Académique Documents
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HISTORY
The south Gujarat shares &shares brokers Limited started its activities
as an association of persons in 1992 and acted as sub brokers giving services
for buying and selling of securities to the retail investors from south Gujarat,
particularly in Surat. Mr. Anil Choksy, Mr. Ashok Mehta, Mr. Jagdish Patel
and Mr. Paresh Javeri who are the permanent directors of the company, took
initiative in forming a limited company, so as to become the member of the
National Stock Exchange of India Limited.
The company had another poor year during 1995-96 and suffered a
further loss of Rs.1.18lacs. This was mainly because the company couldn’t
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CAPITAL MARKET IN INDIA
procure the Nation Stock Exchange membership during the year and also
because of the prevailing poor market conditions.
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CAPITAL MARKET IN INDIA
Mr. Anil Choksy, who is the chairman and the managing director of
the company, heads the operations of the company. He along with other full
time directors maintains a close hand on the operations. The company has its
own internal trading and settlement regulations, which are in conformity
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CAPITAL MARKET IN INDIA
with the NSE and SEBI regulations. These regulations ensure that the
activities of the company are managed on the Cooperative basis and in the
best interest of the investors and the shareholders of the company.
MILESTONES
During the year ended 31st march 1997. Company has turned the
corner.
The company has taken approval from NSDL to work as DP.
At present there are more than 12,000 holders having demate a/c in
SGSSL.
Company has 35 registered sub-brokers.
Total income of company is Rs.96.58 lacks.
Net profit for current year is Rs.11.86 lacks as against 1.05 lacks of
previous year.
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CAPITAL MARKET IN INDIA
4.) Bankers:
Canara Bank
Karnataka Bank Ltd.
HDFC Bank Ltd.
5.) Auditors:
Ashok Rajpara
Chartered Accountants
Surat.
Internal Auditor:
P. H. Patel and Co.
Chartered Accountants
Surat.
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CAPITAL MARKET IN INDIA
CAPITAL MARKET
CONCEPT
Capital market is the markets for funds which have a long or indefine
maturity i.e. It deal with long term funds. Generally capital market supplies
long term and medium term securities and funds, which have a maturity
period of above one year. Capital market generates the funds from the saver
and transfer to user. Generally it done with ordinary share, stocks,
debentures and bonds of corporations and securities of the government .They
do so by converting financial assets into productive physical assets.
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CAPITAL MARKET IN INDIA
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CAPITAL MARKET IN INDIA
A Brief History
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CAPITAL MARKET IN INDIA
Capital market is an organized market for long term funds required for
meeting long term needs of business enterprises. It converts savings into
profitable investments for industrial development.
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CAPITAL MARKET
Primary Market
Secondary Market
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1).Primary Market
Primary market is the market for those securities which are issued first
time in the market for the public. The New Issue Market deals with new
securities i.e. securities which were not previously availably and are offered
to the investing public for the first time. Primary market is a market for New
issues or New financial claims. Hence, it is called New Issue Market. The
market, therefore, derives its name from the fact that it makes available a
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The secondary market for these securities is very narrow since most of
the institutional investors tend to retain these securities until maturity.
The Government securities are in many forms. These are generally:
(i) Stock certificates of inscribed stock
(ii) Promissory Notes
(iii) carrier Bonds which can be discounted.
Government securities are sold through the Public Debt Office of the
RBI while Treasury Bills are sold through auctions.
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Similarly, in the first charge, the mortgages transfer his interest in the
specific property to the mortgagee as security. When the properly in
question is already mortgaged once to another creditor, it becomes a second
charge when it is subsequently mortgaged to somebody else. The mortgagee
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can also further transfer his interest in the mortgaged property to another, In
such a case, it is called a sub mortgage.
