Chapter 1

Introduction

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1

1.1 Introduction
Businesses need money to get started, and even more to expand and grow. When setting up, entrepreneurs raise some of this from savings, friends and families, and the rest from banks. Capital market is one of the unique characters offering to participate in the ownership of business and establish ventures. he capital market plays various roles in an economy. !t acts as an intermediary between surplus units and deficit units of the economy and facilitates savings into investments. By also providing liquidity of these investments, the capital market ensures optimum allocation of resources. "ll these activities make it the engine for the growth of the economy. Capital market in Bangladesh is yet to play its potential role as a vehicle for financing long term investment. #owever, the hangover of an unpalatable historical past which saw a dramatic upsurge in the second half of $%%& only to be followed by a drastic and prolonged downswing has been successfully overcome. 'iscernible signs of renewed vitality have emerged. " number of actions are in the offing to add depth to the market, increase the variety of instruments that can meet diverse investors( preferences, further promote orderly trading, enhance professional competence of market intermediaries and facilitate expeditious issuance of securities at reduced cost. !n sum, Bangladesh capital market is now prepared to be harnessed in the service of the country(s economic development. !t is hoped that policy makers, issuers of securities, market intermediaries and investors will all )oin hands in fuller reali*ation of its potential. his report is emphasi*es the brokerage operation practice in Bangladesh and internals of brokerage functions performed by B+B ,ecurities -imited. "s well as the role of brokerage house as an intermediary is also considered. !n this regard B+B ,ecurities -imited has been taken as an example, its, services, rules and regulation, and activities of various department have been discussed. #owever, individual clients cannot trade .buy and sell/ directly. hey need to choose a broker house to trade through authori*ed traders. "ll brokers must have access to the system .either directly or indirectly/ to settle stock exchange transactions. #owever, only some brokers, upon obtaining certificate of registration from the B,0C, will become full service participants and will be able to manage accounts on behalf of customers. B+"C 01- ,tock Brokerage -td. offers full2fledged international standard brokerage service for retail and institutional clients and foreign clients. #aving seat in 'haka ,tock 0xchange -imited, it is inevitable that B+"C 01- ,tock Brokerage -td. became the trusted broker to most of the foreign, local institutional investors and high net worth clients investing in Bangladesh and abroad. he development of capital market has been receiving heightened attention from the policy2makers in recent years. 3ne explanation lies in the fundamental shift of development strategy reflected in the nearly universal embrace of the private sector as an engine of economic growth. Capital 4arket now has become a honey comb and share investment is a bu** word in all over the country. " number of people are now involved in this sector with their handful fortune. 5or past a decade it has become
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. |

one of the significant concern issues from the top of the bureaucrats to the lower income citi*en, as many people6s fate depends on this sector. 5or this reason, development of this sector in every aspect has been demanded. hat6s why laws, rules etc. have been imposed for this concern of development, to give a consolidated structure of this system. 3ne of these developments is the introduction of Broking operation and this operation is considerably well regulated by the regulatory authority. 'ay by day, the brokerage operations are developing by the logic based well executable systems with the help of available concurrent information technologies. " well regulated infrastructure of information flow and operations are the result of the development of this broking operation. 7ow, one can operate with the exchanges from remote areas without compromising the ethics or hampering one6s interest. B+"C 01- ,tock Brokerage -td. one of the leading brokerage institutions of the country achieved significant growth in all areas of business in the year ended, 89$:. he company(s has both retail and institutional investors with high standard of servicing to them. !nternal business process is efficient that honored it as the top brokerage houses in the country.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !

1. "rigin of the Re#ort

,ince practical orientation is an integral part of the 4B" degree requirement, ! am the employee B+"C 01- ,tock Brokerage -imited and assigned by the 'ept. of Business "dministration, Comilla ;niversity to B+"C 01- ,tock Brokerage -imited to prepare the real life exposure of the customer satisfaction through activities and services of the organi*ation as a financial institution. ! am assigned in the B+"C 01- ,tock Brokerage -imited and attached with ,ales < ! 'ivision and acting as a ,enior 0xecutive. Being in the back office it is really a great opportunity to oversee the activities with closer touch. his report has been originated as the course requirement of the 4B" program. ! hope the report will give a clear idea about the customer satisfaction through activities and services of the organi*ation and the present condition, prospect < future of the capital market.

1.! "$%ectives of the Re#ort

he ob)ective of the report can be viewed in two forms= >eneral 3b)ective. ,pecific 3b)ective. &eneral "$%ective' he general ob)ective of my internship is to get well acquainted with customer satisfaction through the brokerage service of B0,-. S#ecific "$%ective' he specific ob)ective of the study is to get a definite idea about how brokerage houses operates and what function it does to satisfy their customer through their service i.e. opening B3 account, trading, settlement, accounting procedure etc. "lso its presence and contribution in the capital market, prospect of the capital market etc. are some other ob)ectives. 5urthermore, the orientation is very useful to detect whether the theoretical knowledge matches with real life scenario or not. hough the title (Customer satisfaction through Brokerage ,ervices of B+"C 01- ,tock Brokerage -imited " very lengthy area, the specific ob)ectives are as follows= $. 8. :. ?. @. &. o know the overall activities of the Brokerage house. o know how B3 account is maintained. o learn about the whole trading process of B+"C 01- ,tock Brokerage -imited. o know the decision making process of the organi*ation. o know the present situation < growth of the capital market o know about the probable benefits of derivatives, future < forward market.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )

A. B.

o review the existing listing and trading rules in ,tock indices in Bangladesh.

o know about the customer6s acceptance level regarding the recent change of B0,-. %. o know about whether the customer is satisfied with service of B0,- or not. o know about whether customer is getting more benefits from services. $9. o know about customer6s loyalty towards B+"C 01- ,tock Brokerage -td.

1.). Sco#e of the Re#ort

! am very fortunate that ! could work in various departments of the organi*ation thereby ! gathered knowledge about the overall activities of the company. ! have had an opportunity to gather experience by working in the different desks of the branch. he area of concentration of this report is confined in investigating different aspects of the capital market transactions, problems, prospects. he report also covers the functions performed by the brokerage house, rules and regulations related to it, procedure, monitoring, various analysis related to this particular arena etc. his study is focused on the service analysis and recent trend of the capital market of Bangladesh. he study will explain how B0,- satisfy their customer to maintain the regulatory aspects of capital market of Bangladesh on the basis of disclosed regulations and will try to )udge the quality of the regulations in terms of its achievement of the goals.

