A PROJECT ON (COMPARATIVE ANALYSIS OF VARIOUS FINANCIAL INSTITUTIONS IN MARKET)
Bachelor of Banking and Insurance
Semester V
University of u!"ai (2015-2016)
SUBMITTED BY:
(HIMANI RAJAN SATPALKAR) Roll No.314
Uttari Bharta #a"ha$s
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It es me mme%se *e#s$re t s$mt t"e r+et rert % COPARATI(E ANA)&#I# O3 (ARIOU# 3INANCIA) IN#TITUTION# IN T+E AR6ET8 rese%t t t t"e R9M9N9ND9 9RY 9RY9 9 D.9.V OLLE4E B9NDU3 #!!*#te& t M$m# U%erst %&$te& $%&er t"e $&#%e Prof. (Mr) Naara! Ara"#a$%
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T"e r+et 7Co!5arative Analysis of various 3inancial Institutions in the !arket; ,#s &%e t et t"e &e# #s ,e** #s '%,*e&e e%e!ts #%& $se ! !%#%#* #&sr % t"e rese%t se%#r se%#r.. T"e #s #s +et +ete e e"%& e"%& t"e st$& st$& #rre& #rre& $t $t me s t
'%, '% , m$" mre mre
#$t t"e rsets ! <%#%#* 3*#%%% % t"e r,% e%m. 3e*e s"$*& me $t ! t"e %et ! +$st 'ee% t"er m%e % S#%s 9$%t #%& <e& Dests #%& s"$*& %e%tr#te % t"er !%#%#* *#%%% t m#m=e ret$r%s t#'% rer $&#%e !rm !%#%#* *#%%er.
Mst ! t"e #&srs r&e eertse %!rm#t% #%& '%,*e&e #$t #r$s !%#%#* r&$ts *'e %&s m$t$#* !$%&s %s$r#%e e>$t m#r'et #%& re#* est#te et. T"e %-&et" #%#*ss ! t"e rert ,** "e* t"e re#&er '%, m$" mre #$t t"e %estrs #%& !%#%#* #&srs. I%estrs "#% *, s#% te%t#* r,t" ! #t#* #ts #s # rm#r +ete e"%& %estme%ts. I%estrs et "" *ee* ! s#ts!#t% !rm est% !%#%#* #&srs ,"" &ets t"#t t"ere s # %ee& ! !%#%#* %stt$t%s t #r#" t"ese %estrs % # rer m#%%er s #s t r&e #*$e #&&t%s t t"e s#% te%t#* #%& rt!*. rt! *. T"e s$m $ t"ere "#s ee% # s$st#%e& e!!rt #%& &e&#t% %*e& t m#'e t"s st$& # mre"e%se m#r'et st$& $t #t t"e s#me tme. T"e rese#r"er s e% t #% '%& ! s$est%s t"#t !$rt"er %ee&s t e %s&ere& % reset t t"e $rse ! "s ,r'.
5
TAB)E O3 C O N T E N T # Cha ter No' Title 8 Introduction
Pa e No'
1.1 1.2 1. 1.C 1.5
I%tr&$(t-% ! t"e T)-( Re*e6#%(e ! t"e 3r+e(t O1+e(t-6es ! t"e St$&0 S()e ! t"e St$&0 L-m-t#t-%s ! t"e St$&0
?-@ ?-@ A 10-11 12 1-1C
2' 2.1 2.2
Profile of the Organisation :-str0 8 4e%er#* I%!rm#t-% m#% 3r!*e
15-1@ 1A-C1
7' .1
Revie of )iterature Me#%-%/ #%& 2%(e)t
0' C.1 C.2
Research ethodology Met"& ! St$& Se%&#r Se%&#r &#t#
C2-CA
50-52 5
9'
Analysis of the co!5arison
5C-6C
:'
3indings
. 65
' D' ='
Reco!!endations Conclusions &%"l &%"l%%ora ora'# '#
66-6@ 6A ?0-?2
6
C+APTER '8 INTRO%UCTION 8'8 INTRO%UCTION TO 3INANCIA) IN#TITUTION# <%#%#* <%#%#* %stt$t%s #re t"e $s%esses $s%esses #%& r#%=#t%s r#%=#t%s %*e& % t"e **et% **et% #%& &str$t% ! m%e. T"e &ee* t"e met"&s #%& re&$res t"#t #**, t"em t **et m%e !rm &estrs #%& *e%& t $t t rr,ers. T"e &ee* t"e financial #%& r r& &ee t"e t"e financi ,"ere *e%&ers *e%&ers rr,er rr,ers s %estr %estrs s securities #%& financial al !arket !arketss ,"ere se$* se$*#t #trs rs #%& "e&e "e&ers rs #% #% e"#% e"#%e e m m%e %e !r !$t$re !$t$re #me #me%ts %ts % t"e t"e !rm !rm ! %terest !r ,%ers" %terests s$" #s stocks. stocks. !r t"e #me%t ! !$t$re %t%e%t *#ms s$" #s ,t" o5tions #%& derivatives. #%& !r s"#r% rs' s$" #s t"e *% ! %s$r#%e rem$ms !r !%#%#* rtet%. T"s *e& m%e s t"e% e% #s *#%s r #s #% %estme%t t $s%esses #%& t"er r#%=#t%s t !%#%e se! r+ets r t r&e !%#%% !r t"er %ee&s. B$s%esses m#'e m%e s$*% r&$ts #%& seres t"#t #re &esr#*e #%& t"e mre &esr#*e t"e r&$t r sere t"e mre m%e t"#t t"e $s%ess #% e#r% #%& t"$s t"e re#ter #re t"e ret$r%s % t"e %estme%ts % t"e $s%ess. I% t"er &esre t e#r% re#ter re#ter ret$r%s ret$r%s !%#%#* !%#%#* %stt$t %stt$t%s %s "e* t !$%%e* !$%%e* m%e m%e t t"e ms mstt s$ess s$ess!$* !$* $s%esses ,"" #**,s t"em t r, !#ster #%& s$* ee% mre ! t"e &esr#*e &s #%& seres. T"s s ", !%#%#* %stt$t%s re#t* %tr$te t t"e e!!e%t #**# #**#t t% % ! e%m e%m res$ res$re res. s. e% e%e e !%#% !%#%#* #* %st %stt$t t$t% %ss #re also financial inter!ediaries.
<%#%#* %terme&#res r!t e#r%% ""er ret$r%s % t"er %estme%ts t"#% t"e # !r t"er s$res ! m%e. T"e #ssets ! # !%#%#* %terme&#r #re t"e *#%s st's %&s #%& re#* est#te t"#t #re t"e m#%s %estme%ts %estme%ts #%& ts *#*tes #re ts *#t%s t ts $stmers ,"" %*$&es &ests %s$r#%e *es #%& e%s% #$ts. 9 "#r#terst ! #** !%#%#* %stt$t%s t"#t #et $* !$%&s s t"#t t"e #re "e#* re$*#te& %t %* e#$se ! t"er e%tr#* mrt#%e t m&er% e%mes $t e#$se mst e*e ,$*& e $%,**% t $t t"er m%e % # !%#%#* %stt$t% ! 7
t"e && %t e*ee t ,#s s#!e t & s. I! e*e 'et t"er m%e %ste#& ! s#% r %est% t t"e% t"e #**#t% ! e%m res$res ,$*& e m$" *ess e!!e%t.
Financial Institutions in India are India are divided in two categories. The frst type reers to the regulatory institutions and the second type reers to the intermediaries. The regulators regulators are assigned assigned with the o! o governing governing all the divisions o the "ndian fnancial system. These regulatory institutions are responsi! responsi!le le or maintaining the transparency and the national interest in the operations o the institutions under their supervision.The regulatory !odies o the fnancial institutions in "ndia are as ollows# Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) Central Board of Direct Taxes (CBDT) Central Board of Excise & Custos 9#rt !rm t"e Re$*#tr &es t"ere #re t"e I%terme&#res t"#t %*$&e t"e #%'% #%& %%-#%'% !%#%#* %stt$t%s. Sme ! t"e se#*=e& !%#%#* %stt$t%s % I%&# #re #s !**,s: Unit Trust Trust of India ,UTI#ecurities Trading Cor5oration of India )td' ,#TCI, #TCIIndustrial %evelo5!ent Bank of India ,I%BIIndustrial Reconstruction Bank of India ,IRBI-. no ,Industrial Invest!ent Bank of IndiaE5ort < I!5ort Bank of India ,EI Bank#!all Industries %evelo5!ent Bank of India ,#I%BINational Bank for Agriculture and Rural %evelo5!ent %eve lo5!ent ,NABAR%)ife Insurance Cor5oration of India ,)IC*eneral Insurance Cor5oration of India ,*IC#hi55ing Credit and Invest!ent Co!5any of India )td' ,#CICI+ousing and Ur"an %evelo5!ent Cor5oration )td' ,+U%CONational +ousing Bank ,N+B ) T"e #%'% %stt$t%s ! I%&# *# # m#+r r*e % t"e e%m ! t"e $%tr. T"e #%'% %stt$t%s %stt$t %s #re t"e r&ers ! &estr #%& tr#%s#t% tr#%s #t% seres. T"ese #ttes #tte s #re t"e m#+r s$res ! re#t% m%e. T"e #%'% %stt$t%s #re t"e m#+r s$res ! r&% *#%s #%& #% & t"er re&t !#*tes !#*te s t t"e *e%ts. 9#rt !rm t"e #%'% !%#%#* %stt$t%s t"ere #re # %$mer ! se#*=e& financial institutions in India t"#t "#e ee% %rr#te& !r # &e!%te $rse. T"ese %stt$t%s %*$&e t"e %s$r#%e m#%es t"e "$s% !%#%e m#%es m$t$#* !$%&s mer"#%t #%'s re&t rert% #%& &et **et% m#%es #%& m#% mre. $
9#rt !rm t"ese t"ere #re seer#* t"er !%#%#* %stt$t%s t"#t #re est% % t"e $%tr. T"ese #re t"e st' r'ers #%& s$-r'ers rt!* m#%#ers %estme%t #&srs $%&er,rters !re% %stt$t%#* %estrs #%& %estrs #%& m#% mre.
8'2RE)E(ANCE O3 PROJECT IPORTANCE O3 3INANCIA) IN#TITUTION# <%#%#* %stt$t%s r&e %s$mers #%& mmer#* *e%ts ,t" # ,&e r#%e ! seres #%& &!!ere%t tes ! #%'% r&$ts. T"e mrt#%e ! !%#%#* %stt$t%s t t"e ,&er e%m s ##re%t &$r% m#r'et ms #%& reess%s. D$r% e%m $t$r%s !%#%#* %stt$t%s r&e t"e !%#%% t"#t &res e%m r,t" r,t" #%& &$r% reess%s #%'s $rt#* *e%&%. T"s #% e#er#te # $%trs !%#%#* r*ems #%& &r#, #tte%t% t t"e !#t t"#t e%mes #re "e#* re*#%t $% t"e !%#%#* setr .
