Post on 04-Jun-2018
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Specialized & Concerned about
the Health of your Wealth
Dr. WealthDr. Wealth
Advance Strategy Simple Solutions
www.narnolia.com
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From the desk of CMD
May 1, 2012 added another momentous day in the growth history
of our organization as we completed 15 years of our existence
as a full service advisory and broking rm. As we look back we
nd this journey of fteen years to be very satisfactory one – in
terms of size, variety and, more so, quality. During this whole
period, our determined work in the specialized elds of indices
development, fund management, portfolio diagnostic, corporate
advisory, equity broking and operational excellence helped us to
emerge as a leader, and win several national and international
accolades.
We have always believed that genuine money management
process requires an organized & cutting edge knowledge, latest
information, conceptual imagination and intelligent discipline.
That being so, we launched our in-house research only initiatives ‘Eastwind’ in New Delhi and ‘National Market Wave Research
Institute’ at Patna to further explore the quantitative, qualitative
and technical research models.
Nothing speaks better and louder than the quantum and quality of
result. The relative out-performance of various model portfolios
created based on above data and techniques was impressive
enough in absolute and relative term to draw the attention of
the leaders of the industry across the world and create a win
- win - win business model for the investors, company and its
distributors/people.
We take particular care in ensuring that the increasing size of our
organization should not affect the quality of our service, instead
it should help us to add value. Accordingly, we keep restructuring
and ne tuning the whole process of servicing at each touch
points based on our experience and global best practices.
I, on behalf of Narnolia, thank all our investors, associates
and all well wishers for their continued trust and contribution
during this whole journey of stupendous growth and we all lookforward to serving you with greater care, concern, courtesy and
commitment.
Wish you happy investing.
“Business is no longer a
matter of prots alone.
Prots must come through
public condence, and
public condence is given
to any businessman in
proportion to the service
which he gives to the
customers “
Krishna N Narnolia
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“ I give great credit to Narnolia ji for his great vision that how he has set up the operations & this is
how big companies are formed because he wants to be the best in the country and these companies
only ourish as the major companies of the country."
Sandeep Singh
National Sales Head - Franklin Templeton
"Narnolia Securities has played a pioneering role by bringing professional-level investment
management and advisory services to a region where this was not available earlier. Its contribution
to democratising investments are praiseworthy."
Dhirendra Kumar
CEO - Value Research
“Narnolia Securities in a short span has become perhaps, the largest franchisee group of the country.
This can be attributed to the professional and customers focused approach of the entire team. This
coupled with the man management skills of Mr. Krishna N Narnolia will drive the organization to evengreater heights.”
Nandagopal
CEO & Country Head - Reliance Life Insurance
"I admire Krishnanand’s vision, strategy and orgnaization building capabilities. He is always thinking
about how to become bigger and better. He has been able to create a very strong organization
against all odds. If I want some strong customer insight, he is the person I call upon.”
Motilal Oswal
Chairman - Motilal Oswal Sec. Ltd.
“Narnolia Securities Ltd. has developed into one of our most successful and most awarded partnerships.
In just 8 years Narnolia Securities has been able to grow to an organization with over 275 outlets,
servicing over 1,00,000 clients. This is a testament to the leadership of Mr Krishna N Narnolia and the
passion of the entire team at Narnolia Securities Ltd."
Raamdeo Agarwal
MD - Motilal Oswal Sec Ltd.
My vision for creating wealth for my investors got a great boost with my association with Narnolia
Securities with Goodwill of Brand Narnolia & their world-class products, services & strong value
systems, along with charismatic leadership of Krishnaji. He and his team really work as Financial
Doctors in nding solutions for nancial problems of clients in most efcient way.
Umashankar Choudhary
Strategic Partner & Director - Pasupati Capital
I am really impressed by the company and its people for their sincerity, honesty, dedication and
complete transparency. I am a guy who does not get impressed so easily and I am now fully satised
and the value addition they are giving to my money is quite appreciable and I wish this company grow
more and more.
R. P. Ritolia
Client and former CMD - CCL
Views : For The Narnolians
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"Not even a world war can
keep the Stock Market from
being a bull market when
the conditions are bullish,
or a bear market when
conditions are bearish. All
a man needs to know to
make money is to appraise
conditions"
Lawrence Livingston
Investment and Business Opportunities
Generation and management of money was never so difcult and
easy as it is today. The needs were limited, the opportunities
were limited, the Darwinian theory of survival of the ttest was
not that intense, the return on the age old reliable no brainer ally
(Bank deposit, PPF like xed return schemes) was giving enough
return to obviate the need to think beyond it.
