FINOMETRICS

DEPARTMENT OF

MANAGEMENT STUDIES

VOL: (4) 23 August 2014

Forensic Accounting - An Exciting Career, What is in it for me? 1

The World Cup Syndrome and Stock Markets 3

Will REITs Boost the Realty Sector? 5

The advent of E-commerce in India 7

A New Era in the Business World - Corporate Governance 8

Debt Financing– Good or Bad for SMEs? 10

Financial inclusion- Who pays whom the benefits? 12

Bollywood- It’s not just a show business anymore 14

Indian Financial Market - 5 Years In The Future 17

Insurance- The Rising Sector 19

INDEX

Forensic accounting is basically the use of accounting skills to investigate fraud or embezzlement and to analyze financial

information to use in legal proceedings. Forensic accountants are financial detectives who audit, investigate and ascertain

the accuracy of financial statements and analyze the evidence. This profession is challenging not only because it requires

high proficiency in accounting, analytical and investigative skills, but also requires effective communication of findings in the

form of reports, exhibits and collection of documents. Forensic accountants are trained to look beyond numbers. They must

be able to identify substance over form while dealing with an issue. They perform the function of providing assistance of an

accounting nature involving litigation, also dealing with the issues related to the quantification of economic damages. Very

commonly asked question is how forensic accounting different than auditing? Though both the fields seem similar, the

difference is that forensic accountants investigate fraudulent activities within the organization whereas auditors verify that

companies are compliant with the required accounting standards and disclosure requirements.

How to qualify as a Forensic accountant? To be a forensic accountant you are required to possess at least a bachelor’s

degree in accounting or a related field, proficient analytical and communication skills, understanding of corporate laws and

regulations, possess a certified fraud examiner designation- to certify as fraud examiner candidates are required to pass

examination administered by Association of Certified Fraud Examiners.

Litigation support and expert witnessing is one of the major sources of revenue for forensic accountants. They are also called

upon in cases where accounting and financial matters are relevant in determining the liability or measuring the amount of

damages. Forensic accounting is a rapidly growing segment of accounting practice, thus presents an exciting career

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Forensic Accounting - An Exciting Career, What is in it for me?

opportunity for students. Students aspiring to take up forensic accounting must possess a broad spectrum of accounting

knowledge, proficient communication skills and must excel well in the heat of problems in reality of litigation world.

-NITESH G S

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Brazil flagged the start of the World Cup 2014 - what was to be a month long world-wide event with high hopes and motives

such as generation of employment, high market growth, boost tourism. They spent over $ 11 billion in order to host the game.

Sadly, Brazil’s fiasco in the recent World Cup has had an impact on the stock market including its benchmark stock index

Ibovespa.

Football is actually bad for business around the world. And for a team like Brazil where the national identity is wrapped up in the

game which is representative of international standing, power, and respect, such a knock out by Germany (7-1) in the

semi-finals, lead to devastating effect on the economy. The drastic loss coupled with the huge amount spent to host the game

in spite of its failure to eradicate poverty, resulted in stock market dip. Researchers from London Business School followed the

stock market trends of 39 countries to find out what happened to the stock market whenever the most popular sport in each

country was having a major tournament. Their findings regarding football were quite clear. They found that the more popular the

game was in a country, and the longer it stayed in the tournament, the more profound the effect was seen on the

market. Brazil, France, Argentina, Germany, Italy, Spain, and England all experienced major market fluctuations during World

Cup matches. Researchers Alex Edmans, Oyvind Norli and Diego Garcia found that when there was a loss, the stock market of

the losing country did worse than the rest of the world. Generally speaking, the losing country saw a 0.5% dip the next day, "even

after controlling for other determinants of stock returns". Even when the stocks didn't dip, the country still performed poorly

compared to similar countries. What was more fascinating about their findings was that the few countries who welcomed their

losing teams home with pride and fanfare, did not experience the same economic dip as losing countries who seemed

devastated. This is based on Edman's hypothesis, backed by empirical evidence. The negative effect is also high for sport like

cricket in case of countries like India, England, and South Africa.

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The World Cup Syndrome and Stock Markets

How to measure market sentiments and risk in such cases? The Acertus Market Sentiment Indicator (AMSI) is a stock market

sentiment indicator that generates monthly sentiment indications ranging from 0 (extreme fear) to 100 (extreme greed) This

indicator would help provide better standpoint on, and insight into, the current relationship between the levels of risk and

potential return in the market. Market sentiment is used because it is believed to be a good predictor of market moves,

especially when it is more extreme. Very bearish sentiment is usually followed by the market going up more than usual, and

vice versa.

