RESEARCH PROJECT

ON
A STUDY ON INVESTORS PRECEPTIONS AND AWARENESS
REGARDING SERVICES OF MUTUAL FUNDS VS SHARES
MARKET
RAYAT INSTITUTE OF MANAGEMENT
Affiliated To
PUNJAB TECHNICAL UNIVERSITY
In the partial fulfllment of requirement for the award of
Degree of Masters of Business Administration (MBA)
Submitted To: Submitted
B y:
Assist.Pof. Ms. Rita S!a"a Ta#$ Si$%!
Roll.No. &'()*)+
&

DECLARATION
I a" a st#de$t of MBA )
t!
Se"este of RAYAT INSTITUTE OF MANAGEMENT de,lae t!at t!e
esea,!-Po.e,t Re/ot e$titled INVESTOR PERCEPTION AN0 A1RENESS REGAR0ING THE
SERVICES RELATE0 TO MUTUAL FUN0 V-S E2UITY is t!e o#t,o"e of "3 o4$ 4o5 a$d t!e sa"e !as
$ot 6ee$ s#6"itted to a$3 #$i7esit3-i$stit#te fo t!e a4ad of a$3 de%ee o a$3 Pofessio$al di/lo"a
0ate8
'

PREFACE
It is !i%!l3 said t!at 9/a,ti,e "a5es a "a$ /efe,t: t!e /o.e,t tai$i$% 4!i,! is a /at of M.B.A to %et a
/a,ti,al #$desta$di$% a$d tai$i$% of t!e 6#si$ess "a$a%e"e$t. T!#s t!e i$d#stial tai$i$% 4!i,! is a
/at of M.B.A ,o#se !el/s t!e st#de$t to %et t!e 5$o4led%e a6o#t t!e a,t#al e$7io$"e$t of a$
o%a$i;atio$.
It i$7ol7ed t!e st#d3 of Ma5eti$% a,ti7ities of t!e o%a$i;atio$. I !a7e #$de ta5e$ i$d#stial tai$i$% i$
<a73 Sto,5 Bo5i$% ltd. at C!a$di%a! ,ossi$% fo" =(>.#$e>'=&= to ?&>.#l3>'=&= as a /at of "3 MBA
,o#se ,#i,#l#" a$d I t!#s@ /ese$t a /o.e,t e/ot o$ it at t!e 6est of "3 a6ilit3 5$o4led%e a$d 4o5
do$e.
T!is i$te$s!i/ e/ot ,o$sists of t!e o7eall eA/eie$,e of 4o5i$% as a /at of <ARVY
STOC<BRO<ING LIMITE0. <a73 Sto,5 Bo5i$% ltd. is o$e of s#,! ,o"/a$3 deali$% i$ S!ae "a5et
0ei7ati7es@ Co""odities@ M#t#al f#$d@ IPO disti6#tio$ 4it! al"ost 6a$,!es i$ o7eall I$dia. T!is
eA/eie$,e !el/ed "e #$desta$d t!e 6asi, f#$,tio$i$% of t!e sto,5 6o5i$% se7i,es fo 4!i,! I 4as
i$d#,ted.
M3 I$te$s!i/ ,o$sisted of t!e Tai$i$% o$ 0eali$% 4it! M#t#al f#$d@ ad7iso3 se7i,es a$d o$li$e tadi$%
B4!i,! is elated to s!ae "a5etC. T!e 6est lea$i$% eA/eie$,e 4as t!at I stated fo" t!e 7e3 6asi,s of
sto,5 "a5et@ 4!i,! !el/ed "e #$desta$d t!i$%s easil3 at e7e3 /oi$t of ti"e. T!is !el/ed "e %et #sef#l
i$si%!t a$d #$desta$di$% of 7aio#s state%ies follo4ed 63 <a73 to "i$i"i;e is5 a$d /o7ide 6e$efits to
its ,#sto"es. I also %ot to lea$ o$ !o4 to a//oa,! /os/e,ti7e ,lie$ts fo o/e$i$% t!ei a,,o#$ts i$
<a73. Cleai$% o$li$e eAa"s of tele/!o$e EtiD#ettes a$d Offi,e EtiD#ettes at 9<a73 Lea$i$% Ce$te:
!el/ed "e fo t!e sa"e. A//oa,!i$% ,lie$ts t!o#%! Tele ,alli$% also !el/ed "e i$ !o$i$% "3 ,o$7i$,i$%
s5ills a$d $e%otiati$% s5ills t!o#%! 6a%ai$i$% 4it! ,lie$ts o7e s!ai$% 6o5ea%e@ se,#it3 de/osit a$d
6a,5 offi,e ,ost. Lo,atio$ "a//i$% a$d fi$di$% ta%et ,#sto"es 4ee ot!e "a$a%e"e$t ,o$,e/ts@ 4!i,! I
%ot to lea$ i$ a /a,ti,al e$7io$"e$t.

?

CONTENTS
CHAPTER NO. TOPICS PAGE NO
1 INTRODUCTION 6-9
2 COMPANY PROFILE 10-6
! REVIEW OF LITERATURE "-9
RESEARCH METHODOLOGY #0-#
6 O$SERVATION AND ANALYSIS ##-69
" FINDINGS "0-"1
% RECOMMENDATIONS "2-"!
9 CONCLUSION "-"#
$I$LIOGRAPHY "6-""
ANNE&URES "%-%0
)

CHAPTER-I
INTRODUCTION


E


$ACKGROUND
T!e <a73 %o#/ 4as fo"ed i$ H3dea6ad@ I$dia. <a73 a$5s a"o$% t!e to/ /la3e i$ all t!e fields t
o/eates. <a73 ,o"/#te s!ae li"ited is I$diaFs la%est e%ista a$d ta$sfe a%e$t 4it! a ,lie$t 6ase of
$eal3 E== 6l#e ,!i/s ,o/oates@ "a$a%i$% o7e ' ,oes a,,o#$ts. At i$itial sta%e it 4as 7e3 s"all i$
si;e. It 4as stated 4it! a ,a/ital of Rs&@E=@===.
I$ stati$% it 4as o$l3 offei$% a#diti$% a$d taAatio$ se7i,es. Late@ it a,ts i$to t!e Re%ista a$d S!ae
ta$sfe a,ti7ities a$d s#6seD#e$tl3 i$to fi$a$,ial se7i,es a$d ot!e se7i,es li5e Fi$a$,ial Pod#,t
0isti6#tio$@ I$7est"e$t Ad7iso3 Se7i,es@ 0e"at Se7i,es@ Co/oate Fi$a$,e@ I$s#a$,e et,.
All alo$%@ <a73Fs sto$% 4o5 et!i,s a$d /ofessio$al 6a,5%o#$d le7ea%ed 4it! I$fo"atio$ Te,!$olo%3
e$a6led it to deli7e D#alit3 to t!e i$di7id#al. A de,ade of ,o""it"e$t@ /ofessio$al i$te%it3 a$d 7isio$
!el/ed <a73 a,!ie7i$% a leades!i/ /ositio$ i$ its field 4!e$ it !a$dled la%est $#"6e of ,o/oate a$d
etail t!at /o7ed to 6e a so#$d 6#si$ess s3$e%3.
Toda3@ <a73 !as a,,ess to "illio$s of I$dia$ s!ae!oldes@ 6esides ,o"/a$ies@ 6a$5s@ fi$a$,ial i$stit#tio$s
a$d e%#lato3 a%e$,ies. O7e t!e /ast o$e a$d !alf de,ades@ <a73 !as e7ol7ed as a 7eita6le li$5
6et4ee$ i$d#st3@ fi$a$,e a$d /eo/le.
I$ Ja$#a3 &**+@ <a73 6e,a"e fist 0e/osito3 Pati,i/a$t i$ A$d!a Pades!. A$ ISO *==' Co"/a$3@
<a73Fs ,o""it"e$t to D#alit3 a$d etail ea,! !as "ade it a$ I$te%ated Fi$a$,ial Se7i,es Co"/a$3.
Toda3@ ,o"/a$3 !as E(E 6a$,! offi,es i$ ?(E ,ities all o7e t!e I$dia. T!e ,o"/a$3 adds E $e4 offi,es
e7e3 "o$t! to t!e ,o"/a$3Fs e7e %o4i$% $atio$al $et4o5 i$ e7e3 $oo5 a$d ,o$e of t!e ,o#$t3. T!e
,o"/a$3 se7i,e o7e &G "illio$ i$di7id#al i$7estos@ &+= ,o/oate a$d !a$dle ,o/oate dis6#se"e$ts
t!at eA,eed Rs.'E== Coes.


G

ORGANI'ATION OVERVIEW
I()*+,-.)/+(0
S-..122 /2 3 4+-*(156 (+) 3 ,12)/(3)/+(. If 4e loo5 fo eAa"/le to /o7e t!is D#ote t!e$ 4e ,a$ fi$d
"a$3 6#t t!ee is $o$e li5e t!at of <a73. Ba,5 i$ t!e 3ea &*+&@ fi7e /eo/le ,eated !isto3 63
esta6lis!i$% t!e <a73 a$d ,o. 4!i,! is toda3 5$o4$ as <a73@ 4!i,! 6e,a"e a la%est e%ista a$d
ta$sfe a%e$ts i$ I$dia.
S-..122 2-)*32 +7 K3*850
T!e s#,,ess s#ta of 5a73 is di7e$ 63 + s#,,ess s#tas ado/ted 63 it $a"el3 t#st@ i$te%it3@ dedi,atio$@
,o""it"e$t@ e$te/ise@ !ad 4o5 a$d tea" /la3@ lea$i$% a$d i$$o7atio$@ e"/at!3 a$d !#"ilit3. T!ese
ae t!e 7al#es t!at 6i$d s#,,ess 4it! 5a73.
V/2/+( +7 K3*850
To a,!ie7e a$d s#stai$ "a5et "a5et leades!i/@ 5a73 s!all ai" fo ,o"/lete ,#sto"e satisfa,tio$@ 63
,o"6i$i$% its !#"a$ a$d te,!$olo%i,al eso#,es@ to /o7ide 4old ,lass D#alit3 se7i,es. I$ t!e /o,ess
5a73 s!all sti7e to "eet A$d eA,eed ,#sto"eFs satisfa,tio$ a$d set i$d#st3 sta$dads.
M/22/+( S)3)191()0
9O# "issio$ is to 6e a leadi$% a$d /efeed se7i,e /o7ide to o# ,#sto"es@ a$d 4e ai" to a,!ie7e t!is
leades!i/ /ositio$ 63 6#ildi$% a$ i$$o7ati7e@ e$te/isi$%@ a$d te,!$olo%3 di7e$ o%a$i;atio$ 4!i,! 4ill
set t!e !i%!est sta$dads of se7i,e a$d 6#si$ess et!i,s.
E8+:-)/+( +7 KARVY0
It is 4ell said t!at s#,,ess is a .o#$e3 $ot a desti$atio$ a$d 4e ,a$ see it 6ei$% /o7ed 63 <a73. U$de
t!is se,tio$ 4e 4ill see t!at !o4 t!is 9<a73 A$d Co"/a$3: of &*+= 6e,a"e 9<a73: of '=&=. <a73
6losso"ed 4it! t!e setti$% #/ of its fist 6a$,! at M#"6ai d#i$% t!e 3ea &*+(>++. T!e t#$i$% /oi$t
,a"e i$ t!e 3ea &*+* 4!e$ it de,ided to e$te i$to o$e of t!e $ot o$l3 e"e%i$% at!e /ote$tial field too
i.e.H sto,5 6o5i$%. It added t!e feat!e of sto,5 6o5i$% i$to its ,a/. At t!e sa"e ti"e it 6e,a"e t!e
(

"e"6e of H3dea6ad Sto,5 EA,!a$%e t!o#%! asso,iate fi" <a73 Se,#ities Ltd a$d t!e$ <a73 $e7e
loo5ed 6a,5. It 4e$t o$ addi$% se7i,es o$e afte a$ot!eH it e$teed i$to etail sto,5 6o5i$% i$ t!e 3ea
&**=. <a73 i$7esto se7i,e ,e$tes 4ee set #/ i$ t!e 3ea &**'. <a73 4!i,! alead3 e$.o3ed a 4ide
$et4o5 t!o#%! its i$7esto se7i,e ,e$tes@ e$teed i$to fi$a$,ial /od#,t disti6#tio$ se7i,es i$ t!e 3ea
&**?. O$e 3ea "oe a$d <a73 4as $o4 deali$% i$to "#t#al f#$d se7i,es too i$ t!e 3ea &**) 6#t it
did$Ft sto//ed t!ee@ it ste//ed i$to ,o/oate fi$a$,e a$d i$7est"e$t 6a$5i$% i$ t!e 3ea &**E.
<a73Fs state%3 !as al4a3s 6ee$ 6ei$% t!e fist e$ta$t i$ t!e "a5et. <a73 a%ai$ !it t!e li"eli%!t 63
6e,o"i$% t!e fist e%ista i$ t!e ,o#$t3 to 6e a4aded ISO *==' i$ t!e 3ea &**(. T!e$ it ste//ed i$to
t!e ot!e "ost !a//e$i$% se,to i.e.H IT e$a6led se7i,es 63 esta6lis!i$% its o4$ BPO #$its a$d at a %a/ of
.#st & 3ea it too5 t!e /at! of E>B#si$ess t!o#%! its 4e6site 444.5a73.,o" . T!e$ it e$teed i$to
i$s#a$,e se7i,es i$ t!e 3ea '==& 4it! t!e la#$,! of its etail a" 95a73> t!e fi$a/olis8 3o# /eso$al
fi$a$,e ad7iso:. T!e$ i$ t!e 3ea '==' it la#$,!ed its PCG BPi7ate Clie$t Go#/C 4!i,! loo5s afte its
Hi%! Net 4ot! I$di7id#als .a$d "ai$tai$ t!ei /otfolio a$d /o7ides t!e" 4it! ot!e fi$a$,ial se7i,es.
I$ t!e 3ea '==?@ it ,o""e$,ed se,o$da3 de6t a$d 10M tadi$%.
It 4as a de,ade 4!i,! sa4 "a$3 I$dia$ ,o"/a$ies %oi$% %lo6alI..so 4!3 t!e la%est fi$a$,ial se7i,e
/o7ide of I$dia s!o#ld la% 6e!i$dJ He$,e@ <a73 la#$,!ed 9<a73 Glo6al Se7i,es Li"ited: afte
e$tei$% i$to a .oi$t 7e$t#e 4it! Co"/#te s!ae@ A#stalia i$ t!e 3ea '==).t!e 3ea '==) also sa4 <a73
e$tei$% i$to ,o""odities "a5eti$% t!o#%! <a73 Co"tade.

