Jainam Shares PVT LTD

Jainam Shares Consultant PVT LTD
DECLARATION
I hereby declare that the work entitled back testing on CNX NIFTY submitted to
"Mrs Priya Mam" is a record of an original work done by us under the guidance of
"Mrs Priya Mam" of Metas Adventist College" and Mr Nirav kansariwala head of
Research department of Jainam Shares Pvt Ltd. This project work is submitted in the
partial fulfilment of the requirement for award of post graduate diploma in
management and communication. The result embodied in this project has not been
submitted to any other institute for the award of any diploma.
...........................................................
(Signature)
Mr Ashish Kedia
Metas Adventist College
Date:
Place:
Page 1

ACKNOWLEDGEMENT
It gives me a great pleasure to present my project on back testing of CNX NIFTY. I
am very thankful of our co-coordinator Mrs. Priya mam and Mr. Nirav kansariwala.,
who always helped me to complete my project. Without her support and motivation
this project would not have seen the light of the day, her review, comments,
suggestions, have enormously enriched my project.
I am highly obliged to the North Eastern Hill University, Shillong for arranging the
programme of practical training in Masters of Business Administration in such a
manner.
I express my intense gratitude to my parents whose blessings has helped me translate
my efforts into fruitful achievement
And lastly I will also thank my friends, who helped me in completing my project.
Before conducting this project I was having limited knowledge about CNX Nifty
Options but this project helped me to expand my knowledge related to it.
Page 2
INDUSTRY PROFILE
Page 3

1. Industry profile
1.1 History of Stock Exchange
The only stock exchanges operating in the 19th century were those of Mumbai setup
in 1875 and Ahmadabad set up in 1894. These were organized as voluntary nonprofit-making associations of brokers to regulate and protect their interests. Before the
control on securities under the constitution in 1950, it was a state subject and the
Bombay securities contracts (control) act of 1925used to regulate trading in securities.
Under this act, the Mumbai stock exchange was recognized in 1927 and Ahmadabad
in 1937. During the war boom, number of stock exchanges was organized. Soon after
it became a central subject, central legislation was proposed and a committee headed
by A.D.Gorwala went into the bill for securities regulation. On the basis of the basis
of the committees recommendations and public discussion, the securities contract
(regulation) act became law in 1956.
1.2 Stock exchanges in India

The Indian Equity market is divided in to two parts Primary market - where the share
is first issued in the form of IPO (Initial Public Offering) and after issuing the share it
is listed on exchange and share is traded on exchange where shares can be bought and
sold this is secondary market.
In India mainly there are two exchanges -NSE (National Stock Exchange) BSEBombay Stock Exchange. The BSE is the oldest exchange in India(started in
1875).NSE started operation on 1994.Before 2000 shares was held in Physical form
But the main difficulty with Physical shares is method of transaction which is open
out , Physical shares were prone to duplication and fraud. So in 2000 NSE introduced
the electronic screen based trading system of Dematerialization (Conversion of
physical share in to electronic form) and depository (where the electronic form of
share is kept) revolutionized the Indian Stock market. Currently there are mainly two
Depository (DP) - NSDL and CDSL and these DP are like bank of share.
Individual/Firm can deal through Broker (who is registered and having membership in
Exchanges and Depository) for buying and selling securities. Today NSE outpaced
BSE in volume of trade.
Then what is the purpose of stock market? Stock market serves the company by
providing company the finance for long term needs and for investor an opportunity to
park their savings in corporate world and in turn give their hand in Nation's
development so stock exchange have a very vital role in country's economic
development.
Page 4

1.3 How share market function?
To buy the shares investor has to open a trading and demat account. So investor has to
approach a broker/sub broker who has member ship in Exchange (mainly NSE and
BSE) and depository [mainly CDSL and NSDL).Then Investor has to give necessary
identity proof, Address proof, Bank proof and fill the KYC form after reading it
carefully, broker will ask for power of attorney for smooth transaction but this is not
mandatory and if POA is not given investor had to fill the delivery instruction slip
after selling the share. After opening the account the investor can do trading/investing
Directly, Through Phone Internet form broking office and he will contract
note(similar to bill that we got when we purchase something and contract note include
all minute detail of transaction including brokerage[commission of broking house]
STT and Other taxes) for the transaction done by him within 24 hr of transaction and
he has to give cheque to Broker in the name of broking office(no cash transaction is
permitted) and current settlement is rolling settlement (The rolling settlement ensures
that each day's trade is settled by keeping a fixed gap of a specified number of
working days between a trade and its settlement. At present, this gap is 3 working
days after the trading day. So transaction entered into on Day 1 has to be settled on the
Day 1 + 3 working days, when funds pay in or securities pay out takes place. If
investor is selling the security he will get money in 3 working days. If investor failed
to deliver the security within time his share will get auctioned and investor has to
borne the penalty. If the investor has old physical share he can fill the
dematerialization form and send it for converting it to demit form. The reverse can
also be done.
SENSEX consist of 30 share and NIFTY 50 share (of top most companies) what is the
purpose of INDEX? Index is the barometer of stock exchange for ex in NSE there are
about 1350 listed companies listed and we cannot say in general form market was up
or down without fully looking all companies. INDEX serve this purpose. INDEX is
constructed by taking top companies across different sector in different weight age
and INDEX movement will reflect the overall movement of market. So if NIFTY or
SENSEX is up we can generally assume market was up(does not mean all shares was
up) and vice versa. Now there are index in some sectors which can catch the
movement of that sector like CNXIT-IT sector, BANKNIFTY-Banking sector etc.
General purpose of Stock Market is for Investment but bulk of activities done in
market is day trading. Day trading means BUYING/SELLING of shares and
offsetting the position on same day(intra-day trading).Day traders serves the purpose
of bringing the liquidity to market and they help the market movement and more than
80% of the volume from market is coming from day trading. Introduction of
derivative market had made the day trading to grow more and introduction of
advanced day trading technique. The main tool for Stock market investment/trading
are Fundamental analysis -which studies about the fundamental of companies and
economy and Technical Analysis-which studies the market by analyzing the past
movement of share and market.
Page 5

The investment scenario in India is now is at par with global Market. The introduction
of Derivative, Currency ,Commodity market now helped the Indian Investor to Invest
in almost anything like Share, Commodity ,Currency ,Bonds and complex thing like
Interest rate future, Weather Derivative, Volatility Index and more and Stock market
are giving various product to invest in with various amount of risk like bonds ,Gold
ETF, Equity and Preference Share, Commodities(metal and Agriculture) Currency to
high risk Derivative product.
1.4 Major players in stock exchange broker

