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A PROJECT ON
IMPORTANCE OF CHANNELS IN SELLING OF MUTUAL FUNDS
___________________________________________________
_
Company Name : Bonanza Portfolio Pvt. Ltd.
and address Plot M-2, Cama Industrial EstateWalbhat Road, Goregaon(e),
Mumbai- 400063
Industry Guides : Bhushan Ajani, Mobile: 9867711055
Details Fax: 022-26865762Email: [email protected]
Personal Details : Rishabh Kapoor Mobile: 9833123391
Address: Plot 134, Notre Maison, Sector 5B,
Near Charkop Bus Depot,
Kandivali, Mumbai.
Email : [email protected]
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Institutes Details: Atharva Institute of Management Studies
Address: AET Campus, Malad-Marve Road,
Charkop Naka,Malad(W),Mumbai-400095
Mobile: 9821086497
Email : [email protected]
Fax : +91-22-40294911
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Table of
C O N T E N T S
Chapter No. Title Page No.Declaration from student 5
Certificate from organization 6
Certificate from Guide 7
Acknowledgement 8
Executive Summary 9
1 Introduction 101.1 Current Financial Sector 11
1.2 Company profile 15
1.3 Services Provided by Bonanza 17
1.4 Competitors of Bonanza 18
2 The Product2.1 What is mutual fund 20
2.2 Concept of Mutual Fund 21
3 The Project 223.1 The Buying cycle 23
3.2 Rules for Selling of Financial Products 24
3.3 What is Distribution Channel 25
3.4 Distribution of Mutual Funds 25
3.5 Bonanza An Advice Channel 27
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Table of
C O N T E N T S
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3.6 Essentials of a Good Distribution System 293.7 Role of various Channels 30
3.8 Importance of Distribution Channels 31
3.9 Distribution Staff at Bonanza 34
3.10 Training of Sub brokers at Bonanza 35
3.11 Establishing Channel Relationship 39
4 Research Methodology 414.1 Findings of the Research 44
4.2 Observations 47 4.3 Recommendations 53
5 Conclusions 54
6 Webliography 55
I Appendices
Questionnaire 56
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DECLARATION
I, RISHABH KAPOOR, hereby declare that this project report is the record of authentic work
carried out by me during the period from MAY 10, 2009 to JUNE 30, 2009 and has not beensubmitted to any other University or Institute for the award of any degree / diploma etc.
RISHABH KAPOOR
Date
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CERTIFICATE
This is to certify that Mr. RISHABH KAPOOR of Atharva Institute of Management Studies has
successfully completed the project work titled IMPORTANCE OF CHANNEL IN SELLING OF
MUTUAL FUNDS in partial fulfillment of requirement for the completion of MMS course as
prescribed by the University of Mumbai.
This project report is the record of authentic work carried out by him during his Summer Training.
He has worked under my guidance.
Bhaktidhara Mohapatra Dr. N S Rajan
Project Guide (Internal) Dean
Date: Atharva Institute of Management Studies
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ACKNOWLEDGEMENT
The successful completion of this report would not have been possible without the co-operation
and support of our Dean Dr. N. S RAJAN who is always a Motivating factor for me. I would liketo acknowledge the relentless and wholehearted support of our Director Dr. S BHATTACHARJEE
whose encouragement has made this project a Success.
I would like to thank my External Guide Mr. Bhushan Ajani for being a support factor in all my
appointments with the sub brokers and for teaching me the detailed aspects of selling a Mutual
Fund and a special Mention of the Vice President of Bonanza Portfolio Mr. Rakesh Goyal who
brings out the best in all his employees and always motivate us to perform better and better.
I am Thankful to my Internal Guide Mrs. Bhaktidhara Mohpatra who extended her full support
during the term of the project to make the project not only a source of knowledge but also a skill
enhancing platform.
Above All I would like to thank my Parents; without their blessings and support, this project
would not have been possible.
Without the support extended by all these, the success of the report would have been a mere
obligation, thank you once again.
RISHABH KAPOOR
EXECUTIVE SUMMARY
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With Market Sentiments turning Positive there has been a ripple effect seen in the Financial Sector.
When sensex had dropped from around 22000 to nearly 6000, all the Mutual Funds had incurred
huge losses and their NAV(Net Asset Value) was reduced to half (or even one-fourth in few cases)of its value when sensex was above 15000.This had affected the sentiments of the investors to a
great extent. Now with the Market being stabilized with sensex at around 15000, the confidence of
investors have increased but still they are watchful about their investments and always consult their
brokers/ Financial Advisors for the investments. Hence irrespective of the market conditions the
distributors or Intermediaries always play a crucial role in success of a fund.
In the past 25 years, there have been dramatic changes in how mutual funds are sold to the invest-
ing public. Today The Distribution channels play a very crucial role in selling of Mutual Funds
primarily because AMCs are located at selected locations only so its the task of the
intermediaries /Distributors to ensure that the fund penetrates in the smaller towns as well. The aim
of this project is to highlight the types of the Distribution channels in Mutual Funds and their im-
portance in selling of the same and also the importance of maintaining good Channel relationship.
This project also includes a research done for the company to find out the opinion of the sub
brokers about the company and what the company needs to do to ensure long term relationship
with its sub brokers. The findings, observations and the recommendations for the company is also
a part of this report.
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Chapter I
Introduction
ANALYSIS OF CURRENT FINANCIAL SECTOR
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With market sentiment turning positive due to the formation of a stable newly elected government,
the ripple effect is likely to felt across all the financial services in India. The sectors, including
banking and insurance, and mutual funds are all beginning to reap the benefits of a good closure
for 2008-09. In 2008-09, the Indian economy is estimated to have grown by 6.7 per cent.
According to the latest Central Statistical Organization (CSO) data, financial services and real
estate sector rose by 9.5 per cent in the first quarter of 2009-2010.
The government has taken a number of steps in recent months to revive the economy, including
slashing interest rates, lowering factory levies and more than doubling the limit on foreign
investment in corporate bonds. The financial services space is a rapidly growing one in India. The
country received US$ 45 billion in foreign currency remittances from non-resident Indians in 2008,
the highest in the world.
The period April-May 2009 saw increased inflow in to equity with investors steadily turning
positive on equity according to mutual fund analysts. As per the Securities and Exchange Board of
India (SEBI), on May 15, net investment of mutual funds in equity was around US$ 83.3 million
lowering to US$ 20.5 million on May 21. As against this, net investment of mutual funds in debt
has more than tripled from US$ 42.9 million on May 15 to US$ 134.2 million on May 31, 2009.
