A project report on customer satisfaction towards depository participants at karvy mba BABASAB PATIL

A Study of Respondent Satisfaction towards Depository Participants at Karvy
Babasabpatilfreepptmba.com Page 1
EXECUTIVE SUMMARY
Karvy, the FINAPOLIS Ltd. is a stock Broking Company that deals in shares.
Apart from security broking Karvy is in to Demat services, Mutual fund and
Insurance services. It offers a wide range of financial services in order to meet
different individuals financial planning.
The project emphasizes on “Customer satisfaction towards depository
participants”
Objectives of the Study:
 To know the function of DP.
 To know the percentage of have satisfied the service of DP.
 To know how demat account is helping in the trading
 To know the exception of the customer.
 To know the loops and draw backs of DP.
Research Methodology:
Data source:
Primary Data: Through Questionnaire
Secondary Data: Karvy‟s Record & Report, Magazine & Websites.
Sample size: 100 customers of Karvy Stock Broking Ltd.
Area Covered for research: Only Dharwad KARVY customers.

Sampling Procedure: Random sampling method from available database. In the
present scenario the service industry has given an utmost importance of doing a
particular task at a fastest time in order to satisfy the customer and to attract new
customer. In this project we can find out the customer of Karvy Consultant have
satisfied with demat service and this DP is overcoming the disadvantages of the
physical trading of the securities in the stock exchange.

FINDINGS:
1) I have carried out this exercise on Dematerlisation. So in my studies I have tried to
see whether the customer have satisfied the service given by depository participants.
2) I have also seen that awareness of KARVY service given by Karvy finical
consultant is from friends.
3) It is also seen that more than 84% of the respondent have satisfied with the service
of demat.
4) It is also seen that more than 55% to 60% of the respondent has satisfied with the
service of Freezing/ Defreezing and loan against share. Also 40% respondents are not
aware about these services.
5) Also found that nearly 2% of the respondents are dissatisfied with bill Acceptance.
6) 5% improper format of Holding/Transaction statement and 4% Frequently
reminders are given to karvy consultant ltd., for update the information Are
Dissatisfied.
7). 38% of respondent feel tariff structure of Karvy Stock Broking Ltd charged is high
and very high.
8) Also found that 53% respondent have satisfied 80% of the service
9). 35% of respondent prefer Karvy Stock Broking Ltd DP to Other Dp because
Of Quality service And, 40% for safety service.

INTRODUCTION
India has two hundred years old tradition in Securities. Infact that first India
stock exchange established in Bombay is the oldest in Asia. The earliest security
dealings were Transactions in loan securities of East India Company, the dominant
institution of those days. Corporate Shares came into the picture by 1830‟s and
assumed significance with the Companies Act of 1956. In 1887 the broker community
gave birth to the “Native share and stock brokers Association” which is now known as
the Bombay Stock Exchange.
The Indian Capital grew at a very moderate rate from 1951 to 1980. However
it registered an impressive growth in 1980s. the process of liberalization and the
transparency in operation has raised the interest of foreign investors in India. Till
1978 there were only 8 recognized exchanges in India. Initially the exchange operated
on an outcry system i.e. manual system of trading Due to increase in the trading
volumes, the number of issuer increased substantially, and the birth of NSES highly
transparent automated system come into existence Even then there was an increase in
paper work causing a gridlock at every stage in the stock market This delays the
clearance and settlement of traders, registration of securities in the shareholder name
and due this it increased the back office paper work intermediaries These outdated
systems have increased settlement risks and have rendered the implementation of a
delivery of a versus payment system impossible. National Stock Exchange of India
Limited to provide electronic depository facilities for securities traded in the equity
and the debt market. NSDL commenced its operations in the year 1996 and is the first
depository in India.

DESIGN OF THE STUDY
Tile of the project:
“Service Analysis & Customer satisfaction towards Depositary participants”.
Statement of the Problem: KARVY STOCK BROKING Ltd is providing the Demat
service. Hence in this report an attempt is made to know the present customer
satisfaction towards depository participants.
RESEARCH OBJECTIVES:
 To know the function of DP.
 To know the percentage of have satisfied the service of DP.
 To know how demat account is helping in the trading
 To know the exception of the customer.
 To know the loops and draw backs of DP.
.

METHODS AND METHODOLOGY
Sampling Design:
 Sampling since segment wise investors in KARVY STOCK BROKING Ltd
were available the overall customers were considered for the study. Hundred
Percent coveraged. Hence random sampling survey method was adopted for
the purpose of the study.
 Sampling Size: A sample of 100 was chosen for the purpose of the study.
Sample consisted of small investor, large investors and traders of KARVY
STOCK BROKING Ltd.
 Sampling Procedure: From large number of customer of KARVY STOCK
BROKING Ltd. Were randomly selected from the available customer
database.
 Field Study: Directly approached respondents.
DATA COLLECTION METHOD:
1. PRIMARY DATA: For a study of this nature primary data is collected through
Questionnaire.
2. SECONDARY DATA: This is been is collected through Karvy‟s Record &
Report, Magazine & Websites.
MEASUREMENT TECHNIQUE:
For this purpose measurement technique used for survey is
questionnaire to collect information from the respondent
ANALYTICAL TECHNIQUE:
Statistical technique used for measuring the response is in terms of percentage.

LIMITATION OF STUDY
 Since Sample size is only 100 all Hundred customers are approached .
 Since segment wise investor is available in KARVY STOCK BROKING Ltd.
Overall concept is taken for the study.
 Information is partly based on secondary data and hence the authenticity of the
study can be visualized and is measurable.
 Level of accuracy of the results of research is restricted to the accuracy level
with which the customers have given their answers and the accuracy level of
the answers cannot be predicted.
BACKGROUND
Karvy Stock Broking Limited, one of the cornerstones of the Karvy edifice,
flows freely towards attaining diverse goals of the customer through varied services.
Creating a plethora of opportunities for the customer by opening up investment vistas
backed by research-based advisory services. Here, growth knows no limits and
success recognizes no boundaries. Helping the customer create waves in his portfolio
and empowering the investor completely is the ultimate goal.
KARVY, is a premier integrated financial services provider, and ranked
among the top five in the country in all its business segments, services over 16 million
individual investors in various capacities, and provides investor services to over 300
corporate, comprising the who is who of Corporate India. KARVY covers the entire
spectrum of financial services such as Stock broking, Depository Participants,
Distribution of financial products - mutual funds, bonds, fixed deposit, equities,

Insurance Broking, Commodities Broking, Personal Finance Advisory Services,
Merchant Banking & Corporate Finance, placement of equity, IPOs, among others.
Karvy has a professional management team and ranks among the best in technology,
operations and research of various industrial segments.
The birth of Karvy was on a modest scale in 1981. It began with the vision
and enterprise of a small group of practicing Chartered Accountants who founded the
flagship company…Karvy Consultants Limited. We started with consulting and
financial accounting automation, and carved inroads into the field of registry and
share accounting by 1985. Since then, we have utilized our experience and superlative
expertise to go from strength to strength…to better our services, to provide new ones,
to innovate, diversify and in the process, evolved Karvy as one of India‟s premier
integrated financial service enterprise.
Thus over the last 20 years Karvy has traveled the success route, towards
building a reputation as an integrated financial services provider, offering a wide
spectrum of services. And we have made this journey by taking the route of quality
service, path breaking innovations in service, versatility in service and
finally…totality in service.
Our highly qualified manpower, cutting-edge technology, comprehensive
infrastructure and total customer-focus has secured for us the position of an emerging
financial services giant enjoying the confidence and support of an enviable clientele
across diverse fields in the financial world.
Over the years we have ensured that the trust of our customers is our biggest
returns. Factors such as our success in the Electronic custody business has helped

build on our tradition of trust even more. Consequentially our retail client base
expanded very fast. Our values and vision of attaining total competence in our
servicing has served as the building block for creating a great financial enterprise,
which stands solid on our fortresses of financial strength - our various companies.
With the experience of years of holistic financial servicing behind us and years
of complete expertise in the industry to look forward to, we have now emerged as a
premier integrated financial services provider.
And today, we can look with pride at the fruits of our mastery and experience
– comprehensive financial services that are competently segregated to service and
manage a diverse range of customer requirements.
GROUP OF COMPANIES
 KARVY SECURITY LTD
 Deals in distribution of various investment products, viz, equities,
Mutual fund, bounds debenture fixed deposits, insurance policies & other
financial products
 Member –Hyderabad stock Exchange (HSF)

 KARVY STOCK BROKING LTD.
 Deals in buying & selling equity shares & debenture &on the national stock
exchange (NSE), the Hyderabad stock exchange & over the counter exchange
of India (OTCEI)
 Member-national stock exchange (NSE)
 KARVY CONSULTANTS LTD
 Transfer agency services for corporate & mutual funds
 Registrar for IPObook building
 Depositary participant services
 Registered with both NSDL/CDSL
 It enable services –MT/call center /data classification
 Karvy .com comprehensive financial advisory site
 KARVY INVESTER SERVICES LTD.
 Deals in issue management, investor banking & merchant banking of fixed
income & other financial products.
 Trading through BSE
 DEPOSITARY SEVICES
 Registered as DP both with NSDL & CDSL
 Serving over 2 lac investors
 Online connectivity at Hyderabad, Lucknow &Bangalore
 Ranked among the top 5 DPS in the country
 High synergy with registry & broking activities for higher services levels to
the customer information

 Web based customer information
 Provision of service in over 75 locations
 IT SERVICES GROUP
1. Medical transcription
 First strategic initiative into global processing
 Among the top MT companies in India
2.E-BUSINESS GROUP
 Strategic intent: to develop a comprehensive financial services portal
which includes
 Investor servicing: mutual funds, corporate shareholders & depository
clients.
 Distribution of financial products
 Net trading
 Insurance distribution
1. Call center
2. Started with a 30 agent e-call center

MISSION
Our mission is to be a leading, preferred service provider to our customers,
and we aim to achieve this leadership position by building an innovative, enterprising
and technology driven organization which will set the highest standards of service and
business ethics.
QUALITY POLICY
To achieve and retain leadership, Karvy shall aim foe complete customers
satisfaction, by combining its human and Technological resources, to provide superior
quality financial Services. In the process, Karvy will strive to exceed Customer‟s
expectations.
QUALITY OBJECTIVES
As per the Quality Policy, Karvy will:
1. Build in- house process that will ensure transparent and harmonious
relationship with its clients and investors to provide high quality of services.
2. Establish a partner relationship with its investor service agents and vendors
that will help in keeping up its commitments to the customers.
3. Provide high quality of work life for all its employees and equip them with
adequate knowledge &skills so as to respond to customer‟s need.
4. Continue to uphold the values of honesty & integrity and strive to establish
unparalleled standards in business ethics.
5. Use state –of – the art information technology in developing new and
innovative financial products and services to meet the changing needs of
investors and clients.

