Vivek India Infoline Project

India Infoline Limited

A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office

In partial fulfillment of the requirement for the award of Post Graduate Diploma in Management (PGDM)

Submitted by: Viveka Nand Bharti PGDM 08-10

Under the supervision of PROF. SANISH P.V

DC SCHOOL OF MEDIA AND BUSINESS KINFRA FILM & VIDEO PARK SAINIK SCHOOL, KAZHAKUTTOM THIRUVANANTHAPURAM 2008-2010 1 DC School of Management and Technology

India Infoline Limited

A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office

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Certificate of Approval Certified that this dissertation on “A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office” is a record of genuine work done by Mr. Viveka Nand Bharti, Second year student of PGDM of this college under my supervision and guidance and that is hereby approved for forwarding to the Examiners.

Signature Mr. Sanish P.V Faculty Guide DC School of Management and Technology Media School, Kinfra Film & Video Park, Thiruvananthapuram – 695 585.

Forwarded by Signature Principal DC School of Management and Technology Media School, Kinfra Film & Video Park, Thiruvananthapuram – 695 585. 3 DC School of Management and Technology

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Declaration I do hereby declare that the Project work entitled “A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office ” submitted for the partial fulfillment for the award of Post Graduate Diploma in Management (PGDM) of DC School of Management and Technology Media School, Kinfra Film and Video Park, Sainik School P.O, Trivandrum- 85 has not previously formed the basis for the award of any degree, diploma, associate ship, fellowship or other similar title or recognition.

Place: Trivandrum Date Reg. No- PGDM 08-10/052

(Supervisor) Principal

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ACKNOWLEDGEMENT The satisfaction of the successful completion of any task wouldn’t be complete without the expression of gratitude to the people who made it possible. I express my gratitude to Mr. GIRIDHAR PRATHAP N (Area Manager) India Infoline Ltd, for his support and guidance during the survey. I am very thankful to Mr. SANISH P V, Faculty, DC School of Management and Technology, Trivandrum for the guidance and interest evinced throughout the preparation of this project. I also extend my heartfelt gratitude and thanks to Dr. BIJU VITHAYATHIL, Director, DC School of Management and Technology, Trivandrum. I take this opportunity, also to express my love and sincere thanks to my family members and friends for their support and advice during various stage of work. I also extend my gratitude to the respondents of my survey for their kind co-operation. But last not the least I thank God almighty for giving me the support for the completion of the task.

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EXECUTIVE SUMMARY The title of the Project done at India Infoline Limited is “A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office” The main objective of the study was to study the satisfaction level of brokerage, to understand the satisfaction level of clients with India Infoline regarding tip, to understand the satisfaction level of clients with India Infoline regarding trade confirmation, to study the satisfaction level of flexibility provided by India Infoline, to understand the satisfaction level of clients with India Infoline regarding service provided by staff, to study the overall satisfaction level. The type of research was Exploratory Research. The sampling used in this method is convenience sampling method. The sources of the data for the study were primary and secondary data. The questionnaire was prepared and administered to collect the relevant primary data. The data collection method was based on questionnaire. The findings are there is a low positive correlation between brokerage and overall satisfaction, between tips and overall satisfaction and between flexibility and overall satisfaction. There is moderate positive correlation between customer support service and overall satisfaction, speed of service and overall satisfaction and between clarity of information and overall satisfaction. 7 DC School of Management and Technology

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TABLE OF CONTENTS Chapter

Title

Page No.

Introduction

10

1.1

Theoretical Perspective

11

1.2

Industry Profile

12

1.3

Company Profile

23

1.4

Strategies of marketing

29

1.5

Competitors Details

31

Research Design

33

2.1

Title of the Project Report

35

2.2

Objectives of the study

36

2.3

Purpose of the study

37

2.4

Literature Review

38

2.5

Hypothesis

40

2.6

Methodology

43

2.7

Limitations of the study

45

III

Analysis and Interpretation

46

IV

Findings, Suggestion, & Conclusion

73

4.1

Findings

75

4.2

Suggestions

76

4.3

Conclusion

77

I

II

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CHAPTER – I INTRODUCTION

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Chapter 1 Introduction

1. Introduction Theoretical Perspective Industry Profile Company Profile Strategies of marketing

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INTRODUCTION Customer satisfaction is a measure of how products and services supplied by a company can meet the customer’s expectations. Customer satisfaction is still one of the single strongest predictors of customer retention. It’s considerably more expensive to attract new customers than it is to keep old ones happy. In a climate of decreasing brand loyalties, understanding customer service and measuring customer satisfaction are very crucial. There is obviously a strong link between customer satisfaction and customer retention. Customer's perception of Service and Quality of product will determine the success of the product or service in the market. With better understanding of customers' perceptions, companies can determine the actions required to meet the customers' needs. They can identify their own strengths and weaknesses, where they stand in comparison to their competitors, chart out path future progress and improvement. Customer satisfaction measurement helps to promote an increased focus on customer outcomes and stimulate improvements in the work practices and processes used within the company. Customer expectations are the customer-defined attributes of your product or service you must meet or exceed to achieve customer satisfaction. There are many reasons why customer expectations are likely to change over time. Process improvements, advent of new technology, changes in customer's priorities, improved quality of service provided by competitors are just a few examples.

