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A STUDY ON “RISK ANALYSIS AND RISK MANAGEMENT” KARVY STOCK

BROKING
 ABSTRACT Risk is involved in every activity whether it is of personnel,
professional or business. Any individual expects some returns while doing some
activity. But it is obvious that the actual returns may never be the same as that of
the expected returns. There always exists a difference between the expected and
actual return. This difference is termed as risk.

The starting point of any course or insurance must be the concept of risk itself.
An event might occur and it does, the outcome may not be favourable to us; it is
not an outcome we look forward to. The word risk implies both doubt about the
future, and the fact that the outcome could leave us in a worse position then we
are in at the moment.

The volatility of the equity shares of insurance companies explain the relationship
between risk and return by using some statistical tools like standard deviation,
beta, correlation and variance. INTRODUCTION "Insurance may be a contract
between two parties whereby one party known as underwriter undertakes in
exchange for a set total known as premiums, to pay the opposite party known as
insured. A set amount of cash on the happening of an explicit event."

Insurance could also be represented as a social device to scale back or eliminate

risk of life and property. Under the arrange of insurance, an out sized range of
individuals associate themselves by sharing risk, connected to individual. With the
assistance of Insurance, sizable amount of individuals exposed to the same risk
makes contributions to a typical fund out of that the losses suffered by the
unfortunate few, due to accidental events, are made good. Human life is liable to
dangers because of common and incidental causes.

At the point when human life is because of mischance or any common cataclysm
or some other questionable occasion, there is lost wage to the family unit. The
family is put to hardship. Some of the time, survival itself is in question for the
dependents. Dangers are unusual. Life is loaded with vulnerability and it happens
when one minimum expects it. An individual can secure himself or herself against
such possibilities through protection.

With the assistance of a protection contract one can't maintain a strategic

distance from the misfortune yet can positively shield himself from such
misfortunes thus in protection, the Sum Assured (or the sum ensured to be paid
in case of a misfortune) is by method for an 'advantage' on account of protection.
The vulnerability is hazard, which offers ascend to the need for some type of
insurance against the budgetary misfortune emerging from occasion.
Protection substitutes this vulnerability by assurance. The basic role of protection
is the assurance of the guarantee’s property. Protection in its different structures
ensures against such adversities by having the misfortunes of the lamentable few
paid by the commitment of the numerous that are presented to a similar hazard.
This is the quintessence of protection – the sharing of misfortunes and
substitution of conviction for vulnerability.

There are an assortment of protection items to suit to the requirements of

different classes of individuals—Businessmen, Employees, Taxi drivers, and some
more. protection items could be obtained from enrolled back up plans advised by
the IRDA. Back up plans designate protection specialists to offer their items.
Open who are intrigued to purchase protection items ought to get legitimate
guidance from protection specialists/guarantor with the goal that a correct item
could be suited specific budgetary needs. / A protection guarantee is the genuine
application for benefits given by an insurance agency.

Arrangement holders should initially record a protection guarantee before any

cash can be dispensed to the clinic or repair shop or other contracted
administration. The insurance agency might possibly favor the case, in view of
their self evaluation of the conditions. People who take out home, life, well being,
or accident coverage approaches must keep up consistent installments called
premiums to the safety net providers.

More often than not these premiums are utilized to settle someone else's
protection guarantee or to develop the accessible resources of the insurance
agency OBJECTIVES To understand the current position of insurance sector firms.
To determine the risk and return of the selected insurance sector stocks. To
compare the risk involved in the firms and to state the best firm among the
selected firms.
 SCOPE OF THE STUDY In this research, investigated risk analysis and risk
management in selected in Hyderabad. Operation risk is one of the important
risks in bank and secondary data not enough for this kind of risk analysis,
therefore we need to fresh data and this is one of the limitation of study. Lack of
risk analysis and risk management department and lack of experienced member
in some banks was another problem in this research.

Once more difficulty was incorporating of some bank to taking time to answer
the questionnaire.
 RESEARCH METHODOLOGY Primary data The data (information) which is
gathered directly from the company in a required manner is called primary data.
Secondary data This study is based on secondary data only. The information
which is collected from journals, books, websites is called as secondary data.

Sample size I selected three companies with reference to insurance sector.

Sample design The three companies which I have selected for the study are from
insurance sector that are listed in national stock exchange. They are as follows:
General Insurance Corporation of India. HDFC Prudential Life Insurance Company
Ltd. SBI Life Insurance Company Ltd.

TOOLS OF ANALYSIS Mean Mean is the most common and best general purpose
for the midpoint of a set of values. Mean is the average of the number. Mean is
calculated by using the formula X? = SX/N Where X? = mean SX = symbol for
sum of observations N = number of observations Standard deviation Standard
deviation is applied to the annual rate of returns of an investment so that it
reveals the historical volatility of that investment.

The higher the standard deviation of a security, the higher the variance between
each price and mean. Standard deviation is calculated s = sqrt [S (X ? µ)] where s
= standard deviation X = each value in population µ = mean N = number of
values Beta Beta is used to measure the systematic risk of a security. The input
data required period for the calculation of beta.

The historical data of returns of individual securities as well as the returns of

representative stock market indices ?p = cov (rp, rb) Var (rb) HYPOTHESIS
FORMULATION H0: There is no significant relationship between market returns
and risk of insurance sector firms. H1: There is significant relationship between
market returns and risk of insurance sector firms.

