Edelweiss Broking Limited

A PROJECT REPORT ON MARKET INTEGRATION & EFFICIENCY OF EDELWEISS BROKING LIMITED

A report submitted towards the partial fulfillment of the requirements of the two years full-time Post Graduate Diploma in Management,

SUBMITTED BY: ROHIT KUMAR YADAV ROLL NO. - 2K10BFS18

ASIA PACIFIC INSTITUTE OF MANAGEMENT

3, Institutional Area, Jasola, New Delhi 110025

Edelweiss Broking Limited

Acknowledgement
I take this opportunity to express my sincere thanks and humble gratitude to my respected guide Mr. Chandan Kumar, Sales Manager of Edelweiss Broking Limited, Karol Bagh, New Delhi, for his guidance and full support in doing this work successfully. I am also grateful to Mr. Dhrubjyoti Nath, Team Leader, Retail who helped me to understand the some other part of my project. I also express my deep sense of gratitude and reverence to Prof.Dasgupta, Asia-Pacific Institute of Management for his able and invaluable guidance, kind help, constant encouragement and inspiration throughout this project work. I also express my deep sense of regard to Prof. R. Bhatia, Programme Director, Asia-Pacific institute of Management for his valuable advice without which this work would not have been complete.

Date:

(Rohit Kumar Yadav)

Edelweiss Broking Limited

Contents
ACKNOWLEDGEMENT CONTENTS OVERVIEW CHAPTER 1 INTRODUCTION Objectives Scope of study Need of the study Data Collection CHAPTER 2 STOCK MARKET CHAPTER 3 WORKING PROCESS CHAPTER-4 COMPANY PROFILE CHAPTER-5 BUSINESS OVERVIEW CHAPTER-6 NATURE & CHARACTERISTIC OF PRODUCT CHAPTER-7 GROWTH INITIATIVES CHAPTER-8 EDELWEISS BUSINESS PROCESS
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2 3-4 5-11 12-14 12 13 13 14 14

15-16 17-19 20-22

23-28

29-36

37

38-40

Edelweiss Broking Limited CHAPTER-9 SWOC ANALYSIS OF EDELWEISS BROKING LIMITED STRENGTH WEAKNESS OPPORTUNITIES CHALLENGES CHAPTER-10 ANALYSIS & FINDINGS QUESTIONNAIRE ANALYSIS FINDINGS CHAPTER-11 RECOMMENDATIONS SUGGESTIONS CHAPTER-12 CONCLUSION 64 45 46-55 56-58 59 60-61 62-63 41 42 43 44 44

WRAPPING FUTURE ASSESMENTS BIBLIOGRAPHY

65-66 66 67

Edelweiss Broking Limited

Securities Market in India: An Overview

Introduction The last decade (2000-2010) has been the most eventful period for the Indian securities market during which it took major strides to carve a niche for itself in the global securities markets. The major developments which hastened this incredible journey can broadly be observed under three categories, i.e. improved market microstructure, introduction of new products and progressive changes in the regulatory framework. This chapter is split into two sections. Section 1 focuses on the broader developments in the securities markets during 2000-2010. Section 2 discusses the structure and the developments of the Indian securities markets during 2009-10.

Section-1:

Issues and Developments in the Past decade (2000-2010) Structure and Developments of the Indian Securities Markets during 2009-10

Section-2:

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Section-1: Issues and Developments in the past decade (2000-2010)

Improved Market Microstructure To reduce transaction time and bolster liquidity, various reforms were undertaken during this decade (2000-2010), such as introduction of automated trading system, reduction in the settlement cycle, dematerialization etc. Further, the stock exchanges were allowed to provide a separate trading window for block deals in November 2005 to facilitate execution of large trades without impacting the market. With the advent of new technology, greater sophistication was brought to the Indian securities markets by introducing world class facilities like Direct Market Access (DMA), algorithmic trading, smart order routing system and co-location service. On the clearing and settlement front, in July 2001, the Indian securities market made a paradigm shift from the century old account period settlement to a T+5 rolling settlement. Keeping abreast with the dynamics of the securities market and to integrate with the world markets, in April 2002, the Indian capital markets joined the league of developed markets in the world by the introduction of the T+3 rolling settlement cycle and further to T+2 in April 2003. Dematerialisation which was introduced in 1998 achieved 100% demat trading at NSE in June 2002. In the primary markets, SEBI made IPO grading compulsory for companies coming out with the IPOs of equity shares in May 2007. An IPO Grade provides an additional input to investors in arriving at an investment decision based on independent and objective analysis. In addition, SEBI introduced the process of Application Supported by Blocked Amount (ASBA) which ensured that the application money does not move out of the account of applicant but is only blocked and debited to the extent of allotment. ASBA helped to overcome the earlier refund related concerns upon allotment and enabled investors to earn interest on the blocked amount. Besides these improvements in market microstructure, introduction of a variety of new products provided the much needed dynamism and impetus to the growth of the Indian securities market.

Edelweiss Broking Limited Introduction of New Products In the last decade, various new products were introduced in different market segments of the securities markets. Among them, the equity derivative products met with tremendous success, making India stand out in the global securities markets arena. India began trading derivatives with underlying such as indices and individual stocks and later extended to other asset classes like interest rate and currency. Currency futures on USDINR were introduced for trading and subsequently the Indian rupee was allowed to trade against other currencies such as euro, pound sterling and the Japanese yen. To enhance retail participation and market liquidity in equity derivative segment, mini derivative contracts on Nifty and Sensex were introduced in 2008 having a minimum contract size of ` 1 lakh. SEBI also allowed trading on option contracts on Nifty and Sensex with tenure of up to five years to provide liquidity at the longer end of the market. In addition to derivatives products, a host of other products such as mutual funds, index funds, index and gold based ETFs and ETFs on international indices2 were introduced on the Indian stock exchanges during the last decade. Assessment of Performance of Indian Securities Market during 2000-2010 The initiatives discussed above have not only transformed the landscape of the securities market, but also contributed to its growth. It can be seen that during the decade, there has been a significant rise in the market capitalization ratio, turnover ratio and traded value ratio. The turnover in the cash market has nearly doubled over the decade while the market capitalization has become eight times the levels that existed in 2000. The turnover in the Indian derivatives market has increased from US $ 0.086 trillion in 2000-01 to US $ 3.92 trillion in 2009-10 and has surpassed the cash market turnover in India. The resource mobilization in the primary market has increased dramatically, rising six fold between 2000 and 2010.Similarly, the resource mobilization through euro issues has increased significantly over the years. Table-1 shows the performance in the capital market in terms of certain key indicators. Table- 1 Parameters Compound Annual Growth Rate (2000-01 to 2009-10) Resource Mobilisation in Primary Markets 17.15% Resource mobilization through Euro Issues 43.89% All-India Market Capitalisation 23.15% All-India Equity Market Turnover 19.94% All-India Equity derivatives turnover 132.19% Returns on Nifty 50 13.13% Net Investments by Foreign Institutional 30.53%
Investors Net Investments by Mutual Funds
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54.07%

