PROJECT REPORT

ON

A STUDY OF PORTFOLIO DIVERSIFICATION IN INDIA

PREPARED BY:
Vatsal Changoiwala (22209)
Bhavin Vyasa (22260)

UNDER THE GUIDANCE OF

Prof (Dr.) Jay Desai

B.K. School of professional and Management Studies

In the partial fulfillment of the required of award of the degree of the

Master of Business Administration (MBA)

Offered By:
 CERTIFICATE

This is to certify that Vatsal Changoiwala and Bhavin Vyasa the students of the Part-
timeMBA Batch (2022-2025) at B.K. School of Professional & Management Studies has
prepared a grand project study report on “A Study Of Portfolio Diversification In India” in
partial fulfillment of Three years part-time MBA program of Gujarat University. This
project has been undertaken under the guidance of Dr. Jay Desai, professor at B.K.
School of Professional and Management Studies, Gujarat University.

Signature:

Date: 21/04/2025
 DECLARATION

We hereby declare that this Project Report titled “A Study of Portfolio Diversification
In India” was submitted to B.K. School of Professional and Management Studies (Gujarat
University) is a record of the original work done by us under theguidance of Dr. Jay Desai,
professor at B.K. School of Professional and Management Studies,Gujarat University.

The information and data given in the report are authentic to the best of our knowledge.

This report has not been submitted to any other university or institution for the award of
any degree, diploma, fellowship or published any time before. We also declare that all
the information collected from various Primary and Secondary sources has been duly
acknowledge along with this report.

Vatsal Changoiwala (22209)

Bhavin Vyasa (22260)

Date: 21/04/2025
Place: Ahmedabad
 ACKNOWLEDGEMENT

We would like to express our sincere gratitude to the following people for
their support and contributions to this report:

My faculty mentor Dr. Jay Desai, for their guidance and support during my internship.

 The participants in my survey for sharing their thoughts and opinions with me.
 The administration and staff at B K School of Professional and Management Studies
for their support of this project.

We would also like to thank my family and friends for their encouragement and
support throughout this process. Were could not have done it without them.

Thank You

Sincerely,
Vatsal Changoiwala (22209)
Bhavin Vyasa (22260)
 INDEX

Sr.NO. Particulars
1. Introduction
1.1 portfolio management
1.2 portfolio management services
2. Company profile
2.1 company introduction
2.2 services offered by company
3. Research methodology
3.1 source of data
3.2 need of the study
3.3 objectives of the study
3.4 scope of the study
3.5 limitations of the study
4. Literature review
5. Data analysis and interpretation
6. Findings
7. Conclusions
8. Suggestions
9. Bibliography
10. Questionnaire
 Introduction

1.1 Portfolio management

 Portfolio management is the art and science of selecting and

overseeing a group of investments that meet the long-term financial
objectives and risk tolerance of a client, a company, or an
institution.
 Some individuals do their own investment portfolio management.
That requires a basic understanding of the key elements of
portfolio building and maintenance that make for success, including
asset allocation, diversification, and rebalancing.
 Investors can implement strategies to aggressively pursue profits,
conservatively attempt to preserve capital, or a blend of both.
 Portfolio management requires clear long-term goals, clarity from the
IRS on tax legislation changes, understanding of investor risk
tolerance, and a willingness to study investment options.
 Portfolio management refers to managing an individual’s investments
in the form of bonds, shares, cash, mutual funds etc. so that he earns
the maximum profits within the stipulated time frame.

 Portfolio management refers to managing money of an individual

under the expert guidance of portfolio managers.

 In a layman’s language, the art of managing an individual’s

investment is called as portfolio management.
 TYPES OF PORTFOLIO MANAGEMENT

Active portfolio management:

Active Portfolio Management focuses on generating higher returns than a

benchmark index like the Nifty 50 or the BSE Sensex.

The portfolio manager actively manages the investment portfolio, and

the research team picks the requisite securities.

Investors who have a higher risk appetite and seek higher capital gains opt
for Active Portfolio Management. The portfolio manager selects
undervalued stocks and sells them at a higher price when they realize
their true potential.

Moreover, the portfolio manager diversifies the portfolio across investment

options to mitigate investment risk.

Passive Portfolio Management:

Passive Portfolio Management involves mimicking the performance of a

market index such as the Nifty 50.