LIMITATIONS The study is limited due to constraint of time and information

available Possibility of error in data collection because many of respondent may
have not given actual answers of questionnaire. This project only talks about
three risk analysis tools there are others tools also which can be used. The study
had done only on 100 respondents.
 CHAPTERIZATION Chapter 1: it covers introduction, need of study, scope of the
study, hypothesis, and objectives of the study research methodology, limitations
and chapterization. Chapter 2: it includes industry profile and company profile.
Chapter 3: it includes theoretical frame work of the study and literature review.
Chapter 4: it includes data analysis and interpretation. Chapter 5: it includes
findings, suggestions and conclusion.

CHAPTER: 2 INDUSTRY PROFILE FINANCIAL SERVICES IN INDIA- BRIEF OVERVIEW

Financial services industry is the mainstay of any economy as it mirrors the
financial health of the country. Indian financial markets are highly regulated with
different authorities keeping an eye on every avenue of financial sub-segments
viz. Stock markets, mutual funds, insurance and banking.

Stock markets are regulated by Securities and Exchange Board of India (SEBI)
while Insurance Regulatory and Development Authority (IRDA) keeps an eye on
the insurance industry. Similarly, Reserve Bank of India (RBI) keeps a check on the
Indian banking sector and Association of Mutual Funds in India (AMFI) takes care
of the mutual fund segment.

India boasts of a Rs 23, 000 crore (US$ 4.44 billion) - financial services distribution
and advice market. Recent developments, Government measures, key facts and
figures pertaining to the same are discussed hereafter. Insurance Sector Even
when the turbulent times are prevalent in the global financial markets, Indian
consumers have not lost faith in their financial systems.

This fact is majorly driving Indian insurance market. According to the data
released by Life Insurance Council, total premium collected (including both new
and renewal premiums) during April-September 2011 stood at Rs 1,22,661 crore
(US$ 23.69 billion). In the same period, the renewal premium collection increased
by 17 per cent to Rs 73,575 crore (US$ 14.21 billion), as against Rs 62,818 crore
(US$ 12.13 billion) in the corresponding period in 2010.

Till September 30, 2011, promoters of life insurance companies had injected over
Rs 32,720 crore (US$ 6.32 billion) as capital. Also, there was an investment of
more than Rs 200,000 crore (US$ 38.62 billion) in infrastructure development in
the sector. The council further predicts an upsurge in new premium collections
during October 2011-March 2012.

Banking Services Ratings agency Moody's believe that strong deposit base of
Indian lenders and Government's persistent support to public sector and private
banks would act as positive factors for the 64 trillion (US$ 1.23 trillion) Indian
banking industry amidst the negative global scenario. According to the RBI's
'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks',
March 2011, Nationalized Banks, as a group, accounted for 53.0

per cent of the aggregate deposits, while State Bank of India (SBI) and its
associates accounted for 21.6 per cent. The share of new private sector banks,
Old private sector banks, Foreign banks and Regional Rural banks in aggregate
deposits was 13.4 per cent, 4.6 per cent, 4.4 per cent and 3 per cent respectively.

With respect to gross bank credit also, nationalised banks hold the highest share
of 52.8

per cent in the total bank credit, with SBI and its associates at 22.1 per cent and
New Private sector banks at 13.2 per cent. Foreign banks, Old private sector
banks and Regional Rural banks held relatively lower shares in the total bank
credit with 4.9 per cent, 4.6 per cent and 2.4 per cent respectively. Another
statement from RBI has revealed that bank advances grew 17.08 per cent
annually as on December 16, 2011 while bank deposits rose 18.03 per cent.

MUTUAL FUNDS INDUSTRY IN INDIA Recent data released by AMFI stated that
the cumulative average Asset Under Management (AUM) of all fund houses
aggregated to about Rs 6,87,640 crore (US$ 132.77 billion) in the last quarter of
2011. Data compiled at the end of 2011 indicated that HDFC Mutual Fund
maintained its top position with an average AUM of Rs 88,737.07 crore (US$
17.13 billion) while fund houses namely Reliance, ICICI Pru, Birla Sunlife and UTI
followed.

By the end of 2011, there were a total of 44 fund houses in the country as against
42 in the first quarter of the year. Private Equity (PE), Mergers & Acquisitions
(M&A) in India Global consultancy firm Ernst & Young (E&Y) has stated that the
value of M&A deals involving Indian companies aggregated to US$ 34.4 billion in
2011 involving 806 transactions. There were 177 outbound deals with an
aggregate disclosed value of US$ 8.8

billion in 2011; forming 25.6 per cent of the total M&A pie. Adani Enterprises'
acquisition of Abbot Point Coal Terminal in Australia (US$ 2 billion) and the GVK
Group's purchase of Australia-based Hancock Coal's Queensland coal assets (US$
1.3 billion) were among the biggest outbound deals recorded in 2011.
According to data released by auditing and consultancy firm KPMG, India Inc
witnessed a 31 per cent increment in PE investment to US$ 7.89 billion during the
first three quarters of 2011. PE firms like Blackstone India and Kohlberg Kravis
Roberts & Co (KKR & Co) are betting high on Indian markets. The Blackstone
India chief was reported to have said that he intends to close 5-6 deals a year in
India whose financial valuations would revolve around roughly US$ 100 million to
US$ 120 million each.
The financial industry, or financial services industry, includes a wide range of
companies and institutions involved with money, including businesses providing
money management, lending, investing, insuring and securities issuance and
trading services. The following institutions are a part of the financial industry:
Banks Credit card issuers Insurance companies Investment bankers Securities
traders Financial planners Security exchanges Financial Industry: History The
major events that have shaped the modern finance industry are: The Great
Depression (1929): The Great Depression originated in the US with the Wall Street
crash in October 1929. The effects of the depression spread across the world,
especially in the heavy industries.