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INDUSTRY PROFILE

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INDUSTRY PROFILE

The Indian broking industry is one of the oldest trading industries that have been around even before the establishment of the BSE in 1875. Despite passing through number of changes in the post liberalization period, the industry has found its way onwards sustainable growth. With the purpose of gaining a deeper understanding about the role of the Indian stock broking industry in the country’s economy, we present in this section some of the industry insights gleaned from analysis of data received through primary research. For the broking industry, we started with an initial database of over 1,800 broking firms that were contacted, from which 464 responses were received. The list was further short listed based on the number of terminals and the top 210 were selected for profiling. 394 responses, that provided more than 85% of the information sought have been included for this analysis presented here as insights. All the data for the study was collected through responses received directly from the broking firms. The insights have been arrived at through an analysis on various parameters, pertinent to the equity broking industry, such as region, terminal, market, branches, sub brokers, products and growth areas. Some key characteristics of the sample 394 firms are: •

On the basis of geographical concentration, the West region has the maximum representation of 52%. Around 24% firms are located in the North, 13% in the South and 10% in the East 13

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3% firms started broking operations before 1950, 65% between 1950-1995 and 32% post 1995.

•

On the basis of terminals, 40% are located at Mumbai, 12% in Delhi, 8% in Ahmedabad, 7% in Kolkata, 4% in Chennai and 29% are from other cities

•

From this study, we find that almost 36% firms trade in cash and derivatives and 27% are into cash markets alone. Around 20% trade in cash, derivatives and commodities

•

In the cash market, around 34% firms trade at NSE, 14% at BSE and 52% trade at both exchanges. In the derivative segment, 48% trade at NSE, 7% at BSE and 45% at both, whereas in the debt market, 31% trade at NSE, 26% at BSE and 43% at both exchanges

•

Majority of branches are located in the North, i.e. around 40%. West has 31%, 24% are located in South and 5% in East

•

In terms of sub-brokers, around 55% are located in the South, 29% in West, 11% in North and 4% in East

•

Trading, IPOs and Mutual Funds are the top three products offered with 90% firms offering trading, 67% IPOs and 53% firms offering mutual fund transactions

•

In terms of various areas of growth, 84% firms have expressed interest in expanding their institutional clients, 66% firms intend to increase FII clients and 43% are interested in setting up JV in India and abroad

•

In terms of IT penetration, 62% firms have provided their website and around 94% firms have email facility

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A BRIEF HISTORY India Infoline was originally incorporated on October 18, 1995 as Probity Research and Services Private Limited at Mumbai under the Companies Act, 1956 with Registration No. 11 93797. India Infoline commenced operations as an independent provider of information, analysis and research covering Indian businesses, financial markets and economy, to institutional customers. India Infoline became a public limited company on April 28, 2000 and the name of the Company was changed to Probity Research and Services Limited. The name of the Company was changed to India Infoline.com Limited on May 23, 2000 and later to India Infoline Limited on March 23, 2001. In 1999, India Infoline.com identified the potential of the Internet to cater to a mass retail segment and transformed our business model from providing information services to institutional customers to retail customers.

Hence India

Infoline launched Internet portal, www.indiainfoline.com in May 1999 and started providing news and market information, independent research, interviews with business leaders and other specialized features. In May 2000, the name of India Infoline was changed to India Infoline.com Limited to reflect the transformation of our business. Over a period of time, India Infoline.com has emerged as one of the leading business and financial information services provider in India.

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In the year 2000, India Infoline leveraged its position as a provider of financial information and analysis by diversifying into transactional services, primarily for online trading in shares and securities and online as well as offline distribution of personal financial products, like mutual funds and RBI Bonds. These activities were carried on by our wholly owned subsidiaries. India Infoline broking services was launched under the brand name of 5paisa.com through our subsidiary, India Infoline Securities Private Limited and www.5paisa.com, the e-broking portal, was launched for online trading in July 2000. It combined competitive brokerage rates and research, supported by Internet technology besides investment advice from an experienced team of research analysts, India Infoline also offer real time stock quotes, market news and price charts with multiple tools for technical analysis. Facilities India Infoline’s main offices are located in approximately 4,000 square feet of office space located in Mumbai, India. India Infoline Branches collectively occupy an additional 10,000 square feet of office space located throughout India, As on March 31, 2005, India Infoline has 73 branches across 36 locations in India. Terminals Almost 52% of the terminals in the sample are based in the Western region of India, followed by 25% in the North, 13% in the South and 10% in the East. Mumbai has got the maximum representation from the West, Chennai from the South, New Delhi from the North and Kolkata from the East. 16 DC School of Management and Technology

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Branches & Sub-Brokers The maximum concentration of branches is in the North, with as many as 40% of all branches located there, followed by the Western region, with 31% branches. Around 24% branches are located in the South and East constitutes for 5% of the total branches of the total sample. In case of sub-brokers, almost 55% of them are based in the South. West and North follow, with 30% and 11% sub-brokers respectively, whereas East has around 4% of total sub-brokers.

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Financial Markets The financial markets have been classified as cash market, derivatives market, debt market and commodities market. Cash market, also known as spot market, is the most sought after amongst investors. Majority of the sample broking firms are dealing in the cash market, followed by derivative and commodities. 27% firms are dealing only in the cash market, whereas 35% are into cash and derivatives. Almost 20% firms trade in cash, derivatives and commodities market. Firms that are into cash, derivatives and debt are 7%. On the other hand, firms into cash and commodities are 3%, cash & debt market and commodities alone are 2%. 4% firms trade in all the markets.

