Project Report Of Share Khan - Document Transcript

1. Project Report on “ Demat account” By Chintan P. Gandhi Gunjan S. Shah 1

2. PROJECT TITLE “ Demat account” A report submitted in fulfillment of the requirements

of MBA program COMPANY GUIDE FACULTY GUIDE Mr. Harshit Sur Poonam Purohit MBA
– Finance, MBA- HR, Phd(pursuing) Relationship Manager, BIMS, Sharekhan Ltd.,
Baroda. Baroda. SUBMITTED BY Chintan Gandhi 520843213 & Gunjan Shah 520843078
MBA 3rd Semester- Finance 2

3. PREFACE The successful completion of this project was a unique experience for me
because by visiting many place and interacting various person, I achieved a better
knowledge about sales. The experience which I gained by doing this project was
essential at this turning point of my career this project is being submitted which
content detailed analysis of the research under taken by me. The research provides an
opportunity to the student to devote his/her skills knowledge and competencies
required during the technical session. The research is on the topic “Share Khan Demat
Account”. 3

4. Acknowledgement It was a great opportunity for us to work with Sharekhan Ltd.,

pioneers in the field of Finance Industry. We are extremely grateful to all those who
have shared their expertise and knowledge with me and without whom the completion
of this project would have been virtually impossible. Firstly, we would like to thank our
Company Guide Mr. Harshit Sur who has been a constant source of inspiration for us
during the completion of this project. He gave us invaluable inputs during our
endeavor to complete this project. We are indebted to all staff of Sharekhan Ltd for
their valuable support and cooperation during the entire tenure of this project. Not to
forget, all those who have kept our spirits surging and helped delivering our best. We
thank our faculty guide Mrs. Poonam Purohit who helped us out at every critical
situation that We faced in our project and gave us her valuable advice to solve
problems. We want to give our special thanks to all members of BIMS, for providing us
opportunity to work on this project with this great organization. At last We would like to
thank all the respondents met in the preparation, who gave their valuable time to
provide us required information and their honest support to complete our project in
time. Chintan Gandhi REG. NO: - 520843213 & Gunjan Shah REG.NO: - 520843078 4

5. CERTIFICATE OF COMPLETION This is certify that the Final Project report entitled
“Demat Account” submitted Summer Internship report of the requirement for the
degree of MBA, is a work carried out by Chintan Gandhi, Reg No. – 520843213 and
Gunjan Shah, Reg No. - 520843078 under my supervision and guidance. Comapany
Guide: (_______________________) 5

6. taBLe oF contentS FoR PRoJect RePoRt S.no Details of Document Page No. 1
Introduction of Share Market 7 2 Company Profile 17 3 SWOT Analysis 28 4 Discussion
on Training 30 5 Demat Account of Sharekhan Ltd. 34 6 Buying and Selling 57 7 Need
for the Study 61 8 Competitors 62 9 Objective 77 10 Research Methodology 78 11 Data
analysis and Interpretation 86 12 Observation and Finding 96 13 Limitation 98 14
Suggestion 100 15 Conclusion 102 16 Bibliography 103 Introduction of Stock Market
Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200
 years ago. The earliest records of security dealings in India are meager and obscure.
The East India Company was the dominant institution in those days and business in its
loan securities used to be transacted towards the close of the eighteenth century. 6

7. By 1830's business on corporate stocks and shares in Bank and Cotton presses took
place in Bombay. Though the trading list was broader in 1839, there were only half a
dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850's
witnessed a rapid development of commercial enterprise and brokerage business
attracted many men into the field and by 1860 the number of brokers increased into
60. In 1860-61 the American Civil War broke out and cotton supply from United States
of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers
increased to about 200 to 250. However, at the end of the American Civil War, in 1865,
a disastrous slump began (for example, Bank of Bombay Share which had touched Rs
2850 could only be sold at Rs. 87). In 1887, they formally established in Bombay, the
"Native Share and Stock Brokers' Association" (which is alternatively known as "The
Stock Exchange"). In 1895, the Stock Exchange acquired a premise in the same street
and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was
consolidated. Thus in the same way, gradually with the passage of time number of
exchanges were increased and at currently it reached to the figure of 24 stock
exchanges. TRANSACTION CYCLE: 7

8. Decision to Placing Order trade Funds or Securities Transaction Trade Execution Cycle
Settlement of trades Clearing of Trades A person holding assets (Securities/Funds),
either to meet his liquidity needs or to reshuffle his holdings in response to changes in
his perception about risk and return of the assets, decides to buy or sell the securities.
He selects a broker and instructs him to place buy/sell order on an exchange. The
order is converted to a trade as soon as it finds a matching sell/buy order. At the end
of the trade cycle, the trades are netted to determine the obligations of the trading
member’s securities/funds as per settlement cycle. Buyer/seller delivers funds/
securities and receives securities/ funds and acquires ownership of the securities. A
securities transaction cycle is presented above. Just because of this Transaction cycle,
the whole business of Securities and Stock Broking has emerged. And as an extension
of stock broking, the business of Online Stock broking/ Online Trading/ E-Broking has
emerged. 8

9. At the end of the American Civil War, the brokers who thrived out of Civil War in 1874,
found a place in a street (now appropriately called as Dalal Street) where they would
conveniently assemble and transact business. In 1887, they formally established in
Bombay, the "Native Share and Stock Brokers' Association" (which is alternatively
known as “The Stock Exchange "). In 1895, the Stock Exchange acquired a premise in
the same street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay
was consolidated. HISTORY OF ONLINE TRADING: Online stock trading is very old
concept for big institutions who trade thru private networks owned by Reuter's
"Instinet" and a system called "Posit" since 1969. But it becomes internet based for lay
men only in late 90s. Funny, that actually idea was first time used by a company
making Beer called "WIT beer" to help its shareholders trade its shares. That’s how
"WIT Capital" was born which is considered pioneer of this concept. It was made
mainstream and household name by a offshoot of Charles Schwab & Co called
eSchwab which is used by millions of people in USA. Lot of NRI's i know play in US
 stock market even when they come to India for holidays via website of eSchwabe.
There are other serious players like E*trade, DATEK online etc. All this companies ask
you to start account with US $5000 and you can buy and sell stock using these funds.
They also issue you a check book which you can use to make payments from this
account. Or use their ATM card to withdraw cash from your stock trading account.
Today practically every big name brokerage firm offers online stock trading as it
reduces their costs. Earlier they had army of brokers on phone with clients executing
trade, which is done by computers accepting orders from clients directly. This firm now
offers human access to high net worth accounts, and to rest at charge per trade. 9

10. E- Broking - A small beginning: You have some money to dabble with. Trading shares
on BSE/NSE has always been your dream. When will you ever find the time? And
besides, the hassle of finding a broker is not easy. Realizing there is untapped market
of investors who want to be able to execute their own trades when it suits them,
brokers have taken their trading rooms to the Internet. Known as online brokers, they
allow you to buy and sell shares via Internet. There are 2 types of online trading
service: discount brokers and full service online broker. Discount online brokers allow
you to trade via Internet at reduced rates. Some provide quality research, other don’t.
Full service online brokerage is linked to existing brokerages. These brokers allow their
clients to place online orders with the option of talking/ chatting to brokers if advice is
needed. Brokerage rates here are higher. 5Paisa.com, ICICIDirect.com, IndiaBulls.com,
Sharekhan.com, Geojit securities.com, HDFCsec.com, Tatatdw.com, Kotakstreet.com
are some of the online broking sites in India. With Net trading in securities and rapid
consolidation between multiple stock exchanges, the international securities
marketplace is fast becoming a "global village" through the creation of a universal
virtual equity market. Compared to the Western countries, online trading is still in its
infancy in India. With trading turnover at around Rs. 10 crores per day from online
trading compared to a combined gross turnover of around Rs. 9000-10,000 crores
handled by the BSE and NSE together, online trading has a long way to go. INTERNET
TRADING IN INDIA: In the past, investors had no option but to contact their broker to
get real time access to market data. The Net brings data to the investor on line and net
broking enables him to trade on a click. Now information has become easily accessible
to both retail as well as big investors. 10

11. The development of broking in India can be categorized in 3 phases: 1. Stock brokers
offering on their sites features such as live portfolio manager, live quotes, market
research and news to attract more investors. 2. Brokers offering on line broking and
relationship management by providing and offering analysis and information to
investors during broking and non-broking hours based on their profile and needs, that
is, customized services. 3. Brokers (now e-brokers) will offer value management or
services such as initial public offerings on line, asset allocation, portfolio management,
financial planning, tax planning, insurance services and enable the investors to take
better and well- considered decisions. In the US, 82 per cent of the deals are done on
line. The European on line broking market is expected to be of $8 billions and is likely
to raise five fold by 2002. In India, presently Internet trading can take place through
the order routing system, which will route client orders to exchanges trading systems
for execution of trades on stock exchanges (NSE and BSE). This will also require
interface with banks to facilitate instant cash debit or credit and the depository system
 for debit or credit of securities. OBJECTIVES OF INTERNET TRADING • Increase
transparency in the markets. • Enhance market quality through improved liquidity, by
increasing quote continuity and market depth. • Reduce settlement risks due to open
trades, by elimination of mismatches. • Provide management information system
(MIS). • Introduce flexibility in system, to handle growing volumes easily and to
support nationwide expansion of market activity. • Besides, through Internet trading
three fundamental objectives of securities regulation can be easily achieved, these
are: Investor protection, creation of a fair and efficient market and, reduction of the
systematic risks. Other leading cities in stock market operations: 11

12. Ahmedabad gained importance next to Bombay with respect to cotton textile industry.
After 1880, many mills originated from Ahmedabad and rapidly forged ahead. As new
mills were floated, the need for a Stock Exchange at Ahmedabad was realized and in
1894 the brokers formed "The Ahmedabad Share and Stock Brokers' Association".
What the cotton textile industry was to Bombay and Ahmedabad, the jute industry was
to Calcutta. Also tea and coal industries were the other major industrial groups in
Calcutta. After the Share Mania in 1861-65, in the 1870's there was a sharp boom in
jute shares, which was followed by a boom in tea shares in the 1880's and 1890's; and
a coal boom between 1904 and 1908. On June 1908, some leading brokers formed
"The Calcutta Stock Exchange Association". In the beginning of the twentieth century,
the industrial revolution was on the way in India with the Swadeshi Movement; and
with the inauguration of the Tata Iron and Steel Company Limited in 1907, an
important stage in industrial advancement under Indian enterprise was reached.Indian
cotton and jute textiles, steel, sugar, paper and flour mills and all companies generally
enjoyed phenomenal prosperity, due to the First World War. In 1920, the then demure
city of Madras had the maiden thrill of a stock exchange functioning in its midst, under
the name and style of "The Madras Stock Exchange" with 100 members. However,
when boom faded, the number of members stood reduced from 100 to 3, by 1923, and
so it went out of existence. In 1935, the stock market activity improved, especially in
South India where there was a rapid increase in the number of textile mills and many
plantation companies were floated. In 1937, a stock exchange was once again
organized in Madras - Madras Stock Exchange Association (Pvt) Limited. (In 1957 the
name was changed to Madras Stock Exchange Limited). Lahore Stock Exchange was
formed in 1934 and it had a brief life. It was merged with the Punjab Stock Exchange
Limited, which was incorporated in 1936. Indian Stock Exchanges - An Umbrella
Growth: The Second World War broke out in 1939. It gave a sharp boom, which was
followed by a slump. But, in 1943, the situation changed radically, when India was fully
mobilized as a supply base. On account of the restrictive controls on cotton, bullion,
seeds and other commodities, those dealing in them found in the stock market as the
only outlet for 12

13. their activities. They were anxious to join the trade and numerous others swelled their
number. Many new associations were constituted for the purpose and Stock Exchanges
in all parts of the country were floated. The Uttar Pradesh Stock Exchange Limited
(1940), Nagpur Stock Exchange Limited (1940) and Hyderabad Stock Exchange
Limited (1944) were incorporated. In Delhi two stock exchanges - Delhi Stock and
Share Brokers' Association Limited and the Delhi Stocks and Shares Exchange Limited -
were floated and later in June 1947, amalgamated into the Delhi Stock Exchange
 Association Limited. RANGE OF PRODUCT AND SERVICES: Market Size: Growth of
Online Brokerage market: In five years of its existence in India, online broking has
grown to account for a tenth of the total trading volumes. If the numbers are
considered for only the retail segments, the growth is starker. Almost half of the Rs
5,000 crore-6,000 crore daily market volumes on the NSE are accounted for by non-
retail entities such as foreign institutional investors, domestic institutions, mutual
funds and arbitrage traders. Institutions aren't online customers anyway. Of the rest of
the retail segment, current estimates suggest that online broking's reach is close to 30
per cent. As of September this year, there were 11.7 lakhs Internet trading accounts
registered with the NSE, of which roughly 9.5 lakhs are unique users. It's still a small
proportion of the estimated 3 crore Internet users in the country. As more surfers take
to trading online, analysts expect their number to keep doubling every year until 30-40
per cent of India's overall trades are done online, as is the case in some mature
Internet markets like South Korea's. The Internet's effect here has more to do with the
bandwidth it has created for both brokers and clients. Banga, director of India bulls
offers an example. "Traders from Ajmer use our online platform. It would otherwise
have been prohibitively loss- making to open a branch there." Thanks to the new
channel, volumes are growing 13

