Ambalika Institute of Management

and Technology

Summer Training
Project Report
On
Share Market Karvy Stock Broking Ltd.

SUBMITTED IN PARTIAL FULFILLMENT OF REQUIREMENT

FOR THE AWARD OF DEGREE
OF
MASTER OF BUSINESS ADMINISTRATION
Submitted To:

Submitted by

MR. SARVESH PANDEY

PARUL SRIVASTAVA

(Assistant Professor)

Roll no. 1536370025

AMIT Lucknow

MBA IIIrd semester

SESSION 2016-17

DECLARATION
I hereby certify that the work which is being presented in
the project entitled, Share Market Karvy Stock Broking
Ltd. in fulfillment of the requirements for the award degree of
MASTER OF BUSINESS ADMINISTRATION at AIMT,
during IIIrd semester of MBA and has not been submitted to any
other university or institute for the award of any degree.

Parul Srivastava
Roll No. 1536370025
AIMT, Lucknow

CERTIFICATE
This is to certify that Parul Srivastava, a student of MBA Final Year has
completed the dissertation project report on Analysis of Cash Management in Hotel
Industry under my guidance and supervision.
The dissertation work of the student is found to be satisfactory for submission for the
award of degree of Master of Business Administration/ Bachelor of Business
Administration. I wish him/ her all the best for his/her future endeavors.

Guide Name- Mr. Amarjeet Singh

Designation-
Faculty of management and research
AIMT, Lucknow.

ACKNOWLEDGEMENT
I would like to take this opportunity to express my deep gratitude to all those
who, directly or indirectly made this project possible.I have got considerable
help and support in making this project report a reality from many people.
I would like to thank Mr. . whose endeavor for
perfection, under fatigable zeal, innovation and dynamism contributed in a
big way in completing this project. This work is the reflection of his thought,
ideas, concept and above all his modest effort.
At last, I would like to thank my parents, friends and colleagues, who have
been a constant source of help and encouragement.

CONTENTS
PAGE
NO.
1) Executive Summary............................................................................4
2) Introduction........................................................................................ 5
3) Background......................................................................................... 6
i) Karvys Mission.........................................................................6
ii) Karvy Milestones.......................................................................7
iii) KARVY Credo.............................................................................8
iv) Quality Policy............................................................................9
4) Achievements..................................................................................... 10
5) KARVY Wings....................................................................................... 11
i) KARVY Stock Broking Limited....................................................14
6) Organization Structure........................................................................15
i) Structure of SME Segment........................................................16
ii) Process..................................................................................... 17
7) Product & Services..............................................................................19
i) Products.................................................................................... 19
(a) Mutual Funds..................................................................19
(b) Insurance........................................................................31
(c) Equities..........................................................................35
(d) Bonds............................................................................. 38
(e) Derivatives.....................................................................41
ii) Services.................................................................................... 43
(a) Depository Participants..................................................45
(b) Distribution of Financial Products...................................46
(c) Advisory Services...........................................................47
.......................................................................................
(d) Private client Group OR CPMS........................................48
8) Marketing Plan.................................................................................... 50
9) Competitors of KARVY.........................................................................52
10)

Learnings ...................................................................................... 54

11)

Bibliography...................................................................................58

EXECUTIVE SUMMARY

This internship report consists of the overall experience of working as a part of

SME Segment at KARVY STOCKBROKING LIMITED. This experience helped
me understand the basic functioning of the particular SME segment where I was
inducted.
My Internship consisted of the On Job Training as A Relationship Manager. The
best learning experience was that I started from the very basics of getting to that
position and not from the position itself. This helped me get useful insight and
understanding of various financial products, the market details about them and the
benefits provided by them to the customers. Emphasis was given in analysis of the
investor behavior of the clients. Another interesting fact was that all these products
were suggested to clients not just based on their market performance and returns,
but on the clients financial condition as well as their risk taking capacity.
Training sessions were held to give me insights about the various products that
KARVY STOCKBROKING deals in like: Mutual Funds, Insurance and Bonds.
Presentations on the same after self study and analysis were a part of this
internship session.
I provided financial advice and suggestions to the investors for mutual funds
which may prove prudent to them. For other products I studied the clients
investing behavior and assisted the wealth manager, who decided the investment
options and designed the portfolios.

INTRODUCTION

KARVY is a premier integrated financial services provider and ranked among the
top five in the country in all its business segments. It services over 16 million
individual investors in various capacities and provides investor services to over
300 corporates, comprising who is who of Corporate India.
It is a member of all three: National Stock Exchange (NSE)
Bombay Stock Exchange (BSE)
Hyderabad Stock Exchange (HSE)
Karvy utilized its experience and superlative expertise to capitalize on its strengths
and better its service, innovate and provide new ones. It diversified in the process
and thus evolved as Indias premier integrated financial service enterprise.
Karvy has been a customer centric company since its inception. It offers a single
platform servicing multiple financial instruments in its bid to offer complete
financial solutions to the varying needs of both corporate and retail investors,
where an extensive range of services are provided with great volume-management
capability.
KARVY covers the entire spectrum of financial services such as Stock broking,
Depository Participants, Distribution of financial products - mutual funds, bonds,

fixed deposit, equities, Insurance Broking, Commodities Broking, Personal

Finance Advisory Services, Merchant Banking & Corporate Finance, placement of
equity, IPOs, among others. Karvy has a professional management team and ranks
among the best in technology, operations and research of various industrial
segments.
(Karvy.com)

BACKGROUND

The flagship company, Karvy Consultants Limited was found with the vision and
enterprise of a group of practicing Chartered Accountants on a modest scale in
1981 in Hyderabad, where it now has 13 branches. It initiated with just one
activity and later carved roads into fields of registry and share accounting as well.
From then there was no stopping at all.
A decade of commitment, professional integrity and vision helped Karvy achieve a
leadership position in its field. It is known to handle the largest number of issues
ever in the history of the Indian stock market in a particular year. Thereafter,
Karvy made inroads into a host of capital market services, corporate and retail
which proved to be a sound business synergy.
Today Karvy has access to millions of Indian shareholders, besides companies,
banks, financial institutions and regulatory agencies. Over the past one and half
decades, Karvy has involved as a veritable link between industry, finance and

people. In January 1998, Karvy became the first Depository Participant in Andhra
Pradesh.
An ISO 9002 company, Karvys commitment to quality and retail reach has made
it an integrated financial services company. A SEBI category 1 registrar, so far
Karvy has handled over 675 issues as Registrars to public issues, processed over
52 million applications and is servicing over 16 million investors from various
locations spread over 205 cities.