There is optimism in the economy as funds are investing in corporate bonds, making liquidity
available to enterprises. The total amount traded in corporate bonds tripled from US$ 17.8 million
to US$ 55.7 million during May 15 to May 21, 2009.
The largest fund house, Reliance Mutual Fund, registered 16 per cent growth in its average assets
under management (AUM) to US$ 21.6 billion in May 2009 compared to Aprils figure of US$
18.6 billion. The second-largest fund house, HDFC Mutual Fund, grew 18 per cent to US$ 16
billion, compared with the previous months figure of US$ 13.4 billion.
The Spice Group is now looking for a US$ 1-billion valuation in financial services business in the
next three to five years. It has put US$ 105.2 million as seed money for the financial services
business and is roping in a Singapore-based firm as a partner for the asset reconstruction business.
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India has increased its exposure to American debt securities by over three-fold to US$ 38.2 billion
till March 2009 as against US$ 11.8 billion in March 2008, according to the data from the US
Treasury Department.
SEBIS NEW GUIDELINES ON REMOVAL OF ENTRY LOAD FOR
DIRECT INVESTMENT IN MUTUAL FUND SCHEMES
The manner of investing in mutual funds has changed over a period of time for individuals. This is
likely to shift even more dramatically in the coming days.The decision of the Securities and Exchange Board of India (SEBI) to abolish the entry load on
schemes has been a big surprise for everyone. For investors this signals a possible change in the
way they take their investment decisions.
There will be some benefit available, but at the same time there also has to be some element of
care taken in the process so that it is completed properly.
Entry load
The entry load is the additional expense that has to be paid by the investor when they make an
investment in the mutual fund. The entry load usually was in the range of 2-2.5 per cent of the
investment and this was an extra burden for the investor.
The load is usually used to cover various selling expenses of the scheme like payment ofdistributors commission, miscellaneous expenses and so on. Till some time ago, there was an
option for the investor to actually save the entry load by making their own investments directly and
this ensured that the burden did not fall on them.
Now according to the new guidelines, the schemes should not charge any entry load at all so the
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investor would not have to pay anything extra. When an entry load is charged, the investor ends up
getting a lesser number of units for the same investment.
So, if for example, the net asset value of the scheme is Rs 15 and the entry load is 2 per cent the
investor will actually get the units at Rs 15.30 which means that for the same investment there will
be a lesser number of units allotted to them.
Selection of scheme
Now with the abolition of the entry load, the investor has to concentrate on the process of selecting
the right scheme. There are such a large number of options that need to be considered and this will
require some element of work.
Investors will need to consider its performance more closely while making decisions. With no
entry load present, the final returns that are coming in for the investor will be influenced largely by
the performance or the returns that are generated by the scheme. In such a situation, the investor
would do well to concentrate more on the potential returns that can be generated, so that this will
help them in their decision-making.
The investor should also look at the fund manager, because this is an important factor that will play
a role for their selection.
Payment to distributor
The condition about how the investor goes about the entire investment process is important
because this can give rise to another element of negotiation.
Under the new conditions, if one uses the service of the distributor then there is no fixed fee for the
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distributor that will be paid by the mutual fund. Rather than this, one will have to pay the
distributor, but this will have to be done after discussion and mutual agreement.
The figure will thus vary from person to person and hence there has to be a very clear idea about
the manner in which this part of the transaction will actually take place.
The amount that one is willing to pay and how one actually makes the decision and the points to
consider will vary from person to person, so the right balance needs to be struck in deciding this
issue.
Own efforts
There could be a lot of efforts that have to be done on their own by investors because of the entire
change due to the fact that there could be a very low interest from the distributor to actually serve
the customer.
With the financial incentive gone, there could be a reduction in the services and the only option for
the investor is to ensure that they complete a lot of work on their own.
This will require some more time and effort along with the knowledge about the process. The
effort could involve the issue of doing some amount of follow up or even communicating directly
with the mutual fund, but this can vary depending upon the exact situation for the investor. This
factor has to be brought into the consideration, as it will impact the way in which the overall
investment is done.
COMPANY PROFILE
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Bonanza a leading Financial Services & Brokerage House working diligently since 1994 can be
described in a single word as a "Financial Powerhouse". With acknowledged industry leadership in
execution and clearing services on
Exchange Traded Derivatives and cash market products. Bonanza has spread its trustworthytentacles all over the country with more than 1025 outlets spread across 340 cities.
It provides an extensive smorgasbord of services in equity, commodities, currency derivatives,
wealth management, distribution of third party products etc. Keeping in par with the modern tech-
savvy world , Bonanza makes an integrated and innovative use of technology; it also enables its
clients to trade online as well as offline and the strategic tie-ups with the latest technology partners
has earned Bonanza this prestigious place in one of the top brokerage houses in the country. Client
-focused philosophy backed by memberships of all principal Indian Stock and Commodity
Exchanges makes Bonanza stand apart from its competitors and a preferred service provider in the
industry for value-based services.
To add to our ever-growing achievements, a study by Dun and Bradstreet has rated
Bonanza as the SIXTH largest broking house in terms of equity terminal listings in the country. If
this is not enough, Bonanza Portfolio Ltd was recently nominated amongst the Top 3 Retail
Financial Advisors of the country in an event conducted by CNBC-TV18 and OptiMix Financial
Advisor Awards 2008. Also Bonanza has been awarded by BSE the "Major Volume driver for the
year 2004-2005, 2006-2007 and 2008-2009".
ACHIEVEMENTS
1. Top Equity Broking House in terms of branch expansion for 2008*.
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2. 3rd in terms of Number of Trading Accounts for 2008*.
3. 6th in terms of trading terminals in for two consecutive years 2007- 2008*.
4. 9th in terms of Sub Brokers for 2007*
5. Awarded by BSE 'Major Volume Driver 04-05, 06-07, 07-08.
6. Nominated among the Top 3 for the "Best Financial Advisor Awards '08" in the category
of National Distributors - Retail instituted by CNBC-TV18 and OptiMix.
* As per the survey by DUN & BRADSTREET.
CORPORATE TIE UPS
The company has Corporate Tie ups with Birla Sunlife ,Bajaj Allianz, ICICI Prudential, SBI ,
Aviva , Kotak Mahindra and Reliance for Life Insurance and General Insurance.