Capital requirements regulation, financial industry oversights and the insurance

of deposit accounts sprang out of this tumultuous period. Black Monday (1987):
On October 19, the stock markets across the world witnessed a huge crash. This
was the largest one day decline in the stock market history. The crash started in
Hong Kong, spreading to Europe and the US. Analysts blamed computer trading
systems for magnifying the losses.

Asian Financial Crisis (1990s): The Asian Financial Crisis was triggered by the
collapse of Thai baht as the government of Thailand decided to float the national
currency. The nation had a huge foreign debt at that point, driving it to the verge
of bankruptcy. The crisis rippled across the whole of Southeast Asia and has led
to many emerging market countries to reduce debts and build up foreign
currency reserves
 INDIAN FINANCIAL MARKETS India Financial market is one of the oldest in the
world and is considered to be the fastest growing and best among all the
markets of the emerging economies.
The history of Indian capital markets dates back 200 years toward the end of the
18th century when India was under the rule of the East India Company.

The development of the capital market in India concentrated around Mumbai

where no less than 200 to 250 securities brokers were active during the second
half of the 19th century. The financial market in India today is more developed
than many other sectors because it was organized long before with the securities
exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the
19th century.

By the early 1960s the total number of securities exchanges in India rose to eight,
including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi,
Bangalore and Pune. Today there are 21 regional securities exchanges in India in
addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the
Counter Exchange of India).

However the stock markets in India remained stagnant due to stringent controls
on the market economy that allowed only a handful of monopolies to dominate
their respective sectors. The corporate sector wasn't allowed into many industry
segments, which were dominated by the state controlled public sector resulting
in stagnation of the economy right up to the early 1990s.

Thereafter when the Indian economy began liberalizing and the controls began
to be dismantled or eased out; the securities markets witnessed a flurry of IPO’s
that were launched. This resulted in many new companies across different
industry segments to come up with newer products and services.

A remarkable feature of the growth of the Indian economy in recent years has
been the role played by its securities markets in assisting and fuelling that growth
with money rose within the economy.

This was in marked contrast to the initial phase of growth in many of the fast
growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct
Investment) spurring growth in their initial days of market decontrol. During this
phase in India much of the organized sector has been affected by high growth as
the financial markets played an all-inclusive role in sustaining financial resource
mobilization.
Many PSUs (Public Sector Undertakings) that decided to offload part of their
equity were also helped by the well-organized securities market in India.

The launch of the NSE (National Stock Exchange) and the OTCEI (Over the
Counter Exchange of India) during the mid 1990s by the government of India was
meant to usher in an easier and more transparent form of trading in securities.

The NSE was conceived as the market for trading in the securities of companies
from the large-scale sector and the OTCEI for those from the small-scale sector.
While the NSE has not just done well to grow and evolve into the virtual
backbone of capital markets in India the OTCEI struggled and is yet to show any
sign of growth and development. The integration of IT into the capital market
infrastructure has been particularly smooth in India due to the country’s world
class IT industry.

This has pushed up the operational efficiency of the Indian stock market to global
standards and as a result the country has been able to capitalize on its high
growth and attract foreign capital like never before.
The regulating authority for capital markets in India is the SEBI (Securities and
Exchange Board of India). SEBI came into prominence in the 1990s after the
capital markets experienced some turbulence.

It had to take drastic measures to plug many loopholes that were exploited by
certain market forces to advance their vested interests. After this initial phase of
struggle SEBI has grown in strength as the regulator of India’s capital markets
and as one of the country’s most important institutions. FINANCIAL MARKET
REGULATIONS Regulations are an absolute necessity in the face of the growing
importance of capital markets throughout the world.

The development of a market economy is dependent on the development of the

capital market. The regulation of a capital market involves the regulation of
securities; these rules enable the capital market to function more efficiently and
impartially. A well regulated market has the potential to encourage additional
investors to partake, and contribute in, furthering the development of the
economy.

The chief capital market regulatory authority is Securities and Exchange Board of
India (SEBI). SEBI is the regulator for the securities market in India. It is the apex
body to develop and regulate the stock market in India It was formed officially by
the Government of India in 1992 with SEBI Act 1992 being passed by the Indian
Parliament.

Chaired by C B Bhave, SEBI is headquartered in the popular business district of

Bandra-Kurla complex in Mumbai, and has Northern, Eastern, Southern and
Western regional offices in New Delhi, Kolkata, Chennai and Ahmedabad. In place
of Government Control, a statutory and autonomous regulatory board with
defined responsibilities, to cover both development & regulation of the market,
and independent powers has been set up.

The basic objectives of the Board were identified as: to protect the interests of
investors in securities; to promote the development of Securities Market; to
regulate the securities market and For matters connected therewith or incidental
thereto. Since its inception SEBI has been working targeting the securities and is
attending to the fulfillment of its objectives with commendable zeal and
dexterity.

The improvements in the securities markets like capitalization requirements,

margining, establishment of clearing corporations etc. reduced the risk of credit
and also reduced the market. SEBI has introduced the comprehensive regulatory
measures, prescribed registration norms, the eligibility criteria, the code of
obligations and the code of conduct for different intermediaries like, bankers to
issue, merchant bankers, brokers and sub-brokers, registrars, portfolio managers,
credit rating agencies, underwriters and others. It has framed bye-laws, risk
identification and risk management systems for Clearing houses of stock
exchanges, surveillance system etc.

which has made dealing in securities both safe and transparent to the end
investor. Another significant event is the approval of trading in stock indices (like
S&P CNX Nifty & Sensex) in 2000. A market Index is a convenient and effective
product because of the following reasons: It acts as a barometer for market
behavior; It is used to benchmark portfolio performance; It is used in derivative
instruments like index futures and index options; It can be used for passive fund
management as in case of Index Funds.