Karvys Mission:
Our mission 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 .
(Karvy.com)

KARVY MILESTONES

Karvy has traveled a success route over the past 20 years and positioned itself as
an emerging financial service giant in which embeds the confidence and support of
enviable patrons across the financial world. Patrons are also of diversified fields
which includes over 16 million individual investors in various capacities and 300
corporates comprising the best out of the whole lot .Years of experience of holistic

financial services and expertise in this industry has helped it gain the status it
enjoys and cherishes today.

(Karvy.com)

KARVY CREDO

Following are the system of principles or beliefs followed by Karvy Group.

Our Clients, Our Focus

Clients are the reason for our being
Personalized service, professional care; pro-activeness are the values that helps
KARVY

nurture

enduring

relationships

with

their

clients.

Teamwork
None of us is more important than all of us
Each team member is the face of Karvy. Together they offer diverse services with
speed, accuracy and quality to deliver only one product: excellence. Transparency,
co-operation, invaluable individual contribution for a collective goal, and respect
for individual uniqueness within a corporate whole, is what KARVY aims at.
Responsible Citizenship
A social balance sheet is as rewarding as a business one.
As a responsible corporate citizen, KARVY believes that its duty is to foster a
better environment in the society where they live and work. To abide by its norms,
and to behave in a responsible manner towards the environment, are some of its
growing initiatives towards realizing this.
Integrity
Everything else is secondary
Professional and personal ethics are Karvys bedrocks. They take pride in building
an environment that encourages honesty and opportunity to learn from failures
than camouflage them. They insist on consistency between work and actions.
(Karvy.com)

QUALITY POLICY:

To achieve and retain leadership, Karvy aims for complete customer satisfaction,
by combining its human and technological resources, to provide superior quality
financial services. In the process, Karvy strives to exceed Customer's
expectations.
As per the Quality Policy, Karvy will:

Build in-house processes that will ensure transparent and harmonious

relationships with its clients and investors to provide high quality of
services.

Establish a partner relationship with its investor service agents and vendors
that will help it in keeping up to its commitments to the customers.

Provide high quality of work life for all its employees and equip them with
adequate knowledge & skills so as to respond to customer's needs.

Continue to uphold the values of honesty & integrity and strive to establish
unparalleled standards in business ethics.

Use state-of-the art information technology in developing new and

innovative financial products and services to meet the changing needs of
investors and clients.

Strive to be a reliable source of value-added financial products, services

and constantly guide the individuals and institutions in making a judicious
choice of same.

Strive to keep all stake-holders (shareholders, clients, investors, employees,

suppliers and regulatory authorities) proud and satisfied.

(Karvy.com)

ACHIEVEMENTS

Among the top 5 stock brokers in India (4% of NSE volumes)

India's No. 1 Registrar & Securities Transfer Agents
Among the top 3 Depository Participants
Largest Network of Branches & Business Associates
Among top 10 Investment bankers
Largest Distributor of Financial Products
Adjudged as one of the top 50 IT uses in India by MIS Asia
Full Fledged IT driven operations
(Karvy.com)

KARVY WINGS

As discussed earlier, KARVY offers a single platform servicing multiple financial

instruments in its bid to offer complete financial solutions to the varying needs of
both corporate and retail investors. The range of products and services are
provided by the following wings.

This is the flagship company of Karvy Group and it controls the organizational
affairs, channels of progress, work affairs and pioneering business policies. This
was the first business the KARVY group ventured into, but now they have
transferred it into a joint venture with computer share limited of Australia, the
worlds largest registrar. This company services around 6 lakh customer accounts
in a spread of 250 cities/towns in India.

This wing of Karvy is registered with SEBI as a category 1 merchant banker and is
also recognized as a leading merchant banker of the country. It has built its
reputation by capitalizing the opportunities as and when it comes, be it in
corporate consolidations, mergers and acquisitions or corporate restructuring.
Involvement in raising resources for corporate or government undertaking
successfully over the past two decades has given it a tremendous confidence boost.

This wing of Karvy has traversed wide spaces to tie up with the worlds largest
transfer agent, the leading Australian company Computershare Limited. This
company services more than 75 million shareholders across 7000 clients and
makes its presence felt in over 12 countries across 5 continents. It has also entered
into a 50-50 joint venture with Karvy. After transferring completely to this new
entity it has tried to enrich the financial services industry as a whole. The
worldwide network of Computershare helps it to adapt to the international
standards in addition to leveraging the best technologies from all over the world.

This is a specialist Business Process Outsourcing unit of the Karvy Group. The
legacy of experience in financial services of Karvy Group acts as a big support for
entering the global arena with confidence of delivering the best. This wing offers

several models on the understanding of business needs that are unique and
therefore only a customized service could possibly fit the bill. Their service matrix
has permutations and combinations that create several options to choose from. Its
Services meet the most stringent International standards, be it re-engineering and
managing processes or delivering new efficiencies.

Karvy Commodities focuses on taking commodities trading to new dimensions of

reliability and profitability. They have made commodities trading, an essentially
age-old practice, into a sophisticated and scientific investment option. It helps in
enabling trade in all goods and products of agricultural and mineral origin that
include lucrative commodities like gold and silver and popular items like oil,
pulses and cotton through a well-systematized trading platform.