1.*. Limitations
here were some difficulties, which ! have faced in preparing this report. ! have worked all the departments of !CB, ',0, C,0, and B,0C, one after another. "ll of the organi*ations are large corporation and therefore study time three months is too short to prepare a comprehensive report on the role of them in the Capital 4arket. 3ther constraints ! have faced during the course of study are as follows=

,ecrecy of the official6s ;navailability of relevant papers and documents. !nsufficiency of necessary information. +elevant data sets, papers < documents were not available for me. hese convey their inability for not providing all materials. 3ur capital market is shallow < imperfect that is why various financial analyses cannot be applied to )udge the performance of !CB.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | *

Chapter 2

Industry , Com#any

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | +

.1. Ca#ital -arket in Bangladesh

he capital market is market for securities, where companies and >overnments can raise long2term funds. !t is a market in which money is lent for periods longer than a year. he capital market includes the stock market and the bond market. Capital market is the group of interrelated markets, in which capital in financial form is, lend or borrowed for medium and long term and, in cases such as equities, for unspecified periods. !t is encouraging to see that the capital market of Bangladesh is growing, albeit at a slower pace than many would like, with market development still at a nascent stage. he market has seen a lot of developments since the inception of the ,ecurities and 0xchange Commission .,0C/ in $%%:. "fter the bubble burst of $%%&, the capital market has attracted a lot more attention, importance and awareness that have led to the infrastructure we have in the market today. .he Primary -arket' .he Secondary -arket' he secondary market handles the trading of previously2 issued securities, and must remain highly liquid in nature because most of the securities are sold by investor. Pu$lic -arket= 3nly trading of market lot share is done here through automatic matching. S#ot -arket' ,pot transactions are done here through automatic matching which must be settled within 8? hours. Block -arket' " place where bulk quantities of shares are traded through pick and fill basis. "dd Lot -arket' 3dd lot scripts are traded here based on pick and fill basis. he primary market deals with newly issued securities and is

responsible for generating new long2term capital.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | /

. . 0haka Stock E1change Limited 20SE3

'haka ,tock 0xchange .>enerally known as ',0/ is the main stock exchange of Bangladesh. !t is located in 4oti)heel at the heart of the 'haka city. !t was incorporated in $%@?. 'haka stock exchange is the first stock exchange of the country. "s of :$ 'ecember 899A, the 'haka ,tock 0xchange had :@9 listed companies with a combined market capitali*ation of C8&.$ billion. !t first incorporated as 0ast 1akistan ,tock 0xchange "ssociation -td in 8B "pril $%@? and started formal trading in $%@&. !t was renamed as 0ast 1akistan ,tock 0xchange -td in 8: Dune $%&8. "gain renamed as 'acca ,tock 0xchange -td in $: 4ay $%&?. "fter the liberation war in $%A$ the trading was discontinued for five years. !n $%A& trading restarted in Bangladesh. !n $& ,eptember $%B& ',0 "ll ,hare 1rice !ndex was started. he formula for calculating ',0 all share price index was changed according to !5C in $ 7ovember $%%:. he automated trading was initiated in $9 "ugust $%%B. !n $ Danuary 899$ ',0 89 !ndex was started. Central 'epository ,ystem was initiated in 8? Danuary 899?. "s of 7ovember $& 899%, the benchmark index of the 'haka ,tock 0xchange .',0/ crossed ?999 points for the first time, setting another new high at ?$?B points. "t present the index maintained it6s positively throughout the session and later closed at ?,&?9.@& points with a gain of @@.%: points. he other two indices 2 ',:9 and ',0, also went up by $.@AE and $.?$E respectively.

Source' 444.dse$d.org

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 5

6unction of 0SE .he ma%or functions are' -isting of Companies ."s per -isting +egulations/. 1roviding the screen based automated trading of listed ,ecurities. ,ettlement of trading ."s per ,ettlement of ransaction +egulations/. >ifting of share F granting approval to the transactionFtransfer of share outside the trading system of the exchange ."s per -isting +egulations ?8/. 4arket "dministration < Control. 4arket ,urveillance. 1ublication of 4onthly +eview. 4onitoring the activities of listed companies ."s per -isting +egulations/. !nvestor6s grievance Cell .'isposal of complaint bye laws $%%A/. !nvestors 1rotection 5und ."s per investor protection fund +egulations $%%%/. "nnouncement of 1rice sensitive or other information about listed companies through online.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 7

.!. Chittagong Stock E1change 2CSE3

he Chittagong ,tock 0xchange .C,0/ began its )ourney in $9th 3ctober of $%%@ from Chittagong City through the cry2out trading system with the promise to create a state2of2the art bourse in the country. 5ounder members of the proposed Chittagong ,tock 0xchange approached the Bangladesh >overnment in Danuary $%%@ and obtained the permission of the ,ecurities and 0xchange Commission on 5ebruary $8, $%%@ for establishing the country(s second stock exchange. he 0xchange comprised of twelve Board members, presided by 4r. "mir Ghosru 4ahmud Chowdhury .41/ and run by an independent secretariat from the very first day of its inception. C,0 was formally opened by then #on(ble 1rime 4inister of Bangladesh on 7ovember ?, $%%@. he Chittagong ,tock 0xchange believes that a dynamic, automated, transparent stock exchange is needed in Bangladesh. !t works towards an effective, efficient and transparent market of international standard to serve and invest in Bangladesh in order to facilitate the competent entrepreneurs to raise capital and accelerate industrial growth for overall benefit of the economy and keep pace with the global advancements. Source' 444.cse.com.$d "$%ectives 'evelop a strong platform for entrepreneurs raising capitalH 1rovide a fully automated trading system with most modern amenities to ensure= quick, easy, accurate transactions and easily accessible to allH ;ndertake any business relating to the ,tock 0xchange, such as a clearing house, securities depository center or similar activitiesH 'evelop a professional service culture through mandatory corporate membershipH 1rovide an investment opportunity for small and large investorsH "ttract non2resident Bangladeshis to invest in Bangladesh stock marketH Collect preserve and disseminate data and information on stock exchangeH 'evelop a research cell for analy*ing status of the market and economy.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 18

.). Bangladesh Securities and E1change Commission 2BSEC3

he Bangladesh ,ecurities and 0xchange Commission .B,0C/ was established on Bth Dune, $%%:. 0arlier its name was ,ecurities and 0xchange Commission. hrough an amendment of the ,ecurities and 0xchange Commission "ct, $%%:, on $9 'ecember 89$8, its name has been changed as Bangladesh ,ecurities and 0xchange Commission. he Chairman and Commissioners of the Commission are appointed by the government and have overall responsibility to formulate securities legislation and administer as well.. Commission is a statutory body and attached to the 4inistry of 5inance.

