Vivek India Infoline Project

India Infoline Limited
A study on Customer satisfaction towards the services provided by India Infoline with
special reference to Bangalore zonal office
In partial fulfillment of the requirement for the

award of Post Graduate Diploma in Management (PGDM)
Submitted by:
Viveka Nand Bharti
PGDM 08-10
Under the supervision of

PROF. SANISH P.V
DC SCHOOL OF MEDIA AND BUSINESS

KINFRA FILM & VIDEO PARK
SAINIK SCHOOL, KAZHAKUTTOM
THIRUVANANTHAPURAM
2008-2010
1
DC School of Management and Technology
A study on Customer satisfaction towards the services provided by

India Infoline with special reference to Bangalore zonal office
2
Certificate of Approval
Certified that this dissertation on “A study on Customer satisfaction towards the services
provided by India Infoline with special reference to Bangalore zonal office” is a record of
genuine work done by Mr. Viveka Nand Bharti, Second year student of PGDM of this
college under my supervision and guidance and that is hereby approved for forwarding to
the Examiners.
Signature
Mr. Sanish P.V

Faculty Guide
Media School, Kinfra Film & Video Park,
Thiruvananthapuram – 695 585.
Forwarded by
Signature
Principal
Media School, Kinfra Film & Video Park,
Thiruvananthapuram – 695 585.
3
Declaration
I do hereby declare that the Project work entitled “A study on

Customer satisfaction towards the services provided by India Infoline with special reference
to Bangalore zonal office ” submitted for the partial fulfillment for the award of Post
Graduate Diploma in Management (PGDM) of DC School of Management and Technology
Media School, Kinfra Film and Video Park, Sainik School P.O, Trivandrum- 85 has not
previously formed the basis for the award of any degree, diploma, associate ship, fellowship
or other similar title or recognition.
Place: Trivandrum
Date
Reg. No- PGDM 08-10/052
(Supervisor)
Principal
4
5
ACKNOWLEDGEMENT
The satisfaction of the successful completion of any task wouldn’t be complete without the
expression of gratitude to the people who made it possible.
I express my gratitude to Mr. GIRIDHAR PRATHAP N (Area Manager) India Infoline Ltd,
for his support and guidance during the survey.
I am very thankful to Mr. SANISH P V, Faculty, DC School of Management and

Technology, Trivandrum for the guidance and interest evinced throughout the preparation
of this project.
I also extend my heartfelt gratitude and thanks to Dr. BIJU VITHAYATHIL, Director, DC
School of Management and Technology, Trivandrum.
I take this opportunity, also to express my love and sincere thanks to my family members
and friends for their support and advice during various stage of work.
I also extend my gratitude to the respondents of my survey for their kind co-operation.
But last not the least I thank God almighty for giving me the support for the completion of
the task.
6
EXECUTIVE SUMMARY
The title of the Project done at India Infoline Limited is “A study on Customer
satisfaction towards the services provided by India Infoline with special reference to
Bangalore zonal office”
The main objective of the study was to study the satisfaction level of
brokerage, to understand the satisfaction level of clients with India Infoline regarding
tip, to understand the satisfaction level of clients with India Infoline regarding trade
confirmation, to study the satisfaction level of flexibility provided by India Infoline,
to understand the satisfaction level of clients with India Infoline regarding service
provided by staff, to study the overall satisfaction level.
The type of research was Exploratory Research. The sampling used in this
method is convenience sampling method. The sources of the data for the study were
primary and secondary data. The questionnaire was prepared and administered to
collect the relevant primary data. The data collection method was based on
questionnaire.
The findings are there is a low positive correlation between brokerage and
overall satisfaction, between tips and overall satisfaction and between flexibility and
overall satisfaction.
There is moderate positive correlation between customer support service and

overall satisfaction, speed of service and overall satisfaction and between clarity of
information and overall satisfaction.
7
TABLE OF CONTENTS
Chapter Title Page No.
I Introduction 10
1.1 Theoretical Perspective 11
1.2 Industry Profile 12
1.3 Company Profile 23
1.4 Strategies of marketing 29
1.5 Competitors Details 31
Research Design 33
II
2.1 Title of the Project Report 35
2.2 Objectives of the study 36
2.3 Purpose of the study 37
2.4 Literature Review 38
2.5 Hypothesis 40
2.6 Methodology 43
2.7 Limitations of the study 45
III Analysis and Interpretation 46
IV Findings, Suggestion, & Conclusion 73
4.1 Findings 75
4.2 Suggestions 76
4.3 Conclusion 77
8
CHAPTER – I
INTRODUCTION
9
Chapter 1
Introduction
1. Introduction
Theoretical Perspective
Industry Profile
Company Profile
Strategies of marketing
10
INTRODUCTION
Customer satisfaction is a measure of how products and services supplied by a

company can meet the customer’s expectations.
Customer satisfaction is still one of the single strongest predictors of customer

retention. It’s considerably more expensive to attract new customers than it is to
keep old ones happy. In a climate of decreasing brand loyalties, understanding
customer service and measuring customer satisfaction are very crucial.
There is obviously a strong link between customer satisfaction and customer

retention. Customer's perception of Service and Quality of product will determine the
success of the product or service in the market.
With better understanding of customers' perceptions, companies can determine

the actions required to meet the customers' needs. They can identify their own
strengths and weaknesses, where they stand in comparison to their competitors, chart
out path future progress and improvement. Customer satisfaction measurement helps
to promote an increased focus on customer outcomes and stimulate improvements in
the work practices and processes used within the company.
Customer expectations are the customer-defined attributes of your product or service

