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LOVELY PROFESSIONAL UNIVERSITY DEPARTMENT OF MANAGEMENT

Report on Summer Training A COMPARISON OF DIFFERENT DEPOSITORY PARTICIPANTS (DPs) IN JALANDHAR Submitted to Lovely Professional University

In partial fulfillment of the Requirements for the award of Degree of Master of Business Administration Submitted by: Mashhood Ahmad Zafar 11001900/RQ1002A15

DEPARTMENT OF MANAGEMENT LOVELY PROFESSIONAL UNIVERSITY JALANDHAR NEW DELHI GT ROAD PHAGWARA PUNJAB

TABLE OF CONTENTS

ACKNOWLEDGEMENT. 4 CERTIFICATE OF TRAINING FROM THE FIRM.. LIST OF TABLES AND ILLUSTARTIONS5 ABBREVIATIONS 6 SUMMARY ...7 CHAPTER 1. 1. INTRODUCTION...8 1.1 OBJECTIVES 1.2 METHODOLOGY 1.3 LIMITATIONS. CHAPTER 2. 2. ABOUT OJT ITS ACHIEVEMENTS AND TARGETS12 2.1 LEARNINGS IN THE OJT.14 CHAPTER 3. 3. INTRODUCTION TO STOCK MARKET.15 3.1 SECURITIES MARKET IN INDIA. CHAPTER 4. 4. COMPANY PROFILE- SHAREKHAN..19 CHAPTER 5. 5. COMPETITORS PROFILE. 5.1 KOTAK SECURITIES39 5.2 ICICI DIRECT.43 5.3 INDIA INFOLINE...49 5.4 EMKAY...52 5.5 ANGEL BROKING.55

1 CHAPTER 6. 6. COMPARATIVE ANALYSIS57 7. DATA ANALYSIS..65 8. FINDINGS....66 9. CONCLUSION.67 10. BIBLIOGRAPHY...68 11. ANNEXURE...69

ACKNOWLEDGEMENT

This project is a great source of learning to me and a great exposure to the corporate world. Though at the onset of any ambitious project one always find difficulties while doing it & completing it, thus its success greatly depends on the encouragement, inspiration and support by the team around. This report would have not been a success without the contribution of a few people who helped me a lot by motivating and guiding me towards my goal. At the very outset I would like to express my sincere regards to Mr. Neeraj Pal Thakur (Territory Manager of SHAREKHAN LTD., Jalandhar) I deeply and greatly thank Mr. Amir Iqbal , my Company Guide, for his guidance and kind co-operation, without their time and commitment this project would have not been possible. I express my gratitude to the Institute who gave me this opportunity. I would like to sincerely forward a vote of thanks to Ms.POOJA KANSRA my faculty guide & mentor as she was always there for help & guidance whenever I needed it. I would like to give special appreciation to my family and close friends for their encouragement when I needed it . I am particularly indebted to them for going through the project meticulously and also for valuable suggestions for the modification and improvement of the project.

MASHHOOD AHMAD ZAFAR

LIST OF TABLES AND ILLUSTRATIONS

(i) (ii) (iii) (iv) (v) (vi) (vii)

Pie-chart showing Retail Broking Arm of SSKI Group Pie-chart showing Investment Banking Arm of SSKI Group Organizational chart of Sharekhan services A Diagram showing Multiple Investment Options in Share khan for its customers (P-29). A Diagram showing various options for customers support in share khan Diagram showing-Steps followed to open an account in Sharekhan Pie chart showing Data Analysis

ABBREVIATIONS

OJT- On-the-Job training. SIP- Summer Internship Program. PMS- Portfolio Management Service. BOLT- Bombay On-Line Trading. NEAT- National Exchange Automated Trading. MCX- Multi Commodities Index. NCDEX- National Commodities Index. DP- Depository Participant. BSE- Bombay Stock exchange. NSE- National Stock exchange. BTST- Buy Today Sell Tomorrow.

SUMMARY

This report specially focuses on Sharekhan, a leading broking house in India. The project deals with the how is the Sharekhan as a broking house, what services it provides. Among the services, the report mainly flash light on the DEMAT service of Sharekhan, facilities provided by Sharekhan , steps to open an a/c are mainly covered in this part. So in a nut cell, this report has distinctly five phases. Phase I provides the information about the products and services of the Kotak Securities. Phase II provides the information about the products and services of the ICICI Direct. Phase III provides the information about the products and services of the India Infoline (5 paisa.com). Phase IV provides the information about the products and services of the Emkay. Phase V provides the information about the products & services of Angel Broking And at last, the comparative analysis of all the stock broking companies.

INTRODUCTION

Training is defined as the systematic development of the knowledge, skills and attitudes required by an individual to perform a given task or job successfully. Training aims at improving the organizations performance through the enhanced performance of the employees. The major purposes of training are preparing an individual to work as per the corporate world, updating skills, managerial succession and satisfying personal growth needs. Organizations provide training as per the company policies and procedures. OJT helps an individual to know the actual working situation and to understand the culture of that organization. The Project given by the organization helps a lot to gain knowledge about their product and services and its competitors. Through this project, a trainee can understand and make comparison between them.

Need of the study

The need of the study arises because of the reason that a trainee must understand the company, its achievements and tasks, products and services and also to collect information about its competitors, its products and services offered. So that, after understanding and collecting information about the organization and its competitors, a trainee will be able to work well for the organization.

OBJECTIVES

To develop the qualities required for a manager and provide an excellent learning opportunity. To understand the Financial Market with due Focus on Trading in Stock Markets. To understand the significance of share brokers as regards trading in Stock market. To compare services provided by Share khan vis--vis other brokers. The SIP provides the students to know the actual working situation and understand the corporate culture. To make understand how to undertake assignments/job along with the day-today functions of the company. To provide a platform to take up On-thejob training and develop a network which will be useful in enhancing career prospects. To gain a deeper understanding of the work, culture, deadlines, work pressure and achieving targets of an organization.

METHODOLOGY

Collection of data Data used is primary as well as secondary. Primary data was collected by personally visiting the Share broking houses. Secondary data was accessed through Internet, Brochures, and Business Dailies. Sample size Data of 6 selected Share Broking Companies. Sample of 100 questionnaires was taken for data analysis.

LIMITATIONS

The study was limited to only certain companies in the stock market. As most of time the data was collected from secondary sources, so up to a great extent accuracy and analysis is purely based on secondary data collected.