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DEBENTURES
These are issued by companies and regulated under the SEBI
guidelines of June 11, 1992. These are issued under a prospectus, which has
to be approved by SEBI like in the case of equity issues. The rights of
investors as debenture holders are governed by the Companies Act. The
following is an indicative list of types of debentures:-
• Participating debentures
• Convertible debentures with options
• Zero coupon convertible notes
• Secured premium notes
• Zero interest fully convertible debentures
• Fully convertible debentures with interest
• Partly convertible debentures.
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CAPITAL MARKET IN INDIA
BONDS
Indian development financial institutions like IDBI, ICICI, and IFCI,
have been raising capital for their operations by issuing of bonds. These too
are available in a large variety. These include:
• Income bonds
• Tax-free bonds
• Capital gains bonds
• Deep discount bonds
• Infrastructure bonds
• Retirement bonds
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EQUITY SHARES
Equity shares represent proportionate ownership in the company.
Investors who own equity shares of a company are entitled to ownership
rights, like voting for selection of directors on the Board, share in profits of
the company, etc. Investors who own equity shares in a company are called
shareholders. When the dematerialize their shares in a depository, they are
called beneficial owners. Beneficial owners are entitled to all rights,
privileges and liabilities that shareholders enjoy. A shareholder or a
beneficial owner can exit from the ownership by selling the shares. An
investor can become shareholder/beneficial owner of a company by
purchasing shares of the company. Shareholders are entitled to share profit
of the company in the form of "dividend" on "bonus shares", if Board of
Directors and majority of the shareholders agree. If a company is wound up
for any reason, equity shareholders may receive money from the residual
funds after satisfying all other liabilities.
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CAPITAL MARKET IN INDIA
GOVERNMENT SECURITIES
The Central Government or State Governments issue securities
periodically for the purpose of raising loans from the public. There are two
types of Government Securities - Dated Securities and Treasury Bills. Dated
Securities have a maturity period of more than one year. Treasury Bills have
a maturity period of less than or up to one year. The Public Debt Office
(PDO) of the Reserve Bank of India performs all functions with regard to the
issue management, settlement of trade, distribution of interest and
redemption. Although only corporate and institutional investors subscribe to
government securities, individual investors are also permitted to subscribe to
these securities.
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Private Placement
Methods of raising funds directly from investors without issue of
prospectus to the public are known as private placement. SEBI has
prescribed the eligibility criteria for companies and instruments as well as
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Stock Trading
An investor in securities needs assurance that they can convert their
security holdings to cash to meet their cash requirements. The ability to
convert value of securities into cash is called liquidity. The liquidity is
provided by the stock exchange. Stock exchange is a platform where buyers
and sellers of securities will match their bids and offers for securities and
exchange securities with cash. The offers and bids are routed through
members of the stock exchange, popularly known as a "broker". Stock
exchange regulates the transactions of the broker and ensures that the
transactions are conducted fairly and transparently with justice to both
buyers and sellers.
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Internet Broking
With the Internet becoming ubiquitous, many institutions have set up
securities trading agencies that provide online trading facilities to their
clients from their homes. This has been possible since all the players in the
securities market, viz., stockbrokers, stock exchanges, clearing corporations,
depositories, DPs, clearing banks, etc., are linked electronically. Thus,
information flows amongst them on a real time basis.
The trading platform, which was converted from the trading hall to the
computer terminals at the brokers' premises, are now shifting to the homes
of investors. The investor knows exactly when and at what rate his order was
processed. It also creates an end-to-end audit trail that makes market
manipulation difficult. The availability of securities in demat form has given
a further fillip to this process.
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• It acts as a link between those who save and those who are
interested in investing these savings.
