Portfolio Management in Reliance Commercial Finance Ltd

5/12/2018 Portfolio Management in Reliance Commercial Finance Ltd - slidepdf.com

http://slidepdf.com/reader/full/portfolio-management-in-reliance-commercial-finance-ltd

INTERNSHIP PROJECT REPORT

PORTFOLIO MANAGEMENT

IN

RELIANCE COMMERCIAL FINANCE LTD

1

http://images.google.co.in/imgres?imgurl=http://www.iipm-del-fw-cheguevera.com/images/logo-iipm_1.jpg&imgrefurl=http://www.iipm-del-fw-cheguevera.com/images/&h=143&w=120&sz=8&hl=en&start=197&tbnid=O0zDnLm9wPeCmM:&tbnh=94&tbnw=79&prev=/images?q=iipm+&start=180&gbv=2&ndsp=20&svnum=10&hl=en&sa=N



ACKNOWLEDGEMENT

Undertaking any project in life proves to be a milestone in more ways

than one. Its successful completion relies on a myriad people and their

priceless help. I am deeply indebted to all who have inspired, guided and

helped me in the successful completion of the project. I owe debt of

gratitude to them, who were so generous with their valuable time and

expertise.

Through this acknowledgement I express my sincere gratitude towards

all those people who helped me in this project, which has been a learning

experience.

I am thankful to my guide and mentor Prof. Dipti Sharma for guiding me

throughout this study without their help this thesis would have not be

completed.

I appreciate the co-ordination extended by my friends and also express

my sincere thankfulness to the entire faculty members of Indian Institute

of Planning & Management, Delhi, giving me the opportunity to do this

project/study and also assisting me for the same.

2



TABLE OF CONTENT

TOPIC

• Title page

• Completition certificate from the company / organization

• Acknowledgements

• Table of contents

• Executive summary

• Introduction

• Research objectives and methodology

• Body of the Report

• Industry Overview

• Reliance Commercial Finance Ltd – Company Details

• Competitors Information

• Primary findings and analysis

• An Assessment Of The Internship

• Recommendations

• Conclusion

• Annexure

• Bibliography

3



EXECUTIVE SUMMARY

Reliance Commercial Finance aims to enable people fulfill all their

ambitions by creating assets for personal & business requirements.

It offers an exhaustive suite of financial solutions – Mortgages Loans,

Loans against property, Loans for Commercial Vehicles, Loans for

Construction Equipment, SME Loans, Auto Loans, business loans, Loans

against Securities and Infrastructure Financing

What’s more, with the help of our easy-to-use loan calculator, you can

decide on the tenure, interest rate and the loan amount that best suits you.

Reliance Commercial Finance has a loan book size of Rs. 13,927 crore

(US$ 2.8 billion), with a customer base of over 1,01,000 customers, as on

September 30, 2011, across the top 18 Indian metros.

Reliance Commercial Finance prides itself in creating customized

financial solutions for our partners and customers by offering greatTurnaround Time.

4



INTRODUCTION

PORTFOLIO MANAGEMENT SERVICES

Portfolio (finance) means a collection of investments held by an

institution or a private individual. Holding a portfolio is often part of an

investment and risk-limiting strategy called diversification. By owning

several assets, certain types of risk (in particular specific risk) can bereduced. There are also portfolios which are aimed at taking high risks –

these are called concentrated portfolios.

Investment management is the professional management of various

securities (shares, bonds etc) and other assets (e.g. real estate), to meet

specified investment goals for the benefit of the investors. Investors may

be institutions (insurance companies, pension funds, corporations etc.) or

private investors (both directly via investment contracts and more

commonly via collective investment schemes e.g. mutual funds).

The term asset management is often used to refer to the investment

management of collective investments, whilst the more generic fund

management may refer to all forms of institutional investment as well as

investment management for private investors. Investment managers who

specialize in advisory or discretionary management on behalf of

(normally wealthy) private investors may often refer to their services as

5



wealth management or portfolio management often within the context of

so-called "private banking".

The provision of 'investment management services' includes elements of

financial analysis, asset selection, stock selection, plan implementation

and ongoing monitoring of investments. Outside of the financial industry,

the term "investment management" is often applied to investments other

than financial instruments. Investments are often meant to include

projects, brands, patents and many things other than stocks and bonds.

Even in this case, the term implies that rigorous financial and economicanalysis methods are used.

Need of PMS

As in the current scenario the effectiveness of PMS is required. As the

PMS gives investors periodically review their asset allocation across

different assets as the portfolio can get skewed over a period of time.

This can be largely due to appreciation / depreciation in the value of the

investments.

As the financial goals are diverse, the investment choices also need to be

different to meet those needs. No single investment is likely to meet all

the needs, so one should keep some money in bank deposits and / liquid

funds to meet any urgent need for cash and keep the balance in other

investment products/ schemes that would maximize the return and

minimize the risk. Investment allocation can also change depending on

one’s risk-return profile.

6



Objective of PMS

There are the following objective which is full filled by Portfolio

Management Services.

1. Safety Of Fund: -

The investment should be preserved, not be lost, and should remain

in the returnable position in cash or kind.

2. Marketability: -

7



The investment made in securities should be marketable that

means, the securities must be listed and traded in stock exchange

so as to avoid difficulty in their encashment.

3. Liquidity: -

The portfolio must consist of such securities, which could be en-

cashed without any difficulty or involvement of time to meet

urgent need for funds. Marketability ensures liquidity to the

portfolio.

4. Reasonable return: -

The investment should earn a reasonable return to upkeep the

declining value of money and be compatible with opportunity cost

of the money in terms of current income in the form of interest or

dividend.

5. Appreciation in Capital: -

The money invested in portfolio should grow and result into capital

gains.

6. Tax planning: -

Efficient portfolio management is concerned with composite tax

planning covering income tax, capital gain tax, wealth tax and gift

tax.

7. Minimize risk: -

8



Risk avoidance and minimization of risk are important objective of

portfolio management. Portfolio managers achieve these objectives

by effective investment planning and periodical review of market,

situation and economic environment affecting the financial market.

PORTFOLIO CONSTRUCTION

The Portfolio Construction of Rational investors wish to maximize the

returns on their funds for a given level of risk. All investments possess

varying degrees of risk. Returns come in the form of income, such as

interest or dividends, or through growth in capital values (i.e. capital

gains).

The portfolio construction process can be broadly characterized as

comprising the following steps:

1. Setting objectives.

The first step in building a portfolio is to determine the main objectives

of the fund given the constraints (i.e. tax and liquidity requirements) that

may apply. Each investor has different objectives, time horizons and

attitude towards risk. Pension funds have long-term obligations and, as a

result, invest for the long term. Their objective may be to maximize total

returns in excess of the inflation rate. A charity might wish to generate

the highest level of income whilst maintaining the value of its capital

9



received from bequests. An individual may have certain liabilities and

wish to match them at a future date. Assessing a client’s risk tolerance

can be difficult. The concepts of efficient portfolios and diversification

must also be considered when setting up the investment objectives.

2. Defining Policy.

Once the objectives have been set, a suitable investment policy must beestablished. The standard procedure is for the money manager to ask

clients to select their preferred mix of assets, for example equities and

bonds, to provide an idea of the normal mix desired. Clients are then

asked to specify limits or maximum and minimum amounts they will

allow to be invested in the different assets available. The main asset

classes are cash, equities, gilts/bonds and other debt instruments,

derivatives, property and overseas assets. Alternative investments, such

as private equity, are also growing in popularity, and will be discussed in

a later chapter. Attaining the optimal asset mix over time is one of the

key factors of successful investing.

3. Applying portfolio strategy.

At either end of the portfolio management spectrum of strategies are

active and passive strategies. An active strategy involves predicting

trends and changing expectations about the likely future performance of

the various asset classes and actively dealing in and out of investments to

10



seek a better performance. For example, if the manager expects interest

rates to rise, bond prices are likely to fall and so bonds should be sold,

unless this expectation is already

factored into bond prices. At this stage, the active fund manager should

also determine the style of the portfolio. For example, will the fund invest

primarily in companies with large market capitalizations, in shares of

companies expected to generate high growth rates, or in companies

whose valuations are low? A passive strategy usually involves buying

securities to match a preselected market index. Alternatively, a portfolio

can be set up to match the investor’s choice of tailor-made index. Passivestrategies rely on diversification to reduce risk. Outperformance versus

the chosen index is not expected. This strategy requires minimum input

from the portfolio manager. In practice, many active funds are managed

somewhere between the active and passive extremes, the core holdings of

the fund being passively managed and the balance being actively

managed.

4. Asset selections .

Once the strategy is decided, the fund manager must select individual

assets in which to invest. Usually a systematic procedure known as an

investment process is established, which sets guidelines or criteria for

asset selection. Active strategies require that the fund managers apply

analytical skills and judgment for asset selection in order to identify

undervalued assets and to try to generate superior performance.

5. Performance assessments

11



In order to assess the success of the fund manager, the performance of the

fund is periodically measured against a pre-agreed benchmark – perhaps

a suitable stock exchange index or against a group of similar portfolios

(peer group comparison). The portfolio construction process is

continuously iterative, reflecting changes internally and externally. For

example, expected movements in exchange rates may make overseas

investment more attractive, leading to changes in asset allocation. Or, if

many large-scale investors simultaneously decide to switch from passive

to more active strategies, pressure will be put on the fund managers tooffer more active funds. Poor performance of a fund may lead to

modifications in individual asset holdings or, as an extreme measure; the

manager of the fund may be changed altogether.

