Report Iifl

8/4/2019 Report Iifl

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Study on Customer satisfaction towards the services

Provided by India Infoline in pune

In partial fulfillment of the requirement for

Post Graduate Diploma in Management (PGDM)

Submitted by :

Under the supervision of:

Indira School of Business Studies

Mumbai-pune old highway

Tathawade, pune

Maharashtra


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Study on Customer satisfaction towards the services provided by

India Infoline with special reference to Pune office


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Certificate of Approval


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Declaration

I do hereby declare that the project work entitled A study

on Customer Satisfaction towards the service provided by India Infoline in Pune region

submitted for the partial fulfillment for Post Graduate Diploma in Management (PGDM) of

Indira School of Business Studies.


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Acknowledgement

The satisfaction of the successful completion if of any task wouldnt be complete without the

expression of gratitude to the people who made it possible.

I express my gratitude to Mr. NILESH DHORE (franchisee manager) India infoline Ltd. for his

support and guide during the survey.

I am very thankful to Mr. ANITA KSHETRI, sip guide Indira School of Management, pune for

the guidance and interest evinced throughout the preparation of this project.

I also extended my heartfelt gratitude and thanks to Dr. RENU BHARGAV, Director, Indira

School of Business Studies.

I take this opportunity, also to express my love and sincere thanks to my family members and

friends for their support and advice during various stage of work.

I also extend my gratitude to the respondents of my survey for their kind co-operation.


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But last not least I thank God almighty for giving me the support for the completion of the Task.

EXECUTIVE SUMMARY

The title of the Project done at India Infoline Limited is A Study on customer satisfaction

towards the services provided by India Infoline in pune region.

The main objective of the study was to study the satisfaction level of brokerage, to

understand the satisfaction level of clients with India Infoline regarding tip, to understand the

satisfaction level of clients with India Infoline regarding trade confirmation, to study the

satisfaction level of flexibility provided by India Infoline, to understand the satisfaction level of

clients with India Infoline regarding service provided by staff, to study the overall satisfaction

level.

The type of research was exploratory research. The sampling used in this method is

convenience sampling method. The sources of the data for the study were primary and secondary

data. The questionnaire was prepared and administrated to collect and relevant primary data .the

data collection method was based on questionnaire.

The findings are there is a low positive correlation between brokerage and overall

satisfaction between tips and overall satisfaction and between flexibility and overall satisfaction.


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There is a moderate positive correlation between consumer support service and overall

satisfaction, speed of service and overall satisfaction between clarity of information and overall

satisfaction.

TABLE OF CONTENTS


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CHAPTER I

INTRODUCTION


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Chapter 1

Introduction

1. Introduction

Theoretical prospective

Industry profile

Company profile

Strategies of marketing


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INTRODUCTION

Customer satisfaction is a measure of how products and services supplied by a company can

meet the customers expectations.

Customer satisfaction is still one of the single strongest predictors of customer retention.

Its considerably more expensive to attract new customer than it is to keep old ones happy. In a

climate of decreasing brands loyalties, understanding customer service and measuring customer

satisfaction very crucial.

There is obviously a strong link between customer satisfaction and customer retention.

Customers perception of service and quality product will determine the success of the product

or service in the market.

With better understanding of customers perceptions, companies can determine the

actions required to meet the customers need. They can identify their own strengths andweakness, where they stand in comparison to their competitors, chart out path future progress

and improvement. Customer satisfaction measurement helps to promote an increased focus on


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customer outcomes and stimulate improvements in the work practices and processes used within

the company.

Customer expectations are the customer-defined attributes of your product or service you must

meet or exceed to achieve customer satisfaction.

There are many reasons why customer expectations are likely to change over time. Process

improvements, advent of new technology, changes in customers priorities, improved quality of

service provided by competitors are just a few examples.


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INDUSTRY PROFILE

INDUSTRY PROFILE

The Indian broking industry is one of the oldest trading industries that have been around even

before the establishment of the BSE in 1875. Despite passing through number of changes in the

post liberalization period, the industry has found its way onwards sustainable growth. With the

purpose of gaining a deeper understanding about the role of the Indian stock broking industry in

the countrys economy, we present in this section some of the industry insights gleaned from

analysis of data received through primary research.

