“COMAPRATIVE ANALYSIS OF ANGEL BROKING AND

OTHER BROKERAGE FIRM”

A PROJECT SUBMITTED TO
UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF
DEGREE OF BACHELOR OF MANAGEMENT STUDIES
UNDER
THE FACULTY OF COMMERCE

SEMESTER VI

SUBMITTED BY
MR. DEVANG PUNIT JADAV

ROLL NO. M-2071

UNDER THE GUIDANCE OF

MS. TANVI KHANDHAR

D.G.RUPAREL COLLEGE OF ARTS, SCIENCE AND

COMMERCE MATUNGA (WEST) MUMBAI 400 016

MARCH-2019
D.G.RUPAREL COLLEGE OF ARTS SCIENCE AND COMMERCE
MATUNGA(W), MUMBAI- 400016

CERTIFICATE
This is to certify that Mr. DEVANG PUNIT JADAV has worked and
duly completed his project work for the degree of BACHELOR OF
MANAGEMENT STUDIES under the faculty of commerce in the
subject of FINANCE and his project is entitled, “A COMPARATIVE
ANALYSIS OF ANGEL BROKING AND OTHER BROKING FIRM”
UNDER MY SUPERVISON

I further certify that the entire work has been done by the learner under
my guidance and that no part of it has been submitted for any Degree or
Diploma of any University.

It is his own work and facts reported by his personal findings and investigation.

NAME AND SIGNATURE OF

MS.TANVI KHANDAR

DATE OF SUBMISSION
CHAPTER 1 INTRODUCTION

1.1 INDUSRY OVERVIEW

Stock markets refer to a market place where investors can buy and sell
stocks.The price at which each buying and selling transaction takes is
determined by marketforces (i.e. demand and supply for a particular stock).

Exemplify how market forces determine stock prices, take an example of ABC
Co. Ltd. which enjoys high investor confidence and there is an anticipation of an
upward movement in its stock price. More and more people would want to buy
this stock (i.e. high demand) and very few people will want to sell this stock at
current market price (i.e.less supply). Therefore, buyers will have to bid a higher
price for this stock to match the ask price from the seller which will increase the
stock price of ABC Co. Ltd. On the contrary, if there are more sellers than
buyers (i.e. high supply and low demand) for the stock of ABC Co. Ltd. in the
market, its price will fall down.
In earlier times, buyers and sellers used to assemble at stock exchanges to
make a transaction but now with the dawn of IT, most of the operations are done
electronically and the stock markets have become almost paperless. Now
investors do not have togather at the Exchanges, and can trade freely from their
home or office over the phone or through Internet.
Stock exchanges to some extent play an important role as indicators,
reflecting the performance of the country’s economic state of health. It is
exposed to a high degree of volatility; prices fluctuate within minutes and are
determined by the demand and supply of stocks at a given time. Stock brokers
are the ones who buy and sell securities on behalf of individuals and institutions
for some commission. The Securities and Exchange Board of India (SEBI) is the
authorized body, which regulates the operations of stock exchanges, banks and
other financial institutions.

The past performances in the capital markets especially the securities

scam by ‘Hasrshad Mehta’ has led to tightening of the operations by SEBI. In
addition the international trading and investment exposure has made it
imperative to better operational efficiency. With the view to improve, discipline
and bring greater transparency in this sector, constant efforts are being made and
to a certain extent improvements have been market.

1.2 HISTORY OF STOCK EXCHANGES :-

Do you know that the world's foremost market place “New York Stock
 Exchange” (NYSE), started its trading under a tree
(now known Wall Street) over 200 years ago?
Similarly, India's premier stock exchange Bombay
Stock Exchange (BSE) can also trace back its origin
to as far as 125 years when it started as a voluntary
non-profit making association.

You hear about it any time it reaches a

new high or a new low, and you also hear
about it daily in statements like The BSE
Sensitive Index rose 5% today'. Obviously,
stocks and stock markets are important.
Stocks of public limited
companies are bought and sold at a stock exchange. But what really are
stock exchanges? Known also as News on the stock market appears in
different media every day. The stock market or bourse, a stock exchange
is an organized market place for securities (like stocks, bonds, options)
featured by the centralization of supply and demand for the transaction
of orders by member brokers, for institutional and individual investors.
The exchange makes buying and selling easy. For example, you don't have
to actually go to
stock exchange, say, BSE - you can contact a broker, who does business with the
BSE, and he or she will buy or sell your stock on your behalf. All stock exchanges
perform similar functions with respect to the listing, trading, and clearing of
securities, differing only in their administrative machinery for handling these
functions. Most stock exchanges are auction markets, in which prices are
determined by competitive bidding. Trading may occur on a continuous auction
basis, may involve brokers buying from and selling to dealers.

In certain types of stock or it may be conducted through specialists

dealing in a particular stock.But where did it all start? The need for stock
exchanges developed out of early trading activities in agricultural and other
commodities. During the middle Ages, traders found it easier to use credit
that required supporting documentation of drafts, notes and bills of
exchange. The history of the earliest stock exchange, the French stock
exchange, may be traced back to 12th century when transactions occurred in
commercial bills of exchange.

The first stock exchange in India, Bombay Stock Exchange was established in
1875 as 'The Native Share and Stockbrokers Association' and has evolved over
the years into its present status as the premier stock exchange in the country. It
may be noted that BSE is the oldest stock exchange in Asia, even older than the
Tokyo Stock Exchange, which was founded in 1878. The country's second stock
exchange was established in Ahmedabad in 1894, followed by the Calcutta
Stock Exchange (CSE). CSE can also trace its origin back to 19th century. From a
get together under a 'Neem Tree' way back in the 1830s, the CSE was
formally established in May 1908.

India's other major stock exchange National Stock Exchange (NSE) promoted
by leading financial institutions, was established in April 1993. Over the years,
 several stock exchanges have been established in the major cities of India.
There are now 23 recognized stock exchanges — Mumbai (BSE, NSE and
OTC), Calcutta, Delhi, Chennai, Ahmedabad, Bangalore, Bhubaneswar,
Coimbatore, Guwahati, Hyderabad, Jaipur, Kochi, Kanpur, Ludhiana,
Mangalore, Patna, Pune, Rajkot, Vadodara, Indore and Meerut. Today, most of
the global stock exchanges have become highly efficient, computerized
organizations. Computerized networks also made it possible to connect to each
other and have fostered the growth of an open, global securities market.
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.
Indiainfoline.com,ICICIDirect.Com,IndiaBulls.Com,AngelBroking.com,
HDFCSecurities.Com is some of the online broking sites in India.

1.3 ONLINE TRADING PROCESS

The various transactions involved in online trading can be shown from the point
of view of the
 client
 Broker
 Stock Exchange
 1.4 TRADITIONAL BROKERAGE

Traditionally in the stock Market, the investors invest their money in shares under
the guidance of the Brokers of any stock broking company. This is convenient to
those investors who are not familiar with the computer and the use of internet. But it
requires more dealers to the share broking companies to give guidance related to
investment.There was a chance of inaccuracy of price because it is a time
consuming process. The cost of the company also increases due to more paperwork.
The investor point of view,there was a problem of privacy. The information of
investor may leak by the broker. So,to remove these limitations of traditional
broking, there was an emergence of new concept e-Broking.

1.5 E- BROKING:

Electronic trading, sometimes called E-Trading, is a method of trading

securities (such as stocks, and bonds), foreign currency, and exchange traded
derivatives electronically. It uses information technology to bring together buyers
and sellers through electronic media to create a virtual market place.
As we know, historically, stock markets were physical locations where buyers and
sellers met and negotiated. With the improvement in communications technology,
the need for a physical location is of diminishing importance as the buyers and
sellers can electronically exchange indications of interests as well as negotiate from
a remote location. Electronic trading makes transactions easier to complete,
monitor, clear, and settle. These are major drivers for most market regulators to
insist that all markets eventually must be developed electronically
The significance of the E broking increases day by day due to the benefits like
reduction in the cost of transactions, Greater liquidity, Greater competition,
Increased Transparency etc.
1.6 DEMAT ACCOUNT:
Demat refers to a dematerialized account. Though the company is under obligation
to offer the securities in both physical and demat mode, you have the choice to
receive the securities in either mode. If you wish to have securities in demat mode,
you need to indicate the name of the depository and also of the depository
participant with whom you have depository account in your application.

It is, however desirable that you hold securities in demat formas physical
securities carry the risk of being fake, forged or stolen.Just as you have to open an
account with a bank if you want to save your money, make cheque payments etc,
Nowadays, you need to open a demat account if you want to buy or sell stocks.
So it is just like a bank account where actual money is replaced by shares. You
have to approach the DPs (remember, they are like bank branches), to open your
demat account. Let's say your portfolio of shares looks like this: 150 of Infosys, 50
of Wipro, 200 of HLL and 100 of ACC. All these will show in your demat account.
So you don't have to possess any physical certificates showing that you own these
shares. They are all held electronically in your account. As you buy and sell the
shares, they are adjusted in your account. Just like a bank passbook or statement,
the DP will provide you with periodic statements of holdings and transactions.
In India, a demat account, the abbreviation for dematerialised account, is a type of
banking account which dematerializes paper-based physical stock shares. The
dematerialised account is used to avoid holding physical shares: the shares are
bought and sold through a stock market.