Steps to Stock Selection Process

12



Types of Assets

The structure of a portfolio will depend ultimately on the investor’s

objectives and on the asset selection decision reached. The portfolio

structure takes into account a range of factors, including the investor’s

time horizon, attitude to risk, liquidity requirements, tax position and

availability of investments. The main asset classes are cash, bonds and

other fixed income securities, equities, derivatives, property and overseas

assets.

13



• Cash and cash instruments

Cash can be invested over any desired period, to generate interest

income, in a range of highly liquid or easily redeemable instruments,

from simple bank deposits, negotiable certificates of deposits,

commercial paper (short term corporate debt) and Treasury bills (short

term government debt) to money market funds, which actively manage

cash resources across a range of domestic and foreign markets. Cash is

normally held over the short term pending use elsewhere (perhaps for

paying claims by a non-life insurance company or for paying pensions), but may be held over the longer term as well. Returns on cash are driven

by the general demand for funds in an economy, interest rates, and the

expected rate of inflation. A portfolio will normally maintain at least a

small proportion of its funds in cash in order to take advantage of buying

opportunities.

• Bonds

Bonds are debt instruments on which the issuer (the borrower) agrees to

make interest payments at periodic intervals over the life of the bond –

this can be for two to thirty years or, sometimes, in perpetuity. Interest

payments can be fixed or variable, the latter being linked to prevailing

levels of interest rates. Bond markets are international and have grown

rapidly over recent years. The bond markets are highly liquid, with many

issuers of similar standing, including governments (sovereigns) and state-

guaranteed organizations. Corporate bonds are bonds that are issued by

14



companies. To assist investors and to help in the efficient pricing of bond

issues, many bond issues are given ratings by specialist agencies such as

Standard & Poor’s and Moody’s. The highest investment grade is AAA,

going all the way down to D, which is graded as in default. Depending on

expected movements in future interest rates, the capital values of bonds

fluctuate daily, providing investors with the potential for capital gains or

losses. Future interest rates are driven by the likely demand/ supply of

money in an economy, future inflation rates, political events and interest

rates elsewhere in world markets. Investors with short-term horizons and

liquidity requirements may choose to invest in bonds because of their relatively higher return than cash and their prospects for possible capital

appreciation. Long-term investors, such as pension funds, may acquire

bonds for the higher income and may hold them until redemption – for

perhaps seven or fifteen years. Because of the greater risk, long bonds

(over ten years to maturity) tend to be more volatile in price than

medium- and short-term bonds, and have a higher yield.

• Equities

Equity consists of shares in a company representing the capital originally

provided by shareholders. An ordinary shareholder owns a proportional

share of the company and an ordinary share carries the residual risk and

rewards after all liabilities and costs have been paid. Ordinary shares

carry the right to receive income in the form of dividends (once declared

out of distributable profits) and any residual claim on the company’s

assets once its liabilities have been paid in full. Preference shares are

another type of share capital. They differ from ordinary shares in that the

15



dividend on a preference share is usually fixed at some amount and does

not change. Also, preference shares usually do not carry voting rights

and, in the event of firm failure, preference shareholders are paid before

ordinary shareholders. Returns from investing in equities are generated in

the form of dividend income and capital gain arising from the ultimate

sale of the shares. The level of dividends may vary from year to year,

reflecting the changing profitability of a company. Similarly, the market

price of a share will change from day to day to reflect all relevant

available information. Although not guaranteed, equity prices generally

rise over time, reflecting general economic growth, and have been foundover the long term to generate growing levels of income in excess of the

rate of inflation. Granted, there may be periods of time, even years, when

equity prices trend downwards – usually during recessionary times. The

overall long-term prospect, however, for capital appreciation makes

equities an attractive investment proposition for major institutional

investors.

• Derivatives

Derivative instruments are financial assets that are derived from existing

primary assets as opposed to being issued by a company or government

entity. The two most popular derivatives are futures and options. The

extent to which a fund may incorporate derivatives products in the fund

will be specified in the fund rules and, depending on the type of fund

established for the client and depending on the client, may not be

allowable at all.

16



A futures contract is an agreement in the form of a standardized

contract between two counterparties to exchange an asset at a fixed price

and date in the future. The underlying asset of the futures contract can be

a commodity or a financial security. Each contract specifies the type and

amount of the asset to be exchanged, and where it is to be delivered

(usually one of a few approved locations for that particular asset). Futures

contracts can be set up for the delivery of cocoa, steel, oil or coffee.

Likewise, financial futures contracts can specify the delivery of foreign

currency or a range of government bonds. The buyer of a futures contract

takes a ‘long position’, and will make a profit if the value of the contractrises after the purchase. The seller of the futures contract takes a ‘short

position’ and will, in turn, make a profit if the price of the futures

contract falls. When the futures contract expires, the seller of the contract

is required to deliver the underlying asset to the buyer of the contract.

Regarding financial futures contracts, however, in the vast majority of

cases no physical delivery of the underlying asset takes place as many

contracts are cash settled or closed out with the offsetting position before

the expiry date.

An option contract is an agreement that gives the owner the right, but

not obligation, to buy or sell (depending on the type of option) a certain

asset for a specified period of time. A call option gives the holder the

right to buy the asset. A put option gives the holder the right to sell the

asset. European options can be exercised only on the options’ expiry

date. US options can be exercised at any time before the contract’s

maturity date. Option contracts on stocks or stock indices are particularly

popular. Buying an option involves paying a premium; selling an option

17



involves receiving the premium. Options have the potential for large

gains or losses, and are considered to be high-risk instruments.

Sometimes, however, option contracts are used to reduce risk. For

example, fund managers can use a call option to reduce risk when they

own an asset. Only very specific funds are allowed to hold options.

• Property

Property investment can be made either directly by buying properties, or

indirectly by buying shares in listed property companies. Only major institutional investors with long-term time horizons and no liquidity

pressures tend to make direct property investments. These institutions

purchase freehold and leasehold properties as part of a property portfolio

held for the long term, perhaps twenty or more years. Property sectors of

interest would include prime, quality, well-located commercial office and

shop properties, modern industrial warehouses and estates, hotels,

farmland and woodland. Returns are generated from annual rents and any

capital gains on realization. These investments are often highly illiquid.

Types of Portfolios

The different types of Portfolio which is carried by any Fund Manager to

maximize profit and minimize losses are different as per their

objectives .They are as follows.

• Aggressive Portfolio:

18



Objective: Growth. This strategy might be appropriate for investors who

seek High growth and who can tolerate wide fluctuations in market

values, over the short term.

• Growth Portfolio:

Objective: Growth. This strategy might be appropriate for investors who

have a preference for growth and who can withstand significant

fluctuations in market value.

• Balanced Portfolio :

19



Objective: Capital appreciation and income. This strategy might be

appropriate for investors who want the potential for capital appreciation

and some growth, and who can withstand moderate fluctuations in

market values

• Conservative Portfolio:

Objective: Income and capital appreciation. This strategy may be

appropriate for investors who want to preserve their capital and minimize

fluctuations in market value.

20



21



TECHNIQUES OF PORTFOLIO MANAGEMENT

Various types of portfolio require different techniques to be adopted to

achieve the desired objectives. Some of the techniques followed in India

by portfolio managers are summarized below.

(1). Equity portfolio-

Equity portfolio is affected by internal and external factors:

(a) Internal factors – Pertain to the inner working of the particular company of which equity

shares are held. These factors generally include:

• Market value of shares

• Book value of shares

• Price earnings ratio (P/E ratio)

•

Dividend payout ratio

(b) External factors –

• Government policies

• Norms prescribed by institutions

• (3) Business environment

•

(4) Trade cycles

(2). Equity stock analysis –

22



The basic objective behind the analysis is to determine the probable

future – value of the shares of the concerned company. It is carried out

primarily fewer than two ways. :

• Trend of earning: -

A higher price-earnings ratio discount expected profit growth.

Conversely, a downward trend in earning results in a low price-

earnings ratio to discount anticipated decrease in profits, price and

dividend. Rising EPS causes appreciation in price of shares, which benefits investors in lower tax brackets? Such investors have not

pay tax or to give lower rate tax on capital gains.

Many institutional investor like stability and growth and support

high EPS.

Growth of EPS is diluted when a company finances internally its

expansion program and offers new stock.

EPS increase rapidly and result in higher P/E ratio when a

company finances its expansion program from internal sources

and borrowings without offering new stock.

• Quality of reported earning: -

Quality of reported earnings affects P/E ratio. The factors that affect the

quality of reported earnings are as under:

23



Depreciation allowances: -

Larger (Non Cash) deduction for depreciation provides more

funds to company to finance profitable expansion schemes

internally. This builds up future earning power of company.

Research and development outlets : -

There is higher P/E ratio for a company, which carries R&D

programs. R&D enhances profit earning strength of the company

through increased future sales.

Inventory and other non-recurring type of profit : -

Low cost inventory may be sold at higher price due to

inflationary conditions among profit but such profit may not

always occur and hence low P/E ratio.

(C) Dividend policy: -

Dividend policy is significant in affecting P/E ratio. With higher dividend

ratio, equity price goes up and thus raises P/E ratio. Dividend rates are

raised to push in share prices up. Dividend cover is calculated to find out

the time the dividend is protected, In terms of earnings. It is calculated as

under:

Dividend Cover = EPS / Dividend per Share

(D) Investors demand: -

Demand from institutional investors for equity also enhances the P/E

ratio.