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In the cash market, around 34% firms trade at NSE, 14% at BSE and 52% trade at both exchanges. In the equity derivative market, 48% of the sampled broking houses are members of NSE and 7% trade at BSE, while 45% of the sample operate in both stock exchanges. Around 43% of the broking houses operating in the debt market, trade at both exchanges with 31% and 26% firms uniquely at NSE and BSE respectively.

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Products The survey also revealed that in the past couple of years, apart from trading, the firms have started offering various investment related value added services. The sustained growth of the economy in the past couple of years has resulted in broking firms offering many diversified services related to IPOs, mutual funds, company research etc. However, the core trading activity is still the predominant form of business, forming 90% of the firms in the sample. 67% firms are engaged in offering IPO related services. The broking industry seems to have capitalized on the growth of the mutual fund industry, which was pegged at 40% in 2006. More than 50% of the sample broking houses deal in mutual fund investment services. The average growth in assets under management in the last two years is almost 48%. Company research is another lucrative area where the broking firms offer their services; more than 33% of the firms are engaged in providing company research services. Additionally, a host of other value added services such as fundamental and technical analysis, investment banking, arbitrage etc are offered by the firms at different levels.

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Of the total sample of broking houses providing trading services, 52% are based in the West, followed by 25% from North, 13% from South and 10% from the East. Around 50% of the firms offering IPO related services are based in the West as compared to 27% in North, 13% in South and 10% in East. In providing mutual funds services, the Western region was dominant amounting to 49% followed by 27% from North; The South and the East are almost at par with 13% and 11% respectively.

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Future Plans 68% of the firms from the sample have envisaged strategies for future growth. With the middle class Indian investor as well as foreign investor willing to invest in the stock market, majority of the firms preferred expansion of institutional and the Foreign Institutional Investor clients in their areas of growth. Around 84% have shown interest in expanding their institutional client base. Nearly 51% of such firms are located in the West, 25% in North, 15% are from South and 9% from East. Since the past couple of years, India, along with Korea and Taiwan, has been one of the preferred destinations for the FIIs. With corporate restructuring, rising market capitalization and sectoral friendly policies helping the FIIs, more than two thirds of the firms are interested in increasing their FII client base. Amongst these firms, west again has maximum representation of 53%, followed by North with 22%. South has 15% firms and East makes up for 9%.

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COMPANY PROFILE

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A PROFILE ON INDIA INFOLINE LIMITED

About them Are a one stop financial services shop, most respected for quality of its advice, are a one- stop financial services shop, most respected for quality of its advice, personalized service and cutting-edge technology. Vision India Infoline vision is to be the most respected company in the financial services space. India Infoline Group The India Infoline group, comprising the holding company, India Infoline Limited and its wholly-owned subsidiaries, straddle the entire financial services space offerings ranging from Equity research, Equities and derivatives trading, Commodities trading , portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits, GoI bonds and other small savings instruments to loan products and investment banking. India Infoline also owns and manages the websites www.indiainfoline.com and www.5paisa.com. The company has a network of 596 branches spared across 345 cities and towns. It has more than 500,000 customers.

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India Infoline Ltd. India Infoline Limited is listed on both the leading stock exchanges in India, viz. the stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is also a member of both the exchanges. It is engaged in the businesses of Equities broking, Wealth Advisory Services and Portfolio Management Services. It offers broking services in the Cash and Derivatives segments of the NSE as well as the Cash segment of the BSE

A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to 25 DC School of Management and Technology

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clients. These services are offered to clients as different schemes, which are based on differing investment strategies made to reflect the varied risk-return preferences of clients.

India Infoline Media and Research Services Limited. The content services represent a strong support that drives the broking, commodities, mutual fund and portfolio management services businesses. Revenue generation is through the sale of content to financial and media houses, Indian as well as global. It undertakes equities research which is acknowledged by none other than Forbes as 'Best of the Web' and '…a must read for investors in Asia'. India Infoline research is available not just over the internet but also on international wire services like Bloomberg. India Infoline Commodities Limited. India Infoline Commodities Pvt Limited is engaged in the business of commodities broking. Our experience in securities broking empowered us with the requisite skills and technologies to allow us offer commodities broking as a contracyclical alternative to equities broking. We enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges, and recently acquired membership of DGCX.. India Infoline Marketing & Services India Infoline Marketing and Services Limited is the holding company of India Infoline Insurance Services Limited and India Infoline Insurance Brokers Limited. 26 DC School of Management and Technology

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(a) India Infoline Insurance Services Limited is a registered Corporate Agent with the Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate Agent for ICICI Prudential Life Insurance Co Limited, which is India's largest private Life Insurance Company.

(b) India Infoline Insurance Brokers Limited India Infoline Insurance Brokers Limited is a newly formed subsidiary which will carry out the business of Insurance broking. We have applied to IRDA for the insurance broking licence and the clearance for the same is awaited. India Infoline Investment Services Limited Consolidated shareholdings of all the subsidiary companies engaged in loans and financing activities under one subsidiary. Recently, Orient Global, a Singaporebased investment institution invested USD 76.7 million for a 22.5% stake in India Infoline Investment Services.