6. Strive to be a reliable source of value-added financial products and services
and constantly guide the individuals and institutions in making a judicious
choice of it. Strive to keep all stake- holders (shareholders, clients, investors
and regulatory authorities) proud and satisfied.
Achievements
 Among the top 5 stock brokers in India (4% of NSE volumes)
 India's No. 1 Registrar & Securities Transfer Agents
 Among the to top 3 Depository Participants
 Largest Network of Branches & Business Associates
 ISO 9002 certified operations by DNV
 Among top 10 Investment bankers
 Largest Distributor of Financial Products
 Adjudged as one of the top 50 IT uses in India by MIS Asia
 Full Fledged IT driven operations

MILESTONE

ORGANIZATION CHART
Managing Director
Chief Managing Director
Vice-President Vice-President Vice-President Vice-
President
Karvy Karvy Karvy Karvy
Securities Stock Broking Consultants Investors
Services
Ltd. Ltd. Ltd. Ltd.
Deputy Deputy Deputy Deputy
General General General General
Manager Manager Manager Manager
Senior Senior Senior Senior
Manager Manager Manager Manager
Branch Manager
N number of Team Leaders
N number of Executives

INTRODUCTION
Dematerialization or "Demat" is a process whereby your securities like shares,
debentures etc, are converted into electronic data and stored in computers by a
Depository. Securities registered in your name are surrendered to depository
participant (DP) and these are sent to the respective companies who will cancel them
after "Dematerialization" and credit your depository account with the DP. The
securities on Dematerialization appear as balances in your depository account. These
balances are transferable like physical shares. If at a later date, you wish to have these
"Demat" securities converted back into paper certificates, the Depose Depository
functions like a securities bank, where the dematerialized physical securities are
traded and held in custody. This facilitates faster, risk free and low cost settlement.
In order to dematerialize certificates; an investor will have to first open an
account with a DP & then request for the dematerialization of certificate by filling up
a dematerialization request form (DRF), which is available with DP & submitting the
same along with the physical certificates. The investor has to ensure that before the
certificate are handled over to the DP For demat, they are defaced by marking
“Surrendered for dematerialisation” on the face of the certificates. Depository is
much like a bank and perform many activities that are similar to a bank.
Just as one opens a bank account in order to avail of the services of a bank, an
investor opens a depository account with a depository participant in order to avail of
depository facilities.

Following table compares the two.
Bank Depository
Holds funds in accounts Holds securities in account
Transfers funds between accounts Transfers securities between accounts
Transfers without handling money Transfers without handling securities
Safekeeping of money Safekeeping of securities
Transacting the depository way has several advantages over the traditional system
of transacting using share certificates. Some of the benefits are:
 Trading in demat segment completely eliminates the risk of bad deliveries,
which in turn eliminates all cost and wastage of time associated with follow up
for rectification. This reduction in risk associated with bad delivery has lead to
reduction in brokerage to the extent of 0.5% by quite a few brokerage firms.
 In case of transfer of electronic shares, you save 0.5% in stamp duty.
 You also avoid the cost of courier/ notarization/ the need for further follow-up
with your broker for shares returned for company objection
 In case the certificates are lost in transit or when the share certificates become
mutilated or misplaced, to obtain duplicate certificates, you may have to spend
at least Rs500 for indemnity bond, newspaper advertisement etc, which can be
completely eliminated in the demat form.
 You can also receive your bonuses and rights into your depository account as
a direct credit, thus eliminating risk of loss in transit.
 You can also expect a lower interest charge for loans taken against demat
shares as compared to the interest for loan against physical shares. This could

result in a saving of about 0.25% to 1.5%. Some banks have already
announced this.
 RBI has increased the limit of loans against dematerialized securities as
collateral to Rs2mn per borrower as against Rs1mn per borrower in case of
loans against physical securities.
 RBI has also reduced the minimum margin to 25% for loans against
dematerialized securities as against 50% for loans against physical securities.
In short the advantages of opening a demat account are
 Shorter settlements thereby enhancing liquidity
 No stamp duties on transfer of securities held in demat form.
 Elimination of risk associated with physical certificated such as bad delivery,
fake securities.
 Reduction in handling large volume of paper;
 Nomination facility
 Transmission of securities (such as shares, debentures, bonds and units) is
done by DP eliminating the need to correspond with each company separately.
 Change of name, address, dividend mandate, registration of power of attorney,
transmission etc. can be effected across companies held in demat form by a
single instruction to the DP
Though under the Depositories Act, 1996, there is no compulsion and the
investor can hold shares either in physical or in dematerialized form. But according to
Sebi‟s directive certain shares have to be traded compulsorily in dematerialized form
where the seller cannot sell in physical form. However, after he has bought the shares
the investor can ask for rematerialization of the shares.

The Depository Account must be opened with a Depository Participant. NSDL
interfaces with investor trough Depository Participants (DPS). A list of names and
addresses of all Authorized DP‟s is available with the NSDL and CDSL and one can
meet any of these DP‟s place and make a choice at your based on your comfort and
convenience. Opening a depository account is as simple as opening a bank account.
One can open a depository account with any DP.
To open a Depository Account, you have to submit the duly filled in Account
Opening form along with the following documents:
 Fill up the account opening form, which is available with the DP.
 Residential Proof - Copy of Ration Card, Passport, Driving License,
Telephone Bill, Electricity Bill or Rental Agreement.
 Sign the DP-client agreement, which defines the rights and duties of the DP
and the person wishing to open the account.
 Receive your client account number (client ID).
 This client ID along with your DP ID gives you a unique identification in the
depository system.
There is no restriction on the number of depository accounts a person can
open. However, if your existing physical shares are in joint names, you have to open
the account in the same order of names before you submit your share certificates for
demat. A sole holder of the share certificates cannot add more names as joint holders
at the time of dematerializing his share certificates.
However, if the investor wants to transfer the ownership from his individual
name to a joint name, he should first open an account as the sole holder (account A)

and dematerialize the share certificates. He should then open another depository
account (account B) in which he is the first holder and the other person is the second
holder and make an off market transfer of the shares from the account A to account B.
The investor will incur a charge on this transaction. Alternatively, the certificates can
be transferred to the joint ownership and then sent for Dematerialization.
Right now, as per the Companies Act, there is no nomination facility for
shares (whether in the physical or in the electronic form). The nomination facility for
shares can be availed of only when the relevant provisions in the Companies Act are
amended. NSDL captures the details of the nominee when the account is opened so as
to offer the facility as soon as the relevant amendments are effected in the Law.
A client can choose to open more than one account with same DP. In addition
to this, he has a choice of opening accounts with more than one DP. However a broker
can open just one Clearing Member account per card/ stock exchange for clearing
purpose, but he can still open multiple beneficiary accounts Beneficiary is the
personal account wherein brokers can keep their personal holdings.
Account opening
Any investor who wishes to avail depository services must first open an
account with a depository participant of NSDL The process of opening a Demat
account is very similar to a bank account The investor can open an account with any
depository participant of NSDL An investor may open an account with several DPs or
he may open several account with single There are several DPs offering various
depositary related services. Each DP is free to fix its own fee structure Investors have
the freedom to choose a DP based on criteria like convenience , comfort has to enter

into an agreement with the DP The form and contents of this agreement are specified
by the business rules of NSLD
Types of depositary account depends on the operation to be performed There are
three types of Demat accounts which can be opened with a depositary participant viz
(a) Beneficiary Account (b) Clearing member Accounts and (c) intermediary account
Types of accounts
Beneficial owner Clearing member Intermediary
Account Account Account
House Non-House
 A DP may be required to open three categories of accounts for client –
beneficiary account, clearing member account and intermediary account
 A beneficiary account is an ownership account The holder/s of securities in
this type of account own those securities
 The clearing member account and intermediary account are transitory account
The securities in these are held for commercial purpose only
 A clearing member account is opened by a broker or a clearing member for the
purpose of settlement of trades
 An intermediary account can opened by a SEBI registered intermediary for the
purpose of stock leading and borrowing