The fund manager tracks and replicates the stock market index portfolio to
give investors returns in line with the index it tracks.

Passive Portfolio Management focuses on index funds which are mutual

funds that mimic market index portfolios.

Moreover, the Passive Portfolio Management strategy involves lower

transaction costs as the portfolio manager doesn’t churn the portfolio
frequently compared to Active Portfolio Management.
3
Discretionary Portfolio Management:

The Discretionary Portfolio Management Services portfolio manager has

complete control over the portfolio and can adopt any strategy to achieve
investment objectives.

Investment Decisions are entirely at the portfolio manager’s discretion, and

the clients don’t have much of a say in investment decisions.

Non-Discretionary Portfolio Management:

Under Non-Discretionary Portfolio Management Services, the portfolio

manager gives investment ideas. However, clients decide whether to take
up these investment ideas while the execution of trades rests with the
portfolio manager.

In Non-Discretionary Portfolio Management Services, the fund manager

suggests investment strategies and works according to the direction given
by the client.
 OBJECTIVES OF PORTFOLIO MANAGEMENT

 Capital appreciation
 Improving portfolio flexibility and proficiency
 Maximizing return on investment
 Optimal resource allocation
 Protecting earnings from market hazards
 Risk management
 Securing future
 Long-term financial planning
Need for Portfolio Management

 Portfolio management presents the best investment plan to

the individuals as per their income, budget, age and ability to
undertake risks.
 Portfolio management minimizes the risks involved in
investing and also increases the chance of making profits.
 Portfolio managers understand the client’s financial needs
and suggest the best and unique investment policy for them
with minimum risks involved.
 Portfolio management enables the portfolio managers to
provide customized investment solutions to clients as per
their needs and requirements.
PROCESS OF INVESTMENT PORTFOLIO MANAGEMENT
WAYS OF PORTFOLIO MANAGEMENT

Several strategies must be implemented to ensure sound investment

portfolio management so that investors can boost their earnings and lower
their risks significantly.

Asset allocation

Essentially, it is the process wherein investors put money in both volatile

and non- volatile assets in such a way that helps generate substantial
returns at minimum risk. Financial experts suggest that asset allocation
must be aligned as per investor’s financial goals and risk appetite.

Diversification

The said method ensures that an investors’ portfolio is well-balanced and

diversified across different investment avenues. On doing so, investors can
revamp their collection significantly by achieving a perfect blend of risk and
reward. This, in turn, helps to cushion risks and generates risk-adjusted
returns over time.

Rebalancing

Rebalancing is considered essential for improving the profit-generating

aspect of an investment portfolio. It helps investors to rebalance the ratio of
portfolio components to yield higher returns at minimal loss. Financial
experts suggest rebalancing an investment portfolio regularly to align it with
the prevailing market and requirements.
 PORTFOLIO MANAGEMENT STRATEGIES

Aggressive: An aggressive portfolio prioritizes maximizing the potential

earnings of the portfolio. Often invested in riskier industries or unproven
alternative assets, an investor may not care about losses. Instead, the
investor is looking for the "home run" investment by striking it big with a
single investment.

Conservative: On the other hand, a conservative portfolio relates to capital

preservation. Extremely risk-adverse investors may adopt a portfolio
management strategy that minimizes growth but also minimizes the risk of
losses.

Moderate: A moderate portfolio management strategy would simply blend

an aggressive and conservative approach.

Income-Orientated: Often a consideration for older investors, some folks

who do not have income may rely on their portfolio to generate income that
can be used to live off. This strategy priorities fixed-income securities or
equities that issue dividends.

Tax-Efficient: As discussed above, investors may be inclined to focus

primarily on minimizing taxes, even at the expense of higher returns. This
may be especially important for high-earners who are in the highest capital
gains tax bracket.
 1.1 PORTFOLIO MANAGEMENT SERVICES

Portfolio management services or PMS offer customized investment

solutions to investors to help them attain their financial goals.

Portfolio management services construct investment portfolios across

various investment options, and portfolio managers take care of the
investment portfolio.

Portfolio management services help investors maximize returns over

time by focusing on the time horizon, risk profile and investment
objectives.

Many High-Net worth Individuals (HNIs) opt for portfolio management

services as tailor-made portfolios are constructed after considering
investment horizon, risk tolerance, liquidity, and taxation. Moreover,
entities offering PMS services must be registered with SEBI, eliminating
fraud and malpractices.

