SEBI Investor Survey 2014-15 EOI

EOI for SEBI - Investor Survey 2014- 15
Securities and Exchange Board of India

Har Investor ki Takat

Invitation to Expression of Interest (EOI)

For conducting SEBI - Investor Survey 2014 - 15

SEBI Bhavan, Plot No. C4-A,
"G" Block, Bandra Kurla Complex,
Bandra (E), Mumbai, India 400 051


CONTENTS

1. ABOUT SEBI .......................................................................... 1
2. BACKGROUND ...................................................................... 1
3. SCOPE OF WORK..................................................................... 1
4. SURVEY OBJECTIVES ........................................................... 3
5. DELIVERABLES ....................................................................... 4
6. DURATION .............................................................................. 4
7. INSTRUCTION TO AGENCIES.................................................. 5
8. MINIMUM QUALIFICATION CRITERIA..................................... 6
9. SHORT-LISTING FOR THE PURPOSE OF RFP....................... 8
10. GENERAL TERMS AND CONDITIONS..................................... 8

Annexure 1: Format of Covering Letter for Expression of Interest......... 10
Annexure 2: Details of the Agency ........................................................ 11
Annexure 3: Format of No Conviction Letter ......................................... 13
Annexure 4: Checklist of Items .............................................................. 14

Page 1 of 14

1. ABOUT SEBI
For a growing and dynamic economy like India, securities market plays an
important role in not just attracting domestic and foreign investment but also it
mirrors the state of Indian economy. Since the establishment of SEBI, the
securities market in India has developed significantly. SEBI, in its short journey
of 25 years, has made a remarkable impression on investors as well as securities
markets. The Indian securities market has evolved manifold in terms of size,
reach, diversity of investors and product complexity.

2. BACKGROUND
The 2008-09 Investors Survey was conducted immediately after global recession.
Since then, markets have undergone changes. There has been an upswing in the
market which has resulted in growth of the market. The Sensex and Nifty were
9708 and 3021, respectively, as on March 31, 2009. After a period of five years,
the Sensex and Nifty closed at 22,386 (increase of 131 per cent) and 6696 (increase
of 122 per cent), respectively as on March 31, 2014. Also, according to RBI data,
the investment of household in financial assets has increased from `7,269 billion
in 2008-09 to `10,969 billion in 2012-13 (increase of 33.73 per cent).

Further, there are several policy initiatives and introduction of new products in
the securities market. These developments are likely to have an influence on the
investment pattern and investment behavior of households. The advancements in
technological innovations have impacted the market dynamics and influenced
businesses of various market participants.

Thus, there is a requirement of another survey to ascertain the impact and
changing dynamics of securities market as well as responses of investors and
market participants to the same.

3. SCOPE OF WORK
The proposed survey will have a coverage to whole of India i.e. 29 states and 7
union territories. All India coverage may be further divided into sub-categories
rural, semi-urban and urban (or similar categorization), covering all districts.

SEBI is seeking to appoint a survey agency having extensive experience in
conducting household surveys, preparing questionnaire, data collection,
computing, analysis and report writing, etc. SEBI expects the tabulation of
information and study to be done at State level as well as National level. The
sample size would be approximately 50,000 households and 1000 market

Page 2 of 14

participants. The samples will be collected randomly in multiple stages and in
some specified proportion based on various factors of target areas such as
demography, economic conditions, distance from district headquarters, etc.

The survey of households will be face to face survey, that is, visiting the house of
respondent household and conducting an interview on-the-spot or at a scheduled
date. The survey of market participants will be an online survey also know as
internet or web survey.

The selected agency is expected to be responsible for undertaking various
activities, such as:
Developing survey material such as maps, listing sheets required for collection
of samples, sample selection and preparation of final field lists so as to meet
the desired sample size.
Recruiting and training field supervisors,
Preparing manuals and designing questionnaires;
Preparing activity-wise detailed time-line for all the tasks related to activities
of survey and study.
Pilot data collection prior to launching the survey and providing results of the
pilot survey.
Getting SEBI's approval for any necessary changes in methodology, data
collection and also carry out relevant changes suggested by SEBI team.
Using advanced technique such as electronically recording the data using
tablets with active GPS/GPRS features, record the interviews on devices, etc.
with approval from SEBI for door-to-door and face to face interviews.
Converting the questionnaire responses in electronic form, maintaining the
quality of the data by undertaking different levels of inspections, on-field
survey verification & scrutiny, as the case may be.
Providing raw survey data for quality control checks, as and when required
by SEBI.
Validation and cleaning the database for subsequent in-depth qualitative and
quantitative analysis,
Attend to the queries/clarifications by the SEBI team, preparation of fact
sheets, reports, etc.