ABOUT OJT, ITS ACHIEVEMENTS AND TARGETS

The SIP is an opportunity to experience the professional environment, making the internship meaningful to the company one works with and to oneself in ones career prospects.

With the commencement of the SIP, the progress of SIP is as followsBy the end of first two weeks, they made me understanding the company as a whole by taking me through various departments of the company. And made me understand the industry in which the company is operating so that it will help us in gaining more knowledge about the position of the company.

With the next following weeks, the products and services offered by the company was studied. The distribution network of the company, product portfolio, sales force, pricing and promotional strategies used by them for their product, Customer service, market share, competitors of the company and their products and services.

In the next weeks, understanding the organizational structure and chart, department and functions, staff strength. And after understanding the company services, then I moved to understand the products and services of its competitors. So that, it made me capable of marketing their products better as compared to the competitors.

About OJTOJT (On-the-job training) takes place in a real job environment where the trainee is exposed to an actual work situation. The major advantage is that the trainee will get hands-on experience. The OJT with respect to tasks in Share Khan is to market its product and to open the trading cum demat accounts through which a person can trade in share market. This will help in better application of the knowledge and skills gained during the training sessions provided by them. In the training sessions, information about the job to be performed and any doubts regarding the training should be cleared. After training is imparted to the trainee, trainee is asked to demonstrate the job and that will help in assessing the understanding of the instructions. Then, the trainee has to start working for the achievement of targets for the company by contacting the leads through telephone.

1 OJT is taken up along with the project. During OJT, the Company assign some tasks which are a part of the day-to-day functioning of the department within the organization.

OJT gives direct exposure to work in the corporate world and understand the actual working situation. It makes us understand how to work in team, organization culture and team objectives, work pressure of achieving targets. The work assigned is the marketing of their product and to do telephone-calling and make the prospects understand about the products and services offered by the company as compared to its competitors. It increases our confidence and convincing power. It is a great learning experience and makes us ambitious of achieving the desired targets.

Achievements and TargetsThe task assigned during the SIP is the marketing of their product and to open demat cum trading accounts and the target achieved during the SIP was 10 demat accounts opened.

OJT provides good scope for developing necessary managerial skills and positive attitude.

LEARNING in the OJT

The deep knowledge of stock market. Analyze different services offered by Share khan as Depository Participant and its competitors. Understand the problem faced by the existing clients and find ways to solve their queries. To convince them about how Share khan services out score their rivals.

INTRODUCTION TO STOCK MARKET

A stock market is a place where stocks, bonds, or other securities are bought and sold. An association of stockbrokers who meet to buy and sell stocks and bonds according to fixed regulations. A Stock Exchange, is an organized market for the trading of stocks and bonds. Such markets were originally open to all, but at present only members of the owning association may buy and sell directly. Members, or Stock Brokers, buy and sell for themselves or for others, charging commissions for their services. A stock may be bought or sold only if it is listed on an exchange, and it may not be listed unless it meets certain requirements set by the exchange's board of governors. A stock market or equity market is a public (a loose network of economic transactions, not a physical facility or discrete) entity for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36.6 trillion at the start of October 2008. The total world derivatives market has been estimated at about $791 trillion face or nominal value, 11 times the size of the entire world economy. The value of the derivatives market, because it is stated in terms of notional values, cannot be directly compared to a stock or a fixed income security, which traditionally refers to an actual value. Moreover, the vast majority of derivatives 'cancel' each other out (i.e., a derivative 'bet' on an event occurring is offset by a comparable derivative 'bet' on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in the United States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples of stock exchanges include the Amsterdam Stock Exchange ,London Stock Exchange, Paris Bourse, and the Deutsche Brse (Frankfurt Stock Exchange). In Africa, examples include Nigerian Stock Exchange, JSE Limited, etc. Asian examples include the Singapore Exchange, the Tokyo Stock Exchange, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. In Latin America, there are such exchanges as the BM&F Bovespa and the BMV.

Stock market is also known as the equity market, it is one of the most vital areas of a market economy as it provides companies with access to capital and investors with a slice of ownership in the company and the potential of gains based on the company's future

1 performance. This market can be split into two main sections: the primary and secondary market. The primary market is where new issues are first offered, with any subsequent trading going on in the secondary market.

Features of Stock Exchange

They are as follows :Market for securities : Stock exchange is a market, where securities of corporate bodies, government and semi-government bodies are bought and sold. 2. Deals in second hand securities : It deals with shares, debentures bonds and such securities already issued by the companies. In short it deals with existing or second hand securities and hence it is called secondary market. 3. Regulates trade in securities : Stock exchange does not buy or sell any securities on its own account. It merely provides the necessary infrastructure and facilities for trade in securities to its members and brokers who trade in securities. It regulates the trade activities so as to ensure free and fair trade 4. Allows dealings only in listed securities : In fact, stock exchanges maintain an official list of securities that could be purchased and sold on its floor. Securities which do not figure in the official list of stock exchange are called unlisted securities. Such unlisted securities cannot be traded in the stock exchange. 5. Transactions effected only through members : All the transactions in securities at the stock exchange are effected only through its authorised brokers and members. Outsiders or direct investors are not allowed to enter in the trading circles of the stock exchange. Investors have to buy or sell the securities at the stock exchange through the authorised brokers only. 6. Association of persons : A stock exchange is an association of persons or body of individuals which may be registered or unregistered. 7. Recognition from Central Government : Stock exchange is an organised market. It requires recognition from the Central Government. 8. Working as per rules : Buying and selling transactions in securities at the stock exchange are governed by the rules and regulations of stock exchange as well as SEBI Guidelines. No deviation from the rules and guidelines is allowed in any case. 9. Specific location : Stock exchange is a particular market place where authorised brokers come together daily (i.e. on working days) on the floor of market called trading circles and conduct trading activities. The prices of different securities traded are shown on electronic boards. After the working hours market is closed. All the working of stock exchanges is conducted and controlled through computers and electronic system. 10. Financial Barometers : Stock exchanges are the financial barometers and development indicators of national economy of the country. Industrial growth and stability is reflected in the index of stock exchange.
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Functions of Stock Exchange