Share khan:-
Share khan was founded in 1922, but entered into real broking in 1985. Share khan
was incorporated in February 2000, share khan is Indias 2 nd largest stock broker
providing brokerage services through its online trading websites. Sharekhan.com and
1950 Share shops which includes branches and franchises in more than 575 cities
across India. Share khan has seen incredible growth over last 10 + years though its
very successful online trading platform and the chain of franchises located in almost
every part of India. Share khan has over 10 lakh retail and institutional customers.
Sharekhan.com is the finest investment portal for India stock market. services offered
by share khan includes trading in equity, F&O and commodity and investment in
IPOs, mutual Funds, Insurance, Bonds and NCDs . Company also provides Share
khan Demat Account and registered as a depository participant with NSD and CDS.
Page 6
Angel broking:-
Angel broking 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 ie NCDEX & MCX. Angel is also registered as a DP
with CDSL.
Angel broking provides retail related services encompassing EBroking, Investment
advisory, Portfolio Management Services, Wealth Management Services and
Commodities Trading. It is a BSE and NSE. it is also a registered depository
participant with CDSL. It has employee friendly HR policies which gives security and
fair promotions.
Motilal oswal:-
Motilal Oswal was incorporated in 1987, Motilal Oswal Securities Ltd is a welldiversified financial services firm offering a range of financial products and services
such as Wealth Management Service, Broking and Distribution, Commodity Broking,
Portfolio Management Services, Institutional Equities, Private Equity, Investment
Page 7

Banking Services and Principal Strategies.Company have a diversified client base that
retail customers (including High Net worth Individuals), mutual funds, foreign
institutional investors, financial institutions and corporate clients. They are
headquartering in Mumbai. Motilal Oswal Investments Private Limited was renamed
as Passionate Investment Management Private Limited (PIMPL), and received a fresh
certificate of incorporation on February 23, 2006.
Motilal Oswal Financial Services was awarded the Best Use of Public Relations in the
Financial Services Sector Award at the India PR & Corporate Communication Awards
2012 held in New Delhi on March 22, 2012. Organized by Exchange4media, these are
the biggest awards of its kind in India
Indiabulls:-
Indiabulls Securities Limited was originally incorporated in India on June 9, 1995,

under the Companies Act as a private limited company as GPF Securities Private
Limited under certificate of incorporation bearing number 55-69631. The name of the
Company was changed to Orbis Securities Private Limited on December 15, 1995.
The Company was subsequently converted into a public limited company and its
name was further changed to Orbis Securities Limited. On January 5, 2004.The name
of the Company was again changed to Indiabulls Securities Limited on February 16,
2004.
Indiabulls Securities is one of India's leading capital markets companies providing
securities broking and advisory services. Indiabulls Securities also provides
depository services, equity research services and IPO distribution to its clients and
offer commodities trading through a separate company. These services are provided
both through on-line and off-line distribution channels.Indiabulls Securities is a
pioneer of on-line securities trading in India. Indiabulls Securities in-house trading
platform is one of the fastest and most efficient trading platforms in the country
Indiabulls Securities has been assigned the highest rating BQ-1
Page 8
COMP
ANY
PROFI
LE
Page 9

2. Company Profile
2.1 Introduction of company
Jainam Share Consultants Pvt. Ltd. was incorporated on November 10, 2003 & is
mainly carrying on the broking business in the equity market. The company has
acquired memberships of the two major stock exchanges of India viz. National Stock
Exchange of India Ltd. (NSE) & Bombay Stock Exchange Ltd. (BSE). The company
is also registered as a Depository Participant (DP) with Central Depository Services
(I) Ltd. (CDSL). The companys registered office is situated at M-5/6, Malhar
Complex, Dumas Road, Ichchanath, Surat 395007.
The company commenced its BSE operations from October 4, 2004 & its NSE
operations from 17th March 2005. Since incorporation the company has been
consistently growing with the present client base of around 34000+ clients in Know
Your Client (KYC) and 21000+ clients in Depository Participants (DP). The company
has approximately 250 outlets to cater to the needs of the investors for their equity
trading in the stock exchanges.
Jainam Share Consultants Pvt. Ltd. has also started trading in Currency Derivative
Segment with memberships in MCX Stock Exchange Ltd (MCX-SX) , National Stock
Exchange of India (NSE) and Bombay Stock Exchange Limited (BSE) in the year
2008.
Jainam Commodities Pvt. Ltd. was incorporated on 1st June 2005 & is mainly
carrying on the broking business in the commodity market with a client base of
around 600 clients. The company has acquired memberships of the two major
commodity exchanges of India viz. National Commodity & Derivatives Exchange
Ltd. (NCDEX) & Multi-Commodity Exchange of India Ltd. (MCX) The companys
registered office is situated at M-11, Malhar Complex, Dumas Road, Ichchanath,
Surat 395007.
Page 10

2.2 JAINAM SHARE CONSULTANTS PVT. LTD.
Jainam Share Consultants Pvt. Ltd. was incorporated in 2003 with the vision to be the
most preferred organization providing all financial services across the country. The
foundation is on "Value" Systems - "Value" addition to Corporate, Retails and HNI
Individuals through superior Wealth Creation Practices.
Jainam Share Consultants Pvt. Ltd. was incorporated on November 10, 2003 & is
mainly carrying on the broking business in the equity market. The company has
acquired memberships of the major stock exchanges of India viz. National Stock
Exchange of India Ltd. (NSE), Bombay Stock Exchange Ltd. (BSE) & MCX Stock
Exchange Ltd. (MCX-SX). The company is also registered as a Depository
Participant (DP) with Central Depository Services (I) Ltd. (CDSL). The companys
registered and corporate office is situated at M-5/6, Malhar Complex, Dumas Road,
Ichchanath, Surat 395007.
Since incorporation the company has been consistently growing with the present
client base of around 52000+ clients in Know Your Client (KYC) and 40500+ clients
in Depository Participants (DP). The company has 450+ outlets to cater to the needs
of the investors for their equity trading in the stock exchanges.
Jainam Share Consultants Pvt. Ltd. provides all types of services like Equity Trading,
Derivatives Trading, Currency Trading, Depository Services, Online Trading, Jobbing
Arbitrage, Mutual Fund, Insurance, FD, IPO.
2.3 JAINAM COMMODITIES PVT. LTD.