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WHERE INDIA INFOLINE STAND IN THE MARKET INDIA INFOLINE one of the leading financial intermediaries and India's most popular website for business and investment. Its Website has been rated as 'Best of the Web' by Forbes, under the Asia Investing category. Besides providing up-to-date and comprehensive information on business and industry, It is also a leading investment intermediary for Mutual Funds, Bonds, ICICI / IDBI Bonds, Govt. Relief Bonds, Insurance, IPOs and Fixed Deposits in India. India Infoline is direct brokers/ agents with leading financial institutions like RBI, UTI, LIC, GIC, ICICI, IDBI and other private mutual fund like HDFC, Alliance, Prudential ICICI, Templeton, TATA, HSBC, Standard & Chartered, Sun F&C, Birla, DSP Merrill Lynch, Kotak, IL&FS, Sundaram, Zurich and Reliance. The company has more than 500 Investor points in all the leading cities across India, with a team of trained and qualified investment advisors and 1500+associates (sub brokers). Company e-broking web site 5paisa.com, which deals in shares, provides you fast, secure and easy to use trading facilities combined with a wealth of outstanding products and features. Thus, we are uniquely placed with both online and offline presence to maximize customer satisfaction.

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India Infoline is a growing organization, which is an ideal place for individuals with high ambitions. The working atmosphere is highly charged with a young and energetic team of qualified professionals.

MARKETING STRATEGY OF INDIA INFOLINE Market Positioning: Market positioning statements of India Infoline are “At India Infoline we give you single window service” and “We also ensure your comfort”. So, India Infoline focus on the consumers who prefer almost all investment activities at same place by providing number of various financial services. At India Infoline a person can purchase or sell shares, debentures etc. and at the same place also demat it. India Infoline also provides other investment option to the same person at same place like Mutual Fund, Insurance, Fixed Deposit, and Bonds etc. and help the person in designing his portfolio. By this way India Infoline provides comfort to its customers. Target Market: India Infoline uses demographic segmentation strategy and segment people based on their occupation. India Infoline uses selective specialization strategy for market targeting. Target person for the India Infoline Stock Broking and India Infoline Investment Service are persons who can work as sub-broker for the companies. Companies focus on Advisors of Insurance and post office, Tax consultants and CAs for making sub-broker.

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Marketing channel System: India Infoline uses one level marketing channel for investment product distribution. Sub-brokers work as intermediary between consumer and company. Company has both forward and backward flow of activity through channel. Company distributes stationery, brokerage, and information forward to its sub-broker. The subbrokers send filled forms, queries, amount of investment etc. back to the company. Training Channel Members: India Infoline provides training to the sub-brokers because they will be viewed as the company by the investors. The executives of India Infoline explain various new schemes of investment to the sub-brokers with its objective, risk factors and expected return. Company also periodically arrange seminar to guide sub-brokers. Advertising and Promotion: The objective of advertising of India Infoline is to create awareness about services of India Infoline among investors and sub-brokers. India Infoline also publishes its weekly Stock Market Newsletter ‘Market Mantra’.

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COMPETITORS DETAILS

KARVY KARVY is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate, comprising the who is who of Corporate India. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments.

ICICI DIRECT ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein after referred to as the "Website") whereas IWTL is an affiliate of ICICI Bank Limited and the Website is owned by ICICI Bank Limited. IWTL has launched and established an online trading service on the Website.

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HDFC SECURITY HDFC security is the subsidiary of HDFC (Housing Development Financial Corporation). www.hdfcsec.com would have an exclusive discretion to decide the customers who would be entitled to its online investing services. www.hdfcsec.com also reserves the right to decide on the criteria based on which customers would be chosen to participate in these services .The present web site (www.hdfcsec.com) contains features of services that they offer/propose to offer in due course. The launch of new services is subject to the clearance of the regulators. i.e. SEBI, NSE and BSE.

INDIABULLS SECURITIES LIMITED Indiabulls Securities Limited was incorporated as GPF Securities Private Limited on June 9, 1995. The name of the company was changed to Orbis Securities Private Limited on December 15, 1995 to change the profile of the company and subsequently due to the conversion of the company into a public limited company; the name was further changed to Orbis Securities Limited on January 5, 2004. The name of the company was again changed to Indiabulls Securities Limited on February 16, 2004 so as to capitalize on the brand image of the term “Indiabulls” in the company name. ISL is a corporate member of capital market & derivative segment of The National Stock Exchange of India Ltd. At present, ISL accounts for 32 DC School of Management and Technology

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approximately 3% of the total daily turnover of the Exchange with 32,359 client relationships and 70 branches spread across the country as of April 30, 2004.

CHAPTER – II RESEARCH DESIGN

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Chapter II Research Design

2.1

Title of the Project Report

2.2

Objectives of the study

2.3

Purpose of the study

2.4

Literature Review

2.5

Hypothesis

2.6

Methodology

2.7

Limitations of the study

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A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office

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OBJECTIVES 1. To study the satisfaction level of brokerage. 2. To understand the satisfaction level of clients with India Infoline regarding tips. 3. To understand the satisfaction level of clients with India Infoline regarding trade confirmation. 4. To study the satisfaction level of flexibility provided by India Infoline. 5. To understand the satisfaction level of clients with India Infoline regarding service provided by staff. 6. To study the overall satisfaction level.

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PURPOSE OF THE STUDY

The purpose of the study is to know the expectations of those customers who trading in INDIA INFOLINE LTD and the satisfaction levels of customers with the services provided by the INDIA INFOLINE LTD. Here the main purpose of the survey is to know the various factors that are very important in satisfying the customer’s needs and to know how INDIA INFOLINE LTD is ensuring its customers satisfaction. The expectations of customers are vary from one customer to the other customer. It is very difficult to any business firm to satisfy all the expectations of all customers but there are some common factors that are essential to fulfill.