Portfolio management services are popular among HNIs, HUFs,

partnership firms, NRIs, Association of Persons, and Sole
Proprietorships etc. Portfolio management services specify a
minimum ticket size for investor portfolios.
REASONS TO OPT FOR PORTFOLIO MANAGEMENT SERVICES

BENEFITS OF PORTFOLIO MANAGEMENT SERVICES

Expert opinion on your investment: One of the primary benefits of using
a Portfolio Management Service is that your investment is in the hands of
professionals. The portfolio managers assigned to you are experts in their
field and understand how to deal with market volatility.

Customized investment plans: The portfolio managers customize

investment strategies based on your financial objectives. They then modify
the strategy based on your income, budget, risk tolerance, and age.

Efficient risk management: A portfolio manager's primary goal is to

reduce the risk of your investment while increasing the returns. They focus
on diversifying the risk involved so that you do not suffer a loss when
market trends change.
Regular monitoring: A portfolio manager will keep a close eye on the
performance of each asset and the returns generated regularly. Based on
this analysis, your investment is altered to meet your
financial objectives. The Portfolio Management Service allows you to
sit back, relax, and reap benefits from your investments.
 INTRODUCTION

2.1 COMPANY
Motilal Oswal Financial Services Limited is an Indian financial services
company offering a range of financial products and services. The
company was founded by Motilal Oswal and Ramdeo Agrawal in 1987.

Motilal Oswal Financial Services Ltd (MOFSL) was set up by Motilal Oswal
and Ramdeo Agrawal as a broking house in 1987.

The company entered into investment banking in 2005, followed by private

equity fund in 2006.

In February 2006, Motilal Oswal Financial Services Ltd.

 Motilal Oswal – Co-founder, MD & CEO of MOFSL

 Ramdeo Agrawal – Co-founder & Chairman of MOFSL & MOAMC
 Navin Agarwal – MD & CEO, MOAMC
 Abhijit Tare – CEO, Investment Banking Business
Motilal Oswal provides products and services related to equity trading,
commodity trading and investment advisory services, IPOs and SIPs
investment, portfolio management services, and mutual funds investment.
Today, we are a multi-faceted financial services company with a presence
in over 550 cities through 2500+ business locations; ably managed by a
team of over 9,800 employees. This network of business locations coupled
with people across business units and a diverse range of financial expertise
works synergistically to provide a host of products and services across
Retail and Institutional Broking, Private Wealth, Investment Banking,
Private Equity, Asset Management and Home Finance. All these
businesses are headquartered in a single location at Motilal Oswal Tower,
Mumbai to provide sharing and synergy of knowledge under one roof.
 VISION
To achieve excellence in all our endeavors while delivering superior value
to stakeholders & delighting them.

MISSION
Invest all resources and energies in delivering high quality Products and
services through Innovation, capability, Enhancement & people Initiatives,
based on the foundation of our core values.
 2.1 SERVICES OFFERED BY COMPANY
Motilal Oswal, strives hard to connect with customers beyond transactions and help
them achieve their personal goals. What makes this approach possible is a set of robust
technologies through which customers can not only transact conveniently from various
platforms, but also have easy access to all our products & services.

 Broking & Distribution. Our Broking and Distribution business helps retail customers
take informed investment decisions with a strong. ...
 Asset Management. India’s only 100% equity fund house with a defined investing
philosophy. ...
 Private Wealth. ...
 Home Finance. ...
 Institutional Equities. ...
 Private Equity. ...
 Investment Banking.
 RESEARCH METHODOLOGY

3.1 Sources of data collection

Primary Data:

Primary Data Was Collected Through Questionnaire Refer to The

Appendix for The Data

Secondary Data:

 Secondary Sources Through

 Internet
 Company Website
 Articles
 Newspapers
 Books

Sample design
Sample size – 150 samples
The sample size consists of clients of Motilal Oswal financial services limited.
 Clients having PMS account
3.3 NEED OF THE STUDY

 To know the best investments plans for investors through PMS

according to their age, income and risk appetite.

 To know about the various role and functions of a portfolio manager.

 To identify the tax benefits through good portfolio management services.

 To know why diversification of securities is essential in portfolio

management services.

 To identity the satisfaction level of clients from the portfolio

management services of Motilal Oswal Financial Services.