Page 3 of 14

Provide regular staffing reports with changes, if any for managers,
supervisors, enumerators etc.
Provide periodic updates to SEBI and its advisory/monitoring committee.
SEBI will undertake supervisory checks at the sample centers to verify
whether the survey activities are being carried out properly. At the time of
verification, agency shall ensure that the concerned investigator accompanies
SEBI officials for identification of the respondent/location.
Preparing reports and factsheets based on the findings from the survey, in line
with the objectives of the survey and as per the requirement of SEBI.

4. SURVEY OBJECTIVES
The objectives of the proposed Survey are as under :
i. To determine savings and investment behavior of households
ii. To understand pattern of investment in various instruments depending
upon education, financial literacy, income, consumption, location and other
demographic factors
iii. To determine risk profile of the investors and relate it to savings and
investment behavior
iv. To estimate the number of household investors in the securities market
v. To find out the reasons for non-investment in securities market
vi. To understand the impact of regulatory policies on investment in securities
market
vii. To find out the impact of investor education/financial literacy programs on
investments
viii. To compare the results of the previous survey with the current survey to
find out changes in investor population (growth/decline), investment
behavior/patterns, etc.
ix. To understand the response of various market participants under dynamic
market situations, their perspective on investor awareness, penetration of
securities market, business environment, concerns on regulatory aspects etc.


Page 4 of 14

5. DELIVERABLES
The Agency shall be responsible for preparing reports and factsheets based on the
findings from the survey, as per the requirement of SEBI and according to the
requirement of survey objectives.

The agency will also provide clean data in electronic format with all variables,
labels and codes included as per the survey questionnaires. A detailed technical
report should be prepared on the data describing all codes, sampling and other
pertinent information. The report will cover observations/experiences arising from
the survey, deliberations with SEBI team and its advisory/monitoring committee
and the methodology employed. Any data removed in the cleaning process other
than through clarification with the responding establishment will also be reported.
This technical report will include rigorous meta-data including descriptions of
data, dates of data collection, enumerator information, target population, methods
of data collection and relevant information from field reports. The report should
be submitted within the stipulated time.

The report covering assignment objectives and all background documentation
including computer databases of questionnaires will be the property of the
Securities and Exchange Board of India. Softcopy in a CD and hard copies of
above reports and other documents must be submitted to the SEBI.

6. DURATION
The final analyzed study report should be submitted within 12 months from the
date of signing the contract.

However, in case of contingency of major changes happening in external
environment of laws, regulations etc., which may have the effect of altering or
making irrelevant the conclusions/findings of the Report to be submitted by the
Agency; SEBI, at its sole discretion may consider extension of the project period in
accordance with the new circumstance, with SEBI's approval.


Page 5 of 14

7. INSTRUCTION TO AGENCIES

7.1 Submission of EOI

Interested Agencies shall submit the following documents:
Covering letter for Expression of Interest as per the Annexure 1 along with
requisite documents mentioned in the Minimum Qualification Criteria.
Details of Agency as per the format given in Annexure 2.
Letter of Authorization duly authorizing a person as representative with all
powers and authority to represent the Agency for submission of EOI.
Audited Balance sheet and Income Statement for last three financial years.
All documents as specified in the check list (Annexure 3)
Check list of items (Annexure 4)

Application for EOI along with all the requisite documents and application fee to
be submitted latest by 03.30 PM of June 30, 2014 in a sealed cover super-scribing
EOI for SEBI - Investor Survey 2014 - 15 and addressed to

The Joint Director,
Regulatory Research Division,
Department of Economic and Policy Analysis,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, "G" Block,
Bandra Kurla Complex, Bandra (E),
Mumbai 400 051.