1.7 INDIAN STOCK BROKING NDUSTRY

The brokerage industry is currently characterized by a large number of companies

(private or unorganized). In effect it is a fragmented industry with a large number of
participants. The industry thus has monopolistic competition i.e.a large number of
firms selling as lightly differentiated product.
Indian stock broking industry
is the oldest trading industry that has been around even before the establishment of
BSE in 1875. Despite passing through a number of changes in post liberalization
period, the industry has found its way towards sustainable growth. With the purpose
of gaining deeper understanding about the role of Indian
stock broking industry, in the country economy
, let us have a look at the following data-:

 On the basis of geographical concentration, Western region has maximum of

52%, around 24% are located in the North, 13% in South, and 10% in the
East.

 3% of firms started broking operations before 1950, 65% between 1950-

1995, and 32% post 1995.

 On the basis of terminals 40% are located in Mumbai, 12% inDelhi, 8% in

Ahmadabad, 7% in Kolkata, 4% in Chennai, and29% in other cities.

 From the study it was found that 36% of firms trade in cash,27% in
derivatives, and 20% in cash, derivatives and commodities.

 In the cash market, 34% trade in NSE, 14% in BSE, 45% in both. Whereas
in debt market, 31% trade in NSE, 26% trades in BSE, and 43% in both.
  Majority branches are located in North, i.e. 40%, 31% in West,24% in South,
and 5% in East.

 In terms of sub-brokers, around 55% are located in South, 29%in West, 11%
in North, and 4% in East.

 Trading, IPOs and Mutual Funds are the top three products offered by 90%
of firms offering trading, 67% IPOs, and 53%offering Mutual Fund
transaction.

 In terms of various areas of growth, 84% of firms have shown their interest
in expanding their institutional clients, 66% firms intend to increase FIIs,
and 34% are interested in setting up Joint Ventures in India and abroad.

1.8 FUNCTIONARIES OF STOCK MARKET

1.Stockbrokers
Stock brokers are the members of stock exchanges. These are the persons who buy,
sell or deal in securities. A certificate of registration from SEBI is mandatory to act
as a broker. SEBI can impose certain conditions while granting the certificate of
registrations. It is obligatory for the person to abide by the rules regulations and
the buy law . Stock brokers are commission broker, floor broker ,arbitrageur etc.
Details of regrister Brokers
Total no of regrister Broker as on 31 Dec 2018 is 13000 and Total no of
regrister Sub Broker as on 31 Dec 2018 is 38000.
2.Sub-broker
A sub-broker acts as agent of stock broker. He is not a member of a stock exchange.
He assists the investors in buying ,selling or dealing in securities through
stockbroker. The broker and sub-broker should enter into an agreement in which
obligations of both should be specified. Subbroker must be registered SEBI for a
dealing in securities. For getting registered with SEBI, he must fulfill certain rules
and regulation.

3.Market makers
Market maker is a designated specialist in the specified securities. They make both
bid and offer at the same time. A market maker has to abide by laws, rules and
regulation of the concerned stock exchange.

4.Portfolio consultants
A combination of securities such as stocks, bonds and money market instruments is
collectively called as portfolio. The portfolio consultants are the persons, firms
or companies who advice ,direct or undertake the management or administration of
securities or funds on behalf of their clients. At present there are 23 recognized
stock exchanges in India. Indian stock exchange allows a member broker to perform
following activities:

1.9 PESTEL ANALYSIS OF BROKERAGE INDUSTRY

PESTEL analysis stands for "Political, Economic, Social,

Technological, Environmental and Legal analysis" and describes a
framework of macro-environmental factors used in the environmental
scanning component of strategic management. It is a part of the external
analysis when conducting a strategic analysis or doing market research,
and gives an overview of the different macro environmental factors that
the company has to take into consideration. It is a useful strategic tool for
understanding market growth or decline, business position, potential and
direction for operations.
 Political factors are how and to what degree a government
intervenes in the economy. Specifically, political factors include
areas such as tax policy, labour law, environmental law, trade
restrictions, tariffs, and political stability.
 Economic factors include economic growth, interest rates,
exchange rates and the inflation rate. These factors have major
impacts on how businesses operate and make decisions. For
example, interest rates affect a firm's cost of capital and therefore to
what extent a business grows and expands.
 Social factors include the cultural aspects and include health
consciousness, population growth rate, age distribution, career
attitudes and emphasis on safety. Trends in social factors affect the
demand for a company's products and how that company operates.
 Technological factors include technological aspects such as R&D
activity, automation, technology incentives and the rate of
technological change. They can determine barriers to entry,
minimum efficient production level and influence outsourcing
decisions. Furthermore, technological shifts can affect costs, quality
and lead to innovation.

 Environmental factors include ecological and environmental

aspects such as weather, climate, and climate change, which may
especially affect industries such as tourism, farming, and insurance.

 Legal factors include discrimination law, consumer law, antitrust

law, employment law, and health and safety law. These factors can
affect how a company operates, its costs, and the demand for its
products
CHAPTER 2 COMPANY PROFILE

2.1 INTRODUCTION AND HISTORY

“Angel Broking” is the retail broking arm of SSKI, an organization

with more than eight decades of trust & credibility in the stock market. It is
India's leading retail financial Services Company with We have over 250 share
shops across 115 cities in India. While our size and strong balance sheet allow us
to provide you with varied products and services at very attractive prices, our
over 750 Client Relationship Managers are dedicated to serving your unique
needs. Angel Broking is lead by a highly regarded management team that has
invested crores of rupees into a world class Infrastructure that provides our
clients with real-time service & 24/7 access to all information and
products. Our flagship Angel Broking Professional Network offers real-time
prices, detailed data and news, intelligent analytics, and electronic trading
capabilities, right at your finger tips. This powerful technology
complemented by our knowledgeable and customer focused Relationship
Managers. We are creating a world of Smart Investor. Angel Broking offers a
full range of financial services and products ranging from Equities to Derivatives
enhance your wealth and hence, achieve your financial goals. Angel Broking'
Client Relationship Managers are available to you to help with your financial
planning and investment needs. To provide the highest possible quality of
service, Angel Broking provides full access to all our products and services
through multi- channels
2.2 INTRODUCTION TO ANGEL

Company is one of the largest independent full-service retail broking

houses in India in terms of active clients on NSE as of July 31, 2018. We
are a technology-led financial services company, that provides broking and
advisory services, margin funding, loans against shares (through one of our
Subsidiary, Angel Fincap Private Limited), and financial products distribution to
our clients under the brand "Angel Broking". Our broking services are offered
through our online and digital platforms and our network of more than 11,000 sub-
brokers, as of June 30, 2018. We have more than 850,000 downloads of our Angel
Broking mobile app and more than 450,000 downloads of Angel BEE app, which
enables our clients to avail our services digitally. Through our network of sub-
brokers and over 110 branches, we have a pan-India presence in over 1,800 cities
and towns as of June 30, 2018. As of June 30, 2018, our Company managed Rs.
113.02 billion in client assets and over 1.11 million active broking accounts.

Angel Broking Limited (formerly known as Angel Broking Private Limited) is a

member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE),
Metropolitan Stock Exchange of India (MSEI), NCDEX & MCX. Angel Broking
Limited (formerly known as Angel Broking Private Limited) is also registered as a
Depository Participant with CDSL

We believe that our experience of over two decades has helped us to integrate our
knowledge and expertise in the broking industry with the technology we provide to
our retail clients through various platforms. We have enhanced client engagement
and experience through application of technology to all our services, including the
launch of our mobile application for broking services in the year 2011, KYC
authentication and complete client on-boarding through the electronic and digital
medium in the year 2015 and 2016, respectively

. Angel habitually generates value added features without the cost burden
 being passed on to the clients as they strongly believe that better understanding
of client’s needs and wants is their top priority. Their e-broking facility is one
such effort, which gives the client a platform to access state of the art trading
facility at the click of a button.
Angel has always strived for delivering customer delight and developing strong
long term bonds with its clients as well as channel partners. Angel thrives on a
vision to introduce new and innovative products and services constantly.
Moreover, Angel has been among the pioneers to introduce the latest
technological innovations and integrate them efficiently within its business

2.3 Our Strengths

We believe we have the following competitive strengths:

 One of the largest independent full-service retail broking houses in terms of

number of clients on NSE with strong brand equity
 Ensuring client satisfaction through the implementation of advanced
technology and digitisation.
 Strong client base through our online and digital platform and sub-broker
network
 Significant market share in the cash and commodity segment
 Track record of continuous growth and strong financial performance.
 Proven and experienced management team and execution strength

2.4 Our Vision

To provide best value for money to investors through innovative products,

investment strategies, advanced technology, and personalized service.

2.5 Our Motto

To have complete harmony between quality in process and continuous improvement

to deliver exceptional service that will benefit our clients.
2.6 About the Angel

Angel Booking’s tryst with excellence in customer relations began more

than 20 years ago. Angel Group has emerged as one of the top 3 retail broking
houses in India and incorporated in 1987. Today, Angel has emerged as a
premium Indian stock-broking and wealth management house, with an absolute
focus on retail business and a commitment to provide "Real Value for Money" to
all its clients.
ANGEL GROUP COMPANIES

Member on the BSE and Depository Participant with

Angel Broking Ltd.
CDSL

Angel Capital & Debt Market Membership on the NSE Cash and Futures & Options
Ltd. Segment

Angel Commodities Broking Ltd. Member on the NCDEX & MCX

Angel Securities Ltd. Member on the BSE

Incorporated :1997
BSE Membership :1997
NSE membership :1998
Member of NCDEX and
MCX Depository Participants
with CDSL

Angel Broking
Type Public company

Industry Stock Broker and Financial services

Headquarters Mumbai

India

Key people Dinesh Thakkar

(Chairman & Managing Director)

 Equity Trading
Services
 Commodities
 Portfolio Management Services
 Mutual funds
 Life & Health insurance
 IPO
 Depository Services
 Investment Advisory

Website https://www.angelbroking.com

2.7 Management
S.No Name Designation & Department

1. Mr. Dinesh Thakkar : Founder Chairman & Managing Director

2. Mr. Lalit Thakkar : Director – Research

3. Mr.Vinay agrawal : Executive Director – Strategy and Finance

4. Mr.Uday sankar roy : Executive Director – HR & Corp

5 Mr.ketan Shah : Executive Director – Equity Broking

6. Mr.Vineet argawal : Executive Director - Sales and Marketing

Executive Director - Distribution & Wealth

7 Mr.Vikram negi :
Management
8. Mr. Anish motiwala : Executive Director – Operations

2.8 MILESTONE

2018

Our Company was granted the 'Fulcrums of Commodity Derivatives Market' award
by MCX

2017

Our Company was granted the 'Fintech Trading Platform of the Year' award at
MONEYTECH Awards 2017 presented by BusinessEx.com

2016

Angel Broking’s ARQ has been awarded for its Technology Effectiveness at Global
Marketing Excellence Awards by World Marketing Congress.