For the broking industry, we started with an initial database of over 1,800 broking firms

that were contacted, from which 464 responses were received. The list was further short listed

based on the number of terminals and the top 210 were selected for profiling. 394 responses,

that provided more than 85% of the information sought have been included for this analysis

presented here as insights. All the data for the study was collected through responses received

directly from the broking firms. The insights have been arrived at through an analysis on


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various parameters, pertinent to the equity broking industry, such as region, terminal, market,

branches, sub brokers, products and growth areas.

Some key characteristics of the sample 394 firms are:

On the basis of geographical concentration, the West region has the maximumrepresentation of 52%. Around 24% firms are located in the North, 13% in the South and

10% in the East

3% firms started broking operations before 1950, 65% between 1950-1995 and 32% post

1995.

On the basis of terminals, 40% are located at Mumbai, 12% in Delhi, 8% in Ahmedabad,

7% in Kolkata, 4% in Chennai and 29% are from other cities

From this study, we find that almost 36% firms trade in cash and derivatives and 27% are

into cash markets alone. Around 20% trade in cash, derivatives and commodities

In the cash market, around 34% firms trade at NSE, 14% at BSE and 52% trade at both

exchanges. In the derivative segment, 48% trade at NSE, 7% at BSE and 45% at both,

whereas in the debt market, 31% trade at NSE, 26% at BSE and 43% at both exchanges

Majority of branches are located in the North, i.e. around 40%. West has 31%, 24% are

located in South and 5% in East

In terms of sub-brokers, around 55% are located in the South, 29% in West, 11% in

North and 4% in East

Trading, IPOs and Mutual Funds are the top three products offered with 90% firms

offering trading, 67% IPOs and 53% firms offering mutual fund transactions

In terms of various areas of growth, 84% firms have expressed interest in expanding their

institutional clients, 66% firms intend to increase FII clients and 43% are interested in

setting up JV in India and abroad

In terms of IT penetration, 62% firms have provided their website and around 94% firms

have email facility


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A BRIEF HISTORY

India infoline was originally incorporated by on October 18, 1995 as probity Research and

Services Private limited at Mumbai under the companies Act, 1956 with registration no. 11

93797. India Infoline commenced operations as an independent provider of information, analysis

and research covering Indian businesses, financial markets and Economy, to institutional

customers. India Infoline became a public limited company on April 28, 2000 and later to India

Infoline Limited on March 23, 2001.

In 1999, India Infoline.com identified the potential of the internet to cater to a mass retaisegment and transformed our business model from providing information services to

institutional customers to retail customers. Hence India infoline launched internet portal,


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www.indiainfoline.com in May 1999 and started providing news and market information,

independent research, interviews with business leaders and specialized features.

In May 2000, the name of India Infoline was changed to Indiainfoline.com Limited to

reflect the transformation of our business. Over a period of time, Indiainfoline.com has emerged

as one of the leading business and financial information service provider in India.

In the year 2000, India Infoline leveraged its position as a provider of financial

information and analysis by diversifying into transactional services, primarily for online trading

in shares and securities and online as well as offline distribution of personal financial products,

like mutual funds and RBI Bonds. These activities were carried on by our wholly owned

subsidiaries.

India Infoline broking services was launched under the brand name of 5paisa.com

through our subsidiary, India Infoline Securities Private Limited and www.5paisa.com, the e-

broking portal, was launched for online trading in July 2000. It combined competitive brokerage

rates and research, supported by Internet technology besides investment advice from an

experienced team of research analysts, India Infoline also offer real time stock quotes, market

news and price charts with multiple tools for technical analysis.

Facilities

India Infolines main offices are located in approximately 4,000 square feet of office

space located in Mumbai, India. India Infoline Branches collectively occupy an additional

10,000 square feet of office space located throughout India, As on March 31, 2005, India

Infoline has 73 branches across 36 locations in India.

Terminals
http://www.indiainfoline.com/http://www.indiainfoline.com/


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Almost 52% of the terminals in the sample are based in the Western region of India,

followed by 25% in the North, 13% in the South and 10% in the East. Mumbai has got the

maximum representation from the West, Chennai from the South, New Delhi from the North

and Kolkata from the East.