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Category Wise
65018
70000
53784
60000
50000
36387
40000
Amount
30000 8318
20000 7294
10413
4312
10000 649
0
2000/012001/022002/03 2003 /
Jan
2004
Year
Public Right
28
Issue Type
60000
YEAR50000 Listed IPOs
Amount Amount
Amount
33854
40000
2000/01 27223
33854 30316 27223
2001/02
30000 63413 1509
2002/03
20000 30316 10387
10387 4307
2003/ 4660 4660 4307
10000
jan4 1509
0
2000/01 2001/02 2002/03 2003 /
Jan 2004
Year
Listed IPOs
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Equities
25000 24076
20000
Amount
15000 13144
11213
10000 8178
4400
5000
1509 1425 566
0
2000/01 2001/02 2002/03 2003 /
Jan 2004
Year
At Par At Premium
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60000 56012
50000
40000
Amount
20000
10000 6696
4000
363 134 0
0
2000/01 2001/02 2002/03 2003 /
Jan 2004
Year
Bonds Others
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While discussing the concept of the new issue market, the distinction
between the New Issue Market (NIM) and the stock exchanges must always
be kept in mind since they differ from each other organizationally and as
regards, the nature of functions performance by them. In the first place, NIM
deals with ‘new’ securities I.e. securities which were not previously
available and are offered to the investing Public for the first time. The
market therefore, derives its name from the fact that it makes available a
new block of securities for Public Subscription. The stock market on the
other hand is a market for ‘old’ securities i.e. those which have already been
issued and have been granted stock exchange listing.
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Now, the main function of the new Issue market i.e. channeling of
investible funds can be divided, from the operational stand-point , in to a
triple service function.
a.) Origination
b.) Underwriting
c.) Distribution
(a) Origination
Origination refers to the work of investigation and analysis and
processing of new proposals.
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(b.) Underwriting
Underwriting is an agreement whereby the underwriter promises to
subscribe to a specified number of shares or debentures or a specified
amount of stock in the event of public not subscribing to the issue. If the
issue is fully subscribed then there is no liability for the underwriter. If a part
of share issues remain unsold, the underwriter will buy the shares. Thus
underwriting is a guarantee for the marketability of shares.
Method of underwriting
The underwriting may take under the form:
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(c.) Distribution
The sale of securities to the ultimate investors is referred to as
distribution; it is another specialized job, which can be performed by brokers
and dealers in securities who maintain regular and direct contact with the
ultimate investors.
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In the New Issue Market two type o players are exited one is player
for original, second is player for issues both are important to play a role
which is issued new share for investors.
b.) Registrars to the Issue:- These functions are next to merchant banker.
They collect applications form new issue cheque, stock invest etc. classify
and computerized them. They have to dispatch the latter of allotment, refund
order and share certificate within the time schedule. They have also be
satisfy the listing requirement and get them listed on one or more or stock
exchange.
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as agreed to, they have to make good the short fall by their own
subscription.
Brokers along with the net work of sub-brokers market the new issues.
They send their own circulars and applications to the clients and do follow
up work to market the securities.
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FLOOR TRADING
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Though C.T.C, SGSSL is the first in India to start C.T.C network and
is setting up major computerized Trading Hubs in major cities in entire
western India belt, starting with Ahmedabad. Brokers and investors can
transact business on NSE and BSE directly form the premises, on their
computers through the Hub. For this purpose, the computer will set up the
Computerized Trading Workstations (CTWs) at the brokers and investors
premises, which fully covered through latest communication technology and
trading environment available in the country. The CTW receive OLRT
information on scrip quotation form the various able to give buy and sale
orders through CTWs. Through, anyone can trade on the NSE / BSE form
own office, on the terminal, along with online technical and financial news.
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There are 23 stock exchange in all over India. In this BSE and NSE
are most active exchange.
