Professional Documents
Culture Documents
ASHISH BANSAL
BBA, IIIRD YEAR
Submitted by:
JIMS, ROHINI
TABLE OF CONTENTS
Preface Acknowledgement Table of Contents Chapter 1 : Introduction Overview Profile Products of the Organisation Competition Information Swot Analysis Chpater 2 : Objectives and Methodology Significance Scope, Methodology, Case Study Chapter 3 : Chapter 4 : Chapter 5 : Competition Analysis Data Analysis Findings and Recommendations Annexure Bibliography
PREFACE
Objective of the project is to study, understand and analyze various aspects related to the Investment patterns of Trusts and Societies. The research is based on the information collected by the help of the questionnaires filled by various Trusts and Societies visited. The questionnaire was formulated with the aim of finding about the preferences of the societies when they go in for the investment of surpluses generated by them. Due to lack of time the survey was limited to South Delhi. I visited over 250 Trusts and Societies during my survey. An attempt was made to judge on the basis of the response generated, the scope to expand the services of HDFC Ltd. in the area of Trust Deposit. The survey helped to draw a general trend of the investment pattern of the Trusts and Societies.
ACKNOWLEDGEMENT
I would also like to thank the HDFC staff for cooperating with me and be there when ever I needed their kind support and help.
Last but not the least I would like to thank all the respondents who took out time from there busy schedules to help me in my project, this project could not have been a success without them.
Chapter 1 INTRODUCTION
With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India.
With stiff competition and advancement of technology, the services provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from accounts or a cheque from north of the country being cleared in one month in the south. HDFC was incorporated in 1977 with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and
professional
objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets.
Organisational Goals HDFCs main goals are to :The primary objective of HDFC is to enhance residential housing stock and to promote home ownership. To acquire by purchase, lease, exchange, hire or otherwise lands & property or any interest in the same in India. To advance money to any person/ persons, company or corporation, society or association either at interest without, and or with or without any security and in particular to advance money to shareholders of the company or to oth4r persons to enable the person to erect, or purchase, or enlarge, or repair any house or building or any part or portions thereof or to purchase any freehold or leasehold or any lands or estate or property in India upon the terms and conditions as laid by the company.
To develop & turn to account any land acquired by the company or in which the company is interested, and in particular by laying out and preparing the same for building purposes, constructing, altering pulling down, decorating, maintaining; furnishing, fitting up and improving buildings, and by planting, paving draining, farming, cultivating, letting on building lease or building agreement, and by advancing money and entering into contracts and agreements of all kinds with builders, tenants and others. Subject to the provisions of the Banking Regulation Act 1949, to receive moneys on deposits, loans or otherwise with or without interest and to secure the same in such manner and on such terms and conditions as the company may think fit and proper and to guarantee the debts, obligations and contracts of any person, firm, company, or corporation whatsoever.
Besides these the company has certain objectives incidental or ancillary to the attainment of the main objective. These are : To aid any government, state, or any municipal corporation, or company or association or individual with capital, credit, means or resources for the prosecution of any work, undertakings, project or enterprises which are conducive to all or any of the object of the company. To adopt such means of making known to the business of the company as may seen expedient, and in particular by the advertisement in the press, by circulars, by purchase and exhibition of work, of art of interest, by publication of books and periodicals, by granting prices, rewards and donations. To provide for the welfare of the employees or ex employees of the company and the wives, widows and the children or the dependents of such persons in such manner as the company deems fit and proper. To effect and maintain insurance against loss of or inuuryt to any property of or any persons employed by the company or against any other loss to the company. To undertake and carry on the business in India or abroad of Merchant Banking including consultancy services of all kinds and description, investment counseling, portfolio management, providing of financial and
investment assistance, syndication of loans, counseling, and tie-up for project and working capital finance, syndication of financial
arrangements wheth4er in domestic or international markets, handling of mergers and amalgamations, assisting in the setting up of joint ventures, foreign currency lending, tax consultancy, underwriting of any securities, whether singly or in consortium and without prejudice to the generality of the foregoing to act as advisors and consultants, managers to the issue of shares, debentures, stocks, bonds and securities.
HDFC is a professionally managed organisation with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders.
Board of Directors
Mr. D S Parekh - Chairman Mr. Keshub Mahindra - Vice Chairman Ms. Renu S. Karnad - Executive Director Mr. K M Mistry - Managing Director Mr. Shirish B Patel Mr. B S Mehta Mr. D M Sukthankar Mr. D N Ghosh Dr. S A Dave Mr. S Venkitaramanan Dr. Ram S Tarneja Mr. N M Munjee Mr. D M Satwalekar
A soft spoken man of few words, Mr. Parekh nevertheless held strong and definite views with a quiet conviction. He was always concerned with building bridges, improving and encouraging communication between people.
As Henry W. Longfellow said: Lives of great men all remind us We can make our life sublime, And, departing leave behind us Footprints on the sands of time. OVERVIEW
From a modest beginning of Rs 7.1 cores in home loan approvals in its first year of operations to over Rs. 1,00,000 crores in cumulative home loan approvals in 28 years, HDFC has come a long way. As an institution that introduced an unknown concept in the late 1970s, it has defined and spearheaded many of the changes that have given shape to the housing industry through the years and has turned the dream of owning a home into reality for over 2.7 million families across the country. The journey began as a thought that took shape in the mind of HDFCs founder Chairman, Mr. H.T. Parekh, who laid a solid foundation. This thought grew to become a reality in the form of HDFC to enable Indian
households access housing in their prime earning days through institutional finance. At the time of its commencement, HDFC was the first private sector housing finance institution in India. Since the early years, it clearly defined the companys core values - integrity, transparency and trust, ingraining it throughout the organization and in all its activities. It focused on a future that it needed to make, rather than wait for it to happen and went on to transform the concept of providing retail finance to middle class families in India into a world class institution. Its success encouraged the creation of a number of housing finance institutions in India.
HDFC offers a wide range of deposit products, a secure investment option, with attractive returns. Deposits are accepted from Charitable Trusts, Religious Trusts, Educational Institutions, Employees' Welfare Trusts and others as decided by the management.
The primary objective of the project is to study, understand and analyze various aspects related to the Investment patterns of Trusts and Societies. The research is based on the information collected by the help of the questionnaires filled by various Trusts and Societies visited. The questionnaire was formulated with the aim of finding about the preferences of the societies when they go in for the investment of surpluses generated by them. Due to lack of time the survey was
limited to South Delhi. I visited over 250 Trusts and Societies during my survey. An attempt was made to judge on the basis of the response generated, the scope to expand the services of HDFC Ltd. in the area of Trust Deposit. The survey helped to draw a general trend of the investment pattern of the Trusts and Societies.