he

he ,ecurities and 0xchange Commission exercises powers under the ,ecurities and 0xchange Commission "ct $%%:. !t regulates institutions engaged in capital market activities. Bangladesh Bank exercises powers under the 5inancial !nstitutions "ct $%%: and regulates institutions engaged in financing activities including leasing companies and venture capital markets. Bangladesh capital market is one of the smallest in "sia but the third largest in the south "sia region. !t has two full2fledged automated stock exchanges namely 'haka ,tock 0xchange .',0/ and Chittagong ,tock 0xchange .C,0/ and an over2the counter exchange operated by C,0. !t also consists of a dedicated regulator, the ,ecurities and 0xchange Commission .,0C/, since, it implements rules and regulations, monitors their implications to operate and develop the capital market. !t consists of Central 'epository Bangladesh -imited .C'B-/, the only Central 'epository in Bangladesh that provides facilities for the settlement of transactions of demateriali*ed securities in C,0 and ',0. he ',0 market capitali*ation surged to 8A.@? billion ;.,. dollars. he market capitali*ation increased to :9.%@ percent of >'1 in 899% from $%.8& percent in 899B. he total amount of turnover in 899% stood at over $,?A@ billion taka with $89 percent rise from that in 899B. Bangladesh Bank .BB/ ad)usted its monetary policy stance during 899@ in order to contain inflationary pressures and facilitate stability in the foreign exchange market. "t the end of 899@, interest rates on 7,' certificates .government borrowing instruments from the non2 bank public/ were also ad)usted upward. he latter development, however, raised some concern among different economic agents regarding its possible impact on the country6s capital market. 3ne recent study by "hmed et. al. .899&/ for Bangladesh found that contraction monetary policy shock, measured by increases in short term policy interest rates have small, negative and short lived effect on the stock price index. !n this paper we attempt to closely inspect the evolvement of monetary policy and capital market indicators in recent years and their possible interrelationship to shed some light on the issue. We focus our
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 11

analysis on the period, Danuary 698 to 'ecember 69&. 'ata on capital market indicators are collected from monthly reviews of 'haka ,tock 0xchange .',0/, while interest rates and reasury bills data are taken from various Bangladesh Bank6s sources.!n a modern monetary system central banks have control over very short term .overnight/ or short term .covering several months/ interest ratesH long term .$2year or more/ interest rates, however, are determined by inflation expectations and real activities.$ +elationship between monetary policy and stock prices can be understood within the stock price valuation model. When central bank raises the interest rates on monetary policy instruments, expected return on alternative assets .other than equity/ rise, reducing the present discounted value of future cash flow or price of stocks. he rest of this paper is organi*ed as follows. ,ection 8 provides a brief discussion on recent changes in monetary policy stance while ,ection : discusses the changes in yields and stock of >overnment 2bills and 7,' certificates. ,ection ? provides a review of recent development in the capital market. " parallel analysis is conducted in ,ection @ and finally, ,ection & concludes the paper .he Commission9s main functions +egulating the business of the ,tock 0xchanges or any other securities market. +egistering and regulating the business of stock2brokers, sub2brokers, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. +egistering, monitoring and regulating of collective investment scheme including all forms of mutual funds. 4onitoring and regulating all authori*ed self regulatory organi*ations in the securities market. 1rohibiting fraudulent and unfair trade practices relating to securities trading in any securities market. 1romoting investors6 education and providing training for intermediaries of the securities market. 1rohibiting insider trading in securities. +egulating the substantial acquisition of shares and take2over of companies. ;ndertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the ,tock 0xchanges and intermediaries and any self2regulatory organi*ation in the securities market. Conducting research and publishing information.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1

.*. Com#any Profile'

B+"C 01- ,tock Brokerage -imited is one of the leading stock brokers in the country. he company offers brokerage services to international institutions, domestic institutions, retail clients and non2resident Bangladeshis .7+Bs/.!t is also the pioneer and leader in facilitating foreign portfolio investments in Bangladesh and boasts one of the best 0quity +esearch teams of the country. 1reviously known as 0quity 1artners ,ecurities -imited .01,-/, the company was formed in early 8999 as a brokerage house licensed by the ,ecurities and 0xchange Commission of Bangladesh. !n "ugust 899%, B+"C Bank limited acquired @$E of its equity and renamed the company as B+"C 01- ,tock Brokerage -imited. B+"C 01- ,tock Brokerage -imited has membership at both of the country(s stock exchangesH the 'haka ,tock 0xchange .',0/ and the Chittagong ,tock 0xchange .C,0/. 1resently there are B branches, of which three are located in 'haka, one in Chittagong, one in Comilla and one in Chowmuhani, and one in ,ylhet. B+"C 01- , 3CG B+3G0+">0 - '. plans to open one branch in Bogra. B+"C 01- , 3CG B+3G0+">0 - '. is one of the first full2service brokerage companies in Bangladesh. 3n top of our expertise and achievements, we take pride in our strong commitment toward the development of the Bangladesh capital markets. We have unwavering faith in the potential of Bangladesh. We also believe that an efficient, vibrant and transparent capital market can strongly contributes to the overall development of Bangladesh. Bangladesh is currently at the initial stage of capital market growth, and we are committed to assist the entry of early movers into a growth2oriented, vibrant, nascent emerging market. his report provides a detailed summary of the customer satisfaction through service analysis of B0,-. B0,- is a subsidiary of B+"C Bank -td. and shares many of the same fundamentals in its business operations. !nitially we have reported mostly on the corporate head office in terms of environmental aspects as data was not available for the regional offices of B0,-. We plan to
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1!

implement data collection and monitoring mechanisms at other offices to include in the next reporting cycle. !n our first report we have attempted to identify all range of materials covering aspects of economic, social, and environmental impacts to assess our existing operating standard. his has also helped us recogni*e the overlooked factors that we may not be measuring or monitoring. We are already in the process of implementing monitoring tools to address these issues. B0,- plans to extend the boundary to cover the value chain both upstream and downstream eventually. :ision' o be the trusted broker of choice for all investors by offering unrivaled level of investment expertise and customer service. -ission' We strive to develop a sustainable growth model that will guide us to market leadership through advanced technology and superior client service. We aim to create a highly visible brand by developing a diverse talent pool and synergy within the group. S#onsors' B+"C Bank -imited is one of the fastest growing banks in Bangladesh. " member of B+"C 0nterprises, the Bank operates under a Idouble bottom lineI agenda where profit and social responsibility go together as it strives towards a poverty2free, enlightened Bangladesh. B+"C Bank focuses on pursuing unexplored market niches in the ,mall and 4edium 0nterprise Business, which has remained largely untapped. ,ince inception in Duly 899$, the Bank(s footprint has grown to $99 outlets .branches, ,40 ,ervice Centers/, ?8% ,40 unit offices and :99 " 4 sites across the country. !ts customer base has expanded to include more than @99,999 deposit accounts and $BA,999 advance accounts till 'ecember 899B. !n the years ahead B+"C Bank expects to introduce many new services and products as well as add a wider network of ,40 unit offices, +etail Branches and " 4s across the country.