TRADING RING
Trading Mechanism
The trading system, known as the National Exchange for Automated
Trading (NEAT) system, is an on-line, fully-automated, nationwide,
anonymous, order-driven, screen-based trading system at which investor
client contact his broker through telegram, telephone, fax etc. or through
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intermediary or by directly and after they tells their broker about quantity of
security, price of security, name of security for buy or sale the security and
after this member/broker call the operator for punch into the computer
quantities of securities and the prices at which he likes to transact and the
transaction is executed as soon as it finds a matching sale or buy order from
a counter party. It electronically matches orders on a strict price/time priority
and hence cuts down on time, cost and risk of error, as well as on fraud
resulting in improved operational efficiency. It allows faster incorporation of
price sensitive information into prevailing prices, thus increasing the
informational efficiency of markets. It enables market participants to see the
full market on real-time, making the market transparent. It allows a large
number of participants, irrespective of their geographical locations, to trade
with one another simultaneously, improving the depth and liquidity of the
market. It provides tremendous flexibility to the users in terms of kinds of
orders that can be placed on the system. It ensures full anonymity by
accepting orders, big or small, from members without revealing their
identity, thus providing equal access to everybody. It provides a perfect audit
trail which helps to resolve disputes by logging in the trade execution
process in entirety.
The trading platform of the CM segment is accessed not only from the
computer terminals from the premises of brokers spread over about 350
cities, but also from the personal computers in the homes of investors
through the Internet and from the hand-held devices through WAP.
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Contract Note
From the sauda book /Block book the details are transferred to
contract note. It is important to ensure that the contract note is written up on
the day of the of the deal of the deal and posted to the client. This is a poof
that the contracts was executed on that day and not on any other day since
prices fluctuate every day.
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CLASSIFICATION OF SECURITIES:
Group A
Under this, only those actively traded are included. i.e. those security
which have high traded volume which are included in Group A. The criteria
for listing in specified group have been dealt with as follow:
1.) The shares should be fully paid up
2.) The companies paid up capital should be at least RS. 5 crores,
3.) The shares should has been actively traded while on the cash list
4.) The number of shareholders must be more than 20,000.
5.) The company’s shares should have market capitalization of at least
RS.10 crores.
6.) The company should have a growth potential.
7.) The company should be a dividend paying one.
Group B
Those securities which have high traded volume less than the Group
A which are included in Group B. The shares which are traded on cash basis
are called group shares. They are also called as cash shares. Group B share,
those which are first listed will be, kept in Non-specified. Non-specified
group split into B1 and B2 groups. The carry forward facility is not
available to group B shares.
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Group C
Those securities which have high traded volume less than the Group B
which are included in Group C. Under this, only for odd lots deal. Only
standard trading units i.e. prescribed round lots are traded on the stock
exchange. Most of the companies have fixed market lot as 50 to100.
Anything less than the round lot (market lot) is odd lot. Odd lots arise from
the issue of bonus or right shares. E.g., if GCLLtd. declares a bonus issue in
ratio of 1:3 (Assume that market lot of company is 50), a shareholder who is
holding 50 shares gets 17 shares which is less than the market lot and
treated as an odd lot. If he holds 150 shares, he will get 50 bonus shares
which is clearly a market lot. If he holds 250 shares, he can avail 83 shares,
out of which 50 is market lot and the rest of 33 shares is an odd lot. Stock
exchange are now making alternative arrangement for dealing with odd lots
i.e. under Group C.
Group Z
Those securities which are not follow the rules of the SEBI and which
have a high volatility (i.e. price of security is highly flexible) that type of
securities are included the Group Z.
Permitted securities
The securities which are listed with some of the recognized stock
exchanges, when permitted to be traded by those stock exchanges where
they are not listed are called permitted securities. Such permission is granted
as per rules and regulations of the stock exchange.
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same time from the clearing house on the respective “pay-in” and “pay-out”
days.
Due to On Line screen based Trading above type of delivery now day
can not seen because all delivery are doing on the basis of T+2 rolling
settlement.
TYPES OF ORDER
Order for the sale and purchase of shares are valid for a certain time
period, usually a day. In actual practice, the broker requires investor to
renew the order every day. On the basis of price limits, they can be divided
into:
1) Nett rate orders
2) Market rate orders
3) Limited discretionary order
4) Best rate order
5) Stop loss order
EXECUTION OF ORDER
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There are certain set hours on each working day of the stock exchange
when the brokers meet in the system to transact business on behalf of their
clients.