Edelweiss Broking Limited Section-2: Structure and Developments of the Indian Securities Markets during 2009-10

Key strengths of the Indian securities markets The securities markets in India have made enormous progress in developing sophisticated instruments and modern market mechanisms. The key strengths of the Indian capital market include a fully automated trading system on all stock exchanges, a wide range of products, an integrated platform for trading in both cash and derivatives, and a nationwide network of trading through over 4,6184 corporate brokers. A significant feature of the Indian securities market is the quality of regulation. The market regulator, Securities and Exchange Board of India (SEBI) is an independent and effective regulator. It has put in place sound regulations in respect of intermediaries, trading mechanism, settlement cycles, risk management, derivative trading and takeover of companies. There is a well designed disclosure based regulatory system. Information technology is extensively used in the securities market. The stock exchanges in India have the most advanced and scientific risk management systems. The growing number of market participants, the growth in volume of securities transactions, the reduction in transaction costs, the significant improvements in efficiency, transparency and safety, and the level of compliance with international standards have earned for the Indian securities market a new respect in the world.

Market Segments The securities market has two interdependent and inseparable segments, the new issues (primary) market and the stock (secondary) market. The primary market provides the channel for creation and sale of new securities, while the secondary market deals in securities previously issued. The securities issued in the primary market are issued by public limited companies or by government undertakings. The resources in this kind of market are mobilized either through the public issue or through private placement route. It is a public issue if anyone can subscribe it, whereas if the issue is made available to a selected group of persons it is termed as private placement. There are two major types of issuers of securities, the corporate entities who issue mainly debt and equity instruments and the government (central as well as state) who issue debt securities (dated securities and treasury bills). The secondary market enables participants who hold securities to adjust their holdings in response to changes in their assessment of risks and returns.
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Edelweiss Broking Limited Once the new securities are issued in the primary market they are traded in the stock (secondary) market. The secondary market operates through two mediums, namely, the over-the-counter (OTC) market and the exchange-traded market. OTC markets are informal markets where trades are negotiated. Most of the trades in the government securities are in the OTC market. All the spot trades where securities are traded for immediate delivery and payment take place in the OTC market. The other option is to trade using the infrastructure provided by the stock exchanges. The exchanges in India follow a systematic settlement period. All the trades taking place over a trading day (day=T) are settled together after a certain time (T+2 day). The trades executed on exchanges are cleared and settled by a clearing corporation. The clearing corporation acts as a counterparty and guarantees settlement. A variant of the secondary market is the forward market, where securities are traded for future delivery and payment. A variant of the forward market is Futures and Options market. Currently only two exchanges viz., National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange (BSE) provide trading in the equity futures & options in India.

Market Participants The four important market participants of securities markets are :-

Investors Issuers Intermediaries Regulators.

Edelweiss Broking Limited

1. Investors
An investor is the backbone of the capital market of any economy as he is the one lending his surplus resources for funding the setting up or expansion of companies, in return for financial gain.

2. Issuers
Primary markets An aggregate of ` 10,075,102 million (US $ 223,197 million) were raised by the government and corporate sector during 2009-10 as against `6,588,920 million (US $ 129,321 million) in 2008-09, an increase of 52.91%. Private placement accounted for 93.07% of the domestic total resource mobilisation by the Corporate Sector. Resource mobilisation through euro issues escalated significantly by 233.48% to `159,670 million (US $ 3,537 million) in 2009-10.

3. Intermediaries
The term market intermediary refers to those who are in the business of managing individual portfolios, executing orders, dealing in or distributing securities and providing information relevant to the trading of securities. The market mediators play an important role in the stock exchanges; they put together the demands of the buyers with the offers of the security sellers. A large variety and number of intermediaries provide intermediation services in the Indian securities markets. The market intermediary has a close relationship with the investor with whose protection the regulator is primarily tasked. As a consequence a large portion of the regulation of a securities industry is directed towards the market intermediary. Regulations address entry criteria, capital and prudential requirements, ongoing supervision and discipline of entrants, and the consequences of default and failure. One of the issue concerning brokers is the need to encourage them to corporatize. Currently, 46.10%5 of the brokers are corporates. Corporatisation of their business would help them compete with global players in capital markets at home and abroad. Corporatisation brings better standards of governance and better transparency hence increasing the confidence level of customers.

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4.

Regulators

The absence of conditions of perfect competition in the securities market makes the role of regulator extremely important. The regulator ensures that the market participants behave in a desired manner so that securities markets continue to be a major source of finance for corporate and government and the interest of investors are protected. The responsibility for regulating the securities market is shared by Department of Economic Affairs (DEA), Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI) and SEBI. The orders of SEBI under the securities laws are appealable before a Securities Appellate Tribunal (SAT). Most of the powers under the SCRA are exercisable by DEA while a few others by SEBI. The powers of the DEA under the SCRA are also concurrently exercised by SEBI. The powers in respect of the contracts for sale and purchase of securities, gold related securities, money market securities and securities derived from these securities and ready forward contracts in debt securities are exercised concurrently by RBI. The SEBI Act and the Depositories Act are mostly administered by SEBI. The rules under the securities laws are framed by government and regulations by SEBI. All these rules are administered by SEBI. The powers under the Companies Act relating to issue and transfer of securities and non-payment of dividend are administered by SEBI in case of listed companies and companies proposing to get their securities listed. The SROs ensure compliance with their own rules as well as with the rules relevant for them under the securities laws.