 To know the feedbacks and thoughts of investors with regard to the

portfolio management services.
 3.4 OBJECTIVES OF THE STUDY

 To make a detailed study on the overall concepts of the portfolio

management.

 To identify the services at Motilal Oswal Financial Services ltd.

 To identify the risk taking capacity of individuals

 To understand how investment decisions and asset allocation is

done according to type of investor.

 To understand the occupational class of investors that are more

inclined towards PMS.

HYPOTHESIS

THERE IS SIGNIFICANT RELATIONSHIP BETWEEN RISK AND RETURN.

3.5 SCOPE OF THE STUDY

 To understand the clients / investors’ objective, constraints and

preferences.

 To make revisions in the portfolios in accordance to market

situations, investors goals, etc.
 To offer complete transparency to investors with the transactions and
profits made through investments at Motilal PMS.
 To provide the best of the portfolio and financial services to the
clients of Motilal Oswal.
 LIMITATIONS OF THE STUDY

 The data collected is basically confined to secondary sources, with

little amount of primary data associated with the project.

 The information collected may not be fully trustworthy or relevant,

since the data collected is secondary.

 The data/ information collected for the project is in reference to only

one Portfolio Management Financial Services.

 There is a high risk of underperformance of investors’ portfolios due

markets complex and dynamic nature or due to portfolio manager’s
decisions or predictions.

 There is constraint with regard to time allocated for the project study.
 LITERATURE REVIEW

Jamadar Lal (1992) presents a profile of Indian investors and evaluates their
investment decisions. He made an effort to study their familiarity with, and
comprehension of financial information, and the extent to which this is put
to use. The information that the companies provide generally fails to meet
the needs of a variety of individual investors and there is a general
impression that the company's Annual Report and other statements are not
well received by them.

Jack Clark Francis (1986) revealed the importance of the rate of return in
investments and reviewed the possibility of default and bankruptcy risk. He
opined that in an uncertain world, investors cannot predict exactly what rate
of return an investment will yield. However, he suggested that the investors
can formulate a probability distribution of the possible rates of return.

New academic portfolio theory is an extension of traditional portfolio advice

first posited by Markowitz (Journal of Finance, 1952). The traditional advice
suggests a "two-fund theorem" that allocates between risk-free bonds and
a broad-based passively managed stock fund. The most efficient portfolios,
those on the mean- variance frontier, can be formed by combining those
two asset classes. Tailoring portfolios by adding style-based asset classes
is inefficient because each of these classes lies on or inside the frontier.
Therefore, every investor needs to hold only the two basic asset classes,
with risk aversion determining the proportions.
 John H. Cochrane

Economic Perspectives, Federal Reserve Bank of Chicago, vol. 23, no. 3

(Third Quarter 1999) : 59-78

Investors today face numerous and often bewildering investment decisions.

Investors used to have fairly straightforward choices to make, selecting
among managed mutual funds, index funds, and expensive trading in a
personal account. Today, a wide variety of styles exist among funds, active
managers offer customized and complex strategies, and inexpensive online
trading is widely available. The author reviews these issues and addresses
how they affect asset allocation decisions, particularly in multifactor
models. He also examines return predictability and describes how the stock
market acts as a large insurance market by facilitating the transfer of risk
among investors.here are numerous methods for valuing equity securities;
including methods more heavily employed before the advent of quantitative
equity portfolio construction and management. These theories include the
arbitrage pricing theory (apt), capital asset pricing model. and discounted
cash flow (def). Although modern portfolio management still employs these
models, they have been replaced with newer, more effective models such
as quantitative equity portfolio management.
According to the quantitative equity portfolio management theory, several
factors including price to earnings, price/earnings before interest, taxes,
depreciation, and amortization, and price/cash flow are important in the
fundamental factor modeling process. Price/e is the ratio of the current
price to a different iteration of the firm's earnings. The price/cash flow ratio
measures the security's price in relation to its generated cash flow. which
is a measure of operating efficiency.
The price to earnings ratio, or P/E, is illustrated as the price of the underlying
stock divided by the annual earnings of the target firm. This helps
determine the fair value of the firm. the price of a given security can be
significantly attributed to a combination of these factors. The importance of
these factors, however, may vary for different stocks making it important to
determine their influence on an individual basis. Thus, in order to build a
useful model for each stock these factors must be measured against time
in predicting historical returns in order to make the model truly significant.