14. faster in the non-metros, where transparency is low in offline trading. "These
customers were made to pay higher charges by small brokers, since they weren't
aware of the market rates," says Vikash Shankar of Sharekhan.com.That is one of the
reasons why more than 60 per cent of Sharekhan’s online trading turnover comes from
non-metros. Formation of the National Stock Exchange (NSE): With the liberalization of
the Indian economy, it was found inevitable to lift the Indian stock market trading
system on par with the international standards. On the basis of the recommendations
of high-powered Pherwani Committee, the National Stock Exchange was incorporated
in 1992 by Industrial Development Bank of India, Industrial Credit, and Investment
Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations,
selected commercial banks and others. Trading at NSE can be classified under two
broad categories: (a) Wholesale debt market and (b) Capital market. Wholesale debt
market operations are similar to money market operations - institutions and corporate
bodies enter into high value transactions in financial instruments such as government
securities, treasury bills, public sector unit bonds, commercial paper, certificate of
deposit, etc. There are two kinds of players in NSE: (a) Trading members and (b)
Participants. Recognized members of NSE are called trading members who trade on
behalf of themselves and their clients. Participants include trading members and large
players like banks who take direct settlement responsibility. Trading at NSE takes
place through a fully automated screen-based trading mechanism, which adopts the
principle of an order-driven market. Trading members can stay at their offices and
execute the trading, since they are linked 14

15. through a communication network. The prices at which the buyer and seller are willing
to transact will appear on the screen. When the prices match the transaction will be
completed and a confirmation slip will be printed at the office of the trading member.
NSE has several advantages over the traditional trading exchanges. They are as
follows: • NSE brings an integrated stock market trading network across the nation. •
Investors can trade at the same price from anywhere in the country since inter-market
 operations are streamlined coupled with the countrywide access to the securities. •
Delays in communication, late payments and the malpractices prevailing in the
traditional trading mechanism can be done away with greater operational efficiency
and informational transparency in the stock market operations, with the support of
total computerized network. Unless stock markets provide professionalized service,
small investors and foreign investors will not be interested in capital market
operations. And capital market being one of the major sources of long-term finance for
industrial projects, India cannot afford to damage the capital market path. In this
regard NSE gains vital importance in the Indian capital market system. Why people
trust NSE? Unbiased: The National Stock Exchange of India (NSEIL) has been trusted by
the securities markets for its unbiased independence and professionalism. The function
of forecasting has become more meaningful as the information comes from a source,
which is not only reliable but has no vested interest of its own in the market
movements. Market Representation: NSE-MIBID/MIBOR is based on rates polled by NSE
from a representative panel of 31 banks/institutions/primary dealers. 15

16. Transparent: The reference rate is released to all the market participants
simultaneously through various media, making it transparent with the aspiration of the
market. Ensuing transparency helps the market participants to judge the market mood
and the probable rate one is likely to encounter in the market. This information is
useful not only to the banks but also to the issuers and investors. Reliable: The high
level of co-relation between actual deals and the reference rate gives an indication of
its reliability. The bootstrapping technique guards against the possibility of
cartelization and of extreme observations influencing the mean Scientifically
Computed: The methodology of "Polling" with "Bootstrapping" is scientific and the
values are generated through a system that has been extensively tested. The
technique involves generating multiple data sets based on the rates polled with a
dynamically determined number of iterations, identification of outliers, trimming the
data set of its extreme values and computation of the mean and its standard deviation.
Elimination of Noise: The trimming procedure is vulnerable to market manipulation of
the rates due to the amount of sampling noise. Excessive trimming may lead to loss of
information whereas no trimming may lead to excessive influence of the extreme
values. To derive a true representative benchmark for the market NSE ensures that
trimming at any point does not exclude more than 20% of the observation for the bid
and for the ask rates. Consistency: The Exchange ensures that everyday the NSE-
MIBID/MIBOR along with the respective standard deviations are disseminated to the
market at 0955 (IST) for overnight rate and at 1215 (IST) for 14 day, 1 month and 3
month rates. Usage: 16

17. The NSE-MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for
Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term
Deposits. Company Profile Sharekhan Ltd. is one of the leading retail stock broking
house of SSKI Group which is running successfully since 1922 in the country. It is the
retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of
experience in the stock broking business. Sharekhan offers its customers a wide range
of equity related services including trade execution on BSE, NSE, Derivatives,
depository services, online trading, investment advice etc. The firm’s online trading
and investment site - www.sharekhan.com – was launched on Feb 8, 2000. The site
 gives access to superior content and transaction facility to retail customers across the
country. Known for its jargon-free, investor friendly language and high quality
research, the site has a registered base of over one lakh customers. The content-rich
and research oriented portal has stood out among its contemporaries because of its
steadfast dedication to offering customers best-of-breed technology and superior
market information. The objective has been to let customers make informed decisions
and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan
launched Speed Trade, a net-based executable application that emulates the broker
terminals along with host of other information relevant to the Day Traders. This was for
the first time that a netbased trading 17

18. station of this caliber was offered to the traders. In the last six months Speed Trade
has become a de facto standard for the Day Trading community over the net.
Sharekhan’s ground network includes over 331 centers in 137 cities in India which
provide a host of trading related services. Sharekhan has always believed in investing
in technology to build its business. The company has used some of the best-known
names in the IT industry, like Sun Microsystems, Oracle, Microsoft, Cambridge
Technologies, Nexgenix, Vignette, Verisign Financial Technologies India Ltd, Spider
Software Pvt Ltd. To build its trading engine and content. The Morakhiya family holds a
majority stake in the company. HSBC, Intel & Carlyle are the other investors. With a
legacy of more than 80 years in the stock markets, the SSKI group ventured into
institutional broking and corporate finance 18 years ago. Presently SSKI is one of the
leading players in institutional broking and corporate finance activities. SSKI holds a
sizeable portion of the market in each of these segments. SSKI’s institutional broking
arm accounts for 7% of the market for Foreign Institutional portfolio investment and
5% of all Domestic Institutional portfolio investment in the country. It has 60
institutional clients spread over India, Far East, UK and US. Foreign Institutional
Investors generate about 65% of the organization’s revenue, with a daily turnover of
over US$ 2 million. The Corporate Finance section has a list of very prestigious clients
and has many ‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The
group has placed over US$ 1 billion in private equity deals. Some of the clients include
BPL Cellular Holding, Gujarat Pipavav, Essar, Hutchison, Planetasia, and Shopper’s
Stop. PROFILE OF THE COMPANY : Name of the company : Sharekhan ltd. Year of
Establishment : 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix
Mills Compound Lower Parel Mumbai - Maharashtra, INDIA- 400013 Nature of
Business : Service Provider 18

19. New initiatives Portfolio management Services and commodities trading. 19¬ 250
independent investment managers/ franchisee servicing 50,000 highly valued clients.
¬ Branches / Semi branches servicing affluent / aggressive traders through high skill
financial advisor. ¬ 2,00,000 plus retail customers being serviced through centralized
call centers/ web solutions. ¬ Future Plans: Winners of “Best Financial Website”
award. India’s most preferred brokers within 5 years. “Awaaz customers Award 2005”.
from India. Most preferred financial destination amongst online broking customers.
Asia money. Pioneers of online trading in India amongst the top 3 online trading
websites Rated among the top 20 wired companies along with Reliance, HUJl, Infosys,
etc by ‘Business Today’, January 2004 edition. Awarded ‘Top Domestic Brokerage
House’ four times by Euro money and Services : Depository Services, Online Services
 and Technical Research. Number of Employees : Over 3500 Website :
www.sharekhan.com Slogan : Your Guide to The Financial Jungle. ACHIEVEMENTS OF
SHAREKHAN: A

20. Online BSE and NSE executions (through BOLT♣Vision : To be the best retail brokering
Brand in the retail business of stock market. Mission : To educate and empower the
individual investor to make better investment decisions through quality advice and
superior service. Sharekhan is infact- • Among the top 3 branded retail service
providers • No. 1 player in online business • Largest network of branded broking
outlets in the country serving more than 7,00,000 clients. Get everything you need at
a Sharekhan outlet! All you have to do is walk into any of our 640 share shops across
280 cities in India to get a host of trading related services - our friendly customer
service staff will also help you with any accouts related queries you may have. A
Sharekhan outlet offers the following services: & Sharekhan ValueLine (a monthly
publication with reviews of recommendations, stocks to watch out for etc) 20♣ Free
access to investment advice from Sharekhan's Research team ♣NEAT terminals)

21. Daily research reports and market review (High Noon♣ & Depository Services:
Demat♣ Live Market Information ♣ Personalised Advice ♣ Cool trading products
(Daring Derivatives and Market Strategy) ♣ Daily trading calls based on Technical
Analysis ♣ Pre-market Report (Morning Cuppa) ♣Eagle Eye) & IPOs♣ Commodities
Trading ♣ Derivatives Trading (Futures and Options) ♣Remat Transactions & Internet-
based Online Trading: SpeedTrade REASON TO CHOOSE SHAREKHAN LIMITED
Experience : SSKI has more than eight decades of trust and credibility in the Indian
stock market. In the Asia Money broker's poll held recently, SSKI won the 'India's Best
Broking House for 2004 ' award. Ever since it launched Sharekhan as its retail broking
division in February 2000, it has been providing institutionallevel research and broking
services to individual investors. Technology : With its online trading account one can
buy and sell shares in an instant from any PC with an internet connection. One can get
access to its powerful online trading tools that will help him take complete control over
his investment in shares. Accessibility : Sharekhan provides ADVICE, EDUCATION,
TOOLS AND EXECUTION services for investors. These services are accessible through
its centers across the country over the internet (through the website
www.sharekhan.com) as well as over the Voice Tool. Knowledge : In a business where
the right information at the right time can translate into direct profits, one can get
access to a wide range of information on Sharekhan limited’s 21♣Mutual Funds
Distribution

22. content-rich portal. One can also get a useful set of knowledge-based tools that will
empower him to take informed decisions. Convenience : One can call its Dial-N-Trade
number to get investment advice and execute his transactions. Sharekhan ltd. have a
dedicated call-centre to provide this service via a Toll Free Number 1800-22-7500 & I
dream Production UK Pvt Ltd. 22¬ Fin flow Investment Pvt Ltd. ¬ Palm spring estates
Pvt Ltd. ¬ I dream Productions ¬ SSKI Corporate Finance ¬ S.S. Kantilal Ishwarlal
Securities ¬ SSKI Investor Services Ltd (Share khan) ¬1800-22-7050 from anywhere in
India. Customer Service : Sharekhan limited’s customer service team will assist one for
any help that one may require relating to transactions, billing, demat and other
queries. Its customer service can be contacted via a toll-free number, email or live chat
on www.sharekhan.com. Investment Advice : Sharekhan has dedicated research teams
 of more than 30 people for fundamental and technical researches. Its analysts
constantly track the pulse of the market and provide timely investment advice to its
clients in the form of daily research emails, online chat, printed reports and SMS on
their mobile phone. SSKI Group Companies-

23. Archfund Properties Pvt Ltd. SHAREKHAN LIMITED’S MANAGEMENT TEAM: Mr. Dinesh
Murikya – Owner of the company: The Sharekhan Group of Companies was brought to
life by Mr. Dinesh Murikya. He ventured into stock trading with an intention to raise
capital for his own independent enterprise. However, he recognised the opportunity
offered by the stock market to serve individual investors. Thus India’s first retail-
focused stock- broking house was established in 1925. Under his leadership,
Sharekhan became the first broking house to embrace new technology for faster, more
effective and affordable services to retail investors. Mr. Tarun Shah – Chief Executive
Officer (CEO) of the company: A science graduate from St. Xavier’s College, Mumbai,
Mr. Tarun Shah started his professional life in sales and marketing in a chemicals
company. His hands on approach and rigorous experience in sales led him to higher
challenges that the capital markets provided. In 1987, he joined SSKI, a brokerage firm
with over five decades of legendary service to its credit. The capital markets at that
time was undergoing a sea change in its character and SSKI under the vision and
guidance of Shripal Morakhia and 23¬ Share khan Commodities Pvt Ltd. ¬

