1.

INTRODUCTION TO THE STUDY

EXECUTIVE SUMMARY

I had the opportunity to take summer project at IL&FS Investsmart

Securities Ltd. Kota. The training was from 1st May to 12th July 2009.
During the training I had the privilege of being guided by Mr. Niren Bhat
Branch manager and Mr. Deepak Gupra Associate Sales Manager.

The main objectives of this training are to study about the equity market,
to understand the concept of equity shares, derivatives market, mutual
fund, trading and investment of equity shares in the secondary market.

The essential information of this project has been collected by both

primary data and secondary sources of data.

This project report includes the overview of the company profile, stock
market, secondary market, equity trading, comparative analysis of the
stock brokers, findings and suggestions.

TITLE OF THE PROJECT

“Perception of investors about equity trading”

NEED FOR THE STUDY

• This study is important to understand Equity Trading in
Secondary Market with respect to individual and individual in a
group like age, education and social class.

SCOPE OF THE STUDY

• The study covers to understand the Equity Trading in Secondary

Market in Kota (Rajsthan, India).

1
OBJECTIVES OF THE STUDY

• To study the equity share trading in secondary market.

• To find whether investment in equities is better than other
investment.

STATEMENT OF THE PROBLEM

• This project is mainly focused on “Equity Trading in Secondary

Market”.

2
 2.RESEARCH METHODOLOGY
Research design

The research design used for the study was exploratory in nature,
so as to identify and explore the people perception level towards equity
share trading in secondary market.

Sampling Design

Sample size:

The sample size is selected 100 respondents.

Research tool: questionnaire – closed ended questions.

Sources of data

Data collected for this project study is inclusive of both primary as well
as secondary data.

Primary data:

The primary data for this study has been gathered with the help of a
following:
●Well structured questionnaire
●Personal interview

Secondary data: Secondary data source was used for getting information
that is books were used are.

●Research Methodology (C.R Kothari)

● Portfolio Analysis and Management (Prasanna Chandra)
●Investment management (V.K. Bhalla)

3
 3. Type of Capital Market

The Capital Market consists of two types:

1. Primary Market

2. Secondary Market

Primary Market:-

Primary market provides opportunity to issuers of securities government

as well as corporates, to raise resource to meet their requirement of
investment. They may issue the securities at face value or at discount/
premium and these securities may take a variety of forms such as
equity,debt or hybrid.Features of primary markets are:

(1) This is the market for new long term equity capital. The primary
market is the market where the securities are sold for the first time.
Therefore it is also called the new issue market (NIM).

(2) In a primary issue, the securities are issued by the company

directly to investors.

(3) The company receives the money and issues new security
certificates to the investors.

(4) Primary issues are used by companies for the purpose of setting
up new business or for expanding or modernizing the existing
business.
(5) The primary market performs the crucial function of facilitating
capital formation in the economy.

(6) The new issue market does not include certain other sources of
new long term external finance, such as loans from financial
institutions. Borrowers in the new issue market may be raising
capital for converting private capital into public capital; this is
known as "going public."

(7) The financial assets sold can only be redeemed by the original
holder.

4
Secondary Market:-

The secondary market refer to the market where securities are traded after
being initially offered to the public in the primary market and or listed on
the stock exchange. Secondary market provides liquidity to the investors.
Majority of the trading is done in the secondary market.

The secondary market, also known as the aftermarket, where previously

issued and such as, , ,and are bought and sold. The term "secondary
market" is also used to refer to the market for any or assets, or an
alternative use for an existing product or asset where the customer base is
the second market (for example, corn has been traditionally used
primarily for food production and feedstock, but a second- or third-
market has developed for use in ethanol production).

The secondary market for a variety of assets can vary from to stocks,
from fragmented to centralized, and from illiquid to very liquid. The
major stock exchanges are the most visible example of liquid secondary
markets in this case, for stocks of publicly traded companies. Exchanges
such as the, and the provide a centralized, liquid secondary market for the
investors who own stocks that trade on those exchanges. Most bonds and
structured products trade “over the counter,” or by phoning the bond desk
of one’s broker- dealer. Loans sometimes trade online using a.

5
 4. INDUSTRY PROFILE

Introduction

Stock market is an organized is a set-up with a regulatory body and the

members who trade in shares are registered with the stock market and
regulatory body SEBI. It is a place where securities are bought and sold.
It is exposed to a high volatility, price fluctuates within minutes and
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 Exchange Board of India (SEBI) is the authorized body

which regulates the operations of stock exchange, banks and other
financial institutions. The past performances in the capital markets
especially the securities scam by Ketan Parekh and Harshal 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.

History of Indian Stock Market

The history of Indian Stock Market is about 200 years old. Prior to this
the Hundis and bills of exchange were in use, especially in the medieval
period, which can be considered as a form of virtual stock trading but it
was certainly not an organized stock trading. The recorded stock trading
can be traced only after the arrival of East India Company. The first
organized stock market that was governed by the rules and regulations
came into the existence in the form of the Native share and Stock
Broker’s Association in 1875. After gone through numerous changes this
association is today better as Bombay Stock Exchange, which remains the
premier stock exchange since its inception. During this period other
exchanges were launched and some of which were closed also. Presently,
there are 19 recognized stock exchanges out of which four are National
level exchanges and the remaining are regional exchange. National Stock
Exchange, established in 1992, was the last exchange. Although the
regional level exchanges are in existence the volume of trading in these
exchanges is negligible. National Stock Exchange and Bombay Stock
Exchange are the leaders of Indian Securities Market in terms of listing,
trading and volumes. The last 15 years of the Indian Securities Market
can be consider as the most important part of the history where the
6
market gone through the post liberalization era of Indian economy and
witnessed the formation of Securities and Exchange Board of India
(SEBI) which brought substantial transparency in share market practices
and thus managed to bring in trust of not only domestic investors but also
the International ones.

What is a Stock Exchange?

“Stock exchange means, anybody or individuals whether incorporated

or not, constituted for the purpose of assisting, regulating or controlling
the business of buying, selling or dealing in Securities”. It is an
association of member brokers for the purpose of self regulation and
protecting the interests of its members. It can operate only if the
Government under securities contracts recognizes it regulation act, 1956.
The recognition is granted under section of the act by the Central
Government, ministry of finance.