M%e*e%&ers #%& %s$r#%e m#%es "#e ee% *e%&% m%e t e*e #%& %s$r% ##%st *ss !r e%t$res $t % t"e 21th century er%me%ts #r$%& t"e ,r*& e#% t re%=e t"e mrt#%e ! !%#%#* %stt$t%s #%& #sse& *es*#t% t"#t m#&e t e#ser !r mre e*e t t#% r&$ts #%& seres !rm t"ese e%ttes. I% m#% $%tres #%'s #re e%$r#e& r ee% me**e& t *e%& m%e t "me $ers #%& sm#** $s%esses. Re#&* ##*#*e *#%s e%$r#e %s$mer se%&% #%& t"s se%&% *e#&s t e%m r,t". %s$mers #re !te% et"er e*e ,t" #s" ," #re see'% ret$r%s % t"er m%e r e*e ,t"$t #s" ," %ee& t rr, m%e % r&er r& er t er t"er s"rt-term s"rt- term ee%ses. B#%'s #t #s %terme&#res %terme&#res et,ee% et,ee% t"ese t, r$s. 3e*e ,t" #s" *e%& m%e t t"e #' % ret$r% !r # %m%#* % m%#* r#te ! %terest #%& #%'s # %'s *e%& t"#t s#me m%e m%e t %s$mers #t # m$" ""er r#te ! %terest. T"e &!!ere%e et,ee% t"e re # #%' #s t rr, #%& t"e re t "#res ts ,% $stmers t rr, e%#*es t"e #%' t e%er#te # r!t. I% m#% %st#%es t"e mrt#%e ! !%#%#* %stt$t%s s mst & &$r% reess%s ,"e% s#ers r$% s"rt ! #s" #%& #%'s *#' t"e #s" t !%#%e %s$mer *e%&%. %
8'7O";ective 8'7O";ective of #tudy
T st$& t"e rsets ! #r$s !%#%#* r&$ts r&e& &!!ere%t !%#%#* %stt$t%s % t"e m#r'et. 3e*e s"$*& me $t ! t"e %et ! +$st 'ee% t"er m%e % S#%s 9$%t #%& <e& Dests #%& s"$*& %e%tr#te % t"er !%#%#* *#%%% t m#m=e ret$r%s t#'% rer $&#%e !rm !%#%#* *#%%er. <%#% <%#%#* #* %stt$t %stt$t%s %s s$" #s #%'s #%'s re&t re&t $%%s $%%s st'r st'r'ers 'ers !%#%e !%#%e #%& %s$r#% %s$r#%ee m#%es !te% "#e # $s%ess *#% ,t" # set *st ! #*s #%& +etes. T"ese +etes #re # set ! st#%&#r&s r #*s t"#t t"e %stt$t% #s # ,"*e #%& e#" em*ee ,** ,r' t,#r& % # &#* #ss. O+etes O+etes #% e eter%#* #%& e%e!t t"e $stmers $stmers #%& *e%ts $t #*s #% "#e eter%#* e%e!ts #%& re#te # r#%& !r t"e !%#%#* %stt$t%.
Fuicker Custo!er #ervice <%#%#* %stt$t%s m# "#e $stmers m% % t et seres r $se se*!-sere t%s t see& $ t"e sere ress. S%e $stmers #%& *e%ts #re #% mrt#%t #sset !r !%#%#* %stt$t%s #% +ete s t r&e t"e est $stmer sere t 'ee *e%ts s#ts!e& #%& "#. B#%'% %stt$t%s !r %st#%e m# ,#%t t mre t"e $stmer sere re&$res ,t"% t"e #%' ,"e% e*e me % t # **s r ,t"&r#, m%e.
1&
re&t $%%s $*& "#e t"e s#me +ete #s memers #re e% re#s%#*e re&t r#tes #%& t"e $%%s %ee& t"e memers t st# #te #%& #!*#t. #!*#t.
+el5 Peo5le Invest •
Sme !%#%#* %stt$t%s s$" #s #%'s #%& st'r'ers !!er e*e "e* % %est% t %re#se %me #%& ,rt". I! t"e *e%t "#s *tt*e t % eere%e % !%#%#* %estme%ts t"e st'r'er r #%'% m#%#er s"$*& r&e t"e '%,*e&e #%& eertse t "e* t"e *e%t %est ,se*. 9% +ete #% %*$&e te#"% #%& "e*% *e%ts $%&erst#%& t"e ,r*& ! %est% #%& te#" t"em t*s t 'ee tr#' ! t"er ,% %estme%ts.
#avings Plans •
M#% !%#%#* %stt$t%s m#%#e e*es ers%#* m%e. S%e !ees %estme%ts %s$r#%e #%& t"er seres m# st t"e $stmer m%e # !%#%#* %stt$t% m# "#e #% +ete t r&e seres #%& s#%s *#%s t"#t ,** s#e t"e $stmer m%e. T"s #% %*$&e m%% #%'% #%& %s$r#%e seres !r %e !%#%#* %stt$t% r#t"er t"#% "#% seer#* sere r&ers. It #*s #% me#% "#%% %s$r#%e *#%s !r %st#%e. %st#%e.
Insurance Pre!iu!s and Plans •
I%s$r#%e m#%es #%& *#rer #%'% r#%"es m# !!er *e%ts %s$r#%e *#%s #%& rem$ms t rtet *e%ts. T"s #% %*$&e re&t #r& %s$r#%e *#% *mt %s$r#%e #r %s$r#%e tr#e* #%& "me %s$r#%e #%& %s$r#%e ##%st $r*#r #%& "me %#s%. S%e t"e %ee&s ! e#" *e%t &!!er t"e !%#%#* %stt$t% m# "#e #% +ete t r&e %s$r#%e *#%s t"#t #re t#*re& !r e#" *e%t. T"s s %t %* t 'ee $rre%t *e%ts s#ts!e& $t #*s % "es ! #ttr#t% %e, $stmers.
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8'0 #co5e of #tudy •
T"ere est # te%t#* r,t" % t"e ,e#*t" m#%#eme%t %&$str #%& t"$s t"s r+et #$t"e%t#tes t"e !e#s*t ! !%#%#* %stt$t%s % t"e m#r'et.
•
E#%&% %ee&s #%& r*!er#t% ! !%#%#* r&$ts #re m#'% t &!!$*t !r %&&$#*s t %est ,t"$t *#%%%. Mst #re #,#re t"#t *#%%% s rt#*F et &%t "#e t"e tme r t"e eertse t &ee* # *#% 8 t"ere!re t"e r*e ! <%#%#* 3*#%%er mes % t$re.
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I% ree%t e#rs t"e st#%&#r& t"er ! t"e %ter#te& !rm "#s e% ,# t # %er% #$t t"e re*#te #&#%t#es ! %-s$r% er $ts$r% re%=% t"#t t"e se ! t"e !rm s # str#te m#tter. T"e ss$e ! %-s$r% ers$s $ts$r% "#s ee% #m#%e& # %er% #$t t"e er#"#* e r#"#* se ! t"e t" e !rm: ,"et"er t"e
•
$ts$r% ! t#s's #%& !$%t%s s *se-#t-"#%& r !!s"re. I% t"s #rt*e ,e e% ,t" re!ere%e t #se #%& t"e *ter#t$re t"#t "#s !**,e& % "s ,#'e s$est% # r$#* #%& $%re%=e& ss$e % "s %et$#*=#t% s t"e r*em#t >$est% ! ," "#s #$t"rt t m#'e &es%s (er%#%e). (er%#% e). Ge s$est # ,# ! %et$#*=% t"e t#s's #%& !$%t%s ! !rms ,"" re* $% !rm-se! str#te #ssets %*$&% "$m#% #t#* er%#%e #%& &es%-
•
m#'% re&$res #%& t"e %!rm#t% sstems t"#t $%&er% &es% m#'%. T"e +ets ! $r #%#*ss #re !%#%#* %stt$t%s s$" #s m$t$#* !$%&s e%s% !$%&s sere% ,e#*t" !$%&s #%& %estme%t m#%#eme%t m#%es. T t"e ete%t
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t"#t t"e st ! seres s mrt#%t t"ese tes ! !%#%#* %stt$t%s "#e s$"t t &s$%t sts $ts$r% ee% !!-s"r%. 9t ss$e s t"e #*e er#"#* re#" ! t"s te ! %stt$t% %t% t"e #r$s ,#s %temr#r %stt$t%s (sm#** #%& *#re) "#e s$"t t &e#* ,t" t"s ss$e. O$r #%#*ss s %et$#* #%& t"eret#* r#t"er t"#% emr#* #%& s #se& % # set ! #se st$&es #%& !e*&,r' #%& t"e m*#t%s t e &r#,% t"ere!.
8'9 )i!itation of the #tudy •
I! t"e se ! t"e rese#r" ,#s *mte& t t ? ,e#*t" m#%#eme%t m#%es %#me* YES B#%' t#%' UTI B#%' SB B#%' D< B#%' B#+#+ #t#* #%& Re*#re E%terrses Lmte&.
•
T"e s#m*e #re# ,#s rm#r* % H#$r. (H"#r B#=#r M I R#& T%' R#& M#*# N##r #%& H"t,#r# I%&$str#* I% &$str#* 9re#) #%& #t t"e D<S LI-s"eme ste +#*$ H#$r #%& #r&%* t"e res%se s res$me& t rerese%t ,"*e ! I%&#.
•
T"e s#m*e s=e mrse& ! 100 res%&e%ts !rm &!!ere%t !e*&s #%& %me r$ #%& t"er res%ses #re res$me& t rerese%t t"e ,e#*t" m#%#eme%t m#r'
•
T"e sre #**tte& t"e &!!ere%t res%&e%ts % &!!ere%t #r#meter m"t %t e ,t" t"e s#me #r&st' #s %&&$#*s #re s$+ete % %#t$re #s ,e** #s t"e e%r%me%t r$%& t"em &!!ers ,"" *# # rt#* r*e % $*&% $ # eret%.
•
T"e %er% re>$r% !%#%e !rm $* !%#%#* %stt$t%s "#s t s$mt tse*! t # t"r$" %est#t% t"#t %*es # %$mer ! !rm#*tes #%& &$me%ts.
•
M#% &eser% %er%s m# !#* t et #ssst#%e !r ,#%t ! se$rt #%& t"er %&t%s *#& &,% t"ese %stt$t%s.
13
•
Smetmes t"ese %stt$t%s *#e restrt%s % t"e #$t%m ! m#%#eme%t. T"e *# &,% # %ert*t *#$se % *#% #reeme%ts. I% sme #ses t"e %sst % t"e #%tme%t ! t"er %m%ees t t"e B#r& ! Dretrs ! t"e rr,% m#%. m#%.
•
The !ain advantages of institutional finance are as follos4 Bt" rs's #s ,e** #s *#% #t#* #re ##*#*e. 3$* !%#%#* %stt$t%s r&e $%&er,rt% !#*tes #*s.
•
Ne, m#%es ,"" m# !%& t &!!$*t & !!$*t t r#se !%#%e !rm !r m t"e $* #% et t !rm t"ese %stt$t%s. 9ssst#%e s ##*#*e ,"e% re$rse t %rm#* s$res s mr#t#*e r $%r!t#*e. M&er%=#t% #%& e#%s% *#%s #% e !%#%e& ,t"$t m$" str#% % t"e !%#%#* str$t$re ! t"e m#%.
•
9s t"ese %stt$t%s #rr $t # t"r$" %est#t% e!re r#%t% #ssst#%e t # %er% re*#t%s" ,t" t"em "e*s t %re#se t"e re&t-,rt"%ess ! # m#%.
14
•
L#%s #%& $#r#%tees % !re% $rre% #%& &e!erre& #me%t !#*tes #re ##*#*e !r t"e mrt ! re>$re& m#"%er #%& e>$me%t.
•
T"e r#tes ! %terest #%& re#me%t re&$res #re %e%e%t #%& e%m#*. <#*tes !r re#me%t % e#s %st#**me%ts #re m#&e ##*#*e t t"e &eser% %er%s.
•
9*% ,t" !%#%e # m#% #% t#% eert #&e #%& $&#%e !r t"e s$ess!$* *#%%% #%& #&m%str#t% #&m%s tr#t% ! r+ets.
•
15
C+APTER'2 PRO3I)E O3 T+E OR*ANI#ATION OR*ANI#ATION 2'8+I#TOR& AN% AN% *ENERA) IN3ORAT IN3OR ATION ION T"e <%#%#* I%stt$t%s % I%&# m#%* mrses ! t"e e%tr#* B#%' ,"" s etter '%,% #s t"e Resere B#%' ! I%&# t"e mmer#* #%'s t"e re&t r#t% #e%es t"e se$rtes #%& e"#%e #r& ! I%&# %s$r#%e m#%es #%& t"e se#*=e& !%#%#* %stt$t%s % I%&#.
Reserve Bank of India4
T"e Resere B#%' ! I%&# ,#s est#*s"e& % t"e e#r 1A5 ,t" # e, t r#%=e t"e !%#%#* !r#me ,r' #%& !#*t#te !s#* st#*t % I%&#.
T"e #%' #ts #s t"e re$*#tr #$t"rt ,t" re#r& t t"e !$%t%% ! t"e #r$s mmer#* #%' #%& t"e t"er !%#%#* %stt$t%s % I%&#.
T"e #%' !rm$*#tes &!!ere%t r#tes #%& *es !r t"e er#** mreme%t ! t"e #%'% setr. It ss$e $rre% %tes #%& !!ers #&s t t"e e%tr#* #%& %stt$t%s er%me%ts.