In General Insurance, Bonanza provides Insurance for Motor, Health, Travel,
Housekeeper, Shopkeeper, Marine, Personal and Group Insurance.
SERVICE PROVIDED BY BONANZA
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1. Mutual Funds
2. Insurance
Life Insurance
General Insurance
3. PMS
4. Share Broking
5. IPO
6. Currency Derivatives
7. Share Broking
8. Commodity Broking
COMPETITORS
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CHAPTER II
THE PRODUCT
WHAT IS MUTUAL FUND
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Mutual Fund pools up the money from individual / corporate investors and invests the same on
behalf of the investors /unit holders, in equity shares, Government securities, Bonds, Call money
markets etc., and distributes the profits. The income earned through these investments and the
capital appreciation realised are shared by its unit holders in proportion to the number of units
owned by them. This pooled income is professionally managed on behalf of the unit-holders, and
each investor holds a proportion of the portfolio i.e. entitled not only to profits when the securities
are sold, but also subject to any losses in value as well.
FLOW OF MUTUAL FUND
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CHAPTER III
THE PROJECT
THE BUYING CYCLE
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R Recognition of Needs
E Evaluation of Options
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1. Recognition of Needs: The First stage in the Buying cycle is to
understand the needs of the client, whether he wants to invest into Mutual funds or is looking
for life insurance/general insurance etc.
2. Evaluation of options : Once the needs are identified then the
corresponding products can be pitched to the client. For example If the client wants to investthen Options are Mutual Funds, Fixed Deposits etc but if the client wants moderate as well as
assured returns then we would not pitch him for Mutual Funds rather we shall present
Different Fixed Deposits schemes to him.
3. Elimination of Doubts: Once it is known that the client would put
his money in Fixed deposits then the client is eager to know the different options like
manufacturing companies(Tata Motors, Jaypee Associates etc), Banks(HDFC, ICICI etc) and
many more so the client is interested in clarification of his doubts as to what is the difference
between investing in manufacturing companies and banks. Many people are afraid that the
manufacturing companies can go bankrupt and cannot be chased for their money but bank will
surely be returning their money although with less Interest but the reliability is surely high.
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E Eliminating Doubts
D Decide
Post Sale Service
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4. Decide: When the client agrees on doing the business, the decision
is made to go ahead with the paper work. The customer can now look forward to receiving the
benefits of the proposed deal.
5. Post Sale Service: Once the client made a decision to invest through
the distributors then it is the responsibility of the distributors to provide good post sale service
to the client by updating him/her about the current market conditions and as per the
suggestions made by the research team what should he do with his investments i.e. Should he
hold the units or sell them.
RULES FOR SELLING OF FINANCIAL PRODUCTS
1 In First Meeting with the customer identify where the customer is on the Buying cycle.
2 Until the need is recognized and stated by the customer do not pitch the product.
3 All Broking Customers have the same set of needs.
4 Use Few and Specific Background questions.
5 Needs Ranking is Important
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6 Present aspects of products in terms of the needs ranking. Do not present everything
about Bonanza or the products.
7 Present only Benefits of the Products.
8 When Customer asks specific questions about the company he is at Elimination of
Doubts Stage, immediately attempt to close the sale.
WHAT IS A DISTRIBUTION CHANNEL?
Distribution: The Commercial activity of Transporting and Selling goods from a producer to a
consumer.
Channel: Any Distinct part of a distribution system through which a supplier reaches a
customer.
Distribution Channel: The mechanism by which products are directed to customers either
through Intermediaries or Direct.
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DISTRIBUTION OF MUTUAL FUNDS
Mutual funds are sold through five principal distribution channels
(1) The direct channel,
(2) The advice channel,
(3) The retirement plan channel,
(4) The supermarket channel and
(5) The institutional channel.
The first four channels primarily serve individual investors. In the direct channel, investors carry
out transactions directly with mutual funds. In the advice, retirement plan, and supermarket chan-
nels, individual investors use third parties or intermediaries that conduct transactions with mutual
funds on their behalf. Third parties also provide services to fund investors on behalf of mutual
funds. The most important feature of the advice channel is the provision of investment advice and
ongoing assistance to fund investors by financial advisers at full-service securities firms, banks, in-
surance agencies, and financial planning firms. Advisers are compensated through sales loads or
from asset-based fees.
The retirement plan channel primarily consists of employer-sponsored defined contribution plans
in which employers provide mutual funds and other investments for purchase by plan participants
through payroll deductions.
The supermarket channel is made up of discount brokers that offer mutual funds from a large num-
ber of fund sponsors. Many of the fund offerings are subject to no transaction charges or sales
loads.
Businesses, financial institutions, endowments, foundations and other institutional investors use
the institutional channel to conduct transactions either directly with mutual funds or through third
parties.
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1. In the direct channel, investors carry out transactions directly with mutual funds themselves by
mail, phone, the Internet, or at customer service centres.
2. In the advice channel, investors purchase and redeem shares through financial advisers at
securities firms, banks, insurance agencies, and financial planning firms.
3. In the supermarket channel, discount brokers offer a large number of mutual funds to investors
from a broad array of fund companies.
4. In the retirement plan channel, employers sponsoring defined contribution plans select a limited
number of mutual funds for retirement plan participants to purchase.
5. Finally, the institutional channel consists of non personal accounts held by trusts, corporations,
financial institutions, endowments, non profit businesses and other organizations.
In contrast to the institutional channel, investors in the other four channels are principally
individuals. Among these four channels, it is only in the direct channel that investors interact
with mutual funds themselves. In the other three channels advice, supermarket, and
retirement plan a third party or intermediary, whether a discount broker, financial adviser,
or a retirement plan administrator, places transaction orders with mutual funds on behalf of
investors and provides services to investors on behalf of mutual funds. In many instances, the
funds themselves may not know the identity of the investors but only that of the intermediaries.
As a share of mutual fund assets, the advice channel is the largest, accounting for an estimated
55 percent of all mutual fund assets at the end of 2008. The retirement plan channel is second
in size with an asset share of 16 percent. The institutional channel has an estimated 13 percent,
the direct channel 12 percent, and the supermarket channel 5 percent of all fund assets.