Jainam Commodities Pvt. Ltd. was incorporated in 2005 with the vision to be the
most preferred organization providing all financial services across the country. The
foundation is on "Value" Systems - "Value" addition to Corporate, Retails and HNI
Individuals through superior Wealth Creation Practices.
Jainam Commodities Pvt. Ltd. was incorporated on 1st June 2005 & is mainly
carrying on the broking business in the commodity market with a client base of
around 600 clients. The company has acquired memberships of the two major
commodity exchanges of India viz. National Commodity & Derivatives Exchange
Ltd. (NCDEX) & Multi-Commodity Exchange of India Ltd. (MCX) The companys
registered office is situated at M-11, Malhar Complex, Dumas Road, Ichchanath,
Surat 395007.
NAME OF JAINAM
Page 11

JAINAM the name blends three families together; J stands for Dr. Jitendra Shah &
family, N stands for Mr. Nipun Shah & family. M stands for Mr. Milan Parikh &
family. Using these initials the word JAINAM emerged.
Besides Jainam is also the name of Milan Parikhs younger son.
2.4 MEMBERSHIP OF JAINAM
Bombay Stock
Exchange
Ltd.
National
Stock
Central
Exchange
Depository
of India Services
Ltd.
(India)
Multi commodities
MCX
National
exchange
SX Stock
Commodity
Exchange
& Limited
Derivatives Exchang
National Spot Exchange
BOARD OF DIRECTORS
Dr. Jitendra Shah
Mr. Milan Parikh
Mr. Nipun Shah
Mr. Chirag Shah
Page 12
Present Strength of JAINAM

51762 + Clients
508 + Channel Partners
20 Branches
18 Departments
200 + Employees
PRODUCTS OF JAINAM
Flat Brokerage
Prepaid Brokerage
Margin Funding
0 Brokerage
Arbitrage Plan
Jobbing, Arbitrage & delta
IPO Funding
Advise based Broking (Equities & Derivatives)
Commodities, Currency
Mutual Funds, FD, Insurance
JAINAM LOCATIONS AT SURAT

Nanpura
- Kailash Nagar (BM Mr Dhaval Kansara)
Gopipura
- Chandanbaug (BM Mr Sunil Modi)
Rander
- Paradize Plaza (BM Mr Hasim Suthar)
Varachha
- Dimond World (BM Mr Krunal Patel)
Adajan
- Mavani Point (BM Mr Taral Tailor)
Sargam
- Malhar Complex (BM Mr Kamlesh Barot)
Mahidharpura - Suparshwa (BM Mr Samkit Shah)
Krishna (BM Mr Dharmesh Modi)
Gopinath (BM Mr Rujal Shah)
Ring Road
- Empire (BM Mr Vikrant Mehta)
Super Tex (BM Mr Navin Shah)
ITC (BM Mr Shajid Memon)
Bhatar
- Sakar 1 (BM Mrs Hetal Jariwala)
JAINAM LOCATIONS AT OUT OF SURAT

Mumbai
Bhavnagar
Rajkot
- Platinum Arcade, Gurguam (BM Mr Tushar Doshi)

- Tanay Apartment, Atabai Road (BM Mr R D Mehta)
- Star Chambers, Harihar Chawk (BM Jignesh Kothari)
Page 13

Baroda
- Mary Land Complex, Old Padra Road (BM Mr Kaushik Pandya)
Silvasa
- Gokul Vihar, Tokarkhada (Mr Hiral Panchal)
Bharuch
- Kasak (BM Mr Dhaval Pithadia)
Navasari
- Shantadevi Road (BM Mr Rajbahadur Patel)
AHMEDABAD - C G Road (BM Mr Kaushik Pandya))
2.5 Milestones
Jainam Share Consultants Pvt. Ltd.
200
October 13 Acquired Membership of National Stock
8
200
September
Exchange of India
Acquired Membership
8
200
29
September
Exchange Limited
Acquired Membership of Bombay Stock
8
200
18
December
Exchange Limited
Acquired Membership of Central Depository
5
200
15
December
Services (India) Ltd.

Acquired Membership of National Stock
4
200
23
December
Exchange of India Ltd. (Cash Seg.)

Acquired Membership of National Stock
4
200
17
September
Exchange of India Ltd. (F & O Seg.)

Acquired Membership of Bombay Stock
4
200
30
November
Exchange Ltd. (Cash Seg.)

Company Registered Jainam Commodities Pvt.
10
Ltd.
201
May 30
Acquired
1
200
February
Exchange Ltd.
Acquired Membership of National Commodity
6
200
06
December
& Derivatives Exchange of India Ltd.

Acquired Membership of Multi Commodity
5
200
08
June 01
Exchange of India Ltd.

Company Registered
Membership
Page 14
of
of
MCX
National
Stock
Spot

5
2.6 Jainams mission and vision statement

MISSION
Prosperity with security
BHAG 2037
Becoming the most preferred institution, globally known for wealth creation for
Everyone connected
CORE VALUES
Integrity
Transparency & Fair Practices
Continual Improvement with focus on Radical Changes
Give much more than what we are paid for
Respecting & Encouraging everyone around us
Speed
PHILOSOPHY OF JAINAM
Build long term relationship with customers by winning their trust.
Give dedicated service to all customers by protecting their investments in
volatile circumstances and adding value to their wealth.
Integrate the best in technology, research and analysis into the business model
thus ensuring growth not only in business but also in customer relationship.
Keep changing to adopt new things in the world.
STRENGTHS
Page 15

Every customer is provided one-step solution for trading in the equities
market, Currency Market, Commodities market & Other Financial Services
also.
Provision of free, state of art research to all clients.
Dedicated & Experienced Team.
Inspiring & Powerful Leadership.
If the Directors are the soul of Jainam, then the employees are its heart. They
put in long Work hours to achieve great results.
Employees can directly approach to the management for any major issues and
can share their new ideas and thoughts.
2.7 JAINAM STRUCTURE
2.8 JAINAM DEPARTMENTS

Sales & Marketing
Client Account
Page 16
Surveillance
Commodities & currency
Delta, Jobbing Arbitrage
Security
Franchisee Development
Business Development
Account & Audit
KYC - DP
IT
Software
Compliance
HR
WMS
Research
Customer Care
Admin
2.9. HR department
Manpower Planning
An effective manpower planning is to be done by HR Manager in consultation with
all HODs before it is put up for approval by Directors. Man-power Planning is
essential. For the following reasons:
a)
b)
c)
d)
Excess man-power may be reduced

Develop multi-skills
Right people for right job
Succession planning
Whenever the vacancy occurred in any department than HOD will give the intimation
to HR Department and fill the Manpower Requisition Form (format) for giving details
of requirement and submit to the HR Department with the approval of top
management.
Recruitment /Selection procedure
Page 17