Location of organi;ation<s head=uarters'

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1)

B+"C 01- ,tock Brokerage -imited .Corporate #ead 3ffice/ #ouseJ $B +oadJ$8: >ulshan, 'haka $8$8 1hone= K BB 98 BB$%?8$2@ 5ax= KBB 98 BB$%?8&2A Location of All $ranches

Board of 0irectors > > > > 4r. 4uhammad ". .+umee/ "li LLLLLLLLLL Chairman 4r. ,aiful !slam LLLLLLLLLL Mice Chairman 4r. ,yed 4ahbubur +ahman LLLLLLLLLL 'irector 4r. 4ohammad 4amdudur +ashid LLLLLLLLLL 'irector

.he -anagement > > > > > > > > 4r. 4ohammed +ahmat 1asha= Chief 0xecutive 3fficer 4r. 4i*anur +ahman Chowdhury=Chief 3perating 3fficer 4s. 7agma 4ahmood= #ead of #+ < Corporate "ffairs 4s. ,uraiya Nerin "C" = #ead of 5inance < Company ,ecretary 4s. ania ,harmin= #ead of !nternal Control < Compliance 4r. ,yed "shraf ;s ,aleheen= #ead of !nternational rade < ,ales 4r. 1arve* 4orshed Chowdhury= #ead of ,trategic ,ales 4r. "li !mam= #ead of 0quity +esearch eam

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1*

0e#artments of BESL B0,- has the following departments= #+ < Corporate "ffairs 'epartment Customer ,ervice 'epartment ,ales < rade .!nt. rade < -ocal rade/ 'epartment ! 'epartment 5inance < "ccounts 'epartment !nternal Control < Compliance 'epartment ,ettlement 'epartment +esearch 'epartment "dmin 'epartment ,trategic ,ales department. o operate B0,- efficiently every department is very important. Customer service < ,ettlement helps to have an account and manage the account position hold shares of clients. "ccount department manage financial account of client. !n trade department clients buy and sell their share. o perform these activities all three departments have to perform some routine task.

.+. Literature revie4

?hat is Brokerage firm@ Brokerage firm originated from the concept broker. o know the brokerage firm we should have good idea about broker. " broker is a person who acts as an intermediary between a purchaser and a seller in share market this brokers are known as share broker. " brokerage house is a company licensed to buy and sell stocks or securities. Brokerage house acting as an intermediary between buyers and sellers. " brokerage house typically employs brokers who carry out the wishes of the firm6s clients as they pertain to the trading of stocks. Brokerage firm completes any necessary legal paperwork, obtains the appropriate signatures, and collects money from the purchaser to give to the seller. Broker services are usually provided on a commission basis. 5ees are variable, depending on the degree to which the brokerage is involved in decisions about purchase. ,ome stockowners give their brokers power of attorney to make decisions about when to buy or sell stock and depend upon their brokers for researching new stock for purchase. "ccording to Wikipedia O" broker who also acts as a seller or as a buyer becomes a principal party to the deal. 'istinguish agent= one who acts on behalf of a principal.P

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1+

"ccording to Wikipedia, O" stock broker or stockbroker is a regulated professional who buys and sells shares and other securities through market makers or "gency 3nly 5irms on behalf of investors.P "ccording to !nvestor Word O"n individual or firm who acts as an intermediary between a buyer and seller, usually charges a commission. 5or securities and most other products, a license is required.P "ccording to 3xford 'ictionary of Business .third edition/ O"n agent who buys and sells securities on a stock exchange on behalf of clients and receives remuneration for this service in the form of a commission.

Aey As#ects of Brokerage he definition of brokerage has brought out the following essential elements or aspects of lease= .rader= hey are main buyer and seller of share. Broker houses earn their commission by buying and selling stock of trader. Buyer= !nvestors who come to brokerage housed to buy share they are buyer. Seller= ,ellers who come to brokerage houses to sale there share is known are seller. Broker' 1eople, who work for brokerage houses, help to trader to buy or sale there stocks to earn commission are known as broker. Acting as a #rinci#al = ,tockbrokers also sometimes or exclusively trade on their own behalf, as a principal, speculating that a share or other financial instrument will increase or decline in price. !n such cases the term broker makes little sense and the individuals or firms trading in principal capacity sometimes call themselves dealers, stock traders or simply traders. .ransactions $y stock $rokers= When acting as an agent, the stockbroker typically charges the client a flat fee andFor a percentage2based commission for undertaking the trade, and the price quoted the client must be the best price available in the market. .y#es of Brokers' here are different types of investment brokers. hey range from the full service broker .which is very costly/ to the online broker .which is very cheap/. 6ull Service Broker' Charges the highest fees, usually has an in2house research team who researches and recommends stocks to buy. ,ometimes the stock recommendations are those

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1/

their company speciali*es in. his information is usually made public by the company. !n a full service firm you are given your own personal broker who receives a commission for selling you the investment, but on the other hand they can possess valuable knowledge you do not have access to. 0iscount Broker= >ives you a discount in exchange for doing your own research. Qou are usually given a list of recommended stocks to research. "nline Broker= !s the newest form of broker. heir service is run online. Qou are given research, charts and investment news to research your own investments. +ecommendations

of stocks to research are sometimes given. hey are usually the cheapest way to purchase investments, but you must know investment basics before you can use these services. !n Bangladesh, brokerage houses don6t follow strictly any one of above rule. Bangladeshi broker )ust do trade on behalf of investor and get there commission. hey give various information to investor. Brokerage terms 6ront office' his is a description of the part of a brokerage firm that is Oclient facingP. he sales staff, brokers and traders are part of the front office. 5unctions of the front office include acquisition and entry of orders, fulfillment of the orders, and all the regulatory reporting for the orders. Back office= he back office is where the clearance processing of the trades is done. ransfer of securities and money and the tracking of Ofailure to deliverP is handled. ,ecurities lending for a brokerage firm, wherein shares of a security that is being sold short are located to ensure they can be delivered, is usually included in the back office as well. Bulls' " bull is a term used in the stock exchange market to refer to a stock market optimist who believes that share prices are likely to go higher, and who acts according to his investment operations. Prime $rokerage= 1rime brokerage is the generic name for a bundled package of services offered by investment banks and securities firms to hedge funds and other professional investors needing the ability to borrow securities and cash to be able to invest on a leveraged basis and achieve an absolute return

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 15

Benefits of $rokerage houses' 5ully automated trading process which is broker independent. raders have direct control over their trading portfolio. !nvestors get +eal2time market data. 5aster trade execution which is crucial in day trading. -ow capital requirements. 0asy to open account and easy to manage account. 7o geographical limits. 3nline trading favors active traders, who want to make quick and frequent trades, who demand lesser commission rates and who trade in bulk on leverage.