The broker intimates his client of the transactions done on his behalf
by sending him a ‘Contract Note’. This original is retained by the client and
the copy returned with the client’s signatures to the broker in confirmation
of that contract.
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The rules and procedures for buying and selling securities are the same. In
all the recognized stock exchange in India. The procedures are listed blow:
[A.] Purchase of shares
[B.] Sale of shares
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When broker receives the share certificate and transfer deed form the
seller he intimates the client to take those shares and make payment in case
it has been made. In case of outstation clients, the broker will call for
balance payment and then send the shares certificate and transfer deed
through registered post.
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investor to submit the share certificate and transfer deed. The seller must
sign at the transferor column on the transfer deed.
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Generally initial margin is set slightly higher by broker houses for added
protection of both broker and their customers. So, the maintenance margins
on equity rarely change.
Margin formula
A simple formula can be used with all types of purchases to determine
the amount of margin in the transaction at any given point. 2 things are
required:
i.) prevailing market value of securities being margin.
ii.) Amount of money being borrowed, it is also called debit balance
Value of securities - Debt balance
Margin =
Value of securities
Transactions:
Buy 1000 shares of ABC scrip at RS. 20 each. Initial margin is at 50% and
maintenance margin=30%.
Customer’s A/C
Stock (shares) RS. 20000 Debt RS. 10000
Equity RS. 10000
20,000- 10,000
Margin =
x 100
20,000
=50% (initial margin)
A.) share price moves down to RS.17
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17,000- 10,000
Margin =
x 100
17,000
=41.2%
B.) share price moves down to RS.13
Stock (shares) RS. 13,000 Debt RS. 10000
Equity RS. 3000
13,000- 10,000
Margin =
x 100
13,000
=23.09%
25,000- 10,000
Margin =
x 100
25,000
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=60%
The share falling price must be absorbed by the customer’s Equity
because the debt has not been repaid.
The maintenance margin of 30% will be reached under the following
conditions:
Debt balance
Market value of securities =
1 – Maintenance margin
10,000
=
1 – 0.30
= 14,286 RS.
It means, if value of securities/ shares move down from RS.14,286,
indicate at (beta) point in above Example, the maintenance margin falls
below 30%, the broker will send a maintenance margin call requiring that
the customer supplies additional funds in cash or securities in 2 to 5 days
otherwise, the securities in his account will be sold and cash used to repay
the outstanding margin loan.
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broker are sold in the market place. Later, when the price of the issue has
declined, the short seller buys back the securities which are then returned to
the lender. Short sellers to make money by buying low and selling high. The
only difference is that they reverse the investment process by starting the
transaction with a sale and ending it with a purchase.
Short On Margin
With short selling, the term margin simply indicates the size of the
Equity deposit the investor must make in order to initiate the transaction.
There are no borrowed funds with margined short sales. Margined short
sales are executed in the same margin A/C as margined long transactions.
They are subject initial margin levels. In fact, the only thing that we do not
have to be concerned about with a margined short sale is the accounts debit
balance.
TRANSACTION CHARGES
The maximum brokerage chargeable by trading member in respect of
trades effected in the securities admitted to dealing on the CM segment of
the Exchange is fixed at 2.5% of the contract price, exclusive of statutory
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levies like, SEBI turnover fee, service tax and stamp duty. This maximum
brokerage is inclusive of the brokerage charged by the sub-broker which
shall not exceed 1.5% of contract price. However, the brokerage charges as
low as 0.15% are also observed in the market.
A member is required to pay the exchange transaction charges at the
rate of 0.004% (Rs. 4 per Rs. 1 lakh) of the turnover.