Co!!ercial Banks in India4
T"e mmer#* #%'s % I%&# #re #ter=e& %t !re% #%'s r#te #%'s #%& t"e $* setr #%'s. #%' s. T"e mmer#* #%'s %&$*e % #re& #r e& #ttes s$" #s #et#%e # et#%e ! &ests #t% #s tr$stees !!er% *#%s !r t"e &!!ere%t $rses #%& #re ee% #**,e& t **et t#es % e"#*! ! t"e %stt$t%s #%& e%tr#* er%me%t.
Credit Rating Agencies in India4
16
T"e re&t r#t% #e%es % I%&# ,ere m#%* !rme& t #ssess t"e %&t% ! t"e !%#%#* setr #%& t !%& $t #e%$es !r mre mreme%t. T"e re&t r#t% #e%es !!er #r$s seres #s: •
Oer#t% U r#&#t%
•
Tr#%% t Em*ees
•
Sr$t%=e Ne, 3r+ets #%& !%& $t t"e ,e#' set%s % t
•
R#te &!!ere%t setrs
•
T"e t, mst mrt#%t re&t r#t% #e%es % I%&# #re: CRI#I) ICRA •
#ecurities and Echange Board of India4
T"e se$rtes #%& e"#%e #r& ! I%&# #*s re!erre& t #s SEBI ,#s !$%&e& % t"e e#r 1AA2 % r&er t rtet t"e %terests ! t"e %estrs #%& t !#*t#te t"e !$%t%% ! t"e m#r'et %terme&#res. T"e s$erse m#r'et %&t%s rester %stt$t%s #%& %&$*e % rs' m#%#eme%t.
Insurance Co!5anies in India4
T"e %s$r#%e m#%es !!er rtet% ##%st *sses. T"e &e#* % *!e %s$r#%e m#r%e %s$r#%e #%& e"*e %s$r#%e #%& s %. T"e %s$r#%e m#%es **et t"e *tt*e s#% ! t"e %estrs #%& t"e% re%est t"se s#%s % t"e m#r'et. T"e %s$r#%e m#%es #re **#r#t% ,t" &!!ere%t !re% %s$r#%e m#%es #!ter t"e *er#*=#t% ress. T"s ste "#s ee% %rr#te& t e#%& t"e I%&#% I%s$r#%e m#r'et #%& m#'e t mette.
#5ecialiGed 3inancial Institutions in India4
17
T"e se#*=e& !%#%#* %stt$t%s % I%&# #re er%me%t $%&ert#'%s t"#t ,ere set $ t r&e #ssst#%e #ssst#% e t t"e &!!ere%t setrs #%& #% & t"ere #$se er#** er#* * &ee*me%t ! t"e I%&#% e%m. T"e s%!#%t %stt$t%s !#**% $%&er t"s #ter %*$&es:
Board for Industrial H 3inancial Reconstruction E5ort/I!5ort Bank Of India #!all Industries %evelo5!ent Bank of India National +ousing Bank
<r mre %!rm#t% % <%#%#* I%stt$t%s % I%&# *e#se re!er t t"e !**,% *%'s: 3inancial Institutions in India •
mmer#* B#%'s
•
I%s$r#%e m#%es
•
re&t r#t% #e%es
•
<%#%e M%ster
•
T"e Ne, R*e ! <%#%e
•
<%#%e #%& I%&#s Dee*me%t
•
Mr <%#%e
•
Se#*=e& <%#%#* I%stt$t%s
•
O%*%e Seres M%str
•
IRD9
1$
FINANCIAL ADVISORS: 3*#%%% !r # se$re !%#%#* !$t$re s %t e#s. Yet %re#s%* %&&$#*s #re % "#re ! t"er ,% !%#%#* !$t$res. Mst #re #,#re t"#t *#%%% s rt#* rt#* et &%t t"e "#e tme r t"e eertse t &ee* # *#% #%& m#'e t"e %ee&e& !%#%#* &es%s. S t"ere #rses # %ee& !r <%#%#* 9&srs t m#%#e t"e %&&$#*s ,e#*t" #%& t"e ,"*e ress ! m#%#% t"s ,e#*t" s '%,% #s Ge#*t" M#%#eme%t
T"ese !%#%#* #&srs "e* %&&$#*s r rr#te m#%#e t"er ,e#*t" #rr#te* t"r$":
,I- Invest!ent Invest!ent #olutions4 #olutions4 - T"e !%#%#* *#%%er "e*s t"e %&&$#*s &ers! t"er rt!* t"r$" #*ter%#te %estme%t *#%s m$t$#* !$%&s e>$tes #%& ee% s#e !r retreme%t t"r$" #%%$tes.
<%#%#* 3*#%%% s #% eerse #me& t e%s$re ##*#*t ##*#*t ,II- 3inancial Planning4 - <%#%#* ! r"t #m$%t ! m%e #t t"e r"t tme t meet t"e %&&$#*s !%#%#* !%#%#* #*s. <%#%#* %stt$t%s *#% %&&$#*s $rre%t ee%&t$res #%& s#e !r !$t$re s"rt-term r *%-term #*s #%#*=% &!!ere%t t%s ##*#*e.
,III- Retire!ent Planning4 - T"e !%#%#* *#%%er $&es t"er *e%ts % *#%%% !r t"er !%#%#* re>$reme%ts #!ter retreme%t "e*% t"e &e%t! #*s rese#r"% #%& #%#*=% &!!ere%t rt$%tes t se$re !$%&s #%& m#'e %estme%ts t s$ts t"er %ee&s. (IV) Wealth Management: - It - It is a comprehensive service to optimize, protect and manage the financial well-being of an individual, family or corporation. Its basic definition covers advice on loans, investments and insurance to give a broad picture of how individuals should best deploy their financia financiall resources. resources. A broader broader picture picture may include include tax advice, advice, estate estate planning, business planning, charity foundations and other financial needs.
1%
2'2COPAN& 2'2COPAN& PRO3I)E PRO3I) E T"e '%&s ! seres <%#%#* I%stt$t%s !!er #% #r ,&e*. Sme %stt$t%s #ssess eer eer #se #sett ! %es %es !%#% !%#%# #** *!e *!e %*$ %*$&% &% s#% s#% %es %estm tme%t e%ts s %s$r %s$r#% #%e e t#es t#es retreme%t #%& est#te *#%%% #%& "e* %e &ee* # &et#*e& str#te r *#% !r meet% #** !%#%#* #*s. T"e m#+r *#ers % t"e m#r'et #re #s !**,s:
&E# Bank
Citi"ank
UTI Bank )i!ited
+#BC Bank
+%3C Bank )i!ited
Ba;a; Ca5ital
Religare Enter5rises )i!ited
2&
<.2.1
<.2.2
21
8'&E# BAN6
,I-Introduction &E# BAN6 "#s ee% %ee& % t"e srt ! r!ess%#* e%trere%e$rs" ,t" #%
$%st%te& mmtme%t t est#*s" # "" >$#*t te"%* &re% st#te-!-t"e-#rt r#te I%&#% B#%' #ter% t JEmer% I%&#. T"e #st #%'% eere%e ! t"e 3rmters Rana 6a5oor #%& Ashok 6a5ur ," "#e # **e **et te e !%#% !%#%# #** st#'e st#'e ! 7D':2 "#s ee% stre%t"e%e& t"e !%#%#* s$rt ! r &e &E# BAN6 # # str% !$%&#t% ! e%&$r% !%#%#* tr$st. Ra"o"ank Ne&er*#%& t r&e *'s t !!er mre"e%se #%'% #%& !%#%#* s*$t%s. G"" s ," &E# BAN6 *'s t"e "#e %&$te& t >$#*t $m#% #t#* #rss #** t"e #%'% !$%t%s %*$&% rr# rr#te te 8 I%stt$t I%stt$t%# %#** B#%'% B#%'% <%#%# <%#%#** M#r'ets M#r'ets I%estm I%estme%t e%t B#%'% B#%'% B$s%es B$s%esss 8 Tr#%s#t%#* B#%'% #%& Ret#* B#%'% 8 Ge#*t" M#%#eme%t.
,II- #ervice Offerings ,A-utual 3unds YES B#%' t# %t t"e *#test m#r'et tre%&s t e t"e *e%ts t"e #ess t t"e est M$t$#* <$%&s.
,B- Portfolio anage!ent #ervices T"e #%' "e*s $ t m#%#e $r est% e>$t rt!*s ,t" t"e "e* ! se*ete& !$%& m#%#ers t"$s r&% t"e *e%ts ,t" r!ess%#* seres #%& $stm=e& t%s t meet t"er %estme%t %ee&s.
22
,C- *OI Bonds T"e r&e $ ,t" !e& te%$re B%&s ss$e& t"e 4er%me%t ! I%&# ,"" e%s$re re$*#r !$%& %!*,s'
,%- Ta #aving Bonds B %est% % se!e& %&s t"e #%' #% "e* $ t re&$e $r t# *#*t $%&er Set% 90EC ! t"e Inco!e Ta Act.8=:8
,E- #u"scri5tion to IPOs T"e #%' !#*t#tes s$srt% t se*et I3Os % t"e #t#* m#r'et "e*% $ t t#'e tme* #&#%t#e ! ##*#*e rt$%tes'
,3- )ife Insurance &E# BAN6 "#s #rt%ere& ,t" a Ne &ork )ife %e ! t"e mst re$te& L!e
I%s$r#%e m#%es % I%&#. T"e #%'% setr #% *# # %str$te r*e % e% #% #e%t ! "#%e #%& # re#tr ! s#* #%& e%m #*$e. 9t &E# BAN6 t"e #sre t re#te #%& s"#re #*$e. a Ne &ork )ife$s %ter%#t%#** e%"m#r'e& tr#%% ressesF !*e*e r&$t s$te sere ee**e%e #%& !%#%#* !%#% #* stre%t" m*eme%t m*eme% t t"s $t*' ,"" e%s$re t"#t ,e #re #*e t &e*er t"e tr$e #*$e ! *!e %s$r#%e t $r $stmers. &E# BAN6 r&es r&es t"e e%tre s$te ! *!e %s$r#%e r&$ts r#%% !rm rs' rtet% t %estme%t-re*#te& %es tme%t-re*#te& $%t *%'e& *%' e& r&$ts !r %&&$#*s %&& $#*s r$s r se*et em*ees.
,*- *eneral Insurance "#s #rt%ere& ,t" Ba;a; AllianG *eneral Insurance Co t &str$te t"er &E# BAN6 "#s N% L!e I%s$r#%e r&$ts r&$ ts t $r *e%ts'
23
<.2.
<.2.C
24
2' CITIBAN6
,I- Introduction tr$ % I%&# tr$ s t"e s%*e *#rest !re% &ret %estr % t"e !%#%#* seres %&$str % I%&#. mmtte& t I%&# !r er 811 years tr$ %s&ers tse*! # *#* #%' ,t" #% %ter%#t%#* ersete #'e& t"e *#rest *#* %et,r'. Gt" # st#!! stre%t" ! er 89.111 tr$ "#s %s*&#te& ts st% #s t"e mst %%#te #%& mre"e%se !%#%#* r&$ts #%& seres r&er % t"e $%tr #%& t&# "#s # $stmer #se ! er 8.111 *#re rr#te er 22.111 sm#** #%& me&$m e%terrses #%& er 9'9 !illion ret#* $stmers. 9 %eer % %s$mer #%'% t#%' ,#s t"e !rst t %tr&$e re&t #r&s !$se& %s$mer *e%&% rr#ms #%& e*etr% #%'% % I%&#. T&# t"e t#%' %et,r' mrses ! 7= #%' r#%"es #rss #r ss 2 tes #%& er 011 t#r& B#%'% e%tersK,"" m%e 9TMs #%& se*!-sere "%e #%& I%ter%et #%'% !!er% t4*& ,e#*t" m#%#eme%t re&t r e&t #r&s mrt#e seres ser es 9$t L#%s 3ers%#* L#%s S$&"# #%& NRI Seres. T"r$" t<%#%#* tr$ !!ers %s$mer !%#%e seres % t"e $%tr.
