Summer Internship Project report- Customer Satisfaction Analysis: Reliance Securities Ltd.

A REPORT
ON
By
Shubham Dasgupta
13BSP0776
CUSTOMER SATISFACTION ANALYSIS
RELIANCE SECURITIES LTD.

Reliance Securities Ltd.
CUSTOMER SATISFACTION ANALYSIS 1
A REPORT
ON
CUSTOMER SATISFACTION ANALYSIS
By
SHUBHAM DASGUPTA 13BSP0776
RELIANCE SECURITIES LTD.
A report submitted in partial fulfillment of
The requirements of
PGPM Program of
IBS Mumbai
Date of Submission: June 2, 2014

Authorization
This is to authorize Shubham Dasgupta (13BSP0776), student of IBS Mumbai, to conduct a
research study and compile a report on Customer Satisfaction Analysis with Reliance
Securities Limited as a part of the fulfillment of the PGPM Internship.
The period of the aforementioned study has stretched from February 25 to May 24, 2014.
Prof. Jaswinder Singh Mrs. Neha Rai
Faculty Guide Company Guide
Branch Manager
Reliance Securities Limited

Acknowledgements
I take this opportunity to express my profound gratitude and deep regards to all those who
contributed in bringing my Internship project to a successful closing. I am obliged to
acknowledge the exemplary guidance, monitoring and constant encouragement throughout
the course of this project of the following people.
 Head of the Organization & Company Guide: Mrs. Neha Rai
 Faculty Guide: Prof. Jaswinder Singh
 Others:
o Mr. Sourav Bhattacharya
o Mr. Vidya Sagar Singh
o Mr. Rahul Choubey
I would like to thank my company guide along with all my fellow employees for giving me
this opportunity to understand the marketing and operations practices in the NBFC sector.
I would also like to express my profound and sincere gratitude to IBS Mumbai for providing
me with the opportunity to do my project at the Reliance Securities Ltd. Throughout the
time I had wonderful experience about this project.

Table of Contents
I. Acknowledgements.............................................. 3
II. List of Illustrations................................................ 6
III. Executive Summary .............................................. 7
IV. Abstract ............................................................... 8
Background to the problem................................................................................................................8
Statement of the problem ..................................................................................................................8
Approach to the problem ...................................................................................................................8
Research design ..................................................................................................................................8
Types of research design.................................................................................................................8
Information needs...........................................................................................................................8
Data collection from primary sources.............................................................................................9
Scaling techniques...........................................................................................................................9
Questionnaire development and pretesting...................................................................................9
Sampling techniques.......................................................................................................................9
Data Collection Methodology .........................................................................................................9
Plan of data analysis......................................................................................................................10
V. INDUSTRY PROFILE ............................................. 11
Porter’s Five Forces Analysis.............................................................................................................12
VI. COMPANY PROFILE............................................. 14
Founder of Reliance..........................................................................................................................14
Chairman's Profile.............................................................................................................................14
Inception of Reliance Money............................................................................................................15
Objectives of the company ...............................................................................................................16
Milestones Achieved so far...............................................................................................................16
Growth of the organization...............................................................................................................17
Growth Drivers of Reliance Money...................................................................................................18
Nature of the business carried..........................................................................................................19
Vision Mission and Quality Policy .....................................................................................................19
Product and service profile...............................................................................................................20
Equity: ...............................................................................................................................................20
Wealth Management Services:.........................................................................................................21

IPO:....................................................................................................................................................21
Life and General Insurance ...............................................................................................................21
Pure Gold Coin ..................................................................................................................................22
Money Changing:..............................................................................................................................22
Area of operation..............................................................................................................................22
Operation in India.............................................................................................................................22
Overseas Branches of Reliance Money.............................................................................................22
Ownership pattern............................................................................................................................22
STP.....................................................................................................................................................23
SWOT Analysis...................................................................................................................................23
Strengths...........................................................................................................................................23
Weaknesses ......................................................................................................................................23
Opportunities....................................................................................................................................23
Threats ..............................................................................................................................................23
Competitor’s information .................................................................................................................24
VII. Introduction ....................................................... 26
Literature Review..............................................................................................................................27
Scope.................................................................................................................................................28
Limitations ........................................................................................................................................28
VIII. DEMAT............................................................... 29
DEMAT Accounts...............................................................................................................................29
Working of a DEMAT Account...........................................................................................................29
IX. Respondents’ Demographics .............................. 30
X. Results ............................................................... 33
Overall Satisfaction Analysis .............................................................................................................33
Test of Dependency ..........................................................................................................................34
Interpretation ...................................................................................................................................35
XI. Gap Analysis....................................................... 37
Relationship Managers .....................................................................................................................37
Process Time .....................................................................................................................................38
Financial Obligations.........................................................................................................................39
Communication.................................................................................................................................40
Research Calls ...................................................................................................................................41
Technology........................................................................................................................................42

XII. Additional Analysis............................................. 43
Recommendation of the product .....................................................................................................43
Brand Loyalty ....................................................................................................................................44
Recommendations from the Clients.................................................................................................45
XIII. Conclusion.......................................................... 46
XIV. Recommendation............................................... 47
XV. Attachments....................................................... 48
Customer Satisfaction Survey ...........................................................................................................48
Financial Statements.........................................................................................................................53
XVI. References ......................................................... 55
Websites ...........................................................................................................................................55
Research Reports..............................................................................................................................55
News Articles ....................................................................................................................................55
Books.................................................................................................................................................55
List of Illustrations
Figure 1 Market Share 24
Figure 2 Demographics: Gender 30
Figure 3 Demographics: Occupation 30
Figure 4 Demographics: Trading Frequency 31
Figure 5 Demographics Annual Income 31
Figure 6 Demographics: Portfolio Value 32
Figure 7: Overall Customer Satisfaction Analysis 33
Figure 8: Relationship Manager’s Performance 37
Figure 9: Relationship Managers Gap Analysis 37
Figure 10: Process Time 38
Figure 11: Process Time Gap Analysis 38
Figure 12: Financial Obligations 39
Figure 13: Financial Obligations Gap Analysis 39
Figure 14: Communications 40
Figure 15: Communications’ Gap Analysis 40
Figure 16: Research Calls Performance 41
Figure 17: Research Calls’ Gap Analysis 41
Figure 18: Technology 42
Figure 19: Technology Gap Analysis 42
Figure 20: Recommendations of Products to Associates 43
Figure 21: Brand Loyalty Analysis 44
Figure 22: Service Improvement Requirements 45

Executive Summary
Indian has emerged to be one of the fastest developing economies in the world. Many
Indian Companies are expanding their business globally with mergers and acquisitions. Thus
Indian equity markets today are attracting investors from around the world to take
advantage of India’s growth story. As the companies grow their shareholders are benefitted
with good dividend and capital appreciation on investment in equity shares of such
companies. Number of companies listed in stock exchange (BSE & NSE) has been increasing
every year with new IPO’s coming in the market.
In India people are realizing that equity has potential to give highest return as compared to
other investment avenues however people do not have proper knowledge in which stock to
invest to get good returns. They just invest on the basis of tips given by brokers or friends
which are not always accurate. The penetration of equity investment in the Indian Markets
is just around 5%, which means that the Indian investors are not able to take the maximum
advantage of India’s growth. Since the penetration of investments in equity is quite low, it is
very important for the brokers to keep their existing customers satisfied in course of
acquiring new clients.
This report is meant to narrow down this gap between the Customers of Reliance Securities
and the organization by simplifying the detailed analysis of the components driving the
customer satisfaction for the organization.
Understanding the service gaps is very important in creating strategies for market growth.
This report looks into the detailed analysis of which factors are driving the customer
satisfaction, the gaps between the perception of the organization and the clients and
recommendations to bridge the same.
The data and information have been collected from the Rashbehari Avenue Branch of
Reliance Securities, the broking arm of Reliance Money. Consumers were asked to
participate in a survey to help the company’s customer service department evaluate the
effectiveness of their services. The survey included questions about the client’s most recent
experience. It asked questions about their interaction with staff, staff response times; and
whether the client’s issue was resolved. The survey also asked respondents to give an
overall summary of their experience.
Items on the survey were worded as positive statements or direct questions, and included
heads like Relationship Managers, Process Time, Financial Obligations, Communication,
Research Calls, Technology and Overall Experience.
The major findings regarding the service gaps have been analyzed further in the report and
a set of recommendations have been prepared to bridge these gaps in the order of
importance as perceived by the customers.
It has been established that the Relationship Managers form the backbone of this business
but the major lack in the user-friendliness of the Information Technologies used and the
long back-end process time hinders the growth in customer satisfaction.
These issues require immediate attention of the organization in order to serve the
customers with services to enhance their satisfaction level.