Two type of recruitment is there. i.e. Internal and External. First preference will be
given to internal selection and internal transfer. In case of internal transfer we can
promote him/her with providing extra responsibility and rewards. So that we can
reduce our recruitment cost and can motivate our internal staff by giving new
opportunities and challange.
(A) External Recruitment system

In external recruitment system Jainam has tie up with different recruitment
consultancy like Mafoi consultancy, Unique world, Smart and Ascend etc.
(B) Internal Recruitment System

Directly candidates come through our staffs reference like their relatives, friends
etc... If we have any vacancy for that particular post, then we take his/her Interview
with the concern HOD.
Induction
Induction is very important function of HR Department. Major important objectives
of Induction are:
1. To familiar with the JAINAM culture. To feel his/her as a family member of
the company.
2. To aware with the Company profile, Company Policy, Rules and Regulation.
3. To aware with the company Vision, Mission and Values.
4. To aware with the general disciplinary policy and other activities of Jainam.
5. To give Basic knowledge of departmental activities.
HR Manager will take the Induction training of all new join employees within a
month of date of joining. Induction training will include:
Organizational Structure and Department Structure

Jainam History
Overview of Share Market
Statuary Compliance
Welfare activities with photos
Departmental work process
General Disciplinary Policy
Page 18

Time Keeping
Time keeping is a major function of HR Department. Main function of time keeping is
to maintain Attendance and Leave data of all employees. Attendance data is
maintained by two ways i.e. Physical Data and Online Data.
According to this data we can know that:
How many employees are not entering their attendance regularly?

How many are not on time?
Who is going early?
Who are coming late in office?
How many are on leave?
Salary Administration
Salary administration is a very important and sensitive area of HR. On basis of
attendance data we are processing salary every month.
We are entering absent days data of employee in excel sheet & Software as per
there leave in particular month
We are doing salary in 2 way
1. We are uploading file directly in HDFC / AXIS Bank in salary account.
2. If any employees has no salary account than we are giving cheque to them
Training (People Development)

People Development is a core value of our Organization. For that Training is a very
important tool. People Development means to give training to Internal (Employees)
& External Customer (Client, Sub Broker, Students) for Organization Development as
well as Self Development. Every year we are planning & Providing In-house & Outdoor training to all.
Performance Management System
Page 19

Performance Management System is a very important task in any Organization. We
have Performance Management System for managers & Asst Managers.
Objective:
To provide supervisors with a guide for communicating performance
expectations, appraising and rewarding performance, or assisting in improving
deficient performance.
To evaluate the performance of Sr Level Employees.
To focus on Key areas of Department for improvement of Department.
To give more challenging work to Sr. Level.
Performance Appraisal
Performance appraisal is also a one of the performance evaluating process for
analyses the work performance of the team/Department. Basically this system is for
only Executive level employees.
Procedure for PA
Initially HR Manager will meet with the all Departmental head / Manager.
They will decide goals for their particular department.
This goals / Responsibility will be distribute and allocate to the Employees.
Performance Appraisal is a yearly process. At the end of the year Appraises
will fill the Performance appraisal form (Copy Attached) and submit it to HR
Departmental.
After this process HOD / Manager will fill the same form for the same
employee.
HR will collect all form from Managers and analyze it and discuss with
Management.
In final review Appraiser and Appraise will sit together and analyze the
performance.
On the basis of evaluation, Management will decide in which area employee
require training & Motivation for his / her development.
On the bases of evaluation Management will decide Increment & Promotion also.
Promotion, Incentive, Bonus & Transfer
Page 20

All these process are done by HR with the help of Managers & Management every
year. In the beginning of every year company will decide criteria for Incentive, Bonus,
KRA Promotion for all employees & Managers.
Promotion:
On the basis of PMS and PA evaluation data Management will decide that to
whom we can promote or whom not.
Director will discuss with HOD/Manager and finalize the new designation.
HR department will issue Promotion letter (Copy attached) to all promoted
employees after approval from top management.
Transfer:
Internal department and Internal Branch transfer is there for fill the vacancy
occurred in company.
Management and HOD will take the decision for Internal transfer.
Compensation:
It includes Bonus, Incentive and other monetary benefits provide to employees.
Grievance Handling
Grievance Handling is a very complicated area. It should be very Justified &
Specific. Most of grievances are handled by concern HOD. If HOD will not able to
manage the grievance than its forwarded to Top Management. Grievance related to
salary, Compensation, Performance and Attitudinal matter will be handled by HR
Department. Business & Operations related grievance will be handled by concern
HOD.
Exit Interview
If any employee is going to resign from his/her post, He/She has to give 1
month notice period after confirmation, Notice period will be one months on
either side.
If employee leave the organization before the stipulated notice period, he/she
will be required to reimburse the organization one months gross salary as
'notice pay' in lieu thereof.
Employee will submit resign letter to HR Department with the approval of
HOD.
In Resign Letter employee will mentioned Reason for leaving the job, Last
date of Relieving etc. (Copy Attached)
HR will take exit interview of that employee within 7 days after resigning.
(Format Attached)
Page 21

At the day of relieving HR will give Full & Final form (Format Attached) to
that employee. In this form employee have to take sign from all concern
department for Relieving.
Page 22
TOPIC
3. DERIVATIVES
3.1 Introduction
Derivative is a product whose value is derived from the value of one or more basic
variables, called bases (underlying asset, index or reference rate), in a contractual
manner. The underlying asset can be equity, forex, commodity or any other asset. For
example, wheat farmers may wish to sell their harvest at a future date to eliminate the
risk of a change in prices by that date. Such a transaction is an example of a
derivative. The price of this derivative is driven by the spot price of wheat which is
the underlying.
The International Monetary Fund defines derivatives as financial instruments that
are linked to a specific financial instrument or indicator or commodity and through
which specific financial risks can be traded in financial markets in their own right.
The value of a financial derivative derives from the price of an underlying item, such
as an asset or index. Unlike debt securities, no principal is advanced to be repaid and
no investment income accrues.
The emergence of the market for derivative products, most notably forwards, futures
and options, can be traced back to the willingness of risk-averse economic agents to
guard themselves against uncertainties arising out of fluctuations in asset prices. By
their very nature, the financial markets are marked by a very high degree of volatility.
Through the use of derivative products, it is possible to partially or fully transfer price
risks by lockingin asset prices. As instruments of risk management, these generally
do not influence the fluctuations in the underlying asset prices. However, by lockingin asset prices, derivative products minimize the impact of fluctuations in asset prices
on the profitability and cash flow situation of risk averse investors.
Derivative products initially emerged as hedging devices against fluctuations in
commodity prices and commodity-linked derivatives remained the sole form of such
Page 23

