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SUMMER TRAINING PROJECT REPORT ON
STUDY OF PORTFOLIO MANAGEMENT
AT
AMRAPALI AADYA TRADING AND INVESTMENT PVT. LTD.
Submitted in partial fulfillment of the requirement
for the award of the degree of
Bachelor of Business Administration (BBA)
Submitted by:
SARTHAK THUKRAL
Roll no.:- 00321201713
BBA 5TH SEM. (2013-2016)
MAHARAJA SURAJMAL INSTITUTe(GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY
Sector - 16C Dwarka, Delhi – 110075)
CERTIFICATE
This is to certify that the Summer Training Project titled “Study of Portfolio Management at
Amrapali Aadya Trading & Pvt. Ltd.” is an academic work done by Sarthak Thukral Roll No.
(00321201713) submitted in the partial fulfillment of the requirement for the award of the degree of
“Bachelor of Business Administration” from “Maharaja Surajmal Institute” is an authentic work
carried out by him under my guidance. The matter embodied in this project work has not been
submitted earlier for the award of any degree to the best of my knowledge and belief.
Date:
Dr. Abheyendra Singh
Maharaja Surajmal Institue
ACKNOWLEDGEMENT
I would like to take this opportunity to express my gratitude towards all the people who have
in various ways, helped in the successful completion of my project.
I must convey my gratitude to Mr. Anshul Aggarwal (National head) AMRAPALI AADYA
TRADING AND INVESTMENT PVT. LTD. I would like to thank my mentor in Amrapali
Aadya, Mr. Ankit Jain (Sr. Vice President) for giving me the constant source of inspiration
and help in preparing the project, personally correcting my work and providing
encouragement throughout the project.
I would also like to thank Dr. Abheyendra Singh for all the help and project guidance
extended to me by him in every stage during the project. His inspiring suggestions and timely
guidance enabled me to perceive the various aspects of the project in a new light.
SARTHAK THUKRAL
0032120173
2013-2016
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION 1-14
INTRODUCTION TO STOCK EXCHANGE 2-9
OBJECTIVE 10-11
RESEACH METHODOLOGY 12-13
LIMITATIONS 14
CHAPTER 2: PROFILE OF THE
ORGANISATION 15-48
CHAPTER 3: ANALYSIS &
INTERPRETATION 49-60
CHAPTER 4: CONCLUSIONS &
SUGGESTIONS 61-63
BIBLIOGRAPHY
QUESTIONNAIRES
CHAPTER 1
INTRODUCTION
INTRODUCTION TO STOCK EXCHANGE
1
The emergence of stock market can be traced back to 1830. In Bombay, business passed in
the shares of banks like the commercial bank, the chartered mercantile bank, the chartered
bank, the oriental bank and the old bank of Bombay and shares of cotton presses. In Calcutta,
Englishman reported the quotations of 4%, 5%, and 6% loans of East India Company as well
as the shares of the bank of Bengal in 1836. This list was a further broadened in 1839 when
the Calcutta newspaper printed the quotations of banks like union bank and Agra bank. It also
quoted the prices of business ventures like the Bengal bonded warehouse, the Docking
Company and the storm tug company.
Between 1840 and 1850, only half a dozen brokers existed for the limited business. But
during the share mania of 1860-65, the number of brokers increased considerably. By 1860,
the number of brokers was about 60 and during the exciting period of the American Civil war,
their number increased to about 200 to 250. The end of American Civil war brought
disillusionment and many
Failures and the brokers decreased in number and prosperity. It was in those troublesome
times between 1868 and 1875 that brokers organized an informal association and finally as
recited in the Indenture constituting the “Articles of Association of the Exchange”.
On or about 9th day of July,1875, a few native brokers doing brokerage business in shares and
stocks resolved upon forming in Bombay an association for protecting the character, status
and interest of native share and stock brokers and providing a hall or building for the use of
the Members of such association.
As a meeting held in the broker’ Hall on the 5th day of February, 1887, it was resolved to
execute a formal deal of association and to constitute the first managing committee and to
appoint the first trustees. Accordingly, the Articles of Association of the Exchange and the
Stock Exchange was formally established in Bombay on 3rd day of December, 1887. The
Association is now known as “The Stock Exchange”.
The entrance fee for new member was Re.1 and there were 318 members on the list, when the
exchange was constituted. The numbers of members increased to 333 in 1896, 362 in 1916and
2
478 in 1920 and the entrance fee was raised to Rs.5 in 1877, Rs.1000 in 1896, Rs.2500 in
1916 and Rs. 48,000 in 1920. At present there are 23 recognized stock exchanges with
about 6000 stockbrokers. Organization structure of stock exchange varies.
14 stock exchanges are organized as public limited companies, 6 as companies limited by
guarantee and 3 are non-profit voluntary organization. Of the total of 23, only 9 stock
exchanges have been permanent recognition. Others have to seek recognition on annual basis.
These exchange do not work of its own, rather, these are run by some persons and with the
help of some persons and institution. All these are down as functionaries on stock exchange.
These are:
i. Stockbrokers
ii. Sub-broker
iii. Market makers
iv. Portfolio consultants etc.
1. Stock brokers : Stock brokers are the members of stock exchanges. These are the
persons who buy, sell or deal insecurities. A certificate of registration from SEBI is
mandatory to act as a broker. SEBI can impose certain conditions while granting the
certificate of registrations. It’s obligatory for the person to abide by the rules,
regulations and the buy-law. Stock brokers are commission broker, floor broker,
arbitrageur etc.
2. Sub-broker: A sub-broker acts as agent of stock broker. He is not a member of a
stock exchange. He assists the investors in buying, selling or dealing in securities
through stockbroker. The broker and sub-broker should enter into an agreement in
which obligations of both should be specified. Sub-broker must be registered SEBI for
a dealing in securities. For getting registered with SEBI, he must fulfill certain rules
and regulation.
3. Market Makers : Market maker is a designated specialist in the specified securities.
They make both bid and offer at the same time. A market maker has to abide by bye-
3
laws, rules regulations of the concerned stock exchange. He is exempt from the
margin requirements. As per the listing requirements, a company where the paid-up
capital is Rs. 3 Crore but not more than Rs. 5 Crore and having a commercial
operation for less than 2 years should appoint a market maker at the time of issue of
securities.
4. Portfolio Consultants : A combination of securities such as stocks, bonds and money
market instruments is collectively called as portfolio. Whereas the portfolio
consultants are the persons, firms or companies who advise, direct or undertake the
management or administration of securities or funds on behalf of their clients.
Traditionally stock trading is done through stock brokers, personally or through telephones.