,II- #ervice Offerings t4*& !!ers t"e *e%ts # mre"e%se r#%e ! r&$ts t meet t"er tr#%s#t% s#%s %estme%t #%& %s$r#%e re>$reme%ts. T"e *e%ts #% se*et !rm # set ! term #%& e%&,me%t %s$r#%e *es r$"t t t"em t"r$" #%' %s$r#%e #rt%ers s t"#t t"e *e%ts %ee&s !r ,e#*t" rtet% #re t#'e% #re !. T"e *e%ts #% #*s se*et !rm # r#%e ! #sset r&$ts %#me* ers%#* "me #%& #$t *#%s #t se#* re*#t%s" r%. t4*& Ge#*t" M#%#eme%t !!ers t"e *e%ts #% e*$se r*ee t"#t mrses !:
25
,A- utual 3unds 4 9t t4*& $ #% "se !rm # r#%e ! re-se*ete& M$t$#* <$%&s m#%#e& sme ! t"e est %#mes % !$%& m#%#eme%t s$" #s Alliance Ca5ital. 3ranklin Te!5leton Te !5leton India. Birla #un)ife. Kurich India. %#P errill )ynch. +%3C. I%BI Princi5al and Prudential - ICICI. T"e !$%&s % !!er #re !rm # rr$s* m*e& *st
t"#t e%s$res %* t"e est re#"es $.
,B- Ta Advisory #ervices 4 t4*& "#s te& $ ,t" t"e *e#&% t# #&sr !rm - %eloitte. +askins H #ells t "e* t"e *e%ts ,t" t"er t# m#%#eme%t. %eloitte. +askins H #ells # memer !rm ! %eloitte TouchL Toh!atsu ,%TT- s #m%st t"e *e#&% *#* t##t%-%s$*t% !rms. %TT er#tes !rm 871 $%tres "#s mre t"#% :.111 #rt%ers #%& er =1.111
r!ess%#*s #r$%& #r$ %& t"e *e.
,C- Real Estate Advisory #ervices 4 I% t&#s m#r'et re#* est#te rese%ts #% #ttr#te re#* est#te %estme%t t%. T #ssst t"e *e%ts ,t" #&e % #r$s re#* est#te %estme%ts r t "e* t"em % *e#s% $% r se**% rertes Citi*old "#s te& $ ,t" # ,r*&-*#ss re#* est#te %s$*t% !rm Chesterton eghra; 3rert %s$*t#%ts. T"s sere s $rre%t* ##*#*e % t"e tes ! u!"ai. 6olkata and %elhi %*. Citi*old ,** r#%=e se#* sem%#rs !r t"e *e%ts
,t" t"ese %s$*t#%ts #%& t"e *e%ts #% #*s %s$*t t"em %e-%-%e % re#* est#te %estme%t t%s.
,%- Art Advisory #ervices I% t&#s m#r'et #rt rese%ts #% #ttr#te %estme%t t%. T #ssst t"e *e%ts ,t" #&e % #r$s #rt %estme%ts r t "e* t"em % $% r se**% #rt Citi*old "#s te& $ ,t" # re$te& #rt #**er A55arao *alleries'
26
,E- Insurance #ervices I% t&#s m#r'et %s$r#%e rese%ts #% #ttr#te %estme%t t%. T #ssst t"e *e%ts ,t" #&e % #r$s %s$r#%e *es r t "e* t"em % $r"#s% %s$r#%e. Citi*old "#s te& $ ,t" Br*#.
7' UTI BAN6 )T%
,I-Introduction UTI Bank ,#s t"e !rst ! t"e %e, r#te #%'s t "#e e$% er#t%s % 1AAC #!ter
t"e 4er%me%t ! I%&# #**,e& %e, r#te #%'s t e est#*s"e&. T"e B#%' t&# s #t#*=e& t t"e ete%t ! Rs.
[email protected] rers ,t" t"e $* "*&% (t"er t"#% rmters) #t ?2.C . 3rese%t* t"e B#%' "#s # er ,&e %et,r' ! mre t"#% C50 r#%" !!es #%& Ete%s% $%ters. T"e B#%' "#s stre%t"s % t" ret#* #%& rr#te #%'% #%& s mmtte& t #&t% t"e est %&$str r#tes %ter%#t%#** % r&er t #"ee ee**e%e.
<.2.5
27
,II- #ervice Offerings "y Ca5ital arket
,A- EMuity arket Content #t#* M#r'et s %eer % !!er e>$t re*#te& %te%t !r UTI B#%'s rt#* ,"" %*$&es: E>$t M#r'et mme%t#r
St' 3re D#t#
"#rt% <#*t
<%#%#* D#t#
I3O D#t#
3rt!* Tr#'er
,B- utual 3unds Content I%&#% M$t$#* <$%& %&$str "#s 'e& $ It s !#stest r,% %&$str ,t" %$mer ! r,% %estr t&# t"ere #re 6 M$t$#* <$%&s #%& er 200 s"emes ,t" tt#* #ssets ! #rm#te* Rs. @1000 rres. S t "#s eme esse%t#* !r $ t 'ee $&#te& %!rm#t% % $r rt#*. #t#* M#r'et !!ers $ r#%e ! %te%t s*$t% #s !**,s:
M$t$#* <$%& N9V
<$%& 3r!*e S"eet
2$
D&e%& 8 M*=#t% Det#*s
M$t$#* <$%& K Ne,s
M$t$#* <$%& K N
M$t$#* <$%& <$% & K T*s
,C- Co!!odity arket mm&tes M#r'et s r,% % I%&# #%& #t#* M#r'et !!ers !**,% sree%s ert#%% t mm&t M#r'et: M#r' et:
mm&t res E%& ! t"e &# !r #** t"e e"#%es: 4#%ers 8 Lsers T Tr#&e& V#*$e V#*$e 9&#%e De*%e Sr**% t'er !r St 8 <$t$re res 8 4et $te $tt%. mm&t %e,s s #*s $&#te& % &#* #ss
2%
0' +#BC Bank
,I-Introduction T"e #%tee&e%ts ! t"e SB 4r$ % I%&# #% e tr#e& #' t Oter 1@5 ,"e% t"e Mer#%t*e B#%' ! I%&# L%&% #%& "%# ,#s !$%&e& % Bm# (%, M$m#). T"e #>$st% % 1A5A T"e % % #%& S"#%"# B#%'% rr#t% Lmte& ! t"e Mer#%t*e B#%' ,#s # &ese !#tr % *#% t"e !$%&#t% !r t&#s SB 4r$. SB % I%&# s r$& t "#e ret#%e& t"e 4r$s %eer% stre#' e% #% #te #rt%er % t"e &ee* me%t ! t"e I%&#% #%'% #%'% %&$str - ee% % % I%&# ts !rst 9T 9TM ,# #' % 1A@?. T"e r#%=#t%s #&#t#*t res*e%e #%& mmtme%t t ts $stmers "#e !$rt"er e%#*e& t t s$re t"r$" t$r$*e%t tmes #%& rser t"r$" & tmes er t"e #st 150 e#rs.
,II-#ervice Offerings ,A- 3inancial Planning #ervices I%!*#t% !#**% %terest r#tes #%& !*$t$#t% m#r'et %&t%s re>$re $ t *#% $r !%#%es #re!$**. e*er#te mrt#%t #s%s % t"e !$t$re m#%#% $r ,e#*t" ,e** %,. SBs <%#%#* 3*#%%% Seres !!er #ssst#%e t se$re $r !$t$re. O$r !%#%#* *#%%% seres #re ##*#*e !r est% est % SB $stmers #%& #re !ree ! st. s t.
,B- utual 3unds Use t"e re% eertse #%& %s"ts ! t"e ,r*&s *#* #%' !r $r %estme%ts. Ge !!er $ %estme%t t%s % !$%&s t"#t meet $r se*et% rter# #%& !t $r re>$reme%ts "e*% $ re#te #%& %re#se $r ,e#*t" te%t#* % t"e *%-term se%#r.
,C- Insurance 3&
Y$ "#e r#* *#%%e& $r *!e ,t" re#t #re ,r'% s*,* #%& ste#&* t,#r&s !$*!**% $r &re#ms #%& #mt%s. U%!rt$%#te* $ "#e % %tr* er ert#% %#t$r#* #%& m#%-m#&e ee%ts t"#t m# ert$r% $r *#%s.
9s $ "#%e s & $r %s$r#%e %ee&s. T"e %s$r#%e s*$t% t"#t s re*e#%t t $ t&# m# e er &!!ere%t t t"e s*$t% $ re>$re e#rs !rm %,. It s t"ere!re rt#* !r $ t &e%t! rtet% %ee&s t"#t #re ert%e%t t $ #%& $r r$mst#%es.
<.2.5
31
9 'Religare
,I- Introduction Re*#re E%terrses Lmte& ,#s rmte& t"e rmters ! R#%# L#r#tres Lmte& #%& t ,#s r%#** %rr#te& #s 7V#+res",#r smets 3r#te Lmte&; % H#%$#r 0 1A@C. T"e %#me ! t"e m#% ,#s "#%e& t 7Re*#re E%terrses 3r#te Lmte&; % H#%$#r 10 2006. Re*#re E%terrses Lmte& (REL) s %e ! t"e *e#&% %ter#te& !%#%#* seres r$s ! I%&#. RELs $s%esses #re r#&* *$e& #rss t"ree 'e ert#*s t"e Ret#* I%stt$t%#* #%& Ge#*t" setr$ms #ter% t # &erse #%& ,&e #se ! *e%ts. REL !!ers # m$*tt$&e ! %estme%t t%s #%& # &erse $>$et ! !%#%#* seres #%& "#s # #% I%&# re#" % mre t"#% 1550 *#t%s #rss mre t"#% C60 tes #%& t,%s.
,II- #ervice Offerings
,A-#E 3inance •
Re*#re <%est Lmte& (R
e&tQQ ,B-Ca5ital arkets H @ealth @ealth anage!ent Pe&t
•
(RSL) t"e r'% #rm ! REL Retail Broking4 Re*#re Se$rtes Lmte& (RSL) !!ers seres s$" #s e>$t r'% (#s" #%& &er#tes seme%ts) $rre% !$t$res #%& t%s r'% #%& &estr #rt#%t seres. It s #!!*#te& ,t" t"e $%trs *e#&% e"#%es (NSE #%& BSE) #%& s # &estr #rt#%t ,t" NSDL #%& DSL.
•
32
•
Ca5ital arkets4 Re*#re #t#* M#r'ets (RM) s #% 9s# !$se& I%stt$t%#* E>$tes #%& I%estme%t B#%'% *#t!rm #rt%er% emer% r,t" m#%es re%=e& *e%ts #%& %&ee%&e%t #e%es #*'e !r t"e >$#*t ! ts rese#r" #%& ee$t%.
•
Lmte& (e#r*er Re*#re @ealth @e alth anage!ent4 Re*#re Ge#*t" M#%#eme%t Lmte& (e#r*er M#>$#re Ge#*t" M#%#eme%t (RMGM) ,"" ,#s !rme& #s # +%t e%t$re et,ee% Re*#re #%& M#>$#re ! 9$str#*#. I% 201 Re*#re #>$re& M#>$#res st#'ePAQ) It "#s st%e& tse*! #s #% e%-#r"tet$re #&sr-*e& m&e*.
e&tQQ ,C-Asset anage!ent Pe&t
•
*lo"al Asset anage!ent4 Re*#re 4*#* 9sset M#%#eme%t (R49M) s # m$*t-$t>$e #sset m#%#eme%t $s%ess !$se& % #*ter%#tes. L#%&m#r' 3#rt%ers $#&r# #t#* 3#rt%ers #t#* Nrt"#te #t#* I%estme%t 3r!ess%#*s Lmte& Re*#re e#*t" Tr$st IBO< I%estme%t M#%#eme%t et. #re t"e #!!*#tes ! R49M. Gt" # rese%e #rss US E$re #%& 9s# #%& #% #re#te #re#t e 9UM 9UM ! USD 20 **% P10Q t "#s emere& #s t"e *#rest #*ter%#te #sset m#%#eme%t *#t!rm #se& $t ! I%&#.
•
India Asset anage!ent4 Religare Invesco Asset anage!ent m#%#eme%t #rm ! Co!5any Private )i!ited ,RIACP)) t"e &mest #sset m#%#eme%t Re*#re s I%&#s 87th largest m$t$#* !$%& "$se 9UM. Gt" %e#r* 82 82.291.111 !*s t "#s # rese%e % :9D $s%ess *#t%s *#t% s #rss 899 tes.