The emergence of India as a phenomenon in the globalized
world backed by favorable relative demographic, economic
and geographical conditions brought with it several lifetime
opportunities and, unfortunately, many more difculties also for
those who were/are not t enough. We believe that these trends
and habits are not temporary phenomenon and are likely to last
beyond geographies and generations backed by these inherent
relative strengths. As per the Demographic Model, when a countrypasses through stage 3 it offers immense potential of business
and investment opportunities which is impossible to repeat in
one's lifetime.
In case of India, stage 3 is believed to have started between
2005- 2010 and should last at least 30 to 40 years. This period
with low ratio of dependents will lead to a period marked by
higher savings ratio, higher investment ratio and also higher
consumption ratio, and the virtuous cycle spins.
We call it a THIRD WAVE and are of the view that the benets
of this wave will be shared disproportionately by few who are
suitably placed; be it an individual or corporation; be it an activeinvestor or passive; be it a prot organization or not-for-prot
organization. The power of knowledge will be realized increasingly
beyond the libraries as an important partner of growth. 'Growth for
the sake of survival' will be the rened mantra for the businesses
and ‘how much of equity' will replace 'whether to have equity'
in the nancial planning of the passive investors including the
corporations, charities etc.
We believe, the sooner one adapts and takes the right step in the
right direction the better are the chances of one's survival and
growth.
High birth rate, rapid fall in eachupward age group due to high death
rates; short life expectancy.
Males (%) Females (%) Males (%) Females (%) Males (%) Females (%) Males (%) Females (%)
Stage 1 - expanding Stage 2 - expanding Stage 3 - stationary Stage 4 - contracting
Age
65
15
High birth rate, fall in death rate asmore living in middle age; slightly
longer life expectancy.
Declining birth rate; low death rate;more people living to old age. Low birth rate; low death rate;higher dependency ratio; longer life
expectancy.
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Built to Last Foundations
We know what we should do and what we should not. The bedrock
of such informed beliefs and decisions is grounded in our core
principle of improving nancial security of our select customers –
in a way which is absolutely ethical and relatively superior, than
the industry standards, and also in a way that the long term
interests of the company is taken care of automatically while
believing and doing so.
Vision
We will be the most trusted, most knowledgeable, most
understanding and most concerned provider of value added and
customer centric nancial services in our strategically chosen
class and also mass market.
Mission
We commit ourselves both in thought and action to raise ourselves
in the eyes of our true boss i.e, the investors from being a mere
transaction broker to a true family nancial doctor and help them
to protect and improve their nancial health. We further resolve
not to sell daru (gambling) in the bottle of dawa (investment)
and will dare to tell them the difference between the two even if
it results into low revenue in the short term. We shall invest most
of our time, energy and resources to reduce gaps at each touch
points with our existing investors, and shall see our growth intheir growth. Let us believe that quantity follows quality.
Our Core Purpose
Like a Doctor whose primary duty is to save and improve the life
of his patient, the primary duty of our company, as an investment
and nancial advisor, should be to help our customers protect and
create wealth. The prot of the organization should be seen as
the secondary objective and as the resultant of the primary duty.
Our Business Model
The business model is centered around the vision, mission and
core purpose of the organization. It was realized that the interests
of the customers (core purpose) could best be served if we have
the expertise to create such products and services which can
truly serve the interests of the investors and then if we have a
distribution channel which can deliver such products and services
in the most personalized, localized and efcient way.
Accordingly the unique Wealth Creation – the Narnolia edge
model was developed with various intensive research based
products and services which can genuinely claim to be truly world
class and truly personalized.
“The key to realizing a
dream is to focus not on
success but signicance -
and then even the small
steps and little victories
along your path will take on
greater meaning.”
Oprah Winfrey
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Narnolia : Brief History
The history of the company dates back to 1993. The brilliant
academic track record and a deep understanding of capital market
of its founder CMD Mr. Krishna N Narnolia helped him to lay
the solid foundation of Narnolia with well dened philosophies
and core values.
1997 q The rm was corporatized. Mr. Shailendra Kumar
(B.E., M.Tech, IIT Delhi) joined the company as one
of the co-founding director who brought with him his
experience of fund management and advisory.