Yea '==E sa4 <a73 esta6lis!i$% a se/aate 6a$,! fo its i$s#a$,e se7i,es #$de t!e !ead 9<a73
I$s#a$,e Bo5i$% Ltd: a$d i$ t!e sa"e 3ea@ afte 6ei$% i"/essed 4it! t!e a/id %o4t! of <a73 Sto,5
Bo5i$% Li"ited@ PCG %o#/ of Ho$% <o$% a,D#ied 'EK sta5e at <SBL. I$ t!e 3ea '==G@ 5a73 e$teed
i$to o$e of t!e !ottest se,to of /ese$t ti"e i.e. eal estate t!o#%! <a73 ealt3L se7i,es BI$diaC ltd.
!e$,e@ 4e ,a$ see $o4 5a73 6ei$% esta6lis!ed as t!e la%est fi$a$,ial se7i,e /o7ide of t!e ,o#$t3.
COMPANY PROFILE
K3*85 4as esta6lis!ed as <a73 a$d ,o"/a$3 63 fi7e C!ateed A,,o#$ta$ts d#i$% t!e 3ea &*(*>+=@ a$d
t!e$ its 4o5 4as ,o$fi$ed to a#dit a$d taAatio$ o$l3. Late o$ it di7esified i$to fi$a$,ial a$d a,,o#$ti$%
se7i,es d#i$% t!e 3ea &*+&>+' 4it! a ,a/ital of Rs.&E====. it a,!ie7ed its fist "ilesto$e afte its fist
i$7est"e$t i$ te,!$olo%3. <a73 6e,a"e a 5$o4$ $a"e d#i$% t!e 3ea &*+E>+G 4!e$ it foa3ed i$to
,a/ital "a5et as e%ista.
+

$OARD OF DIRECTORS
C P3*);323*3);5@<<<<<<<<<<<<<<<C!ai"a$ L Ma$a%i$% 0ie,to
M Y-=3(,;3* <<<<<<<<<<<<<<<<<<<.Ma$a%i$% 0ie,to
M S R393>*/2;(3<<<<<<<<<<<<<<<<<<< EAe,#ti7e 0ie,to

K3*85 G*+-? +7 C+9?3(/12
KARVY CONSULTANTS LIMITED
As t!e fla%s!i/ ,o"/a$3 of t!e <a73 Go#/@ <a73 Co$s#lta$ts Li"ited !as al4a3s e"ai$ed at t!e
!el" of o%a$i;atio$al affais@ /io$eei$% 6#si$ess /oli,ies@ 4o5 et!i, a$d ,!a$$els of /o%ess.
Ha7i$% e"e%ed as a leade i$ t!e e%ist3 6#si$ess@ t!e fist of t!e 6#si$esses t!at 4e 7e$t#ed i$to@
4e !a7e $o4 ta$sfeed t!is 6#si$ess i$to a .oi$t 7e$t#e 4it! Co"/#tes!ae Li"ited of A#stalia@
t!e 4oldFs la%est e%ista. 1it! t!e ad7e$t of de/ositoies i$ t!e I$dia$ ,a/ital "a5et a$d t!e
elatio$s!i/s t!at 4e !a7e ,eated i$ t!e e%ist3 6#si$ess@ 4e 6elie7e t!at 4e 4ee 6est /ositio$ed to
7e$t#e i$to t!is a,ti7it3 as a 0e/osito3 Pati,i/a$t. 1e 4ee o$e of t!e eal3 e$ta$ts e%isteed as
0e/osito3 Pati,i/a$t 4it! NS0L BNatio$al Se,#ities 0e/osito3 Li"itedC@ t!e fist 0e/osito3 i$
t!e ,o#$t3 a$d t!e$ 4it! C0SL BCe$tal 0e/osito3 Se7i,es Li"itedC.
Toda3@ 4e se7i,e o7e G la5!s ,#sto"e a,,o#$ts i$ t!is 6#si$ess s/ead a,oss o7e 'E= ,ities-to4$s
i$ I$dia a$d ae a$5ed a"o$%st t!e la%est 0e/osito3 Pati,i/a$ts i$ t!e ,o#$t3. 1it! a %o4i$%
se,o$da3 "a5et /ese$,e@ 4e !a7e ta$sfeed t!is 6#si$ess to <a73 Sto,5 Bo5i$% Li"ited
B<SBLC@ o# asso,iate a$d a "e"6e of NSE@ BSE a$d HSE.
*

KARVY INVESTOR SERVICES
LIMITED
Re,o%$i;ed as a leadi$% "e,!a$t 6a$5e i$ t!e ,o#$t3@ 4e ae e%isteed 4it! SEBI as a Cate%o3 I
"e,!a$t 6a$5e. T!is e/#tatio$ 4as 6#ilt 63 ,a/itali;i$% o$ o//ot#$ities i$ ,o/oate ,o$solidatio$s@
"e%es a$d a,D#isitio$s a$d ,o/oate est#,t#i$%@ 4!i,! !a7e ea$ed #s t!e e/#tatio$ of a
"e,!a$t 6a$5e. Raisi$% eso#,es fo ,o/oate o Go7e$"e$t U$deta5i$% s#,,essf#ll3 o7e t!e
/ast t4o de,ades !a7e %i7e$ #s t!e ,o$fide$,e to e$e4 o# fo,#s i$ t!is se,to.
O# D#alit3 /ofessio$al tea" a$d o# 4o5>oie$ted dedi,atio$ !a7e /o/elled #s to offe 7al#e>added
,o/oate fi$a$,ial se7i,es a$d a,t as a /ofessio$al $a7i%ato fo lo$% te" %o4t! of o# ,lie$ts@ 4!o
i$,l#de leadi$% ,o/oates@ State Go7e$"e$ts@ foei%$ i$stit#tio$al i$7estos@ /#6li, a$d /i7ate se,to
,o"/a$ies a$d 6a$5s@ i$ I$dia$ a$d %lo6al "a5ets.
1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e a$d tade
le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae t#$ed to
"eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% eAte$si7e eA/eie$,e i$ ,a/ital
"a5ets@ f#t!e $#t#es t!is elatio$s!i/.
O# fi$a$,ial ad7i,e a$d assista$,e i$ est#,t#i$%@ di7estit#es@ a,D#isitio$s@ de>"e%es@ s/i$>offs@
.oi$t 7e$t#es@ /i7ati;atio$ a$d ta5eo7e defe$se "e,!a$is"s !a7e ele7ated o# elatio$s!i/ 4it! t!e
,lie$t to o$e 6ased o$ #$s!a5a6le t#st a$d ,o$fide$,e.
&=

KARVY STOCK $ROKING LIMITED
Me"6e > Natio$al Sto,5 EA,!a$%e BNSEC@ T!e Bo"6a3 Sto,5 EA,!a$%e BBSEC@ a$d T!e
H3dea6ad Sto,5 EA,!a$%e BHSEC.
<a73 Sto,5 Bo5i$% Li"ited@ o$e of t!e ,o$esto$es of t!e
<a73 edifi,e@ flo4s feel3 to4ads attai$i$% di7ese %oals of t!e ,#sto"e t!o#%! 7aied se7i,es.
Ceati$% a /let!oa of o//ot#$ities fo t!e ,#sto"e 63 o/e$i$% #/ i$7est"e$t 7istas 6a,5ed 63
esea,!>6ased ad7iso3 se7i,es. Hee@ %o4t! 5$o4s $o li"its a$d s#,,ess e,o%$i;es $o
6o#$daies. Hel/i$% t!e ,#sto"e ,eate 4a7es i$ !is /otfolio a$d e"/o4ei$% t!e i$7esto
,o"/letel3ist!e#lti"ate%oal.

It is a$ #$dis/#ted fa,t t!at t!e sto,5 "a5et is #$/edi,ta6le a$d 3et
e$.o3s a !i%! s#,,ess ate as a 4ealt! "a$a%e"e$t a$d 4ealt! a,,#"#latio$ o/tio$. T!e diffee$,e
6et4ee$ #$/edi,ta6ilit3 a$d a safet3 a$,!o i$ t!e "a5et is /o7ided 63 i$>de/t! 5$o4led%e of
"a5et f#$,tio$i$% a$d ,!a$%i$% te$ds@ /la$$i$% 4it! foesi%!t a$d ,!oosi$% o/tio$s 4it! ,ae.
T!is is 4!at 4e /o7ide i$ o# Sto,5 Bo5i$% se7i,es.

1e offe se7i,es t!at ae 6e3o$d .#st a "edi#" fo 6#3i$% a$d selli$%
sto,5s a$d s!aes. I$stead 4e /o7ide se7i,es 4!i,! ae "#lti di"e$sio$al a$d "#lti>fo,#sed i$
t!ei s,o/e. T!ee ae se7eal ad7a$ta%es i$ #tili;i$% o# Sto,5 Bo5i$% se7i,es@ 4!i,! ae t!e
easo$s 4!3 it is o$e of t!e 6est i$ t!e ,o#$t3.
KARVY COMPUTER SHARE
PRIVATE LIMITED
1e !a7e ta7esed 4ide s/a,es to tie #/ 4it! t!e 4oldFs la%est ta$sfe a%e$t@ t!e leadi$%
&&

A#stalia$ ,o"/a$3@
Co"/#te s!ae Li"ited. T!e ,o"/a$3 t!at se7i,es "oe t!a$ (E "illio$ s!ae!oldes a,oss
(=== ,o/oate ,lie$ts a$d "a5es its /ese$,e felt i$ o7e &' ,o#$ties a,oss E ,o$ti$e$ts !as
e$teed i$to a E=>E= .oi$t 7e$t#e 4it! #s. 1it! o# "a$a%e"e$t tea" ,o"/letel3 ta$sfeed to
t!is $e4 e$tit3@ 4e 4ill ai" to e$i,! t!e fi$a$,ial se7i,es i$d#st3 t!a$ 6efoe. T!e f#t#e !olds
$e4 ae$as of ,lie$t se7i,i$% a$d ,o$te"/oa3 a$d ele7a$t te,!$olo%ies as 4e ae %eaed to
deli7e 6ette 7al#e a$d foste 6i%%e i$7est"e$ts i$ t!e 6#si$ess. T!e 4old4ide $et4o5 of
Co"/#te s!ae 4ill !old #s i$ %ood stead as 4e eA/e,t to ado/t i$te$atio$al sta$dads i$ additio$
to le7ea%i$% t!e 6est of te,!$olo%ies fo" ao#$d t!e 4old.
EA,elle$,e !as to 6e t!e ode of t!e da3 4!e$ t4o ,o"/a$ies 4it! s#,! si"ila ideolo%ies of
%o4t!@ 7isio$ a$d ,o"/ete$,e@ %et to%et!e.
&'

KARVY GLO$AL SERVICES
LIMITED
T!e s/e,ialist B#si$ess Po,ess O#tso#,i$% #$it of t!e <a73 Go#/. T!e le%a,3 of eA/etise a$d
eA/eie$,e i$ fi$a$,ial se7i,es of t!e <a73 Go#/ se7es #s 4ell as 4e e$te t!e %lo6al ae$a 4it!
t!e ,o$fide$,e of 6ei$% a6le to deli7e a$d deli7e 4ell.
Hee 4e offe se7eal deli7e3 "odels o$ t!e #$desta$di$% t!at 6#si$ess $eeds ae #$iD#e a$d
t!eefoe o$l3 a ,#sto"i;ed se7i,e ,o#ld /ossi6l3 fit t!e 6ill. O# se7i,e "atiA !as /e"#tatio$s
a$d ,o"6i$atio$s t!at ,eate se7eal o/tio$s to ,!oose fo".
Be it i$ e>e$%i$eei$% a$d "a$a%i$% /o,esses o deli7ei$% $e4 effi,ie$,ies@ o# se7i,e "eets #/ to
t!e "ost sti$%e$t of i$te$atio$al sta$dads. O# o#tso#,i$% "odels ae desi%$ed fo t!e %lo6al
,#sto"e a$d ae 6a,5ed 63 so#$d ,o/oate a$d o/eatio$s /!iloso/!ies@ a$d do"ai$ eA/etise.
Po7idi$% /od#,ti7it3 i"/o7e"e$ts@ o/eatio$al ,ost ,o$tol@ ,ost sa7i$%s@ i"/o7ed a,,o#$ta6ilit3
a$d a 4!ole %a"#t of ot!e ad7a$ta%es.

1e o/eate i$ t!e ,oe "a5et se%"e$ts t!at !a7e e"e%i$% eD#ie"e$ts fo s/e,iali;ed se7i,es.
O# 4ide 7eti,al "a5et ,o7ea%e i$,l#des Ba$5i$%@ Fi$a$,ial a$d I$s#a$,e Se7i,es BBFISC@ Retail
a$d Me,!a$disi$%@ Leis#e a$d E$tetai$"e$t@ E$e%3 a$d Utilit3 a$d Healt!,ae.
KARVY COMTRADE
LIMITED
&?

At <a73 Co""odities@ 4e ae fo,#sed o$ ta5i$% ,o""odities tadi$% to $e4 di"e$sio$s of
elia6ilit3 a$d /ofita6ilit3. 1e !a7e "ade ,o""odities tadi$%@ a$ esse$tiall3 a%e>old /a,ti,e@ i$to a
so/!isti,ated a$d s,ie$tifi, i$7est"e$t o/tio$.
Hee 4e e$a6le tade i$ all %oods a$d /od#,ts of a%i,#lt#al a$d "i$eal oi%i$ t!at i$,l#de
l#,ati7e ,o""odities li5e %old a$d sil7e a$d /o/#la ite"s li5e oil@ /#lses a$d ,otto$ t!o#%! a
4ell>s3ste"ati;ed tadi$% /latfo".
O# te,!$olo%i,al a$d i$fast#,t#al ste$%t!s a$d es/e,iall3 o# steet>s"at s5ills "a5e #s a$ ideal
6o5e. O# se7i,e "atiA is !olisti, 4it! a %a"#t of ad7a$ta%es@ t!e fist a$d foe"ost 6ei$% o#
le%a,3 of !#"a$ eso#,es@ te,!$olo%3 a$d i$fast#,t#e t!at ,o"es fo" 6ei$% /at of t!e <a73
Go#/.
O# 4ide $atio$al $et4o5@ s/a$$i$% t!e le$%t! a$d 6eadt! of I$dia@ f#t!e s#//ots t!ese
ad7a$ta%es. Re%#la tadi$% 4o5s!o/s a$d se"i$as ae ,o$d#,ted to !o$e tadi$% state%ies to
/efe,tio$. E7e3 "o7e "ade is a ,al,#lated o$e@ 6ased o$ elia6le esea,! t!at is ,o$7eted i$to
7al#a6le i$fo"atio$ t!o#%! dail3@ 4ee5l3 a$d "o$t!l3 $e4slettes@ ,alls a$d i$tada3 alets.
F#t!e@ /eso$ali;ed se7i,e is /o7ided !ee 63 a dedi,ated tea" ,o""itted to %i7i$% !assle>fee
se7i,e 4!ile t!e 6o5ea%e ates offeed ae eAte"el3 ,o"/etiti7e
KARVY INSURANCE $ROKING
LIMITED
At <a73 I$s#a$,e Bo5i$% Li"ited.@ 4e /o7ide 6ot! life a$d $o$>life i$s#a$,e /od#,ts to
etail i$di7id#als@ !i%! $et>4ot! ,lie$ts a$d ,o/oate. 1it! t!e o/e$i$% #/ of t!e i$s#a$,e
&)

se,to a$d 4it! a la%e $#"6e of /i7ate /la3es i$ t!e 6#si$ess@ 4e ae i$ a /ositio$ to /o7ide
tailo "ade /oli,ies fo diffee$t se%"e$ts of ,#sto"es.
I$ o# .o#$e3 to e"e%e as a /eso$al fi$a$,e ad7iso@ 4e 4ill 6e 6ette /ositio$ed to le7ea%e
o# elatio$s!i/s 4it! t!e /od#,t /o7ides a$d /la,e t!e eD#ie"e$ts of o# ,#sto"es
a//o/iatel3 4it! t!e /od#,t /o7ides. 1it! I$dia$ "a5ets seei$% a sea ,!a$%e@ 6ot! i$ te"s
of i$7est"e$t /atte$ a$d attit#de of i$7estos@ i$s#a$,e is $o "oe see$ as o$l3 a taA sa7i$%
/od#,t 6#t also as a$ i$7est"e$t /od#,t.
1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e a$d tade
le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae
t#$ed to "eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% eAte$si7e
eA/eie$,e i$ ,a/ital "a5ets@ f#t!e $#t#es t!is elatio$s!i/
&E

KARVY REALTY@SERVICESAINDIABL/9/)1,

<ARVY Realt3 L Se7i,es BI$diaC Li"ited B<RSILB is e$%a%ed i$ t!e 6#si$ess of eal estate a$d
/o/et3 se7i,es offei$% 7al#e added /o/et3 se7i,es a$d offes i$di7id#als a$d esta6lis!"e$ts a
"3iad of o/tio$s a,oss i$7est"e$ts@ fi$a$,i$% a$d ad7iso3 se7i,es i$ t!e ealt3 se,to.
KARVY R13:)5 @ S1*8/.12 AI(,/3B L/9/)1,
Po"oted 63 t!e <ARVY Go#/ of ,o"/a$ies@ I$diaFs la%est i$te%ated fi$a$,ial se7i,es
,o"/a$3. <ARVY Realt3 L Se7i,es I$dia Li"ited ,aies fo4ad its le%a,3 of t#st a$d
eA,elle$,e i$ i$7esto a$d ,#sto"e se7i,es deli7eed 4it! a /assio$ fo se7i,es a$d t!e !i%!est
le7el of D#alit3 t!at ali%$ 4it! %lo6al sta$dad.