,%-Insurance •
Insurance Co!5any )i!ited ,R+IC)- s # +ealth Insurance4 Religare +ealth Insurance Co!5any
se#*st "e#*t" %s$rer e%#e& % t"e &str$t% 8 ser% ! "e#*t" %s$r#%e r&$ts. T"e s"#re"*&ers ! Religare +ealth Insurance #re t"ree str% e%ttes K Religare Enter5rises )i!ited. Union Bank of India H Cor5oration Bank . T"e
m#% "e#&>$#rtere& #t %elhi. mme%e& er#t%s % July 2182 #%& ,t"% # s"rt s#% ! tme s #*re#& er#t% $t ! 90 !!es ser% mre t"#% 2.:11.111 *es #rss 711 *#t%s %*$&% er 8811 rr#tes. •
33
•
Insurance Co!5any )i!ited ,AR)I- s )ife Insurance4 AE*ON Religare )ife Insurance Co!5any
# t"ree-,# +%t e%t$re et,ee% AE*ON ! t"e Net"er*#%&s (26) Re*#re (CC) #%& Be%%ett *em#% 8 m#% Lmte& (0).
:' Ba;a; Ca5ital
,I-Introduction B#+#+ #t#* s %e ! I%&#s *e#&% <%#%#* Seres m#%es !!er%
,II- #ervice Offerings #) M$t$#* <$%&s
) T##t% T##t% 9&se
) B%&s
&) 3st O!!e S"emes
e) Est#te 3*#%%% 34
!) I%s$r#%e
) <%#%#* 3*#%%%
") Retreme%t 3*#%%%
Ba;a; Ca5ital$s 7:1 3inancial Planning
<%#%#* 3*#%%% s em% %re#s%* $*#r % &ee*e& $%tres #** er t"e ,r*&. N, ,t" # *tt*e "e* !rm B#+#+ #t#* *e%ts t #% e t"emse*es t"e 7:1 <%#%#* 3*#%%% e&e N, B#+#+ #t#* r%s $ t"e s#me sere AB#O)UTE)& 3REEQ Ba;a; Ca5itals 7:1 3inancial Planning 3rr#mme $*& m#'e # &!!ere%e t #** t"se
," ,s" t *e#& # ,rr-!ree !%#%#** se$re *!e' 7:1 3inancial Planning s #se& % t"e remse t"#t eer %&&$#* "#s ert#% #s !%#%#* %ee&s t"#t #re eresse& #t #r$s st#es ! *!e (ett% m#rre& $% #ssets *'e "mes e"*es r r&% !r $r "*&re%s e&$#t% #%& ,e&&%).
I%ste#& ! %est% % #% #&-" m#%%er 7:1 3inancial Planning "e*s $ t#'e # "*st #**-r$%& e,. Bre!* 7:1 3inancial Planning mrses: Invest!ent Planning: T m#'e $r ,e#*t" r,
Cash 3lo Planning : T r&e !r #ssets #%& meet t"e er& #s" re>$reme%ts Ta Planning: T s#e % t#es #%& %re#se $r %me
Insurance Planning: T rtet $rse*! $r !#m* #%& $r #ssets Childrens 3uture Planning : T e $r "*&re% # !%#%#** se$re !$t$re Retire!ent Planning: Be#$se retreme%t s # tme t re*# %t t et ,rre&
35
' Allegro Ca5ital Advisors Private )i!ited
,I- Introduction
9**er 9&srs s # *e#&% I%&#% !$** sere %estme%t #%' t"#t $*&s #*$e #rss # setr$m ! *e%ts %*$&% t"e er%me%t rr#t%s !%#%#* %stt$t%s "" %et,rt" %&&$#*s #%& r!ess%#*s.
mre"e%se sere !!er%
I%estme%t B#%'% #t#* M#r'ets 9sset M#%#eme%t 8 3r#te B#%'%
E%s$r% *e%ts !%#%#* ,e**-e%
<.2.6
36
Tea! a! of e5erienced advisors (II) Te 9**er #t#* s # mre"e%se I%estme%t B#%' t"#t mes ,t" e#rs ! eertse % !!er% !%#%#* s*$t%s #%& #&sr seres #rss t"e rr#te ,r*&. 9**er #t#* 9&srs "#s !!es *#te& % 'e metrs #rss I%&#. O$r te#ms ! !%#%#* #&srs #%& se#*sts "#e t"e *#* '%,*e&e %t#ts #%& #,#re%ess t re#te tm$m s*$t%s t"#t meet $r *e%ts !%#%#* #mt%s. 4% $r *e%ts t"e *#* *#* #&#%t#e ,e "#e r#&e%e& $r re#" t 29 !a;or cities #%& t,%s ! I%&# #%& est#*s"e& str#te #**#%es ,t" seer#* re%,%e& #&sr "$ses #%& %stt$t%s %ter%#t%#**.
,III- #ervice Offerings
T"e %estme%t #r#" e%s ,r'% *se* ,t" t"e *e%ts t &e%t! t"er *%term !%#%#* #*s rs' t*er#%e #%& t"e %#t$re ! t"er est% #sset #se. 9&&t%#** #**er ree, e#" *e%ts rt!* % #% %% #ss #%& e#*$#te ss*e #&+$stme%ts % res%se t e%m "#%es m#r'et tre%&s r *e%t %ee&s. 9**er e%s$res t"s ""* ers%#*=e& m&e* ! sere m#%t#%% #m%st t"e *,est *e%t t #&sr r#ts % %&$str. 9**er !!ers %e ! t"e ,&est r#%e ! !%#%#* seres t"#t ers t"e setr$m ! eer %ee& # *e%t m# "#e % m#%#% "s r "er ,e#*t". O$r seres #re #ter=e& t sere &erse !%#%#* %ee&s #%& t"e &erse %estme%t str#tees t"#t #re re>$re& t r, # *e%ts ,e#*t".
Allegro *rothS4 Des%e& !r t"e $% ee$te t mrses # set ! r&$ts #%& seres t"#t #**, st#rt $ %mes m#m=e te%t#* t r, % t"e *% term. 9 se#* !!er% "#s ee% &es%e& !r ,r'% $*es
37
Allegro EMuity: 9 $re e>$t !!er% ,t" # $%>$e str#te t"#t 'ees % ersete #t#* %ser#t% t"r$" me&$m #%& *% str#tees s$" #s &&e%& e*&s I3Os $ #'s #*$e 's set se t r#* 's r,t" !$%& rt$%tes rt$%tes et. 3MS s !!ere& se*ete* se*et e*
Allegro @ealthS4 9 t ! t"e *%e sere !!er% t"#t mrses t"e e%tre #s'et ! seres t"#t %*$&e se#*=e& e>$t #&sr %*$&% ers%#* #&se !rm $r ""* re$te& #&sr #%e* #rss t##t% &et e>$t #%& m%e m#r'ets #$tm#t rt!* #%& re#*#%% m#%#eme%t %s$r#%e #%& *#% #&sr #ess t # D hr : days a eek "e**%e. 3rt!* M#%#eme%t Seres s !!ere& se*ete*'
$. "'(" (an) *+ther ,u!lic -ector"ndian -ector"ndian (an)s/ #
"ndustrial 'evelopment (an) o "ndia *"'("/ is the tenth largest !an) in the world in terms o development. The 0ational -toc) change *0-/ The 0ational -ecurities 'epository -ervices td. *0-'/ -toc) olding orporation o "ndia *-"/ are some o the institutions which has !een !uilt !y "'(". "'(" is a strategic investor in a plethora o institutions which have revolutionied the "ndian 8inancial 9ar)ets. 9ar)ets. "'(" (an) promoted !y "'(" :roup started in 0ovem!er 1%%5 with a !ranch at "ndore with an e;uity capital !ase o
3$
8ig. 2.7
*"/9ain unctions o "'("
"'(" is vested with the responsi!ility o coordinating the wor)ing o institutions engaged in fnancing promoting and developing industries. "t has evolved an appropriate appropriate mechanism or this purpose. "'(" also underta)es=supports underta)es=supports wideranging promotional activities including entrepreneurship development programmes or new entrepreneurs provision o consultancy services or small and medium enterprises up gradation o technology and program p rogrammes mes or economic uplitment o the
3%
underprivileged.
*""/"'(">s role as a catalyst 4&
"'(">s role as a catalyst to industrial development encompasses a wide spectrum o activities. "'(" can fnance all types o industrial concerns covered under the provisions o the "'(" ?ct. @ith over three decades o service to the "ndian industry "'(" has grown su!stantially in terms o sie o operations and portolio.
*"""/'evelopmental ?ctivities o "'("
,romotional ,romotional activities "n ulfllment o its developmental role the (an) continues to perorm a wide range o promotional promotional activities relating to developmental programmes programmes or new entrepreneurs entrepreneurs consultancy services or small and medium enterprises and programmes designed or accredited voluntary agencies or the economic uplitment o the underprivileged. These include entrepreneurship development selemployment and wage employment in the industrial sector or the wea)er sections o society through voluntary agencies support to -cience and Technology ntrepreneurs> ,ar)s nergy onservation ommon Auality Testing enters or small industries.
Technical Technical onsultancy +rganiations @ith a view to ma)ing availa!le at a reasona!le cost consultancy and advisory services to entrepreneurs particularly to new and small entrepreneurs entrepreneurs "'(" in colla!oration with other ?ll"ndia 8inancial "nstitutions has set up a networ) o Technical onsultancy +rganiations *T+s/ covering the entire country. T+s oBer diversifed services to small 41
and medium enterprises in the selection ormulation and appraisal o proects their implementation and review.
ntrepreneurship 'evelopment "nstitute
42
C+APTER'7 RE(IE@ O3 )ITERATURE EANIN* AN% CONCEPT
43
9** I%&# <%#%#* I%stt$t%s (9I
$&t. T"s ress s$se>$e%t* e%s$res e#r%%s % t"e %estme%ts #%& s#%s %*e&. I% 3st-I%&ee%&e%e I%&# e*e ,ere e%$r#e& t %re#se s#%sF # t#t %te%&e& t r&e !$%&s !r ! r %estme%t t"e I%&#% er%me%t. er%me%t. ,eer t"ere ,#s # "$e # et,ee% t"e s$* s$* ! s#%s #%& &em#%& !r ! r t"e %estme%t rt$%tes rt$ %tes % t"e $%tr. $%tr .
3INANCIA) IN#TITUTION# IN T+E AR6ET 9 ,e**->$#*!e& !%#%#* *#%%er *'e # ert!e& <%#%#* 3*#%%er (<3) ,$*& ,r' ,t" # ers% t re#re "s *#%. 9 <3 s !%#%e s# #%& m%es t"e +ett +e tt #%& tr$st &ee*e& t"r$" e#rs ! eere%e #%& eertse % *#%%% %es ers%#* !%#%e.
CERTI3IE% 3INANCIA) P)ANNERC
44
<3M ert!#t% s #% %ter%#t%#* rr#m % t"e !e*& ! <%#%#* 3*#%%% ,e#*t" m#%#eme%t #%& !%#%#* #&sr seres. <%#%#* 3*#%%% s %e ! t"e !#stest r,% #reers #rss t"e ,r*&. Be% %e ! t"e !#stest r,% e%mes I%&# $rre%t* "#s #r$%& 5 rres !#m*es ,t" %est*e s$r*$s. 9ss$m% %e !%#%#* *#%%er s "#%&*% #r. 1000 *e%ts ,e %ee& #t *e#st 50000 ert!e& <%#%#* 3*#%%ers % I%&# mme&#te*. T"s s set t r, #t # !#ster r#te. <3M ert!#t% ,#s r#te& #s 4*& St#%&#r& % <%#%#* 3*#%%% t"e G#** Street H$r%#* % t"e e#r 2006.
CERTI3IE% 3INANCIA) P)ANNERC <3M ert!#t% s # m#r' ! ee**e%e r#%te& t %&&$#*s ," meet t"e str%e%t st#%&#r&s ! e&$#t% e#m%#t% eere%e #%& et"s. It s t"e mst rest$s #%& %ter%#t%#** #ete& <%#%#* 3*#%%% ert!#t% re%=e& #%& resete& t"e *#* !%#%#* mm$%t. <3M ert!#t% s t"e ""est *ee* ! ert!#t% % t"e !e*& ! <%#%#* 3*#%%% ,r*&,&e ,t" er1 1@2C5 <3M ert!#tes ," #re ,&e* resete& %s$mers r!ess%#*s #%& %&$str. ert!#t% s !r !%#%#* seres r!ess%#*s $stmer re*#t%s" O!!ers %s$r#%e #e%ts st' r'ers t"se *'% t e#%& t"er #reers I% t"e !%#%#* seres $s%ess #%& r#&$#tes ," ,#%t t e r!ess%#** 9%& *#** re%=e&.