1999 q Strategic decision was taken to spread out. Became
the rst company in the area to open self managed
branches and franchisee outlets with both NSE &
BSE terminals.
2004 q Tied up with Birla Sunlife as the exclusive
distributor of its life insurance products.
2005 q Strategic tie up with Value Research headed
by Dhirendra Kumar for exclusive advisory to the
investors of Narnolia. Published jointly monthly
magazine Narnolia Mutual.
2006 q Launched Narnolia Premier Club for its premium
clients.
2007 q The company was converted in to Public Ltd Co.
q Corporatized the research wing in the name of
Eastwind based on global best practices of research.
2008 q Got ISO - 9001 : 2000 certication for Quality
Management. Got upgraded to ISO - 9001 : 2008
in the year 2010.
q Series of investment and Corporate Benchmarks
(e/w index) were launched including the All
Share Index which represents 99.5% of market
capitalization.
q Launched "Knowledge Capital" to impart basic
and advance knowledge & training to investors.
q World famous Islamic Index was launched in
New-Delhi by Smt. Sheila Dikshit (CM, Delhi),
Mohd. Ashraf Fatmi (MOS, Govt. of India), Mr A.
M. Ahmadi (Former Chief Justice of India) in the
presence of representatives of various Governments
and institutions. It got national and international
accolades and is still most widely tracked index to
identify Shari’ah Compliant Indian stocks.
“I have found no greater
satisfaction than achieving
success through honest
dealing and strict adherence
to the view that, for you to
gain, those you deal with
should gain as well.”
Alan Greenspan
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Narnolia : Brief History
2009 q The launch of Model Eagle Fund on 1st October
2009.
2010 q Published 'Narnolia Finedge' magazine with digital
fundamental research based Superior Performance
Ranking (SPR) on 1641 stocks & 150 Mutual Fund
schemes.
q Eastwind emerged as pioneer in quantitative
equity research which drew interests of the leading
names in the nancial industry including Merryl
Lynch, Blackrock, JP Morgan, Ernst & Young LLP,
Goldman Sachs, HSBC Banking & Financial Services,
Barclays Capital, First Quadrant, PNC Bank, UTI etc.
q 'Wealth Creation–the Narnolia edge' Model was
launched with superior return generating products &
services.
q SAFE services launched to work as Secretary,
Advisor, Friend & Expert of client through in-house
software 'Spectrum'.
q Research Lab founded which prepares the SDR
(Screening, Diagnosis and Recommendations)
report to nd the potential of investor's holding to
beat the index in the long run and take full advantageof India growth story. This has revolutionized the
whole concept of wealth creation in the country.
2011 q Opening of Central Strategy Desk for premier club
members.
2012 q Launch of Narnolia India 3T Fund on 27th of March
2012.
q Monthly Magazine of Narnolia "Market Twitter"
was launched by Mr. Ramesh Damani, with
technical & fundamental research updates from ourown research lab.
q Became the rst LLP of India to apply for AIF Hedge
Fund category under SEBI (Alternative Investment
Fund) Regulations 2012.
“Disneyland will never be
completed, as long as there
is imagination left in the
world”
Walt Disney
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Research Lab
This innovative concept of advisory on a stock or ones portfolio
to help our individual and institutional clients to reap maximum
benets of India growth story as it unfolds over a period of time,
has drawn interests and accolades from individual and institutional
clients, fund managers and industry leaders across the globe. The
objective was to advise our clients to pick the criteria based best
performing stock/portfolio on an absolute and relative basis from
out of the widest possible and available investment universe. The
all famous SDR report is prepared by our team of investment
experts of this Lab based on such research data analytic wherein
we offer to analyze the portfolio of each of our select investors to
nd the allocation imbalances of the portfolio vis-a-vis the Index
and the desired range on the parameters of size, sector, style
and value matrix. And based on this comprehensive screening
and diagnosis two optional recommendations are given to the
investors to restore the balance and, thus, to reap the full benets
of India growth story.
Research Methodologies – 4 steps
1. Investment Universe Creation & Classication
• Data Analytics on widest Indian Market Coverage : 1641
Stocks with 99.5% of the total market capitalization.
• Grouping of stocks into 4 Cap, 10 Sectors, 44 Industries,76 Sub-Industries, Style based and Theme based
Classication.
