PREFACE

Summer project is an integral part of any MBA course and very useful tool for students to
gather first hand information and experience of work culture of a particular company
.Understanding that how the things are done in the market/companies have become a serious
issue in a highly competitive environment that we, as the students of Masters of Business
Administration find it an integral part of our studies.

Stock market industry is very much popular throughout the world. My project consumer
satisfaction on services provided by Marwadi for Marwadi Shares and Finance Ltd. has been
a great experience for learning.

This is one of the best attempt in applying various statistical tools and techniques for
analyzing the data and converting it into useful information.

I had a great experience and learning through out the training and gained critical knowledge
on the application of things taught in MBA 1st year course that otherwise I may not have
obtained.

DECLARATION

I Nithin Thomas hereby declare that this project work entitled A STUDY ON THE
CUSTOMER SATISFACTION ON SERVICES PROVIDED BY MARWADI has been
prepared by me under the Guidance of MR. DHAVAL MOTVANI Faculty, (Department of
M.B.A, CHRIST INSTITUTE OF MANAGEMENT) with full dedication and sincerity.

This report has been submitted in partial fulfilment of the requirement for the award of
degree in M.B.A of Gujarat Technological University, Gujarat.

I also hereby declare that this project has not been submitted previously and fully partially for
the award of any degree or diploma or that similar tittle or recognition.

II

ACKNOWLEDGEMENT
I feel privileged to present this project report to the Department of M.B.A, CHRIST
INSTITUTE OF MANAGEMENT, RAJKOT, and GUJARAT as a partial requirement for the
awarding of degree in M.B.A.
I express my sincere thanks to Mr. MIHIR BHIMANI (TRAINING BRANDING
MANAGER) and all other staffs of MARAWDI SHARES AND FINANCE,RAJKOT for
the timely help and cooperation during all the phase of my project.
I wish to express my sincere gratitude to our beloved faculty MR. DHAVAL MOTVANI of
CHRIST INSTITUTE OF MANAGEMENT, RAJKOT.
Finally I would like to thank my friends, classmates and everyone who has assisted,
supported and helped me directly or indirectly. I look back my study as a valuable experience
both in terms of knowledge and exposure to consumer perception and consumer loyalty. No
words to adequate to express my feeling to my parents who helped me in every stage of my
project work.

III

EXECUTIVE SUMMARY

Through this project I got a chance to learn the managerial aspects of the business. It gave me
practical knowledge about thee business departments overviews and their actual working,
through which I got much activities to perform which would be helpful for me in future.
This Summer Internship Project is done by me at Marwadi Shares and Finance(Head Office).
I have learned all the aspects of management practically which I had learned theoretically. I
have learned the works of different departments and how they work coordinated with each
other. All the departments of the company, work efficiently to achieve the goal.
This project is focusing more on the customer satisfaction from services provided by
Marwadi.
Thus by this project I have got a chance to identify the customer perception of the Marwadi
customers in Rajkot city. This is a knowledgeable work to do.

IV

TABLE OF CONTENT

POINT NO.

CONTENT

PAGE NO.

CHAPTER-1
AN OVERVIEW OF SHARE MARKET INDUSTRY
1.1
1.2
1.3
1.4

INTRODUCTION
INDIAN STOCK BROKING INDUSTRY
INDIAN CAPITAL MARKET
MAJOR PLAYERS

3
4
5
6

CHAPTER 2
COMPANY PROFILE MARAWDI
SHARES AND FINANCE LTD
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
2.10
2.11
2.12

FOUNDATION OF MARWADI
VISSION AND MISSION
MILESTONES
BOARD OF DIRECTORS
BROKING SERVICES
INSTITUTIONAL BROKING SERVICES
REASONS FOR INVESTING IN MARWADI
SERVICES OF MARWADI
GENERAL INFORMATION
ONLINE SERVICES
DEPARTMENTS
LITERATURE REVIEW

8
8
9
10
14
14
15
16
17
19
20
25

POINT NO.

CONTENT

PAGE NO.

CHAPTER 3
RESEARCH METHODOLOGY
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
3.12
3.13
3.14
3.15
3.16

INTODUCTION
PROBLEM STATEMENT
OBJECTIVE OF STUDY
SCOPE OF STUDY
SIGNIFICANCE OF STUDY
RESEARCH DESIGN
TYPE OF DATA
POPULATION AND SAMPLE SIZE
LIMITATION OF STUDY
HYPOTHESIS
DATA INTERPRETATION AND ANALYSIS
ANOVA TEST
FINDINGS
SUGGESTION
CONCLUSION
BIBLIOGRAPHY
QUESTIONNAIRE

35
36
36
36
37
37
37
38
38
38
41
53
56
57
58
59
60

VI

LIST OF TABLES
TABLE NO. TABLE NAME

PAGE NO.

Age Group

41

Income Spending

42

Spending on Trading

43

People investing in Stock Market

44

Other preferred alternative

45

Reasons for Investing in Marwadi

46

Marwadi should Improve

47

Investing in type of company

48

Trading platform for equity

49

10

Satisfactory level

50

11

Satisfaction by follow-up

51

12

Satisfactory level of online services

52

13

Age v/s Alternative

53

14

Anova Age v/s Alternative

53

15

Income v/s Type of Company

54

16

Anova Income v/s Type of Company

54

17

Age v/s preferred income spending

55

18

Anova Age v/s preferred income spending 55

LIST OF CHARTS
CHART NO. CHART NAME

PAGE NO.
VII

Age Group

41

Income Spending

42

Spending on Trading

43

People investing in Stock Market

44

Other preferred alternative

45

Reasons for Investing in Marwadi

46

Marwadi should Improve

47

Investing in type of company

48

Trading platform for equity

49

10

Satisfactory level

50

11

Satisfaction by follow-up

51

12

Satisfactory level of online

services

52

VIII

CHAPTER 1
AN OVERVIEW OF SHAREMARKET INDUSTRY

CHAPTER OUTLINE

1.1 INTRODUCTION
1.2 HISTORY OF STOCK BROKING INDUSTRY
1.3 INDIAN CAPITAL MARKET
1.4 MAJOR PLAYERS

1.1 INTRODUCTION

Stock exchanges to some extent play an important role in determining the countrys economic
state of health. Stock markets are a place where all the securities are bought and sold. It is
exposed to a high degree of volatility; prices fluctuate and are determined by the demand and
supply of stocks at a given time. The stock brokers are the people who buys and sells
securities on behalf of individuals and institutions for some commission.

The securities and Exchange Board of India(SEBI) is the authorized body, which regulates
the operations of stock exchanges, banks and other financial institutions. The past incident of
securities scam made by Harshad Mehta has led to tightening of the operations by SEBI. In
addition the international trading and investment exposure has made it imperative to better
operational efficiency. With the view to improve , discipline and bring greater transparency in
this sector, constant efforts are made and up to a certain extent improvements have been
made.

1.2 HISTORY OF THE STOCK BROKING INDUSTRY

In Asia, Indian Stock Markets are one of the oldest. Its history backs to nearly around 200
years ago. The newest records of security dealings in India are meager and obscure.
By 1830s business on corporate stocks and shares in Banks and Cotton presses took place in
Bombay. Though the trading list was broader in1839, there were only half a dozen of brokers
recognized by banks and merchants during 1840 and 1850. The 1850s witnessed a rapid
development of commercial enterprise and brokerage business which attracted many men
into the field and by 1860 the number of brokers increased to 60.
In 1860-61 the American Civil War broke out and cotton supply from United States of Europe
was stopped; thus, the Share Mania in India began. Thus the number of brokers increased to
about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump
began (for example, Bank of Bombay Share which has touched Rs. 2850 would only be sold
at Rs.87). at the end of the American Civil War, the brokers who thrived out of Civil War in
1874, found a place in a street (now appropriately called as Dalal Street) where they would
conveniently assemble and transact business.
In 1887, they formally established in Bombay, the Native Share and Stock Brokers
Association (which is also known as The Stock Exchange). In 1895, the Stock Exchange
acquired a premise in the same street and it was inaugurated in 1899. The Stock Exchange at
Bombay was thus consolidated.
Thus with the passage of time the number gradually increased to 24 Stock Exchanges.