2015

Angel Broking was awarded the 'Top Performer in Equity Segment' of the year -
BSE.

2014

Angel Broking was awarded the Top Ten Performing Members in New Client
Enrollments - NSE.

2013
Angel Broking was awarded the 'Broking House with the Largest Distribution
Network 2013

2011

Awarded the 'Best in Contribution Investor Education & Category Enhancement of

the year' and 'Best Commodity Research of the year'.

2010
Angel Broking bags the coveted ‘Major Volume Driver’ Award by BSE for
2010

2009

Angel Broking wins two prestigious awards for 'Broking House with Largest
Distribution Network' and 'Best Retail Broking House' at Dun & Bradstreet Equity
Broking Awards

2008
Crossed 500000 trading accounts

2007
‘Major Volume Driver’ for 2007

2006
Created 2500 business associate
2006 Launched Mutual Fund and IPO business
2006 Launched the PMS function

2005
‘Major Volume Driver’ award for 2005
 2004
Launched Online Trading Platform
2004 Initiated Commodities Broking division

2003
First published research report

2002
Angel’s first investor seminar

2002 Developed web-enabled back office software

1998
Angel Capital and Debt Market Ltd. Incorporated

1997
Angel Broking Ltd. Incorporated

2.9 Angel logo

 2.10 Unique Propositions
 A very strong and dedicated Research and Advisory desk.
  One of the highest success ratios in both technical and fundamental calls.

 An excellent IT infrastructure in place with over 18144 trading terminals and

610 VSATs with a server uptime of 99.9%.

 100% Retail centric focus and total commitment towards retail customers.

 Some of the best fund managers running our Portfolio Management Services
to enable clients to minimize their risk, enhance return and diversify their
portfolios.

 Training Programs to upgrade the knowledge base & competency levels of

our employees, channel partners & even our end customers.

 Our KYC operations run 24/7 to ensure a TAT of less than 48 hours to
generate client codes.

 One of the lowest transaction charges of depository services in the country

2.11 ORGANIZATIONAL STRUCTURE

Products of Angel Broking

1. Online Trading
2. Commodities

3. DP Services

4. Portfolio Management Service

5. Investment Advisory Service

6. IPO Advisory
 7. Mutual Fund
8 .personal loan

9.Quality assurance

a.Online Trading

Specially designed for the net savvy traders and investors who
prefer operating from their home or office through the internet. The
investor can access state of the art Technology with three different e-
broking products and voila trading on BSE, NSE, F & O, MCX and
NCDEX.

ANGEL DIET
Application based product for
Traders. Application based ideal
for traders. Multiple exchanges
on single screen Online fund
transfer facility User friendly &
simple navigation BSE, NSE,
F&O, MCX & NCDEX

ANGEL ANYWHERE
Application based product for Traders with
Charts. Application-based platform for day
traders Intra-day/historical charts with
various indicators Online fund transfer
facility BSE, NSE, Cash & Derivatives

ANGEL TRADE
Browser based product for
Active Investors. Browser
based for investor
No installation required
 Advantage of mobility
Trading as simple as internet surfing
BSE, NSE, F&O, MCX & NCDEX

ANGEL INVESTOR

User-friendly browser for investors

Easy online trading platform
Works in proxy and firewall system set up
Integrated Back office: Access account
information – anytime, anywhere
Streaming quotes Refresh static
rates when required Multiple exchanges
on single screen Online fund transfer facility

b. Angel Commodities
A commodity is a basic good representing a monetary value. Commodities
are most often used as inputs in the production of other goods or services. With
the advent of new online exchange, commodities can now be traded in futures
markets. When they are traded on an exchange, Commodities must also meet
specified minimum standards known as basic grade.

Types of Commodities

● Precious Metals : Gold and Silver

● Base Metals : Copper, Zinc , Steel and Aluminum
● Energy : Crude Oil, Brent Crude and Natural Gas
● Pulses : Chana , Urad and Tur
● Spices : Black Pepper, Jeera, Turmeric , Red Chili
● Others : Guar Complex, Soy Complex, Wheat and Sugar

Benefits at Angel

● Three different online products tailored for traders & investors.

● Single Screen customized market-watch for MCX / NCDEX with BSE /
 NSE.
● Streaming Quotes and real time Rates. Intra-day trading calls.

c.Depositary Participant Services

Angel Broking Ltd. is a DP services provider though CDSL. We offer

depository services to create a seamless transaction platform to execute trades
through Angel group of companies and settle these transactions through Angel
Depository services.
● Wide branch coverage
● Personalized/attentive services of trained a dedicated staff
● Centralized billing & accounting
● Acceptance & execution of instruction on fax
● Daily statement of transaction & holdings statement on e-mail
● No charges for extra transaction statement & holdings statement

d.Portfolio Management
Service

Successful investing in Capital Markets demands ever more time and

expertise. Investment Management is an art and a science in itself. Portfolio
Management Services (PMS) is one such service that is fast gaining eminence as
an investment avenue of choice for High Net worth Investors (HNI). PMS is a
sophisticated investment vehicle that offers a range of specialized investment
strategies to capitalize on opportunities in the market. The Portfolio Management
Service combined with competent fund management, dedicated research and
technology, ensures a rewarding experience for its clients.
Angel PMS brings with it years of experience, expertise, research and the
backing of
India's leading stock broking house. At Angel, experienced portfolio
management is the difference. It will advise you on a suitable product based on
factors such as your investment horizon, return expectations and risk tolerance

PMS SCHEMES @ ANGELScheme 1: Angel OYSTER

Description :
The main objective of the scheme is wealth generation by
deliverings u p e r i o r r e t u r n s o v e r l o ng t e r m t h r o u g h i n v e s t me n t s a n d
e q u i t y related instruments.

Investment Strategy :
T o g e n e r a t e we a l t h o n c o n s i s t e n t b a s i s r a t h e r t h a n o u t p e r f o r m
b y taking higher
risk.L o g i c w o r k s w e l l a n d t h u s w i l l b e g i v e n w e i g h t a g e
a l o n g w i t h financials.Early identification of stocks to ride through the
entire investment cycle. Timing of investment is important to generate superior
returns. Bottom –up approach.

Parameters Driving Investment Decision :

Blend of growth and value stock Investments in companies regardless of market
capitalizations
Keen selection of stocks based on potential for value unlocking
based on key events Focus on companies which display
Scalable business potential
Large market opportunity
Beneficiary of favorable economic cycle
Valuation at steep discount to asset value

Sectoral Composition :
May include under- researched companies . Portfolio could investedin liquid funds

Investor Profile :
Safety of capital will be of utmost importanceTh e s c h e me wo u l d b e s u i t e d
f o r i n v e s t o r s h a v i n g me d i u m t o l o n g term perspective (i.e. 12-18 months)

Scheme 2: Angel BLUE- CHIPDescription :

The objective of the scheme is to generate capital appreciations in

theme d i u m t o l o n g t e r m t h r o u g h i n v e s t me n t s i n e q u i t i e s a n d e q u i t y
related instruments comprising predominantly large cap companies.

Investment Strategy :
T h e s c h e me wi l l s e e k t o a c h i e v e r e t u r n s t h r o u g h b r a n d b a s e d particip
ants in equity markets by creating a diversified equity portfolio. The portfolio will
be overweight on large cap companies.The portfolio strives at all time to achieve an
80% allocation to largecap companies. The allocation of sectors and stocks
in the portfolio
may be dynamically structured in tune with changes in
market conditions Overweight on large cap stock. However quality mid cap
stocks may also be considered for investment.
Portfolio to comprise of a combination of growth & value stocks.The portfolio
strives to limit the exposure to any sector to less than25% of the portfolio size.
The portfolio strives to limit the exposure to any stock to less than10% of the
portfolio size.
The allocation and composition of medium capitalized stocks to vary based market
Conditions.

Investor Profile :

The scheme would be suited for investors with low to moderate risk appetite.The
scheme would be suited for investors having medium to longterm perspective.
Benefits of Angel PMS :
✔ Understanding risk :
At Angel, utmost emphasis is given to understanding the risk profile of an investor.
✔Periodic Evaluation :
Periodic evaluation of the Model Portfolio is carried out and market movements are
cashed upon.
Administrative Convenience:Angel focuses on providing hassle free administrative /
operational support and customized services.
Transparency :
Regular statements and updates as well as onlineaccess to information required for
investment.
Regular Analysis and Monitoring:
Investments undergo regularmonitoring and analysis to check any deviation from
the structuredgoal ensuring creation of wealth over a period of time.
Professional Management:
P M S i s p r o v i d e d t o p r o f e s s i o n a l management by experts on equity with an
aim to optimize returns.