Thus, an event like World Cup influences investor mood and psychological factors. So one should be extremely careful while

investing in stocks during such major events as markets tend to be highly volatile especially after a loss as sentiments have

clearly evident, important, and regular effects on individual firms and on the stock market as a whole.

- SACHIN PHILIP THEKKOLIL

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Will REITs boost the Realty Sector?

Real estate investment trust (REITs) have been on the wish list of the Indian real estate sector for long. Ending the long wait,

the Securities and Exchange Board of India has cleared the way for the property-backed investment vehicles to be listed on

local exchanges which will raise money from the investors to finance infrastructure and property developers. The markets reg-

ulator had earlier planned to introduce REITs in 2008. They are expected to bring in globally-accepted practices to real estate

financing and revive the interest of both international and domestic investors in the sector. These investment trusts will help

break the logjam in the financing of infrastructural projects which were affected due to the inability of the banks to provide

them with long term capital. REITs could also give small investors a moderately safe passage back into capital markets. How-

ever, there should be a rigorous project appraisal mechanism in place so that costs are not inflated or the projects being un-

duly delayed to benefit errant developers. Documentation, loan pricing and appraisal should be foolproof as the lack of

such rigour is the reason why many banks are seeing a rise in bad loans.

A real estate investment trust has to invest at least 80 per cent of its assets in properties that are completed or already

generating revenue and can invest only 10 per cent of its assets in other specified assets. All vacant and agricultural lands are

proposed to be kept out of the reach of REITs and all REITs must be listed, unlike the investment trusts. The minimum investment

level of Rs. 2 lakhs will keep extremely small investor out, agreed; but that is fine as REITs are new in Indian markets. These trusts

will also have to distribute at least 90% of their net distributable income after tax to the investors.

While demand for REITs is likely to be strong, supply could also be robust. Distributing off their yield-earning assets will allow

excessively indebted developers and infrastructure companies to repair their balance sheets. That in turn could assist in

freeing up capacity for a new construction boom which will give a boost to India's insipid economy. But REITs are not fully risk

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free as well. A hasty inflow of cash could push up the price of existing property, while the pressure to boost yields could see

rents rising arbitrarily. To mitigate that risk, India needs to cut the red tape that is currently slowing down new construction.

A bigger concern for now is quality of issuance. The initial value of REITs, and a couple of well-performing initial public

offerings, could make the product an immediate hit, but if the landlords try to take advantage by offloading low-quality real

estate in stagnant cities, investors will quickly be pulling investment out of the market again. Therefore, India now needs a real

estate regulator and the government should ensure the clearance of model law to check unfair practices, at the earliest.

Proper regulations along with more fund flow will boost investment and growth.

- ANUPAMA SAPRU

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In India, E-commerce companies have started making money. The e-commerce sector started growing rapidly from 2005-06

onwards. This sector was mainly operating outside India. The main factor for the rapid growth of this sector in India was due to

the advent of the tech savvy generation. These e-commerce companies are changing the lifestyles of people and making

the accessibility easier for shopping any kinds of goods online. Flipkart is one of the biggest fund raising company which

raised (US$140 million) and Myntra also raised ($50 Million). E –commerce has increased broad band internet connections

growth to 20% and also brought 3G penetrations. It has improved the standard of living of the working professionals by

helping them save their time on outdoor shopping. E-commerce uses all the latest technology. The middle class people can

afford to buy things as there is availability of a wide range of products varying in quality and price. E-commerce helps in busy

life style as people don’t have time to go for shopping in their busy schedule. By doing online shopping it helps the

companies reduce inventory and real estate cost.

Evolution of the online marketplace model was with sites like eBay, Flipkart, Snapdeal, Infibeam, jewelsgalaxy.com,

qnetindia.in, Dealkyahai.com, Amazon, Jabong and Tradus. E-commerce marketplace models have taken a center stage in

today’s date. E-commerce demands a highly secure, stable and protected hosting while the transactions are made.