1 1. Continuous and ready market for securities Stock exchange provides a ready and continuous market for purchase and sale of securities. It provides ready outlet for buying and selling of securities. Stock exchange also acts as an outlet/counter for the sale of listed securities. 2. Facilitates evaluation of securities Stock exchange is useful for the evaluation of industrial securities. This enables investors to know the true worth of their holdings at any time. Comparison of companies in the same industry is possible through stock exchange quotations (i.e price list). 3. Encourages capital formation Stock exchange accelerates the process of capital formation. It creates the habit of saving, investing and risk taking among the investing class and converts their savings into profitable investment. It acts as an instrument of capital formation. In addition, it also acts as a channel for right (safe and profitable) investment. 4. Provides safety and security in dealings Stock exchange provides safety, security and equity (justice) in dealings as transactions are conducted as per well defined rules and regulations. The managing body of the exchange keeps control on the members. Fraudulent practices are also checked effectively. Due to various rules and regulations, stock exchange functions as the custodian of funds of genuine investors. 5. Regulates company management Listed companies have to comply with rules and regulations of concerned stock exchange and work under the vigilance (i.e supervision) of stock exchange authorities. 6. Facilitates public borrowing Stock exchange serves as a platform for marketing Government securities. It enables government to raise public debt easily and quickly. 7. Provides clearing house facility Stock exchange provides a clearing house facility to members. It settles the transactions among the members quickly and with ease. The members have to pay or receive only the net dues (balance amounts) because of the clearing house facility.

8. Facilitates healthy speculation

1 Healthy speculation, keeps the exchange active. Normal speculation is not dangerous but provides more business to the exchange. However, excessive speculation is undesirable as it is dangerous to investors & the growth of corporate sector.

9. Serves as Economic Barometer Stock exchange indicates the state of health of companies and the national economy. It acts as a barometer of the economic situation / conditions.

10. Facilitates Bank Lending Banks easily know the prices of quoted securities. They offer loans to customers against corporate securities. This gives convenience to the owners of securities.

TERMINOLOGY:

Blue Chip
A nationally recognized, well-established and financially sound company. Blue chips generally sell high-quality, widely accepted products and services. Blue chip companies are known to weather downturns and operate profitably in the face of adverse economic conditions , which helps to contribute to their long record of stable and reliable growth. According to NYSE, a blue-chip stock is stock in a company with a national reputation for quality, reliability and the ability to operate profitably in good times and bad. The most popular index which follows US blue chips is the Dow Jones Industrial Average. The Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. It has been a widely followed indicator of the stock market since October 1, 1928.

Equity
The residual value of a business or property beyond any mortgage thereon and liability therein. The market value of securities less any debt incurred shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company.

Shareholders
The shareholders are the owners of a corporation. Companies listed at the stock market strive to enhance shareholder value. The shareholder concept is the theory that a company only has responsibilities to its shareholders and owners, and should work solely to benefit these people. The trading of securities such as stocks and bonds is conducted in stock exchanges, which are grouped under the general term stock market. A stock exchange is essentially a marketplace for stocks and bonds, with stockbrokers earning small commissions on each transaction they make. Stocks that are handled by one or more stock exchanges are called listed stocks. For a corporation's stock to be listed on an exchange, the company must meet certain exchange requirements. Each exchange has its own criteria and standards, but in general a company must show that it has sufficient capital and is in sound financial condition. Once a company is listed, trading in its stock will be suspended if the company's financial condition decline to the point that it no longer meets the exchange's minimum requirements. When a person wishes to purchase a stock, she places an order with a brokerage house. The broker gets a quotation or price and sends the order to the firm's representative on the floor of the stock exchange. The representative negotiates the sale and notifies the brokerage house. Transactions happen rapidly, and each one is recorded on a computer system and sent immediately to an electronic ticker that displays stock information on a screen. At one time this information was generally only available at stock brokerage houses, but the daily stock ticker is now available on television and through the Internet.

1 In short selling, the trader borrows stock (usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers) then sells it on the market, hoping for the price to fall. The trader eventually buys back the stock, making money if the price fell in the meantime or losing money if it rose. Exiting a short position by buying back the stock is called "covering a short position." This strategy is also used by unscrupulous traders to lower the price of a stock. Hence most markets either prevent a short sell or place restrictions on when and how a short sell can occur. These restrictions are usually referred to as tick rule. In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise.

Stock market indices

The movements of the prices in a market or section of a market are captured in price indices called stock market indices, of which there are many, e.g., the S&P, the FTSE and the Euro next indices. The financial system performs three main tasks: firstly, it handles transfer of payments; secondly, it channels savings to investments with a good return for future consumption; and thirdly, it spreads and reduces (local enterprise) economic risks in relation to the players' targeted returns. The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as employment. In this way the financial system contributes to increased prosperity. The stock market is one of the most important sources for companies to raise money. The price of shares and other assets is an important part of the dynamics of economic growth. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption.

Conditions for grant of certificate to stock-broker.

4. The Board may grant a certificate to a stock-broker subject to the following conditions namely: (a) He holds the membership of any stock exchange; (b) He shall abide by the rules, regulations and bye-laws of the stock exchange or stock exchanges of which he is a member; (c) In case of any change in the status and constitution, the stock broker shall obtain prior permission of the Board to continue to buy, sell or deal in securities in any stock exchange; (d) He shall pay the amount of fees for registration in the manner provided in the regulations; and (e) He shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received from such investors.

Conditions of grant of certificate to sub-broker.

5. (1) The Board may grant a certificate to a sub-broker subject to the following conditions, namely: (a) He shall pay the fees in the manner provided in the regulations; (b) He shall take adequate steps for redressal of grievances of the investors within one month of the date of the receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints received; (c) In case of any change in the status and constitution, the sub- broker shall obtain prior permission of the Board to continue to buy, sell or deal in securities in any stock exchange; and (d) He is authorized in writing by a stock-broker being a member of a stock exchange for affiliating himself in buying, selling or dealing in securities: Provided such stock-broker is entitled to buy, sell or deal in securities. F. No. 20(7)/SE/92 What is a Depository? A depository is an organisation which holds securities (like shares, debentures, bonds, government securities, mutual fund units etc.) of investors in electronic form at the request of the investors through a registered Depository Participant. It also provides services related to transactions in securities.

How is a depository similar to a bank?

It can be compared with a bank, which holds the funds for depositors. A Bank Depository analogy is given in the following table:

BANK-DEPOSITORY AN ANALOGY BANK DEPOSITORY

Holds funds in an account Transfers funds between accounts on the instruction of the account holder Facilitates transfer without having to handle money Facilitates safekeeping of money

Holds securities in an account Transfers securities between accounts on the instruction of the BO account holder Facilitates transfer of ownership without having to handle securities Facilitates safekeeping of securities

At present two Depositories viz. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) are registered with SEBI.