products for almost three hundred years. The financial derivatives came into spotlight
in post-1970 period due to growing instability in the financial markets. However,
since their emergence, these products have become very popular and by 1990s, they
accounted for about two-thirds of total transactions in derivative products. In recent
years, the market for financial derivatives has grown tremendously both in terms of
variety of instruments available, their complexity and also turnover. The factors
generally attributed as the major driving force behind growth of financial derivatives
are (a) increased volatility in asset prices in financial markets, (b) increased
integration of national financial markets with the international markets, (c) marked
improvement in communication facilities and sharp decline in their costs, (d)
development of more sophisticated risk management tools, providing economic
agents a wider choice of risk management strategies, and (e) innovations in the
derivatives markets, which optimally combine the risks and returns over a large
number of financial assets, leading to higher returns, reduced risk as well as
transaction costs as compared to individual financial assets. In the class of equity
derivatives, futures and options on stock indices have gained more popularity than on
individual stocks, especially among institutional investors, who are major users of
index-linked derivatives. Even small investors find these useful due to high
correlation of the popular indices with various portfolios and ease of use. The lower
costs associated with index derivatives vis-a-vis derivative products based on
individual securities is another reason for their growing use.
Products, participants and functions

Derivative contracts have several variants. The most common variants are forwards,
futures, options and swaps. The following three broad categories of participants
hedgers, speculators, and arbitrageurs trade in the derivatives market.
Hedgers face risk associated with the price of an asset. They use futures or options
markets to reduce or eliminate this risk.
Speculators wish to bet on future movements in the price of an asset. Futures
andoptions contracts can give them an extra leverage; that is, they can increase both
the potential gains and potential losses in a speculative venture.
Arbitrageurs are in business to take advantage of a discrepancy between prices in
two different markets. If, for example, they see the futures price of an asset getting out
of line with the cash price, they will take offsetting positions in the two markets to
lock in a profit.
The derivatives market performs a number of economic functions. First, prices in an
organized derivatives market reflect the perception of market participants about the
Page 24

future and lead the prices of underlying to the perceived future level. The prices of
derivatives converge with the prices of the underlying at the expiration of the
derivative contract. Thus, derivatives help in discovery of future as well as current
prices. Second, the derivatives market helps to transfer risks from those who have
them but may not like them to those who have an appetite for them. Third,
derivatives, due to their inherent nature, are linked to the underlying cash markets.
With the introduction of derivatives, the underlying market witnesses higher trading
volumes because of participation by more players who would not otherwise
participate for lack of an arrangement to transfer risk. Fourth, speculative trades shift
to a more controlled environment of derivatives market. In the absence of an
organised derivatives market, speculators trade in the underlying cash markets.
Margining, monitoring and surveillance of the activities of various participants
become extremely difficult in these kinds of mixed markets. Fifth, an important
incidental benefit that flows from derivatives trading is that it acts as a catalyst for
new entrepreneurial activity. The derivatives have a history of attracting many bright,
creative, well-educated people with an entrepreneurial attitude. They often energise
others to create new businesses, new products and new employment opportunities, the
benefit of which are immense. Finally, derivatives markets help increase savings and
investment in the long run. Transfer of risk enables market participants to expand their
volume of activity.
Types of Derivatives
The most commonly used derivatives contracts are forwards, futures and options
which we shall discuss in detail later. Here we take a brief look at various derivatives
contracts that have come to be used.
Forwards: A forward contract is a customized contract between two entities, where

settlement takes place on a specific date in the future at todays pre-agreed price.
Futures: A futures contract is an agreement between two parties to buy or sell an

asset at a certain time in the future at a certain price. Futures contracts are special
types of forward contracts in the sense that the former are standardized exchangetraded contracts.
Options: Options are of two types calls and puts. Calls give the buyer the right but
not the obligation to buy a given quantity of the underlying asset, at a given price on
Page 25

or before a given future date. Puts give the buyer the right, but not the obligation to
sell a given quantity of the underlying asset at a given price on or before a given date.
Warrants: Options generally have lives of upto one year, the majority of options
traded on options exchanges having maximum maturity of nine months. Longer-dated
options are called warrants and are generally traded over-the-counter.
LEAPS: The acronym LEAPS means Long Term Equity Anticipation Securities.
These are options having a maturity of upto three years.
Baskets: Basket options are options on portfolios of underlying assets. The
underlying asset is usually a moving average or a basket of assets. Equity index
options are a form of basket options.
Swaps: Swaps are private agreements between two parties to exchange cash flows in
the future according to a prearranged formula. They can be regarded as portfolios of
forward contracts. The two commonly used swaps are:
Interest rate swaps: These entail swapping only the interest related cash flows
between the parties in the same currency
Currency Swaps: These entail swapping both principal and interest between the
parties, with the cash flows in one direction being in a different currency than those in
the opposite direction.
Swaptions: Swaptions are options to buy or sell a swap that will become operative at
the expiry of the options. Thus, swaptions is an option on a forward swap. Rather than
have calls and puts, the swaptions market has receiver swaptions and payer swaptions
A receiver swaption is an option to receive fixed and pay floating. A payer swaption is
an option to pay fixed and receive floating.
Options
Options are fundamentally different from forward and futures contracts. An option
gives the holder of the option the right to do something. The holder does not have to
exercise this right.
Page 26

In contrast, in a forward or futures contract, the two parties have committed
themselves to doing something. Whereas it costs nothing (except margin
requirements) to enter into a futures contract, the purchase of an option requires an
upfront payment.
Options terminology
Index options: These options have the index as the underlying. Like index futures
contracts, index options contracts are also cash settled.
Stock options: Stock options are options on individual stocks. Options currently
trade on over 500 stocks in the United States. A contract gives the holder the right to
buy or sell shares at the specified price.
Buyer of an option: The buyer of an option is the one who by paying the option
premium buys the right but not the obligation to exercise his option on the seller/
writer.
Writer of an option: The writer of a call/put option is the one who receives the
option premium and is thereby obliged to sell/buy the asset if the buyer wishes to
exercise his option.
There are two basic types of options, call options and put options.
Call option: A call option gives the holder the right but not the obligation to buy an
asset by a certain date for a certain price.
Put option: A put option gives the holder the right but not the obligation to sell an
asset by a certain date for a certain price.
Option price: Option price is the price which the option buyer pays to the option
seller. It is also referred to as the option premium.
Expiration date: The date specified in the options contract is known as the
expiration date, the exercise date, the strike date or the maturity.
Page 27