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Chapter 1
Introduction
The chapter describes the basic premise of the project. It also sets forward the path in which the project was planned and is being completed.

Contents: Objectives Scope of study Need of the study Data Collection

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Objectives
The main objectives of the study are as follows: . To understand the various concepts of Stock market & its importance. . To get aware of various aspects of stock market. . To gain knowledge on trading of stocks. . To build up SWOT analysis of Edelweiss Broking Limited in current market scenario.

Scope of Study
The study is made in taking consideration of whole Edelweiss Broking Limited. With reference to experience by training availed at Edelweiss Broking Limited, Karol Bagh branch, New Delhi.

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Need of the study

This study is mainly needed to find out the market integration of Edelweiss Broking Limited and its importance of efficient research to investor in stock market.

Data collection
The data was being collected from Sales Manager of Edelweiss Broking Limited, Mr. Chandan kumar, and by the official website of Edelweiss Broking Limited and National Stock Exchange of India Ltd. The project is divided into various chapters dealing with various issues in the project.

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Chapter-2
STOCK MARKET
The chapter describes in brief about STOCK MARKET

A stock market is a public entity for the trading of stock (shares) of company at an agreed price. Only those securities are traded which are listed on stock 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 performance. The stock market is mainly divided in two types:1. Primary Market 2. Secondary Market

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What is Primary Market? Ans. Primary market facilitates government as well corporates in raising
capital to meet their requirements of capital expenditure or discharge of other obligation such as exit opportunity for venture capitalist. The most common primary mechanism for raising capital is an Initial Public Offer (IPO), under which shares are offered to common public as a precursor to the trading in secondary market of an exchange. The price at which the shares will be issued is decided with the help of book building mechanism & in case of oversubscription the shares are allotted on a prorata basis. The securities issued in the primary market are issued by public limited companies or by government undertakings. The resources in this kind of market are mobilized either through the public issue or through private placement route.

What is Secondary Market? Ans. Secondary market is a market in which the trading of shares is performed
after the fresh issue of primary market i.e. the secondary market enables participants who hold securities to adjust their holdings in response to changes in their assessment of risks and returns. Once the new securities are issued in the primary market they are traded in the stock (secondary) market. The secondary market operates through two mediums, namely, the Over-the-counter (OTC) market and the exchange-traded market. OTC markets are informal markets where trades are negotiated. Most of the trades in the government securities are in the OTC market. All the spot trades where securities are traded for immediate delivery and payment take place in the OTC market. The other option is to trade using the infrastructure provided by the stock exchanges.

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Chapter-3 Working Process

The whole working process of Stock market can be explained on through simple following way:-

Listing Trading Clearing & Settlement

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Edelweiss Broking Limited 1.

Listing: - Listing means admission of securities of an issuer to trading

privileges on a stock exchange through a formal agreement. The prime objective of admission to dealings on the Exchange is to provide liquidity and marketability to securities, as also to provide a mechanism for effective management of trading. Listing on NSE & BSE provides qualifying companies with the broadest access to investors, the greatest market depth and liquidity, cost-effective access to capital, the highest visibility, the fairest pricing, and investor benefits. NSE trading terminals are now situated in various cities and towns across the length and breadth of India. Securities listed on the Exchange are required to fulfill the eligibility criteria for listing. Various types of securities of a company are traded under a unique symbol and different series.

2.

Trading: - Trading on the Equities segment takes place on all days of

the week (except Saturdays and Sundays and holidays declared by the Exchange in advance). The market timings of the equities segment are: Normal Market Open : 09:15 hours Normal Market Close : 15:30 hours

3.

Clearing & Settlement: -

NSCCL carries out clearing and settlement functions as per the settlement cycles provided in the settlement schedule. The clearing function of the clearing corporation is designed to work out :a) What members are due to deliver and b) What members are due to receive on the settlement date. Settlement is a two way process which involves transfer of funds and securities on the settlement date. Details of the two modes of settlement are as under:

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a). Dematerialised Settlement

NSCCL follows a T+2 rolling settlement cycle. For all trades executed on the T day, NSCCL determines the cumulative obligations of each member on the T+1 day and electronically transfers the data to Clearing Members (CMs). All trades concluded during a particular trading date are settled on a designated settlement day i.e. T+2 day.

b). Physical Settlement

To provide an exit route for small investors holding physical shares in securities the Exchange has provided a facility for such trading in physical shares not exceeding 500 shares in the 'Limited Physical Market' (small window).

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Chapter-4 Company Profile

As I have done my training in Edelweiss Broking Limited so first let us discuss something about Edelweiss.

What is Edelweiss? Current status

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What is Edelweiss?
Edelweiss Capital Limited was incorporated on 21st November 1995, has emerged as one of Indias leading diversified financial services group. The Edelweiss Group offers one of the largest ranges of products and services spanning varied asset classes and diversified consumer segments. The Groups businesses are broadly divided into Credit, Capital Markets including Investment Banking and Brokerage Services, Asset Management, Housing Finance and Life Insurance. The companys research driven approach and consistent ability to capitalize on emerging market trends has enabled it to foster strong relationships across corporate, institutional, HNI and Retail clients. Edelweiss Group employs around 2647 employees, leveraging a strong partnership culture and unique model of employee ownership. It operates through 343 own offices, 31 franchise led offices and over 1300+ sub-brokers in over 170 cities in India. The Edelweiss Group is a conglomerate of 49 entities including 43 Subsidiaries and 5 Associate companies (March 11), which are engaged in the business of providing diverse financial services. It is a listed company since December 2007.

NSE SEBI Registration No.

Capital Market: INB 231311631 Derivatives: INF 231311631 Currency Derivatives: - INE 231311631

BSE SEBI Registration No.