Two broad approaches of SEBI is to integrate the securities market at the national
level, and also to diversify the trading products, so that there is an increase in
number of traders including banks, financial institutions, insurance companies,
mutual funds, primary dealers etc. to transact through the Exchanges. In this
context the introduction of derivatives trading through Indian Stock Exchanges
permitted by SEBI in 2000 AD is a real landmark.

SEBI has enjoyed success as a regulator by pushing systemic reforms aggressively

and successively (e.g. the quick movement towards making the markets
electronic and paperless rolling settlement on T+2 bases). SEBI has been active in
setting up the regulations as required under law.

STOCK EXCHANGES IN INDIA Stock Exchanges are an organized marketplace,

either corporation or mutual organization, where members of the organization
gather to trade company stocks or other securities. The members may act either
as agents for their customers, or as principals for their own accounts. As per the
Securities Contracts Regulation Act, 1956 a stock exchange is an association,
organization or body of individuals whether incorporated or not, established for
the purpose of assisting, regulating and controlling business in buying, selling
and dealing in securities.

Stock exchanges facilitate for the issue and redemption of securities and other
financial instruments including the payment of income and dividends. The record
keeping is central but trade is linked to such physical place because modern
markets are computerized. The trade on an exchange is only by members and
stock broker do have a seat on the exchange.

List of Stock Exchanges in India Bombay Stock Exchange

National Stock Exchange OTC Exchange of India
Regional Stock Exchanges 1. Ahmedabad
2. Bangalore
3. Bhubaneswar
4. Calcutta
BOMBAY STOCK EXCHANGE A very common name for all traders in the stock
market, BSE, stands for Bombay Stock Exchange. It is the oldest market not only
in the country, but also in Asia. In the early days, BSE was known as "The Native
Share & Stock Brokers Association."

It was established in the year 1875 and became the first stock exchange in the
country to be recognized by the government. In 1956, BSE obtained a permanent
recognition from the Government of India under the Securities Contracts
(Regulation) Act, 1956.
In the past and even now, it plays a pivotal role in the development of the
country's capital market.

This is recognized worldwide and its index, SENSEX, is also tracked worldwide.
Earlier it was an Association of Persons (AOP), but now it is a demutualised and
corporatised entity incorporated under the provisions of the Companies Act,
1956, pursuant to the BSE (Corporatisation and Demutualization) Scheme, 2005
notified by the Securities and Exchange Board of India (SEBI).

BSE Vision The vision of the Bombay Stock Exchange is to "Emerge as the premier
Indian stock exchange by establishing global benchmarks." POST
INDEPENDANCE SCENARIO:
The depression witnessed after the Independence led to closure of a lot of
exchanges in the country. Lahore Estock Exchange was closed down after the
partition of India, and later on merged with the Delhi Stock Exchange.

Bangalore Stock Exchange Limited was registered in 1957 and got recognition
only by 1963. Most of the other Exchanges were in a miserable state till 1957
when they applied for recognition under Securities Contracts (Regulations) Act,
1956. The Exchanges that were recognized under the Act were: Many more stock
exchanges were established during 1980's, namely: Cochin Stock Exchange (1980)
Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982) Pune Stock
Exchange Limited (1982) Ludhiana Stock Exchange Association Limited (1983)
Gauhati Stock Exchange Limited (1984) Kanara Stock Exchange Limited (at
Mangalore, 1985) Magadh Stock Exchange Association (at Patna, 1986) Jaipur
Stock Exchange Limited (1989) Bhubaneswar Stock Exchange Association Limited
(1989) Saurashtra Kutch Stock Exchange Limited (at Rajkot, 1989) Vadodara Stock
Exchange Limited (at Baroda, 1990) Coimbatore Stock Exchange Meerut Stock
Exchange At present, there are twenty one recognized stock exchanges in India
which does not include the Over The Counter Exchange of India Limited (OTCEI)
and the National Stock Exchange of India Limited (NSEIL).
Government policies during 1980's also played a vital role in the development of
the Indian Stock Markets.

There was a sharp increase in number of Exchanges, listed companies as well as

their capital, which is visible from the following table: S. No. As on 31st December
1946 1961 1971 1975 1980 1985 1991 1995 1 No. of Stock Exchanges 7 7 8 8 9
14 20 22 2 No. of Listed Cos. 1125 1203 1599 1552 2265 4344 6229 8593 3 No.
of Stock Issues of Listed Cos.

1506 2111 2838 3230 3697 6174 8967 11784 4 Capital of Listed Cos. (Cr. Rs.) 270
753 1812 2614 3973 9723 32041 59583 5 Market value of Capital of Listed Cos.
(Cr. Rs.) 971 1292 2675 3273 6750 25302 110279 478121 6 Capital per Listed
Cos. (4/2) (Lakh Rs.)

24 63 113 168 175 224 514 693 7 Market Value of Capital per Listed Cos. (Lakh
Rs.) (5/2) 86 107 167 211 298 582 1770 5564 8 Appreciated value of Capital per
Listed Cos. (Lak Rs.) 358 170 148 126 170 260 344 803 Trading Pattern of the
Indian Stock Market
Indian Stock Exchanges allow trading of securities of only those public limited
companies that are listed on the Exchange(s).