Abstract
Background to the problem
In the stock trading market in India, only a few organizations rule the market. Reliance is
one of the few rulers in the said market.
When it comes to the service industry, especially financial services, the customer
satisfaction forms a key part in driving the business. Hence this project is designed to look
into the detailed analysis of the customer satisfaction gap analysis.
Statement of the problem
Approach to the problem
To address this problem, a research is conducted to find out the relevant factors that are
contributing to the satisfaction level of customers and the detailed gap analysis study which
looks into the existence of gaps between the expected values and the observed values.
Research design
Types of research design
In this project, exploratory research and descriptive research are used. In order to show the
competitiveness of the service deliverables of Reliance Securities, the exploratory research
was used. Secondary information has been collected via Internet. Besides, descriptive
research has been used because this type of a research design can focus on the problem
better. A Questionnaire has been designed for the same.
Information needs
The information has been acquired from the present customers of the organization. The
demographics include age, gender, occupation, annual income, trading frequency and
marital status.
Is there a gap in the service deliverables of Reliance Securities Ltd. which is affecting the
customer satisfaction of the organization?

Data collection from primary sources
Primary data has been collected by the use of questionnaire which cover all the parameters
required to analyze the various aspects related to the stated problem.
Scaling techniques
The questionnaire has been designed with reference to Likert scale.
Questionnaire development and pretesting
First, we focused on the problems concerned in the research. Then, we designed the
questionnaire with the criteria and information needed.
After finishing the questionnaire design, responses were collected from the employees who
operate their Demat accounts under Reliance Securities Limited.
Sampling techniques
Simple random
The responses to the questionnaire have been collected randomly from the existing
customers.
Data Collection Methodology
The research has been conducted via telephonic mode and face-to-face interview. The
period of the research stretched from 2nd May to 20th May, 2014.

Plan of data analysis
Multiple-Regression
Multiple Regression model has been used to relate the overall satisfaction level and the
individual heads to analyze the correlation between the two, i.e., whether a particular head
is affecting the overall satisfaction level of a customer.
Excel
This software has been used to input data into the SPSS system. Also we use it to plot some
graph such as charts.
Gap analysis
In this the means of all responses of a particular parameter have been calculated and
equated with the expected value of the same.
The difference between the expected and the observed value will prove the existence of
gaps and in case there is a gap it will help the organization identify and leverage the positive
gaps and work on the negative gaps for a better performance.

INDUSTRY PROFILE
This project pertains broadly to the financial service sector.
In today's corporate and competitive world financial sector has the maximum growth and
potential as compared to other sectors. Financial products have the maximum growth rate
of 70-80%while FMCG has maximum 12-15% of growth rate.
Yet, the penetration of investing in equity could hardly tap a mere 5% of the great Indiam
Market.
In last few years,
 India has emerged as the one of the most rapidly growing economies in the world.
 India has been categorized with nations like Brazil, Russia and China (BRIC Nations)
who are going to be the prime drivers of world economy in next few decades.
 Since the time, India first opened its gates to foreign investment (FDI & FII), there
has been a complete turnaround. Now the traditional Hindu rate of growth is a thing
of past and clocking 8-9% GDP growth rate is the common norm.
 India along with other Asian powerhouse China makes for the fastest growing
nations in the entire world.
 Even in the case of ongoing global recession, India has managed to perform far
better than other nations.' Right from banking system to financial regularities, the
country has thrived on discipline and out-performance.
 The booming Indian economy resulted in widespread growth and arrival of new
industries.
All these resulted in a most sparkling phenomenon in the form of financial market
renovation of India. Financial services in India has' taken a giant leap from the days of
standing in banks queue for several hours for opening a saving account or trying to get some
fixed deposits (FD) done. The financial services have increased manifold and now people
have the choice to choose the one that most suitably fits the bill. There are several services
like broking firms, investment services, financial consulting, evergreen national banks,
numerous private banks, mutual funds, car and home loans, equity market and other
banking services. Services are many and offered by blue chip names of the industry.
Most of the companies in financial segment offer consultancy services and all the services of
wide financial gamut.

Porter’s Five Forces Analysis
Competition
The industry is now in a fairly high growth phase. However the brokerage industry is very
cyclical and is impacted by activity levels in the markets. During the downturns such as
2008-2009 recession period, the smaller players were squeezed out of the business. As a
result there is a contrast consolidation happening in the industry.
As of now, the total population engaged in this industry is merely 5% and all the competitors
are in the process of tapping the largest share of this 5%. We can conclude that the existing
competition is undeniable fierce.
Potential of new entrants
A new entrant in addition to the above also needs a reasonable level of capital to fund the
working requirements of the business (finance to customers, deposits with exchanges, etc).
The scale requirements are increasing constantly and as a result a new entrant will require
higher levels of investments in the future to enter the business. As pointed out, it is likely to
see many entrants in the industry. On the contrary, it is also likely that the smaller players
will exit by selling out or closing in course of the Business cycle of the economy
Potential Entrants
[Comparatively Low]
Bargaining Power of
Buyers
[Very High]
Threat of
Substitutes
[Comparatively High]
Bargaining Power of
Suppliers
[Quite Low]
Competition
[Intense]

Power of the supplier
There are too many suppliers in this market and too little population demanding the
services. Hence the power of suppliers are extremely low. There is also a lack of product
differentiation which is making the market a worse one for the existing players.
Power of the buyers/customers
This is important in the institutional brokerage business which involves high volume and low
brokerage charges. Too many players in the market has added strength to the bargaining
power of the buyers.
Threat of substitutes
The products offered by all firms in this industry are somewhat differentiated, however the
purpose served by all is the same. Other Investment options such as fixed deposits with
banks can also be considered as a substitute.
In a summary, the industry has a moderate to low level of competitive advantage. There is
low level of customer lock-in and customer will move his or her business if the brokerage
rates are not competitive with rest of the industry. The only competitive advantage for
companies in this sector comes from size and scale which enables them to leverage their
size to reduce average costs and thus make a profit on low brokerage margins.
In addition to high fixed costs, the industry has very low margin cost. As a result the cost of
adding an additional customer is low and per transaction costs are limited. Due to this
reason, we are seeing a constant pressure on the brokerage rates has intensified the
competition in the industry and is resulting in consolidation with the top players.

COMPANY PROFILE
Reliance Money, a Reliance Capital company, is part of the Reliance Anil Dhirubhai Ambani
Group. It is a comprehensive financial services and solution provider providing customers
with access to
 Equity
 Equity and Commodity Derivatives
 Portfolio Management Services
 Mutual Funds
 IPOs
 Life and General Insurance and
 Gold Coins
Customers can ·also avail Loans, Credit Card, and Money Transfer and Changing services.
Founder of Reliance
Few men in history have made as dramatic a contribution to their country's economic
fortunes as did the founder of Reliance, Sb. Dhirubhai H Ambani.
There is more than one unique way of describing the true genius of Dhirubhai: The
corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the
architect of India's capital markets, and the champion of shareholder interest.
When Dhirubhai embarked on his first business venture, he had a seed capital of barely
US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this
fledgling enterprise into a Rs 60,000 crore colossus-which earned Reliance a place on the
global Fortune 500 list, the first ever Indian private company to do so. Dhirubhai is widely
regarded as the father of India's capital markets. In 1977, when Reliance Textile Industries
Limited first went public, the Indian stock market was a place patronized by a small club of
elite investors which dabbled in a handful of stocks. Dhirubhai always kept the interests of
the ordinary' shareholder uppermost in mind in the process making millionaires out of
many of the .initial investors in the Reliance stock, an creating one of the world's largest
shareholder families.
Chairman's Profile
Regarded as one of the foremost corporate leaders of contemporary India, Shri Anil D
Ambani, 50, is the chairman of all listed companies of the Reliance ADA Group, namely,
Reliance Communications, Reliance Capital, Reliance Energy, Reliance Natural Resources
and Reliance Power.