Capital Market: INB 011311637

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Current Status
As at the end of 31st March 2011 Edelweiss Groups Net worth stood at 23.00 billion, indicating a strong balance sheet. Equity capital is the primary source of funding for the group besides debt. For FY11 Edelweiss is ranked # 1 in HNI category and # 3 in Retail category by amount mobilized in IPOs. Top 5 External Shareholders As On 31st March 2011 Name Govt. of Singapore BIH SA Greater Pacific Capital Reliance Mutual Fund Fidelity

1. 2. 3. 4. 5.

Percentage 8.3% 5.9% 5.2% 3.6% 3.2%

Shareholding Pattern
Indian Institutions, Individuals & Others 16% Key Management, Employees & Employee trust 53% Foreign Institutions 31%

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Chapter-5 B
Credit Capital Markets Asset Management Housing Finance Life Insurance

usiness Overview

Current businesses of Edelweiss are organized around five broad lines :-

Performance of the Company

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These five business lines are broadly discussed here:1.

Credit:

- The Credit Businesses include collateralized loans to Promoters and Corporate, Margin funding, ESOP financing and IPO financing. With a deep knowledge and understanding of capital markets backed by strong origination capabilities, the Companys primary offering in the financing business includes collateralized loan products such as sponsor funding, loans against shares, IPO financing, loans against ESOPs and margin funding etc. The sponsors of mid to large corporates constitute its key clientele. Its prudent financing norms, strong risk management & a conservative margin of safety ensures low non performing loans. Edelweiss continues to work on new product offerings around other asset classes. Edelweiss Housing Finance Limited has recently commenced the business and would help the group diversify the collateral class.

2.

Capital

markets:- This businesses include investment banking, brokerage services institutional, HNI and retail and financial products distribution. i. Investment Banking a) Equity Capital Markets & Advisory Services Edelweiss has one of the most extensive product offerings in Investment Banking in India, catering to different market and client segments. The verticals within Investment Banking include Equity Capital Markets which include IPOs/FPOs, QIPs, Rights and Open Offers, and Advisory services which offer Mergers & Acquisitions Advisory, Private Equity Syndication, Structured Finance Advisory and Infrastructure Advisory.

b) Corporate Debt Syndication The Debt Syndication Desk focuses on origination, sales, trading and research. It has gained a strong foothold and visibility in the market. Its clients in the recent past included large corporate like Reliance Industries, SAIL, REC, PFC, PGC, IRFC, Tata Capital, Sundaram Finance, Yes Bank, State Bank and its Group companies, Bank of India, Canara Bank etc.
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ii.

Brokerage Services

a) Institutional Equities Edelweiss has one of the leading institutional equities businesses in India backed by a large and experienced research team and a large and diversified client base with a market share of 4 to 5%, among the highest in Indian brokerage firms. Intense servicing, seamless execution and innovative research products have helped Edelweiss build strong relationships with over 400 active institutional investors, including domestic institutional investors and FIIs across different geographies. Edelweiss provides broad corporate access by arranging annual Investor Conferences in different locations across the world with a strong investor and Indian corporate participation. Edelweiss commitment to provide cutting edge research has resulted in a pioneering effort to provide online research to its clients through the portal www.edelresearch.com with smart features of quick sorting of information, analysis and convenient archiving.

b) HNI Broking Edelweiss offers dedicated broking services to high net-worth individuals with a strong emphasis on building long-term relationships with clients. Product offerings include specialized trading execution for active trading clients and structured products backed by high quality execution and reporting.

c) Retail Broking & Distribution The organic Retail broking business is through the online portal www.edelweiss.in and provides advisory and research based broking services supported by high quality execution platform and best in class reporting. It currently has over 100,000 clients under the online broking. Edelweiss has also completed the acquisition of Anagram Capital Limited in July10. This adds around 225,000 clients, over 1300 sub-brokers, 141 own offices and 31 franchise led offices to Edelweiss group. The acquisition is in sync with the existing Retail Strategy of the group with minimal overlap. Distribution business focuses on giving advice and analyzing the best financial product options available in the market.
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Edelweiss Broking Limited It involves the distribution of the full range of third party financial products and services including IPO syndication for the retail customer. For FY11 Edelweiss is ranked # 1 in HNI category and # 3 in Retail category by amount mobilized in IPOs. It was also ranked # 1 in both HNI and Retail categories in the recent IPO of MOIL Ltd by amount procured. Overall, it was second largest mobilizer of IPO subscriptions in all categories taken together (non-ASBA) in FY11. d) Wealth Advisory & Investment Services The Primary focus is on understanding each client's profile including life style, risk appetite, growth expectations, current financial position and income requirements to create comprehensive and tailored investment strategies. The broad range of offerings includes a truly multi-asset class allocation advisory to Structured Products, Portfolio Management, Mutual Funds, Insurance, Derivatives Strategies, Direct Equity, Private Equity, and Real Estate Funds etc.

3.

Asset

Management: - Our Asset Management business includes Domestic Asset Management (AMC) and Alternative Asset Management business. Edelweiss Asset Management has launched a mix of nine equity and debt funds. The current focus of this business is on broad basing the product portfolio and building investment track record. Alternative Asset Management currently focuses largely on offshore institutional investors offering advisory/management expertise for India focused Multi-Strategy Fund, Real Estate Fund and a Special Opportunities Fund.

4.

Housing Finance: - Edelweiss has taken a major step in diversifying its

asset class in the credit book through the launch of its housing finance business in FY11. The housing finance subsidiary initially launched its business in Mumbai and later expanded it to include the National Capital Region. Considering that it is the aspirations of all Indians to own a home, this business represents an exciting opportunity reinforcing Edelweiss intent to cover a larger retail footprint.

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5.

Life Insurance
Edelweiss has entered into a Joint Venture Agreement with Tokio Marine Holdings, Inc., for setting up the life insurance business subject to regulatory approvals. It has recently received the final R-3 approval from IRDA and plans to launch this business shortly. Life Insurance has played a pivotal role in channelizing household savings into long-term investments and has immense growth potential in India given the current low penetration. Life Insurance segment, thus, presents to Edelweiss an exciting prospect for long-term growth opportunity and is a part of overall strategy of Edelweiss to enlarge its retail footprint.

