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Executive summary

Indian stock market is one of the dynamic and happening market all over

the world. With roller coaster rides of major indices stock broking firms are

looking for other sources of income which are consistent in nature and

having growth potential.

Sub-brokers, those much-maligned intermediaries of the stock market

who lost investor trust after the 2001 scam, have rechristened themselves

in a regime where their playing field has also drastically changed. These

days, they prefer to be called 'channel partners.'

This report gives details about channel parternership offered by Karvy

Fortune Ltd. in liaison with Income tax dept. of India called “TIN-FC”.

The report also discusses details of survey and the response of various

sub brokers of different brands towards this new product franchisee and

their interest for this channel development with Karvy Fortune Ltd.

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TABLE OF CONTENTS

Sr. No

Title Page No.

1 Project Details 4

2 About Company 5

3 About Product 18

4 Data Analysis 22

5 Findings & Observations 28

6 Experience & Learnings 30

7 Limitations 31

8 Appendix 32

9 Bibilography 33

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Project Details

Title: - Channel Development

Objectives:-

Communicate about the TIN-FC to various sub brokers.

Finding potential and interested brokers for TIN-FC.

Finding potential growth and market opportunity for new TIN-

FC channels.

Procedure:-

Survey and interview of sub brokers in the specified

area with the help of questionnaire and verbal

communication.

Area: - Kandivali, Malad, Goregaon.

Duration of survey: - 2 months

Survey timings: - After 3.30 pm to 6.30 pm (Market closing time)

Tools for survey: - Questionnaire.

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A bout Company

The Karvy group was formed in 1983 at Hyderabad, India. Karvy ranks

among the top player in almost all the fields it operates. Karvy

Computershare Limited is India’s largest Registrar and Transfer Agent

with a client base of nearly 500 blue chip corporates, managing over 2

crore accounts. Karvy Stock Brokers Limited, member of National Stock

Exchange of India and the Bombay Stock Exchange, ranks among the top

5 stock brokers in India. With over 6, 00,000 active accounts, it ranks

among the top 5 Depositary Participant in India, registered with NSDL and

CDSL.

Karvy Comtrade, Member of NCDEX and MCX ranks among the top 3

commodity brokers in the country. Karvy Insurance Brokers is registered

as a Broker with IRDA and ranks among the top 5 insurance agent in the

country. Registered with AMFI as a corporate Agent, Karvy is also among

the top Mutual Fund mobilizer with over Rs. 5,000 crores under

management. Karvy Realty Services, which started in 2006, has quickly

established itself as a broker who adds value, in the realty sector. Karvy

Global offers niche off shoring services to clients in the US. Karvy has 575

offices over 375 locations across India and overseas at Dubai and New

York.

Organization:

Karvy was started by a group of five chartered accountants in 1979. The

partners decided to offer, other than the audit services, value added

services like corporate advisory services to their clients. The first firm in

the group, Karvy Consultants Limited was incorporated on 23rd July, 1983.

In a very short period, it became the largest Registrar and Transfer Agent

in India. This business was spun off to form a separate joint venture with

Computershare of Australia, in 2005. Karvy’s foray into stock broking

began with marketing IPO’s, in 1993. Within a few years, Karvy began

topping the IPO procurement league tables and it has consistently

maintained its position among the top 5. Karvy was among the first few

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members of National Stock Exchange, in 1994 and became a member of

The Stock Exchange, Mumbai in 2001. Dematerialization of shares

gathered pace in mid-90s and Karvy was in the forefront educating

investors on the advantages of dematerializing their shares.

Today Karvy is among the top 5 Depositary Participant in India.

While the registry business is a 50:50 Joint Venture with Computershare of

Australia, we have equity participation by ICICI Ventures Limited and

Barings Asia Limited, in Karvy Stock Broking Limited Karvy has always

believed in adding value to services it offers to clients. A top-notch

research team based in Mumbai and Hyderabad supports its employees to

advise clients on their investment needs. With the information overload

today, Karvy’s team of analysts help investors make the right calls, be it

equities, mf, insurance. On a typical working day Karvy:

Has more than 25,000 investors visiting our 575 offices

Publishes / broadcasts at least 50 buy / sell calls

Attends to 10,000+ telephone calls

Mails 25,000 envelopes, containing Annual Reports, dividend

cheques / advises, allotment / refund advises

Executes 150,000+ trades on NSE / BSE

Executes 50,000 debit / credit in the depositary accounts

Advises 3,000+ clients on the investments in mutual funds.