Inception of Reliance Money
Reliance Money started operations in April 2007. The company is adding about 2,000 to
2,500 customers every day. It currently has about 1.65 lakh customers and the traded
volumes have crossed about Rs 1,200 crore. It has tied up with Chicago-based Alaron
Trading Corporation, a global, full-service commodity futures brokerage firm. “Expanding
our global presence, especially with a company of the stature of Reliance Money, allows
Alaron to seamlessly embrace the rapid expansion in the futures market,” Scott Slutsky,.
Managing Director of Alaron Trading, told several news agencies. Alaron's trading platforms
offer direct access to virtually every electronic and pit-traded contract in the world. Reliance
Money will facilitate the trading process through its 88 branches and 2,200 outlets in
India."Through this important window provided by Alaron, our customers in India will be in
a position to readily trade international commodity futures in a cost effective, convenient,
and secured manner," said Sudip Bandyopadhyay, Director of Reliance Money.
The Reliance - Anil Dhirubhai Ambani Group is among India's top three private sector
business houses on all major financial parameters, with a market capitalization of
Rs.325,000 crores (US$ 8 billion), net assets in excess of 39,007 crore (US$ 7.4 billion) as on
September 30, 2012, and net worth to the tune of Rs. 11,712 crore (US$ 2.2 billion). Across
different companies, the group has a customer base of over 100 million, the largest in India,
and a shareholder base of over 12 million, among the largest in the world. Through its
products and services, the Reliance - ADA Group touches the life of 1 in 10 Indians every
single day. It has a business presence that extends to over 20000 towns and 4.5 lakhs
villages in India, and 5 continents across the world.
 Mr. Bandyopadhyay says, "We haven't entered this business to take a share in this
market. We are going to expand the market."He explains, 'The number of investors
in mutual funds is about 30 million going by the folios. The number of individual
bank accounts in the country is about 330 million. But the number of DEMAT
accounts has stagnated around 5.8 million for the past decade."
 Reliance Money has an all-India presence and a reach that is on a par with what
State Bank of India enjoys with about 9,500 branches.
 Reliance Money's key business driver may be its pricing strategy. It has decided to
levy a flat charge of INR 500 per annum for trading volumes of up to Rs 1 crore and
slightly higher charges for higher volumes. Currently competing brokerages charge
something in the region of 0.5% to 1% on each transaction.
As Mr. Bandyopadhyay puts it, "Brokers charge you 1% if you buy 10 shares. They charge
someone else 1% of the cost of 100 Shares, if they buy 100 shares and similarly 1% of 1,000
shares if you buy 1,000 shares. There is no extra effort involved except punching in an extra
zero. Why pay just to punch an extra zero?"

Objectives of the company
The main objectives of the company are as follows
 To attain global best practices and become' a world-class financial services
enterprise guided by its purpose to move towards greater degree of sophistication
and maturity.
 To work with vigor, dedication and innovation to achieve excellence in service,
quality.
 Reliability, safety and customer care as the ultimate goal.
 To earn the trust and confidence of all stakeholders, exceeding their expectations
and make the Company a respected household name.
 To consistently achieve high growth with the highest levels of productivity.
 To be a technology driven, efficient and financially sound organization.
 To contribute towards community development and nation building.
 To be a responsible corporate citizen nurturing human values and concern for
society, the environment and above all the people.
 To promote a work culture that fosters individual growth, team spirit and creativity
to overcome challenges and attain goals.
 To encourage ideas, talent and value systems.
 To uphold the guiding principles of trust, integrity and transparency in all aspects of
interactions and dealings.
Milestones Achieved so far
 In last 12 months Reliance Money have taken giant strides. It has been:
 India's Top Broking and Distribution house..
 The largest broker with distribution reach of 20,000+ touch points, 10,000+ outlets
across 4000 towns/cities
 1 lakh transactions on an average, in the money transfer business.
 Amongst the largest private sector partners of Western Union Money Transfer in
India.

Growth of the organization
The growth of the company is driven by 8 success sutras adopted by it namely trust,
integrity, dedication, commitment, enterprise, hard work and team play, learning and
innovation, empathy and humility.
 Reliance Money generated revenues of Rs.35 billion (US$ 767 million) for the year
March 31, 2009 as against Rs.24 billion of the corresponding previous period, an
increase of 48%. It also achieved net profit of Rs.368 million (US$ 8 million) for the
same period, as against a net profit of Rs.1 million for the corresponding previous
period.
 Reliance Money is amongst the leading mutual fund distributors of the country
distributing products of 20 AMes. It is the largest private sector partner for Western
Union Money Transfer in India.
 The Rs 352 crore online broking and distribution major, Reliance Money, is the first
mover in deploying technology tools across its operations. Having all of its
operations automated with tightly controlled risk management.
 Mr. Bandhyopadhyay believes IT brings in and finds that technology usage would
ensure high data availability, accuracy and integrity to the trading business and help
differentiate oneself from the competition. The IT head, Nagaraj, has left no stone
untamed in driving the IT benefits to users. Being a strategic planner, Nagaraj has
evolved a clear IT blueprint categorizing IT under three portfolios such as expansion,
strategic and sustenance which address all challenges as a cost control, mitigating
risk, and helping in expansion to address a larger audience.
 Reliance Money generated revenues of Rs. 35 billion (US$ 767 million) for the year
March 31, 2009 as against Rs. 24 billion of the corresponding previous period, an
increase 'of 48%. It also achieved a net profit of Rs. 368 million (US$ 8 million) for the
same period, as against a net profit of Rs. 1 million for the corresponding previous
period. This increase was primarily due to the expansion of the distribution network
and increase in its customer base.

Growth Drivers of Reliance Money
 Reliance Money is a comprehensive financial. services and solutions provider,
providing customers with access to equities, equity options and commodities futures,
wealth management, portfolio management services, mutual funds, IPOs, life and
general insurance~ products, offshore investments, credit cards, money transfer,
currency exchange and gold coins.
 Reliance Money has tied up with global partners like Reuters, Vasco, Valcambi,
Webaroo, OptionsXpress Holdings, Goldride Securities, Wodd Gold Council, Wincor
Nixdorf and DBS Vickers to facilitate better access to wider world class choices to its
customers.
 In addition to the home-grown portfolio of products and services that Reliance
Capital has to offer, Reliance Money also distributes a variety other~ party financial
products. It also assists millions of investors. in creating customized individual
portfolios based on their diverse investment needs and risk profiles.
 Reliance Money is amongst the leading Mutual fund distributors of the country
distributing products of 20 AMCs. It is the largest private sector partner for Western
Union Money Transfer in India.
 To further improve its position in the money changing and money transfer business,
Reliance Money has acquired a significant shareholding in Wall Street Finance Ltd, a
leading provider of money changing and money transfer services in the Country.
Reliance Money has tied up with Kuoni India and plans to retail its forex products/
services through the national network of over 70 Kuoni outlets.
TRUST
LEARNING &
INNOVATION
DEDICATIONHARD WORK &
TEAM PLAY
ENTERPRISE INTEGRITY
EMPATHY &
HUMANITY
COMMITIMENT
GROWTH DRIVERS FOR
RELIANCE MONEY

 Reliance Money has tied up with India Post and World Gold Council to sell gold coins
through the post office network across the country.
 Reliance Money has obtained Category - I Merchant Banking License from the
 Securities and Exchange Board of India. This new license allows Reliance Money to
provide a wide range of investment banking services such as Issue Management,
 Underwriting, Private Equity Advisory/ Syndication and Corporate Finance services in
India.
 Reliance Money is taking its first steps into the Commodities Exchange business and
is in the process of acquiring a 15 per cent stake in Hong Kong Mercantile Exchange
(HKMEx). With this holding, Reliance Money becomes the second-largest
shareholder in the commodity exchange and will have a board membership. Reliance
Money is the first Indian financial organization to acquire a stake in an international
exchange.
 It has also obtained approval from, the Ministry of Consumer Affairs for acquiring
10% stake in the National Multi-Commodity Exchange of India Ltd. (NMCE).
Nature of the business carried
Reliance money is carrying business such as it is giving a service of online trading with less
brokerage Charge, and it also having· financial products such as Life Insurance . General
insurance giving investment facility in Equity, mutual fund, PMS, and also it is carrying a
money transfer and money exchange, and also dealing with gold coins.
Vision Mission and Quality Policy
Vision
The vision of Reliance Money is to achieve & sustain market leadership, Reliance Money
shall aim for complete customer satisfaction, by combining its human and technological
resources, to provide world class quality services. In the process Reliance Money shall strive
to meet and exceed customer's satisfaction and set industry standards.
Mission
The mission of the company is to be a leading and preferred service provider to our
customers, and we aim to achieve this leadership position by building an innovative,
enterprising, and technology driven organization which will set the highest standards of
service and business ethics.

