A

RCH PROJECT
On
PROBLEMS OF ONLINE TRADING
(A Case Study of Hisar City)

Submitted in partial fulfillment of the completion for the degree of

MASTER OF BUSINESS ADMINISTRATION
For the session (2006-2008)

Supervised by:- Submitted by:-

Mr.SANJEEV KUMAR GULSHANSACHDEVA
Lecturer M.B.A(4 SEM)
Haryana School of Business Roll NO. 07061104028
G.J.U.S&T HISAR

HARYANA SCHOOL OF BUSINESS

GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY
HISAR-125001
 CERTIFICATE

This is to certify that the research project entitled “PROBLEM OF ONLINE

TRADING (A CASE STUDY OF HISAR CITY)” has been completed by
SOURABH AGGARWAL, student of MBA (GENERAL) final year, Haryana
School of Business, Guru Jambheshwar University of Science and Technology,
Hisar, under my supervision.

This project is completed in the partial fulfillment of the requirement for award of
MBA Degree. The matter used in the project is original and authentic to the best
of my knowledge. I recommend that the project is fit for evaluation.

I wish all success in his future endeavors.

(Dr. DEEPA MANGALA)

 Acknowledgement
It is my prime duty to express deep sense of gratitude to my research supervisor
Dr. Deepa Mangala who is known for her superb vision, versatility and benevolent
gesture. This study would not have been completed without her guidance and
sympathetic attitude. It was a great privilege for me to work under her benign guidance.
I would also like to thank Dr. S.C. Kundu who helped me constantly for
completion of this work. I express my grateful thanks to staff of GJU S&T and HAU
library for their cooperation. There are also special thanks to all the respondents who
gave their precious time & Valuable suggestion during my practical survey.
I am immensely grateful to my friends who have inspired and encouraged me for
the completion of this work.
Last but not the least; I owe a deep sense of gratitude to my family who helped
me in the completion of the study

(SOURABH AGGARWAL)
 PREFACE

MBA is stepping stone to management career .In order to achieve practical,

positive and concrete results the classroom learning need to be effectively needed to the
realities of the situation existing outsides the classroom. This is particularly true of
Management.

To develop healthy managerial and administration skill in potential managers, it

is necessary that theoretical knowledge must be supplemented with exposure to the real
environment. Actually, it is life for a management itself is realized. It removes
hesitation.

The objective of the research is to make the student to go into the deep of a
particular situation and to realize hoe difficult the scenario is. It gives the practical
understanding to the researcher about such situation. Research is always very important
in every field.

(SOURABH AGGARWAL)
 DECLARATION

I hereby declare that my project on “Problems of Online Trading (a case study of

hisar city” submitted in partial fulfillment for the award of degree in Master of Business
Administration is an authentic work. This project is my original work and any part of
this project has not been submitted elsewhere in any form for award of any
degree/diploma.

(SOURABH AGGARWAL)
 CONTENTS
Page No.

Certificate
Acknowledgement
Preface
Declaration
Chapter 1: Introduction 1- 34
Chapter 2: Review of Literature 35- 37
Chapter 3: Research Methodology 38- 41
Chapter 4: Analysis of data 42- 47
Chapter 5: Findings and Suggestions 48-51
Annexure:
Bibliography
Questionnaire
 Chapter 1

INTRODUCTION
A stock market typically refers to a financial market that handles the buying and selling
of company stocks, derivatives and other securities. The stock markets trade the company
securities that are listed in the stock exchange.

Both the investors and security issuers make the participants of stock market. Starting
from small investors to the governments, corporations, large hedge fund traders and
banks, all participate in the stock market activities. The corporations, governments and
companies issue securities in the stock market to collect fund. The stock market plays as
a platform for the companies to raise money for their business and investors to invest in
securities.

The stock market existence can be both real and virtual. The stock exchanges with
physical locations carry out the stock trading on trading floor. The method of carrying out
such trading is called open outcry where the traders enter for verbal bids. In case of the
virtual stock exchanges, the entire trading is done on line through computers where the
traders are connected with each other in a network of computers.

Apart from acting as a market place for stock trading, the stock markets also act as the
clearinghouse for the stock transactions. This means that the stock exchanges collect and
deliver the securities and also guarantee for the payment to the security seller. This
ensures both the buyers and sellers of securities that the counterparts will not default on
the transaction .

The stock markets in various countries over the world have well performed due to the
financial sector reforms and integration. Flow of funds internationally has raised the
expertise of stock exchanges in the respective countries.

Stock Exchange
Stock exchange is a corporation or mutual organization which provides facilities for stock
brokers and traders, to trade company stocks and other securities. Stock exchanges also
provide facilities for the issue and redemption of securities as well as other financial
instruments and capital events including the payment of income and dividends. The
securities traded on a stock exchange include: shares issued by companies, unit trusts and
other pooled investment products and bonds. To be able to trade a security on a certain
stock exchange, it has to be listed there. Usually there is a central location at least for
recordkeeping, but trade is less and less linked to such a physical place, as modern
markets are electronic networks, which gives them advantages of speed and cost of
transactions. Trade on an exchange is by members only. The initial offering of stocks and
bonds to investors is by definition done in the primary market and subsequent trading is
done in the secondary market. A stock exchange is often the most important component
of a stock market. Supply and demand in stock markets is driven by various factors
which, as in all free markets, affect the price of stocks.
Stock Market Players

As an investor, you need to be familiar with the different players in the investment arena
and how they buy and sell securities. Broker-dealers, registered representatives and the
others have specific roles in clearing the way for commerce in securities.

 Investor

Investors are those individuals who have surplus money and want to invest in the
stock market in order to get some return on their investment. Investor is the king
of the market because with our investor functioning of the stock market is not
possible.

 Broker-Dealers

A broker is a person or firm that facilitates trades between customers. A broker

acts as a go-between and, in doing so, does not assume any risk for the trade. The
broker does, however, charge a commission. A dealer is a person or firm that buys
and sells for his or her own inventory of securities and for others. A dealer
therefore assumes risk for the transactions. Dealers may mark securities up or
down to make a profit on their transactions. To be involved in the buying, selling
or trading of securities, a person or firm must be registered with the National
Association of Securities Dealers (NASD).

 Registered Representatives

A registered representative is an individual who has passed the NASD's

registration process and is therefore licensed to work in the securities industry.
The process includes an examination that tests the candidate's knowledge of
securities and markets. Further, the registration agreement requires that the
candidate agree to follow the rules of the NASD. Registered representatives sell
to the public; they do not work on exchange floors.

 Market Makers

Market makers are firms that maintain a firm bid and offer price in a given
security by standing ready to buy or sell at publicly-quoted prices. The Nasdaq is
a decentralized network of competitive market makers. Market makers process
orders for their own customers, and for other NASD broker/dealers; all NASD
securities are traded through market maker firms. Market makers also will buy
securities from issuers for resale to customers or other broker/dealers. About 10
percent of NASD firms are Market Makers; a broker/dealer may become a Market
Maker if the firm meets capitalization standards set down by the NASD.
  Specialists

Specialists keep markets for securities orderly and continuous. This means they
must buy when there are others selling without buyers, and they must sell when
others are buying without sellers. They must maintain their own inventories of
securities that are large enough for sizable trades. Specialists both buy and sell out
of these inventories and mediate between other customers. Specialists work on
the exchanges where they hold seats. Among their duties is buying and selling
odd-lots (trades of less than 100 shares) for exchange members. To trade a
security, a specialist must be able to keep a position on it with at least 5,000
shares. Specialists, like others, who buy and sell for the public, are subject to rules
and regulations. Specialists often choose to keep inventories in multiple securities,
often in more than one market sector.

Importance of stock market

 Raising capital for businesses
Capital is the main component to run any business and stock market provides
companies with the facility to raise capital for expansion through selling shares to
the investing public.

 Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational
allocation of resources because funds, which could have been consumed, or kept
in idle deposits with banks, are mobilized and redirected to promote business
activity with benefits for several economic sectors such as agriculture, commerce
and industry, resulting in a stronger economic growth and higher productivity
levels and firms.

 Provide liquidity to investors

The liquidity that an exchange provides affords investors the ability to quickly
and easily sell securities. This is an attractive feature of investing in stocks,
compared to other less liquid investments such as real estate.

 Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in
shares is open to both the large and small stock investors because a person buys
the number of shares they can afford. Therefore the Stock Exchange provides the
opportunity for small investors to own shares of the same companies as large
investors.
  Facilitating company growth
Companies view acquisitions as an opportunity to expand product lines, increase
distribution channels, hedge against volatility, increase its market share, or
acquire other necessary business assets. A takeover bid or a merger agreement
through the stock market is one of the simplest and most common ways for a
company to grow by acquisition or fusion.

 Corporate governance
By having a wide and varied scope of owners, companies generally tend to
improve on their management standards and efficiency in order to satisfy the
demands of these shareholders and the more stringent rules for public
corporations imposed by public stock exchanges and the government.

 Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance
infrastructure projects such as sewage and water treatment works or housing
estates by selling another category of securities known as bonds. These bonds can
be raised through the Stock Exchange whereby members of the public buy them,
thus loaning money to the government.

 Barometer of the economy

At the stock market, share prices rise and fall depending, largely, on market
forces. Share prices tend to rise or remain stable when companies and the
economy in general show signs of stability and growth. An economic recession,
depression, or financial crisis could eventually lead to a stock market crash.
Therefore the movement of share prices and in general of the stock indexes can be
an indicator of the general trend in the economy.