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K arvy Group Companies

Karvy consultants limited:-

As the flagship company of the Karvy Group, Karvy Consultants Limited

has always remained at the helm of organizational affairs, pioneering

business policies, work ethic and channels of progress.

Having emerged as a leader in the registry business, the first of the

businesses that we ventured into, we have now transferred this business

into a joint venture with Computershare Limited of Australia, the world’s

largest registrar. With the advent of depositories in the Indian capital

market and the relationships that we have created in the registry

business, we believe that we were best positioned to venture into this

activity as a Depository Participant. We were 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).

Today, we service over 6 lakhs customer accounts in this business spread

across over 250 cities/towns in India and are ranked amongst the largest

Depository Participants in the country. With a growing secondary market

presence, we have transferred this business to Karvy Stock Broking

Limited (KSBL), our associate and a member of NSE, BSE and HSE.

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Karvy stock broking limited:-

Member - National Stock Exchange (NSE), The Bombay Stock Exchange

(BSE), and The Hyderabad Stock Exchange (HSE).

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.

It is an undisputed fact that the stock market is unpredictable and yet

enjoys a high success rate as a wealth management and wealth

accumulation option. The difference between unpredictability and a safety

anchor in the market is provided by in-depth knowledge of market

functioning and changing trends, planning with foresight and choosing

one’s options with care. This is what it provides in Stock Broking

services.

It offers services that are beyond just a medium for buying and selling

stocks and shares. Instead it provides services which are multi

dimensional and multi-focused in their scope. There are several

advantages in utilizing its Stock Broking services, which are the reasons

why it is one of the best in the country.

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Distribution of financial products:-

The paradigm shift from pure selling to knowledge based selling drives the

business today. With its wide portfolio offerings, it occupies all segments

in the retail financial services industry.

A 1600 team of highly qualified and dedicated professionals drawn from

the best of academic and professional backgrounds are committed to

maintaining high levels of client service delivery. This has propelled it to a

position among the top distributors for equity and debt issues with an

estimated market share of 15% in terms of applications mobilized, besides

being established as the leading procurer in all public issues.

To further tap the immense growth potential in the capital markets it

enhanced the scope of its retail brand, Karvy – the Finapolis, thereby

providing planning and advisory services to the mass affluent. Here it

understands the customer needs and lifestyle in the context of present

earnings and provide adequate advisory services that will necessarily help

in creating wealth. Judicious planning that is customized to meet the

future needs of the customer deliver a service that is exemplary. The

market-savvy and the ignorant investors, both find this service very

satisfactory. The edge that it has over competition is our portfolio of

offerings and its professional expertise. The investment planning for each

customer is done with an unbiased attitude so that the service is truly

customized.

Its 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.

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Karvy investor services limited:-

Recognized as a leading merchant banker in the country, it 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, which have earned it the

reputation of a merchant banker. Raising resources for corporate or

Government Undertaking successfully over the past two decades have

given it the confidence to renew its focus in this sector.

Its quality professional team and work-oriented dedication have propelled

it to offer value-added corporate financial services and act as a

professional navigator for long term growth of its clients, who include

leading corporates, State Governments, foreign institutional investors,

public and private sector companies and banks, in Indian and global

markets.

It has also emerged as a trailblazer in the arena of relationships, both at

the customer and trade levels because of our unshakable integrity,

seamless service and innovative solutions that are tuned to meet varied

needs. Its team of committed industry specialists, having extensive

experience in capital markets, further nurtures this relationship.

Its financial advice and assistance in restructuring, divestitures,

acquisitions, de-mergers, spin-offs, joint ventures, privatization and

takeover defense mechanisms have elevated its relationship with the

client to one based on unshakable trust and confidence.