7.2 No Application for EOI shall be accepted after the due date and time. The
applications received after the last date shall not be opened and no further action
shall be taken on such bids. All, or any, incomplete bids shall be rejected without
any evaluation.
7.3 SEBI reserves the right to reject any or all of the proposals received in response to
this advertisement without assigning any reasons whatsoever. SEBI also reserves
the right to revise the pre-qualification/ eligibility criteria for short listing of the
agencies so as to have appropriate/restrict number of applicant agencies.
7.4 This document does not constitute an offer, or solicitation of an offer, nor does this
document or anything contained herein, shall form a basis of any contract or
commitment whatsoever.

Page 6 of 14

7.5 The Agency shall bear all the costs for participation in the tender process
including preparation of responses to the EOI etc. SEBI will not be liable for any
cost incurred for preparation of response to this document.
7.6 The Agency shall furnish the details as per the formats enclosed in this document
and strictly as per the serial order. The information intended to be supplied should
be furnished in such a manner that the same satisfies the need/ requirement of EOI
under various heads and is self-explanatory.
7.7 For on-line survey, the survey agency must use security technologies to protect the
personal data collected or stored on websites or servers, using reliable encryption
systems such as Secure Socket Layer (SSL) encryption mode or equivalent level
security for on-line survey
7.8 SEBI shall communicate and coordinate only with applicants office in India and
all the assignments should be executed in India only
7.9 In areas where the agency does not have significant presence for carrying out
survey field work, the agency may seek the assistance of a reputed regional survey
agency with prior approval of SEBI. However, SEBI reserves a right for the same if
the circumstances require so.
7.10 For queries, if any, the interested agency may contact at investorsurvey@sebi.gov.in
OR sudhakark@sebi.gov.in.

8. MINIMUM QUALIFICATION CRITERIA

The minimum qualification criteria for the Agencies have been provided in the
table below:

Sr.
No
Minimum qualifications/Eligibility
criteria
Proof/documents required
1 The Agency must be an entity registered
as Corporate Body with Registrar of
Companies in India under Companies
Act, Society Registration Act, 1860/
Autonomous Body of Government or a
Corporate Body registered in the laws of
the country in which it is incorporated
with its own office (NOT through
channel partners/ franchises/etc.) in
India.
Copy of Certificate
of Incorporation/ Registration/
MoA as applicable.

Page 7 of 14

Sr.
No
Minimum qualifications/Eligibility
criteria
Proof/documents required
2 The agency must have minimum 5
years of relevant experience of
conducting at least 2 large scale surveys
(sample size of such surveys should not
be less than 5000 households), data
analysis, writing survey report etc.
Experience of carrying out surveys for
financial market related organizations
and global presence will be preferred.
Attach relevant proofs.
Provide write up on experience
as a provider of services for
large scale survey in India or
abroad for a similar kind of
organization.
Detailed description of projects
executed by the agency
providing details of project
scope, duration, project size
with documentary proof.
3 The Agency should have a good
reputation in the field of carrying out
surveys
List of current/recent
clients/references wherein
project completed entails
handling similar complexities/
requirement. Relevant
documentary proof subject to
verification of SEBI.
4 The Agency should have a valid PAN
and Service Tax Registration in India
Copy of PAN card and Service
Tax Registration certificate
5 The Agency should have a minimum
average annual turnover of `5 Crore
(Rupees Fi ve Crore) from survey
related activities during the last 3
financial years
Copy of Audited f i n a n c i a l
Statement and Balance sheet /
Certificate from a Chartered
Accountant certifying the
turnover amount for the last 3
financial years
6 Profiles of select personnel of applicant
agency firm.
Detailed profile of:
(a) Working team members
(b) Expert personnel serving in
advisory capacity to the survey
project.

The Agency having aforesaid minimum qualification and capability for the stated
objectives should only apply.


Page 8 of 14

9. SHORT-LISTING FOR THE PURPOSE OF RFP
The Agency Evaluation Committee (AEC) constituted for selection of Survey
Agency will examine the documents submitted by the applicants in connection
with Expression of Interest. The Committee will prepare a short list of applicants,
based on Agency's past experience (number of years, surveys of similar nature in
related sector and experience in India), experience of key personnel in terms of
their qualifications and relevant experience, financial strength of applicant agency
(turnover, net profit), and expertise as revealed by the Expression of Interest
Document. The Committee may call Agencies for a presentation for further
evaluation.