Quality policy
Talented, efficient and competent team of youngsters rolling out high profile applications
for the global business community, keeping in mind true quality, total customer satisfaction,
delivering on time, right time, every time.
Creatively involved in providing high quality products and services through:
 Responsiveness to customer needs.
 Provision of work satisfaction and promising careers. .
 Constant measurement and monitoring of all operations.
 Continuous improvements of procedures, products, and services; and
 Performance of operations in a responsible manner.
Product and service profile
'Reliance Money provides a· comprehensive platform, offering an investment avenue for a
wide range of asset classes. Its Endeavour is to change the way India transacts in financial
markets and avails financial services. Reliance Money currently offers its services in Broking
and Distribution of Financial Services and Products.
Equity:
 Separate Dealing Room for HNI, Institutional & Corporate Clients at the head office
in Mumbai, manned by expert dealers
 Relationship Manager assigned for each large relationships.
 Tools that help plan investments, tax, retirement, etc.
 Risk profile analyzer
 Asset allocators to build an appropriate investment portfolio.
 Equity and Commodity Derivative:
 Trading and Clearing membership of BSE, NSE, MCX and NCDEX providing broking
 services in Equity, Equity & Commodity Derivatives
 Option of on-line as well as off-line trading
 Trading is completely secure with 3 levels of security i.e. User ill, Password and
Security Token, which is available only with Reliance Money Portfolio Management
Services (PMS)
 Investors get regular statements and updates on the investments
 Investors get access to Relationship Managers Financial Advisors through whom they
dill interact with Fund Managers to discuss their portfolio

Wealth Management Services:
 End to end Wealth Management Services.
 Assessing financial health and risk profiling of the client.
 Tax Advisory includes buying, selling, renting and valuation of properties.
 Mutual Funds
 Distribution of equity and debt products from leading AMCs including structured
products such as Portfolio Management Services.
 Financial Planning Through SIPs.
 Systematic Investment Plans (SIPs)
 SIP is a method to increase exposure to equities gradually over a long period of time
say over 5-10 years by investing in equity funds by using the concept of rupee cost of
averaging.
 Disciplined investing in equity funds over longer time frames coupled with power of
compounding helps generate superior returns.
 SIP provides better downside protection as the amount invested each month is very
small compared to the overall investment.
IPO:
IPO Distribution: Reliance Money distributes all IPOs (Book Building as well as Fixed Priced)
pan India through its distribution channel (Online + Offline) and helps get IPO
Investment benefits by providing end to end assistance
Life and General Insurance
Life Insurance
Reliance Money provides Life Insurance that helps provide financial assurance and securities
for your dependents and loved ones. Life Insurance products offer comprehensive financial
solutions which besides offering financial security also provide opportunity for saving,
investment and tax planning..
General Insurance
Reliance Money extends various General Insurance products with an exhaustive range of
insurance policies that covers most risk including Motor, Health, Property, Marine, Casualty,
Credit and Liability

Pure Gold Coin
Gramm age: 0.5 gram, 1 gram, 5 gram and 8 gram, Pure Gold Swiss Coins
Purity: 24 carat, 99.99% pure
Fineness: 999.9 (Highest purity that can be achieved in Gold)
Packaging: Available in a see through, tamper-proof packaging with a certificate of purity
from Swiss Assayer
Availability: All India, across all Reliance Money and Reliance World outlets
Money Changing:
Reliance Money Express is a Full-Fledged Money Changer (FFMC) authorized by the Reserve
Bank of India for foreign exchange transaction
 Sales and Purchase of Foreign Currency Notes.
 American Express Traveler's Cheques and Prepaid Foreign Currency
Area of operation
 Reliance Money offers the services not only all over India but also outside India.
 Reliance Money is one of the leading brokerage and distributors of financial products
in India with more than 3.3 million customers.
Operation in India
As on March 31, 2012, Reliance Money had a distribution network of 10,350 outlets across
5,165 locations in India. Reliance Money has over 96 offices all over India.
Overseas Branches of Reliance Money
 Hong kong
 Malaysia
 Muscat
 Nigeria
Ownership pattern
Reliance Capital is one of India's leading and fastest growing private sector financial services
companies, and ranks among the top 3 in terms of net worth.
Reliance Money, a Reliance Capital company, is part of the Reliance Anil Dhirubhai Ambani
Group. It is a comprehensive financial services and solution provider providing customers
with access to Equity, Equity and Commodity Derivatives, Portfolio Management Services,

Mutual Funds, lPOs, Life and General Insurance and Gold Coins. Customers can also avail
Loans, Credit Card, Money Transfer and Money Changing services. The largest braking house
in India with over 2.5 million customers and a wide network of over 10,000 outlets and
20,000 touch points in 5,000+ locations. The average daily volume on the stock exchanges is
Rs. 2,000 crores, representing approximately 3% of the total stock exchange volume.
The Reliance - Anil Dhirubhai Ambani Group has a market capitalization of Rs.325,000 crores
(US$ 81 billion), net assets in excess of Rs.115,000 crores (US$ 29 billion), and net worth to
the tune of Rs.55,000 crores (US$ 14 billion). Across different companies, the group has a
customer base of over 100 million, the largest in India, and a shareholder base of over 12
million, among the largest in the world. It has a business presence that extends to over
20000 towns and 4.5lakhs villages in India and 5 continents across the world.
STP
STP
Segment Brokerage
Target Group Urban and Rural Investors
Positioning Complete Investment and Stock trading Solutions
SWOT Analysis
Strengths Weaknesses
Innovative range of financial services Penetration limited to urban areas
Diversified risk with investments in
upcoming sectors like infrastructure
Largest E-broking house in the country
Has over 6000 outlets in India and over 3.5
million clients
Ranks among the top 3 private sector
financial services and banking groups, in
terms of net worth
Opportunities Threats
Growing rural market Stringent Economic measures by
Government and RBI
Earning Urban Youth Entry of Foreign firms in Indian financial
market
Educating people about the benefits of
investments to increase target audience

Reliance
Securities
6%ICICI Direct
20%Indiabulls
22%
Edelweiss
Capital
12%
Kotak
Securities
3%
Share Khan
10%
Motilal Oswal
8%
Angel Brokers
8%
Others
12%
Market Share
Figure 1 Market Share
Competitor’s information
Reliance Money has many
competitors like SCHIL, Karvy
Consultancy, BGSE, IL&FS,
Canara Bank, ICICI, HSBC, HDFC,
Sharekhan, IDBI, Standard
chartered, ANZ GRINDLEYS,
Religare, Indiabulls etc. Services
provided by main competitors
are given below:
ICICI Direct
 Trading In Shares and Derivatives.
 Investing In Mutual Funds.
 IPOs and Bonds Online.
 Overseas Trading.
 Personal Finance.
 Risk Analyzer and Asset Allocator.
Other Features:
 Market Desktop.
 Market Barometer and Industry Barometer.
 Direct Technical Charts and Multex Global Estimates.
 My Research that helps you to Research a Stock Better.
 News from CNBC and REUTERS.
Share Khan
 Technical Research
 Equity And Derivatives Trading
 Depository Services
 Fundamental Research
 Share Shops
 Portfolio Management
 Online Services
 Commodities Trading

India Bulls
 Power India Bulls
 India Bulls Signature Account
 Depository Services
 IPO online
 NRI Trading
 Currency Derivatives in NSE
 India Bulls Equity Analysis
HDFC Securities
 Trading in Equity and Derivatives'
 Mutual Funds and IPO
 Weekly Derivative Future Report.
 Aggressive Portfolio
 Conservative Portfolio
 Weekly Technical Report and Market Wrap
 Research and Charting.
RELIGARE
 CRN Login
 Call N Trade
 Portfolio tracker
 Research
KOTAK Securities
 Easy Equity and Derivatives
 Currency Derivatives
 Easy Mutual Fund
 Kotak Research
 NRI Service
 Smart Start

Introduction
Customer's perception of Service and Quality of product determines the success of the
product or service in the market. Customer satisfaction is still one of the single strongest
predictors of customer retention. In the present competitive environment it is very crucial
to every business firm to ensure satisfaction to its customers. According to one survey it was
found that it costs five times more to attract a new customer than to retain an existing
customer. Considering all these parameters one can say that it is very important to deliver
goods and services that will satisfy customers’ needs or wants irrespective of the industry or
scale of the business in which a firm is operating.
Liberalization of the financial sector have opened multidimensional growth opportunities for
the financial service providers. At the same time it has provided more profitable investment
opportunities to the investors to invest their money in a more diversified range of products.
Availability of multifaceted information at faster and speedier rate with the help of
communication technologies such as Internet services, mobile apps, on line trading etc. has
changed the investors' investment behavior. At the same time improved earning capacity
and increased family income of Indians have increased their investment capacity. So the
financial service providers like broking agencies have to develop new set of products,
services and methods for their business developments. Moreover the key differentiating
factor in providing financial services is the efficiency in service delivery to multi product on
customized basis. This includes personalized consulting and problem solutions specific to
individual investors' investment and financial planning issues. The stock brokerage industry
emphasizes client value because clients generally have a long-term relationship with the
brokerage. It is because clients place trade instructions to a brokerage repetitively whenever
they find suitable investment opportunities. So 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.
This concept forms the skeletal structure for this research work.
Relationship Managers, Process Time, Financial Obligations, Communication, Research Calls
& Technology were identified as the variable factors contributing to the Customer
Satisfaction levels for this organization.
This report is aimed at identifying the gaps between the expected values of these variables
and the observed values of the same.