Karvy Insurance Broking Pvt. Ltd., provides both life and non-life insurance
products to retail individuals, high net-worth clients and corporates. With the
opening up of the insurance sector and entry of a large number of private players
in the business, it is in a position to provide tailor made policies for different
segments of customers.
(Karvy.com)

KARVY STOCK BROKING LIMITED

(KSBL)
It is undisputable fact that the stock market is unpredictable and volatile, but
despite this KSBL enjoys a high success rate as a wealth management option.
Karvy Stock Broking Limited offers services that are much beyond serving just as
a medium for buying and selling stocks and shares. Instead it provides multi
dimensional and multi focused services. It offers trading facilities for National
Stock Exchange, Bombay Stock Exchange and Hyderabad Stock Exchange and
tries to make trading safe to maximum possible extent. For this they are assisted
by their in depth research team for constant feedback and sound advices.
The Finapolis is the monthly magazine that is published by this wing. It analyzes
the latest stock market trends and takes a close look at the various investment
options and products available in the market. A weekly report, called Karvy
Bazaar Baatein, keeps people informed on the immediate trends in the stock
market.

In addition, the specific industry reports give more comprehensive information on

various industries. It also offers special portfolio analysis packages that provide
daily technical advice on scrips for successful portfolio management. It provides
customized advisory services to help the client make right financial moves which
specifically suits their portfolios.
(Karvy.com)

ORGANIZATION STRUCTURE

There are various departments and segments in KARVY STOCKBROKING

LIMITED. The segment of which I was a part of during my training process is the
SME segment. This segment caters especially to the needs of the SMALL &
MEDIUM ENTERPRISES.

Small and Medium Enterprises refers to organizations that are larger than SOHOs
(Small office/Home office) and smaller than the Fortune 1000. The size is
subjective ranging from approximately 25 to 500 employees.
The BASVANGUDI branch in Bangalore, where I took my internship is the first
branch all over India which has this segment. This segments operations were
initialized in 2006 to cater to the ever increasing demand and growth of the SME
Segment as it was found through a study, that most of the AMCs are getting 55%
to 60% of their sales by SMEs alone. Based on the performance of this segment,
plans will be laid down for opening up of such segments in other branches too.

An important point to be noted is that The SME segment is emphasizing more on

Mutual Funds instead of equity, insurance and other products.
This segment concentrates approximately:
60% on Mutual Funds
30% on Equity
10% on Insurance and other products
So far, the performance of this segment has been good and it has been a
contributing factor in increasing the customer base of KARVY STOCK
BROKING LIMITED. Thus plans for opening of SME Segment in other
branches are shaping up.

STRUCTURE OF SME SEGMENT:

Sub
dealer

Main
dealer

Tele
Sales

Wealth
Manager

SRM

R
O

MF
desk

HEAD

Wealth
Manager

SRM

R
O

R
O

SRM

SRM

R
O

R
O

R
O

WHERE:
Relates to Back Office
RO - Relationship officer
SRM - Service Relationship Manager

PROCESS:

Sub back
office
person

R
O

Tele
Sales

SRM

SRM

R
O

R
O

R
O

R
O

R
O

The process of the entire working of the SME segment takes place in the
following manner:
First the data is collected by the ROs, SRMs, Wealth Managers, Main
Dealer and the Head himself. This is done at all levels so that the data is
collected from all the resources available and is qualitative in terms of
conversions.
Once the data is acquired or sourced it is given to the Tele Marketing or
Sales team. They are expected to achieve a target of 60% through their
calls. The main aim of them is to get to the right client and convince him
for a meet.
Then the Tele callers fix appointments and forward the details of the same
to the ROs i.e. the Relationship Officers.
Next the ROs visit the client and inform them about the entire products that
would cater to the customers needs. His work is not just confined to
imparting the information to the client; moreover he has to extract
information from the client as well. He has to understand the customers
needs, risk taking ability and gives the details to the SRM if the client is
prospective.
Then the SRM meets the prospective clients and catering to the need of
them gathers information regarding the financial details of client, his past
investments, future investment capability etc. and gives it to the Wealth
Manager.

 The Wealth Manager then designs the portfolio for the client based on his
analysis, study and advices from the R&D department and closes the deal.

In the whole process mentioned above, there are 4 back office persons, who assist
the segment at all times in various works.
Main Dealer Equity Desk
Sub Dealer Assistant to Main Dealer
MF Research - Research on mutual funds
Sub Back office person Responsible for sending reports and MIS
Reports are sent weekly for Equity and Mutual Funds and monthly for futures and
options.
This whole process is controlled and managed by the Segment Head.

PRODUCT & SERVICES

PRODUCTS
MUTUAL FUNDS:
CONCEPT:
A Mutual Fund is a form of collective investment that pools money from many
investors, who share common financial goals and invests their money in stocks,
bond, short term money market instruments and/or other securities.
The income earned through these investments and the capital appreciations
realized are shared by its unit holders in proportion to the number of units owned
by them. Thus a Mutual Fund is the most suitable investment for the common man
as it offers an opportunity to invest in a diversified, professionally managed basket
of securities at a relatively low cost.
The flow chart below describes broadly the working of a mutual fund:

(amfiindia.com.com)

INDIAN MUTUAL FUND INDUSTRY:

The rising Indian mutual funds industry probably never had it better, as far as the
entry of individual or retail investors is concerned. The industrys total AUM in
December 2006 stood at a hefty Rs 3, 23,597 crore, with a total of 2.79 crore
depositor folios, of which 2.31 crore depositor folios had invested in equity
schemes. The share of direct investors, on the other hand, has been dropping,
stating that more retail investors see mutual funds as a preferred route for
investing in the markets.
Existing and new market players as well as Exchange Traded Funds are likely to
hit the market in the coming months with a flurry of new Mutual Funds schemes.
An action packed first quarter of 2007 was forecasted to witness at least 20 new
schemes which are waiting on the sidelines to be launched.
(Myiris.com)

PERFORMANCE SNAPSHOT!!!
The year 2006 scored high in terms of both returns and volatility. The rising Indian
mutual funds industry saw its best, as far as the entry of individual or retail
investors is concerned.
In 2006, out of the 159 diversified equity funds (includes diversified equity,
midcap, and equity tax saving schemes):
20 funds (13%) out-performed the Sensex
50 funds (37%) out-performed the Nifty
The best returns generated were up to 58.3% (Tata Infrastructure Fund)
and the worst being a negative 10.6%
Equity Diversified funds churned out an average 33.2% return, which
comprise of 72 fund in this category comprising of total 135 funds
Infrastructure funds stole the limelight this year with the top three
performers being Infrastructure Fund.
(Myiris.com)

TOTAL ASSET MANAGED BY VARIOUS FUND HOUSES:

The amount of assets managed by AMCs varies every year. Following is the table
that depicts the total amount of asset managed by the well known AMCs in India.
It also shows the ranking of AMCs for the year 2007, based on the above
mentioned parameter.