<ARVY Realt3 L Se7i,es BI$diaC Li"ited 4el,o"es 3o# to ta5e a ealit3 ,!e,5 o$ ealt3 o/tio$s
t!at 3o# ,a$ 6e est ass#ed of a$d of ,o#se /ofit fo".
1.!.# KARVY ALLIANCES
<a73 Co"/#tes!ae Pi7ate Li"ited is a E=8E= .oi$t 7e$t#e of <a73 Co$s#lta$ts Li"ited a$d
Co"/#tes!ae Li"ited@ A#stalia. Co"/#tes!ae Li"ited is 4oldMs la%est >> a$d o$l3 %lo6al >> s!ae
e%ist3@ a$d a leadi$% fi$a$,ial "a5et se7i,es /o7ide to t!e %lo6al se,#ities i$d#st3.
T!e .oi$t 7e$t#e 4it! Co"/#tes!ae@ e,5o$ed as t!e la%est e%ista i$ t!e 4old@
se7i,i$% o7e G= "illio$ s!ae!olde a,,o#$ts fo o7e (@=== ,o/oatio$s a,oss ele7e$ ,o#$ties
s/ead a,oss fi7e ,o$ti$e$ts. Co"/#tes!ae "a$a%es "oe t!a$ (= "illio$ s!ae!olde a,,o#$ts fo
o7e &?@=== ,o/oatio$s ao#$d t!e 4old.
<a73 Co"/#tes!ae Pi7ate Li"ited@ toda3@ is I$diaMs la%est Re%ista a$d S!ae Ta$sfe A%e$t
se7i,i$% o7e ?== ,o/oates a$d "#t#al f#$ds a$d &G "illio$ i$7estos.
&G

S?1.)*-9 +7 21*8/.12 +771*1, C5 K3*850

<a73 6ei$% t!e to/ e%ista a$d ta$sfe a%e$t@ f#$,tio$s as e%ista i$ "ost of t!e iss#es i$ t!e
,o#$t3. Tal5i$% a6o#t t!e "#t#al f#$d se7i,es offeed 63 5a73@ 4e ,a$ %et t!e /od#,ts of ?? AMCs
o7e !ee. it deals i$ 6ot! ,losed e$ded f#$ds as 4ell as o/e$ e$ded too. No4 o$e "#st 6e t!i$5i$% 4!3
to %et t!e "#t#al f#$ds fo" 5a73 i$stead of %etti$% it die,tl3 fo" AMCsJJJ4e !a7e %eat easo$s
fo it8 t!e fist o$e 6ei$% H if 4e a7ail t!e se7i,es of 5a73 t!e$ 4e ,a$ %et t!e i$fo"atio$ a6o#t all t!e
AMCs a$d t!ei /od#,ts at a si$%le /la,e alo$% 4it! eA/et e,o""e$datio$s 4!eeas at a$ AMC 4e
,a$ %et i$fo"atio$ a6o#t t!e /od#,ts of t!at s/e,ifi, AMC o$l3. A$d t!e se,o$d 6ei$% 4ide $et4o5
of 5a73I.$o4ada3s 4e ,a$ fi$d 5a73 offi,es at e"ote aeas too.
Alo$% 4it! t!ese@ 5a73 is 7e3 4ell !a$dli$% t!e ole of de/osito3 /ati,i/a$t. Bei$% e%isteed 4it!
6ot! t!e de/ositoies i.e.H NS0L B$atio$al se,#ities de/osito3 ltdC a$d C0SL B,e$tal de/osito3
se7i,es ltdC@ 5a73 ,a$ !a7e a,,ess to 6ot!. Its 4ide $et4o5 also fa,ilitates it i$ disti6#tio$ of etail
fi$a$,ial /od#,ts.
<a73 6elie7es i$ 6ei$% #/dated al4a3s. So it is al4a3s ead3 to #se latest te,!$olo%ies so t!at its
,lie$ts al4a3s 6e i$ to#,! 4it! t!e latest !a//e$i$%s alo$% 4it! 5a73. It offes e>6#si$ess t!o#%!
i$te$et t!o#%! its 4e6site8 5a73.,o". Ot!e t!a$ it@ it also /o7ides its 7aio#s se7i,es t!o#%!
SMSes.
<a73Fs se7i,es ae $ot li"ited to its i$7estos o$l3 at!e its offei$%s ae fo its ,o/oate ,lie$ts a$d
disti6#tos too. it is 7e3 4ell a4ae of t!e fa,t t!at i$ t!is ea of $e,5 to $e,5 ,o"/etitio$@ 4e ,a$t
i%$oe a$3 of t!e as/e,ts of o# 6#si$essI.so t!eeFs a offei$% fo e7e36od3Ie7e3o$eFs 4el,o"e at
<a73.
&(

WHY SHOULD INVETSORS CHOOSE FOR KARVY D
EA,elle$,e is $eAt to $ot!i$% a$d !ee at 5a73 e7e36od3 ties t!ei 6est to offe eA,elle$t
se7i,es to its ,lie$tele t!o#%! its offei$%s "ai$tai$i$% t!e 5a73 ,#lt#e 4!i,! i$,l#des8
&. C+()*+::1, 3(, :+E .+2) 21*8/.1 .-:)-*10 <a73 is t!ee to se7e its ,lie$t at t!e "i$i"#"
/ossi6le ,ost. It ,o$tols ,ost 63 its 7aio#s ,ost> ,#tti$% te,!$iD#es a$d "i$i"i;atio$ of a7oida6le
,osts.
'. L3*=1 8+:-91 ?*+.122/(= .3?3C/:/)58 Bei$% t!e la%est fi$a$,ial se7i,e /o7ide i$ t!e
,o#$t3@ it !as t!e #$iD#e disti$,tio$ of o/eati$% its a,ti7ities o$ a la%e s,ale 4!i,! 6e$efits all t!e
/aties ,odiall3.
?. A,;1*1(.1 )+ 2)*/.) )/91 2.;1,-:18 <a73 5$o4s t!at ti"e is "o$e3 a$d ties it 6est to fi$is!
t!e tas5 4it!i$ t!e sti/#lated ti"e s,!ed#le.
). EF?1*)/21 /( .++*,/(3)/(= 9-:)/-:+.3)/+( *12?+(2120 <a73 !as %ot a 4ide $et4o5 a$d
!e$,e o$e ,a$ fi$d its 6a$,!es at "ost of t!e /la,es i$ I$dia. T!#s it e$.o3s its /ese$,e e7e34!ee
a$d ,oodi$ates a"o$% itself i$ sol7i$% t!e D#eies a$d i$ es/o$di$% to a$3 sit#atio$.
E. EF?1*)/21 /( 93(3=/(= /(,1?1(,1() 1()/)/12 2-.; 32 C3(>26 ?+2)-+77/.1 1). .8 T!e 4o5
,#lt#e of 5a73 a$d t!e et!i,s follo4ed i$side 5a73 "a5es its 4o5fo,e ,o"/ati6le 4it!
e7e36od3@ so t!e 5a73 /eo/le esta6lis!es %ood ,oodi$atio$ 4it! i$de/e$de$t e$tities too.
&+


HOW KARVY ACHIEVE IT D
T!e ,oe ,o"/ete$,3 of 5a73 lies i$ t!e follo4i$% /oi$ts d#e to 4!i,! it e$.o3s a ,o"/etiti7e ed%e
o7e its ,o"/etitos. T!e follo4i$% ,#lt#e ado/ted 63 5a73 "a5es it all ti"e fa7oite a"o$% its
,lie$tele8
&. Pofessio$all3 "a$a%ed 63 D#alified a$d tai$ed "a$/o4e.
'. U$iD#el3 st#,t#ed i$>!o#se soft4ae a$d !ad4ae de/at"e$t
?. 2#e3 !a$dli$% 4it!i$ )+ !s.
). Sto$% se,etaial@ a,,o#$ti$% a$d a#dit s3ste"s.
E. U$iD#e 4o5 ,#lt#e of 4o5i$% ( da3s a 4ee5 i$ ? s!ifts.
G. U$"at,!ed $et4o5 s/eadi$% all o7e I$dia.
ACHIEVEMENTS 0 >
4e lea$t !o4 a ,o"/a$3 stated 63 fi7e ,!ateed a,,o#$ta$ts@ $a"ed as <a73 a$d ,o"/a$3
t#$ed i$to toda3Fs <a73 Go#/@ t!e la%est fi$a$,ial i$te"edia3 of I$dia. B#t s#,,ess did$Ft ,a"e
to <a73 at a flo4@ t!e !ad 4o5 a$d dedi,atio$ of its 4o5fo,e "ade it 4!at it is toda3.%ad#all3 it
a,!ie7ed t!e follo4i$% la$d"a5s a$d $o4 it !as 6e,a"e 4!at 4e ,all t!e <a73 %o#/@ $o4 it is8
La%est i$de/e$de$t disti6#to fo fi$a$,ial /od#,ts.
A"o$%st t!e to/ E sto,5 6o5e.
A"o$% t!e to/ ? de/osito3 /ati,i/a$ts.
La%est $et4o5 of 6a$,!es L 6#si$ess asso,iates.
A"o$%st to/ &= i$7est"e$t 6a$5es.
Ad.#d%ed as o$e of t!e to/ E= IT #ses i$ I$dia 63 MIS so#t! Asia.
F#ll> fled%ed IT di7e$ o/eatio$.
I$diaFs $o.& e%ista L se,#ities ta$sfe a%e$t.
C:/1()1:1 +7 K3*850
<a73Fs ,#lt#e !as !el/ed 5a73 i$ a,!ie7i$% s#,! a disti$,t /ositio$ i$ t!e "a5et.
4!ee it ,a$ 6oast of its !#%e ,lie$t 6ase. Be it a etail i$7esto i$7esti$% Rs. E== i$ a SIP i$
Relia$,e "#t#al f#$d o 6e it t!e la%est ,o/oate !o#se of t!e ,o#$t38 Relia$,e i$d#sties>
e7e36od3 is !eadi$% to4ads 5a73 fo t!ei 4ealt! "aAi"i;atio$@ letFs !a7e a loo5 at t!e ,lie$tele
of 5a738
&*

A,,odi$% to t!e data /#6lis!ed i$ 3ea '==(@ 5a73 sto,5 6o5i$% ltd. O/eates t!o#%! "oe t!a$
&'=== te"i$als@ "oe t!a$ '*==== a,,o#$ts ae "ai$tai$ed a$d ,o""a$ds o7e ?.&)K "a5et
s!ae of NSE. T!e disti6#tio$ se7i,es !a7e a,,ess to "oe t!a$ Rs.)= 6illio$ Assets #$de
Ma$a%e"e$t. <a73 6ei$% a de/osito3 /ati,i/a$t 4it! 6ot! NS0L a$d C0SL "a$a%es "oe t!a$
(===== a,,o#$ts fo" "oe t!a$ ?+= lo,atio$s. Tal5i$% a6o#t t!e e%ist3 se7i,es@ it "a$a%es o7e
(E= /#6li,- i%!t iss#es at t!e sa"e ti"eH it is "a$a%i$% o7e &G "illio$ /otfolios as e%ista.
If 4e too5 a loo5 at so"e of t!e to/ ,o/oate !o#ses a7aili$% t!e se7i,es of 5a73 t!e$ 4e !a7e8
Relia$,e@ IOC@ I0BI@ LIC@ Hi$d#sta$ U$ile7e@ Pi$,i/al M#t#al F#$d@ Mai,o I$d#sties@ Pat$i
Co"/#tes@ Mo%a$ Sta$le3@ CRISIL@ <ota5 Ma!i$da Ba$5@ B!ati Tele7e$t#e@ I$fos3s Te,!$olo%ies@
1i/o@ I$fote,!@ TATA ,o$s#lta$,3 se7i,es@ UTI "#t#al f#$d et,. T!#s i$ total 5a73 se7es o7e &G
"illio$ i$7estos a$d ?== ,o/oates.
KARVY 3) (+*);1*( G+(18
<a73 sto,5 Bo5i$% Ltd at A#$a,!al B#ildi$%@ Baa5!a"6a Road 4!i,! is esta6lis!ed as t!e
e%io$al !ead offi,e. Pese$tl3 M. Jite$da Rai Si$%!a$ia is !eadi$% t!e $ot!e$ ;o$e. Tal5i$%
a6o#t t!e ;o$al offi,es@ <a73 !as ;o$al offi,es at L#,5$o4@ Ra.ast!a$@ C!a$di%a!. Ea,! ;o$al
offi,e !as %ot its o4$ ;o$al !eads. <a73 is a "e"6e of t!ee sto,5 eA,!a$%es of I$dia8 Natio$al
Sto,5 EA,!a$%e BNSEC@ Bo"6a3 Sto,5 EA,!a$%e BBSEC a$d H3dea6ad Sto,5 EA,!a$%e BHSEC
H/1*3*.;/.3: S)*-.)-*1 /( ,/3=*390
T!e a6o7e dia%a" s!o4s t!e
!iea,!3 of K3*85 2)+.> C*+>/(= :),. It ,a$ 6e easil3 de/i,ted fo" t!e dia%a" t!at t!e e%io$al !ead
B/ese$tl3 M*. H/)1(,*3 R3/ S/(=;3(/3C is t!e s#/e"e i$ t!e $ot!e$ e%io$@ #$de 4!o" t!e 7aio#s
;o$al !eads o/eate a$d #$de t!ese ;o$al !eads@ t!e 6a$,! !eads o/eate. Bet4ee$ ea,! le7el of t!e
!iea,!3@ t!ee eAists a ,oodi$ato@ 4!o a,ts as t!e fa,ilitato 6et4ee$ t!e diffee$t !eads.
'=

$*3(.;12 +7 >3*850-
$*3(.;12
S)3)1 T+)3: $*3(.;12
AN0HRA PRA0ESH ?(
ASSAM +
BIHAR &=
CHAN0IGARH &
CHHATTISGARH (
GOA '
GUJARAT 'G
HARYANA &E
HIMACHAL PRA0ESH ?
JAMMU L <ASHMIR &
JHAR<AN0 (
<ARNATA<A )+
<ERALA ')
MA0HYA PRA0ESH &*
MAHARASHTRA '(
MANIPUR &
MEGHALAYA &
NE1 0ELHI &&
ORISSA &?
PUNJAB &&
RAJASTHAN &=
SI<<IM &
TAMIL NA0U E(
TRIPURA &
STRUCTURE ACCORDING TO THE PRODUCTS OFFERED $Y KARVY
IN RETAIL SERVICES 0-
'&

Mutual fund Services
I$7est"e$t is t!e ste//i$% sto$e to a,!ie7i$% o$eMs fi$a$,ial dea"s. M#t#al f#$ds offe a$
o//ot#$e 4a3 to lo$%>te" 4ealt! ,eatio$. Ho4e7e@ 4it! "oe a$d "oe f#$ds floodi$% t!e
"a5et@ t!e tas5 of sele,ti$% t!e "ost s#ita6le s,!e"e %ets e7e$ "oe ,o"/li,ated. M#t#al F#$d
Ad7iso3 Se7i,e at <a73 %#ides 3o# t!o#%! t!is "a;e a$d e$s#es t!at 3o# i$7est"e$ts ae
6a,5ed 63 o# D#alit3 esea,!.
1e@ at <a73 !el/ 3o# to ea,! 3o# %oals 63 offei$%8
Pod#,ts of ?? AMCs
Resea,! e/ots BeAisti$% f#$ds L NFOsH state%3 e/ots et,.C
C#sto"i;ed "#t#al f#$d /otfolios
Potfolio e7isio$ Bde/e$di$% o$ ,!a$%i$% "a5et o#tloo5 a$d e7ol7i$% te$dsC
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STOC<
BROC<ING
SERVICES
PORTFOLIO

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MANAGEMENT
SERVIES
REALTY
SERVICES
INSURANCE
SERVICES
0EPOSITORY
SERVICES
COMMO0ITYL
0ERIVATIVE
SERVICES
MUTUAL
FUN0
SERVICES
INVESTMENT
BAN<ING
RETAIL
SERVICES




F/=-*1
M-)-3: F-(, O?1*3)/+( F:+E C;3*)

S)*-.)-*1 +7 M-)-3: F-(,2
T!ee ae "a$3 e$tities i$7ol7ed a$d t!e dia%a" 6elo4 ill#states t!e st#,t#e of "#t#al f#$ds8 >
SE$I

T#stee S/o$so
Asset #$de Ma$a%e"e$t
M#t#al F#$d S,!e"es

I$7estos
Commodity and derivative services
Co""odities "a5et@ ,o$ta3 to t!e 6eliefs of "a$3 /eo/le@ !as
6ee$ i$ eAiste$,e i$ I$dia t!o#%! t!e a%es. Ho4e7e t!e e,e$t atte"/t 63 t!e
'?