24. the commitment and hardwork of Mr. Shah was able to change and adopt the new
business practices to achieve significant growth in a competitive environment.
Accepting new challenges is a way of life for Mr. Tarun Shah. To ensure that SSKI’s
foray into retail stock broking business through Sharekhan meets with the same
success every other SSKI venture has, Mr. Tarun Shah moved in to spearhead this new
effort as CEO of the Sharekhan. Mr. Shankar Vailaya – Director (Operations) of the
company: A graduate in commerce from the University of Mangalore and an Associate
of The Member of the Institute of Chartered Accountants of India, Mr. Shankar Vailaya
heads the operations, finance and legal functions. He is responsible for settlements,
depository operations, risk and compliance and regulatory & other legal commitments
and Treasury. Shankar has managed broking operations through the most turbulent
times of the post securities scam period in 1992 and has managed to steer clear of a
flurry of bad papers in the market during 1994-95. Mr. Jaideep Arora – Director
(Products & Technology) of the company: Jaideep Arora, completed his B.Tech from IIT
(Kanpur) and his PGDM from IIM Kolkata. 24

25. Jaideep worked with ICICI for 8 years where his work spanned a gamut of functions,
which included project finance, equity sales and brokerage, investments etc. During
his tenure there he set up and headed the ‘Institutional Equity Brokerage Desk’ at ICICI
Securities & Finance Co. Ltd. Jaideep joined Sharekhan in June 2000 as Head of Product
Development. A year later he took over the reigns of the online business at Sharekhan.
At present Jaideep’s responsibilities include spearheading Sharekhan’s online foray and
overall customer acquisition effort. ➢ Pathik Gandotra : Head of Research ➢ Rishi Kohli : Vice
President of Equity Derivatives ➢ Nikhil Vora : Vice President of Research PRODUCTS AND SERVICES
OF SHAREKHAN LIMITED : The different types of products and services offered by Sharekhan Ltd. are as
follows: • Equity and derivatives trading • Depository services 25
26. • Online services • Commodities trading • Dial-n-trade • Portfolio management • Share
shops • Fundamental research • Technical research FINANCIAL PRODUTS AVAILABLE
AT SHAREKHAN: 26

27. C.E.O. Country Head Cluster Head Regional Head SERVICES: Branch Head Always
wanted help on what the stock market is all about? Been wondering about how all this
works? Well, you don't need to fret any more - the Sharekhan FirstStep is a City Sales
Manager designed especially for those who are brand new program new to investing in
shares. All you have to do is open a Sharekhan FirstStep Dealer account and we'll
guide you through the investing process. Hierarchy of Sharekhan: - Sales Executives
……1........ .…2… ……3……. ……4….. 27 Trainee

28. SWOT ANALYSIS Strengths: 28

29. • It is a pioneer in online trading with a turn over of Rs.400crores and more than 800
peoples working in the organization. • SSKI the parent company of Share Khan has
more than eight decades of trust and credibility in the Indian stock market. In the
Asian Money Broker’s poll SSKI won the “India’s best broking house for 2004” award. •
Share Khan provides multi-channel access to all its customers through a strong online
presence with www.sharekhan.com, 250 share shops in 130 cities and a call-center
based Dial-n-Trade facility • Share Khan has dedicated research teams for
fundamental and technical research. Which constantly track the pulse of the market
and provide timely investment advice free of cost to its clients which has a strike rate
of 70-80%. Weakness: • Localized presence due to insufficient investments for country
wide expansion. • Lack of awareness among customers because of non-aggressive
promotional strategies (print media, newspapers, etc). • Lesser emphasis on customer
retention. • Focuses more on HNIs than retail investors which results in meager
market-share as compared to close competitors. Opportunities: • With the booming
capital market it can successfully launch new services and raise its client’s base. • It
can easily tap the retail investors with small saving through promotional channels like
print media, electronic media, etc. 29

30. • As interest on fixed deposits with post office and banks are all time low, more and
more small investors are entering into stock market. • Abolition of long term capital
gain tax on shares and reduction in short term capital gain is making stock market as
hot destination for investment among small investors. • Increasing usage of internet
through broadband connectivity may boost a whole new breed of investors for trading
in securities. Threats: • Aggressive promotional strategies by close competitors may
hamper Share Khan’s acceptance by new clients. • Lack of sufficient branch-offices for
speedy delivery of services. • Other players are providing margin funds to investors on
easy terms where as there is no such facility in share khan. • More and more players
are venturing into this domain which can further reduce the earnings of Share Khan. 30

31. DISCUSSION ON TRAINING Student’s work profile(role and responsibilities) : I worked

there with SHAREKHAN LTD. with a profile of sales trainee. This profile offers me to
understand the need of customer and provide them the best deal possible with
maximization of the profit, both for the company as well as for the customer. The most
important aspect for the role of trainee is trust. So far fulfillment of the targets one
needs to: • Capitalize on the old and loyal clientage which can be building slowly by
 advising people in the best possible way. • Generating new leads through various
activities. Generation of leads : Since I was new in the field so I had to start from
scratch and generate new leads to sustain in the market. Cold calling is one of the
trusted ways of getting to the customers without meeting them. Although the rate of
conversion remained very less, for cold calling the quality and accent remains a very
important criterion. This activity gives me mixed result. I often got success and
generated many leads through it but it also landed me in awkward position where the
customer were in different mood and made us 31

32. hear words for which a marketer should be always prepared to hear. Corporate calls
always remained more difficult to crack with respect to retail sector. The corporate
were the most difficult and most temping to get the business from. It took me one one
day to crack Hi-tech Gears. At SHAREKHAN LTD. after getting the product knowledge in
the first week at the branch I was also allotted distributor to work with. In the initial
phase I was accompanied by more experienced staff. After I became known to the
market and procedure I started attending calls alone only. After the third week my
performance also improved and I was able to get close to the targets, though it looked
difficult to achieve in the beginning. To get awareness of the every product I attended
diversified calls. This helped me to implement cross selling to get better results.
LIMITATIONS: 1. Cold Calling: • Voice and accent plays a major role. • The right time to
call a customer cannot be decided, as the customer may in a different mood at the
time of calling. • Time consuming • Less success rate 32

33. 2. Corporate: • Time consuming • Contacts with higher authorities play a major role
Description of live experience : I was supposed to use the database provided by the
company to make cold calls or by directly meeting people to get new leads. While
making cold calls, we need to have: • Good Communication Skills (Voice quality is
clear and articulate) • Persistent and able to bounce back from rejection • Good
organizational skills. • Ability to project a telephone personality (Enthusiasm,
friendliness) • Flexibility: can adapt to different types of clients and new situations. 33

34. Using a good database is very essential. “Eighty percent of our business comes from
20 percent of our customers" is a frequent statement at any sales convention. There's
hardly a sales executive who is not aware of the 80/20 rule”. While talking to
customers, I analyze their needs. Whether they want to go for investment purpose or
insurance or both. Suggest them the plan that best suits them. If they agree to it then
either we send across the agents to close the deal or close it themselves. 34

35. Problems faced while selling products: • Customer dissatisfied with the services. •
People fear that Sharekhan Being a Private company and a new entrant may be able to
sustain or not. • Past experience, word of mouth. • Misguidance by agents. • People do
not want insurance products. • Lack of knowledge and less awareness about demat
account. 35

36. • People risk appetite is very low, so they are afraid of mutual fund as well. 36

37. Share khan Demat Accounts Overview of Demat Account : Demat account allows you
to buy, sell and transact shares without the endless paperwork and delays. It is also
safe, secure and convenient. In India, a demat account, the abbreviation for
dematerialized account, is a type of banking account which dematerializes paper-
 based physical stock shares. The dematerialized account is used to avoid holding
physical shares: the shares are bought and sold through a stock broker. This account is
popular in India. The Securities and Exchange Board of India (SEBI) mandates a demat
account for share trading above 500 shares. As of April 2006, it became mandatory
that any person holding a demat account should possess a Permanent Account
Number (PAN), and the deadline for submission of PAN details to the depository lapsed
on January 2007. Is a demat account a must? Now a day, practically all trades have to
be settled in dematerialized form. Although the market regulator, the Securities and
Exchange Board of India (SEBI), has allowed trades of up to 500 shares to be settled in
physical form, nobody wants physical shares any more. So a demat account is a must
for trading and investing. Why demat? The demat account reduces brokerage charges,
makes pledging/hypothecation of shares easier, enables quick ownership of securities
on settlement resulting in increased liquidity, avoids confusion in the ownership title of
securities, and 37

38. provides easy receipt of public issue allotments. It also helps you avoid bad deliveries
caused by signature mismatch, postal delays and loss of certificates in transit. Further,
it eliminates risks associated with forgery, counterfeiting and loss due to fire, theft or
mutilation. Demat account holders can also avoid stamp duty (as against 0.5 per cent
payable on physical shares), avoid filling up of transfer deeds, and obtain quick receipt
of such benefits as stock splits and bonuses. What is dematerialization?
Dematerialization is the process by which physical certificates of an investor are
converted to an equivalent number of securities in electronic form and credited into
the investor’s account with his/her DP. Why DEMAT a/c likes a BANK a/c? 38

39. Just as you have to open an a/c with a bank if you want to save your money, make
cheque payments etc, you need to open a demat a/c if you want to buy or sell stocks.
So it just like a bank a/c where actual money replaced by shares. Example : let’s say
your portfolio has 100 of SATYAM, 200 of IBM and 120 of TCS shares. All these will
show in you’re a/c. so you don’t have to possess any physical certificate that you own
these shares. They all are held electronically in you’re a/c. Steps involved in opening a
demat account : First an investor has to approach a DP and fill up an account opening
form. The account opening form must be supported by copies of any one of the
approved documents to serve as proof of identity (POI) and proof of address (POA) as
specified by SEBI. Besides, production of PAN card in original at the time of opening of
account has been made mandatory effective from April 01, 2006. All applicants should
carry original documents for verification by an authorized official of the depository
participant, under his signature. Further, the investor has to sign an agreement with
DP in a depository prescribed standard format, which details rights and duties of
investor and DP. DP should provide the investor with a copy of the agreement and
schedule of charges for their future reference. The DP will open the account in the
system and give an account number, which is also called BO ID (Beneficiary Owner
Identification number). The DP may revise the charges by giving 30 days notice in
advance. SEBI has rationalized the cost structure for dematerialization by removing
account opening charges, transaction charges for credit of securities, and custody
charges vide circular dated January 28, 2005. Further, SEBI has vide circular dated
November 09, 2005 advised that with effect from January 09, 2006, no charges shall
be levied by a depository on DP and consequently, by a DP on a Beneficiary Owner
 (BO) when a BO transfers all the securities lying in his account to another branch of the
same DP or to another DP of the same depository or another depository, provided the
BO Account/s at 39

40. No odd lot problem , even one share can be sold. 40¬ Reduction in transaction cost. ¬
Reduction in paper work. ¬ Elimination of risks associated with physical certificates
such as bad delivery, fake securities , delays , theft etc. ¬ No stamp duty on transfer of
securities(0.5 % on physical shares). ¬ immediate transfer of securities. ¬ A safe and
convenient way to hold securities. ¬transferee DP and at transferor DP are one and the
same, i.e. identical in all respects. In case the BO Account at transferor DP is a joint
account, the BO Account at transferee DP should also be a joint account in the same
sequence of ownership. Rights: 1. You can open more than one depository account in
the same name with single DP/ multiple DPs. 2. No minimum balance is required to be
maintained in a depository account. 3. You can give a onetime standing instruction to
your DP to receive all the credits coming to your depository account automatically.
DEMAT Benefits?