Fund House

Jan 2007

Jan 2006

Dec 2006

Reliance MF

39,020

16,702

36,928

UTI MF

37,535

25,417

38,109

Prudential ICICI

34,746

22,635

33,305

HDFC MF

31,425

18,591

29,635

Franklin Templeton

23,908

18,153

23,403

Birla Sun Life

21,190

13,797

17,054

SBI MF

17,552

10,839

15,086

DSP Merrill Lynch

13,440

8,976

13,517

Tata MF

13,222

8,649

12,177

Standard Chartered

12,746

9,480

12,629

Kotak Mahindra

12,674

7,397

12,062

LIC MF

12,237

6,386

11,599

HSBC

12,140

6,288

10,450

Principal

10,333

6,789

10,522

Figures in Rs Crore

Source: AMFI

Reliance MF has become the top mutual fund house in the country by
adding a very impressive Rs2, 092 crore to assets under management.
Previous Top Fund House UTI MF declined by Rs574 crore and lost its
top position to Reliance MF.
Birla Sunlife was the best performer in January 2007 and added Rs4,
136 crore to its assets
SBI MF was able to acquire 7th position by an addition of Rs2, 466
crore
Tata MF gained Rs1, 045 crore and able to secure its position in top 10.

FUNDS:
(As on 27th April, 2007)
Following is the ranking of the best mutual funds and their NAVs as on 27th April,
2007. The rankings are based on 1 year returns of the Equity Mutual Funds
available in the market.

S.N

SCHEME NAME

O
1
2
3
4
5
6

1 YR

PRESEN

RETURN

T NAV

(%)
DSPML Technology.com Fund Growth
UTI Banking Sector Fund - Growth
Magnum IT
Birla Sunlife New Millennium - Growth
Banking BeEs
Prudential ICICI Technology - Growth

47.50
40.05
36.06
35.60
32.69
32.59

26.89
21.47
28.49
21.33
590.31
15.99

Prudential ICICI Services Industries

32.07

16.02

8
9
10
11
12
13
14
15

Fund Growth
UTI Software Growth
Reliance Media & Entertainment - Growth
Birla Sunlife Frontline Equity - Growth
Reliance Banking Growth
Reliance NRI Equity Fund Growth
Franklin Infotech Growth
DBS Chola Opportunity
Reliance Diversified Power Sector - Growth

30.09
28.61
27.90
27.81
26.54
25.95
25.85
25.16

27.71
26.07
52.81
39.20
24.70
52.62
28.63
37.71

SOURCE: mutualfundsnavindia.com

TYPES OF MUTUAL FUNDS:

Types of Mutual
Funds

By Structure

Open Ended
Schemes
Close Ended
Schemes
Interval
Schemes

By
Investment
Objective
Growth
Schemes

EXPLAINATION:

Tax Saving
Schemes
(ELSS)

Income
Schemes

Special
Schemes

Balanced
Schemes

Index
Schemes

Money
Market
Schemes

(Amfiindia.com)

Other
Schemes

Sector
Specific
Schemes

Open ended Mutual Funds:

It is a type of mutual fund where there are no restrictions on the amount of shares
the fund will issue. If demand is high enough, the fund will continue to issue
shares no matter how many investors there are. Open-end funds also buy back
shares when investors wish to sell. Most of the mutual funds available in the
marketplace are open-end funds. Open-end funds are generally managed actively
and are priced according to their net asset value (NAV). Open-end funds are wideranging. Some Open-end funds are more conservative and provide consistent
returns with low risk, and some are more aggressive in seeking to make capital
gains through constant trading.

Close ended Mutual Funds:

When an investment company issues a fixed number of shares in an actively
managed portfolio of securities, it is referred to as close ended mutual funds. The
shares are traded in the market just like common stock. The main difference with
closed-end funds is that market price of the shares is determined by supply and
demand and not by net-asset value (NAV).Its stipulated maturity period ranges
from 3 to 15 years.

Interval Schemes:
It is a fund that combines the features of open-ended and closed-ended schemes,
making the fund open for sale or redemption during pre-determined intervals. In
other words, this is a mutual fund with redemption features in between those of
closed-end and open-end funds.

Growth Schemes:
It is a diversified portfolio of stocks that has capital appreciation as its primary
goal, and it thereby invests in companies that reinvest their earnings into
expansion, acquisitions, and/or research and development. Most growth funds
offer higher potential growth but usually at a higher risk.

Income Schemes:
This scheme seeks to provide stable current income by investing in securities that
pay interest. Income funds typically invest in utility stocks and blue chips.

Balanced Scheme:
It is a type of mutual fund that invests its assets into the money market, bonds,
preferred stock, and common stock with the intention to provide both growth and
income. A balanced fund is geared towards investors looking for a mixture of
safety, income, and capital appreciation. The amount the mutual fund invests into
each asset class usually must remain within a set minimum and maximum. It is
also known as Asset Allocation Fund.

Money Market Schemes:

Money Market Schemes aim to provide easy liquidity, preservation of capital and
moderate income. These schemes generally invest in safer, short-term instruments,
such as treasury bills, certificates of deposit, commercial paper and inter-bank call
money.

:
Tax-saving schemes offer tax rebates to the investors under tax laws prescribed
from time to time. Under Sec.88 of the Income Tax Act, contributions made to any
Equity Linked Savings Scheme (ELSS) are eligible for rebate @20% to a
maximum of Rs10, 000 per financial year.