As number of people trading in stock market increase enormously in last few years, some
issues like location constrains, busy phone lines, miss communication etc start growing in
stock broker offices. Information technology (Stock Market Software) helps stock brokers in
solving these problems with Online Stock Trading.
Online Stock Market Trading is an internet based stock trading facility. Investor can trade
shares through a website without any manual intervention from Stock Broker.
4
Various Stock
Exchanges in India
5
At present there are 23 stock exchange recognized under the securities contract (regulation),
Act 1956. Those are………..
1. .Ahmadabad Stock Exchange Association Ltd.
2. Bangalore Stock Exchange (BSE)
6
3. Bhubaneswar Stock Exchange Association (BSEA)
4. Bombay Stock Exchange (BSEA
5. Calcutta Stock Exchange (CSE)
6. Cochin Stock Exchange Ltd (CSE)
7. Coimbatore Stock Exchange (CSX)
8. Delhi Stock Exchange Association (DSE)
9. Guwahati Stock Exchange Ltd (GSE)
10. Hyderabad Stock Exchange Ltd.
11. Jaipur Stock Exchange Ltd (JSE)
12. Ludhiana Stock Exchange Association Ltd
13. Madras Stock Exchange
14. Madhya Pradesh Stock Exchange Ltd.
15. Magadh Stock Exchange Limited
16. Mangalore Stock Exchange
17. Meerut Stock Exchange Ltd.
7
18. National Stock Exchange of India (NSE)
19. OTC Exchange of India
20. Pune Stock Exchange Ltd.
Advantages of Stocks Trading
Better returns : Actively trading stocks can produce better overall returns than simply
buying and holding.
Huge Choice : There are thousands of stocks listed on markets around the world.
There is always a stock whose price is moving - it’s just a matter of finding them.
Familiarity : The most traded stocks are in the largest companies that most of us have
heard of and understand - Microsoft, IBM, and Cisco etc.
Disadvantages of Stocks Trading
Leverage : With a margined account the maximum amount of leverage available for
stock trading is usually 4:1. Meaning a $25,000 could trade up to $100,000 of stock.
This is pretty low compared to Forex trading or futures trading.
Pattern Day Trader Rules : It requires at least $25,000 to be held in a trading
account if the trader completes more than 4 trades in a 5 day period. No such rule
applies to Forex trading or futures trading.
Uptick Rule on Short Selling : A trader must wait until a stock price ticks up before
they can short sell it. Again there are no such rules in Forex trading or futures trading
where going short are as easy as going long.
8
Need to Borrow Stock to Short : Stocks are physical commodities and if a trader
wishes to go short then the broker must have arrangements in place to borrow that
stock from a shareholder until the trader closes their position. This limits the
opportunities available for short selling. Contrast this to futures trading where selling
is as easy as buying.
Costs : Although online trading costs for stock trading are low they still add
Considerably to the costs of day trading. Online futures trading are about 1/4 of the
cost for the equivalent value. In the UK 0.5% stamp duty is also levied on all share
purchases making trading virtually impossible, hence the popularity of spread betting.
Objective of the Project
9
Each research study has its own specific purpose. It is like to discover to Question through the
application of scientific procedure. But the main aim of our research to find out the truth that
is hidden and which has not been discovered as yet. Our research study has two objectives:-
OBJECTIVES
To know the concept of Portfolio Management.
To know about the schemes offered by the different insurance companies, new IPO’s,
Mutual Funds.
To know in depth about Insurance, Mutual Funds, Stock, Bonds etc.
To know about the awareness towards stock brokers and share market.
To study about the competitive position of Amrapali Aadya in Competitive Market.
To study about the effectiveness & efficiency of Amrapali Aadya in relation to its
competitors.
To study about whether people are satisfied with Amrapali Aadya’s Services &
Management System or not.
To study about the difficulties faced by persons while Trading in Amrapali Aadya.
To study about the need of improvement in existing Trading system.
10
Scope of the Study
The study of the Portfolio Management Services is helpful in the following areas:
In today's complex financial environment, investors have unique needs which are
derived from their risk appetite and financial goals. But regardless of this, every
investor seeks to maximize his returns on investments without capital erosion.
Portfolio Management Services (PMS) recognize this, and manage the investments
professionally to achieve specific investment objectives, and not to forget, relieving
the investors from the day to day hassles which investment require.
It is offers professional management of equity investment of the investor with an aim
to deliver consistent return with an eye on risk.
Identify the key Stock in each portfolio.
To look out for new prospective customers who are willing to invest in PMS.
To find out the Amrapali Aadya’s PMS services effectiveness in the current situation.
It also covers the scenario of the Investment Philosophy of a Fund Manager.
11
RESEACH METHODOLOGY
RESEARCH DESISGN OF THE STUDY
This report is based on primary as well secondary data, however primary data collection was
given more importance since it is overhearing factor in attitude studies. One of the most
important users of research methodology is that it helps in identifying the problem, collecting,
analyzing the required information data and providing an alternative solution to the
problem .It also helps in collecting the vital information that is required by the top
management to assist them for the better decision making both day to day decision and critical
ones.
The study consists of analysis about Investors Perception about the Portfolio Management
Services offered by Amrapali Aadya. For the purpose of the study, 100 customers were
picked up at random and their views solicited on different parameters.
The methodology adopted includes:
Questionnaire
Random sample survey of customers
Discussions with the concerned
12
Data collection & Sample Design
Sources of Data
Primary data : Questionnaire
Secondary data : Published materials of Amrapali Aadya Limited. Such as
periodicals, journals, newspapers, and website.
Sampling Plan
Sampling : Since Amrapali Aadya has many segments I selected Portfolio
Management Services (PMS) segment as per my profile to do market research. 100%
coverage was difficult within the limited period of time. Hence sampling survey
method was adopted for the purpose of the study.
Population : (Universe) customers & non consumers of Amrapali Aadya.
Sampling size: A sample of hundred was chosen for the purpose of the study. Sample
consisted of Investor as based on their Income and Profession as well as Educational
Background.
Sampling Methods: Probability sampling requires complete knowledge about all
sampling units in the universe. Due to time constraint non-probability sampling was
chosen for the study.
Sampling procedure: From large number of customers & non consumers sample lot
were randomly picked up by me.
13
LIMITATION OF THE PROJECT
1. As only Delhi was dealt in the survey so it does not represent the view of the total
Indian market.
2. The sample size was restricted with hundred respondents.
3. There was lack of time on the part of respondents.
4. The survey was carried through questionnaire and the questions were based on
perception.