Angel PMS – Ideal For :

Portfolio Management Services from Angel are essential for investor who needed
✔ Long term wealth generation
✔ Personalized service
✔ Investment opportunities in Indian equities
✔ Fundamental research based investment decisions In essence, all investor who
have faith and belief in the Indian growth story and robust corporate performance
would find Angel PMS most suitable to meet their objective
 e.Investment Advisory
Services

To derive optimum returns from equity as an asset class requires

professional guidance and advice. Professional assistance will always be
beneficial in wealth creation. Investment decisions without expert advice would
be like treating ailment without the help of a doctor.

● Expert Advice: Their expert investment advisors are based at various

branches across
India to provide assistance in designing and monitoring portfolios.

● Timely Entry & Exit: Their advisors will regularly monitor customers’
investments and guide customers to book timely profits. They will also guide
them in adopting switching techniques from one stock to another during
various market conditions.

● De-Risking Portfolio: A diversified portfolio of stocks is always better than

concentration in a single stock. Based on their research, They diversify the
portfolio in growth oriented sectors and stocks to minimize the risk and
optimize the returns.

● Research on 25 Agro Commodities, Precious and Base Metals, Energy

products and
Polymers.
● An array of daily, weekly and special research reports.
● Highly skilled analysts with professional industry experience.
● Active relationship management desk.
● Seminars, workshops and investment camps for investors

f.IPO DISTRIBUTION AND ADVISORY :

 ✔ Wide network of branches for better customer reach.
✔ Dedicated Research Teams generating sector related reports.
✔ Ease in investing with informed decision making.
✔ Advisory Help Desk for all IPO related queries.

g. Mutual Fund

To enable clients to diversify their investment in the right direction, Angel

Broking has added another product in its range with mutual funds :

✔ Customized investment solutions based on specific individual’s financial

goals aligned with client’s risk appetite.

✔ Access to in-depth research and proper selection from diversified
funds based on
client’s preferred criteria.
✔ Customized reports at desired frequency.

✔ Rating and Rankings of all Mutual Funds from in-house expert analysts.

✔ Current and historical performance of different funds enabling

comparisons.
✔ News and alerts for client’s Mutual Fund Portfolio and performance

tracking with watch lists.

✔ Online Mutual Funds applications (NFO or existing) / Online order
status tracking /
online updating of unit holdings at latest NAV / Online dividend
payout and re- investment facility.
✔ Single point customer query handling.

h.Personal loans

Products distributed by Angel include:

Unsecured Loans
Personal/Business Loans/Credit Cards
Secured Loans
Home Loans/ Loan Against Properties
Loan Against Securities / Gold

2.12 Department Study

A.FUNDAMENTAL RESEARCH SERVICES:

✔ The Sunday Weekly Report :

This weekly report is the ace of all reports. It offers a comprehensive market
overview and likely trends in the week ahead. It also presents few top picks based
on an in-depth analysis of technical and fundamental factors. It gives short term
and long term outlook on these scrip’s, their price targets and trading strategies.
Another unique feature of this report is that it provides an updated view of about
70 prominent stocks on an ongoing basis.

✔ The Industry Watch :

This report provides an in-depth analysis of specific industries which are likely to
outperform others in the economy. It analyzes their strengths and weaknesses and
ascertains their future outlook. The final view is arrived at after thorough
interaction with industry experts. Also comparative performances of various
companies in the sector are evaluated and top picks are recomondation

✔ Stock Analysis :

Angel’s stock research has performed very well over the past few
years and the Angel Model Portfolio has consistently outperformed the
benchmark indices. The fundamentals of select scrip are thoroughly
analyzed and an actionable advice is provided along with investment
rationale for each scrip.

✔ Flash News :

Key developments and significant news announcements that are likely to have an
impact on markets / scrip are flashed live on trading terminals. Flash news keeps
the market participants updated on an online basis and helps them to reshuffle on
their holdings

B.TECHNICAL RESEARCH SERVICE :

✔ Nifty Tracker :
Nifty Futures is the most traded instrument with highest volumes
in F & O and excellent liquidity. The team tracks the Nifty Future and
generates calls based on unique trading system which is a result of their
focused research over the past few years. The objective is to generate
positive returns for traders who are looking for a high risk / high reward
product.

✔ Online Chart :
An online forum to help clients, specifically day traders in
judging the directions of the market and stocks which are in the limelight.

✔ Intraday Calls :
For day traders, Angel provides intra-day calls with entry, exit and
stop loss levels during market hours. These calls are flashed on their
terminals. Their analysts continuously track the calls and provide
recommendations according to the market movements

✔ Position Calls :

Angel’s “Position Trading Calls” are based on thorough analysis of

the price movement in select scrip’s. These calls are for a 10-15 day
time span with stop loss and target levels. These calls are flashed on their
terminals during market hours.

✔ Derivative Strategies :
Their analysts take view on the Nifty and select stocks based on the
 derivatives data and technical tools. Suitable “Derivative
Strategies” are devised, which are flashed on their terminals and
published in their reports.

✔ Futures Calls :
A customized product for HNIs to help them trade with leveraged position;
wherein clients are advised on the stocks with entry, exit and stop loss level for
short term benefits. Over and above this, financial status of the calls is
monitored at all times.

C.ANGEL GOLD :

In a volatile market it is very difficult for an investor to pick up value

stocks which will give decent returns in the long run. We at Angel Gold realize
your need for a professional financial advisor and hence are here to assist you in
making wise and profitable decisions.

We strongly believe that right decisions taken at the right time are
always beneficial and that's why our entire research team comprising of 12 sector
specialists along with our research head will understand your need, return
expectation, risk profile and time horizon to design your portfolio accordingly.
This portfolio will be tracked regularly and our efforts would be to optimize
your returns in the long run.

Features of the Angel Gold :

✔ A premium service for clients who need professional guidance on long term
investments.

✔ Minimum fund / portfolio of Rs. 1 lakh and maximum of Rs. 4 lakh

eligible for Angel
Gold.

✔ Appropriate risk profiling before taking investment decisions

✔ Periodic group meetings and seminars in branches.

✔ Monthly Newsletter from the desk of “Angel Gold” .

✔ Browser based back-office software.

OTHER FEATURES :-

1. Angel Broking First step

Program :- What is:-

In the complex world of investing in shares in India, interested

beginners didn't have any place they could start out from. This is why

Angel Broking started the First Step program - to assist and guide new

investors when they take their first steps into the world of investing in

shares. This program is explicitly designed for beginners. You will

not feel unintelligent when asking questions like "Who owns the

Stock Market?" or "What is a stock-split?" since Angel Broking people

are trained to assist those taking their first step in the market.

Consists of

The Angel Broking First Step program is a special, never-been-

done-before program created by Angel Broking for new investors to

the stock market. Despite being a beginner with a small amount to

invest, they will still be able to benefit from Angel Broking experience,

technology-based tools and research. In fact, Angel Broking have

created special versions of all of these for clients - clear and simple

information tools for there understanding, demonstrations to help them

get started and research re-written in easier language. See how Angel

Broking friendly assistance empowers them to become a 'Stock Market

 ka Sher'.

Angel
Broking value line
A monthly investment report based on fundamental research with Stock

ideas, Stock Updates, Earning Guide, Stock Recos, Mutual Fund Guide , Market

Outlook, Sector Updates.

2.13 SWOT Analysis :-

A SWOT analysis focuses on the internal and external environments,

examining strengths and weaknesses in the internal environment and
opportunities and threats in the external environment.

STRENGTH WEAKNESS

Service Customer Satisfaction

Distribution network Branding

Marketing Competition from Banks

Products

OPPORTUNITIES THREAT

Ever Increasing Market New Compition

Improving technology Techonlogy based business
Education level
Fullfilling needs of customers
 2.14 PROCEDURE FOR OPENING A DP ACCOUNT WITH ANGEL BROKING :-

➢ You can open a Depository Participant (DP) account, either through an

Angel Broking branch or through an Angel Broking Franchisee center.

➢ There is no fee for opening DP accounts with Angel Broking. However a
nominal
deposit (refundable) is charged towards services which will be adjusted against
all future billings

➢ All investors have to submit their proof of identity and proof of address

along with the prescribed account opening form.

IN DP ACCOUNT OPENING FORM :-

1. Minor details like name of the branch, name of the client & address and
other details of the client required to be mentioned in the form and
Agreement.
2. Signatures are required on all pages of the agreement.
3. All the details (Name & address of the client) must be filled.
4. Name, Address & signature of the witness are compulsory. (Please note that
1 witness is required to sign on behalf of the client)
5. Please note that if the signature on the form & the proof provided differs, the
form will be liable for rejection. In such cases the client has to get his
signatures verified by the banker.
6. Nominee details must be supported by 2 witnesses (Name, Address &
signature).
7. Minor accounts, HUF accounts, Corporate accounts, and Accounts having
3 holders cannot have nominees in a DP account.
8. Please note that joint accounts cannot be opened in case Minor accounts
and HUF
accounts.
9. In case of any corrections on the application form & agreement holders have
to counter sign at place of the correction.