BENEFICIARY ACCOUNT
This is an account opened by investor to hold their securities in
dematerialized from with a depository and to carry out the transactions of sale
purchase of such securities in book entry form through the depositary system A
beneficiary account holder is legally entitled for all rights and liabilities attached to
the securities held in that account Therefore, the account is called “beneficial owner
account” a beneficial account can be in the name of individual, corporate, HUF,
minor, bank, financial institution , trust etc or the broker himself for the purpose of his
personal investments in demat form . The account is opened with a DP
House account vs. non –house account opened by a DP for the custody of
and transactions in its own investment is referred to as a house account DPS Are
required to open house accounts for their own investments to prevent co-mingling of
asset with that of their clients
Neither the depositories ACT nor the regulations made under the act lay
down any specifications about who can open a beneficiary account since all beneficial
owners are deemed to be member of a company (under section 41 (3) of the
companies act) only those who are eligible to become members of a company act can
open a beneficiary account with a depository Thus all legal entities with the exception
of partnership firms can open an account in the depository system
Documents for verification: For the purpose of verification, all investors have
to submit the following documents along with the prescribed account opening form
Proof of identity- a beneficiary account must be opened only after obtaining a
proof of identity of the applicant The applicants signature and photograph must be
authenticated by an existing account holder or by the applicant bank or after due

verification made with the original of the applicants valid passport , voter id , driving
license or PAN card with photograph and further
Proof of address- The account opening form should be supported with proof
of address such as verified copies of ration card/ passport/ voter ID/ PAN card/driving
license / bank passbook an authorized official of the participant, under his signature,
shall verify the original documents
In case any account holder fails o produce the original documents for
verification within the foreside period of 30 days, it must be immediately brought to
the notice of NSDL Failure to produce the original within the prescribed time would
invite appropriate action against such account holder, which could even include
freezing of their accounts
Common information: The process of opening an account with a depository,
nature of such an account, and various factors to be considered for opening a
depository account are explained below. Some details are common to all types of
accounts. These are:
1. Name of the holder
2. Date of birth (for individual accounts)
3. Occupation
4. Address & phone / fax number
5. Bank details like name of the bank, type of the account (current/savings),
accounts number, branch address, MICR, etc
6. PAN number, if applicable
7. Details of nomination
8. Specimen signatures
Beneficiary account- procedure for opening an account

Investor have the choice of selecting a DP based on their convenience,
comfort, service, levels, safety, reputation charges, etc they have flexibility to have
more than one account with the same DP or any other DPS No minimum balance is
required for opening a depository account Investor also have the freedom to close an
account with one DP and open another one with any other DP
The type of the account opening from to field by an investor and the list of
documents required depend on the type of beneficiary account to be opened –whether
it is for NRI‟s or corporate or individual Further, the individual account can be in a
signal name or joint name clearing members and brokers have to open in a beneficiary
account if they have to deal with their own holdings
There are several client types in the depository system and different codes are
allotted to them. These are listed below
1. Resident
 Ordinary
 HUF
2. Financial institutions
 Government –sponsored FI
 State financial corporation
 Other
3. FIIS
 Mauritius –based
 Others
4. NRI
 Repatriable
 Non-Repatriable
 Depository receipt

5. Body corporate
 Domestic company
 Overseas corporate body Repatriable
 Government company
 Central government
 State government
 Co-operative body
 NBFC
 Non –NBFC
 Broker
 Foreign bodies
 Group companies
 Others
 OCB-Nonrepatriable
 Depository receipt
6. CM (clearing member)
7. Foreign national – national /depository receipt
8. Mutual fund –depository receipt
9. Trust, Bank
10. Intermediary
Clearing Member Account
The entities that are authorized to pay out from a clearing corporation/ clearing
house against traders done by them or their clients are known as clearing members.
CMs are identified in the system through their CM-BP ID. All pay-in and pay-out
transactions are carried out through their accounts.

There are two types of clearing members:
1. All members of a stock exchange popularly know as brokers, are clearing
members;
2. Custodians who are permitted by the stock exchange to act as a clearing
members.

PROCEDURE TO OPEN A CLEARING MEMBER ACCOUNT
The steps undertaken to open the account are same as those of the individuals,
difference lies in the type of the clearing members has to first register itself with the
depository and obtain a business partner identification number (CM-BP-ID). The
clearing member is identified by the combination of CC-CM-ID given by the DP.
Immediately after opening a clearing account, the DP should inform the
depository the details of clearing members name, CM-BP-ID, client-ID, and date of
the opening the account in DPM system.
The clearing account should only be for clearing and settlement purpose and
nit for any other purpose, e.g., holding of securities received in a settlement received
in a settlement account should be transferred to the transferred to respective beneficial
accounts as soon as possible, but in no case later than the time prescribed by the
depository/ stock exchange/ SEBI in this regard. The opening of clearing members
account constitutes a “standing instruction” to receive credits from the clearing
corporation when there is a pay-out.
The Clearing House deals with ONLY ONE designated account for pay-in
and pay-out with the Broker. This single account allows you to know to which
account securities must be delivered and received from. One Clearing Member Pool
Account is opened per card / Stock Exchange to settle trades in the Dematerialised
form.
Structure Of Clearing Account
The clearing account is identified in the depository system by its CM-BP-ID.
The internal structure of the Clearing Account consists of three parts to facilitate easy
book keeping.

 Arrangement of clearing account
 Pool Account
 Delivery Account
 Receipt Account
Clearing Corporation (CC)/Clearing House (CH)
Clearing Account
Delivery Account Pool Account Receipt Account
a) Pool Account: It has two roles in clearing of Securities, viz., before pay-in, the
selling client of the clearing member transfers securities from his client Account
to the Clearing Account. After receiving pay-out, the clearing member transfers
securities from his Clearing Account to the account of the buying client.
b) Delivery Account: The securities before pay-in, the securities move from the
Pool Account To the Delivery Account. The movement will be automatic if
clearing member has given such an undertaking to its Clearing If the Clearing
Corporation. It will be effected on the basis of instruction received from the
Clearing house/ Clearing Corporation. If the clearing house/ Clearing Corporation
has not taken such undertaking, the clearing member to its DP must submit a
delivery instruction form. At the time of pay-in, NSDL flushes out the securities
in the Delivery Account & transfers the same to the Clearing house/ Clearing
Corporation.
Selling
client
Buying
Client

c) Receipt Account: On pay-out day, the Clearing house/ Clearing Corporation
transfers securities to the Pool Account (to The extent of net receipt) through the
Receipt Account. This account can be used to trace details of settlement-wise
receipt of the clearing member.
Market Type & Settlements Number: A clearing account can be broken into
compartment and sub-compartments. Each compartment can be called as market type
and be as settlement number. Hence, if securities are moved from any clearing
account, apart from the CM-BP-ID, the combination of market type and settlement
number must be provided. A diagrammatic illustration of the internal structure of a
clearing account is depicted in next page.

Settlement calendar: Settlement calendar is decided by the stock exchange. It
contains details for each market type & settlement number. The detail for each
settlement consists of the date of trading, pay-in time, pay-out date, settlement
number etc. Clearing member can obtain the settlement calendar from its own stock
exchange. This is also available in the depository software of the DP.
MARKET TRANSFERS: Any trade, which is cleared & settled by the clearing
house/ Clearing Corporation of the stock exchange, is considered as a market trade in
the depository. Consequently, the transfers routed through the clearing account.
Typically, a market trade has the following legs of transactions.
a. Receiving securities for pay-in from clients (client to clearing members)
Physical Rolling Action Rolling
2000014
Delivery Pool Receipt
2000015
2000248
9000152
9000153
9000152
2000016
2000249
2000248
Clearing Account
(IN503265)

b. Delivering securities to the clearing house/clearing corporation for pay-in.
(clearing house/clearing corporation)
c. Receiving pay-out from the clearing house/clearing corporation. (Clearing
House/clearing Corporation to clearing member)
d. Distribution of pay-out to clients. (Clearing member to client)
A diagrammatic illustration of the settlement of a market trade in a depository
is depicted below:
D C
A B
DP of Seller‟s
CM
DP of Buyer‟s
CM
DP of Seller
NSDL CH/CC
DP of buyer

Receiving securities for pay-in from clients (client to clearing member)
A selling client of a clearing member (broker) would transfer securities from
his beneficial owner account to the clearing account of the clearing member for
onwards delivery to the clearing house/clearing corporation. This transfer is effected
by his DP on the basis of a delivery instruction provided by the selling client. A
diagrammatic Illustration for securities received for pay-in from clients is depicted
below:
Indicates flow of securities
Indicates paper /electronic instruction given.
OFF MARKET TRANSFERS: Any trade, which is not cleared and settled by
the clearing house/clearing corporation of the stock exchange, is considered as an off-
market trade in the depository. Consequently, the transfer is not routed through the
clearing account. Such transfers take place directly between two beneficiary accounts.
NSDL
DP1
DP2
Seller A
AAAlle
r A
Clearing
MemberSeller CSeller B

Both buyer and seller may open account either with the same DP or with different
DPs. The buyer and seller will trade amongst themselves and later on will exchange
money, i.e., settle funds amongst themselves. The selling client would deliver
securities from its beneficiary account to the beneficiary account of the buying client.
This transfer is effected by the DP of the selling client on the basis of a delivery
instruction provided by the selling clients. A diagrammatic illustration of the
settlement of an off-market trade in depository is depicted below:
Indicates flow of securities
Indicates paper /electronic instruction given.