41. Holding investment in equity and debt instruments in a single account.etc. DEMAT
Conversion :- 1. Surrender the certificates of physical shares for dematerialization to
your depository participants. 2. Depository participant intimates depository of the
request through the system.¬ Nomination facility. ¬ 3. Depository participant submit
the certificates to the registrar to the issuer company. 4. Registrar confirms the
dematerialization request from depository. 5. After dematerializing the certificates,
registrar updates accounts and informs depository of the completion of
dematerialization. 6. Depository updates its accounts and informs the depository
participant. 7. Depository participant updates demat a/c of the investor. What is a
Depository? A depository is an organisation which holds securities of investors in
electronic form at the request of the investors through a registered Depository
Participant. It also provides services related to transactions in securities. SEBI
registered depository’s :- NSDL :- National securities depository limited CDSL :- Central
depository services limited Minimum net worth required for a depository is 100 crores
41

42. NSDL: Although India had a vibrant capital market, which is more than a century old,
the paper-based settlement of trades caused substantial problems like bad delivery
and delayed transfer of title till recently. The enactment of Depositories Act in August
1996 paved the way for establishment of NSDL, the first depository in India. This
depository promoted by institutions of national stature responsible for economic
development of the country has since established a national infrastructure of
international standard that handles most of the trading and settlement in
dematerialized form in Indian capital market. Using innovative and flexible technology
systems, NSDL works to support the investors and brokers in the capital market of the
country. NSDL aims at ensuring the safety and soundness of Indian marketplaces by
developing settlement solutions that increase efficiency, minimize risk and reduce
costs. At NSDL, we play a quiet but central role in developing products and services
that will continue to nurture the growing needs of the financial services industry. In the
depository system, securities are held in depository accounts, which is more or less
similar to holding funds in bank accounts. Transfer of ownership of securities is done
through simple account transfers. This method does away with all the risks and hassles
 normally associated with paperwork. Consequently, the cost of transacting in a
depository environment is considerably lower as compared to transacting in
certificates. DEPOSITORY PARTICIPANTS: A Depository Participant (DP) is described as
an agent of the depository. They are the intermediaries between the depository and
the investors. The relationship between the DPs and the depository is governed by an
agreement made between the two under the Depositories Act. In a strictly legal sense,
a DP is an entity that is registered as such with SEBI under the provisions of the SEBI
Act. As per the provisions of this Act, a DP can offer depository-related services only
after obtaining a certificate of registration from SEBI. SEBI (D&P) Regulations, 1996
prescribe a minimum net worth of Rs.50 lakh for stockbrokers, R&T agents and non-
banking finance companies (NBFC), for granting them a certificate of registration to act
as DPs. If a stockbroker seeks to act as a DP in more than one depository, he should
comply with the specified net worth criterion separately for each such depository. No
minimum net worth criterion has been prescribed for 42

43. other categories of DPs. However, depositories can fix a higher net worth criterion for
their DPs. NSDL requires a minimum net worth of Rs.100 lakh to be eligible to become
a DP as against Rs.50 lakh prescribed by SEBI (D&P) Regulations. Instruments : The
changes in the regulatory framework of the capital market and fiscal policies have also
resulted in newer kinds of financial instruments (securities) being introduced in the
market. Also, a lot of financial innovation by companies who are now permitted to
undertake treasury operations has resulted in newer kinds of instruments - all of which
can be traded – being introduced. The variations in all these instruments depend on
the tenure, the nature of security, the interest rate, the collateral security offered and
the trading features, etc • Debentures • Bonds • Preference Share • Equity Shares •
Government securities • Capital Market Processes • Initial Public Offering (IPO) •
Private Placement • Preferential Offer/Rights Issue • Private Placement Benefits of
Depository System: In the depository system, the ownership and transfer of securities
takes place 43

44. by means of electronic book entries. At the outset, this system rids the capital market
of the dangers related to handling of paper. NSDL provides numerous direct and
indirect benefits, like: · Elimination of bad deliveries In the depository environment,
once holdings of an investor are dematerialized, the question of bad delivery does not
arise i.e. they cannot be held "under objection". In the physical environment, buyer
was required to take the risk of transfer and face uncertainty of the quality of assets
purchased. In a depository environment good money certainly begets good quality of
assets. · Elimination of all risks associated with physical certificates Dealing in physical
securities have associated security risks of theft of stocks, mutilation of certificates,
loss of certificates during movements through and from the registrars, thus exposing
the investor to the cost of obtaining duplicate certificates and advertisements, etc.
This problem does not arise in the depository environment. · No stamp duty For
transfer of any kind of securities in the depository. This waiver extends to equity
shares, debt instruments and units of mutual funds. · Immediate transfer and
registration of Securities In the depository environment, once the securities are
credited to the investors account on pay out, he becomes the legal owner of the
securities. There is no further need to send it to the company's registrar for
registration. Having purchased securities in the physical environment, the investor has
 to send it to the company's registrar so that the change of ownership can be
registered. This process usually takes around three to four months and is rarely
completed within the statutory framework of two months thus exposing the investor to
opportunity cost of delay in transfer and to risk of loss in transit. To overcome this, 44

45. the normally accepted practice is to hold the securities in street names i.e. not to
register the change of ownership. However, if the investors miss a book closure the
securities are not good for delivery and the investor would also stand to loose his
corporate entitlements. · Faster settlement cycle The exclusive demat segments follow
rolling settlement cycle of T+2 i.e. the settlement of trades will be on the 2nd working
day from the trade day. This will enable faster turnover of stock and more liquidity with
the investor. Faster disbursement of non-cash corporate · benefits like rights, bonus,
etc. NSDL provides for direct credit of non-cash corporate entitlements to an investors
account, thereby ensuring faster disbursement and avoiding risk of loss of certificates
in transit. ·Reduction in brokerage by many brokers for trading in dematerialized
securities Brokers provide this benefit to investors as dealing in dematerialized
securities reduces their back office cost of handling paper and also eliminates the risk
of being the introducing broker. · Reduction in handling of huge volumes of paper ·
Periodic status reports to investors on their holdings and transactions, leading to better
controls. 45

46. · Elimination of problems related to change of address of investor, transmission, etc In

case of change of address or transmission of demat shares, investors are saved from
undergoing the entire change procedure with each company or registrar. Investors
have to only inform their DP with all relevant documents and the required changes are
effected in the database of all the companies, where the investor is a registered holder
of securities. ·Elimination of problems related to selling securities on behalf of a minor
A natural guardian is not required to take court approval for selling demat securities on
behalf of a minor. · Ease in portfolio monitoring Since statement of account gives a
consolidated position of investments in all instruments. 46

47. TYPES OF ACCOUNT IN SHAREKHAN LIMITED : Sharekhan offers two types of trading
account for its clients : ➢ Classic Account (which include a feature known as Fast Trade Advanced
Classic Account for the online users) and ➢ Trade Tiger Account CLASSIC ACCOUNT : This is a User
Friendly Product which allows the client to trade through website www.sharekhan.com and is
suitable for the retail investor who is risk-averse and hence prefers to invest in stocks
or who does not trade too frequently. This account allow investors to buy and sell
stocks online along with the following features like multiple watch lists, Integrated
Banking, Demat and digital contracts, Real-time portfolio tracking with price alerts and
Instant credit & transfer. This account comes with the following features: a. Online
trading account for investing in Equities and Derivatives 47

48. b. Free trading through Phone (Dial-n-Trade): I.Two dedicated numbers(1800-22-7500

and 39707500) for placing the orders using cell phones or landline phones II.
Automatic funds transfer with phone banking facilities (for Citibank and HDFC bank
customers) III. Simple and Secure Interactive Voice Response based system for
authentication IV. get the trusted, professional advice of Sharekhan limited’s Tele
Brokers V. After hours order placement facility between 8.00 am and 9.30 am c.
Integration of: Online Trading + Demat Account + Cash to Margin. d. Instant cash
 transfer facility against purchase & sale of shares. e. IPO investments. f. Instant order
and trade confirmations by e-mail. g. Single screen interface for cash and derivatives.
TRADE TIGER ACCOUNT: This is an internet-based software application, which enables
one to buy and sell in an instant. It is ideal for active traders and jobbers who transact
frequently during day’s session to capitalize on intra-day price movement. This
account comes with the following features: a. Instant order Execution and
Confirmation. b. Single screen trading terminal for NSE Cash, NSE F&O & BSE. 48

49. c. Technical Studies. d. Multiple Charting. e. Real-time streaming quotes, tic-by-tic

charts. f. Market summary (Cost traded scrip, highest value etc.) g. Hot keys similar to
broker’s terminal. h. Alerts and reminders. i. Back-up facility to place trades on Direct
Phone lines. j. Live market debts. CHARGE STRUCTURE : Fee structure for General
Individual: Charges Classic Account Trade Tiger Account Account Opening Nil Nil
Brokerage Intra – day – 0.10% Intra – day – 0.10% Delivery – 0.50% Delivery – 0.50%
BROKARAGE: 49

50. It is the charge taken by the guiding company for helping you in buying and selling
your shares. There are different charges for Intraday and Delivery. INTRADAY: The day
to day buying and selling or daily transactions are called as Intraday. You have to buy
or sell the shares within the day only. DELIVERY: It is the three day transaction. The
day you buy the share and the next two days after that day is called as Delivery. It
includes thre days. If you are buying any share then you have to sell it within three
days including the buying day. T+2 = Today + 2 days Depository Charges: Account
Opening Charges Nil Annual Maintenance Charges 1st Year Nil 2nd Year 415/- 50

51. PREPAID ACCOUNT: There are three types of Prepaid account are provided to the
customers accordingly they make transactions more and more. All Prepaid accounts
are valid for One year only. Scheme of Prepaid Brokerage : Prepaid Brokerage Cash
Futures and Options (p.a) Futures Options 2000/- Intra-day – 0.07% 0.07 2% or Rs.90,
(Single Side) whichever is Delivery – 0.40% higher 6000/- Intra-day – 0.05% 0.05 1.5%
or Rs.75, Delivery – 0.25% whichever is higher 18000/- Intra-day – 0.04% 0.04 1% or
Rs.50, Delivery – 0.20% whichever is higher EXPOSURE: Sharekhan also helps their
customers by providing them a Four time Exposure. Example :- If a customer invests
Rs. 20000, then he will get a exposure of 4 times of Rs. 20000 that means Rs. 20000 *
4 = Rs. 100000. But only for Five days, within 5 days the customer have to pay back
the amount otherwisw they will sell your shares. But yes, they will sell the loss amking
shares first. If you make any frod , then also you may face the sane problem. 51

52. One can also visit the site www.sharekhan.com and click on the option “Open an
Account” to fill a small query form which will ask the individual to give details
regarding his name, city he lives in, his email address, phone number, pin code of the
city, his nearest Sharekhan Ltd. shop and his preferences regarding the type of
account he wants. These information are compiled in the headquarter of the company
that is in Mumbai from where it is distributed through out the country’s branches in the
form of leads on the basis of cities and nearest share shops. After that the executives
of the respective branches contact the prospective clients over phone or through email
and give them information regarding the various types of accounts and the documents
they need to open an account and then fix appointment with the 52¬ One can send
them an email at info@sharekhan.com to know about their products and services. ¬
 One can also log on to “http://sharekhan.com/Locateus.aspx” link to find out the
nearest branch. ¬ One can visit any one of Sharekhan Limited’s nearest branches.
Sharekhan has a huge network all over India (640 centers in 280 cities). ¬ One need to
call them at phone number provided below and asks that he want to open an account
with them. a. One can call on the Toll Free Number: 1-800-22-7500 to speak to a
Customer Service executive b. Or If one stays in Mumbai, he can call on 022-66621111
¬But Exposure always helps the customer to invest more and more in profit making
scripts. It is like an Overdraft which you have to return within 5 days. HOW TO OPEN
AN ACCOUNT WITH SHARE KHAN LIMITED ? For online trading with Sharekhan Ltd.,
investor has to open an account. Following are the ways to open an account with
Sharekhan Ltd.:

53. Two cheques drawn in favour of Sharkhan Limited, one for the Account 53¬ Photo
copy of any of the following documents duly attached which will serve as
correspondence address proof: a. Passport (valid) b. Voter’s ID Card c. Ration Card d.
Driving License (valid) e. Electricity Bill (should be latest and should be in the name of
the client) f. Telephone Bill (should be latest and should be in the name of the client) g.
Flat Maintenance Bill (should be latest and should be in the name of the client) h.
Insurance Policy (should be latest and should be in the name of the client) i. Lease or
Rent Agreement. j. Saving Bank Statement** (should be latest) ¬ Photocopy of the
clients’ PAN Card which should be duly attached ¬prospective clients to give them
demonstration and making them undergo the formalities to open the account. After
that the forms that has collected from the clients, is scrutinized in the branch and then
it is sent to Mumbai for further processing where after a few days the clients’ account
are generated and activated. After the accounts are activated, a Welcome Kit is
dispatched from Mumbai to the clients’ address mentioned in the documents provided
by them. As soon as the clients receive the Welcome Kit, which contains the clients’
Trading ID and Trading Password, they can start trading and investing in shares. Apart
from two passport size photographs, one needs to provide with the following
documents in order to open an account with Sharekhan Limited.:

54. Opening Fees and the other for the Margin Money (the minimum margin money is Rs.
5000). ** A cancelled cheque should be given by the client if he provides Saving Bank
Statement as a proof for correspondence address. NOTE: Only Saving Bank Account
cheques are accepted for the purpose of Opening an account. Generally the process of
opening an account follows the following steps: LEAD MANAGEMENT SYSTEM (LMS) /
REFERENCES CONTACT THE PERSON OVER PHONE OR THROUGH EMAIL FIXING AN
APPOINTMENT WITH THE PERSON YES GIVING DEMONSTRATION NO DOCUMENTATION
FILLING UP THE FORM SUBMISSION OF THE FORM 54

55. LOGIN OF THE FORM SENDING ACCOUNT OPENING KIT TO THE CLIENT TRADING
Sharekhan Demat Account Services : Sharekhan – Transacting and investing simplified.
Get ready to change the way you transact and invest in financial products and
services. Whether you wish to transact in equity, equity & commodity derivatives,
IPO’s offshore investments or prefer to invest in mutual funds, life & general insurance
products or avail money transfer and money changing services, you can do it all
through Angel. Simply open a Angel account and enjoy the convenience of handling all
your key financial transactions through this one window. Benefits of having an
Sharekhan account: • It’s cost effective You pay comparatively lower transaction fees.
 As an Introductory offer, we invite you to pay a flat fee of just Rs. 750/- and transact
through Sharekhan. • Its offers single – Through Sharekhan’s associates, you can
transact in equity, equity and commodities derivatives, offshore investments mutual
funds, IPO’s life insurance, general insurance, money transfer, money changing and
credit cards, amongst others. • Its convenient You can access Sharekhan’s services
through 55

56. •The internet •Transaction kiosks •The phone (call & transact) •Our all – India network
of associates on an assisted trade. Its Safe your account is safeguarded with a unique
security number that changes every 32 seconds. This number works as a dynamics
password to keep your account extra safe. It provide you value- added services at
www.sharekhan.com , you get • Reliable research, including views of external experts
with an enviable track record • Live news updates from Reuters and Dow Jones • CEO’s
/ expert views on the economy and financial markets • Tools that help you plan your
investments, tax, retirement, etc. in the personal finance section • Risk Analyzer for
analysis of your risk profile • Asset allocators to build an appropriate investment
portfolio • Innovative use of technology for facilitating The benefits:- Benefits of Demat
Account • A safe and convenient way to hold securities; • Immediate transfer of
securities; 56

57. 57 Demat mode. Although, trades up to 500 shares can be settled in physical form,
physical settlement is virtually not taking place for the apprehension of bad delivery on
account of mismatch of signatures, forgery of signatures, fake certificates, etc. • No
stamp duty on transfer of securities; • Elimination of risks associated with physical
certificates such as bad delivery, fake securities, delays, thefts etc.; • Reduction in
paperwork involved in transfer of securities; • Reduction in transaction cost; • No odd
lot problem, even one share can be sold; • Nomination facility; • Change in address
recorded with DP gets registered with all companies in which investor holds securities
electronically eliminating the need to correspond with each of them separately; •
Transmission of securities is done by DP eliminating Correspondence with companies;
• Automatic credit into demat account of shares, arising out of
bonus/split/consolidation/merger etc. • Holding investments in equity and debt
instruments in a single account. Benefit For Investors Demat account has become a
necessity for all categories of investors for the following reasons/ benefits: f SEBI has
made it compulsory for trades in almost all scrip’s to be settled in

58. Any number of securities can be transferred/delivered with one delivery order.
Therefore, paperwork and signing of multiple transfer forms is done away with. It
facilitates taking advances against securities on low margin/low interest. Points To
Remember 1. You may choose your DP based on your evaluation of their reputation,
service standards, charges, other conveniences, etc. 2. Open depository account with
the same holding pattern as there on existing physical securities. You will need to open
separate accounts for every different combination of holding pattern. Eg.: If 100
securities of company ABC deceased's name, etc. - can be affected across companies
by one single instruction to the DP. Each share is a market lot for the purpose of
transactions - so no odd lot problem. I Change of name, address, registration of
power of attorney, deletion of Instantaneous transfer of securities enhances liquidity. I
It eliminates delays, thefts, interceptions and subsequent misuse of certificates. N It
is a safe and convenient way to hold securities compared to holding securities in
 physical form.. No stamp duty is levied on transfer of securities held in Demat form.
& 200 58

59. securities of company PQR are registered in the name of X as first holder & Y as
second holder, one account in name of X as first holder & Y as second holder is
sufficient. Whereas, if 100 securities of company ABC are registered in the name of X
as first holder & Y as second holder & 200 securities of company PQR are registered in
the name of Y as first holder & X as second holder, you will need to open two accounts,
one in the name of X as first holder & Y as second holder and the second in the name
of Y as first holder and X as second holder. 3. Account opening procedure should
typically take 2-5 days. 4. In case of holdings of a partnership firm, the account should
be opened in the name of the partner(s). 5. In case of holdings of a HUF, the account
should be opened in the name of the Karta. 6. In case of a minor, the depository
account should be opened in the name of the minor and the guardian’s name should
be mentioned. The guardian will sign as signatory on behalf of the minor. For selling
the securities of the minor, a court order should be obtained. 7. In case of any
difficulties, contact your DP. 8. Only securities admitted by NSDL can be
dematerialized. The list is available with your DP. 9. Only securities registered in the
name of the account holder can be dematerialized. 59

60. 10.Dematerialization is normally completed within 15 days after the share certificates
have reached the issuer/their R&T Agent. Thus it may take you a month from the date
you hand over shares, to receive demat credit. 11.Dematerialization would be done
only when the issuer / their R&T Agent is satisfied of genuineness of securities &
ownership status 12. All the joint holders should sign the DRF. 13.The pattern of
holding in the DRF should match the pattern of holding on the share certificate & the
pattern in which account is opened. 14.Demat requests with name(s) not matching
exactly with the name(s) appearing on the certificates merely on account of initials not
being spelt out fully or put after or prior to the surname, would be processed, provided
the signature(s) of the client(s) on the DRF tallies with the specimen signature(s)
available with the issuer/ their R & T agent. 15.If the signature in the DRF does not
match with the signature available with the issuer/ their R & T agent, the issuer/ their R
& T agent may at the time of demat confirmation, ask for additional documentation
(like bank attestation/ notarization, etc.) to prove that the certificate belongs to the
person who forwarded the DRF. 16.In case there is any problem in processing the DRF,
contact your DP and if he cannot resolve the problem you may contact NSDL. 60

61. RESEARCH SECTION IN SHAREKHAN LIMITED : Sharekhan Limited has its own in-house
Research Organisation which is known as Valueline. It comprises a team of experts
who constantly keep an eye on the share market and do research on the various
aspects of the share market. Generally the research is based on the Fundamentals and
Technical analysis of different companies and also taking into account various factors
relating to the economy. Sharekhan Limited’s research on the volatile market has been
found accurate most of the time. Sharekhan's trading calls in the month of November
2007 has given 89% strike rate. Out of 37 trading calls given by Sharekhan in the
month of November 2007, 33 hit the profit target. These exclusive trading picks come
only to Sharekhan Online Trading Customer and are based on in-depth technical
analysis. As a customer of Sharekhan Limited, one receives daily 5-6 Research Reports
on their emails which they can use as tips for investing in the market. These reports
 are named as Pre-Market Report, Eagle Eye, High Noon, Investors Eye, Daring
Derivatives and Post-Market Report. Apart from these, Sharekhan Limited issues a
monthly subscription by the name of Valueline which is easily available in the market.
61

62. Buying and Selling of Dematerialization INTRODUCTION: The procedure for buying and
selling dematerialized securities is similar to the procedure for buying and selling
physical securities. The difference lies in the process of delivery (in case of sale) and
receipt (in case of purchase) of securities. In case of purchase:- • The broker will
receive the securities in his account on the payout day. • The broker will give
instruction to its DP to debit his account and credit investor’s account. • Investor will
give ‘Receipt Instruction to DP for receiving credit by filling appropriate form. However
one can give standing instruction for credit in to ones accounts that will obviate the
need of giving Receipt Instruction every time. In case of sale:- 62

63. The investor will give delivery instruction to DP to debit his account and credit the
broker’s account. Such instruction should reach the DP’s office at least 24 hours before
the pay-in as otherwise DP will accept the instruction only at the investor’s risk. Rights
1. Dematerialized securities can be traded on those stock exchanges connected to
NSDL. At present, NSE, BSE, CSE, DSE, LSE, BGSE, OTCEI, MSE, ISE & ASE are
connected to NSDL. At these stock exchanges, two segments would be available to
trade in dematerialized securities : o Unified (erstwhile physical) segment - In this
segment delivery obligation can be met by delivering dematerialized or physical
securities at the option of the seller. However, for a select list of securities prescribed
by SEBI, securities cannot be delivered in physical form in the unified segment, of
stock exchanges connected to NSDL. This list presently covers 160 securities. This list
has been expanded to cover a total of 200 securities with effect from January 17, 2000.
Over a period, this list would cover all actively traded securities. o Exclusive demat
segment - In this segment delivery obligation can be met by delivering dematerialized
securities only. Physical securities cannot be delivered in the exclusive demat
segment. Procedure Trading in dematerialized securities is done through your broker
just like trading in physical securities. After your broker executes the trade, your DP
will help to deliver shares to your broker (in case you sell) on the basis of valid
instruction 63

64. given by you to your DP and receive shares from your broker (in case you buy) on
basis of valid instruction given by your broker to his DP. Buy dematerialized securities
1. You purchase securities in any of the stock exchanges connected to NSDL through a
broker of your choice and make payment to your broker. Make sure you tell your
broker you want only demat shares. 2. Broker arranges payment to clearing
corporation/ clearing house of the stock exchange. 3. Broker receives credit in his
clearing account with his DP on the pay-out day. He can immediately transfer these
securities to your depository account, provided your account is already active. 4.
Broker gives instructions to his DP to debit his clearing account and credit your
depository account. 5. You give instruction to your DP for receiving credit in your
depository account. If you have given standing instruction to receive credits, no
separate instruction for receiving credit will be required. 6. If the instructions match,
your account with your DP is credited. Sell dematerialized securities 1. You sell your
 dematerialized securities in any of the stock exchanges linked to NSDL through a
broker of your choice. 64

65. 2. You give instruction to your DP for debit of your depository account and credit of
your brokers clearing member account at least 24 hours i.e. one working day prior to
the pay-in date or before the deadline prescribed by your DP, so that your brokers
clearing account is credited at the time arranged with him. 3. On the pay-in day, your
broker gives instruction to his DP for delivery to clearing corporation/clearing house of
the relevant stock exchange. 4. The broker receives payment from the clearing
corporation / clearing house. 5. You receive payment from the broker for the sale in the
same manner you would receive payment for a sale in the physical mode. Points To
Remember 1. Trading continues to be through brokers. In case of any problem in
execution of trade, contact your broker and if he fails to resolve the problem you may
contact the stock exchange. 2. When you buy securities through the stock exchange,
your brokers clearing account is credited to the extent of the securities purchased, on
receipt of instruction from clearing corporation/ clearing house of the stock exchange.
Your depository account is credited only when your broker gives a delivery instruction
to his DP. Securities are not directly credited to your account by the clearing
corporation/ clearing house of the stock exchange. In case your broker does not give a
delivery instruction, contact him or concerned stock exchange or SEBI. If your
depository account is not credited, in spite of your broker giving valid instruction to his
DP, contact the DP and if he fails to resolve the same you may contact NSDL. 65

66. 3. When you sell securities, you have to give a delivery instruction to your DP to
transfer the securities to your brokers clearing account. They are not automatically
debited from your account by NSDL or by the clearing corporation/ clearing house of
the stock exchange. In case the DP defaults in executing your instruction, the DP is
liable to compensate you for the loss incurred, provided your instruction was in order
and has been submitted to the DP at least 24 hours i.e. one working day prior to the
pay-in date or before the deadline prescribed by DP. In case the DP fails to resolve
your problem, you can contact NSDL. 66