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Literature Review In this 21st century the digital revolution has transformed the economy in to a new economy which empowered the customer with new set of capabilities such as; 1.Access to greater amount of information, 2.Wider variety of available good and services 3.Greater ease of interacting with the service provider. This new capability in the new economy led the customer to market the marketing and plays a very vital role in the growth of the market. It is essential in the service industry in particular, place greater emphasis on the enablers leading to customer satisfaction and customer retention. It is in this context is very important to understand the customer requirements to provide value-(QSP - Quality, Service and Price) and track and manage the customer satisfaction for retention and creation of new customers. In Service industry it is not enough if the product meets the functional requirements of the customer, it should also meet certain other customer expectations 38 DC School of Management and Technology

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like the behaviors/attitude of the person who provides service. The customer satisfaction is the combination of both technical features & human behavioural aspects. The quality management only addresses the systems and processes; service addresses the customer service independently. In today’s new economy, it is essential to address the enablers for customer satisfaction for business growth with utmost importance as they are interdependent in nature.

Customer satisfaction Customer satisfaction can be represented as follows. Customer satisfaction=Performance Features + Behavioural Features + Price. Performance features address the issues on Conformance to the standards and Variability and the behavioural aspects of service provider deals with the following components of service which is a major enabler for the growth of the business as indicated in the research publications. If customer experience matches customer expectations, leads to customer satisfaction and if customer experience doesn’t match Customer Expectation, leads to Customer dissatisfaction. On similar lines if it exceeds expectation leads to Customer Delight. The title of Article is “Does customer satisfaction lead to profitability?” Author(s): Timothy L. Keiningham, Tiffany Perkins-Munn, Lerzan Aksoy. Publisher: Emerald Group Publishing Limited

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Purpose – Many researchers have proposed a virtuous chain of effects from improved customer satisfaction to profits. In particular, satisfaction is thought to improve shareof-spending, which in turn leads to higher customer revenue and customer profitability. This paper aims to examine these proposed linkages using data from the institutional securities industry.

HYPOTHESIS 1.

Relationship between brokerage and customer satisfaction.

Hypothesis - 1 H0 – There is no significant relation between brokerage and customer satisfaction HA – There is a significant relation between brokerage and customer satisfaction.

2.

Relationship between tips and customer satisfaction.

Hypothesis - 2 H0 – There is no significant relation between tips and customer satisfaction HA – There is a significant relation between tips and customer satisfaction.

3.

Relationship between Trade confirmation and customer satisfaction.

Hypothesis - 3 40 DC School of Management and Technology

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H0 – There is no significant relation between trade confirmation and customer satisfaction HA – There is a significant relation between trade confirmation and customer satisfaction.

4.

Relationship between Flexibility and customer satisfaction.

Hypothesis - 4 H0 – There is no significant relation between flexibility and customer satisfaction HA – There is a significant relation between flexibility and customer satisfaction.

5.

Relationship between customer support and customer satisfaction.

Hypothesis - 5 H0 – There is no significant relation between customer support and customer satisfaction HA – There is a significant relation between customer support and customer satisfaction.

6.

Relationship satisfaction.

between

clarity

of

information

and

customer

Hypothesis - 6 H0 – There is no significant relation between clarity of information and customer satisfaction HA – There is a significant relation between clarity of information and customer satisfaction. 41 DC School of Management and Technology

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7.

Relationship between time taken to respond to telephone enquiries and customer satisfaction.

Hypothesis - 7 H0 – There is no significant relation between time taken to respond to telephone enquiries and customer satisfaction HA – There is a significant relation between time taken to respond to telephone enquiries and customer satisfaction.

8.

Relationship between staff treating as a valuable customer and customer satisfaction.

Hypothesis - 8 H0 – There is no significant relation between staff treating as a valuable customer and customer satisfaction HA – There is a significant relation between staff treating as a valuable customer and customer satisfaction.

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RESEARCH METHODOLOGY Type of Research – Exploratory Research. The research design is usually conducted during the initial stage of the research process. The preliminary activities undertaken to refine the problem into a researchable one need not be formal or precise. The purpose of the exploratory research process is to progressively narrow the scope of the research topic and to transform discovered problems into defined ones, incorporating specific research objectives.

Sample design Sampling design – The sampling method adopted for research work was Convenience sampling method. 43 DC School of Management and Technology

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Sample size - The sample selected was 300. The data collection method was based on the following: Sampling Unit – Professional

Variables of the Study Dependent Variable – Overall satisfaction Independent Variable – Brokerage, Tips, Trade confirmation, Flexibility, Customer support, Speed of service, Clarity of information, Time taken to respond to telephone enquiries, staff treating as a valuable customer.

Method of Data collection The sources of the data for the study were primary data. The questionnaire was prepared and administered to collect the relevant primary data. The data collection method was based on Questionnaire and Observation.

Method of analysis of data Data collected through questionnaires is analyzed using techniques and association test. It is done through correlation analysis, chi square test, Skewness, Kurtosis. Correlation refers to the relationship between two or more variables. Here we can find out independent variables like Brokerage, Tips, Trade confirmation, Flexibility, Customer support, Speed of service, Clarity of information, Time taken to respond to telephone enquiries, staff treating as a valuable customer and dependant variable is overall satisfaction. 44 DC School of Management and Technology

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Skewness denotes the symmetry of distribution. Skewness may be either positive or negative. When mean = median = mode that represents symmetry of distribution. When the skewness value is zero, it also represents symmetry of distribution. Kurtosis indicates whether the distribution is more flat of or more peaked then the normal distribution. A measure of kurtosis is there for a measure of peakedness. When the value of kurtosis is 3, we can apply z test, t test and any other test. As a non parametric test chi square is used for 1. Testing the goodness of fit between observed and accepted frequency. 2. Testing the independent of two attributes.