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Bonanza- An Advice Channel
The principal feature of the advice channel is the provision of investment guidance, assistance, and
advice by financial professionals. These include full-service brokers at national wirehouses, inde-
pendent financial planners and advisers, registered sales representatives at banks and savings insti-
tutions, and insurance agents. Such advisers help fund shareholders identify financial goals such as
retirement, tax management, education savings, and estate planning. They assess the risk tolerance
of their clients and select mutual funds and other investments to meet these goals. As an intermedi-
ary between investors and funds, financial professionals conduct transactions for the shareholder,
maintain the financial records for the investments under their management, send periodic financial
statements to shareholders, and coordinate the distribution of prospectuses, financial reports, and
proxy statements to shareholders on behalf of the funds. Shareholders questions about their funds
and accounts often are handled by the financial professionals rather than by the fund companies
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themselves. Fund shareholders must compensate financial professionals for their services with pay-
ments over and above the fees and expenses that their fund is charged for the funds management.
Alternatively, some financial professionals charge their clients directly for their services. These ad-
visers typically assess a fee amounting to a percentage of an investors assets managed by the fin-
ancial professional. This fee might range from 1 to 2 percent of assets per year, depending on the
size of the account.
REACHING OUT TO RETAIL INVESTORS
The distribution channels that have evolved in India are: Independent Financial Advisors (IFA),
the big distribution firms, banks and direct selling, including online selling of mutual funds. The
various factors which influence the success of distribution channel are trust, customer servicing,
including multiple and accessible service points, good infrastructure, including IT support, the
comfort factor & exclusivity.
An efficient and effective distribution network is as important as any other consumer industry. The
customer base is huge here too. The industry since its inception has been trying hard to attract re-
tail investors by taking well calibrated steps. It has entered into previously untapped markets.
There is more stress on product innovation. Three years ago, there were very few options before
the high net worth individual (HNI), leave alone normal investors. Now, all investors can invest in
real estate, private equity and even stocks and mutual funds abroad. The minimum investment
amounts can be really small.
Retailisation of the Indian MF Industry
As already stated in brief, the retail push to MFs in India has been spearheaded by the big distribu-
tion houses, IFAs and banks, including PSBs. MFs are now expanding their own networks to this
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end. Online distribution, while catching up among the computer-savvy segment of the public, will
not be a very significant contributor, at least in the near future.
Essentials of a Good Distribution System
Distribution success for mutual funds or any financial product is dependent on certain key ele-
ments. These are:
Careful product selection
A careful selection of internal sales staff (who will sell)
Right targeting of customers - a properly graded geographical strategy based on a demographic
study will propel a smooth, seamless customer penetration and sales volumes
Proper training - Training is the axle on which the entire distribution revolves. Continuous train-
ing of the sales force is essential in this dynamic environment
Educating/counselling the customer about products, keeping in mind rising customer expectations
and increasing buyer expertise
After sales servicing
Role of Various Channels
Direct Selling: Direct selling is the least significant element today. Normally, only very big
ticket items are done through this. Alternatively, it derives its inflows mainly from online
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sales. However, recent changes in regulation are all set to give this channel a fillip. MFs are
gearing up by opening their own offices in more places. Also R&T Agents are expanding
their infrastructure to facilitate this.
Organised distributors: Organised distributors are the backbone of MF distribution. They
have infrastructure and flexibility to adapt to the need of the hour. They too have realized the
importance of going to smaller centres and are establishing offices in urban and semi-urban
locations. This is the sector which needs to be nurtured to expand. Banks as distributors: Mu-
tual fund distribution by banks is emerging a key element. Banks have huge potential to
build and improve the retail segment, which needs to become as strong as its institutional
counterpart. Even among banks there are two major types of distributors. There are those that
handle wealth management of their clients and, on their behalf, manage portfolios wherein
investment in mutual funds is one asset class. Such banks have sophisticated wealth manage-
ment practices with qualified staff and well-heeled clients. MNC banks, private banks and a
few niche players (like HSBC, Citi, ICICI, HDFC, Kotak etc) are examples. Then there are
banks that use their networks to sell MFs as just another financial service. Most of the PSBs
and other commercial banks including large cooperative banks fall under this category. For
the banks the existing customer base serves as a captive prospective investor base for mar-
keting mutual funds. They have the advantage of having already won the trust of the custom-
er. There is no other distribution channel that can have a more effective retail penetration
across Tier-II and Tier-III cities as well as across rural India. This channel has slowly real-
ized its own potential and is now emerging as a big player.
Abroad banks are among the leading fund supermarkets. The Post Office too has been emer-
ging as an effective channel. For all practical purposes, it can be clubbed with PSBs. Banks
with post offices are likely to emerge as a very crucial channel for financial inclusion in
the MF arena. This combination along with the online variants in the near future will domin-
ate the distribution of mutual funds.
Independent Financial Advisors: Presently the IFA is the friendly neighbourhood guy
one who is very effective in selling the product. However, he has to manage his costs from
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the commission he gets. Advisory services are today given gratis. The scenario is changing
and the space in advisory services will undergo a rapid change in the next few years. Finan-
cial Planning services will be much sought after and Certified Financial Planners will be in
demand for their specialized services.
IMPORTANCE OF DISTRIBUTION CHANNELS
Intermediaries (Channels) play a pivotal and valuable role in selling of Mutual Funds because as a
Broking firm Bonanza may not be able to reach maximum number of people on its own hence they
employ Sub brokers to encourage more & more clients to do business through Bonanza. Bonanza
Portfolio maintains a large database of its sub brokers and contacts them on a regular basis for new
product and services.
Hence Sub brokers convince their clients to do business through Bonanza Portfolio and
Bonanza in return pays them their commission. Commission can be either Brokerage or trail
commission. After the form filled by the client gets accepted by its company, the company gives
brokerage to Bonanza and Bonanza forwards 90% of this amount to the sub broker who had
convinced the client to do the Business for Bonanza. But trail Commission is given yearly to only
those sub brokers who are AMFI certified.
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Following shows the importance of Distribution channels
1 Expanding the Distribution reach:AMCs are at selected locations only, it is ensuredby distributors that a fund penetrates in smaller towns as well.It is because of their strong network in the smaller towns and cities that allows better pene-
tration of the fund. The Trustee companies realizing this ensures that the fund forms are
available with maximum agents and Broking firms so that more and more clients can be
reached.
2 Regularly updating about the Markets: The clients are also benefitted because the Bo-
nanza sends regular updates about the market to the clients in the form of a performance
sheet which shows performance of all open ended and close ended funds and hence the
clients are always aware about the market scenario.
3 Portfolio Advisory: The very dedicated research team which always keeps a close eye on
the market conditions helps the clients in deciding whether to hold a fund or to sell it. These
advices are very crucial and can lead to a huge profit or a great loss. This is a post sale ser-
vice which makes the clients happy and increases the brand value of a broking firm.