Index Schemes:
It is a portfolio of investments that is weighted the same as a stock-exchange index
in order to mirror its performance. This process is also referred to as "indexing".
Investing in an index fund is a form of passive investing. The primary advantage
to such a strategy is the lower management expense ratio on an index fund. Also, a
majority of mutual funds fail to beat broad indexes such as the S&P 500.

Sector Specific Schemes:

It is an investment fund that makes investments solely in businesses that operates
in a particular industry or sector of the economy. Since the holdings of this type of
fund are in the same industry, there is an inherent lack of diversification by sector
associated with these funds. These funds tend to increase substantially in price

when there is an increased demand for the product or service offering provided by
the businesses in which the funds invest. On the other hand, if there is a downturn
in the specific sector in which a sector fund invests, the fund will face heavy losses
due to the lack of diversification in its holdings.
(Amfiindia.com)

SELECTION CRITERIA FOR MUTUAL FUNDS:

I gave suggestions for Mutual Funds based on the following parameters:

Investment Objective of the client:

Whether the client is looking for long term investment or short, they require high
returns or tax savings etc, had to be analyzed. The investment objective of the
client should match with that of the particular Mutual Fund Scheme.

Past performance:

The previous returns of the funds mentioned in the investment brochures were
seen and the funds which have performed well and given high returns were
preferred and suggested to clients.

Consistency in returns:
The returns are not just expected to be high but a consistency should be observed
in the funds performance and returns. The previous year return for a particular
fund may be high but if it is not consistent in its performance then that is a risky
deal. Consistent funds are more suitable for risk averse clients.

Tax benefits:
The investors whose objective was tax saving were advised to invest in Tax saving
Mutual Funds.

Fund Manager:
An investor will trust and invest his money in the funds which are managed by
well reputed fund managers. Thus this criterion is also of utmost importance.

I made suggestions to the clients after taking into consideration the above
mentioned criterions and based on the mutual consent of the client as well, the
investment decision was then taken. The procedure for filling forms etc followed.
If the investor had already invested in equities but wanted to open a Trading and
DMAT account, I had to explain them the charges and procedures for the same.

INSURANCE:
CONCEPT:
Insurance, in law and economics, is a form of risk management primarily used to
hedge against the risk of a contingent loss. Insurance is defined as the equitable
transfer of the risk of a potential loss, from one entity to another, in exchange for a
premium.
Insurer, in economics, is the company that sells the insurance.

Insurance rate is a factor used to determine the amount, called the premium, to be
charged for a certain amount of insurance coverage. Risk management, the
practice of appraising and controlling risk, has evolved as a discrete field of study
and practice.

Sum Assured:
It is the amount of money an insurance policy guarantees to pay before any
bonuses are added.
Factors included in the calculation of sum assured are:

Date of birth
Gender
Duration
Health conditions
Job profile

TYPES OF INSURANCE:

Types of Insurance

Life Insurance

-Term
-Whole life
-Money
back
-Endowment
Assurance
-Pension
Plan
-Unit Linked
Product
(ULIP)

Non Life/
General
Insurance

-Property
-Personal
-Lifestyle
-Package

(Wikipedia.com)

Life Insurance:
All policies are not the same. Some give coverage for your lifetime and others
cover you for a specific number of years.

Following are the different types of life insurances:

Whole life
Term policy
Money pack
Endowment
Pension plan
ULIP

General Insurance:
General insurance typically comprises any insurance that is not determined to be
life insurance. It is called property and casualty (P&C) insurance in the U.S.
General insurance policies, including automobile, accidents and homeowners
policies, provide payments depending on the loss from a particular financial event.
Following are the different types of general insurances:
Property
Personal
Lifestyle
Package
(Wikipedia.com)

PRESENT SCENARIO & FUTURE EXPECTATIONS:

Expansion, product innovations and reforms are three themes that are and will
dominate the life insurance business in 2007. Life insurance companies are
expected to record a 100 per cent increase in new business in financial year 2007,
and this growth is not going to taper off. According to experts, the industry is
confident of maintaining the rate, typical of a flourishing industry. The
fundamentals of the economy are good and the life insurance industry is riding this
boom.
The rise in disposable income of individuals has increased the need for investment
options. With aggressive sales and the two-in-one proposition of unit-linked
insurance plans (ULIPs), insurers are swooping in on this opportunity, especially
during the period preceding policy changes in ULIPs so as to strengthen their
insurance orientation.
(Amfiindia.com)

EQUITIES:
CONCEPT:
An equity share, commonly referred to as ordinary share, represents the form of
fractional ownership in a business venture.
Stockholders' equity is often referred to as the book value of the company, and it
comes from two main sources. The first and original source is the money that was
originally invested in the company, along with any additional investments made
thereafter.
The second comes from retained earnings that the company is able to accumulate
over time through its operations. In most cases, especially when dealing with older
companies that have been in business for many years, the retained earnings
portion is the largest component.

FACTORS THAT INFLUENCE THE PRICE OF THE STOCK:

Broadly there are two factors:
(1) Stock specific
(2) Market specific
The stock-specific factor is related to peoples expectations about the company, its
future earnings capacity, financial health and management, level of technology and
marketing skills.

The market specific factor is influenced by the investors sentiment towards the
stock market as a whole. This factor depends on the environment rather than the
performance of any particular company.
Events favorable to an economy, political or regulatory environment like high
economic growth, friendly budget, stable government etc. can fuel euphoria in the
investors, resulting in a boom in the market. On the other hand, unfavorable events
like war, economic crisis, communal riots, minority government etc. depress the
market irrespective of certain companies performing well. However, the effect of
market-specific factor is generally short-term.
Despite ups and downs, price of a stock in the long run gets stabilized based on the
stock specific factors. Therefore, a prudent advice to all investors is to analyze and
invest and not speculate in shares.

ACQUIRING EQUITY SHARES:

There are two methods:

You may subscribe to issues made by corporates in the primary market. In

the primary market, resources are mobilized by the corporates through fresh
public issues (IPOs) or through private placements.
OR

You may purchase shares from the secondary market. To buy and sell
securities you should approach a SEBI registered trading member (broker)
of a recognized stock exchange.
(Wikipedia.com)

The documents required for opening an account with KARVY are:

PAN card no.
Address proof
Passport size photos
Cheque (initial one time investment amount)

BONDS:
CONCEPT:
A Bond is a long term contract under which a borrower agrees to make payments
of interest and principal, on specific dates, to the holders of the bond.