you must meet or exceed to achieve customer satisfaction.
There are many reasons why customer expectations are likely to change over time.
Process improvements, advent of new technology, changes in customer's priorities,
improved quality of service provided by competitors are just a few examples.
11
INDUSTRY PROFILE
12
INDUSTRY PROFILE
The Indian broking industry is one of the oldest trading industries that have been
around even before the establishment of the BSE in 1875. Despite passing through
number of changes in the post liberalization period, the industry has found its way
onwards sustainable growth. With the purpose of gaining a deeper understanding
about the role of the Indian stock broking industry in the country’s economy, we
present in this section some of the industry insights gleaned from analysis of data
received through primary research.
For the broking industry, we started with an initial database of over 1,800
broking firms that were contacted, from which 464 responses were received. The list
was further short listed based on the number of terminals and the top 210 were
selected for profiling. 394 responses, that provided more than 85% of the
information sought have been included for this analysis presented here as insights.
All the data for the study was collected through responses received directly from the
broking firms. The insights have been arrived at through an analysis on various
parameters, pertinent to the equity broking industry, such as region, terminal,
market, branches, sub brokers, products and growth areas.
Some key characteristics of the sample 394 firms are:
• On the basis of geographical concentration, the West region has the maximum
representation of 52%. Around 24% firms are located in the North, 13% in the
South and 10% in the East
13
• 3% firms started broking operations before 1950, 65% between 1950-1995 and
32% post 1995.
• On the basis of terminals, 40% are located at Mumbai, 12% in Delhi, 8% in
Ahmedabad, 7% in Kolkata, 4% in Chennai and 29% are from other cities
• From this study, we find that almost 36% firms trade in cash and derivatives
and 27% are into cash markets alone. Around 20% trade in cash, derivatives
and commodities
• In the cash market, around 34% firms trade at NSE, 14% at BSE and 52%
trade at both exchanges. In the derivative segment, 48% trade at NSE, 7% at
BSE and 45% at both, whereas in the debt market, 31% trade at NSE, 26% at
BSE and 43% at both exchanges
• Majority of branches are located in the North, i.e. around 40%. West has 31%,
24% are located in South and 5% in East
• In terms of sub-brokers, around 55% are located in the South, 29% in West,
11% in North and 4% in East
• Trading, IPOs and Mutual Funds are the top three products offered with 90%
firms offering trading, 67% IPOs and 53% firms offering mutual fund
transactions
• In terms of various areas of growth, 84% firms have expressed interest in
expanding their institutional clients, 66% firms intend to increase FII clients
and 43% are interested in setting up JV in India and abroad
• In terms of IT penetration, 62% firms have provided their website and around
94% firms have email facility
14
A BRIEF HISTORY
India Infoline was originally incorporated on October 18, 1995 as Probity

Research and Services Private Limited at Mumbai under the Companies Act, 1956
with Registration No. 11 93797. India Infoline commenced operations as an
independent provider of information, analysis and research covering Indian
businesses, financial markets and economy, to institutional customers. India Infoline
became a public limited company on April 28, 2000 and the name of the Company
was changed to Probity Research and Services Limited. The name of the Company
was changed to India Infoline.com Limited on May 23, 2000 and later to India
Infoline Limited on March 23, 2001.
In 1999, India Infoline.com identified the potential of the Internet to cater to

a mass retail segment and transformed our business model from providing
information services to institutional customers to retail customers. Hence India
Infoline launched Internet portal, www.indiainfoline.com in May 1999 and started
providing news and market information, independent research, interviews with
business leaders and other specialized features.
In May 2000, the name of India Infoline was changed to India Infoline.com
Limited to reflect the transformation of our business. Over a period of time, India
Infoline.com has emerged as one of the leading business and financial information
services provider in India.
15
In the year 2000, India Infoline leveraged its position as a provider of

financial information and analysis by diversifying into transactional services,
primarily for online trading in shares and securities and online as well as offline
distribution of personal financial products, like mutual funds and RBI Bonds. These
activities were carried on by our wholly owned subsidiaries.
India Infoline broking services was launched under the brand name of
5paisa.com through our subsidiary, India Infoline Securities Private Limited and
www.5paisa.com, the e-broking portal, was launched for online trading in July 2000.
It combined competitive brokerage rates and research, supported by Internet
technology besides investment advice from an experienced team of research analysts,
India Infoline also offer real time stock quotes, market news and price charts with
multiple tools for technical analysis.
Facilities
India Infoline’s main offices are located in approximately 4,000 square feet
of office space located in Mumbai, India. India Infoline Branches collectively occupy
an additional 10,000 square feet of office space located throughout India, As on
March 31, 2005, India Infoline has 73 branches across 36 locations in India.
Terminals
Almost 52% of the terminals in the sample are based in the Western region of
India, followed by 25% in the North, 13% in the South and 10% in the East.
Mumbai has got the maximum representation from the West, Chennai from the
South, New Delhi from the North and Kolkata from the East.
16
Branches & Sub-Brokers
The maximum concentration of branches is in the North, with as many as 40%