4 Settlement of Redemption: When a client invests through an intermediary then it is this in-
termediary which ensures that the client gets his/her amount after redemption. Whenever the
client feels that he/she wants to sell all/some of the units of a fund then he approaches
his/her Broker(Bonanza) for redemption and Bonanza sends a person at clients residence
and get the redemption form filled by him and then couriers it to the trustee company, The
company then sends the acknowledgement to the client and then in 2-3 days the amountreaches the client.
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WHAT IS AMFI CERTIFICATION?
AMFI stands for Association of Mutual Fund of India.
AMFI is an apex body of all Asset Management Companies (AMC) which has been registered
with SEBI. All the AMCs that have launched mutual fund schemes are its members. The
Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual Fund
Industry on professional, healthy and ethical lines and to enhance and maintain standards in all
areas with a view to protecting and promoting the interests of mutual funds and their unit holders.
Association of Mutual Funds India follows the principle of both protecting and promoting the
interests of mutual funds as well as their unit holders. It develops a team of well qualified and
trained Agent distributors. It implements a Programme of training and certification for all
intermediaries and other engaged in the mutual fund industry. It also disseminates information on
Mutual Fund Industry and undertakes studies and researches either directly or in association with
other bodies.
Mutual funds are emerging as an important financial intermediary for the investing public in India.
Conceptually and operationally they are different. The investors need to understand the working of
a mutual fund and the increasingly diverse and complex investment options brought to them by a
large number of mutual funds. Hence the key channel in bringing the mutual funds to a large
number of investors all over the country is the network of INTERMEDIARIES/DISTRIBUTORS.
The intermediaries/distributors have to take on the role of financial advisors to investors, a role for
which they need preparation. AMFI Mutual Fund Certification and Registration Programme has
been put together to give the fund distributors the knowledge and insights required for them to
become both better intermediaries and more informed mutual fund advisors.
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The Securities and Exchange Board of India (SEBI) has made mandatory for any entity / person
engaged in marketing and selling of mutual fund products to pass AMFI certification test
(Advisors Module) and obtain registration number from AMFI. Firms and corporates will have to
obtain certification of registration from AMFI and all employees of corporate distributors engaged
in selling and marketing of mutual fund products have to pass the AMFI certification test
(Advisors Module) and obtain registration with AMFI before canvassing business of mutual funds.
The advantage of having an AMFI certificate comes into the picture for Trail Commission because
like other Financial Service Providers Bonanza also gives trail to only those sub brokers who are
AMFI certified.
Another Advantage of AMFI Certification is that the distributors have complete knowledge and
understanding of the working of mutual fund in its totality which helps the distributors to convince
and motivate the investors especially when the economy is going through a rough phase.
HOW DOES BONANZA ATTRACT AMFI CERTIFIED PEOPLE
TO BECOME ITS SUB BROKER?
The List of the Candidates who have cleared AMFI examination is displayed on the websitewww.amfiindia.com, the distribution team sends messages using the software XLERATOR to all
the successful candidates and attracts them to work for Bonanza. Interested Candidates contact
Bonanza and hence becomes its sub broker.
This is the way software works:
Firstly Bonanza buys the software XLERATOR and registers on the site
http://mobilefin.indiafin.comafter which the companys licenses gets registered and then in excel
sheet an additional toolbar gets inserted by the name Xlerator. Now when the company wants to
send messages to all the successful AMFI certified candidates then first company find their
contact details from amfis site and then sends message to all of them. This is a very economic
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software for the company because using this software the company is able to promote itself in the
most cost effective manner.
DISTRIBUTION STAFF AT BONANZA
The Distribution staff at Bonanza is always supposed to be on the field to promote the different
products, to hire the new sub brokers, to encourage the clients to invest in the new Mutual Funds or
simply to meet the current Sub brokers & have their feedback on the services offered by Bonanza.
Many sub brokers are unable to attend the training session which is organized in the company and
hence are unaware about the product so it is the responsibility of the distribution team to make
such sub brokers aware about the new product which is done by meeting them personally and
explaining them all the details about the product.
Majority of the times, the sub brokers do not have any complaints about the services offered by
Bonanza but there are instances where they are not happy mainly because they have not received
their commission Cheques on time. I came across one such instance where the sub broker had not
received his commission for the business which he had done a year back and he had been a very
potential customer for us but because of this experience he stopped doing business through us.When I visited him he showed me the records of all the transaction detailing on Application/Folio
number of the forms which helped me trace the details in accounts department & found out that the
Cheques were issued way back & it kept coming back because of address problem so a fresh
Cheque was issued and was I hand delivered the Cheque to him and then he gave us a business of 1
lac.
The Distribution team hence ensures that we provide the best sales and post sales service to
all our sub brokers by picking up filled forms from their residence, keeping a track of their
Cheques, sending them acknowledgement within 2 days of collection of the forms so that they are
always satisfied with our service which is very important in this competitive market.
TRAINING OF SUB BROKERS AT BONANZA
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Bonanza trains its sub brokers by conducting training sessions in the branch office every weekend
and the intimation for the same is given to them via Telephone calls. The training is given by the
representative from the company which is coming with the New Fund Offer (NFO). The training
not only involves the information about the product but also involves means of selling the product
with ease i.e. all the distinguished points are so well highlighted that selling that product becomes
very easy. The training session is usually conducted on weekends so that maximum number of sub
brokers can come and attend the training session.
This section shows the training of Sub brokers for a New Fund Offer- Reliance Infrastructure
Fund.
After knowing the Governments Intention of investing some $500 billion in infrastructure by
2012 to attract foreign investment and boost economic growth, Mr. Anil Ambani was quick in
announcing its New Fund Offer (NFO) by the name Reliance Infrastructure Fund and appointed
Mr. Sunil Singhania as its Fund Manager. Experts from the Industry knows the role essayed by Mr.
Sunil Singhania in the outstanding performance of Reliance Growth and hence Reliance Fund
started off so well because many investors were ready to invest in the name of Mr. Sunil
Singhania.
The Prime objective of the fund is to invest the total amount collected from the investors in
infrastructure that includes Telecomm, Roads, Railways, ports etc.
The Distribution of the fund is as shown below:
Types of Instruments Normal Asset allocation (%) Risk Profile
Minimum Maximum
Equities and Equity related
Securities
65% 100% Medium to High
Debt and money market
securities
0% 35% Low to Medium
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The minimum amount for the retail investors is Rs. 5000 and that for Institutional Investors is Rs.