PROFILE
The primary objective is to study, understand and analyze various aspects related to the Investment patterns of Trusts and Societies. The research is based on the information collected by the help of the questionnaires filled by various Trusts and Societies visited. The questionnaire was formulated with the aim of finding about the preferences of the societies when they go in for the investment of surpluses generated by them. Due to lack of time the survey was limited to South Delhi. I visited over 250 Trusts and Societies during my survey. An attempt was made to judge on the basis of the response generated, the scope to expand the services of HDFC Ltd. in the area of Trust Deposit. A good majority of the investors questioned were of the view that the organization they are currently dealing with is financially strong. Mainly the source of income has been found to be Donations received by the
trusts. The share of other income sources is very low as compared to Donations. The management of most of the Societies visited accepted that the funds they are collecting, are meeting the expenses
satisfactorily. The surplus generated by the society is mostly being used for making investments. The trustees or the governing body of the societies play the key role in recommending investments to the society. The four most important and critical considerations from the investors point of view found to be are rate of interest, safety, good service and location of the institution.
Trusts can choose from any of the following products depending on their need.
Following options are available under Fixed Rate Deposit i) Monthly Income Plan ii) Non-Cumulative Deposits iii) Annual Income Plan iv) Cumulative Deposits
Highest Safety:
'FAAA' and 'MAAA' rating affirmed for the eleventh consecutive year by CRISIL and ICRA respectively. Attractive Returns: HDFC deposits are Available throughout the year and offer Attractive, Assured returns to investors
Tax benefits:
1. HDFC Trust Deposits is a specified investment under Section 11(5) (ix) of the Income Tax Act, 1961. 2. No tax deduction at source from Interest on deposits upto Rs. 5,000/- per branch in a financial year. Quick Loan Facility: Loan against deposit is available after 3 months from the date of deposit upto 75% of the deposit amount subject to the other terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate.
High Service Standards: Depositors are offered across the counter services for new deposits, renewals, repayments and loan against deposit facility. Further, all enquiries through email, post, telephone and in person are attended to immediately. Demand Draft Facility: Outstation depositors can send demand drafts after deducting demand draft charges. This facility is applicable for places where HDFC does not have an office. Electronic Clearing Service: This facility is provided to depsoitors in select centres whereby the interest will be credited directly to the depositors' bank account. The depositor would receive a credit entry "ECS HDFC" in his passbook/bank statement. Intimation of interest credited would be sent on an annual basis. Your bank will not levy any charge for this facility as per present RBI guidelines. Presently this facility is being offered by us at the following centers
ECS Centres :
Ahmedabad, Bangalore, Bhubaneshwar, Kolkata, Chandigarh, Chennai, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, Nasik, New Delhi, Pune and Vadodara
Corporate Governance
The concept of corporate governance is entering a phase of global convergence. The driver behind this is the recognition that companies need to attract and protect all stakeholders, especially investors both domestic and foreign. Global capital seeks its own equilibrium and naturally flows to where it is best protected and bypasses where protection is limited or non-existent. Companies stand to gain by adopting systems that bolster investor trust through transparency, accountability and fairness. The tide of regulation has risen to a high watermark and while there is compelling evidence of financial benefits to companies which adopt good governance practices, it has often been felt that the ethos of corporate governance still needs to sink in. Corporate irregularities continue to plague investors as regulators relentlessly strive to cleanse the system. Financial scandals often prompt an overhaul of regulation. But the efficacy of regulation can get negated when compliance becomes a boxticking exercise with prohibitive costs. Again, there is no single model of good corporate governance. Principles, values and ethics cannot be typecast into a universal one-size-fits-all framework. Spreading the Word: Changing Rules in Asia, the title of Corporate Governance Watch 2004, an annual collaborative study of the corporate
governance landscape of Asian markets undertaken by CLSA Asia Pacific Markets and the Asian Corporate Governance Association has concluded that there appears to be a clear correlation between companies and markets with strong corporate governance and superior returns over the long term. According to the study, India ranks among the top three in terms of corporate governance. With increasingly integrated capital markets, good corporate governance is of paramount importance for companies seeking to distinguish themselves in the global economy. HDFC, within its web of relationships with its borrowers, depositors, agents, shareholders and other stakeholders has always maintained its fundamental principles of corporate governance that of integrity, transparency and fairness. For HDFC, corporate governance is a continuous journey, seeking to provide an enabling environment to harmonise the goals of maximising shareholder value and maintaining a customer centric focus. HDFC maintains that efforts to institutionalise corporate governance practices cannot solely rest upon adherence to a regulatory framework. HDFCs corporate governance compass has been its business practices, its values and personal beliefs, reflected in the actions of each of its employees.
The Board of Directors fully support and endorse corporate governance practices as per the provisions of the listing agreements as applicable from time to time. The Corporation has complied with the said provisions and listed below is the Report of the Directors of HDFC on Corporate Governance
COMPETITION INFORMATION
Indian banks, particularly private banks, are riding high on the retail business. ICICI Bank and HDFC Bank have witnessed over 70 per cent year-on-year growth in retail loan assets in the second quarter of 200506. Annual revenues in the domestic retail banking market are expected to more than double to US$ 16.5 billion by 2010 from about US$ 6.4 billion at present, says a McKinsey study. The home loan sector is also on a smooth course. The average loan size of home finance companies is increasing. HDFC, the second largest player in the home finance business, has seen average loan increase from US$ 10,773 in FY04 to US$ 13,467 in FY05, a change of almost 25 per cent. For ICICI Bank, which is the largest player in the business, the average ticket size is about US$ 13,467 US$ 15,711 and has increased by 10-15 per cent over last year.
Foreign banks are working on expanding their bases in the country. The Ministry of Finance and Reserve Bank of India have agreed to allow foreign banks to open 20 branches a year as against 12 now. At present, 40 odd foreign banks have over 225 branches in India. At the end of 2004-05, the total assets of foreign banks aggregated US$ 30 billion or 6.9 per cent of the assets of all scheduled commercial banks. They will also be allowed 74 per cent stake in private banks. After 2009, the local subsidiaries of foreign banks will be treated on par with domestic banks.
Deregulation: This continuous deregulation has made the Banking market extremely competitive with greater autonomy, operational flexibility, and decontrolled interest rate and liberalized norms for foreign exchange. The deregulation of the industry coupled with decontrol in interest rates has led to entry of a number of players in the
banking industry. At the same time reduced corporate credit off take thanks to sluggish economy has resulted in large number of competitors battling for the same pie.
New rules: As a result, the market place has been redefined with new rules of the game. Banks are transforming to universal banking, adding new channels with lucrative pricing and freebees to offer. Natural fall out of thist. skill building has led to a series of innovative product offerings catering to various customer segments, specifically retail credit.
Efficiency: This in turn has made it necessary to look for efficiencies in the business. Banks need to access low cost funds and simultaneously improve the efficiency. The banks are facing pricing pressure, squeeze on spread and have to give thrust on retail assets.