Go7e$"e$t to /e"it M#lti>,o""odit3 Natio$al le7els eA,!a$%es !as i$deed %i7e$ it@ a s!ot i$ t!e
a". As a es#lt t4o eA,!a$%es M#lti Co""odit3 EA,!a$%e BMCNC a$d Natio$al Co""odit3 a$d
dei7ati7es EA,!a$%e BNC0ENC !a7e ,o"e i$to 6ei$%. T!ese eA,!a$%es@ 63 7it#e of t!ei !i%!
/ofile /o"otes a$d sta5e!oldes@ 6#$dle i$ t!e"sel7es@ o$li$e tadi$% fa,ilities@ o6#st
s#7eilla$,e "eas#es a$d a !assle>fee settle"e$t s3ste". T!e f#t#es ,o$ta,ts a7aila6le o$ a 4ide
s/e,t#" of ,o""odities li5e Gold@ Sil7e@ Cotto$@ Steel@ So3a oil@ So3a 6ea$s@ 1!eat@ S#%a@
C!a$a et,.@ /o7ide eA,elle$t o//ot#$ities fo !ed%i$% t!e is5s of t!e fa"es@ i"/otes@ eA/otes@
tades a$d la%e s,ale ,o$s#"es. T!e3 also "a5e o/e$ a$ a7e$#e fo D#alit3 i$7est"e$ts i$
/e,io#s "etals. T!e ,o""odities "a5et@ as it is $ot affe,ted 63 t!e "o7e"e$ts of t!e sto,5 "a5et
o de6t "a5et /o7ides te"e$do#s o//ot#$ities fo 6ette di7esifi,atio$ of is5. Reali;i$% t!is
fa,t@ e7e$ "#t#al f#$ds ae ,o$te"/lati$% of e$tei$% i$to t!is "a5et.
<a73 Co"tade Li"ited is a$ot!e 7e$t#e of t!e /esti%io#s <a73 %o#/. 1it! o# 4ell
esta6lis!ed /ese$,e i$ t!e "#ltifaio#s fa,ets of t!e "ode$ Fi$a$,ial se7i,es i$d#st3 fo" sto,5
6o5i$% to e%ist3 se7i,es@ it is i$deed a /leas#e fo #s to "a5e foa3 i$to t!e ,o""odities
dei7ati7es "a5et 4!i,! o/e$s 3et a$ot!e doo fo #s to deli7e o# se7i,e to o# 6elo7ed
,#sto"es a$d t!e i$7esto /#6li, atla%e.
T!e ,o"/a$3 /o7ides i$7est"e$t@ ad7iso3 a$d 6o5ea%e se7i,es i$ I$dia$ Co""odities Ma5ets.
A$d "ost i"/ota$tl3@ 4e offe a 4ide ea,! t!o#%! o# 6a$,! $et4o5 of o7e ''E 6a$,!es
lo,ated a,oss &+= ,ities.
T!e fi$a$,ial dei7ati7es ,a"e i$to s/otli%!t i$ /ost> &*(= /eiod d#e to %o4i$% i$sta6ilit3 i$ t!e
fi$a$,ial "a5ets. Ho4e7e@ si$,e t!ei e"e%e$,e@ t!ese /od#,ts !a7e 6e,o"e 7e3 /o/#la a$d 63
&**=s@ t!e3 a,,o#$ted fo a6o#t t4o t!id of total ta$sa,tio$s i$ t!e dei7ati7es /od#,ts. I$ e,e$t
3eas@ t!e "a5et fo fi$a$,ial dei7ati7es !as %o4$ te"e$do#sl3 6ot! i$ te"s of 7aiet3 of
i$st#"e$ts a7aila6le@ t!ei ,o"/leAit3 a$d also t#$o7e.
T!e fa,tos %e$eall3 atti6#ted as t!e "a.o di7i$% fo,e 6e!i$d %o4t! of
Fi$a$,ial dei7ati7es ae8
I$,eased 7olatilit3 i$ asset /i,es i$ fi$a$,ial "a5ets.
I$,eased i$te%atio$ of $atio$al fi$a$,ial "a5ets 4it! t!e i$te$atio$al "a5ets.
Ma5ed i"/o7e"e$t i$ ,o""#$i,atio$ fa,ilities a$d s!a/ de,li$e i$ t!ei ,osts.
0e7elo/"e$t of "oe so/!isti,ated is5 "a$a%e"e$t tools@ /o7idi$% e,o$o"i, a%e$ts a 4ide
,!oi,e of is5 "a$a%e"e$t state%ies.
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I$$o7atio$s i$ t!e dei7ati7es "a5ets@ 4!i,! o/ti"all3 ,o"6i$e t!e is5s a$d et#$s o7e a la%e
$#"6e of fi$a$,ial assets@ leadi$% to !i%!e et#$s@ ed#,ed is5s as 4ell as fi$a$,ial ,osts as
,o"/aed to i$di7id#al fi$a$,ial assets.
SERVICES
<ARVY Sto,5 Bo5i$% Li"ited /o7ides de/osito3 se7i,es to i$7estos as a 0e/osito3
Pati,i/a$t 4it! t!e Natio$al Se,#ities 0e/osito3 Li"ited BNS0LC a$d Ce$tal 0e/osito3
Se7i,es BI$diaC Li"ited BC0SLC. T!e 0e/osito3 s3ste" i$ I$dia li$5s Iss#es@ Natio$al le7el
0e/ositoies@ 0e/osito3 Pati,i/a$ts a$d Cleai$% Ho#ses - Cleai$% Co/oatio$ of Sto,5
EA,!a$%es. O# de"at se7i,es ae a,,essi6le t!o#%! a$3 of o# $et4o5 of o7e E(E 6a$,!es -
i$7esto se7i,e ,e$tes lo,ated i$ o7e ?(E ,ities a$d to4$s a,oss t!e ,o#$t3.
O# de"at se7i,es 6#si$ess !as t!e disti$,tio$ of !a7i$% all its o/eatio$s ISO *==&8 '=== ,etified
4it! state>of>t!e>at te,!$olo%3 a$d o/eatio$s ,a/a6ilities. O# de"at se7i,es !as i$$o7ated o7e
ti"e a$d 4e /o7ide o$li$e a,,ess to a,,o#$t state"e$ts a$d ta$sa,tio$ alets t!o#%! SMS to its
,lie$ts.
<ARVY 0e"at se7i,es offe 3o# a se,#e@ ,o$7e$ie$t a$d /a/eless 4a3 to 5ee/ ta,5 of 3o#
i$7est"e$ts i$ s!aes a$d ot!e se,#it3 i$st#"e$ts o7e ti"e@ 4it!o#t t!e !assle of !a$dli$% /a/e
6ased ta$s,i/ts.
1e /o7ide t!e follo4i$% se7i,es8
0e"ateiali;atio$ of S!aes
Re"ateiali;atio$ of S!aes
Ta$sfe of S!aes
Pled%i$% of S!aes
Ele,to$i, C#stodial Se7i,es
Mai$te$a$,e of Be$efi,ial Holdi$%s
Ele,to$i, Cedit A%ai$st Co/oate A,tio$s
I(2-*3(.1 $*+>/(= S1*8/.12
At <a73 I$s#a$,e Bo5i$% BPC Ltd. 4e /o7ide 6ot! life a$d $o$>life i$s#a$,e /od#,ts to etail
i$di7id#als@ !i%! $et>4ot! ,lie$ts a$d ,o/oates. 1it! t!e o/e$i$% #/ of t!e i$s#a$,e se,to a$d
4it! a la%e $#"6e of /i7ate /la3es i$ t!e 6#si$ess@ 4e ae i$ a /ositio$ to /o7ide tailo "ade
/oli,ies fo diffee$t se%"e$ts of ,#sto"es. I$ o# .o#$e3 to e"e%e as a /eso$al fi$a$,e ad7iso@
'E

4e 4ill 6e 6ette /ositio$ed to le7ea%e o# elatio$s!i/s 4it! t!e /od#,t /o7ides a$d /la,e t!e
eD#ie"e$ts of o# ,#sto"es a//o/iatel3 4it! t!e /od#,t /o7ides. 1it! I$dia$ "a5ets seei$%
a sea ,!a$%e@ 6ot! i$ te"s of i$7est"e$t /atte$ a$d attit#de of i$7estos@ i$s#a$,e is $o "oe see$
as o$l3 a taA sa7i$% /od#,t 6#t also as a$ i$7est"e$t /od#,t. B3 setti$% #/ a se/aate e$tit3@ 4e
4o#ld 6e /ositio$ed to /o7ide t!e 6est of t!e /od#,ts a7aila6le i$ t!is 6#si$ess to O# ,#sto"es.
O# 4ide $atio$al $et4o5@ s/a$$i$% t!e le$%t! a$d 6eadt! of I$dia@ f#t!e s#//ots t!ese
ad7a$ta%es. F#t!e@ /eso$ali;ed se7i,e is /o7ided !ee 63 a dedi,ated tea" ,o""itted i$ %i7i$%
!assle>fee se7i,e to t!e ,lie$ts.
Insurance Products

$/*:3 S-( L/71
O Life Co"/a$io$>Mo$e3 Ba,5 Pla$
O M3 C!ild Pla$
O Ma%$#" M#lti/lie Pl#s
HDFC
O C!ilde$Ms Pla$
O Si$%le Pe"i#" 1!ole of Life Pla$
O Loa$ Co7e I$s#a$,e Poli,3
O T!e Mo$e3 Ba,5 Pla$
O E$do4"e$t Ass#a$,e Pla$
O U$it Li$5ed Pe$sio$ Pl#s
LIC
O Jee7a$ A5s!a3
O T!e Bi"a Gold Pla$
O Jee7a$ Nid!i Pla$
O F#t#e Pl#s > ULPP
O Jee7a$ Re5!a Pla$
O Jee7a$ B!aat!i
O Jee7a$ S!ee Poli,3
O Jee7a$ Sat!i Pla$
O Jee7a$ A$a$d Poli,3
O Ho#si$% Loa$s
O Ne4 C!ild Pla$ > Jee7a$ A$#a%
'G

Karvy Realty Services
<a73 Realt3 BI$diaC Li"ited B<RILC is /o"oted 63 t!e <a73 Go#/@ I$diaFs la%est fi$a$,ial
se7i,es %o#/. T!e %o#/ ,aies fo4ad its le%a,3 of t#st a$d eA,elle$,e i$ i$7esto a$d ,#sto"e
se7i,es deli7eed 4it! /assio$ a$d t!e !i%!est le7el of D#alit3 t!at ali%$ 4it! %lo6al sta$dads.
<a73 Realt3 BI$diaC Li"ited is e$%a%ed i$ t!e 6#si$ess of eal estate a$d /o/et3 se7i,es offei$%8
B#3i$%- selli$%- e$ti$% of /o/eties
Ide$tif3i$% 7al#a6le i$7est"e$ts o//ot#$ities i$ t!e eal estate se,to
Fa,ilitati$% fi$a$,ial s#//ot fo eal estate a$d i$7est"e$ts i$ /o/eties
Real estate /otfolio ad7iso3 se7i,es.
<RIL is 3o# /eso$al eal estate ad7iso %#idi$% a$d !a$d !oldi$% 3o# t!o#%! eal estate
ta$sa,tio$s a$d offei$% 7al#a6le i$7est"e$t o//ot#$ities.
A si$%le sto/ s!o/ fo ealt3 se7i,es offei$%8
T*3(23.)/(= O?)/+(20 C!oose to 6#3@ sell o e$t /o/eties Beside$tial a$d ,o""e,ialC
I(812)/(= O?)/+(20 Gi7e 3o# i$7est"e$ts a %ood o//ot#$it3 4it! /o/eties "a5eted 63 <RIL.
F/(3(./(= O?)/+(20 Get #$"at,!ed deals fo fi$a$,i$% 3o# i$7est"e$t
R1213*.; O?)/+(20 1e #$deta5e 7al#atio$ a$d feasi6ilit3 st#dies@ aea a$al3sis a$d ,#sto"i;ed
a$al3sis o$ 6e!alf of ,lie$ts.
<RIL !as o$%oi$% elatio$s 4it! 6#ildes a$d de7elo/es a,oss t!e ,o#$t3 4!i,! 4ill !el/ 3o#
/la,e 3o# i$7est"e$ts i$ t!e "ost %e$#i$e /o/eties fo a %ood 7al#e a//e,iatio$ at t!e i%!t
/la,e a$d at t!e i%!t /i,e.
P+*)7+:/+ M3(3=191() S1*8/.1
I$ toda3Ms i$ti,ate a$d 7olatile "a5et 3o# i$7est"e$t eD#ies ,o$sta$t "o$itoi$% a$d atte$tio$.
T!e de"a$d "ade o$ 3o# ti"e a$d e$e%3 63 ot!e 6#si$ess "a3 $ot lea7e 3o# 4it! ,a/a,it3 to
atte$d to 3o# /eso$al /otfolio 4it! t!e de%ee of ,ae 3o# dee" a//o/iate. 1e at <ARVY
#$desta$d 3o# sit#atio$ a$d offe PMS se7i,es ta5i$% t!e sa"e le7el of ,ae a$d atte$tio$ 3o#
4o#ld de7ote to "o$itoi$% 3o# /otfolio.
Gee$ 1allet is a$ e$dea7o# s/e,iall3 desi%$ed 63 <a73 to e$!a$,e t!e 4ealt! of a $i,!e se%"e$t
of i$7estos. T!is se7i,e /i"ail3 "ea$t fo HNIs BHi%! Net4ot! I$di7id#alsC offes ,#sto"es a
'(

4ide a$%e of s,!e"es. T!ese #$iD#e s,!e"es see5 to a,!ie7e !i%!e et#$s t!o#%! 6oad 6ased
/ati,i/atio$ i$ eD#it3 "a5ets. T!is is a,!ie7ed 63 ,eati$% a di7esified eD#it3 /otfolio of s"all@
"edi#" a$d la%e ,a/itali;ed ,o"/a$ies.
WHAT IS PMSD
PMS %i7es i$7estos a,,ess to a$ i$stit#tio$al /o,ess of "o$e3 "a$a%e"e$t it /o7ides a
,#sto"i;ed sol#tio$ 63 "at,!i$% t!e #$iD#e ,i,#"sta$,es a$d o6.e,ti7es of ea,! i$7esto.
1ealt! ,eatio$ 6ased o$ dis,i/li$ed i$7est"e$t /o,ess is t!e ,#A of PMS

Effe,ti7e di7esifi,atio$ !el/s ed#,e /otfolio 7olatilit3 a$d e$!a$,es is5>ad.#sted et#$s o7e
lo$% te" PMS %i7es i$7esto die,t o4$es!i/ of t!e i$di7id#al se,#ities i$ t!e /otfolio.
R1213*.;
1it! a f#ll fled%ed esea,! tea" ,o"/isi$% of D#alified /ofessio$als@ te,!$i,al a$al3sts a$d
f#$da"e$tal s/e,ialists@ <a73 offes D#alitati7e i$si%!ts i$to t!e "a5et s,e$aio o$ 7aio#s i$d#st3
se%"e$ts. 1it! a /o7e$ ta,5 e,od of /o7idi$% t!e 6est 7al#e fo "o$e3@ <a73Fs esea,! ai"s at
%i7i$% i$7estos t!at eAta ed%e to "a5e s"ate i$7est"e$ts.
R1213*.; C3?3C/:/)50
<a73 esea,! 4as ated i$ Asia "o$e3 fo its IT a$d Mid ,a/ ,o7ea%e
<a73 !as esea,! eA/eie$,e of "oe t!a$ $i$e 3eas
T!e esea,! de/at"e$t ,o"/ises of '= esea,! a$al3sts
T!e a$al3sts eA/eie$,e a$%es fo" ? to &+ 3eas

I(812)91() $3(>/(= S1*8/.12
0ee/e$i$% of t!e Fi$a$,ial Ma5ets a$d a$ e7e>i$,easi$% so/!isti,atio$ i$ ,o/oate ta$sa,tio$s@ !as
"ade t!e ole of I$7est"e$t Ba$5es i$dis/e$sa6le to o%a$i;atio$s see5i$% /ofessio$al eA/etise a$d
,o#$selli$%@ i$ aisi$% fi$a$,ial eso#,es t!o#%! ,a/ital "a5et a/at fo" Ca/ital a$d Co/oate
Rest#,t#i$%@ Me%es L A,D#isitio$s@ Po.e,t Ad7iso3 a$d t!e e$tie %a"#t of Fi$a$,ial Ma5et
a,ti7ities.
<a73 I$7esto Se7i,es Li"ited BPKISL)@ a SEBI e%isteed Me,!a$t Ba$5e !as e"e%ed as a leadi$%
I$7est"e$t Ba$5i$% e$tit3 i$ t!e ,o#$t3 4it! o7e a de,ade of eA/eie$,e. <ISL !as 6#ilt its e/#tatio$ 63
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,a/itali;i$% o$ its D#alified /ofessio$als@ 4!o !a7e s#,,essf#ll3 eAe,#ted a la%e $#"6e of ,o"/leA a$d
#$iD#e ta$sa,tio$s.
O# D#alit3 /ofessio$al tea" a$d o# 4o5>oie$ted dedi,atio$ !a7e /o/elled #s to offe 7al#e>added
,o/oate fi$a$,ial se7i,es a$d a,t as a /ofessio$al $a7i%ato fo lo$% te" %o4t! of o# ,lie$ts@ 4!o
i$,l#de leadi$% ,o/oates@ State Go7e$"e$ts@ Foei%$ I$stit#tio$al I$7estos@ /#6li, a$d /i7ate se,to
,o"/a$ies a$d 6a$5s@ i$ I$dia$ a$d %lo6al "a5ets.
1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e
a$d tade le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae
t#$ed to "eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% eAte$si7e eA/eie$,e i$
,a/ital "a5ets@ f#t!e $#t#es t!is elatio$s!i/.
C*1,1()/3:2
E"e%i$% as a leadi$% I$7est"e$t Ba$5e 4it! a sto$% s#//ot fo" its Go#/ e$tities i$
Resea,!@ Sto,5 Bo5i$%@ I$stit#tio$al Sales a$d Retail 0isti6#tio$.
Sto$% tea" of "oe t!a$ 'E D#alified /ofessio$als o/eati$% fo" siA ,itiesH H3dea6ad@
M#"6ai@ 0el!i@ <ol5ata@ C!e$$ai@ a$d Ba$%aloe a/at fo" t4o o7eseas offi,es at Ne4 Yo5
BUSAC a$d 0#6ai.
O$e of t!e la%est etail disti6#tio$ $et4o5s 4it! o7e E+) 6a$,!es i$ o7e ?+* ,ities-to4$s.
EA,elle$t I$stit#tio$al Sales 0es5.
Stock Brocking Services / euities
T!e sto,5 "a5et s3ste" is a$ a7e$#e of !o4 to tade sto,5 fo listed ,o/oatio$s. As a ,o/oatio$ is
fo"ed@ its i$itial s!ae!oldes ae a6le to a,D#ie s!aes of sto,5 fo" t!e /oi$t of s#6s,i/tio$ 4!e$ a
,o"/a$3 is ,eated. 1!e$ a ,o"/a$3 stats to 6e taded to t!e /#6li,@ t!e /i"a3 "a5et ,o"es i$ 4!ee
t!ose 4!o s#6s,i6e to t!e i$itial /#6li, offei$% BIPOC ta5es o$ t!e s!aes of sto,5 sold fo" /oi$t of IPO.
1!e$ t!ose 4!o 6o#%!t i$to a ,o"/a$3 at IPO /oi$t of 7ie4 de,ides to sell t!ei s!aes of sto,5 to ot!e
/eo/le@ t!e3 ,a$ do so 63 %oi$% to t!e sto,5 "a5et.
T!e sto,5 "a5et is a se,o$da3 "a5et fo se,#ities tadi$% 4!eei$ oi%i$al o se,o$da3 !oldes of a
,o"/a$3Fs s!aes of sto,5 ,a$ sell t!ei sto,5s to ot!e i$di7id#als 4it!i$ t!e fa"e 4o5 of t!e sto,5
"a5et s3ste".
T!e sto,5 "a5et !as 6#3es of sto,5s o t!ose 4!o 4a$ts to o4$ a /at of t!e ,o"/a$3 6#t 4as$Ft a6le to
do so d#i$% t!e i$itial /#6li, offei$%s "ade 63 t!e ,o"/a$3 to t!e /#6li, 4!e$ it !as de,ided to list itself
'*