What are DPs?

A Depository Participant (DP) is an agent of the depository through which it interfaces with the investor and provides depository services. Public financial institutions, scheduled commercial banks, foreign banks operating in India with the approval of the Reserve Bank of India, state financial corporations, custodians, stock-brokers, clearing corporations /clearing houses, NBFCs and Registrar to an Issue or Share Transfer Agent complying with the requirements prescribed by SEBI can be registered as DP. Banking services can be availed through a branch whereas depository services can be availed through a DP. The minimum net worth stipulated by SEBI for a depository is Rs.100 crores. As on September 30, 2008, a total of 711 DPs (266 NSDL, 445 CDSL) are registered with SEBI. The benefits of availing Depository facilities are enumerated below: A safe and convenient way to hold securities; Immediate transfer of securities; No stamp duty on transfer of securities; Elimination of risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc. Reduction in paperwork involved in transfer of securities; Reduction in transaction cost; No odd lot problem, even one share can be traded; Nomination facility;

1 Change in address recorded with DP gets registered with all companies in which investor holds securities electronically eliminating the need to correspond with each of them separately; Transmission of securities is done by DP eliminating correspondence with companies; Automatic credit into demat account of shares, arising out of bonus/split/consolidation/merger etc. Holding investments in equity and debt instruments in a single account.

Dematerialisation
Dematerialisation is the process by which physical certificates of an investor are converted to an equivalent number of securities in electronic form and credited into the BOs account with his DP.

Steps for dematerialising securities:

In order to dematerialise physical securities one has to fill in a DRF (Demat Request Form) which is available with the DP and submit the same along with physical certificates that are to be dematerialised. Separate DRF has to be filled for each ISIN. The complete process of dematerialisation is outlined below:

Surrender certificates for dematerialisation to your DP. DP intimates to the Depository regarding the request through the system. DP submits the certificates to the registrar of the Issuer Company. Registrar confirms the dematerialisation request from depository. After dematerialising the certificates, Registrar updates accounts and informs depository regarding completion of dematerialisation. Depository updates its accounts and informs the DP. DP updates the demat account of the investor.

Rematerialising Process:
If one wishes to get back his securities in the physical form he has to fill in the RRF (Remat Request Form) and request his DP for rematerialisation of the balances in his securities account. The process of rematerialisation is outlined below: Make a request for rematerialisation. Depository participant intimates depository regarding the request through the system. Depository confirms rematerialisation request to the registrar.

1 Registrar updates accounts and prints certificates. Depository updates accounts and downloads details to depository participant. Registrar dispatches certificates to investor.

SECURITIES MARKET IN INDIA

Initially, trading on stock exchanges in India used to take place through open outcry without use of information technology for immediate matching or recording of trades. NSE, incorporated on Nov.27, 1992, started its operations on June 30, 1994. It introduced a nation-wide on-line fully-automated screen based trading system (SBTS). NSDL was set up as a first Depository in India, in November 1996. NSE commenced trading in Dematerialized securities from Dec.26, 1996. NSE launched NIFTY (NSE-50 Index) on April 22, 1996. NSE and NSCCL went live with inaugural session for ALBM, i.e., Automatic Lending and Borrowing Mechanism for lending and borrowing of securities on February 10, 1999.

1 Chart 1-1: Snapshot of Performance of Indian Securities Market during 2000-2010

1 Table 1-3: Savings of Household Sector in Financial Assets

Source: RBI Annual Report 2008-09 P: Provisional Figures # Preliminary Estimates Note: Here other securities include shares and debentures of private corporate business, banking and bonds of PSUs Mutual funds include units of UTI

1 Table 1-2: Market Participants in Securities Market

Source: SEBI, RBI * DCA, DEA, RBI & SEBI. Brokers of cash segment include brokers of Mangalore SE, HSE, Magadh and SKSE.

COMPANY PROFILE

VISION

To be the best retail broking brand in the Indian Equities market

MISSION

To educate and empower the individual investor to make better investment decisions through quality advice and superior service. 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 Indias 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 indepth 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. Trade In: BSE and NSE Type of Account Classic account

1 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. II.

Two dedicated numbers for placing your orders with your cell phone or landline. Automatic funds transfer with phone banking (for Citibank and HDFC bank customers) Simple and Secure Interactive Voice Response based system for authentication Get the trusted, professional advice of our telebrokers After hours order placement facility between 8.00 am and 9.30 am

III.
IV.

V.

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 Trade Tiger account This accounts for active traders who trade frequently during the day's trading session. Following are few popular features of Trade Tiger account. h. A single platform for multiple exchange BSE & NSE (Cash & F&O), MCX, NCDEX i. Multiple Market Watch available on Single Screen j. Hot keys similar to a traditional broker terminal k. Tie-up with 12 banks for online transfer of funds l. Different tools available to gauge market such as Tick Query, Ticker, Market Summary, Action Watch, Option Premium Calculator, Span Calculator
m. Graph Studies are available including Average, Band- Bollinger, Know Sure

thing, MACD, RSI, etc Account Opening Fees & Annual maintenance charges (AMC)

Trading Account Opening Charges (One Time): Rs 750 (Classic Account), Rs 1000 (Trade Tiger Account) Trading Annual maintenance charges (AMC): Demat Account Opening Charges (One Time): Demat Account Annual Maintenance Charges (AMC): Rs. 400 (Free for 1st year with trading account.)

1 Trading Brokerages

Intra-day Trades: 0.1% on the buy side and 0.1% on the sell side. Delivery Based Trades: 0.5% or 10 paise per share or Rs. 16/- per scrip whichever is higher. F&O Trades: 0.1% on the first leg and 0.02% on the second leg if squared off on the same day and 0.1% if squared off on any other day. Options Trades: Rs. 100/- per contract or 2.5% on the premium ( whichever is higher).

How to open account with Sharekhan? For online trading with Sharekhan, investor has to open an account. Following are the ways to open an account with Sharekhan:

Call them at phone number provided below and ask that you want to open an account with them. 1. Call on Toll free number: 1-800-22-7500 to speak to a Customer Service executive 2. Land Line: 39707500 / 022-6115 1111

Visit one of their branches. Sharekhan has a huge network all over India. Click on http://sharekhan.com/Locateus.aspx this link to find out your nearest branch. Just select the place near you and you'll find a manager to assist you there. You can send them an Email on info@sharekhan.com to know about their products and services. If you wish to chat with customer service representative, you can join the chat sesssion.