Depository:
A Depository is a Company where the shares of an individual are held in the
electronic form, at the request of the shareholder. This eliminates the physical form of
holding. IDBI, UTI, SBI and NSE promoted the National Securities Depository
Limited (NSDL). The Central Securities Depository Limited (CDSL) was promoted
by BSE.
Your money may be held in the form of liquid cash at your home or may be
deposited in a bank. The bank holds your funds in the electronic form and
subsequently debits or credits the account. Depending on your issuance of cheques or
deposit of cheques. The advantages of safety and convenience of dealing with a Bank
overweigh the reasons for holding liquid cash in your home. Your financial assets
such as Equity Shares may be compared to the above example. You may hold
physical share certificates in your home and be exposed to the various risks of lack of
safety, mutilation, loss etc. Alternatively, you may deposit your shares in an
organization called a Depository, which holds your shares in the electronic form. You
can dematerialize shares of only those companies that have signed agreement to
dematerialize their shares with the depository. You cannot dematerialize shares if they
are not in your name, i.e. shares held in street name (market deliveries) cannot be
dematerialized. However, when you send shares to the registrar to be transferred to
your name you can request that you want those shares in dematerialized form.
Karvy Consultants Ltd. has four DPMs as on date. They are:
1.Hyderabad-IN300394
2.Lucknow - IN301557

3.Bangalore- IN301926
4. Mumbai - IN302470
In India depositories are required to be registered with SEBI and are governed
by the provision of the Depositories Act, 1996 and regulation and bylaws framed for
depositories by the SEBI.
The depositories work in a completely computerized environment with
electronic linkages with the point of origination for the transactions that may cause
the change in ownership of securities. A depository will be electrically linked with
the Register of the members maintained by the company/registrar, clearing and
settlement system in the stock exchanges, stock lending organization (if in existence),
custodians of securities, depository participants and brokers.
Function of Depository
Dematerlisation: one of the primary functions of depository is to eliminate or
minimize the movement of the physical securities in the market. This is achieved
through dematerialisation of securities. Dematerlisation is the process of converting
securities held in physical form into holdings in book entry form.
Account Transfer: The depository gives effect to all transfers resulting from the
settlement of trade and other transactions between various beneficial owners by
recording entries in the accounts of such beneficial owners.
Transfer and Registration: A transfer is the legal change of ownership of a security
in the records of the issuer. For effecting a transfer, certain legal steps have to be
taken like endorsement, execution of a transfer of security occurs merely by passing

book entries in the records of the depositories, on the instructions of the beneficial
owners.
Corporate Actions: A depository may handle corporate actions in two ways. In the
first case, it merely provides information to the issuer about the persons entitled to
receive corporate benefits. In the other case, depository itself takes the responsibility
of distribution of corporate benefits.
Pledge and hypothecation: Depositories allow the securities placed with them to
be used as collateral securities in physical form to the lender or its custodian. These
securities are verified for authenticity and often need to be transferred in the name of
lender. This has a time and money cost by way of transfer fees or stamp duty. If the
borrower wants to substitute the Pledging/Hypothecating the securities makes the
process very simple and collateral accounting through book entries in the records of
the depository.
Linkage with clearing system: whether it is a separating clearing corporation
attached to a stock exchange or a clearing house (department) of a stock exchange, the
clearing system performs the function of ascertaining the pay-in (sell) or pay-out
(buy) of brokers who have traded on the stock exchange. Actual delivery of securities
to the clearing system from the selling and delivery of securities from the clearing
system to the buying broker is done by the depository. To achieve this, depositories
and the clearing system should be electronically linked.

Depository Participant:
Depository Participant (DP) is an organisation that acts as an Agent of the
Depository and interacts with the investor. A DP is responsible for maintaining your
securities account and operating it only under your written instructions. The
Depositories Acts mandates that investors can use Depository facilities only through
DP‟s. The distribution channel and geographical spread of the DP‟s offices allows
you to access the Depository at a low cost. DP can only access their own clients'
information. They cannot access the client information of any other DP. The
information of your holdings in the account is completely confidential& it is similar
to your account balance in a bank.
You can select your DP to open a demat account just like you select a bank for
opening a savings account. Some of the important factors for selection of a DP can be:
1. Convenience - Proximity to your office/residence, business hours.
2. Comfort - Reputation of the DP, past association with the organisation,
whether the DP is in a position to give the specific service you may need?
3. Cost - The service charges levied by DP and the service standards.
Individual accounts can be opened by Ordinary Resident, HUF, NRI
Repatriable and NRI Non-Repatriable. Body Corporate, Banks, Trusts, Financial
Institutions, Foreign Institutional Investors, and Overseas Commercial Banks etc can
open corporate Accounts. An account can be opened in the name of HUF in a similar
way to individual account and mentioning the account category as HUF. However,
Kartha of HUF will sign the application, agreement and all transactions under the
account

An account cannot be opened in the name of the firm. It has to be opened in
the name of any of the Partner as an Individual account only.
Procedure for Dematerialisation
Dematerialisation Process:
1
2A 2 5
3
4
Steps:
1. Client/ investor submits the DRF (Demat Request Form) and Physical
certificates to DP. DP checks whether the securities are available for demat.
Client defaces the certificates by stamping „Surrender for Dematerlisation‟.
DP punches two holes on the name of the company and draws two parallel
lines across the face of the certificate.
2. DP enters the demat request in his system to be sent to NSDL. DP dispatches
the physical certificates along with the DRF to the R & T Agent.
3. NSDL records the details of the electronic request in the system and forwards
the request to the R&T Agent.
4. R&T Agent, on receiving the physical documents and the electronic request,
verifies and checks them. Once the R&T Agent is satisfied, Dematerialisation
of the concerned securities is electronically confirmed to NSDL.
Investor
R & T Agent
DP
NSDL

5. NSDL credits the dematerialized securities to the beneficiary account of the
investor and intimates the DP electronically. The DP issues a statement of
transaction to the client.
a. DPs provide Dematerlisation request forms (DRF) to their clients.
b. The client completes the DRF in all respect 7 submits to the DP along with the
security certificates to be dematerialized.
c. The DP checks the DRF for validity, completeness and correctness. The
following points should be checked particularly:
 The security certificate sought to be dematerialized are attached to DRF.
 The attached security certificates are marked (defaced) with the words
„surrendered for dematerialisation‟. This is a precautionary measure to
prevent misuse of share certificates by anyone.
 The certificate are not mutilated or defaced in a manner affecting any
material information.
 The name of client on DRF and the certificates is exactly the same as in
the client‟s account in DPM. However, minor variations in the name (like
abbreviated name, initials in the place of first name, middle name, minor
name mistake in the name) may be permitted if it can be reasonably
established that both names are of the same person. The permitted
variations refer to initials not being spelt out fully or put prior to after the
surname. In such cases, if the signature on the DRF matches the specimen
signature available with the DP, the securities can be considered for demat.
 Details like security type, face value, paid-up value, pari passu status,
certificate numbers, distinctive numbers, number of certificates, total
quantity of securities and lock-in statues are filled-in correctly.

d. If the DRF & the accompanying security certificates are found in order, the
DP should accept the DRF and certificates.
e. If DRF and the accompanying security certificates are not found in order, the
DP should return the DRF and certificates.
f. The DP should enter the dematerialisation request in the DPM. DPM generates
a request number (DRN), which should be mentioned on DRF.
g. An authorized person, other than one who entered the DRF details in the
DPM, should verify the details of DRN and release a request to NSDL.
h. Once the DP has received the certificates defaced by investor, the DP punches
two holes on the name of the issuer or its R&T Agent for dematerialisation.
DRF and enclosures have to be sent at the “address to which physical
certificate to be sent” communicated by NSDL. The forwarding letter should
refer to the allotted DRN and should refer to the allotted DRN and should Be
sent within seven days of accepting it from the client.
i. The issuer or its R&T Agent verify the DRF & the accompanying certificate
for validity, completeness and correctness. They also match the details with
the intimation received from NSDL against the same DRN.
j. In case DRF is not found in order, the issuer or its R&T Agent send an
objection memo to the DP, with or without DRF & security certificates
depending upon the reason for rejection.
k. DRFs & Certificate are sent back on the following grounds:
 DRN does not match with message from DM
 Quantity of actual securities is less than DRF
 Quantity of actual securities is more than DRF

l. DRF & certificate are not sent back:
 If the certificate is fake
 If the certificate has been reported to be stolen
 If the duplicates of the original certificates sent for demat have already
been issued
 If the endorsements are forged
 If the securities are not in the name of the account holder as per DRF
 If the details of the certificates do not pertain to the R&T Agent
 If the signatures differ
 If there is any court order on the securities
 If the certificate are received after 15 days of the electronic request.
m. The DP informs the client accordingly & requests removal of reasons for
objection. The DP removes these or provides additional information to the
issuer or its R & T Agent within 15days of receiving the objection memo.
n. The DP, if the client so requires, may generate a new dematerialisation request
& send the securities again to the issuer or R &T Agent.
Precaution to be taken while processing DRF
 Ensure account to have the same sequence of names of holders and name
structure as printed on the physical certificate.
 Ensure ISIN is activated
 Separate DRF for:
 Partly & fully paid-up shares
 Locked & free holding
 Holdings locked in for different reasons
 Locked in holdings having different release date
 Different ISINs of the company

 ISIN to be entered by DP.
 All joint holders to sign DRF.
 Check DRF form with details on certificate.
DEMAT PROCESS
The demat process requires defacing of securities which will make the security
certificate undeliverable unless the demat formalities are completed. Therefore, the
client should be assisted in ascertaining whether the securities in question are
available for demineralisation. Clients should be helped in filling up the demat request
properly. Demat rejection causes great inconvenience to the client. DP should attend
to this area with care and caution. One of the important reasons for demat rejection is
signature mismatch. Taking the following precaution can reduce this:
 If the client is aware that the signature with the company& signature of the
client should be advised to the register the new signature.
 If the signature is slightly different, client should be advised to sign as per the
signature that was recorded by the company and as recorded with the DP.
 Ensure dispatch of DRFs and certificate to R &T Agents within seven days.
 Client may be encouraged to use the Transfer-cum-demat facility if it is
offered by the company. They should be made aware of the procedures of the
scheme.
 In case of joint holdings, the clients should be informed about the availability
of Transposition cum Demat facility.