History of stock market

Phase 1- Early Years

The equity brokerage industry in India is one of the oldest in the Asia region. India had
an active stock market for about 150 years that played a significant role in developing
risk markets as also promoting enterprise and supporting the growth of industry.

The roots of a stock market in India began in the 1860s during the American Civil War
that led to a sudden surge in the demand for cotton from India resulting in setting up of a
number of joint stock companies that issued securities to raise finance. This trend was
akin to the rapid growth of securities markets in Europe and the North America in the
background of expansion of railroads and exploration of natural resources and land
development.
Historical records show that as early as 1864, there were about 1,000 brokers with the
stock markets functioning from three places in Mumbai; between 9 am to 7 pm at the
junction of Meadows Street and Rampart Row, from day break till 9 am and from 7 pm to
early hours of next morning at Bazargate.

Bombay, at that time, was a major financial centre having housed 31 banks, 20 insurance
companies and 62 joint stock companies.

In the aftermath of the crash, banks, on whose building steps share brokers used to gather
to seek stock tips and share news, disallowed them to gather there, thus forcing them to
find a place of their own, which later turned into the Dalal Street. A group of about 300
brokers formed the stock exchange in Jul 1875, which led to the formation of a trust in
1887 known as the “Native Share and Stock Brokers Association”.

A unique feature of the stock market development in India was that that it was entirely
driven by local enterprise, unlike the banks which during the pre-independence period
were owned and run by the British. Following the establishment of the first stock
exchange in Mumbai, other stock exchanges came into being in major cities in India,
namely Ahmedabad (1894), Calcutta (1908), Madras (1937), Uttar Pradesh and Nagpur
(1940) and Hyderabad (1944). The stock markets gained from surge and boom in several
industries such as jute (1870s), tea (1880s and 1890s), coal (1904 and 1908) etc, at
different points of time.

Phase 2- Beginning of a new equity culture

A new phase in the Indian stock markets began in the 1970s, with the introduction of
Foreign Exchange Regulation Act (FERA) that led to divestment of foreign equity by the
multinational companies, which created a surge in retail investing. The early 1980s
witnessed another surge in stock markets when major companies such as Reliance
accessed equity markets for resource mobilisation that evinced huge interest from retail
investors.

A new set of economic and financial sector reforms that began in the early 1990s gave
further impetus to the growth of the stock markets in India. As a part of the reform
process, it became imperative to strengthen the role of the capital markets that could play
an important role in efficient mobilisation and allocation of financial resources to the real
economy. Towards this end, several measures were taken to streamline the processes and
systems including setting up an efficient market infrastructure to enable Indian finance to
grow further and mature. The importance of an efficient micro market infrastructure
came into focus following the incidence of market abuses in securities and banking
markets in 1991 and 2001 that led to extensive investigations by two respective Joint
Parliamentary Committees.
The Securities and Exchange Board of India (SEBI), which was set up in 1988 as an
administrative arrangement, was given statutory powers with the enactment of the SEBI
Act, 1992. The broad objectives of the SEBI include to protect the interests of the
investors in securities to promote the development of securities markets and to regulate
the securities markets.
The scope and functioning of the SEBI has greatly expanded with the rapid growth of
securities markets in India in the last fifteen years.

Following the recommendations of the High Powered Study Group on Establishment of

New Stock Exchanges, the National Stock Exchange of India (NSE) was promoted by
financial institutions with an aim to provide access to investors all over the country. NSE
was incorporated in Nov 1992 as a tax paying company, the first of such stock exchanges
in India, since stock exchanges earlier were trusts, being run on no-profit basis. NSE was
recognized as a stock exchange under the Securities Contracts (Regulations) Act 1956 in
Apr 1993. It commenced operations in wholesale debt segment in Jun 1994 and capital
market segment (equities) in Nov 1994. The setting up of the National Stock Exchange
brought to Indian capital markets several innovations and modern practices and
procedures such as nationwide trading network, electronic trading, greater transparency
in price discovery and process driven operations that had significant bearing on further
growth of the stock markets in India.

Faster and efficient securities settlement system is an important ingredient of a successful

stock market. To speed the securities settlement process, The Depositories Act 1996 was
passed that allowed for dematerialisation (and rematerialisation) of securities in
depositories and the transfer of securities through electronic book entry. The National
Securities Depository Limited (NSDL) set up by leading financial institutions,
commenced operations in Oct 1996. Regulations governing selection of various types of
market intermediaries as depository participations were made. Subsequently, Central
Depository Services (India) Limited promoted by Bombay Stock Exchange and other
financial institutions came into being.

Phase 3- Rapid Growth

The last decade has been exceptionally good for the stock markets in India. In the back of
wide ranging reforms in regulation and market practice as also the growing participation
of foreign institutional investment, stock markets in India have showed phenomenal
growth in the early 1990s. The stock market capitalization in mid-2007 is nearly the same
size as that of the gross domestic product as compared to about 25 percent of the latter in
the early 2000s. Investor base continued to grow from domestic and international
markets. The value of share trading witnessed a sharp jump too. Foreign institutional
investment in Indian stock markets showed continuous rise reaching about USD10 bn in
each of these years between FY04 to FY06. Stock markets became intensely technology
and process driven, giving little scope for manual intervention that has been the source of
market abuse in the past. Electronic trading, digital certification, straight through
processing, electronic contract notes, online broking have emerged as major trends in
technology. Risk management became robust reducing the recurrence of payment
defaults. Product expansion took place in a speedy manner. Indian equity markets now
offer, in addition to trading in equities, opportunities in trading of derivatives in futures
and options in index and stocks. ETFs are showing gradual growth. Within five years of
introduction of derivatives, Indian stock markets now are ranked first in stock futures and
fourth in index futures. Indian stock markets are transaction intensive and thus rank
among the top five markets in this regard. Stock exchange reforms brought in
professional management separating conflicts of interest between brokers as owners of
the exchanges and traders/dealers. The demutualisation and corporatisation of all stock
exchanges is nearing completion and the boards of the stock exchanges now have
majority of independent directors. Foreign institutions took stake in India’s two leading
domestic stock exchanges. While NYSE Group led consortium took stake in the National
Stock Exchange, Deutsche Borse and Singapore Stock Exchange bought equity in the
Bombay Stock Exchange Ltd.

Stock Market Reforms and Regulation

A new phase of securities market regulation in India began with the setting up of
Securities and Exchange Board of India in 1992. Over the period, the Board has brought
in several changes in the way securities markets are organized and conducted in India.
Major reforms that were brought in the Indian securities markets since 1992 are
summarized below:

• Nation wide network of trading terminals

• Electronic Trading and abolition of Open Outcry systems
• Dematerialisation of Shares
• Foreign Participation in Domestic Brokerage Business
• Foreign Institutional Investment in Indian stocks
• Venture capital
• Book Building Process for IPO’s
• Investor protection guidelines
• Dual Fungibility of ADRs/GDRs
• Delisting Guidelines
• Corporate Governance and Disclosure Standards
• Take Over Code
• Insider Trading
• VAR based margining
• T+2 Securities Settlement
• Straight Through Processing
• Screen based trading of Government Securities
• Introduction of Equity Derivatives
• Exchange Traded Market for Corporate Bonds
• Central Listing Authority
• Mutual Funds in the private sector
• Mutual Fund Investments Abroad
• Demutualization and Corporatisation of Stock Exchanges
• Margin Trading
 • Exchange Traded Funds
• Anti-Money Laundering Guidelines
• Electronic Data Information Filing and Retrieval (EDIFAR)
• Integrated market surveillance
• Rating of IPO’s
• Securities Appellate Tribunal
• Unique Client Identification

A few other measures which are under consultation include introduction of short selling
by institutions and an efficient scheme for borrowing and lending of stocks.

A few of the major developments in the regulation of stock markets in the last two years
included -

• Providing minimum public shareholding of 25% in case of all listed companies

barring a few exceptions
• Listed companies to comply with revised guidelines on corporate governance,
including appointment of the independent directors (under Clause 49)
• Separate window for execution of block deals
• Making PAN compulsory for all categories of investors for opening a demat
account with effect from Apr 1, 2006
• In accordance with the IOSCO recommendations, transactions executed on the
stock exchanges made necessarily settled through the clearing
corporations/clearing house of the stock exchanges
• Guidelines issued for issue of electronic contract notes
• A committee was set up to study the future of the regional stock exchanges
• Introduction of Gold Exchange Traded Funds
• Introduction of unique client code for mutual fund schemes
• Mutual funds were allowed to invest in ADRs/GDRs and foreign securities within
the overall limit of USD4bn
• Venture capital funds were allowed to invest in foreign securities
• Grading of IPOs made mandatory
• Permanent Account Number (PAN) was made the sole identification number for
all transactions in securities markets
• Amendment of clause 32 of the Equity Listing Agreement allowing companies to
send abridged balances sheet and profit and loss account/auditors report in place
of sending the full balance sheet and annual report
• Authorized BSE and NSE to set up and maintain corporate bond reporting
platforms to capture all information relating to trading in corporate bonds and
both exchanges permitted to begin order driven trade matching platform for listed
corporate debt securities with effect from 1 Jul, 2007
• Exclusive email ID to be given by the primary market intermediaries such as
merchant bankers, registrars to issues; share transfer agents etc., for registering
investor complaints.
Trends In Indian Stock Markets

In tune with the global stock markets that began to recover from the second half of 2003;
Indian stock markets too witnessed rapid growth. India’s two leading indices, the most
popular BSE Sensex, and the one most used by the markets the National Stock
Exchanges’ S&P CNX Nifty rose to record levels. Both primary and secondary market
activity experienced sharp surge. Much progress was made in further strengthening and
streamlining risk management, market regulation and supervision. A few aspects of the
major developments in the India’s stock markets are described below.