of all branches located there, followed by the Western region, with 31% branches.
Around 24% branches are located in the South and East constitutes for 5% of the
total branches of the total sample.
In case of sub-brokers, almost 55% of them are based in the South. West and
North follow, with 30% and 11% sub-brokers respectively, whereas East has around
4% of total sub-brokers.
17
Financial Markets
The financial markets have been classified as cash market, derivatives market,
debt market and commodities market. Cash market, also known as spot market, is
the most sought after amongst investors. Majority of the sample broking firms are
dealing in the cash market, followed by derivative and commodities. 27% firms are
dealing only in the cash market, whereas 35% are into cash and derivatives. Almost
20% firms trade in cash, derivatives and commodities market. Firms that are into
cash, derivatives and debt are 7%. On the other hand, firms into cash and
commodities are 3%, cash & debt market and commodities alone are 2%. 4% firms
trade in all the markets.
18
In the cash market, around 34% firms trade at NSE, 14% at BSE and 52%
trade at both exchanges. In the equity derivative market, 48% of the sampled
broking houses are members of NSE and 7% trade at BSE, while 45% of the sample
operate in both stock exchanges. Around 43% of the broking houses operating in the
debt market, trade at both exchanges with 31% and 26% firms uniquely at NSE and
BSE respectively.
19
Products
The survey also revealed that in the past couple of years, apart from trading,
the firms have started offering various investment related value added services. The
sustained growth of the economy in the past couple of years has resulted in broking
firms offering many diversified services related to IPOs, mutual funds, company
research etc. However, the core trading activity is still the predominant form of
business, forming 90% of the firms in the sample. 67% firms are engaged in offering
IPO related services. The broking industry seems to have capitalized on the growth
of the mutual fund industry, which was pegged at 40% in 2006. More than 50% of
the sample broking houses deal in mutual fund investment services. The average
growth in assets under management in the last two years is almost 48%. Company
research is another lucrative area where the broking firms offer their services; more
than 33% of the firms are engaged in providing company research services.
Additionally, a host of other value added services such as fundamental and technical
analysis, investment banking, arbitrage etc are offered by the firms at different
levels.
20
Of the total sample of broking houses providing trading services, 52% are based in
the West, followed by 25% from North, 13% from South and 10% from the East.
Around 50% of the firms offering IPO related services are based in the West as
compared to 27% in North, 13% in South and 10% in East. In providing mutual
funds services, the Western region was dominant amounting to 49% followed by
27% from North; The South and the East are almost at par with 13% and 11%
respectively.
21
Future Plans
68% of the firms from the sample have envisaged strategies for future growth.
With the middle class Indian investor as well as foreign investor willing to invest in
the stock market, majority of the firms preferred expansion of institutional and the
Foreign Institutional Investor clients in their areas of growth. Around 84% have
shown interest in expanding their institutional client base. Nearly 51% of such firms
are located in the West, 25% in North, 15% are from South and 9% from East. Since
the past couple of years, India, along with Korea and Taiwan, has been one of the
preferred destinations for the FIIs. With corporate restructuring, rising market
capitalization and sectoral friendly policies helping the FIIs, more than two thirds of
the firms are interested in increasing their FII client base. Amongst these firms, west
again has maximum representation of 53%, followed by North with 22%. South has
15% firms and East makes up for 9%.
22
COMPANY PROFILE
23
A PROFILE ON
INDIA INFOLINE LIMITED
About them
Are a one stop financial services shop, most respected for quality of its advice, are a
one- stop financial services shop, most respected for quality of its advice,
personalized service and cutting-edge technology.
Vision
India Infoline vision is to be the most respected company in the financial
services space.
India Infoline Group

The India Infoline group, comprising the holding company, India Infoline
Limited and its wholly-owned subsidiaries, straddle the entire financial services space
offerings ranging from Equity research, Equities and derivatives trading, Commodities
trading , portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits,
GoI bonds and other small savings instruments to loan products and investment
banking. India Infoline also owns and manages the websites www.indiainfoline.com
and www.5paisa.com.
The company has a network of 596 branches spared across 345 cities and
towns. It has more than 500,000 customers.
24
India Infoline Ltd.

India Infoline Limited is listed on both the leading stock exchanges in India,
viz. the stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is
also a member of both the exchanges. It is engaged in the businesses of Equities
broking, Wealth Advisory Services and Portfolio Management Services. It offers
broking services in the Cash and Derivatives segments of the NSE as well as the Cash
segment of the BSE
A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to
25
clients. These services are offered to clients as different schemes, which are based on
differing investment strategies made to reflect the varied risk-return preferences of
clients.
India Infoline Media and Research Services Limited.
The content services represent a strong support that drives the broking,
commodities, mutual fund and portfolio management services businesses. Revenue
generation is through the sale of content to financial and media houses, Indian as well
as global.
It undertakes equities research which is acknowledged by none other than
Forbes as 'Best of the Web' and '…a must read for investors in Asia'. India Infoline
research is available not just over the internet but also on international wire services
like Bloomberg.
India Infoline Commodities Limited.
India Infoline Commodities Pvt Limited is engaged in the business of

commodities broking. Our experience in securities broking empowered us with the
requisite skills and technologies to allow us offer commodities broking as a contra-
cyclical alternative to equities broking. We enjoy memberships with the MCX and
NCDEX, two leading Indian commodities exchanges, and recently acquired
membership of DGCX..
India Infoline Marketing & Services
India Infoline Marketing and Services Limited is the holding company of India
Infoline Insurance Services Limited and India Infoline Insurance Brokers Limited.
26
(a) India Infoline Insurance Services Limited is a registered Corporate Agent with the
Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate
Agent for ICICI Prudential Life Insurance Co Limited, which is India's largest private
Life Insurance Company.
(b) India Infoline Insurance Brokers Limited India Infoline Insurance Brokers
Limited is a newly formed subsidiary which will carry out the business of Insurance
broking. We have applied to IRDA for the insurance broking licence and the
clearance for the same is awaited.
India Infoline Investment Services Limited
Consolidated shareholdings of all the subsidiary companies engaged in loans

and financing activities under one subsidiary. Recently, Orient Global, a Singapore-
based investment institution invested USD 76.7 million for a 22.5% stake in India
Infoline Investment Services.
27
WHERE INDIA INFOLINE STAND IN THE MARKET
INDIA INFOLINE one of the leading financial intermediaries and India's most
popular website for business and investment. Its Website has been rated as 'Best of
the Web' by Forbes, under the Asia Investing category.
Besides providing up-to-date and comprehensive information on business and