They are divided into two categories: / Types of Transactions:

The flowchart below describes the types of transactions that can be carried out
on the Indian stock exchanges: / Indian stock exchange allows a member broker
to perform following activities: Act as an agent, Buy and sell securities for his
clients and charge commission for the same, Act as a trader or dealer as a
principal, Buy and sell securities on his own account and risk.

Over The Counter Exchange of India (OTCEI)

Traditionally, trading in Stock Exchanges in India followed a conventional style
where people used to gather at the Exchange and bids and offers were made by
open outcry.

This age-old trading mechanism in the Indian stock markets used to create many
functional inefficiencies. Lack of liquidity and transparency, long settlement
periods and benami transactions are a few examples that adversely affected
investors.

In order to overcome these inefficiencies, OTCEI was incorporated in 1990 under

the Companies Act 1956. OTCEI is the first screen based nationwide stock
exchange in India created by Unit Trust of India, Industrial Credit and Investment
Corporation of India, Industrial Development Bank of India, SBI Capital Markets,
Industrial Finance Corporation of India, General Insurance Corporation and its
subsidiaries and Can Bank Financial Services.
 COMPANY PROFILE Karvy Consultants Limited was started in the year 1981, with
the vision and enterprise of a small group of practicing Chartered Accountants.

Initially it was started with consulting and financial accounting automation, and
carved inroads into the field of registry and share accounting by 1985. Since then,
it has utilized its experience and superlative expertise to go from strength to
strength…to better its services, to provide new ones, to innovate, diversify and in
the process, evolved as one of India’s premier integrated financial service
enterprise.

Today, Karvy has access to millions of Indian shareholders, besides companies,

banks, financial institutions and regulatory agencies. Over the past one and half
decades, Karvy has evolved as a veritable link between industry, finance and
people. In January 1998, Karvy became the first Depository Participant in Andhra
Pradesh.

An ISO 9002 company, Karvy's commitment to quality and retail reach has made
it an integrated financial services company. An Overview: 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 corporates,
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.

Today, Karvy service over 6 lakhs customer accounts spread across over 250
cities/towns in India and serves more than 75 million shareholders across 7000
corporate clients and makes its presence felt in over 12 countries across 5
continents. All of Karvy services are also backed by strong quality aspects, which
have helped Karvy to be certified as an ISO 9002 company by DNV.

ACHIEVEMENTS: Among the top 5 stock brokers in India (4% of NSE volumes)
India's No. 1 Registrar & Securities Transfer Agents Among the top 3 Depository
Participants Largest Network of Branches & Business Associates ISO 9001:2000
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 First ISO-9002 Certified Registrars
in India Ranked as “The Most Admired Registrar” by MARG Largest mobilize of
funds as per PRIME DATABASE First depository participant from Andhra Pradesh.
Handled over 500 public issues as Registrars.

Handling the Reliance account, which accounts for nearly 10 million account
holders? Range of services: Stock broking services Distribution of Financial
Products (investments & loan products) Depository Participant services IT
enabled services Personal finance Advisory Services Private Client Group Debt
market services Insurance & merchant banking Mutual Fund Services Corporate
Shareholder Services Other global services Besides these, they also offer special
portfolio analysis packages that provide daily technical advice on scrips for
successful portfolio management and provide customized advisory services to
help customers make the right financial moves that are specifically suited to their
portfolio.

They are continually engaged in designing the right investment portfolio for each
customer according to individual needs and budget considerations.
/
Karvy Consultants limited deals in Registrar and Investment Services. Karvy is one
of the early entrants registered as Depository Participant with NSDL (National
Securities Depository Limited), the first Depository in the country and then with
CDSL (Central Depository Services Limited).

/
Karvy stock broking is a member of National Stock Exchange (NSE), The Bombay
Stock Exchange (BSE), and The Hyderabad Stock Exchange (HSE). The services
provided are multi dimensional and multi-focused in their scope: to analyze the
latest stock market trends and to take a close looks at the various investment
options and products available in the market. Besides this, they also offer special
portfolio analysis packages.

/
The paradigm shift from pure selling to knowledge based selling drives the
business today. The monthly magazine, Finapolis, provides up-dated market
information on market trends, investment options, opinions etc. Thus
empowering the investor to base every financial move on rational thought and
prudent analysis and embark on the path to wealth creation.
/
Karvy is recognized as a leading merchant banker in the country, Karvy is
registered with SEBI as a Category I merchant banker. This reputation was built by
capitalizing on opportunities in corporate consolidations, mergers and
acquisitions and corporate restructuring. /
Karvy has a tie up with the world’s largest transfer agent, the leading Australian
company, Computer share Limited.

It has attained a position of immense strength as a provider of across-the-board

transfer agency services to AMCs, Distributors and Investors. Besides providing
the entire back office processing, it also provides the link between various Mutual
Funds and the investor.
/
Karvy global services limited covers Banking, Financial and Insurance Services
(BFIS), Retail and Merchandising, Leisure and Entertainment, Energy and Utility
and Healthcare sectors.

Karvy comtrade limited trades in all goods and products of agricultural and
mineral origin that include lucrative commodities like gold and silver and popular
items like oil, pulses and cotton through a well-systematized trading platform.

/
Karvy Insurance Broking Pvt. Ltd. provides both life and non-life insurance
products to retail individuals, high net-worth clients and corporates.