1.3 INDIAN CAPITAL MARKETS

Since 2003, Indian Capital Markets have been receiving global attention, especially from
sound investors, due to the improving macroeconomics fundamentals. The presence of many
skilled labor and the rapid integration with the world economy increased Indias global
competitiveness. No wonder, the global ratings agencies Moodys and Fitch have awarded
India with investment grade ratings, indicating comparatively lower sovereign risks.
The Securities and Exchange Board of India (SEBI), the regulatory authority for Indian
securities market, was established in 1992 for protecting

investors and improve the

microstructure of Capital Markets. In the same year, Controller of Capital Issues (CCI) was
abolished, removing its administrative controls of pricing of new equity shares. In less than a
decade later, the Indian Financial Markets acknowledged the use of technology (National
Stock Exchange started online trading in 2000), increasing the trading volumes by many folds
and leading to emergence of new financial instruments. With this, market activity
experienced a sharp surge and rapid progress was made in further strengthening and
streamlining risk management, market regulation and supervision.
The securities market is divided into two interdependent segments:

The primary market provides the channel with creation of funds through issuance of
new securities by companies, governments or public institutions. In the case of new

stock issue, the sale is known as Initial Public Offering (IPO).

The secondary market is the financial market where previously issued securities and
financial instruments such as stocks, bonds, options and futures are been traded.

1.4 MAJOR PLAYERS OF INDUSTRY

RELIGARE SECURITIES LTD. (www.religareonline.com)

S S KANTILAL ISHWARLAL SECURITIES PVT LTD. (www.sharekhan.com)
ICICI WEB TRADE LTD. (www.icicidirect.com)
5 PAISA.COM (www.5paisa.com)
KOTAK SECURTIES LTD. (www.kotakstreet.com)
INDIABULLS (www.indiabulls.com)
MOTILAL OSWAL SECURITIES LTD.
HDFC SECURITIES LTD. (www.hdfcsec.com)
MARWADI SHARES AND FINANCE LTD.(www.marwadi.com)
REFCO SIFY SECURITIES PVT LTD

CHAPTER OUTLINE

FOUNDATION OF MARWADI
VISSION AND MISSION
MILESTONES
BOARD OF DIRECTORS
BROKING SERVICES
INSTITUTIONAL BROKING SERVICES
REASONS FOR INVESTING IN MARWADI
SERVICES OF MARWADI
GENERAL INFORMATION
ONLINE SERVICES
DEPARTMENTS
LITERATURE REVIEW

2.1 Foundation of Marwadi

Marwadi Group was incorporated in1992 with the vision of providing superior standards of
financial services focusing on professionalism, speed and ethics to wider corporate services
7

in India and proposed to start its operation in the subcontinent and overseas. The foundation
is Value systems Value addition to corporate, Retails and HNI Individuals through
superior Wealth creation practices. All actions are based on stringent Values integrity,
confidentiality and commitment. True Value for money through a holistic business practice.
Finally, Value for client Satisfaction, predominates our relationship criteria.

Who we Are?
The company is among the Top 10 Broking houses in India. (D&B Indias Leading equity
Broking houses 2013 Report, in no. of terminals). Ranked amongst 10 performers in BSE in
the equity segments from 2007-08 onwards. In 23 years, the company has emerged as one of
Indias fastest growing houses with retail market share at 1.32%. The company has 90
branches and over 1450+ channel partners operating over 4800+ trading terminals spread
across 150+ cities and servicing more than 3200+pin codes in India.
The company is having a new state of art with world class infrastructure corporate office of
90,000 square feet located in the prime location of the Rajkot, Gujarat.
The company is rated as A+ and BBB+ / stable by crisil rating for the bank facilities for 340
crores. The company has 700+ employees strength, is very talented, young and dynamic to
take on any challenges in future.

2.2 Vision and Mission

To be a World-class Financial services provider by arranging all conceivable financial
services under one-roof at affordable costs through cost effective delivery systems, and
achieve organic growth in business by adding newer lines of business.

2.3Milestones
The Company crossed the following milestones to reach its present position as the leading
retail broking house in India.
1992 > Marwadi Shares And Finance Pvt. Ltd. was incorporated by first generation
Entrepreneurs Shri Ketan Marwadi, Shri Deven Marwadi and Shri Sandeep Marwadi
8

1996 > Became a corporate member of National Stock Exchange Of India - (NSE)
1998

>

Became

member

of

Saurashtra

Kutch

Stock

Exchange

(SKSE)

1999 > Launched Depository services of Depository Participant under National Depository
Security Ltd. (NSDL)
2000 > Commenced Derivative Trading after obtaining registration as Clearing and Trading
Member in NSE.
2003 > Marwadi commodity broker pvt ltd became a corporate member of the National
Commodity and Derivatives Exchange of India Ltd. (NCDEX)
2003 > Marwadi Commodity broker pvt ltd became a corporate member of The Multi
Commodity Exchange of India Ltd. (MCX)
2004 > Became a corporate member of Bombay Stock Exchange Ltd. (BSE)
2004 > Launched Depository Services of Depository Participant under Central Depository
Services (India) Ltd
2005 > Launched Portfolio Management Services
2006 > MSFPL converted to Limited co. (Marwadi Shares And Finance Limited) The
Company raised private equity from ICGU Limited, a wholly owned subsidiary of India
Capital Growth Fund.
2007 > Attracted Private Equity Investment from Reputed Investors Caledonia & ICGI
2008

>

Adjudged

the

5th

Largest

Broking

House

by

Dun

&

Bradstreet

2000 > Growing Institutional Business

2000 > Moves in to 90000 Square Feet State of Art Infrastructure
2009 > Marwadi Commodity Broker Pvt. Ltd. Become member of NSEL.
2010 > Registered as Pop for NPS (New Pension Scheme) introduced by Govt. of India.
2010 > Launched new scheme of PMS.
2010 > MSFL increased its prominence significantly in institutional broking and capital
market deals.
2011 > Enlisted Marwadi Commodity Broker Pvt. Ltd. On Ace Derivatives and Commodity
Exchange Ltd as corporate member.
2014 > Wealth Management & Financial Planning Services.

2.4 Board of Directors

1. Name : Mr. Ketan H. Marwadi
Designation: Chairman and Managing Director
9

Qualification: B.E. (Civil)

Area of expertise:
Promote the company as a promoter director in the year 1992 and thereafter availing the
corporate membership BSE, NSE in cash and derivatives segment, membership of Saurashtra
Kutch Stock Exchange Ltd., launching of depository services of NSDL and CDSL. He is
having over a decades experience in the primary as well as secondary market of capital
market, dealing with stock exchanges, regulatory and statutory bodies, monitoring of overall
compliances, focusing on research and development of capital markets and launch various
services to investors class as per their requirements through better corporate services.
Overall supervision, administration and control of Marwadi group as a whole having keen
and expert vision over stock market and its intermediaries. Involved in strategic decision
makings, overall growth and development of organization, effectively implementing all tools
of co-coordinating, advising, staffing, communicating etc, through sub- brokers and
concentrating on effective measures towards best investor services in the organization. Mr.
Ketan Marwadi has been a vice president of Saurastra Kutch Stock Exchange and directors
on SKSE Securities Ltd. (which is a subsidiary of Saurashtra Kutch Stock Exchange). He was
the executive committee member of OTCEI and assisted (COTI). He is the Member of
Executive Committee (F&O Segment) of NSE and Director- ANMI Board. He is the initiator
and chief strategist of the group.