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REVIEW OF LITERATURE

Literature Review

In this 21st century the digital revolution has transformed the economy in to a new

economy which empowered the customer with new set of capabilities such as; 1.Access to

greater amount of information, 2.Wider variety of available good and services 3.Greater ease of

interacting with the service provider.

This new capability in the new economy led the customer to market the marketing and

plays a very vital role in the growth of the market. It is essential in the service industry in

particular, place greater emphasis on the enablers leading to customer satisfaction and customer


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retention. It is in this context is very important to understand the customer requirements to

provide value-(QSP - Quality, Service and Price) and track and manage the customer satisfaction

for retention and creation of new customers.

In Service industry it is not enough if the product meets the functional requirements ofthe customer, it should also meet certain other customer expectations like the behaviors/attitude

of the person who provides service. The customer satisfaction is the combination of both

technical features & human behavioural aspects. The quality management only addresses the

systems and processes; service addresses the customer service independently. In todays new

economy, it is essential to address the enablers for customer satisfaction for business growth

with utmost importance as they are interdependent in nature.

Customer satisfaction

Customer satisfaction can be represented as follows.

Customer satisfaction=Performance Features + Behavioural Features + Price.

Performance features address the issues on Conformance to the standards and Variability

and the behavioural aspects of service provider deals with the following components of service

which is a major enabler for the growth of the business as indicated in the research publications.

If customer experience matches customer expectations, leads to customer satisfaction and

if customer experience doesnt match Customer Expectation, leads to Customer dissatisfaction.

On similar lines if it exceeds expectation leads to Customer Delight.

The title of Article is Does customer satisfaction lead to profitability?

Author(s): Timothy L. Keiningham, Tiffany Perkins-Munn, Lerzan Aksoy.

Publisher: Emerald Group Publishing Limited


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Purpose Many researchers have proposed a virtuous chain of effects from improved customer

satisfaction to profits. In particular, satisfaction is thought to improve share-of-spending, which

in turn leads to higher customer revenue and customer profitability. This paper aims to examine

these proposed linkages using data from the institutional securities industry.

OBJECTIVES

1. To study the satisfaction level of brokerage.

2. To understand the satisfaction level of clients with India Infoline regarding tips.


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3. To understand the satisfaction level of clients with India Infoline regarding trade

confirmation.

4. To study the satisfaction level of flexibility provided by India Infoline.

5. To understand the satisfaction level of clients with India Infoline regarding service

provided by staff.

6. To study the overall satisfaction level.


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RESEARCH METHODOLOGY

Type of Research Exploratory Research.


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The research design is usually conducted during the initial stage of the research process. The

preliminary activities undertaken to refine the problem into a researchable one need not be

formal or precise. The purpose of the exploratory research process is to progressively narrow the

scope of the research topic and to transform discovered problems into defined ones,

incorporating specific research objectives.

Sample design

Sampling design The sampling method adopted for research work was Convenience

sampling method.

Sample size - The sample selected was 300. The data collection method was based on the

following:

Sampling Unit Professional

Variables of the Study

Dependent Variable Overall satisfaction

Independent Variable Brokerage, Tips, Trade confirmation, Flexibility, Customer support,Speed of service, Clarity of information, Time taken to respond to telephone enquiries, staff

treating as a valuable customer.

Method of Data collection


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The sources of the data for the study were primary data. The questionnaire was prepared and

administered to collect the relevant primary data. The data collection method was based on

Questionnaire and Observation.

Method of analysis of data

Data collected through questionnaires is analyzed using techniques and association test. It is

done through correlation analysis, chi square test, Skewness, Kurtosis.

Correlation refers to the relationship between two or more variables. Here we can find out

independent variables like Brokerage, Tips, Trade confirmation, Flexibility, Customer support,

Speed of service, Clarity of information, Time taken to respond to telephone enquiries, staff

treating as a valuable customer and dependent variable is overall satisfaction.

Skewness denotes the symmetry of distribution. Skewness may be either positive or negative.

When mean = median = mode that represents symmetry of distribution. When the Skewness

value is zero, it also represents symmetry of distribution.

Kurtosis indicates whether the distribution is more flat of or more peaked then the normal

distribution. A measure of kurtosis is there for a measure of peakedness. When the value of

kurtosis is 3, we can apply z test, t test and any other test.