A portfolio is a collection of securities since it is really desirable to invest the

entire funds of an individual or an institution or a single security, it is
essential that every security be viewed in a portfolio context. Thus, it seems
logical that the expected return of the portfolio. portfolio analysis considers
the determine of future risk and return in holding various blends of
individual securities portfolio expected return.
 DATA ANALYSIS AND INTERPRETATION

RISK TAKING CAPACITY OF INDIVIDUALS STARTING THEIR

PORTFOLIO ACCOUNTS

Sr.no RISK LEVEL INVESTORS

1. MODERATE 60%
2. HIGH 30%
3. LOW 10%

INVESTORS
LOW
10%

HIGH
30%

MODERATE
60%

MODERATE HIGH LOW

Interpretation: -
According to the above graph we can interpret that more than
60% of investors are ready to take moderate level of risk and 30%
of investors are ready to take high level of risk and only 10% are
taking low risk while taking investment decisions.
 PERCENTAGE OF ASSET ALLOCATION ACCORDING TO THE
TYPE OF INVESTOR

SR.NO AGGRESSIVE INVESTOR’S SECURITIES

1. EQUITIES 70%
2. FIXED INCOME 20%
3. GOLD 10%

AGGRESSIVE INVESTORS

GOLD
10%

FIXED
INCOME
20%

EQUITY
70%

EQUITY FIXED INCOME GOLD

According to the above graph, aggressive investors are more

inclined towards investment in equities that is 70% compared with
fixed income and gold that is 20% and 10%.
 SR.NO MODERATE INVESTOR’S SECURITIES
1. EQUITIES 50%
2. DEBT 30%
3. GOLD 10%
4. ALTERNATE ASSET CLASS 10%

ALTERNATE ASSET
CLASS
MODERATE INVESTORS
10%

GOLD
10%

EQUITY
50%

DEBT
30%

EQUITY DEBT GOLD ALTERNATE ASSET CLASS

Interpretation
According to the above graph, moderate investors are also more inclined
towards investment in equity that is 50% in comparison with all other
securities that is debt, gold and alternative asset class that is 30% ,10%
and 10%.
 SR.NO CONSERVATIVE INVESTOR’S SECURITIES
1. FIXED INCOME 50%
2. LARGE CAP EQUITIES 30%
3. GOLD 10%
4. ALTERNATE ASSET CLASS 10%

ALTERNATE
ASSET CLASS
CONSERVATIVE INVESTORS
10%

GOLD
10%

FIXED
INCOME
50%

LARGE CAP EQUITIES

30%

FIXED INCOME LARGE CAP EQUITIES GOLD ALTERNATE ASSET CLASS

INTERPRETATION: -
According to the above graph, conservative investor is inclined towards
investment in fixed income securities that is 50% and invest less in large
cap equities, gold, alternate asset class.
 MAXIMUM ALLOCATION IN INVESTORS PORTFOLIO
PERTAINS TO THE FOLLWING

SR.NO INVESTMENTS PERCENT

1. SAVING & FIXED DEPOSITS 5%
2. BONDS 15%
3. EQUITIES 45%
4. MUTUAL FUNDS 25%

SAVING &
INVESTMENTS FIXED
DEPOSITS
5%

MUTUAL
FUNDS BONDS
28% 17%

EQUITIES
50%

SAVING & FIXED DEPOSITS BONDS EQUITIES MUTUAL FUNDS

Interpretation: -

According to the above graph, investors invest more in equites that is 45%
in comparison with others securities that is savings and fixed deposits,
bonds and mutual funds that is 5%, 15%, 25%.
 OCCUPATION OF INVESTOR OPTING FOR PORTFOLIO
MANAGEMENT SERVICES

SR.NO OCCUPATION PERCENT

1. SALARIED EMPLOYEE 50%
2. BUSINESS 16%
3. SELF EMPLOYED 14%
4. OTHER OCCUPATION 20%

OCCUPATION
OTHER OCCUPATION
20%

SALARIED EMPLOYEE
SELF EMPLOYED 50%
14%

BUSINESS
16%

SALARIED EMPLOYEE BUSINESS SELF EMPLOYED OTHER OCCUPATION

Interpretation: -
According to the above graph, salaried employee is opting more for PMS
that is 50% in comparison with other occupations that is business self-
employed, and other occupation that is 16%, 14%, 20%.
 Satisfaction Level of The Clients Of Motilal Oswal Financial Services