2. Name: Mr. Deven H Marwadi

Designation: Director
Area of Expertise
Overall experience of over a decade in the stock market related activities and has been
appointed as director of the company in the year 1998. He has extensive knowledge and
10

expertise in the line of trading and clearing segment and is in whole charge of day to day
trading activities of NSE and BSE trading in cash and derivatives segment. He is in charge of
total client base of organization including DP operation of NSDL and CDSL apart from
looking after the trading requirements of commodity market carried out by the subsidiary
company having membership of MCX and NCDEX.
Having overall management, superintendence and control of pay- in and pay-out obligations
with the exchanges relating to funds and securities, maintenance of pool accounts of
securities, monitoring collections and payment of funds, delivery of securities to the clients
and to pool account on day to day basis, meeting settlement obligations of the exchange and
related activities. Monitoring of trading activities of branches and sub-brokers and taking
effective surveillance decisions.

3. Name : Mr. Sandeep H Marwadi

Designation: Director
Area of Expertise:
Appointed as director of the company in the year 1998. He has extensive knowledge and
expertise in the line of hardware and software and various networking facilities. He is in
charge of hardware and software operations of the company, installation of hardware and
software, its maintenance, connectivity and networking of branch offices and sub-brokers,
back-up operations, software development in relation to stock broking and DP related
operations of the company. Up-gradation of technology, computer peripherals, effective
networking of the company and its branch offices and to provide uninterrupted
communication facilities to the ultimate users.

4. Pranav M Shah
Designation: Director
Area of Expertise:
11

Pranav M Shah, Chairman Pranav Securities and Director Marwadi Shares and Finance has a
Spectacular track record in Institutional business for the last 15 years. He began his stint in
capital market by selling IPOs for his father Mukund M Shahs firm. He is best known for
his expertise in gauging Market Trends and FII/Cross border business. A very successful
Equities Investors and Trader himself, with wide networking with all big players in the
market.

5. Jamie Cayzer-Colvin
Designation: Director
Area of Expertise:
Mr. Jamie did his MBA from Henley Management college and joined Marwadi as a nominee
director since August-2013. Mr. Jamie joined Caledonia in 1995, initially working at Amber,
its specialty chemicals subsidiary. He became an investment executive in1999 and was
appointed associate Director in 2002 and Director in 2005. He is currently Chairman of the
Henderson smaller companies Investment Trust and a non-executive Director of India Capital
Growth Fund, The Ocean Dial Group and Polar Capital Holdings.

CORPORATE GOVERNANCE:
At Marwadi Group we consider your reputation, confidentiality and our esteemed status of
paramount importance. This is why we design and deliver our services on a foundation of
best-in-class compliance procedures and established internationally recognized jurisdictional
regulation.

Overview
Founded on the belief that fiduciary services are not simply a product, but rather a unique
opportunity to work with our clients and build long-term relationships, we, the companies
which collectively form the MARWADI GROUP of Companies, understand the qualities our
clients are looking for in their fiduciary service provider. And it is on our commitment to
12

those qualities that our business now stands. Marwadi Group is a forward looking company
and encourages associations with efficacious people. Accordingly, it invites entrepreneurs
who have a positive approach and attitude to culminate success. Marwadi Group offers you a
gamut of products, services and support to help you meet client needs, shape a more
profitable business and execute your goals.

Customer Satisfaction....Profitability....Growth

This is what a business needs to be successful! At Marwadi Group, your success matters.
When you team with Marwadi Group, you team with the best - the best offerings, the best
skills and knowledge to help you win, and the best partners to help you with full range of
skills, expertise, applications and services required to manage their funds.
Founded on the belief that fiduciary services are not simply a product, but rather a unique
opportunity to work with our clients and build long-term relationships, we, the companies
which collectively form the MARWADI GROUP of Companies, understand the qualities our
clients are looking for in their fiduciary service provider. And it is on our commitment to
those qualities that our business now stands.
But the best loses its significance if it doesnt comply with your values - innovation that
matters; client success; trust and personal responsibility. These are the core values that drive
Marwadi Group - and the values we share with Marwadi Group stake holders.
Marwadi Group focuses on customer orientation aiming and maintaining returns to our
various stakeholders. Our Range of Products and Services offering Includes:

2.5 Broking Services

13

Trading in Equities, Commodities & Currency Derivatives Trading with Marwadi Group
truly empowers you for your investment needs. Provide hassle free and broking parentage of
Trading and Services of Equity, Commodity and Currency Derivatives through Participation
in the domestic exchanges like NSE, BSE, MCX, NCDEX, NMCE, MSEI, NSE-FX, BSECDS, and NATIONAL SPOT EXCHANGES ETC. We ensure you have a superlative
trading experience through - A highly process driven, diligent approach Powerful Research &
Analytics and One of the "best-in-class" dealing rooms

2.6 Institutional Broking Services

Institutions, Banks and the Corporate have their own unique investment needs. Marwadi
Group recognizes this and strives to offer a superlative investment experience for institutions
and FIIs globally and would like to be seen as their preferred investment gateway. With the
mission to institutionalize and implement a process driven approach, the Institutional Broking
Services at Marwadi Group cater to the investment needs of leading corporate houses and
institutions. Backed by incisive research, this division would like to be seen as a one stop
investment gateway and knowledge repository for its clients, servicing their unique and
sophisticated needs.

Online Investment Portal Marwadi Online is your single gateway for all your financial needs.
Now you not just trade online in Equities, Commodities, apply for IPOs, invest in Mutual
Funds, buy Insurance, but also get Trade Rewards each time you invest online with our 360
degree portal through www.marwadionline.net

Depository Services Our array of depository services a rendered by our expert team with
associations with National Securities Depository Limited (NSDL) & Central Depository
Services (India) Ltd. (CDSL) (Both are Fully Operational with facility to punch and Process
account opening, holding, transaction and instructions through Speed-e and EASY) By means
of integrating the of broking and depository services imparted by us, we are able to guarantee
our clients with a quicker and smoother conduct of investment and trading affairs. We charge
nominal and most competitive depository services charges for this range.

14

Personal Financial Services Today, more and more people look up to ways and means which
can fulfill their financial aspirations such as Savings, Retirement planning, Tax planning &
Wealth planning, etc. All this coupled with multiple and cut throat competitive offerings
makes it very difficult for an individual to come to a decision and this leads to the search of a
partner who can help an individual understand the complex investment instruments and make
the best use of them to meet his/her short-term and long-term financial objectives

2.7 Why one should invest with Marwadi?

Trust and Reliability

Marwadi maintains a high degree of integrity and commitment to help achieve the financial
goals, even when the company passes through tough situation. Perhaps that would be the
reason that 75% of its customers are staying with them from years.
Speed of Execution
The group of Marwadi has more than 1200 professionals who have built robust systems and
processes that enable swift action and prompt services for example demat transfers, timely
paying, instant SMS alerts, etc
Research Advice
The research is based on in-depth research done. By the use of their intellectual expertise and
knowledge they provide sound investing habits to their clients.
Personalized services
Needs differ from person to person and so Marwadi first understand the needs of their
prospect and then deliver the services to make their investing experience comfortable, secure
and rewarding.

2.8 Services of Marwadi Shares and Finance Pvt.Ltd.

15

Demat and Remat

Depository services
Commodity trading
Derivative trading
Portfolio management
Insurance
Pan card
Mobile trading
Mutual fund
Online trading
Research based information

2.9 General Information

Commodity
Investors looking for a fast paced dynamic market with excellent liquidity can now trade in
commodity futures market. The commodity exchange is a public market forum and anyone
16

can play these vital commodity markets. Marwadi can certainly be a good point of entry to
the commodity markets. Marwadi is a registered trading cum clearance member of NCDEX
and MCX. Participation is very easy all a prospect need to do is open an account with
Marwadi and then they will offer them advise and research on investment to be made.
Equity and services
To start trading in equity all the prospect needs to do is open an online trading account with
Marwadi. The client could then get guidance for operating their account and do trading. It is
an easy and convenient way to invest in equity and take positions in futures and options
market using tools and research.
Marwadi also offers various schemes to open a new Demat account. Like A1 for short term
investment, B1 for small investors, and Z1 for long term investors.