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erformance of the Company

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Chapter-6 N
ature & Characteristic Of the Product
The product which is being offered in area of Stock market by Edelweiss Broking Limited is mainly Demat Account, Trading Account & further efficient Research of Companies so that the investor can easily invest his money in stock market or commodity market & can trust upon the recommendations of Edelweiss for fruitful gains. Above mentioned products i.e. Demat A/c, Trading A/c & Research are given together in two ways. First one is just simply giving the account opening fees of Demat A/c i.e. Rs. 750 Second one is to take any of the given plan of (ADB) Advance Brokerage Plan of the company in which it covers the whole brokerage amount, simply saying it is the brokerage amount which is given in advance to the company which covers all the taxes including the delivery charges & S.T.T. Advance Brokerage Fee 2450 4950 9950 15000 30,000 50,000 1,10,000 1,11,111 Futures & Intraday Cash 0.030% 0.025% 0.020% 0.015% 0.010% 0.008% 0.006% 0.005% Equivalent Delivery Turnover Limit 8,00,000 20,00,000 50,00,000 1,00,00,000 3,00,00,000 6,50,00,000 12,50,00,000 20,00,00,000

Plan

Validity Period 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 3 Months

Delivery

1 2 3 4 5 6 7 8

0.30% 0.25% 0.20% 0.10% 0.10% 0.08% 0.06% 0.05%

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Edelweiss Broking Limited The above table shows that ADB plans are from Rs. 2,450 to Rs. 1, 11,111 so according to the investing limits of the various investor, any plan can be taken according to the given brokerage rates.

After completions of the process of opening demat account further there are various products which are available in which the investment can be done through investor. Those products are discussed here as follows: -

1. Equities: - Equities simply means Equity shares in which the buy option & sell option is available there and that also with order type, product type, quantity, price, disclosed quantity, & stop loss trigger price. All this available options under equity section mainly makes an easier way for an investor to simply trade himself. Equity only covers the sale and purchase of equity shares which are listed on NSE or BSE.

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Under Equities there are different options available as shown above in the picture. All of them are explained in brief as follows on the next page: Xpress: - Xpress is a online software which is mainly used to replicate the trading terminal of NSE & BSE. There is only one second difference between the real stock markets rate & the Xpress rate. Basket Orders: - Basket order is a type of order in which an given amount of money can be invested into a pool of different stocks of companies. Mainly this type of order helps an trader to minimizing his risk and parking the money in different sectors of market. Market watch: - Market watch is a type of watch through which a trader can directly have a look on his named stocks. In this trader can tag the name of the share of the companies on which he has to keep an eye & can have a look any time on them instead of seeing & tracking them individually.

Set Alerts: - This option helps a trader to set alerts for the information regarding the ups & downs in price of stocks in the stock market.

Order book : - This option shows that whatever the order placed is either completed or still pending placed by a trader in a particular date.

Trade Book: - Trade book shows mainly that which of the trade has been taken place in the day and even the trade history can be checked by it

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Limits: - Limit shows the deposited cash, ledger balance & remaining balance which is being utilised in trading left for delivery.

Positions: - Positions shows that whatever stock which is purchased in a day shows the status that what is the profit or loss which is being at that particular period of time. After Market Orders: - After market order is used to place order when stock market is closed & after that no trading can be done so for that type of situation after market order is placed so that next time whenever the market opens the order get as executed automatically either market price or Limit price. Holdings: - Holding states that currently which share are available in the holdings of the traders demat account & LTP last trade price is also mentioned there to know the current market price of the share. Stock list: - Stock list shows different types of shares which are covered under different types of list: - NSE list, BSE list, Intraday list, Cover order list.

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Mutual Fund: - Mutual fund section in the website mainly helps an investor to invest his money in the mutual funds through the given options of purchase, redeem, order book holding & limits. Mutual funds are mainly considered as safer side to invest money in the stock market. As it is invested in stock market but the main reason of low risk is that the whole money is invested by an individual fund manager in different companies & in different sectors & even the operational costs is reduced when invested through mutual funds. Mutual fund minimizes the risk of the investors & even it reduces the burden of the investor to where to park his money because it becomes the responsibility of fund manager to do all those mind jobs.

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Currency: - In currency segment simply as word defines it is used for trading of currencies of one country from another country. The Currency trading market is a multi trillion dollar market where world currencies are exchanged back and forth on a daily basis. Currency trading can be very risky. Currencies tend to be very volatile compared to other markets. The real key to success with currency trading is to use conservative risk management. There are many components to effective currency risk management, but the bottom line is to use caution and have a trading plan. Timing for currency trading is somewhat different from actual stock market trading so the timing is from 9 am to 5 pm from Monday to Friday.

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Edelweiss Broking Limited IPO: - The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded. IPOs can be a risky investment. For the individual investor, it is tough to predict what the stock will do on its initial day of trading and in the near future because there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, which are subject to additional uncertainty regarding their future values.

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Edelweiss Broking Limited Fund transfer: - Fund transfer is a facility provided from which funds can be transferred online from bank account to the trading account or through trading account to bank account. There are three more features which are explained briefly i.e. Pay in request This feature is used transfer money from bank account to the trading account to further invest the money in stock market. Pay out request This feature is used to transfer money from trading account to the bank account. Transfer status This feature shows the transfer statuses of the money transferred through pay in or pay out facility of the site.

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Chapter-7 G
rowth Initiatives
Edelweiss continues to build on the following growth initiatives with the objective of diversifying its client segments and product classes in its quest to emerge as a fully diversified financial services organization: It has invested in launch of Life Insurance business for which the final approval from IRDA been received recently. It has completed the acquisition of Anagram Capital during the year and has also rebranded the company as Edelweiss Financial Advisors Limited. With the integration issues behind, this acquisition will help it in expanding its Retail Broking and Distribution businesses. In addition to this offline model of retail broking, it has also invested in building its online retail broking format organically with an aspiration to become a significant player in this industry. The Housing Finance subsidiary commenced business in the latter half of FY11 and has plans to scale up the business going forward. The efficient way of providing research will be enhanced further to improve the market research and produce different types of strategies for short term & long term duration of period.