industry, It is also a leading investment intermediary for Mutual Funds, Bonds, ICICI
/ IDBI Bonds, Govt. Relief Bonds, Insurance, IPOs and Fixed Deposits in India.
India Infoline is direct brokers/ agents with leading financial institutions like RBI,
UTI, LIC, GIC, ICICI, IDBI and other private mutual fund like HDFC, Alliance,
Prudential ICICI, Templeton, TATA, HSBC, Standard & Chartered, Sun F&C, Birla,
DSP Merrill Lynch, Kotak, IL&FS, Sundaram, Zurich and Reliance.
The company has more than 500 Investor points in all the leading cities across
India, with a team of trained and qualified investment advisors and 1500+associates
(sub brokers). Company e-broking web site 5paisa.com, which deals in shares,
provides you fast, secure and easy to use trading facilities combined with a wealth of
outstanding products and features. Thus, we are uniquely placed with both online and
offline presence to maximize customer satisfaction.
28
India Infoline is a growing organization, which is an ideal place for individuals

with high ambitions. The working atmosphere is highly charged with a young and
energetic team of qualified professionals.
MARKETING STRATEGY OF INDIA INFOLINE
Market Positioning:
Market positioning statements of India Infoline are “At India Infoline we give
you single window service” and “We also ensure your comfort”. So, India Infoline
focus on the consumers who prefer almost all investment activities at same place by
providing number of various financial services. At India Infoline a person can
purchase or sell shares, debentures etc. and at the same place also demat it. India
Infoline also provides other investment option to the same person at same place like
Mutual Fund, Insurance, Fixed Deposit, and Bonds etc. and help the person in
designing his portfolio. By this way India Infoline provides comfort to its customers.
Target Market:
India Infoline uses demographic segmentation strategy and segment people
based on their occupation. India Infoline uses selective specialization strategy for
market targeting. Target person for the India Infoline Stock Broking and India
Infoline Investment Service are persons who can work as sub-broker for the
companies. Companies focus on Advisors of Insurance and post office, Tax
consultants and CAs for making sub-broker.
29
Marketing channel System:

India Infoline uses one level marketing channel for investment product
distribution. Sub-brokers work as intermediary between consumer and company.
Company has both forward and backward flow of activity through channel. Company
distributes stationery, brokerage, and information forward to its sub-broker. The sub-
brokers send filled forms, queries, amount of investment etc. back to the company.
Training Channel Members:

India Infoline provides training to the sub-brokers because they will be viewed
as the company by the investors. The executives of India Infoline explain various
new schemes of investment to the sub-brokers with its objective, risk factors and
expected return. Company also periodically arrange seminar to guide sub-brokers.
Advertising and Promotion:

The objective of advertising of India Infoline is to create awareness about
services of India Infoline among investors and sub-brokers.
India Infoline also publishes its weekly Stock Market Newsletter ‘Market Mantra’.
30
COMPETITORS DETAILS
KARVY
KARVY is a premier integrated financial services provider, and ranked among

the top five in the country in all its business segments, services over 16 million
individual investors in various capacities, and provides investor services to over 300
corporate, comprising the who is who of Corporate India. Karvy has a professional
management team and ranks among the best in technology, operations and research
of various industrial segments.
ICICI DIRECT
ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein

after referred to as the "Website") whereas IWTL is an affiliate of ICICI Bank
Limited and the Website is owned by ICICI Bank Limited. IWTL has launched and
established an online trading service on the Website.
31
HDFC SECURITY
HDFC security is the subsidiary of HDFC (Housing Development Financial

Corporation). www.hdfcsec.com would have an exclusive discretion to decide the
customers who would be entitled to its online investing services. www.hdfcsec.com
also reserves the right to decide on the criteria based on which customers would be
chosen to participate in these services .The present web site (www.hdfcsec.com)
contains features of services that they offer/propose to offer in due course. The
launch of new services is subject to the clearance of the regulators. i.e. SEBI, NSE
and BSE.
INDIABULLS SECURITIES LIMITED
Indiabulls Securities Limited was incorporated as GPF Securities Private

Limited on June 9, 1995. The name of the company was changed to Orbis Securities
Private Limited on December 15, 1995 to change the profile of the company and
subsequently due to the conversion of the company into a public limited company;
the name was further changed to Orbis Securities Limited on January 5, 2004. The
name of the company was again changed to Indiabulls Securities Limited on
February 16, 2004 so as to capitalize on the brand image of the term “Indiabulls” in
the company name. ISL is a corporate member of capital market & derivative
segment of The National Stock Exchange of India Ltd. At present, ISL accounts for
32
approximately 3% of the total daily turnover of the Exchange with 32,359 client
relationships and 70 branches spread across the country as of April 30, 2004.
CHAPTER – II
RESEARCH DESIGN
33
Chapter II
Research Design
2.1 Title of the Project Report
2.2 Objectives of the study
2.3 Purpose of the study
2.4 Literature Review
2.5 Hypothesis
2.6 Methodology
2.7 Limitations of the study
34
A study on Customer satisfaction towards the services provided by

India Infoline with special reference to Bangalore zonal office
35
OBJECTIVES
1. To study the satisfaction level of brokerage.
2. To understand the satisfaction level of clients with India Infoline regarding

tips.

trade confirmation.
4. To study the satisfaction level of flexibility provided by India Infoline.