Advantages of Sharekhan: 1. Sharekhan offer different brokerage slabs to customers which offer reduced brokerage rates if you opt for our Prepaid Brokerage schemes depending on the volumes of trades done by you. 2. Sharekhan has got a tie-up with 12 banks for online transfer of funds. These banks are HDFC, Citibank, IDBI Bank, Axis Bank, OBC, UBI, INDUSIND Bank, Yes bank, ICICI bank, Bank of India, DEUTSCHE Bank and Federal Bank. This means that if you are having a bank account with any of these banks, you can link it with your Sharekhan trading account which will enable you to place an online request for transfer and withdrawal of funds. 3. Trade upto four times of your available balance in your trading account. 4. No DP charges for shares purchased and sold by you via your Sharekhan account. 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 lose 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.

1 Useful links about ShareKhan/Contact Sharekhan at:

1. ShareKhan Website: www.ShareKhan.com 2. Product Demo - TradeTiger Demo 3. Email: info@sharekhan.com 4. FAQs: Trading FAQ's 5. Phone: 022-6115 1111 6. Toll Free: 1-800-22-7500

(Note: Information Last Updated: 15th July 2011)

SHAREKHAN is the retail broking arm of SSKI.

It has 518 Sharekhan outlets in over 350 cities. Been in the business for over 80 years, Share Khan provides assistance and the advice to the investors. Share Khan is amongst top 3 branded retail service providers. Largest network of branded broking outlets in the country.

In the survey conducted by Economic Times, Share Khan was ranked at the top of all Indian Brokerage Houses for giving returns of 127% to its clients in 2005. As per the daily, most other brokerage houses managed returns of only 50-70%. Share Khan Outlets offer various services-

Online BSE AND NSE execution (through BOLT and NEAT Terminals). Better Customer Service and free access to investment advice from Share Khan research team. (iii) Depository services (Demat and Remat transaction). (iv) Internet based online trading. (v) IPO services. (vi) Commodities trading on MCX and NCDEX. (vii) Portfolio Management Service (PMS). Achievements of SHAREKHAN Voted as the top Domestic Brokerage House in the Research Category.

(i) (ii)

1 Twice by EuroMoney Survey. Four times by AsiaMoney Survey. In the Indian Securities business since 1922, Share Khan Research Team is rated as one of the best in the industry rated Ist by AsiaMoney. SHAREKHAN ONLINE TRADING INTERFACES The customer can choose the online trading interface that meets his requirement based on his trading habits and preferences.

* CLASSIC / APPLET The website is meant for customers who Invests in Equities. * TRADE TIGER The Trade Tiger is meant for customers who trade in Equities.

* DIAL-N-TRADE Toll Free The DNT is a value added services meant for all customers who want to transact but are not online. CLASSIC ACCOUNT
Online trading account for investing in Equities and Derivatives. Integration of: Online trading + Bank + Demat account. Instant cash transfer facility against purchase & sale of shares.

Make IPO bookings online. Get Instant order and trade confirmations by e-mail. Single screen interface for cash and derivatives. Live terminal of NSE & BSE. BROKERAGE 0.50% (Delivery) 0.10% (Intra-day) CHARGES: Account Opening charges: Rs. 750(life time charges) ANNUAL MAINTENANCE CHARGES free for first year and Rs.300 from 2nd year onwards. DEMAT TRANSACTION CHARGES- NIL

EXPOSURE- 4 to 8 times.

Trading through website : Live NSE and BSE terminal. Sharekhan provides research reports, which is sent to every customer on regular basis. Research Reports provided are(i) Pre-Market Report. (ii) High Noon. (iii) Post Market Report. (iv) Investor Eye. (v) Eagle Eye Sharekhan also provides Sharekhan Valueline ( A monthly magazine for its customers). TRADE TIGER

Software based Account. Live terminal of NSE & BSE. Demat A/C is opened free of cost with online trading A/C. In it one can see 500 scripts at a time on the live terminal. BROKERAGE 0.50% (Delivery) 0.10% (Intra-day)

CHARGES:

Account Opening - Rs.1000 (lifetime charges) Annual Maintenance Charges Free for 1st year & Rs.300 from 2nd year onwards. Demat Transaction Charges - Nil. Exposure - 4 to 8 times Software Maintenance Charges Nil.

Sharekhan offers a full range of financial services and products ranging from Equities to Derivatives enhance customers wealth and hence, achieve their financial goals. To Sharekhan Clients, Relationship Managers are available to help about their financial planning and investment needs.

1 ShareKhan also provides services like if a person is interested in opening an account, he can call at Toll free number - 1-600-7500. A person can also call on 022-66621111 if he is in Mumbai. Alternatively he can call on 39707500 (Local Call Charges).

DIAL-N-TRADE

A person can do trading through Dial-n-trade option by calling on

1.800.22.7050 OR 30307600. TWO dedicated numbers for placing your orders with your cell phone

or landline. Simple and Secure Interactive Voice Response based system for authentication. No waiting time. Enter TPIN to be transferred to our telebrokers. Trusted, professional advice of telebrokers. After hours order placement facility between 11 Pm and 9.30 am.

Sharekhan has also an Alert Section. Alerts are basically the messages sent to the customers for confirming or informing about events in the market. The Alerts are Trade alerts, Research alerts, Information alerts, Email alerts, SMS alerts. Trade Alerts are exclusively for trading customers. Whenever an order of a person is executed, cancelled, modified or if an account has been debited or credited or any other such transactions take place, they can notify that person about the event and its details. Research Alerts are exclusively for trading customers. A customer can keep his stocks updated with latest investment Ideas and Trading Calls on a real time basis. Information and Other Alerts are available to Trading and Registered users of Sharekhan. A person set alert to receive his Portfolio Valuation at the end of the day, content alerts like News, Board meeting etc. Email Alerts- Along with the mandatory notifications, he can also choose to get additional alerts delivered directly to the inbox of his choice. SMS Alerts- Through SMS, a customer can get latest alerts in his mobile and update with latest investment ideas.

COMPETITORS PROFILE PHASE I - Kotak Securities PHASE II - ICICI Direct PHASE III - India Infoline (5paisa) PHASE IV - Emkay PHASE V Angel Broking

PHASE I

Kotak securities

Kotak Securities Ltd. is India's leading stock broking house with a market share of around 8%. Kotak Securities Ltd. has been the largest in IPO distribution.