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Chapter-8 E
delweiss Business Process
1. Brand: Edelweiss the brand, today is a strong franchise in the capital markets backed by a consistent focus on execution and innovation. 2. Edelweiss Core Strategic Approach to business is founded on growth with profitability backed by synergistic diversification across the businesses; Control and flexibility of cost, capital and balance sheet, diversified revenue streams, strong risk management and organization build up by developing leadership in bench and investing in culture which rewards thinking about long-term in a partnership cohesive approach. It believes in growth through adjacent markets, adjacent asset classes, adjacent product classes and adjacent client segments.

3. Integrated & Diversified Business Model: Edelweiss derives its strength from a distinct but complementary set of diversified businesses which provide stability in performance across cycles. To this end, Edelweiss continues to look to invest in long term business opportunities in financial services. The synergistic diversification among businesses ensures three broad streams of revenue, viz. Agency fee & commission, Treasury & Investments income and Interest income generate a balanced mix of revenues.

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4. Balance Sheet: Edelweiss benefits from a strong and liquid balance sheet with a reasonable leverage. Its focus while managing the Balance Sheet is on strong risk management with capital preservation. A strong capital base of ` 24.16 billion and adequate profitability year after year allows Edelweiss to constantly invest in new businesses with an eye on future growth while scaling up the existing businesses. Edelweiss is also shielded from any adverse asset liability mismatch as its asset-side duration is less than 9 months whereas its liabilities have duration of about 120 months.

5. Edelweiss Business Model is to be able to adjust to downturn in

markets with inherent cost flexibility and be able to quickly convert growth opportunities into business when they reappear. Our business growth perspective is aligned to the medium term of 3 to 5 years.

6. Board level Commitment: The board comprises four independent

and one non-independent non-executive director out of a total of seven directors. All of the directors play a governing role and provide expertise and insight into building Edelweiss as one of the most reputable organizations with an admirable compliance and corporate governance ethos.

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7. Management: Edelweiss has an experienced and stable senior management team. It also has a strong middle management team, which comprises of an 80 member Senior Leadership Group and a 100 member Leadership Group forming the bench strength. The four tier leadership pool thus covers over 5% of the total employee strength of the group. Edelweiss constantly emphasizes training and developing leadership and its 100 seater Training Centre at Alibaug (near Mumbai) is now operational.

8. Employee Ownership: Edelweiss has a widely distributed employee ownership and was among the pioneers in the financial services industry in instituting an employee stock option scheme. It now has one of the largest ESOP pool in the financial services space in India and over 600 employees are covered through ESOPs. The employees including key management and the employee trust own 53% of the company.

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Chapter-9
SWOC Analysis of Edelweiss Broking Limited
The chapter describes Strengths, Weakness, Opportunities & Challenges of Edelweiss Broking Limited

Chapter Contents: Strengths Weaknesses Opportunities Challenges

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Strengths

Greater reach to customers. Quicker time to access through the stock market. Ability to introduce new products and services quickly and successfully. Ability to understand its customers needs. Customers are given access to information easily. Greater customer loyalty. Easy online facility for all account holders including offline facility i.e. through call centre. 24 hours account access even through mobile trading client can easily trade during market hours.

Quality client advisory service with personal attention.

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Weakness
Lack of awareness among the existing customers regarding trading through internet in share market. Obsolesce of technology take place very soon specially in terms of internet. People have a wrong perception about Stock market that it is risky and the money invested in stock market is not safe. Lack of knowledge is found regarding stock market and its working. Implementation of newer technology is little bit complicated and costly because then it will affect the overall cost to the consumer. Employees need training to obtain knowledge regarding trading in share market. Competitive environment due to low cost of competitors in the market.

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Opportunities
Approximately 95% of customers are not even having knowledge about stock market. Core competency can be achieved in terms of broking services if focus is made on awareness of Stock broking. Edelweiss can become 1st Broking house if the research work gets more and more improved. Concentration of various services should be made accordingly to the requirement of client i.e. offline/online trading.

Challenges
Maintaining Business Edge over competitors in the context of sameness in IT infrastructure. Multiple vendor support is necessary for working of highly complex research services & technology based services. Maintaining secured transaction way for smooth & easy business operations. Alternative must be there in case of failure of system.

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Chapter 10
Analysis & Findings
The chapter describes analysis and findings of questionnaire formed on Edelweiss Broking Limited.

Chapter Contents: Questionnaire Analysis Findings

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Questionnaire Analysis
1. Are you having knowledge of Stock Broking services offered by the broking houses? (Q.2) Yes Yes, but not that much Not having any knowledge

Awareness of Stock Broking Services

Not having any knowledge 4% Yes, but not that much 7%

Yes 89%

Analysis
89% of the people say that yes they are having knowledge of stock broking services offered by the broking houses. 7% of the people say that they are having knowledge but not having full knowledge about the stock broking services. 4% of the people say that they are not having any knowledge about the stock broking services offered by the broking houses.

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Edelweiss Broking Limited 2. Which facility do you use while trading? (Q.) Offline Trading Online Trading Mobile trading

Way of Trading
Mobile Trading 3%

Offline Trading 22%

Online Trading 75%

Analysis 75% of the surveyed people say that they mainly prefer & use online trading facility for trading. 22% of the surveyed people say that they mostly use offline trading facility by calling the customer care they place there calls & execute their orders. 3% of the surveyed respondents say that they use mobile trading as there mode of trading in stock market.

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3. What were your reasons for preferring our online broking service instead of offline? Please select all that apply. (Q.4) Convenient Way To save time 24 hour access to accounts

To save time 10%

Preference of online service over offline 24 hours access

2%

Convenient Way 88%

Analysis
88% of the respondents say that online service is a convenient way over offline service. 10% of the respondents say that online service is a best way to save time over offline service. As in offline trading sometime the calls may be attended late due to some technical reasons. So thats why online trading is considered time saving.

2% of the respondents say that online service is good because it is having

24 hour facility of placing after market order and it gives a facility to check the account limits and holdings etc.

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Edelweiss Broking Limited 4. How often do you trade in stock market? (Q.5) Daily Weekly Monthly Yearly

Trade in stock market

Yearly 10% Daily 28%

Monthly 42%

Weekly 20%

Analysis 42% of the respondents say that they usually trade monthly in a stock period. 28% of the respondents say that they trade daily in the stock market. 20 % of the respondents say that they usually trade weekly for trading in stock market. 10% of the respondents say that they trade yearly in the stock market.