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Karvy computershare private limited:-

It has traversed wide spaces to tie up with the world’s largest transfer

agent, the leading Australian company, Computershare Limited. The

company that services more than 75 million shareholders across 7000

corporate clients and makes its presence felt in over 12 countries across 5

continents has entered into a 50-50 joint venture with it. With its

management team completely transferred to this new entity, it will aim to

enrich the financial services industry than before. The future holds new

arenas of client servicing and contemporary and relevant technologies as

it is geared to deliver better value and foster bigger investments in the

business. The worldwide network of Computershare will hold it in good

stead as it expects to adopt international standards in addition to

leveraging the best of technologies from around the world.

Excellence has to be the order of the day when two companies with such

similar ideologies of growth, vision and competence, get together.

Karvy realty & services (India) limited:-

KARVY Realty & Services (India) Limited (KRSIL) is engaged in the

business of real estate and property services offering value added

property services and offers individuals and establishments a myriad of

options across investments, financing and advisory services in the realty

sector. Promoted by the KARVY Group of companies, India’s largest

integrated financial services company. KARVY Realty & Services India

Limited carries forward its legacy of trust and excellence in investor and

customer services delivered with a passion for services and the highest

level of quality that align with global standards. KARVY Realty &

Services (India) Limited welcomes you to take a reality check on realty

options that you can be rest assured of and of course profit from.

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Karvy global services limited:-

The specialist Business Process Outsourcing unit of the Karvy Group. The

legacy of expertise and experience in financial services of the Karvy

Group serves us well as it enter the global arena with the confidence of

being able to deliver and deliver well.

Here it offers several delivery models on the understanding that business

needs are unique and therefore only a customized service could possibly

fit the bill. Its service matrix has permutations and combinations that

create several options to choose from.

Be it in re-engineering and managing processes or delivering new

efficiencies, its service meets up to the most stringent of international

standards. Its outsourcing models are designed for the global customer

and are backed by sound corporate and operations philosophies, and

domain expertise. Providing productivity improvements, operational cost

control, cost savings, improved accountability and a whole gamut of other

advantages.

It operates in the core market segments that have emerging requirements

for specialized services. Its wide vertical market coverage includes

Banking, Financial and Insurance Services (BFIS), Retail and

Merchandising, Leisure and Entertainment, Energy and Utility and

Healthcare.

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Karvy comtrade limited:-

At Karvy Commodities, It is focused on taking commodities trading to new

dimensions of reliability and profitability. It has made commodities

trading, an essentially age-old practice, into a sophisticated and scientific

investment option.

Here it enables trade 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.

Its technological and infrastructural strengths and especially its street-

smart skills make it an ideal broker. Its service matrix is holistic with a

gamut of advantages, the first and foremost being our legacy of human

resources, technology and infrastructure that comes from being part of

the Karvy Group.

Its wide national network, spanning the length and breadth of India,

further supports these advantages. Regular trading workshops and

seminars are conducted to hone trading strategies to perfection. Every

move made is a calculated one, based on reliable research that is

converted into valuable information through daily, weekly and monthly

newsletters, calls and intraday alerts. Further, personalized service is

provided here by a dedicated team committed to giving hassle-free

service while the brokerage rates offered are extremely competitive

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Karvy insurance broking limited:-

At Karvy Insurance Broking Limited., it provides both life and non-life

insurance products to retail individuals, high net-worth clients and

corporates. With the opening up of the insurance sector and with a large

number of private players in the business, it is in a position to provide

tailor made policies for different segments of customers. In its journey to

emerge as a personal finance advisor, it will be better positioned to

leverage its relationships with the product providers and place the

requirements of its customers appropriately with the product providers.

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. By setting up a

separate entity, it would be positioned to provide the best of the products

available in this business to its customers.

Its wide national network, spanning the length and breadth of India,

further supports these advantages. Further, personalized service is

provided here by a dedicated team committed in giving hassle-free

service to the clients

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Franchising Business Model

A franchise is an agreement or license between two parties which gives a

person or a number of people (the franchisee/s) the rights to market a

service or product using the trademark of another business (the

franchisor).