The traditional structure of the stock exchange in India?

There are 22 recognized stock exchanges in India. Mangalore stock

exchange was refused renewal of recognition vide SEBI order dated
August 31, 2004.

In terms of legal structure, the stock stock exchanges in India could be

segregated into two broad groups- 19 stock exchanges which were set up
as companies, either limited by guarantees or by shares, and the 3 stock
exchanges which were association of persons (AOP) viz. BSE, ASE, and
Madhya Pradesh Stock Exchange. The 19 stock exchanges which have
been functioning as companies include, the stock exchanges of
Bangalore, Bhubaneswar, Calcutta, Cochin, Coimbatore, Delhi, Gauhati,
Hyderabad, Interconnected Se, Jaipur, Ludhiana, Madras, Magadha, NSE,
Pune, OTCEI, Saurashtra-Kutch, Uttar Pradesh, and Vadodhara. Apart
from NSE, all stock exchanges whether established as corporate bodies or
Association of Persons (AOP), were non profit organizations.

At present, there are 21 stock exchanges recognized under the securities

contract regulation act, 1956. They are located at Bombay, Calcutta,
Madras,

7
 BOMBAY STOCK EXCHANGE (BSE)

Of the 22 stock exchanges in the country, Bombay Stock

Exchange (BSE) is the largest, with over 6000 stock listed. The BSE
accounts for over two thirds of the total trading volume in the country.
Established in the year 1875, the BSE exchange is also the oldest in Asia.
Among the 22 Stock Exchanges recognized by the Government of India
under the securities contracts (regulation) Act, 1956 it was the first one to
be recognized and it is the only one that had the privileges of getting
permanent recognition ab-intio.

Approximately 70,000 deals are executed on a daily bases, giving it one

of the highest per hour of trading in the World. There are around 3500
companies in the Country, which are listed and have a serious trading
volume. The market capitalization of the BSE is Rs. 5 trillion. The
Sensex is widely used market index for the BSE.

The main aims and objective of the BSE are to provide a market place for
the purchase and sale of security evidencing the ownership of business
property or of a public or business debt. It aims to promote, develop and
maintain a well regulated market for dealing in securities and to
safeguard the interest of members and the investing public having
dealings on the exchange. It helps industrial development of the Country
through efficient resources mobilization. To establish and promote
honorable and just practices in securities transaction.

8
NATIONAL STOCK EXCHANGE (NSE)

The National Stock Exchange (NSE), located in Bombay, is India’s first

debt market. It was set up in 1993 to encourage stock reform through
system modernization and competition. It opened for trading in mid 1994.
it was recently accorded recognition as a stock exchange by the
Department of Company Affairs. The instruments traded are Treasury
Bills, Government Securities and Bonds issued by public sector
companies. The number of members trading on the exchange has been on
steady increase, helping integrate the National Market and providing a
modern system with a complete audit trail of all transactions.

NSE started trading in the equity segment on Nov 3, 1994 and within a
short span of 1 year became the largest exchange in Indian volumes
transaction.

Trading volumes in the equity segment have grown rapidly with average
daily turnover increasing from Rs.17 crores during 1994-95 to Rs.14, 148
crores during FY 2007-08. During the year 2007-08, NSE reported a
turnover of Rs.35, 51,038 crores in the equities segment.

9
 5. Time line of event of Indian stock market

1800 Trading of shares of east India company in

Kolkata And Mumbai
1850 Joint stock company came into existence
1860 Speculation and feverish dealing in securities
1875 Formulation of stock exchange of Mumbai
1894 Formulation of Ahmadabad stock exchange

20th century

190 Formulation of Calcutta stock exchange

8
193 Formulation of Lahore and madras stock
9 exchange
194 Formulation of U.P and Delhi stock exchange
0
195 Securities contract and regulation act enacted
6
195 Scam of Haridas Mundhra
7
198 Securities and exchange board of India set up
8

10
 199 Scam of MS Shoes
1
199 SEBI given power Under SEBI act,1992
2
199 Formation of National stock exchange
3
199 HARSHAD MEHTA Scam
5
199 SESA GOA Scam
5
199 CRB scam
7
199 BPL And Videocon Scam
8

21st century

2000 Depositories came into existence (electronic

form of shares)
2001 Ketan Parekh scam
2002 Start of rolling settlement and banning of
Badla trading
2002 Introduction of T+3 settlement in April
2003 Introduction of T+2 settlement in April
2005 BSE Sensex touches all time high 6954 in January
2006 BSE Sensex touches all time high 12500,the
highest intraday fall of 1100
2007 BSE reaches the level of 16850 (Appro)
2008 BSE touches all time high in January 2008
2008 Sensex saw its highest ever loss of 1,408
points at the end of the session.
2008 Sexsex saw its 15 month low,from its all
time high

11
 2009 Sexsex saw its down trend & highest ever
loss because of Satyam case.

6. COMPANY PROFILE

 IL&FS Investsmart Limited

IL&FS Investsmart Limited (IIL) is one of India’s leading

financial services organizations providing varied range of services for
Corporate as well as Individual customers. IIL has a strong presence
across wide rang of products and operates in the areas of Investment
Management and Advisory services, Equity and Debt broking,
Commodity broking, Distribution of financial products, Merchant
banking, Securities financing and related activities, IPO, and Depository
services.

IIL provides various services through its wholly subsidiaries as below:

1. IL&FS Investsmart Securities Limited (IISL)
2. IL&FS Investsmart Commodities Limited (IICL)
3. IL&FS Investsmart Insurance and Risk Management Services
Limited (IIIRMSL)
4. IL&FS Academy for Insurance & Finance Limited (IAIFL)
12
 5. IL&FS Investsmrt Asia Pacific Private Limited (IIAPPL)

Products Offerings of IL&FS Investsmart Group

• Retail Business
• Wholesale Business Institutional Equity Business Division
• Merchant Banking Division
• Debt Broking Division
• Promoters and Shareholders of IL&FS Investsmart Limited

Management

The company is, currently managed by a Board Of Directors comprising

11 Directors. Mr. Ravi Partasarathy is currently the Chairman and Mr.
Hemang Raja is the Managing Director and CEO of the Company. Mr.
Ravi Partasarathy, Chairman has experience in infrastructure, banking
and finance services sector for over three decades. Mr. Hemang Raja,
Managing Director and CEO, has more than Twenty years of experience.
His core competencies in financial services industry encompasses the
functions of accounts, finance, project relted exposure, all Indi marketing
and investment banking. Mr. R.C.Bava, Dy. Managing Director has more
than 2 decades of experience in the Indian banking sector, with an
intimate knowledge of the banking sector.
Vision, Mission and corporate action

Vision statement

To become the preferred long term financial

partner to a wide base of customers whilst
optimizing stakeholders value !