as a /#6li,l3 listed ,o"/a$3. T!e se,o$da3 "a5et o t!e sto,5 "a5et allo4s ot!e i$di7id#als to sell
s!aes of t!e ,o"/a$3 4!e$ t!e i$itial s!ae!oldes "a3 !a7e eali;ed t!at t!e3 4a$t to sell t!ei s!aes
afte %ai$i$% eit!e si%$ifi,a$t /ofit o eali;ed si%$ifi,a$t loss fo" /oi$t of a,D#ii$% a ,o"/a$3 fo" its
IPO /i,e
PRIMARY @ SECONDARY MARKET
T!ee ae t4o 4a3s fo i$7estos to %et s!aes fo" t!e /i"a3 a$d se,o$da3 "a5ets. I$ /i"a3
"a5ets@ se,#ities ae 6o#%!t 63 4a3 of /#6li, iss#e die,tl3 fo" t!e ,o"/a$3. I$ Se,o$da3 "a5et
s!ae ae taded 6et4ee$ t4o i$7estos.
P*/93*5 M3*>1)8 Ma5et fo $e4 iss#es of se,#ities@ as disti$%#is!ed fo" t!e Se,o$da3 Ma5et@
4!ee /e7io#sl3 iss#ed se,#ities ae 6o#%!t a$d sold.
S1.+(,3*5 M3*>1)0 T!e "a5et 4!ee se,#ities ae taded afte t!e3 ae i$itiall3 offeed i$ t!e
/i"a3 "a5et. Most tadi$% is do$e i$ t!e se,o$da3 "a5et.
$-) E;1( 3(, E;1*1 ,/, /) 3:: 2)3*)D
I$ I$dia@ t!e Sto,5 EA,!a$%e@ M#"6ai@ 4as esta6lis!ed i$ &+(E as QT!e Nati7e S!ae a$d
Sto,56o5es Asso,iatio$Q Ba 7ol#$ta3 $o$>/ofit "a5i$% asso,iatio$C a$d is $o4 /o/#lal3 5$o4$ as t!e
Bo"6a3 Sto,5 EA,!a$%e BBSEC. T!e ot!e "a.o eA,!a$%e is t!e Natio$al Sto,5 EA,!a$%e of I$dia
Li"ited BNSEC a$d 4as i$,o/oated i$ No7e"6e &**'. Co"6i$ed t!e t4o tadi$% ;o$es ae es/o$si6le
fo **.*K of t!e tadi$% do$e i$ I$dia.
S)+.> M3*>1) I(,1F
9ItFs io$i,al t!at so"et!i$% as !#%e as a sto,5 "a5et 4!i,! s!o#ld 6e sta6le as it e/ese$ts t!e e,o$o"3
of a $atio$@ is a,t#all3 eAte"el3 7olatile si$,e it is di7e$ "oe 63 t!e se$ti"e$ts of t!e /eo/le9 Sto,5
Ma5et is a /la,e 4!ee t!e sto,5s of a listed ,o"/a$3 ae taded. A si$%le fi%#e t!at s#"s #/ t!e o7eall
/efo"a$,e of t!e "a5et o$ a dail3 6asis is t!e Sto,5 I$deA. A %ood Sto,5 I$deA ,a/t#es t!e "o7e"e$t
of t!e 4ell di7esified a$d !i%!l3 liD#id sto,5s. Fo a la3 "a$ it is t!e /#lse ate of t!e e,o$o"3. I$deA
"o7e"e$ts efle,t t!e ,!a$%i$% eA/e,tatio$s of t!e sto,5 "a5et a6o#t f#t#e di7ide$ds of t!e ,o/oate
se,to. T!e i$deA is ,al,#lated 63 fi$di$% t!e 4ei%!ted a7ea%e of t!e /i,es of t!e "ost a,ti7el3 taded
,o"/a$ies i$ t!e "a5et@ 4!ee t!e 4ei%!ts ae %e$eall3 i$ /o/otio$ to t!e "a5et ,a/itali;atio$ of t!e
,o"/a$3.
?=

T5?12 +7 I(,1F12 383/:3C:10-
$*+3,-M3*>1) I(,1F0 T!is ,o$sists of all t!e la%e@ liD#id sto,5s of t!e ,o#$t3 a$d 6e,o"es t!e
6e$,!"a5 fo t!e e$tie ,a/ital "a5et of t!e ,o#$t3. A$ eAa"/le fo t!is is t!e SLP CNN E==.
S?1./3:/G1, I(,1F0 1e ,a$ eit!e !a7e I$d#st3 o Se,to s/e,ifi, I$deA fo a$3 /ati,#la se,to
of t!e e,o$o"3 4!i,! t!e$ se7es as t!e 6e$,!"a5 fo t!at /ati,#la i$d#st3 o 4e ,a$ !a7e a$
i$deA fo t!e !i%!l3 liD#id sto,5s. Ta5i$% a$ eAa"/le fo a$ i$d#st3 s/e,ifi, i$deA 4e !a7e t!e SLP
Ba$5i$% I$deA 4!i,! is a ,a/itali;atio$>4ei%!ted i$deA of 'G do"esti, eD#ities taded o$ t!e Ne4
Yo5 Sto,5 EA,!a$%e a$d NAS0A2@ T!e sto,5s i$ t!e I$deA ae !i%!>,a/itali;atio$ sto,5s
e/ese$ti$% a se,to of t!e SLP E==. Si"ilal3@ T!e SLP CNN Nift3 is a ele7a$t eAa"/le fo a$
i$deA ,o"/osed of !i%!l3 liD#id sto,5s.
D/2)*/C-)/+( +7 F/(3(./3: P*+,-.)2
T!e /aadi%" s!ift fo" /#e selli$% to 5$o4led%e 6ased selli$% di7es t!e 6#si$ess toda3. 1it! o# 4ide
/otfolio offei$%s@ 4e o,,#/3 all se%"e$ts i$ t!e etail fi$a$,ial se7i,es i$d#st3.
A &G== tea" of !i%!l3 D#alified a$d dedi,ated /ofessio$als da4$ fo" t!e 6est of a,ade"i, a$d
/ofessio$al 6a,5%o#$ds ae ,o""itted to "ai$tai$i$% !i%! le7els of ,lie$t se7i,e deli7e3. T!is !as
/o/elled #s to a /ositio$ a"o$% t!e to/ disti6#tos fo eD#it3 a$d de6t iss#es 4it! a$ esti"ated "a5et
s!ae of &EK i$ te"s of a//li,atio$s "o6ili;ed@ 6esides 6ei$% esta6lis!ed as t!e leadi$% /o,#e i$ all
/#6li, iss#es.
To f#t!e ta/ t!e i""e$se %o4t! /ote$tial i$ t!e ,a/ital "a5ets 4e e$!a$,ed t!e s,o/e of o# etail
6a$d@ <a73 R t!e Fi$a/olis @ t!ee63 /o7idi$% /la$$i$% a$d ad7iso3 se7i,es to t!e "ass affl#e$t. Hee
4e #$desta$d t!e ,#sto"e $eeds a$d lifest3le i$ t!e ,o$teAt of /ese$t ea$i$%s a$d /o7ide adeD#ate
ad7iso3 se7i,es t!at 4ill $e,essail3 !el/ i$ ,eati$% 4ealt!. J#di,io#s /la$$i$% t!at is ,#sto"i;ed to
"eet t!e f#t#e $eeds of t!e ,#sto"e deli7e a se7i,e t!at is eAe"/la3. T!e "a5et>sa773 a$d t!e
i%$oa$t i$7estos@ 6ot! fi$d t!is se7i,e 7e3 satisfa,to3. T!e ed%e t!at 4e !a7e o7e ,o"/etitio$ is o#
/otfolio of offei$%s a$d o# /ofessio$al eA/etise. T!e i$7est"e$t /la$$i$% fo ea,! ,#sto"e is do$e
4it! a$ #$6iased attit#de so t!at t!e se7i,e is t#l3 ,#sto"i;ed.
O# "o$t!l3 "a%a;i$e@ Fi$a/olis@ /o7ides #/>dated "a5et i$fo"atio$ o$ "a5et te$ds@
i$7est"e$t o/tio$s@ o/i$io$s et,. T!#s e"/o4ei$% t!e i$7esto to 6ase e7e3 fi$a$,ial "o7e o$ atio$al
t!o#%!t a$d /#de$t a$al3sis a$d e"6a5 o$ t!e /at! to 4ealt! ,eatio$.
?&

A,8/2+*5 S1*8/.12

U$de o# etail 6a$d P<a73 R t!e Fi$a/olisM@ 4e deli7e ad7iso3 se7i,es to a ,oss>se,tio$ of
,#sto"es. T!e se7i,e is 6a,5ed 63 a tea" of dedi,ated a$d eA/et /ofessio$als 4it! 7aied eA/eie$,e
a$d 6a,5%o#$d i$ !a$dli$% i$7est"e$t /otfolios. T!e3 ae ,o$ti$#all3 e$%a%ed i$ desi%$i$% t!e i%!t
i$7est"e$t /otfolio fo ea,! ,#sto"e a,,odi$% to i$di7id#al $eeds a$d 6#d%et ,o$sideatio$s 4it! a
,o"/e!e$si7e s#//ot s3ste" t!at fo,#ses o$ tadi$% ,#sto"esM /otfolios a$d /o7idi$% 7al#a6le i$/#ts@
"o$itoi$% a$d "a$a%i$% t!e /otfolio t!o#%! 7aied te,!$olo%i,al i$itiati7es. T!is is "ade /ossi6le 63
t!e eA/etise 4e !a7e %ai$ed i$ t!e 6#si$ess o7e t!e 3eas. A$ot!e 7e$t#e to4ads 6ei$% i$7esto>
fie$dl3 is t!e ,i,#latio$ of a "o$t!l3 "a%a;i$e ,alled P<a73 > t!e Fi$a/olisM. Co7ei$% t!e latest of
"a5et $e4s@ te$ds@ i$7est"e$t s,!e"es a$d esea,!>6ased o/i$io$s fo" eA/ets i$ 7aio#s fi$a$,ial
fields.
P*/83)1 C:/1() G*+-?
T!is s/e,iali;ed di7isio$ 4as set #/ to ,ate to t!e !i%! $et 4ot! i$di7id#als a$d i$stit#tio$al ,lie$ts
5ee/i$% i$ "i$d t!at t!e3 eD#ie a diffee$t 5i$d of fi$a$,ial /la$$i$% a$d "a$a%e"e$t t!at 4ill a#%"e$t
$ot .#st eAisti$% fi$a$,es 6#t t!ei life>st3le as 4ell. Hee 4e follo4 a !ad>$osed 6#si$ess a//oa,! 4it!
t!e soft to#,! of dedi,ated ,#sto"e ,ae a$d /eso$ali;ed atte$tio$.
Fo t!is /#/ose 4e offe a ,o"/e!e$si7e a$d /eso$ali;ed se7i,e t!at e$,o"/asses /la$$i$% a$d
/ote,tio$ of fi$a$,es@ /la$$i$% of 6#si$ess $eeds a$d etie"e$t $eeds a$d a !ost of ot!e se7i,es@ all
/o7ided o$ a o$e>to>o$e 6asis.
O# esea,! e/ots !a7e 6ee$ 4idel3 a//e,iated 63 t!is se%"e$t. T!e deli7e3 a$d s#//ot "od#les
!a7e 6ee$ fi$e t#$ed 63 %i7i$% o# ,lie$ts a,,ess to o$li$e /otfolio i$fo"atio$@ ,o$sta$t #/dates o$ t!ei
/otfolios as 4ell as 7al#e>added ad7i,e o$ /otfolio ,!#$i$%@ se,to s4it,!es et,. T!e i$7est"e$t
e,o""e$datio$s %i7e$ 63 o# esea,! tea" i$ t!e ,as! "a5et !as e$.o3ed a !i%! s#,,ess ate.
O);1* 93*>1) *-((1*2 E;+ .+9?1)1 )+ );1 >3*85 0-

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KOTAK SECURITIES0
<ota5 se,#ities ltd is I$dia leadi$% sto,5 6o5i$% !o#se 4it! a "a5et s!ae of ,lose to *K as o$ ?& "a,!
'==(. 5ota5 se,#ities ltd !as 6ee$ t!e la%est i$ IPO disti6#tio$.
T!e ,o"/a$3 !as a f#ll fled%ed esea,! di7isio$ i$7ol7ed i$ "a,o e,o$o"i, st#dies se,t oal
esea,! a$d ,o"/a$3 s/e,ifi, eD#it3 esea,! ,o"6i$ed 4it! a sto$% a$d 4ell $et4o5ed sales fo,e
4!i,! !el/s deli7e ,#e$t a$d #/ to date "a5et i$fo"atio$ a$d $e4s
<ota5 se,#ities ltd is also a de/osito3 /ati,i/a$t 4it! $atio$al se,#ities de/osito3 li"ited a$d ,e$tal
de/osito3 se7i,e li"ited ./o7idi$% d#al 6e$efits se7i,es 4!ee i$ t!e i$7esto ,a$ #se t!e 6o5ea%e
se7i,es of t!e ,o"/a$3 fo eAe,#ti$% t!e ta$sa,tio$s a$d t!e de/osito3 se7i,e fo settli$% t!e".
<ota5 se,#ities !a7e +&? o#tlets se7i,i$% "oe t!a$ ?&E=== ,#sto"es a$d a ,o7ea%e of '(( ,ities.
<ota5 se,#ities ,o" t!e o$li$e di7isio$ of 5ota5 se,#ities li"ited offes i$te$et 6o5i$% se7i,es a$d
also o$li$e IPO a$d "#t#al f#$d i$7est"e$t