Request for Proposal (RFP) document will be prepared by SEBI. The short-listed
Agencies shall submit their technical and financial bids as per RFP document.
SEBIs decision in this regard would be final.

10. GENERAL TERMS AND CONDITIONS
i. Intending applicant agencies are required to submit their full bio-data giving
details about their organization, experience, professional personnel in their
organization, competence and adequate evidence of their financial standing
etc., in the enclosed form which shall be kept confidential.
ii. An application fee of `1000/- (Rupees one thousand only) (non refundable)
in the form of crossed demand draft in favor of Securities and Exchange
Board of India payable at Mumbai shall be submitted along with application
document. Application without prescribed application fee shall be rejected.
iii. SEBI reserves the right to accept or reject one or all the proposals or annul
the process without giving any reason whatsoever at any time without
assigning any reason and without thereby incurring any liability to the
affected applicants.
iv. The decision of SEBI in selection of agency for empanelment will be final.
SEBI is not bound to assign any reason thereof.
v. If the space in the Performa is insufficient for furnishing full details, the
information shall be supplemented on separate sheets of paper stating
therein the part of the statement and serial number. Separate sheets shall be
used for each part.
vi. SEBI reserves the right to verify the eligibility criteria independently or seek
any further information and also inspect the facilities of the applicant to
verify the genuineness and to ensure the conformity with the details given.

Page 9 of 14

vii. Applications received after due date and time or incomplete in any respect
are liable to be rejected.
viii. Applications containing false or inadequate information are liable for
rejection
ix. Agency may provide their area of specialization, skill set and any award
received by any competent authority.
x. SEBI reserves to create one or more panel of agencies for carrying out all the
above mentioned activities depending upon eligibility criteria mentioned in
Pre-qualification criteria.
xi. Each page of the Application and declaration letter shall be signed by
person/s on behalf of the Agency having necessary authorization / Power of
attorney to do so.
xii. Intellectual Property Rights for all documents and outputs developed
specifically for the SEBI will rest solely with the SEBI.
xiii. No contractual obligation on behalf of the SEBI whatsoever shall arise from
this document unless and until a formal contract is signed.
xiv. All information received from the applicants in their response will be treated
strictly confidential.
xv. The agency shall hold in confidence any information collected during the
course of the survey, including identity or details of persons/participants of
survey, and shall not disclose the information without the written
permission of SEBI.

SEBI reserves the right to modify any/all of the terms of this document giving due
notification through its website.

Note: This is not a Request for Proposal (RFP), and commercials are not required to be
submitted with Expression of Interest


Page 10 of 14

Annexure 1:
Format of Covering Letter for Expression of Interest

(On letterhead of the Agency )
To
The Joint Director,
Regulatory Research Division,
Department of Economic and Policy Analysis,
SEBI Bhavan, Plot No. C4-A, "G" Block,
Bandra Kurla Complex, Bandra (E),
Mumbai 400 051

Dear Sir,
Sub: EOI for Investor Survey

Having examined your advertisement dated ................ inviting applications in response to the
EOI, I/ We ............, hereby declare that I/we fulfill the minimum requirement/ eligibility criteria to
undertake the assignment in full conformity with the EOI.
I/We enclose the requisite documents as follows:
Copy of Certificate of Incorporation/ Registration/ MoA as applicable
Details of offices in India.
Copy of PAN card and Service Tax Registration certificate
Copy of Audited Profit and Loss Statement and Balance sheet/ Certificate from a CA, on
turnover of the last 3 Financial Years.
Copy of Work order/ Certificate of completion and Client details including Name and
Postal Address, Contactable person, Phone number and email ID
Details of legal cases in which Agency/organization is found guilty/penalized by any court
of law. If the Survey Agency/firm is not involved / found guilty in any of such cases, self
certification on letterhead to this effect.
Details of pending litigation, if any.
No Conviction Letter duly signed as per the Format provided in Annexure 3

I/ We understand that SEBI reserves the right to reject any or all the bids in response to the EOI
without assigning any reasons whatsoever.
I/ We hereby declare that all the information and statements made in this document are true and
accept that any misrepresentation contained in it may lead to our disqualification.