Franchising in India:--

Some Quick Facts on Franchise and Retail:-

1800 Home Grown franchisers and over 90,000 franchisees

85% Success rate

Over USD 4 Billion industry

Highest retail outlet density in the World

Service sector contributes to nearly 51%

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Franchisee players in financial services industry

Process flow for new relationship:-

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Why to partner with Karvy:-

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About TIN-FC

Tax Information Network (TIN) was proposed in the report of Task force on

Direct Taxes by Dr. Vijay Kelkar, in a bid to improve Tax administration

and check evasion. The proposal was accepted by the Government and

with the approval of the Finance Minister, it was decided that NSDL would

host TIN.

To reach each part of country NSDL has appointed four agencies to act as

TIN Facilitation center. Karvy Data Management Services Ltd. is one of

four agencies.

KDMSL as an authorized agency can act as TIN Facilitation center and

appoint franchisees to act as TIN Facilitation center.

SCOPE OF ACTIVITIES:-

•Acceptance of e-TDS Returns.

•Acceptance of e-TCS Returns.

•TAN/Correction in TAN Application.

•PAN/Correction in PAN Application.

•Support to be provided to deductor for file preparation.

•Collection of physical returns from ITD.

Any other work as may be assigned by NSDL from time to time which is

linked with ITD.

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PROCESS FLOW FOR TAN:-

PROCESS FLOW FOR PAN:-

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e-TDS:-

As a part of automation of collection, compilation and processing of TDS

returns ITD has notified an "Electronic Filing of Returns of Tax Deducted at

Source Scheme, 2003". It is applicable to all deductors furnishing their

TDS return in electronic form. As per this scheme:

•It is mandatory (w.e.f.June1, 2003) for corporate deductors to furnish

their TDS returns in electronic form (e-TDS return).

•FromF.Y.2004- 2005 onwards furnishing TDS returns in electronic form is

also mandatory for government deductors in addition to corporate

deductors.

•Deductors (other than government and corporates) may file TDS return

in electronic or physical form.

•KDMSL as TIN Facilitation center appointed by NSDL authorized to

accept, on behalf of ITD, the e-TDS/Paper returns from the Tax Deductors.

e-TCS:-

Following the automation of TDS returns in 2003, ITD has now notified an

"Electronic Filing of Returns of Tax Collected at Source Scheme, 2005". It

is applicable to all deductors furnishing their TCS return in electronic form.

As per this scheme:

•It is mandatory for corporate and government deductors to furnish their

TCS returns in electronic form (e-TCS return) from F.Y.2004-2005 onwards.

•Deductors (other than government and corporates) may file TCS return

in electronic or physical form.

•KDMSL, on behalf of NSDL and ITD, authorized to accept the TCS return

in electronic or physical form as applicable from the tax collector.

TAN/CORRECTIONIN TAN APPLICATION:-

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Under Section 203 A of the Income Tax Act, 1961, it is mandatory to quote

Tax Deduction Account Number (TAN) allotted by the Income Tax

Department (ITD) on all TDS returns. Accordingly, deductors furnishing

TDS returns are required to quote their TAN in TDS return.

•In case the deductors do not have a TAN, they can submit Form 49B

(TAN application Form) for issuance of TAN at TIN Facilitation center.

•In case any deductors want change or correction in TAN data, they can

use the “Form for Change or Correction in TAN data for TAN Allotted”

prescribed by ITD and submit the same to TIN Facilitation center.

PAN/CORRECTION IN PAN APPLICATION:-

Every person who required to furnish are turn of income under section

139 of income tax act and who has not been allotted a permanent account

number shall apply in prescribed form (49A) allotment of permanent

account number with TIN Facilitation center.

•In case any PAN holder want change or correction in PAN data, he can

use the “Changes or Correction in PAN Data Form” prescribed by ITD and

submit the same to TIN Facilitation center.

SUPPORT TO BE PROVIDED TO DEDUCTOR FOR FILE

PREPARATION:-

•Issuance of Excel templates to deductor.•Convert the same in to e-TDS formats using KDMSL provided package.•Collect the conversion fees as laid down by KDMSL.

COLLECTION OF PHYSICAL RETURNS FROM INCOME TAX DEPARTMENT:-

•Collect the physical return from ITD.

•Dispatch to HO for digitization.