5. There may be biasness in information by market participant.
6. Complete data was not available due to company privacy and secrecy.
7. Some people were not willing to disclose the investment profile.
14
CHAPTER-2
PROFILE
OF THE
ORGANISATION
15
INTRODUCTION TO AMRAPALI AADYA
Amrapali Aadya Trading And Investment Private Limited is a private company registered on
23/10/1998. The company has an authorized capital of Rs. 10, 00, 00,000 and paid-up capital
of Rs.6, 38, 33,500.00. Its registered office is situated at 13 Vaishali, Lala Jaagatnarajn Marg,
Pitampura, New Delhi, and Delhi-110034.
Amrapali Aadya is a highly committed and dependable financial organization that strives to
deliver the best of investment related services. Amrapali Aadya dares to do what other
financial and stock broking houses feel impossible in terms of client satisfaction. They are
new but confident name in financial market. The company is always aggressive to adopt the
latest technologies for its operations. Amrapali Aadya is using some of the best brains in in
trading and some of the best software and hardware systems to give its clients maximum
profit. They are incorporated in 2004, having membership of National Stock Exchange (NSE).
They offer a large variety of investment avenues to cater to the needs of different classes of
investors by our physical presence in different parts of India. Amrapali Aadya offers its
customers a wide range of equity related services including trade execution on BSE, NSE,
Derivatives, depository services, online trading, investment advice, internet trading, electronic
contract notes, risk management and surveillance, online banking gateway, online back office
integration, depository services, end to end trade solutions, exclusive services for HNI and
NRI clients, mutual fund, IPO’s, insurance etc.
The content-rich and research oriented portal has stood out among its contemporaries because
of its steadfast dedication to offering customers best-of-breed technology and superior market
information. The objective has been to let customers make informed decisions and to simplify
the process of investing in stocks
Mission of the Amrapali Aadya is
16
To educate and empower the individual investor to make better investment decisions
through
QUALITY ADVICE
INNOVATIVE PRODUCTS
SUPERIOR SERVICES
PROFILE OF THE COMPANY
Name of the company: Amrapali Aadya Trading And Investment Pvt. Ltd.
Headquarter: 13 Vaishali, Lala Jaagatnarajn Marg, Pitampura, New Delhi,
Delhi-11034.
Incorporation Date: 23/10/1998
Registration Number: 096805
Company Type: Private
Listing Type: Unlisted
Industry Category: Finance
Company Nature: Company Limited by Shares
Company Sub Category: Indian Non-Government Company
Registering Authority: Registrar of Company-Delhi
17
Authorized Capital: Rs.10, 00, 00,000.00
Paid-Up Capital: Rs.6, 38, 33,500.00
Services: Depository Services, Online Services and
Technical Research.
Number of Employees: Over 5500
Revenue: Data Not Available
Website: www.amrapaliaadya.in
Slogan: Your Guide to Investment.
VisionTo be the best retail brokering Brand in the retail business of stock market.
MissionTo educate and empower the individual investor to make better investment
Decisions through quality advice and superior service.
MANAGEMENT TEAM OF AMRAPALI AADYA
18
DIN/DPIN/PAN Director Name Appointment Date Designation
01938597Abinash Kumar
Sudhanshu21/12/2013 Director
00752672Sanjeeva Kumar
Sinha21/09/2011 Director
00445013 Narayanjee Thakur 12/06/2013 Director
CYBPK8555M Geetanjali Kumari 01/04/2015 Secretary
BENEFITS FROM AMRAPALI AADYA LIMITED
Free Depository A/c
19
Instant Cash Transfer
Multiple Bank Option.
Secure Order by Voice Tool Dial-n-Trade.
Automated Portfolio to keep track of the value of your actual purchases.
24x7 Voice Tool access to your trading account.
Personalized Price and Account Alerts delivered instantly to your Mobile Phone & E-
mail address.
Special Personal Inbox for order and trade confirmations.
Enjoy Automated Portfolio.
Buy or sell even single share
Anytime Ordering.
PRODUCT AND SERVICES OFFERD BY AMRAPALI AADYA
1- Equity Trading Platform (Online/Offline).
20
2- Commodities Trading Platform (Online/Offline).
3- Portfolio Management Service.
4- Mutual Fund Advisory and Distribution.
5- Insurance Distribution.
6-Forex
Amrapali Aadya’s Products
21
CLASSIC ACCOUNT
This is a User Friendly Product which allows the client to trade through website
www.amrapaliaadya.in and is suitable for the retail investors who is risk-averse and hence
prefers to invest in stocks or who does not trade too frequently.
Features Online trading account for investing in Equity and Derivatives via
www.amrapaliaadya.in
Live Terminal and Single terminal for NSE Cash, NSE, and F&O & BSE.
Integration of On-line trading, Saving Bank and Demat Account.
Instant cash transfer facility against purchase & sale of shares.
Competitive transaction charges.
Instant order and trade confirmation by E-mail.
Streaming Quotes (Cash & Derivatives).
Personalized market watch.
Single screen interface for Cash and derivatives and more.
Provision to enter price trigger and view the same online in market watch.
SPEEDTRADESPEEDTRADE is an internet-based software application that enables you to buy and sell in
an instant. It is ideal for active traders and jobbers who transact frequently during day’s
session to capitalize on intra-day price movement.
Features Instant order Execution and Confirmation.
22
Single screen trading terminal for NSE Cash, NSE F&O& BSE.
Technical Studies.
Multiple Charting.
Real-time streaming quotes, tic-by-tic charts.
Market summary (Cost traded scrip, highest clue etc.)
Hot keys similar to broker’s terminal.
Alerts and reminders.
Back-up facility to place trades on Direct Phone lines.
Live market debts.
DIAL-N-TRADEAlong with enabling access for trade online, the CLASSIC and SPEEDTRADE ACCOUNT
also gives Dial-n-trade services. With this service, one can dial Amrapali Aadya’s dedicated
phone line 011-47060600. Beside this, Relationship Managers are always available on Office
Phone and Mobile to resolve customer queries.
IPO ON-LINECustomers can apply to all the forthcoming IPOs online. This is quite hassle-free, paperless
and time saving. Simply allocate fund to IPO Account, Apply for the IPO and Sit Back &
Relax.
MUTUAL FUND ONLINEInvestors can apply to Mutual Funds of Reliance, Franklin Templeton Investments, ICICI
Prudential, SBI, Birla, Sundaram, HDFC, DSP Merrill Lynch, PRINCIPAL and TATA with
Amrapali Aadya.
HOW TO OPEN AN ACCOUNT WITH AMRAPALI AADYA?
23
For online trading with Amrapali Aadya, investor has to open an account. Following are
The ways to open an account with Amrapali Aadya:
One need to call them at phone number provided below and asks that he want
To open an account with them.