Internet Trading
This E- Broking service which brings an experience of online buying and selling with just a
click is a fabulous tool for right trade at right time!
The robust risk management system and 128 bit encryption gives complete security about
money, shares and transaction documents. Moreover, detailed resources like live quotes,
charts, research and advice helps in taking proper decision.
Depository participant
Having a Demat account linked with the trading account becomes more convenient. The nontrading members also can avail of depository services provided by Marwadi. They receive
regular account details, reports and efficient services at all times. Marwadi is both a member
of NSDL and CDSL.

IPO

17

Initial public offer is a better opportunity for netting high returns on short term investments.
By becoming a member of Marwadi family the client gets information about the forthcoming
IPOs and lot more.
Mutual funds
Mutual funds is a smart means of saving taxes and diversifying the investment portfolio, so
Marwadi offers a host of mutual fund choices under one roof backed up with in-depth
information and research to help you invest smartly.
PMS
Is it possible to analyze the prices of 1500 shares every morning? Is it practically possible to
gamble only on the recommendation from a friend and the overloaded informations from
magazines and financial dailies? If at all an individual is highly Net worth does he really have
time to judge which advice is reliable, authentic and least chance of failure?
With Marwadi PMS a person can be assured that the investments made are in safe hands! It
gives the portfolio the expert edge to smoothly steer towards wealth creation.
Research
It is a special research cell where some of Indias best financial analysts bring intensive
research reports on how the stock market is faring, when to execute the order, when is the
right time to invest and more. It also provides study report on mutual funds, commodity
markets, capital markets, IPOs and economy on daily, weekly or monthly basis. Above all
this the expert advice or tips and recommendations are also passed through SMS on the
mobiles of the clients.

2.10 Online Services of trading

Marwadi has a tie up with ODIN software and they supply this app to their registered
customers.
18

 The app is very user friendly and is very easy to use.

For security purpose after the installation of this software one has to go through three
password generation stages.
Two passwords needs to be generated one need not to be changed and one needs to be
changed every 14 days.
One can keep a market watch through this app and can also do trading sitting at their

own place.
ODIN software is web based and mobile app based.
Mobile app has a limited accessibility due to its size and ram available by the mobile.
Web based trading has a much wider scope and has a lot of facilities in it.
Now these system also shows the best 5 sellers and best 5 buyers of a share that is

been selected by the client.

The client also has the access to know the closing and opening rate of a particular
share.
As per the SEBI rules certain shortcuts keys are kept common for all the apps like F1
key to buy a share and F2 to sell and few more.
This removes the confusion in the minds of the clients to use the app.
Also in every app when a blue screen appears it is a screen for buying and when a red
screen appears it is a screen for selling

Customer services offered by Marwadi

Daily back up trades made by the clients.

Suggesting clients about new arrivals of shares and also when the price goes down.
Solving the problems as soon as they reach the responsible person.
Maintaining relationships with the clients.
Meeting them once in a month to know their grievances if any?

2.11 DEPARTMENTS

DP FRONT
This department performs the work of opening account with MSFL (Marwadi Shares and
Finance Ltd). They help customers in filling forms and provide guidelines about requisite

19

documents that are needed. There are different requirements in MSFL for different type of
clients like HUF, individuals, minor, etc. They also very dematerialize form (DRF).

DP BACK OFFICE
The work of this department is to check activities of front office, this department sees
whether DRF (Demat Request Form) for demat account opening have been filled up correctly
or not if required to change detail of bank transaction. This department from its name
suggested does not comes directly into contact with customers. In brief a process, which has
started from DP-Back office, will be completed over here.

COMPLIANCE AND AUDIT

The main work of this department is to

Know the client related activities (KYC department)

Sub-Broker / Remisier Registration activities
ID activation anddeactivation
Other Statutory Compliance

MUTUAL FUND AND IPO

A Mutual Fund is a trust that pools together the investors money into one fund and invests
the money either into equity fund or in debt fund to share a common financial goal.
Now here, activities related to mutual fund takes place. They provide necessary guidance to
customers about investment in mutual funds and also inform about procedures of investing in
20

mutual funds. MSFPL is corporate agent of Birla Sun Life, ICICI and Frankline, TATA
Mutual Funds.

IBT (INTERNET BASED TRADING)

In MSFL they provide three products for IBT Login, Logic and Link up and the work of this
department includes helping clients to open an online trading A/C and provide all guidelines.

TRADING
There are two types of trading normal trading and F&O (Futures and Option market) trading
so all the trading accountings are controlled in this department. Such a trading is divided into
two parts NSE and BSE. Clients can deal with trading contract, new account opening, pay-in
and pay-out. For such trading Follow-up of SEBI guidelines are necessary.

ACCOUNTS
Mr. Sureshbhai, Mr. Sanjaybhai and Mr. Vithlanibhai handle this department. All the accounts
regarding work is done here. All the records are kept confidently at this departments and their
computers are also governed with security systems so that no mal-practices can be done.
They plan out the paying and acquiring of finance and also sees the records of bank related
transactions, bank balance and statements are prepared timely.

CLEARING AND SETTLEMENTS

This department is like a mediator between clients and exchange. Clients can debit or credit
bill here. All other transaction regarding billing of NSE and BSE are done here.

COMMODITY
21

Accounts regarding commodities billing receivable and payables are kept in this department.
Other activities regarding commodities trading like if any clients has made a deal of any
commodities. Procedures related from and payments and time limitations and all other are
done in this department. Further it guide the clients for next procedure of commodities
trading.
Here the experts concerned with commodities marketing gather and plan out new strategy
and for new project final decisions are taken by them and some times, if needed they also
follow-up with clients.

RESEARCH
This is the department where we can see the brains and experts of MSFL. They provide the
best findings which helps the clients in taking decision. Here researchers do technical
analysis and fundamental analysis of the market and also provide information regarding
future trends.

COLLECTION
The task regarding collection is done in collection front office. As name stated, here different
collections are collected regarding accounting opening fees, demat charges, etc. This
department have direct access to clients regarding trade collection.

HR & TRADING
This department deals with the management of staff. It is handled by Mr. Akshaybhai (Head
of HR department) with Mr. Rajeshbhai. Activities regarding new policy planned for
employess,wages, salaries, project work and man power planning is done here. Along with

22

other daily works they also provide training to required employees and new employees. They
see to it that things are done according to the prescribed rules or not.

IT
SOFTWARE
As MSFPL is engaged in shares related activities, it becomes necessary to have different
software for all different purposes like trading and price listing, data entry and so on. Such
procedures become easy and time saving by the help of softwares. In this department new
softwares are made and old softwares are modified as well.
HARDWARE
Computers are joined with the networks of MSFPL and branches only. All works related to
hardware is handled in this department. If the printers are not working, if there is a problem
with CPU or any such problems which becomes a barrier in work related with electronics are
solved by the people at this department.

What is Customer Satisfaction?