service provided by staff.
6. To study the overall satisfaction level.
36
PURPOSE OF THE STUDY
The purpose of the study is to know the expectations of those customers who trading
in INDIA INFOLINE LTD and the satisfaction levels of customers with the services
provided by the INDIA INFOLINE LTD.
Here the main purpose of the survey is to know the various factors that are very
important in satisfying the customer’s needs and to know how INDIA INFOLINE
LTD is ensuring its customers satisfaction.
The expectations of customers are vary from one customer to the other customer. It is
very difficult to any business firm to satisfy all the expectations of all customers but
there are some common factors that are essential to fulfill.
37
Literature Review
In this 21st century the digital revolution has transformed the economy in to a
new economy which empowered the customer with new set of capabilities such as;
1.Access to greater amount of information, 2.Wider variety of available good and
services 3.Greater ease of interacting with the service provider.
This new capability in the new economy led the customer to market the
marketing and plays a very vital role in the growth of the market. It is essential in the
service industry in particular, place greater emphasis on the enablers leading to
customer satisfaction and customer retention. It is in this context is very important to
understand the customer requirements to provide value-(QSP - Quality, Service and
Price) and track and manage the customer satisfaction for retention and creation of
new customers.
In Service industry it is not enough if the product meets the functional

requirements of the customer, it should also meet certain other customer expectations
38
like the behaviors/attitude of the person who provides service. The customer
satisfaction is the combination of both technical features & human behavioural
aspects. The quality management only addresses the systems and processes; service
addresses the customer service independently. In today’s new economy, it is essential
to address the enablers for customer satisfaction for business growth with utmost
importance as they are interdependent in nature.
Customer satisfaction
Customer satisfaction can be represented as follows.
Customer satisfaction=Performance Features + Behavioural Features + Price.
Performance features address the issues on Conformance to the standards and

Variability and the behavioural aspects of service provider deals with the following
components of service which is a major enabler for the growth of the business as
indicated in the research publications.
If customer experience matches customer expectations, leads to customer

satisfaction and if customer experience doesn’t match Customer Expectation, leads to
Customer dissatisfaction. On similar lines if it exceeds expectation leads to Customer
Delight.
The title of Article is “Does customer satisfaction lead to profitability?”

Author(s): Timothy L. Keiningham, Tiffany Perkins-Munn, Lerzan Aksoy.
Publisher: Emerald Group Publishing Limited
39
Purpose – Many researchers have proposed a virtuous chain of effects from improved
customer satisfaction to profits. In particular, satisfaction is thought to improve share-
of-spending, which in turn leads to higher customer revenue and customer
profitability. This paper aims to examine these proposed linkages using data from the
institutional securities industry.
HYPOTHESIS
1. Relationship between brokerage and customer satisfaction.
Hypothesis - 1
H0 – There is no significant relation between brokerage and customer satisfaction
HA – There is a significant relation between brokerage and customer satisfaction.
2. Relationship between tips and customer satisfaction.
Hypothesis - 2
H0 – There is no significant relation between tips and customer satisfaction
HA – There is a significant relation between tips and customer satisfaction.
3. Relationship between Trade confirmation and customer satisfaction.
Hypothesis - 3
40
H0 – There is no significant relation between trade confirmation and customer

satisfaction
HA – There is a significant relation between trade confirmation and customer
satisfaction.
4. Relationship between Flexibility and customer satisfaction.
Hypothesis - 4
H0 – There is no significant relation between flexibility and customer satisfaction
HA – There is a significant relation between flexibility and customer satisfaction.
5. Relationship between customer support and customer satisfaction.
Hypothesis - 5
H0 – There is no significant relation between customer support and customer
satisfaction
HA – There is a significant relation between customer support and customer
satisfaction.
6. Relationship between clarity of information and customer

satisfaction.
Hypothesis - 6
H0 – There is no significant relation between clarity of information and customer
satisfaction
HA – There is a significant relation between clarity of information and customer
satisfaction.
41
7. Relationship between time taken to respond to telephone enquiries

and customer satisfaction.
Hypothesis - 7
H0 – There is no significant relation between time taken to respond to telephone
enquiries and customer satisfaction
HA – There is a significant relation between time taken to respond to telephone
enquiries and customer satisfaction.
8. Relationship between staff treating as a valuable customer and

customer satisfaction.
Hypothesis - 8
H0 – There is no significant relation between staff treating as a valuable customer
and customer satisfaction
HA – There is a significant relation between staff treating as a valuable customer and
customer satisfaction.
42
RESEARCH METHODOLOGY
Type of Research – Exploratory Research.

The research design is usually conducted during the initial stage of the research
process. The preliminary activities undertaken to refine the problem into a
researchable one need not be formal or precise. The purpose of the exploratory
research process is to progressively narrow the scope of the research topic and to
transform discovered problems into defined ones, incorporating specific research
objectives.
Sample design
Sampling design – The sampling method adopted for research work was
Convenience sampling method.
43
Sample size - The sample selected was 300. The data collection method was based
on the following:
Sampling Unit – Professional
Variables of the Study
Dependent Variable – Overall satisfaction
Independent Variable – Brokerage, Tips, Trade confirmation, Flexibility, Customer

support, Speed of service, Clarity of information, Time taken to respond to telephone
enquiries, staff treating as a valuable customer.
Method of Data collection

The sources of the data for the study were primary data. The questionnaire was
prepared and administered to collect the relevant primary data. The data collection
method was based on Questionnaire and Observation.
Method of analysis of data
Data collected through questionnaires is analyzed using techniques and association

test. It is done through correlation analysis, chi square test, Skewness, Kurtosis.
Correlation refers to the relationship between two or more variables. Here we can
find out independent variables like Brokerage, Tips, Trade confirmation, Flexibility,
Customer support, Speed of service, Clarity of information, Time taken to respond to
telephone enquiries, staff treating as a valuable customer and dependant variable is
44
Skewness denotes the symmetry of distribution. Skewness may be either positive or

negative. When mean = median = mode that represents symmetry of distribution.
When the skewness value is zero, it also represents symmetry of distribution.
Kurtosis indicates whether the distribution is more flat of or more peaked then the
normal distribution. A measure of kurtosis is there for a measure of peakedness.
When the value of kurtosis is 3, we can apply z test, t test and any other test.
As a non parametric test chi square is used for