LIMITATIONS OF THE STUDY

• As the data will be collected through questionnaire, there are chances of biased information provided by the respondent. • Heterogeneity among the respondents. • Inability to respond to the questionnaire due to lack of time. •

The study is confined to the existing customers of INDIA INFOLINE LTD only.

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India Infoline Limited

CHAPTER – III ANALYSIS & INTERPRETATION

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1.

Correlation between Customer Satisfaction and Brokerage Overall Satisfaction Overall Satisfaction

Pearson Correlation Sig. (2-tailed) N

Brokerage

Pearson Correlation Sig. (2-tailed)

1 .

Brokerage .401(**) .000

300

300

.401(**)

1

.000

N

300 ** Correlation is significant at the 0.01 level (2-tailed).

. 300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and brokerage. (.401) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution.

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Statistics Overall satisfaction -.919

Brokerage -1.077

Std Error of Skewness

.141

.141

Kurtosis

-.149

.005

Std Error of Kurtosis

.281

.281

Skewness

48 DC School of Management and Technology

India Infoline Limited

Here, we can see that maximum number of clients i.e., 186 clients are satisfied with the service provided by India Infoline regarding brokerage charged, while in the otherhand only 26 clients are dissatisfied with the brokerage charged. Test Statistics Overall Satisfaction ChiSquare(a,b) Df

Brokerage

296.367

130.160

4

2

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0. b 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 100.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

2. Correlation between Customer Satisfaction and Tips Overall Satisfaction Overall Satisfaction

Pearson Correlation Sig. (2-tailed) N

Tips

Pearson Correlation Sig. (2-tailed) N

1 .

Tips .456(**) .000

300

300

.456(**)

1

.000

300 ** Correlation is significant at the 0.01 level (2-tailed).

. 300

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India Infoline Limited

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and tips. (.456) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution. Statistics Overall

Tips

satisfaction -.919

-.162

Std Error of Skewness

.141

.141

Kurtosis

-.149

.977

Std Error of Kurtosis

.281

.281

Skewness

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India Infoline Limited

Here, we can see that maximum number of clients i.e., 113 clients are neither satisfied nor dissatisfied with the service provided by India Infoline regarding tips (Intraday, Delivery, Investment), while in the otherhand we can see that 94 clients are satisfied with the service provided, and 86 clients are dissatisfied with the service provided.

Test Statistics Overall Satisfaction ChiSquare(a) df

Tips

296.367

183.967

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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3. Correlation between Customer Satisfaction and Trade confirmation Overall Satisfaction Overall Satisfaction

Pearson Correlation Sig. (2-tailed) N

Trade Confirmation

Pearson Correlation Sig. (2-tailed)

1 .

Trade Confirmation .551(**) .000

300

300

.551(**)

1

.000

N

300 ** Correlation is significant at the 0.01 level (2-tailed).

. 300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and trade confirmation. (.551) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution. Statistics Overall

Trade

satisfaction -.919

confirmation -.875

Std Error of Skewness

.141

.141

Kurtosis

-.149

.222

Std Error of Kurtosis

.281

.281

Skewness

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India Infoline Limited

Here, we can see that maximum number of clients i.e., 61% of the clients are satisfied with the service provided by India Infoline regarding trade confirmation, while in the otherhand we can see that 14% of the clients are dissatisfied with the service provided.

Test Statistics Overall Satisfaction ChiSquare(a,b) df

Trade Confirmation

296.367

236.133

4

3

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0. b 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 75.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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4.

Correlation between Customer Satisfaction and Flexibility Overall Satisfaction Overall Satisfaction

1 .

Flexibility .541(**) .000

300

300

.541(**)

1

Pearson Correlation Sig. (2-tailed) N

Flexibility

Pearson Correlation Sig. (2-tailed)

.000

.

N

300

300

** Correlation is significant at the 0.01 level (2-tailed).

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and flexibility. (.541) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution.

Statistics Overall

Flexibility

satisfaction -.919

-.776

Std Error of Skewness

.141

.141

Kurtosis

-.149

.419

Std Error of Kurtosis

.281

.281

Skewness

54 DC School of Management and Technology

India Infoline Limited

Here, we can see that maximum number of clients i.e., 52% of the clients are satisfied with the service provided by India Infoline regarding flexibility, while in the otherhand we can see that 16% of the clients are dissatisfied by the service provided. Test Statistics Overall Satisfaction ChiSquare(a) df

Flexibility

296.367

286.700

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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India Infoline Limited

5.

Correlation between Customer Satisfaction and Customer support Overall Satisfaction Overall Satisfaction

300

300

.692(**)

1

Pearson Correlation Sig. (2-tailed) N

Customer Support

1 .

Customer Support .692(**) .000

Pearson Correlation Sig. (2-tailed)

.000

.

N

300

300

** Correlation is significant at the 0.01 level (2-tailed).

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and Customer support. (.692) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution.