45
<%#%#* 3*#%%% s %e ! t"e !#stest-r,% r!ess%s #rss t"e ,r*& 9%& <%#%#* 3*#%%ers #re t"e mst s$"t #!ter r!ess%#*s # !#st r,% Gr'% $*#t% t"#t e#r%s ,e** #%& %ee&s eert "#%&*% ! t"er !%#%es. T"e rt$%tes #re #*e%t ,t" B#%'s <%#%#* 3*#%%% $t!ts Ge#*t" M#%#ers *!e I%s$rers 9$%t% <rms St' r'ers see'% r!ess%#*s ,t" s$" eertse. <%#%#* 3*#%%ers !!er eert %%s % ss$es re*#te& t retreme%t *#%%% est#te *#%%% t# *#%%% %estme%t *#%%% I%s$r#%e *#%%% !%#%#* m#%#eme%t ! sm#** $s%esses #%& tr$sts st' Br'er% &et #%& rs' #%#*ss. %ee&*ess t s# # #reer #s # <%#%#* 3*#%%er #% re t" "#**e%% #%& re,#r&%' Re%=% <%#%#* 3*#%%%s $#t%#* e%e!ts t"ere #re m#% m#% s$res t"#t %&#te # #reer % <%#%#* 3*#%%% #s t"e t #reer "e ,r*&,&e. Mst <%#%#* 3*#%%ers e%+ re*#te* *, stress "#e # "" e#r%% te%t#* #%& e%+ e%+ # "" &eree ! ,r'*#e #$t%m. #$ t%m. T"e T"e ers%#* s#ts!#t% e*eme%t #%%t e $%&erestm#te&. Ver !te% %&ee%&e%t <%#%#* 3*#%%ers !%& t"#t e*e #re +$st er,"e*me& #%& %ee& %ee & &ret% s ts t"er + t *ste% $%&erst#%& $%&ers t#%& t"er st$#t% #%& #% & !!er sme t%s t"#t ,** "e* t"em. It es t"em s#ts!#t% t "e* e*e & etter %t
46
+$st ,t" t"er !%#%es $t ,t" *e%&% t"e !%#%#* !%# %#* s&e ,t" t"e t"er s&es s& es ! *e%ts *es s t"#t t"e #% #"ee t"er #*s.
E%"#%e& #reer #%& em*me%t rt$%tes % <%#%#* Seres Setr. 3ers%#* s#ts!#t% % '%,% $ "#e e#r%e& t"e r!ess%s ""est St#%&#r& #%& met t"e *#* e%"m#r'. S#ts!e& *e%ts ," #re#te t"e mre"e%se #r#" t <%#%#* 3*#%%% #%& ete%& *% term re*#t%s"s #%& re!err#*s. Y$r eertse #%& re&*t #s # >$#*!e& r!ess%#* s %st#%t* mm$%#te&. Mre ree%$e stre#ms %re#s% $r r&$t #%& sere !!er% t $r *e%ts. E%"#%e& S#* St#t$s +%% t"e *e#$e ! r!ess%#*s. Re%t% % er 27 $%tres #rss t"e ,r*&. Ort$%tes t s",#se $r '%,*e&e % <%#%#* 3*#%%% 8 9&s% t"r$" #r$s me&# e"*es.
3inancial Planners !ay earn in any of the folloing three ays4 1) 9 3*#%%er #% e #& # s#*#r !rm t"e m#% !r ,"" t"e 3*#%%er ,r'sF !ees #se& % #% "$r* r#te # !*#t r#te r % # ere%t#e ! t"e #ssets #%&/r %me. 2) B mmss%s #& # t"r& #rt !rm t"e r&$ts s*& t *e%ts t #rr $t t"e <%#%#* 3*#%%% remme%&#t%s. ) B # m%#t% ! !ees #%& mmss%s ,"ere !ees #re "#re& !r t"e #m$%t ! ,r' &%e t &ee* <%#%#* 3*#%%% remme%&#t%s #%& mmss%s #re reee& !rm #% r&$t s*&. 9s t"e r!ess% s % ts %#se%t st#e #r$s m&e*s #re e% tre& #%& teste& t"e <%#%#* 3*#%%ers % I%&#. B$t s$re* er # er& ! tme t"e *e#r tre%& tr e%& s t,#r&s # !ee-%* m&e* *'e t"er r!ess%s .e. me&%e *#, #$%t#% et.
47
3inancial Planning #tandards Board India ,3P#B India ) !!ers t"e ert!e& 3INANCIA) P)ANNERC P)ANNERC Certification or C3PC ert!#t% 3rr#m' 3P#B I%&#
s t"e s*e *e%s% & t"#t #,#r&s C3PC ert!#t% % I%&# t"r$" #% #reeme%t ,t" $s #se& 3P#B *t&. T"e mss% ! I%&# s t "e* e%e!t t"e $* r#%t% t"e C3PC ert!#t% #%& $"*&% t #s t"e re%=e& st#%&#r& ! ee**e%e !r 3ers%#*
<%#%#* 3*#%%%. C3PC ert!#t% s #,#r&e& #!!*#te r#%=#t%s ! 3P#B *t&. % t"er resete $%tres ! er#t%. %&* %te 3P#B I%&#s #$t"r=e& E&$#t% 3r&ers #re %* tr#%% 9%& #&m%str#te e%ttes #$t"r=e& 3P#B I%&# #%& %t t"e C3PC ert!#t% #,#r&% &es. <3SB I%&# reseres t"e r"ts ! #,#r&% #%& re*%>$s"% C3PC' 4$
Certification Certification as 5er the certification 5olicies' 3inancial Planning #tandards Board India ,3P#B India- is a Pu"lic < Private e%terrse
#%& # 3r!ess%#* St#%&#r&s Sett% & t"#t r#te* $&es t"e &ee*me%t #%& rmt% ! st#%&#r&s st#%&#r& s !r <%#%#* 3*#%%% r!ess%#*s r!ess%#*s t e%e!t e%e! t t"e $* % t"e $%tr. 3P#B I%&# *se* ,r's ,t" #** t"e st#'e"*&ers =. t"e 4er%me%t t"e re$*#trs t"e I%&$stres/9ss#t%s t"e rr#t%s t"e Me&# #%& t"e 4e%er#* 3$* t #"ee ts +etes. It s # 3r!ess%#* ert!#t% r#%=#t% #rt ! *e#&% 4*#* %!e&er#t% est#*s"e& rm%e%t !%#%#* sere rr#t%s ,t" #% +ete t r!ess%#*=e t"e t "e %et ! <%#%#* 3*#%%% 3*#% %% % I%&#. 3P#B I%&# s s$rte& 50 <%#%#* Seres r#%=#t%s % t"e $%tr #s ts "#rter Memers.
Yes Yes $rre%t* C3P certification s !!ere& #%& re%=e& % 27 countries %*$&% Australia. Austria. BraGil. Canada. China. Chinese Tai5ei. 3rance. *er!any. +ong 6ong. Indonesia. Ireland. Ja5an. alaysia. ne Kealand. nether land. re5u"lic of 6orea. #inga5ore. #outh Africa. #itGerland. Thailand. united 6ingdo! and united #tates of A!erica' 3P#B. ltd . e%ters %t *e%s% #%& #!!*#t% #reeme%ts ,t" %%-
r!t r#%=#t%s (r ( r t"er e>$#*e%t) #r$%& #r $%& t"e ,r*& t"#t #**,s t"e r#%=#t%s r#%=#t%s t est#*s" #%& er#te t"e C3P certification 5rogra! % # $%tr r re%. 3P#B Affiliates ," meet #%& m#%t#% 3P#B$s #!!*#t% rter# ! "" st#%&#r&s #re #$t"r=e& t #&m%ster t"e C3P certification 5rogra! % e"#*! ! 3P#B % # $%tr r re%. 3P#B I%&# s %e ! t"e 9!!*#tes ! <3SBF *t&.<3 ert!#t% $%&ert#'e% % #% ! t"e #!!*#te $%tr s re%=e& *#** #%& er%e& rss r&er * $s#e. *)OBA) COUNT O3 C3P CERTI3ICANT# CERTI3ICANT# ,as in %ece!"er 211DCountry>Region No' of C3P Certificates
4%
T e%e!t t"e $* <3SB re$*#tes ", <3 r!ess%#*s $se <3SBs <3 r ert!e& <%#%#* 3*#%%er m#r's $ts&e t"e r&ers ! t"e $%tr r re% % ,"" t"e !rst reee& <3 ert!#t%. I%&e%t#* Use <3SB ermts %&e%t#* $se ! t"e <3 m#r's <3 r!ess%#*s $ts&e t"e $%tr r re% ! t"er %t#* ert!#t%. I%&e%t#* $se %ssts ! &s*#s ! t"e <3 m#r's %/%: 9rt*es $*s"e& % # %e, $%tr r re%.
B$s%ess #r&s r r"$res &str$te& ,"*e tr#e**% #r#&. Gestes t#rete& t,#r& st#'e"*&ers % t"e $%tr r re% ! %t#* ert!#t% t"se #re e,#*e $ts&e t"e #re#s r&ers.
5&
Cross/Border Use4 I! #% %&&$#* ,s"es t "*& "mse*! r "erse*! $t #s # <3 r!ess%#* r $se t"e <3 m#r's $ts&e "s r "er $%tr r re% ! %t#* ert!#t% !r #%t"% t"er t"#% %&e%t#* $se t"e <3 r!ess%#* #% $rs$e %e ! t, t%s:
8'
Cross/B /Bo order Ce Certification4 9% %&&$#* $s% t"e <3 m#r's % mre t"#%
%e $%tr r re% #% eme rss-r&er ert!e& t#%% <3 ert!#t% !rm t"e <3SB 9!!*#te % t"e %e, $%tr r re% #%& #&% t"e ert!#t% re%e,#* re>$reme%ts ! t" <3SB 9!!*#tes. O%e t"e <3 r!ess%#* "#s m*ete& t"e ress "e r s"e #% &e%t! "mse*! r "erse*! #s # <3 r!ess%#* % t"se terrtres #s ,e**.
2'
Restricted Us Use of of th the C3 C3P arks4 I! #% %&&$#* &es %t ,#%t t/#%%t
eme ert!e& % # %e, % e, terrtr "e r s"e #% #*,#s mm$%#te t"e !#t t"#t "e " e r s"e "#s t#%e& <3 ert!#t% % t"e $%tr r re% ! %t#* ert!#t%.
51
C+APTER'0 RE#EARC+ AN% ET+O%O)O*& 0'8 ET+O% O3 #TU%& ,A- Title of the #tudy m#r#te #%#*ss ! #r$s !%#%#* %stt$t%s % t"e m#r'et.
,B- Ty5e of Research T"s r+et s mre ! #% e*r#tr rese#r" ,t" mre ! >$#*t#te #%#*ss t"#% >$#%tt#te. T"e &#t# **et% met"& !r t"s r+et e%s ,t" !%&% # s#m*e ! t"e $*#t%. T"e $*#t% !r ! r t"s r+et ,#s t"e #r$s #r $s *#es % Jai5ur' ,Johari BaGar. I Road. Tonka Tonka Road. alviya alviy a Nagar and Jhotara Jhot ara Industrial Area- and at the +%3Cslic. sche!e. Jai5ur'
T"e rese#r" met"&* #&te& ,#s t" rm#r #%& se%&#r. 3rm#r &#t# ,#s **ete& t st$& t"e %estme%t s"e ! # ers% t"er r#te % s#% %estme%t t%s ##*#*e #%& t"e %ee& ! !%#%#* %stt$t%s t m#%#e %&&$#*s ,e#*t". $est%%#re ,#s &es%e& t #sert#% t"e %estrs e"#$r #s ,e** #s t &et t"e !$t$re rsets #%& r,t" mme%t$m ! t"e ,e#*t" m#%#eme%t %&$str.
52
,C- #a!5le #iGe and !ethod of selecting sa!5le %ata Collection ethods H Instru!ents T"e %str$me%t !r &#t# **et% ,#s # str$t$re& >$est%%#re t#rete& t,#r&s e*e ," & %estme%ts. T"s >$est%%#re ,#s &es%e& t '%, t"e %estme%t s"e ! # ers% ,"*e %est% % t"e !%#%#* r&$ts. r& $ts. T"e m&e ! mm$%#t% ,#s %!rm#* 8 !re%&* %ers#t% ,"" &es %t *mt &s$ss% ,t"% # ,e**-&e!%e& $%&#r.