1. Market Structure

Indian securities market is fairly large as compared to several other emerging markets.
There are 22 stock exchanges in the country, though the entire liquidity is shared
between the country’s two national level exchanges namely, the National Stock
Exchange of India and the Bombay Stock Exchange Ltd. The regional stock exchanges
are in pursuit of business models that make them viable and vibrant. Meanwhile, these
exchanges have become members of the national level exchanges through formation of
subsidiaries whose business is showing continuous growth and progress.

The number of brokers in various stock exchanges rose from 6,711 in 1994-95 to 9,335
in FY06. The number of brokers in all the exchanges together peaked to 10,213 in the
year FY01 but gradually declined thereafter when the regional stock exchanges began to
lose business in the light of wide ranging market structure reforms introduced since then.
In FY01, when the markets were in upswing, several regional stock exchanges were
generating business owing to the availability of deferral products, such Badla and
different settlement calendars prevailing at that time in these exchanges. For instance in
FY01, the Delhi Stock Exchange registered cash market turnover of Rs 838.71 bn; Uttar
Pradesh Stock Exchange, Rs 247.47 bn, Ludhiana Stock Exchange Rs 97.32 bn, Pune
Stock Exchange Rs 61.71 bn as against Rs 13,395.11 bn of the turnover at the National
Stock Exchange and Rs 10,000.32 bn turnover at the Bombay Stock Exchange. With the
abolition of the deferral products and introduction of uniform T+2 settlement cycle, the
liquidity in these exchanges flowed to the national level system consisting of NSE and
BSE.
Indian Stock Markets: Growth of Market Structure (In Number)

Source: Securities and Exchange Board of India

Sub-brokers are an important constituent of Indian stock markets. Sub-brokers work

under brokers with specified limits for trading and risk management. Sub -brokers are
term as useful part in the value chain since they provide active interface with a large
number of investors across the country and also extend the reach and access of the
services of the brokerage firms. With the rapid growth of securities trading and
deepening of the stock markets, the number of sub-brokers nearly doubled in the last ten
years from 9,957 in FY01 to 23,479 in FY06.

Exchange-wise Brokers and Sub-Brokers in Indian Stock Exchanges 2005-06

Source: Securities and Exchange Board of India

In the national level stock exchanges, a large portion of the brokers are corporatised
though enough incentive does not appear to exist for similar trends to appear in the
regional stock exchanges.

2. Major aspects of business

A brief description of the major aspects of market developments in India with particular
reference to NSE and BSE are summarized below. In view of the need for consistent and
comparative data on a wide range of aspects, information published in official
publications that is available latest for the FY06 are used in the following write up.

i) Market Capitalisation
Market capitalisation of stocks in India rose from Rs 67.50 bn in 1980 to Rs 705.21 bn
in 1990 to Rs 11,926.30 bn in 2000. BSE market capitalisation as of mid-2007 is about
Rs 40,000 bn, which in the background of the appreciating rupee takes it to among the
small group of exchanges with a trillion dollar market cap. Market capitalisation as
percent of gross domestic product which was about 25% in the early 2000s, now equals
it. Several leading emerging economies have market capitalization as a multiple of GDP,
and in the manner in which stock prices are appreciating in India, the prospects for
Indian market capitalisation rising further look good. Information for the tables in this
chapter is sourced from the handbook published by the Securities and Exchange Board
of India and the websites of the Bombay Stock Exchange Ltd, and the National Stock
Exchange of India Ltd.

Market capitalisation in India

Source: Handbook of Statistics SEBI

Equity Issuance

Resources mobilized from the primary markets in India during FY06 were Rs. 273.82 bn
from 139 issues, of which 103 were public issues and 36 were rights issues. Of these, 79
were Initial Public Offerings and 60 were capital issuance from listed companies. The
issue size has greatly increased in the last few years and so has the extent of the
premium. In FY01, 44% of the issues were of less than Rs 0.05 bn size. In FY06, small
issues formed just 4% of the total number of issues. Capital issues with size more than
Rs 1 bn which formed just 12% in FY01 rose to 35% in FY06. The four years beginning
FY94 witnessed phenomenal growth in the new issuance leading to mobilisation of Rs
870.85 bn, with the next six years being very subdued and lacklustre with their
combined resource mobilisation amounting to just Rs 356.95 bn. Equity issuance
showed an uptrend from FY04 onwards which continued in the next four years. In the
primary and secondary markets, banking sector emerged as an important industry
segment. In the total issuance raised in FY06, banking sector accounted for 45%
followed by power, engineering and cement & construction. Of the total resources
mobilized from the primary markets during the period FY01 to FY06, banking sector
accounts for 42%.

Equity Issuance: At Par and Premium

Source: Securities and Exchange Board of India.

iii) Trading Volumes

Secondary market operations gained greater momentum in the last decade. In the last ten
years, the value of trading in both NSE and BSE rose six times making the Indian stock
markets the leading market in the Asian region, and is also remarkable as compared to
the growth in the world equity markets. During the period FY96 and FY06, value of
share trading at the National Stock Exchange rose from Rs 657.42 bn to Rs 15,168.39 bn
and at BSE from Rs 500.64 bn to Rs 8,160.74 bn. An important end in the volumes is
the trading of a large number of small and midcap stocks as could be evidenced from the
sharp rise in the number of scrips traded at BSE, in which a major chunk of these
companies are listed. Average number of transactions rose 5 times at the NSE and about
4 times at the BSE in the last ten years, thus indicating a strong surge in stock market
operations as also predominance of retail investing. The entry of foreign institutional
investment has brought in a cumulative investment of USD45 bn since the time markets
were opened for foreign investing in FY93 till the end of FY06. Rising international
investor interest in Indian stocks has moved the benchmark indices to record levels with
the BSE Sensex rising from a level of 3893 in FY98 to above 14000 by mid-2007, and
that of NSE from 1117 to about 4500 during the same period. Mumbai continues to be
the top centre, generating a major chunk of business. In FY06, Mumbai accounted for
75% of the turnover in cash segment of BSE, though in the early 1990s, its share was
84%. Share of Mumbai in NSE’s trading volumes rose from 40% in FY02 to 52% in
FY06. Cities, from which NSE generates sizeable business in addition to Mumbai,
include Delhi from where it gets 13% of business, Ahmedabad, 3%; Chennai, 2.77%;
Kolkata 11% and others 8.1%. After Mumbai, from which BSE gets 75% of business,
other important centres contributing to its business include Ahmedabad 2.9%; Kolkata
1.4%. Equity investing is spreading to a number of cities and towns in India. Exchanges
with national presence and infrastructure are gaining from this development which is
expected to continue further in the future.

A major development in Indian equity markets is the dematerialisation of shares which

led to speedy securities settlement. Delays and bad deliveries also reduced after
dematerialisation. Progress made in Indian markets in dematerialisation was noticed in
the international markets as an important achievement and landmark. By FY06, more
than 6,000 companies signed agreements for dematerialisation with NSDL and 5,500
companies with CDSL. The number of shares that were dematerialised moved from
37.21 bn in FY01 to 174.72 bn in FY06 in NSDL and from 1.92 bn to 27.22 bn shares in
CDSL during this period. Shares dematerialised forms a major chunk of the market
capitalisation.

Key features of business

Source: SEBI for turnover and CMIE for other indicators. $ BSE Sensex: SENSEX is a
basket of 30 constituent stocks representing a sample of
large, liquid and representative companies. Base Value: 1978-79=100. NSE Nifty: S&P
CNX Nifty is a well diversified 50 stock index accounting
for 22 sectors of the economy; Base Value: November 1995=1000
 Domestic and Foreign Flows

Online Stock Trading

In the past, investors had no option but to contact their broker to get real time access to
market data. The Net brings data to the investor on line and net broking enables him to
trade on a click. Now information has become easily accessible to both retail as well as
big investors.

The development of broking in India can be categorized in three phases:

1. Stock brokers offering on their sites features such as live portfolio manager, live
quotes, market research and news to attract more investors.
2. Brokers offering on line broking and relationship management by providing and
offering analysis and information to investors during broking and non-broking
hours based on their profile and needs, that is, customized services.
3. Brokers (now e-brokers) will offer value management or services such as initial
public offerings on line, asset allocation, portfolio management, financial
planning, and tax planning, insurance services and enable the investors to take
better and well-considered decisions.
In Internet trading, the Net is used as a medium to communicate orders to the stock
exchange through the broker's website. E-booking sites would also provide the client
with the opportunity to buy or sell securities from the client's home or office. The
investors would be able to track the fluctuations in a particular stock and the market as a
whole, while deciding to execute the order and also while the order is being executed.
The confirmation of the order would also be real time. The order routing system on
which net trading will be done is compatible with screen-based trading terminals used
today.

Internet trading brings in total transparency between a broker and an investor in case of
secondary market operations. When the open outcry system was prevalent, only the
broker knew the actually transacted price. This practice diminished significantly when it
was taken over by screen-based trading. With on-line trading, investors can now see for
themselves the price at which the deal takes place.