Kotak Securities offerEasy Derivatives. Easy Equity. Easy Mutual Fund. Easy Insurance Schemes Achievements of Kotak securities are as followsPrime Ranking Award (2003-2004) - Largest Distribution of IPOs. Finance Asia Award (2004) - Indias Best Equity House. Finance Asia Award (2005) - Best Broker in India. Euromoney Award (2005) - Best Equities House in India.

Kotak is also having a Full-fledged Research Division combined with a strong and well networked sales force which helps deliver current and upto date market information and news. Kotak Securities Ltd is also a Depository Participant with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL), providing dual benefit services. Kotak Securities has 122 branches servicing more than 1, 70, 000 customers and a coverage of 187 cities.

1 Kotaksecurities.com, the online division of Kotak Securities Limited offers Internet Broking services and also online IPO and Mutual Fund Investments. Kotak Securities provides Portfolio Management Services those who would like to grow exponentially on the crest of the stock market, with the backing of an expert. For opening an account in Kotak, a person can visit them or call them at 30305757. Research for the Investors in Kotak Regular research reportsA reliable research inputs and simple to understand that educate the investor about the industry trends, sector news, and helps in deciding which company scripts to buy or sell or hold. Fundamental Research ReportsFundamental research has various key factors or parameters, which explore the future prospects of the economy, sectors or companies. Fundamental Research is backed by data, mathematical & statistical modeling and concluded with expert opinions. Macro economic research In this report, the analysiss on the current Indian market, latest government policies and their effect on the economy. It gives an investor the bird's eye view on the country's fiscal health and its impact, factors that have a bearing on the stock market. Industry or Sector ResearchIt gives the details about how an industry is faring, whether current policies favor the industry. Company ResearchIn the company research, the full details of the company from its history and its organizational structure, future prospects etc given. Daily Morning BriefEvery morning, an investor will get updated economy news, corporate news, daily bulk deals, gainers and losers, forthcoming events in a company or market. Sectoral ReportIt tells an investor which sector to invest and guide you about the market policies.. Portfolio Advice Through this, a regular advice on managing the portfolio depending upon investors changing needs. Kotak Securities SMS AlertsAnd last, but not the least, An investor can get these expert tips and recommendations as SMS on mobile phone.

Real Time Rates

1 With the real time rates, an investor can get movements in price of shares not after they happen but as and when they happen with ticker rates and other advanced tools.

Kotak provides Super ToolsKEAT and KEAT Premium are two such trading tools that enable an investor to view unlimited scripts, Intraday and historical charts for scripts, set scrip alerts. All charts come with the best charting tools and indicators that help in deciding the market trends easily. Kotak Advantage Speedy Execution. Low Brokerage- Pay as low as 0.023% on both sides. Margin Finance Research- Technical and fundamental research material Super Multiple- Get upto 15 times exposure on your margin.

Kotak securities give an access to a full range of trading, investing and financial products. And their advanced trading tools process information as soon as the price movement that helps an investor in deciding their stocks instantly.

PHASE II

ICICIdirect

ICICIdirect.com ICICI Web Trade Limited (IWTL), commenced commercial operations on April 17, 2000. IWTL was set up to provide online service to the secondary market investors to execute and settle their order/trade in securities. IWTL is a wholly owned subsidiary of ICICI Ltd. IWTL maintains ICICIdirect.com. IWTL is an affiliate of ICICI Bank Ltd. And the website is owned by ICICI Bank Ltd. * Provides a unique 3-in-1 account: Convenience: the 3-in-1 account integrates banking, broking and demat accounts. This enables an investor to trade in shares without going through the hassles of tracking settlement cycles, writing cheques and Transfer Instructions, chasing broker for cheques or Transfer Instructions etc. Speed: Get the latest quotes of scripts and place an order instantly. Control: Provide a control on the trades so that order can be placed at the price an investor wants. Independence: Provides an investor a facility to manage their demat and bank accounts instead transferring money to a broker's pool or towards deposits. Trust: Also provides a trust that comes from ICICI and organization trusted by millions of Indians.

FEATURES *BROKERAGE: 0.75% (Delivery) &0.10% (Intraday) Exclusive of taxes. With taxes, it is 0.85 (Delivery) & 0.15% (Intraday).

1 *MARGIN *BTST : Rs.5000 is necessary to maintain in ICICI Bank a/c. : Provided only on 127 scripts.

(Buy Today Sell Tomorrow) *While watching APPLET, only 1 company rates can be seen and we have to refresh it again and again to update the rates. * LIMITED TOLL FREE NUMBER is provided, on 21st call Rs.20/- are charged. * DEMAT TRANSACTION CHARGES are included in Brokerage. * COMPULSION TO HAVE BANK A/C WITH ICICI Bank And your saving a/c is attached with ICICI trading a/c. ICICIdirect has authority to debit your saving a/c directly without informing customer about this. * RESEARCH REPORTS provided at Rs.450/-p.a *POOR ONLINE INTERFACE Slow website interface with no real-time quotes creates a dissatisfaction among high frequency traders. * ONLY INTRADAY MARGIN EXPOSURE The margin exposure of 3 or 4 times is only provided for Intraday.

Products and Services: Trading in shares. Trading In Derivatives. Investing In Mutual Funds. IPOs and Bonds Online. Personal Finance. Trading in shares: ICICIdirect.com offers various options while trading in shares. Cash Trading : It is a delivery based trading system, which is generally done with the intention of taking delivery of shares. Margin Trading : Provides an intra-settlement trading upto 3 to 4 times your available funds, wherein an investor to take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle.

1 Margin PLUS Trading : Through Margin PLUS, an investor can trade an intra-settlement upto 25 times with the available funds Spot Trading : This facility can be used only for selling the demat stocks which are already existing in demat account. When an investor wants an immediate liquidity option, 'Cash on Spot' may work the best, on selling shares through "cash on spot", money is credited to his bank a/c the same evening & not on the exchange payout date. This money can then be withdrawn from any of the ICICIBank ATMs. BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows to sell shares even on 1st and 2nd day after the buy order date, without having to wait for the receipt of shares into his demat account. Call-n-Trade: Call-n-Trade allows an investor to trade by calling on a local number in their city & trade on the telephone through Customer Service Executives. This facility is currently available in over 11 major states across India. Trading on NSE/BSE: Through ICICIdirect.com, a person can trade on NSE as well as BSE. Market Order: Trade by placing market orders during market hours and obtained at the best price in the market at the time of execution of the order. Limit Order: That allows an investor to place a buy/sell order at a price defined by him. The execution can happen at a price more favorable than the price, which is defined by the investor. Trading In Derivatives: FUTURES In futures trading, an investor can buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months. Trading in FUTURES is simple. If, during the course of the contract life, the price moves in the favor (i.e. rises in case the investor have a buy position or falls in case he have a sell position), hell make a profit. In ICICIdirect, presently only selected stocks, which meet the criteria on liquidity and volume, have been enabled for futures trading. OPTIONS An option is a contract, which gives the buyer the right to buy or sell shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no obligation on the buyer to complete the transaction if the price is not favorable to him.