With Indian markets seeing a sea change, both in terms of investment pattern
and attitude of investors, insurance is no more seen as only a tax saving product
but also as an investment product.
/
Karvy Inc. is located in New York to provide various financial products and
information on Indian equities to potential foreign institutional investors (FIIs) in
the region.

This entity would extensively facilitate various businesses of Karvy viz., stock
broking (Indian equities), research and investment by QIBs in Indian markets for
both secondary and primary offerings. .Quality Policy:
To achieve and retain leadership, Karvy shall aim for complete customer
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: Build in-house processes
that will ensure transparent and harmonious relationships with its clients and
investors to provide high quality of services.

Establish a partner relationship with its investor service agents and vendors that
will help in keeping up its commitments to the customers. Provide high quality of
work life for all its employees and equip them with adequate knowledge & skills
so as to respond to customer's needs. Continue to uphold the values of honesty
& integrity and strive to establish unparalleled standards in business ethics.

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. 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 same.

Strive to keep all stake-holders (shareholders, clients, investors, employees,

suppliers and regulatory authorities) proud and satisfied An ISO 9001:2008
certified company, Karvy Comtrade Limited (KCTL) is India’s leading commodities
brokerage house. We have membership of Multi Commodity Exchange of India
(MCX), National Commodity and Derivatives Exchange (NCDEX), National Multi-
Commodity Exchange of India (NMCE), National Spot Exchange (NSEL), NCDEX
Spot Exchange (NSPOT), Ace Commodity Exchange (ACE) and Indian Commodity
Exchange (ICEX).

Using a superior trading platform, we facilitate futures trading in commodities as

per the exchanges. KCTL offers both trading and exclusive research services to its
clients. A subsidiary of Karvy Stock Broking Limited (KSBL), KCTL commenced
operations in early 2005. At KCTL, we offer a wide reach through our network of
around 900 offices located across 400 cities in India.

That makes us among the top-3 players in the country, both in terms of number
of terminals as well as clients. We have a formidable and well-established
research wing, which helps our clients to make informed decisions. Our
commodities research division has won multiple accolades and awards in recent
years, making it one of India’s best-known research houses among media,
experts and market participants alike.

Apart from offering benefits of price discovery and risk management, we also
provide our huge investor and trader base an opportunity to diversify their
portfolios through commodities as an asset class. Management Sushil Sinha, VP
& Country Head As head of the commodities business, Mr. Sushil Sinha has
successfully made Karvy Comtrade a force to reckon with in the marketplace.

With over 10 years of expertise in the broking sector, he is a well-known face

today in the electronic and print media. Under his aegis, the company has won
numerous honors and awards nationwide, including the UTV Bloomberg
Leadership Award 2011 and India’s Best Market Analyst Award—for two
consecutive years—by Zee Business.

Having joined Karvy Comtrade in December 2005 as Senior Manager (Business

Development), he has steadily climbed up the organizational ladder to head the
business now. A science graduate, Mr. Sinha has completed two MBAs, one
majoring in Personnel Management & Industrial Relations and the other in Agri
Business Management. Suresh Raval, Head - Operations Having joined Karvy
Comtrade in January 2007, Mr.

Suresh Raval takes care of operations, encompassing back-office, risk

management, funds, and compliance, among others. A mathematics graduate, he
holds a Diploma in Data Processing and an MBA. Mr. Raval has overall 22 years
experience in technology and financial services—he started his career as a
software developer but switched to the capital markets in 1993.

Before heading operations at Karvy Comtrade, he was the Associate Director at

Angel Broking, prior to which he was the Executive Director of the Saurashtra
Kutch Stock Exchange.
 Vinay Joshi, Head – Accounts & Finance Having joined Karvy Comtrade in
February 2009, Mr. Vinay Joshi is the overall in-charge of accounts & finance. A
commerce graduate and university rank-holder, he is also a chartered accountant
(1997 batch) with 14 years experience across industries.

Prior to joining Karvy Comtrade, Mr. Joshi worked for Ruchi Soya, Panasonic
India, and Satyam Computers. He has been instrumental in handling large
volumes, building strong relationships with bankers and financial institutions, and
setting up new processes and systems in the accounts & finance department.
 CHAPTER-3 REVIEW OF LITERATURE Dr S POORNIMA & SWATHIGA P (2017):
Their study of relationship between risk and return analysis is based on capital
asset pricing model. Their study is limited to 2 sectors (automobile and IT) listed
in NSE where the automobile companies has performed better and increased
growth in the MARKET compared to IT sector.

Dr S NIRMALA & K DEVENDRAN (2017) : In their study they explained that if an

investor wishes to earn high returns, it can be achieved by accepting a
commensurate increase in risk. Through their study, they stated that long term
investors can take advantage of the market when it is less volatile. SHAINI
NAVEEN & T MALLIKARJUNAPPA (2016): In their study of Bank Nifty, they
explained that some stocks are in the opposite direction of the market and some
stocks move along with the market. Finally, he suggested that investment in
banks would be feasible because they have positive returns.

BEDANTA BORA & ANINDITA ADHIKARY (2015): In their study they explained
that investment in stock market is subjected to diverse risk and actual returns the
investor receives from scripts may vary from expected return. Thus, at the time of
making investment decision, an investor can consider those companies which
have high positive influence on Sensex.

According to Hubbard (2009) in medieval times kings fortified the castles to

lessen the risk of attack by enemies or alliances with other neighboring nations to
reduce the chances of risk of attack by the neighbors, and new provisions were
formulated to reduce the risk and develop the risk. In Babylon (a birth place of
banking) loan was provided by careful consideration of debtors.