On-line trading is a major step that takes India closer to the most advanced capital
markets of the world, where a large chunk of trade takes place on the Net. This shall also
facilitate foreign investment in India. It will also reduce transaction costs, increase
liquidity in the market and ensure total transparency. It allows quick and easy access to
valuable research and information to an investor and enables him execute transactions
faster and more efficiently on a real time basis. The volume of trade will also increase
and will provide depth to the market.

In US markets, online brokerage has significantly changed the dynamics of the market
place, resulting in one of the biggest shifts in the individual investor's relationship with
their brokers. Investors access a wealth of financial information on the same time as do
market and financial professionals including breaking news, developments and market
data. Online brokerage provides investors the tools to analyse the information such as
research reports.

In the US, 82 per cent of the deals are done on line. The European on line broking
market is expected to be of $8 billions and is likely to rise five fold by 2002.

In India, presently Internet trading can take place through the order routing system,
which will route client orders to exchanges trading systems for execution of trades on
stock exchanges (NSE and BSE). This will also require interface with banks to facilitate
instant cash debit or credit and the depository system for debit or credit of securities.

Net trading shall initially be facing some problems relating to infrastructure and
understanding of the concept. While the legal frame work will take some time to be in
place, inefficient or not so efficient banking system will be a hindrance. It may also be
resisted by old brokers and even investors. Lack of investor education and resistance
from stock brokers may also pose some problems. It changes the very basis of
relationship of client-brokers that is, from personalized to professionalized relationship.
It requires bringing about together technology, legal frame work, and financial
transaction processing and customer service.
With Internet trading, investment in the stock market will be just a click away, in the
comfort of office or a home. It makes it easy for anyone to access net brokers and trade
in stock. Even the smallest retail investor can access information that was till now
restricted to big traders. Net trading provides investors with seamless, real time online
access to stock markets.

Objectives
Internet trading is expected to:

1. Increase transparency in the markets.

2. Enhance market quality through improved liquidity, by increasing quote
continuity and market depth.
3. Reduce settlement risks due to open trades, by elimination of mismatches.
4. Provide management information system (MIS).
5. Introduce flexibility in system, to handle growing volumes easily and to support
nationwide expansion of market activity.
6. Besides, through Internet trading three fundamental objectives of securities
regulation can be easily achieved, these are: Investor protection, creation of a fair
and efficient market and, reduction of the systematic risks.

Procedure for Internet trading:

There are some steps which an online trader has to follow in order to online stock
trading. These are as follow:-

- Step-1: Those investors interested in doing the trading over internet system, that is,
NEAT-ISX, should approach the brokers and register with the Stock Broker.

- Step-2: After registration, the broker will provide to them a login name, password and
a personal identification number (PIN).

- Step-3: Actual placement of an order. An order can then be placed by using the place
order window as under:

(a) First by entering the symbol and series of stock and other parameters such as
quantity and price of the scrip on the place order window.

(b) Second, fill in the symbol, series and the default quantity.

- Step-4: It is the process of review. Thus, the investor has to review the order placed by
clicking the review option. He may also re-set to clear the values.
- Step-5: After the review has been satisfactory; the order has to be sent by clicking on
the send option.

- Step-6: The investor will receive an ``Order Confirmation'' message along with the
order number and the value of the order.

- Step-7: In case the order is rejected by the Broker or the Stock Exchange for certain
reasons such as invalid price limit, an appropriate message will appear at the bottom of
the screen. At present, a time lag of about ten seconds is there in executing the trade.

- Step-8: It is regarding charging payment, for which there are different modes. Some
brokers will take some advance payment from the investors and will fix their trading
limits. When the trade is executed, the broker will ask the investor for transfer of funds
by the investor to his account.

Online trading
There are two different type of trading environments available for online equity trading.

Installable software based Stock Trading Terminals: This trading environment

requires software to be installed on investor’s computer. This software is provided by
the stock broker. These softwares require high speed internet connection. This kind of
trading terminal is used by high volume intra day equity traders.

Advantages:

 Orders directly send to stock exchanges rather then stock broker. This
makes order execution very fast.
 It provides almost each and every information which is required to a
trader on a single screen including stock market charts, live data, alerts,
stock market news etc.

Disadvantages:

 Location constrains - You cannot trade if you are not on the

computer where you have installed trading terminal software.
 It requires high speed internet connection.
 These trading terminals are not easily available for low volume
share traders.

2. Web Internet based trading application: This kind of trading environment

doesn’t require any additional software installation. They are like other internet
websites which investor can access from around the world through normal internet
connection.
 Advantages

 Real time stock trading without calling or visiting broker's office.

 Display real time market watch, historical datas, graphs etc.
 Investment in IPO’s, Mutual Funds and Bonds.
 Check the trading history; demat account balance and bank
account balance at any time.
 Provide online tools like market watch, graphs and
recommendations to do analysis of stocks.
 Place offline orders for buying or selling stocks.
 Set alert to inform you certain activity on the stock through email
or sms.
 Customer service through Email or Chat.
 Secure transactions.

Disadvantages

 Little long learning curve especially for people who doesn't

know much about computer and internet.
 Brokerages are little high.
 Sometime the website is too slow or not enough user friendly.


Requirements of trading

First of all, an investor has to open 3 Accounts to buy / sell Equity shares from the
Indian stock market:

1. Savings Bank Account

2. Demat Account
3. Share Trading Account

Savings Bank Account: Savings Bank accounts are accounts maintained by banks that
pay interest but cannot be used directly as money (by, for example, writing a cheque).
These accounts let customers set aside a portion of their liquid assets that could be used
to make purchases while earning a monetary return. All savings accounts offer itemized
lists of all financial transactions, traditionally through a bank passbook, but also through
a bank statement.

Demat Account: In India, a demat account, the abbreviation for dematerialized account,
is a type of banking account which dematerializes paper-based physical stock (equity)
shares. The dematerialized account is used to avoid holding physical equity shares: the
equity shares are bought and sold through a stock broker.This account is popular in
India. The Securities and Exchange Board of India (SEBI) mandates a demat account for
equity share trading even One equity share. As of April 2006, it became mandatory that
any person holding a demat account should posses an Income Tax Permanent Account
Number (PAN), and the deadline for submission of PAN details to the depository
lapsed on January 2007

Below is the detail comparison of major Online Stock Market Trading websites in India.

1. ICICIDirect

ICICIDirect (or ICICIDirect.com) is stock trading company of ICICI Bank. Along with stock
trading and trading in derivatives in BSE and NSE, it also provides facility to invest in IPO’s,
Mutual Funds and Bonds. Trading is available in BSE and NSE.

Type of Account
Share Trading Account

Share Trading Account by ICICIDirect is primarily for buying and selling of

stocks in BSE and NSE. This account allows Cash Trading, Margin Trading,
MarginPLUS Trading, Spot Trading, Buy Today Sell Tomorrow and Call and
Trade on phone. ICICIDirect.com website is the primary trading platform for this
trading account. They also provide installable application terminal based.

Wise Investment Account

Along with stock trading and IPO investing in BSE and NSE, Wise Investment
account also provide options to invest in Mutual Funds and Bonds online.
Online Mutual funds investment allows investor to invest on-line in around 19
Mutual Fund companies. ICICI Direct offers various options while investing in
Mutual Funds like Purchase Mutual Fund, Redemption and switch between
different schemes, Systematic Investment plans, Systematic withdrawal plan and
transferring existing Mutual Funds in to electronic mode. This account also
provides facility to invest in Government of India Bonds and ICICI Bank Tax
Saving Bonds ICICIDirect.com website is the primary tool to invest in Mutual
Funds, IPO’s, Bonds and stock trading.

Active Trader Account

Active Trader account gives more personalized investment options to the

investors. It allows investor to use online and offline stock trading. It also
provides with independent market expertise and support through a dedicated
relationship manager from ICICI. Active traders also provides Commodity
trading.
Brokerage and fees:

Account opening fees : Rs 750/- (One time non-refundable)

Brokerage: ICICIDirect.com brokerage varies on volume of trade and inclusive of

demats transaction charges, service taxes and courier charges for contract notes. It
ranges from 0.1% to 0.15% for margin trades, 0.2% to 0.425% for squared off trades and
0.4% to 0.85% on delivery based trades.

How to open account with ICICIDirect?

For Online Stock Trading with ICICI, investor needs to open 3 accounts. ICICI Bank
Account, ICICI Direct Trading Account and ICICI Demat Account (DP Account).

Advantages of ICICIDirect

1. 3-in-1 account integrates your banking, broking and demat accounts. All accounts
are from ICICI and very well integrated.
2. Investment online in IPO’s, Mutual Funds, GOI Bonds, and Postal Savings
Schemes all from one website. General Insurance is also available from ICICI
Lombard.
3. Trading is available in both BSE and NSE.

Disadvantages of ICICIDirect
1. Getting access to ICICIDirect.com website during market session can be
frustrating.
2. ICICIDirect brokerage is high and not negotiable.
3. Not all stocks are available under Margin Plus.

2. Share Khan

Sharekhan is online stock trading company of SSKI Group, provider of India-based

investment banking and corporate finance service. ShareKhan is one of the largest stock
broking houses in the country. S.S. Kantilal Ishwarlal Securities Limited (SSKI) has
been among India’s leading broking houses for more than a century.
 Sharekhan’s equity related services include trade execution on BSE, NSE,
Derivatives, commodities, depository services, online trading and investment advice.
Trading is available in BSE and NSE. Along with Sharekhan.com website, ShareKhan
has around 510 offices (share shops) in 170 cities around the country.