1. Testing the goodness of fit between observed and accepted frequency.
2. Testing the independent of two attributes.
LIMITATIONS OF THE STUDY
• As the data will be collected through questionnaire, there are chances of biased
information provided by the respondent.
• Heterogeneity among the respondents.
• Inability to respond to the questionnaire due to lack of time.
• The study is confined to the existing customers of INDIA INFOLINE LTD

only.
45
CHAPTER – III
ANALYSIS &
INTERPRETATION
46
1. Correlation between Customer Satisfaction and Brokerage
Overall
Satisfaction Brokerage
Overall Satisfaction Pearson Correlation 1 .401(**)
Sig. (2-tailed) . .000
N 300 300
Brokerage Pearson Correlation .401(**) 1
Sig. (2-tailed) .000 .
N 300 300
** Correlation is significant at the 0.01 level (2-tailed).
INFERENCE: - The above table shows a moderate positive correlation between

customer satisfaction and brokerage. (.401) and also have level of significance less
than .05
Goodness of fit test- goodness of fit of the above test can do with a nonparametric
test chi square because the distribution is not normal distribution.
47
Statistics
Overall satisfaction Brokerage

Skewness -.919 -1.077
Std Error of Skewness .141 .141
Kurtosis -.149 .005
Std Error of Kurtosis .281 .281
48
Here, we can see that maximum number of clients i.e., 186 clients are satisfied with
the service provided by India Infoline regarding brokerage charged, while in the
otherhand only 26 clients are dissatisfied with the brokerage charged.
Test Statistics
Overall
Satisfaction Brokerage
Chi-
296.367 130.160
Square(a,b)
Df 4 2
Asymp. Sig. .000 .000
a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.
b 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 100.0.
According to the above table calculated chi square value is greater than table value
and significant at less than .05 so we no accept the null hypothesis hence we accept
the alternate hypothesis.
2. Correlation between Customer Satisfaction and Tips
Overall
Satisfaction Tips
N 300 300
Tips Pearson Correlation .456(**) 1
N 300 300
49

customer satisfaction and tips. (.456) and also have level of significance less than .05
Statistics
Overall Tips
satisfaction
Skewness -.919 -.162
Kurtosis -.149 .977
50
Here, we can see that maximum number of clients i.e., 113 clients are neither
satisfied nor dissatisfied with the service provided by India Infoline regarding tips
(Intraday, Delivery, Investment), while in the otherhand we can see that 94 clients are
satisfied with the service provided, and 86 clients are dissatisfied with the service
provided.
Test Statistics
Overall
Satisfaction Tips
Chi-
296.367 183.967
Square(a)
df 4 4
Asymp. Sig. .000 .000
51
3. Correlation between Customer Satisfaction and Trade confirmation
Overall Trade
Satisfaction Confirmation
N 300 300
Trade Confirmation Pearson Correlation .551(**) 1
N 300 300

customer satisfaction and trade confirmation. (.551) and also have level of
significance less than .05
Statistics
Overall Trade
satisfaction confirmation
Kurtosis -.149 .222
52
Here, we can see that maximum number of clients i.e., 61% of the clients are satisfied
with the service provided by India Infoline regarding trade confirmation, while in the
otherhand we can see that 14% of the clients are dissatisfied with the service
provided.
Test Statistics
Overall Trade
Satisfaction Confirmation
Chi-
296.367 236.133
Square(a,b)
df 4 3
Asymp. Sig. .000 .000
b 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 75.0.
53
4. Correlation between Customer Satisfaction and Flexibility
Overall
Satisfaction Flexibility
N 300 300
Flexibility Pearson Correlation .541(**) 1
N 300 300

customer satisfaction and flexibility. (.541) and also have level of significance less
than .05
Statistics
Overall Flexibility
satisfaction
Kurtosis -.149 .419
54
Here, we can see that maximum number of clients i.e., 52% of the clients are
satisfied with the service provided by India Infoline regarding flexibility, while in
the otherhand we can see that 16% of the clients are dissatisfied by the service
provided.
Test Statistics
Overall
Satisfaction Flexibility
Chi-
296.367 286.700
Square(a)
df 4 4
Asymp. Sig. .000 .000
55
5. Correlation between Customer Satisfaction and Customer support
Overall Customer
Satisfaction Support
N 300 300
Customer Support Pearson Correlation .692(**) 1
N 300 300

customer satisfaction and Customer support. (.692) and also have level of
Statistics
Overall Customer
satisfaction support
Kurtosis -.149 .075
56
with the service provided by India Infoline regarding customer support, while in the
provided.
Test Statistics
Overall Customer
Satisfaction Support
Chi-
296.367 266.767
Square(a)
Df 4 4
Asymp. Sig. .000 .000
57
6. Correlation between Customer Satisfaction and Speed of service
Overall Speed of
Satisfaction Service
N 300 300
Speed of Service Pearson Correlation .893(**) 1
N 300 300

customer satisfaction and speed of service. (.893) and also have level of significance
less than .05
Statistics
Overall Speed of
satisfaction service
Kurtosis -.149 .512
58
with the service provided by India Infoline regarding speed of service, while in the
provided.
Test Statistics
Overall Speed of
Satisfaction Service
Chi-
296.367 239.367
Square(a)
df 4 4
Asymp. Sig. .000 .000
59
7. Correlation between Customer Satisfaction and clarity of information
Overall Clarity of
Satisfaction information
N 300 300
Clarity of information Pearson Correlation .694(**) 1
N 300 300