Diffused Customer loyalty: This will definitely impact Customer preferences, as they are bound to react to the value added offerings. Customers have become demanding and the loyalties are diffused. There are multiple choices, the wallet share is reduced per bank with demand on flexibility and customization. Given the relatively low
switching costs; customer retention calls for customized service and hassle free, flawless service delivery.
Improving
profitability:
There
is
increasing
competition
and
narrowing of spreads and it is having an impact on the profitability of banks. The challenge for banks is how to manage with thinning margins while at the same time working to improve productivity which remains low in relation to global standards. This is particularly important because with dilution in banks equity, analysts and shareholders now closely track their performance. Thus, with falling spreads, rising provision for NPAs and falling interest rates, greater attention will need to be paid to reducing transaction costs. This will require tremendous efforts in the area of technology and for banks to build capabilities to handle much bigger volumes.
SWOT Analysis
Strengths
Right strategy for the right products. Superior customer service vs. competitors. Great Brand Image Products have accreditations. High degree satisfaction. of required
Weaknesses
Some gaps in range for certain sectors. Customer service staff need training. Processes and systems, etc Management insufficient. cover
customer
Good place to work Lower response time with efficient and effective service. Dedicated workforce aiming at making a long-term career in the field.
Sectoral growth is constrained by low unemployment levels and competition for staff
Opportunities
Threats
Legislation could impact. Great risk involved Very high competition prevailing in the industry. Vulnerable to reactive attack by major competitors. Lack of infrastructure in rural areas could constrain investment. High volume/low cost market is intensely competitive.
New specialist applications. Could seek better customer deals. Fast-track career development opportunities on an industry-wide basis. An applied research centre to create opportunities for developing techniques to provide added-value services
question tries to assess what is it exactly that the societies look for, while investing. For example do they prefer a high rate of interest, or safety, or location, etc.. Thus the research is based only on the basis of the information gathered with the help of the questionnaires.
Sample design:
The objective is to study the investment pattern of various Trusts and Societies. For this purpose I obtained a list of all the trusts situated in Delhi. Due to lack of time I had to focus my study on all the Societies situated in South Delhi. I made a list of all the trusts situated in the south and targeted them in order to generate the required information. Significance Banking in India originated in the first decade of 18th century with The General Bank of India coming into existence in 1786. This was followed by Bank of Hindustan. Both these banks are now defunct. The oldest bank in existence in India is the State Bank of India being established as "The Bank of Calcutta" in Calcutta in June 1806. Couple of decades later, foreign banks like HSBC and Credit Lyonnais started their Calcutta operations in the 1850s. At that point of time, Calcutta was the most active trading port, mainly due to the trade of the British Empire, and due to which banking activity took roots there and prospered. The first fully Indian owned bank was the Allahabad Bank set up in 1865.
Scope of the study I have focused my study on HDFC Ltd. and based my study primarily on the investment patterns of various Trusts and Societies situated in South Delhi. For this purpose I visited over 250 societies. I interviewed the person concerned and got the questionnaire filled. Even though I visited around 250 societies. I was not able to get the required information from all of them as many of them refused to provide me with any information giving no reason at all reasons.
Case Study HDFC offers a wide range of deposit products, a secure investment option, with attractive returns. Deposits are accepted from Charitable Trusts, Religious Trusts, Educational Institutions, Employees' Welfare Trusts and others as decided by the management. Trusts can choose from any of the following products depending on their need. Trust Deposits: 1) Fixed Rate Deposits Following options are available under Fixed Rate Deposit i) Monthly Income Plan ii) Non-Cumulative Deposits iii) Annual Income Plan iv) Cumulative Deposits
2) Variable Rate Deposits Variable Rate Deposit is a new addition to the wide range of deposit products offered by HDFC to enable the depositors to take advantage of movements in interest rates.
Monthly Income Plan Non-Cumulative Deposits Annual Income Plan Cumulative Deposits
Benefits of an HDFC Trust Deposit: 1. Highest Safety 2. Attractive Returns 3. Tax Benefits 4. Quick Loan Facility 5. High Service Standards 6. Demand Draft Facility 7. Electronic Clearing Service Highest Safety: 'FAAA' and 'MAAA' rating affirmed for the eleventh consecutive year by CRISIL and ICRA respectively. Attractive Returns: HDFC deposits are Available throughout the year and offer Attractive, Assured returns to investors. Tax benefits: 1. HDFC Trust Deposits is a specified investment under Section 11(5) (ix) of the Income Tax Act, 1961.
2. No tax deduction at source from Interest on deposits upto Rs. 5,000/- per branch in a financial year. Quick Loan Facility: Loan against deposit is available after 3 months from the date of deposit upto 75% of the deposit amount subject to the other terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate. High Service Standards: Depositors are offered across the counter services for new deposits, renewals, repayments and loan against deposit facility. Further, all enquiries through email, post, telephone and in person are attended to immediately. Demand Draft Facility: Outstation depositors can send demand drafts after deducting demand draft charges. This facility is applicable for places where HDFC does not have an office. Electronic Clearing Service: This facility is provided to depsoitors in select centres whereby the interest will be credited directly to the depositors' bank account. The depositor would receive a credit entry "ECS HDFC" in his passbook/bank statement. Intimation of interest credited would be sent on an annual basis. Your bank will not levy any charge for this facility as per present RBI guidelines. Variable Rate Deposit is a new addition to the wide range of deposit products offered by HDFC to enable the depositors to take advantage of movements in interest rates. It is available with monthly, quarterly, halfyearly, annual and cumulative interest options. Deposit placed under variable rate deposit cannot be changed to fixed rate deposit before the maturity date. Rate of Interest
The rate of interest on variable rate deposit is linked to the Benchmark Rate and will vary from time to time with the Benchmark Rate. Benchmark Rate is the rate of interest applicable on HDFC Fixed Rate deposit product for the corresponding period. Rate of Interest (ROI) will be reset at the beginning of each interest period. ROI prevailing on the first day of the interest period will be applicable for the entire interest period. For e.g. If a 3-year quarterly deposit is placed on 01/10/04, interest rate for the period from 01/10/04 to 31/12/04 will be the ROI prevalent on 01/10/04 for a 3-year Fixed Rate quarterly deposit product. Similarly, interest rate applicable for the next quarter from 01/01/05 to 31/03/05 will be the ROI prevalent on 01/01/05 for a 3-year Fixed Rate quarterly deposit product. FIXED RATE DEPOSITS Interest Rates Applicable from June 01, 2006 ANNUAL INCOME PLAN Rate of Interest Period (Months) payable (% p.a.)* 12 - 59 7.50% 60 - 84 7.75% Min. Dep. Amt.(Rs.) 10,000/0.25% p.a more for Deposits of Rs.10 lac and above for 36-84 months till June 30, 2006
CUMULATIVE DEPOSITS Maturity Amount Rate of Interest Period (Months) for a Deposit of payable (% p.a.)* Rs. 1000/- * 12 7.50% 1,075.00 24 7.50% 1,155.63 36 7.50% 1,242.30 48 7.50% 1,335.47 60 7.75% 1,452.40 72 7.75% 1,564.96 84 7.75% 1,686.25 Min. Dep. Amt.(Rs.) 10,000/0.25% p.a more for Deposits of Rs.10 lac and above for 36-84 months till June 30, 2006 MONTHLY INCOME PLAN Rate of Interest payable (% p.a.)* 7.25% 7.50%
Period (Months)
0.25% p.a more for Deposits of Rs.10 lac and above for 36-84 months till June 30, 2006
NON-CUMULATIVE DEPOSITS - HALF YEARLY Rate of Interest Period (Months) payable (% p.a.)* 12 - 59 7.35% 60 - 84 7.60% Min. Dep. Amt.(Rs.) 10,000/-
0.25% p.a more for Deposits of Rs.10 lac and above for 36-84 months till June 30, 2006 NON-CUMULATIVE DEPOSITS - QUARTERLY Rate of Interest Period (Months) payable (% p.a.)* 12 - 59 7.30% 60 - 84 7.55% Min. Dep. Amt.(Rs.) 10,000/-
How can we make the procedure of trust deposits more attractive and appealing?