ACCOUNT OPENING REQUIREMENTS UNDER VARIOUS HEADS :-

(i) Proof of Identity (Any one of the following) :-

1. Photocopy of Valid Passport (Page containing the date of expiry also to be

attached)
2. Photocopy of Voters Identity card.
3. Photocopy of Valid Driving License (Page containing the date of expiry
also to be attached).
4. Photocopy of Pan card
5. Photocopy of MAPIN card
6. Identity card/document with applicant’s Photo,
issued by a) Central/State Government and its
Departments,
b) Statutory/Regulatory
Authorities, c) Public Sector
Undertakings,
d) Scheduled Commercial
Banks, e) Public Financial
Institutions,
f) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their
Members;
and
g) Credit cards/Debit cards issued by Banks.
(ii) Proof of Address (Any one of the following) - (Provided the entire
address written on the form matches with the proof):-
1. Photocopy of Ration card.
2. Photocopy of Valid Passport (Page containing the date of expiry also to be
attached). (Copy of expiry date also to be submitted)
3. Photocopy of Voters Identity card.
4. Photocopy of Valid Driving License (Page containing the date of expiry
also to be attached). (Copy of expiry date also to be submitted)
5. Photocopy of Telephone or Electricity bill. (Government entity only &
should not be more than 3 months old)
6. Photocopy of Leave-License / Purchase Agreement.
7. Photocopy of Voters Identity card.
8. Photocopy of Bank Passbook or latest Bank statement.
9. Self-declaration by High Court & Supreme Court judges, giving the new
address in respect of their own accounts.
10. Identity card/document with address, issued by
a) Central/State Government and its
Departments, b) Statutory/Regulatory
Authorities,
c) Public Sector Undertakings,
d) Scheduled Commercial
Banks, e) Public Financial
Institutions and
f) Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their
Members.
(iii) Photocopy of cheque leaf of bank account number mentioned on the form to
verify the
Bank MICR No.

iv) Latest photograph signed by the client.

FOR H.U.F ACCOUNT OPENING REQUIREMENTS :-

1. Signed Photograph of the Karta is required.

2. Proof of Identity of the Karta
3. Pan card of HUF
4. Proof of Address
5. Photocopy of cheque leaf of bank account number mentioned on the form to
verify the
Bank MICR No.
6. HUF Stamp is required wherever the client signs on the agreement.
7. Letter from the Karta operating the Demat account with the two
witnesses of coparceners.
8. No joint names & nominees allowed for HUF accounts.

FOR MINOR ACCOUNT OPENING REQUIREMENTS :-

The account opened in the name of the minor cannot have second and third
holders. Further there can be no nominee for minor account. The Guardian has to
sign on behalf of the Minor.
1. Birth Certificate of the Minor.
2. Guardian’s Proof of Address.
3. Guardian’s Proof of Identity.
4. Photograph of the Minor & Guardian.
5. Photocopy of cheque leaf
FOR N.R.I. (NON RESIDENT INDIAN) CLIENT :-

1. Latest photograph signed by the client.

2. Photocopy of Valid Passport (Page containing the date of expiry also to be
attached)
3. Proof of Local Address
4. Proof of Foreign Address
5. Photocopy of cheque leaf of bank account number (NRE or NRO)
 mentioned on the form to verify the Bank MICR No.
FOR PARTNERSHIP FIRM :-

The account cannot be opened in the name of a partnership firm. It has to be

opened in the name of the partners, as an individual account. Maintaining dairy of
clients and contacting them at regular basis. To get feedback from them about
Angel Broking services.

Brokerage Structure

Following schemes are available for trading Account :

Prepaid Scheme A Rs 2000/- per Annum

Scheme Type A Brokerage Rate Brokerage Rate

(for AMC Scheme Account) (for non AMC Scheme Account)

AMC AMC Rs. 2,000 pa Nil

Account opening  Speed Trade A/c Rs.  Speed Trade Account Rs.
Charges (one time) 1,000 1,000

 Classic Account Rs. 750  Classic Account Rs. 750

 Offline Account  Offline Account

Percentage Min. Paisa Percentage Min. Paisa

Cash Segment

Trading
First Leg 0.07% 05p 0.10% 10

Second Leg 0.07% 05p 0.10% 10

Delivery

Delivery Brokerage 0.40% 10p 0.50% 50

Other charges Cash segment (Trading and Delivery)

Stamp Duty Y Y Y Y

Turnover Tax Y Y Y Y

Service tax Y Y Y Y

Default Brokerage

Futures & Options Segment

First Leg 0.07% 01p 0.10% 10

Second Leg (same day) 0.02% 01p 0.0% 00

Next day 0.07% 01p 0.10% 10

Other charges F&O Segment

Stamp Duty Y Y Y Y

Turnover Tax Y Y Y Y

Service tax Y Y Y Y

Default Brokerage

Prepaid Scheme Rs 6000/- per Annum

Brokerage Rate Brokerage Rate

Scheme Type B
(for AMC Scheme Account) (for non AMC Scheme Account)

AMC AMC Rs. 6,000 pa Nil

Account opening Speed Trade A/c Rs. Speed Trade Account Rs.

Charges (one time) 1,000 1,000

Classic Account Rs. 750 Classic Account Rs. 750

Offline Account Offline Account

Percentage Min. Paisa Percentage Min. Paisa

Cash Segment

Trading

First Leg 0.05% 05p 0.10% 10

Second Leg 0.05% 05p 0.10% 10

Delivery

Delivery Brokerage 0.25% 10p 0.50% 50

Other charges Cash segment (Trading and Delivery)

Stamp Duty Y Y Y Y

Turnover Tax Y Y Y Y

Service tax Y Y Y Y

Default Brokerage

Futures & Options Segment

First Leg 0.05% 01p 0.10% 10

Second Leg (same day) 0.02% 01p 0.0% 0

Next day 0.05% 01p 0.10% 10

Other charges F&O Segment

Stamp Duty Y Y Y Y
Turnover Tax Y Y Y Y
Service tax Y Y Y Y

Default Brokerage
CHAPTER 3 COMPETITOR ANALYSIS

ICICIDIRECT.COM

PRODUCTSAND SERVICES :-

A product for every need: ICICIdirect.com is the most comprehensive

website, which allows you to invest in Shares, Mutual funds, Derivatives
(Futures and Options) and other financial products. Simply they offer you a
product for every investment need of yours.

ICICI Web Trade Limited (IWTL) maintains ICICIdirect.com. IWTL is an

affiliate of ICICI Bank Limited and the Website is owned by ICICI Bank
Limited.

1. TRADING IN SHARES :-

ICICIdirect.com offers you various options while trading in shares:-

➢ Cash Trading :- This is a delivery based trading system, which is

generally done with the intention of taking delivery of shares.

➢ Margin Trading :- You can also do an intra-settlement trading up to 3 to

4 times your available funds, wherein you take long buy/ short sell
positions in stocks with the intention of squaring off the position within
the same day settlement cycle. (ONLY for intraday)

➢ Margin PLUS Trading :- Through Margin PLUS you can do an intra-

settlement trading up to 25 times your available funds, wherein you take

long buy/ short sell positions in stocks with the intention of squaring off
the position within the same day settlement cycle. Margin PLUS will give
 a much higher leverage in your account against your limits.

➢ Spot Trading :- When you are looking at an immediate liquidity option,

'Cash on Spot' may work the best for you, On selling shares through "cash
on spot", money is credited to your bank a/c the same evening & not on
the exchange payout date. This money can then be withdrawn from any of
the ICICIBank ATMs.

➢ BTST :- Buy Today Sell Tomorrow (BTST) is a facility that allows you

to sell shares even on 1st and 2nd day after the buy order date, without
you having to wait for the receipt of shares into your demat account.

➢ Call n Trade® :- Call n Trade® allows you to call on a local number in

your city & trade on the telephone through our Customer Service
Executives. This facility is currently available in over 11 major states
across India.

➢ Trading on NSE/BSE :- Through ICICIdirect.com, you can trade on NSE

as well as BSE.

TRADE IN

DERIVATIVES :- Future :-
Through ICICIdirect.com, you can now trade in index and stock futures on
the NSE. In futures trading, you take buy/sell positions in index or stock(s)
contracts having a longer contract period of up to 3 months.

Presently only selected stocks, which meet the criteria on liquidity and
volume, have been enabled for futures trading. Calculate Index and Know your
Margin are tools to help you in calculating your margin requirements and also
the index & stock price movements.
Option :-
To take the buy/sell position on index/stock options, you have to place
certain % of order value as margin. With options trading, you can leverage on
your trading limit by taking buy/sell positions much more than what you could
have taken in cash segment.

3. IPOs AND BONDS ONLINE :-

You could also invest in Initial Public Offers (IPOs) and Bonds online
without going through the hassles of filling ANY application form/ paperwork.

Get in-depth analyses of new IPOs issues (Initial Public Offerings), which
are about to hit the market and analysis on these. IPO calendar, recent IPO
listings, prospectus/offer documents, and IPO analysis are few of the features,
which help you, keep on top of the IPO markets.

4. CUSTOMER SERVICE FEATURES :-

With 'ICICIdirect Customer Tools & Updates' you can trouble shoot all

your problems online.

The ICICI direct Advantages :-

A Unique 3-in-1 account that gives you:
Convenience :-
The 3-in-1 accounts integrate your banking, broking and demat accounts.
This enables you to trade in shares without going through the hassles of tracking
settlement cycles, writing cheques and Transfer Instructions, chasing your
broker for cheques or Transfer Instructions etc.

Speed :-
You can now get the latest quotes of scrip on ICICIdirect.com and
place an order almost instantly.

Control :-
You can be assured that you have in fact placed an order at the price
you always wanted to, but may not have been able to do so till now. Thereby
giving you control over your own trades.

Independence :-
Instead of transferring monies to a broker's pool or towards deposits, you
can manage your own demat and bank accounts when you trade through
ICICIdirect.com.