24



PORTFOLIO MANAGEMENT SERVICES IN RELIANCE

COMMERCIAL FINANCE LIMITED

•

• Pro Prime

Product Approach

Investment will be keeping in mind 3 investment tenets.

• Consistent, steady and sustainable returns.

• Margin of Safety

• Low Volatility

Product Offering

Pro Prime is the ideal for investors looking at steady and superior with

low and medium risk appetite.

The portfolio consists of a blend of quality blue chip and growth stocks

ensuring a balanced portfolio with relatively medium risk profile.

25

PMS

Pro Prime

Pro

ArbitragePro Tech



The portfolio constitutes of relatively large capitalization stocks, based

on sector and themes which have medium to long term growth potential.

Product Characteristics

• Bottom up stock selection

• In depth ,independent fundamental research

• High quality companies with relatively large capitalization

• Disciplined valuation approach applying multiple valuation

measure.

• Medium to long term vision, resulting in low portfolio

turnover.

How to invest?

• Minimum Investment : 10 Lacs

• Lock in : 6 months

• Reporting: Access to website showing clients holding .Monthly

reporting of portfolio holding /transaction.

• Charges: 2.5% pa AMC (Annual Maintenances Charges) fees

charged every quarter ,0.5% brokerage ,20% profit sharing after

15% hurdle is crossed chargeable at the end of fiscal year.

• Pro Arbitrage

Product Approach

An opportunity lies in basis which is the difference between cash and

future. Whenever basis is high we buy the stocks and sell the future to

lock in difference .The difference is bound to be zero at expiry.

26



Product Offered

Cash –future arbitrage:

The product intends to spot low risk opportunities which will yield more

than the normal low risk product .Whenever such opportunity is spotted

stocks will be bought and to lock in the basis, future will be sold .This

position will be liquated in the expiry or before that if the basis vanishes

early .Similarly the scheme will move on from opportunity to

opportunity.

Product CharacteristicsLow –Risk: This is relatively low risk product which can be compared

with liquid funds issued by mutual funds.

High return: Compared with other low risk products, this products

offers an indicative post tax return of 8 to 10% plus.

Product Details

• Minimum Investment:Rs.1 Crore

• Lock in :6 months

• Reporting: Fortnightly for portfolio Net worth, Monthly reporting

pf portfolio Holding /transaction.

• Charges: 0.035% brokerage for future ,0.07% for delivery

• Pro Tech

Protech using the knowledge of technique analysis and the power of

depravities markets to identify trading opportunities in the market .The

27



protech line of the product is designed around various risk /reward

/volatility profiles for the different kind of investment needs.

Product Approach

Better performance is possible from superior market timing and from

picking stocks before inflation points in their trading cycles .Linear

return are possible from having hedged/ sell market positions in

downtrends .Absolute return are targeted by focusing on finding trading

opportunities & not out performance of an index.

Product offered1. Nifty Thirty :

Nifty futures will be bought and sold on the basis of an automated

trading system generated calls to go long/short. The exposure will

never exceed the value of portfolio i.e. no leveraging; but allows us

to be short /hedged in Nifty in falling market therefore allowing

the client to earn irrespective of the market direction.

2. Beta Portfolio :

Positional trading opportunities are identified in the future segment

based on technical analysis .Inflection points in the momentum

cycles are identified to go long /short on stock/index futures with

1-2 months time horizon .The idea is to generate the best possible

return in the medium term irrespective of the direction of the

market without really leveraging beyond the portfolio value. Risk

protection is done based on stop losses on daily closing prices.

3. Star Nifty:

28



Swing trading technique and Dow theory is used to identify short –

term reversal levels for Nifty futures and ride with trend both on

the long and short side .This return can be earned in bull and bear

market .Stop and reverse means to reverse ones position from long

to short or vice a versa at the reversal levels simultaneously .The

exposure never exceeds value of portfolio i.e. there is no

leveraging.

4. Trailing Stops.

Momentum trading techniques are used to spot short –termmomentum of 5-10 days in stocks and stocks /index futures

.Trailing stop loss method of risk management or profit protection

is used to lower the portfolio volatility and maximize return

.Trading opportunities are exposed both on the long side and the

short side as the market demands to get the best of both upward

and downward trends.

29



Product Characteristics

• Using swing based index –trading systems stop and reverse .trend

following and momentum trading technique.

• Nifty based products for low impact cost and low product

volatility

• Both long and short strategies to earn returns even in falling

market.

• Trading in future market to allow for active risk protection using

trailing stop losses.

How to invest?

• Minimum : Rs.10 Lacs

• Lock in : 6 months

• Reporting: Fortnightly reporting of portfolio Net Worth,

monthly reporting of portfolio Holding /Transaction.

Charges: 0% AMC (Annual Maintenance Charges), 0.05% brokerage for derivatives, 20% profit sharing on booked profit quarterly basis.

30



RESEARCH METHODOLOGY

SIGNIFICANCE

The main significance of the project is to understand the factorsinfluencing the decision to invest in a company. Since, Indian stock

market have been doing so well for the last many years, still majority of

people make their investment in either traditional investment avenues or

in schemes where there money is secure and in return what they get is a

return just a couple of percentage over the rate of inflation. The main idea

behind working on the project was to find out the main factors that play

very vital role when a person is thinking about making investment is

stocks. I took 23 variables into consideration before preparing a

questionnaire for survey.

There were some open and some close ended types of questions. As for

as secondary data related to project is concerned, it was collected from

various sources. Most part of it was collected from Net, Books, Newspapers, Magazines etc.

MANAGERIAL USEFULNESS OF THE STUDY

This project is very useful to analyze customer satisfaction with respect

to the company they are investing into. The marketing department can

use this study to enhance their marketing strategies for better sales. This

report helps marketing department in taking decision to what change in

distribution channels and what should be done so that marketing problem

could be shorted out and how to sell their range of product in the

competitive market.

31



The very essence of every project related to marketing is providing a

view to management for chalk out the organization. So that they can

maintain a viable fit between the organization objective, skill and

resource and its changing market opportunities. Also give proper shape to

the company business target profit and growth. It provides a feedback to

the organization about their sales, sales schemes and what impact does it

has on the retailers and consumer. Every market research proves useful

suggestion to the organization. Marketing research helps the firm in

every component of the total marketing task. It helps the firm in every

component of the total marketing task. It helps the firm acquire a better understanding of the buyer, the competition and marketing environment.

It also aids the formulation of the marketing mix, product, and

distribution and pricing needs marketing research supports.

It also helps in taking the information of competitor’s strategies and their

impact on the buyer. The study revels may fact that have come up during

the project and these facts can either be used as opportunities in exploring

and expending the business as well as can be used and safeguard against

threats by the competitors to prepare an effecting marketing strategies.

Every market research proves usefulness to the organization. Marketing

research helps the firm in every component of the total marketing task.

Its helps the firm acquire a better understanding of the consumer, the

competition and the marketing environment.

It also aids he formulation of marketing mix, decision on each element of

marketing mix, product, distribution and promotion and pricing etc need

the support of marketing research.

32



OBJECTIVES OF THE STUDY

• To know the concept of Portfolio Management Services.

•

To know about the awareness in public towards stock brokers andshare market.

• To study about the competitive position of Reliance Commercial

Finance Ltd in Competitive Market.

• To study about the effectiveness & efficiency of Reliance

Commercial Finance Ltd in relation to its competitors

SCOPE OF THE STUDY

These are some of the following scope of the study:-

In today's complex financial environment, investors have unique

needs which are derived from their risk appetite and financial

goals. But regardless of this, every investor seeks to maximize his

returns on investments without capital erosion. Portfolio

Management Services (PMS) recognize this, and manage the

investments professionally to achieve specific investment

objectives, and not to forget, relieving the investors from the day to

day hassles which investment require.

To look out for new prospective customers who are willing to

invest in PMS.

To find out the Reliance Commercial Finance Ltd, PMS services

effectiveness in the current situation.

33



METHODOLOGY

The methodology section is the blue print for researcher activity and

specifies bow the investigator intents to study the people or describe

social settings. In other words the methodology section make explicit the

study desire and constitutes the “how to do it” phase.

The project study has been conducted by collecting primary data only

using structured questionnaire. No secondary data is used.

I have put my best possible effort to do this research and collect thenecessary information to learn about this topic thoroughly.

RESEARCH DESISGN OF THE STUDY

This report is based on primary as well secondary data, however primary

data collection was given more importance since it is overhearing factor

in attitude studies. One of the most important users of research

methodology is that it helps in identifying the problem, collecting,

analyzing the required information data and providing an alternative

solution to the problem .It also helps in collecting the vital information

that is required by the top management to assist them for the better

decision making both day to day decision and critical ones.

The study consists of analysis about Investors Perception about the

Portfolio Management Services offered by Reliance Commercial Finance

Ltd. For the purpose of the study 100 customers were picked up at

random and their views solicited on different parameters.

34



The methodology adopted includes

Questionnaire

Random sample survey of customers

Discussions with the concerned

SOURCES OF DATA

Primary data: Questionnaire

Secondary data: Published materials of Reliance Commercial

Finance Ltd. Such as periodicals, journals, news papers, and

website.

SAMPLING PLAN

Sampling:

Since Reliance Commercial Finance Ltd has many segments I selected

Portfolio Management Services (PMS) segment as per my profile to do

market research. 100% coverage was difficult within the limited period

of time. Hence sampling survey method was adopted for the purpose of

the study.