CHAPTER 3
COMPETITIVE DISCUSSION
The last decade witnessed the maturity of India's financial markets. Since 1991, every governments of India took major steps in reforming the financial sector of the country. The important achievements in the following fields is discussed under serparate heads: Financial markets Regulators The banking system Non-banking finance companies The capital market Mutual funds Overall approach to reforms Deregulation of banking system Capital market developments Consolidation imperative
Now
let
us
discuss
each
segment
seperately.
Financial Markets
In the last decade, Private Sector Institutions played an important role. They grew rapidly in commercial banking and asset management business. With the openings in the insurance sector for these institutions, Competition they among started financial making debt in the market. the
intermediaries
gradually helped
interest rates to decline. Deregulation added to it. The real interest rate was maintained. The borrowers did not pay high price while depositors had incentives to save. It was something between the nominal rate of interest and the expected rate of inflation.
Regulators
The Finance Ministry continuously formulated major policies in the field of financial sector of the country. The Government accepted the important role of regulators. The Reserve Bank of India (RBI) has become more independant. Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) became important institutions. Opinions are also there that there should
The PSBs will play an important role in the industry due to its number of branches and foreign banks facing the constrait of limited number of branches. Hence, in order to achieve an efficient banking system, the onus is on the Government to encourage the PSBs to be run on professional lines.
FIs's access to SLR funds reduced. Now they have to approach the capital market for debt and equity funds. Convertibility clause no longer obligatory for assistance to corporates sanctioned by term-lending institutions. Capital adequacy norms extended to financial institutions.
DFIs such as IDBI and ICICI have entered other segments of financial services such as commercial banking, asset management and insurance through separate ventures. The move to universal banking has started.
Until recently, the money market in India was narrow and circumscribed by tight regulations over interest rates and participants. The secondary market was underdeveloped and lacked liquidity. Several measures have been initiated and include new money market instruments, strengthening of existing instruments and setting up of the Discount and Finance House of India (DFHI).
The RBI conducts its sales of dated securities and treasury bills through its open market operations (OMO) window. Primary dealers bid for these securities and also trade in them. The DFHI is the principal agency for developing a secondary market for money market instruments and Government of India treasury bills. The RBI has introduced a liquidity adjustment facility (LAF) in which liquidity is injected through reverse repo auctions and liquidity is sucked out through repo auctions. On account of the substantial issue of government debt, the gilt- edged market occupies an important position in the financial set- up. The Securities Trading Corporation of India (STCI), which started operations in June 1994 has a mandate to develop the secondary market in government securities. Long-term debt market: The development of a long-term debt market is crucial to the financing of infrastructure. After bringing some order to the equity market, the SEBI has now decided to concentrate on the development of the debt market. Stamp duty is being withdrawn at the time of dematerialisation of debt instruments in order to encourage paperless trading.
The number of shareholders in India is estimated at 25 million. However, only an estimated two lakh persons actively trade in stocks. There has been a dramatic improvement in the country's stock market trading infrastructure during the last few years. Expectations are that India will be an attractive emerging market with tremendous potential. Unfortunately, during recent times the stock markets have been constrained by some unsavoury developments, which has led to retail investors deserting the stock markets.
Mutual Funds
The mutual funds industry is now regulated under the SEBI (Mutual Funds) Regulations, 1996 and amendments thereto. With the issuance of SEBI guidelines, the industry had a framework for the establishment of many more players, both Indian and foreign players. The Unit Trust of India remains easily the biggest mutual fund controlling a corpus of nearly Rs.70,000 crores, but its share is going down. The biggest shock to the mutual fund industry during recent times was the insecurity generated in the minds of investors regarding the US 64 scheme. With the growth in the securities markets and tax advantages granted for investment in mutual fund units, mutual funds started becoming popular.
The foreign owned AMCs are the ones which are now setting the pace for the industry. They are introducing new products, setting new standards of customer service, improving disclosure standards and experimenting with new types of distribution. The insurance industry is the latest to be thrown open to competition from the private sector including foreign players. Foreign companies can only enter joint ventures with Indian companies, with participation restricted to 26 per cent of equity. It is too early to conclude whether the erstwhile public sector monopolies will successfully be able to face up to the competition posed by the new players, but it can be expected that the customer will gain from improved service.
The new players will need to bring in innovative products as well as fresh ideas on marketing and distribution, in order to improve the low per capita insurance coverage. Good regulation will, of course, be essential.
regulatory authorities have followed a step-by-step approach, not a big bang one. The entry of foreign players has assisted in the introduction of international practices and systems. Technology developments have
improved customer service. Some gaps however remain (for example: lack of an inter-bank interest rate benchmark, an active corporate debt market and a developed derivatives market). On the whole, the cumulative effect of the developments since 1991 has been quite encouraging. An indication of the strength of the reformed Indian financial system can be seen from the way India was not affected by the Southeast Asian crisis. However, financial liberalisation alone will not ensure stable economic growth. Some tough decisions still need to be taken. Without fiscal control, financial stability cannot be ensured. The fate of the Fiscal Responsibility Bill remains unknown and high fiscal deficits continue. In the case of financial institutions, the political and legal structures hve to ensure that borrowers repay on time the loans they have taken. The phenomenon of rich industrialists and bankrupt companies continues. Further, frauds cannot be totally prevented, even with the best of regulation. However, punishment has to follow crime, which is often not the case in India.
classification, provisioning for delinquent loans and for capital adequacy. In order to reach the stipulated capital adequacy norms, substantial
capital
were
provided
by
the
Government
to
PSBs.