0isadvantages of $rokerage house' 7eed to fulfill specific activity and account minimums as demanded by the broker. >reater risk if trades are done extensively on margin. 4onthly software usage fees, Chances of trading loss because of mechanicalFplatform failures and need of active speedy internet connection. 3nline traders are fully responsible for their trading decisions and there will be often no one to help them in this process.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 17

Cha#ter !

Customer satisfaction through service analysiCom#any

!.1. Customer satisfaction

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 8

Customer service is the service provided in support of a company6s Core 1roduct. Customer ,ervice most often includes answering question, taking orders, dealing with billing issue, handling complaints, and perhaps scheduling maintenance. Customer service can occur on site, or it can occur over the phone or via the internet. 4any companies operate Customer service call centers, often staffed around the clock. ypically there is no charge for customer ,ervice. Ruality Customer ,ervice is essential to building Customer relationships. !t should not, however, be confused with the service provided for sale by a company. he success of Customer ,ervice is the Customer ,atisfaction. !t depends on the product6s actual performance relative to a buyer6s expectations. " Customer might experience various degree of satisfaction. !f the product6s performance falls short of expectations, the Customer is satisfied. !t performance exceeds expectationsH the customer is highly satisfied or delighted.

6igure' Internal customer identification of BESL 2Source' 444.$race#l.com3

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 1

!. . Customer satisfaction through service analysis $y BESL

A3 Brokerage Service Local Investors' "ny individual who is a Bangladeshi national above the age of $B or any Bangladeshi !nstitutions qualify as a -ocal !nvestor. B" ABC "#ening Bangladeshi Cational " complete set of account opening forms .pdf/. hree copy of passport si*e photograph. Copy of bank statement. 7ational !' cardF1assportFWard Commissioner(s certificateF0mployee !'. 3ne copy of photograph of 7omineeF"uthori*edF13"

Bangladeshi Institutions " complete set of account opening form .pdf/. Copy of 4emorandum and "rticles of "ssociations. Copy of trade license .if any/. Board regulations. hree copy of passport si*e photograph of authori*ed person.

CRB' B0,- provide 7on2+esident Bangladeshi(s .7+B/ the option to subscribe for !13 and trading shares in the secondary market through #,B, Bank. 6eatures he features of the product will be as follows= 7+Bs can invest into the Bangladeshi Capital 4arket from anywhere in the world. Custodian ,ervice will be provided by #,B, Bank. $99E repatriation of capital, dividend and investment profits. 7+Bs can apply for !13s as well as buy and sell shares in the ,econdary. hey can use e2mail, fax or phone to issue trade orders to B+B ,ecurities -imited.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. |

 Eligi$le criteria "ll Bangladeshi nationals .Bangladeshi passport holders/ who are workingFliving abroad can open 7! ". 5oreign passport holders who are originally from Bangladesh are also eligible to open an account. Re=uired documents D for ne4 customers he following documents will be required while opening an account= Completed B3 account form. Completed B3 account nominee form. Completed rade account opening form .provided by ,ecurities Company/. 1ower of "ttorney. ripartite "greement. Completed 7! " account form. Custodian "greement. " certified copy of the valid passport, valid visa. 5our passport si*e photographs of the applicant. 1roof of address .utility billFbank statement copy etc./. 1roof of income .such as last tax returnFemployment certificateFcontractFrecent pay slip/. Completed application form and duly signed signature card. hree copies of passport si*e photos of the nominee which must be attested on the back by the primary account holder. "ll the above documents must be in 0nglish .if the documents are in other language it has to be translated to 0nglish/ and also need to be verified and attested by any reputed international bankFBangladesh #igh Commission or Consulate >eneral(s 3ffice. !f customer provides the 1ower of attorney .13"/ from abroad, 13" has to be notari*ed by 7otary 1ublic and then attested by the Bangladesh #igh Commission or Consulate >eneral(s 3ffice. !f customer physically comes to the branches, then customer will provide the 13" on 7on2 )udicial ,tamp .worth of B' $@9.99/. 6ees and Charges C0BL and "ther Charges Custodian 5ee= C'B- will charge B' :99.99 K .$@E M" / per annum for maintaining B3 account. Brokerage Commission=S 9.?@E per transaction

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !

"ther Charges +espective bank will charge according to their charge schedule for providing custodial, 7! ", rade settlement and other services. 6oreign Investors Investment Process Summary' 5oreign investors need to fill a Customer "ccount !nformation 5orm with B0,- and send the form .hard copy/ to the brokerage house, duly filled and signed by authori*ed personnel, together with photocopy of other required documents. hey also need to open a Custodian "ccount with any custodian bank in Bangladesh. ogether with B3 account opening, the custodian bank will take care of other account opening, such as Cash "ccount .or 7! " "FC/, ,ecurities "FC and 5FC "ccount. "fter opening the respective accounts, foreign investors can trade directly with B0,-. hey can give buyFsale order to B0,- through email andFor fax or through phone. rade confirmation will be sent to the investors via email andFor fax following execution of the order. he settlement process 2 transfer of share and cash 2 is done mutually by B0,- and the custodian bank at 'M1 .'elivery M, 1ayment/. he settlement period varies with the category of shares 2 . K%/ days for N2category shares and . K:/ days for all other categories .", B, > and 7 category/. #owever when a stock is traded in the spot market, the settlement period is K9 day for all categories of share. 5rom B0,- side, there is only one feeFcharge 2 trade commission, set at maximum $E on total trade value, with prime rates applicable for prime clients. here is no account opening fees or any other fees. 4oreover foreign investors will get a number of facilities from B0,- which includes top quality research report and proprietary index prepared and maintained by B0,- +esearch. 5oreign !nvestors also need to take into account the relevant tax associated with trading in the 'haka ,tock 0xchange. 5oreign individual investors only need to pay 8@E tax on cash dividend, deducted at source. he rate is 89E for institutional investors. !nstitutional investors are also charged with
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )

capital gain tax 2 $9E is charged on profit portion only, deducted during repatriation of money. Account "#ening Customer Account Information 6orm' 5oreign investors need to fill a Customer Account Information Form with B0,-. he form is different for individual investors and institutional investors. 5oreign investors need to send the form .hard copy/ to the brokerage house, duly filled and signed by authori*ed personnel. hey also need to attach photocopy of other required documents .hard copy/, stated below= 6or institutional investor' " copy of the 4emorandum and "rticles of "ssociation of the company. " copy of the Certificate of !ncorporation of the company. " copy of the "uthori*ationFBoard +esolution to open and operate the account with B0,-. " copy of the "uthori*ationFBoard +esolution authori*ing the executives to operate the account, including their photographs.