Customer satisfaction is a term which is frequently used in marketing. It is a measure of how
products and services provided by a company meet or surpass customer expectation.
Customer satisfaction is defined as "the number of customers, or percentage total customers,
23

whose reported experience with a firm, its products, or its services (ratings) exceeds or
surpasses specified satisfaction goals.
Within organizations, customer satisfaction ratings have powerful effects. They mainly focus
employees on the importance of fulfilling customers' expectations. Furthermore, when these
ratings dip, they give warnings of problems that can affect sales and profitability. These
metrics helps to quantify an important dynamic. When a brand has loyal customers, it gains
positive word-of-mouth marketing, which is beneficial in both free and highly effective.
Therefore, it is very important for businesses to effectively manage customer satisfaction. For
doing this, firms need reliable and representative measures of satisfaction.
For finding out satisfaction, firms generally ask customers whether their product or service
provided has met or exceeded expectations. Thus, expectations are considered as a key factor
behind satisfaction. When customers have high expectations and the reality falls short, they
will be disappointed and will lead to dissatisfaction. For this reason, a luxury resort, for
example, might receive a lower satisfaction rating than a budget moteleven though the
facilities and service would be deemed superior in 'absolute' terms.
Customer satisfaction provides a leading indicator of consumer purchase intentions and
loyalty. Customer satisfaction data are the most frequently collected indicators of market
perceptions. Their principal use is twofold:
Within organizations, the collection, analysis and dissemination of these data send a message
about the importance of tending to customers and giving assurance that they have a positive
experience with the company's goods and services.
Although sales or market share can represent how well a firm is performing currently,
satisfaction is perhaps the best indicator of how likely it is that the firms customers will
make future purchases. Many researches has focused on the relationship between customer
satisfaction and retention

2.12 REVIEW OF LITERATURE

24

DR. D.H. MALINI (2012)

A STUDY ON SERVICE QUALITY MEASUREMENT AND ITS IMPACT
IN OPTING INSURANCE COMPANIES

Insurance is a policy from a large financial institution that offers a person, company, or other
entity reimbursement or financial protection against possible future losses or damages. The
meaning of insurance is important to understand for anybody that is considering buying an
insurance policy or simply understanding the basics of finance. Insurance is a hedging
instrument used as a precautionary measure against future contingent losses. This instrument
is used for managing the possible risks of the future. Insurance is bought in order to hedge the
possible risks of the future which may or may not take place. This is a mode of financially
insuring that if such an incident happens then the loss does not affect the present well-being
of the person or the property insured. The purpose of this study is to evaluate customers
general expectation and perception of insurers in terms of Services offered at the insurance
service measurement and its impact. Thus, results of this study underscore the need for
insurance providers to gear customer service and quality improvement efforts towards
components of reliability. The study intends to promote a better theoretical understanding and
recognition of the complexities to service quality and its measurement. Today, insurance
companies in India competing each other by providing exclusive services. But the challenges
for insurance sector in India remains the same that is to bring innovative services to clients
while making them realize the value of those services provided. When clients realize that
quality is something that cannot be compromised, an organization has to survive in the
competitive market while managing high value service.

LIU Huiqun, ZHAO Xin

Critique on Customer Satisfaction

25

This paper has covered a vast pool of marketing research in customer satisfaction. The
coverage by necessity is partial. We grouped satisfaction models into either a macro level or a
micro level to simplify our presentation. Logically speaking, the macro-models subsume the
micro-models, and overlap in concepts should occur. Other analysts may well approach the
conceptualization of these models in an entirely different manner. An analyst who plans to do
a customer satisfaction study could benefit from consulting the insightful works as well as the
works previously cited. The mountain of information that the analyst can review may
consume a huge chunk in time and effort, but the benefits of understanding customer
satisfaction models may pay commensurate dividends in useful analyses in the future. At the
very least, use of the above material will supply a basic footing in any effort to understand
customer satisfaction.

Silvia Figini and Paolo Giudici (2002)

methods to obtain data to measure customer satisfaction
26

The working paper by Silvia Figini and Paolo Giudici (2002)study the possible methods to
obtain data to measure customer satisfaction, the possibilities of methods to analyze the
collected data, explain methodological proposal based on discrete graphical models and a
novel theoretical proposal to mixture different types of customer data information, statistical
analysis of sample dataset, and in the final chapter present the conclusions. Present two
possible novel approach to analyze customer satisfaction data. The authors suggest that web
could be the first contact for collection of customer satisfaction data and this method
facilitates continuous monitoring the opinion of the visitors to the site. The second contact
method identified is telephone and/or mail/email but this method is found to have low
response rates. Finally face-to-face interview option is explained as the intimacy can be used
to communicate care and concern to customers, but argue that this method may have the
disadvantage that customers may be more reluctant to criticise or speak negatively about the
program in a face-to-face interview than in an Internet, mail, or telephone survey.
While explaining measuring the level of satisfaction, the authors opine since it can be
difficult to obtain an exact agreement between the customers opinion and the numerical
value stated, using a limited scale it would be feasible to allow for a small approximation
error. Further classify concepts that are not directly measurable as latent variables and
variables that can be directly measured are called manifest variables. The paper proposes
five levels of opinions for the customers viz. very unsatisfied, moderately unsatisfied,
neutral, moderately satisfied, and very satisfied.

Willard Hom (2000)

27

BROADLY CLASSIFIED CUSTOMER SATISFACTION MODELS VIZ. MACROMODELS

Willard Hom (2000) presents two broadly classified customer satisfaction models viz. Macromodels, which place the customer satisfaction among a set of related constructs in marketing
research and Micro-models, which theorize the elements of customer satisfaction. The paper
also gives various models of customer satisfaction from the perspective of the marketing
research discipline. The concepts viz. value, quality, complaining behaviour, and loyalty are
labelled as macro-models
The marketing research literature presented in this study extensively covers the elements that
make up the concept of customer satisfaction viz. disconfirmation of expectations, equity,
attribution, affect, and regret. These attributes are grouped under micro-models.
According to the author the macro-model underlies perceived performance, comparison
standards, perceived disconfirmation, satisfaction feeling, and outcomes of satisfaction
feelings. Further substantiates that this model highlights the concept of value as a driving
force in produce choice and satisfaction relationship to it as a brief psychological reaction to
a component of a value chain. Under the Micro-model the author lists seven models viz. (1)
Expectations disconfirmation model, (2) Perceived performance model, (3) Norms models,
(4) Multiple process models, (5) Attribution models, (6) Affective models, and (7) Equity
models. This paper has covered a vast pool of marketing research in customer satisfaction and
simplified the presentation by grouping under macro-level and micro-levels.

Alex M. Susskind (2002)

The study by Alex M. Susskind (2002) examines how the nature of service failure together
with the restaurants service-recovery effort influences customers intentions to return to the
28

restaurant and their subsequent word-of-mouth communication regarding the incident and the
restaurant. The study shows how word-of-mouth communication materializes from service
experiences. The author argues that the consumers evaluate the components of service viz.
food, service, and ambience rather than as a total picture, and the customers form an opinion
for each item individually. Word-of-mouth communication, it is argued, which relates both
positive and negative evaluations of service encounters, has been shown to influence other
peoples purchase behaviour. In that sense, word-of-mouth communications, which are
positive, may emerge from customers, who are satisfied with the services where as negative
word-of-mouth communication emerges from customers who have experienced dissatisfying
experiences or encounters. It is also pointed out that dissatisfied customers spread their
dissatisfaction through word-of-mouth communication about their bad experience and
dissatisfaction to others than the satisfied customers. The study also examines the level of
complaints regarding service failure and remedies: Minor service failures may solicit smaller
remedies where as remedies like offering free food, discounts or coupons, or the managers
intervention are seen as corrections involving a high degree. Further argues that the degree of
correction is not the only element, which influences consumers perceptions of the recovery
process. Also it is found that negative aspects have a great influence than the positive
attributes on the customers overall assessment. When consumers complain about service,
they eventually form a judgment, consequently uncorrected service failures create increased
dissatisfaction i.e. degree of level of correction is direction proportional to the customers
level of satisfaction.

Sachin Gupta et al (2007)

Sachin Gupta et al (2007) demonstrate a methodology to quantify the links between customer
satisfaction, repeat-purchase intentions, and restaurant performance. The authors has
29

constructed a series of mathematical models using the data from a national restaurant chain,
that predict how the level of customer satisfaction with certain attributes of gusts dining
experience affects the likelihood that they will come back. The authors constructed two
different models for this study. The first one is to explore the relationship of guest satisfaction
with twenty-one distinct attributes of the dining experience; the second model to explore the
relationship between restaurant performance and customers reported likelihood to return.
The study shows how guests comeback scores and other variables affect restaurant
performance. The authors argue that higher customer satisfaction should lead to increased
probability of repeat purchase, which in turn should result in greater restaurant sales. The
study attempts to fill a gap in the empirical literature that focuses on the restaurant sector by
linking customer satisfaction to restaurant performance.