A <ota5 se,#it3 li"ited "a$a%es assets ao#$d '?== ,oes of assets #$de "a$a%e"e$t. T!e /otfolio
"a$a%e"e$t se7i,e /o7ides to/ ,lass se7i,e ,atei$% to t!e !i%! e$d of t!e "a5et. Potfolio
"a$a%e"e$t fo" 5ota5 se,#ities ,o"es as a$ a$s4e to t!ose 4!o 4o#ld li5e to %o4 fo" eA/o$e$tiall3
o$ t!e ,est of t!e sto,5 "a5et@ 4it! t!e 6a,5i$% of a$ eA/et.
S!ae5!a$@ t!e etail 6o5i$% a" of SS<I %o#/ a$d o$e of t!e la%est sto,5 6o5i$% !o#se i$ t!e ,o#$t3
!as 4o$ t!e /esti%io#s a4aa; ,o$s#"e 7ote a4ads '==E fo t!e "ost /efeed sto,5 6o5i$% 6a$d i$
I$dia@ i$ t!e i$7est"e$t ad7isos ,ate%o3
S!ae 5!a$ eD#it3 elated se7i,es i$,l#de tade eAe,#tio$ o$ BSE@NSE dei7ati7es ,o""odities
de/osito3 se7i,es o$li$e tadi$% a$d i$7est"e$t ad7i,e @.s!ae5!a$ o$li$e tadi$% a$d i$7est"e$t site
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444.s!ae5!a$.,o" 4as la#$,!ed i$ '=== . S!ae5!a$ Ba% o#$d $et4o5 i$,l#des o7e 'E= ,e$tes
a,oss &'? ,ities i$ I$dia a$d !a7i$% ao#$d &'==== ,#sto"es a$d eD#al $#"6e of de"at ,#sto"es.
S!ae5!a$ 4o$ t!e a4ad 63 7ote of ,#sto"e ao#$d t!e ,o#$t3@ as /at of I$dia la%est ,o$s#"e st#d3
,o7e (=== es/o$de$ts '& /od#,t a$d se7i,e a,oss '& "a.o ,ities. t!e st#d3 i$itiated 63 a4aa; I$dia
fist dedi,ated ,o$s#"e ,!a$$el a$d "e"6e of t!e 4old 4ide CNBC $et4o5 a$d a, Nielse$ o% "a%
4as ai"ed at #$desta$di$% t!e 6a$d /efee$,e of t!e ,o$s#"e a$d to de,i/!e 4!at ae t!e "ost
i"/ota$t lo3alt3 ,iteia fo t!e ,o$s#"e i$ ea,! 7eti,al
I$ ode to sele,t t!e a4ad e,i/ie$t s/o$ta$eo#s es/o$ses at!e t!a$ /o"/ted es/o$ses 4ee %a$eed
4it! a$ i$te$tio$ to %lea$ #$6iased /efee$,es.T!e easo$ 6e!i$d t!e /efee$,es fo 6a$ds 4ee
#$7eiled 63 eAa"i$es t!e follo4i$%8
Ta$%i6le feat#es of /od#,t -se7i,e
Softe@ i$ta$%i6le feat#es li5e i"a%e3@ eD#it3 di7i$% /efee$,e
Ta,ti,al "eas#es s#,! as /o"otio$al -/i,i$% s,!e"es.
T!e I$dia I$foli$e %o#/@ ,o"/isi$% t!e !oldi$% ,o"/a$3@ I$dia I$foli$e Li"ited a$d its 4!oll3>o4$ed
s#6sidiaies@ staddle t!e e$tie fi$a$,ial se7i,es s/a,e 4it! offei$%s a$%i$% fo" ED#it3 esea,!@
ED#ities a$d dei7ati7es tadi$%@ Co""odities tadi$%@ Potfolio Ma$a%e"e$t Se7i,es@ M#t#al F#$ds@
Life I$s#a$,e@ FiAed de/osits@ GoI 6o$ds a$d ot!e s"all sa7i$%s i$st#"e$ts to loa$ /od#,ts a$d
I$7est"e$t 6a$5i$%. I$dia I$foli$e also o4$s a$d "a$a%es t!e 4e6sites !tt/8--444.i$diai$foli$e.,o"-a$d
!tt/8--444.E/aisa.,o"-T!e ,o"/a$3 !as a $et4o5 of (E+ 6#si$ess lo,atio$s B6a$,!es a$d s#6>6o5esC
s/ead a,oss ?)G ,ities a$d to4$s. It !as "oe t!a$ +==@=== ,#sto"esI$dia I$foli$e Li"ited is listed o$
6ot! t!e leadi$% sto,5 eA,!a$%es i$ I$dia@ 7i;. t!e Sto,5 EA,!a$%e@ M#"6ai BBSEC a$d t!e Natio$al Sto,5
EA,!a$%e BNSEC a$d is also a "e"6e of 6ot! t!e eA,!a$%es. It is e$%a%ed i$ t!e 6#si$esses of ED#ities
6o5i$%@ 1ealt! Ad7iso3 Se7i,es a$d Potfolio Ma$a%e"e$t Se7i,es. It offes 6o5i$% se7i,es i$ t!e
Cas! a$d 0ei7ati7es se%"e$ts of t!e NSE as 4ell as t!e Cas! se%"e$t of t!e BSE. It is e%isteed 4it!
NS0L as 4ell as C0SL as a de/osito3 /ati,i/a$t@ /o7idi$% a o$e>sto/ sol#tio$ fo ,lie$ts tadi$% i$ t!e
eD#ities "a5et. It !as e,e$tl3 la#$,!ed its I$7est"e$t 6a$5i$% a$d I$stit#tio$al Bo5i$% 6#si$ess.

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Motilal Os4al Se,#ities Ltd. 4as fo#$ded i$ &*+( as a s"all s#6>6o5i$% #$it@ 4it! .#st t4o /eo/le
#$$i$% t!e s!o4. Fo,#s o$ ,#sto"e>fist>attit#de@ et!i,al a$d ta$s/ae$t 6#si$ess /a,ti,es@ es/e,t fo
/ofessio$alis"@ esea,!>6ased 7al#e i$7esti$% a$d i"/le"e$tatio$ of ,#tti$%>ed%e te,!$olo%3 !as
e$a6led #s to 6losso" i$to a$ al"ost '=== "e"6e tea".
Toda3 t!e3 ae a 4ell di7esified fi$a$,ial se7i,es fi" offei$% a a$%e of fi$a$,ial /od#,ts a$d se7i,es
s#,! as
1ealt! Ma$a%e"e$t
Bo5i$% L 0isti6#tio$
Co""odit3 Bo5i$%
Potfolio Ma$a%e"e$t Se7i,es
I$stit#tio$al ED#ities
Pi7ate ED#it3
I$7est"e$t Ba$5i$% Se7i,es a$d
Pi$,i/al State%ies
T!e3 !a7e a di7esified ,lie$t 6ase t!at i$,l#des etail ,#sto"es Bi$,l#di$% Hi%! Net 4ot! I$di7id#alsC@
"#t#al f#$ds@ foei%$ i$stit#tio$al i$7estos@ fi$a$,ial i$stit#tio$s a$d ,o/oate ,lie$ts. T!e3 ae
!eadD#ateed i$ M#"6ai a$d as of J#$e ?=@ '==+@ !ad a $et4o5 s/ead o7e )E= ,ities a$d to4$s
,o"/isi$% &@)*G B#si$ess Lo,atio$s o/eated 63 t!ei B#si$ess Pat$es a$d t!e". As at J#$e ?=@ '==+@
t!e3 !ad )+G@G)+ e%isteed
?E

Reli%ae E$te/ises Li"ited BRELC@ is o$e of t!e leadi$% i$te%ated fi$a$,ial se7i,es %o#/s of I$dia.
RELFs 6#si$esses ae 6oadl3 ,l#66ed a,oss t!ee 5e3 7eti,als@ t!e Retail@ I$stit#tio$al a$d 1ealt!
s/e,t#"s@ ,atei$% to a di7ese a$d 4ide 6ase of ,lie$ts. REL offes a "#ltit#de of i$7est"e$t o/tio$s a$d
a di7ese 6o#D#et of fi$a$,ial se7i,es a$d !as a /a$ I$dia ea,! i$ "oe t!a$ &EE= lo,atio$s a,oss "oe
t!a$ )G= ,ities a$d to4$s.
As /at of its e,e$t i$itiati7es@ t!e %o#/ !as also stated eA/a$di$%
%lo6all3 a$d !as a,D#ied Lo$do$Fs oldest 6o5ea%e L i$7est"e$t fi"@ Hi,!e$s@ Haiso$ L Co. /l,.
Follo4i$% t!is a,D#isitio$ Reli%ae $o4 /o/oses to o/eate o#t of &= ,o#$ties. 1it! a 7ie4 to eA/a$d@
di7esif3 a$d i$tod#,e offei$%s 6e$,!"a5ed a%ai$st %lo6al 6est /a,ti,es@ Reli%ae !as e$teed i$to .oi$t
7e$t#es 4it! t!e %lo6al "a.o> Ae%o$ fo its Asset Ma$a%e"e$t a$d Life I$s#a$,e 6#si$esses i$ I$dia.
Reli%aeFs 4ealt! "a$a%e"e$t s#6sidia3 is $o4 e,!iste$ed as Reli%ae Ma,D#aie 1ealt! Ma$a%e"e$t
Li"ited@ follo4i$% a .oi$t 7e$t#e 4it! t!e A#stalia 6ased fi$a$,ial se7i,es "a.o@ Ma,D#aie Ba$5.
Reli%ae !as also /at$eed 4it! Vistaa E$tetai$"e$t to la#$,! I$diaFs fist Fil" F#$d.
T!e 7isio$ is to 6#ild Reli%ae as a %lo6all3 t#sted 6a$d i$ t!e fi$a$,ial se7i,es do"ai$ a$d /ese$t it as
t!e PI$7est"e$t Gate4a3 of I$diaF. All e"/lo3ees of t!e %o#/ %#ided 63 a$ eA/eie$,ed a$d /ofessio$al
"a$a%e"e$t tea" ae ,o""itted to /o7idi$% fi$a$,ial ,ae@ 6a,5ed 63 t!e ,oe 7al#es of dili%e$,e a$d
ta$s/ae$,3.
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I$dia6#lls is I$diaFs leadi$% Fi$a$,ial Se7i,es a$d Real Estate ,o"/a$3 !a7i$% o7e G)= 6a$,!es all o7e
I$dia. I$dia6#lls se7es t!e fi$a$,ial $eeds of "oe t!a$ )@E=@=== ,#sto"es 4it! its 4ide a$%e of
fi$a$,ial se7i,es a$d /od#,ts fo" se,#ities@ dei7ati7es tadi$%@ de/osita3 se7i,es@ esea,! L
ad7iso3 se7i,es@ ,o$s#"e se,#ed L #$se,#ed ,edit@ loa$ a%ai$st s!aes a$d "ot%a%e L !o#si$%
fi$a$,e. 1it! ao#$d )=== Relatio$s!i/ Ma$a%es@ I$dia6#lls !el/s its ,lie$ts to satisf3 t!ei ,#sto"i;ed
fi$a$,ial %oals. I$dia6#lls t!o#%! its %o#/ ,o"/a$ies !as e$teed I$dia$ Real Estate 6#si$ess i$ '==E. It
is ,#e$tl3 e7al#ati$% se7eal la%e>s,ale /o.e,ts 4ot! se7eal !#$ded "illio$ dollas.
9I$dia6#lls Fi$a$,ial Se7i,es Ltd is listed o$ t!e Natio$al Sto,5 EA,!a$%e@ Bo"6a3 Sto,5 EA,!a$%e a$d
L#Ae"6o#% Sto,5 EA,!a$%e. T!e "a5et ,a/itali;atio$ of I$dia6#lls is ao#$d US0 G@?== "illio$ B?&st
0e,e"6e@ '==(C. Co$solidated $et 4ot! of t!e %o#/ is ao#$d US0 *=E "illio$ B?&st 0e,e"6e@ '==(C.
I$dia6#lls a$d its %o#/ ,o"/a$ies !a7e atta,ted "oe t!a$ US0 +== "illio$ of eD#it3 ,a/ital i$ Foei%$
0ie,t I$7est"e$t BF0IC si$,e Ma,! '===. So"e of t!e la%e s!ae!oldes of I$dia6#lls ae t!e la%est
fi$a$,ial i$stit#tio$s of t!e 4old s#,! as Fidelit3 F#$ds@ Gold"a$ Sa,!s@ Meill L3$,!@ Mo%a$ Sta$le3
a$d Faallo$ Ca/ital.
B#si$ess of t!e ,o"/a$3 !as %o4$ i$ lea/s a$d 6o#$ds si$,e its i$,e/tio$.
Re7e$#e of t!e ,o"/a$3 %e4 at a CAGR of &E*K fo" FY=? to FY=(. 0#i$% t!e sa"e /eiod@ /ofits of
t!e ,o"/a$3 %e4 at a CAGR of &+)K.
I$dia6#lls 6e,a"e t!e fist ,o"/a$3 to 6i$% F0I i$ I$dia$ Real Estate t!o#%! a JV 4it! Faallo$ Ca/ital
Ma$a%e"e$t LLC@ a es/e,ted US 6ased i$7est"e$t fi". I$dia6#lls !as de"o$stated dee/ #$desta$di$%
a$d ,o""it"e$t to I$dia$ Real Estate "a5et 63 4i$$i$% ,o"/etiti7e 6ids fo la$d"a5 /o/eties i$
M#"6ai a$d 0el!i.:I$dia6#lls Fi$a$,ial Se7i,es Ltd
?(

A$a$d Rat!i is a leadi$% f#ll se7i,e se,#ities fi" /o7idi$% t!e e$tie %a"#t of fi$a$,ial se7i,es. T!e
fi"@ fo#$ded i$ &**) 63 M. A$a$dRat!i@ toda3 !as a /a$ I$dia /ese$,e as 4ell as a$ i$te$atio$al
/ese$,e t!o#%! offi,es i$ 0#6ai a$d Ba$%5o5. AR /o7ides a 6eadt! of fi$a$,ial a$d ad7iso3 se7i,es
i$,l#di$% 4ealt! "a$a%e"e$t@ i$7est"e$t 6a$5i$%@ ,o/oate ad7iso3@ 6o5ea%e L disti6#tio$ of
eD#ities@ ,o""odities@ "#t#al f#$ds a$d i$s#a$,e@ st#,t#ed /od#,ts > all of 4!i,! ae s#//oted 63
/o4ef#l esea,! tea"s.
T!e fi"Ms /!iloso/!3 is e$tiel3 ,lie$t ,e$ti,@ 4it! a ,lea fo,#s o$ /o7idi$% lo$% te" 7al#e additio$ to
,lie$ts@ 4!ile "ai$tai$i$% t!e !i%!est sta$dads of eA,elle$,e@ et!i,s a$d /ofessio$alis". T!e e$tie fi"
a,ti7ities ae di7ided a,oss disti$,t ,lie$t %o#/s8 I$di7id#als@ Pi7ate Clie$ts@ Co/oate a$d I$stit#tio$s
a$d 4as e,e$tl3 a$5ed 63 Asia Mo$e3 '==G /oll a"o$%st So#t! AsiaMs to/ E 4ealt! "a$a%es fo t!e
#lta>i,!.
I$ 3ea '==( Citi%o#/ Ve$t#e Ca/ital I$te$atio$al .oi$ed t!e %o#/ as a fi$a$,ial /at$e
?+

T!e A$%el Go#/ of Co"/a$ies 4as 6o#%!t to life 63 M. 0i$es!
T!a55a. He 7e$t#ed i$to sto,5 tadi$% 4it! a$ i$te$tio$ to aise ,a/ital fo !is o4$ i$de/e$de$t
e$te/ise. Ho4e7e@ !e e,o%$ised t!e o//ot#$it3 offeed 63 t!e sto,5 "a5et to se7e i$di7id#al
i$7estos. T!#s I$diaFs fist etail>fo,#sed sto,5>6o5i$% !o#se 4as esta6lis!ed i$ &*+(. U$de !is
leades!i/@ A$%el 6e,a"e t!e fist 6o5i$% !o#se to e"6a,e $e4 te,!$olo%3 fo faste@ "oe effe,ti7e a$d
affoda6le se7i,es to etail i$7estos.
M. T!a55a is 7al#ed fo !is #$desta$di$% of t!e e,o$o"3 a$d t!e sto,5>"a5et. T!e
/i$t a$d ele,to$i, "edia ofte$ see5 !is 7ie4s o$ t!e "a5et te$d as 4ell as i$7est"e$t state%ie A$%el
Bo5i$%Ms t3st 4it! eA,elle$,e i$ ,#sto"e elatio$s 6e%a$ i$ &*+(. Toda3@ A$%el !as e"e%ed as o$e of
t!e "ost es/e,ted Sto,5>Bo5i$% a$d 1ealt! Ma$a%e"e$t Co"/a$ies i$ I$dia. 1it! its #$iD#e etail>
fo,#sed sto,5 tadi$% 6#si$ess "odel@ A$%el is ,o""itted to /o7idi$% PReal Val#e fo Mo$e3F to all its
,lie$ts.
T!e A$%el Go#/ is a "e"6e of t!e Bo"6a3 Sto,5 EA,!a$%e BBSEC@ Natio$al Sto,5 EA,!a$%e BNSEC a$d
t!e t4o leadi$% Co""odit3 EA,!a$%es i$ t!e ,o#$t38 NC0EN L MCN. A$%el is also e%isteed as a
0e/osito3 Pati,i/a$t 4it! C0SL.
?*

C+9?3*/+( +( );1 C32/2 +7 $*+>1*3=1 7112 .;3*=1,
)=
$*+>1* $*+>1*3=1 7+* ,1:/81*5 $*+>1*3=1 7+* I()*3,35
)*3,/(=
<a73 Sto,5 Bo5i$% =.?=K =.=?K
Motilal Os4al =.?=K > =.E=K =.=?K > =.&EK
S!ae5!a$ =.=?K > =.E=K =.=?K > =.&=K
E /aisa =.'EK > =.+EK =.=(K
A$%el Bo5i$% =.E=K =.='K > =.=?K
I$dia6#lls =.'EK > =.E=K =.=EK > =.&=K
Reli%ae =.'=K > =.?=K =.='K > =.=?K
I$diai$foli$e