Mission statement

To establish a base of 1 million satisfied customers by 2010. We will

create this by being a responsible and trustworthy partner !

Corporate action

An Approach to Business that reflects Responsibility, Transparency and

Ethical Behaviour. Respect for Employees, Clients & Stakeholder groups.

13
HSBC ACQUIRES 93.86 PER CENT OF
IL&FS INVESTSMART IN INDIA

*** A controlling interest in one of India's leading retail brokerages * *

*** Gains foothold in a market with 20 million retail investors ****

HSBC has completed the acquisition of 93.86 per cent of IL&FS

Investsmart Limited (Investsmart), a leading retail brokerage in India, for
a total consideration of INR1, 311.0 crore (approximately US$296.4
million).

Sandy Flockhart, Group Managing Director and Chief Executive Officer

of HSBC Asia- Pacific, said: "Investsmart gives HSBC access to the
world's third-largest investor base, with over 20 million retail investors.
In fact, the business already has 143,000 customers and operates in 128
cities. With Indian GDP expected to grow by 7.8 per cent in 2009, the
Opportunity here is obvious and underlines why HSBC has a stated
strategic aim of focusing on high-growth economies."

Under the transaction agreement, HSBC acquired 43.85 per cent of

Investsmart from E*TRADE Mauritius Limited, an indirectly wholly-
owned subsidiary of E*TRADE Financial Corporation and 29.36 per cent
from Infrastructure Leasing and Financial Services Limited (IL&FS). The
decision to acquire a controlling stake in Investsmart triggered an Open
offer to public shareholders, through which HSBC has accepted shares
equivalent to 20.65 per cent of Investsmart's capital.

E*TRADE Mauritius Limited, IL&FS and those that tendered shares

through the open offer received INR200 per share for their Investsmart
shares. In addition, IL&FS was paid, as part of a three-year non-compete
agreement, INR82.0 crore (approximately US$17.9 million). In
accordance with local regulations, HSBC paid interest of INR2.3 per

14
 share to the public shareholders who tendered their shares. This amounted
to INR3.31 crore approximately US$0.72 million).

Naina Lal Kidwai, Group General Manager and Chief Executive Officer,
HSBC in India, added: "Investsmart is a great addition to our current
operations, which already constitute the second largest foreign banking
network in India. We look forward to working with Investsmart's
management team and growing this business."

HSBC was advised on the acquisition by the investment banking division

of HSBC Global Banking and Markets.

7. Company Information

I. Company History:

a) Incorporation
The Company was set up as Investsmart India Limited, a wholly owned
subsidiary of Infrastructure Leasing & Financial Services Limited for
carrying on capital market activities such as share and stock broking,
underwriting, placement of securities etc. The Company was incorporated
on September 01, 1997 and received the Certificate of Commencement of
Business on October 07, 1997.

b) Change In the Registered office of the Company

IL&FS has set up a financial centre in Bandra Kurla Complex in Mumbai
with a view to house all its subsidiaries, ventures etc. at the same place
for administrative convenience and to pursue group synergy. Pursuant to
this, on June 14, 2000 the registered office of the Company was changed
from Mahindra Towers, 4th Floor, 'B1 Wing, Dr. G. M. Bhosale Marg,

15
Worli, Mumbai 400 018 to The IL&FS Financial Centre, Plot C-22, G
Block, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051.

c) Subscription by ORIX Corporation, Japan in 2000

ORIX subscribed to 80,00,000 equity shares in March 2000 representing
27.59% of the paid up capital at that point of time. ORIX is an integrated
financial services group based in Tokyo, Japan, providing innovative
value-added products and services to both corporate and retail customers.
With operations in 24 countries worldwide, ORIX's activities include
leasing, corporate finance, real estate-related finance and development,
life insurance, and investment and retail banking. ORIX is made up of
202 consolidated subsidiaries and 74 affiliates. ORIX has 974 offices in
Japan, with 234 locations throughout the United States, Asia, Oceania,
Europe, the Middle East and Northern Africa.
Amalgamation of IL&FS Merchant Banking Services Limited (IMBSL)
and DebtonNet India Limited (OIL) with IL&FS In vests mart Ltd
(erstwhile In vests mart India Limited)
IL&FS, in addition to its core activity of infrastructure financing, was
also registered with SEBI as a Category merchant banker since the
inception of the SEBI (Merchant Banking Regulations) 1992. Consequent
to changes in SEBI regulations on segregating merchant banking from
fund based activities, IL&FS set up IL&FS Merchant Banking Services
Limited (IMBSL) as a wholly owned subsidiary. IMBSL was set-up to
provide full-fledged merchant banking services and was registered as a
Category I merchant banker with SEBI.
IL&FS also had a 50% stake in another company called DebtonNet India
Limited (OIL), which was set up along with. National Stock Exchange of
India Limited. DIL was set up to provide an automated and transparent
platform, using the Internet, for book built debt issuances. Over a period
of time DIL had enhanced the scope of the platform to provide a wide
range of information, news and analytics relevant to the debt market.
With a view to consolidate IL&FS's interests in the capital markets
IMBSL and DIL were merged into the Investsmart India Limited. Prior to
this, IL&FS had taken over the 50% stake of National Stock Exchange of
India Limited in DIL. The scheme of amalgamation was approved by the
High Court on August 01, 2002 and was effective from January 01, 2002.

d) Benefits of the Merger

The main benefits of the merger of IMBSL and DIL with IL&FS
Investsmart Limited were as follows:

16
1. The merger resulted in making available to the parties the benefit of
financial resources and the expertise of each other.
2. The activities undertaken by the three companies were supplementary
and complementary to the activities of each other. It was felt that it would
be advantageous to combine the activities of all the three companies in to
a single company. The merger of IMBSL and DIL with IL&FS
Investsmart Limited would provide synergy besides economies in costs
by combining total business functions and the related activities and thus
contribute to the profitability of the amalgamated company.
3. All the three companies had within themselves the wholesale and retail
relationships and multiple resources capabilities that could be better
leveraged under a common umbrella.
4. IL&FS Investsmart Limited was primarily focused on the retail
segment through its broking and other distribution activities, IMBSL was
focused on wholesale and institutional segments of the financial market
and DIL was focused on the wholesale and institutional segments of the
debt market. It was expected that the amalgamated company would have
diversified income profile insulating itself from adverse market
conditions and have better competitive positioning.
5. It was also expected that the amalgamated company would have the
benefit of the combined resources, man-power and cash flows of all the
three companies It was envisaged that with the enhanced capabilities and
resources at its disposal, the amalgamated company would have greater
flexibility to market and meet customer needs and compete more
effectively, thus strengthening the position of the merged entity.

II. Sale and Lease back of property from IL&FS

The Company had purchased office premises for its registered office
from IL&FS in September 2001 through two separate agreements for a
total consideration of Rs 2382.66 lakhs. Out of these two agreements, one
agreement covering an area of 7010 sq ft was entered into with IL&FS
Merchant Banking Services Limited (which was subsequently merged
with IL&FS Investsmart Limited) for a total consideration of Rs 736.05
lakhs. The other agreement covering an area of 15682 sq ft was entered
into with Investsmart India Limited for a total consideration of Rs
1646.61 lakhs.

17
On January 30, 2004, the Company, through a Sale Deed sold the entire
area aggregating 22692 sq ft for a total consideration of Rs 2541.50 lakhs
to IL&FS. The Company has subsequently entered into business services
agreements dated April 23, 2004 and December 31, 2004 with IL&FS
pursuant to which it occupies the said premises.

Change in name of the Company from Investsmart India Limited to

IL&FS Investsmart Limited
Pursuant to the merger of IMBSL and DIL with Investsmart India
Limited, the stake of IL&FS increased from 53.33% to 60% and
consequently IL&FS became a major shareholder of the Company.
Further to reap the benefits of IL&FS brand and parentage, it was
proposed to change the name from Investsmart India Ltd to IL&FS
Investsmart Limited. A fresh certificate of incorporation was issued by
the Registrar of Companies consequent to change of name on March 25,
2003.

Induction of Strategic Investors

SAIF Investment Company Limited, Mauritius
SAIF has acquired 20% equity stake in 2004-05 in the Company. SAIF is
a wholly-owned subsidiary of Softbank Asia Infrastructure Fund
(SBAIF). SBAIF is a leading Asian private equity firm headquartered in
Hong Kong. SBAIF is a strategic joint venture between Softbank
Corporation and Cisco Systems that was formed in early 2001 to make
investments in information technology, media, and telecom related
companies based (or with significant operations) in the Asia Pacific
region. SBAIF focuses its efforts primarily on China, India and Korea.
Cisco Systems, Inc. is the sole limited partner of the Fund and has
committed $404 million in the first of a series of funds. Over the years,
Softbank has made investments in E*TRADE FINANCIAL, Yahoo!,
UTStarcom, Shanda, Sify Limited, & Intelligroup.
E*TRADE Mauritius Limited (ETM)
ETM acquired 13.94% equity stake in the Company. E*TRADE
Mauritius Limited, is a wholly-owned Mauritius based subsidiary of
Converging Arrows, Inc formed and existing under the laws of Nevada,
which in turn is wholly-owned subsidiary of E*TRADE FINANCIAL
Corporation.
E*TRADE FINANCIAL provides financial services including brokerage,
banking and tending for retail, corporate and institutional customers.
With 2.7 million households and 3.5 million customer accounts

18
 worldwide, U.S.-based E*TRADE FINANCIAL Corporation operates
branded web sites in 12 countries.

Shareholding

Shareholding as
31/03/2009 31/12/2008 30/09/2008
on :
Face Value 10.00 10.00 10.00
No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
PROMOTER'S HOLDING
Foreign Promoters 30625692 43.85 30625692 43.85 30625692 43.85
Indian Promoters 34922751 50.01 34922751 50.01 34930251 50.02
Sub Total 65548443 93.86 65548443 93.86 65555943 93.87
NON PROMOTER'S HOLDING
Institutional Investors
Mutual Funds and
36077 0.05 36077 0.05 36077 0.05
UTI
Banks Fin. Inst. and
300 0.00 0 0.00 0 0.00
Insurance

19
FII's 1485031 2.13 1485031 2.13 1385031 1.98
Sub Total 1521408 2.18 1521108 2.18 1421108 2.03
Other Investors
Private Corporate
475476 0.68 576450 0.83 594948 0.85
Bodies
NRI's/OCB's/Foreign
575764 0.82 12347 0.02 13691 0.02
Others
Others 146601 0.21 613712 0.88 714095 1.02
Sub Total 1197841 1.72 1202509 1.72 1322734 1.89
General Public 1568581 2.25 1564213 2.24 1536488 2.20
GRAND TOTAL 69836273 100.00 69836273 100.00 69836273 100.00
(Sources: www.moneycontrol.com)

Financial Results
A). Profit & Loss:
The following is the Income statement for the last 5 years.