Ellen Day and Melvin R. Crask (2000)

30

Ellen Day and Melvin R. Crask (2000) argue that if customer satisfaction is viewed as an
outcome, then focusing discussion on its antecedents is also necessary to effect the desired
outcome. The purpose of the paper is (1) to present the synthesis of the value-related
literatures and postulates summarizing extant knowledge; (2) to describe the proposal to reconceptualize the value assessment process in terms of perceived risk; and (3) to present
suggests for future research. The authors claim that they are the first to suggest the link
between value and dissatisfaction. The authors do not intend to imply that customers perform
a formal analysis in which potential received benefits are compared with required resource
expenditures, but claim that the consumers consider the likelihood of (1) a product
performing the function desired; (2) physical harm or injury ensuing from product use; (3)
gaining approval of others; (4) achieving a sense of self-efficacy, and/or (5) wasting money,
time or effort in making a particular choice. Finally the study concludes, Framing value in
terms of perceived risk not only facilitates a better understanding and measurement of value
but also better enables the marketing manager to enhance the perceived value of a product or
service. In knowing how to manipulate value the marketing manager in turn has knowledge
essential to satisfying customers.

Rooma (2007)

31

Working paper presented by Rooma (2007) enlightens that customer satisfaction evaluation is
vital for all service firms for better performance in the present world of competition. The
paper analyses whether SERVQUAL dimensions would be applicable to hotel industry and
put forward some additional dimensions pertinent to hotel sector. The tourists visiting the
tourist villages at different parts of the island were taken as sample for their study through
open-ended questions on their expectations of service quality available at their hotels. The
findings show that the most important attribute represented in the SERVQUAL instrument
was the core service. Other attributes identified were: hotel room dcor and cleanliness;
Internet access in hotels; quality of food and recreational facilities; and modern technologies,
particularly in communication facility. The study suggests that Ways of achieving quality
service could include the administration of hotel customers satisfaction surveys using the
service quality dimensions involved; the improvement of the level of service performance
where needed by filling the gaps and the management of expectations regarding quality of
service.

Jay Kandampully and Dwi Suhartanto (2000)

Jay Kandampully and Dwi Suhartanto (2000) conducted a research study on the customer
loyalty in the hotel industry. The objective is to identify factors of image and customer
satisfaction, which are positively related to customer loyalty in the hotel industry. The
32

research helps extend the understanding the relationship between customer loyalty, customer
satisfaction, and image. The study identifies that competition has three major implications for
the customer, which provides: increased choice; greater value for money; and augmented
levels of service. The authors argue that hotels that attempt to improve their market share by
discounting price, however, run the serious risk of having a negative impact on the hotels
medium and long-term profitability. The study advocates that a dedicated focal point on
customer loyalty is likely to become a crucial precondition for the future survival of hotel
organizations. Using the data collected, the findings signify that hotel image and customer
satisfaction with the performance of housekeeping, reception, food and beverage, and price
are positively correlated to customer loyalty whether a customer will purchase and/or
recommend. The study further illustrates that customer satisfaction with housekeeping as the
only significant factor that determines customer loyalty. This argument is supported by an
explanation that housekeeping, from a customers perspective, represents the core benefit of a
hotel, while reception, food and beverage and price are regarded as supporting factors. The
study suggests that both image and customer satisfaction should be included when measuring
customer loyalty.

Halil Nadiri and Kashif Hussain (2005)

Examine the tolerance zone of customers service and determine the level of customer
satisfaction in Northern Cyprus hotels

33

Halil Nadiri and Kashif Hussain (2005) examine the tolerance zone of customers service and
determine the level of customer satisfaction in Northern Cyprus hotels. The study was
conducted at four-star, five-star and resort hotels. The findings demonstrate that the
customers evaluation of service quality in Northern Cyprus hotels has two dimensions:
tangibles and intangibles. The findings show the existence of a narrow zone of tolerance
among the customers. The results also confirm that evaluation of services can be scaled
according to two different types of expectations: desired and adequate. According to the
outcome of the study gap-analysis measurement scale is an indicator for measuring customer
satisfaction . Also critically analyses how marketing strategies can be designed to manage
adequate service-level expectations, the role of predicted service in influencing how
consumers evaluate service quality, and how the hotel industry can use the zone of tolerance
concept to formulate marketing strategies effectively . The study emphasizes that the terms
satisfaction and quality have been central in hospitality management; managers should
keep the service level about the customers desired expectations; and use of zone of tolerance
method provides useful information to managers for developing quality-improvement
strategies.

34

Research
3.1 INTRODUCTION
Research is a search for knowledge. The advanced learners dictionary of current English
states the meaning of research as a careful investigation or enquiry especially through search
for new facts in any branch of knowledge.
RESEARCH is defined as human activity which is based on instinctual application in the
investigation of matter. METHODOLOGY is defined as the method followed while
conducting the study on a particular project.
RESEARCH METHODOLOGY has many dimensions. It includes the Research method
which also considers the logic behind the methods used in the context of the study. We know
how much important it is for our corporate clients to keep their finger on the pulse of fluid
market dynamics and stay on top of economic and market trends. Research is simply the
process of arriving at dependable solution to a problem through a planned and systematic
collection, analysis and interpretation of data. A Careful investigation or inquiry especially
through search for new facts in any branch of knowledge

3.2 PROBLEM STATEMENT

35

A problem statement is a clear concise description of the issues that needs to be addressed by
a problem solving team and should be presented to them(or created by them)before they try
to solve the problem. When bringing together the team to achieve a particular purpose
efficiently provide them with a problem statement. Trading and investment pattern is not so
organized so, to know in which segment people investing and trading more and also which
factors influence them to take decision of investment. The problem statement in this
research study is Customer satisfaction of Marwadi Shares and Finance

3.3 OBJECTIVE OF STUDY

To know the customer satisfaction level of Marwadi

To identify the other investment alternatives preferred by customers of Marwadi
To know the type of company preferred by customers of Marwadi Shares and
Finance.

3.4 SCOPE OF STUDY

The research contains people of Rajkot who are investing in stock market.
The research involves all income group people of Rajkot.
All the different occupations are covered under this research.
In this research, all the segments in which people of Rajkot are investing is
taken into consideration
This research has covered all the people investing online and offline trading

3.5 SIGNIFICANCE OF STUDY

The research that is being conducted will be useful in the following aspects.

This will help the company to know the area to be improved.

36

This research will become helpful to the company to know the taste of masses and

turn it towards best available investment avenue.

It would be useful for the company to frame effective Marketing Strategy.
It would play great role in selecting the right media for advertising to create brand

awareness as well as to give knowledge of the products.

Different age group people would get benefit by this research.

3.6 RESEARCH DESIGN

Here Exploratory Research Design is chosen for the study. Exploratory research studies are
popularly also known as formulating research studies. The main purpose of such studies is
that of formulating a problem for more precise investigation or of developing the working
hypothesis to from an operational point of view.

3.7 TYPE OF DATA COLLECTED

The task of data collection begins after a research problem has been defined and research
design chalked out. While deciding about the method of data collection we should keep in
mind two types of data.

Primary Data: Primary Data may be described as those data that have been observed
and recorded by the researchers for the first time to their knowledge. In this project

Researcher have used Questionnaire as primary data.

Secondary Data: Secondary Data are statistics not gathered for the immediate study at
hand but for other purpose. They may be described as those data that have been
compiled by some agency or any other source other than the user.

3.8 POPULATION AND SAPLE SIZE

The sample size selected is100 respondents from the existing clients of Marwadi Shares and
Finance.
37

3.9 LIMITATIONS OF THE STUDY

The scope of the study is limited to Marwadi only.