E-commerce has made its place in travelling industry, online shopping, finance field etc. It has brought in a lot of changes in

the Indian economy. By increasing its revenue online, retail industry started taking shape. E-commerce space relating to the

deals and discounts websites started becoming popular towards 2009 and onwards while the concept of social media for

e-commerce is still trying to make a foothold in the markets despite having one of the largest populations using Facebook.

- NIVYA DEVRAJ

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The advent of E-commerce in India

“Corporate Governance” has been in the business world for a very long time. The importance of corporate governance was

not properly evaluated or felt in the past, is what makes it the most crucial component in the survival strategy of the

companies in the present scenario. The past and recent scandals in the corporate sector recognize poor corporate

governance as the reason for the failure of the company.

The term Governance is derived from the Latin word 'Gubernare' which means to Steer. Simply put, Governance is the

process by which decisions are made and implemented. The term is a buzz word now in the modern world but it originated

long ago. In 1998 Confederation of Indian Industry was the first to promote the corporate governance. A national task force

was set up in order to recommend a code of governance to be followed by all classes of Indian companies. Though this was

a significant step, it failed to capture the desired outcome. Later in 1999, a major step was taken by SEBI to step up a

committee under the chairmanship of Kumar Mangalam Birla. This committee was created to supervise the corporate

governance standards. In the late 2003, SEBI created another committee under the chairmanship of Shri N.R. Narayana

Murthy.

Companies Act has been amended many a times to incorporate the required corporate governance norms. The most

recent amendment in the Companies Act, changing it completely into Companies Act, 2013 is expected to bring desirable

change in the corporate governance structure of the companies. Among other things, the Companies Act, 2013 aims at

better corporate governance by increasing the roles and responsibilities of the Board, protecting the Shareholder’s interest,

bringing in a disclosure based regime and built in deterrence through self – regulation. The scams and scandals of companies

like Enron and WorldCom threw light at the questionable corporate policies. The prominence of corporate governance was

felt like never before. But in India the bell rang when the largest Corporate Governance failure occurred in the IT company

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A New Era in the Business World– Corporate Governance

Satyam Software services Ltd. The Satyam scandal was probably the wakeup call that the country was waiting for. It sent

shock waves all across the country and emerged as a landmark case in corporate governance.

Ever since then companies have paid considerable attention to corporate governance and now the evaluation of the

company’s performance also include corporate governance. A recent report announces ITC as the most admired company,

followed by L&T and Hindustan Unilever Ltd. ITC scored the highest on parameters such as corporate governance,

endurance, social impact, product quality and employee empowerment. This clearly shows how much the business

environment is changing.

The companies along with the new Companies Act, 2013 have a long way to go before adhering to governance best

practices. However only the best can be hoped and with the performances of the companies like ITC, L&T, etc. we can

expect a considerable change in the future of Indian corporate sector.

- RINKI DEBNATH

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In the economic development of India, a strategic position has been given to the development of Small and Medium

Enterprises (SMEs) which constitute an important segment of the overall economy. Many small and growing enterprises in

India can’t access appropriate debt finance to scale up their operations as most formal lenders typically employ themselves

in traditional collateral-based lending to enterprises operating in established industries or companies, with at least three

successive years of profitable, audited track record. Other financial institutions capable of lending to small businesses are

often slow and complicated to deal with or impose restrictive conditions, making it difficult for time constrained entrepreneurs

to secure a loan when they need it most. To address this issue, many Non-Banking Financial Companies have been

established to help those enterprises access loans in an uncomplicated way that supports their growth. These Non-banking

Finance Companies have served customers across a range of subsectors and geographies in India.

The NBFCs focus on sectors like Energy and Modern Infrastructure Services (healthcare infrastructure, water and sanitation,

agriculture product and services, education, small medium enterprises logistics and supply chains and so on), excluded

sectors in primary agriculture, micro finance and real estate. These companies provide loans to the small medium enterprises

for term period of six months to thirty six months for a certain percentage of interest are offered at a marginal premium and

corresponding with risk the loan borrowed by the borrower. The business uses both debt and equity financing in a

commercially acceptable ratio. Debt-equity ratios vary from one industry to another industry and one company to another

company, but a general rule of thumb holds that a reasonable ratio of debt to equity should fall between 1:1 and 2:1. Debt

and equity are two main instruments to capitalize a business. Deciding which to use at different stages in the lifecycle of a

business, depends on the long-term goals of the business and the amount of control managers wish to maintain.