(Rs in Cr.)
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Income :
Operating
7.32 23.35 110.54 212.81 107.41
Income

Expenses
Material
0.00 0.00 0.00 0.00 0.00
Consumed
Manufacturing
0.00 0.00 0.00 0.00 0.00
Expenses
Personnel
10.64 5.84 26.07 42.91 23.14
Expenses
Selling
0.38 0.61 8.83 28.60 1.24
Expenses
Adminstrative
3.53 5.64 22.59 37.96 28.13
Expenses
Expenses
0.00 0.00 0.00 0.00 0.00
Capitalised

Cost Of Sales 14.55 12.09 57.49 109.46 52.51

20
Operating
-7.23 11.26 53.05 103.35 54.90
Profit

Other Recurring
17.92 17.62 12.89 4.16 0.93
Income

Adjusted
10.69 28.88 65.94 107.50 55.83
PBDIT

Financial
0.00 3.38 3.63 1.92 3.49
Expenses
Depreciation 0.83 0.09 2.12 4.64 3.40
Other Write
0.00 0.00 0.00 0.22 0.12
offs

Adjusted PBT 9.85 25.41 60.18 100.73 48.82

Tax Charges 4.21 9.82 19.85 31.28 15.59

Adjusted PAT 5.64 15.59 40.33 69.45 33.23

Non Recurring
-20.85 -0.01 -1.07 -0.16 -0.11
Items
Other Non Cash
0.00 0.00 -0.80 -0.17 -0.07
adjustments

Reported Net
-15.21 15.58 38.46 69.12 33.06
Profit

Earnigs Before
66.29 107.57 116.29 108.42 51.56
Appropriation

Equity
0.00 20.95 17.49 20.77 7.87
Dividend
Preference
0.00 0.00 0.00 0.00 0.00
Dividend
Dividend Tax 0.00 3.56 2.97 2.91 1.07
Retained 66.29 83.06 95.83 84.74 42.61

21
Earnings

B). Balance Sheet:

The following is the balance sheet for the last 5 years.

(Rs in Cr)
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
SOURCES OF
FUNDS
Owner's Fund
Equity Share
69.84 69.84 69.84 66.92 35.00
Capital
Share
Application 0.00 0.00 0.00 1.62 0.00
Money
Preference
0.00 0.00 0.00 0.00 0.00
Share Capital
Reserves &
597.39 612.59 621.53 591.86 51.85
Surplus
Loan Funds
Secured Loans 0.00 0.00 73.71 1.47 2.81
Unsecured
0.23 0.00 0.00 0.00 20.00
Loans

Total 667.46 682.43 765.08 661.87 109.66

22
USES OF
FUNDS
Fixed Assets
Gross Block 12.49 1.20 2.22 32.36 25.85
Less :
Revaluation 0.00 0.00 0.00 0.00 0.00
Reserve
Less :
Accumulated 1.27 0.49 1.14 17.46 13.28
Depreciation
Net Block 11.23 0.71 1.09 14.91 12.57
Capital Work-
0.00 0.00 0.00 0.00 0.00
in-progress

Investments 478.49 448.99 433.99 37.43 16.04

Net Current
Assets
Current Assets,
Loans & 180.18 261.77 370.60 919.87 184.08
Advances
Less : Current
Liabilities & 2.44 29.04 40.60 310.34 103.26
Provisions
Total Net
177.74 232.73 330.00 609.54 80.82
Current Assets
Miscellaneous
expenses not 0.00 0.00 0.00 0.00 0.22
written

Total 667.46 682.43 765.08 661.88 109.65

Note :
Book Value of
Unquoted 478.49 448.99 433.99 37.43 16.04
Investments
Market Value 0.00 0.00 0.00 0.00 0.00
of Quoted

23
Investments
Contingent
191.17 345.76 290.00 6.70 1.27
liabilities
Number of
Equity shares
698.36 698.36 698.36 669.21 350.00
outstanding (in
Lacs)
(Source: www.moneycontrol.com)

C). Ratios

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
PER SHARE
RATIOS

Adjusted E P S
0.80 2.23 5.77 10.38 9.49
(Rs.)
Adjusted Cash EPS
0.92 2.25 6.08 11.10 10.50
(Rs.)
Reported EPS (Rs.) -2.18 2.23 5.51 10.33 9.45
Reported Cash EPS
-2.06 2.24 5.81 11.05 10.45
(Rs.)
Dividend Per Share 0.00 3.00 2.50 3.00 2.25
Operating Profit Per
-1.04 1.61 7.60 15.44 15.69
Share (Rs.)
Book Value (Excl
Rev Res) Per Share 95.54 97.72 99.00 98.44 24.75
(Rs.)
Book Value (Incl
Rev Res) Per Share 95.54 97.72 99.00 98.44 24.75
(Rs.)

24
Net Operating
Income Per Share 1.05 3.34 15.83 31.80 30.69
(Rs.)
Free Reserves Per
84.92 87.09 88.37 87.79 13.50
Share (Rs.)

PROFITABILITY
RATIOS

Operating Margin
-98.80 48.22 47.99 48.56 51.11
(%)
Gross Profit Margin
-110.12 47.83 46.07 46.38 47.95
(%)
Net Profit Margin
-60.26 38.03 31.16 31.85 30.51
(%)
Adjusted Cash
25.62 38.26 34.39 34.24 33.92
Margin (%)
Adjusted Return On
0.84 2.28 5.83 10.54 38.35
Net Worth (%)
Reported Return On
-2.27 2.28 5.56 10.49 38.16
Net Worth (%)
Return On long
1.47 4.21 8.34 15.54 58.34
Term Funds (%)

LEVERAGE
RATIOS

Long Term Debt /

0.00 0.00 0.10 0.00 0.03
Equity
Total Debt/Equity 0.00 0.00 0.10 0.00 0.26
Owners fund as %
99.96 100.00 90.36 99.77 79.20
of total Source
Fixed Assets
6.48 20.00 50.56 8.72 5.68
Turnover Ratio

LIQUIDITY
RATIOS

Current Ratio 73.96 9.01 9.13 2.96 1.78

25
Current Ratio (Inc.
67.48 9.01 9.13 2.96 1.49
ST Loans)
Quick Ratio 73.69 6.32 7.96 2.95 1.56
Inventory Turnover
0.00 0.29 0.00 0.00 0.00
Ratio
(Source: www.moneycontrol.com)

D). Cash Flow Statement:

(Rs in Cr)
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Profit Before
-10.99 25.41 59.11 100.57 48.70
Tax
Net CashFlow-
Operating 14.15 118.55 -89.91 -21.48 19.91
Activity
Net Cash Used
In Investing -74.49 -14.23 1.26 -468.76 5.81
Activity
NetCash Used
-24.51 -20.87 59.32 501.79 -8.84
in Fin. Activity
Net Inc/Dec In
Cash And -84.85 83.45 -29.33 11.55 16.88
Equivlnt
Cash And
Equivalnt Begin 86.71 3.37 32.70 21.15 4.27
of Year

26
Cash And
Equivalnt End 1.86 86.81 3.37 32.70 21.15
Of Year

(Source:www.moneycontrol.com)