Government pre-emption of banks' resources through statutory liquidity ratio (SLR) and cash reserve ratio (CRR) brought down in steps. Interest rates on the deposits and lending sides almost entirely were
competition. PSBs were encouraged to approach the public for raising resources. Recovery of debts due to banks and the Financial Institutions Act, 1993 was passed, and special recovery tribunals set up to facilitate quicker recovery of loan arrears. Bank lending norms liberalised and a loan system to ensure better control over credit introduced. Banks asked to set up asset liability management (ALM) systems. RBI guidelines issued for risk
management systems in banks encompassing credit, market and operational risks. A credit information bureau being established to identify bad risks. Derivative products such as forward rate agreements (FRAs) and interest rate swaps (IRSs) introduced.
The Capital Issues (Control) Act, 1947, repealed, office of the Controller of Capital Issues were abolished and the initial share pricing were decontrolled. SEBI, the capital market regulator was established in 1992. Foreign institutional investors (FIIs) were allowed to invest in Indian capital markets after registration with the SEBI. Indian companies were permitted to access international capital markets through euro issues. The National Stock Exchange (NSE), with nationwide stock trading and electronic display, clearing and settlement facilities was established. Several local stock exchanges changed over from floor based trading to screen based trading
To reduce the cost of issue, underwriting by the issuer were made optional, subject to conditions. The practice of making preferential allotment of shares at prices unrelated to the prevailing market prices stopped and fresh guidelines were issued by SEBI.
SEBI reconstituted governing boards of the stock exchanges, introduced capital adequacy norms for brokers, and made rules for making client or broker relationship more transparent which included separation of client and broker accounts.
Consolidation Imperative
Another aspect of the financial sector reforms in India is the consolidation of existing institutions which is especially applicable to the commercial banks. In India the banks are in huge quantity. First, there is no need for 27 PSBs with branches all over India. A number of them can be merged. The merger of Punjab National Bank and New Bank of India was a difficult one, but the situation is different now. No one expected so many employees to take voluntary retirement from PSBs, which at one time were much sought after jobs. Private sector banks will be self consolidated while co-operative and rural banks will be encouraged for consolidation, and anyway play only a niche role. In the case of insurance, the Life Insurance Corporation of India is a behemoth, while the four public sector general insurance companies will probably move towards consolidation with a bit of nudging. The UTI is yet again a big institution, even though facing difficult times, and most other public sector players are already exiting the mutual fund business. There are a number of small mutual fund players in the private sector, but the business being comparatively new for the private players, it will take some time. We finally come to convergence in the financial sector, the new buzzword internationally. Hi-tech and the need to meet increasing
consumer needs is encouraging convergence, even though it has not always been a success till date. In India organisations such as IDBI, ICICI, HDFC and SBI are already trying to offer various services to the customer under one umbrella. This phenomenon is expected to grow rapidly in the coming years. Where mergers may not be possible, alliances between organisations may be effective. Various forms of bancassurance are being introduced, with the RBI having already come out with detailed guidelines for entry of banks into insurance. The LIC has bought into Corporation Bank in order to spread its insurance distribution network. Both banks and insurance companies have started entering the asset management business, as there is a great deal of synergy among these businesses. The pensions market is expected to open up fresh opportunities for insurance companies and mutual funds.
It is not possible to play the role of the Oracle of Delphi when a vast nation like India is involved. However, a few trends are evident, and the coming decade should be as interesting as the last one.
Chapter 4
DATA ANALYSIS
The survey helped to draw a general trend of the investment pattern of the various Trusts and Societies
Question no. 1 to 3
The first three questions being self explanatory do not need to be elaborated upon. They aim at the basic introductory information of the organization and the person being interviewed thus rendering the follow up work easier.
Question no. 4
The financial standing of an organization is instrumental in the advisory council deciding upon the investments to be opted for. Further the future decisions regarding the use of the funds generated and important all the more, the decisions relating to the fund raising procedure of the society are reviewed in wake of the correct position of the finances of the society. Hence the forth question which helps to give an idea about the financial status of the society being approached, thus enabling the organization to market the appropriate scheme.
Quantitative Analysis
From the responses generated the following results were draw: The societies lying under the category of: Very strong Strong Moderately strong 14% 55% 31%
Moderately Strong
Very Strong
0%
10%
20%
30%
40%
50%
60%
Conclusion
A good majority of the investors questioned were of the view that the organization they are currently dealing with is financially strong.
Question no. 5
The financial position of the society depends a lot on its ability to successfully raise funds for its working. Also a regular and steady source of funds enables the society to successfully manage the expenses and earn a decent amount of surplus that can be apportioned in many ways, one of those ways definitely being investing into some profitable and safe deposit schemes, which forms the base of the survey conducted. Therefore the fifth question aims at generating information about the various sources of funds of the societies approached.
Quantitative Analysis
From the responses generated the following results were drawn: Donations 75% Income from the institutions 4% Aid 8% Others 13%
Q5) HOW DOES THE SOCIETY SUSTAIN FINANCIALLY? 75%
Donations Income from the institutions 4% 8% 13% AID (AF) Any others, Please Specify Any others, Please Specify
Conclusion
Mainly the source of income has been found to be Donations received by the trusts. The share of other income sources is very low as compared to Donations.
Question no. 6
The funds earned by the society need to be consistent and should be able to meet the expenses of the society satisfactorily. The fact whether
the society is able to meet the expenses by the funds raised by them, easily or not, points in the direction of the sound or not so sound position of the society. Thus giving an idea about the surplus or the deficit being earned by the society. Hence the sixth question enables us to judge which societies to approach while targeting a particular scheme.
Quantitative Analysis
From the responses generated the following results were drawn: Yes No 80% 20%
NO
20%
YES No
YES
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Conclusion
The management of most of the Societies visited accepted that the funds they are collecting, are meeting the expenses satisfactorily.
Question no. 7
The financial consistency of the society is the indicator of the growth of the society. The change in the consistency in any direction, requires the
reviewing of the financial policies of the society. The more consistent the society over the longer period, the stronger the financial position of the society. Consistency gives a solid base to the financial working of the society. Hence consistency is the criteria for judgement and has been incorporated in the questionnaire in the form of seventh question. It was observed that the officials did not give a straight forward answer to this question, most of them preferring not to answer the question. The second part in the question which aimed at finding about any significant happenings in the working of the society, good or bad, for such happening affects the working and the financial position of the society. The general response to this question was nothing in particular, with a couple of responses bringing out the good aspects of the changes brought about by certain happenings. It was observed that the officials did not come out with the information about any adverse happening.
Question no. 8
What the societies do with the excess funds is of utmost importance to both the society and the companies that aim to market their schemes to these societies. The amount of excess funds that remain with these societies determines the uses to which it is put. These could be towards the development of the society or for expansion purposes or for investment purposes. Therefore this question has been included to enable the attainment of further information on the investment pattern of the surveyed societies which would form the base for deciding upon the marketing of the offered investment schemes to these societies.
Quantitative Analysis
The results obtained were in the following fashion:
The surplus is mainly used for the following purposes: Development Expansion Investment 8% 19% 73%
Q8) HOW DO YOU APPORTION THE SURPLUS GENERATED BY THE SOCIETY?