1 To take the buy/sell position on index/stock options, he have to place certain % of order value as margin. With options trading, he can leverage on his trading limit by taking buy/sell positions much more than what he could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price. The Buyer of a Put Option has the Right but not the Obligation to Sell the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Put has the obligation of buying the Underlying Asset at the specified Strike price. By paying lesser amount of premium, he can create positions under OPTIONS and take advantage of more trading opportunities. Investing in Mutual funds: ICICIdirect.com provides online investing in Mutual funds- Hassle free and Paperless Investing. IPOs and Bonds Online: Invest in Initial Public Offers (IPOs) and Bonds online without going through the hassles of filling ANY application form/ paper work. Personal Finance: Can use Personal Finance section and get hold of tools that can help in planning investments.

PHASE III INDIAINFOLINE

INDIA INFOLINE founded by a group of professionals in 1995.Their meticulous research was published and distributed in the printed form to a client base comprising business stalwarts including leading MNCs, investment banks and consulting firms. Quality of research was highly acclaimed. Over the last 2 years, research coverage has grown to cover almost all companies, sectors, economy and financial markets. Breadth and depth of content includes Stock markets, mutual funds, personal finance, taxation and economy. *In 2000 e-broking was started under the brand name of

FEATURES

LOWEST BROKERAGE charged; it starts from 0.25%(delivery) and .05%(intra day). TRADING on NSE, BSE, Derivates, Mutual Funds, Arbitrage on delivery, commodities provided.

ACCOUNT OPENING CHARGES:Rs.555 10 TIMES EXPOSURE provided to offline customers. DEMAT TRANSACTION COST: 0.05% or Rs 15/- whichever is higher are charged on selling. STOCK MESSAGING SERVICING paid from Rs.1550/- to Rs.6000/-. RS 1000/- BROKERAGE COMMITMENT to be fulfilled by customer.

PHASE IV Emkay

Emkay Global marked its genesis as Emkay Share and Stock Brokers Private Limited. The company was promoted by two enterprising Chartered Accountants, Mr. Krishnakumar Karwa and Mr. Prakash Kacholia, on January 24, 1995. The company subsequently got listed on the BSE and the NSE in 2006. The journey that was embarked upon 15 years ago has enabled Emkay to grow into a Rs. 130 crore plus net worth company, with over 350 retail outlets spread across the country. Emkay invites everyone to join it on this very rewarding journey and reap the benefits of a resurgent India. Membership: BSE, NSE, BSE Trading & Clearing Member (derivatives), CDSL (depository participant), BSE (debt markets) and NSE Trading & Clearing Member (derivatives). Emkay's Mission "To provide our clients with Secure, Customized & Comprehensive financial solutions to achieve sustained growth." Emkay's Values o To be fair, empathetic and responsive in serving our clients. o To respect and reinforce our fellow employees and the power of teamwork. o To strive relentlessly to improve what we do and how we do it. o To always earn and be worthy of our customers' trust.

Corporate Structure

Emkay Fincap Limited (EFL), a 100 per cent subsidiary of EMKAY, is a RBI registered Non Deposit taking NBFC. The firm was incorporated on May 16, 2005 for carrying out share financing activities. The company went public on February 14, 2006. Emkay Commotrade Limited (ECL), a 100 per cent subsidiary of EMKAY, was incorporated on January 5, 2006 and carries out commodity broking business. ECL is a member of the two popular commodity exchanges - MCX Commodity Exchange and NCDEX Commodity Exchange. ECL offers trading in many commodities such as bullion (gold, silver), energy (crude oil, natural gas), metals, food grains (rice, maize), spices, oil and oil seeds and others. Emkay Insurance Brokers Limited (EIBL), a 100 per cent subsidiary of EMKAY, was incorporated on March 8, 2007 as a direct Insurance broker as per the IRDA regulations. Focusing on life and non-life businesses, the company aims to benefit from its huge existing retail client base and existing corporate relationships. Emkay Investment Managers Ltd (EIML), a 100 percent subsidiary of EMKAY was established to carry on the business of Portfolio Management Services. The company aims to serve the existing and potential PMS clients more effectively. We have been rated by Asia Money Brokers Poll in 2010 among top Indian brokerage houses in various categories including Small Cap Research, Execution, Sales Service, Overall Country Research et al. We have also been awarded as the 'Best Brokerage' Rank 2 at the Thomson Reuters Starmine Awards 2010-11. A/c opening charges: Equity-500rs Commodity-250rs BrokerageAccording to turn over (0.05 to 0.01) Exposure- Up to 10 times Buy Today Sell Tomorrow (BTST) Available

PHASE V ANGEL BROKING

Angel Group has emerged as one of the top 3 retail broking houses in India. Incorporated in 1987, it has memberships on BSE, NSE and the two leading commodity exchanges in India i.e. NCDEX & MCX. Angel is also registered as a depository participant with CDSL. Angel's retail stock broking house offering a gamut of retail centric services.

Ebroking Investment Advisory Portfolio Management Services Wealth Management Services Commodities Trading

Trade In: BSE and NSE Trading Platforms: Angel Trade provides 4 trading platforms, 2 are browser based & 2 are application based. 1. Angel investor

1 It is a browser based trading platform. The rates are updated on clicking the refresh button. This facility ensures it is not blocked by firewall. Thus it is useful for investor who needs to access information from places where firewall blocks such data. 2. Angel Trade It is a browser based trading platform. The rates are updated automatically. This platform is useful for investors & traders to access market from different terminals. 3. Angel Diet It is an application based trading platform where rates are updated automatically. All segments are available on a single screen. This is ideal platform for the daily traders. 4. Angel Anywhere It is an application based trading platform where rates are updated automatically. This is ideal for investors & traders who are inclined towards trading based on charts & technical tools. Brokerage and fees:
1. Account opening fees:

Stock trading account - Rs 575/Demat account - Rs 200/Commodity trading - Rs 625/2. Brokerage:

For trade up to the range of Rs 1 - 3 Crore: Cash Based: 0.50% Day trading: 0.05% Derivatives: 0.05% For trade more than Rs 3 Crore, brokerage is about 0.03%. How to open account with Angel Trade? There are 3 simple ways to open an account with Angel Trade.