Statistics Overall

Customer

satisfaction -.919

support -.894

Std Error of Skewness

.141

.141

Kurtosis

-.149

.075

Std Error of Kurtosis

.281

.281

Skewness

56 DC School of Management and Technology

India Infoline Limited

Here, we can see that maximum number of clients i.e., 53% of the clients are satisfied with the service provided by India Infoline regarding customer support, while in the otherhand we can see that 16% of the clients are dissatisfied with the service provided. Test Statistics Overall Satisfaction ChiSquare(a) Df

Customer Support

296.367

266.767

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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6.

Correlation between Customer Satisfaction and Speed of service Overall Satisfaction Overall Satisfaction

1 .

Speed of Service .893(**) .000

300

300

.893(**)

1

Pearson Correlation Sig. (2-tailed) N

Speed of Service

Pearson Correlation Sig. (2-tailed)

.000

N

300 ** Correlation is significant at the 0.01 level (2-tailed).

. 300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and speed of service. (.893) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution.

Statistics Overall

Speed of

satisfaction -.919

service -.723

Std Error of Skewness

.141

.141

Kurtosis

-.149

.512

Std Error of Kurtosis

.281

.281

Skewness

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India Infoline Limited

Here, we can see that maximum number of clients i.e., 51% of the clients are satisfied with the service provided by India Infoline regarding speed of service, while in the otherhand we can see that 20% of the clients are dissatisfied with the

service

provided. Test Statistics Overall Satisfaction ChiSquare(a) df

Speed of Service

296.367

239.367

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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7.

Correlation between Customer Satisfaction and clarity of information Overall Satisfaction Overall Satisfaction

300

300

.694(**)

1

Pearson Correlation Sig. (2-tailed) N

Clarity of information

1 .

Clarity of information .694(**) .000

Pearson Correlation Sig. (2-tailed)

.000

N

300 ** Correlation is significant at the 0.01 level (2-tailed).

. 300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and clarity of information. (.694) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution. Statistics Overall

Clarity of

satisfaction -.919

information -.469

Std Error of Skewness

.141

.141

Kurtosis

-.149

.627

Std Error of Kurtosis

.281

.281

Skewness

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India Infoline Limited

Here, we can see that maximum number of clients i.e., 125 clients are satisfied with the service provided by India Infoline regarding clearity of information, while in the othernhand we can see that 64 clients are dissatisfied with the service provided.

Test Statistics Overall Satisfaction ChiSquare(a) df

Clarity of information

296.367

187.267

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

61 DC School of Management and Technology

India Infoline Limited 8.

Correlation between Customer Satisfaction and time taken to respond to telephone enquiries

1 .

Time taken to respond to telephone enquiries .562(**) .000

300

300

.562(**)

1

Overall Satisfaction Overall Satisfaction

Pearson Correlation Sig. (2-tailed) N

Time taken to respond to telephone enquiries

Pearson Correlation Sig. (2-tailed)

.000

.

N

300 ** Correlation is significant at the 0.01 level (2-tailed).

300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and time taken to respond to telephone enquiries. (.562) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution.

Statistics Overall

Time taken to

satisfaction

respond to telephone

Skewness

-.919

enquiries -.653

Std Error of

.141

.141

Skewness

-.149

.423

Kurtosis

.281

.281

Std Error of Kurtosis

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India Infoline Limited

Here, we can see that maximum number of clients i.e., 153 clients are satisfied with the service provided by India Infoline regarding respond to telephone, while in the otherhand only 49 clients are dissatisfied with the service provided.

Test Statistics Time taken to respond to telephone enquiries

Overall Satisfaction ChiSquare(a) df

296.367

262.933

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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9.

Correlation between Customer Satisfaction and staff treating as a valuable customer

1 .

Staff Treating as a valuable customer .608(**) .000

Overall Satisfaction Overall Satisfaction

Pearson Correlation Sig. (2-tailed) N

Staff Treating as a valuable customer

Pearson Correlation

300

300

.608(**)

1

.000

.

Sig. (2-tailed) N

300 ** Correlation is significant at the 0.01 level (2-tailed).

300

INFERENCE: - The above table shows a moderate positive correlation between customer satisfaction and staff treating as a valuable customer. (.608) and also have level of significance less than .05 Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square because the distribution is not normal distribution. Statistics Overall

Staff treating as a

satisfaction -.919

valuable customer -.769

Std Error of

.141

.141

Skewness

-.149

.149

Kurtosis

.281

.281

Skewness

Std Error of Kurtosis

64 DC School of Management and Technology

India Infoline Limited

Here, we can see that maximum number of clients i.e., 162 clients are satisfied with the service provided by the staff (as a valuable customer) by India Infoline, while in the otherhand we can see that 46 clients are dissatisfied with the service provided by the staff people. Test Statistics Staff Treating as a valuable customer

Overall Satisfaction ChiSquare(a) df

296.367

308.667

4

4

Asymp. Sig.

.000 .000 a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

According to the above table calculated chi square value is greater than table value and significant at less than .05 so we no accept the null hypothesis hence we accept the alternate hypothesis.

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India Infoline Limited

% clients according to gender group: Male 245

Female 55

Out of the total clients visited i.e., 82% belongs to male category and 18% belongs to female category.

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% Clients with different age group: 20-30 117

31-40 181

ABOVE 40 2

Out of the total clients visited, majority i.e., 60% belongs to 31 years to 40 years age group, followed by 20 years to 30 years age group which comprises of 39% of the clients visited, and the leftover clients i.e., 1% (the least %) belongs to above 40 years age group.