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Debt Financing– Good or Bad for SMEs?

Debt financing has its advantages to a company like tax deductibility of interest and clear overview of the cash flows of the

company. This financing is available for the small-medium enterprises for a short term or for a long term period. The debt

financing can be disadvantages to the small medium enterprises if there is an irregular cash flow in the company or the

industry and they still have to make the repayment of their loan. It is also a disadvantage when there is fluctuation in the

Interest rates as well as the economic downturns and if the company increases their debt which in turn increases the risk

taken by the company making it unattractive to the investor in the market.

Several initiatives are being taken at the national and international levels to foster the development of SMEs and improve

their access to finance. Notwithstanding these initiatives, barriers to SME finance remain, in different degrees, in both

developed and developing economies, which constitute the single most important factor that could restrict their growth

trajectory. Accordingly, the policy makers may need to focus on the following issues, like enhancing credit flows to SMEs,

development of clusters and creating a favorable business environment, as these are widely debated in the contemporary

discussions.

- ERICA NIKHITA D’SOUZA

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Prime Minister Narendra Modi is looking forward for a better India which includes a considerable financial inclusion drive

which visualises a bank account for 150 million Indians by August 2018. The notion of financial inclusion is not new, it has been

the catchword at the Reserve Bank of India (RBI) since 2005, but without much success. In fact, due to the pressure from the

RBI several thousand new bank accounts were opened but these remained quiescent. So the question is - Why will it be

different this time? Well, Mr Modi reportedly proposes an overdraft facility of Rs.5,000 for each account, besides a RuPay

debit card with inbuilt accident insurance cover of Rs1 lakh. The overdraft will be supported by a Credit Guarantee Fund.

Financial inclusion and empowerment of the poor is a necessity. India is home to the world’s second largest

financially-excluded population after China with over 135 million financially-excluded households. Only 34 per cent of the

Indian population is currently engaged with the formal financial sector and the urban-rural divide is very apparent. There is no

doubt at all that the poor are forced to borrow at significantly higher rates, are subject to exploitation by moneylenders and

also forced to pay a higher price for goods and services. When financial inclusion was attempted through micro-finance, it

led to exploitation by greedy insurers, micro financiers and others.

The second phase of the financial inclusion plan talks about a pension scheme for the lower income and unorganised sector

and micro-insurance through the nationalised insurance companies. Premium for insurance products will come from schemes

like the Rashtriya Swasthya Bima Yogana.

Financial inclusion is the road that India needs to travel toward becoming a global player. Financial access will draw

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Financial inclusion- Who pays whom the benefits?

International market players to our country which will result in increasing employment and business opportunities. Inclusive

growth will act as a basis of empowerment and allow people to participate more effectively in the economic and social

process. We surely are on our way to a better India with 20,000 ATMs, 50,000 banking correspondents and 7,000 branches

planned to meet the ambitious targets with the poor and the rich.

- STANZIA D’SOUZA

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Bollywood – a term that probably comes up first, when someone says India. The Hindi film industry is an aspect of India that is

not only a multi-million dollar business, but also a mark of recognition and a defining characteristic of India. The industry has

reached as far out as Egypt, Senegal, Russia and places we probably haven’t even heard of, appealing to Indian and

generations of non-Indian fans. Therefore no wonder it is the profitable money minting business it is today.

India is home to the world’s largest movie industry, and produces up to 1000 movies a year, all languages combined. In the

20th century, Indian cinema, along with the Hollywood and Chinese film industries, became a global enterprise. In 2009, India

produced a total of 2961 films on celluloid, including 1288 feature films. At the end of 2010, it was reported that, in terms of

annual film output, India ranks first, followed by Hollywood and China. Indian film industry reached overall revenues of $1.86

billion (Rs. 93 billion) in 2011. This is projected to rise to $3 billion (Rs 150 billion) in 2016.

Historically, Raja Harischandra is known to have been the first Indian film made by Dadasaheb Phalke in 1913. Ever since

then, there has been a tremendous growth in Indian Film Industry and the recent news on its popularity reaching across the

globe allowing Bollywood film industry entering the 100 crore club proves it all. Blockbuster Movies such as Mughal-e-Azam,

Dhoom 3, Ra.One and Ghajini, are prominent for their production costs, as well returns on the production costs. Funding for

Bollywood films often comes from private distributors, as well as large studios like Eros International and even Fox Studios.