Call at one of the below number and ask to open an account with them. Phone No: (022) 4000 3633 / 35 Visit one of their nearest branch and you will find representative to help you out. Click here to find the branch closest to you. Visit www.angeltrade.com and fill the contact us form. One of the representative contacts you shortly.

In all their cases Angel Trade representative contact you in 24 to 48 hours and tell you about the procedure to open an account. Advantages of Angel Trade 1. User friendly browser-based / application based online trading platform. 2. The auto square off time is at 3:15 and an investor can buy up to 4 times the value in his account.

1 3. Trading account can be linked with popular private banks like HDFC Bank, ICICI Bank, UTI bank etc. 4. Trading is available in both BSE and NSE. Disadvantages of Angel Trade
1. Online money transfer from trading account to bank account is not available:

Trading account can be linked with popular private banks like HDFC Bank, ICICI Bank, UTI bank etc. A trader can transfer money from his bank to the trading account online. But the reverse transactions are not yet available online. This means money, a trader gets after selling shares doesnt get credited in his bank account directly. The trader has to call Angel Trade and request for the deposit. This takes couple of working days. This way angel trade is kind of behind with ICICIDirect where 3 accounts (Bank account, trading account and demat account) are connected so seamlessly that no manual interfere requires. In ICICI Direct, a trader gets the money back into his ICICI Bank account as soon as the trader settle down. Useful links about Angel Trade
1. Website: http://www.angeltrade.com 2. Website: http://www.angelmf.com

COMPARATIVE ANALYSIS
The major players in Online Trading are:-

ShareKhan Kotaksecurities ICICI Direct India Infoline(5paisa) Emkay Angel Broking

ACCOUNT OPENING CHARGES

SHAREKHAN - Rs.750 (Classic), Rs.1000 (Trade Tiger). Kotak securities - Rs.500 ICICIdirect - Rs.750 (waive off if trading is more than Rs.100000)

India Infoline - Rs.555 Emkay - Equity-500Rs Commodity-250Rs Angel Broking - Stock trading account - Rs 575/Demat account - Rs 200/Commodity trading - Rs 625/.

ANNUAL MAINTENANCE CHARGES

1 SHAREKHAN - Free for 1st year & Rs.300p.a. From 2nd year onwards. Kotak securities - Rs. 300 p.a. ICICIdirect - Rs.500p.a.

India Infoline - Rs.250 p.a. Emkay - No AMC. - Rs.300.p.a

Angel Broking

BROKERAGE
SHAREKHAN - 0.50% (Delivery) 0.10% (Intra-day) Kotak securities -0.65% (Delivery) 0.10% (Intra day) ICICIdirect - 0.85% (Delivery) incl.taxes 0.15% (Intra-day) incl.taxes India Infoline - 0.25% (Delivery) 0.05% (Intra-day) Emkay - 0.50 %( Delivery) 0.10 %( Intra-day) Angel Broking - 0.50%(Delivery) 0.15( Intra-day)

IPO ONLINE FACILITY

SHAREKHAN Available Kotak securities - Available ICICIdirect - Available

1 India Infoline Emkay - Available

- Available - Available

Angel Broking

SOFTWARE CHARGES
SHAREKHAN (TRADE TIGER)- NIL (Classic) - No Charge

Kotak securities No Software. ICICIdirect India Infoline Emkay No software Rs.8, 000 p.a.

No Software. No Software.

Angel Brokig -

TRADING
SHAREKHAN -BSE / NSE / Derivatives / IPO / PMS / Mutual Funds / Commodities. Kotak securities -NSE /Mutual Funds / Derivatives ICICIdirect -BSE / NSE / Derivatives / IPO / PMS/ Mutual Funds/ Commodities. India Infoline -NSE / Derivatives / Mutual Fund / Emkay NSE/BSE/Derivatives/PMS/Mutual Funds. Angel Broking -NSE/BSE/IPO/Mutual Funds/ Equity & Derivatives. Arbitrage on delivery.

MINIMUM MARGIN REQUIREMENT(COMPULSORY)

SHAREKHAN -NIL Kotak securities Rs. 5000/ICICIdirect -NIL

1 India Infoline Emkay - NIL -Rs.5000/-

Angel Broking -Compulsory for non HDFC bank customers Rs. 5000

TYPE OF ACCOUNTS
SHAREKHAN -Classic & Trade Tiger. Kotak securities Kotak Fast Lane/ KEAT desktop. ICICIdirect India Infoline - ICICI direct e-invest account. -Trader Terminal (Day Trader and HNI) & Investor Terminal.-(Students and Investor) Emkay - Signature Account and Power Indiabulls. HDFC Online Trading account.

Angel Broking

DP CHARGES
SHAREKHAN - Nil. Kotak securities Not included in Brokerage Extra charge for DP. ICICIdirect India Infoline Emkay - Included in brokerage. - 0.05% or minimum Rs.20 Per transaction (on selling).

- Charges are levied to move from IB account to Client DP account. - Included in brokerage.

Angel Broking

DIAL-N-TRADE FACILITY
SHAREKHAN - All calls free on toll free no. Kotak securities - Local Call charges. ICICIdirect India Infoline - First 20 calls free & Rs. 20 per call onwards. - Local call charges.

1 Emkay - Local call charges. - Local call Charges.

Angel Broking

BUY TODAY SELL TOMORROW (BTST)

SHAREKHANAvailable.

Kotak securities - Not Available. ICICIdirect India Infoline Emkay Available only on 127 scripts of NSE. Available.

Available. Available.

Angel Broking -

SMS FACILITY
SHAREKHAN - Rs.100 p.m. Kotak securities - N.A. ICICIdirect Free N.A.

India Infoline Emkay Angel Broking N.A. -

N.A.

EXPOSURE
SHAREKHAN - 4 to 8 times. Kotak securities - 4 times. ICICIdirect India Infoline - 4 times. - 4 to 6 times Online 10 times Offline. Emkay - 4 to 15 times.

1 Angel Broking - N.A.