Share khan has one of the best state of art web portal providing fundamental and
statistical information across equity, mutual funds and IPOs. You can surf across 5,500
companies for in-depth information, details about more than 1,500 mutual fund schemes
and IPO data. You can also access other market related details such as board meetings,
result announcements, FII transactions, buying/selling by mutual funds and much more.

Type of Account
ShareKhan Classic account

Allow investor to buy and sell stocks online along with the following features like
multiple watch lists, Integrated Banking, demat and digital contracts, Real-time portfolio
tracking with price alerts and Instant credit & transfer.

A. Online trading account for investing in Equities and Derivatives

B. Free trading through Phone (Dial-n-Trade)
I. Two dedicated numbers for placing your orders with your
cellphone or landline.
II. Automatic funds transfer with phone banking (for Citibank and
HDFC bank customers)
III. Simple and Secure Interactive Voice Response based system for
authentication
IV. get the trusted, professional advice of our telebrokers
V. After hours order placement facility between 8.00 am and 9.30 am
C. Integration of: Online trading + Bank + Demat account
D. Instant cash transfer facility against purchase & sale of shares
E. IPO investments
F. Instant order and trade confirmations by e-mail
G. Single screen interface for cash and derivatives

ShareKhan Speed Trade account

This accounts for active traders who trade frequently during the day's trading
session. Following are few popular features of Speed Trade account.

H. Single screen interface for cash and derivatives

I. Real-time streaming quotes with Instant order Execution & Confirmation
J. Hot keys similar to a traditional broker terminal
K. Alerts and reminders
L. Back-up facility to place trades on Direct Phone lines
Brokerage:

Some stock trading companies charge direct percentage while others charge a fixed
amount per Rs 100. Sharekhan charges 0.5% for inter day shares and 0.1% for intra day
or you could say Sharekhan charges 50 paisa per Rs 100.

Advantages of Sharekhan:

1. Online trading is very user friendly and one doesn't need any software to access.
2. They provide good quality of services like daily SMS alerts, mail alerts, stock
recommendations etc.
3. Sharekhan has ability to transfer funds from most banks. Unlike ICICI Direct,
HDFC Sec, etc., so investor not really needs to open an account with a particular
bank as it can establish link with most modern banks.

Disadvantages of Sharekhan:

1. They charge minimum brokerage of 10 paisa per stock would not let you trade
stocks below 20 Rs. (If you trade, you will loose majority of your money in
brokerage).
2. Lots of hidden rules and charges.
3. They do not provide facility to book limit order trades during after-hours.
4. Classic account holders cannot trade commodities.
5. Cannot purchase mutual funds online.

3. 5Paisa

5paisa is Online Stock Trading Company of India Infoline Securities Private Ltd.,
Owner of popular business portal Indiainfoline.com. Besides high quality investment
advice from an experienced research team, the site offers real time stock quotes, market
news and multiple tools for technical analysis. Trading is available in BSE and NSE.

Trade In: BSE and NSE

Trading Terminals:

5Paisa offers 2 different online trading terminals to its customers:

Investor Terminal (IT)

 Investor Terminal is 5Paisa's equity trading terminal for low volume trader. This
is web based terminal and could access from anywhere. This product provides
limited features in comparison of Trader Terminal, which is another product
provided by 5Paisa.

Trader Terminal (TT)

Trader Terminal is for high volume equity traders. Trader Terminal provides high
volume trading with powerful interface and fast order execution.

Brokerage and Account opening fees:

Account opening fees: Rs 500/- one time non refundable.

Brokerage:

5 paisa offer competitive rates. They charge only 5 paisa for Rs100 of trade done, which
is 0.05%. brokerage. In case of trade that result in delivery, they charge an additional
0.20% for back office and securities handling.

Advantages of 5paisa

1. Very fast execution speed.

2. Rates are very competitive then other providers.
3. All transactions are secure and confidential because the password is generated by
system and it stored in database in encrypted format so no one can know the
actual password.

Disadvantages of 5paisa

1. No intra-day tick by tick charts in Investor Terminal (IT).

2. Learning 5paisa Trading Terminal is little hard.

4. Indiabulls

Indiabulls is India's leading Financial Services and Real Estate Company having
presence over 414 locations in more than 124 cities. Indiabulls Financial Services Ltd is
listed on the National Stock Exchange, Bombay Stock Exchange, Luxembourg Stock
Exchange and London Stock Exchange.
 Type of Account
Indiabulls Equity Trading Account

Indiabulls Equity Trading Account is standard Online trading account from India
bulls and along with online trading it also provides priority telephone access that
gives you direct access to your Relationship Manager and full access to
'Indiabulls Equity Analysis'.

Application Trading Terminal (Need Installation)

Power Indiabulls

Power Indiabulls trading terminal is the most advanced new generation trading platform
with great speed. This trading terminal is built in JAVA.

Power Indiabulls is extremely reach in features including Live Streaming Quotes, Fast
Order Entry and execution, Tic by Tic Live Charts, Technical Analysis, Live News and
Alerts, Extensive Reports for Real-time Accounting.

Brokerage and fees:

Account opening fees: Rs 1200/- (One time non-refundable) as below:

250/- Equity Trading Account opening charge

200/- Demat Account Opening charge

750/- Software charges

Advantages of Indiabulls Equity Trading Account

1. Brokerage is less compare to other online trading companies.

2. Provide trading terminal 'powerbulls', a java based software. It's very fast in terms
of speed and execution.
 5. HDFC Securities

HDFC Securities (HDFCsec) is Equity Trading Company of HDFC Bank. HDFC

Securities provide both online trading and trading on phone. The HDFC Securities
trading account has a unique 3-in-1 feature that integrates your HDFC Securities trading
account with your existing HDFC bank savings account and existing Demat account.
Funds / shares are seamlessly moved from the linked Demat/Bank account to execute the
transactions.

HDFCsec provides Cash-n-Carry on both NSE and BSE, Day trading on both NSE and
BSE; Trade on Futures & Options on the NSE and Online IPO Investment.

Features on HDFC Securities online trading:

1. Seamless Transactions - By integrating your accounts, we ensure minimal waste

of time during movement of your funds and shares.
2. Speed - Orders are placed electronically, so proceeds are available instantly.
3. No manipulation - To prevent any mismanagement, we will send you an email
confirmation, the minute your order is executed.
4. Safety and Security - HDFC Securities offer the highest level of security such as
128-bit encryption technology.
5. Dedicated and Separate contact numbers - for trading over the phone as well as
for customer care.

Brokerage and fees:

1. Rs. 799/- (Including trading account, bank account and DP account with HDFC)
Please note: HDFC Bank savings account required a quarterly minimum balance
of Rs. 2,500/-. If you already have Saving account or DP account with HDFC,
you could link them with trading account.

6. Reliance Money

Reliance Money (or RelianceMoney.com) is the financial services division of the Anil
Dhirubhai Ambani Group promoted Reliance Capital Limited.

RelianceMoney.com is offering most dynamic web based trading environment to

its customers. The new trading platform has many new features which basically fill up
the gap between old online trading companies in India and their customers.
The Reliance Money trading websites comes with special security features 'security
token, which makes you online trading experience more secure without complexity.

Investment options are available in Reliance Money

1. Equity (Stock) Trading

2. Derivatives Trading
Special feature is available first time to track your positions online, in real time.
3. Forex Trading
4. Commodity Trading
5. IPO's
6. Mutual Funds
7. Insurance

Type of Account

Reliance money is offering 3 types of accounts to its customers. Account for beginners,
for middlers and for experts.

Brokerage and fees:

Reliance Money is offering lowest brokerage rates in today's online stock trading
industry. The brokerages are as low as 0.075% for delivery based trading and 0.02 for
now delivery.

Advantages of Reliance Money

1. Extra security features with 'security token, which is the most secure and tested
technology in computer world.
2. Simple, easy and fast online stock trading.
3. Almost all investment options are available under one account including Equity
Trading, Derivatives, Forex, Commodity, IPO, Mutual Funds and Insurance.
4. Branches are now available in all major cities and the number is growing.
Branches are open from 9am to 9pm.

Reliance Money - Transacting and investing simplified

Get ready to change the way you transact and invest in financial products and services.

Whether you wish to transact in Equity, Equity & Commodity Derivatives, IPOs,
Offshore Investments, or prefer to invest in Mutual Funds, Life & General Insurance
products or avail Money Transfer and Money Changing services, you can do it all
through Reliance Money.
Simply open a Reliance Money account and enjoy the convenience of handling all your
key financial transactions through this one window.

Benefits of having a Reliance Money account

1. It's Cost- effective

You pay comparatively lower transaction fees. As an introductory offer, we invite

you to pay a flat fee of just Rs. 500/- and transact through Reliance Money. This
fee is valid for two months or a specified transaction value*. See the table for
details.

Validity (whichever is early) Turnover limit

Access Fee Time Turnover Non-delivery Delivery
(Rs.) Validity Validity turnover turnover
500 2 months Rs. l Cr. Rs. 90 Lac Rs. 10 Lac
1350 6 months Rs. 3 Cr. Rs. 2.7 Cr. Rs. 30 Lac
2500 12 months Rs. 6 Cr. Rs. 5.4 Cr. Rs. 60 Lac

2. It offers single window access :Through Reliance Money's associates, you can
transact in Equity, Equity & Commodity Derivatives, Offshore Investments **,
Mutual Funds, IPO’s, Life Insurance, General Insurance, Money Transfer, Money
Changing and Credit Cards, amongst others.