SR.NO RATING PERCENT

1. EXCELLENT 18%
2. VERY GOOD 70%
3. VERY POOR 0%
4. AVERAGE 6%
5. POOR 2%
6. GOOD 4%

RATING
POORGOOD
AVERAGE 2% 4% EXCELLENT
VERY PO6O%R 18%
0%

VERY GOOD
70%
EXCELLENT VERY GOOD VERY POOR AVERAGE POOR GOOD

Interpretation: -
According to the above graph, 70% of the clients have satisfied with the
services and minimum only 2% clients are dissatisfied with the services.
FINDINGS OF THE STUDY

 The Investor, Maintains the Portfolio of Diversified Sector Stocks

Rather Than Investing in A Single Sector of Different Stocks.

 Majority Of the Investors Select a Certain Portfolio Management Firm

Depending Upon the Word of Mouth, Self-Decision Makers, Financial
Advisors, Brokers.

 Motilal Oswal Also Deals in Services Like Mutual Fund Investment,

Management of Equities, Management of Money Market Investment,
Advisory and Consultancy Services.

 Among All the Services Offered Advisory and Consultancy Services

Are the Services That the Individual Investors Are Most Aware Of.

 Most Of the Clients Are Not Aware of the Vision and Mission
Statements of the Company they deal in.

 The minimum investment requirement to avail PMS scheme is about

50lacs as per SEBI guidelines.
 CONCLUSION
With the help of given project, I got an in-depth knowledge about the working
of portfolio management. Also I got an insight as to how to select the
portfolio management service provider, which scheme provides better
return as compared to other and who are the portfolio management players
in the INDIAN market.

 Portfolio is a collection of financial investments like bonds, stocks,

commodities, cash and cash equivalents. Investors generally believe
that stocks, bonds and cash comprise the core of a portfolio.
 Motilal Oswal Financial Services Limited offers a range of financial
product and services like Retail Broking & Distribution, Mutual Funds,
Wealth Management, Private Equity, and Investment.
 Opting for PMS provides investors with financial growth and a range
of benefits, including maximum returns, protection from financial risk,
enhanced portfolio performance.
 Portfolio Management Services are managed by highly qualified and
experienced professionals and they are backed by a research team,
they provide necessary insights for managers.
 In a PMS, benefit of concessional tax rate on the long term or short
term capital gains is enjoyed. A good portfolio offers an individual
with benefit on income tax, gift tax and capital gains.
 The Investor Who Bears High Risk Will Be Getting High Returns.
 The Investors, Who Holds Their Investments for Medium Terms Will
Fetch Attractive Returns.
SUGGESTIONS

 The Portfolio Manager or experts must consider both risk and return
before investing in any company for investor’s sake.

 The Company in advance must inform the clients about their terms
and conditions, fees structure and Company’s profile.

 The Portfolio manager should suggest clients about different

combinations of securities to invest in and also about the advantages
of diversifications of securities to avoid risk that would occur due to
investment in only one security i.e., portfolio must include equity
shares and other major categories of investments like debentures,
mutual funds, gold and silver.
 BIBLIOGRAPHY
www.economictimes.com
www.wikipedia.com
www.sebi.com
www.managementparadise.co
m www.scribd.com
www.jpmorgan.com
www.wallstreetprep.com/knowledge/about-investment-banking
www.investopedia.com

Books Referred
Investment Banking By
Pratap Subramany
Management Accounting & Financial Analysis
BY Ravi M. Kishore.
Business of Investment Banking
→ Financial Markets & Services
By E.Gordon and Dr. Natrajan
 QUESTIONNAIRE: -
Portfolio management survey of Motilal Oswal financial services ltd.
1. Do you know about the investment options available?

Yes No

2. What is the basic purpose of your investment?

Liquidity Tax benefit Returns Others

3. You belong to which one of the following categories

Self-employed business person

Salaried employee others

4. You invest in the financial instruments/ securities which give: -

high risk/high return low risk/low

return moderate risk/moderate return

5. Where do you invest your savings?

Fixed deposits mutual funds

gold/silver real estate equities

6. What is your satisfaction level from the PMS of Motilal Oswal

financial services?
Excellent very good average poor