A. One can call on the Number: 011-47060600 or email on www.amrapaliaadya.in to speak
to a Customer Service executive
B. One can visit any one of Amrapali Aadya Limited’s nearest branches. Amrapali Aadya has
a huge network all over India (640 centers in 280 cities). One can also log on to
“http://amrapaliaadya.in/Locateus.aspx” link to find out the nearest branch.
One can send them an email at [email protected] to know about their
Products and services.
One can also visit the site www.amrapaliaadya.in and click on the option “Open an
Account” to fill a small query form which will ask the individual to give details
regarding his name, city he lives in, his email address, phone number, pin code of the
city, his nearest Amrapali Aadya Ltd. shop and his preferences regarding the type of
account he wants.
24
DOCUMENTS REQUIRED FOR ACCOUNT OPENINGApart from two passport size photographs, one needs to provide with the following
documents in order to open an account with Amrapali Aadya Limited.:
Photocopy of the clients’ PAN Card which should be duly attached
Photo copy of any of the following documents duly attached which will serve as
Correspondence address proof:
a. Passport (valid)
b. Voter’s ID CARD
c. Ration Card
d. Driving License (valid)
e. Electricity Bill (should be latest and should be in the name of the client)
f. Telephone Bill (should be latest and should be in the name of the client)
g. Flat Maintenance Bill (should be latest and should be in the name of the
Client)
h. Insurance Policy (should be latest and should be in the name of the client)
i. Lease or Rent Agreement.
j. Saving Bank Statement** (should be latest)
Two cheques drawn in favour of Sharkhan Limited, one for the Account Opening
Fees and the other for the Margin Money (the minimum margin money is Rs. 5000).
A cancelled cheque should be given by the client if he provides Saving Bank
Statement as a proof for correspondence address.
NOTE: Only Saving Bank Account cheques are accepted for the purpose of
Opening an Account
25
SWOT ANALYSIS OF AMRAPALI AADYA
1. STRENGTHS:
Best Technological Tools
Expert Research Team
User friendly website
2. WEAKNESSES:
Provide very low leverage to customer
Insufficient advertisement policy
No access to the rural market
3. OPPORTUNITIES:
Huge market
Amrapali Aadya is having good customer relation strategy so that
it can create good opportunity to create goodwill and capture the
market.
Growing IPO create opportunity to capture the new market.
4. THREATS:
High volatility of the share market.
Stiff competition
Government policy/ Restrictions
26
PMS PORTFOLIO MANGEMNT SERVICES (PMS)
Portfolio (finance) means a collection of investments held by an institution or a private
individual. Holding a portfolio is often part of an investment and risk-limiting strategy called
diversification. By owning several assets, certain types of risk (in particular specific risk) can
be reduced. There are also portfolios which are aimed at taking high risks – these are called
concentrated portfolios.
Investment management is the professional management of various securities (shares, bonds
etc) and other assets (e.g. real estate), to meet specified investment goals for the benefit of the
investors. Investors may be institutions (insurance companies, pension funds, corporations
etc.) or private investors (both directly via investment contracts and more commonly via
collective investment schemes e.g. mutual funds).
The term asset management is often used to refer to the investment management of collective
investments, whilst the more generic fund management may refer to all forms of institutional
investment as well as investment management for private investors. Investment managers
who specialize in advisory or discretionary management on behalf of (normally wealthy)
private investors may often refer to their services as wealth management or portfolio
management often within the context of so-called "private banking
27
NEED OF PMS
As in the current scenario the effectiveness of PMS is required. As the PMS gives investors
periodically review their asset allocation across different assets as the portfolio can get
skewed over a period of time. This can be largely due to appreciation / depreciation in the
value of the investments.
As the financial goals are diverse, the investment choices also need to be different to meet
those needs. No single investment is likely to meet all the needs, so one should keep some
money in bank deposits and / liquid funds to meet any urgent need for cash and keep the
balance in other investment products/ schemes that would maximize the return and minimize
the risk. Investment allocation can also change depending on one’s risk-return profile.
OBJECTIVE OF PMS
There are the following objective which is fulfilled by Portfolio Management Services.
1. Safety of Fund: The investment should be preserved, not be lost, and should remain in the
returnable position in cash or kind.
2. Marketability: The investment made in securities should be marketable that means, the
securities must be listed and traded in stock exchange so as to avoid difficulty in their
encashment.
3. Liquidity: The portfolio must consist of such securities, which could be en-cashed without
any difficulty or involvement of time to meet urgent need for funds. Marketability ensures
liquidity to the portfolio.
4. Reasonable Return: The investment should earn a reasonable return upto keep the
declining value of money and be compatible with opportunity cost of the money in terms
of current income in the form of interest or dividend.
28
5. Appreciation in Capital: The money invested in portfolio should grow and result into
capital gains.
6. Tax planning : Efficient portfolio management is concerned with composite tax planning
covering income tax, capital gain tax, wealth tax and gift tax.
7. Minimize risk: Risk avoidance and minimization of risk are important objective of
portfolio management. Portfolio managers achieve these objectives by effective
investment planning and periodical review of market, situation and economic environment
affecting the financial market.
29
PORTFOLIO CONSTRUCTION
The Portfolio Construction of Rational investors wish to maximize the returns on their funds
for a given level of risk. All investments possess varying degrees of risk. Returns come in the
form of income, such as interest or dividends, or through growth in capital values (i.e. capital
gains).
The portfolio construction process can be broadly characterized as comprising the following
steps:
1. Setting Objectives .
The first step in building a portfolio is to determine the main objectives of the fund given the
constraints (i.e. tax and liquidity requirements) that may apply. Each investor has different
objectives, time horizons and attitude towards risk. Pension funds have long-term obligations
and, as a result, invest for the long term. Their objective may be to maximize total returns in
excess of the inflation rate. A charity might wish to generate the highest level of income
whilst maintaining the value of its capital received from bequests. An individual may have
certain liabilities and wish to match them at a future date. Assessing a client’s risk tolerance
can be difficult. The concepts of efficient portfolios and diversification must also be
considered when setting up the investment objectives.
2. Defining Policy .
Once the objectives have been set, a suitable investment policy must be established. The
standard procedure is for the money manager to ask clients to select their preferred mix of
assets, for example equities and bonds, to provide an idea of the normal mix desired. Clients
are then asked to specify limits or maximum and minimum amounts they will allow to be
invested in the different assets available. The main asset classes are cash, equities, gilts/bonds
and other debt instruments, derivatives, property and overseas assets. Alternative investments,
30
such as private equity, are also growing in popularity, and will be discussed in a later chapter.