3. It is convenient: You can access Reliance Money's services through

1. The Internet,
2. Transaction Kiosks,
3. The phone (Call & Transact) and through
4. Our all - India network of associates on an assisted trade (through the Call
Centre or our network of associates) a charge of Rs. 12 per executed trade
will be applicable.

4. It is safe: Your account is safe guarded with a unique security number that
changes every 32 seconds. This number works as a dynamic password to keep
your account extra safe.

5. It provides you a demat account: You get your own Demat Account with
Reliance Capital at an annual fee of just Rs. 50/-.
 6. It provides you a 3 in 1 facility: You can access your Banking, Trading and
Demat Account through a single window and transfer funds across accounts
seamlessly.

7. It provides you value-added services: At www.reliancemoney.com you get

1. Reliable research, including views of external experts with an enviable

track record.
2. Live news updates from Reuters and Dow Jones.
3. CEOs/ Expert views on the economy and financial markets.
4. Tools that help you plan your investments, tax, retirement, etc, in the
Personal Finance section.
5. Risk Analyser for analysis of your risk profile.
6. Asset Allocators to build an appropriate investment portfolio.

7. Kotak Securities

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, was set up in 1994.
Kotak Securities is a corporate member of both Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE). Currently, Kotak Securities is one of the largest
broking houses in India with wide geographical reach.

Kotak securities online trading, is the online trading portal of the Kotak Securities Ltd,
the leading stock broking house of India. The online division of Kotak Securities
Limited provides services like internet broking services, online IPO and mutual fund
investments.

Trade In: BSE and NSE

Account Types:

Kotak offers different account types according to users requirement:

Kotak Gateway

Kotak securities gateway account opens the gateway to a world of investing

opportunities for beginners. Kotak gateway user can trade anywhere, anytime
using internet. Kotak also offers call and trade facility.

They provide sms alert, research report, free news and market updates. Best
feature of Kotak gateway is call and trade facility. Anybody can activate Kotak
securities gateway account with any amount between Rs 20,000 to 5, 00,000.
 This can be in form of cash deposit or the value of the shares you buy. Brokerage
will be charged based on the account type. For intraday trading brokerage is .06%
both sides for less then 25 lakhs and .023% for more then 25 crores.

Kotak Privilege Circle

This is the premium account for its users. Along with kotak gateway account
benefits they provides independent market expertise and support through a
dedicated relationship manager and a dedicated customer service desk which
provides assistance in opening accounts, handling day-to-day problems, and
more. They provides KEAT premium which is an exclusive online tool that lets
you monitor what is happening in the market and view your gains and losses in
real-time.

One can activate Kotak securities privilege circle account with any amount more
than Rs. 10, 00,000/- as margin, by way of cash or stock. For intraday trading
brokerage is .06% both sides for less then 25 lakhs and .03% for more then 25
crores.

Kotak High Trader

This is the best offer for daily trader or intraday traders. This is an Auto Square
Off product where you can enjoy the benefits of intra-day trading. Trader can get
the 6 times exposure on the margin. They provide all the benefits which kotak
gateway and privilege account provides. Trader can apply paper free order for
IPO.

One can activate Kotak securities high trader with any amount less than Rs 5,
00,000/- as margin, by way of cash or stock. The minimum brokerage that is
applicable in the Kotak high trader account is 4 paisa on delivery and 4 paisa in
the cash segment.

Kotak Freeway

Frequent trader use this account type because freeway account enables it’s users
to trade as many times as they like - at a fixed brokerage.

One can activate Kotak securities freeway with any amount less than Rs. 1,
25,000/- as margin, by way of cash or stock. They charge fixed brokerage of
Rs.999/- a month and on delivery transaction brokerage is .59% on less then
1lakhs and .18% on more then 2 crores.

Kotak Flat

This product is best suited for the needs of the Indian retail investor who actively
invests through the internet. Kotak flat introduces the international trend of
 charging brokerages on per trade basis. Brokerage rate works up to 0.18% on
delivery trades and 0.018% for intraday trades.

Kotak Assist

This account most suits to long term investors. This account provides complete
assistance on all your financial investment.

Brokerage and Account opening fees:

A trading account in Kotak requires you to have a minimum of Rs.1000 to start with, the
bank account to have a minimum of Rs.2500.

Brokerage:

1. For Intra-day trading, Kotak brokerage is around 0.05%.

2. For delivery trading, Kotak brokerage is around 0.45%.

Advantages of Kotak Securities Limited

1. Kotak provides a Call & Trade facility to its customers wherein they can place
and track their orders through phone when they are away from home.
2. They provide daily SMS alerts, market pointers, periodical research reports, stock
recommendations etc.
3. Kotak provides exclusive online tool to monitor what is happening in the market
and also investor can view gains/losses in real-time.

Disadvantages of Kotak Securities Limited

1. In online trading sometimes delay comes. So it can be frustrating.

UTI Securities Ltd (UTISEL)

Incorporated in 1994 by Unit Trust of India, UTI Securities Ltd (UTISEL) has grown
from an institutional brokerage house to a full-fledged financial intermediary having
nationwide presence in major cities with branches and franchisees to service a wide
range of clients.

UTI Securities Ltd (UTISEL) is one of the major stock brokers in India. UTI Securities
offer stock trading at NSE and BSE stock exchanges. UTI Securities provide it's Stock
Broker Services through a strong network and premium financial services and
information.

Trade In: BSE and NSE

Type of Platforms:
UTI Securities offers 3 different online trading platforms to its customers:
EASY Usec:

Easy Usec is a powerful and user friendly browser based online trading website
for beginners. It provides unique integrated account which link banking, broking,
and demat accounts. Trader can get the latest stock quotes, unlimited access to
trading history, current order status, access to all back end reports and data.

ADVANCE Usec:

Advance Usec is an Applet-based system, designed specially for active traders.

Advance Usec gives access to their traders to view live streaming quotes which
enables them to keep track of real-time price movement. Multiple market watch,
message window and trading window, all in one screen help customers to track
individual stocks and make timely trades when investing online.

SUPER Usec:

Super Usec is an advanced, customizable online trading platform built

exclusively for active traders. It offers professional and complimentary tools
which enable their user to view streaming, intraday, daily and weekly charts,
personalized quick stock quote lists and real-time updates.

Brokerage and Account opening fees:

UTI Securities offers three kinds of platforms as above. Below are detail about fees and
activation charges for each account:

1. EASY Usec:
Account activation charges Rs.499/-.

2. ADVANCE Usec
Account activation charges Rs.799/-.

3. SUPER Usec
Account activation charges Rs.2499/-.

Advantages of UTI Securities

1. They provide intraday reports and historical charting.

2. Varity of fee structure to fulfill need of different type of investors.
3. User can access sector-wise information to track sectors and individual scrips
within the sector.
4. UTI provides "Quick Mail" tool so user can resolve all the problems online.
Objectives of Study:-

1. To understand the concept of online trading.

2. To find out the problems faced by online traders.
3. To know overall satisfaction of investors with online trading.

Conclusion

Online trading is mainly done through internet. As the time passes the scenario of Indian
stock market is changed. Earlier offline trading is main source of stock trading in India.
Now online stock trading system is more famous. The main advantage of online trading
is that it is more continent and more transparent.
 Chapter- 2

REVIEW
OF
LITERATURE
This chapter presents a review of research works pertaining to online trading and related
investors behaviour. The research works reviewed here have been sourced from various
journals, web sites and reviews provided in previous research works. As we know that
every technology has certain advantages and certain disadvantages. Like wise online
trading has also some drawbacks and we try to find out what type of problem an online
stock trader face.

A variety of work and study has already been conducted by various scholars in this field.
Keeping in view the specific objectives of the present study, the review of the earlier
studies have been performed as follow.

Some of the studies bearing relevance with the present research proposal are reviewed as
follows:

Lau, Yen and Chau(2001) conduct a research to know what are the factor which affect
on adoption of online stock trading in Hong Kong. This paper focuses on the
social/organizational perspective by using a research model based on the Decomposed
Version Theory of Planed Behavior (DTPB) to identify the factors that affect investors’
adoption of on-line trading. A correlation analysis has been performed to investigate
whether the hypothesized attributes, variables, and belief structure are correlated with
each other. After such analysis, the factors that influence the adoption of the proposed
system have been identified, as well as the relationships between the factors. The results
of the analysis indicate that regarding the hypothesized model, there is strong statistical
significance that Perceived Usefulness, Perceived Ease of Use, and Compatibility
significantly affect Attitude towards using the proposed system.

ODEAN (SEPT 1999) Conducted a survey to know the change in stock trading behavior
and investment performance of 1607 investors who switched from phone based to online
trading during the period of 1991 to 1996. then he compare their trading and
performance with the similar size of people who do not trade online and the result he
find is that those who switch to online trading are experience unusually strong
performance prior to going online, beating the market by more than 2 % annually. After
going online, they trade more actively, more speculatively and less profitably than before
—lagging the market by more than three percent.

Mathews (2001) conducted a survey on Benefits, Costs and Limitations of Online

Investing to the Individual Investor The online approach of conducting commerce has
gained more and more acceptance from consumers and suppliers alike. Online
Brokerages, when they first came into the scene, attacked mass markets with
unbelievable ease, speed and success that it took conventional brokerages like Merrill
Lynch, by surprise. In time, conventional brokerages having learnt the advantages of the
Internet have moved to create an online presence for themselves. Online trades are
accounting for consecutively larger percentages of total retail trades on established
exchanges like the NASDAQ and the NYSE, since its inception. Just as any application
in business, online investing has its fair share of not only benefits but also costs and
limitations too. The purpose of this article is to enlighten the reader on the above-
mentioned aspects of online investing and aid a potential investor to reflect on these
aspects before carrying out trades over the Internet.