The feedback from the respondents could be biased.
45 days are quit insufficient for research like this.
Statistical tools do have its own limitations

3.10 HYPOTHESIS
What is Hypothesis?
Hypothesis is usually considered as the main instrument in research. Its major function is to
test the available data. In fact, many experiments are carried out with an object of testing.
Decision makers often face situations wherein they are interested in testing hypothesis on the
basis of available information and then take decisions on the basis of such testing.Types of
Hypothesis:

Null Hypothesis H0: If we have to compare method A with method B about its
superiority and if we proceed on the assumption that both methods are equally good,

then this assumption can be termed as the null hypothesis.

Alternate Hypothesis H1: As against null hypothesis, we may think that the method A
is superior or the method B is inferior, then it can be termed as Alternate hypothesis.

Hypothesis Of Study
H0: There is no significance difference between the age groups of investors and the selection
of investment tools for planning.
H0: there is no difference between the occupation of investors and the factors attract most to
invest/trade in equity.

The level of Significance:

It is a very important concept of hypothesis testing. It is some percentage (usually 5%) which
should be chosen with great care, thought and reason. The 5 percent level significance means
the researcher is willing to take as much as a 5 percent risk in rejecting the null hypothesis
(Ho). The level significance is taken 5% or 0.05.
38

Graphical tools:
Meaning of Pie chart:
It is a Proportional area chart used almost exclusively in showing relative sizes of the
components of a data-set, in comparison to one another and to the whole set. It consists of a
circle which is divided into several segments. Area of each segment (called slice or wedge)
would be the same percentage of the circle as the component it represents is of the whole data
set.

Meaning of bar chart:

A bar chart or a bar graph is a chart with rectangular bars with lengths proportional to the
values that they represent. The bars could be plotted vertically or horizontally. A vertical bar
chart is also called a column bar chart. Bar charts provides a visual presentation of categorical
data. Categorical data is a grouping of data into discrete groups, such as months of the year,
age group, shoe sizes, and eye colors. In a column bar chart, the categories appear along the
horizontal axis; the height of the bar corresponds to the value of each category. Bar charts are
also used for more complex comparisons of data with grouped bar charts and stacked bar
charts. In a grouped bar chart, for each categorical group there are two or more bars. These
bars are color coded to represent a particular grouping.

The statistical tool:

The next step after deciding the level of significance is the determination of appropriate test
for the testing of hypothesis. Statisticians developed several test for the purpose of testing of
hypothesis which can be classified as:
(1) Parametric tests and
(2) Non-Parametric test.

39

Parametric tests usually assume certain properties of the parent population form which we
draw samples, whereas non-parametric test are z-test, t-test, chi-square test, f-test, ANOVA
test. These tests can be two tailed or one tailed tests.
ANOVA:
The basic principle of ANOVA is to test for differences among the means of the populations
by examining the amount of variance within each of these samples, relative to the amount of
variance between the samples. In terms of variance within the given population, it is assumed
that the values of (Xij) differ from the mean of this population only because of random
effects i.e., there are influences on (Xij) which are unexplainable, whereas in examining
differences between populations we assume that difference between the mean of the jth
population and the grand mean is attributable to what is called a specific factor or what is
technically describe as treatment effect. Thus while using ANOVA: we assume that each of
the samples is drawn from a normal population and that each of these populations as the same
variance. We also assume that all factors other than the one or more being tested effectively
controlled. This, in other words, means that we assume that the absence of many factors that
might affect our conclusion concerning the factor be studied.
In short, we have to make two estimates of population variance viz., one based on between
samples variance and the other based on within sample variance. Then the said two estimates
of population variance are compared with F-test, wherein we work out.
F = Estimates of population variance based on between sample variance / Estimates of
population variance based on within sample variance.
This value of F is to be compared to the F-limit for given degree of freedom. If the F value
we work out is equal or exceeds the F-limit value, we may say that there is significant
difference between sample means.

3.11 DATA INTERPRETATION AND ANALYSIS

1. Age group
Age Group
18-27
28-37

No. of customers
42
26
40

38-47
48-57
Above 58

15
12
4

CHART 1

Interpretation:
Here we can see that the age group between 18-27 i.e. the young people are more interested
in trading activities, this may be because of their risk taking capacity. The older a person
grows the more protective he becomes because of his family and other matters and hence
they avoid taking risks.

2. Which Income Group customers belong to?

Income Group
1lac-2lac
2lac-4lac
4lac-6lac
Above 6

No. of customers
48
38
14
0
41

CHART 2

Interpretation:
Here from the above presented chart we can see that the Income group of 1-2lacks and 24lacks are more interested in trading and taking risks. This may be because of they are more
interested in making money more and more by taking risks and the older and people having
more of income make safe investment for their future.

3. Part of Income customer wish to spend on Trading

% of Income
Less than 5%
5-10%
10% - 15%
15% - 20%

No. of customers
20
60
12
8

42

CHART 3

Interpretation:
Here from the above chart we can say that out of the sample of 100 people, 60 people spend
5-10% of their income in trading and 20 people spend less than 5% of their income. From this
it can also be said that after 5-10 class the number of customers decreased which states that
their interest is also gradually decreasing to an extent.

4. No. of People Investing in Stock Market

INVESTING
100

NOT INVESTING
0

CHART 4
43

Interpretation:

From the above chart it can be seen that 100% people of Rajkot city from sample of
100 invest in stock market.

It can also be assumed that Rajkot is the best place for trading activities.

It also reflects the risk taking capacity and knowledge of share market in the minds of
the people.

5. Other preferred Investment Alternative

Investment Alternative
Real Estate
Bank
Commodity
Insurance

No. of customers in percentage

10%
40%
20%
30%
44

CHART 5

Interpretation:
From the above represented chart it can be interpreted that 10% people out of 100 invest their
money in Real Estate, 40% in Bank, 20% in Commodity and 30% in Insurance. Bank comes
first among the alternatives as it is a safe investment source without any lose as such.
Insurance is also a better option after Banks as per the chart.

6. Reasons for Investing in Marwadi

Reasons for Investing
Customer Satisfaction
Regular follow up
In time information
All the three

No. of customers in percentage

20%
10%
10%
60%
45

CHART 6

Interpretation:
From the above chart we can make out that 60% customers are satisfied with the 360 degree
services provided by marwadi. We can also say that Marwadi hence has a very good
impression in the eyes of their valuable customers. Customers are happy with the services, Intime information and follow up.

7. What according to the customer Marwadi should improve?

Marwadi should improve
Online services
Offline serices
Servicing time

No. of customers in percentage

20%
20%
10%
46

Follow up time

50%

CHART 7

Interpretation:
From the above chart, we can suggest Marwadi that they need to concentrate more on the
servicing time. For example, in saurashtra people have a habit of taking rest at noon, so they
wont like anyone disturbing them at that point of time. Same way customer wont like if they
are called in morning before 10am and evening after 8pm.

8. Percentage of people Investing in type of company

Type of Company
Large Cap
Small Cap
Penny stock

No. of customers in percentage

50%
10%
10%
47

Mid Cap

30%

CHART 8

Interpretation:
From the chart it can be interpreted that the people in Rajkot city are more interested in
investing their money in a large cap companies and less interested in Small Cap and Penny
Stock. This shows that they have concern towards the goodwill and status of the company.
50% out of 100% are investing in Large Cap companies as per the findings.

9. Trading platform for Equity either offline or online??

Online
80

Offline
20

CHART 9
48

Interpretation:
It can be seen that 80% people prefer online trading because it makes their work easy and
they dont actually need to be present in the company for trading purpose. All are busy with
their daily work also and hence online services provided by Marwadi is more satisfactory to
them.