ICICI DIRECT.COM :-
A/C opening : Rs.
charges 750
AMC
Brokerage : Rs
0.03
Delivery 500
: %
0.75
Intraday %
: 0.07
(Exclusive of GST 18 % &% Service Transaction Tax)

DEAL CLINCHERS VS ICICIDIRECT.COM :-

1. Brokerage is 0.75 %( Delivery) and 0.07 %( Intraday).

2. Margin of RS 5000/- is necessary to maintain in ICICIBank A/C.

3. BTST facility is provided only on 127 scrip.

4. While watching applet, only one-company rates can be seen and we have
to refresh it again and again to update the rates.
5. Limited toll free numbers are provided, on 21st call RS 20/- are charged.
 6. Compulsion to have bank a/c with ICICIBANK and your saving A/C is
attached with ICICI trading A/C. ICICIDIRECT has authority to debit
your saving A/C directly without customer informing about this.
7. Demat transaction charges are included in brokerage.

8. Research reports are provided at RS 450/-p.a.

9. Poor online Interface Slow website interface with no real-time quotes

creates dissatisfaction among high frequency traders.

10. Margin trading restriction :-

The margin trading system is available up to 2:45 p.m. with outstanding

net positions under margin segment automatically squared off at any time
between 2:45 – 3:30 p.m.
Thus no control of square off price.

11. Morning Trades Issue :-Being one of the websites with largest no. of
after hour orders which are pushed 1st thing in the morning, creates a choking of
orders to the exchange, causes delay of confirmations for new order placed during
the early morning trades.

12. Only Intraday Margin exposure :-The margin exposure of 3 or 4 times is

only provided for intraday.

INDIABULLS.COM :-

India bulls India’s leading retail financial services company with 300
locations spread across 110 cities. While size and strong balance sheet allow it to
provide you with varied products and services at very attractive prices, it’s over
4400 Client Relationship Managers are dedicated to serving your unique needs.
India bulls are lead by a highly regarded management team that has invested
crores of rupees into a world class Infrastructure that provides our clients
with real-time service & 24/7 accesses to all information and products. India
bulls Professional Network TM offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your fingertips.
This powerful technology is complemented by knowledgeable and customer
focused Relationship Managers. It is creating a world of Smart Investor.
India bulls offer a full range of financial services and products ranging
from Equities to Insurance to enhance your wealth and hence, achieve your
financial goals. India bulls' Client Relationship Managers are available to you to
help with your financial planning and investment needs. To provide the highest
possible quality of service, India bulls provide full access to all our products and
services through multi-channels

INDIABULL CHARGES

Stamp Paper Charges Rs.200/- Rs.100/-

AMC Nil Rs.250/-
Custody Charges Nil Nil
Transaction Charges Buy (Market / Off- Nil Nil
Market) Transfers

Transaction Charges Sell (Market / Off- Rs. 17/- per Rs. 17/- per Transaction
Market) Transfers Transaction

Nil Rs.20/- per instruction.

Pledge Creation / Confirmation / Rs.25/- per Rs.25/- per Transaction

Closure/Invocation Transaction

D'MAT Rs.1 per certificate Rs.2 per certificate (max

(max Rs.250 /-) + Rs.250 /-)+ Rs.25 courier
Rs.25 courier charges
charges

D'MAT Rejections Rs.20 per rejection Rs.20 per rejection +

+ Rs.25 courier Rs.25 courier
Re'mat Charges Rs.15 request or Rs.15 request or 0.02 %
0.02% whichever is whichever is higher.
higher.

Delivery Instruction Book Nil Rs.10/-

No charges for first book.

Fax Indemnity (Optional) N.A. Actual

ADVANTAGES OF INDIABULLS :-

1. No annual maintenance charges for Demat account.

2. Listed company and aggressive in brand promotion.
3. Control — Stay on top of your investments with convenient access to
your account online or by phone.
4. Confidence — Support your investing decisions with premium in-depth
research – I Bull Equity Analysis
5. Value — Enjoy competitive commissions and get the service and support
you need at a fair price.
6. Priority Service — Enjoy priority telephone access that gives you direct
access to your
Relationship Manager.
7. Premium Research — Benefit from full access to India bull equity
analysis our objective, fact-based approach to rating stocks.
8. Online Accounting — Stay on the top of your investments with a
snapshot of your Account Statements. Get access to Portfolio statement
and access to digital contract notes.
DEAL CLINCHERS Vs INDIABULLS :-

1. Research reports are paid at RS 100 p.m.

2. SMS alert service is not provided.
3. IPO online is not there. It is offline.

4. RS 500/- is blocked by system as margin.

5. POA for Clients DMAT:

All shares held by client trading with IB are moved to IB Pool Account
and the same is shown as a reflection in client DP account. Charges are
levied to move shares from IB pool Account to client DP account
6. Annual maintenance charges are charged, if power of attorney is signed.

7. Margin Funding hoax:

The interest on funding starts on leveraged delivery trades from T+1 day
itself @21% p.a. on a daily basis

8. The role of Relationship Manager:

Each RM is looked upon as a revenue generator and he gets a % on
business generated from client. This can lead to over leveraged (Interest)
& high frequency (Brokerage) trading, which may not be in the best
interest of the client.
Ch. 6 Analysis of Questionnair

1. Do you know what Derivative Market is and how transactions take place in
it?

Yes No
89 11
11%
89%
YES
NO

59 | P a g e
 Derivative is a market which is very popular in the stock market. We have
selected the people who are trading in derivative. Out of those samples 89 % know
what
the derivative instrument is, how much it is riskier, how much return can it give &
how to
trade in derivative market. But 11 % of them are not cent per cent clear what
derivative
instrument is and how transactions take place in it, still they would like to trade in
derivative market with the help of others.

2.How do you take decisions while investing in derivatives?

Independently Broker’s Advice Newspapers & Magazines Advice of Friends /

Colleagues
40
50
60
10
20
30
News Channels
55 30 5 3 7
55
30
537
0
Independently Advice of
Broker / Agent
Newspapers &
Magazines

60 | P a g e
Advice of
Friends /
Colleagues
News channels
Out of 100 respondents, 55% take the decision at their own. 30% of them go for
Advice of Broker, 7% take decision with the media channels. 5% and 3% take decision
with the help of Newspapers and Advice of Friends respectively.

3.Which TV Channel do you watch?

CNN IBN NDTV Profit NDTV 24 * 7 NDTV CNBC

4 13 3 17 63
NDTV Profit
13%
CNN IBN
4%
NDTV 24 X 7
3%
CNBC
63%
NDTV
17%

It is not possible for everybody to go physically to any broking firm or trade

online. So in such a situation, Television is one of the best sources to have awareness
regarding stock market and its movement. There are many TV Channels available which
show the scripts’ prices. But among them CNBC is the most preferable by the investors
or traders. There are many reasons why out of 100, 63 have selected CNBC as their most
preferable channel. The tips, guidelines for portfolio etc. are the main reasons given by
them.

4.In derivative market, which of the following do you invest in?

Futures Options Both
70
60
50
40
30

61 | P a g e
20
10
0
24 12 63

Futures Options Both

To reduce the loss, there are many strategies available in the derivative market
and to obtain benefit from that people generally would go for both future as well as
option. And in our findings also 63 % of the people trade in both i.e., Future and Option,
24% do trading in Futures only and 12% do trading in Option only.

5.What type of Trader you are in derivative market?

Intraday Trader Position Holder

46 54

Traders
54%
46%
Intraday Trader
Position Holder

“No body knows what tomorrow will be”.

Intraday traders are those who would like to square up their position at the same
day. They believe in today. Even if they incur loss, they will square up their position.
But position holders are those who would like to wait till their assumed price come. In
our finding 54% of the respondents go for Intraday and remaining 46% go for holing
their position till their expected price come.

6.According to you, from the given factors, which factor affects the most to
market movement?

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Political Factors Foreign
Affairs
50
Movement in other Stock
Market
Company
Actions
Government Policies
38 26 30 20 29
38
26
Political
Factors
Foreign
Affairs
30
20
29
0
Movement in
other stock
markets
Company
Actions
Government
Policies

Out of the 100 respondents, 38 think that Political Factors are the main factors
which affect most to the market movement. According to the respondents, after political
factors, Movement in other stock markets and Government Policies are most considerable
factors and for that 30% and 29% go for those factors respectively. Thus, the factors like
Foreign Affairs and Company Actions are less affected according to the respondents.

7. From the given options, which one is your main purpose of investment in
derivative?

Speculation Arbitrage Hedging

36 12 52
Speculatin
g
36
Arbitrage, 12
Hedging , 52

63 | P a g e
 From the above diagram, it is clear that 52% of the traders are Hedgers, 36 % are
the Speculators and 12% are Arbitrageur. The main intention of all the three parties is
different. The intention of hedgers is to hedge their fund and try to minimize their risk.
While speculators want to earn more profit any how. And arbitrageurs want to take
benefit of variation in prices.

8. Along with derivatives, would you like to invest in cash market?

NO
YES
13
Yes No
87 13
87
0 20406080100

In findings, it has been found that 87% of the respondents go for cash market
along with the derivative market. But the remaining 13% would not prefer to for cash
market with the derivative market.
It is obvious that investment in Cash Market is safer than Trade in Derivative
Market. The people who trade in derivative would also go for investment in cash market
just to minimize the loss. There are many people who would like to invest only in Cash
Market because they are risk averse people. But both the markets are having their own
pros and cons. In derivative market very less cash on hand is required compare to cash
but the risk in derivative is higher compare to cash market.