Attaining the optimal asset mix over time is one of the key factors of successful investing.
3. Applying Portfolio Strategy :
At either end of the portfolio management spectrum of strategies are active and passive
strategies. An active strategy involves predicting trends and changing expectations about the
likely future performance of the various asset classes and actively dealing in and out of
investments to seek a better performance. For example, if the manager expects interest rates to
rise, bond prices are likely to fall and so bonds should be sold, unless this expectation is
already factored into bond prices. At this stage, the active fund manager should also
determine the style of the portfolio. For example, will the fund invest primarily in companies
with large market capitalizations, in shares of companies expected to generate high growth
rates, or in companies whose valuations are low? A passive strategy usually involves buying
securities to match a preselected market index. Alternatively, a portfolio can be set up to
match the investor’s choice of tailor-made index. Passive strategies rely on diversification to
reduce risk. Out performance versus the chosen index is not expected. This strategy requires
minimum input from the portfolio manager. In practice, many active funds are managed
somewhere between the active and passive extremes, the core holdings of the fund being
passively managed and the balance being actively managed.
4. Asset Selections :
Once the strategy is decided, the fund manager must select individual assets in which to
invest. Usually a systematic procedure known as an investment process is established, which
sets guidelines or criteria for asset selection. Active strategies require that the fund managers
apply analytical skills and judgment for asset selection in order to identify undervalued assets
and to try to generate superior performance.
31
5. Performance Assessments:
In order to assess the success of the fund manager, the performance of the fund is periodically
measured against a pre-agreed benchmark – perhaps a suitable stock exchange index or
against a group of similar portfolios (peer group comparison).The portfolio construction
process is continuously iterative, reflecting changes internally and externally. For example,
expected movements in exchange rates may make overseas investment more attractive,
leading to changes in asset allocation. Or, if many large-scale investors simultaneously decide
to switch from passive to more active strategies, pressure will be put on the fund managers to
offer more active funds. Poor performance of a fund may lead to modifications in individual
asset holdings or, as an extreme measure; the manager of the fund may be changed altogether.
Risk and Risk Aversion
Portfolio theory also assumes that investors are basically risk adverse, meaning that, given a
choice between two assets with equal rates of return they will select the asset with lower level
of risk.
For example, they purchased various type of insurance including life insurance, Health
insurance and car insurance. The Combination of risk preference and risk aversion can be
explained by an attitude toward risk that depends on the amount of money involved.
A discussion of portfolio or fund management must include some thought given to the
concept of risk. Any portfolio that is being developed will have certain risk constraints
specified in the fund rules, very often to cater to a particular segment of investor who
possesses a particular level of risk appetite. It is, therefore, important to spend some time
discussing the basic theories of quantifying the level of risk in an investment, and to attempt
to explain the way in which market values of investments are determined
32
Definition of Risk
Although there is a difference in the specific definitions of risk and uncertainty, for our
purpose and in most financial literature the two terms are used interchangeably. In fact, one
way to define risk is the uncertainty of future outcomes. An alternative definition might be
the probability of an adverse outcome.
Composite risks involve the different risk as explained below:-
(1) Interest Rate Risk:
It occurs due to variability cause in return by changes in level of interest rate. In long runs all
interest rate move up or downwards. These changes affect the value of security
RBI, in India, is the monitoring authority which effectalises the change in interest rate. Any
upward revision in interest rate affects fixed income security, which carry old lower rate of
interest and thus declining market value. Thus it establishes an inverse relationship in the
prize of security.
TYPES RISK EXTENTCash equivalent Less vulnerable to interest rate risk
Long term Bond More vulnerable to interest rate risk.
33
(2) Purchasing Power Risk:
It is known as inflation risk also. This risk emanates from the very fact that inflation affects
the purchasing power adversely. Purchasing power risk is more in inflationary times in bonds
and fixed income securities. It is desirable to invest in such securities during deflationary
period or a period of decelerating inflation. Purchasing power risk is less in flexible income
securities like equity shares or common stuffs where rise in dividend income offset increase in
the rate of inflation and provide advantage of capital gains.
(3) Business risk:
Business risk emanates from sale and purchase of securities affected by business cycles,
technological change etc. Business cycle affects all the type of securities viz. there is cheerful
movement in boom due to bullish trend in stock prizes where as bearish trend in depression
brings downfall in the prizes of all types of securities. Flexible income securities are nearly
affected than fix rate securities during depression due to decline n the market prize.
(4) Financial risk:
Financial risk emanates from the changes in the capital structure of the company. It is also
known as leveraged risk and expressed in term of debt equity ratio. Excess of debts against
equity in the capital structure indicates the company to be highly geared or highly levered.
Although leveraged company’s earnings per share (EPS) are more but dependence on
borrowing exposes it to the risk of winding up. For, its inability to the honor its commitments
towards the creditors are most important.
Here it is imperative to express the relationship between risk and return, which is depicted
graphically below
34
Maximize Returns, Minimize Risks
35
TECHNIQUES OF PORTFOLIO MANAGEMENT
Various types of portfolio require different techniques to be adopted to achieve the desired
objectives. Some of the techniques followed in India by portfolio managers are summarized
below.
(1). Equity portfolio: Equity portfolio is affected by internal and external factors.
(a) Internal factors : Pertain to the inner working of the particular company of which
Equity shares are held. These factors generally include:
(1) Market value of shares
(2) Book value of shares
(3) Price earnings ratio (P/E ratio)
(4) Dividend payout ratio
(b) External factors:
(1) Government policies
(2) Norms prescribed by institutions
(3) Business environment
(4) Trade cycles
36
(2). Equity stock analysis:
The basic objective behind the analysis is to determine the probable future – value of the
shares of the concerned company. It is carried out primarily fewer than two ways.
(a) Earnings per share
(b) Price earnings ratio
(a) Trend of earning :
A higher price-earnings ratio discount expected profit growth. Conversely, a
downward trend in earning results in a low price-earnings ratio to discount anticipated
decrease in profits, price and dividend. Rising EPS causes appreciation in price of
shares, which benefits investors in lower tax brackets? Such investors have not pay
tax or to give lower rate tax on capital gains.
Many institutional investor like stability and growth and support high EPS.
Growth of EPS is diluted when a company finances internally its expansion program
and offers new stock.
EPS increase rapidly and result in higher P/E ratio when a company finances its
expansion program from internal sources and borrowings without offering new stock.
(b) Quality of reported earnings :
Quality of reported earnings affects P/E ratio. The factors that affect the quality of reported
earnings are as under:
Depreciation allowances:
Larger (Non Cash) deduction for depreciation provides more funds to company to finance
profitable expansion schemes internally. This builds up future earning power of company.