WALIA, KUMAR (2007) Conducted a research to know what is the current scenario of
online stock market in India. Facts highlighted in this study clearly reveal that although
online trading is picking up its speed to tap investors yet it is expected to adopt creative
strategies to lure customers from physical trading to net trading.

Li, Lee and Cude (2001) conduced a study Based on investment behavior and innovation
diffusion theories, intention to adopt online trading was investigated using 2000-01
Macro Monitor data. The impacts of the following determinants were examined:
investment-related factors (type of brokerage accounts and trading frequency and
volume); psychological factors (confidence, investment risk preference, price sensitivity,
attitudes toward human interaction, and investment decision making style); technology-
related issues (familiarity with online shopping and banking); and demographics.
Investors who are younger and more willing to take investment risk intend to adopt
online trading, whereas investors who value human interaction and those with full
brokerage accounts do not have an intention to adopt.

Sandhu and Singh (2005) Conducted a study to know the problems faced by the adopters
of online traders while trading online as also identify the reasons for not using net based
trading. Also they try to find out what are the future prospects of online stock trading in
India. This study is based on primary data of 299 investors comprising 149 adopters and
150 non- adopters. The result reveals that the inability to access broker’s website and
lacks of personal touch are perceived as major problems by adopters. It was also found
that high structural cost, risk of system and component failure etc are some of the
problems faced by the investors.
 Chapter- 3

RESEARCH
METHODOLOGY
To have a clear perception of the term research one should know the meaning of
scientific methods. The two main terms, research and scientific method, are closely
related. Research as we have already stated can be termed as “ an inquiry into the nature
of, reason for and the consequences of any particular set of the circumstances, whether
these circumstances are experimentally controlled or recorded just as they occur. Here
the researcher is interested more than particular results; he is interested in the
repeatability of the results and in their extension to more complicated and general
situation.

Research in common refers to a search for knowledge. Research can also be defined as
a scientific and systematic search for pertinent information on a specific topic. It is
usually an art of scientific investigation. The purpose of research is to discover answer
to question through the application of scientific procedures. The main aim of research is
find out the truth which is hidden and which has not been discovered as yet.

Research methodology is a way to systematically solve the research problem. It may be

understood as science of studying how research is done systematically. It has many
dimensions and research methods do constitute a part of Research Methodology. The
scope of Research methodology is wider than that of research method.

1. Why a research study has been undertaken?

2. How the research problem has been defined?
3. In what way and why the hypothesis has been formed?

Are usually answered when we talk of research methodology concerning a research

problem or study.

Whatever may be the types of research works and studies, one thing i.e. important is that
they all meet on the common ground of scientific method employed by them. The
research methodology can be defined as a way systematically solves the research
problem along with the logic behind them. Researchers not only need to how to develop
certain indices, how to calculate mean, mode, median and how to apply particular
research technique and what would they mean and indicate and why? All this means that
it is necessary for the researchers to design his methodology for his problem. The scope
of Research methodology is wider than that of research methods. Thus research
methodology deals itself not only with research method but also in considering the logic
behind the methods used in the research study.
RESEARCH DESIGN:

The research design is the conceptual structure within which research is conducted. It is
a plan of action, a plan of collecting and analysing data in economic, efficient and
relevant be manner. It contains the blue print for the collection, measurement & analysis
of data. The proposed study is an exploratory cum descriptive. the purpose of preparing
research design could be either to test a hypothesis or to give a cause effect relationship
to the given situation. The design provides answers for questions such as:

“What techniques will be used to gather data?”

“What kind of sampling will use?”

SOURCES OF DATA:

Data is defined as facts presented to the researcher from the study of environment.
Basically data are divided in to two types

PRIMARY DATA: Primary data are collected for the first time by the investigator for
her own use. Questionnaire has been used for such purpose.

SECONDARY DATA: Secondary data are data which are collected by somebody else.
We collect this data from various articles, journals, sites of RBI, site of SEBI etc.

UNIVERSE AND SURVEY POPULATION

Universe is the total number of all investors in Hisar city. Sample consists of 100
respondents of hisar of investors of religare, indiabulls, mastermart, icicidirect, T R
Capital under the study. These online traders have been selected because of easy
availability of its customers in the city. For this purpose the sample size of 100
customers of these online traders have been taken.

Sample Size & Techniques

Data source Primary

Research Approaches Survey

Research instrument Questionnaire

Sampling Convenience
Sample Size 100 investors
Contact Method Personal
Sampling Unit Online investors

Area covered Hisar

COLLECTION OF DATA

The present study is based on primary data as well as secondary data. Primary data have
been collected with the help of specially designed questionnaires and detailed
discussions with the customers of Religare, Indiabulls, Mastermart, ICICIdirect, T R
Capital of Hisar city. A set of questionnaire was prepared and used to know the level of
investor’s satisfaction with the online trading system. The researcher has also used Likert
type scales the questionnaire ranging from 1-5 i.e.

1) 5= Highly Satisfied

2) 4= Satisfied

3) 3= Can’t Say

4) 2= Dissatisfied

5) 1= Highly Dissatisfied

To add to the information, the secondary data have been obtained from the following
sources:

Sources from Internet, Journals, Magazines, Books, Published and unpublished research
works of various eminent scholars in the field.

LIMITATIONS OF THE STUDY

There is no research without limitations. There are many limitation of the present
study.
 The usable respondents (sample size) were 100. Such a sample size may not be
statistical significant to evaluate the findings. Due to scarcity of time, the sample
size could not be increased any further.

 Researchers have spent lot of time to get the questionnaire back.

 Sometimes, the respondent does not want to disclose some relevant information.

 Convenience sampling was used in choosing the respondents. This may also have
a bias effect on the findings.

 Unintended errors on the part of respondents may have crept into the research.

 Non availability of authentic source of secondary data.

Chapter- 4

ANALYSIS
&
INTERPRETATION
OF DATA
Every study is conducted for the purpose of getting some results. And without
analysis and interpretation of data received in the study, a researcher is not able to
make any judgments. For this purpose in this chapter data are analysed.

Table 1- Demographic Profile of Sample Respondents

No. of Respondents
SEX Male 60
Female 40
TOTAL 100

AGE Below 30 82
31-45 12
46-60 6
Above 60 0
TOTAL 100

A.Q Under graduate 1

Graduate 37
Post Graduate 35
Professional 27
TOTAL 100

M.S Married 38
Unmarried 62
Widow/Widower 0
Divorced 0
TOTAL 100

Occupation Salaried 44
Professional 44
Business 11
Retired 1
 TOTAL 100

Annual income Up to 150000 36

150001-300000 48
300001-500000 10
Above 500000 6
TOTAL 100

 60% of the sample respondents are male and 40% are female.

 82% of the sample respondents are below 30 years of age, 12% of the sample
respondents lies between 31-45 years of age, 6% of the sample respondents lies
between 46-60 years of age and nobody of the sample respondents are above 60
years of age.

 1% of the sample respondents are undergraduate, 37% of the sample respondents

are graduate, 35% of the sample respondents are post graduate and 27% of the
sample respondents are professional.

 38% of the sample respondents are married, 62% of the sample respondents are
unmarried and nobody of the sample respondent are widow/widower or divorced.

 44% of the sample respondents are salaried personal, 44% of the sample
respondents are professional, 11% of the sample respondents are businessman and
1% of the sample respondents are retired.

 36% of the sample respondents are having annual income upto 1,50,000 ,48% of
the sample respondents are having annual income 1,50,001- 3,00,000 , 10% of the
sample respondents are having annual income 3,00,001- 5,00,000 and 6% of the
sample respondents are having annual income more than 5,00,000

Table-2 Length of Trading of Sample Respondents

Le
ngth of Trading No. of Respondents
Less than 3 years 74
3-5 years 18
More than 5 years 8
Total 100

74% of the sample respondents are those who are indulging in online stock trading
from less than 3 years.18% of the sample respondents area those who do online stock
trading from last 3 to 5 years and 8% of sample respondents are those who do online
trading from more than 5 years.

Table-3 Frequency of Trading of Sample Respondents

Frequency of Trading No. of Respondents

Daily 38
Weekly 39
Monthly 23
Total 100
38% of the sample respondent are those who do online stock trading daily, 39% are those
who do online stock trading weekly and 23% are those who do online stock trading
monthly.

Table-4
Statement Statements Mean
Code
S1 Doesn’t enable continuous access to broker website due to
sudden breakdown of web Server and connection 3.560
S2 Lacks personal touch 3.560
S3 Leads to high transaction costs including cost of internet
access 3.364
S4 Requires strenuous mental efforts 3.560
S5 Leads to high service charges 3.091
S6 Is exposed to risk associated with system or component
failure 3.455
S7 Requires huge investment in infrastructure in terms of
space and equipment 2.970
S8 Shows delayed-quotes as compared to screen based
trading through broker 3.090
S9 leads to difficult in taking investment advice from broker
through the net than over the phone 3.170
S10 Lacks confidentiality of personal information 2.970
S11 Is not fully safe 3.340
S12 Lacks sufficient and current information to make an
investment decision 2.970
S13 Leads to excessive delay in the timely update of investors
account information 2.970
S14 Leads to inaccurate postings to clients accounts 3.230
S15 Leads to excessive delay in the settlement of transaction
due to inefficient banking facility 3.060
NOTE:-
• The statements having mean score of more than 3.5 means that sample
respondents are more towards satisfaction level with the statement.