Population:

(Universe) customers & non consumers of Reliance Commercial

Finance Ltd

35



Sampling size:

A sample of five hundred was chosen for the purpose of the study.

Sample consisted of Investor as based on their Income and Profession as

well as Educational Background.

Sampling Methods:

Probability sampling requires complete knowledge about all sampling

units in the universe. Due to time constraint non-probability sampling

was chosen for the study.

Sampling procedure:

From large number of customers & non consumers sample lot were

randomly picked up by me.

36



INDUSTRY OVERVIEW

Overview of Industry as a Whole

Do you know that the world's foremost marketplace New York Stock

Exchange (NYSE), started its trading under a tree (now known as 68

Wall Street) over 200 years ago? Similarly, India's premier stock

exchange Bombay Stock Exchange (BSE) can also trace back its origin

to as far as 125 years when it started as a

voluntary non-profit making association.

You hear about it any time it reaches a new high

or a new low, and you also hear about it daily in

statements like 'The BSE Sensitive Index rose

5% today'. Obviously, stocks and stock markets

are important. Stocks of public limited

companies are bought and sold at a stock exchange. But what really are

stock exchanges? Known also as TV News on the stock market appears in

different media every day. he stock market or bourse, a stock exchange is

an organized marketplace for securities (like stocks, bonds, options) featured by

the centralization of supply and demand for the transaction of orders by

member brokers, for institutional and individual investors. The exchange

makes buying and selling easy. For example, you don't have to actually

go to a stock exchange, say, BSE - you can contact a broker, who does

business with the BSE, and he or she will buy or sell your stock on your

behalf.

37

http://www.thebizpapertoday.com/tbtstock/?

http://www.ulearntoday.com/magazine/physics_article1.jsp?FILE=stockglossary#7










http://www.thebizpapertoday.com/tbtstock/?



All stock exchanges perform similar functions with respect to the listing,

trading, and clearing of securities, differing only in their administrative

machinery for handling these functions. Most stock exchanges are

auction markets, in which prices are determined by competitive bidding.

Trading may occur on a continuous auction basis, may involve brokers

buying from and selling to dealers in certain types of stock, or it may be

conducted through specialists dealing in a particular stock.

But where did it all start? The need for stock exchanges developed out of

early trading activities in agricultural and other commodities. During the

middle Ages, traders found it easier to use credit that required supporting

documentation of drafts, notes and bills of exchange. The history of the earliest

stock exchange, the French stock exchange, may be traced back to 12th

century when transactions occurred in commercial bills of exchange.

The first stock exchange in India, Bombay Stock Exchange was established in

1875 as 'The Native Share and Stockbrokers Association' and has

evolved over the years into its present status as the premier stock

exchange in the country. It may be noted that BSE is the oldest stock

exchange in Asia, even older than the Tokyo Stock Exchange, which was

founded in 1878. The country's second stock exchange was established in

Ahmedabad in 1894, followed by the Calcutta Stock Exchange (CSE).

CSE can also trace its origin back to 19th century. From a get together

under a 'Neem Tree' way back in the 1830s, the CSE was formally

established in May 1908.

India's other major stock exchange National Stock Exchange (NSE), promoted by

leading financial institutions, was established in April 1993. Over the

38


http://www.bseindia.com/about/abintrobse/introd.asp

http://www.tse.or.jp/english/index.shtml

http://www.nseindia.com/us/usindex.htm


http://www.bseindia.com/about/abintrobse/introd.asp

http://www.tse.or.jp/english/index.shtml

http://www.nseindia.com/us/usindex.htm



years, several stock exchanges have been established in the major cities

of India. There are now 23 recognized stock exchanges — Mumbai

(BSE, NSE and OTC), Calcutta, Delhi, Chennai, Ahmedabad, Bangalore,

Bhubhaneswar, Coimbatore, Guwahati, Hyderabad, Jaipur, Kochi,

Kanpur, Ludhiana, Mangalore, Patna, Pune, Rajkot, Vadodara, Indore

and Meerut. Today, most of the global stock exchanges have become

highly efficient, computerized organizations. Computerized networks

also made it possible to connect to each other and have fostered the

growth of an open, global securities market.

Realizing there is untapped market of investors who want to be able to

execute their own trades when it suits them, brokers have taken their

trading rooms to the Internet. Known as online brokers, they allow you to

buy and sell shares via Internet.

Online Trading is a service offered on the Internet for purchase and sale

of shares. In the real world, you place orders on your stockbroker either

verbally (personally or telephonically) or in a written form (fax). In

Online Trading, you will access a stockbroker's website through your

internet-enabled PC and place orders through the broker's internet-based

trading engine. These orders are routed to the Stock Exchange without

manual intervention and executed thereon in a matter of a few seconds.

There are 2 types of online trading service: discount brokers and full

service online broker . Discount online brokers allow you to trade via

Internet at reduced rates. Some provide quality research, other don’t. Full

service online brokerage is linked to existing brokerages. These brokers

allow their clients to place online orders with the option of talking/

chatting to brokers if advice is needed. Brokerage rates here are higher.

39



5Paisa.com, ICICIDirect.com, IndiaBulls.com, sharekhan.com,

HDFCsec.com, Tatatdw.com, HMRstreet.com are some of the online

broking sites in India.

Stock Market

With the backing of the World Bank group, many developing countries

started giving prominence to stock markets for financing enterprises and

allocation of savings. In India too, the process started in the early

‘eighties. In the wake of increased pace of economic liberalizationinitiated in 1991, the Capital Issues Control Act, 1947, which till then

regulated the issue and pricing of new capital, was done away with and

even greater emphasis was placed on the stock market. As a part of the

measures to develop the stock market and liberalization of the external

sector, foreign institutional investors were invited to trade directly on the

Indian stock exchanges. The main expectations were that the market

would help corporate raise resources directly from investors, help attract

foreign portfolio capital and facilitate the process of privatization. The

entry of foreign portfolio/institutional investors (FIIs) was expected to

broaden the base of the market and also help in the market’s development

by forcing developing country governments to follow consistent and

market friendly policies. Through their expert analysis and research, FIIs

were expected to help in better price discovery. Since 1991, a number of

measures at improving share trading and delivery mechanisms and

investor protection ranging from more periodic disclosures, takeover

regulations, insider trading rules, corporate governance code, etc. have

40



been introduced by the Securities and Exchange Board of India ( SEBI),

the market regulator.

PARTIES INVOLVED IN SHARE TRADING

1. BOMBAY STOCK EXCHANGE (BSE)

Bombay Stock Exchange Limited is the oldest stock exchange in Asia

with a rich heritage. Popularly known as "BSE", it was established as

"The Native Share & Stock Brokers Association" in 1875. It is the first

stock exchange in the country to obtain permanent recognition in 1956from the Government of India under the Securities Contracts

(Regulation) Act, 1956.The Exchange's pivotal and pre-eminent role in

the development of the Indian capital market is widely recognized and its

index, SENSEX, is tracked worldwide. Earlier an Association of Persons

(AOP), the Exchange is now a demutualised and corporative entity

incorporated under the provisions of the Companies Act, 1956, pursuant

to the BSE (Corporatisation and Demutualization) Scheme, 2005 notified

by the Securities and Exchange Board of India (SEBI).

The Exchange has a nation-wide reach with a presence in 417 cities and

towns of India. The systems and processes of the Exchange are designed

to safeguard market integrity and enhance transparency in operations.

During the year 2004-2005, the trading volumes on the Exchange showed

robust growth.

The Exchange provides an efficient and transparent market for trading in

equity, debt instruments and derivatives. The BSE's On Line Trading

41



System (BOLT) is a proprietary system of the Exchange and is BS 7799-

2-2002 certified. The surveillance and clearing & settlement functions of

the Exchange are ISO 9001:2000 certified.

2. NATIONAL STOCK EXCHANGE (NSE)

Capital market reforms in India have outstripped the process of

liberalization in most other sectors of the economy. However, the

creation of an independent capital market regulator was the initiation of

this reform process. After the formation of the Securities Marketregulator, the Securities and Exchange Board of India (SEBI), attention

were drawn towards the inefficiencies of the bourses and the need was

felt for better regulation, discipline and accountability. A Committee

recommended the creation of a 2nd stock exchange in Mumbai called the

"National Stock Exchange". The Committee suggested the formation of

an exchange which would provide investors across the country a single,

screen based trading platform, operated through a VSAT network.

It was on this recommendation that setting up of NSE as a technology

driven exchange was conceptualized. NSE has set up its trading system

as a nation-wide, fully automated screen based trading system. It has

written for itself the mandate to create a world-class exchange and use it

as an instrument of change for the industry as a whole through

competitive pressure. NSE was incorporated in 1992 and was given

recognition as a stock exchange in April 1993. It started operations in

June 1994, with trading on the Wholesale Debt Market Segment.

Subsequently it launched the Capital Market Segment in November 1994

42



as a trading platform for equities and the Futures and Options Segment in

June 2000 for various derivative instruments.

NSE was set up with the objectives of:

(a) Establishing a nationwide trading facility for all types of securities;

(b) Ensuring equal access to investors all over the country through an

appropriate communication network;

(c) Providing a fair, efficient and transparent securities market using

electronic trading system;

(d) Enabling shorter settlement cycles and book entry settlements; and

(e) Meeting international benchmarks and standards.