The organization that sells a bond is known as the issuer. Of course, no one would
loan his or her hard-earned money for nothing. The issuer of a bond must pay the
investor something extra for the privilege of using his or her money. This "extra"
comes in the form of interest payments, which are made at a predetermined rate
and schedule
Bonds are known as "fixed-income" securities because the amount of income the
bond will generate each year is "fixed," or set, when the bond is sold. No matter
what happens or who holds the bond, it will generate exactly the same amount of
money.

CLASSIFICATION OF BONDS:
BONDS

SLR
Statutory Liquidity
Ratio

NON SLR
Non Statutory
Liquidity Ratio

SLR is the percentage of deposits that has to be invested in certain designated

securities. The current SLR is 25%. Also, in SLR Banking system is very
important.

SLR Bonds constitute of:

Government securities/ Gilt/GOI (govt. of India) Bonds
SDL( State Development Loans)
T- Bills (Treasury Bills)
Designated SLR Bonds

Non SLR Bonds constitute of:

Public sector units bonds like:

IRFC (Indian Railway Finance Corporation)
Power Finance Corporation
NHAI
Bank Bonds
State Guarantee Bonds

Rating of Bonds:
Bonds are rated by various rating agencies on the basis of the balance sheet of the
companies, macro economic factors, risk of the bonds. On the basis of these
ratings, companies set the coupon rate. High quality bonds have the benchmark
index and if the quality of the bonds decreases the return increases because of the
higher risk.
Following is the Bonds Rating starting from the best quality:
AAA
Quality
Decreasing

AA+
AA
ABB
BBB

Rating Agencies:
CRISIL - Credit Rating Information Services of India Limited

ICRA - Indian Credit Rating Agency

CARE - Credit Analysis and Research Limited
MOODYS - (International Agencies)
FITCH - (International Agencies)

Some bonds available in the market:

8.07 GS 2017: 8.1367 - Coupon
8.1667
Interest Rate
91 day T - Bills
7.3521
182 day T - Bills
7.7487
364 day T - Bills
7.745
Call Rates
5.5 to 9.45

DERIVATIVES:
CONCEPT
As the name suggests, derivative is a financial instrument that offers a return based
on the return of some other underlying asset. In this sense, its return is derived
from another instrument.
The definition states, a derivative's performance is based on the performance of an
underlying asset. This underlying asset is often referred to simply as the
underlying. It trades in a market in which buyers and sellers meet and decide on a
price; the seller then delivers the asset to the buyer and receives payment. The
price for immediate purchase of the underlying asset is called the cash price or
spot price.
A derivative also has a defined and limited life: A derivative contract initiates on a
certain date and terminates on a later date. Often the derivative's payoff is
determined and/or made on the expiration date, although that is not always the

case. In accordance with the usual rules of law, a derivative contract is an

agreement between two parties in which each does something for the other. In
other words, no money need change hands up front.

Types of Derivatives

Over-the-counter (OTC) derivatives are contracts that are traded (and

privately negotiated) directly between two parties, without going through
an exchange or other intermediary. Products such as swaps, forward rate
agreements, and exotic options are almost always traded in this way. The
OTC derivatives market is huge. According to the Bank for International
Settlements, the total outstanding notional amount is USD 298 trillion (as
of 2005).

Exchange-traded derivatives are those derivatives products that are traded

via specialized Derivatives exchanges or other exchanges. A derivatives
exchange acts as an intermediary to all related transactions, and takes
Initial margin from both sides of the trade to act as a guarantee.

There are 3 kinds of Derivative contracts:

Futures Contract

Forward Contract

Options Contract

SERVICES
KSBL (KARVY STOCKBROKING LIMITED), offer services that are beyond
just a medium for buying and selling stocks and shares. Instead KSBL provide
services which are multi dimensional and multi-focused in their scope. There are
several advantages in utilizing Karvys Stock Broking services, which are the
reasons why it is one of the best in the country.
Its highly skilled research team, comprising of technical analysts as well as
fundamental specialists, secure result-oriented information on market trends,
market analysis and market predictions. Crucial information regarding customer
individual account balances are given as a constant feedback to them, through
daily reports delivered thrice in a day.
The Pre-session Report, where market scenario for the day is predicted.
The Mid-session Report, timed to arrive during lunch break, where the
market forecast for the rest of the day is given.
The Post-session Report, the final report for the day, where the market and
the report itself is reviewed.
In addition, the specific industry reports prepared by Karvy Stockbroking Limited
give comprehensive information on various industries. They also offer special
portfolio analysis packages that provide daily technical advice on scrips for
successful portfolio management and provide customized advisory services to help
investors make the right financial moves that are specifically suited to their
portfolio.

These services have increasingly offered customer oriented convenience, which

KSBL provides to a spectrum of investors, high-networth or otherwise, with equal
dedication and competence. But this is not the final destination and just a pathway
to reach there.