8% 19%
73%
Conclusion
The surplus generated by the society is mostly being used for making investments. A very small percentage of the societies are using these funds for the expansion activities or developmental activities. It was seen that none of the societies funded to the parent institution The main reason cited for this attitude may be that these societies rely heavily on the interest accrued out of these deposits. In other terms it is there main source of income.
Question no. 9
The ninth question is meant to gather information about people who are instrumental in advising and putting to action the investment plans for the society. These could be people belonging to the accounts and finance department, the trustees or the governing body, auditors, chartered accountants, etc.
Quantitative Analysis
From the responses generated the following results were drawn: Accounts and finance department Chartered accountants/consultants Auditors Trustees or Governing bodies 11% 6% 7% 76%
11%
6% 7%
76%
ACCOUNTS & FINANCE DEPARTMENT CHARTERED ACCOUNTANTS/CONSULTANTS AUDITORS TRUSTEES/GOVERNING BODY
Conclusion
The trustees or the governing body of the societies play the key role in recommending investments to the society.
Question no. 11
This question aims at gathering information about where these societies like to invest their surplus money. It tries to find out if investments are made only in banks or they are made in other organizations as well. Incase they prefer only the banks then what is the reason behind it.
Incase the answer turned out to be negative, then the next part tries to bring out specific preferences of these societies apart from banks.
Quantitative Analysis
The results obtained from the first part of the question are: Yes No 88% 12%
Q11) ARE INVESTMENTS MADE ONLY IN BANKS?
YES NO NO 12%
YES
88%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Conclusion
A very large majority of the societies believe in investing their surplus in banks, as they feel that the investments made with the banks are safe and secure and yield a high rate of interest.
Results from the second part are: PSUs Financial institutions UTI Housing Finance Institutions Non Banking Finance Companies 22% 40% 11% 16% 11%
11% 16%
22%
11% 40%
PSU'S
FINANCIAL INSTITUTIONS
UTI
Conclusion
It is a case with those societies who dont invest in the banks. In such cases the second most favoured option is the various financial institutions.
Question no. 10
Each organization or society has its own preferences for investing its excess funds. These preferences and consequent decisions could be guided by certain rules and regulations laid down by the department with which they are registered, along with their own reasons which would justify their investment decisions as being in the best interest of
the society. The first part of the question deals with the choices of these societies with regards to the decision for investing in public or private sector.
Quantitative Analysis
The results showed the following: Public sector Private sector 80% 20%
PRIVATE SECTOR 20% 80% 20% 40% 60% 80% 100% PUBLIC SECTOR
Conclusions
A huge majority of the respondents agreed to have made/ willing to make investments in a public sector organisation.
The next part of the question deals with the preferences of the society to invest in various deposit schemes differentiated from each other on the basis of the time period.
Quantitative Analysis
The results showed the following: Long term 32%
52% 32%
Question no.12
There are various dimensions which are thoroughly scrutinized before the investment decisions are implemented. Hence the twelfth question tries to assess what is it exactly that the trusts look for, while investing. For example do they prefer a high rate of interest, or better service, or safety, etc.. these are the aspects which are dealt in the last question.
Quantitative Analysis
From the responses generated the following results were drawn: Rate of interest Flexibility of Withdrawal Minimum Period of Deposit Minimum Amount for Deposit Safety Ratings Good Service Location of the Institution 95% 50% 50% 50% 90% 80% 70%
Q12) How do you rate the following if given a ten point scale, for selecting a particular kind of investment?
70%
GOOD SERVICE
85% RATE OF INTEREST FLEXIBILITY OF WITHDRAW MINIMUM PERIOD OF DEPOSIT MINIMUM AMOUNT FOR DEPOSIT SAFETY RATINGS GOOD SERVICE LOCATION OF THE INSTITUTION
SAFETY RATINGS
90%
55%
60%
FLEXIBILITY OF WITHDRAW
50%
RATE OF INTEREST
100%
0%
20% 40%
60%
Conclusions
The four most important and critical considerations from the investors point of view found to be are: 1. Rate of interest 2. Safety 3. Good service 4. Location of the institution
respectively. HDFC holds the Numero Uno position. As was said earlier with the people considering banks to be the safest options for deposits all that HDFC needs to do is to bank upon its unquestionable strength. An awareness needs to be created amongst the masses about the importance of Credit Ratings and what it actually means to earn such credible ratings as FAAA & MAAA for 11 consecutive years which has been a significant achievement of HDFC over the years. The additional questions that formed a part of the post interview discussion brought into light the fact that the people come to know about the various schemes offered by the financial institutions through
the newspapers, magazines and journals. With the response available, it was seen that HDFC needs to strengthen upon the reach of its advertisements. A lot of stress has been laid on spreading the information regarding the fixed deposits schemes in the report. In this context HDFC is constrained because it can advertise only in a statutory format approved by the NHB. But advertising is absolutely essential and the corporation must advertise within the framework prescribed by the NHB. To conclude, it can be said that the biggest asset of HDFC is its goodwill and the corporation must exploit this goodwill to the maximum possible extent to increase the participation of the general public at large and the trust sin particular in its fixed deposits schemes.
RECOMMENDATIONS
The following are the points of consideration :It is required that the depositor trust and the potential depositor trust be sent a comparative interest rate table showing the rate of interest being offered by the various housing finance companies and other such institutions. It is so because when HDFC cuts interest rates the media publicizes it widely, while when other housing finance companies do the same it goes unnoticed. This has given an impression to the trusts that HDFC is paying lower rate of interest.
The fact that people consider banks to be more safe than any other institution and safety being the most preferred criteria for their selection of investment schemes, HDFC Ltd can bank upon advertising in a manner that emphasizes the companys advantage in this aspect. The role of advertising has been very limited in collecting deposits. This needs to change, for more advertising brings more deposits. The deposit schemes can be advertised to the trusts by post. A brochure giving details of the deposit schemes can be sent to the trusts who have not been participating in the deposit scheme of HDFC. It is known that HDFC is at a disadvantage as are other housing finance companies when it comes to advertising due to the restriction by the NHB. But still the deposits schemes must be advertised within the framework laid down by the NHB. Most people known HDFC as a lending institution and do not know that HDFC also accepts deposits. This fact makes it very important to advertise vigorously, the deposit schemes of the corporation. To increase the goodwill of the corporation further in the minds of the depositors. HDFC should send greetings to its depositors on such occasions as festivals. Small New Year gifts such as cards, calendars, diaries, etc can also be sent to the depositors who place a somewhat large deposit with the corporation.