E). Quarterly Results:

Mar ' 09 Dec ' 08 Sep ' 08 Jun ' 08 Mar ' 08

Sales 3.33 4.29 9.02 3.05 1.69

Other Income 0.11 0.46 -0.08 5.06 4.83
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 0.11 7.03 1.96 1.55 0.95
Excise 0.00 0.00 0.00 0.00 0.00
Admin And Selling
0.00 0.00 0.00 0.00 0.00
Expenses
Research And
0.00 0.00 0.00 0.00 0.00
Devlopment Expenses
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 0.51 0.87 1.52 1.13 1.86
Provisions Made 0.00 0.00 0.00 0.00 0.00
Operating Profit 2.72 -3.61 5.55 0.36 -1.12

27
Interest 0.00 0.00 0.00 0.00 0.10
Gross Profit 2.82 -3.15 5.46 5.42 3.62
Depreciation 0.32 0.33 0.16 0.01 0.02
Taxation 1.64 -1.14 1.83 1.89 2.18
Net Profit / Loss -0.01 -14.55 -4.17 3.52 1.42
Extra Ordinary Item -0.87 -12.21 -7.64 0.00 0.00
Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00

Equity Capital 69.84 69.84 69.84 69.84 69.84

Equity Dividend Rate 0.00 0.00 0.00 0.00 0.00
Agg.Of Non-Prom.
42.88 42.88 42.80 187.09 187.09
Shares (in lacs)
Agg.Of Non
6.14 6.14 6.13 26.79 26.79
PromotoHolding(%)
OPM(%) 81.53 -84.15 61.47 11.87 -66.33
GPM(%) 82.07 -66.28 61.11 66.86 55.48
NPM(%) -0.29 -306.36 -46.65 43.44 21.77
EPS (in Rs.) 0.00 -2.08 -0.60 0.50 0.20
(Source: www.moneycontrol.com)
G). Annual Results:
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Sales 24.31 23.35 110.54 212.81 106.94

Other Income 0.93 17.62 12.89 4.16 0.93
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 10.64 5.84 26.07 42.70 23.08
Excise 0.00 0.00 0.00 0.00 0.00
Admin And Selling
0.00 0.00 0.00 0.00 0.00
Expenses
Research And
Devlopment 0.00 0.00 0.00 0.00 0.00
Expenses
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 4.03 6.26 32.49 67.14 29.19
Provisions Made 0.00 0.00 0.00 0.00 0.00

28
Operating Profit 9.63 11.25 51.98 102.97 54.67
Interest 0.00 3.38 3.63 1.92 3.49
Gross Profit 10.56 25.50 61.23 105.21 52.10
Depreciation 0.83 0.09 2.12 4.64 3.40
Taxation 4.21 9.83 20.65 31.28 15.59
Net Profit / Loss -15.21 15.58 38.46 69.29 33.11
Extra Ordinary Item -20.72 0.00 0.00 0.00 0.00
Prior Year
0.00 0.00 0.00 -0.17 -0.05
Adjustments

Equity Capital 69.84 69.84 69.84 66.92 35.00

Equity Dividend Rate 0.00 30.00 0.00 30.00 0.00
Agg.Of Non-Prom.
42.88 187.09 184.89 464.19 170.33
Shares (in Lacs)
Agg.Of Non
6.14 26.79 26.47 69.36 48.67
PromotoHolding(%)
OPM(%) 39.63 48.20 47.02 48.38 51.12
GPM(%) 41.84 62.23 49.61 48.48 48.30
NPM(%) -60.26 38.03 31.16 31.93 30.70
EPS (in Rs.) -2.18 2.23 5.51 10.35 9.46
8. HOW TO ACQUIRE EQUITY SHARES
A. Acquiring equity shares

1. From primary market

There are two methods to issues made by corporate in the primary

market. In the primary market, resources are mobilized by the corporate
through fresh public issues (IPO’s) or through private placements.

2. From secondary market

You may purchase shares from the secondary market. To buy and sell
securities you should approach a SEBI registered member (broker) of a
recognized stock exchange.

29
For the purchasing of shares a person have need of a DEMAT account,
without DEMAT account a person cannot purchase shares, because in
new system shares come in electronic form in DEMAT account

Components of DEMAT Account

Trading Account
DP Account

DEMAT
ACCOUNT

TRADING DP
ACCOUNT ACCOUNT

B. Demat Account

In India, a demat account, the abbreviation for dematerialized account, is

a type of banking account which dematerializes paper-based physical
stock. 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. PHISICALLY ONLY 500 SHARES CAN

BE TRADED AS PROVISION GIVEN BY SEBI. As of April 2006, it
became mandatory that any person holding a demat account should
possess a (PAN).

30
1. Fill demat request form (DRF) (obtained from a depository participant
or
DP with whom your depository account is opened).

2. Deface the share certificate(s) you want to demateri alise by writing

across Surrendered for dematerialisation.

3. Submit the DRF & share certificate(s) to DP. DP would forward them
to the issuer / their R&T Agent.

4. After dematerialisation, your depository account with your DP, would

be credited with the dematerialised securities.

1). The Benefits Of Demate Account

- A safe and convenient way to hold securities;

- Immediate transfer of securities;

- 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;

31
- 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.

II). Required Documents

The extent of documentation required to open a demat account may vary

according to your relationship with the institution. If you plan to open a
demat account with a bank, a savings, current and, or other account for
which the holder has been issued a check book, such holder has an edge
over the non-account holder. In fact, banks usually offer additional
incentives to customers who open a demat account with them. Along
with
the application form, your photographs (with co-applicants) and proof of
identity/residence/date of birth have to be submitted. The DPs also ask
for

32
a DP-client agreement to be executed on non-judicial stamp paper. Here
is
a broad list:

- A cancelled check, preferably MICR

- Proof of Identification

- Proof of Address

- Proof of PAN card (mandatory)

- Recent photographs, one and/or more

For proof of identification and, or address self-attested facsimile copies
of
PAN card, Voter’s ID, Passport, Ration card, Driver’s license, Photo
credit
card, Employee ID card, Bank attestation, latest IT returns and, or latest
Electricity/Landline phone bill are sufficient. While they only ask for
photocopies of the documents, they will need the originals for
verification.