As a non-parametric test chi square is used for

1. Testing the goodness of fit between observed and accepted frequency.2. Testing the independent of two attributes.


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DATA ANALYSIS, RESULTS AND INTERPRETATION


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1. Correlation between Customer Satisfaction and Brokerage

Overall

Satisfaction Brokerage

Overall Satisfaction Pearson Correlation 1 .401(**)

Sig. (2-tailed)

. .000

N

300 300

Brokerage Pearson Correlation .401(**) 1

Sig. (2-tailed).000 .

N

300 300

** Correlation is significant at the 0.01 level (2-tailed).

INFERENCE: - The above table shows a moderate positive correlation between customer

satisfaction and brokerage. (.401) and also have level of significance less than .05

Goodness of fit test- goodness of fit of the above test can do with a nonparametric test chi square

because the distribution is not normal distribution.

Statistics

Overall satisfaction Brokerage

Skewness

Std Error of Skewness

Kurtosis

Std Error of Kurtosis

-.919

.141

-.149

.281

-1.077

.141

.005

.281


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Here, we can see that maximum number of clients i.e., 186 clients are satisfied with the service

provided by India Infoline regarding brokerage charged, while in the otherhand only 26 clients

are dissatisfied with the brokerage charged.

Test Statistics

Overall

Satisfaction Brokerage

Chi-

Square(a,b)296.367 130.160

Df 4 2

Asymp. Sig. .000 .000

A 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.

B 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 100.0.

According to the above table calculated chi square value is greater than table value and

significant at less than .05 so we no accept the null hypothesis hence we accept the alternatehypothesis.

2. Correlation between Customer Satisfaction and Tips

Overall

Satisfaction Tips


. .000


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Sig. (2-tailed)

N

300 300

Tips Pearson Correlation .456(**) 1

Sig. (2-tailed)

.000 .

N

300 300



satisfaction and tips. (.456) and also have level of significance less than .05


because the distribution is not normal distribution

Statistics

Overall

satisfaction

Tips

Skewness


Kurtosis


-.919

.141

-.149

.281

-.162

.141

.977

.281


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Here, we can see that maximum number of clients i.e., 113 clients are neither satisfied nor

dissatisfied with the service provided by India Infoline regarding tips (Intraday, Delivery,

Investment), while in the otherhand we can see that 94 clients are satisfied with the service

provided, and 86 clients are dissatisfied with the service provided.

Test Statistics

Overall

Satisfaction Tips

Chi-Square(a) 296.367 183.967

Df 4 4

Asymp. Sig. .000 .000

a 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 60.0.


significant at less than .05 so we no accept the null hypothesis hence we accept the alternate

hypothesis.

3. Correlation between Customer Satisfaction and Trade confirmation

Overall

Satisfaction

Trade

Confirmation


Sig. (2-tailed)

. .000

300 300


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N

Trade Confirmation Pearson Correlation .551(**) 1

Sig. (2-tailed)

.000 .

N

300 300



satisfaction and trade confirmation. (.551) and also have level of significance less than .05



Statistics

Overall

satisfaction

Trade

confirmation

Skewness

Std Error of SkewnessKurtosis


-.919

.141-.149

.281

-.875

.141

.222

.281


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Here, we can see that maximum number of clients i.e., 61% of the clients are satisfied with the

service provided by India Infoline regarding trade confirmation, while in the otherhand we can

see that 14% of the clients are dissatisfied with the service provided.

Test Statistics

Overall

Satisfaction

Trade

Confirmation

Chi-

Square(a,b)296.367 236.133

Df 4 3

Asymp. Sig. .000 .000


b 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 75.0.



hypothesis.

4. Correlation between Customer Satisfaction and Flexibility

Overall

Satisfaction Flexibility


Sig. (2-tailed)

. .000

N

300 300

Flexibility Pearson Correlation .541(**) 1


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Sig. (2-tailed)

.000 .

N

300 300



satisfaction and flexibility. (.541) and also have level of significance less than .05



Statistics

Overall

satisfaction

Flexibility

Skewness


Kurtosis


-.919

.141

-.149

.281

-.776

.141

.419

.281


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service provided by India Infoline regarding flexibility, while in the otherhand we can see that

16% of the clients are dissatisfied by the service provided.

Test Statistics

Overall

Satisfaction Flexibility

Chi-Square(a) 296.367 286.700

Df 4 4

Asymp. Sig. .000 .000




hypothesis.