ANNEXURE
ANNEXURE-1 Trusts & Societies
S.No. Name 1. 2. Humanity Welfare Foundation National Safai Karamchari Finance & Development Corp. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Panchtarni Retina Associates Eye Foundation Betterment of Human Trust Subhash Sushila Lakhotia Trust Shree Jain Kaushal Suri Jain Khatragachh Dada Bari Trust Bal Vikash Foundation BSB Educational Trust D.V. Nirmal & Mangal Sain Trust Helpage India Indian Society for Training and Development Sanjivani Chinnaya Sewa Trust Council of Architecture Address N-118, G.K.-I B-2, 1st Floor, Enclave Part-II S-525, G.K.-II G.K. Enclave-II S-228, G.K.-II S-228, G.K.-II Jain Dada Bari, R-Block South Ex. Part-II E-63, South Ex Part-I A-68, NDSE Part-I C-3/3 Vasant Vihar Qutab Institutional Area Qutab Institutional Area Qutab Institutional Area 89, Lodhi Estate, Lodhi Road Core 6A, 1st floor, India Habitat Centre, 16. Council of Architecture Employees Group Gratuity Scheme 17. 18. Council for Social Development Company Secretaries Benevolent Fund Lodhi Road Core 6A, 1st floor, India Habitat Centre, Lodhi Road 53, Lodhi Estate The ICSI House, 22 Institutional Area, Lodhi Road
G.K.
19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34.
Namdev Mission Trust Om SAi Sadhna Sansthan Namgyal Institute for Research on Ladakhi Arts & Culture Parivar National Federation of
16
Institutional
Area,
Lodhi Road D-138 Defence Colony X-14, Green Park C-4/5, S.D.A., 1st floor C-7/226 S.D.A. N-128, Panchsheel Park N-56, Panchsheel Park C-4, Shivalik, near Malviya Nagar 13, Sheikh Sarai, Phase-I Malviya Nagar C-451, C.R. Park 3-B SFS Block, East of Kailash B-38, Kailash Colony D-50, East of Kailash 164, Kailash Hills, East of Kailash Kailash Colony B-94, Okhla Area
Parents Association Rahat Ch. and Medieval Research Trust Social out Reach Foundation D.D. Foundation Trust Society Balaji Ch. Trust Diabetic Self Care Foundation Children Education Foundation Holy Child Trust Bhartiya Yatri Awas Vikas Samiti Pratab Ch. Trust Sukhdevraj Soin Hospital Trust Blue Bells Education Society Chandra Educational & Welfare Society
Industrial
Sponge
Iron
Manufacturers
Phase-II IS01, Hemkunt Press 203, Pragati House 47-48 Nehru Place 805/92 Deepali Building, Nehru Place D-1/1 Hauz Khas Q-1A Hauz Khas Enclave K-92, 1st Floor
Associatio Bhandari Ch. Trust CEEFI Supply Centre Trust Gyan Educational Society Centre for Development & Human Rights Kali for Women
Hauz Khas Enclave 1 Aurobindo Marg Hauz Khas B-11/66, NC-19 Delhi-Mathura Road A-9, Qutab Institutional Area Chandiwala Estate, Maa Anandmai Marg, Kalkaji USO House, USO Marg Jeet Singh Marg
Annexure-2 Hospitals
S.No. Name 1. 2. 3. 4. 5. 6. Pushpawati Singhania Research Institute Sama Nursing Home Escorts Heart Institute Research Centre Apollo Hospital Venu Eye Institute & Research Centre Indian Radiological Association 7. Skan Institute & School of & Imaging Address Press Enclave Marg Sheikh Sarai II 8, Siri Fort Road Okhla Road Sarita Vihar, DelhiSarai
&
Dermatology R G Stone Urological Research Institute Well Spring Dr Sharmas Nursing Home Phoenix Hospital National Heart Institute
F-12 East of Kailash A-28 Kailash Colony A-19/A Kailash Colony E-60, GK I 49-50, Community Centre East of Kailash C-10 Green Extension H-11 Green
13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.
Focus Imaging & Research Centre Pvt. Ltd Lifeline Laboratory Spring Meadows Hospital Mohinder Hospital Rockland Hospital Max Care AIIMS Safdurjung G.B. Pant Lok Nayak S.S.K. Hospital Kalawati Saran Hospital Ram Manohar Lohia
Park Park
Extension F-44 East of Kailash C-5 Green Park Extension Qutab Institutional Area Pushp Vihar, Saket
Childrens
&
Research
Communication
Foundation B.I. Educational Society Balak Ram Puri Charitable Trust Narendra Nath Bhargava Ch. Trust New Delhi Television Jai Fund Ramnivas Asha Rani Lakhotia Trust Dewan Shri Family Charity Trust Bhardwaj Welfare Trust Rameshwari Devi Trust St. Janki Devi Trust Sri Premji Maharaj Ch. Trust Springdale Educational Society Himalayan R&D Society Defence Accounts Sports Control Board Safe Blood Organisation Shri Guru Singh Sabha
19. 20. 21. 22. 23. 24. 25. 26. 27. 28.
Shri
Bindra
Ban
Dass
Vimal
M-13, G.K.-II S-288, G.K.-II S-228, G.K.-II W-39, G.K.-II M-235, G.K.-II G.K. Enclave Part II M-129, G.K.-II G.K.-II M-14, G.K.-II 210, South Ex. Plaza-I 389, Masjid Moth, NDSEIII C-99, South Ex Part-II C-56, South Ex. Part-II B-48, South Ex. Part-I M-14-B, South Ex. Part-II B-37, South Ex. Part-II C-39, South Ex. Part-II A-9/27, Vasant Vihar E-1/1 Vasant Vihar C-6/4, Vasant Vihar E-4/5 , Vasant Vihar F-4/10, Vasant Vihar 2 Vasant Marg, Vasant Vihar D-319, Vasant Vihar A-51, Vasant Vihar A-10/16, Vasant Vihar B-32, Tara Crescent Qutab Institutional Area Core - 4B, 5th Floor India Habitat Centre
Kishore Jain Dharmarth Trust Spiritual Clubs International Humanity Welfare Trust Babulal Aggarwal Ch. Trust B.D. Rukhmani Khosla Charitable Trust Ashwat Teerthraj Sammedshikhir Trust National Cancer Institute Bhimsen Shanti Devi Trust Sudesh Madhok Public Ch. Trust Sai Kirpa
29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45.
Hedgewar Smarak Nyas Dental Education Society of India Centra Education Society Bharat Mata Ch. Trust Sundale Educational Society Marchhea Devi Memorial Trust Balfeet Memorial Ch. Trust Chaudhary Raja Ram Jakhar Memorial Pubic Ch. Turst Country First C&N Charitable Trust Guru Amardas Memorail Trust Goodwill Trust and Endownment Fund Parkinsonism and Related
Disorders Awareness Network Shri Kannashankar Nandlal Dave Educationa Trust Sunder Amarsheel Ch. Trust Tara Tak Employees Provident Fund Trust Society for Automotive Fitness & Environment
46.