• Stocks Quantitative Parameters : 'Earning Score' and
'Price Score' using detailed nancial account data of
these companies.
for detailed process please visit
narnolia.com/index.php/research-lab/
2. Approved 'Buy' list preparation
• Identifying Valuation Multiple for each Industry.
• Data analytics by placing stocks into four quadrants
based on growth and valuation.
• Analyzing last 10 years valuation & growth history of
each Co.
• Identifying companies with appropriate growth and
valuation characteristics to be placed in approved 'buy'
list.
“When you go to 10 doctors
to discuss the treatment for
a disease and if all agree on
one treatment you opt that;
but in investing it can be the
most dangerous option”
Anonymous
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“A man with his head in the
oven and body in the freezer
may have an average body
temperature of 98.6 degrees,
but he can’t be comfortable.
A good average return on
investment can’t justify
the importance of poor
businesses and anonymous
bull market tips.”
Anonymous
3. Focused 'Buy' list preparation
• Identify valuation trends for stocks of approved 'buy list' in
peer relative sense by using valuation mapping techniques.
• Data Analytics using statistical technique as applied on price
data of all stocks to identify stocks exhibiting rising ALPHA.
• Identifying top 70 stocks for Portfolio recommendations.
4. Portfolio weightage allocation/Risk Management
• Proprietary Model to determine optimized weightage to
various industries. Benchmark weightage is revised based
on industry index performance & adaptable snifng model
using fundamental parameters to decipher 'themes in force'
in the market.
• Optimal weightage assignment to avoid risk concentration
Portfolio Analytic Report : SDR
The all famous SDR (Screening, Diagnosis and Recommendations)
report, all across the world, is prepared by our team of investment
experts of its Lab at New Delhi based on such research data analytic
wherein we offer to analyze the portfolio of each of our select
investors to nd the allocation imbalances of the portfolio vis-a-
vis the Index and the desired range on the parameters of size,
sector, style and value matrix. And based on this comprehensive
screening and diagnosis two optional recommendations are given
to the investors to restore the balance.
The recommended portfolios are then tracked on line with the
use of in-house software and rebalanced depending on macro
indicators, market conditions, out-performing themes, relative
performance of stocks etc. and, thus, to reap the full benets of
India growth story and generate a revenue which is more than his
personal style of investing and relevant benchmarks. For sample
copy of the report please visit:
narnolia.com/index.php/research-lab/sample-q-pod-sdr-
report/
Psychological Discipline
Financial Discipline
Beta Control
A l f a
G e n e r a t o r s
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Fund Management & Advisory
Any person claiming/charging fee against fund management or
advisory activity has a duciary responsibility to its customers
to generate superior return at a given risk compared to the no
brainer relevant benchmark and the peers. But, data suggest that
more than 70% of the fund managers across times and across
countries have failed to do so and those who could do it have
contributed meaningfully to investors’ wealth creation.
This being the fact, Narnolia has always seen good enough
meaning in allocating higher percentage of its resources than
the industry average towards this pursuit of generating this risk
adjusted out-performance. The research team at New Delhi under
the leadership of Mr. Shailendra Kumar, co-founding director and
research head, has worked for over 10 years towards this pursuit
by exploring all known strategies and tools of superior return on1641 stocks (99.5% of market cap) with the use of 80 valuation
techniques based on the best practices of both quantitative and
qualitative research models.
The performance of various model portfolios created based on
above data and techniques have generated alpha at a desired
beta over the back tested period of over 10 years and empirical
period of 3 years, which was enough in absolute and relative
terms to draw the attention of the leaders of the industry across
the world and then to launch our registered portfolio management
and advisory services.
Wealth Creation Objectives for Investors
1. Beat the relevant index on a sustainable basis over the
years without taking extra risks and, thus, to remain
amongst the top fund mangers and advisors.
2. Beat the return on bank deposits by atleast 200-300% in
all of the equity schemes over a long time horizon.
Wealth creation Objectives for Traders
1. Maintain the overall success ratio to the bare minimum of
55%.
2. Keeping the success ratio better than the industry.
“The normal client has
a risk tolerance of 100 %
equity when the markets are
up and 0 % equity when the
markets are down”
Anonymous
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Wealth Management Services
Wealth is dened as the difference between what one owns
and what one owes. It can be in the form of personal property,
monetary savings and capital wealth.
