Beruflich Dokumente
Kultur Dokumente
REVIEW OF LITERATURE
Stock-broking service, a branch of financial services sector, is
undergoing rapid changes. The changes that are taking place in the
financial services sector are reverberated in the stock market also.
The practices and techniques adopted and found to be
successful in other stock markets are being implemented in the Indian
Stock Market also. Some ~f the practices and techniques thus
implemented are screen based trading, dematerialisation of share
certificates, options and fuiures trading, Automatic Lending and
Buying Mechanism (ALBM), rolling settlement, etc. A number of
learned writers have expressed their opinion about the recent trends
and practices adopted in the Indian Stock Market. The difficulties and
problems experienced by brokers are also highlighted by many writers.
A brief review of their ideas, thoughts and comments are narrated in
this chapter.
Indicating a strong sentiment against speculation in the stock
market, Vijayaraghavan R (1992) suggests that the exchanges should
adopt as quickly as possible
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Vijayaraghavan R "From Casinos to Stock Markets", The Hindu - Business review, Coimbatore,
March 31, 1992, p.2.
Rajiv Handa, "Getting to Grips with Equity Research" Economic Times - Investors Guide,
Mumbai, February 20, 1995, p.16.
Suresh Prabhu, "Seminar on stock Braking in the changed scenario, The Stock Journal. Kochi,
June 1995, p.51.
Chari P.S.U. "Emerging Role of Financial Services", The Hindu,Thimvananthapuram, December,
19, 1995, p.18.
Louis K.K.
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Lousis, K.K. "Cochin On-line Trading", The Stock Journal, Kochi, June 1996, p.29.
Menon T.N. "The Importance o f Market Making in the Securities Market", The Stock Journal,
Kochi, August 1996, p.41.
Sivakumar.K. "Stock Broking in Limbo, but the future beckons", Business Line,
Thimvananthapuram, September 29, 191'6, p.4.
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Mayya M.R. "Prescriptions to lure sn~allinvestors back to the market", The Hindu Business
Review, Thimvananthapuram, December 11, 1996, p.25.
that brokerage has taken a beating and with client support having
dried off, the brokers are left with speculative business.9
Tomy Varghese (1990) makes a study on individual investors
lo
Krishnakumar P.K., "Battered Brokers", Indian Express - Express Week, Kochi, March 7 , 1998,
p.1.
Tomy Varghese, A study of individual investors in the capital marker in Kerala, Ph.D.Thesis,
Cochin University of Science and Technology, Kochi, March 1999.
31
I,
Rajeshwari Adappa Thakur, "Small Sto4:k Exchanges demand mandatory listing of small-cap cos",
Econon~icTimes. Mumbai, Vo1.39, No.] 88, September 8, 1999, p.3.
"
Neeraj Kaushal, "Stock Exchanges shotild go public", Economic Times. Mumbai, Vo1.39, No.145.
septekber 27, 1999, p.5.
"SEBI allows all SEs to set up terminal! nation wide", Economic Times, Mumbai, October, 9, 1999,
p.3.
" "Varma Panel backs daily badla system", Economic Times, Mumbai. November 30, 1999, p.3.
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"
l6
Vijay P.N. "Online trading may pose threat to brokers". Financial Express, Kochi, Vol.VI, No.2,
February 4,2000, p.2.
Rajeshwari Adappa Thakur, "Don't prejudge rolling settlement", Economic Times, Mumbai,
February 14,2000, p.8.
ii
17
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l9
Jaganathan K.T., "Stock exchanges in a new era o f merger", The Hindu. Kochi, Vo1.123, No.62,
March 13,2000, p.18.
Puneet Jain, "Give them credit", Economic Times Investors' Guide, Mumbai. April 3,2000, p.3.
Narasimham C.R.L., "Unpalatable stock market lessons", The Hindu, Kochi, Vo1.123, No.92,
April 17,2000.
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Oommen A. Ninan, "In the shadow ofNasda~q",The Hindu, Kochi, vo1.123,No. 92, April 17,2000, p.18.
Abhijit Roy, "Role of FlIs in Indian Caoital Market", The Hindu Business Review, Kochi, April
26,2000, p.25.
23
Parul Monga, "Sebi Panel sets eligibility norms for SE members", Financial Express, Kochi, July
14,2000, p.2.
Satish D,"e- Broking, empire in the n~aking",Chartered Financial Analyst, Hyderabad. Val. V1,
Issue 11, October 2000, p.22.
i.
iii.
24
Clifford Gornez, Capifal Marker and Ftnancial Services, Kollam, Ajith Publications, 2000, p.150.
26
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Sanjay Kular. "Increasing Competition sees broking rates at a historic low", Economic Times,
Mumbai, Vo1.40, No.252, November I:!, 2000, p.13.
Mayya M.R. "Confusion over speculation", Economic Ttmes, Mumbai, Vo1.40, No.265, November
27, 2000, p.3.
Pratibha Gadhalay, "Stocks to Security". The Hindu-opportunities, Kochi, Vol. 123. No.295,
December 13,2000, p. I.
'9
3"
Panabiraman R, "PI1 should be compulso~yfor service providers", The New Indian Express Business Express, Kochi, February 12,2001, p.16.
Oommen A Ninan, "Broker-run exchan'zesmain cause for the imbroglio", The Hindu, Kochi, V o .
124, No.59, March 10,2001, p. 18.
3'
32
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Gupta LC, "Why stock market crises recur in India", Economic Times, Mumbai, Vol. 41, No.10,
March 14,2001, p.14.
Narasimhan C.R.L. "Desirable moves but take note of stock market reality", The Hindu, Kochi,
Vol. 124, No.66, March 19,2001, p. 19.
Yassir A Pitalwalla, "Fall in volumes hits smaller bourses more". Economic Times, Mumbai, Vol.
41, No.23, March 27,2001, p.5.
Much has been written and spoken of in the last many years
by writers about stock market and in particular about stock-broking.
While some amount of literature is available on stock market practices
and related problems, the researcher has not come across a detailed
and scientific study of stock-broking. The review reveals that the
brokers have numerous problems, which need immediate attention
and solution. In the absence of a comprehensive study, often the
corrective decisions are delayed or not taken by the Authorities. Hence
the researcher feels that there is the need for a deep, analytical and
scientific study on the topic clf the problems and prospects of stockbroking in Kerala.