Over the years KSBL have ensured that the trust of its customers is their biggest
returns. Factors such as its success in the Electronic custody business has helped
build on its tradition of trust even more. Consequentially its retail client base has
expanded very fast.
To empower the investor further KSBL have made serious efforts to ensure that
their research calls are disseminated systematically to all its stock broking clients
through various delivery channels like: e-mails, chat, SMS, phone calls etc.
Their foray into commodities broking has been path breaking and KSBL is in the
process of converting existing traders in commodities into the more organized
mainstream of trading in commodity futures, both as a trading and risk hedging
mechanism.
In the future, its focus will be on the emerging businesses and to meet this
objective, KSBL has enhanced its manpower and revitalized its knowledge base
with enhanced focus on Futures and Options as well as the commodities business.
(Karvy.com)

DIPOSITORY PARTICIPANTS

The onset of the technology revolution in financial services Industry saw the
emergence of Karvy as an electronic custodian registered with National
Securities Depository Ltd (NSDL) and Central Securities Depository Ltd
(CSDL) in 1998. Karvy has further set standards enabling comfort to the investor
by promoting paperless trading across the country and emerged as the Top 3
Depository Participants in the country in terms of customer service.
KSBL has established live DPMs (Depository Participant Modules), Internet
access to accounts and an easier transaction process in order to offer more
convenience to individual and corporate investors. A team of professional and the
latest technological expertise allocated exclusively to the demat division including
technological enhancements like SPEED-e, makes the response time quick and
delivery impeccable. A wide national network makes efficiencies accessible to all.
(Karvy.com)

DISTRIBUTION OF FINANCIAL PRODUCTS

The paradigm shift from pure selling to knowledge based selling drives this
industry today. With its wide portfolio offerings, Karvy occupies all segments in
the retail financial services industry.
The team of 1600 highly qualified and dedicated professionals, drawn from the
best academic and professional backgrounds is committed to maintaining high
levels of client service delivery. This has propelled this wing to grab a position
among the top distributors for equity and debt issues with an estimated market
share of 15% in terms of applications mobilized, besides being established as the
leading procurer in all public issues.
To further tap the immense growth potential in the capital markets it has enhanced
the scope of its retail brand, Karvy the Finapolis, thereby providing planning
and advisory services to the mass affluent. Here they understand the customer
needs and lifestyle in the context of present earnings and provide adequate
advisory services that will necessarily help in creating wealth. Judicious planning
that is customized to meet the future needs of the customer deliver a service that is
exemplary. The market-savvy and the ignorant investors, both find this service
very satisfactory.
(Karvy.com)

ADVISORY SERVICES
Karvys retail brand Karvy the Finapolis', deliver advisory services to a crosssection of customers. The service is backed by a team of dedicated and expert
professionals with varied experience and background of handling investment
portfolios. They are continually engaged in designing the right investment
portfolio for each customer according to individual needs and budget
considerations with a comprehensive support system that focuses on trading
customers' portfolios and providing valuable inputs, monitoring and managing the
portfolio through varied technological initiatives. This is made possible by the
expertise Karvy has gained in the business over the years.
Another venture towards being investor-friendly is the circulation of a monthly
magazine called Karvy - the Finapolis'. It covers the latest market news, trends,
investment schemes and research-based opinions from experts in various financial
fields.
(Karvy.com)

PRIVATE CLIENT GROUP

OR
CUSTOMIZED PORFOLIO MANAGEMNET
SERVICES
(CPMS)

Extending the expertise in personal financial advisory services, KARVY

STOCKBROKING LIMITED has now launched CPMS, a discretionary portfolio
management service for retail investors.
This specialized division is set up to cater to the high net worth individuals and
institutional clients keeping in mind that they require a different kind of financial
planning and management that augments not just existing finances but their lifestyle as well.
Each investor is a client who has unique parameters:
Return goals and objectives
Time horizon
Liquidity constraints
A distinctive tax status
Personal risk tolerances

Thus, the primary focus of CPMS is to provide individualized portfolio

management services for clients, personalized portfolios designed to fit a specific
investors investment parameters.
Each portfolio contains individually selected securities, which are not commingled
(pooled) with those of other investors, ensuring transparency and flexibility in
operations. There is also the benefit of investing in other asset classes to suit
clients needs like Mutual Funds, Derivatives, Insurance and even Real Estate.
A hard-nosed business approach with the soft touch of dedicated customer care
and personalized attention is followed here. A comprehensive and personalized
service that encompasses planning and protection of finances, planning of business
needs and retirement needs and a host of other services, is provided on a one-toone basis for this purpose.
Karvys research reports have been widely appreciated by this segment, and have
proved to be very useful at the same time. The delivery and support modules have
been fine tuned by giving the clients access to online portfolio information,
constant updates on their portfolios as well as value-added advice on portfolio
churning, sector switches etc. The investment recommendations given by research
team enjoy a high success rate in the cash market.

MARKETING PLAN
The SME Segment where I interned is at a very nascent stage. It started its
operations from 1st March 2006. The main driving force behind setting up of this
segment was the fact that the SMEs form the largest customer base for AMCs.

TARGET MARKET:
The main target customers for this segment are:
Small and Medium Enterprise
High Networth Individuals (HNIs)
The Small and Medium Enterprises are contacted through e-mails. KARVY keeps
updating its database which consists of contact numbers and e-mail addresses of
the Financial Heads of the corporates. Though these it is able to contact the
concerned person and send them all the details of the products and services which
KARVY deals in and are beneficial to them, from time to time. It also plans
Company visits occasionally wherein the Senior Relationship Managers visit the
companies and gives presentations on the market updates and the best investment
options available to the corporates.

The High Networth Individuals are also contacted through e-mails and calls. This
includes the ones who already have a fair idea of the investment options and
investing as well as the new budding investors who have little knowledge.

Marketing in SME Segment:

E-mails

SME

Tele calls

HNI

Company Visits

This segment has performed well so far and has contributed in increasing the
customer base by retaining the old ones and tapping new ones.

MARKETING PROBLEMS:
The basic problem in marketing for this segment is that though it has a sound
customer base it is not taking much efforts or steps to expand it with immediate
effects.

According to my observation during the tenure of my internship I noticed that the

major part of marketing for this segment is from the word of mouth. The satisfied
customers refer their peer groups an option to invest with Karvy. SME Segment is
able to maintain its customer base but it has scope to increase it. As this is the first
segment, not much people are aware of its workings.

COMPETITORS OF KARVY
KARVY serves a vast range of all financial products like advisory services,
Mutual funds, Bonds, Insurances etc, so all the companies who offer these services
are the competitors of the Karvy. There are many competitors for KARVY on this
basis and almost all of them offer the services which Karvy offers.
Few Major competitors are:
1.

India bulls

2.

Motilal oswal securities

3.

IL & FS investsmart Ltd.

4.

SSKI Ltd. (Sharekhan)

5.

Bonanza securities

6.

Kotak Securities

7.