Literature Review
A study by Kauffman et al. carried out in 2000 indicated that, due to the intensive essence of
information, most traditional form of stock trading market players will eventually move
towards leveraging IT in order to operate their businesses in an Internet-based trading
manner. This in turn brings about many potential benefits for the users i.e. the investors,
such as faster trading speeds, better information transparency, and much lower operating
costs (George, 2000). A business that wants to succeed in today's global competitive market,
where customers are empowered and brand loyalty erosion is increasing, will have to move
to customer relationship management (CRM). Customer relationship management enables
organizations to provide excellent real-time customer service through the effective use of
individual account information (Kotler and Keller, 2006: 152). The retail stock brokerage
sector has been the most radically transformed of the financial services industries,
principally by the emergence of low price on-line securities trading and free financial
information services (Kalakota and Frei 1997).
Service quality is particularly essential in the financial services context because providers
tend to be viewed as relatively undifferentiated, and hence it becomes a key to competitive
advantage (Almossari, 2001; Stafford, 1996). In addition, financial services, like other
services are intangible, difficult to evaluate, and rest on experience and credence quality
(Zeithaml, 1981; Zeithaml et al., 1985). Customer satisfaction is a measure of how products
and services supplied by a company can meet the customer's expectations. 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 satisfaction is an important theoretical as well as practical
issue for the marketers and consumer researchers (Fournier and Mick, 1999; Meuter et.al.,
2000). Customer satisfaction can be considered as the essence of success in today's highly
competitive world of business. The importance that customers place on service quality
attributes is the driver of satisfaction. Loyalty is a crucial output to a firm's resource
allocation strategy and quality improvement efforts. Many researchers have proposed a
virtuous chain of effects from improved customer satisfaction to profits. In particular,
satisfaction is thought to improve share-of spending, which in turn leads to higher customer
revenue and customer profitability. Keiningham et. el. (2005) found that a simplistic focus
on improving customer satisfaction for all customers in order to improve share-of-wallet
and customer revenue does not seem to represent the best management approach to
maximize overall firm profitability. In fact, it could actually result in a negative return on
investment. Therefore, customers should first be segmented by their profitability to the firm
before expending resources to improve customer satisfaction and share-of-wallet. Customer
expectations are the customer-defined attributes of a product or service that 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.

Scope
This report will be helpful for the organization in understanding the factors that are not
performing as per their expectations and open a new sphere of implementing fresh
strategies to breach these gaps. On the other hand, if the gaps are on the positive side, the
organization can capitalize the over performance of that variable or conclude that they are
probably undervaluing the same.
This report will also be of importance as a preliminary structure for the organization to carry
out a detailed research across all their business zones.
Limitations
Panel of questionnaire
The basic limitation of this project is that the questionnaire is designed keeping in mind the
operations of a particular branch. It just focuses on the performance and relationship of a
particular branch with its customers. It does not take the position of the competing brands
in the overall market into consideration. So it can be said that the outcome of the research
is quite narrow.
Small Sample Size
The survey size taken into consideration is only 50 samples, which is very small considering
the size of the organization.
Random Sampling
Since the research study has not been directly targeted only towards the inactive clients, the
matters of concern for the customers might not be properly revealed owing to biases in the
opinions of the sample population.

DEMAT
DEMAT Accounts
Demat a/c is just like a current a/c. In current a/c we save our money and in demat we deal
in stocks, derivatives and commodities. Demat is dematerialization and trading in the demat
mode. It is safer and faster alternative to the physical existence of securities. Demat offers
solutions from issues of delay, theft, forgeries, settlement of risk and paper work. This
system works through depository participants (DP) who offer demat services and the
securities are held in the electronic form in safe custody with National Securities Depository.
Working of a DEMAT Account
When one buys shares, the broker credits his demat account with the shares and the
payment is made from his Ledger limits. These shares are reflected in his statement of
holdings. If one is trading through an internet based platform, he can view his holdings
online. Typically, in case of delivery trades, Reliance Securities Ltd. credits the shares on T+2,
which is trading day + 2 days after that.
When one sells the shares, he needs to give a delivery instruction note either in physical
document or in electronic or telecommunication channels. His account is debited with the
shares and the amount of money received reflects in his Ledger. If you are trading through
the internet, the account will automatically reflect a debit of the shares and amount credit
to your account.
There are two Depositories in India – the National Securities Depositories Limited (NSDL)
and the Central Depository Services Limited (CDSL), through whom the shares are held by
the various depository participants.

Respondents’ Demographics
Out of the sample chosen for the research, the demographics of the respondents are
presented as follows:
Figure 2 Demographics: Gender
Figure 3 Demographics: Occupation
Male
76%
Female
24%
Gender
0
2
4
6
8
10
12
14
16
18
Student Salaried Self-Employed Entrepreneur Retired
Occupation

Figure 4 Demographics: Trading Frequency
Figure 5 Demographics Annual Income
0
2
4
6
8
10
12
14
16
18
20
0 to 3 4 to 10 11 to 20 more than 20
Weekly Trading Frequency
0
5
10
15
20
25
less than 3 lakhs 3-6 lakhs 6-10 lakhs more than 10 lakhs
Annual Income

Figure 6 Demographics: Portfolio Value
These infographics are presented to show the demographic information of the respondents
of this survey.
For every business, especially in the BFSI sector, it is of utmost importance to understand
the demographic features of the target group. Understanding and analyzing these features
help an organization to target its services better.
0
5
10
15
20
25
30
less than 1 1 - 5 lakhs 5 - 10 lakhs More than 10 lakhs
Portfolio Value

Figure 7: Overall Customer Satisfaction Analysis
Results
Now the analysis of the Customer Satisfaction Level for Reliance Securities will be carried
out by using different statistical tests. SPSS is used to carry out the tests in this analysis.
Below are the data of distribution of different levels of satisfaction expressed by the
interviewees.
Overall Satisfaction Analysis
.
Among the respondents, 8% of them have strongly agreed to being satisfied with the
services of the organization. 68% of them have partially agreed to the statement which
implies that they are satisfied with all the parameters with an exception to a few. 12% of the
respondents are neutral while 4% have somewhat disagreed to the statement. This implies
that except a few they are dissatisfied with most of the services delivered to them. 8% of
the respondents have strongly disagreed which means that they fall under the category of
highly dissatisfied customers.
Overall, 76% of the respondents are positive on the analysis and requires negligible
attention while the rest 24% of the respondents require immediate attention of the
organization. In this analysis, 12% of the respondents falling under the category of
dissatisfied customers are highly likely to shift to alternative brands as soon as they get a
competitive offer.
Statement
“I AM EXTREMELY SATISFIED WITH THE SERVICES
DELIVERED BY RELIANCE SECURITIES LTD.”
Extremely
Satisfied
8%
Satisfied
68%
Neutral
12%
Somewhat
Dissatisfied
4%
Completely
Dissatisfied
8%
Overall Satisfaction

The retention of this 12% will be a major challenge for Reliance Securities Limited.
Test of Dependency
Now, since we know the overall satisfaction distribution, we will test the dependency of the
overall satisfaction with the overall score of each of the factors which supposedly contribute
in satisfying a customer.
For this the Multiple Regression model has been used in the SPSS system.
The hypothesis for this test is stated as below:
Ho B1= B2= B3= B4= B5= B6= 0 [ The Model is insignificant]
Ha At least one B is not equal to 0. [The Model is significant as there is at least one
variable that contributes to the significance of the output.]
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .948a
.899 .870 3.446
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 737.276 6 368.638 31.043 .000b
Residual 83.124 43 11.875
Total 820.400 49
a. Dependent Variable: OE_Satisfied
b. Predictors: (Constant), TECH_Overall, RM_Overall, RC_Overall, PT_Overall, COM_Overall,
FO_Overall

Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.579 1.188 1.329 .191
RM_Overall .325 .182 .187 1.789 .081
PT_Overall .455 .284 .250 1.598 .117
FO_Overall .485 .343 .295 1.415 .164
COM_Overall .495 .338 .285 1.467 .150
RC_Overall .328 .293 .154 1.117 .270
TECH_Overall .831 .356 .484 2.333 .024
a. Dependent Variable: OE_Satisfied
Interpretation
I. Significance (p value) associated for this F-statistic is 0.000. Therefore, we
conclude that the current regression equation meaningfully describes the
relationship between the Overall Satisfaction(Y) and the following:
 Overall Performance of Relationship Managers: X1
 Overall Process Time: X2
 Overall Financial Obligations: X3
 Overall Communications procedure followed by the organization: X4
 Overall performance of Research Calls: X5
 Overall Technologies associated with the Trading account of the clients: X6
II. R2 = 0.899 (89.9%) in the second table indicates that the 89.9% of total variance
of Overall Customer Satisfaction(Y) is explained by the estimated regression
equation or, generally, by the combination of the factors listed above.
III. Interpreting the Coefficients table we can say that,
a. Overall satisfaction level will increase by .325 units if the satisfaction from
Overall Performance of Relationship Managers is increased by 1 unit.
b. Overall satisfaction level will increase by .455 units if the satisfaction from
Overall Process Time is increased by 1 unit.
c. Overall satisfaction level will increase by .485 units if the satisfaction from
Overall Financial Obligations is increased by 1 unit.
d. Overall satisfaction level will increase by .495 units if the satisfaction from
Overall Communications procedure followed by the organization is increased
by 1 unit.

e. Overall satisfaction level will increase by .328 units if the satisfaction from
Overall performance of Research Calls is increased by 1 unit
f. Overall satisfaction level will increase by .831 units if the satisfaction from
Overall Technologies associated with the Trading account of the clients is
increased by 1 unit.
Since we have got these outputs, we can conclude that the considered factors contribute in
the driving of Customer Satisfaction for Reliance Securities Limited.
We will now look into the Gaps of performance in the detailed study of each of the
aforementioned broad categories of variables.

Gap Analysis
Relationship Managers
Figure 8: Relationship Manager’s Performance
Figure 9: Relationship Managers Gap Analysis
The charts here present the performance of the Relationship managers and the comparative
study of the performance score and the expected score.
The Gap analysis study shows that all the gaps are on the positive side, hence no action is
required to improve the same. However, it is necessary for the organization to leverage this
factor as it is of utmost importance in the nature of the business.
The biggest strength in driving the customer satisfaction can be motivated better to
outperform and increase the customer satisfaction level of the organization.
3.7 3.8 3.9 4 4.1 4.2 4.3 4.4 4.5 4.6
Domain Knowledge
Problem Solving Skills
Professionalism
Understanding Nature
Overall
Domain
Knowledge
Problem Solving
Skills
Professionalism
Understanding
Nature
Overall
Expected Score 4 4 4 4 4
Observed Score 4.02 4.08 4.14 4.5 4.185
Relationship Managers
0 0.1 0.2 0.3 0.4 0.5 0.6
Domain Knowledge
Problem Solving Skills
Professionalism
Understanding Nature
Overall
Domain
Knowledge
Problem Solving
Skills
Professionalism
Understanding
Nature
Overall
Series1 0.02 0.08 0.14 0.5 0.185
Relationship Managers: Gap Analysis

Process Time
Figure 10: Process Time
Figure 11: Process Time Gap Analysis
The process time gap analysis reveals that the customers are well satisfied with the KYC
updating process, the pay-outs and the overall processes. However the account opening and
service request has not been able to deliver a positive gap.
To work on this the organization needs to simplify the process for account opening or look
into the detailed productivity of the Service Managers. In case the Service Managers are
found to be fully productive, this gap can be bridged by appointing more Service Managers.
The organization can also consider work specialization and rotation in which they would
divide the entire process amongst various service terminals for quick processing and
specialization of the person doing the same. Just to remove the monotony of the work, intra
departmental job rotation can be considered.
0 1 2 3 4 5
Account Opening
Service request
Pay-Outs
KYC Updation
Overall
Account
Opening
Service request Pay-Outs KYC Updation Overall
Observed Score 3.7 3.76 4.36 4.48 4.075
Process Time
-0.4 -0.3 -0.2 -0.1 0 0.1 0.2 0.3 0.4 0.5 0.6
Account Opening
Service request
Pay-Outs
KYC Updation
Overall
Account Opening Service request Pay-Outs KYC Updation Overall
Gap -0.3 -0.24 0.36 0.48 0.075
Process Time: Gap

Financial Obligations
Figure 12: Financial Obligations
Figure 13: Financial Obligations Gap Analysis
The Account opening charges are perceived to be high. This is because majority of the
competitors, especially the banks, offer free DEMAT service. But the new products like R-
REF have been able to serve the customers well. The new openings are quite satisfied with
the R-Ref plans.
The brokerage rates are perceived to be high for a regular account. The R-Ref slabs will
definitely help in overcoming this gap.
The exposure limits provided have overwhelmed the customers and the Margins provided
against their portfolio value has also been able to please them well. However, the overall
satisfaction is on the negative side. This will take some time for all the customers to know
about the Advance Brokerage options and once they experience the same, they would be
delighted.
0 1 2 3 4 5
Account Opening
Bokererage
Annual Maintenance Charges
Exposure
Overall
Account
Opening
Bokererage
Annual
Maintenance
Charges
Exposure Overall
Observed Score 3.46 3.22 4.04 4.5 3.805
Financial Obligations
-1 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6
Account Opening
Bokererage
Annual Maintenance Charges
Exposure
Overall
Account Opening Bokererage
Annual
Maintenance
Charges
Exposure Overall
Gap -0.54 -0.78 0.04 0.5 -0.195
Financial Obligation: Gap

Communication
Figure 14: Communications
Figure 15: Communications’ Gap Analysis
The customers are pretty satisfied with the delivery of contract notes and portfolio
performances. However, in the peak market hours, due to the presence of small number of
dealers in a branch, it becomes very difficult for the dealers to attend all the clients and
answer all their queries. Even taking full orders and confirming the same becomes tough for
the dealers.
Hence the organization needs to divide the order desk and confirmation desk so that the
speedy and accurate flow of information can satisfy the needs of the clients well. It is hereby
noteworthy that post the market hours the confirmations are accurate enough to keep the
clients satisfied.
0 1 2 3 4 5
Dealer Order
Deaaler Confirmation
Contract Note
Portfolio Performance
Overall
Dealer Order
Deaaler
Confirmation
Contract Note
Portfolio
Performance
Overall
Observed Score 3.44 3.42 4.04 4.42 3.83
Communications
-0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6
Dealer Order
Deaaler Confirmation
Contract Note
Portfolio Performance
Overall
Dealer Order
Deaaler
Confirmation
Contract Note
Portfolio
Performance
Overall
Gap -0.56 -0.58 0.04 0.42 -0.17
Communication: Gap

Research Calls
Figure 16: Research Calls Performance
Figure 17: Research Calls’ Gap Analysis
The data here shows that the research team is quite accurate and delivers the calls on time
for maximizing the profits of the customers. This is the second most strength of the
organization.
As this study was conducted in the pre-election days, the Stock market remained highly
volatile with the NIFTY creating new lifetime highs every day and breaking the levels the
following day. This volatility of the NIFTY has led the intraday research calls to be a bit
inaccurate. However, the exit calls have been dispatched on time thereby minimizing the
losses of the customers.
0 1 2 3 4 5
Timeliness
Intraday Calls
Fundamental Calls
Exit Calls
Overall
Timeliness Intraday Calls
Fundamental
Calls
Exit Calls Overall
Observed Score 4.06 3.64 4.06 4.46 4.055
Research Calls
-0.6 -0.4 -0.2 0 0.2 0.4 0.6
Timeliness
Intraday Calls
Fundamental Calls
Exit Calls
Overall
Timeliness Intraday Calls Fundamental Calls Exit Calls Overall
Gap 0.06 -0.36 0.06 0.46 0.055
Research Calls: Gap