37
Research and development outlets :
There is higher P/E ratio for a company, which carries R&D programs. R&D enhances profit
earning strength of the company through increased future sales.
Inventory and other non-recurring type of profit :
Low cost inventory may be sold at higher price due to inflationary conditions among profit
but such profit may not always occur and hence low P/E ratio.
(c) Dividend policy :
Dividend policy is significant in affecting P/E ratio. With higher dividend ratio, equity price
goes up and thus raises P/E ratio. Dividend rates are raised to push in share prices up.
Dividend cover is calculated to find out the time the dividend is protected, In terms of
earnings. It is calculated as under:
Dividend Cover = EPS / Dividend per Share
(d) Investors demand : Demand from institutional investors for equity also enhances
The P/E ratio.
38
TYPES OF PORTFOLIOS
The different types of Portfolio which is carried by any Fund Manager to maximize profit and
minimize losses are different as per their objectives .They are as follows.
1. Aggressive Portfolio
Objective: Growth. This strategy might be appropriate for investors who seek High growth
and who can tolerate wide fluctuations in market values, over the short term.
2. Growth Portfolio
Objective: Growth. This strategy might be appropriate for investors who have a preference for
growth and who can withstand significant fluctuations in market value.
39
3. Balanced Portfolio
Objective: Capital appreciation and income. This strategy might be appropriate for investors
who want the potential for capital appreciation and some growth, and who can with stand
moderate fluctuations in market values.
4. Conservative Portfolio
Objective: Income and capital appreciation. This strategy may be appropriate for investors
who want to preserve their capital and minimize fluctuations in market value.
40
Amrapali Aadya’s Portfolio Management Services
1. PRO PRIME
Product Approach
Investment will be keeping in mind 3 investment tenets.
1. Consistent, steady and sustainable returns.
2. Margin of Safety
3. Low Volatility
Product offering
Pro Prime is the ideal for investors looking at steady and superior with low and medium risk
appetite. The portfolio consists of a blend of quality blue chip and growth stocks ensuring a
balanced portfolio with relatively medium risk profile. The portfolio constitutes of relatively
large capitalization stocks, based on sector and themes which have medium to long term
growth potential.
Product Characteristics
Bottom up stock selection
In depth ,independent fundamental research
High quality companies with relatively large capitalization
41
Disciplined valuation approach applying multiple valuation measure.
Medium to long term vision, resulting in low portfolio turnover.
How to invest?
Minimum Investment : 5Lacs
Lock in : 6 months
Reporting: Access to website showing clients holding .Monthly reporting of portfolio
holding /transaction.
Charges: 2.5% pa AMC (Annual Maintenances Charges) fees charged every
quarter ,0.5% brokerage ,20% profit sharing after 15% hurdle is crossed chargeable at
the end of fiscal year.
AMRAPALI AADYA PROPRIME PERFORMANCE
DATE
TOTAL
BSE
MOVMENTS
NSE
MOVMENTS
NAV
RETURNS
BSE
RETURNS
NSE
RETURNS
30/06/2010 9,510,384.53 17,700.90 5312.50 1.8% 1.0% 1.2%
31/03/2010 9,341,971.87 17,527.77 5249.10 93.6% 80.5% 73.8%
31/03/2009 4,826,060.16 9,708.50 3020.95 -43.0% -37.9% -36.2%
31/03/2008 8,459,884.99 15,644.44 4734.50 15.8% 19.7% 23.9%
31/03/2007 7,305,890.21 13,072.10 3821.55 10.8% 15.9% 12.3%
31/03/2006 6,596,047.11 11,279.96 3402.55 75.5% 73.7% 67.1%
2. PRO ARBRITAGE
Product Approach
An opportunity lies in basis which is the difference between cash and future. Whenever basis
is high we buy the stocks and sell the future to lock in difference .The difference is bound to
be zero at expiry.
Cash –Future Arbitrage: The product intends to spot low risk opportunities which will yield
more than the normal low risk product .Whenever such opportunity is spotted stocks will be
bought and to lock in the basis, future will be sold .This position will be liquated in the expiry
42
or before that if the basis vanishes early .Similarly the scheme will move on from opportunity
to opportunity.
Product Characteristics
Low Risk: This is relatively low risk product which can be compared with liquid funds issued
by mutual funds.
High return: Compared with other low risk products, this products offers an indicative post
tax return of 8 to 10% plus.
Product Details
Minimum Investment:Rs.5 lacs
Lock in :6 months
Reporting: Fortnightly for portfolio Net worth, Monthly reporting pf portfolio holding
transaction.
Charges: 0.035% brokerage for future ,0.07% for delivery
3. PRO TECH
Pro-tech using the knowledge of technique analysis and the power of depravities markets to
identify trading opportunities in the market .The protech line of the product is designed
around various risk/reward/volatility profiles for the different kind of investment needs.
Product Approach
Better performance is possible from superior market timing and from picking stocks before
inflation points in their trading cycles .Linear return are possible from having hedged/ sell
market positions in downtrends .Absolute return are targeted by focusing on finding trading
opportunities & not out performance of an index.
Product offered
43
1. Nifty Thirty :
Nifty futures will be bought and sold on the basis of an automated trading system generated
calls to go long/short. The exposure will never exceed the value of portfolio i.e. no
leveraging; but allows us to be short /hedged in Nifty in falling market therefore allowing the
client to earn irrespective of the market direction.
2. Beta Portfolio :
Positional trading opportunities are identified in the future segment based on technical
analysis .Inflection points in the momentum cycles are identified to go long /short on
stock/index futures with 1-2 months time horizon .The idea is to generate the best possible
return in the medium term irrespective of the direction of the market without really leveraging
beyond the portfolio value. Risk protection is done based on stop losses on daily closing
prices.
3. Star Nifty:
Swing trading technique and Dow theory is used to identify short –term reversal levels for
Nifty futures and ride with trend both on the long and short side This return can be earned in
bull and bear market .Stop and reverse means to reverse ones position from long to short or
vice a versa at the reversal levels simultaneously .The exposure never exceeds value of
portfolio i.e. there is no leveraging.
4. Trailing Stops.
44
Momentum trading techniques are used to spot short –term momentum of 5-10 days in stocks
and stocks /index futures .Trailing stop loss method of risk management or profit protection is
used to lower the portfolio volatility and maximize return .Trading opportunities are exposed
both on the long side and the short side as the market demands to get the best of both upward
and downward trends.
Product Characteristics:
Using swing based index –trading systems stop and reverse .trend following and
momentum trading technique.