CIL Securities

8.

Eastern Financiers

To get first hand details about them we visited a few stock broking houses and
talked about the financial instruments available with their company, their charges
for investments and the documents required by them.
Followings are the list of the companies we visited:
Anand Rathi Securities
IL & FS Investsmart
JRG Securities
Motilal Oswal Securities
India bulls

Comparative Analysis
S. NO BASIS

KARVY STOCK INDIABULLS

BROKING LTD

REACH

IL&FS
MOTILAL
INVESTSMART OSWAL
SECURITIES
LTD

ANANDRATHI
SECURITIES
LTD

OVER 200

OVER 640

OVER 200

1160

132

NO. OF BRANCHES
2.1

BROKERAGE INTRADAY

5 PAISE

10 PAISE

5 PAISE

4 PAISE

5 PAISE

2.2

BROKERAGE DELIVERY

50 PAISE

50 PAISE

50 PAISE

40 PAISE

50 PAISE

2.3

BROKERAGE FUTURE

5 PAISE

10 PAISE

5 PAISE

4 PAISE

5 PAISE

3.1

DEMAT A/C & TRADING A/C

OPENING CHARGE

Rs. 455

Rs. 900

Rs 950

Rs. 500

Rs 450

3.2

DEMAT A/C

NIL

NIL

NIL

Rs. 450

NIL

Depends

8 Times

Depends

2 Times

Depends

Depends

4 Times

Depends

Depends

Depends

Depends

7 Days

Depends

Depends

Rs. 1 LACS

Rs 5 LACS

Rs 25 LACS

ANNUAL MAINTENANCE
CHARGE
4

EXPOSURE
INTRADAY
DELIVERY

Depends

DAYS LIMIT
5

PMS

Rs 5 LACS

Rs 25 LACS

MINIMUM INVESTMENT
(Self collected Data

LEARNINGS

Working at KARVY STOCKBROKING LIMITED was largely an overwhelming

experience with gaining insights to a number of new things. The On-The Job
experience made it a worthwhile Internship, which gave me a great real time
Industry experience.

All is not the same in real life as we read in books and on net about the working
methods of different divisions and segments. Each segment in an organization has
its own work culture followed by the members and same was the case with SME
segment at Karvy Stock Broking Ltd. I had to put in my own efforts and take
initiative to learn and gain maximum knowledge possible during this period.

Primarily, the description of my work as a Management Trainee was to assist the

wealth managers by understanding the needs of the individual investors and
corporate houses and expanding the customer base of Karvy- SME Segment where
I interned. The work assigned definitely required awareness and understanding of
the all the financial products Karvy Stockbroking dealt in. It also required me to
know the procedures and documents involved in purchase of any product by the

client. I just had a basic idea of the products KARVY dealt in prior internship,
thus, acquiring knowledge about the same was very exciting.

There were training sessions held on various financial products like MF, insurance,
and bonds which helped me get more insight in these topics. Interactive session
was held by the Mutual Fund expert, which proved quite useful but still Mutual
Funds is a vast topic and it is possible to gain full knowledge about it only after
practically dealing in it.

Having knowledge about the product was just the initial step which prepared me to
face the questions asked by the inquisitive clients we targeted. Every step I had a
new lesson to learn.

The whole process started with first hand data collection. For this we visited the
corporate houses in Kormangala as well as collected data from banks, clubs and
other sources. We also collected data from few of our own contacts that we
thought could be useful. Getting the data from corporate houses was difficult as
no one really entertained visitor from stock broking companies for appointments.
Moreover it was difficult to get the contact number of the finance heads of the
companies, but we still managed and managed well.

The next step was tele-calling on the database collected. During telecalling, we
learnt the art of introducing ourselves and the company to the clients. It taught us
how to approach clients and suggest them various investment options. Our main
aim was to convince the prospective clients for appointment. We learnt that to
understand the clients mood at that point of time was also important. You had to
be polite and confident. If a client wanted to be called back at a specified time, I
did so without fail. No negligence was tolerated on this part as first impression is
the last impression and I didnt want to lose out on any prospective client

The time given by the client for the meet was given utmost importance. I and my
colleague tried to reach the meeting place in time so that the client didnt have to
wait. The entire experience of meeting the clients, explaining them the products,
and based on the questions asked by us, as well as the client, analyzing their risk
taking capability and investment capacity was a learning in itself.

After gathering above information about the clients, we used to discuss the clients
details with the Wealth Managers. Based on their investment requirement,
investment objective, risk taking ability and the investment capability we would
come up with suggestions as to where they should invest and how much.

If the client had already invested in any of the financial products, we tried
gathering details about the same. If the client had already invested in equities and
wanted to invest in safer investment options, we suggested him to go for Income
scheme in Mutual Funds or Bonds.

There were investors who wanted high returns but didnt want to take greater risk.
To such investors investments in mutual funds rather than equities was suggested.
Investors wanting to invest for taxes saving purpose were suggested to invest in
Tax Saving Mutual Funds like SBI Magnum Tax Gain, HDFC tax Benefit Scheme.

I also gave a presentation on the basis of self study and trainings provided to me
on Mutual Funds. This helped me improve my presentation skills and knowledge
about the same. As a student, I have given many presentations but this one gave
me a chance to face the corporate heads as evaluators. The feedback for the same
was good but scope for improvement always remains.

Also the deadlines given to me for completion of assignments and reports helped
me experience real time corporate work pressure. My awareness and knowledge
on the investment options, which was minimal prior internship has strengthened
and expanded post internship.

Other than working Live at the office I also benefited by assignments given to us
such as visiting other competitors of KARVY STOCKBROKING LIMITED and
gathering investment advices from their side for new and budding investors.
Usually for new investors they either suggest Insurance (if the client doesnt have
one), Mutual Funds or Equities but for long term.
The experience and know-how gained from this internship, has left me in more
compliant form and stature in order to fare better in areas of similar interest. With
an optimistic view towards future, and with the desire to implement all the
knowledge gained, I hereby conclude my report on my Internship at KARVY
STOCKBROKING LIMITED- SME Segment, Bangalore.

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