Technology
Figure 18: Technology
Figure 19: Technology Gap Analysis
The customers are not yet satisfied with the security of their trading portal. This requires
the Relationship managers to convey the exact level of security followed by the organization.
On the other hand the Nest Trader is not perceived to be a very easy going software. This
has led to customer dissatisfaction. Although the Technical support team has performed
well, it is important for the organization to conduct workshops on the software so that the
clients can learn the procedures well and trade independently.
If the clients can trade independently, the pressure of work on the dealers will also decrease
whereby the customer satisfaction can be increased to a great extent.
The online portal is quite user-friendly but the live quotes take a refresh to load thereby
hindering a customer from viewing the real-time quotes easily.
0 1 2 3 4 5
TECH_NestTrader
TECH_OnlinePortal
TECH_TechSupport
TECH_Security
TECH_Overall
TECH_NestTrad
er
TECH_OnlinePo
rtal
TECH_TechSup
port
TECH_Security TECH_Overall
Observed Score 3.3 3.98 4.46 3.34 3.77
Technology
-0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6
TECH_NestTrader
TECH_OnlinePortal
TECH_TechSupport
TECH_Security
TECH_Overall
Technology: Gap

Additional Analysis
Now we will look into some of the additional details collected as responses from the
customers.
Recommendation of the product
On asking whether the respondent would recommend the services of Reliance Securities to
their associates the responses are as follows.
Figure 20: Recommendations of Products to Associates
This chart shows that 92% of the respondents agree to the fact that they would recommend
the services of Reliance securities to their associates out of which 54% would strongly
recommend the same.
9% of the respondents are neutral to their views regarding recommending and none of the
respondents are against recommending the services.
This is a pretty good outcome and shows that the customers are quite satisfied. In case of
those who are not satisfied, they also expect the organization to improve the performance
and address their grievances with actions.
54%38%
8%
0% 0%
Recommendation
Strongly Recommend Recommend
Neutral Not Recommend
Definitely Not Recommend

Brand Loyalty
Figure 21: Brand Loyalty Analysis
This data collected from the respondents reveal their attitude towards other brands. Overall
44% of the respondents can be clubbed under the Brand Loyal category. While 16% are
neutral to the view, 40% are not Brand loyal.
The challenge for the organization will be to ensure the satisfaction of the Brand loyal
customers and target the 16% Neutral respondents to have a sense of Brand Loyalty.
Recommendation will be promoting the R-REF plans to enhance the satisfaction as well as
making sure that the customers don’t get a chance to shift to other brands.
In this regard, renewal of existing R-REFs will be of utmost importance and the relationship
managers will play a key role in keeping the clients active and informing them about
expiring R-REFs, thereby paving the way for renewal and revenue generation for the
organization.
Strongly Brand
Loyalty
22%
Somewhat Brand
Loyalty
22%
Neutral
16%
Little Brand Loyalty
24%
No Brand Loyalty
16%
Brand Loyalty
Strongly Brand Loyalty Somewhat Brand Loyalty Neutral Little Brand Loyalty No Brand Loyalty

Recommendations from the Clients
According to the survey, we have also collected recommendations from the client where
they feel that the service improvement is required.
Figure 22: Service Improvement Requirements
This data will help the organization in prioritizing the areas of improvement as perceived by
the customers. The order of priority in improving the services for an enhanced customer
satisfaction is as follows:
1. Usage of IT
2. Operations Lead Time
3. Research Calls
4. Charges
5. Communication with the Customers
6. Customer Relationship Management
4%
29%
10% 9%
14%
34%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Percentage
Parameters
Service Improvement Recommendation

Conclusion
The above study proves the statement of the problem to be true, i.e., there is a gap in the
service deliveries by Reliance Securities Limited which is affecting the customer satisfaction
level of the organization.
Compiling the research outcome we can conclude that majority of the customers are
satisfied with the services provided by Reliance Securities Limited. A few issue of concerns
as derived from the gap analysis study are:
 Usage of Information Technology in Trading
 Process Time in the back office
 Dealer Desk communication
Most of the customers are aware of the Advanced Brokerage Plans but a lot of them had an
issue with the blockage of the amount they paid for brokerage. The organization in this
regard has kept this advance brokerage money non withdrawable but has also allowed the
customers to use this as a part of their Ledger Margin. Almost majority of the customers are
delighted with the credit limit provided by company, interest charged by company and
about the communications related to their trade. The Relationship managers have served
like the key drivers of the business and has contributed a significant part is the customer
satisfaction level.
As majority of the customers are satisfied with the overall performance and they liked the
service provided by company, it will be a task for the organization to increase its
advertisement and training regarding how to trade in stocks.
Majority of the existing clients have hardly any technical knowledge of trading, hence they
depend a lot on the performance of the research calls and the communication skills of their
respective relationship managers. Aside maintaining and improving their satisfaction level,
the acquisition of new clients will also form a major challenge as the financial sector is
booming in India and the perception towards investing in equities is also improving each day.

Recommendation
1. Technology
Conduct workshops for customers to train them regarding the usage of NEST Trader.
2. Process Time
Simplify the process for account opening
Monitor the productivity of the Service Managers
Appoint more Service Managers
Departmental job rotation
3. Research Calls
Target customized research calls properly. This will lead to an enhanced customer
service. The research calls can be customized according to customer segmentation
based on their portfolio value, annual income and risk taking ability.
4. Financials
Advertise the R-REF plans and attract the customers to the lowest brokerage rates in
the country (0.002% for intraday trade and 0.02% for delivery).
5. Communication
Work division, that is, there will be a separate terminal for trading, a separate one
for giving quotes and one more for confirming the trade in market hours.
6. Relationship Managers
Technical Training for generating trade calls for respective clients. This will keep the
clients active in the trade and provide them with a more customized trade calls to
suit their investment behavior.
7. Advertising
The organization should consider advertising the DEMAT services properly to fetch
an enhanced customer base and reach the areas where the investment behavior has
just started shifting towards private equity. Since banking institutions are also on the
competitors’ list, creating a visibility is of utmost importance in order to attract
young investors in a larger scale.
8. Targeting Rural India
Targeting the rural people can be a boon but convincing them to trade in equities
can be equally tough. This will require frequent workshops to convey how the sector
is performing and the Returns on Investment in the same. Once a substantial
customer base is built, word of mouth publicity and PR activities will serve the rest of
the purpose.

Attachments
Customer Satisfaction Survey
Client ID:
Relationship Managers Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
The Relationship Managers are
well trained.
The Relationship Managers are
proactive in solving my problems
or queries.
The Relationship managers
adhere to professional
standards of conduct.
The Relationship managers act in
my best interest.
Overall, I am satisfied with the
performance of the Relationship
Managers.
Process Time Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
The Account Opening process was
quite hassle-free and quick.
The processing of requests
related to security token or
transfer of shares is quite quick.
The organization processes the
‘pay-outs’ very quickly.
The process for updating details
related to KYC is hassle-free and
quick.
operations team of the
organization.

Financial Obligations Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
The account opening charges are
amongst the best in the industry.
The brokerage rates are the least
when compared to other stock
brokers.
The Annual maintenance charges
are budget friendly in comparison
to the industry standards.
The exposure limits provided are
maximum when compared to the
industry standards.
financial obligations of the
organization.
Communication Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
I can easily contact the dealing
desk to place an order.
I receive timely information
about the transactions done
through the dealing desk.
I receive the contract notes daily
on time.
I receive timely updates of my
portfolio performance from the
organization.
communications department of
the organization.

Research Calls Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
The research desk provides me
accurate calls on time to
maximize my profits.
The intraday research calls have
been profitable for me most of
the times.
The positional/fundamental
research calls have helped me in
investing wisely.
The ‘exit’ notice on non-
performance of a research call is
communicated on time to
minimize my losses.
performance of the Research
Team.
Technology Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
The trading portal, Omnyses Nest
Trader, is user friendly and
secured.
The online portal in the website
provides me accurate and timely
information related to my
account.
The Technical team has been able
to resolve my problems quickly.
I believe that the organization
uses one of the most advanced,
detailed and secured trading
platform in the industry.
technologies used in operations
of the Demat Account.