5 crore and starts with NAV of Rs. 10 plus applicable Entry Load.
Entry Load is 2.25% for investment upto 2 crore, 1.25% for investment between 2 crore and 5
crore and nil if investment is above 5 crore. Whereas the exit load is 1% if redemption is done
within a year. After a year No Exit load shall be applicable.
USP of Reliance New Fund Offer
Normally for any Mutual Fund when the client wants to sell all the units, He/she has to go to the
broker and submit the redemption form after which the broker sends the same in the company
where the NAV will be verified and then the total amount will reach the client in 3-4 days but
Reliance provided an option by the name ATM( Any Time Money) and as per that the clients will
be getting ATM cards using which they can withdraw the amount any time and the units
corresponding to the amount withdrawn will be deducted from the original units and the remaining
units will be displayed. This allows clients to withdraw the amount whenever they want.
Hence It was Bonanzas responsibility to train its sub brokers on how to promote the NFO amongst
their clients. To do that the training sessions were held in the company but not many sub brokers
were present there & hence the Distribution team had to ensure that each and every sub broker
have the complete knowledge about the product so Telephone calls were made to the sub brokers
to fix appointment with them. Once an appointment was given the people from the Distribution
Department would go and explain the NFO to the sub brokers and to clients also (If Necessary).
The Training was divided into 2 sessions:
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1. In the First Session the product knowledge was imparted to the sub brokers
i.e. the in depth explanation of each and every clause so that when the customer is stuck
somewhere then the sub broker is able to clarify the point and hence close the deal.
2. In the second session all the necessary tactics to sell the NFO effectively was provided to the
sub brokers. This session was an important one because it showed how the product can be
sold to a new / not very active
Investor and also to the one who is extremely active in the market and all that the sub broker
had to do was to play with the terminologies.
For example If the client is relatively new to the market then obviously if we tell him about
the fund manager and how the fund would be distributed in stocks and Fixed securities then
the client will not get impressed but if he/she is told about the returns assured (minimum)
and in what time then he would surely pay attention and might even close the deal.
And if the client is smarter who keeps an eye on the stock Market and knows that the other
products of Reliance is not doing well then it takes something extra to convince him/her for
investing . In such cases the client already knows about the risk prevailing in the market so to
tell him that his money will get doubled in 2 years wouldnt be a smart move so a better way
to pitch the product would be to tell him how Mr. Sunil Singhania (The Fund Manager)
would be investing the total accumulated fund which would be in Telecomm, Roads,
Railways, ports etc and when Mr. Manmohan Singh after winning the elections have
announced a huge amount towards improving Indias Infrastructure then this sector is bound
to grow no matter what. This way and also ensuring other benefits it is possible to close the
deal with such clients as well.
Promotion of Reliance Infrastructure fund
The Reliance has been aggressively promoting their New Fund Offer (NFO) through all the
possible Mediums; Be it Electronic Media (All News Channels), Print Media (The Economic
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Times, The Business Standard, DNA Money etc), Hoardings or posters on Busses and Trains in
order to convey the message to all the investors that this is the right time to invest in infrastructure.
The message to all the broking firms was clear Promote it by all possible means and generate sales.
At Bonanza, We were engaged in promoting Reliance Infrastructure fund and hence we had
installed Stalls at Malls (Mega Mall, Jogeshwari) and Residential Complex (Thakur Complex,
Kandivali (e)) where we would go and approach people and tell them about the product. Even
though most people would not listen to what the product is, but those who stayed actually were
interested in investing and hence gave us their contact details so that we could send our sales
person with the form and hence this is a good medium which shows that there are several other
modes of promoting your product which are comparatively cost efficient and you are able to
directly communicate with the people and hence get to know their side of the story and
consequently pitch the product.
Pitfalls of Reliance Infrastructure Fund
1. Even though Reliance Infrastructure Fund had all the nice features but still if an investor
is smart then he/she can easily find pitfalls in Reliance NFO, Firstly this is a sector fund
i.e. the fund manager has his hands tied up so no matter how hard he tries he has to
invest in Infrastructure only.
2. The company was investing 1.75% of the total fund in expenses like
Selling and Distribution expenses compared to 1.5% which is an industrys ideal figure.
Hence the investor could easily figure out that the company is investing more of its fund
in its expenses and hence lesser amount is actually being invested.
Even though there were these pitfalls but since we are into selling we have to make sure that the
customer buys what we are selling irrespective of its drawbacks and so it was a challenging job but
still we were able to convince the customers to invest.
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This way Bonanza was able to attract many investors and did the business of over 10 crore for
Reliance Infrastructure Fund which is as per the target that was set for Bonanza and the team is
glad that we could reach there just on time.
ESTABLISHING CHANNEL RELATIONSHIPS
Since channel members must be convinced to handle a marketers product it makes sense to
consider channel partners needs in the same way the marketer considers the final users needs.
However, the needs of channel members are much different than those of the final customer.
Delivery Intermediaries want the product delivered on-time and in good condition in order
to meet customer demand and avoid inventory out-of-stocks.
Profit Margin Intermediaries are in business to make money so a key factor in theirdecision to handle a product is how much money they will make on each product sold.
They expect that the difference (i.e., margin) between their cost for acquiring the product
from a supplier and the price they charge to sell the product to their customers will be
sufficient to meet their profit objectives
Other Incentives Besides profit margin, Intermediaries want other incentives to entice
them especially if they are required to give extra effort selling the product. These incentives
may be in the form of additional free products or even bonuses (e.g., bonus, free trips) for
achieving sales goals.
For example In case of Reliance Infrastructure Fund, To ensure that the sub brokers at
Bonanza gives their 100% in selling the NFO there was a scheme by the name Monsoon
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Dhamaka under which the sub brokers will be rewarded with pen drives, mp3 players,
Home theatre system etc depending upon the Business they do for Reliance Fund.
Training Some products require the intermediaries to have strong knowledge of the
product including demonstrating the product to customers. Marketers must consider
offering training to intermediaries to ensure the intermediaries has the knowledge to present
the product accurately.
Promotional Help Intermediaries often seek additional help from the product supplier to
promote the product to customers. Such help may come in the form of funding for
advertisements, point-of-purchase product materials, or in-store demonstrations.