CLOSURE OF ACCOUNT:
Closure on Client‟s Request- A DP can close a depository account on receipt
of an application in the prescribed format. The application should be made by the
account. In case joint-holders. An account can be closed sought to be closed, the
following steps are necessary.
a. Re-materialization of all securities standing to the credit of the same
account making the application for closure; or
b. Transferring the balance to the credit of another account opened by the
same account holder(s) either with the same participant or with a different
participant.
Before closing the account the DP should ensure that all pending transactions
have been settled. The request for closure should be processed only after ensuring that
there is no balance lying in the account.
Consolidations of accounts- Some clients have opened multiple accounts to
dematerialize their shares held in multiple combination and sequence of names.
However, they may not need so many accounts after they have dematerialized their
shares and may want to bring all their share holdings into one or fewer accounts. This
can be achieved by using normal off Market transfer instruction.
Closure by DP – the DP may also initiate closure of a client‟s account if the client
has defaulted in performing should give sufficient notice to the client before initiating
closure of his account. The notice should clearly state the reasons for closure of his
account. The notice should clearly state the reasons for closure of account. The
process of closing account in such a case is the same that of client-initiated closure.

Closure/ Shifting of Clearing Account –A clearing member may transfer its
clearing account from one DP to another DP. For this, simultaneously applications
have to be made for closure of account to the earlier DP and for opening of new
clearing member account to the new DP. On receipt of the application, the new DP
forwards the application to the depository for approval and allotment of a new CM-
BP-ID is allotted, the new DP opens a new Clearing account and intimates the
depository about the new client- ID. On receipt of intimation from the intimates the
clearing member. All pay-out of securities, subsequent to the closure of old clearing
account, take place in the new account. Pg-17-3

TRADING & SETTLEMENT:
This is the an area where the DP must the DP must take immense care while
accepting and processing request listed below should from the account of his client to
another account. The aspects listed below should be kept in mind.
 Ensure that the delivery instruction book given to each client has pre-printed
serial number and client-ID.
 Inform clients about the pay-in deadline of the stock exchange and the
deadline of the DP.
 Each DIS received should be inwarded correctly with the date and time stamp.
 Late stamp must be affixed on the instructions received after the expiry of the
deadline set by the DP.
 Ensure the correctness of execution date on the DIS.
 Ensure signature on DIS matches with the records of the DP.
 Ensure that the signatures of all holders are obtain in case of joint accounts.
 If the client has not issued “standing instructions”, he should be made aware
that a receipt in instruction will be required to the credits into the account on
purchase of shares.
 Client should be made aware of the accounting freezing facility.

SETTLEMENT
The settlement of trades in the stock exchanges is undertaken by the clearing
corporation (CC)/ clearing house (CH) of the corresponding stock exchanges. While
the settlement of dematerialized securities is effected through depository, the funds
settlement is effected through the clearing banks. The clearing members directly with
the CC/ CH settle the physical securities.
Exclusive demat segment follows rolling settlement (T+5) cycle and the
unified (erstwhile - physical) segment follows account period settlement cycle. In case
of rolling settlement cycle, the account period is reduced to one day.
 In case of settlement of trades done in exclusive demat segments, the pay-in
and pay out of funds and securities are effected on the same day afternoon and
evening (same day) thus reducing the blockage of funds and limiting exposure
to the clearing corporation.
 Settlement of funds is effected through the clearing banks and depository
plays no role in this.
 Settlement of securities is effected through NSDL depository system.
 Clearing and settlement of the regular market trades is effected through the
clearing members of the clearing houses of respective stock exchanges. All
trading members of stock exchanges are clearing members of clearing houses.
In addition, for settlement of institutional trades, custodians are also allowed
to act as clearing members.
 Clearing members of clearing house, dealing in dematerialized securities are
expected to open a clearing account with any DP for the purpose of settling
trades in dematerialized securities. As, in the mixed (unified) segment, there is

a possibility for all clearing members to receive dematerialized securities, they
are expected to open clearing accounts.
If there is any short delivery at the time of pay-in of securities, these short
positions are auctioned in the Demat segment as done in the Unified (erstwhile-
physical) segment.
Selling and Buying Of Shares:
Selling dematerialized shares in stock exchanges is similar to the procedure
for selling physical shares. Instead of delivering physical shares to the broker, you
instruct your DP to debit your account with the number of shares sold by you and
credit your broker's clearing account.
For this, a delivery instruction has to be given to your DP in a standardized
format, which will be available with your DP.
In short, for selling demat shares;
 You can sell shares in any of the stock exchanges linked to a depository
through a broker of your choice.
 Give an instruction to your DP to debit your account and credit your broker's
clearing member pool account. (this is a depository account used exclusively
for settling transactions by a broker)
 On the pay-in day, your broker gives instruction to his DP for delivery of the
shares to clearing corporation of the relevant stock exchange.
 The broker receives payment from the clearing corporation

 You receive payment from your broker for the sale in the same manner you
would receive payment for a sale in the physical mode.
Buying Demat Shares:
The procedure for buying dematerialized shares in stock exchanges is similar
to the procedure for buying physical shares. When you want to purchase shares in
electronic form, you have to instruct your broker to purchase the dematerialized
shares from the stock exchanges linked to a depository.
Once the order is executed, you have to instruct your DP (vide a simple format
which is available with the DP) to receive securities from your broker's clearing
account.
Alternatively, you may give a standing instruction to receive credits into your
account and do away with giving a separate receipt instruction each time you expect a
credit. You have to ensure that your broker too gives a matching instruction to his DP
to transfer the shares purchased on your behalf into your depository account.
You should also ensure that your broker transfers the shares purchased from
his clearing account to your depository account, before the book closure. This is really
important because shares that remain in the clearing account of the broker on the book
closure/ record date will not be eligible for corporate benefits.
In brief, the transactions relating to purchase of shares are:
 You can purchase shares in any of the stock exchanges connected to a
depository through a broker of your choice and make a payment to your
broker;

 Your broker receives credit in his clearing account with his DP on the pay-out
day;
 Broker gives instructions to his DP to debit his clearing account and credit
your account;
 You instruct your DP for receiving credit into your depository account either
through a specific receipt instruction or using the "standing instruction"
facility.
 In case you are not using the "standing instruction" facility then, your
depository account is credited only if the instructions given by you and your
broker match.
Other Services
Besides demat and trading Depositories also offer other services, these are:
o Pledging/ hypothecation of dematerialized securities.
o Electronic credit in public offerings of companies.
o Receipt of non-cash corporate benefits such as bonus, rights in electronic
form.
o Stock lending and borrowing.
o Transmission of securities.
Pledging: Dematerialized shares could be pledged; in fact, this is more
advantageous as compared to pledging share certificates.
To pledge your Demat shares
 Both you (pledgor) as well as the lender (pledgee) must have depository
accounts.

 You must initiate the pledge by submitting the details of the securities to be
pledged in a standard format (available with DPs).
 The pledgee should confirm the request through his DP.
 Once this is done, your securities are pledged
 All commercial documentation between the pledgor and the pledgee are
handled outside the depository system.
After you have repaid your loan, you can request for a closure of pledge by
instructing your DP through a standard format. The pledgee on receiving the
repayment as well as the request for closure of pledge will instruct his DP
accordingly.
Even the locked-in securities can be pledged, however they cannot be invoked
before the lock-in release date.
Even after the securities are pledged, the pledgor continues to remain the
beneficiary holder of those securities and will receive benefits of a corporate action, if
any.

Initial Public Offerings: Credits for public offers can be directly received into
demat account. In the public issue application form of depository eligible companies,
there will be a provision to indicate the manner in which securities should be allotted
to the applicant. All you have to do is to mention your client account number and the
name and identification number of your DP.
Any allotment due to you will be credited into your account.
If the applicant is allotted securities in dematerialized form, but the details
regarding the beneficiary account are incomplete/ wrong, the person will get physical
delivery of allotted securities.
If securities were allotted in the dematerialized form, these would be credited
to applicant‟s account any day between allotment date and listing date, at the
discretion of the company.
The issuer company/ their R&T agent will forward the applicant the allotment
advice giving the number of shares allotted in dematerialized form. Through this you
can come to know that you have been allotted shares.
An amendment to the company law requiring all future public issues above
Rs100mn to compulsorily offer securities in dematerialized form is awaiting
legislative approval. After this all the issues above Rs100mn will require investors to
trade only in demat way.
Partly paid up and fully paid up shares in the depository, will be given
separate ISINs (International Securities Identification Number). These are also traded
separately at the stock exchanges.

The company issues call notices to the beneficial holders of securities in the
electronic form. The details of such beneficial holders will be provided to the issuer/
their R&T agent by NSDL. After the call money realization, issuer/ their R&T agent
will electronically convert the partly paid up shares to fully paid up shares.
Receipt Of Cash/ Non-Cash Benefits: When any corporate event such as
rights or bonus or dividend is announced for a particular security, depository will give
the details of all the clients having electronic holdings in that security as of the record
date to the registrar. The registrar will then calculate the corporate benefits due to all
the shareholders. The disbursement of cash benefits such as dividend/ interest will be
done directly by the registrar. In case of non-cash benefits, depository will directly
credit the securities entitlements in the depository accounts of all those clients who
have opted for electronic allotment based on the information provided by the registrar.
The bonus/ rights issue against holding in dematerialized form can be either in
the physical/ dematerialized form as per the choice of the investor. If no choice is
given, by default, the securities will be issued in the physical form.
Even if an investor has holdings in physical form, he can receive the bonus/
rights issue against this in the dematerialized form.
In case of fractional part, as in the physical segment, it would be paid in cash
and the remaining whole part would be credited to the investors account.
The statement of holding and transaction statement is sent by the investors DP,
it will show the bonus/ rights credit into investor‟s account. This report is sent to the
investor every fifteen days. In addition, an allotment advise will be send by the issuer/
their R&T agent for bonus/ rights entitlement.