• The statements having mean score between 3 to 3.5 means that sample
respondents are neither satisfied nor dissatisfied with the statement.

• The statements having mean score less than 2 means that sample respondents are
more towards dissatisfaction level with the statement.

• Statement 1-Net trading doesn’t enable continuous access to broker website due
to sudden breakdown of web Server and connection have mean score 3.560 means
respondents are more satisfied with the statement.

• Statement2 –Net trading lacks personal touch have mean score 3.560 means
respondents are more satisfied with the statement.

• Statement3-Net trading leads to high transaction costs including cost of internet

access have mean score 3.364 means respondents are neither satisfied nor
dissatisfied with the statement.

• Statement 4-Net trading requires strenuous mental efforts have mean score 3.560
means respondents are more satisfied with the statement.

• Statement 5- Net trading leads to high service charges have mean score 3.091
means respondents are neither satisfied nor dissatisfied with the statement.

• Statement 6-Net trading is exposed to risk associated with system or component

failure have mean score 3.455 means respondents are neither satisfied nor
dissatisfied with the statement.

• Statement 7- Net trading requires huge investment in infrastructure in terms of

space and equipment have mean score 2.970 means respondents are not satisfied
with the statement.

• Statement 8- Net trading shows delayed-quotes as compared to screen based

trading through broker have mean score 3.090 means respondents are neither
satisfied nor dissatisfied with the statement.

• Statement 9- Net trading leads to difficult in taking investment advice from

broker through the net than over the phone have mean score 3.170 means
respondents are neither satisfied nor dissatisfied with the statement.
 • Statement 10- Net trading Lacks confidentiality of personal information have
mean score 2.970 means respondents are dissatisfied with the statement.

• Statement 11-Net trading Is not fully safe have mean score 3.340 means
respondents are neither satisfied nor dissatisfied with the statement.

• Statement 12-Net trading Leads to excessive delay in the timely update of

investors account information have mean score 2.970 means respondents are
dissatisfied with the statement.

• Statement 13- Net trading Leads to excessive delay in the timely update of
investors account information have mean score 2.970 means respondents are
dissatisfied with the statement.

• Statement 14- Net trading Leads to inaccurate postings to clients accounts have
mean score 3.230 means respondents are neither satisfied nor dissatisfied with the
statement.

• Statement 15- Net trading Leads to excessive delay in the settlement of

transaction due to inefficient banking facility have mean score 3.060 means
respondents are neither satisfied nor dissatisfied with the statement.

TABLE 5- OVERALL SATISFACTION LEVEL OF SAMPLE RESPONDENTS

WITH ONLINE TRADING

Satisfaction Level No. of respondents

Highly satisfied 19
Satisfied 65
Neither satisfied nor dissatisfied 13
Dissatisfied 2
Highly dissatisfied 1
TOTAL 100
Overall Satisfaction Level 3.99

19% respondents are highly satisfied with the online stock trading system, 65%
respondents are satisfied with it, 13% respondents are neither satisfied nor dissatisfied
with it, 2% respondents are dissatisfied with it and only 1% respondents are highly
dissatisfied with online stock trading system. The overall satisfaction level of the sample
respondents are 3.99 it shows that sample respondents are more towards satisfaction level
means sample respondents are more satisfied with the online stock trading.
 Chapter- 5

MAJOR FINDINGS
&
SUGGESTIONS
 As this study is done for the purpose of knowing and helping the online traders to solve
the problems faced by them while doing trading online. Therefore for this purpose in this
chapter major findings of the study and on the basis of findings some fruitful suggestions
has been suggested

Some of the major findings of the study are as follows:-

 No. of youth doing online trading is more than the aged investors.

 Educated peoples are more indulging in online trading in India.

 Middle class peoples are more indulging in online trading in India.

 Online trading is becoming more popular in recent years.

 Major problem faced by the online traders doing online trading is the inability to
continuous access to broker website due to sudden breakdown of web server or
connection.

 There is lack of personal touch while doing stock trading through net.

 Transaction cost is also high while doing trading through net.

 Investors also feel that trading through net requires strenuous mental efforts.

 As the online trading is done through computers investors thought there is always
a risk is associated with the system or component failure.

 Investors also feel that online trading is not fully safe.

 Sufficient and current information require for taking investment decisions are
readily available while trading through net
 Investors who do online trading didn’t feel that net trading requires lot of
investment in infrastructure in terms of space and equipment.

 Investors doing online trading feel that there are no such problems of leakage of
personal information while trading through net.

 Accounts information of the investors doing online trading is timely updated.

 Investors also feel that the stock quotations are shown are much more faster while
doing trading online then screen based trading.

 Investors agree that sometime inaccurate posting has been done in the clients
account.

 Settlement of transaction is much faster while doing trading online as compare to

screen based or off line trading.

 Some investors feels that the advice provide by trader is much more beneficial
than the information received through net.

 Investor doing online trading is overall satisfied with the online trading.

SUGGESTIONS:-
 Major problem which an online investor faces is that sometime when there is
heavy rush on any site the site hangs or didn’t work properly due to this they faces
loses. So there must some improvements must be done in the online trading
system so that the investors have continuous access to the net.
 Online stock broker should have to provide such facilities which involve
human interaction with the investors.

 SEBI must have to establish more customer care centre who helps the
investors in solving there problems.

 There must be some strict legal actions must be taken by SEBI against those
brokers who leaks accounts information of his client.

 Trading system must to be more transparent and effective.

 Safer instruments are to be used for doing online trading so that the problem
of system failure is solved.

 Transaction time in online trading is less as compare to off line trading but
even then this time need to be further reduced.
Some other suggestion which is recommended by the sample respondent in response to
the open ended question for their suggestions are: some investors feel that there is
always a liquidity problem faced by the investors in India so this problem need to be
reduced. Some other feels that transaction cost is very high so this needs to be reduced.
Some feel that online trading should be made individual means there is direct link
between investor and stock exchange and broker should be removed from in between.

Conclusion

Online trading is basically trading done through net. This project mainly focuses on the
various problems faced by the online stock investors. So this study is an attempt to help
the online investors to solve their problems. The findings shows that major problems
faced by the investors are lack of personal touch, online trading requires strenuous
mental efforts etc.
 Bibliography

Articles in Journals and Magazines

 Barber & odean (1999) “online investors: Do the Slow Die First”
www.gsm.ucdavis
 Lau, Chau & yen (2001) “adoption of online trading in hong kong
financial market” journal of electronic commerce research,vol 2,
no.2, 2001
 Li, Lee & Cude (2001) “Intention To Adopt Online Trading:
Identifying the Future Online Traders” Association for Financial
Counseling and Planning Education.

Walia & kumar (2007) “Online Stock Trading in India” Indian

Journal of Marketing Volume XXXVII • Number 4 •
April 2007
Websites
• www.nseindia.com
• www.indiainfoline.com
• www.economictimes.com
• www.google.com
• www.icicidirect.com
• www.kotaksecurities.com
• www.sharekhan.com
• http://www.5paisa.com

Annexure
 QUESTIONNAIRE

I am a student of HARYANA SCHOOL OF BUSINESS, GJU S&T, HISAR and

making a survey on problem of online trading in India. Information provided by
you would be kept confidential and would be use for academic purpose only.

Name (optional)- ___________________

Sex: Male Female

Age: Below 30 31-45 46-60 Above 60

(In years)

Academic Qualification:
Under graduate Graduate Post Graduate Professional

Marital Status:
Married Unmarried widow/widower Divorced

Occupation:
Salaried Professional Business Retired

Annual Income (in rupees):

Up to 1,50,000 1,50,001-3,00,000 3,00,001-5,00,000 More than 5,00,001

For how long you have been doing online trading?

A) Less than 3 years B) 3-5 years C) More than 5 years

How frequently you use online trading?

A) Daily B) Weakly C) Monthly

Please rank the following statements related to online trading on a 5 point scale

Statement Strongly Agree Neighter Disagree strongly

agree agree nor disagree
disagree

NET TRADING

 Doesn’t enable continuous access

to brokers website due to sudden
breakdown of web server or connection.

 Lacks personal touch.

 Leads to high transaction costs including

cost of internet access.

 requires strenuous mental efforts.

 Leads to high service charges.

 Is exposed to risk associated with

system or component failure.
  Requires huge investment in infra-
structure in terms of space and
equipment.

 Shows delayed-quotes as compared

to screen-based/live trading through
broker.

 Leads to difficulty in taking investment

Advice from broker through the net than
over the phone.

 Lacks confidentiality of personal

information

 Is not fully safe

 Lacks sufficient and current information

to make an investment decision

 Leads to excessive delay in the timely

update of investors account information

 Leads to inaccurate postings to clients

accounts

 Leads to excessive delay in the settlement

Of transaction due to inefficient banking
facility.

Please tick your overall satisfaction level with online trading?

Highly Satisfied Satisfied Neighter satisfied Dissatisfied Highly

Nor Dissatisfied
Dissatisfied

Would you continue with online trading in future?

A) Yes B) No

Please suggest some improvements that you would like to be incorporated in online
trading system in India
_______________________________________________________________________
_______________________________________________________________________
_______

Thank you