%ata Collection #ources I- Pri!ary Research Rese#r" ,#s &%e t et # &et#* ere, ! t"e ,e#*t" m#%#eme%t %&$str #%& st$& t"e %ee& !r !%#%#* *#%%er % t"e $rre%t se%#r. $est%%#re ,#s &es%e& t st$& t"e %estme%t s"e ! # ers% t"er r#te % s#% &!!ere%t %estme%t t%s ##*#*e #%& t"e %ee& ! !%#%#* %stt$t%s t m#%#e %&&$#*s ,e#*t". T"s r+et s m#%* #se& % !rst "#%& ser#t% ser#t% % t"e m#r'et t"e t" e ,# !%#%#* *#%%% *#%%% !$%t%s se ! !%#%#* *#%%% #%& t"e %ee& ! # ert!e& !%#%#* *#%%er '
ii- Fuestionnaire %esign 9 str$t$re& >$est%%#re ,#s &es%e& er% t" e% #%& *se e%&e& >$est%s t st$& t"e eret% ! e*e re#r&% %estme%t #e%$es #%& t"e %et ! !%#%#* *#%%er.
53
iii- Po5ulation considered for research S#m*e Det#*s 100 e*e e*%% t &!!ere%t !e*&s ," & %estme%t ,ere #s'e& t !** t"e >$est%%#re % t"e #ss ! ,"" #% #ttemt s m#&e t st$& t"e rsets ! <%#%#* 3*#%%% % t"e m#r'et. T"e s#m*e $%t %ssts ! t"se e*e ," #re tr#&% % se%&#r m#r'ets m$t$#* !$%&s %t#* $* !!er %s$r#%e &et %str$me%ts #s t"e #% e t"e #$r#te %!rm#t% #$t !%#%#* *#%%%. 9 s#m*% !r#me "#s ee% &ee*e& s t"#t eer%e % t"e t#ret $*#t% "#s #% e>$#* "#%e ! e% s#m*e&.
Personal Infor!ation4
#e Ratio:
R#t
M#*e
@5
15
0'2 #ECON%AR& %ATA 54
#econdary Research V#r$s s$res ! %!rm#t% ,ere **ete& !r #tt#%% *#rt % t"e rsets ! ,e#*t" m#%#eme%t %&$str #%& t"e #r$s !%#%#* %stt$t%s % t"e m#r'et. T"e s$re #*s %*$&es #s %estme%t +etes #%& t"e #r$s tes ! %estme%t #e%$es e% t #% %&&$#*. ,eer t"e !**,% s$res ,ere %s&ere& !r %!rm#t% #t"er%: m#%es ,estes
9rt*es #%& rerts ##*#*e % t"e ,e
Ne,s #ers *'e E%ms Tmes #%& I%estme%t I%s$r#%e M##=%es
C+APTER'9 55
ANA)&#I# O3 T+E COPARI#ION
4e% e*, #re t"e r#"#* rerese%t#t%s ! t"e res%ses reee& % >$est%s #s'e& t"r$" t"e >$est%%#re. T"e %terret#t% &ere& #%& t"e m&e* #&te& ,** e e*#%e& % &et#* % t"e *#ter #rt ! t"e rert. O% #s'% t"e !**,% >$est%s t"e re*es ,ere reee& #r&%*:
D'8' @hat is your o";ective "ehind invest!ents
I%est% s # %s$s &es% t set m%e #s&e !r # *% e%$" er&s % #% #e%$e t"#t s$ts $r rs' r!*e. T"e >$est%%#re #s'e& t"e res%&e%ts t ree#* t"er +ete e"%& %estme%ts %estme%ts m#+rt ! t"e res%&e%ts res%&e% ts &s*se& r,t" ! #t#* # t#* #s t"er rme +ete ,"*e s#!et ! #t#* st#%&s se%&#r. T"s res%se re!*ets t"e %estr ,**%%ess t t#'e #*$*#te& rs's !r r,t" ! t"er #t#* O+ete Be"%& I%estme%t
N ! Res%&e%ts (% )
4r,t" ! #t#*
C6.2@
T# M%m=#t%
1C.05
S#!et ! #t#*
15.?
Retreme%t
1C.@@
L>$&t
2.C@
Be#t% I%!*#t%
.1
Ot"ers
.1
56
< 5.1
T"e rese#r" "#s ""*"te& t"#t r,t" ! #t#* s t"e mst mrt#%t !#tr ,"" t"e %s&er ,*e %est% #s e&e%t t"e res%se ,"ere% C6. ! t"e res%&e%ts te& !r t"e s#me. ,eer t #% #*s e see% t"#t 15.? ! t"e %estrs re!er s#!et ! t"er #t#* #s t"er se%&#r +ete ,"" &ets t"#t %estrs e re#ter em"#ss t t"e ret$r%s #%& ,**% t #&+$st ,t" s#!et ! #t#*. L>$&t s t"e *e#st mrt#%t !#tr #s %* 2.5 ! t"e res%&e%ts te& !r t ,"" s%!es t"#t t"e !%#%#* *#%%er s"$*& &es%e& t"e rt!* % mre mrt#%e t r,t" #%& s#!et ! #t#* #s er %&&$#* !%#%#* #*s ,"*e *>$&t s"$*& "#e t"e m%m$m !$s.
57
I% $r s#m*e %!*#t% "#s %* ee% e% . ! t"e tt#* s#m*e ,"" re!*ets t"#t e*e #re st** %t % % m$" %s&er#t% %s&er#t % t %!*#t% ee% &$e &$ e t # s"#r rse % t"e %!*#t% r#te.
D'2' #ince hen are you investing in financial instru!ents
T"e res%&e%ts ,ere #s'e& #s !rm ,"e% t"e "#e st#rte& %est% % !%#%#* %str$me%t s #s t #sert#% t"e #er#e er& ! eere%e ! #% %estr % t"e m#r'et.
T"e res%ses ,ere t"e% r#"#** ,"" %&#tes t"#t m#+rt ! t"e %estrs .e. [email protected] ! t"e res%&e%ts "#e ee% %est% !r mre t"#% 12 m%t"s #%& s%!es t"#t t"e res%ses ree#*e& #re !rm eere%e& #%& >$#*!e& %estrs ,"" #&&s t t"e re&*t #%& re*#*t ! t"e rese#r".
M%t"s
N ! Res%&e%ts (% )
Less t"#% m%t"s
10.@C
t 6 m%t"
1.25
6 t @ m%t"s
A.6C
@ t 12 m%t"s
[email protected]?
Mre t"#% 12 m%t"s
[email protected]
5$
< 5.2 D'7' %o you 5lan your invest!ents
T e#*$#te t"e *ee* ! mrt#%e t"e %estr es % &et#*e& !%#%#* *#%%% t #rse % t"er %estme%t &es% t"e res%&e%ts ,ere #s'e& t ree#* ,"et"er t"er %estme%ts #re res$*t ! # #re!$* *#%%% r ts # mere ,r& ! m$t". 9s m#% %&&$#*s !**, ,r& ! m$t" *e#% e"%& t"e !#t t"#t eer %&&$#* "#s &!!ere%t !%#%#* #*s t"e te%& $ % m#'% ,r% &es%s !r t"er %estme%ts. Mst #re #,#re t"#t *#%%% s rt#* et &%t "#e t"e tme r t"e eertse t &ee* # *#% #%& m#'e t"e %ee&e& %ee& e& !%#%#* &es%s. &es%s . O% #%#*=% t"e res%se @C ! t"e ers%s *#% t"er %estme%ts ,"*e %* 16 t#'e %estme%t &es%s % #& " #ss. O%% ! Res%&e%ts
N ! Res%&e%ts (% )
Yes
@C
N
16
5%
< 5.
D'0' @hat is your 5ractice on saving !oney
T &eterm%e t"e s#% "#ts ! t"e %estrs t"e >$est%%#re e%>$re& t"e res%&e%ts #s #$t t"er r#te ! s#%s. T"e re#ter t"e %*%#t% ! s#% t"e mre ,** e t"e !$%&s ##*#*e !r %estme%t. 9r$%& C?.5 ! t"e res%&e%ts tr t s#e !rm t"er %me ,"*e %* 2A.? ! t"e res%&e%ts #*,#s m#'e #% e!!rt t s#e sme #rt ! t"er %me.
O%% ! Res%&e%ts
N ! Res%&e%ts (% )
D%t e*ee % S#%s
1.A@
" Ee%ses
1A.@
Tr t S#e
C?.52
9*,#s S#e Sme
2A.?
Ot"ers
.AA
6&
< 5.C O%* 2 ! t"e res%&e%ts &%t e*ee % s#%s ,"" s$st#%t#te "" mrt#%e ! s#%s % I%&#% "$se"*&s. ,eer t ,#s #*s sere& t"#t m#+rt ! t"e ,me% res%&e%ts "#& "" %*%#t% !r s#%s #%& tr t s#e t"e m#m$m $t ! t"er ##*#*e %me.
D'9' +o !uch thought have you given to saving for retire!ent
9%%e ," ,** retre %ee&s t *#% !r t. T"ere s mre t"#% %e re#s% t s#e !r retreme%t. T"e #** mrt#%t re#s% s t"e rs% st ! *%. Its #**e& %!*#t% ,"" sm* $t me#%s t"#t $r"#s% ,er ! m%e !#**s er tme s $ $ *ess !r t"e s#me #m$%t ! m%e r $ "#e t # mre !r t"e s#me >$#%tt ! &s. O% #%#*=% t"e *ee* ! mrt#%e t"e res%&e%ts e % s#% !r retreme%t m#+rt .e. C? ! t"e res%&e%ts e sme mrt#%e ,"*e %* 1@ e # *t ! mrt#%e t s#% !r retreme%t. T"s &ets %% ser$s #ttt$&e ! I%&#%s ,"*e *#%%% !r t"er retreme%t. 61
O%% ! Res%&e%ts
N ! Res%&e%ts (% )
Sme
C?
9 Lt
1@
Ver Ltt*e
1@
N%e
1?
Response on Savings o! Reti!ement
S om e
A Lot
ery Lit tle
!one
< 5.5
D':' @hen do you consider one should start 5lanning for retire!ent
I! $ st#rt *#%%% !r retreme%t e#r* % $ #% r&e t"e # et,ee% ,"#t $ "#e % $r "#%& t&# #%& ,"#t $ ,$*& *'e t "#e ,"e% $ retre. G"#t t 'ee % m%& ,"*e s#% !r retreme%t &ee%&s # *t % $r #e #%& ", m$" m%e $ #re ,**% t set #s&e eer m%t". I! $ e% s#% !r retreme%t e#r* % % $r *!e $ #% set #s&e sm#**er #m$%ts.
62
3*#%%% !r retreme%t % e#r* #e ! em*me%t s &ete& % #%#*=% t"e res%ses #s 5.@ st#rt *#%%% e*, t"e #e ! 0 e#rs ,"*e C2.1 ! t"e res%&e%ts !ee* t"e &e#* #e t e #e C0 e#rs.
O%% ! Res%&e%ts
N ! Res%&e%ts (% )
Be*, 0
5.?A
1 K C0
22.11
C1 K 50
22.11
9e 50
20
Response Response on age p!ee!en"e p!ee !en"e to plan o! o! !eti!ement !eti!eme nt
"elow #$
#%- &$
&% - '$
Abov e '$
< 5.6
D'' @hat do you feel is considered to "e the funda!entally safe$ for! of invest!ent
63
O% e%>$r% !rm t"e res%&e%t #$t ,"#t #re t"e !$%&#me%t#* se$re !rms ! %estme%ts 5.C ! t"e res%&e%ts !ee* t"#t %est% % rert s t"e s#!est !rm ! %estme%t !**,e& I%s$r#%e. T"e *e#st se$re& !rm ! %estme%t #s ree#*e& res%&e%ts s %estme%t % e>$t #s se%&#r m#r'et s s$+et t "$e *#t*t 8 $%ert#%t. It #% e see% !rm t"e res%se t"#t e*e #re mre ,**% t $t t"er m%e % rert r re#* est#te % ste ! t"e e%m eere%% # m#+r *m % t"e rert res. 9$t 1C.C ! t"e res%&e%ts !ee* t"#t B#%' &ests s #*s t"e s#!e !rm ! %estme%ts #s t es #ss$re& ret$r%s % t"e s$m %este&.
O%% ! Res%&e%ts
N ! Res%&e%ts (% )
B#%' Dest
1 C . ?
3rert
5 .