Strike price: The price specified in the options contract is known as the strike price
or the exercise price.
American options: American options are options that can be exercised at any time
upto the expiration date.
European options: European options are options that can be exercised only on
the expiration date itself. European options are easier to analyse than American
options, and properties of an American option are frequently deduced from those of its
European counterpart.
In-the-money option: An in-the-money (ITM) option is an option that would lead to
a positive cash flow to the holder if it were exercised immediately. A call option on
the index is said to be in-the-money when the current value of index stands at a level
higher than the strike price (i.e. spot price > strike price). If the value of index is much
higher than the strike price, the call is said to be deep ITM. On the other hand, a put
option on index is said to be ITM if the value of index is below the strike price.
At-the-money option: An at-the-money (ATM) option is an option that would

lead to zero cash flow if it were exercised immediately. An option on the index is atthe-money when the value of current index equals the strike price (i.e. spot price =
strike price).
Out-of-the-money option: An out-of-the-money (OTM) option is an option that

would lead to a negative cash flow it was exercised immediately. A call option on the
index is said to be out-of-the-money when the value of current index stands at a level
which is less than the strike price (i.e. spot price < strike price). If the index is much
lower than the strike price, the call is said to be deep OTM. On the other hand, a put
option on index is OTM if the value of index is above the strike price.
Intrinsic value of an option: The option premium can be broken down into two
componentsintrinsic value and time value. Intrinsic value of an option is the
difference between the market value of the underlying security/index in a traded
option and the strike price. The intrinsic value of a call is the amount when the option
is ITM, if it is ITM. If the call is OTM, its intrinsic value is zero.
Time value of an option: The time value of an option is the difference between its
premium and its intrinsic value. Both calls and puts have time value. An option that is
OTM or ATM has only time value. Usually, the maximum time value exists when the
option is ATM. The longer the time to expiration, the greater is an options time value,
all else equal. At expiration, an option should have no time value. While intrinsic
Page 28

value is easy to calculate, time value is more difficult to calculate. Historically, this
made it difficult to value options prior to their expiration. Various option pricing
methodologies were proposed, but the problem wasnt solved until the emergence of
Black-Scholes theory in 1973.
3.2 OPTIONS PAYOFFS

The optionality characteristic of options results in a non-linear payoff for options. In
simple words, it means that the losses for the buyer of an option are limited, however
the profits are potentially unlimited. For a writer (seller), the payoff is exactly the
opposite. His profits are limited to the option premium, however his losses are
potentially unlimited. These nonlinear payoffs are fascinating as they lend themselves
to be used to generate various payoffs by using combinations of options and the
underlying. We look here at the six basic payoffs (pay close attention to these payoffs, since all the strategies in the book are derived out of these basic payoffs).
3.2.1 Payoff profile of buyer of asset: Long asset

In this basic position, an investor buys the underlying asset, ABC Ltd. shares for
instance, for Rs. 2220, and sells it at a future date at an unknown price, St. Once it is
purchased, the investor is said to be "long" the asset. Figure 1.1 shows the payoff for a
long position on ABC Ltd.
Figure 1. Payoff for investor who went Long ABC Ltd. at Rs. 2220
The figure shows the profits/losses from a long position on ABC Ltd.. The investor
bought ABC Ltd. at Rs. 2220. If the share price goes up, he profits. If the share price
falls he loses.
Page 29
3.2.2 Payoff profile for seller of asset: Short asset

In this basic position, an investor shorts the underlying asset, ABC Ltd. shares for
instance, for Rs. 2220, and buys it back at a future date at an unknown price, St. Once
it is sold, the investor is said to be "short" the asset. Figure 1.2 shows the payoff for a
short position on ABC Ltd..
Figure 2 Payoff for investor who went Short ABC Ltd. at Rs. 2220
The figure shows the profits/losses from a short position on ABC Ltd.. The investor
sold ABC Ltd.at Rs. 2220. If the share price falls, he profits. If the share price rises,
he loses.
Page 30
3.2.3 Payoff profile for buyer of call options: Long call

A call option gives the buyer the right to buy the underlying asset at the strike price
specified in the option. The profit/loss that the buyer makes on the option depends on
the spot price of the underlying. If upon expiration, the spot price exceeds the strike
price, he makes a profit. Higher the spot price, more is the profit he makes. If the spot
price of the underlying is less than the strike price, he lets his option expire unexercised. His loss in this case is the premium he paid for buying the option. Figure
1.3 gives the payoff for the buyer of a three month call option (often referred to as
long call) with a strike of 2250 bought at a premium of 86.60.
Figure 3 Payoff for buyer of call option
The figure shows the profits/losses for the buyer of a three-month Nifty 2250 call
option. As can be seen, as the spot Nifty rises, the call option is in-the-money. If upon
expiration, Nifty closes above the strike of 2250, the buyer would exercise his option
and profit to the extent of the difference between the Nifty-close and the strike price.
The profits possible on this option are potentially unlimited. However if Nifty falls
below the strike of 2250, he lets the option expire. His losses are limited to the extent
of the premium he paid for buying the option.
Page 31
3.2.4 Payoff profile for writer (seller) of call options: Short call
A call option gives the buyer the right to buy the underlying asset at the strike price
specified in the option. For selling the option, the writer of the option charges a
premium.
The profit/loss that the buyer makes on the option depends on the spot price of the
underlying. Whatever is the buyer's profit is the seller's loss. If upon expiration, the
spot price exceeds the strike price, the buyer will exercise the option on the writer.
Hence as the spot price increases the writer of the option starts making losses. Higher
the spot price, more is the loss he makes. If upon expiration the spot price of the
underlying is less than the strike price, the buyer lets his option expire un-exercised
and the writer gets to keep the premium. Figure 1.4 gives the payoff for the writer of a
three month call option (often referred to as short call) with a strike of 2250 sold at a
premium of 86.60.
Figure 4 Payoff for writer of call option
The figure shows the profits/losses for the seller of a three-month Nifty 2250 call
option. As the spot Nifty rises, the call option is in-the-money and the writer starts
making losses. If upon expiration, Nifty closes above the strike of 2250, the buyer
would exercise his option on the writer who would suffer a loss to the extent of the
difference between the Nifty-close and the strike price. The loss that can be incurred
by the writer of the option is potentially unlimited, whereas the maximum profit is
limited to the extent of the up-front option premium of Rs.86.60 charged by him.
Page 32
3.2.5 Payoff profile for buyer of put options: Long put