Alhar
Lodhi Road Room - 616, Block - 10 CGO Complex, Lodhi Road Room - 616, Block - 10 CGO Complex, Lodhi Road Room - 616, Block - 10 CGO Complex, Lodhi Road Room - 616, Block - 10 CGO Complex, Lodhi Road East Court Zone-4, Core 4 B 2nd floor, India Habitat Nehru Centre Jawaharlal Stadium, Lodhi Road Jawaharlal Stadium, Lodhi Road Jawaharlal Stadium, Lodhi Road Lodhi Road C-114, Vasant Kunj D-3, 3306, Vasant Kunj 513 Pocket, C- SCEA Vasant Kunj C-1/1289, Vasant Kunj Flat No. 2128, Sec. 6 Pocket - 2, Vasant Kunj 2303, Sec D-2
Fund BSF Wives Welfare Association BSF Education Fund Consulting Engineers Association of India
52.
53.
Nehru
54.
Nehru
Shri Ramayan Vidya Peeth People Institute for Development & Training Centre for Development & Action Godhyi Bunts Cultural Association Bhartiya Tripureshwari Shakti Peeth Siray Relief And Anilam Welfare
62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72.
Vasant Kunj South Delhi Public School Defence Colony E-22, Defence Colony C-127, Defence Colony D-196, Defence Colony 49, Defence Colony, 1st floor C-38, Defence Colony A-146, Defence Colony D-19, Defence Colony D-399, Defence Colony 130-C, Saraswati Niwas Gautam Nagar 99/6 Ekta Appartts, Ground floor, Gautam Nagar A-14, 3rd floor Gulmohar Park 50 - SFS Flats, Gautam Appartts Gautam Nagar G-30 Lajpat Nagar Part-II J-59 Lajpat Nagar III A-61 Lajpat Nagar II 34 Lajpat Nagar III M-67, 1st floor Lajpat Nagar II R-23 Green Park
Trust Basant Rajmadhu Bhandari Ch. Trust D.. Mehta Ch. Trust Panos Institute (India) Pvt. Ltd Project Corner Integrational Deviya Nirvan Welfare
Ch.
Society Dr Mahesh Chandra Gupta Ch. Trust Smt. Ramrakhi & Hakim Chunnilal Kohli Memorial Ch. Trust Saraswati Ch. Trust Centre for Human Development
73. 74.
Leapfrog Jashn-E-Bahar
Centre For Agriculture & Rural Development Centre for Development of Travel & Tourism Rattan Chand Punjabi Ch. Trust Dewan Chand Swahney Ch. Trust Bharat Jagrati Morcha Health Care Ch. Trust
81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104.
Hindu Sangam Common Wealth Human Rights Centre for Chronic Disease
G-10
Green
Park
Extension N-18 1s floor Green Park 17 Green Park Extension 1st floor R-5 Green Park Market K-7 Green Park Extension C-15 Green Park C-6/28 SDA 33-A Yusuf Sarai A-2/171 Safdarjung
Farmlands
Association Dr (Mrs) Sushila Mehra Ch. Trust Desa Bhakta Trust Shri Peru Singh Educational & Welfare Society Hospital Welfare Society Deepannita Trust Rotary Baisya Memorial India
Enclave C-2/60 Humayunpur Safdarjung Encalve A-2/18 Safdarjung Encalve D-74 Panchsheel Enclave Panchsheel Park 173 A, Khirki Village Malviya Nagar F Block 9/11
Internationals
National Polio Plus Society CIOLOSOP Trust LRG Foundation Centre for Education Communication Charkha St. Gregories Jacobite
&
Syrian
1st floor Malviya Nagar 33-C Pocket, Sheikh Sarai C-1276, 1st floor C.R. Park G-74 East of Kailash E-164 East of Kailash A-73, East of Kailash Panchvati 215 Kailash Hills E-48/14 Okhla Indl. Area C-124 Okhla Indl. Area 227 Okhla Indl. Estate
Orthrodox Church Society Sansaptak St. Georges Education Society Home for Orphans Radhika Trust Society of Human Values and Universal Responsibilities Seth Ch. Trust Nirmal Society for Educational Bacardi Mutini India Employees
Superannuation Fund Houses of Manj Immaalate Delhi Conference of Religious India Parivartan Dayal Foundation Cooperative Rural Development Bairang Lal Jaju Foundation Dufferin Rajendra Old Cadet
Area,
Phase II CRI House, Jamia Nagar Okhla 209 Okhla Phase III F-1/7 Okhla Phase I 34 Nehru Place Jaju Appartts 7/18, Nehru Enclave 214 Hemkunt Towers Nehru Place 305 Bakshi House 40-41 Nehru Place
17 - 1B P-8 C Hauz Khas Enclave Ground Floor N-27A, Hauz Khas C-31 Hauz Khas H-8 C Hauz Khas K-2 Hauz Khas A-60 Hauz Khas A-60 Hauz Khas NCUI Auditorium Building 5th floor 28, Old JNU Campus Amna Asaf Ali Marg, Munirka BD 6A, DDA Flats, Munirka 87-A Munirka Village C-45 Mayair Garden, Near Hauz Khas A-73, New Friends Colony A-18, 2nd Floor New Friends Colony D-891 New Friends Colony
Indl. Indl.
Area Area
129. 130.
Communication Centre for Himalayan Rural Action Group Bhartiya Jana Kalyan Nidhi
C-57 New Friends Colony Bhilwara Bhawan 40-41 Community Centre New Friends Colony E-1 Press Enclave, Saket 46-A, MB Appartts MB Road, Saket G-22, Saket J-332 Sarita Vihar 331, Sant Nagar A-14, Mathura Road Mohan Co-operative Indl. Estate 36/3 Motiram Building Mathura Road Villa - E, Empire Estate Mehrauli 9 Gurgaon Road Holistic Centres, Sang Kiran D-10 Neb Valley Neb Sarai, Mehrauli C-2 Maharani Bagh 10 Nizamudin East N-42 Nizamudin West 6, Prithvi Raj Road 19, Golf Links 42 Golf Links 42, Tughlakabad Institutiona Area 7 Bikaji Cama Place 131/132 Som Dutt Chamber I Bhikaji Cama Place
Centre for Advocacy & Research Environment & Development on Line Lok Awaz Prerna Tyagi Foundation Devathi Vidya Peeth
137. 138.
Mahaniam
Spintual
Fellowship
139.
Purna
Near
Chattarpur Mandir, Near Sat 140. 141. 142. 143. 144. 145. 146. 147. 148. 149. Help Rural India Dr Pushpa Sethi Memorial Trust Bhagwat Devi Gitaram Garg Welfare Trust Saranya Foundation Jindal South West Foundation Shri Rattan Chand Ch. Trust Society for Agriculture & Education PRIA PNB Centemanj Rural Development Trust National Network for India Trust
150.
BIBLIOGRAPHY
1. www.hdfc.com 2. www.nmc.com 3. www.hdfcfunds.com 4. www.google.com 5. www.yahoosearch.com