Stock Lending and borrowing: Through the depository account securities in
the demat form can be easily lent/ borrowed. Securities can be lent or borrowed in
electronic form through an approved intermediary, who has opened a special
'intermediary' account with a DP.
To Lend Securities: You have to instruct your DP through a standard format
(which is available with your DP) to deposit your securities with the intermediary.
If the intermediary accepts your deposit of securities, the securities will be
moved from your account into the intermediary's account. If you wish to recall the
securities lent by you, you can make a request vide a standard format available with
your DP.
To Borrow Securities: You have to instruct your DP through a standard format
(which is available with your DP) to borrow securities from the intermediary.
If the intermediary accepts your request, the securities will be moved from the
intermediary's account to your account. If you wish to return the securities borrowed
by you, you can make a request vide a standard format available with your DP.
Transmission Of Securities: Transmission of securities due to death, lunacy,
bankruptcy, and insolvency or by any other lawful means other than transfer is also
possible in the depository system. In the case of transmission, the claimant will have
to fill in a transmission request form, (which is available with the DP) supported by
valid documents. The DP, after ensuring that the application is genuine, will transfer
securities to the account of the claimant. For this, the claimant must have a depository
account. The major advantage in transmission of dematerialized holdings is that the

transmission formalities for all securities held with a DP can be completed in one go,
unlike in the case of share certificates, where the claimant will have to interact with
each issuing company or its R&T Agent.
In case where the deceased was one of the joint holders in the Client account,
the surviving client(s) shall be the person(s) recognized by depository as having title
to the securities held in that joint Client account. In case where the deceased was a
sole holder of the Client account, his legal heir(s) or the legal representative(s) will be
the person(s) recognized by depository as having title to the securities held in that sole
Client account.
Security: National Security and Depository Limited claims to have undertaken
sufficient security measures. These measures are:
 A DP can be operational only after registration by Sebi, which is based on the
recommendation from NSDL and Sebi‟s own independent evaluation. Sebi has
prescribed criteria for becoming a DP in the regulations.
 DPs are allowed to effect any debit and credit to an account only on the basis
of valid instruction from the client.
 Every day, there is a system driven mandatory reconciliation between the DP
and NSDL.
 There are periodic inspections into the activities of both DP and R&T agent by
NSDL. This also includes records based on which the debit/ credit are
effected.
 The data interchange between NSDL and its business partners is protected by
standard protection measures such as encryption. This is a SEBI requirement.

 There are no direct communication links between two business partners and
all communications between two business partners are routed through NSDL
 All investors have a right to receive their statement of accounts periodically
from the DP.
 Every month NSDL forwards statement of accounts to a random sample of
investors as a counter check.
 In the depository, the depository holds the investor holdings on trust.
Therefore, if the DP goes bankrupt the creditors of the DP will have no access
to the holdings in the name of the clients of the DP. These investors can then
either dematerialize their holdings or transfer them to a different account held
with another DP.
 Investor grievance: All grievances of the investors are to be resolved by the
concerned DP. If they fail to do so the investor has the right to approach
NSDL.
 Insurance Cover: NSDL has taken a comprehensive insurance policy to protect
the interest of the investors in cases of failure of the DP to resolve a genuine
loss. The details of the policy is as under:
 Upper limit per claim: Rs200mn.
 Number of claims allowed: unlimited
 Minimum value of the claim: Rs150, 000
 To cover claims valued less than Rs150, 000 NSDL has an investor protection
fund in place.
Besides all these safety measures efforts have been done to make this electronic
system foolproof.

DEMAT SHARES: ARE THEY 100% SAFE
When you buy physical shares from the stock market, you could never be
certain of the validity of the title of shares. There were many reasons- the sellers'
signature did not match, or the certificates were fake, forged or stolen, and so on.
Demat shares are supposed to obviate these problems. Buying shares in the
demat form always guarantees you a good title as soon as the settlement is over. The
biggest attraction of trading in demat shares is that the shares you buy come with a
clean title and immediately after the settlement on the relevant stock exchange.
Rule 100 of market regulator SEBI determines whether the shares delivered in
a settlement, are good or not. Under rule 100, the shares that have been transferred the
company can still withdraw any number of times, if a transfer is found to be invalid
for any reason.
Suppose a sells physical shares to B and B gets them dematerialized. Later B
sells the shares in the stock exchange and C buys them. Meanwhile A discovers that
his share certificates were stolen and fraudulently sold by someone else. He gets a
court order restraining the company from further transferring the shares and attaching
them (currently in possession of C). This is known as 'stop transfer'. So C who has
bought dematerialized shares is now struck with the shares. He cannot sell these
shares since they would be frozen in his account
In demat shares, pre-demat problems about the validity of a share do not effect
the interest of the buyers after dematerialization. Shares go through a verification
process at the registrars' before they are dematerialized.

Therefore the responsibility lies with the registrar. The registrar must find a
remedy if the original transfer of shares, before their dematerialization comers under
doubt. But there is a catch. The company and its registrars are not responsible if the
reasons for original transfer being invalid were not available at the time of
dematerialization. Matters have to be dealt with on a case-to-case basis. Which means
that even demat buyer may find that his shares have been frozen in his demat account.
This kind of case has to be contested in court by the parties involved.
This issue is not directly addressed in The Depositories Act, 1996. Sebi‟s
regulations on depositories and depository participants also do not mention the issue.
Matters get more complex if an investor has traded further in shares of the
same company in his demat account. Demat shares are fungible and don‟t have
distinctive numbers. It is not easy to track the sale or trade of shares after they are
dematerialized.
In a rare event of your DP going bankrupt or closing the operations, the
interests of the investors will be fully protected. In such a situation, the investors will
be given an option of either transferring the securities to a new DP or they may
rematerialise the securities

ANALYSIS OF CUSTOMER SATISFACTION
Sample size selected: 100
Total Number of customer available for survey: 100
0
50
100
1
sample for survey
Series1
The sample size selected for the survey was 100.(Hundred) customers of
KARVY CONSLUTANT STOCK BROKING were available for survey. So opinion
was taken to know the customer satisfactions towards demat account.

1.Respondent came to know the about “KARVY FINANCIAL CONSULTANT “
Total no. Of sample taken: 100
1 2 3 4 5
Friends
News Papers/
Business Magazines Online Agent/Financial Others
47 18 10 14 11
47%
18%
10%
14%
11%
Friends
News
Papers/BusinessMagazine
s
Online
Agent/Financial
Others
Source: Survey Data
The above table and chart shows the respondents know
KARVY FINANCIAL CONSULTANT :-
 47.00% of respondent know KARVY FINANCIAL CONSULTANT through
their Friends.
 18% of of respondent know KARVY FINANCIAL CONSULTANT through
News Papers & Magazine.
 14% of respondent know KARVY FINANCIAL CONSULTANT through
Agents & Financial Institutions.
 11% of respondent know KARVY FINANCIAL CONSULTANT through
Others.

2.They are interested to visit “KARVY FINACIAL CONSULTANT “
Yes
94%
No
6%
Yes
No
Source: Survey Data
The above table and chart shows that 94% of respondents are interested to
visit KARVY FINANCIAL CONSULTANT & only 6% of Respondent are not
interested to visit the same .
Yes No
94 6

3. They Respondents are interested to visit “KARVY FINACIAL CONSULTANT “
because of visual pleasure ,hospitality & Excellent Guideline etc
47 45
8
0 00
10
20
30
40
50
Agree
Justagree
N
o
O
pinion
JustD
isagree
D
isagree
Series1
Source: Survey Data
The above table and chart shows that 47% of Respondents are interested to
visit “KARVY FINANCIAL CONSULTANT “ , 45% of Respondent just agree &
8% of Respondent are not interest to give there opinion .
Agree Just agree No Opinion Just Disagree Disagree
47 45 8 0 0

4. They Respondents are definitely use service “KARVY FINANCIAL CONSULTANT
“Because attitude of employee.
69 24 7 0 0
Source: Survey Data
The above table and chart shows that 69% of Respondents are interested to visit
“KARVY FINANCIAL CONSULTANT “Because of there attitude, and, 24% of
Respondent just agree only 7% of Respondent are constant.
69
24
7
0 00
10
20
30
40
50
60
70
80
Agree Just
agree
No
Opinion
Just
Disagree
Disagree
Agree
Just agree
No Opinion
Just Disagree
Disagree

5. They Respondents are definitely using service of “KARVY FINACIAL CONSULTANT
because what they benefit gets from them.
50
41
8
1 00
10
20
30
40
50
60
Agree Just agree No Opinion Just
Disagree
Disagree
Agree
Just agree
No Opinion
Just Disagree
Disagree
Source: Survey Data
The above table and chart shows that 50% of Respondents are interested to
visit “KARVY FINANCIAL CONSULTANT because they get that much of benefits
from them , and, 41% of Respondent just agree only 8% of Respondent constant..1%
of Respondent just disagrees.
50 41 8 1 0

6 They Respondents are interested “KARVY FINANCIAL CONSULTANT “
because they introduce new scheme and we get benefit .
Yes
86%
No
14%
Yes
No
Source: Survey Data
The above table and chart shows that 86% of respondents are interested to use
service of “KARVY FINANCIAL CONSULTANT” because they introduce new
scheme and we get benefit & only 14% of Respondent are not interested to visit the
same.
Yes No
86 14

7 They Respondents use “KARVY FINANCIAL CONSULTANT “because
Karvy People know customer value and money value.
54 39 6 1 0
54
39
6 1 00
10
20
30
40
50
60
Agree Just agree No Opinion Just
Disagree
Disagree
Source: Survey Data
The above table and chart shows that 54% of respondents are satisfied with the
service of “KARVY FINANCIAL CONSULTANT” because the Karvy People
know customer value and money value. 39% Respondents just agree .6% of parole
say no opinion and only 1% of Respondent say just disagree.