6or individual investors' Malid passport. wo colored passport si*e photograph. 5or introduction, individual investors have to use -awyersFaccountantFauditor or any competent authority as !ntroducer.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | *

BB" Account "#ening' 5or B3 account opening, foreign investors need to open a Custodian "ccount with any custodian bank in Bangladesh. 1reviously, the foreign banks, such as ,tandard Chartered Bank .,CB/ < #ong Gong and ,hanghai Banking Corporation .#,BC/, were providing custodian services to foreign investors. #owever B+"C Bank and some of the other local banks are also providing the same service to the investors. ogether with B3 account opening, the custodian bank will take care of other account opening, such as Cash "ccount .or 7! " "FC/, ,ecurities "FC and 5FC "ccount. 5ollowing is a list of custodian banks= B+"C Bank -imited. #ong Gong and ,hanghai Banking Corporation. ,tandard Chartered Bank.

6acilities 5oreign !nvestors will get a number of facilities from B+B ,0C;+! !0, -!4! 0'. which includes= Research' BESL +esearch provides foreign investors with top quality research, including !ndividual Company +esearch, ,ectoral +eport, Comparable ,heets, 4acroeconomic +eport, 'aily 4arket ;pdate, Weekly 4arket review and many more. -anagement -eeting' B0,- +esearch team organi*es and arranges meeting with the management body of various companies on behalf of foreign institutional investors and prime clients. BSL Inde1' B+B ,0C;+! !0, -!4! 0' +esearch maintains proprietary index of its own to help foreign clients with their investment decision. 0edicated .raders' 'edicated traders are in place for swift and best execution of buyFsale orders of foreign clients. 7ecessary compliance is in place to prevent front2running to protect the best interest of our clients. IP" Investment' o apply for an !13, foreign investors need to contact the custodian bank. he custodian bank will carry out the process of applying for !13 allotments.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | +

5ollowing is a list of custodian banks= B+"C Bank -imited. #ong Gong and ,hanghai Banking Corporation. ,tandard Chartered Bank

.a1 Im#act 6oreign individual Cash 0ividendE Ca#ital &ain 8@E 9E 6oreign com#any 89E $9E

T'educted at source B3 0e#ository Services B0,- extend full depository services that comprise opening and maintenance of B3 account, demateriali*ation and re2materiali*ation of instruments, transfer and transmission of instruments, pledging2un pledging through C'B-. C3 .rading Services "s we aspire to be one of the leading Brokerages in the country, we have dedicated all our endeavors in developing a solid trading infrastructure. Being founded upon the urge to be the market leader, we have already taken some big strides towards success by establishing spacious trading floor, female trading booths, multiple M!1 rading booths and separate ele2trading booths.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | /

03 -argin facility We also arrange margin facilities for clients by teaming up with B0,-. E3 Institutional hel# desk "ny institution or large investor can avail customi*ed client service through a separate institutional help desk at B0,-. 63 .eleBEDmail .rading "s it is not always possible for an investor to visit physically and submit his order, we allow placement of order over 1hone and via 02mail. &3 6emale trading $ooth B0,- maintains separate female trading booths to facilitate trading for women investors. F3 :IP trading Booth ,ince institutional investors( need seclusion while making their investment, B+B ,ecurities -imited has established separate M!1 rading booth in every outlet. I3 Client Services We believe that IRuality makes a sale but ,alesmanship 4akes a resaleI. #olding this belief as the key criterion, we have formed a fine tuned team of customer service that is composed of a group of fresh business school graduates and veteran customer care personnel who are amiable, efficient and receptive to customers( queries. G3 6ees , Charges B3 account opening Charge H.k. +88H ,ettlement and ransaction costs are inclusive of brokerage commission. Brokerage commission= 9.?@E

A3 Cor#orate Advisory BRAC EPL S."CA BR"AERA&E L.09s Cor#orate Advisory Services' B+"C 01, 3CG B+3G0+">0 - ' offers corporate advisory services to private and publicly listed companies. We use our experience of the local market and our global network to deliver successful solutions. hrough our services, we help our clients to grow their business, formulate strategy,
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 5

obtain best value from their assets and achieve best pricing for a transaction. We work with the best professional services companies in order to provide comprehensive services to our clients. 3ur services go beyond the accounts and balances of a business. o us it is )ust as important to continue a profitable business as to follow a strategic direction, be it growth, higher profitability or exit. We offer the following services= Cor#orate Restructuring and strategic consulting' BESL provides corporate restructuring services in order to maximi*e asset value as well as to prepare privately held companies for public listing. We work with accountants, tax consultants and corporate lawyers to= +esolve outstanding tax, reporting or registration issues. 0xpand capital base of companies. 4ake strategic buying and selling of assets. ;nder Corporate +estructuring, we also provide services to clients that are looking for a turnaround of their business. 7o matter how challenging the circumstances, our people are trained to seek innovative and practical solutions to the most complex business problems. We are committed to excellence in problem solvingH our professionals have worked on some of the most innovative solutions of recent years -ergers and Ac=uisition' BESL provide expert and in2depth advice to corporate clients, private equity and venture capital firms, entrepreneurs and government agencies. We are committed to our clients( deal, and we will use our experience of the local market place and our global network to deliver successful solutions. 3ur team combines our expertise to provide a complete suite of services focused on providing high quality, comprehensive, and strategically focused tax, accounting, and advisory services to support you in your transactions.