5. Correlation between Customer Satisfaction and Customer support

Overall

Satisfaction

Customer

Support


Sig. (2-tailed)

. .000

N

300 300


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Customer Support Pearson Correlation .692(**) 1

Sig. (2-tailed)

.000 .

N

300 300



satisfaction and Customer support. (.692) and also have level of significance less than .05



Statistics

Overall

satisfaction

Customer

support

Skewness


Kurtosis


-.919

.141

-.149

.281

-.894

.141

.075

.281


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service provided by India Infoline regarding customer support, while in the otherhand we can

see that 16% of the clients are dissatisfied with the service provided.

Test Statistics

Overall

Satisfaction

Customer

Support

Chi-Square(a) 296.367 266.767

Df 4 4

Asymp. Sig. .000 .000




hypothesis.

6. Correlation between Customer Satisfaction and Speed of service

Overall

Satisfaction

Speed of

Service


Sig. (2-tailed)

. .000

N

300 300

Speed of Service Pearson Correlation .893(**) 1

Sig. (2-tailed)

.000 .


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N

300 300



satisfaction and speed of service. (.893) and also have level of significance less than .05



Statistics

Overall

satisfaction

Speed of

service

Skewness


Kurtosis


-.919

.141

-.149

.281

-.723

.141

.512

.281


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service provided by India Infoline regarding speed of service, while in the otherhand we can see

that 20% of the clients are dissatisfied with the service provided.

Test Statistics

Overall

Satisfaction

Speed of

Service

Chi-Square(a) 296.367 239.367

df 4 4

Asymp. Sig. .000 .000




hypothesis.

7. Correlation between Customer Satisfaction and clarity ofinformation

Overall

Satisfaction

Clarity of

information


Sig. (2-tailed)

. .000

N

300 300

Clarity of information Pearson Correlation .694(**) 1


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Sig. (2-tailed)

.000 .

N

300 300

** Correlation is significant at the 0.01 level (2-tailed)


satisfaction and clarity of information. (.694) and also have level of significance less than .05



Statistics

Overall

satisfaction

Clarity of

information

Skewness


Kurtosis


-.919

.141

-.149

.281

-.469

.141

.627

.281


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provided by India Infoline regarding clearity of information, while in the othernhand we can see

that 64 clients are dissatisfied with the service provided.

Test Statistics

Overall

Satisfaction

Clarity of

information

Chi-Square(a) 296.367 187.267

df 4 4

Asymp. Sig. .000 .000




hypothesis.

8. Correlation between Customer Satisfaction and time taken torespond to telephone enquiries

Overall

Satisfaction

Time taken to

respond to

telephone

enquiries


Sig. (2-tailed)

. .000

N

300 300

Time taken to respond to Pearson Correlation .562(**) 1


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telephone enquiries

Sig. (2-tailed)

.000 .

N

300 300



satisfaction and time taken to respond to telephone enquiries. (.562) and also have level of

significance less than .05



Statistics


provided by India Infoline regarding respond to telephone, while in the otherhand only 49 clients

are dissatisfied with the service provided.

Test Statistics

Overall

satisfaction

Time taken to respond to

telephone enquiries

Skewness


Kurtosis


-.919

.141

-.149

.281

-.653

.141

.423

.281


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Overall

Satisfaction

Time taken to

respond to

telephone

enquiries

Chi-Square(a) 296.367 262.933

df 4 4

Asymp. Sig. .000 .000




hypothesis.

9. Correlation between Customer Satisfaction and staff treating as a valuablecustomer

Overall

Satisfaction

Staff Treating as

a valuable

customer


Sig. (2-tailed)

. .000

N

300 300

Staff Treating as a

valuable customer

Pearson Correlation .608(**) 1

Sig. (2-tailed)

.000 .

300 300


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N



satisfaction and staff treating as a valuable customer. (.608) and also have level of significance

less than .05



Statistics


provided by the staff (as a valuable customer) by India Infoline, while in the otherhand we can

see that 46 clients are dissatisfied with the service provided by the staff people.

Test Statistics

Overall

satisfaction

Staff treating as a

valuable customer

Skewness


Kurtosis


-.919

.141

-.149

.281

-.769

.141

.149

.281


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Overall

Satisfaction

Staff Treating as

a valuable

customer

Chi-Square(a) 296.367 308.667

df 4 4

Asymp. Sig. .000 .000




hypothesis.