A put option gives the buyer the right to sell the underlying asset at the strike price
specified in the option. The profit/loss that the buyer makes on the option depends on
the spot price of the underlying. If upon expiration, the spot price is below the strike
price, he makes a profit. Lower the spot price, more is the profit he makes. If the spot
price of the underlying is higher than the strike price, he lets his option expire unexercised. His loss in this case is the premium he paid for buying the option. Figure
1.5 gives the payoff for the buyer of a three month put option (often referred to as
long put) with a strike of 2250 bought at a premium of 61.70.
Figure 5 Payoff for buyer of put option
The figure shows the profits/losses for the buyer of a three-month Nifty 2250 put
option. As can be seen, as the spot Nifty falls, the put option is in-the-money. If upon
expiration, Nifty closes below the strike of 2250, the buyer would exercise his option
and profit to the extent of the difference between the strike price and Nifty-close. The
profits possible on this option can be as high as the strike price. However if Nifty rises
above the strike of 2250, he lets the option expire. His losses are limited to the extent
of the premium he paid for buying the option.
Page 33
3.2.6 Payoff profile for writer (seller) of put options: Short put
A put option gives the buyer the right to sell the underlying asset at the strike price
specified in the option. For selling the option, the writer of the option charges a
premium. The profit/loss that the buyer makes on the option depends on the spot price
of the underlying. Whatever is the buyer's profit is the seller's loss. If upon expiration,
the spot price happens to be below the strike price, the buyer will exercise the option
on the writer. If upon expiration the spot price of the underlying is more than the
strike price, the buyer lets his option un-exercised and the writer gets to keep the
premium. Figure 1.6 gives the payoff for the writer of a three month put option (often
referred to as short put) with a strike of 2250 sold at a premium of 61.70.
Figure 6 Payoff for writer of put option
The figure shows the profits/losses for the seller of a three-month Nifty 2250 put
option. As the spot Nifty falls, the put option is in-the-money and the writer starts
making losses. If upon expiration, Nifty closes below the strike of 2250, the buyer
would exercise his option on the writer who would suffer a loss to the extent of the
Page 34

difference between the strike price and Nifty close. The loss that can be incurred by
the writer of the option is a maximum extent of the strike price (Since the worst that
can happen is that the asset price can fall to zero) whereas the maximum profit is
limited to the extent of the up-front option premium of Rs.61.70 charged by him.
3.3 Option strategy

As per the experts there are 22 strategy for option which can be used by the investor,
but for our report concerned we will go in detail for the two strategy ie long straddle,
short straddle.
LONG STRADDLE
A Straddle is a volatility strategy and is used when the stock price / index is expected
to show large movements. This strategy involves buying a call as well as put on the
same stock / index for the same maturity and strike price, to take advantage of a
movement in either direction, a soaring or plummeting value of the stock / index. If
the price of the stock / index increases, the call is exercised while the put expires
worthless and if the price of the stock / index decreases, the put is exercised, the call
expires worthless. Either way if the stock / index shows volatility to cover the cost of
the trade, profits are to be made. With Straddles, the investor is direction neutral. All
that he is looking out for is the stock / index to break out exponentially in either
direction.
Page 35

When to Use: The investor thinks that the underlying stock / index will experience
significant volatility in the near term.
Risk: Limited to the initial premium paid.
Reward: Unlimited
Breakeven:
Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid
Lower Breakeven Point = Strike Price of Long Put - Net Premium Paid
Suppose Nifty is at 4450 on 27th April. An investor, Mr. A enters a long straddle by
buying a May Rs 4500 Nifty Put for Rs. 85 and a May Rs. 4500 Nifty Call for Rs.
122. The net debit taken to enter the trade is Rs 207, which is also his maximum
possible loss.
Strategy : Buy Put + Buy Call
Nifty index
Current Value
4450
Call and Put
Strike Price (Rs.)
4500
Mr. A pays
Total Premium
(Call + Put) (Rs.)
Break Even Point
207
4707(U)
(Rs.)
(Rs.)
4293(L)
On expiry
Net Payoff from Put
Net Payoff from Call
Net Payoff
Nifty closes at
purchased (Rs.)
purchased (Rs.)
(Rs.)
3800
3900
615
515
-122
-122
493
393
4000
415
-122
293
4100
315
-122
193
4200
215
-122
93
4234
181
-122
59
4293
122
-122
4300
115
-122
-7
4400
15
-122
-107
Page 36

4500
-85
-122
-207
4600
-85
-22
-107
4700
-85
78
-7
4707
-85
85
4766
-85
144
59
4800
-85
178
93
4900
-85
278
193
5000
-85
378
293
5100
-85
478
393
5200
-85
578
493
5300
-85
678
593
SHORT STRADDLE
A Short Straddle is the opposite of Long Straddle. It is a strategy to be adopted when

the investor feels the market will not show much movement. He sells a Call and a Put
on the same stock / index for the same maturity and strike price. It creates a net
income for the investor. If the stock / index does not move much in either direction,
the investor retains the Premium as neither the Call nor the Put will be exercised.
However, incase the stock / index moves in either direction, up or down significantly,
the investors losses can be significant. So this is a risky strategy and should be
carefully adopted and only when the expected volatility in the market is limited. If the
stock / index value stays close to the strike price on expiry of the contracts, maximum
gain, which is the Premium received is made.
Page 37

When to Use: The investor thinks that the underlying stock / index will experience
very little volatility in the near term.
Risk: Unlimited
Reward: Limited
to the premium received
Breakeven:
Upper Breakeven Point = Strike Price of Short Call + Net Premium Received
Lower Breakeven Point = Strike Price of Short Put - Net Premium Received
Suppose Nifty is at 4450 on 27th April. An investor, Mr. A, enters into a short straddle
by selling a May Rs 4500 Nifty Put for Rs. 85 and a May Rs. 4500 Nifty Call for Rs.
122. The net credit received is Rs. 207, which is also his maximum possible profit.
Strategy : Sell Put + Sell Call

Nifty index
Current Value
4450
Call and Put
Strike Price (Rs.)
Mr. A receives
Total Premium
4500
207
(Call + Put) (Rs.)