customer satisfaction and clarity of information. (.694) and also have level of
Statistics
Overall Clarity of
satisfaction information
Kurtosis -.149 .627
60
the service provided by India Infoline regarding clearity of information, while in the
othernhand we can see that 64 clients are dissatisfied with the service provided.
Test Statistics
Overall Clarity of
Satisfaction information
Chi-
296.367 187.267
Square(a)
df 4 4
Asymp. Sig. .000 .000
61
8. Correlation between Customer Satisfaction and time taken to respond

to telephone enquiries
Time taken to
respond to
Overall telephone
Satisfaction enquiries
N 300 300
Time taken to respond Pearson Correlation .562(**) 1
to telephone enquiries Sig. (2-tailed) .000 .
N 300 300

customer satisfaction and time taken to respond to telephone enquiries. (.562) and
also have level of significance less than .05
Statistics
Overall Time taken to
satisfaction respond to telephone
enquiries
Std Error of .141 .141
Skewness -.149 .423
Kurtosis .281 .281
Std Error of Kurtosis
62
the service provided by India Infoline regarding respond to telephone, while in the
otherhand only 49 clients are dissatisfied with the service provided.
Test Statistics
Time taken to
respond to
Overall telephone
Satisfaction enquiries
Chi-
296.367 262.933
Square(a)
df 4 4
Asymp. Sig. .000 .000
63
9. Correlation between Customer Satisfaction and staff treating as a

valuable customer
Staff Treating
Overall as a valuable
Satisfaction customer
N 300 300
Staff Treating as a Pearson Correlation .608(**) 1
valuable customer Sig. (2-tailed) .000 .
N 300 300

customer satisfaction and staff treating as a valuable customer. (.608) and also have
level of significance less than .05
Statistics
Overall Staff treating as a
satisfaction valuable customer
Std Error of .141 .141
Skewness -.149 .149
Kurtosis .281 .281
Std Error of Kurtosis
64
the service provided by the staff (as a valuable customer) by India Infoline, while in
the otherhand we can see that 46 clients are dissatisfied with the service provided by
the staff people.
Test Statistics
Staff Treating
Overall as a valuable
Satisfaction customer
Chi-
296.367 308.667
Square(a)
df 4 4
Asymp. Sig. .000 .000
65
% clients according to gender group:
Male Female
245 55
Out of the total clients visited i.e., 82% belongs to male category and 18% belongs to
female category.
66
% Clients with different age group:
20-30 31-40 ABOVE 40

117 181 2
Out of the total clients visited, majority i.e., 60% belongs to 31 years to 40 years age
group, followed by 20 years to 30 years age group which comprises of 39% of the
clients visited, and the leftover clients i.e., 1% (the least %) belongs to above 40
years age group.
67
% Clients with different occupation:
Professional Businessman Retired Student others

220 62 0 4 14
Out of the total clients, majority i.e., 73% are professional. Followed by
businessman, which comprises of 21%. 1% are students, 4% belongs to other
category (like housewife, etc), and retired is 0 i.e., nil.
68
% Customer connected to India Infoline as:
Commodities a/c
Demate a/c holder holder Mutual fund customer Insurance
300 0 0 0
Here we can see that all the clients visited, (100%) are connected to India Infoline as
a Demat A/c holder, rather than giving any weightage to other financial products
(like Commodities A/C, Mutual fund, Insurance).
69
% Customer connected to India Infoline since:
Less then 6 6 months - 1

months Year 1-2 year More then 2 year
26 60 187 27
The maximum number of clients i.e., 62% of the total clients are connected to India
Infoline since 1-2 years, followed by 20% connected since 6 months to 1 year and the
least 9% in more than 2 years as well as less than 6 months.
70
% Customer gathering information/ awareness about trading from different

sources:
TV Newspaper Friend Financial Advisor Others

58 15 43 37 147
Out of the total clients, majority i.e., 49% of clients gather information about trading
from the sources like mail, some web-sites (moneycontrol.com, bloomberg,
dnaindia.com),etc. Followed by 19% which gather information from television,15%
from friends, 12% from financial advisor, and the rest 5% from newspaper.
71
Main objectives of investment in Equities and Mutual funds of % customer:
Liquidi
Risk Return Tax Benefit Capital Appreciation Safety ty Other
0 263 0 18 0 19 0
Maximum customers invest in Equities and Mutual funds for getting a good return,
which is obvious from the chart shown above.Here, we can see that mojority of the
clients visited i.e., 88% invest in equities for good return.6% for liquidity and rest 6%
for capital appreciation.
72
Number of clients giving more weightage to the tips coming from:
Relationship India Infoline TT

manager TV Advance tips Others
66 49 152 33
Out of the total number of clients visited, maximum i.e., 51% give more weightage
to the tips coming from India Infoline TT Advance tips. 22% of the client goes with
the tips coming from Relationship Manager, 16% goes with the tips coming from
television, and rest 11% goes with the tips coming from some other sources.
73
CHAPTER – IV
FINDINGS, SUGGESTIONS &
CONCLUSION
74
Chapter IV
Findings, Suggestions & Conclusion
• Findings
• Suggestions
• Conclusion
75
FINDINGS
 There is low positive correlation between brokerage and overall satisfaction.
 There is low positive correlation between tips and overall satisfaction.
 There is a moderate positive correlation between customer support service and
 There is low positive correlation between flexibility and overall satisfaction.
 There is a moderate positive correlation between speed of service and overall
satisfaction.
 There is a moderate positive correlation between Clarity of information and
76
SUGGESTIONS
 The suggestion is the Small investors prefer most economical fee on trading
and prefers negotiations therefore the company should offer services and fee
structure keeping in mind such customers if they add significantly to bottom
line.
 Lack of communication and advisories happen when relationship manager
moves out of the organization and this has to be checked so that the customer
doesn’t migrate to other brokerage companies.
77
CONCLUSION
• The company should come up with innovative ways of service at their