Indian banks and financial institutions were earlier forbidden from lending money to movie studios, but the ban has been

lifted. Exim Bank, for instance, offers loans at 8-10% interest, provided the film has export potential. IDBI’s credit line for films is

available for 10-15%, to be paid before the film is released. Other sources even include illegitimate sources, such as the

Mumbai underworld, a popular example being the movie Chori Chori Chupke Chupke.

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Bollywood- It’s not just a show business anymore

Up to 100% FDI is permitted in the film industry (film financing, production, distribution, exhibition, marketing, and other

associated activities) subject to certain conditions such as – Companies, with an established track record in films, TV, music,

finance and insurance would be permitted. The company should have a minimum paid up capital of USD 1o million if it is the

single largest equity shareholder, and at least USD 5 million in other cases. Minimum level of foreign equity investment would

be USD 2.5 million for the single largest equity shareholder and USD 1 million in other cases and the Debt equity ratio of not

more than 1:1, i.e, domestic borrowings shall not exceed equity.

A few other contributing factors (according to Forbes India) are a) Inflated Ticket Prices: The average ticket size at a multiplex

today is Rs 140-150, compared to Rs 60-65 in single-screen theatres. Prices at premium chains like Inox and PVR can be as high

as Rs 300-350 on weekends, which fetch almost 80% of theatrical revenues earned by a film. On festive weekends and for 3D

movies, the rate is even higher. B) Growth of Multiplexes: Bangalore is now home to so many multiplexes, one has lost count.

Multiplexes have grown phenomenally in the last five years and completely changed the dynamics of the film business. There

are close to 1,400 multiplex screens which constitute nearly 70-75% of a film’s box-office revenues. Despite high ticket prices,

multiplexes have become a preferred choice for cine-goers; the variety of films on offer, a better viewing experience, food

and beverage counters and gaming zones that ensure that audiences keep coming back. C) Digital Prints and Wider

Releases: Both are correlated. With the adoption of digital technology, more and more screens in India are becoming

digitized from analog. This is allowing producers to have a much wider release of their films with a massive number of prints.

(Digital prints save costs and can be attained fast.) For instance, in 1995, ‘Hum Aapke Hai Kaun’ released with 500 prints

which was a landmark then; in 2009, and the latest being in 2012, Yashraj released ‘Ek Tha Tiger’ with 3,400 prints in India and

500-600 prints overseas. This number will only grow and with releases getting wider by the day, sky-high theatrical revenues

are becoming a routine of sorts.

On a deeper look into the Hindi film industry, it is clear that Bollywood has more to it than just item numbers, mindless chase

sequences, twisted plots, and the occasional blockbuster in the 100 crore club. Not only has the industry been entertaining

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generations of Indians and non-Indians through the decades, but is also a prime example of successful advertising, market

strategies, and successful financing.

- SAMYUKHTA

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India has emerged as a strong economy over the years. The recent global financial and economic crisis had a bearing on

India’s economic growth momentum during Financial Year 2009. However, the economy has been remarkably strong against

shocks such as turmoil in the global and domestic financial markets, severe drought conditions and rising international crude

oil prices, sustaining its GDP growth. It has managed to escape relatively unharmed from the global economic disorder due

to strong fundamentals, which would continue to drive its growth. Thus, it is important to undertake integrated efforts to

further strengthen these fundamentals and fulfill the objective of achieving a strong growth in future.

With the new government in power and new policies in place we seem to be going in the right direction. Our Prime Minister,

Mr. Modi is able to appeal to all the classes because of his humble background and image of being a self-made man. BJP’s

win could be good for India and its financial system because the party is viewed as being business friendly which looks to the

capital markets for solutions. Another reason for me being bullish on India is because of Mr. Raghuram Rajan, the Governor of

the Reserve Bank of India (RBI). He is focused on reducing inflation in India. He has been often criticized for not focusing on

growth, but you cannot have growth with high inflation; it needs to be brought down. The prime lending rate is very high and

small and medium-sized enterprises cannot afford to borrow and invest. Financial market growth can also be directly

associated with the growth in money markets of the world. Banking has emerged as one of the central institutions in today’s

world and banking services have become more diversified with mortgage banking and investment banking coexisting with

the general mode of banking services. If Mr. Rajan can bring down inflation which leads the banks to reduce rates, then

companies can borrow and invest.