TYPES OF TRADING

33
 SHARE
TRADING

CASH DERIVATIVE

INTRA DAY DELIVERY FUTURES OPTIONS

CALL
OPTION

PUT
OPTION

TYPE OF TRADING ACCOUNTS

1.On line account

2.Off line account

Comparative analysis

34
 BASIS IL&FS INDIABUL KARVY MOTILAL ANANDRAT
INVESTSM LS STOCK OSWAL HI
ART BROKI SECURITI SECURITIE
NG ES S

No. of 300 640 200 1160 132

branches

Brokerage 0.05 0.10 0.05 0.04 0.05

Intraday
Brokerage 0.50 0.50 0.50 0.40 0.50
Delivery
Brokerage 0.05 0.10 0.05 0.04 0.05
Futures
DEMAT A/C Rs.950 Rs.900 Rs.455 Rs.500 Rs.450
and
Trading A/C
AMC Rs.300 NIL NIL Rs.450 NIL

Exposure
Intraday Depends 8 times Depends 2 times Depends

Delivery Depends 4 times Depends Depends Depends

Days limit Depends 7 times Depends Depends Depends

35
NUMBER OF BRANCHES:

Number of branches

1400
1200
1000
800
Number of branches
600
400
200
0

IL&FS KARVY INDIABULLS MOTILAL ANAND

RATHI
OSWAL

Comparative Intraday Brokerage Charges:

Intraday Brokerage

0.12

0.1

0.08

0.06 Intraday Brokerage

0.04

0.02
0

IL&FS KARVY INDIABULLS MOTILAL ANAND

RATHI
OSWAL

36
DEMAT and Trading A/C charges:

DMAT and Trading A/C charges

1000
900
800
700
600
500 DMAT and Trading A/C charges
400
300
200
100
0

I
S
S

AN
VY

H
LL
&F

AT
SW
R

BU
IL

KA

R
O
A

D
DI

AN
L
LA
IN

AN
TI
O
M

9. DATA ANALYSIS
37
Gender: -
Table no. 1

Gender

100
90
80
70
60
Respondant
50
%
40
30
20
10
0
Male Female

Gender Respondent %
Male 93 93
Female 07 07

Interpretation:
I have asked the questionnaire 93% of the male investor and 7% of
female investor.

38
 Ages of respondents:

Table no. 2

Age of Respondent

40
35
30
25
20 Respondent
15
10
5
0
20 to 25 26 to 30 31 to 35 36 to 40 40 & above

Years Respondent
04
20 to 25
26 to 30 13
31 to 35 25
36 to 40 37
40 & above 21

Interpretation:

I divided survey in different age segments that is from 20 to 40 and

above.

39
 1. What is your profession?

Table no.3

Respondent

11%
29%
Doctor
Businessmen

Professors
Student
43% Other
13%
4%

Respondent %
Doctor 11 11
Businessmen 43 43
Professors 4 4
Student 13 13
Other 29 29

Interpretation:

I found that most of the investors are businessmen and 43% of the

investors are businessmen have more interested in equity trading.

40
 2. What is your annual income?

Table no. 4

Respondant

10% 16%

<100000
19%
100000 to 200000
200000 to 300000
23%
300000 to 400000
>500000

32%

Respondent %
<100000 16 16
100000 to 200000 23 23
200000 to 300000 32 32
300000 to 400000 19 19
>400000 10 10

Interpretation:
Most of the investors that is 55% of the investors have the annual income
of Rs.100000 – 300000.

41
 3. How much amount you have invested in equity trading?

Table no. 5

Respondant

17%
23%

10000 – 25000
25000 – 50000
50000 – 75000
21%
75000 – 100000
19% Above 100000

20%

Respondent %
10000 – 25000 17 17
25000 – 50000 21 21
50000 – 75000 20 20
75000 – 100000 19 19
Above 100000 23 23

Interpretation:
Most of the investors are businessmen and I found that they invested
more than 100000 in equity trading.

42
 4. How often do you trade in equity market?

Table no. 6

Respondant

7%
21%
17%
Daily
Weekly
Monthly
Quarterly
Half yearly
29%
26%

Respondent %
Daily 21 21
Weekly 29 29
Monthly 26 26
Quarterly 17 17
Half yearly 7 7

Interpretation:
29% of the investors like to trade weekly basis but daily investors is also
more, that is 21%.

43
 5. Which sector you want to invest your money?

Table no. 7

Respondant

17%

34% Software sector

Real state
Banking sector
21%
Infrastructure
All of the above

17% 11%

Respondent %
Software sector 17 17
Real state 21 21
Banking sector 11 11
Infrastructure 17 17
All of the above 34 34

Interpretation:

There is no particular sector that is investors wants to invest there money

in one sector. I found that more of the investors wants to invest there
money in different sector but most of them invest there money in real
estate and infrastructure sector.

44
 6. Are you satisfied the company you have invested your money in
equity market?

Table no. 8

Respondant

20%

Highly satisfied
41% Satisfied
3%
Dissatisfied
9%
Highly dissatisfied
Neither satisfied nor dissatisfied

27%

Respondent %
Highly satisfied 41 41
Satisfied 27 27
Neither satisfied nor 21 21
dissatisfied
Dissatisfied 9 9
Highly dissatisfied 3 3

Interpretation:

68% of the investors are satisfied with they have invest there money in
different sector.
45
 7. What do you feel about services provided by IL&FS Investsmart
Securities Ltd?

Table no. 9

Respondent

17% 21%

Very good
Good
19% Can’t say
Bad

43%

Respondent %
Very good 21 21
Good 43 43
Can’t say 19 19
Bad 17 17

Interpretation:

46
75% of the investors are satisfied with the services provided by IL&FS
Investsmart Securities Ltd.

8. If it’s good, why do you think so?

Table no. 10

Respondant

23%
29%
Delivery brokerage is low
Options brokerage is low
Intraday brokerage is low
Low account op. charges
19% Services
13%

16%

Respondent %
Delivery brokerage is low 23 23
Options brokerage is low 19 19
Intraday brokerage is low 16 16
No account op. charges 13 13
Services 29 29

47
Interpretation:
They are satisfied because they think that the service and brokerage rate
is low compared to other companies.