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Edelweiss Broking Limited 5. Do you feel safe in investing your money in stock market?

(Q.6)
Yes No

Money Invested, safe or not

No 46%

Yes 54%

Analysis
As per the security concern they usually see money invested in the stock market security as follows: 54% of the respondents say that they feel stock market as safe for investing their money. 46% of the respondents say that they feel stock market as unsafe for investing their money.

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Edelweiss Broking Limited 6. Do you mostly use your mobile phone to do your trading?

(Q.7)
Yes No

Mobile Trading
No 36%

Yes 64%

Analysis 64 % of the respondent says that they mostly use mobile trading for their trading concerns as it is easy and convenient way to trade anywhere, anytime. 36% of the respondent says that they do not prefer using mobile trading.

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7. Do the problems & queries were properly solved out by our Relationship Manager? (Q.8) Yes No

Problems or Queries solved or not

No 3%

Yes 97%

Analysis It is tremendously responded by the 97% respondents that problems and queries are solved by the relationship manager properly. It is responded by the 3% respondents that problems and queries are not solved properly by the relationship manager.

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Edelweiss Broking Limited 8. Over all, how satisfied are you with our broking service? (Q.10) Very Satisfied Unsatisfied Satisfied Very Unsatisfied Neutral

Satisfaction
Unsatisfied 2% Very Unsatisfied 3%

Neutral 7%

Satisfied 20% Very satisfied 68%

Analysis 68% of the respondents say that they are very satisfied with the services of Edelweiss broking limited. 20% of the respondents say that they are simply satisfied with the services of Edelweiss broking limited. 7% of the respondents say that they are neutrally satisfied with the services of Edelweiss broking limited. 2% of the respondents say that they are unsatisfied with the services of Edelweiss broking limited. 3% of the respondents say that they are really very unsatisfied with the services of Edelweiss broking limited.

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Edelweiss Broking Limited 9. Please rate the following features & services provided by us:

Features
Online trading platform Research & Strategies

Excellent Good Neutral

Poor

N.A.

Advisory Services Mobile trading platform Time Convenient Security Services Simplicity Analysis
Respondents grades Online trading platform as follows:96% says that it is excellent. 3% says that it is good. 1% says that it is Neutral. Respondent grades Research & Strategies of EBL as follows:70% says that it is good. 20% says that it is excellent. 2% says that it is poor. 8% says that it is neutral. Respondent grades Advisory services as follows:72% says that advisory services are good. 8% says that advisory services are excellent. 8% says that it is neutral. 12% says that advisory services are poor.

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Respondent grades Mobile trading services as follows:40% says that Mobile trading services are good. 30% says that Mobile trading services are Poor 20% says that Mobile trading services are Excellent. 10% says that Mobile trading services are Neutral.

Respondent grades time convenience of EBL as follows:30% says that timely service of EBL is excellent. 20% says that timely service of EBL is good. 40% says that timely service of EBL is neutral. 10% says that timely service of EBL is poor.

Respondent grades security concern of EBL as follows:82% says that it is excellent. 10% says that it is good. 8% says that it is neutral.

Respondent grades simplicity & familiarity of EBL as follows:90% says that it is excellent as they need. 4% says that it is good as they need. 6% says that it is neutral as they need.

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Findings
An Old Chinese saying goes: If you don't know where you are going - you will never get there. Many people suddenly choosing their mobile as the new way to view & manage their money because it is quite simple & valuable option to have it. As even mobile can be used for offline trading or mobile trading both. A mobile can be used to make a call to the toll free customer care number and place his order according to the need or can directly trade himself with the help of GPRS & internet connectivity on a mobile. Every day more and more people are turning to the technology for their personal banking. It is a safe & convenient way for broking & investment services, maintain demat account & investments 24 hours a day.

Now, if you are already thinking about Technology as a tool in Broking services you could probably set some of these goals: Selling financial products and services Cutting operational costs Branding & Market recognition Keeping profitable customers through efficiency in research

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Edelweiss Broking Limited Stock Broking customers can save time by trading offline or online. There is no need to stand in one more line to place an order & perform the most basic transactions when they can be done quickly from the desktop PC or through offline facility.

Moreover complicated transactions or investment decisions, people like having direct control over their finances themselves. They find it convenient to access all of their financial information in one place. As they simply get research & strategies to be followed by the company only so they do not need to be tense for that.

Ease of use is one of the most important factors. Navigation through trading account to bank account should be simple and intuitive. As it becomes an easy job for transferring funds anytime through online transfer.

Cutting operational cost:

Cutting transaction costs results in higher profit margin for the broking companies. As even the service which is being provided is offline & online which is not being charged by the traders but still the cost of all this occurs a lot to the company so whatever reductions can be made possible should be implemented to reduce the cost without affecting the service quality.

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Taking over customers from competition:

The main thing which occurs mostly is due to competition in the market as because most of the brokerage house hide the charges and show there service & brokerage rate very low which is just not possible for any of the market competitors. So even these types of competitions are also there from which even the whole market gets destroyed and traders simply moves to the cheaper ones. For avoiding these types of situations particular market research should be done on competitors also.

Building stronger customer relations:

Offering new services, results in improved customer experience and stronger customer retention.

Identifying profitable customers:

Customers having higher stock balances compared to average customers should be treated separately. As such the Individuals & HNI should be treated according to their capability of investing the money in the market. By this way more profits can be earned through the same work & services.

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Chapter 11
Recommendations and Suggestions
The chapter gives recommendations and suggestions to Edelweiss Broking Limited

Chapter Contents: Recommendations Suggestions

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Recommendations
Training and awareness among the normal people:It is recommended that Edelweiss Broking Limited should conduct various training programmes for the normal people, so that they will get aware with the terms of share market. After such programmes even people can get to know about the working of share market.

More focus on giving service to the clients :There should be a proper advisory service for the client so that even the client feels that there money is going in safe company for investment. Even the service should be according to the need & favourable conditions to the client.