Overall Experience Strongly
Disagree
Somewhat
Disagree
Neutral Somewhat
Agree
Strongly
Agree
I am extremely satisfied with the
services delivered by Reliance
Securities Ltd.
It is very likely that I would
recommend this product to my
fellow colleagues or friends.
I prefer Reliance Securities over
and above its competitors in the
market.
It is very unlikely that I would
shift to an alternative brand in
near future.
I feel that Reliance Securities needs to improve their service offering in the following areas:
(Multiple selection permitted)
 Customer Relationship Management
 Operations Lead Time
 Charges
 Communication with the customers
 Research Calls
 Usage of Information Technology
Any Other Comments or Feedback:

Customer Demographics
Please Tick the box applicable in each question, however, in case you prefer not to disclose any information,
you are free to let the question unanswered.
Please consider that answering these additional questions will help us understanding the customer
behaviors better.
Thank You for time and patience. We look forward to deliver enhanced service offerings and satisfying your
needs.
Age 18-24 24-40 40-60 More than 60
Sex Male Female
Occupation Student Employed Professional Entrepreneur
Marital Status Single Married Prefer Not to
Disclose
Trading Frequency
per week
0-3 3-10 10-20 More than 20
Annual Income Less than 3 lakhs 3-6 lakhs 6-12 lakhs More than 12 lakhs

Financial Statements
Reliance Capital: Balance Sheet
------------------- in INR Cr. -------------------
Mar '13 Mar '12 Mar '11 Mar '10 Mar '09
Sources Of Funds
Total Share Capital 246.00 246.00 246.16 246.16 246.16
Equity Share Capital 246.00 246.00 246.16 246.16 246.16
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Init. Contribution Settler 0.00 0.00 0.00 0.00 0.00
Preference Share Application Money 0.00 0.00 0.00 0.00 0.00
Employee Stock Opiton 0.00 0.00 0.00 0.00 0.00
Reserves 11,725.00 11,522.00 7,543.79 7,457.82 7,207.20
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 11,971.00 11,768.00 7,789.95 7,703.98 7,453.36
Secured Loans 14,388.00 11,698.00 15,338.28 8,747.41 4,954.48
Unsecured Loans 3,684.00 3,895.00 4,815.34 5,938.92 9,154.09
Total Debt 18,072.00 15,593.00 20,153.62 14,686.33 14,108.57
Minority Interest 516.00 131.00 162.80 93.75 83.26
Policy Holders Funds 0.00 0.00 0.00 0.00 0.00
Group Share in Joint Venture 0.00 0.00 0.00 0.00 0.00
Total Liabilities 30,559.00 27,492.00 28,106.37 22,484.06 21,645.19
Application Of Funds
Gross Block 636.00 468.00 438.77 414.91 530.68
Less: Accum. Depreciation 202.00 188.00 224.71 245.25 326.62
Net Block 434.00 280.00 214.06 169.66 204.06
Capital Work in Progress 5.00 1.00 111.31 88.86 97.76
Investments 15,087.00 14,759.00 12,301.37 11,340.59 9,874.24
Inventories 144.00 127.00 185.39 38.80 37.68
Sundry Debtors 839.00 405.00 103.45 190.87 296.24
Cash and Bank Balance 1,582.00 1,125.00 1,928.97 592.08 1,124.70
Total Current Assets 2,565.00 1,657.00 2,217.81 821.75 1,458.62
Loans and Advances 22,497.00 18,646.00 17,120.93 13,377.02 12,479.69
Fixed Deposits 0.00 0.00 0.00 272.41 42.83
Total CA, Loans & Advances 25,062.00 20,303.00 19,338.74 14,471.18 13,981.14
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 8,885.00 7,558.00 3,121.99 2,736.10 1,685.22
Provisions 1,144.00 293.00 827.74 936.04 939.81
Total CL & Provisions 10,029.00 7,851.00 3,949.73 3,672.14 2,625.03
Net Current Assets 15,033.00 12,452.00 15,389.01 10,799.04 11,356.11
Group Share in Joint Venture 0.00 0.00 0.00 0.00 0.00
Miscellaneous Expenses 0.00 0.00 90.62 85.91 113.02
Total Assets 30,559.00 27,492.00 28,106.37 22,484.06 21,645.19
Contingent Liabilities 2,771.00 1,568.00 1,511.11 330.66 826.89
Book Value (Rs) 487.35 479.09 317.14 313.64 303.44

Profit and Loss Statement
Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 7,470.00 6,577.00 5,386.82 6,107.87 5,932.96
Excise Duty 0.00 0.00 0.00 0.00 0.00
Net Sales 7,470.00 6,577.00 5,386.82 6,107.87 5,932.96
Other Income 89.00 67.00 111.65 -2.49 -41.93
Stock Adjustments 0.00 0.00 0.00 0.00 0.00
Total Income 7,559.00 6,644.00 5,498.47 6,105.38 5,891.03
Expenditure
Raw Materials 0.00 0.00 0.00 0.00 0.00
Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00
Employee Cost 607.00 548.00 496.82 535.35 554.07
Other Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Selling and Admin Expenses 0.00 0.00 0.00 869.69 729.60
Miscellaneous Expenses 3,683.00 3,256.00 3,198.44 2,615.31 2,058.31
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 4,290.00 3,804.00 3,695.26 4,020.35 3,341.98
12 mths 12 mths 12 mths 12 mths 12 mths
Operating Profit 3,180.00 2,773.00 1,691.56 2,087.52 2,590.98
PBDIT 3,269.00 2,840.00 1,803.21 2,085.03 2,549.05
Interest 2,343.00 2,250.00 1,462.04 1,340.58 1,268.13
PBDT 926.00 590.00 341.17 744.45 1,280.92
Depreciation 56.00 54.00 49.96 67.63 56.71
Other Written Off 0.00 0.00 0.00 104.67 51.90
Profit Before Tax 870.00 536.00 291.21 572.15 1,172.31
Extra-ordinary items 0.00 -1.00 -1.08 18.72 31.89
PBT (Post Extra-ord Items) 870.00 535.00 290.13 590.87 1,204.20
Tax 127.00 189.00 56.89 149.15 181.09
Reported Net Profit 743.00 329.00 232.66 440.57 1,023.06
Share Of P/L Of Associates -131.00 -136.00 0.92 -3.16 -0.45
Net P/L After Minority Interest & Share Of
Associates
772.00 459.00 228.61 415.81 983.83
Total Value Addition 4,290.00 3,804.00 3,695.26 4,020.35 3,341.98
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 376.00 196.00 171.07 159.66 159.66
Corporate Dividend Tax 47.00 33.00 27.75 27.14 27.14
Per share data (annualised)
Shares in issue (lakhs) 2,456.33 2,456.33 2,456.33 2,456.33 2,456.33
Earning Per Share (Rs) 30.25 13.39 9.47 17.94 41.65
Equity Dividend (%) 0.00 0.00 0.00 0.00 0.00
Book Value (Rs) 487.35 479.09 317.14 313.64 303.44

References
The secondary data used in the making of this report have been collected and compiled
from the following sources:
Websites
 http://www.mbaskool.com
 http://www.dnb.co.in/
 www.sebi.gov.in
 www.rsec.co.in
 http://www.traderji.com/
 www.moneycontrol.com
 www.busines-standard.com
 http://www.encyclopedia.com/
 www.surveyanalytics.com
Research Reports
 Equity Broking Industry: A Financial Analysis – D&B
 Broker Reports – Money Control
 Indian Brokerage Industry – ICRA
 Indian Equity Brokerage Industry: Running to Stand Still – Research & Market
Reports
 Asia-Pacific Market Share Report 2014 – Thompson Reuters
 Customer Gap Analysis In Organized Retailing–An Empirical Study – Everil Fernandes
News Articles
 Reliance Money launches wealth management services – Reuters- 01/07/2008
 Atom technologies partners with Reliance Securities, Visa for online debit card
payments – Money-life- 3/05/2012
Books
 Customer Satisfaction: The Customer Experience through the Customer's Eyes - Nigel
Hill, Greg Roche, Rachel Allen
 The Handbook of Customer Satisfaction and Loyalty Measurement- Nigel Hill, Jim
Alexander
 Delivering Satisfaction and Service Quality- Peter Hernon, John R. Whitman
 Modern Analysis of Customer Surveys: with Applications using R- Ron Kenett, Silvia
Salini

Summer Internship Project report- Customer Satisfaction Analysis: Reliance Securities Ltd.

More Related Content

What's hot

Viewers also liked

Similar to Summer Internship Project report- Customer Satisfaction Analysis: Reliance Securities Ltd.

Recently uploaded

Summer Internship Project report- Customer Satisfaction Analysis: Reliance Securities Ltd.