67. Need for the Study The need of the study arises because of the reason that a trainee
must understand the company, its achievements and tasks, products and services and
also to collect information about its competitors, its products and services offered. So
that, after understanding and collecting information about the organization and its
competitors, a trainee will be able to work well for the organization. From the study we
have learned very much, about the company as well as the strategy of the customers,
which helps us a lot at our working days. 67

68. Competitors HDFC BANK is one of the leading Depository Participant (DP) in the
country with over 8 Lac demat accounts. HDFC Bank Demat services offers you a
secure and convenient way to keep track of your securities and investments, over a
period of time, without the hassle of handling physical documents that get mutilated or
lost in transit. HDFC BANK is Depository participant both with National Securities
Depositories Limited (NSDL) and Central Depository Services Limited (CDSL). Features
& Benefits : As opposed to the earlier form of dealing in physical certificates with
delays in transaction, holding and trading in Demat form has the following benefits:
 Settlement of Securities traded on the exchanges as well as off market transactions.
Shorter settlements thereby enhancing liquidity. 68

69. Pledging of Securities. Electronic credit in public issue. Auto Credit of Rights / Bonus /
Public Issues /Dividend credit through ECS. Auto Credit of Public Issue refunds to the
bank account. No stamp duty on transfer of securities held in demat form. No concept
of Market Lots. Change of address, Signature, Dividend Mandate, registration of power
of attorney, transmission etc. can be effected across companies held in demat form by
a single instruction to the Depository Participant (DP). Holding / Transaction details
through Internet / email. In case you need any more information or have any queries ,
feedback & complaints , you may please mail us at dphelp@hdfcbank.com Secured &
easy transaction processing 69

70. HDFC Bank Ltd provides convenient facility called 'SPEED-e' (Internet based
transaction) whereby account holder can submit delivery instructions electronically
through SPEED-e website (https://speede.nsdl.com). SPEED-e offers secured means of
transaction processing eliminating preparation of instruction slips and submission of
the same across the counter to the depository participant. The 'IDEAS' facility helps in
viewing the current transactions and balances (holdings) of Demat account on Internet
on real time basis. Disclaimer: Whatever have been stated above are in the good
interest of the Investor / Demat Applicants / holders to provide a brief picture about the
depository system. You are requested go through the guidelines of the depositories
before taking any further action. For detailed guidelines, you are requested to
approach your nearest HDFC Bank branch. HDFC Bank will not be responsible for any
misunderstanding / act based on the above. Also HDFC Bank might ask for additional
information / documentation than what has been stated above to process your
application / instruction. ICICI DIRECT ICICI Direct (or ICICIDirect.com) is stock trading
company of ICICI Bank. Along with stock trading and trading in derivatives in BSE and
NSE, it also provides facility to invest in IPOs, Mutual Funds and Bonds. 70

71. Trading is available in BSE and NSE. ICICI Direct offers 3 different online trading
platforms to its customers. Type of Account: 1. Share Trading Account: Share Trading
Account by ICICI Direct is primarily for buying and selling of stocks in BSE and NSE.
This account allows Cash Trading, Margin Trading, Margin PLUS Trading, Spot Trading,
Buy Today Sell Tomorrow and Call and Trade on phone. ICICIDirect.com website is the
primary trading platform for this trading account. They also provide installable
application terminal based application for high volume trader. 2. Wise Investment
Account: 1. Online Mutual funds investment allows investor to invest on-line in around
19 Mutual Fund companies. ICICI Direct offers various options while investing in Mutual
Funds like Purchase Mutual Fund, Redemption and switch between different schemes,
Systematic Investment plans, Systematic withdrawal plan and transferring existing
Mutual Funds in to electronic mode. This account also provides facility to invest in
Government of India Bonds and ICICI Bank Tax Saving Bonds. 2. Active Trader account
gives more personalized investment options to the investors. It allows investor to use
online and offline stock trading. It also provides with independent market expertise
and support through a dedicated Relationship Manager from ICICI. 71

72. Active Trader also provides commodity trading. Brokerage and fees Account opening
fees : Rs 750/- (One time nonrefundable) Brokerage: ICICIDirect.com brokerage varies
 on volume of trade and inclusive of demat transaction charges, service taxes and
courier charges for contract notes. It ranges from 0.1% to 0.15% for margin trades,
0.2% to 0.425% for squared off trades and 0.4% to 0.85% on delivery based trades.
Disadvantages of ICICI Direct: 1. Getting access to ICICIDirect.com website during
market session can be frustrating. 5Paisa.com 5paisa is the trade name of India
Infoline Securities Private Limited (5paisa), member of National Stock Exchange and
The Stock Exchange, Mumbai. 5paisa is a wholly owned subsidiary of India Infoline Ltd,
India’s leading and most popular 72

73. finance and investment portal. 5paisa has emerged as one of leading players in e-
broking space in India. The company’s brokerage is one of the lowest in the industry. It
also provides the research on commodities. Investors can benefit from its analysis and
advice available at the click of the mouse. For those who prefer to trade the traditional
way, India Infoline investor points are available across the country. India Infoline was
founded by a group of professionals in 1995. Its institutional investors include Intel
Capital, one of the leading technology companies in the world promoted by the U K
government, ICICI, TDA and Reeshanar. The company offers a slew of products such as
stock and derivatives broking, commodities broking and mutual funds. India Bulls
Indiabulls is India's leading retail financial services company with 77 locations spread
across 64 cities. Its size and strong balance sheet allows providing varied products and
services at very attractive prices, our over 750 Client Relationship Managers are
dedicated to serving your unique needs. Indiabulls is lead by a highly regarded
management team that has invested crores of rupees into a world class Infrastructure
that provides real-time service & 24/7 access to all information and products. The
Indiabulls Professional Network offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your finger-tips. This
powerful technology is complemented by our knowledgeable and customer focused
Relationship Managers. Indiabulls offers a full range of financial services and products
ranging from Equities, Derivatives, Demat services and Insurance to enhance wealth.
73

74. Kotak Securities Limited (kotakstreet.com): Kotak Securities Ltd., a strategic joint
venture between Kotak Mahindra Bank and Goldman Sachs (holding 25% - one of the
world’s leading investment banks and brokerage firms) is India’s leading stock broking
house with a market share of 5 - 6 %. Kotak Securities Ltd. has been the largest in IPO
distribution - It was ranked number One in 2003-04 as Book Running Lead Managers in
public equity offerings by PRIME Database. It has also won the Best Equity House
Award from Finance Asia - April 2004. The company has a full fledged research division
involved in Macro Economic studies, sectoral research and company specific equity
research combined with a strong and well networked sales force which helps deliver
current and up to date market information and news. Kotak Securities Ltd is also a
depository participant with National Securities Depository Limited (NSDL) and Central
Depository Services Limited (CDSL) providing dual benefit services wherein the
investors can use the brokerage services of the company for executing the
transactions and the depository services for settling them. The company has 42
branches servicing around 1, 00,000 customers. Kotakstreet.com the online division of
Kotak Securities Limited offers Internet Broking services and also online IPO and
Mutual Fund Investments. Kotak Securities Limited manages assets over 1700 crores
 under Portfolio Management Services (PMS) which is mainly to the high end of the
market. Kotak Securities Limited has newly launched “Kotak Infinity” as a distinct
discretionary Portfolio Management Service which looks into the middle end of the
market. 74

75. Motilal Oswal Securities Ltd. (MOSt): One of the top-3 stock-broking houses in India,
with a dominant position in both institutional and retail broking, MOSt is amongst the
best-capitalized firms in the broking industry in terms of net worth. MOSt was founded
in 1987 as a small sub-broking unit, with just two people running the show. Focus on
customer-first-attitude, ethical and transparent business practices, respect for
professionalism, research-based value investing and implementation of cutting-edge
technology have enabled it to blossom into a thousand-member team. The institutional
business unit has relationships with several leading foreign institutional investors (FIIs)
in the US, UK, Hong Kong and Singapore. In a recent media report MOSt was rated as
one of the top-10 brokers in terms of business transacted for FIIs. The retail business
unit provides equity investment solutions to more than 50,000 investors through 270
outlets spanning 150 cities and 22 states. MOSt provides Advice-Based Broking,
Portfolio Management Services (PMS), E-Broking Services, Depository Services,
Commodities Trading, and IPO and Mutual Fund Investment Advisory Services. Its
Value PMS Scheme gave a 160% post-tax return for the year ended March 2004. With
value investing at the core of its investment philosophy, a strong research team
consistently provides high-performance ideas. MOSt’s equity research has been
consistently ranked very highly in surveys conducted by leading international
publications like Asiamoney and Institutional Investor. In Asia Money Brokers Poll 2003
MOSt has been rated as the Best Domestic Research House - Mega Funds ,while in
2000 and 2002 it has been rated as the Best Domestic Equity Research House and
Second best amongst Indian Brokerage firms respectively. 75

76. February 1999 - Acquired membe♣ April 1998 - Commenced operations as a Portfolio
Manager ♣ 1996 - Started to act as Arranger to Privately Placed Bond issues ♣
December 1996 - Started operations as a Depository Participant ♣ October 1996 -
Commenced Debt Broking on NSE WDM segment ♣ July 1995 - Built agent Distribution
Network across the country ♣ March 1995 - Commenced Equity Broking on NSE CM
segment ♣IDBI Capital Market Services Ltd. IDBI Capital is a leading Indian securities
firm offering a complete suite of products and services to individual, institutional and
corporate clients. IDBI Capital Market Services Ltd. (IDBI Capital), a wholly owned
subsidiary of Industrial Development Bank of India (IDBI), is a leading Indian securities
firm, offering a complete suite of products and services to individual, institutional and
corporate clients. Our services include fixed income trading, equities brokerage, debt
and equity derivatives, research, private placements, depository services, portfolio
management and distribution of financial products. Over the last five years, we have
emerged as a leading player in each of these businesses. October 2002- Commenced
trading in Interest Rate Swaps 76♣ March 2002 - Achieved an outright secondary
market turnover exceeding Rs100,000 cr in G-Secs ♣ June 2000 - Acquired Derivatives
memberships of BSE and NSE ♣ November 1999 - Started operations as a Primary
Dealer ♣rship of BSE, Mumbai

77. Refco - Sify Securities India Pvt. Ltd Refco-Sify Securities India Pvt. Ltd., headquartered
in Mumbai, is a joint venture between the Refco Group Holding Ltd., USA; and Satyam
 Infoway Limited (NASDAQ: SIFY) to offer online and offline equity and derivatives
trading for retail customers as well as execution and clearing services for financial
institutions. Refco also provides clients with prime brokerage services, fixed income,
equities, foreign exchange, OTC derivatives and asset management. Refco is a leader
in providing clients with the latest technological advances in products and services. Its
proprietary systems and global infrastructure provide the flexibility to meet all client
requirements. Client service is what sets Refco apart from its competitors. Refco
understands the unique business requirements of each of its clients and tailors its
products and services to meet those requirements. UTI SECURITIES LTD.: (UTISEL) UTI
Securities Ltd was incorporated on June 24, 1994 by Unit Trust of India as a 100%
subsidiary and on the repealing of the UTI Act, the capital is now held by the
Administrator of the Specified Undertaking of Unit Trust of India (ASUUTI). UTI
Securities has been working as an independent professional entity for providing
financial intermediary and advisory services to its corporate and retail clientele. The
Company has presence in major cities with 20 branches and 50 franchisees to service
a wide range of clients. The company has also invested in the joint-venture company
with Standard Chartered Bank viz. Standard Chartered UTI Securities (P) Ltd. that is
engaged in primary dealership and Government securities. The company is very soon
going to start Commodity Trading through its subsidiary, USEc Commodities Ltd, which
provides facility of commodity trading on NCDEX and MCX. 77

78. KARVY Karvy is a premier integrated financial services provider, and ranked among the
top five in the country in all its business segments, services over 16 million individual
investors in various capacities, and provides investor services to over 300 corporate,
comprising the who is who of Corporate India. Karvy has a professional management
team and ranks among the best in technology, operations and research of various
industrial segments. History of Karvy :- The birth of Karvy was on a modest scale in
1981. It began with the vision and enterprise of a small group of practicing Chartered
Accountants who founded the flagship company, Karvy Consultants Limited. They
started with consulting and financial accounting automation and carved inroads into
the field of registry and share accounting by 1985. Since then, karvy utilized its
experience and superlative expertise to go from strength to strength, to better their
services, to innovate, diversify and in the process, evolved as one of India’s premier
integrated financial service enterprise. Religare Securities Limited (RSL) Religare
Securities Limited (RSL), a 100% subsidiary of Religare nterprises Limited is a leading
equity and securities firm in India. The company urrently handles sizeable volumes
traded on NSE and in the realm of online trading and investments; it currently holds a
reasonable share of the market. The major activities and offerings of the company
today are Equity Broking, Depository Participant Services, Portfolio Management
Services, International Advisory Fund Management Services, Institutional Broking and
Research Services. To broaden the gamut of services offered to its investors, the
company offers an online investment portal armed with a host of revolutionary 78

