfactory. This
makes investors to deal in the stocks very comfortably without
any hindrances.

33
These brokerage houses are well established in there
operations and make optimal use of technology. With the best
available software in the market, they facilitate the investors
with best of the technology available. This helps the brokerage
houses to handle the back office work very efficiently. These all
entails in the proper delivery of statements to the investors,
proper return of the cheque in due time.

It helps the broker in cutting the cost. Thus broker charges

nominal from their clients. This makes the investors very
comfortable with the broking houses.

The tips that are provided by these firms are very beneficial to
the investors. These are relevant with the market scenario also
but the investors rely on their own analysis about the market.
Thus they are in return satisfied with their own portfolio
management.

In general it had been found that the atmosphere is very

congenial services provided by these terminal operators are
satisfactory.

34
CHAPTER 6
CONCLUSION

35
Chapter 6:
CONCLUSION
 It was found that the service provided by the terminal
operators was in best of the favor of the investors.

 The investors follow their own analysis while dealing in the

market.

 The after service provided is timely and efficient.

36
 Chapter 7
SUGGESTIONS

37
Chapter 7:
SUGGESTIONS

 Brokers have a great scope to provide their clients with

portfolio analysis. This will attract even more clients to
them.

 The service provided by them does not prove beneficial

then there is great scope for the investors to switch
their account.

38
 CHAPTER 8:
BIBILIOGRAPHY

39
CHAPTER 8:
BIBLIOGRAPHY

Books:
1) Zikmund, Business Research Methods, Thomson Learning Books.

INTERNET:
2) www.google.com

3) www.wekipedia.com

40
CHAPTER 9:
ANNEXURE

41
QUESTIONNAIRE FOR THE PROJECT

Dr. AMBEDKAR INSTITUTE OF MANAGEMENT STUDIES AND

RESEARCH.

RESPECTED SIR/MADAM

As part of educational requirement in MBA Semester II , we

have designed

this questionnaire for collecting data to support our research.

We would be very thankful if you give your few minutes to help us complete
this.

All the collected information will prove to be very beneficial for our
academic study.

Thanking you in advance for sparing your valuable time

Neha Somani & Nilesh Dixit

----------------------------------------------------------------------------------------------------
------------

1} Name :- ..................................................

2} Age :- ..................................................

3} Qualification :- ...............................................

42
4} Occupation :- ...............................................

5} Gender :- ..........................................

6} Account since :- ...............................................................

7} How many account :- ..............................................................

8} Have you got account anywhere also?

YES NO

9} Is proper response over telephone provided?

YES NO

10} I s telephonic conversation satisfactory?

YES NO

11} Whose tips do you follow?

The Firm's News channel your own analysis

Any other

43
12} Are you provided with fundamental or technical analysis?

YES NO

13} Do you find tips relevant?

YES NO

14} Are you satisfied with the operators software system?

YES NO

15} Who manages your portfolio?

YOURSELF BROKER

16} Are you satisfied with your portfolio management?

YES NO

17} How do you find the service of delivery of statements?

Satisfactory Unsatisfactory

44
 18} Are you satisfied with the time of returning cheque?

YES NO

19} Brokerage charged is

Excessive Nominal Equivalent with market

20} How do you find the atmosphere of the organisation?

Very good Good Satisfactory

21} Overall rating of the service provided to you

5 4 3 2 1

22} What do you expect more from the terminal as a part of

your service

....................................................................................................................

......................................................................................................................
.....

45
...........................................................................................................................

46