3st#* Dest
?.?@
4*&
.5A
I%s$r#%e
1 5 .5 ?
B % & s
1 2 .5 ?
M$t$#* <$%&
?.1A
E>$t
2.AA
64
< 5.?
D'D' +o do you take financial decisions
9% %&&$#*s &es% "#s # t#* r*e t *# % #"e% %estme%t +etes #%& t"ere m#'% %estme%ts % # sstem#t m#%%er. Des%s #% m#'e r re#' %estme%t #e%$es #s ,r% &es%s ,$*& mere* *e#& t ,r% %estme%ts res$*t% % m#+r *ss. O% e%>$r% !rm t"e res%&e%ts #$t ", t"e t#'e t"er !%#%#* &es%s m#+rt ! t"e res%&e%ts t#'e t"er !%#%#* &es%s %&ee%&e%t* ,"" &ets t"e #re %t t#'% #% #&sr seres !rm !%#%#* eerts. T"ere #re m#+rt ! res%&e%ts ," !ee* t"#t t"e #% "#%&*e t"er rt!* % t"er ,% #%& "e%e m#'e t"er ,% &es%s re#r&% %estme%ts.
O%% ! Res%&e%ts
N ! Res%&e%ts (% )
I%&ee%&e%t*
C@
2@
Br'er
1
65
9
?
B #%'
1
<%#%#* 9&sr
11
Ot"ers
C
< 5.@
66
C+APTER':
$t tr#&%. T"e #%' %* "#res m#r%#* !ees % t"e $st&#* seres.
,eer D< B#%' - %ste#& ! #s'% $stmers t r% % # se! #m$%t ! !$%&s "#res $stmers % #r$s tes ! seres t !!ers. T"e m#%#eme%t ! ,e#*t" &ee%&s % t"e $stmers rs' #ette "s %estme%t +etes. O%e t"ese #re $%&erst& t"e #%' se%&s # ,rtte% %estme%t %e stme%t rs#* % ,"#t t"e t" e #%' t"%'s t"e rt!* r t!* s"$*& e.
T##t% #&sr s e% er !e, *#ers *'e B#+#+ #t#* UTI B#%'. V#r$s #%'s "#e # te-$ m&e* ,t" &!!ere%t %s$r#%e #%& m$t$#* !$%& m#%es *'e t#%' "#s ,t" Br*# s t#%' ,** %* se** Br*# %s$r#%e t t"er *e%ts rresete ! t"e !#t ,"et"er t"e r&$t meets t"e *e%ts !%#%#* #*s. 9**er s %e *#er ,"" t#'es #re ! *#% restr$t$r%. mm&t tr#&% s %* e% "#%&*e& Re*#re #s # se#r#te r&$t #s SEBI "#e %t et #**,e& #** ,e& mm&t tr#&% t e # #rt #rt ! ,e#*t" #&sr #&sr seres.
,eer #%'s #%%t !!er rt!* m#%#eme%t seres t $stmers. T"s me#%s t"#t # $stmer #%%t e m%e t # r#te #%'er #%& #s' t"e RM t %est % "s e"#*! % &!!ere%t !%#%#* r&$ts. T"s sere #% e !!ere& %* e%ttes t"er t"#% # #%' s$" #s Re*#re B#+#+ #t#* et. 9 #%'er t"ere!re ,** "#e t #** eer tme #%& et # ,rtte% %!rm#t% !rm t"e *e%t e!re #% &e#* s &%e.
67
C+APTER RECOEN%ATION RECOEN%ATION AN% #U**E#TION# O% st$&% t"e e$*#rtes ! t"e ,e#*t" m#%#eme%t %&$str #%& #%#*=% t"e res%ses ! t"e %estrs % t"er eret% #%& eet#t% !rm # !%#%#* #&sr t"e !**,% %ts #re remme%&e& ,"" # e%er#* !%#%#* !%#%# * #&sr s"$*& %s&er % s&er ,"*e #r#"% #r#"% t"e e*e.
G"*e t"s s em% # $%ers#** $%&e%#*e &esre t"e !#t s t"#t sme e*e &%t "#e t"e '%,*e&e #%& %*%#t% t $%&erst#%& t"e !%#%#* m#r'ets #%& t"ers &%t "#e t"e tme t !**, t"em. T"s t"e% *e#&s t !%#%#* &es%s e% t#'e% %&&$#*s #se& % et"er re*#t%s" re*#t %s" "e#rs# "e#rs# r t"e s#*es #** ! # e%&r .
a- Un"iased Advisory I%estme%t 9&sr Seres #re % t"s $s%ess ! m#%#% t"e #ssets ! %&&$#*s #%& rr#t%s. ,eer t"e &st%t m&e* ! seres s"$*& e%#*es t"e #&srs t !!er $%#se& #&se % t"e e%tre setr$m ! ers%#* !%#%e 'ee% t"e *e%ts %terest !remst ,"*e &% s. T"e %estme%t str#tees &ee*e& #rss eret$t s"$*& $t*%e # &et#*e& !%#%#* *#% ,t" !re>$e%t ree,s ! %estme%t &es%s m#&e t e%s$re t"#t rt!*s #re % *%e ,t" ,"#t ,#s *#%%e&.
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"- Certified 3inancial Planner <%#%#* *#%%% s # %e, #%m#* % t"e I%&#% m#r'et. T"e t"% t "#e% s t"e m% t I%&# ! t"e ert!e& <%#%#* 3*#%%er (<3) m#r' ,%e& t"e B#r& ! St#%&#r&s % t"e US #%& *e%se& $t t %%-r!t #ss#t%s % 1@ $%tres %*$&% t"e US #%#&# 9$str#*# #%& t"e U. Le#&% !%#%#* *#ersK#sset m#%#eme%t m#%es #%'s m$t$#* !$%&s #%& %s$r#%e m#%es m#%es !rms t"ese #ss#t%s.
9%t"er *#er % t"s s#e s t"e NSEs ert!#t% ! <%#%#* M#r'ets (N
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c- 3inancial Planning #hould Be Encouraged It s # ress % ,"" #% %&&$#* sets *%-term !%#%#* #*s t"r$" %estme%ts t# *#%%% #sset #**#t% #** #t% rs' m#%#eme%t retreme%t retre me%t *#%%% #%& est#te est# te *#%%%. Mst ! $s #r#" $r !%#%#* *es *'e t"e &sr#%=e& tr#e**er ," ets t "s &est%#t% ee%t$#** #%& er"#s ee% e%+s t"e r$" r&e. Ge t"%' ,e "#e # *e#r r#&m# % m%& $t $r !%#%#* *es #re m#r'e& #&-" &es%s #%& #t$*#t% t t"e temt#t%s ! t"e !*#$rs ! t"e !%#%#* se#s%.
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C+APTER D CONC)U#ION T"s #rt ! rese#r" #er &eterm%es t"e rsets ! !%#%#* #&srs % t"e m#r'et ,t" re*e#%e t t"e %!rm#t% &ere& !rm #%#*ss ! t"e res%ses.
A- 3inancial 3easi"ility <%#%#* !e#s*t ,** st$& t"e %ee& ! !%#%#* #&srs &$e t "#%es % t"e %!*#t% r#te *#%s %s$r#%e "#res et ,"" %estrs $s$#** %re& s ##*% t"e !%#%#* #&sr seres %e #% eet $%#se& #&se % t"e e%tre setr$m ! ers%#* !%#%e #%& t"ere #&&% #*$e t t"e %estrs $rre%t rt!* #%& te%t#* s#%s. T"e st#tsts re#r&% t"e %estme%ts #re &s$sse& e*, s #s t s", t"e tre%& ! #r$s !#trs % t"e I%&#% e%m.
B- arket 3easi"ility M#r'et% !e#s*t %*es &eterm%% t"e rsets ! !%#%#* #&srs % t"e r,% e%m *'e I%&#. T"e st$& %*$&es #ssess% t"e %ee& ! !%#%#* %stt$t%s t #"ee #** t"e %&&$#*s !%#%#* #*s #%& 'ee% t"ese #*s % m%& ", & t"e remme%& ert#% %estme%t t%s % t"e m#r'et % r&er t r&e #*$e #&&t%s t %&&$#*s $rre%t rt!* 8 s#%s te%t#*.
<r #ssess% t"e s#ts!#t% *ee* ! %estrs ," #re ##*% !%#%#* #&sr seres t"e er!rm#%e ! t"e $rre%t *#ers % t"e m#r'ets ,** e st$&e& #%& t"er stre%t" #%& ,e#'%ess ,** e #%#*=e& ! t"e %estrs s#ts!#t% *ee* !rm t"e $rre%t #&sr s *ess t"e% re#ter ,** e t"e !e#s*t ! rsets ! !%#%#* #&srs % t"e I%&#% m#r'et.
71
C+APTER = BIB)IO*RAP+& T"e !**,% m#%es #%& #ss#t%s ,e stes ,ere re!erre& ,"*e **et% %!rm#t% $se& % t"e rese#r".
1. I%te I%ter% r%et et S$ S$r ree
M S$res ! &#t# s Se%&#r !rm I "#e se#r" #** &et#*s !rm I%ter%et. Se#r" E%%e :4*e Se#r": Imrt#%e ! <%#%#* I%stt$t%s L%': G"#t s t"e Imrt#%e ! <%#%#* I%stt$t%s- Gse4EE ,,,.,seee'.m/,"#t-s t"e mrt#%e ! !%#%#*-%stt$t%."tm* L%':<%#%#* I%stt$t%s-t"s M#tter.m t"sm#tter.mM%eB#%'% L%':<%#%#* I%stt$t%s % I%&# B$s%ess.m#s!%&#.m!%#%e-mmss%I%stt$t%s L%': T"e str#* B#'r$%&:<%#%#* I%stt$t%s #s- IDE9S "tts://&e#s.ree.r/"/"r/%er"/56."tm ,,,.%este&#.m L%':<%#%#* L%': <%#%#* %stt$t% - G'e&# t"e !ree e%*e&# "tts://e% "tts ://e%.,' .,'e&# e&#.r/, .r/,'/ '/ <%#% <%#%#* #* W%st %stt$t t$t% % L%': 9** I%&# <%#%#* <%# %#* I%stt$t%s I%stt$t %s - INDI9N B9NS 9SSOI9 9SSOI9T TION ,,,.#.r.%/e,mem#%'s.#sX&6 72
L%' :9**er :9**er 9&srs 3t Lt& ,,,.#**er#&srs.m/ L%': IDBI #t#* ,,,.&#t#*.m/ L%': B#+#+ #t#*: Ge#*t" M#%#eme%t 8 <%#%#* Seres ... ,,,.#+#+#t#*.m/ B#*#+ #t#* Seres 3r#te Lmte& %!rm#t% rr#te&r.m/m#%/#*#+-#t#*-seres-r#te-*mte& Re*#re - G'e&# t"e !ree e%*#e&# "tts://e%.,'e&#.r/,'/Re*#re
Re*#re $s% Dee*me%t <%#%e rr#t%... ,,,.religare"me*#%s.m/ SB I%&#: re&t #r&s "me *#%s $s%ess #%'%... "tts://,,,.hs"c..%/ SB - G'e&# t"e !ree e%*#e&# "tts://e%.,'e&#.r/,'/+#BC U%t Tr$st ! I%&# - G'e&# t"e !ree e%*e&# "tts://e%.,'e&#.r/,'/U%tWTr$stW!WI%&#
t#%' I%&# - re&t #r& Z L#% Z I%estme%t Z I%s$r#%e... "tts://,,,.%*%e.citi"ank ..%/ ..%/
t#%' - G'e&# t"e !ree e%*e&# "tts://e%.,'e&#.r/,'/Citi"ank
Yes B#%' "tts://,,,.yes"ank .%/ .%/
73
Yes B#%' - G'e&# t"e !ree e%*e&# "tts://e%.,'e&#.r/,'/&es W W Bank Bank
htt54>>'yes"ank'in htt54>>'yes"ank'in
htt54>>'citi"ank'co'in> htt54>>'citi"ank'co'in>
htt54>>'uti"ank'co!> htt54>>'uti"ank'co!>
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htt54>>'religareealthcare'co! htt54>>'religareealthcare'co!
htt54>>'hdfc"ank'co! htt54>>'hdfc"ank'co!
htt54>>'"a;a;ca5ital'co!
htt54>>'online'citi"ank'co'in htt54>>'online'citi"ank'co'in
74