Objective
To help the investors to know, understand and prioritize their
total needs in different phases of life and then to use all of its
scarce resource in a way that it leads to nancial independence
and mental peace.
Investment Methodology
What differentiates our Wealth Management service from others
is its approach which is both holistic and individual customer
centric with value addition at each stage :
1. First, we help the investors to identify various needs
that he might be or should be having for his dependent
children and dependent retired seniors. We, then, help
them to identify his and spouse’s various hidden needs,
intermediate needs and their own retirement needs. As
the resources are limited and the cost of each need is
inationary in nature we help the investors to quantify
and prioritize such needs and then help them to plan for
various needs depending on his personal constraints, viz,
time horizon, risk appetite and nancial resources.
2. Secondly, we educate each client to understand the
needs and the earning power of his resources on the risk
– return parameters.
3. Thirdly, We estimate conservative returns of each of the
11 avenues over a period consistent with needs’ time
horizon. And then the standard deviation, covariance and
correlation are calculated.
4. Fourth, all these estimates are fed into the in-house
computer optimizer and after lots of analysis of various
combinations best suitable portfolio is arrived at.
5. Fifthly, the investment policy is nalized accordingly with
a comprehensive road map in terms of where to invest,
how much (strategic and tactical allocation) to invest
in different avenues and how to measure performance
in future against the benchmarks. For this purpose
'Eastwind' has developed 65 different indices to make
the comparison meaningful.
“The real question to ask is
not ‘ is it a good solution?’;
instead, it should be ‘is this
solution appropriate for our
customers?”
Anonymous
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Wealth Management Services : Process
Monitoring
Investing
Objective
AttainmentInvestment
Objective
Monitoring
Money
Managers
Portfolio constructionand revision
Money managerSelection, implement
and execution
AssetSimulation Model
InvestmentPolicy
CapitalMarket
Expectation
Objectives & constraints
“The recommendation to
buy equities is not for higher
return alone but because
they are one of investor’s
safest assets”
Evenskey
6. Sixthly, diversify the portfolio in each avenue to generate
superior return with the support of the world-class in-
house wealth creation model.
7. Seventhly, the performance of each manager/scheme
is tracked:luck v/s strategy relative to index, their
benchmark, other peer group managers. In case of
consistent underp-erformance, particularly due to
compromise in philosophy, process and people the
manager is red.
8. Last, we conduct regular client reviews, rebalance and
modify allocated funds as per changes in client needs,
opportunities, fund size and natural imbalance due to
differential growth.
Wealth Management Products : There are two ways
to take benet of wealth management services:
a. My goal / goals : Those who want to take benetof the whole exercise of the world class wealth
management services of India for one or more of
their denite need/needs can avail this facility. This
option is suitable to those who either don’t have the
constraints of resources vis-a-vis their needs or to
those who want to take time before moving to the
comprehensive one.
b. My penny : This is the most comprehensive wealth
management policy wherein the wealth manager
becomes a family nancial doctor of the investor
for all of his needs and aspirations as against their
constraints.
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Strategic Alliance
Narnolia was amongst the very rst few to have recognized,
believed and widely propagated the India growth story. The
country is passing through unprecedented phase of growth
which comes once in 200 – 300 years of life cycle of a nation. It
would mean different things to different people and will inuence
different people in different sectors and in the same sector or even
in the same industry very differently. Thankfully, broking industry
is likely to be one of the major beneciaries of this unprecedented
growth, but as always there wont be any single best path to
success and no exclusive approach to seizing opportunities. Those
suitably placed will grow multifold at the cost of others who will
fail to adapt. Few of the projections based on our research work
on ‘Contextual Intelligence‘ can be of relevance : by 2022 SENSEX
can grow 6.5 times, broking industry can grow over 5 times, top
10 broking rms can have 68.2% market share, trading income
to decline to 1/8th, advisory income to grow 8 times…
What is in store for you? How can you be a beneciary of
this unprecedented growth and threat cycle?
15 years of intensive research and experience of the company
and the broking industry across times and across nations have
helped us to evolve best product mix in the country and 5 different
ways to survive and grow – depending on specic circumstances
of each company (For details please visit narnolia.com/index.
php/strategic-al liance/5-ways-of-survival-and-growth/).
Different combinations are worked out based on the 78 steps, 35
processes and suitable capabilities which can help our strategic
partners to ride and enjoy this journey of growth.