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Settlement Cycles
Since the beginning of the financial year 2002, all securities are being
traded and settled under T+3 rolling settlement. (From April 1, 2003, trades
have been under T+2 rolling settlement). This is a step towards further
reducing the settlement cycle to T+1 in 2004. The Clearing House notifies
the consummated trade details to clearing members/custodians on the trade
day. The custodians affirm back the trades to Clearing House by T+1 day.
Based on the affirmation, Clearing House nets the positions of
counterparties to determine their obligations. A clearing member has to pay-
in/pay-out funds and/or securities. A member has a security-wise net
obligation to receive/deliver a security. The obligations are netted for a
member across all securities to determine his fund obligations and he has to
either pay or receive funds. Members' pay-in/pay-out obligations are
determined latest by T+1 day and are forwarded to them on the same day so
that they can settle their obligations on T+2 day. The securities/funds are
paid-in/paid-out on T+2 day and the settlement is complete in 3 days from
the end of the trading day.
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1. T Trade day
2. T+1 By 11:00 a.m. Conformation of all trades( including
custodial trades.) Facility of an exception
window for the confirmations would be
made available by the exchange.
By 1:30 pm. Processing and downloading of obligation
files to brokers/ custodians
3. T+2 By 11:00 a.m. Pay in of securities and funds
By 1:3 p. Pay out of securities and funds
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From 1 April 2002, the rolling settlement on a T+3 basis was introduced
for all securities of all exchanges.
From 1 April, 2003, the rolling settlement on a T+2 basis has since
introduced for all groups of securities in the equity segment “F” and “G”
groups.
The trades in rolling settlement are settled on at T+2 bases i.e. / on the
2nd working day. For arriving holidays, Saturday and Sundays are excluded.
Typically trades taking place on Monday are settled on Wednesday,
Tuesday’s trades settled on Thursday and so on. A tabular representation of
the settlement cycle for rolling settlement is given bellow.
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Trading T T
Custodial Confirmation T+1 T+1
T+1 means one working day after the trade day. Other T+ terms have similar
meanings.
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AUCTIONS
Auctions are arranged for scrips which could not be delivered even on
the final day. These auctions are tenders for sale of the desired scrips in the
quantities purchased but not delivered so that delivered can be effected to
the buyers. Auctions in group A is automatic when the seller fails to deliver
on the appointed day and at the request of the buyer in the case of group B.
Auctions are arranged by the stock exchange by inviting bids from members
to buy the shares on behalf of the member who could not deliver the shares.
CLEARING PROCEDURE
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Stock Exchange
8 9
2 3
5 4
Explanations:
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(1) Trade details from Exchange to Clearing House (real-time and end of
day trade file).
(2) Clearing House notifies the consummated trade details to
CMs/custodians who affirm back. Based on the affirmation, Clearing
House applies multilateral netting and determines obligations.
(3) Download of obligation and pay-in advice of funds/securities.
(4) Instructions to clearing banks to make funds available by pay-in time.
(5) Instructions to depositories to make securities available by pay-in-
time.
(6) Pay-in of securities (Clearing House advises depository to debit pool
account of custodians/CMs and credit its account and depository does
it).
(7) Pay-in of funds (Clearing House advises Clearing Banks to debit
account of custodians/CMs and credit its account and clearing bank
does it).
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CONCLUSION
Capital market is the market in which investor both small and big can
invest for the intention to gain the fixed interest, income and dividend etc.
and also high profit for the high investment. The capital market is one of the
most vibrant sectors in the financial system, making an important
contribution to economic developments.
From the study of the project we can conclude that capital market
enable the investor to gain the maximum return by sort selling, speculation,
and investing long run, compare to invest or deposit the money in other
sources like bank, gold, etc. but even share market is more risky, investor
can gain the more profit and can reduce the risk by managing the good
portfolio management. From the study we can also conclude that in recent
time capital market become a safety compare to old market by regulation of
SEBI and compulsory demat account. Through on line trading investor can
save their time and contribute time in elsewhere.
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SUGGESTIONS
BIBLIOGRAPHY
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