=.E=K =.&=K

CHAPTER-II
REVIEW OF LITERATURE
)&

REVIEW OF LITERATURE0
Liteat#e o$ "#t#al f#$d /efo"a$,e e7al#atio$ is e$o"o#s. A fe4 esea,! st#dies t!at !a7e i$fl#e$,ed
t!e /e/aatio$ of t!is /a/e s#6sta$tiall3 ae dis,#ssed i$ t!is se,tio$. S!a/e@ 1illia" F. B&*GGC s#%%ested
a "eas#e fo t!e e7al#atio$ of /otfolio /efo"a$,e. 0a4i$% o$ es#lts o6tai$ed i$ t!e field of /otfolio
a$al3sis@ e,o$o"ist Ja,5 L. Te3$o !as s#%%ested a $e4 /edi,to of "#t#al f#$d /efo"a$,e@ o$e t!at
diffes fo" 7it#all3 all t!ose #sed /e7io#sl3 63 i$,o/oati$% t!e 7olatilit3 of a f#$dMs et#$ i$ a si"/le
3et "ea$i$%f#l "a$$e.
Mi,!ael C. Je$se$ B&*G(C dei7ed a is5>ad.#sted "eas#e of /otfolio /efo"a$,e BJe$se$Fs al/!aC t!at
esti"ates !o4 "#,! a "a$a%eFs foe,asti$% a6ilit3 ,o$ti6#tes to f#$dFs et#$s. As i$di,ated 63 Sta"e$
B'===C@ t!e e S0AR of a f#$d /otfolio is t!e eA,ess et#$ of t!e /otfolio o7e t!e et#$ of t!e
6e$,!"a5 i$deA@ 4!ee t!e /otfolio is le7ea%ed to !a7e t!e 6e$,!"a5 i$deAFs sta$dad de7iatio$.
S.Naa3a$ Rao @ !ad e7al#ated /efo"a$,e of I$dia$ "#t#al f#$ds i$ a 6ea "a5et t!o#%! elati7e
/efo"a$,e i$deA@ is5>et#$ a$al3sis@ Te3$oFs atio@ S!a/eFs atio@ S!a/eFs "eas#e @ Je$se$Fs
"eas#e@ a$d Fa"aFs "eas#e. T!e st#d3 #sed 'G* o/e$>e$ded s,!e"es Bo#t of total s,!e"es of )??C fo
,o"/#ti$% elati7e /efo"a$,e i$deA. T!e$ afte eA,l#di$% f#$ds 4!ose et#$s ae less t!a$ is5>fee
et#$s@ E+ s,!e"es ae fi$all3 #sed fo f#t!e a$al3sis. T!e es#lts of /efo"a$,e "eas#es s#%%est t!at
"ost of "#t#al f#$d s,!e"es i$ t!e sa"/le of E+ 4ee a6le to satisf3 i$7estoFs eA/e,tatio$s 63 %i7i$%
eA,ess et#$s o7e eA/e,ted et#$s 6ased o$ 6ot! /e"i#" fo s3ste"ati, is5 a$d total is5. Bi.a$ Ro3@
et. al.@ ,o$d#,ted a$ e"/ii,al st#d3 o$ ,o$ditio$al /efo"a$,e of I$dia$ "#t#al f#$ds. T!is /a/e #ses a
te,!$iD#e ,alled ,o$ditio$al /efo"a$,e e7al#atio$ o$ a sa"/le of ei%!t3>$i$e I$dia$ "#t#al f#$d
s,!e"es .T!is /a/e "eas#es t!e /efo"a$,e of 7aio#s "#t#al f#$ds 4it! 6ot! #$,o$ditio$al a$d
,o$ditio$al fo" of CAPM@ Te3$o> Ma;#3 "odel a$d He$i5sso$>Meto$ "odel. T!e effe,t of
i$,o/oati$% la%%ed i$fo"atio$ 7aia6les i$to t!e e7al#atio$ of "#t#al f#$d "a$a%esF /efo"a$,e is
eAa"i$ed i$ t!e I$dia$ ,o$teAt. T!e es#lts s#%%est t!at t!e #se of ,o$ditio$i$% la%%ed i$fo"atio$
7aia6les i"/o7es t!e /efo"a$,e of "#t#al f#$d s,!e"es@ ,a#si$% al/!as to s!ift to4ads i%!t a$d
ed#,i$% t!e $#"6e of $e%ati7e ti"i$% ,oeffi,ie$ts. Mis!a@ et al.@ B'=='C "eas#ed "#t#al f#$d
/efo"a$,e #si$% lo4e /atial "o"e$t. I$ t!is /a/e@ "eas#es of e7al#ati$% /otfolio /efo"a$,e
6ased o$ lo4e /atial "o"e$t ae de7elo/ed. Ris5 fo" t!e lo4e /atial "o"e$t is "eas#ed 63 ta5i$%
i$to a,,o#$t o$l3 t!ose states i$ 4!i,! et#$ is 6elo4 a /e>s/e,ified 9ta%et ate: li5e is5>fee ate.
<s!a"a Fe$a$desB'==?C e7al#ated i$deA f#$d i"/le"e$tatio$ i$ I$dia. I$ t!is /a/e@ ta,5i$% eo of
i$deA f#$ds i$ I$dia is "eas#ed .T!e ,o$siste$,3 a$d le7el of ta,5i$% eos o6tai$ed 63 so"e 4ell>#$
i$deA f#$d s#%%ests t!at it is /ossi6le to attai$ lo4 le7els of ta,5i$% eo #$de I$dia$ ,o$ditio$s. At t!e
sa"e ti"e@ t!ee do see" to 6e /eiods 4!ee ,etai$ i$deA f#$ds a//ea to de/at fo" t!e dis,i/li$e of
i$deAatio$. <. Pe$daa5i et al. st#died ,o$st#,tio$ of "#t#al f#$d /otfolios@ de7elo/ed a "#lti>,iteia
)'

"et!odolo%3 a$d a//lied it to t!e Gee5 "a5et of eD#it3 "#t#al f#$ds. T!e "et!odolo%3 is 6ased o$ t!e
,o"6i$atio$ of dis,ete a$d ,o$ti$#o#s "#lti>,iteia de,isio$ aid "et!ods fo "#t#al f#$d sele,tio$ a$d
,o"/ositio$. Goal /o%a""i$% "odel is e"/lo3ed to dete"i$e /o/otio$ of sele,ted "#t#al f#$ds i$
t!e fi$al /otfolios.
Sa5i Y.Bello B'==EC "at,!ed a sa"/le of so,iall3 es/o$si6le sto,5 "#t#al f#$ds "at,!ed to a$do"l3
sele,ted ,o$7e$tio$al f#$ds of si"ila $et assets to i$7esti%ate diffee$,es i$ ,!aa,teisti,s of assets !eld@
de%ee of /otfolio di7esifi,atio$ a$d 7aia6le effe,ts of di7esifi,atio$ o$ i$7est"e$t /efo"a$,e. T!e
st#d3 fo#$d t!at so,iall3 es/o$si6le f#$ds do $ot diffe si%$ifi,a$tl3 fo" ,o$7e$tio$al f#$ds i$ te"s of
a$3 of t!ese atti6#tes. Moeo7e@ t!e effe,t of di7esifi,atio$ o$ i$7est"e$t /efo"a$,e is $ot diffee$t
6et4ee$ t!e t4o %o#/s. Bot! %o#/s #$de/efo"ed t!e 0o"i$i )== So,ial I$deA a$d S L P E== d#i$%
t!e st#d3 /eiod.
L/)1*3)-*1 +( 2;3*1 93*>1) ?1*7+*93(.1 I$ &'
t!
,e$t#3 Fa$,e@ t!e ,o#atie de ,!a$%e
4as ,o$,e$ed 4it! "a$a%i$% a$d e%#lati$% t!e de6ts of a%i,#lt#al ,o""#$ities o$ 6e!alf of t!e 6a$5s.
Be,a#se t!ese "a$ also taded 4it! de6ts@ t!e3 ,o#ld 6e ,alled t!e fist 6o5es.
I$ eal3 ,e$t#3 B#%es ,o""odit3 tades %at!eed i$side t!e !o#se of a "a$ ,alled Va$ de Be#se@ a$d
i$ &?=* t!e3 i$stit#tio$ali;ed t!is@ 6#t #$til t!e$ i$fo"al "eeti$% a$d 6e,o"e t!e B#%se 6e#se.
I$ t!e "iddle of &?
t!
,e$t#3 Ve$etia$ 6a$5es 6e%a$ to tade i$ %o7e$"e$t se,#ities. Ba$5es i$ Pisa@
Veo$a a$d Ge$oa also 6e%a$ tadi$% i$ %o7e$"e$t se,#ities d#i$% &)
t!
,e$t#3.
T!e 0#t,! late stated .oi$t sto,5 ,o"/a$ies@ 4!i,! let s!ae!oldes i$7est i$ 6#si$ess 7e$t#es a$d %et
t!e s!ae of t!ee /ofit o losses. I$ &G=' t!e 0#t,! east I$dia ,o"/a$3 iss#ed t!e fist s!aes o$ t!e
A"steda" sto,5 eA,!a$%e .It 4as a fist ,o"/a$3 to iss#ed sto,5 a$d 6o$ds.
No4 t!ee ae sto,5 "a5ets i$ 7it#all3 e7e3 de7elo/ed a$d "ost de7elo/i$% ,o#$ties@ 4it! t!e 4oldFs
6i%%est "a5ets i$ t!e U$ited States@ U<@ Ge"a$3@ Fa$,e a$d Ja/a$.
)?

CHAPTER- III
RESEARCH METHODOLOGY
))

OC41.)/812
T!ee is al4a3s a /#/ose of e7e3 esea,! st#d3. T!e "ai$ o6.e,ti7e of t!e st#d3 is %i7e$ 6elo48 >
To "a5e ,o"/aiso$ 6et4ee$ M#t#al F#$ds a$d s!ae "a5et
To 5$o4 t!e ,#sto"e /e,e/tio$ a6o#t i$7est"e$t i$ M#t#al f#$ds
To 5$o4 t!e i$7est"e$t !a6it of /eo/le.
To 5$o4 t!e fa,tos 4!i,! "a5e /eo/le i$7est i$ /ati,#la s,!e"e
To 5$o4 t!e a"o#$t of et#$ ea$ed 63 i$7estos o$ t!ei i$7est"e$t i$ "#t#al f#$ds
To 5$o4 t!e a"o#$t of et#$ ea$ed 63 i$7estos o$ t!ei i$7est"e$t i$ eD#ities also.
To #$desta$d t!e f#$,tio$i$% of sto,5 6o5i$% se7i,es offeed 63 <a73.
To #$desta$d t!e 6asi,s of "#t#al f#$d@stati$% i%!t fo" t!e 6asi,s of sto,5 "a5et a$d o$li$e
tadi$% .
To lea$ a6o#t fi$di$% ta%et ,#sto"es fo o/e$i$% $e4 0MAT a,,o#$t of <a73 Sto,5 Bo5i$%
Ltd.
To lea$ a$d %ai$i$% t!e 5$o4led%e a6o#t t!e s!ae "a5et a$d itFs state%ies.

)E

D12/=(
T!is se,tio$ deals 4it! Resea,! 0esi%$@ 0ata Colle,tio$ Met!od@ Sa"/li$% Pla$@ Field4o5@ S,o/e a$d
Li"itatio$s.
R1213*.; D12/=(
T!e Resea,! Po,ess 0esi%$ 4as ,o$,l#si7e a$d statisti,al i$ Nat#e. So@ !ee 0es,i/ti7e Resea,!
is #sed.
D3)3 C+::1.)/+(
Bot! /i"a3 a$d se,o$da3 data !as 6ee$ #sed fo t!e /#/ose of t!e data ,olle,tio$.
P*/93*5 ,3)3 4as ,olle,ted 63 ,o$d#,ti$% /eso$al i$te7ie4s a$d ad"i$istei$% a$ #$dis%#ised@
#$6iased st#,t#ed D#estio$$aie to t!e es/o$de$ts.
T!e 21.+(,3*5 ,3)3 4as ,olle,ted fo" se,o$da3 so#,es of i$fo"atio$ t!at i$,l#ded 4e6sites@ 6oo5s
a$d /e7io#s e/ots.
S39?:/(= D12/=(
S39?:1 U(/)IA*13
A$3 i$7esto i$ C!a$di%a! o Mo!ali.
S39?:1 S/G1
T!is st#d3 i$7ol7es &== es/o$de$ts.
S39?:1 D12/=(
T!e st#d3 #ses ,o$7e$ie$t sa"/li$% te,!$iD#e to "a5e ,o$ta,ts 4it! t!e es/o$de$ts.
)G

S)3)/2)/.3: T++:2 U21,
0iffee$t statisti,al tools !a7e 6ee$ #sed i$ t!e st#d3. Fo eAa"/le Mea$@ Test of si%$ifi,a$,e o ,!i>
sD#ae "et!od.
M13( +* A81*3=10
A7ea%e is a$ atte"/t to fi$d o$e si$%le fi%#e to des,i6e 4!ole of fi%#es. A$ a7ea%e is so"eti"es
des,i6es as a $#"6e 4!i,! is t3/i,al of t!e 4!ole %o#/. A$ a7ea%e is eas3 to #$desta$d@ eas3 to
,o"/#te a$d 6ased o$ all te"s. T!e fo"#la fo ,al,#lati$% "ea$ is8
Mea$ T UfN
N
1!ee@ f T FeD#e$,3H N T T!e 7aia6le i$ D#estio$H N T Total $#"6e of o6se7atio$s.
C;/ J SK-3*1 T12)0
It des,i6es t!e "a%$it#de of dis,e/a$,3 6et4ee$ t!eo3 a$d o6se7atio$. If ,!iT =@ t!e o6se7ed 7al#e
a$d eA/e,ted feD#e$,ies ,o"/letel3 ,oi$,ide. t!e %eate t!e dis,e/a$,3 6et4ee$ t!e o6se7ed a$d
eA/e,ted feD#e$,ies@ t!e %eate is t!e 7al#e of ,!i>sD#ae. t!#s@ ,!i>sD#ae affods a "eas#e of t!e
,oes/o$de$,e 6et4ee$ t!eo3 a$d o6se7atio$.
C!i>sDa#e T U BO>E C
'

E

)(

L/9/)3)/+(20-
0#e to ,o$stai$ts of ti"e a$d eso#,es@ t!e st#d3 is li5el3 to s#ffe fo" ,etai$ li"itatio$s. So"e of
t!ese ae "e$tio$ed !ee #$de so t!at t!e fi$di$%s of t!e st#d3 "a3 6e #$destood i$ a /o/e /es/e,ti7e.
No st#d3 is fee fo" li"itatio$s. T!e li"itatio$s of t!is st#d3 ,a$ 6e8

Sa"/le si;e ta5e$ i$ s"all a$d "a3 $ot 6e s#ffi,ie$t to /edi,t t!e es#lts 4it! &==K a,,#a,3.
T!e es#lt is 6ased o$ /i"a3 a$d se,o$da3 data t!at !as itFs o4$ li"itatio$s.
T!e esea,! 4as ,aied o#t i$ a s!ot /eiod. T!eefoe t!e sa"/le si;e a$d t!e /aa"etes 4ee
sele,ted a,,odi$%l3 so as to fi$is! t!e 4o5 4it!i$ t!e %i7e$ ti"e fa"e.
T!e st#d3 o$l3 ,o7es t!e aea of C!a$di%a! a$d Mo!ali t!at "a3 $ot 6e a//li,a6le to ot!e aeas.
I$7estos /e,e/tio$s 4as t!e li"itatio$ i$ o# /o.e,t
FeD#e$t ,!a$%es i$ t!e "a5et.
So"e of t!e es/o$de$ts of t!e s#7e3 4ee #$4illi$% to s!ae i$fo"atio$.
So"e of t!e es/o$de$ts ,o#ld $ot a$s4e t!e D#estio$s d#e to la,5 of 5$o4led%e.
)+

CHAPTER- IV
OC21*83)/+( 3(, A(3:52/2
)*

L-12)/+( 1B D+ 5+- >(+E 3C+-) K3*85 D

I()1*?*1)3)/+(
+=K of t!e /eo/le ae a4ae a6o#t 5a73. '=K of t!e /eo/le do$Ft e7e$ 5$o4s a6o#t t!at.
E=
O?)/+(2 P1*.1()3=12
Y12 %0M
N+ 20M

L-12)/+( 2B H+E ,+ 5+- .+91 )+ >(+E 3C+-) K3*85D





I()1*?*1)3)/+(
Peo/le "ostl3 a4ae a6o#t <a73 t!o#%! offi,ial 7isits@ 4!i,! is ?'Ka$d '+ K t!o#%!
ad7etise"e$ts. Rests of t!e" ae a4ae t!o#%! t!ei fie$ds o elati7es 4!i,! is '&K a$d &*K.