8. They Respondents specify “KARVY FINANCIAL CONSULTANT “better then
other Dp.
41 37 20 1 1
41
37
20
1 1
0
5
10
15
20
25
30
35
40
45
Agree Just
agree
No
Opinion
Just
Disagree
Disagree
Agree
Just agree
No Opinion
Just Disagree
Disagree
Source: Survey Data
The above chart shows that 41% of respondents are interested in “KARVY
FINANCIAL CONSULTANT” because of their best service which is better then
other DP services. 41% of Respondents agree.31% of Respondents just agreed. 20 %
of Respondent has not given their opinion. Only 1% of Respondent disagrees.

A Study of Customer Satisfaction towards Depository Participants
9. Demat
Extremely
satisfied
Satisfied Neither satisfied/ nor
unsatisfied
Unsatisfied Extremely
unsatisfied
38 46 16 0 0
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied Extremely
unsatisfied
S1
38 46
16
0 0
Source: Survey Data
The above table and chart shows demat services offered by KARVY
FINANCIAL CONSULTANTS are satisfied. 38% of the Respondents are extremely
satisfied, 46% just Satisfied, 16%of of Respondents neither satisfied / Unsatisfied..

b. Settlement (Selling/ Buying)
Extremely
Satisfied Satisfied
Neither satisfied/nor
Unsatisfied Unsatisfied
Extremely
unsatisfied
25 49 26 0 0
25
49
26
0 00
10
20
30
40
50
60
Extremely satisfied Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Extremely satisfied
Satisfied
unsatisfied
unsatisfied
Extremely unsatisfied
Source: Survey Data
The above table and chart shows that 25% of the respondents are extremely
satisfied by the service of Karvy, 49% of respondents are satisfied and 26% of the
respondents are having neutral opinion about the service provided by the Institution.

c. Freezing/Defreezing
Extremely
Satisfied Satisfied
Extremely
unsatisfied
6 49 45 0 0
6
49
45
0
0
0 20 40 60
1
unsatisfied
unsatisfied
Satisfied
Extremely satisfied
Source: Survey Data
The above table and chart shows the services of freezing/ defreezing 49% of the
respondent are aware and satisfied with these services. And 45% of respondent are
having neutral opinion about freezing/ defreezing, 6% of respondent are dissatisfied with
this service because they are don‟t have understood the core concept.

d. Loan against Shares
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
Unsatisfied Extremely
unsatisfied
22 33 45 0 0
22%
33%
45%
0%0% Extremely satisfied
Satisfied
unsatisfied
unsatisfied
Source: Survey Data
The above table and chart shows most of the respondent are having neutral
opinion i.e., 45% and 33% have satisfied this service. 22% of respondent are extremely
satisfied.

e. Share Trading
49 47
4 0 00
10
20
30
40
50
60
Extremely
satisfied
Satisfied
Neither
satisfied/nor
unsatisfied
unsatisfied
Extremely
unsatisfied
Source: Survey Data
The above table and chart shows the service of share trading, 49% of the
respondent have Extremely Satisfied with this service, and 47% of respondent are
satisfied; In all we can say that 96% respondent have satisfied with the services of Share
trading.
Extremely
Satisfied Satisfied
Extremely
unsatisfied
49 47 4 0 0

F. Periodic statements
Extremely
Satisfied Satisfied
Neither satisfied/
unsatisfied Unsatisfied
Extremely
unsatisfied
48 44 8 0 0
48 44
8
0 00
10
20
30
40
50
60
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Extremely satisfied Satisfied
Neither satisfied/nor unsatisfied unsatisfied
Source: Survey Data
The above table and chart shows the services given by Karvy about Periodic
statements 48% of the respondent are extremely satisfied & 44% of the respondent is
satisfied .In all 92%(appr) of respondent have satisfied with this service.

g. Telephone Quires
Extremely
satisfied Satisfied
unsatisfied Unsatisfied
Extremely
unsatisfied
40 48 12 0 0
40
48
12
0 00
10
20
30
40
50
60
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Source: Survey Data
The above table and chart shows the 48% of the respondent are satisfied with
the Telephonic service; 40% of the respondent are mostly satisfied & in all 88% of the
Respondent satisfied; 12% having neutral opinion.

h. Co-operation by Staff
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
60 35 5 0 0
60
35
5
0 0
0
10
20
30
40
50
60
70
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Source: Survey Data
The above table and chart shows overall 60% of the respondent are extremely
satisfied with the co-operation by staff; 35% of the respondents are satisfied & 5% of the
respondents are having neutral opinion.

I. Bills acceptance.
Extremely
satisfied
Satisfied
Neither
satisfied/nor
unsatisfied
unsatisfied
Extremely
unsatisfied
50 32 16 1 1
50
32
16
1 10
10
20
30
40
50
60
Extremely
satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Source: Survey Data
The above table and chart shows overall 50% of the respondent are extremely
satisfied; 32% of the respondents are satisfied &16% of the respondents are having
neutral opinion.

10. Dissatisfied with services/ scheme
A
Frequently reminders are given to karvy consultant ltd., for update
the information
4 4%
B Irregular receipt of Holding/Transaction statement 1 1%
C
Improper attention given to the enquires
5 5%
D Improper format of Holding/Transaction statement 1 1%
E
Billing problems
1 1%
F Inadequate information 2 2%
a b c d e f
4 1 5 1 1 2
4
1
5
1 1
2
0
1
2
3
4
5
6
1
a
b
c
d
e
f
Source: Survey Data
The above table and chart shows that 5% of the respondents are unsatisfied with
Improper attention given to the enquires . & 4% of the respondent are unsatisfied with
frequently reminders are given to karvy consultant ltd., for update the information given
by DP .So proper communication with the Respondent & update information is required.

11. Tariff Structure
13
25
62
0 00
10
20
30
40
50
60
70
Veryhigh High resonable low verylow
Veryhigh
High
resonable
low
verylow
Source: Survey Data
The above table and chart shows that 62% of the respondents think the tariff
structure of the KARVY CONSULTANT is very reasonable.25% of the respondent
thinks the tariff structure is high. 13% of the respondent feels the tariff structure is very
high.
Very high High Reasonable Low Very low
13 25 62 0 0

12. Rate of Satisfaction for DP services
0% 20% 40% 60% 80% 100%
0 0 11 31 53 5
13
25
62
0 00
10
20
30
40
50
60
70
Veryhigh High resonable low verylow
Veryhigh
High
resonable
low
verylow
Source: Survey Data
The above table and chart shows that 53% of the respondent have
satisfied 80% of service given by DP; 31% of the respondent have satisfied 60% of
service and 11% of the respondent have satisfied 40% of the service. Only 5% of
respondent have satisfied 100 of the service.

13. Preference of own DP over other DP
Quality service Rate Charged
Nothing in
particular Safety Reach
35 14 10 40 1
35
14
40
1
10
0
5
10
15
20
25
30
35
40
45
Qulity service Rate
Charged
Nothing in
paricular
Safety Reach
Qulity service
Rate Charged
Nothing in paricular
Safety
Reach
Source: Survey Data
The above table and chart shows that 40% of the respondents preferred this DP
because of Safety & 35% of the respondents preferred this DP because of the quality
service. In all 75% prefer KARVY CONSULTANT because of safety& quality.

Recommendation
 Customer service should be improved and more co-operation also provide.
 Time taken for transfer of script from trading account into demat account should
be reduced.
 Statement copy should made more clear and figure should be mention in
respective column.
 More space provide in trading place.
 The commission charged should be reduced.
 The office should be situated near bus stand or subhas road.

CONCLUSION
Since it is service based industry, the customer plays vital role, so in order to
satisfy the customer appoint more no of well qualified agents who can communicate
respondents to improve the services, hence give more advertisement in News paper, local
TV channel, to over come the over crowding and non availability of telephone links
proper measure should be taken.