NSE has been able to take the stock market to the doorsteps of the

investors. The technology has been harnessed to deliver the services to

the investors across the country at the cheapest possible cost. It provides

a nation-wide, screen-based, automated trading system, with a high

degree of transparency and equal access to investors irrespective of

geographical location. The high level of information dissemination

through on-line system has helped in integrating retail investors on a

nation-wide basis. The standards set by the exchange in terms of market

practices, products, technology and service standards have become

industry benchmarks and are being replicated by other market

participants.

Within a very short span of time, NSE has been able to achieve all the

objectives for which it was set up. It has been playing a leading role as a

change agent in transforming the Indian Capital Markets to its present

form. The Indian Capital Markets are a far cry from what they used to be

43



a decade ago in terms of market practices, infrastructure, technology, risk

management, clearing and settlement and investor service.

FUTURE OUTLOOK

With increasing globalisation and consolidation amongst exchanges, the

future of the regional stock exchanges, around 22 in India, is likely to be

very uncertain and even their very survival is a question mark.

Sebi has permitted the regional exchanges to form subsidiary companies,

which are akin to super brokers. These companies have acquiredmembership of both BSE and NSE at confessional entry fees and

permitted their members to trade on the BSE and NSE thus increasing

trade volumes and business in both BSE and NSE.

The stock markets of the future will have a redefined purpose and

reinvented architecture due to the advent and widespread use of

technology. Information and stock price quotations are available almost

instantaneously and more importantly investors can act on this data by

executing a trade from anywhere at any time.

This new market will bring benefits to investors, listed companies, and

the economies of countries. Trading will be cheaper, faster and settlement

will be simpler and with reduced risk. Raising capital for companies will

be easier, thus contributing directly to economic expansion.

The leaders in this new world of investing will be the ones willing to be

agents of change, to best meet the needs of investors and companies, and

to do what is best for these two principal stakeholders in the capital

markets.

44



If done right, the stock markets of the future will be even better vehicles

than today in helping companies grow, creating jobs, providing fair

investment opportunities for people, and in improving economies.

Both the exchanges, BSE and NSE, are visionary, proactive and

increasingly use leading-edge technologies to effectively compete in the

global environment. In the not-too-distant future, once full capital

account convertibility is permitted in India one could well witness an

expansion of trading volumes and its resultant economic benefits to the

thriving and ever-young metropolis of Mumbai.

45



COMPANY PROFILE

RELIANCE COMMERCIAL FINANCE LTD

Reliance Commercial Finance aims to enable people fulfill all their

ambitions by creating assets for personal & business requirements.

It offers an exhaustive suite of financial solutions – Mortgages Loans,

Loans against property, Loans for Commercial Vehicles, Loans for

Construction Equipment, SME Loans, Auto Loans, business loans, Loans

against Securities and Infrastructure Financing

What’s more, with the help of our easy-to-use loan calculator, you can

decide on the tenure, interest rate and the loan amount that best suits you.

Reliance Commercial Finance has a loan book size of Rs. 13,927 crore

(US$ 2.8 billion), with a customer base of over 1,01,000 customers, as on

September 30, 2011, across the top 18 Indian metros.

Reliance Commercial Finance prides itself in creating customized

financial solutions for our partners and customers by offering great

Turnaround Time.

46



RELIANCE CAPITAL

HISTORY

Reliance Capital Limited (RCL) was incorporated in year 1986 atAhmedabad in Gujarat as Reliance Capital & Finance Trust Limited. The

name RCL came into effect from January 5, 1995. In 2002, RCL shifted

its registered office to Jamnagar in Gujarat before it finally moved to

Mumbai in Maharashtra, in 2006.

In 2006, Reliance Capital Ventures Limited merged with RCL and with

this merger the shareholder base of RCL rose from 0.15 million

shareholders to 1.3 million.

RCL entered the Capital Market with a maiden public issue in 1990 and

in subsequent years further tapped the capital market through rights issue

and public issues. The equity shares were initially listed on the

Ahmedabad Stock Exchange and The Stock Exchange Mumbai.

Presently the shares are listed on The Stock Exchange Mumbai and the

National Stock Exchange of India.

RCL in the initial years engaged itself in steady annuity yielding

businesses such as leasing, bill discounting, and inter-corporate deposits.

Later, in 1993 diversified its business in the areas of portfolio investment,

lending against securities, custodial services, money market operations,

project finance advisory services, and investment banking.

RCL was accredited a Category 1 Merchant banker by the Securities

Exchange Board of India (SEBI). It had lead managed/co-managed 15

47



issues of an aggregate value of Rs. 400 crore and had underwritten 33

issues for an aggregate value of Rs. 550 crore. All these companies were

listed on various exchanges.

RCL obtained its registration as a Non-banking Finance Company

(NBFC) in December 1998. In view of the regulatory requirements RCL

surrendered its Merchant Banking License.

RCL has since diversified its activities in the areas of asset management

and mutual fund; life and general insurance; consumer finance and

industrial finance; stock broking; depository services; private equity and

proprietary investments; exchanges, asset reconstruction; distribution of

financial products and other activities in financial services.

VISION

"The most profitable, innovative, and most trusted financial services

company in India and in the emerging markets".

In achieving this vision, the company will be both customer-centric and

innovation-driven.

48



TOP MANAGEMENT PROFILE

Reliance Capital is anchored by a team of experienced and committed

visionaries who are dedicated towards scaling the company to greater

heights through innovation and excellence; thereby creating value for all

our stakeholders.

• Amit Bapna (Chief Financial Officer, Reliance Capital)

• Arun Hariharan (President, Quality and Knowledge Management,

Reliance Capital)

• K. Achuthan (Chief People Officer, Reliance Capital)

• K. V. Srinivasan (Chief Executive Officer, Reliance Commercial

Finance)

• Lav Chaturvedi (Chief Risk Officer, Reliance Capital)

•

Madhusudan Kela (Chief Investment Strategist, Reliance Capital)

• Malay Ghosh (Executive Director & President, Reliance Life

Insurance Company)

• Rajnikant Patel (President and Chief Executive Officer, Reliance

Spot Exchange)

•

Sam Ghosh (Chief Executive Officer, Reliance Capital)

• Sandeep Phanasgaonkar (Chief Technology Officer, Reliance

Capital)

• Sanjay Jain (Chief Marketing Officer, Reliance Capital)

49



• Sundeep Sikka (Chief Executive Officer, Reliance Capital Asset

Management)

• Rakesh Jain (Chief Executive Officer, Reliance General

Insurance)

• Vikrant Gugnani (Chief Executive Officer, International Business-

Reliance Capital)

• (Executive Director, Reliance Securities Ltd)

• V. R. Mohan (President and Company Secretary )

BUSINESS OVERVIEW

Reliance capital, a constituent of cnx nifty junior and msci india, is a part

of the reliance group. It is one of india's leading and amongst most

valuable financial services companies in the private sector.

Reliance capital has interests in asset management and mutual funds; life

and general insurance; commercial finance; equities and commodities

broking; investment banking; wealth management services; distribution

of financial products; exchanges; private equity; asset reconstruction;

proprietary investments and other activities in financial services.

Reliance mutual fund is amongst top two mutual funds in india with over

seven million investor folios. Reliance life insurance and reliance generalinsurance are amongst the leading private sector insurers in india.

Reliance securities is one of india’s leading retail broking houses.

Reliance money is one of india’s leading distributors of financial

products and services.

50



Reliance capital has a net worth of rs. 7,844 crore (us$ 2 billion) and total

assets of rs. 33,356 crore (us$ 7 billion) as on september 30, 2011.

BALANCE SHEET

Balance Sheet of

Reliance Capital

------------------- in Rs. Cr. -------------------

Mar '11 Mar '10 Mar '09 Mar '08 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 246.16 246.16 246.16 246.16 246.16Equity Share

Capital

246.16 246.16 246.16 246.16 246.16

Share Application

Money

0 0 0 0 0

Preference Share

Capital

0 0 0 0 0

Reserves 6,781.53 6,712.90 6,560.28 5,779.07 4,915.07

RevaluationReserves

0 0 0 0 0

Networth 7,027.69 6,959.06 6,806.44 6,025.23 5,161.23

Secured Loans 13,646.1

1

6,522.02 4,937.04 2,454.48 145

Unsecured Loans 4,836.91 5,436.13 8,842.49 6,871.10 1,256.36

Total Debt 18,483.0

2

11,958.1

5

13,779.5

3

9,325.58 1,401.36

Total Liabilities 25,510.7

1

18,917.2

1

20,585.9

7

15,350.8

1

6,562.59



51



Application Of Funds

Gross Block 157.34 211.2 351.63 336.24 298.63

Less: Accum.

Depreciation

78.32 125.69 252.69 231.61 214.52

Net Block 79.02 85.51 98.94 104.63 84.11Capital Work in

Progress

110.03 82.25 93.79 17.45 14.6

Investments 11,166.6

6

10,676.0

4

8,746.49 4,715.39 2,434.34

Inventories 0 0 0.53 0.82 0.82

Sundry Debtors 16.69 121.23 81.47 185.21 254.15

Cash and Bank

Balance

833.19 227.09 74.52 33.76 9.8

Total Current

Assets

849.88 348.32 156.52 219.79 264.77

Loans and

Advances

13,995.4

2

8,722.86 11,834.7

5

10,578.2

0

3,819.04

Fixed Deposits 337.97 165.25 0 860.15 165.15

Total CA, Loans &

Advances

15,183.2

7

9,236.43 11,991.2

7

11,658.1

4

4,248.96

Deffered Credit 0 0 0 0 0

Current Liabilities 896.3 1,028.12 213.94 917.79 110.7

Provisions 201.39 208.27 239.59 227.01 108.72

Total CL &

Provisions

1,097.69 1,236.39 453.53 1,144.80 219.42

Net Current Assets 14,085.5

8

8,000.04 11,537.7

4

10,513.3

4

4,029.54

Miscellaneous

Expenses

69.42 73.37 109.01 0 0

Total Assets 25,510.7

1

18,917.2

1

20,585.9

7

15,350.8

1

6,562.59

Contingent 1,225.77 274.06 389.61 38.55 66.46

52



Liabilities

Book Value (Rs) 286.11 283.31 277.1 245.29 210.12

PROFIT AND LOSS ACCOUNT

Profit & Loss account

of Reliance Capital

------------------- in Rs. Cr.