•On receipt of documents from HO, handover the same back to ITD.

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DATA ANALYSIS

1. Since how long have you been in stock industry?

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0

5

10

15

20

25

30

35

40

2-3 yrs 4-6 yrs 7 or more yrs

Number of years in industry

Since most of the players exist in industry after 2001 where sensex

started to take a grip and economy accelerated towards 8% growth.

Average of all surveyed players comes around 4.07 years.

2. Office space :-

Most of the offices are nothing but typical “Shop Gala” located at ground

floor of housing complex or in any industrial chamber building. Average

area of shops/offices is around 220 sq.ft.

3. Do you require brand name to develop your business?

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Out of 70 sub brokers surveyed more than half of the sample agrees that

survival in this service industry without brand name is quiet difficult. The

sub brokers who said no to requirement of brand name are private players

with 7 or more years of experience.

4. Products offered :-

Almost more than 90% offer equity and commodity products and trading.

Mutual funds and life and non life insurance are offered by mostly branded

players.

5. Key strength of the broker :-

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Surprisingly sub brokers who initially agreed that they don’t require brand

name for business development said that brand name is the key strength

of their broker. After sales service is the other parameters which sub

brokers preferred as the key strength of the main broker. Research report

and user friendly software are key strengths rated by branded players.

6. What support you require from main broker?

No Support, 22

Marketing support, 26

Client database, 21

Back office support, 17

Proper connectivity for

rate refreshment, 14

Marketing support

Proper connectivityfor raterefreshmentBack office support

Client database

No Support

Maximum sub brokers claimed they require marketing support to grow

their business like advertising, sales promotion etc. While Client database

and back office support which are administrative in nature are rated next

to marketing support. Proper and efficient connectivity is also one of the

issue main broker has to look after.

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7. Do you require regular and consistent source of new client acquisition and new database which is a key of successful broking business?

Consistent source of database of new clients to provide service and

increase the customer base is essential for growth of broking firm. 26 out

of 70 sub brokers gave affirmative response but 34 of them said NO. The

reasoning of the same is discussed later. 10 out of 70 sub brokers haven’t

gave any absolute response so they are doubtful considering volume of

their business and competition they may enter in.

8. Do you think IPO and PAN card processing can be a potential product for your earning and acquiring new database?

Almost 40% are unsure whether this product will deliver what it proposes

to deliver and will give the desired contribution to business. 24 sub

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brokers who have opted for “No” are either loaded with volume of their

own business or they perceive the product as not convincing enough to go

for.

9. Do you require alternative & consistent earning source through the channel of TIN-FC of income tax Dept. of Govt. of India?

84% of sub brokers said “No” to the new product offerings as they are

quiet skeptical about the product which is infant and almost all of them

haven’t seen live example of any broker running the business successfully

with help of this franchisee.

10. Do you want more details about TIN Facilitation Centre?

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90% of the surveyed brokers said they don’t want to get the information

in detail about the product, the reasons for which are discussed in

conclusions.

Findings & Observations

TIN-FC is relatively new product franchisee to the broking industry

so sub brokers are not sure about the value proposition of the

product actually made and in reality will it create or not.

“Karvy” is a brand which is well known in northern and southern

part of the country. In order to develop strong channel partner

network “Karvy” has to compete with strong players like “Motilal

Oswal”, “Anand Rathi”, “Angel Broking” etc.

Brand loyalty amongst the sub brokers of same brand varies

dramatically. The sub brokers who are located in prime areas and

having their outlets in easily accessible locations are very hard core

loyal to brands. Being easily accessible and having big brand name

new customers and database keep going to these sub brokers at

rapid rate than the sub broker of same brand located in relatively

far area.

Some of the brokers who said “Highly Agree” for brand name

requirement have been in industry for 2-3 years hence because of

being new in the respective area and absence of any other broker in

near by region gives them good business.

Private players who exist in industry for more than 7 years are of

opinion that stock broking industry entirely works on maintaining

good relationship with customer quoting their own example of

survival and competition they have put forward for branded players

in their area.