door steps this may be a costly affair but will surely give positive results
in the long run.
• The company should take the initiative of training the advisors about the
trading from time to time which also makes the advisors connected to
the company.
• The company should focus on the advertising strategy and also the
marketing of the product.
78
BIBLIOGRAPHY
Referred Books:
Marketing Management
- Philip kotler
- Gary Amstrang
Websites:
http://WWW.INDIAINFOLINE.COM
http://WWW.5PAISA.COM
http://WWW.MONEYCONTROL.COM
http://WWW.CAPITALINE.COM
http://WWW.SHAREKHAN LTD.COM
http://WWW.INDIAINFOLINE.COM
http://WWW.ICICIDIRECT.COM
http://WWW.HDFCSECURITY.COM
79
http://WWW.KARVY.COM
Appendix:
“A study on Customer satisfaction towards the services provided by

India Infoline with special reference to Bangalore zonal office”
QUESTIONAIRE
Name: ……………………………………………………………………………………………..
1. Gender: Male Female
2. Age:
a). Below 20 b). 21- 30 c). 31- 40 d). More then 50
3. Occupation:
a). Businessman b). Student c). Professional d). Retired Person

e). Others (Please Specify)__________
4. I am connected to India Infoline since:

a).Less than 6 Months b). 6 months – 1 Year
c). 1 – 2 year d). More than 2 year
5. I am gathering information/ awareness about trading from:

a). T.V b). Newspaper c) Friends
d). Financial Advisor e) Others (Please specify) ______
6. Main objectives of investment in Equities and Mutual funds are:

a). Risk b). Return c). Tax benefit
d). Capital Appreciation e). Safety f). Liquidity
g). Others (please specify)________
80
7. I give more weightage to tips coming from: (in %)

a). Relationship manager _______ b). T.V ________
c). India Infoline TT Advance tips ________ d) Others (please specify) _______
8. Satisfaction level with India Infoline.

Particulars Highly Dissatisfie Neither Satisfied Highly
Dissatisfied d Satisfied Satisfied
Nor
Dissatisfied
Brokerage
Tips
(Intraday,Delivery,
Investment)
Trade
Confirmation
Flexibility
(Fund
transfer)
5paisa.com
Customer Support
Speed of Service /
Product Delivered
Clarity of
information or
advice provided
Time taken to
respond to
telephone enquiries
Staff treating you
as a valuable
customer
Overall Satisfaction
81

Vivek India Infoline Project

Caricato da

Informazioni sul documento

Descrizione originale:

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Vivek India Infoline Project

Caricato da

Copyright:

Formati disponibili

India Infoline Limited

In partial fulfillment of the requirement for the

Under the supervision of

DC SCHOOL OF MEDIA AND BUSINESS

A study on Customer satisfaction towards the services provided by

Mr. Sanish P.V

I do hereby declare that the Project work entitled “A study on

I am very thankful to Mr. SANISH P V, Faculty, DC School of Management and

There is moderate positive correlation between customer support service and

1.1 Theoretical Perspective 11

1.2 Industry Profile 12

1.3 Company Profile 23

1.4 Strategies of marketing 29

1.5 Competitors Details 31

2.2 Objectives of the study 36

2.3 Purpose of the study 37

2.4 Literature Review 38

2.7 Limitations of the study 45

III Analysis and Interpretation 46

IV Findings, Suggestion, & Conclusion 73

Customer satisfaction is a measure of how products and services supplied by a

Customer satisfaction is still one of the single strongest predictors of customer

There is obviously a strong link between customer satisfaction and customer

With better understanding of customers' perceptions, companies can determine

Customer expectations are the customer-defined attributes of your product or service

Some key characteristics of the sample 394 firms are:

India Infoline was originally incorporated on October 18, 1995 as Probity

In 1999, India Infoline.com identified the potential of the Internet to cater to

In the year 2000, India Infoline leveraged its position as a provider of

Branches & Sub-Brokers

The maximum concentration of branches is in the North, with as many as 40%

India Infoline Group

India Infoline Ltd.

A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to

India Infoline Media and Research Services Limited.

India Infoline Commodities Limited.

India Infoline Commodities Pvt Limited is engaged in the business of

India Infoline Marketing & Services

India Infoline Investment Services Limited

Consolidated shareholdings of all the subsidiary companies engaged in loans

WHERE INDIA INFOLINE STAND IN THE MARKET

Besides providing up-to-date and comprehensive information on business and

India Infoline is a growing organization, which is an ideal place for individuals

MARKETING STRATEGY OF INDIA INFOLINE

Marketing channel System:

Training Channel Members:

Advertising and Promotion:

KARVY is a premier integrated financial services provider, and ranked among

ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein

HDFC security is the subsidiary of HDFC (Housing Development Financial

INDIABULLS SECURITIES LIMITED

Indiabulls Securities Limited was incorporated as GPF Securities Private

2.1 Title of the Project Report

2.2 Objectives of the study

2.3 Purpose of the study

2.4 Literature Review

2.7 Limitations of the study

A study on Customer satisfaction towards the services provided by

1. To study the satisfaction level of brokerage.

2. To understand the satisfaction level of clients with India Infoline regarding

3. To understand the satisfaction level of clients with India Infoline regarding

4. To study the satisfaction level of flexibility provided by India Infoline.

5. To understand the satisfaction level of clients with India Infoline regarding