-------------------



Income

Sales Turnover 1,840.3

9

2,366.6

2

2,939.8

8

2,066.9

9

873.57

Excise Duty 0 0 0 0 0

Net Sales 1,840.3

9

2,366.6

2

2,939.8

8

2,066.9

9

873.57

Other Income 46.36 3.78 -9.39 -70.08 8.64

Stock Adjustments 0.00 0.00 0.00 0.00 0.00

Total Income 1,886.7

5

2,370.4

0

2,930.4

9

1,996.9

1

882.21

Expenditure

Raw Materials 0.00 0.00 0.00 0.00 0

Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00

Employee Cost 109.47 121.64 149.08 157.86 45.30

Other Manufacturing

Expenses

0.00 0.00 0.00 0.00 0.00

Selling and Admin

Expenses

291.32 470.33 356.49 135.22 22.23

Miscellaneous

Expenses

37.22 56.6 89.77 106.68 30.25

Preoperative Exp

Capitalised

0 0 0 0 0

Total Expenses 438.01 648.57 595.34 399.76 97.78

53





Operating Profit 1,402.38

1,718.05

2,344.54

1,667.23

775.79

PBDIT 1,448.7

4

1,721.8

3

2,335.1

5

1,597.1

5

784.43

Interest 1,263.0

2

1,290.9

2

1,237.8

4

408.61 42.63

PBDT 185.72 430.91 1,097.3

1

1,188.5

4

741.8

Depreciation 14.33 18.16 21.22 17.09 7.07

Other Written Off 0 0 0 0 0

Profit Before Tax 171.39 412.75 1,076.0

9

1,171.4

5

734.73

Extra-ordinary items 25.23 15.58 0.93 -3.41 20.38

PBT (Post Extra-ord

Items)

196.62 428.33 1,077.0

2

1,168.0

4

755.11

Tax -33.23 88.91 109 146 87

Reported Net Profit 229.27 339.42 968.02 1,025.4

5

646.18

Total Value Addition 438.01 648.57 595.34 399.76 97.78

Preference Dividend 0.00 0.00 0 0.00 0

Equity Dividend 159.66 159.66 159.66 135.10 85.97

Corporate Dividend

Tax

1.57 27.14 27.14 22.94 14.61

Per share data (annualised)

Shares in issue (lakhs) 2,456.33

2,456.33

2,456.33

2,456.33

2,456.33

Earning Per Share (Rs) 9.33 13.82 39.41 41.75 26.31

Equity Dividend (%) 65 65 65 55 35

54



BUSINESS MIX OF RELIANCE CAPITAL

Asset Management Mutual Fund, Offshore Fund, Pension Fund, Portfolio

Management

Insurance Life Insurance, General Insurance

Broking And

Distribution

Equities, Commodities And Derivatives, Wealth

Management Services, Portfolio Management Services,

Investment Banking, Foreign Exchange And Offshore

Investment, Third Party Products

Commercial Finance Mortgages, Loans Against Property , Sme Loans,

Loans For Commercial Vehicles, Loans For

Construction Equipment, Auto Loans, Business Loans,

Loans Against Securities, Infrastructure Financing

Other Businesses Exchanges, Private Equity, Institutional Broking, Asset

Reconstruction, Venture Capital

55



COMPETITORS INFORMATION

ICICIDIRECT.COM

Products and Services

A product for every need: ICICIdirect.com is the most

comprehensive website, which allows you to invest in Shares,

Mutual funds, Derivatives (Futures and Options) and other

financial products. Simply put we offer you a product for every

investment need of yours.

ICICI Web Trade Limited (IWTL) maintains ICICIdirect.com. IWTL is

an Affiliate of ICICI Bank Limited and the Website is owned by ICICI

Bank Limited

Product & Services:

1. Trading in shares: ICICIdirect.com offers you various options while

trading in shares.

Cash Trading: This is a delivery based trading system, which is

generally done with the intention of taking delivery of shares or monies.

Margin Trading: You can also do an intra-settlement trading upto 3 to

4 times your available funds, wherein you take long buy/ short sell

positions in stocks with the intention of squaring off the position within

the same day settlement cycle. (ONLY for intraday)

56

http://funct%28%29/

http://funct2%28%29/

http://funct%28%29/




MarginPLUS Trading: Through Margin PLUS you can do an intra-

settlement trading upto 25 times your available funds, wherein you take

long buy/ short sell positions in stocks with the intention of squaring off

the position within the same day settlement cycle. Margin PLUS will

give a much higher leverage in your account against your limits.

Spot Trading: When you are looking at an immediate liquidity option,

'Cash on Spot' may work the best for you, On selling shares through

"cash on spot", money is credited to your bank a/c the same evening &

not on the exchange payout date. This money can then be withdrawn

from any of the ICICI Bank ATMs.

BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you

to sell shares even on 1st and 2nd day after the buy order date, without you

having to wait for the receipt of shares into your demat account.

CallNTrade®: CallNTrade® allows you to call on a local number in

your city & trade on the telephone through our Customer Service

Executives. This facility is currently available in over 11 major states

across India.

Trading on NSE/BSE: Through ICICIdirect.com, you can trade on NSE

as well as BSE

2. TRADE IN DERIVATIVES:

FUTURES

Through ICICIdirect.com, you can now trade in index and stock futures

on the NSE. In futures trading, you take buy/sell positions in index or

stock(s) contracts having a longer contract period of up to 3 months.

57

http://marginplus%28%29/





http://marginplus%28%29/







Presently only selected stocks, which meet the criteria on liquidity and

volume, have been enabled for futures trading.

Calculate Index and Know your Margin are tools to help you in

calculating your margin requirements and also the index & stock price

movements..

OPTIONS

To take the buy/sell position on index/stock options, you have to place

certain % of order value as margin. With options trading, you can

leverage on your trading limit by taking buy/sell positions much more

than what you could have taken in cash segment.

3. Mutual Funds:

4. IPOs and Bonds Online:

You could also invest in Initial Public Offers (IPOs) and Bonds online

without going through the hassles of filling ANY application form/ paperwork.

Get in-depth analyses of new IPOs issues (Initial Public Offerings),

which are about to hit the market and analysis on these. IPO calendar,

recent IPO listings, prospectus/offer documents, and IPO analysis are few

of the features, which help you, keep on top of the IPO markets.

58



INDIA BULLS

Indiabulls Group is one of the top business houses in the country with

business interests in Real Estate, Infrastructure, Financial Services,

Retail, Multiplex and Power sectors. Indiabulls Group companies are

listed in Indian and overseas markets and have a market capitalization of

over USD 7 billion. The Networth of the Group exceeds USD 2.5 billion.

Indiabulls Group companies enjoy highest ratings from CRISIL, a

subsidiary of Standard and Poor’s. Indiabulls has been conferred the

status of a “Business Superbrand” by The Brand Council, Superbrands

India.

Indiabulls Financial Services is an integrated financial services

powerhouse providing Consumer Finance, Housing Finance, Commercial

Loans, Life Insurance, Asset Management and Advisory services.

Indiabulls Financial Services Ltd is amongst 68 companies constituting

MSCI - Morgan Stanley India Index. Indiabulls Financial is also part of

CLSA’s model portfolio of 30 Best Companies in Asia. Indiabulls

Financial Services signed a joint venture agreement with Sogecap, the

insurance arm of Societé Generale (SocGen) for its upcoming life

insurance venture. Indiabulls Financial Services in partnership with

MMTC Limited, the largest commodity trading company in India, is

setting up India’s 4th Multi-Commodities Exchange.

Indiabulls Real Estate Limited is India’s third largest property company

with development projects spread across residential projects, commercial

59

http://www.indiabulls.com/default.htm



offices, hotels, malls, and Special Economic Zones (SEZs) infrastructure

development. Indiabulls Real Estate partnered with Farallon Capital

Management LLC of USA to bring the first FDI into real estate.

Indiabulls Real Estate is transforming 14 million sqft in 16 cities into

premium quality, high-end commercial, residential and retail spaces.

Indiabulls Real Estate has diversified significantly in the following three

business verticals within the real estate space: Real Estate Development,

Project Advisory & Facilities Management: Residential, Commercial

(Office and Malls) and SEZ Development. Power: Thermal and Hydro

Power Generation. Retail: Departmental Stores, Hypermarket Stores,Daily Needs Neighborhood Stores.

Indiabulls Securities Limited is India’s leading capital markets company

with All-India Presence and an extensive client base. Indiabulls

Securities possesses state of the art trading platform, best broking

practices and is the pioneer in trading product innovations. Power

Indiabulls, in-house trading platform, is one of the fastest and mostefficient trading platforms in the country. Indiabulls Securities Limited is

the first and only brokerage house to be assigned the highest rating BQ –

1 by CRISIL.