THEORETICAL FRAMEWORK Concept of Risk Risk is involved in every activity

whether it is of personal, professional or business. Every individual, while doing
any activity expects some returns. But it is obvious that the actual returns may
never be the same as that of the expected returns. There always exists a
difference between the expected and actual returns. This difference is termed as
‘Risk’.

The importance of risk management arises as the expected returns cannot be

assured under all conditions. Moreover, risk is widely used for expressing
uncertainty in every aspect of life. Risk has no universal definition. According to
financial terms, risk can be defined as, “any event or possibility of an event which
can impair corporate earnings or cash flow over short / medium / long term
horizon”. But as per the statisticians and the economists, risk is always associated
with variability.

According to them, risk is, “mean variation of actual outcomes from expected
outcomes”. This can be explained with an example. The statement, “California is
more prone to high risk of earthquake,” includes a wide range of understanding
of expected value’s variability. This means, the expected losses that California
suffers from earthquakes is relatively higher than any other state.

Nature and Scope of Risk When the outcome is uncertain then the situation is
said to be a “risky situation”. Every individual has his own perception about risk.
Some people invests in only those businesses which yields higher revenues even
though they are associated with high degree of risk. In business, risk means the
cash flows or profits which may come down by occurring or chance of happening
any event, regardless of whether the business is a short or medium or long term
in nature. Because the value of the business is based on the cash flows or profits
and further effects the wealth of the shareholders.

In the real world, the actual returns always deviate from the expected returns.
Hence, risk is a mandatory factor involved in every business. It is an unavoidable
dimension of any business. A systematic planning of risk management enables
any investor to either reduce or to control risk instead of avoiding it completely.

Need for Risk Management The need for risk management has been evolved with
the globalization as the main focus of risk management revolves around the
profit margins. If the margins are very low, then there is a need to manage the
risk. Therefore, CEO’s of all the companies and banks / financial institutions who
have failed desperately, have started focussing on risk management.

The basic purpose of risk management is to obtain sufficient returns through

effective risk management, helps the organizations to maximize their wealth.
Especially, it is very essential for the banks and financial institutions to focus since
its influence is spread on worldwide and thus could give rise to disputes between
the institutions. Risk is an unavoidable factor especially in business.

In financial institutions, it seems like business and risk are two sides of the same
coin. Hence, it is very essential to hold business and risk together. Importance of
Risk Management A firm prepare itself for meeting the unforeseen losses must of
the future in the most economical manner. This requires the effective
management of risk which involves analysing of the various safety programs such
as, examining whether the insurance premium is being paid, cost of safety
programs and so on.

Now-a-days the firms are basically emphasizing on the wealth maximisation for
shareholders which is consistent with their preferences. This requires the
effectively managing the risks and ensuring adequate / appropriate. There are
certain losses which results into greater worry and fear on the part of risk
manager and on the important executives.

Thus, risk management assists in reducing the anxiety of the managers. Types of
risk facing business and individuals As risk is involved in every activity, people
face one or the other types of risks which are as follows. 1.Business Risk A change
in sales affects the earnings before interest and tax. Due to this, a business
enterprise faces the risk of a decrease in firm value.

When the value of the firm decreases, it is reflected directly in the shareholder’s
value in the form of increased or decreased value of the shares. Major business
risks are credit risk, price risk and market risk. a) credit risk In a contract when any
one party fails to fulfil his financial obligations then it is termed as credit risk.

As this risk arises from parties, it can also be termed as counterpart risk. In a
simple term, the risk of non-payment is termed as a credit risk. b) Price risk When
a firm faces the risk due to fluctuations in prices then it is termed as a price risk.
Prices tends to change because of the market (demand and supply features).

A buyer desires to purchase goods for a low price, whereas a seller intends to sell
them at a high price. This creates a change in prices, which is called as price risk.
c) Market risk A firm faces market risk when value fluctuates due to market
factors. Market factors include market interest rates, and commodity prices.
Usually termed as systematic risk, non-diversified risk or beta risk. 2.Liquidity Risk
When a firm is not able to purchase or sell a particular product within a short
span of time, being its value unchanged, then it is referred as liquidity risk.

To operate the business smoothly, it is very essential for any firm to possess
liquid funds. 3.Foreign Exchange Risks When business operates internationally,
currency values tends to change in the foreign exchange market. Foreign
exchange risks can be classified into three types.

They are as follows, a) Transaction exposure While operating business with other
countries, a change in the value of foreign currency could cause a change in the
value of home currency too. In a simple way, when the value of foreign currency
increases then the home country needs to make higher payments, which in turn
increases its expenses.

b) Translation exposure To diversify the business, any firm would invest in foreign
countries by setting up their subsidiaries in those countries. Due to a change in
exchange rates, the firm faces translation risk while preparing financial statements
in terms of domestic currency. c) Economic exposure An organization faces the
risk of economic exposure when the exchange rate fluctuates.

When a firm producing goods with in a country, takes up the challenge to

completely with the imported products in the global market, it possesses
economic risk due to changes in exchange rates. 4.Country Risk An organization
faces country risk when it plans to operate its business internationally, either by
investing or by lending in foreign countries.

It is also known as sovereign risk. Country risk includes economic and political
factors. a) Economic risk Economic risk means, the risk that the firm faces when
its output may not be able to produce sufficient returns enabling the firms to
cover its commercial borrowings and costs.

b) Political risk When a firm poses the risk of changes in policies such as laws,
tariffs, taxes and government rules then it is called as political risk. Methods of
risk management The main objective of risk management is to control the risk
because it is an unavoidable factor in any organisation. Hence, in organizations,
wherever there is return, there exists a risk.