E&
O?)/+(2 P1*.1()3=12
A,81*)/2191() 2%M
O77/./3: 8/2/) +7 K3*85 E9?:+5112 !2M
F*/1(,2 @ R1:3)/812 21M
A(5 +);1*2 19M

L-12)/+( !B H381 5+- 181* ,13: E/); K3*85D







I()1*?*1)3)/+(
O$l3 ?GK i$7estos !a7e dealt 4it! 5a73. A$d G)K of i$7estos !a7e$Ft deal 4it! 5a73. T!is s!o4s
t!at "a.o $#"6e of i$7estos ae "a5i$% t!ei i$7est"e$ts fo" t!ei !o"es t!o#%! t!ei /eso$al
0EMAT a,,o#$ts o/e$ed t!o#%! 6a$5s.
E'
O?)/+(2 P1*.1()3=12
Yes ?GK
No G)K

L-12)/+( B I( E;/.; ?*+,-.) 5+- /(812) 9+2):5 D

+?)/+(2 ?1*.1()3=1
S!ae "a5et )'K
M#t#al f#$d ''K
FiAed de/osits &?K
I$s#a$,e &EK
Realt3 se,to +K

I()1*?*1)3)/+(
Most of t!e i$7estos i$7est i$ s!aes@ t!ee ae )'K of i$7estos i$ s!ae "a5et 4!ile '
$d
L ?
d
/efee$,es ae "#t#al f#$d a$d i$s#a$,e@ 4!i,! is ''K a$d &EK es/e,ti7el3. Peo/le@ !o4e7e
t!ese da3s ae also i$7esti$% i$ eal estate@ fiAed de/osits L ot!e 5i$d of se,#ities !a7i$% !i%!e
ate of ROI.
E?

L-12)/+( #B H+E M-.; *1)-*( ,+ 5+- 1F?1.) 7*+9 5+-* /(812)91() /( S;3*12D

I()1*?*1)3)/+(
'+K /eo/le eA/e,t t!e et#$ a6o7e ?=K a$d It "ea$s es/o$de$ts eA/e,t et#$ 6et4ee$ '=K>?=K.
??K es/o$de$ts eA/e,t et#$ &=K>'=K a$d o$l3 )K es/o$de$ts eA/e,t 6elo4 &=K et#$ fo"
t!e eD#ities. It e/ese$ts t!at M#t#al f#$ds %i7es %ood et#$s as ,o"/ae to ot!e i$7est"e$t
a7e$#es to t!e i$7estos.
E)
O?)/+(2 P1*.1()3=12
Belo4 &=K )K
&=K > '=K ??K
'=K > ?=K ?EK
A6o7e ?=K '+K

L-12)/+( 6 B H+E M-.; *1)-*( ,+ 5+- 1F?1.) 7*+9 5+-* /(812)91() /( M-)-3: F-(,2D
I()1*?*1)3)/+(
?GK /eo/le eA/e,t t!e et#$ a6o7e ?=K a$d 6et4ee$ '=K>?=K. It "ea$s es/o$de$ts eA/e,t et#$
a6o7e '=K. ')K es/o$de$ts eA/e,t et#$ &=K>'=K a$d o$l3 )K es/o$de$ts eA/e,t 6elo4 &=K
et#$ fo" t!e M#t#al F#$ds. It e/ese$ts t!at M#t#al f#$ds %i7es %ood et#$s as ,o"/ae to
eD#ities to t!e i$7estos
EE
O?)/+(2 P1*.1()3=12
Belo4 &=K )K
&=K > '=K ')K
'=K > ?=K ?GK
A6o7e ?=K ?GK

L-12)/+( "C H+E 9-.; ?1*.1()3=1 +7 /(812)91() /(812)1, /( K3*85 S1*8/.12D
Mea$ T VF"F-VF W i
)**-&==W&= T )*.*
So a7ea%e a%e of i$7est"e$t i$7ested i$ s!aes is T )*.*
EG
P*+,-.)2 I(.+91 F*1K-1(.5
I$s#a$,e
=>&EK &?
Realt3
&E>?=K &(
M#t#al f#$d
?=>)EK '+
S!ae "a5et
)E>G=K )'
INCOME F*1K-1(.5 9 9NOA9I10B F9N
=>&EK &?
?= ? ?*
&E>?=K &(
)= ) G+
?=>)EK '+
E= E &)=
)E>G=K )'
G= G 'E'
TOTAL &== )**

I()1*?*1)3)/+(
Fo" t!is D#estio$ it is ,lea t!at /eo/le 4!o i$7est i$ s!aes t!e3 "a5e 7e3 !i%! /e,e$ta%e of t!ei
i$7est"e$t I$ s!aes. It "ea$s /eo/le 4!o !a7e i$7ested t!ei "o$e3 i$ t!e s!ae "a5et /efe s!aes
fo t!ei i$7est"e$t. Li5e )' /eso$s i$7est "oe t!a$ )=K of t!ei i$7est"e$t i$ s!aes. )E>G=K a%e
%o#/ i$7est t!ee "o$e3 i$ s!ae. a$d ?=>)EK of /eo/le i$7ested i$ "#t#al f#$d.
L-12)/+( %B A*1 5+- 23)/27/1, E/); );1 E352 -21, C5 K3*85 21*8/.12D
O?)/+( P1*.1()3=1
YES E' K
NO )+K

E(

I()1*?*1)3)/+(
E'K of i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t i$
it .a$d )'K /eo/le ae $ot satisified.
L-12)/+( %B A*1 5+- 23)/27/1, E/); );1 E352 -21, C5 K3*85 21*8/.12D

H3/ot!esis T t!e 4a3 of tadi$% is $ot effe,ted 63 o$li$e L offli$e tadi$%.

7 T B'>&C B'>&C
7 T &
EK le7el of si%@ T?.+)
E+
Y12 N+ Total
T!o#%! 4e6site
Bo$li$eC
??K ''K EEK
Tele/!o$e BOffli$eC '=K 'EK )EK
E?K )(K &==K
O E AO-EB AO-EB
2
AO-EB
2IE
?? ?= ? * .?
'= 'E E 'E &
'' '= ' ) .'=
'E ?= E 'E .+?
'.??
0e%ee of feedo" B>&C B,>&C

C+(.:-2/+( 8>
T!e ,al,#lated 7al#e of ,!i>sD#ae is less t!a$ t!e ta6le 7al#e. T!e !3/ot!esis is e.e,ted. !e$,e t!e
4a3 of tadi$% is effe,ted 63 o$li$e L offli$e tadi$% .

I()1*?*1)3)/+(
I$ t!is D#estio$ is tied to fi$d o#t t!at !o4 do /eo/le tade i$ t!e s!ae "a5et a$d "#t#al f#$d. A$d
G( K said t!at t!e3 tade t!o#%! 4e6site o o$li$e 4it! t!e !el/ of 5a73 se7i,es. T!e3 do tadi$%
t!e" self. T!e "ost s#/isi$% fi$di$% is t!at t!e !i%!est K a%e of /eo/le 4!o tade o$li$e is elated
to lo,al 6o5es. A$d t!e3 also deali$% 4it! "#t#al f#$d t!o#%! o$li$e . a$d est of ?? Kof /eo/le
tade t!o#%! tele/!o$e .t!e3 "ostl3 deal 4it! s!aes t!o#%! tele/!o$e.
L-12)/+( 9B W;3) /2 5+-*
?1*.1?)/+( *1=3*,/(= *1)-*(
/( M-)-3: F-(,2D
I()1*?*1)3)/+(
E*
F3.)+* R/2>
Ve3 Hi%! +K
Hi%! +K
I$te"ediate G)K
Lo4 '=K
Ve3 Lo4 =K
F3.)+* R1)-*(
Ve3 Hi%! '=K
Hi%! EGK
I$te"ediate &GK
Lo4 )K
Ve3 Lo4 )K

EGK es/o$de$ts sa3s t!at t!e et#$ fo" t!e "#t#al f#$ds is !i%! a$d '=K es/o$de$ts sa3s t!at
t!e et#$ is 7e3 !i%!. a$d t!ei is5 is lo4 t!e$ eD#ities.a$d )K es/o$de$ts sa3s t!at et#$ is 7e3
lo4.
L-12)/+( 10B W;3) /2 5+-* ?1*.1?)/+( *1=3*,/(= R/2> /(8+:81, /( M-)-3: F-(,2D


I()1*?*1)3)/+(
G)K i$7estos sa3s t!at t!e is5 fo" t!e "#t#al f#$ds is i$te"ediate a$d +K of es/o$de$ts sa3 is5 is
7e3 !i%!.'=K es/o$de$ts sa3s t!at t!e is5 is lo4. is5 i$ "#t#al f#$d is lo4 as ,o"/ae to eD#ities.
L-12)/+( 11B A*1 5+- S3)/27/1, E/); );1 ,13:/(= 3(, S1*8/.12 +7 );1 K3*85D
O?)/+( P1*.1()3=1
YES EG K
NO ))K


G=

I()1*?*1)3)/+(
E'K of i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t
i$ it .a$d )'K /eo/le ae $ot satisified.
CHAPTER - V
F/(,/(=2 +7 );1 S)-,5
G&

F/(,/(=20-
+= i$7estos 5$o4 a6o#t 5a73
?' i$7estos "ostl3 a4ae a6o#t <a73 t!o#%! offi,ial 7isits
)' i$7estos i$7est i$ s!aes@ t!ee ae )'K of i$7estos i$ s!ae "a5et. ?G i$7estos eA/e,t t!e
et#$ a6o7e ?=K
G( i$7estos tade t!o#%! 4e6site o o$li$e 4it! t!e !el/ of 5a73 se7i,es. T!e3 do tadi$% t!e"
self. .
EG i$7estos sa3s t!at t!e et#$ fo" t!e "#t#al f#$ds is !i%! .
G'

E' i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t
i$ it .
G?

RECOMMENDATIONS
S-==12)/+(2 I R1.+991(,3)/+(
T!e /efo"a$,e of t!e "#t#al f#$d de/e$ds o$ t!e /e7io#s 3eas. Net Asset Val#e of t!e f#$d. All f#$ds
ae doi$% 4ell. B#t t!e f#t#e is #$,etai$. So@ t!e AMC BAsset #$de Ma$a%e"e$t Co"/a$iesC s!o#ld
ta5e t!e follo4i$% ste/s8 >
T!e /eo/le do $ot 4a$t to ta5e is5. T!e AMC s!o#ld la#$,! "oe di7esified f#$ds so t!at t!e
is5 6e,o"es "i$i"#". T!is 4ill l#e "oe a$d "oe /eo/le to i$7est i$ "#t#al f#$ds.
T!e eA/e,tatio$ of t!e /eo/le fo" t!e "#t#al f#$ds is !i%!. So@ t!e /otfolio of t!e f#$d s!o#ld 6e
/e/aed ta5i$% i$to ,o$sideatio$ t!e eA/e,tatio$s of t!e /eo/le.
Most of t!e /eo/le do $ot !a7e 5$o4led%e of "#t#al f#$ds. So@ /o/e a4ae$ess of "#t#al f#$ds
s!o#ld 6e s/ead t!o#%! effe,ti7e ,o""#$i,atio$ ,!a$$els li5e /i$t "edia@ tele7isio$ et,.
Most of t!e /eo/le eA/e,t "aAi"#" et#$s. Fo t!ose "#t#al f#$d is $ot so %ood 6e,a#se "#t#al
f#$ds !a7e i$te"ediate is5 as 4ell as i$te"ediate et#$s.
T!ee ae lot "a$3 ,!oi,es of s,!e"es of "o$e3 i$7est"e$t i$ "#t#al f#$ds. So i$7esto !a7e
alte$ati7es to i$7est t!ei "o$e3.
Most of t!e i$7estos !a7e a la,5 of 5$o4led%e a6o#t "#t#al f#$d@ so t!e3 i$7ested i$ s!aes .t!e3
s!o#ld %i7e t!e /o/e 5$o4led%e a6o#t "#t#al f#$d. a$d tell t!e" 4!i,! o$e is 6ette eD#ities
a$d "#t#al f#$d.
G)

CONCLUSIONS
T!e ,o$,l#sio$ of t!e st#d3 is %i7e$ 6elo48 >
Most of t!e /eo/le 5$o4 a6o#t t!e <a73. As /e t!e esea,! fi$di$%s@ += i$7estos 5$o4 a6o#t
5a73. '=K of t!e /eo/le do$Ft 5$o4 a6o#t t!at. B#t O$l3 ?GK i$7estos !a7e dealt 4it! 5a73.
A$d G)K of i$7estos !a7e$Ft deal 4it! 5a73. T!is s!o4s t!at "a.o $#"6e of i$7estos ae
"a5i$% t!ei i$7est"e$ts fo" t!ei !o"es t!o#%! t!ei /eso$al 0EMAT a,,o#$ts o/e$ed
t!o#%! 6a$5s.
Most of t!e i$7estos i$7est i$ s!aes@ t!ee ae )'K of i$7estos i$ s!ae "a5et 4!ile '
$d
L ?
d
/efee$,es ae "#t#al f#$d a$d i$s#a$,e@ 4!i,! is ''K a$d &EK es/e,ti7el3. Peo/le@ !o4e7e
t!ese da3s ae also i$7esti$% i$ eal estate@ fiAed de/osits L ot!e 5i$d of se,#ities !a7i$% !i%!e
ate of ROI.
EG i$7estos sa3s t!at t!e et#$ fo" t!e "#t#al f#$ds is !i%!. It is ,o$,l#ded t!at "ost of t!e
i$7estos ae satisfied 63 i$7esti$% i$ <a73.
Peo/le do $ot 4a$t to ta5e is5. B#t a,,odi$% to et#$@ t!e is5 is 7e3 lo4. T!ose 4!o !a7e
/o/e 5$o4led%e of M#t#al F#$ds i$7est t!ei "o$e3 i$ t!e M#t#al F#$ds.
T!e o//ot#$it3 fo stead3 %o4t! 4as ,o$sideed t!e "ost i"/ota$t fa,to 63 i$7esto 6efoe
,!oosi$% a$ i$7est"e$t 6e,a#se fi$a$,ial "a5et is 7e3 7olatile i$ $at#e. T!e safet3 of "3
i$7est"e$t /i$,i/al is $eAt ,o$sideed fa,to.
As /e t!e esea,! fi$di$%s@ it is ,o$,l#ded t!at I$7estos eA/e,t et#$ a6o7e ?=K fo" "#t#al
f#$ds.so t!e3 see5 fo t!e o//ot#$ities to %et "aAi"#" et#$s.
T!e /eso$s 4!o ae /essi"isti, i$ $at#e i$7est i$ "#t#al f#$ds 6e,a#se t!e3 ae ,o$se7ati7e i$
$at#e. T!e /eso$s 4!o ae o/ti"isti, i$ $at#e do $ot i$7est i$ "#t#al f#$ds 6e,a#se t!e3 ae
is5 a7ese.
GE

$I$LIOGRAPHY
Ma%a;i$es8
Newspapers and Business magazines
Business today
India today
Business & economy
Boo5s8>
Research ethodo!ogy 63 0. C.R. <ot!ai@ 1is!4a Pa5as!a$
"#$TA S%$ statisti,al "et!ods 9t!itee$ e7ised editio$@'==&
Fi$a$,ial Se7i,es 63 M.Y <HAN Tata M,Ga4 Hills
1e6 Sites8>
444.<a73.,o"
444."o$e3,o$tol.,o"
444.a"fii$dia.,o"
444.o#tloo5"o$e3.,o"
444.$sei$dia.,o"
GG

ANNE&URE
G(

ANNE&URE
L-12)/+((3/*1
N391 +7 I(812)+* <<<<<<<<<<<<..
A,,*122 <<<<<<<<<<<<<<<...
<<<<<<<<<<<<<<<<<<<.. C+()3.) N+.<<<<<<<<<<<<<<<..
1B D+ 5+- K(+E 3C+-) K3*85D
YES NO
2B H+E ,+ 5+- C+91 )+ >(+E 3C+-) );1 K3*85D
A,81*)/2191() O77/./3: V/2/) +7 K3*85
F*/1(,2 3(, R1:3)/812 A(5 O);1*2
!B H381 5+- 181* ,13: E/); K3*85D
YES NO
B I( E;/.; P*+,-.) 5+- /(812) M+2):5 D
S;3*1 M3*>1) M-)-3: F-(,2
F/F1, D1?+2/) I(2-*3(.1
R13:/)5 S1.)+*
#B H+E M-.; *1)-*( ,+ 5+- 1F?1.) 7*+9 5+-* /(812)91() /( M-)-3: F-(,2D
$1:+E 10 M 10M - 20M
G+

20M-!0M AC+81 !0 M
6B H+E 9-.; ?1*.1()3=1 +7 /(812)91() /(812)1, /( K3*85 S1*8/.12D
I(2-*3(.1 R13:/)5
M-)-3: F-(,2 S;3*1 M3*>1)
"B A*1 5+- 23)/27/1, E/); );1 E352 -21, C5 K3*85 21*8/.12D
T;*+-=; W1C2/)12AO(:/(1B Y12 N+
T1:1?;+(1 AO77:/(1B Y12 N+

%B W;3) /2 5+-* ?1*.1?)/+( *1=3*,/(= *1)-*( /( M-)-3: F-(,2D
V1*5 H/=; H/=;
I()1*91,/3)1 L+E
V1*5 L+E
9B W;3) /2 5+-* ?1*.1?)/+( *1=3*,/(= R/2> /(8+:81, /( M-)-3: F-(,2D
V1*5 H/=; H/=;
I()1*91,/3)1 L+E
V1*5 L+E
10B A*1 5+- S3)/27/1, E/); );1 ,13:/(= 3(, S1*8/.12 +7 );1 K3*85D
Y12 N+
S-==12)/+(2
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
AI(812)+*N2 S/=(3)-*1B
G*