Who can be Benetted
Common interests give rise to partnerships, common minds
make it grow and it is the common values and beliefs that make
it sustainable. Those in the following businesses and those who
share our values and approach can join hands with us to createsynergy :
• Broking Firms
• Banks
• Depository Participants
• NBFCs
• AMCs
• Insurance Companies
• Arbitrageurs, Big Sub Brokers, Trusts etc.
'Shared interests give rise to
partnership, shared minds
make it grow, but it is the
shared values that make it
sustainable'
K Narnolia
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Distribution
» Primary Market : Initial Public Offer (IPO) by non listed
companies or follow on offer by presently listed companies
present good opportunities for making high returns on
investment in a very short period of time. However, contrary
to common belief investment through new issues does not
always give high return or guarantee capital protection.
We provide you the list of all forthcoming new issues & in-
depth analysis of all such issues. Online bidding collection
centres at multiple locations and a detailed news, views,
follow up, recent listings etc are provided to our investors
free of cost. We have a dedicated servicing team to help
you to relieve you of all possible hassles of investing in new
issues.
» Insurance : As per several estimates it is observed that
Indians are grossly under insured due to lower per capita
income, low level of understanding of this hidden goal and
also due to the havoc created by the insurance agents. We,
at NARNOLIA, realize the importance of insurance as one
of the most important need of an individual which will soon
be bought willingly by the investors as a part of the asset
allocation exercise; instead of being sold to. We entered
into some exclusive tie ups with the leading life and non
life insurance companies of the country. The policies are
sold strictly as per the needs of the investors keeping inmind the total cost-benets of insurance to the clients.
» Mutual Funds : Mutual fund schemes are preferably sold
as a part of Model Portfolio (MMP). But, all those who want
to buy schemes beyond the recommended portfolio can
do so through our distribution channel. We can assist our
investors here to create wealth because of :
a. Our tie up with almost all the AMCs operating in the
country.
b. The exclusive tie up with India’s premier Mutual Fundadvisor-Value Research, headed by Mr. Dhirendra
Kumar with whom a monthly magazine Narnolia
Mutual (a part of Narnolia Wealth) is jointly published.
c. The globally acclaimed in-house research team
of Eastwind, a Narnolia research Initiative, which
allocates SPR ratings to various mutual fund schemes
based on the future superior return rather than the
historical performance. The model portfolio suggested
by Eastwind has been able to generate superior return
than the benchmark on a consistent basis
'It is not the strongest of the
species that survive, nor the
most intelligent, but one
most responsive to change'
Charls Darwim
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Commodities and Currencies
Of late commodities and currencies are emerging fast as
meaningful options of investment along with other asset classes
and are likely to have a deeper root with the participation of
wider segments of market participants like investors, hedgers,
arbitrageurs, traders, manufacturers, planters, importers,
exporters etc. It is expected that volumes in commodities and
currencies will surpass the volumes in equity. Both on-line and
off-line trading facilities along with specialized in-house research
advisory based on technical and fundamental analysis are made
available to support various participants in a suitable to their
needs.
Narnolia Knowledge Center
“Scientia potentia est i.e. knowledge is power” was said originally
by Sir Francis Bacon in 1597 but its relevance was never realized
more than today when knowledge is considered both as the
product and the crucial factor/enabler in the development of
both society and, increasingly, of the economic conditions of
the individual, organization and the nation. This change was
brought about or facilitated by the emerging interlocking forces
of globalization and the emerging dominance of service sector led
economies enabled by the revolutions in technology, media and
telecommunication.
Over the last few years the importance of knowledge is being
realized to arrive at the investment decisions as the ination
adjusted return on the age old no brainers ally i.e. bank/ post
ofce deposit is hardly enough in the context of the rising
aspirations of TV dominated nuclear family, easy consumption &
investment nance , convergence of entertainment, retailing and
tourism.
In view of this we, at Narnolia, decided to create an independent
department to impart knowledge and training to the investors,
traders and also to the company employees. It includes the basic
and the advance course on Indian nancial system, macro economic
indicators, India story, technical & fundamental analysis, wealth
management, working of various nancial markets comprising
money market, bond market, stock market, commodity market
and the forex market etc.