60



ABHIPRA

Beginning as a Broking House, we grew into Business House. We

broadened our horizons and stepped into the field of Depository, Stock

Broking, Full-Fledged Money Changing Services, Category I Registrar &

Transfer Agent, Commodity Trading, Online Trading (Equity, F&O &

Commodity), e-Return Intermediary. Abhipra today commands the

status of being one of the leading Depository Participant of Northern

India in Private Sector. Moreover, Abhipra has Trading Terminal

Outlets for NSE & BSE spread to almost every nook & corner of

Northern India.

Abhipra Capital Limited is also empanelled as a Depository Participant

with one of the premier Commodity bourse, National Commodities and

Derivatives Exchange Limited (NCDEX). So a client now can open

Commodity Demat Account with us

At Abhipra, we offer our clients far more than merely a comprehensive

range of financial services. We offer them ideas, innovations, and

solutions with extra-ordinary results. We feel that quality is an essential

ingredient in building successful businesses. Not only do products and

services need to be of high quality, but potential customers also need to

have assurance that the products will be of high quality. This is

evidenced from the fact that Abhipra is a ISO 9001 (Quality Assurance

Systems) Registered Company.

61



Abhipra group has been promoted and governed by the high

entrepreneurial and charismatic endeavors of its Chairman Mr. V.D.

Aggarwal, Chartered Accountant, with a standing of 27 years. His

acumen backed by his foresight and vision has made Abhipra as one of

the leading groups among the competitors in the Capital Market. Mr.

V.D. Aggarwal enjoys the honor of being The President of Depository

Participants Association of India (DPAI) and also President of Chamber

of Chartered Accountants of India (CCA). He is also former President of

Association NSE Members of India.

Abhipra is a progressive, computerized and professionally managed

organization which takes pride in offering value-added services to its

clients. Abhipra's range of professional financial services cover

Depository Services (NSDL, CDS)

Futures & Options

Capital MarketTrading (NSE, BSE)

Commodity Trading (NMCE, NCDEX,MCX)

FOREX (RBI Approved)

Tours & Travels

SEBI Approved R & T (Cat - I)

Investment Arranger

e-Return Intermediary

62

http://www.abhipra.com/stock.htm

http://www.abhipra.com/stock.htm



KOTAK SECURITIES

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, is the

stock broking and distribution arm of the Kotak Mahindra Group. Kotak

Mahindra is one of India's leading financial institutions, offering

complete financial solutions that encompass every sphere of life. From

commercial banking, to stock broking, to mutual funds, to life insurance,

to investment banking, the group caters to the financial needs of

individuals and corporate.

Kotak Securities was set up in 1994. Kotak Securities is a corporate

member of both The Bombay Stock Exchange and the National Stock

Exchange of India Limited.

The company has four main areas of business:

• Institutional Equities,

• Retail (equities and other financial products),

• Portfolio Management and

• Depository Services.

63

http://www.kotaksecurities.com/home/index.html



MOTILAL OSWAL

Motilal Oswal Securities Ltd. was founded in 1987 as a small sub-

broking unit, with just two people running the show. It has established

itself as the Best Local Brokerage House in India (Asia Money Brokers’

Poll 2005). Their Institutional Equity Division combines the efforts of the

Research and Sales & Trading departments to best serve clients' needs.

Consistent delivery of high quality advice on individual stocks, sector

trends and investment strategy has established them as a reliable research

unit amongst leading Indian as well as international investors.

64



PRIMARY FINDINGS AND ANALYSIS

1. Do you know about the Investment Option available?

Interpretation

As the above table shows the knowledge of Investor out of 100

respondent carried throughout the Delhi Area is only 85%. The

remaining 15% take his/her residential property as an investment.

According to law purpose this is not an investment because of it is not

create any profit for the owner. The main problem is that in this time

from year 2008-2009 , the recession and the Inflation make the investor

think before investing a even a Rs. 100.So , it also create the problem for

the Investor to not take interest in Investment option.

65



2. What is the basic purpose of your Investments?

Interpretation

As with the above analysis, it is found 75% people are interested in

liquidity, returns and tax benefits. And remaining 25% are interested in

capital appreciations, risk covering, and others. In the entire respondent it

is common that this time everyone is looking for minimizing the risk and

maximizing their profit with the short time of period.

As explaining them About the Portfolio Management Services of

Reliance Commercial Finance Ltd, they were quite interested in Protech

Services.

66



3. What is the most important factor you consider at the time of

Investment?

Interpretation

As the above analysis gives the clear idea that most of the Investors

considered the market factor as around 12% for Risk and 23% Return,

but most important common things in all are that they are even ready for

taking both Risk and Return in around 65% investor.

Moreover, the Market is fluctuating now days, so as it also getting

improvement. So, Investor are looking for Investment in long term and

Short-term.

67



4. From which option you will get the best returns?

Interpretation

Most of the respondents say they will get more returns in Share Market.

Since Share Market is said to be the best place to invest to get more

returns. The risk in the investment is also high.

Similarly, the Investor are more Interested in Investing their money in

Mutual Fund Schemes as that is also very important financial product

due to its nature of minimizing risk and maximizing the profit. As the

commodities market is doing well from last few months so Investor also

prefer to invest their money in Commodities Market basically in GOLD

nowadays.

Moreover, even who don’t want to take Risk they are looking for

investing in Fixed Deposit for long period of time.

68



5. “Investing in PMS is far safer than Investing in Mutual Fund”.

Do you agree?

Interpretation

In the above graphs it’s clear that 24% of respondent out of hundred feel

that investing their money in Mutual Fund Scheme are far safer thanInvesting in PMS. this is because of lack of proper information about the

Portfolio management services. As the basis is same for the mutual fund

and PMS but the investment pattern is totally different from each other

and which depends upon different risk factor available in both the

Financial Products.

69



6. How much you carry the expectation in Rise of your Income

from Investments?

Interpretation

The optimism is shown in the attitude of the respondents. The confidence

was appreciable with which they are looking forward to a rise in their

investments. Major part of the sample feels that the rise would be of

around 15%. Only 8% of the respondents were confident enough to

expect a rise of upto 35%.

As all the respondents were considering the Risk factor also before filling

the questionnaire and they were asking about the performance report of

all the PMS services offered by Reliance Commercial Finance Ltd.

70



7. If you invested in Share Market, what has been your

experience?

Interpretation

20% of the respondents have invested in Share market and received

satisfactory returns, 40% of the respondents have not at all invested in

Share Market. Some of the investors face problems due to less

knowledge about the market. Some of the respondents don’t have

complete overview of the happenings and invest their money in wrong

shares which result in Loss. This is the reason most of the respondents

prefer Portfolio Management Services to trade now a days, which gives

the Investor the clear idea when is the right time to buy and right time to

sell the shares which is recommended by their Fund Manger.

71



8. How do you trade in Share Market?

Interpretation

As we know that Share market is totally based on psychological

parameters of Investors, which changed as per the market condition, but

at the same time the around 45% investor trade on the basis of

speculation and 31% depend upon Investment option Bonds, Mutual

Funds etc.

Moreover, the now a day’s Hedging is most common derivatives tools

which is used by the Investor to get more return from the Market ,this is

mostly used in the Commodities Market.

72



9. How do you manage your Portfolio?

Interpretation

About 57% of the respondents say they themselves manage their

portfolio and 43% of the respondents say they depends on the security

company for portfolio Management. 43% of the respondents prefer PMS

of the company because they don’t have to keep a close eye on their

investment; they get all the information time to time from their Fund

Manager.

Moreover, talking about the Reliance Commercial Finance Ltd services

they are far satisfied with the Protech and Prop rime Performance during

last year. They are satisfied with the quick and active services of

Reliance Commercial Finance Ltd customer services where, they get the

updated knowledge about the scrip detail everyday from their Fund

Manager.

73



10. If you trade with Reliance Commercial Finance Ltd then why?

Interpretation

As the above research shows the reasons and the parameters on which

investor lie on Reliance Commercial Finance Ltd and they do the trade.

Among hundred respondents 35% respondents do the trade with the

company due to its research Report, 28% based on Brokerage Rate

whereas 22 % are happy with its Services.

Last but not the least, 15% respondents are depends upon the tips of

Reliance Commercial Finance Ltd which gives them idea where to invest

and when to invest.

74



At the time of research what I found is that still Reliance Commercial

Finance Ltd need to make the clients more knowledge about their PMS

product.

75



11. Are you using Portfolio Management services (PMS) of

Reliance Commercial Finance Ltd?

Interpretation

As talking about the Investment option, in most of clients it was common

that they know about the Option but as the PMS of Reliance Commercial

Finance Ltd have different Product offering, Product Characteristics and

the Investment amount is also different this makes the clients to think

differently.

It is found that 56% of Reliance Commercial Finance Ltd client where

using PMS services as for their Investment Option.

76



12. Which Portfolio Type you preferred?

Interpretation

The above analysis shows, in which portfolio the investor like to deal

more in PMS.

As 45% investor likes to go for Equity Portfolio and 28% with Balanced

Portfolio, whereas around 27% investor like to, go for Debt Portfolio.

77



13. How was your experience about Portfolio Management

services (PMS) of Reliance Commercial Finance Ltd Limited?

Interpretation

In the above analysis it is clear that the Investor have the good and the

bad experience both with the SCM PMS services.