Yours faithfully,
Signature and Seal of Agency

Name: Date:
Signed in the capacity of..............................................
Duly authorized to sign Bids for and on behalf of..............................................


Page 11 of 14

Annexure 2:
Details of the Agency

(On letterhead of the Agency)

Sr.
No.
Particulars
Details
1. Name of the Applicant/organization

2. Year of Incorporation

3. Address of the Registered office

4. Year of commencing operations in India

5.
Address (Furnish full address of Head office/branches,
contact details and email address, website address etc.)

6. No. of Offices world-wide

7. Total center/city wise staff strength (designation wise)

8.
Key Management Personnel of the Agency with
their qualification and experience

9.
Name of authorized person responsible for the project

10.
Contact phone/Mobile number /email address of
responsible person for the project.

11.
Annual turnover as per Income Tax returns of the last
three financial years (in Rupees. lakh)
Certificate from a CA

12. Profit after tax in last three years (in Rupees. lakh)
13.
Number of years of experience in the field of
conducting surveys and related activities by the Agency

14. Details of similar works carried out in the past three years

15. PAN No. (Copy to be attached)

16.
Service Tax Registration No. (Copy of the certificate to be
attached)

19. Details of three largest similar contracts undertaken during the last 12 months. Also,
enclose copies of the contract awarded.
Name of Organization
for whom services
rendered
Year Description of
the services
offered
Period taken
for
completion
Team size for
the
assignment


Page 12 of 14

20. Legal Aspects (If yes, Give details)
Have the applicant ever been blacklisted/barred by any government agency?
Is the applicant penalized by any organization for poor quality of work delivered
or for non meeting of deadlines??
Is the applicant expelled from any project or agreement?
Has any of the present Director undergone or is facing any criminal proceedings?
Has the applicant suffered from any bankruptcy/insolvency in the past years?

21. Any other special feature that the Applicant would like to mention:

I/ We hereby declare that all the information and statements made in this Bid are true
and accept that any misrepresentation contained in it may lead to our disqualification.

Yours faithfully,


Name: Date:
Signed in the capacity of............................................... Duly authorized to sign Application
for and on behalf of...........................................................

Page 13 of 14

Annexure 3:
Format of No Conviction Letter

(On letterhead of the Agency)

I/ We the undersigned, having registered office at .................................................(Address of the
registered office) certify that there has been no conviction by a Court of Law or Central/State
Government Department/undertaking, indictment / adverse order by a regulatory authority
for a grave offence against us or any of our sister concern anywhere in the country.

It is further certified that there is no investigation pending against us or our sister concern or
the CEO, Directors / Managers / Employees of our concern or of our sister concern. It is
certified that no conflict of interest exists as on date and in future if such a conflict or interest
arises, we will intimate the Securities and Exchange Board of India of the same.


Name: Date:
Signed in the capacity of............................................... Duly authorized to sign Application for
and on behalf of........................................................... .

Page 14 of 14

Annexure 4:
Checklist of Items

Sr. No. Particulars
/ X
1
Copy of Certificate of Incorporation/
Registration/ MoA as applicable.
Type
equation
here.
2
Copy of PAN card and Service Tax Registration certificate

3 Write up on experience as a provider of services for large
scale sample survey/Government etc. in India or abroad
or a similar kind of organization.
Detailed description of projects executed by the agency
providing details of project scope, duration, project size

4 Detailed profile of:
(a) Working team members
(b) Expert personnel serving in advisory capacity to the
survey project

5
Copy of Audited Profit and Loss Statement and Balance
sheet and Certificate from Chartered Accountant certifying
the turnover amount for the last 3 years

6
Copy of work order/ Certificate of completion

7
No Conviction Letter duly signed as per the Format
as provided in Annexure 3

8 Self declaration on :
Details of litigation, if any
Ability to conduct all India household survey of
large sample size, qualitative and quantitative analysis,
report writing, etc.

SEBI Investor Survey 2014-15 EOI

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