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% Clients with different occupation: Professional 220

Businessman 62

Retired 0

Student 4

others 14

Out of the total clients, majority i.e., 73% are professional. Followed by businessman, which comprises of 21%. 1% are students, 4% belongs to other category (like housewife, etc), and retired is 0 i.e., nil.

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% Customer connected to India Infoline as:

Demate a/c holder 300

Commodities a/c holder 0

Mutual fund customer 0

Insurance 0

Here we can see that all the clients visited, (100%) are connected to India Infoline as a Demat A/c holder, rather than giving any weightage to other financial products (like Commodities A/C, Mutual fund, Insurance).

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% Customer connected to India Infoline since: Less then 6 months 26

6 months - 1 Year 60

1-2 year 187

More then 2 year 27

The maximum number of clients i.e., 62% of the total clients are connected to India Infoline since 1-2 years, followed by 20% connected since 6 months to 1 year and the least 9% in more than 2 years as well as less than 6 months.

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India Infoline Limited

% Customer gathering information/ awareness about trading from different sources: TV 58

Newspaper 15

Friend 43

Financial Advisor 37

Others 147

Out of the total clients, majority i.e., 49% of clients gather information about trading from the sources like mail, some web-sites (moneycontrol.com, bloomberg, dnaindia.com),etc. Followed by 19% which gather information from television,15% from friends, 12% from financial advisor, and the rest 5% from newspaper.

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Main objectives of investment in Equities and Mutual funds of % customer:

Risk 0

Return 263

Tax Benefit 0

Capital Appreciation 18

Safety 0

Liquidi ty 19

Other 0

Maximum customers invest in Equities and Mutual funds for getting a good return, which is obvious from the chart shown above.Here, we can see that mojority of the clients visited i.e., 88% invest in equities for good return.6% for liquidity and rest 6% for capital appreciation.

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Number of clients giving more weightage to the tips coming from: Relationship manager 66

TV 49

India Infoline TT Advance tips 152

Others 33

Out of the total number of clients visited, maximum i.e., 51% give more weightage to the tips coming from India Infoline TT Advance tips. 22% of the client goes with the tips coming from Relationship Manager, 16% goes with the tips coming from television, and rest 11% goes with the tips coming from some other sources.

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CHAPTER – IV FINDINGS, SUGGESTIONS & CONCLUSION

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Chapter IV Findings, Suggestions & Conclusion

• Findings • Suggestions • Conclusion

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FINDINGS  There is low positive correlation between brokerage and overall satisfaction.

 There is low positive correlation between tips and overall satisfaction.

 There is a moderate positive correlation between customer support service and

overall satisfaction.

 There is low positive correlation between flexibility and overall satisfaction.

 There is a moderate positive correlation between speed of service and overall

satisfaction.  There is a moderate positive correlation between Clarity of information and

overall satisfaction.

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SUGGESTIONS  The suggestion is the Small investors prefer most economical fee on trading

and prefers negotiations therefore the company should offer services and fee structure keeping in mind such customers if they add significantly to bottom line.  Lack of communication and advisories happen when relationship manager

moves out of the organization and this has to be checked so that the customer doesn’t migrate to other brokerage companies.

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CONCLUSION

• The company should come up with innovative ways of service at their door steps this may be a costly affair but will surely give positive results in the long run. •

The company should take the initiative of training the advisors about the trading from time to time which also makes the advisors connected to the company.

• The company should focus on the advertising strategy and also the marketing of the product.

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BIBLIOGRAPHY

Referred Books: Marketing Management - Philip kotler - Gary Amstrang Websites: http://WWW.INDIAINFOLINE.COM http://WWW.5PAISA.COM http://WWW.MONEYCONTROL.COM http://WWW.CAPITALINE.COM http://WWW.SHAREKHAN LTD.COM http://WWW.INDIAINFOLINE.COM http://WWW.ICICIDIRECT.COM http://WWW.HDFCSECURITY.COM

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India Infoline Limited http://WWW.KARVY.COM

Appendix:

“A study on Customer satisfaction towards the services provided by India Infoline with special reference to Bangalore zonal office”

QUESTIONAIRE Name: …………………………………………………………………………………………….. 1. Gender: Male Female 2. Age: a). Below 20

b). 21- 30

c). 31- 40

d). More then 50

c). Professional

d). Retired Person

3. Occupation: a). Businessman b). Student e). Others (Please Specify)__________

4. I am connected to India Infoline since: a).Less than 6 Months b). 6 months – 1 Year c). 1 – 2 year d). More than 2 year 5. I am gathering information/ awareness about trading from: a). T.V b). Newspaper c) Friends d). Financial Advisor e) Others (Please specify) ______ 6. Main objectives of investment in Equities and Mutual funds are: a). Risk b). Return c). Tax benefit d). Capital Appreciation e). Safety f). Liquidity g). Others (please specify)________ 80 DC School of Management and Technology

India Infoline Limited

7. I give more weightage to tips coming from: (in %) a). Relationship manager _______ c). India Infoline TT Advance tips ________

8. Satisfaction level with India Infoline. Particulars Highly Dissatisfie Dissatisfied d

b). T.V ________ d) Others (please specify) _______

Neither Satisfied Nor Dissatisfied

Satisfied

Highly Satisfied

Brokerage Tips (Intraday,Delivery, Investment) Trade Confirmation Flexibility (Fund transfer) 5paisa.com Customer Support Speed of Service / Product Delivered Clarity of information or advice provided Time taken to respond to telephone enquiries Staff treating you as a valuable customer Overall Satisfaction

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