Break Even Point
4707(U)
(Rs.)*
(Rs.)*
On expiry Nifty
4293(L)
Net Payoff from Put
closes at
3800
Sold (Rs.)
-615
Page 38
Net Payoff from Call

Sold (Rs.)
122
Net Payoff
(Rs.)
-493

3900
-515
122
-393
4000
-415
122
-293
4100
-315
122
-193
4200
-215
122
-93
4234
-181
122
-59
4293
-122
122
4300
-115
122
4400
-15
122
107
4500
85
122
207
4600
85
22
107
4700
85
-78
4707
85
-85
4766
85
-144
-59
4800
85
-178
-93
4900
85
-278
-193
5000
85
-378
-293
The payoff chart

Short
(
Straddle)
+
Sell Put
=
Sell Call
Page 39
Short Straddle
RESEA
RCH
METH
Statement of the problem:-
ODOL
To formulate the various option strategy in order to incur profit from investment in
options.
OGY
Page 40

(a) Objective:
A. Back testing of various scripts an indices in order to predict further expansion
and contraction in the market.
B. To find the trends in past and on its basis taking position in the market.
C. To formulate new strategy viable in the practical scenario.
(b)Importance of the study:

A. The analysis will be useful to investors of stock market for investing in option or
the combination of option and other securities at appropriate time with the study
of past data which will be sited in the project.
B. Study will help investors to make maximum profit with minimum risks.
C. It will help government know the investment made by the foreigners in the capital
market of india
D. Study will be helpful to investors in taking long and short position or combination
of it in market
(c) Research Methodology:

A. Types of research design: Causal research will be used to study the impact
past trends (cause) on various factors (effect).
B. Collection of data: secondary data.
C. Data collection technique:
Method- I will use scientific method for data collection
Sampling frame- sampling frame includes stock market indices, various scripts
listed on NSE.
(d)Limitation:
A. Secondary data for analysis and preparation may not be reliable enough
B. Past data may not be useful for future forecast
C. Due to the uncertainty of the market exact movement in the market could not
be predicted
(e) Scope:
A. Investors in stock market will have useful information regarding their
investment
B. The study can be used by investors to study the pattern of past and thereby
making future investment.
C. The study can be used by foreign investors to get an overview of Indian
economy and thereby making future prospects for investment in the economy.
Page 41
Page 42
DATA
ANALY
SIS
3% strategy
Under these strategy investor will take a position both in call as well as put option,
before 5 days of expiry. Investor will purchase a call and put at a strike price with the
difference of 3 %( being rounded off to zero)
Need of these strategy: - As various strategy formulated ahead do not help investor
too get maximum profit with minimum risks. According to these strategy investor will
be benefited only if index is between the range. If spot price is above or below on the
expiry than in in that case investor will make loss up to the difference between spot
price and the strike price.
Year
profit loss
Max Profit
2010
174.8
34.25
2011
93.75
43.6
Page 43

2012
133.6
32.55
2013
158.85
29.05
2014
58.8
13.05
profit loss
200
180
160
140
120
100
80
60
40
20
0
2010
2011
2012
2013
2014
According to the back testing in this strategy, the maximum profit in last
four years are 34.25, 43.6, 32.55, 29.05, 13.05.
long and short straddle

Sr.
No.
1
Criterie
Profit
book
Strategy
at
20%
of Long
Page 44
Profit/Lo
Max
Probabil
ss
-
DD
1488.
ity
72.34

2
investment
Profit book
Straddle
of Long
668.47
-
62
2740.
Straddle
2221.0
74
9
-
2558.
2086.5
26
35
-
2261.
1691.8
63
7
-
3085.
1869.5
65
Profit book at 100% of Long
2
-
2967.
investment
2086.3
95
6
-
4396.
investment
3308.7
32
1
-
4833.
investment
Straddle
3741.0
625
Exit at Expiry
Long
1
-4358
5250
40.43
20%
Straddle
of Short
1803.7
1737.
82.13
40%
Straddle
of Short
92
3450.1
88
1748.
69.36
74
4509.1
84
1588.
66.38
at
40%
investment
3
Profit
book
at
50%
investment
4
Profit
book
Straddle
at
60%
investment
5
Profit
book
book
of Long
Straddle
at
80%
investment
6
of Long
of Long
Straddle
Straddle
Straddle
at
56.60
52.34
49.36
45.11
42.13
40.43
40.43
10
Profit
11
investment
Profit book
12
investment
Profit book
at
50%
Straddle
of Short
13
investment
Profit book
at
60%
Straddle
of Short
05
4487.4
575
1610.
62.13
14
investment
Profit book
at
80%
Straddle
of Short
66
4178.7
53
2122.
59.57
15
investment
Straddle
Profit book at 100% of Short
48
4377.1
81
2301.
59.57
16
investment
Exit at Expiry
1
4358
1
2301
59.57
at
Straddle
Short
Straddle
Page 45
CONCLUSION AND
RECOMMENDATIONS
Page 46
Conclusion and recommendation
Page 47
BIBLI
OGRA
PHY
Page 48
http://nseindia.com/products/content/derivatives/equities/historical_fo.htm
http://www.nseindia.com/indices/IdxCalcMt.aspx
http://www.moneycontrol.com/stocks/marketstats/fii_dii_activity/index.php?
sel_month=201112
http://www.infodriveindia.com/india-trade-data/default.aspx
http://www.sebi.gov.in/sebiweb/investment/statistics.jsp?s=fii
http://economics.about.com/cs/money/l/aa022703b.htm
http://profit.ndtv.com/market/fii-dii-investments
http://www.tradingeconomics.com/analytics/plans.aspx?source=chart
http://en.wikipedia.org/wiki/Institutional_investor
Page 49
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1.2 Stock exchanges in India

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Indiabulls Securities Limited was originally incorporated in India on June 9, 1995,

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JAINAM LOCATIONS AT SURAT

JAINAM LOCATIONS AT OUT OF SURAT

- Platinum Arcade, Gurguam (BM Mr Tushar Doshi)

Metas Adventist College

Jainam Shares Consultant PVT LTD

October 13 Acquired Membership of National Stock

Services (India) Ltd.

Exchange of India Ltd. (Cash Seg.)

Exchange of India Ltd. (F & O Seg.)

Exchange Ltd. (Cash Seg.)

& Derivatives Exchange of India Ltd.

Exchange of India Ltd.

Metas Adventist College

Jainam Shares Consultant PVT LTD

2.6 Jainams mission and vision statement

Jainam Shares Consultant PVT LTD

2.7 JAINAM STRUCTURE

2.8 JAINAM DEPARTMENTS

Jainam Shares Consultant PVT LTD

Excess man-power may be reduced

Recruitment /Selection procedure

Metas Adventist College

Jainam Shares Consultant PVT LTD

(A) External Recruitment system

(B) Internal Recruitment System

Organizational Structure and Department Structure

Metas Adventist College

Jainam Shares Consultant PVT LTD

How many employees are not entering their attendance regularly?

Training (People Development)

Performance Management System

Metas Adventist College

Jainam Shares Consultant PVT LTD

Promotion, Incentive, Bonus & Transfer

Metas Adventist College