9. If it's bad, why do you think so?

Table no. 12

Respondant

11%

Delivery brokerage is high

Options brokerage is high
26% 47%
Intraday brokerage is high
High account op. charges
Service is bad
0%
16%

Respondent %
Delivery brokerage is high 9 47
Options brokerage is high 3 16
Intraday brokerage is high 0 0
Account op. charges is high 5 26
Service is bad 2 11

Interpretation:
48
25% of respondents are not satisfied because they think that the
brokerage cost is high and also the account opening charges is high.

10. CALCULATIONS

1. Hypothesis testing – satisfaction level of customers.

As the scale used is ordinal, chi-square test – Goodness of fit is used.

H0:.The investors are satisfied with service provided by IL&FS

Investsmart Securities Ltd

H1: The investors are not satisfied with service provided by IL&FS
Investsmart Securities Ltd

Let, Oi = Observed frequency

Ei = Expected frequency

Therefore, Ei = Total Value / Number of categories

λ² = ∑ (Oi – Ei)2
Ei
Table 7: Computation of Test Statistics - Television

Oi Ei Oi-Ei (Oi-Ei)² Λ²
21 20 1 1 0.05
11 20 -9 81 4.05
34 20 -14 196 9.8
21 20 -1 1 0.05
17 20 -3 9 0.45
Total 14.4

Assumed, Level of Significance (α) = 5%

Degree of freedom (v) = k – 1

49
Where k = number of categories

Therefore, v = 5 – 1 = 4

Critical value = 9.488

As the calculated λ² = 14.4 is more than the critical value 9.488.

Therefore H0 is accepted and H1 is rejected.

Conclusion: The investors are satisfide with service provided by IL&FS

Investsmart Securities Ltd.

2. Hypothesis testing – satisfaction level of customers.

As the scale used is ordinal, chi-square test – Goodness of fit is used.

H0: The investors are satisfied the company with they have invested their
money in equity market

H1: The investors are not satisfied the company with they have invested
their money in equity market

Let, Oi = Observed frequency

Ei = Expected frequency

Therefore, Ei = Total Value / Number of categories

λ² = ∑ (Oi – Ei)2
Ei
Table 18:

(Oi-
Oi Ei Oi-Ei Ei)² Λ²
40 20 20 400 20
27 20 7 49 2.45
21 20 1 1 0.05
9 20 -11 121 6.05
3 20 -17 289 14.45
Total 43

Assumed, Level of Signoficance (α) = 5%

50
Degree of freedom (v) = k – 1

Where k = number of categories

Therefore, v = 5 – 1 = 4

Critical value = 9.488

As the calculated λ² = 43 is more than the critical value 9.488. Therefore

H0 is accepted and H1is rejected.

Conclusion: The investors are satisfied the company with they have
invested their money in equity market.

51
 11. Findings:

 Amongst the 100 respondent majorities of respondents come

under income of Rs200000 to 300000 and least of respondent’s
lies in the annual income of above Rs300000.

 The small investors usually invest their money on monthly or

quarterly basis.

 All the investor would like to invest there money in different

sector mostly in IT, Software, Real-estate, Infrastructure etc.

 More than 60% of the investors are satisfied with they have
invested there money in stock market.

 Now a day every one should want enter in to contract of stock

market. Because everyone wants to make profit in short period
of time.

 Mostly investors invest there money in NSE rather than BSE.

52
 12. Suggestions:

 Investors should undertake an analysis before investing into

the stock market, as most of the investors do not undertake any
study before into a particular stock.

 Before making an investment or trade on particular script the

in-depth analysis of that script is very important to yield more
on our investment and to minimize the amount of risk involved.

 Company should create the awareness about investment in

securities among the investors. They should visit the general
public, businessmen, government offices and other work places
and guide them about the stock market. This will help the
company to large customer base.

 Conduct seminars, workshops on capital markets, so that

customers will come to know about the risk and return
involved in investing equity market.

 For attracting the new customers it should increase the number

of sales executives.

53
  The company has to provide proper training to new investors
to avoid losses. New customer’s ma not be having the sufficient
knowledge of the basic concept.

13. Conclusion:

In IL&FS Investsmart Securities Ltd, I was able to learn the

real practical World of the stock market. The market risk
involved in share trading. The customer’s action when the
market price fluctuates. Stock market or capital market
provides the industry with a lot of capital needed by the
industry, which leads to the growth of the industry and
economy as a whole. Hence the stock market plays an
important role in the development of the industry. As more
and more people are attracted towards share market
because of the returns they get, stock broking is growing day
by day.

54
 14. Annexure:

A). Questioner:

“Perception of investors about equity trading”

Name:
Address:-
Contact no ……...............

1. What is your profession?

Doctor Professor

Businessman Student

Others, specify-------------------------

2. What is your annual income?

<100000 100000-200000
200000-300000 300000-400000
>400000

3. How much amount you have invested in equity trading?

55
 10000-25000 25000-50000
50000-75000 75000-100000
More than 100000

4. How often do you trade in equity market?

Daily Monthly

Weekly Half yearly

Quarterly

5. Which sector you want to invest your money?

Software sector Real estate

Banking sector Infrastructure

All of the above

6. Are you satisfied the company you have invested your money in equity
market?
Highly satisfied Dissatisfied

Satisfied Highly unsatisfied

Neither satisfied nor dissatisfied

7. What do you feel about services provided by IL&FS Investsmart

Securities Ltd.?
Very good Can’t say

56
 Good Bad

8. If it’s good, why do you think so?

Delivery brokerage is low Intraday brokerage is low

Options brokerage is low Low account op.charges

Services

9. If it's bad, why do you think so?

Delivery brokerage is high Intraday brokerage is high

Options brokerage is high Account op. charges is

high

Service is bad

Signature respondent

Thank you……

57
 15. Bibliography:

Books;

 Research Methodology (C.R Kothari)

 Portfolio Analysis and Management (Prasanna Chandra)
 Dalal Street (magazine)

Websites;

 www.nseindia.com

 www.bseindia.com

 www.moneycontrol.com

 www.google.com

 www.investsmart.com

 www.buzzingstock.com

 www.hsbcinvestdirect.co.in

 www.ilfsdp.com

 www.ilfsinvestsmart.co.in

58
59