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Indian Financial Market- 5 Years In The Future

In fact, things at the macro level have already started to improve due to Rajan's actions guiding the rupee For instance, last

summer the rupee slumped to a record low of 68.85 to the dollar. Rajan’s policies have helped raise it to around 60 today.

Also Rajan surprised many when he said India's current account deficit (CAD) for the fiscal year 2013 was $56 billion, well

below estimates of $70 billion. summer the rupee slumped to a record low of 68.85 to the dollar. Rajan’s policies have

helped raise it to around 60 today. Also Rajan surprised many when he said India's current account deficit (CAD) for the

fiscal year 2013 was $56 billion, well below estimates of $70 billion. Previous fiscal year (2012) this value had stood at

$88billion, which in my view has been the main reason for the fall in the rupee. The current CAD now stands at less than 1%

of GDP.

India's GDP is expected to rise to US$3 trillion by 2020 and US$5tn by 2025 and the financial sector will be a critical part of this

growth pickup, Morgan Stanley's macro team has outlined this case in a report. The global investment banks are of the view

that financial sector’s success is critical to any pickup in the economy.

Thus, we can conclude that since the Indian Financial system is heading towards an upward trend its currently

underpenetrated financial services sector could deliver significant, outsized returns and we can forecast a growth of upto

10% in the next five years. Investors, this is the right time to take a hard look at and begin investing in India because you know

where we are heading!

- KAVITHA MOHAN

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Insurance sector has grown a lot in Indian economy. With a spike in business of this sector and an expectation of positive

outcomes Indian Finance minister, Arun Jaitley, has proposed to increase the foreign direct investment (FDI) limit to 49 per

cent from 26 per cent. An enhanced flow of foreign capital will possibly result in accelerating the overall development of the

Insurance industry. And if this becomes a success, it is likely to drive more and more foreign investors’ attention and increased

attention will lead to further growth and thereby, can result in increased employment opportunities in the country.

As this sector has been contributing approximately 26% of GDP to the Indian economy, Indian Government has also come up

with new projects to leverage the development of Insurance sector. With increased efforts to educate the people of India

about the benefits of being insured, there has been an upward trend in people taking Health Insurance policy as a means for

protection and reducing risk of loss due to health problems. Due to this, the health insurance companies are coming with

innovative products to attract customers who would not only protect themselves but also earn an income through these

schemes.

With the increased FDI, India can have more access to International insurance products, distribution channels and world class

business practices which can in turn be utilized to develop Indian strategies to promote the insurance business in the country.

The IRDA has taken many steps to improve the insurance industry and to formulate policies regarding this. The Life Insurance

Corporation of India (LIC) has been a holding a dominant position having up to 50% of market share in Indian Insurance

Business. To compete with it, there are various other insurance companies coming up in the Indian market.

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Insurance– The Rising Sector

Though the growth of this sector has been a gradual process, it has still made a great impact on people of the country, and

has raised their need to be insured and stay protected against any mishap or uncertainty. As India stands second in human

population, if people take up huge numbers of life insurance or general insurance to hedge themselves against the risk, the

success of insurance business is going to show an amazing upward trend. Hence the maximum benefit that the insurance

companies get is out of nations high on population. Foreign companies are urging to enter India because of its constant

growth and various diversities. As Foreign companies’ would also want to make as much profit as possible, the insurance

industry can certainly be foreseen as one among the top industries boosting India’s economic growth in future.

- GIRISH PATEL

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EDITORIAL TEAM

CHIEF EDITOR

Dr JAIN MATHEW

HEAD OF DEPARTMENT

MANAGEMENT STUDIES

ACADEMIC CO-ORDINATOR

PROF SURESHA B

FACULTY CO-ORDINATOR

Dr SUNITA PANICKER

EDITORS SRI CHARAN DHONDALEY

ANUPAMA SAPRU

NIVYA DEVRAJ

ANKITA BHATTACHARYA

ERICA NIKHITA D’SOUZA

SAI KRISHNA

CREATIVE TEAM ROSHITA VELIYAMBARA

UMME SALMA

SHREYA JAJOO

CHRIST UNIVERSITY

HOSUR ROAD, BANGALORE– 560029

KARNATAKA, INDIA

TEL: +91 80 4012 9100 FAX: +9180 4012 9000

finometrics@mfm.christuniversity.in

Website: www.christuniversity.in

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