9. Which are the constraints that hold you back for trading or investing?

Lack of risk taking

ability
Lack of guidance from
broker
Lack of fund
availability
Lack of knowledge Other
22 8 36 24 5

64 | P a g e
22
Lack of Risk
Taking ability
8
Lack of
guidance
from broker
36

Constraints
Lack of fund
availability
24
Lack of
knowledge
5
Other
For investment there would always be need of some cash on hand. In the findings,
36% respondents respond for the lack of fund availability and followed by lack of
knowledge of the market as a whole. 22% are having lack of risk taking ability as their
constraints. 8% and 5% are having lack of guidance from broker and other reasons
respectively.

10. Following are the most considerable factors by the investors while trading in
Derivatives rank them according to your preferences.

Risk Return Volatility Price Status of the co.

Rank 1
st
rd
Rank 3
th
Rank 4
nd
Rank 2
th
Rank 5

From the survey, it has been found that people consider risk as the main factor
while trading in derivative. The second factor is price. After considering risk and the
price of any script, the people consider the return as a 3rd factor which required to be
considered. Along with the above factors, there are also factors like volatility and status
of the company which are kept in mind by the trader or investors of the stock market. But
these are less affected compare to the first three factors i.e.
risk, price and return, according to the survey.

11. Rank the following Broking Firms

65 | P a g e
Angel Broking Marwadi Share Khan Kotak
Security
Rank 1
st
th
Rank 5
Rank 4
th
rd
Rank 3
India Bulls ReligareMotilal
Rank 6
th
Rank 7
th
Oswal
Rank 2

Generally different people are having different kind of attitude towards different
broking firms. Some people are more focused on brokerage charged by the broking firms
while other focuses on services provided by different organization. So it is very difficult
to identify and rank the broking firms with the sample of 100 people. Still we try to find
the mindset of the people with their difference of opinion. And thus from the findings the
rank to different broking firms are as shown in the above diagram.

General Information:
nd

1. Gender Ratio:

100
80
60
40
20
0
Male Female
88 12
Male
Female
S1

It is general thinking that Indian Women are generally risk averse and in opposite
to that Men are risk oriented people. Even in this survey, it has been found the same
thing. Out of 100 people 88% were male who trade in derivative market. While female
were only 12%. It has also been noticed that women are more conscious for investment in
Gold and Cash Market rather than trading in Derivative Market.

66 | P a g e
2. Age Group:

From the findings, it has been seen that 66% of the respondents were below age
group of 30 and only 1% of the respondents was above age group of 60. 24% and 9% fall
in the group of 31-45 and 46-60 respectively. It is general notice thatthe retired people
generally do not prefer to take more risk. As we know derivative is a risky financial
instrument, retired people would not like to trade in derivative. And in our finding also
we have found the same.

Below 30 31-45 46-60 Above 60

66 24 9 1
3. Education:

Undergraduate Graduate Post Graduate

18 50 32

Out of 100 there were 18 respondents who were undergraduate, 50 were graduates
and 32 were post graduate.

67 | P a g e
4. Occupation:

In this world of Globalization, to run a business profitably is very risky. So along

with business, the businessmen generally do not prefer to take more risk in these financial
derivative instruments. In the above diagram itself, it can be observed that 63% of the
respondents were in service occupation who trade in derivatives. The service people
would like to take risk as their monthly income is generally fixed which is not possible in
any business. 19% of the respondents were in business. And 10% and 8% of the
respondents were profession and other occupation (students, housewives etc.)
respectively.

Service Business Profession Other

63 19 10 8

Ch. 7 KEY FINDINGS AND RECOMMENDATION

As 89% of the respondents know what the derivative market is, how transactions
take place in it etc. It is good for the organization but the organization should
arrange seminars or can have a special team which can give guidance and increase
the awareness level among those 11%.

While asking the question like how the respondents take decision while trading, it
has been found that 55% of them take decision on their own and 30% take advice
from the broker. So, Organization should find where they are lacking behind and
should try to improve it as soon as possible so that the value of the organization
may rise in the mind of the people.

In a survey, it has been found that there are 8% of the respondents who are having
constraint of lacking guidance from the broking firm itself. The main reason may
be lack of proper response or guidance. So, Organization should train their
employees to provide proper guidance to the clients, if required. Along with that
the organization should have a suggestion box so that those trader who do not
want to complain directly, can suggest the organization indirectly.

Male are more interested in trading in derivatives. risk compare to women but

68 | P a g e
where women are lacking in trading, angel broking should try to know it and
implement better situation for women. From the survey, it was found that women
save their whole income. And they generally would prefer to invest in gold as
they don’t have much knowledge of derivative and all.
From the findings it has been found that the organization is at the first place in the
market. But in actual market the organization does not hold the first position. In
survey, it is so, because of the respondents who were the employees and the client
of the Angel Broking ltd.

There were very less people whose purpose to trade in derivative market is
arbitrage compare to speculation and therefore organization should make aware
their clients that arbitrage is also a very good option to earn more money.

Organization should focus on the age group of below 30, as they are very
enthusiastic and are earning people. Along with them the organization should also
focus on the age group of above 45 as they may have fund but not knowledge of
this market.

As out of 100 of the respondents 18 are the undergraduate, so they might not able

to understand the derivative market fully. And therefore organization should take
care of them and advice them wherever necessary.

Ch. 8 CONCLUSION
69 | P a g e
 Majority of the people know what derivative market is, how transaction take place
in it etc.
Traders generally take decision on their own but who do not have knowledge
about the market depend, mostly on broker.
Traders trade in future and option higher compare to only future or only options
market.
It has been observed that traders trading in F & O market are using such markets
for hedging purpose mainly.
Traders who do not invest in F & O market are of the opinion that such markets
are highly risky and uncertain.
Political factor is the most affected factor to the market movement in the stock
broking industry.
Along with derivatives, majority of the traders would like to invest in cash market
for long term investment purpose.
Lack of fund is the main cause which hold respondent back to invest in cash
market and trade in derivative market.
There are very less people whose purpose to trade in derivative market is
arbitrage compare to speculation.
Risk is the most considerable factor by the respondent while trading in derivative
compare to the price, return, volatility and status of the company.

GLOSSARY
American Style Option: An option that can be exercised at any time between the date of
purchase and the expiration date.

Arbitrage: The simultaneous purchase and sale of a commodity or financial instrument

in different markets to take advantage of a price or exchange rate discrepancy.

At-the-money: An option is at the money if the strike price of the option is equal to the
market price of the underlying security.

Adjusted strike Price: Strike price of an option, created as the result of a special event
such as stock split or a stock dividend. The adjusted strike price can differ from the
regular intervals prescribed for strike prices.

American style option: A call or put option contract that can be exercised at any time
before the expiration of thecontract.

Ask Price: This is the price that the trader making the price is willing to sell an option or
security.
Basis: The difference in price or yield between two different indices

Backwardation: The price differential between spot and back months when the nearby

70 | P a g e
dates are at a premium. It is the opposite of ‘contango.’

Back spread: A Delta-neutral spread composed of more long options than short options
on the same underlying stock. This position generally profits from a large movement in
either direction in the underlying stock.

Beta: A prediction of what percentage a position will move in relation to an index. If a

position has a BETA of 1, then the position will tend to move in line with the index. If
the beta is 0.5 this suggests that a 1% move in the index will cause the position price to
move by 0.5%. Beta should not be confused with volatility.

Bid-Ask Spread: The difference between the Bid and Ask prices of a security. The wider
(i.e. larger) the spread is, the less liquid the market and the greater the slippage.
Bears: Those who believe stock prices will decline. A bear market is one in which prices
trend downward.
Bid: The bid is the highest price a buyer will pay for a security; the offer is the lowest
price at which a security is offered by sellers.
Blocks: Large holdings or stock transactions, usually 10,000 shares or more.
Bulls: Those who believe the market will rise. A bull market is rising.
Basket Option: A third party option or covered warrant on a basket of underlying stocks,
currencies or commodities.

Buy Open: Means a buy transaction, which will have the effect of creating or increasing
a long position.

Contango(see also Backwardation): A term often used in commodities or futures

markets to refer to markets where shorter-dated contracts trade at a lower price than
longer-dated contracts. Plotting the prices of contracts against time, with time on the xaxis,
shows the commodity
price curve
as
sloping upwards as time
increases

Call Option: An option contract that gives the buyer (holder) the right, and not the
obligation, to purchase, and places upon the seller (writer) an obligation to sell, a
specified quantity of the underlying asset (100 shares of the underlying stock in case of
option on stock) at the given strike price on or before the expiration date of the contract.

Cash Market: A market with immediate, or near immediate delivery.

Calendar Spread: The simultaneous purchase and sale of options of the same type, but

71 | P a g e
with different expiration dates.

Call: This option contract conveys the right to buy a standard quantity of a specified
asset at a fixed price per unit (the strike price) for a limited length of time (until
expiration).

Call Ratio Back spread: A long back spread using calls only.

Carrying Cost: The interest expense on money borrowed to finance a stock or option
position.

Cash Price: Price of an asset in the cash market is called Cash Price.

Closing buy transaction: Means a buy transaction, which will have the effect of partly
or fully offsetting a short position.

Closing sell transaction: Means a sell transaction, which will have the effect of partly or
fully offsetting a long position.

Constituent: A constituent means a person, on whose instructions and, on whose

account, the Trading Member enters into any contract for the purchase or sale of any
security or does any act in relation thereto.