“A true professional is
one who adheres to ethical
standards and is accepted
by others as possessing
relevant knowledge and
skills derived from research,
education and training, and
who is prepared to apply it
in the interest of others”
Dictionary
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Advance Strategy Simple Solutions
Recognitions and Awards
• Nominated by CNBC as the 'Best Investment Advisor for
the East' for 2008.
• Recognized byFranklin Templeton as the 'Best DistributionHouse in the East in terms of no. of Applications’. Later a case
study was conducted on Narnolia at its US headquarters.
• Won the Best Franchisee Network of the Country Award
for 2004, 2006, 2007 & 2008 by MOSt.
• Honored with G D BIRLA award for the contribution to the
state of Jharkhand.
• Recognized for having leading market share in several IPOs
including one by Punjab National Bank for a market share of
84% in Jharkhand.
• Honored with “Business Leadership Award for Industrial
Development” by Indian Economic Development & Research
Association (IEDRA) at New Delhi.
• Honored with “Hall of Fame” award at Singapore and again
with prestigious “Champion of the Champions” Trophy of
the country by MOSL.
• Awarded by Reliance life as the Best Channel Distributor of
the country for several quarters of 2007-08.
• Got national and international recognition/appreciation by
various dignitaries and world media for the launch and
maintenance of Shari’ah compliant EW Islamic Index.
• The quantitative equity research of Eastwind is widely
recognized and tracked even by the leading names in the
nancial industry including Merryl Lynch, Blackrock, JP
Morgan, Ernst & Young LLP, Goldman Sachs, HSBC
Banking & Financial Services, Barclays Capital, First
Quadrant, PNC Bank, UTI etc.
• Thematic studies and co-research studies with Economic
Times on several topics drew huge public/institutional
interest.
• Annualized return of 23.69% on our unique "Quantrade
Strategy" where risk is almost ' Zero', even during bearish
market drew wide interests and recognition by industry
leaders locally and globally.
Each reward is nothing but a
residual result of relentlessly
asking the question 'how
can we improve ourselves to
do better tomorrow than we
did today'.
James Collins
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Disclaimer : This report/message is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you.
Narnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any action based upon it. This report/message is not for public distribution and has been furnished to you
solely for your information and should not be reproduced or redistributed to any other person in any from. The report/message is based upon publicly available information,
ndings of our research wing “East wind” & information that we consider reliable, but we do not represent that it is accurate or complete and we do not provide any express
or implied warranty of any kind, and also these are subject to change without notice. The recipients of this report should rely on their own investigations, should use their own
judgment for taking any investment decisions keeping in mind that past performance is not necessarily a guide to future performance & that the the value of any investment or
income are subject to market and other risks. Further it will be safe to assume that NSL and /or its Group or associate Companies, their Directors, afliates and/or employees
may have interests/ positions, nancial or otherwise, individually or otherwise in the recommended/mentioned securities/mutual funds/ model funds and other investment
products which may be added or disposed including & other mentioned in this report/message. NSL or any of its afliates or employees shall not be in any way responsible for
any loss or damage that may arise to any person from any action taken based on the above information or inadvertent error in the information contained in this report/message.
Launching of Islamic Index by
Smt. Sheila Dikshit in New Delhi
Nominated by CNBC
‘Best Investment Advisor, 2008’
Launching of Narnolia Mutual in Ranchi by
Mr. Dhirendra Kumar, CEO Value Research
Launching of Narnolia Market Twitter in Ranchi
by Mr. Ramesh Damani
Best Distribution House award by Franklin Templeton
who also conducted case study on Narnolia in USA
Best Franchisee award for 4 consecutive years
in the presence of Mr. Samir Arora
Hall of Fame” award by MOSt
in a function held at Singapore
Business leadership award by IEDRA
Felicitating Sri. B.K. Birla in Ranchi
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Narnolia Research Center
805-806| Ansal Bhawan | 16 K.G. Marg | Connaught Place NewDelhi - 110 001 | Ph : 011-23705992 | Fax : 011-23312729
Central Strategy Desk - Kolkata
124 | 1st Floor | 7/1 Lords Sinha Road | Kolkata - 71Ph : 033-22821500 | M : 093320 53192 | E-mail : research@narnolia.com
www.narnolia.com
Narnolia Capital Advisors (P) Ltd.
Advance Strategy Simple Solutions
SEBI Registered Portfolio Manager
(Regn. No. : INP 000004011)
Strategic Partner/Franchisee/RO/BO