Nifty based products for low impact cost and low product volatility
Both long and short strategies to earn returns even in falling market.
Trading in future market to allow for active risk protection using trailing stop losses.
How to invest?
Minimum : Rs.5Lacs
Lock in: 6 months
Reporting: Fortnightly reporting of portfolio Net Worth, monthly reporting of
Portfolio Holding /Transaction.
Charges: 0% AMC (Annual Maintenance Charges), 0.05% brokerage for derivatives,
Protech Performance Report
PROTECH PERFORMANCE SUMMARY SINCE INCEPTION
INCEPTION 15-OCT-2009
BETA(NEW)
01-FEB-2006
NIFTY THIRFTY
15-OCT-2009
TRAILING STOPS
INCEPTION NAV 10.00 10.00 10.00
45
NAV as on 30/06/10 9.20 19.89 9.84
RETURNS (%) -8.00 98.90 -1.64
Nifty Thrifty:
How it works:
Our first product is based completely on a mathematical model with zero human intervention.
This product has come out of its fifth draw-down period (in 28 years of back testing) and the
net asset value (NAV) is taking off to new heights.
Beta portfolio:
BETA PORTFOLIO
Date NAV Sensex
03/08/2007 10.00 15138.40
30/06/2010 9.20 17700.90
Returns (%) -8.00 16.93
How it works:
Our product is based on positional trading with a long and short model investing in plain vanilla stock
futures. In this, we identify stocks with greater risk-reward ratios with a time horizon of 1 to 2 months,
based on the prevalent market situation.
46
NIFTY THRIFTY
Date NAV Sensex
01/02/2006 10.00 9859.26
30/06/2010 19.89 17700.90
Returns (%) 98.90 79.54
Trailing Stops:
TRAILING STOPS
NAV Sensex
20/10/2007 10.00 17559.98
30/06/2010 9.84 17700.90
Returns (%) -1.60 0.80
How it works:
The trading strategy is to buy short-term momentum over a time frame of 1 to 5 days and then
book small profits consistently.
4. ProTech Diversified
Product Approach
Aim – Absolute returns irrespective of market direction by long –short strategy applied on
basket of indexes and stocks
Disciplined trading approach with no human intervention based on back testing on indexes
and stocks
Invests in the following
Nifty Futures
Bank Nifty Futures
Stock Futures
Advantages of ProTech-Diversified
Non Toggle system
47
Exposure to investments will be constant even after gains
Helps in protecting the gains
Reinvesting in case of draw-downs helps in faster recovery
Non –leveraged product
Product Details
Minimum Investment : Indian Resident Rs 5 lakhs,
For NRI's - Rs 50 Lacks
Lock in: 6 months
Fees: AMC fees : 0%
Brokerage: 0.05% only
Profit Sharing: 20% profit sharing on booked profits on quarterly basis
Performance Sheet
Performance for the Month ended June 2010
NAV as on 01-June-2010 10.07
NAV as on 30-June-2010 9.86
RETURNS (%) -2.07
Performance Summary since Inception
As on 30 June 2010
48
INCEPTION NAV 10.00
NAV as on 30-June-2010 9.86
RETURNS (%) -1.35
CHAPTER-3
DATA ANALYSIS
AND
INTERPRETRATION49
DATA ANALYSIS AND INTERPRETRATION
1. Do you know about the Investment Option available?
YES; %AGE; 0.85000000000
0001; 85%
NO; %AGE; 0.15; 15%
Interpretation
50
As the above table shows the knowledge of Investor out of 100 respondent carried
throughout the Jaipur Area is only 85%.The remaining 15% take his/her residential
property as an investment. According to law purpose this is not an investment
because of it is not create any profit for the owner. The main problem is that in this
time from year 2008-2009 ,the recession and the Inflation make the investor think
before investing a even a Rs. 100.So ,it also create the problem for the Investor to
not take interest in Investment option.
2. What is the basic purpose of your Investments?
%AGE
51
Interpretation
As with the above analysis, it is found 75% people are interested in liquidity, returns
and tax benefits. And remaining 25% are interested in capital appreciations, risk
covering, and others. In the entire respondent it is common that this time everyone is
looking for minimizing the risk and maximizing their profit with the short time of
period.
As explaining them About the Portfolio Management Services of Amrapali Aadya,
they were quite interested in Protech Services.
3. From which option you will get the best returns?
Mutual Funds; PERCENATGE OF
RESPODENTS; 20%
Shares; PERCENATGE OF RESPODENTS; 22%
Commodities Mar-ket; PERCENATGE OF
RESPODENTS; 16%
Fixed Deposits; PERCENATGE OF
RESPODENTS; 18%
Bonds; PERCENATGE OF RESPODENTS; 8%
Property; PERCENATGE OF
RESPODENTS; 14%
Others; PERCENATGE OF RESPODENTS; 2%
PERCENATGE OF RESPODENTS
Interpretation
52
Most of the respondents say they will get more returns in Share Market. Since Share
Market is said to be the best place to invest to get more returns. The risk in the
investment is also high.
Similarly, the Investor are more Interested in Investing their money in Mutual Fund
Schemes as that is also very important financial product due to its nature of
minimizing risk and maximizing the profit. As the commodities market is doing well
from last few months so Investor also prefer to invest their money in Commodities
Market basically in GOLD nowadays.
Moreover, even who don’t want to take Risk they are looking for investing in Fixed
Deposit for long period of time.
4. “Investing in PMS is far safer than Investing in Mutual Fund”. Do you
agree?
Yes; %Age of Respodents;
76%
No; %Age of Respodents;
24%
53
Interpretation
In the above graphs it’s clear that 24% of respondent out of hundred feel that
investing their money in Mutual Fund Scheme are far safer than Investing in PMS.
This is because of lack of proper information about the Portfolio management
services. As the basis is same for the mutual fund and PMS but the investment
pattern is totally different from each other and which depends upon different risk
factor available in both the Financial Products.
5. How much you carry the expectation in Rise of your Income from
Investments?
Interpretation
54
The optimism is shown in the attitude of the respondents. The confidence was
appreciable with which they are looking forward to a rise in their investments. Major
part of the sample feels that the rise would be of around 15%. Only 8% of the
respondents were confident enough to expect a rise of upto 35%.
As all the respondents were considering the Risk factor also before filling the
questionnaire and they were asking about the performance report of all the PMS
services offered by Amrapali Aadya.