Contract Month: Contract month means the month in which a contract is required to be
finally settled.
Closing Purchase: A transaction in which the purchaser's intention is to reduce or
eliminate a short position in a given series of options is called Closing Purchase.
Closing Sale: A transaction in which the seller's intention is to reduce or eliminate a long
position in a given series of option is called Closing Sale..
Contract Month: It is the month in which the contract will expire.
Contract Size: It is the value of the contract at a specific level of Index. It is Index level
* Multiplier.
Cost of Carry: This is the interest cost of holding an asset for a period of time. It is
either the cost of funds to finance the purchase (real cost), or the loss of income because
funds are diverted from one investment to another (opportunity cost).

Currency swap: A swap in which the counterparties’ exchange equal amounts of two
currencies at the sot exchange rate. A financial contract, whose value is derived from the
spot value of another security, is known as the underlying security.

Derivative: A derivative is an instrument whose value is derived from the value of one or
more underlying assets, which can be commodities, precious metals, currency, bonds,
stocks, stock indices, etc. Derivatives involve the trading of rights or obligations based on
the underlying product, but do not directly transfer property.
Day Orders: Orders to buy or sell that expire if not executed on the same day entered.
Day Trade: A position that is opened and closed on the same day.

72 | P a g e
Delta: Delta measures the change in option price (the premium) to the change in
underlying. A delta of 0.5 means if the underlying changes by 100 % the option price
changes by 50 %.

Double option: An option that gives the buyer the right to buy and/or sell a futures
contract, at a premium, at the strike price.

European-Style Option: An option contract that can only be exercised on the expiration
date.

Exercise Option: The price at which the owner of a call option contract can buy an
underlying asset. The price at which the owner of a put option contract can sell an
underlying asset

Expiration Cycle: An expiration cycle relates to the dates on which options on a

particular underlying security expire. A stock option is usually placed one of three cycles;
the January cycle, February cycle or March cycle. At any point in time, an option has
contracts with four expiration date’s outstanding two in near-term and two in far-months.
Equity Options: Options on shares of an individual common stock
.
Exchange trade: The generic term used to describe futures, options and other derivative
instruments that are traded on an organized exchange.
Expiration Date: The day in which an option contract becomes void. All holders of
options must indicate their desire to exercise, if they wish to do so, by this date.
Expiration Day: The day on which the final settlement obligation are determined in a
Derivatives Contract.

Gamma: It is the change in delta to the change in the underlying. It is a double derivative
(the mathematical one) of the option price with respect to underlying. It gives the rate of
change of delta. These are just technical tools used by the market players to analyze
options and the movement of the option prices

Hedge: A conservative strategy used to limit investment loss by effecting a transaction

which offsets an existing position.
Holder: The purchaser of an option
In-the-money: A call option is in the money if the exercise price is less than the market
price of the underlying security. A put option is in the money if the strike price is greater
than the market price of the underlying security.

Index: The compilation of stocks and their prices into a single number. E.g. The BSE
SENSEX / S&P CNX NSE NIFTY.

Index Option: An option that has an index as the underlying is called Index Option.
These are usually cash-settled.

73 | P a g e
Long Position: A position in which a person’s interest in a particular series of option is
as net holder, meaning that the number of contracts bought is more than the number of
contracts sold. It is similar for the futures contracts.
Limit Orders : Orders to buy or sell a stated amount of a security at a specific price or,
if obtainable, a better price.

Last Trading day: Means the day up to and on which a Derivatives Contract is available
for trading.

Margin: The amount buyer/seller of a future contract or an uncovered (naked) option is

required to deposit and maintain to cover his delivery position valuation and reasonably
foreseeable intra-day price changes.

Mark to market – A process of valuing an open position on a futures market against the
ruling price of the contract at that time, in order to determine the size of the margin call.

Naked option: An option granted without any offsetting physical or cash instrument for
protection. Such activity can lead to unlimited losses.

Open Position: Open position means the sum of long and short positions of the Member
and his constituent in any or all of the Derivatives Contracts outstanding with the
Clearing Corporation.

Option Class: All listed options of a particular type (i.e., call or put) on a particular
underlying instrument, e.g., all Sensex Call Options (or) all Sensex Put Options

Option Series: An option series consists of all the options of a given class with the same
expiration date and strike price. E.g. BSXCMAY3600 is an options series which includes
all Sensex Call options that are traded with Strike Price of 3600 & Expiry in May. (BSX
Stands for BSE Sensex (underlying index), C is for Call Option, May is expiry date and
strike Price is 3600)

Open Interest: Open Interest means the total number of Derivatives Contracts of an
underlying security that have not yet been offset and closed by an opposite Derivatives
transaction nor fulfilled by delivery of the cash or underlying security or option exercise.
For calculation of Open Interest only one side (either the long or the short) of the
Derivatives Contract is counted.

Open Order: An order that has been placed with the broker, but not yet executed or
canceled.

Options Contract: Options Contract is a type of Derivatives Contract, which gives the
buyer/holder of the contract the right (but not the obligation) to buy/sell the underlying
security at a predetermined price within or at end of a specified period. The option
contract that gives a right to buy is called a Call Option and the option contract that gives

74 | P a g e
a right to sell is called a Put Option.

Option Holder: Option Holder means a Trading Member who is the buyer of the Option
Contracts.

Option Writer: Option Writer means a Trading Member who is the seller of the Options
Contracts.

Option Pricing Model: A mathematical formula used to calculate the theoretical value
of an option.

Out-of-money (OTM): An out-of-the-money option is one whose strike price is

unfavorable in comparison to thecurrent price of the underlying. This means when the
strike price of a call is greater than the price of the underlying, or the strike price of a put
is less than the price of the underlying. An out-of-the-money option has no intrinsic
value, only time value.

Premium: The price of an option contract, determined on the exchange, which the buyer
of the option pays to the option writer for the rights to the option contract.

Regular lot / Market Lot: Means the number of units that can be bought or sold in a
specified derivatives contract and it is also termed as Contract Multiplier.

Rho: It is the change in option price to change in interest rate.

Spread: The difference between the bid and asked prices in any market.

Straddle: The simultaneous purchase and sale of the same commodity to different
delivery months or different strategies.

Swaption: An option to enter into a swap contract.

Settlement Date: Means the date on which the settlements of outstanding obligations in
a permitted Derivatives contract are required to be settled.

Short Position: Short position in a derivatives contract means outstanding sell

obligations in respect of a permitted derivatives contract at any point of time.
Spot: The price in the cash market for delivery using the standard market convention
Spread: A trading strategy involving two or more legs, the incorporation of one or more
of which is designed to reduce the risk involved in the others.

Settlement Price: Price used for revaluation of open positions at the day end.

Strike Price: (also called Exercise Price) The price for which the underlying stock index
or other asset may be purchased (in case of call) or sold (in case of put) by the option
buyer (holder) upon exercise of the option contract.

75 | P a g e
Swap: An agreement to exchange one currency or index return for another, the exchange
of fixed interest payments for a floating rate payments or the exchange of an equity index
return for a floating interest rate.
Tick Size: It is the minimum price difference between two quotes of similar nature.
Tickers: Electronic display of the prices and volumes of stock trades worldwide, usually
updated within 90 seconds after each transaction.

Theta: It measures the change in option price to change in time

Vega: It is the change in option price to change in variance of the underlying stock

Volatility: The propensity of the market price of the underlying security like shares or
index to change in either direction, over a period of time.
Volume: Number of contracts traded during a specific period of time - During a day,
during a week or during a month.
Writer: The person who originates an option contract by promising to perform a certain
obligation in return for the price of the option.

Zero Strike Price Option: An option with an exercise price of zero, or close to zero,
traded on exchanges where there is transfer tax, owner restriction or other obstacle to the
transfer of the underlying.

QUESTIONNAIRE
Dear sir/madam,
The questionnaire is prepared to understand the investment pattern of the people in
derivative market. The main idea is to do the survey which is carried out for the
educational purpose only and we can assure you that this information will be kept
confidential.

76 | P a g e
Name : _________________________________________________
Gender
: Male Female
Age Group : Below 30 31-45 46-60 Above 60
Education :Undergraduate
Graduate
Post graduate
Occupation : ______________________

1.Do you know what Derivative Market is and how transactions take place in it?
Yes No

2. How do you take decisions while investing in derivatives?

Independently Advice of Friends / Colleagues
Advice of Broker / Agent News channels
Newspapers & Magazines

3. Which TV Channel do you watch?

NDTV NDTV Profit
CNBC NDTV 24*7
CNN IBN

4. In derivative market, which of the following do you invest in?

Future Options
Both Futures and Options

5. What type of Trader you are in derivative market?

Intraday Trader Position Holder

6. According to you, from the given factors, which factor affects the most to market
movement?
Political Factors Company Actions
Foreign Affairs Government Policies
Movement in other stock markets

7. From the given options, which one is your main purpose of investment in
derivative?
Arbitrage Speculating
Hedging

8. Along with derivatives, would you like to invest in cash market?

YES NO

77 | P a g e
9. Which are the constraints that hold you back?
Lack of Risk Taking ability Lack of guidance from broker
Lack of fund availability Lack of knowledge

10. Following are the most considerable factors by the investors while trading in
derivatives, rank them according to your preferences.

Risk Price
Return Status of the company
Volatility

11. Rank the following Broking Firms

Angel BrokingMotilalOswal
SharekhanKotak Securities
India bulls Marwadi
Religare

Thank you for your cooperation

Websites:
www.angeltrade.com

www.bseindia.com

www.nseindia.com
www.mcx.com
www.ncdex.com
www.wikipedia.org

www.investopedia.com

Books:

78 | P a g e
BIBLIOGRAPHY:
Option, future and other derivatives (6
th
edition - John C. Hull)
Indian Financial System (Bharti V. Pathak)

Newspapers:

The Economic Times

Business Standard

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