10. Satisfactory Level of services provided by Marwadi

Satisfactory level
Completely satisfied
Satisfactory
Average
Not satisfactory

% no. of customers
10%
50%
30%
10%
49

CHART 10

Interpretation:
From the above chart it can be interpreted that completely satisfied customers are only 10%
this is because they want the company to come up with more and more facilities, satisfied
customers are 50% and average customers are 30% and lastly there are unsatisfied customers
also which is 10%. Thus the overall structure as per the above chart states that the customers
are satisfied by the services provided by Marwadi Shares and Finance Ltd.

11. Satisfaction by Follow-up system of Marwadi with customers

Satisfactory level
Highly satisfied
Satisfied
Average

% no. of customers
10%
78%
12%
50

Not satisfied

0%

CHART 11

Interpretation:
It can be interpreted that the customers who are highly satisfied with the follow up system of
Marwadi are 10%, Satisfied Customers are 78%, Average are 12% and Not Satisfied are
nobody as such. Thus we can conclude that the company do care about their customers and is
providing first hand information to the customers.

12. Satisfactory level of online services provided by Marwadi

Level of satisfaction
Highly satisfied
Satisfied
Average

% no. of customers
30%
60%
10%
51

Unsatisfied

0%

CHART 12

Interpretation:
From the chart it can be interpreted that almost all the customers are satisfied with the online
services provided by Marwadi Shares and Finance Ltd. This also states that the application
and online facilities are easy to use or user friendly which fits the customers comfort zone.
As per the findings from 100 customers 60 are satisfied, 30 are highly satisfied and only 10
are average.

3.12 ANOVA TEST

Hypothesis
H0 = There is no significant difference between the age group of investment options.
52

H1= There is significant difference between the age group of investment options.
TABLE 13
Age
18-27
28-37
38-47
48-57
Above
58

Ban Commod Insuranc

k
ity
e
35
19
50
37
17
26
35
16
26
34
16
26

Real Estate
19
7
7
8
7

35

16

26

TABLE 14
ANOVA
Source of
Variation
Between
Groups
Within Groups

SS
2138
.2
583.
6

Total

2721
.8

d
f
3
1
6

MS
712.7333
333

F
19.54032
442

P-value
1.34173E
-05

F crit
3.238871
522

36.475

1
9

Interpretation:
From the above calculation of Anova at 5% significance level, it can be interpreted that there
is difference between age group of investor and selection of their investmwnt options as
calculated value of F (19.54) is greater than F calculated value (3.24). so we failed to accept
the null hypothesis.

53

Hypothesis
H0 = There is no significant difference among the level of Income and selection of company
(size) for investment.
H1= There is significant difference amng the level of Income and selection of company (size)
for investment.
TABLE 15
Incom
e
1-2lac
2-4lac
4-6lac
Above
6

Large
Small
Penny
cap
Cap
stock
24
5
20
3
6
2

Mid
Cap
6
2
2

13
13
4

275

Within Groups

548

12

MS
91.66666
667
45.66666
667

Total

823

15

TABLE 16
ANOVA
Source of
Variation
Between
Groups

SS

df

F
2.007299
27

P-value
0.166750
514

F crit
3.490294
821

Interpretation:
From the above calculation of Anova at 5% significance level, it can be interpreted that there
is no significant difference among the level of Income and selection of company (size) for
investment as calculated value of F (2.007) is smaller than F calculated value (3.49). so we
accept the null hypothesis.

54

Hypothesis
H0 = There is no significant difference among Age group of investor and percentage
investment in Equity
H1= There is significant difference among Age group of investor and percentage investment
in Equity
TABLE 137
Age
18-27
28-37
38-47
48-57
above
58

less
510above
then 5
10
15
15
13
21
4
4
3
18
3
2
1
10
3
1
1
9
2
0
1

TABLE 18
ANOVA
Source of
Variation
Between
Groups
Within Groups

Total

SS
329.
8

d
f

378

3
1
6

707.
8

1
9

MS
109.9333
333

F
4.653262
787

P-value
0.015990
96

F crit
3.238871
522

23.625

Interpretation:
From the above calculation of Anova at 5% significance level, it can be interpreted that here
is no significant difference among Age group of investor and percentage investment in Equity
as calculated value of F (4.65) is greater than F calculated value (3.24). so we fail to accept
the null hypothesis.

55

3.13 Findings:
1. Out of the specified Age group it was found that the class ranging from 18-27 was
more interested in trading activities, this is because of their risk taking ability and
their enthusiastic efforts to make more money.
2. From the different Income group(class) specified it was found that the class i.e 1lac2lac were more active in trading activities and the second best alternative group is
2lac-4lac.
3. While asked to the customers that which was their other best alternative for
investment except Equity? The first preference was Bank and Second was Insurance.
4. It was found from the research conducted that customers invest in Marwadi Shares
and Finance because of services like In time information, Regular follow-up and
solving their queries whenever been asked.
5. From the research it is also found that most of the customers are interested in
investing in large and Mid cap companies.
6. Customers are very much satisfied with the online services provided by the company.

56

3.14 Suggestions:

1. Marwadi Shares and Fanance Ltd. should concentrate more on young people for
trading cause they are the most enthusiastic one who wish to earn more and more and
their risk taking capacity is also comparatively more.
2. Marwadi should avoid calling customers on timing before 10am and after 8pm.
3. Marwadi should maintain its goodwill and name by bringing latest technologies
whenever necessary. They already have a very good image in the eyes of customers
and hence they should maintain it.

57

3.15 Conclusion:

Most of the investor are very sensitive about safety of their investment. They want
more safety and reliability. Current trend and easy access has not that affected the
investor as much as safety and reliability.

Most of the earning people invest their income up to different level in any sector, so
investment company have also very much scope of gaining business.

Equity market has also popularity among investors due to higher return, but due to
uncertainty and lack of proper knowledge investors do not invest in that sector.

But investors who have proper knowledge and willingness to take risk up to some
extent are easily invested in Equity market. Banks interest rate is also decrease since
last few years so, investors move towards other sector like mutual fund, bond, equity
market and others like land, gold, building etc.

So, final conclusion on part is that investors of Rajkot city invest their money with the
balance of safety, reliability and return on investment.

The last point to say that the conclusion of the summer internship project report is that
if a company is really interested in growing its business then it has to give an attention
to the customers needs, thei potential and the main thing what type of product/service
they want.

58

3.16 BIBLIOGRAPHY
Websites

www.marwadionline.com

www.unescap.org

www.researchgate.net

www.eurojournals.com

www.massreview.org

www.wikipedia.org

www.tradingeconomics.com

www.moneycontrol.com

www.equityresearch.com

Books

C. R. KOTHARI, RESEARCH METHODOLOGY (REVISED SECOND EDITION)

PAST RESEARCH PAPERS

59

QUESTIONNAIRE

1. Name
2. Age Group

:___________________________________________
:_______________
18-27

38-47

28-37

48-57

Above 58
3. Occupation :_________________________
4. Which income group you belong to?
1,00,000 2,00,000

4,00,000 6,00,000

2,00,000 4,00,000

Above 6,00,000

5. What percent of your income do you prefer to invest in equity?

Less than 5%

10% - 15%

5% - 10%

More than 15%

6. Address

:_________________________
__________________________
7. Contact no. :_________________________
8. Do you invest in stock market?
Yes

No

9. Which would be your preferred investment alternative?

Real estate

Banks

Commodity

Insurance

10. What is the reason for opting marwadi?

Customer satisfaction
In time information

Regular follow up
All of the above

11. What according to you ,Marwadi should improve?

Online Services

Offline services
60

Servicing time

Follow up time

12. In which type of company do you invest?

Large Cap

Small Cap

Penny Stock

Mid Cap

13. Which type of trading platform would you prefer for equity?
Online

Offline

14. How much satisfied are you with the services provided by Marwadi?
Completely satisfied

Satisfied

Average

Not satisfactory

15. How is the follow-up system of Marwadi with customers?

Highly satisfactory

Satisfactory

Average

Not satisfactory

16. Is the online services provided by Marwadi satisfactory?

Highly satisfactory

Satisfactory

Average

Not satisfactory

61