Build an optimal operating model by understanding which activities to retain collaborate and outsource:There should be clear sight of operations which needs to outsource to other companies, this will lead to ease in work for employees. Outsourcing operations like cyber security department, research work, advisory services, informative services & many more are to be concerned in it.

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Focus on identifying core competence:Edelweiss Broking Limited possesses some unique characteristics or positive points in it and with the help of them it can become a leader in market. EBL should identify such points and concentrate to flourish them more. This can be done with the help of more online users, as internet broking services of Edelweiss Broking is considered as user friendly & it is getting largely accepted by customers.

Increasing usage of mobile phones is going to revolutionize the mobile trading culture in near future:Mobile trading is also getting popular in the segment of share broking thus this can add some more steps to progress for Edelweiss Broking Limited. EBL is into the mobile trading but as it is just a start so it is providing limited features in it.

More stress should be given on simplicity & security concern on internet:There are some people who are still finding it very hard to trade & invest in stock market due to the hardships in understanding the ways and process which goes in the working of stock market. When talking about security concern on internet there are some people who are into unethical practices of hacking of accounts of customers. This is nothing but the breach in the security on internet. There should be some measures in order to prevent such practices. IT structure should be unbreakable so that the customers should feel themselves in safer hands.

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Suggestions
Edelweiss should create and sustain customer, investor & regulator confidence by adopting international accounting standards :Adopting international standards adds some more star to the glory of any company, Edelweiss should impose such standards when it comes to share broking, this will enhance the goodwill of EBL among regulator, customers and investors.

Edelweiss should anticipate and get prepared for regulatory changes:As it is truly said that future is not certain so any time changes can occur such as laws regarding trading or changes required by BSE or NSE or even IT or cyber laws get change or any such increase in taxes by the government as per the need. So, EBL should anticipate such kind of changes and get loaded with various plans and actions.

Focus on identifying core competence:EBL possesses some unique characteristics or positive points in it and with the help of them it can become a leader in market. EBL should identify such points and concentrate to flourish them more. This can be done with the help of proper research & efficient client advisory service, as due to this only EBL is getting largely accepted by customers.

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Increasing usage of mobile phones is going to revolutionize the mobile trading platform in near future:Mobile trading is also getting popular in the segment of stock broking as it is a newer concept thus it can add some more steps to progress. EBL is into the mobile trading but it is still providing limited features.

More stress should be given on security concern over trading online through internet:Offline trading is still the simpler and best way but for faster & easier, online trading is the best but still there are some people who are into unethical practices of hacking of accounts of customers. This is nothing but the breach in the security of the EBL site on internet. There should be some measures in order to prevent such practices. IT structure should be unbreakable.

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Chapter-12 Conclusion
This chapter gives conclusion for the project

Chapter Contents: Wrapping up Future Assessments

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Wrapping up
Studying the project we came to know that perfect service & efficient research techniques will clearly move the way forward for the Edelweiss broking Limited. It provides comfort to customers at the same time it provides cost cutting to Edelweiss by eliminating physical documentation. Internet broking saves time of Edelweiss as well as those of customers. Study states that internet broking provides greater reach to customers. Feedback can be obtained easily as internet is virtual in nature. Customer loyalty can be gain. Personal attention can be given by Edelweiss to customer also quality service can be served. This is a system which holds account details and customers wealth. If such a system was not trusted and not reliable, then Edelweiss would face serious laws and would lose business. After studying the SWOC analysis, we came to know various strengths of Edelweiss such as quality customer service, greater reach, customer loyalty, easy access to information, 24 hours access, easy online applications etc. Edelweiss should put efforts to multiply the number of strengths. In terms of weakness I come to know some of the major weaknesses they are lack of awareness of Share broking among the customers, obsolesce of technology related to security, complicated procedures of availing share broking knowledge, lacking behind in fulfilling the service part to the clients. Edelweiss should concentrate on the weaknesses and reduce them to zero. In the third segment of SWOC analysis of internet banking we dealt with opportunities like 95 % market of Stock market is still untapped, Edelweisss path to become first stock broking by enhancing its research work & through providing best service to the customer. By grabbing such opportunities Edelweiss can become the leader in broking sector of India. In the last segment I come to know about various challenges which are in front of Edelweiss, like sameness in IT infrastructure within various broking houses, need of various vendor
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Edelweiss Broking Limited supports for complex technology & support, maintaining transactions & secured IT infrastructure, alternative mechanism in case of failure of present system. The company can take the advantage of the reputation it has created in the market for itself and become more competitive. The recommendations and suggestions given, if adopted will improve the position of the company substantially and optimal profitability coupled with better service and satisfactions for investors may be achieved.

Future Assessments
The future will be not be more of the same We need to be ready for it...

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Bibliography
Books:
Edelweiss Broking Manuals for Stock broking

Websites:
www.edelweiss.in www.edelcap.com www.weikipedia.com www.investopedia.com www.google.com www.nseindia.com www.bseindia.com

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Appendices
Questionnaire:
Dear Respondent, I am Rohit, student of Asia Pacific Institute of Management; I am doing this research to compare different services provided by broking house to its clients.
1. Personal Information: Name: . Age: Sex: . Phone No.: .. Occupation:

2. Are you having knowledge of Stock Broking services offered by the broking houses? Yes Yes, but not that much Not having any knowledge

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3. Which facility do you use while trading? Offline Trading Online Trading Mobile trading

4. What were your reasons for preferring our online broking service instead of offline? Please select all that apply. Convenience To save time 24 hour access to accounts

5. How often do you trade in stock market? Daily Weekly Monthly Yearly

6. Do you feel safe in investing your money in stock market? Yes No

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7. Do you mostly use your mobile phone to do your trading? Yes No

8. Do the problems & Queries were properly solved out by our Relationship Manager?? Yes No

9. Please rate the following features & services provided Features

Online trading platform Research & Strategies

Excellent Good Neutral

Poor

N.A.

Advisory Services Mobile trading platform Time Convenient Security Services Simplicity by us

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10. Over all, how satisfied are you with our broking service? Very Satisfied Satisfied Neutral Unsatisfied Very Unsatisfied

Your Comments or Suggestions:

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