6. If you invested in Share Market, what has been your experience?
Satisfactory return received; %Age of Re-
spondents; 20%
Burned Fingers; %Age of Respondents; 34%
Unsatisfactory results; %Age of Respondents;
6%
No; %Age of Re-spondents; 40%
Interpretation
20% of the respondents have invested in Share market and received satisfactory
returns, 40% of the respondents have not at all invested in Share Market. Some of
the investors face problems due to less knowledge about the market. Some of the
55
respondents don’t have complete overview of the happenings and invest their money
in wrong shares which result in Loss. This is the reason most of the respondents
prefer Portfolio Management Services to trade now a days, which gives the Investor
the clear idea when is the right time to buy and right time to sell the shares which is
recommended by their Fund Manger.
7. How do you trade in Share Market?
% of Respodents; 100%
% of Respodents; 100%
% of Respodents; 100%
% of Respodents
% of Respodents
Interpretation
As we know that Share market is totally based on psychological parameters of
Investors, which changed as per the market condition, but at the same time the
56
around 45%investor trade on the basis of speculation and 31% depend upon
Investment option Bonds, Mutual Funds etc.
Moreover, the now a day’s Hedging is most common derivatives tools which is used
by the Investor to get more return from the Market ,this is mostly used in the
Commodities Market.
8. How do you manage your Portfolio?
Self ; %of Respodents; 0.57; 57%
Depends on the Company for Portfolio; %of Respo-
dents; 0.43; 43%
%of Respodents
Interpretation
About 57% of the respondents say they themselves manage their portfolio and 43%
of the respondents say they depend on the security company for portfolio
Management. 43% of the respondents prefer PMS of the company because they
57
don’t have to keep a close eye on their investment; they get all the information time
to time from their Fund Manager.
Moreover, talking about the Amrapali Aadya PMS services they are far satisfied with
the Protech and Prop rime Performance during last year. They are satisfied with the
quick and active services of Amrapali Aadya customer services where, they get the
updated knowledge about the scrip detail everyday from their Fund Manager.
9. Will you trade with Amrapali Aadya and why?
Services; %Age of Respodents;
0.22; 22%Investment Tips are good; %Age of Respodents;
0.15; 15%Brokerage; %Age of Re-
spodents; 0.28; 28%
Research; %Age of Respodents;
0.35; 35%
Interpretation
As the above research shows the reasons and the parameters on which investor lie
on Amrapali Aadya and they do the trade.
58
Among hundred respondents 35% respondents do the trade with the company due to
its research Report, 28% based on Brokerage Rate whereas 22 % are happy with its
Services.
Last but not the least, 15% respondents are depends upon the tips of Amrapali
Aadya which gives them idea where to invest and when to invest.
At the time of research what I found is that still Amrapali Aadya need to make the
clients more knowledge about their PMS product.
10. Which Portfolio Type you preferred?
Equity; %Age of Respodents; 45%
Debt; %Age of Respodents; 27%
Balanced; %Age of Respodents; 28%
Interpretation
59
The above analysis shows, in which portfolio the investor like to deal more in PMS.
As 45% investor likes to go for Equity Portfolio and 28% with Balanced Portfolio,
whereas around 27% investor like to, go for Debt Portfolio.
11. How was your experience about Portfolio Management services
(PMS) of Amrapali Aadya Limited?
Interpretation
60
In the above analysis it is clear that the Investor have the good and the bad
experience both with the Amrapali Aadya PMS services.
In this current scenario 52% of the Investor earned, whereas around 18% have to
suffer losses in the market. Similarly 30% of the Respondents are there in Breakeven
Point (BEP), where no loss and no profit.
CHAPTER-4
CONCLUSION
&61
SUGGESTIONS
CONCLUSION
On the basis of the study it is found that Amrapali Aadya is better services provider
than the other stock-brokers because of their timely research and personalized
advice on what stocks to buy and sell. Amrapali Aadya provides the facility of
relationship manager for encouragement and protection of the interest of the
investors. It also provides the information through the internet and mobile alerts that
what IPO’s are coming in the market and it also provides its research on the future
prospect of the IPO. We can conclude the following with above analysis.
Amrapali Aadya Ltd has better Portfolio Management services than Other
Companies
It keeps its process more transparent.
It gives more returns to its investors.
It charges are less than other portfolio Management Services
62
It provides daily updates about the stocks information.
Investors are looking for those investment options where they get maximum
returns with less returns.
Market is becoming complex & it means that the individual investor will not
have the time to play stock game on his own.
RECOMMENDATIONS & SUGGESTIONS
The company should also organize seminars and similar activities to enhance
the knowledge of prospective and existing customers, so that they feel more
comfortable while investing in the stock market.
Investors must feel safe about their money invested.
Investor’s accounts must be more transparent as compared to other
companies.
Amrapali Aadya must try to promote more of its Portfolio Management
Services through Advertisements.
Amrapali Aadya needs to improve more of its Customer Services.
63
64
BIBILOGRAPHY
WEBSITES
www.Amrapali Aadya.com
www.sebi.gov.in
www.moneycontrol.com
www.karvy.com
www.valueresarchonline.com
www.nseindia.com
www.bseindia.com
www.companywiki.in
Book Referred
Kothari, C.R., Research Methodology, Second Edition, New Delhi, New Age
International (p) Ltd Publishers, 2006.
Pandian, P., Security Analysis and Portfolio Management, Vikas Publishers,
2007.
Magazines & Journals
Value guide by Amrapali Aadya
Investors Eyes by Amrapali Aadya
Business world.
The economist
QUESTIONNAIRES
1. Do you know about the Investments Option available?
A) YES B) NO
2. What is the basic purpose of your Investments?
A) Liquidity B) Return C) Tax Benefits D) Risk Covering
E) Capital Appreciation F) Others
3. From which option you will get the best returns?
A) Mutual Funds B) Shares C) Commodities Market D) Bonds
E) Fixed Deposits F) Property G) Others
4. “Investing in PMS is far safer than Investing in Mutual Fund”. Do you agree?
A) Yes B) No
5. How much you carry the expectation in Rise of your Income from Investments?
A) Upto 15% B) 15-25% C) 25-35% D) More than 35%
6. If you invested in Share Market, what has been your experience?
A) Satisfactory Return B) Burned Finger C) Unsatisfactory Result D) No
7. How do you trade in Share Market?
A) Hedging B) Speculation C) Investment
8. How do you manage your Portfolio?
A) Self B) Depends on the company for portfolio
9. If, you trade with Amrapali Aadya limited then why?
A) Research B) Brokerage C) Services D) Investments Tips
10. Which Portfolio Type you preferred?
A) Equity B) Debt C) Balanced
11. How was your experience about Portfolio Management services (PMS) of Amrapali
Aadya Limited?
A) Earned B) Faced Loss C) No profit No loss