79. features. • RSL is a member of the National Stock Exchange of India, Bombay Stock
Exchange of India, Depository Participant with National Securities Depository Limited
and Central Depository Services (I) Limited, and is a SEBI approved Portfolio Manager.
• Religare has been constantly innovating in terms of product and services and to offer
such incisive services to specific user segments it has also started the NRI, FII, HNI and
 Corporate Servicing groups. These groups take all the portfolio investment decisions
depending upon a client’s risk / return parameter. • Religare has a very credible
Research and Analysis division, which not only caters to the need of our Institutional
clientele, but also gives their valuable inputs to investment dealers. 79

80. SHAREKHAN ICICIDIRECT RELIGARE HDFCSEC 5PAISA INDIABUL .COM LS . COM . COM .
COM NIL 750/-(waive 20550/-(20,000 750/- 420/-(fresher) 700/- A/C off if trading is as
margin) (EXISTINGR And 250/- OPENING more than Rs. ELATIONSH (Traders) CHARGE 1
lakh) IP) S OR 799/- FREE (1ST FREE FOR 30 p.m. 500 p.a. 250/-P.A. NO AMC YEAR) 1ST
YEAR DEMAT AND 415/- AND 300/- A/C P.A. P.A. FROM FROM 2ND YEAR CHARGE 2ND
YEAR ONWARDS S ONWARDS 2(CLASSIC & Web based 5type(1.HMR Web based
2(TRADER Web based TRADE GATEWAY TERMINAL, TYPE OF TIGER) A/C, HMR
INVESTOR ACCOUN VALUE A/C, TERMINAL) T HMR PRIVILEGE A/C, HMR HIGHTRADE R
A/C, HMR FREEWAY A/C) 80

81. TRADING BOTH WEBSITE Both are WEBSITE BOTH WEBSITE THROUG Software H 1.
Keat WEBSITE Desktop OR SOFT- 2. Keat WARE Premium SHAREKHAN ICICIDIRECT
HMRSTREET HDFCSEC 5PAISA INDIA .COM .COM .COM .COM .COM BULLS NSE/BSE/
NSE/BSE/ NSE/ NSE NSE/ NSE/ DERIVA- NSE/BSE/ MUTUAL DERIVATIVE DERIVATIVE
DERIVATI TIVES/ DERIVATIVES FUNDS/ S/ S/ VES ARBIT- Derivatives MUTUAL
ARBITRAGE RAGE/ FUNDS ON MUTUAL DELIVERY/M FUNDS UTUAL FUNDS SOFT- Nil
N.A. 500/- or 300 /- N.A. 1000/- N.A. WARE p.m. commitment of CHARGE (NEGOTIABL
brokerage S E ON VOLUME) DAIL-N- UNLIMITED On 21st 15/- TO 25/- RM Local call RM
TRADE call Rs 20/- FROM 21ST NUMBER charges NUMBER per call(P.M.) CALL
PROVIDED PROVIDED FOR FOR TRADING TRADING 0.05 % OR DEMAT NIL INCLUDING .
04% OR RS. .04% or Rs. minimum of RS. 17/- TRANSAC- (THROUGH IN 25/- ON 25
whichever Rs. 20/- per PER TION SHRAKHAN) BROKERAGE SELLING is higher instruction
TRANSAC CHARGES whichever (ON TION 81

82. is higher SELLING) (ON SELLING) TIE UP HDFCBANK, ICICIBANK HMR HDFCBAN HDFC
Bank, HDFC WITH IDBIBANK, ONLY MAHINDRA K ONLY ICICI Bank, BANK, BANKS CITI
BANK, (COMPULSO BANK (COMPULS UTI Bank, ICICIBAN UTIBANK, RY) CITI BANK ORY)
Citibank, K, OBC, UTIBANK Global Trust ABNAMRO ICICI BANK, HDFCBANK Bank or
BANK, YES BANK, (COMPULSIO Centurion STANCHA UNION N) Bank RT BANK, BANK OF
CITIBANK INDIA, CANARA BANK, INDUSIND BANK SHAREKHAN ICICIDIRECT HMR
HDFCSEC 5PAISA INDIABUL .COM .COM STREET. .COM .COM LS COM BUY YES YES BUT
YES, NO YES YES TODAY ONLY ON UPTO 75% SELL 127 SCRIPS SHARES TOMOR- OF
NSE VALUE ROW IPO YES YES YES NO YES NO ONLINE SMS 100 P.M. YES 100/- P.M. NO
NO NO ALERTS RESEA- FREE 450 P.A. FREE FREE FREE PAID 100/- RCH P.M REPORTS
82

83. 4 to 6 4 TIMES MINIMU 4 TO 6.7 4 TIMES 4 TO 6 TIMES 4 times times(online) ONWARDS

M TIMES 10 MARGIN times(Offline) EXPO- SURE 5000/-,1,00,00 500 MINIMU Nil 5000/-
0/-or 5000/- 5000/- BLOCKED M 5,00,000/- BY MARGIN (according to THE account)
SYSTEM Volume Nil Nil Yes, according Nil Rs 1000/- NIL require- to Commitment as
ment product brokerage BROKE- .1% .1%to.15% .06% .15% .05% .1% RAGE
(INTRADAY) (INTRA- (INTRADAY) (INTRA- (INTRA-DAY) (INTRADA .5% DAY) .59% DAY) .
25% Y) (DELIVERY) .4% to .85% (DELIVERY) .5% (DELIV-ERY) .5% (DELIVERY (DELIV-
(DELIVER ERY) Y) (excluding taxes) 83
84. To understand the problem faced by customers and finding way to solve the queries.
84¬ To make clients and let them know about the different services offered by the
SHAREKHAN. ¬ Checking the satisfaction level of the customers towards preferred
broking house. The secondary objective is: ¬ Analyzing the preferred broking house. ¬
Study of influencing factors affecting the purchase decision. ¬ To provide pricing
strategy of competitors to fight cut throat competition. ¬ To expand the market
penetration of Sharekhan ltd. ¬ To collect the real time information about preference
level of customers using Demat account and their inclination towards various other
brokerage firms e.g. India bulls, Angel broking, India infoline, Religare, Alan- kit,
Unicon. ¬ Evaluation of preferred investments in various mode and industry. ¬
Checking the awareness level of online share trading. ¬OBJECTIVE The primary
objective is:

85. Observe the patterns of the scripts. 85¬ Get the knowledge of technical as well as
fundamental methods. ¬ Maintaining dairy of clients and contacting them at regular
basis. ¬ Then we have to visit them and get the formed filled from them. ¬ Then after
that we have to provide details of product and convince them. ¬ They provide leads
and after that we make calls. ¬ After that they conduct a mock viva, in this they ask
about the real life problem faced by the customers. ¬ In the first phase we are trained
and they teach us different things about market. ¬RESEARCH METHODOLOGY
INTRODUCTION Research Methodology refers to search of knowledge .one can also
define research methodology as a scientific and systematic search for required
information on a specific topic. The word research methodology comes from the word
“advance learner ‘s dictionary meaning of research as a careful investigation or inquiry
especially through research for new facts in my branch of knowledge for example
some author have define research methodology as systematized effort to gain new
knowledge. Methodology of the project starts with –

86. Exploratory Research: Exploratory research is a type of research conducted because a

problem has not been clearly defined. Exploratory research helps determine the best
research design, data collection method and selection of subjects. Given its
fundamental nature, exploratory research often concludes that a perceived problem
does not actually exist. Exploratory research often relies on secondary research such
as reviewing available literature and/or data, or qualitative approaches such as
informal discussions with consumers, employees, management or competitors, and
more formal approaches through in-depth interviews, focus groups, projective
methods, case studies or pilot studies. The results of exploratory research are not
usually useful for decisionmaking by themselves, but they can provide significant
insight into a given situation. Although the results of qualitative research can give
some indication as to the "why", "how" and "when" something occurs, it cannot tell us
"how often" or "how many." Exploratory research is not typically generalizable to the
population at large. Research is exploratory when you use no earlier model as a basis
of your study. The most usual reason for using this approach is that you have no other
choice. Normally you would like to take an earlier theory as a support, but there
perhaps is none, or all available models come from wrong contexts. Exploratory
research means that hardly anything is known about the matter at the outset of the
project. You then have to begin with a rather vague impression of what you should
study, and it is also impossible to make a detailed work plan in advance. Analysis in
 exploratory research is essentially abstraction and generalization. Abstraction means
that you translate the empirical observations, measurements etc. into concepts;
generalization means arranging the material so that it disengages from single persons,
occurrences etc. and focuses on those structures (invariances) that are common to all
or most of the cases. 86

87. It will seldom be possible to divide exploratory study into such clear phases as is
common in the case that the object has been studied earlier. According to Alasuutari
(1993 p.22), in qualitative analysis of empirical findings, you can distinguish two
phases but these two overlap: · simplification of observations · interpretation of results
(or "solving the enigma") In the simplification phase, the material is inspected from the
theoretical point of view of the study project, and only the points relevant from this
angle are noted. Details differing from one individual to another at random are omitted
or pushed aside so that the general lines of the data can be discerned more easily.
Simplification continues by finding the relationships between separate bservations or
cases. Some tools for this work are comparison and classification. The goal is to find
the general rule or model that is valid in all or most of the observations. This model
can be, for example, development or evolution, causality, or a conscious action to
attain an outcome which is typical in normative research. -- In any case the analysis
starts from separate cases and aspires to create one or a few general models. "Solving
the enigma" does not always mean answering exactly those questions that were asked
at the outset of the project. Sometimes the most interesting questions are found at the
end of the research, when the researcher has become an expert on the subject. It is
often said that "data teach the researcher". The purpose of descriptive exploratory
research is to extract a structure from the source material which in the best case can
be formed as a rule that governs all the observations and is not known earlier (per the
definition of exploratory study). Finding the unknown structure may need some
creative innovation, because even the most sophisticated computerized analysis
methods cannot automatically uncover which type of structure is concealed in data.
Usually you first have to formulate a tentative pattern for the assumed structure in the
observations and then you can ask the computer to estimate how well the data
corresponds to the model, cf. Tools for Analysis. 87

88. METHODS OF DATA COLLECTION In the project work Primary data secondary data
(both) sources of data has been used . 1. Primary data collection: In dealing with real
life problem it is often found that data at hand are inadequate, and hence, it becomes
necessary to collect data that is appropriate. There are several ways of collecting the
appropriate data which differ considerably in context of money costs, time and other
resources at the disposal of the researcher. Primary data can be collected either
through experiment or through survey. The data collection for this study was done in
the following manner: Through personal interviews:- A rigid procedure was followed
and we were seeking answers to many pre- conceived questions through personal
interviews. Through questionnaire:- Information to find out the investment potential
and goal was found out through questionnaires. Through Tele-Calling:- Information was
also taken through telephone calls. 2. Secondary sources of data: In the secondary
sources of data is used. (Internet , magazine ,books, journals) In research, secondary
data is data collected and possibly processed by people other than the researcher in
question. Common sources of secondary data for social science include censuses, large
 surveys, and organizational records. In sociology primary data is data you have
collected yourself and secondary data is data you have gathered from primary sources
to create new research. In terms of historical 88

89. research, these two terms have different meanings. A primary source is a book or set
of archival records. A secondary source is a summary of a book or set of records.
Secondary data analysis: There are two different types of sources that need to be
established in order to conduct a good analysis. The first type is a primary source
which is the initial material that is collected during the research process. Primary data
is the data that the researcher is collecting themselves using methods such as
surveys,direct observations, interviews, as well as logs(objective data sources).
Primary data is a reliable way to collect data because the researcher will know where it
came from and how it was collected and analyzed since they did it themselves.
Secondary sources on the other hand are sources that are based upon the data that
was collected from the primary source. Secondary sources take the role of analyzing,
explaining, and combining the information from the primary source with additional
information. Secondary data analysis is commonly known as second-hand analysis. It is
simply the analysis of preexisting data in a different way or to answer a different
question than originally intended. Secondary data analysis utilizes the data that was
collected by someone else in order to further a study that you are interested in
completing. Common sources of secondary data are social science surveys and data
from government agencies, including the Bureau of the Census, the Bureau of Labor
Statistics and various other agencies. The data collected is most often collected via
survey research methods. Data from experimental studies may also be used. Sources
of secondary data: Sources of secondary data may be classified into qualitative and
quantitative. Examples of qualitative sources are biographies, memoirs, newspapers,
etc. Quantitave sources include published statistics (e.g., census, survey), data
archives, market research, etc.[1] Today, with the aid of our internet capabilities,
thousands of large scale datasets are at the click of a mouse for secondary data
analyst. Globally, there are many sources available. These sources can arrive from the
data arranged by governmental and private organizations, to data collected by any
social researcher. 89