Goint :entures' Because of B0,- external network, they are often the partner of choice for foreign companies6 who6re looking for )oint venture partners. hey help to structure contracts to optimi*e the ob)ectives of partners. We assist in contract negotiations and review of contract documentation, formulate tax efficient business models and assess other tax implications. 5or our clients, we undertake comprehensive reviews of business operations carrying out health checks aimed at providing assurance in tax compliance.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | 7

 6easi$ility Studies and Risk Assessment Services' B+"C 01- ,tock Brokerage -td offers in depth due diligence services to its clients. 3ur services incorporate technical, operational and financial feasibility of pro)ects or investment, and can be customi*ed according to the needs of our clients. 3ur work attempts to determine the overall advisability of undertaking a pro)ect and blends into the existing knowledge to the client. We often provide a due diligence service after the failure of a pro)ect. ,uch forensic due diligence assists our clients to learn valuable lessons that can be used in future pro)ects

:aluations 2 B0,- provide a full range of valuation services to clients in all industries. ,ervices that we provide include the valuation of business enterprises, debt and equity securities, intangible assets, and purchased research < development, as well as the provision of fairness opinions and solvency opinions. 3ur valuations are prepared for a variety of reasons, including mergers and acquisitions, allocation of purchase price, litigation support, financing, and others.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !8

 Institutional Investment

BRAC EPLStock Brokerage Ltd9s Institutional Investment Services' "s a leading ,tock Brokerage in the country, B+"C 01- provides brokerage services to institutional clients. hese institutions include banks, non2banking financial institutions .5!/, insurance companies, mutual funds, pension funds and foreign portfolio investors. !nstitutions( investment needs differ from that of individuals. !nstitutions invest large amounts and the si*e of their transactions often moves the market. hey are sub)ect to capital restrictions by industry regulators .such as the Bangladesh Bank/. hey have strict compliance guidelines. Consequently, our services to institutions go beyond transactions While servicing our institutional clients, we pay special attention to these extraneous issues. We closely work with the compliance departments of the institutions to stay within the regulatory boundaries. We advise our clients as to the optimum timing of a large trade so as not to disrupt the market. 5inally, for large institutional investors, we provide customi*e research reports that facilitate their investment process. B0,- institutional clients include the following= L3 "nline .rading >enerally, online trading refers to buying and selling securities via the !nternet or other electronic means such as wireless access, touch2tone telephones, and other new technologies. With online trading, in most cases customers access a brokerage firm(s Web ,ite through their regular !nternet ,ervice 1rovider. 3nce there, customers may consult information provided on the Web ,ite and log into their accounts to place orders and monitor account activity. 1lease note that, the online trading system only allows users to submit trade .buyFsell/ instructionsH traded will be executed through the stock exchange systems by the traders following the online trade instructions given by the investors via online trading system. B+"C Bank -imited ,cholastica 1rivate -td "gni ,ystems -td Bank "lfalah -td >,1 5inance C3. Bangladesh -td ,W"'0,# !nvestment < 4anagement -td !nternational -easing < 5inancial ,ervices -td

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !1

B+"C 01- ,tock Brokerage -imited wants investors to make educated decisions about online trading. We want investors to have reasonable expectations about the possible success of their online trading, and to consider the risks as well as the rewards of employing these promising new investing facilities. #ere are frequently asked questions about the basics of online trading= -3 Cor#orate Res#onsi$ility ,ince the inception, as a responsible corporate body B+"C 01- ,tock Brokerage -imited. has undertaken various initiatives considering the interest of customers, employees, shareholders, communities and environment. hese initiatives go beyond the statutory obligationFmandatory compliances to voluntary activities that promote sustainable development. B+"C 01- provides continuous support to the environment and communities that it operates in. B+"C 01- C,+ !nitiatives in 89$:= "mor 0kushey >rontho 4ela 1atriotic poem cd Computer 'onation= Bagmara #igh ,chool, 7awabgon)H ,allah ,amabaya #igh ,chool, Galihati, angail 0mployment of "cid Mictims -ifetime support to Bir 1rotik aramon Bibi ,cholarship for "domyo 4edhabi with 1rothom "lo ,cholarship for poor students of B+"C ;niversity ,cholarship for "fghan ,tudent ,cholarship for the children of poor Dournalists in 1atuakhali region ,upported -ibya returnees in association with B+"C 'onated to !++! for their research activities Computer donation to 1residency ;niversity 'aur 89$$ Warm Clothes 'istribution to the cold hit poor people

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !

Cha#ter )

6indings , Analysis

).1. Service Analysis

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !!

B0,- client2focused sales traders work with research, sector specialists and provide advice, timely market information, liquidity and best execution. 3ur team is committed to delivering exceptional client outcomes L (?e continually refine our service offerings to #rovide for4ardDlooking ideasI su#erior e1ecution and stateDofDtheDart tools for ever changing markets.J Core $enefits of trading via BESL

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !)

). . E1cellence in strategic trading

B+"C 01- is committed to provide its client with multiple ways to strategi*e, track and execute securities transactions in both of the exchanges of the country. 0xclusive trading platform that ensures transparency and confidentiality that helps client to achieve their goal.

).!. E-S "rder $ook 2Bloom$erg3

1rovide -ive fills to clients. 4onitor trade < percentage completed through out the session Gey for clients decision making process. "bility to acknowledge trades real time. "bility to view client instructions per fix. Clients able to state order types, >5', > C, -4 etc 1rovides client to see working orders. 0nables '5' function.

).). Com#etitors
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !*

B+"C Bank intends to set standards as the market leader in Bangladesh. !t demonstrates that a locally owned institution can provide efficient, friendly and modern service on a profitable basis. o make this successful, the management committee is always thinking and working to improve the performance of B0,-. "ll the members have a clear vision of achieving :1s .1eople, 1lanet and 1rofit/ philosophy in each and every activities to build a better and challenging financial future. BESL Com#etitors ARE' !CB -anka Bangla and 4any 3ther 4erchant Banks .
6or the Kear 81! "cto$er Covem$er .urnover -kt L .urnover -kt L :,@A8,@98,$%% :,A8@,?@A,@B@ %.B$ $9.8: B.$A &,&$$,:9?,:$@ A,?$%,A@%,?%: ?,%?A,:A8,&9$ %.% $$.$$ A.?$

Broker Came Lanka Bangla ICB Securities .rading Co. Ltd.

0ecem$er .urnover -kt L $%,8@?,9?$,A8A $@,@&@,%8%,9:? B,B&?,&8$,@:? $?.@@ $$.A& &.A

BRAC EPL Stock 8,%A&,A:?,@%: Brokerage Ltd.

Source'

BESL 4e$ site 2444.$race#l.com3

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !+

).*. S?". Analysis

" ,W3 analysis is Oa technique for matching organi*ational strengths and weaknesses with environmental opportunities and threats to determine the organi*ation6s right nicheP. ,W3 analysis is an important tool for evaluating the company6s ,trengths, Weaknesses, 3pportunities and hreats. !t helps the organi*ation to identify how to evaluate its performance and scan the macro environment, which in turn would help organi*ation to navigate in the turbulent ocean of competition. With this tool, we will be able to determine, though not perfectly, since we are not internal members of this organi*ation, the internal strengths and weaknesses of B0,- as well as the opportunities and challenges that the changing external environment provides. Strength B+"C 01- has a strong financial back2up on the industry financial resources to grow its business. Capital 4arket !nvestment Committee .C4!C/ has been formed with the member of best skilled professionals of B+"C Bank, by whom the policy is made regarding investment. he policy of B+"C Bank to invest in U"6 category shares implement that bank has elevated scope to get high return from the investment. B+"C 01- playing a successful role in making analysis and profitable investment. +eporting about the performance of investment is very structural and well monitored. ,uch as, rading and operation unit have to give daily report to C4!C. he analysis on Capital 4arket exposure for last : years giving a result that there is a consistency in investment. 0very rules and regulation imposed by Bangladesh Bank are practiced very obediently. ?eakness he dependency for reporting with other team sometime making conflict in maintaining deadline and transparency. he dissatisfaction among employees regarding salary and workload may not able to bring best outcome from them. 5rom the analysis ! have found out that B+"C Bank is not that much risk lover. Because analysis showing us that B+"C bank has the highest investment of ?.$&E on its total liabilities over the last three years where a commercial bank is allowed to invest $9E of its total liabilities on the capital market.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !/