In this current scenario 52% of the Investor earned, whereas around 18%

have to suffer losses in the market. Similarly 30% of the Respondents are

there in Breakeven Point (BEP), where no loss and no profit.

78



14. Does Reliance Commercial Finance Ltd Limited keep it PMS

process Transparent?

Interpretation

The above analysis is talking about the Reliance Commercial Finance Ltd

Transparency of their PMS services. In hundred respondents 63% said

that they get all the information about their scrip buying and selling

information day by day, where as 37% of respondents are not satisfied

with the PMS information and Transparency because they don’t get any

type of extra services in PMS as they were saying.

79



15. Do you recommend Reliance Commercial Finance Ltd PMS to

others?

Interpretation

The above analysis shows the Investor perception toward the Reliance

Commercial Finance Ltd PMS as on the basis of their good and bad

experience with Reliance Commercial Finance Ltd limited. Among

hundred respondents 86% respondents were agree to recommend the

PMS of Reliance Commercial Finance Ltd to their peers, relatives etc.

80



AN ASSESSMENT OF THE INTERNSHIP

1. What skills and qualifications you think that you have gained

from the internship?

I gained skills in project management, dealing with ambiguity, and

adapting to different philosophies.

2. What kind of responsibilities you have undertaken during the

internship period?

In external consulting organizations I spend the majority of their time

analyzing data, conducting validation studies, writing reports, developing

training courses and/or selection assessments, and directing client contact

(e.g., conduct focus groups) while in internal consulting organizations

conduct job analyses, analyze data, manage projects, collect data, write

reports, and develop selection assessments. While there is some overlap

in the most frequent tasks, the differences are notable.

3. How do you think the internship will influence your future

career plans?

Internships are more than a learning experience – they help emerging

talent look into the future.

I can find an internship that fits their schedule – class, life and work.

From the very short-term to year-round, full-time positions, internships

are a great way to learn about different industries and roles, and augment

your income through compensation.

81



4. How do you think the internship activities that you carried out

are correlated with your classroom knowledge?

I have been taught almost the similar things that what we have listens in

our classroom. So, the knowledge is everywhere, you just have to grab it.

82



FINDINGS & RECOMMENDATIONS

FINDINGS

• About 85% Respondents knows about the Investment Option,

because remaining 15% take his /her residential property as

Investment, but in actual it not an investment philosophy carries

that all the Investment does not create any profit for the owner.

• More than 75% Investors are investing their money for Liquidity,

Return and Tax benefits.

• At the time of Investment the Investors basically considered the

both Risk and Return in more %age around 65%.

• As among all Investment Option for Investor the most important

area to get more return is share around 22%after that Mutual Fund

and other comes into existence.

• More than 76% of Investors feels that PMS is less risky than

investing money in Mutual Funds.

• As expected return from the Market more than 48% respondents

expect the rise in Income more than 15%, 32% respondents are

expecting between 15-25% return.

• As the experience from the Market more than 34% Investor had

lose their money during the concerned year, whereas 20%

respondents have got satisfied return.

83



• About 45% respondents do the Trade in the Market with

Derivatives Tools Speculation compare to 24% through

Hedging .And the rest 31% trade their money in Investments.

• Around 57% residents manage their Portfolio through the different

company whereas 43%Investor manage their portfolio themselves.

• The most important reasons for doing trade with Reliance

Commercial Finance Ltd is RELIANCE COMMERCIAL

FINANCE LTD Research Department than its Brokerage rateStructure.

• Out of hundred respondents 56% respondents are using Reliance

Commercial Finance Ltd PMS services.

• Investors preferred more than 45% equity Portfolio, 28%Balanceed

Portfolio and about 27% Debt Portfolio with Reliance Commercial

Finance Ltd PMS.

• About 52% Respondents earned through Reliance Commercial

Finance Ltd PMS product, whereas 18% investor faced loses also.

• More than 63% Investor are happy with the Transparency system

of Reliance Commercial Finance Ltd.

• As based on the good and bad experience with Reliance

Commercial Finance Ltd around 86% are ready to recommended

the PMS of RELIANCE COMMERCIAL FINANCE LTD to their

peers, relatives etc.

84



RECOMMENDATIONS

• The company should also organize seminars and similar activities

to enhance the knowledge of prospective and existing customers,so that they feel more comfortable while investing in the stock

market.

• Investors must feel safe about their money invested.

• Investor’s accounts must be more transparent as compared to other

companies.

• Reliance Commercial Finance Ltd must try to promote more its

Portfolio Management Services through Advertisements.

• Reliance Commercial Finance Ltd needs to improve more it’s

Customer Services

• There is need to change in lock in period in all three PMS

i.e.Protech, Proprime, Pro Arbitrage.

85



CONCLUSION

On the basis of the study it is found that Reliance Commercial Finance

Ltd is better services provider than the other stockbrokers because of

their timely research and personalized advice on what stocks to buy and

sell. Reliance Commercial Finance Ltd provides the facility of Trade

tiger as well as relationship manager facility for encouragement and

protects the interest of the investors. It also provides the information

through the internet and mobile alerts that what IPO’s are coming in the

market and it also provides its research on the future prospect of the IPO.

We can conclude the following with above analysis.

• Reliance Commercial Finance Ltd has better Portfolio

Management services than Other Companies

• It keeps its process more transparent.

• It gives more returns to its investors.

•

It charges are less than other portfolio Management Services• It provides daily updates about the stocks information.

• Investors are looking for those investment options where they get

maximum returns with less returns.

• Market is becoming complex & it means that the individual

investor will not have the time to play stock game on his own.

People are not so much ware aware about the Investment option available

in the Market.

86



ANNEXURE

QUESTIONNAIRE

NAME: AGE:

OCCUPATION: PHONE NO:

1. Do you know about the Investments Option available?

a. YES

b. NO

2. What is the basic purpose of your Investments?

a. Liquidity

b. Return

c. Tax Benefits

d. Risk Covering

e. Capital Appreciation

f. Others

3. What is the most important factor you consider at the time of

Investment?

a. Risk

b. Return

c. Both

4. From which option you will get the best returns?

a. Mutual Funds

87



b. Shares

c. Commodities Market

d. Bonds

e. Fixed Deposits

f. Property

g. Others

5. “Investing in PMS is far safer than Investing in Mutual Fund”.

Do you agree?

a. Yes

b. No

6. How much you carry the expectation in Rise of your Income

from Investments?

a. Upto 15%

b. 15-25%

c. 25-35%

d. More than 35%

7. If you invested in Share Market, what has been your

experience?

a. Satisfactory Return

b. Burned Finger

c. Unsatisfactory Results

d. No

88



8. How do you trade in Share Market?

a. Hedging

b. Speculation

c. Investment

9. How do you manage your Portfolio?

a. Self

b. Depends on the company for portfolio

10. If, you trade with Reliance Commercial Finance Ltd then why?

a. Research

b. Brokerage

c. Services

d. Investments Tips

11. Are you using Portfolio Management services (PMS) of

Reliance Commercial Finance Ltd?

a. Yes

b. No

12.Which Portfolio Type you preferred?

a. Equity

b. Debt

c. Balanced

13. How was your experience about Portfolio Management

services (PMS) of Reliance Commercial Finance Ltd?

a. Earned

89



b. Faced Loss

c. No profit No loss

14. Does Reliance Commercial Finance Ltd keep it PMS process

Transparent?

a. Yes

b. No

15. Do you recommend Reliance Commercial Finance Ltd to

others?

a. Yes b. No

90



BIBLIOGRAPHY

BOOKS/MAGAZINES REFFERED:

BOOKS

Financial Management - Jae K. Shim , Joel G. Siegel

• Fundamentals of financial management - Eugene F.

Brigham, Joel F. Houston

MAGAZINE: -

• Business World

WEBSITES:-

• www.google.com

• www.moneycontrol.com

• www.karvy.com

• www.yahoofinance.com

• www.nseindia.com

• www.bseindia.com

• www.RelianceCommercialFinance Ltd.com

• www.5paisa.com

• www.hdfc.com

91

http://books.google.co.in/books?id=LedEAW6EXM4C&printsec=frontcover&dq=finance+management&hl=en&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEgQ6AEwAA

http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Jae+K.+Shim%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEkQ9Ag

http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Jae+K.+Shim%22&q=inauthor:%22Joel+G.+Siegel%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEoQ9Ag

http://books.google.co.in/books?id=9P9u4IDBKyQC&printsec=frontcover&dq=finance+management&hl=en&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CFYQ6AEwAg



http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Eugene+F.+Brigham%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CFcQ9Ag


http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Eugene+F.+Brigham%22&q=inauthor:%22Joel+F.+Houston%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CFgQ9Ag

http://www.5paisa.com/

http://books.google.co.in/books?id=LedEAW6EXM4C&printsec=frontcover&dq=finance+management&hl=en&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEgQ6AEwAA

http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Jae+K.+Shim%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEkQ9Ag

http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Jae+K.+Shim%22&q=inauthor:%22Joel+G.+Siegel%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CEoQ9Ag




http://www.google.co.in/search?hl=en&biw=1366&bih=677&tbm=bks&tbm=bks&q=inauthor:%22Eugene+F.+Brigham%22&q=inauthor:%22Joel+F.+Houston%22&sa=X&ei=ufQKT8zbKIf5rQeew4gI&ved=0CFgQ9Ag

http://www.5paisa.com/

Portfolio Management in Reliance Commercial Finance Ltd

Documents

Transcript of Portfolio Management in Reliance Commercial Finance Ltd