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CHAPTER IV
RESEARCH WORK
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1. Introduction to Research This research was meant for the sub brokers of Bonanza to
find out how satisfied they are with the services offered by the firm and what do they feel
about the Training sessions organized in the firm. This research was conducted in Mumbai
region and the sample size is 50. Geographically the areas of Kandivali, Malad, Andheri,
Vile parle, Borivali, Khar, Bandra and Goregaon were taken into consideration because
majority of the sub brokers are from these regions. Moreover, The sub brokers in areas likeDombivali, Kalyan, Dahanu Road who could not be reached because of distance constraint
were contacted via emails and telephone calls.
2. Objectives of Research Following illustrates the objectives of the research:
a) To find out what the sub brokers think of Bonanza portfolio limited.
b) To find out the effectiveness of the training sessions organized by the company.
c) To find out what the company needs to do to have Long Term Relationship with its
Clients.
d) To find out which is the biggest competitor of Bonanza and what unique services
are provided by the competitors?
3. Collection of data: For collection of data following methods were used:
a) During the Calls: The Majority of the Questionnaires were filled up by the Sub
brokers during the appointments i.e. When we meet the sub brokers either for training
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or to solve their queries then just before concluding the meeting, the questionnaire was
handed over to them and they would fill it with a smile.
b) By mailing the Questionnaires: The Sub brokers who could not be reached
personally were sent the Questionnaire with the request to return after completing the
same.
c) Through Telephonic Interviews: The Female sub brokers who were not having
internet connection preferred to reply to the Questionnaire over the phone.Although
there were several instances when the sub brokers would not take much interest in this
activity but still I was successful in getting a lot of information through this activity.
4. Defining the Hypothesis-
i) Null Hypothesis: The proximity of training location has no effect on sub brokers
attendance at the training sessions.
ii) Alternate Hypothesis: The proximity of training location has an effect on sub
brokers attendance at the training sessions.
5. Mode : SPSS( Statistical Package for Social Studies)
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FINDINGS OF THE RESEARCH
1. How did you come to know about Bonanza Portfolio Ltd.?
2. The USP of Bonanza Portfolio Ltd.
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3. Biggest Competitor of Bonanza Portfolio Ltd.
4.The most preferred product at Bonanza
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5.The areas of improvement for Bonanza Portfolio Ltd.
6. How often do you attend the training Session organized in the company?
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7.The Reasons for not attending the Training Sessions
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Cross Tabs
1. Cross Tab to find out how Quality of Service delivered by Bonanza affects
Customers decision on having Long Term Relation with the company.
"What do you think about Quality of Service delivered by Bonanza" * "Would you
like to have a long term Relation with Bonanza" Crosstabulation
Count
"Would you like to have a
long time Relation with Bon-
anza"TotalYes no
"What do you think
about Quality of
Service delivered by
Bonanza"
I am very happy 24 6 30
I want better ser-
vice14 2 16
Better Commission
and trail structure3 1 4
Total 41 9 50
Interpretation: The Cross-tab shows that out of 50 sub brokers, there are 30 who are very
happy with the service and 24 such sub brokers would want to have long term
relation with Bonanza but there are 9(out of 50) who do not want to have long
term Relation with us because they are not very happy with the services.
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2. Cross Tab to find out how many AMFI Certified sub brokers are aware of
advantages of being AMFI Certified.
"Are you AMFI/ IRDA certificate" * "Are you aware of advantages of being AMFI
certified" Crosstabulation
Count
"Are you aware of advantages of be-
ing AMFI certified"
TotalYes No
"Are you AMFI/ IRDA certi-
ficate"
Yes 32 0 32
No 5 13 18
Total 37 13 50
Interpretation:The Cross Tab shows that out of 50, 32 are AMFI certified and all of them are
aware of its advantages but remaining 18 are not AMFI certified and 16 of this 18 are not aware of
advantages of being AMFI certified.
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3. Cross Tab to find out the reasons for lack of attendance at Training Sessions.
"How often do you attend the training sessions organized by the company" * "Reasons
for not attending Training Sessions" Cross tabulationCount
"Reasons for not attending Training Ses-
sions"
Total
Lack of
Time
Proximity of
Training loca-
tion
Other plans at
weekends
"How often do you at-
tend the training ses-sions organized by the
company"
Not very often 6 19 6 31
Sometimes 3 11 2 16
Very often1 0 2 3
Total 10 30 10 50
Interpretation : The above Cross tabulation shows that out of 50 people majority of the people
(31) attend the sessions very rarely and although two out of the three factors (Lack of Time and
Other plans at Weekends cannot be controlled ) but the third factor proximity of training location
can be taken care of by the firm.
CORRELATIONS
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1. To find out how correlated are Quality of Service at Bonanza and its impact
on Long Term Relationship of clients with Bonanza.
Correlations"What do you
think about
Quality of
Service de-
livered by
Bonanza"
"Would you
like to have a
long time Re-
lation with
Bonanza"
Spearman's rho "What do you think
about Quality of Service
delivered by Bonanza"
Correlation Coeffi-
cient 1.000 .797
**
Sig. (2-tailed) . .000
N 50 50
"Would you like to have
a long time Relation
with Bonanza"
Correlation Coeffi-
cient.797** 1.000
Sig. (2-tailed) .000 .
N 50 50
**. Correlation is significant at the 0.01 level (2-tailed).
There is a high Degree of Direct Correlation (0.797) between Quality of Service delivered by
Bonanza and its impact on sub brokers having Long term relationship with the firm. Hence if the
sub brokers are Happy with the service then they would have a long term relation with the firm
which is what a firm needs Loyal Customers.
2.To Find out how correlated are Preference Product at Bonanza and its impact
on Business they have done through Bonanza.
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Correlations
"Which is
your Preferred
Product at
Bonanza"
"On an Aver-
age How
much Business
have you done
through Bon-
anza"
Spearman's rho "Which is your Pre-
ferred Product at Bon-
anza"
Correlation Coeffi-
cient1.000 -.055
Sig. (2-tailed) . .707
N 50 50
"On an Average How
much Business have you
done through Bonanza"
Correlation Coeffi-
cient -.055 1.000
Sig. (2-tailed) .707 .
N 50 50
There is a very low negative correlation (-0.055) between the preferred product AND how much
business Sub brokers have done which shows that there are sub brokers whose preferred product is
Mutual fund (Option a of Q.9) but have done a business of over 3 crore (Option e of Q.8) and
another sub broker with same preferred product but has done a business of less than 3 lacs (option
a of Q.8) hence there is no correlation between these two parameters.
CHI SQUARE TEST
Since the sample size is 50(Greater than 30) so Chi-Square test is used for testing the Hypothesis.