QUESTIONNAIRE
Dear Sir/ Madam
NAME : ____________________________
ADDRESS : ____________________________
____________________________
OCCUPATION: ____________________________ Phone No: __________
1. I came to know about KARVY FININCIAL CONSULTANTS from
1 2 3 4 5
Friends News Papers
/Business
Magazine
Online Agent/Financial
Agency
Others
2. I am interested in visiting KARVY FININCIAL CONSULTANTS because
they provide quick and timely service.
1) Yes 2) No
3. I have been using service of KARVY FININCIAL CONSULTANTS
because of the low cost, visual pleasure, Hospitality, Communication, and new
concept of financial consultancy
1 2 3 4 5
Agree Just Agree No opinion Just disagree Disagree
4. In future I will be definitely using the service of KARVY FININCIAL
CONSULTANTS because of the attitude of the employees towards customers.
1 2 3 4 5
5. I will definitely use service of KARVY FININCIAL CONSULTANTS because
of the benefit I get from KARVY FININCIAL CONSULTANTS

1 2 3 4 5
6. I am interested in KARVY FININCIAL CONSULTANTS because of the new
scheme introduced frequently and benefit from such scheme
1) Yes 2) No
7. I use KARVY FININCIAL CONSULTANTS because they know customer
value as well as money value of customers
1 2 3 4 5
8. KARVY FININCIAL CONSULTANTS service of dp are better then other dp
services.
1 2 3 4 5

9. Express your satisfaction level about the following scheme/service please tick.
Schemes/services
Extremely
Satisfied
Satisfied Neither
satisfied/nor
unsatisfied
unsatisfied
Extremely
Unsatisfied
a. Demat
b. Settlement
(Selling/purchasing)
c. Freezing/
defreezing Of
an account
d. Loan against
shares
e. Share trading
f Periodic statements
g. Telephone queries
h. Co-operation by
staff
i. Bills Acceptance
10. If you have faced any when dealing through your DP or you are unsatisfied with
the above mentioned services/schemes.
Frequently reminders are given to KARVY FININCIAL CONSULTANTS., for
update the information
Irregular receipt of Holding/Transaction statement
Improper attention given to the enquires
Improper format of Holding/Transaction statement
Billing problems
Inadequate information
Other specify___________________
11. Please tick the following:
Tariff
Structure
1 2 3 4 5
Very High High Reasonable Low Very Low

12. How do you rate the services of your DP
0% 20% 40% 60% 80% 100%
13. How do you justify your preference for your KARVY FININCIAL
CONSULTANTS DP over other DP‟s?
1 2 3 4 5
Quality
Service
Rates
Charged
Nothing in
particular
Safety Reach
14.
A) Your age (Yrs)
<25 26-35 36-45 46-60 > 60
B) Income (Pa)
<60000 60000-1.2 L 1. 2 L– 2.4 L
2.4 L– 3.6L 3.6 L – 6.0.L 6.0 L –12.0 L
C) Education
Up to Xth
Graduate Post Graduate. PhD. Others.
D) Yearly of investment.
1L-5 L 5L-10L >10L
15. Suggestion ______________________________________________
______________________________________________
Thank you for your co-operation

CODE SHEET OF CUSTOMER RESPONSE
Q. 9. Extremely Satisfied: 1; Satisfied: 2;Neither Satisfied/Nor Dissatisfied: 3;
Unssatisfied:4; Extremely Dissatisfied: 5
Q11. Very High: 1;High: 2;Reasonable: 3;Low: 4;Very Low:
Q12. 0%: 1; 20%: 2; 40%: 3; 60%: 4;80%: 5;100%:
Q813. Quality Service: 1;Rates charged: 2;Nothing in particular: 3; Safety: 4;Reach: 5
DATA CODE - SHEET
Sl
No
1 2 3 4 5 6 7 8 9a 9b 9c 9d 9e 9f 9g 9h 9i 10a 10b 10c 10d 10e 10f 11 12 13a 13b 13c 13d 13e
1 1 1 1 1 1 1 1 2 2 2 3 3 1 2 1 1 2 2 3 5 3
2 1 1 1 1 1 2 2 2 1 2 2 2 2 2 2 1 2 3 4 1
3 1 1 1 1 1 1 2 1 2 2 2 2 2 2 3 2 3 3 2 4 4
4 1 1 2 2 2 2 2 2 2 2 3 3 2 2 2 2 2 2 3 3
5 1 1 1 1 1 1 1 1 1 2 2 3 1 1 1 2 2 3 5 1
6 1 1 2 1 1 1 2 1 1 1 2 1 1 2 1 1 2 2 5 4
7 1 1 1 1 1 1 1 1 2 2 2 2 1 1 1 1 1 3 5 1
8 4 1 1 1 1 1 1 1 2 1 3 3 1 1 1 1 1 3 6 4
9 1 1 1 2 2 1 2 3 2 2 3 3 2 1 1 1 1 3 5 1
10 1 1 2 3 1 2 3 2 2 3 2 3 2 3 2 2 2 3 4 2 4 3
11 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 3 5 2
12 2 1 2 1 2 1 3 2 2 2 2 2 2 2 2 2 2 3 5 1
13 2 1 2 2 2 1 2 2 2 1 1 3 1 1 1 3 1 1 3 4 3
14 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 5 1
15 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 1 2 3 5 4
16 1 1 1 1 1 1 1 1 2 2 2 2 1 1 1 1 2 3 4 1
17 2 1 1 1 1 1 1 3 1 2 3 3 2 2 1 1 1 3 5 1
18 1 1 2 1 2 1 1 2 2 1 2 1 1 1 1 1 1 3 5 4
19 1 1 1 1 1 1 2 2 1 1 2 2 1 1 1 2 1 3 5 1
20 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 3 5 1
21 1 1 2 2 3 1 2 1 1 2 2 2 1 1 2 1 1 2 5 4
22 4 1 2 1 1 1 2 3 1 2 3 3 1 2 1 1 3 2 5 4
23 1 1 1 1 1 1 2 1 1 1 2 3 1 1 1 1 1 3 5 4
24 1 1 1 1 1 1 2 3 1 1 3 3 2 1 1 2 1 3 5 4
25 1 1 1 1 1 1 1 1 3 2 2 3 1 1 2 1 2 3 5 1

26 4 2 3 2 3 2 2 2 3 2 3 3 2 2 2 2 2 2 4 3
27 1 1 1 1 1 1 2 1 1 1 2 3 2 1 2 1 1 3 4 1
28 1 1 2 2 3 1 1 1 2 2 2 3 2 2 1 1 1 3 5 1
29 1 1 2 1 3 2 1 2 1 2 3 3 1 1 1 1 1 1 5 4
30 2 1 1 1 1 1 1 1 2 1 3 3 1 2 1 1 1 3 5 1
31 2 1 1 1 1 1 1 1 2 2 2 3 2 2 2 2 2 3 5 4
32 1 1 2 1 1 1 1 1 2 2 2 3 2 2 2 2 2 1 3 3 1
33 1 1 1 1 1 1 2 2 2 2 2 3 2 2 1 1 2 3 4 1
34 2 1 2 2 1 2 2 2 2 2 2 3 2 2 2 2 2 3 5 1
35 1 1 1 1 1 1 1 1 2 2 2 3 1 1 2 2 2 1 3 5 4
36 5 1 2 1 2 2 2 5 2 2 2 3 2 3 2 2 5 1 3 6 2 4 3
37 1 1 1 2 2 1 2 2 2 3 3 2 2 1 2 1 1 3 3 1
38 1 1 1 1 1 1 1 2 2 1 2 1 1 1 1 1 1 5 2 5 4
39 1 2 3 3 4 2 4 4 2 2 3 3 2 2 3 2 4 3 6 3 3 3
40 1 1 1 1 1 2 2 2 2 2 3 3 2 2 2 2 2 2 4 4
41 1 1 2 1 2 2 1 3 2 2 3 3 2 2 1 1 2 3 5 1
42 2 1 1 1 2 1 1 1 1 2 2 3 1 1 2 1 1 2 5 4
43 4 1 2 1 1 1 1 2 1 2 3 3 1 1 1 1 1 3 5 1
44 1 1 3 2 1 2 2 3 2 2 3 3 2 2 1 1 2 3 1 3 2
45 1 1 1 1 2 1 1 2 2 1 2 3 1 1 2 1 2 3 4 2
46 2 1 3 3 2 1 1 1 1 1 2 2 1 1 1 1 1 3 5 1
47 1 2 2 1 2 1 1 1 3 2 1 2 1 2 3 1 1 3 4 1
48 2 1 2 2 1 1 3 2 2 3 3 1 2 2 3 2 3 2 4 2
49 1 1 1 1 2 1 1 1 3 2 2 3 1 2 3 1 1 3 3 3
50 5 1 2 1 1 1 1 2 1 3 1 2 2 3 2 1 1 2 5 1
51 1 1 2 2 2 1 1 1 3 1 3 3 1 3 2 2 1 3 4 2
52 2 1 1 1 1 1 3 2 2 3 2 1 3 2 3 1 1 3 5 3
53 1 1 2 1 2 1 1 1 1 2 1 2 1 3 2 1 1 2 4 2
54 1 2 2 2 1 1 3 3 3 1 3 2 2 1 3 1 1 3 3 1
55 3 1 1 1 2 1 1 1 2 3 2 3 1 2 2 1 1 2 5 3
56 1 1 2 2 1 1 1 2 3 2 2 2 2 1 2 1 1 3 4 2
57 2 1 1 1 2 2 1 1 1 1 3 1 1 2 3 2 1 3 3 2
58 4 1 2 1 1 1 3 2 2 3 1 3 2 1 2 1 1 1 4 1
59 1 2 2 2 2 1 1 1 3 2 3 2 1 2 3 1 1 3 5 2
60 3 1 1 1 1 1 2 2 2 3 2 1 2 1 2 2 1 3 3 4
61 1 1 2 1 2 1 1 1 3 1 3 2 1 2 3 1 1 3 4 2
62 3 1 2 1 1 1 2 3 1 3 2 3 2 1 2 2 1 1 5 1
63 1 1 1 1 2 1 1 1 3 2 2 2 1 2 3 1 1 3 4 4

A project report on customer satisfaction towards depository participants at karvy mba BABASAB PATIL

A project report on customer satisfaction towards depository participants at karvy mba BABASAB PATIL

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A project report on customer satisfaction towards depository participants at karvy mba BABASAB PATIL