,trength

Weakness

,W3 3pportunity hreat

"##ortunity "fter the crash on capital market in 'ecember 89$9 government took a number of steps which could a great opportunity for B0,- as well as B+"C Bank limited for future profitable investment. ,ome of those are= k. &99 crore worth of funds distributed to the stateVowned banks and !nvestment Corporation of Bangladesh .!CB/, and formation of a mutual fund titled Bangladesh 5und with an initial resource of k. $,@99 crore. ;nder the national budget of 5Q89$$V$8, government announced a number of incentives to regenerate the capital market. ,ome of these were W reV introduction of tax repayment facilities, taxVfree facilities for mutual funds >overnment has decided to take actions against people who were involved in malpractices and manipulation.

B0,- can offer more services to its clients to their respective debit balance. B0,- can start taking some deposit to its customers as they have a huge customer from its Brokerage service. -arge market share in Brokerage sector Bangladesh has given B0,- immense opportunity build strong relationship with its customers. 4ost of the times customer does take repeat their loans that are taken under Brokerage ,ection. "verage ages of B0,- employees are less than :@. ,o B0,- can bring more outputs from its young employees more than other Brokerage.

.hreats
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !5

 !n a strategy it has shown that, only $% per cent of total listed companies were audited by firms that had official affiliation with international audit firms. ,o there have a question about the ranking of share. Bull cartels are reported to be formed with some members of ',0FC,0, officials of the ,0C, political leaders, highVprofile businessmen, officials of financial institutions, and 3wners of brokerage houses, etc. ,o it is a great threat in taking investment decision. he changes in policies of >overnment by the changes of >overnment parties. ;nstable and unpredictable capital market of Bangladesh. 3ne of the ma)or weaknesses that ! have found during my internship period was their huge manpower. !t is seen that B0,- takes many initiatives but they cannot implement all their steps in a proper way because of its weak monitoring system.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | !7

Cha#ter *

Recommendation , Conclusion

*.1. Recommendation
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )8

!n this part of recommendation, some valuable issues of B+"C Bank -td. .BB-/ are discussed. hese were the aspects that came out while working as an intern at BB-. hese were related to various parts of BB- and thus are placed in the list of general recommendation. "ccording to ,W3 analysis some decision can be taken. 0fficiently distribute the number of employee in required position. 4ake the salary structure attractive to the employee. 4ake succession planning. +educe the extra workload of the employee. he co2ordination among the department should be more structural. ,hould be more serious in case of submission of report within the dead line. B+"C Bank could be more risk taker in terms of capital market investment. ,hould have more curiosity among employees to make learn something to a intern.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )1

*. . Conclusion
B+"C 01- ,tock Brokerage -td. is an emerging Brokerage #ouse and it plays a vital role in both small and medium investors in the 'haka ,tock 0xchange. ,ince the commencement of brokerage operation, it has gained enormous popularity. B+"C 01- ,tock Brokerage -td. has made significant progress within a very short time period due to its dynamic management B+"C 01- ,tock Brokerage -td. is only completed seven years of brokerage service. "t the initial stage of business, every institution has to go through the different path of survival. o achieve the confidence of the customer, the B+"C 01- ,tock Brokerage -td. must execute some improvements in its marketing and operational areas. B+"C 01- ,tock Brokerage -td. should try to win customers faith by providing those efficient and dependable services, credit facility and updating with user friendly modern technologies. he B0,- should redesign all sorts of brokerage procedures to be more users friendly, attractive and impressive. Capital 4arket in Bangladesh is in a sound position to continue to support growth in the economy and to meet the challenges Bangladesh will face over the coming decades. !t is important that we continue to monitor the competitive dynamics of the capital market closely and continue to empower consumers. !n addition, the capital market crisis has given us the opportunity to strengthen our financial regulation further to safeguard against future financial crises, whilst also making sure that regulation is appropriate.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )

References
$. Webpage of B+"C 01- ,tock Brokerage -td. .www.bracepl.com/ 8. Bangladesh Bank related website. :. "nnual report of B+"C 01- ,tock Brokerage -td. ?. Website of 'haka ,tock 0xchange -td. .www.dsebd.org/ @. Website of Bangladesh ,ecurities and 0xchange Commission. &. Website of C'B-.

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )!

Cha#ter +

A##endi1

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | ))

+.1. A##endi1'
Sam#le Muestionnaires for survey' "ll the information provide will be used only for academic purpose and your identity will be kept anonymous and confidential. 1lease encircle best answer for the following questions= $. 0mployees of the B0,- are friendly X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

8. B0,- is proactive enough to provide desired customer service X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

:. B0,- communicate and collaborate with customer properly X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )*

?. 0mployees are dedicated enough to provide professional services. X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

@. "ccount opening process was en)oyable at B0,X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

&. B0,- maintain confidentiality of customer information X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

A. Cost of services are relatively less expensive at B0,X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

B. Customer have to wait less time to get the services X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

%. B0,- is technologically advanced

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )+

X X X X X

,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$9. roubles in the service system occur less frequently X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$$. 3ffice is highly equipped to give better service to customer X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$8. +esearch and publication and other price sensitive news are available at B0,X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$:. B0,- is up2to date about the rules and regulation of different regulatory bodies X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$?. ransaction with B0,- is transparent and trustworthy X ,trongly agree X "gree X 7eutral
Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )/

X 'isagree X ,trongly 'isagree $@. 3ffice 0nvironment of B0,- is good enough X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$&. 'aily 3peration system of B0,- is systematic enough X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

$A. 0mployees of B0,- maintain highly ethical standard. X X X X X ,trongly agree "gree 7eutral 'isagree ,trongly 'isagree

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )5

+. 0aily -arket Re#ort

Source' ?e$site of BRAC EPL 2444.$race#l.com3

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | )7

A Sam#le B" account o#ening form as attachment

Customer satisfaction through service analysis of BRAC EPL Stock Brokerage Ltd. | *8