90. Secondary data analysis is a growing research tool in our modern day society. Social
scientists have the opportunity to explore massive amounts of secondary data.
Collecting, reviewing, and analyzing secondary data The Design and Purpose of
Research Secondary data analysis consists of collecting data that was compiled
through research by another person and using that data to get a better understanding
of a concept. A good way to begin your research using secondary data that you are
collecting to further support your concept is to clearly define the goals of your research
and the design that you anticipate using. An important thing to remember when
defining your plan is to ensure that you have established what kind of data you plan on
using for your research and the exact goal. Establishing what type of research design
is an important component. In terms of using secondary data for research it helps to
create an outline of what the final product will look like consisting of all the types of
data to be used along with a list of sources that were used to compile the research. In
order to use secondary data three steps must be completed: 1. locate the data 2.
evaluate the data 3. verify the data Locating the data can be easily done with the
 advancements of searching sources online. However, people need to be aware of the
details when searching online since pages can be out of date or poorly put together.
Therefore, use caution and pay attention to whether it is a reliable data source online
and check when the last update was. To evaluate the data a researcher must carefully
examine the secondary data they are considering to ensure that it meets their needs
and purpose of study. The person must look at the population and what the sample
strategy and type were. It is also important to look at when the data was collected,
how it was collected, how it was coded and edited, along with the operational
definitions of measures that were used. Finally, the data must be verified to ensure
good quality material to be used in new research. 90

91. Determining the Types of Data and Information Needed to Conduct Analysis Data and
information collection for secondary data analysis will depend entirely upon the subject
that is central to the focal point of the study. The purpose of conducting secondary
data analysis is to further develop an improved understanding of the subject matter at
hand. Some important types of data and information that should be collected and
summarized include demographic information, information gathered by government
agencies (i.e. the Census), and social science surveys. There is also the possibility of
reanalyzing data that was collected in experimental studies or data collected with
qualitative measures that can be applied in secondary data analysis. The most
important component is to ensure that the information and data being collected needs
to relate to the subject of study. Determine the Quality of Sources of Data In secondary
data analysis, most individuals who do not have much experience in research training
or technical expertise can be trained accordingly. However, this advantage is not
without difficulty as the individual must be able to judge the quality of the data or
information that has been gathered. These key tips will assist you in assessing the
quality of the data: Determine the original purpose of the data collection, attempt to
discover the credentials of the source(s) or author(s) of the information, consider if the
document is a primary or secondary source, verify that the source well-referenced, and
finally find out the: date of the publication; the intended audience, and coverage of the
report or document. RESEARCH DESIGN For the proper analysis of data simple
quantitative technique such as percentage were used. It help in marketing more
accurate generalization From the data available .The data which was collected from a
sample of population was assumed to be representing entire population was interested
.Demographic factor like age, income and educational background was used for the
classification purpose . 91

92. On The Job Training On the job training is an important component of our training. It is
an attempt to bridge the gap between the academic institution and the corporate
world. During OJT, which would be a simulation of real work environment, requires you
to undergo the rigor of professional environment, both in form and in substance. In the
process, it provides an opportunity for us to satisfy our inquisitiveness about corporate,
provides exposure to technical skills, and helps us to acquire social skills by being in
constant interaction with the professionals of other organizations. During OJT we are
required to undertake assignmentjobs along with the day-to- day function of the
company, both at the assistance and execution level. This will help to gain a deeper
understanding of the work, culture, deadlines, and pressure etc. of an origination.
 STRATEGY – · Tele-calling · Personal appointments · Making arrangements for the
requirements · Open Demat Account · Again visit for trading 92

93. DATA ANALYSIS AND INTERPRETATION Q1. In which of these Financial Instruments do
you invest into? Financial Instrument Percentage of respondent Mutual Fund 75% Bond
16% Online trading 7% Derivative 2% Result of Preference of Investment
Interpretation: 93

94. This shows that although the mutual funds market is on the rise yet, the most favored
investment continues to be in the Share Market. So, with a more transparent system,
investment in the Stock Market can definitely be increased. Q2. Are you aware of
online Share trading? Aware of online share trading Percentage of respondent Yes 72%
No 28% Result of awareness of online trading Interpretation: 94

95. With the increase in cyber education, the awareness towards online share trading has
increased by leaps and bounds. This awareness is expected to increase further with
the increase in Internet education. Q3. Heard about Sharekhan ltd.? Awareness of
Sharekhan ltd. Percentage of respondent Yes 70% No 30% Interpretation: 95

96. This pie-chart shows that This brand image should be further leveraged by the
company to increase its market share over its competitors. Q4. Do you know about the
facilities provided by Sharekhan ltd.? Awareness of Sharekhan ltd. Percentage of
respondent Services Yes 36% No 64% Awareness of Sharekhan ltd.Facilities 36% yes
64% No Interpretation: 96

97. Although there is sufficiently high brand equity among the target audience yet, it is to
be noted that the customers are not aware of the facilities provided by the company
meaning thereby, that, the company should concentrate more towards promotional
tools and increase its focus on product awareness rather than brand awareness. Q.5
Which company provide a less BROKARAGE rate ? Company Name Percentage of
respondent Sharekhan ltd. 22 HDFC 11 ICICI 17 97

98. INTERPRTETATION: 44% have respondent of Sharekhan ltd., 22% have respondent of
HDFC, 34% have respondent of ICICI. Q. 6 Which company provide you a large number
of product and services? Company Name Percentage of respondent Sharekhan ltd. 22
HDFC 10 ICICI 18 98

99. INTERPRETATION:- 44% have respondent of Sharekhan ltd., 20% have respondent of
HDFC, 36% have respondent of ICICI. Q. 7 How many of you satisfy with the level of
current broker? Satisfaction level among Customers with current broker Yes - 92% No-
8% 99

100. Interpretation: This pie chart accentuates the fact that Strategic marketing,
today, has gone beyond only meeting Sales targets and generating profit volumes. It
shows that all the competitors are striving hard not only to woo the customers but also
to make them Brand loyal by generating customer satisfaction. Q. 8 How many of do
training: A) Daily B) Monthly C) Weekly D) Yearly Frequency of Trading Daily- 9%
Weekly- 27% Monthly-53% Yearly-11% 100

101. Interpretation: In spite of the huge returns that the share market promises, we
see that there is still a dearth of active traders and investors. This is because of the
 non – transparent structure of the Indian share market and the skepticism of the target
audience that is generated by the volatility of the stock market. It requires efficient
bureaucratic intervention on the part of the Government. Q. 9According to your
perspective which investment gives you maximum return? (1) Share market (2) Mutual
funds (3) Purchasing insurance policy 101

102. share market mutual funds purchasing insurance policies Interpretation As of

today people believe in secured investment with no risk & high return. So insurance
policy are the best option for them as they give good return after a period of time
.Share market has also come up in a big way though the risk factor is a bit too high
despite good return. Represent a pie chart 102

103. OBSERVATION To study the sales and distribution management and improve
the Customer Acquisition Process by analyzing the consumer behavior, response and
mindset towards the product and services the company offers. 103

104. 1. Preference of Investment: Consumers want to invest 75% in Mutual funds,

16% in Bonds, 7% in online trading and 2% in Derivatives. 2. Awareness on Online
Share Trading: 72% consumers are aware of online share trading and 28% consumers
are not aware of online share trading. 3. Awareness of Sharekhan ltd.: 70% consumers
are know about Sharekhan ltd. and 30% consumers are not know about Sharekhan ltd.
4. Awareness about facilities provided by Sharekhan ltd. : 36% consumers are aware
about the facilities provided by Sharekhan ltd. and 64% consumers are not know about
the facilities provided by Sharekhan ltd. 5. Provide a less BROKARAGE rate: 44% have
respondent of Sharekhan ltd., 22% have respondent of HDFC, 34% have respondent of
ICICI. 6. Provide a large no. of Products and services: 44% have respondent of
Sharekhan ltd., 20% have respondent of HDFC, 36% have respondent of ICICI.
FINDINGS 104

105. Main purposes of investments are returnsϖ Coming to faith 70% say
Sharekhan Ltd is better than others stock brokers due to customers satisfaction. ϖ
According to the survey most of the customers of “Sharekhan Ltd” says that it is
pocket friendly. ϖ & People pay more emphasis on brokerage than service provided
by brokerage houses. LIMITATION 105ϖ People are not aware of hedging in stock
market. ϖ People want to invest their money in the security market but they haven’t
the proper knowledge. ϖ Commodity market is less preferred by the investors. ϖ
Businessmen are more interested in the stock market than the others. ϖ Investors
take risk as well as returns into their mind while making the investment. ϖ liquidity.

106. • Lack of awareness of capital market: Since the area is not known before it
takes lot of time in convincing people to start investing in shares primarily in IPO’s. •
Some people are comfortable with traditional system: As people are doing trading from
there respective brokers, they are quite comfortable to trade via physical form of
paper. • Lack of Techno Savvy people and poor internet penetration: Since most of the
people are quite experienced and also they are not techno savvy. Also Internet
penetration is poor in India. • Some respondents are unwilling to talk: Some
respondents either do not have time or willing does not respond, as they are quite
annoyed with the phone call. • Inaccurate Leads: Sometimes leads are provided which
had error in it, which varies from only 5- digit phone number to wrong phone number •
 Misleading concepts: Some people think that as all the shares are in electronic form
and they don’t have any physical proof. Sometimes this leads to a great misconception
of the entire process. • The time constraint was one of the major problems. 106

107. • The study is limited to the different schemes available under the Demat
account selected. • The lack of information sources for the analysis part. •
Geographical locations. • Extreme variability in MARKET. SUGGESTIONS 107

108. Provide the facility of free demonstrations for all. 108¬ Commitment should be
equalized for every person. ¬1. MORE BRANCHES – Need to open more branches to be
a topper in market Because it has a low distribution network. 2. LESS TIME – They
should try to make some arrangements to reduce account opening time by verifying
documents at branch it selves. 3. LINK-BANK A/Cs – Linked as many accounts as client
wants to its online account. 4. NEW BANKS IN THE KITTY – Need to tie up with major
banks like SBI, Allahabad Bank, Bank of Baroda etc. 5.CUSTOMER SATISFACTION – The
company should focus on the customer satisfaction not on just taking money from
their pocket. 7.CONTROLLED BRANCHES – The company would have to make some
arrangements to control the branches and make standardized procedures for all of
them for their better control and performance appraisal.

109. Improvement in the opening of De-mat¬ & Seminars should be held for
providing information to prospective and present customers. 109¬ People at young age
should be encouraged to invest in stock market. ¬ Some promotional activities are
required for the awareness of the customer. ¬ There should be a limited number of
clients under the relationship manger. So that he can handle new as well as old
customer properly. ¬contract notice procedure is required.

110. CONCLUSION On the basis of the study it is found that Sharekhan Ltd is better
services provider than the other stockbrokers because of their timely research and
personalized advice on what stocks to buy and sell. Sharekhan Ltd. provide the facility
of Trade tiger as well as relationship manager facility for encouragement and protect
the interest of the investors. It also provides the information through the internet and
mobile alerts that what IPO’s are coming in the market and it also provides its research
on the future prospect of the IPO. Study also concludes that people are not much
aware of commodity market and while it’s going to be biggest market in India. The
company should also organize seminars and similar activities to enhance the
knowledge of prospective and existing customers, so that they feel more comfortable
while investing in the stock market. 110

111. BIBLIOGRAPHY Websites: 1. www.Google.com 2. www.bseindia.com 3.

www.nseindia.com 4. www.moneycontrol.com 5. www.sharekhan.com 6.
www.icicidirect.com 7. www.5paisa.com 8. www.Indiabulls.com 9.
www.hdfcsecurities.com 10. WWW.KARVY.COM NEWSPAPERS: 1. ECONOMIC TIMES 2.
TIMES OF INDIA 3. FINANCIAL EXPRESS 111

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