% clients according to gender group:

Male Female

245 55

Out of the total clients visited i.e., 82% belongs to male category and 18% belongs to female

category.


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% Clients with different age group:

20-30 31-40 ABOVE 40

117 181 2

Out of the total clients visited, majority i.e., 60% belongs to 31 years to 40 years age group,

followed by 20 years to 30 years age group which comprises of 39% of the clients visited, and

the leftover clients i.e., 1% (the least %) belongs to above 40 years age group.

% Clients with different occupation:

Professional Businessman Retired Student others

220 62 0 4 14


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Out of the total clients, majority i.e., 73% are professional. Followed by businessman, which

comprises of 21%? 1% are students, 4% belongs to other category (like housewife, etc.), and

retired is 0 i.e., nil.

% Customer connected to India Infoline as:

Demate a/c holder Commodities a/c holder Mutual fund customer Insurance

300 0 0 0

Here we can see that all the clients visited, (100%) are connected to India Infoline as a Demat

A/c holder, rather than giving any weightage to other financial products (like Commodities A/C,

Mutual fund, Insurance).


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% Customer connected to India Infoline since:

Less then 6 months 6 months - 1 Year 1-2 year More then 2 year

26 60 187 27

The maximum number of clients i.e., 62% of the total clients are connected to India Infoline

since 1-2 years, followed by 20% connected since 6 months to 1 year and the least 9% in more

than 2 years as well as less than 6 months.

% Customer gathering information/ awareness about trading from different

sources:

TV Newspaper Friend Financial Advisor Others

58 15 43 37 147


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Out of the total clients, majority i.e., 49% of clients gather information about trading from the

sources like mail, some web-sites (moneycontrol.com, bloomberg, dnaindia.com),etc. Followed

by 19% which gather information from television,15% from friends, 12% from financial

advisor, and the rest 5% from newspaper.

Main objectives of investment in Equities and Mutual funds of % customer:

Risk Return Tax Benefit Capital Appreciation Safety

Liquidit

y Other

0 263 0 18 0 19 0


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Maximum customers invest in Equities and Mutual funds for getting a good return, which is

obvious from the chart shown above.Here, we can see that mojority of the clients visited i.e.,

88% invest in equities for good return.6% for liquidity and rest 6% for capital appreciation.

Number of clients giving more weightage to the tips coming from:

Relationship manager TV

India Infoline TT Advance

tips Others

66 49 152 33

Out of the total number of clients visited, maximum i.e., 51% give more weightage to the tips

coming from India Infoline TT Advance tips. 22% of the client goes with the tips coming from


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Relationship Manager, 16% goes with the tips coming from television, and rest 11% goes with

the tips coming from some other sources.

FINDINDS, SUGGESTION AND

CONCLUSION


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Findings & Conclusion

Findings

Conclusion


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FINDINGS

There is low positive correlation between brokerage and overall satisfaction.

There is low positive correlation between tips and overall satisfaction.

There is a moderate positive correlation between customer support service and overall

satisfaction.

There is low positive correlation between flexibility and overall satisfaction.

There is a moderate positive correlation between speed of service and overall

satisfaction.

There is a moderate positive correlation between Clarity of information and overall

satisfaction.


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CONCLUSION

The company should come up with innovative ways of service at their door steps

this may be a costly affair but will surely give positive results in the long run.

The company should take the initiative of training the advisors about the trading

from time to time which also makes the advisors connected to the company.

The company should focus on the advertising strategy and also the marketing of

the product.


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LIMITATIONS OF THE STUDY

As the data will be collected through questionnaire, there are chances of biased

information provided by the respondent.

Heterogeneity among the respondents.

Inability to respond to the questionnaire due to lack of time.

The study is confined to the existing customers of INDIA INFOLINE LTD only.


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RECOMMADATIONS

The suggestion is the Small investors prefer most economical fee on trading and prefers

negotiations therefore the company should offer services and fee structure keeping in

mind such customers if they add significantly to bottom line.

Lack of communication and advisories happen when relationship manager moves out of

the organization and this has to be checked so that the customer doesnt migrate to other

brokerage companies.


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LIST OF TABLES

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