In simple form, If the returns are higher then only it is advisable to face high level
of risk. Risk is borne by everyone irrespective of whether they are individuals,
corporates are even society. The following are the various methods and
approaches to reduce risk. / 1.Risk control Risk can be controlled by two ways.

They are, a) Risk Avoidance Risk avoidance means not getting involved in any
such activities which contains risk. Example If a person is not married then he can
avoid the risk of taking divorce. b) Loss control Loss control focuses on two
activities i.e., frequency and severity of losses to reduce risk. Hence, it has two
major objectives, loss prevention and loss reduction.

Loss prevention concentrates on controlling the frequency losses i.e., it tries to

prevent the regular loss from occurring. Example Accidents can be reduced by
driving carefully and safely. 2.Risk Financing / Loss Financing When the funds
have been acquired to cover the incurred losses then it is termed as loss or risk
financing.

There are four methods to cover the financing loss, a) Retention Sometimes it
becomes very difficult to reduce the loss of risk. Under such circumstances, any
business firm tends to hold a part or the whole of a given risk. Risk retention can
be either active or passive. Active Retention Active retention means the loss of
that particular risk is known in advance but as it is highly expensive to cover the
loss of risk, it simply holds and pays for it. Passive Retention It refers to that
particular situation where the firm failing to identify the risk due to ignorance and
laziness.

Passive retention is very dangerous in nature. It becomes instrumental in

destroying the firm financially. b) Insurance When the business firms cover their
losses by insuring with the insurer the process is said to be an insurance. The
business firms initially pay a premium to the insurer to insure and the insurer in
consideration provides funds for the losses incurred.

In this manner, the firms try to reduce their risk by transferring certain amount of
risk and the insurer tries to reduce his amount of risk through diversification
(investment portfolios). c) Hedging Hedging means covering the risk or loss
through derivatives (financial instrument). The various strategies to reduce risk by
derivatives are forwards, future options and swaps.

With the help of these strategies losses are covered, which are caused due to the
changes in prices like commodities, interest rates, foreign exchange rates etc. d)
Other Contractual Risk Transfers In this approach, a firm transfers its risk to the
other parties who are willing to take up the risk and in return they charge a
certain amount. These contracts are termed as hold harmless agreements.
3.Internal Risk Reduction Risk can be reduced internally through two major forms.

a) Diversification Risk can be reduced internally by diversifying or spreading the

different business activities. Here, it follows a policy “do not pull all the eggs in
one basket”. b) Investment in Information Gathering the information about their
related business ensures the businessman to have a clear idea about their
performance of business when compared with market.

Therefore, certain investment must be invested in gathering the information

which helps them to predict the future cash flows accurately in comparison with
the expected cash flows. CHAPTER-4 DATA ANALYSIS AND INTERPRETATION
 Month Mean Variance Standard Deviation October -0.011375 1.721435
1.312035 November -0.00524 0.55206 0.743007 December -0.18624
0.292297 0.540645 January 0.061872 0.208385 0.456493 February -0.17862
0.649969 0.806207 March -0.2337 0.782115 0.884373 CHAPTER-5
FINDINGS, Risk factor of GIC is high in February as 0.753958 and low in January
as -0.14934. The risk factor of HDFC is high in October as 0.387177 and low in
January as -0.14934 the risk factor of SBI is high in October and December as
0.142483 and low in November as -0.184. The high mean value of SBI as 0.416608
in December and low mean value as -0.20459 in January, variance is high in
February i.e., 4.38671 and low in October i.e., 0.557009, standard deviation is high
in February i.e., 2.094447 and low in October i.e., 0.746331. The high mean value
of HDFC as 0.061872 in January and low mean value as -0.2337 in March,
variance is high in October i.e., 1.721435 and low in January i.e., 0.208385,
standard deviation is high in October i.e., 1.312035 and low in January i.e.,
0.456493 SUGGESTIONS, Investors who can afford more risk, its better to invest in
GIC.

Investors who don’t want to take more risk should go and invest in SBI. If
investors want to get more returns then they should invest in HDFC. If the
investors consider market returns then it is better to invest in HDFC
CONCLUSION Risk and return are two main factors which determine the interest
of an investor while investing.

These two factors are directly related to each other that is when there is huge
amount of return there will be a higher rate of risk and vice versa In the study the
volatility of insurance companies is not constant it is sometimes high and
sometimes low. In order to get the full amount of money which the investor has
invested in the market, he should have a good study about the market
conditions.

The investor should be able to analyse the various investment opportunities

available to him and thus maximise the returns with minimum risk. Beta is useful
in analysing the systematic risk of different stocks & for investors to judge a
stock’s riskiness. Based on these calculations we can determine that investor
should get updated with the market fluctuations so that he can select the best
companies to invest their funds. REFERENECES Dr. S. Krishnaprabha & M.
Vijaykumar “a study on risk and return analysis of selected stocks in India”
volume III, issue IV, 2015 Dr.

S Poornima & Swathiga P “a study on relationship between risk and return

analysis of selected stocks on NSE using CAPM” (2017) Shaini Naveen & T.
Mallikarjunappa “a study on comparative analysis of risk and return with
reference to stocks of CNX bank nifty” volume I, issue I, (2016). Ross, s. “the
arbitrage theory if capital asset pricing”, journal of economic theory, (1976)
Lewellen, J “predicting returns with financial ratios” journal of financial economics,
(2014)
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