A Test is performed to find out how the proximity of Training Location affects the Lack of
Attendance at Training Sessions. We have already defined the Hypothesis before performing this
test as:
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i) Null Hypothesis : The proximity of training location has no effect on sub brokers
attendance at the training sessions.
ii) Alternate Hypothesis: The proximity of training location has an effect on sub brokers
attendance at the training sessions.
The Chi- square test revealed the significant association between the Proximity of Training
Location and its impact on Attendance at Training sessions. From the Chi- Square output table
we see a significance level of 5.032 has been achieved. This shows a significant association
between the two variables at 91.9% confidence level (100-8.1).
Hence it can be concluded that at 90% confidence level, PROXIMITY OF TRAINING
LOCATION and ATTENDANCE AT TRAINING SESSIONS are significantly associated.
Recommendations for Bonanza
56
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 5.032a 2 .081
Likelihood Ratio 6.046 2 .049
Linear-by-Linear Association 1.079 1 .299
N of Valid Cases 50
a. 2 cells (33.3%) have expected count less than 5. The minimum expected count is 1.20.
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1. In order to retain the sub brokers and ensure that they have a long term relation with us, it is
very important that the company keep providing good service to all our sub brokers and ensure
that those who are not interested to have Long Term Relation changes their mind.
2. Around 36% people are not AMFI certified and further 89% of such Non AMFI people are not
even aware of its advantages so I would suggest that the company organizes the training session
for AMFI certification which would further build a good rapport about the firm in the minds of
the people.
3. It is very important that Bonanza keep updating the clients about daily market status and
also pay the brokerage to its sub broker on time ensuring that the sub brokers get what they
deserve and hence keep doing business for us in the future also.
4. Around 33% of those people who do not attend the training sessions do not do so because of
the proximity of training location which shows that in order to attract more and more sub
brokers for attending the training sessions it is very important that the training is organized at
more locations so that sub brokers can attend training sessions accordingly.
CONCLUSIONS
1. The Research shows that Good Sales Service is the USP of Bonanza and the company
should hold on to the customers by providing them the kind of services they prefer.
2. The company should continuously update the clients about the market conditions and also
they should be sending the commission to the sub brokers on time to ensure that the customers
are loyal to the firm.
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3. The company should ensure that more & more sub brokers should attend the training
sessions so that they are well aware about the product and its selling skills.
4. The major reason for not attending the training session is The proximity of training
location so that more and more people are comfortable with the location and hence can attend
the sessions.
5. There is a high degree of correlation between Quality of Service delivered by Bonanza and its
impact on the sub brokers decision to have a long term relation with them.
Hence Intermediaries play a very important role in selling of financial products. It depends on how
the Brokerage houses holds on to their sub brokers and encourage them to get the maximum
business for the firm.
Webliography
1. http://www.bonanzaonline.com
2. http://www.moneycontrol.com/stocksmarketsindia/
3. http://www.amfiindia.com/
4. http://www.bseindia.com/
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5. http://www.valueresearchonline.com
6. http://www.reliancemutual.com
7. http://jobfunctions.bnet.com/abstract.aspx?docid=114221
8. http://www.ici.org/pdf/per09-03.pdf
9. http://www.hse.fi/NR/rdonlyres/A85556C1-EE05-4BA0-B835-
18C3207BA70A/0/KnuuttilaPuttonenSmythe_Theeffectofdistributionchannelsonmut
ualfundflows_JFSM_Sep2006.pdf
APPENDICES:
Questionnaire
Name : Sub Broker code:
Q.1 How did you find out about bonanza
a) Through Friends/colleagues
b) Internet
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c) Sales Person from Bonanza
d) other sub brokers
Q.2 what do you like the most about Bonanza?
a) Good Sale Services
b) Good Commission Structure
c) Nice Post Sale Service
d) Trail Structure is good
e) All of the above
Q.3 Are you a sub broker of any other firm apart from Bonanza?
a) Yes b) No
If, Yes Please Specify the name
a) Kotak Securities
b) Anand Rathi
c) SMC Securities
d) Reliance Securities
e) Motilal Oswal
f) Other please specify______________________________________
Q 4 How do you rate bonanza on the scale of 1 to 5 ?
(1 represents least satisfied and 5 being highly satisfied)
Sales Service _____________
Speedy Service _____________
Post Sale Service _____________
Commission Structure _____________
Trail Structure _____________
Q.5 What are the areas of improvement for Bonanza Portfolio Ltd.?
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a) Continuously update the clients about market status
b) Timely Payment of Brokerage
c) Send updates on New products as early as possible
d) Competitive Commission Structure
Q.6 Would you like to have a Long Term Relation with Bonanza?
a) Yes b) No
Q.7 What do you think about quality of service delivered by Bonanza?
a) I am very happy with the service and dont have any complaints or issues
b) I want Better after Sales Service
c) I want better commission and trail structure
d) Any other__________________________________________________
Q.8 On an average how much Business have you done through Bonanza (in the Last 12 months)?
a) 1 lac - 5 lacs
b) 5 lacs 15 lacs
c) 15 lacs 30 lacs
d) More than 30 lacs
e) More than 3 Crore
Q 9 Which is your Preferred Product from the following:
a) Mutual Fund c) Life Insurance
b) General Insurance d) PMS
e) Share broking and Derivatives f) Others___________________
Q.10 How often do you expect Bonanza Portfolio to inform your clients about Daily Market status
or NAV?
a) Daily
b) Weekly
c) Monthly
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Q.11 How often do you attend the training sessions organized by the company (In the Last 12
months)?
a) Not very often
b) Sometimes
c) Very often
d) Every Week
e) Have not attended even a single session but i am looking forward to attend in the upcoming
weeks
Q.12 Is Proximity of training location a reason for not attending the Training sessions?
a) Yes
b) No
IF No, Which of the following is a reason for the same?
a) Lack of Time
b) Dont receive calls for the same
c)Other Plans at Weekends
Q.13 If you have attended training sessions then according to you how effective are these sessions?
a) Not much effective
b) Somewhat Effective
c) Very Effective
d) Not attended the sessions yet
Q.14 Are you AMFI/IRDA certified?
a) Yes b) No
Q.15 Are you aware of advantages of being AMFI/IRDA certified?
a) Yes b) No
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Q.16 Would you recommend your friends /Relatives/Colleagues to be a sub broker at Bonanza
Portfolio Ltd. ?
a) Yes b) No