“Nirmal Bang”, “Motilal Oswal”, “IndiaInfoline” are very strong

brands and sub brokers are really happy with the main brokers for

kind of service and support they get from main brokers. They

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obviously were more reluctant to answer to the questions related

with TIN-FC product.

Nirmal bang and Motilal Oswal outlets are strictly decorated and

kept in accordance with brand rules and procedures. This discipline

is not followed amongst all sub brokers of India Infoline, Angel

Broking, Anand Rathi.

Most of the brokers asked for live examples of the successful

implementation of TIN-FC so they can compare and contrast with

the example and can make conclusion.

“Karvy Fortune” hasn’t used advertising tool to communicate about

the TIN-FC so most of the surveyed brokers are unaware and were

reluctant to entertain any questions on the product.

When asked whether they want more details about the product

most of them said no because they think sms, email or phone calls

may start to interrupt them on regular basis.

Some of the sub brokers of established brand name accepted that

brand name helps in initial period of the business, after the period of

2-3 years its all depend on personal service and relationship with

customer.

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Experience & Learnings

While carrying out survey the most important thing was to get in

comfort zone of the target audience. Once surveyor enters in the

comfort zone of the target audience extraction of the required

information become easier.

Initial approach for the survey was to tell directly that doing project

for “Karvy Fortune Ltd.”. But it makes impression target audience

perceived me as seller of financial product. So for next few surveys

the adopted approach was to tell as doing project for college

academic purpose. But even with this approach some of the sub

brokers with good industrial experience recognized the real

objective of the survey and refused to give accurate and important

data and insights. Last approach that worked successfully was to tell

them as wanted to open Demat Account or open new insurance

policy. Once he gets convinced, very slowly and in accordance with

his comfort zone he starts to answer the questions.

Most of the sub brokers are not familiar with concept of Brand Name

even though they are partner of the established brand name. Also

their inability to comprehend question or meaning of the question

leads to ineffective an answer which is limitation of this survey.

Always filling directly questionnaire in front of sub broker doesn’t

work so its better to keep questions in mind in proper sequence and

start asking them after entering in comfort zone of the target

audience.

Out of 120 visited locations only 70 sub brokers agreed to share

information. Rest denied because of office policies/ felt its

competitor’s plan/ it will lead to unwanted emails and sms.

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Some of the sub brokers purposely inflated answers so it also adds

to drawback for this survey.

Limitations of survey

Timing to carry out survey was everyday 3-4 hrs maximum. Because

brokers are free after market closes down. So everyday maximum

3-4 brokers were possible to visit.

Being doubtful, few brokers denied giving contact details, opinion

regarding TIN-FC which reduces effectiveness of survey.

Some of the sub brokers are really bound by the rules of main

brokers hence besides 2-3 questions they were not able to answer

to remaining questions.

Sometimes being busy sub broker asked to give information to

office assistant hence data provided is of inferior quality.

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APPENDIX

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QUESTIONNAIRE FOR SURVEY

Sub Broker

Main Broker

Address

Contact No E-mail

1) Since how long have you been in stock industry? Office Space……

2) Trading facility to end-clients: on-line / Off-line / Both

3) Do you require brand name to develop your business?

Highly agreed /Agreed /Not required

4) What are the products you can offer to clients?

Equity / Commodity / MF / Life & Non-Life Insurance of all companies

5) What are the key strengths of your broker?

Brand name/ and Research report / User-friendly software/After-sales services

6) What support you require from your Broker?

Marketing support/ Proper Connectivity for Rate refreshment/ Back office support/Client database / any other support you require (please specify)

…………………………………………………………………………………………

7) Do you require a regular & consistent source of new client acquisition & new database, which is the key of success of broking business?

8) Do you think IPO & PAN card processing can be a potential product for your earning & acquiring new database?

9) Do you require alternative & consistent earning source through the channel of TIN-FC of Income tax Dept. of Govt. of India?

10) Do you want more details about TIN Facilitation Center? (PAN, TAN & E-TDS Processing) Yes / No

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BIBLIOGRAPHY

1. http://www.karvy.com

2. http://www.wikipedia.com

3. http://www.karvy.com/fortune/

4. http://www.thefinapolis.com

5. http://www.incometaxindia.gov.in

6. http://www.nsdl.com

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