Beruflich Dokumente
Kultur Dokumente
Project Report
On
“EXPLORING FINANCIAL MARKET
And
SALES POTENTIAL OF ICICI DIRECT
2009-2011
PREFACE
It is true that the world outside your cozy home is many a time quite
different from what you have perceived. Similarly, it is possible that the
theoretical knowledge acquired in the classroom may differ from the
practical knowledge.
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ACKNOWLEDGEMENT
I wish to express my sincere gratitude to all those persons who extended their
help, guidance and suggestions without which it would not have been possible
to complete the project report.
I am deeply indebted to my guide Ms. Manawati panwar . For her valuable
and enlightened guidance and who encouraged me in compilation of my
project.
I am really thankful to Ms. Anju Katara (DIRECTOR), St.wilfred’s business
school, jaipur. Who has been the chief facilitator of this project and I could
enhance my knowledge in the field of Retail
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INDEX
4 Research Methodology
4.1 Title of the study
4.2 Objective of study
4.3 Type of research
4.4 Sample size and method of Collection data
4.5 Scope of study
4.6 Limitation of study
5 Facts and Findings Analysis and Interpretation
6 SWOT
7 Conclusion
8 Recommendation and Suggestions
9 Appendix
10 Bibliography
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INTRODUCTION TO THE INDUSTRY
With the largest number of bank in force in the world, Insurance happens to
be a mega opportunity in India. It’s a business growing at the rate of 15-20 per
cent annually and presently is of the order of Rs 1560.41 billion (for the
financial year 2006 – 2007). Together with banking services, it adds about 7%
to the country’s Gross Domestic Product (GDP). The gross premium
collection is nearly 2% of GDP and funds available with LIC for investments
are 8% of the GDP.
Even so nearly 65% of the Indian population is without banking cover while
health insurance and non-life insurance continues to be below international
standards. A large part of our population is also subject to weak social
security and pension systems with hardly any old age income security. This in
itself is an indicator that growth potential for the insurance sector in India is
immense.
HISTORICAL PERSPECTIVE
The history of life insurance in India dates back to 1818 when it was
conceived as a means to provide for English Widows. Interestingly in those
days a higher premium was charged for Indian lives than the non - Indian
lives, as Indian lives were considered more risky to cover. The Bombay
Mutual Life Insurance Society started its business in 1870. It was the first
company to charge the same premium for both Indian and non-Indian lives.
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The Oriental Assurance Company was established in 1880. The General
insurance business in India, on the other hand, can trace its roots to Triton
Insurance Company Limited, the first general insurance company established
in the year 1850 in Calcutta by the British. Till the end of the nineteenth
century insurance business was almost entirely in the hands of overseas
companies.
Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the Provident Fund Act of 1912.
Several frauds during the 1920's and 1930's sullied insurance business in
India. By 1938 there were 176 insurance companies.
The first comprehensive legislation was introduced with the Insurance Act of
1938 that provided strict State Control over the insurance business. The
insurance business grew at a faster pace after independence. Indian
companies strengthened their hold on this business but despite the growth
that was witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly corporation
and Life Insurance Corporation (LIC) was born. Nationalization was justified
on the grounds that it would create the much needed funds for rapid
industrialization. This was in conformity with the Government's chosen path of
State led planning and development.
The non-life insurance business continued to thrive with the private sector till
1972. Their operations were restricted to organized trade and industry in large
cities. The general insurance industry was nationalized in 1972. With this,
nearly 107 insurers were amalgamated and grouped into four companies-
National Insurance Company, New India Assurance Company, Oriental
Insurance Company and United India Insurance Company. These were
subsidiaries of the General Insurance Company (GIC).
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KEY MILESTONES
1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.
1938: Earlier legislation consolidated and amended by the Insurance Act with
the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers along with provident societies were
taken over by the central government and nationalized. LIC was formed by an
Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from
the Government of India.
INDUSTRY REFORMS
Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a
statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies. Since
being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations.
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The Housing Development Finance Corporation Limited (HDFC) was amongst
the first to receive an 'in principle' approval from the Reserve Bank of India
(RBI) to set up a bank in the private sector, as part of the RBI's liberalisation
of the Indian Banking Industry in 1994. The bank was incorporated in August
1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai,
India. HDFC Bank commenced operations as a Scheduled Commercial Bank
in January 1995.
Promoter:-
HDFC is India's premier housing finance company and enjoys an impeccable
track record in India as well as in international markets. Since its inception in
1977, the Corporation has maintained a consistent and healthy growth in its
operations to remain the market leader in mortgages. Its outstanding loan
portfolio covers well over a million dwelling units. HDFC has developed
significant expertise in retail mortgage loans to different market segments and
also has a large corporate client base for its housing related credit facilities.
With its experience in the financial markets, a strong market reputation, large
shareholder base and unique consumer franchise, HDFC was ideally
positioned to promote a bank in the Indian environment.
Business focus:-
HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to
build sound customer franchises across distinct businesses so as to be the
preferred provider of banking services for target retail and wholesale customer
segments, and to achieve healthy growth in profitability, consistent with the
bank's risk appetite. The bank is committed to maintain the highest level of
ethical standards, professional integrity,
Committed to maintain the highest level of ethical standards, professional
integrity,
Corporate governance and regulatory compliance. HDFC Bank's business
philosophy is based on four core values - Operational Excellence, Customer
Focus, Product Leadership and people.
Capital structure:-
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The authorised capital of HDFC Bank is Rs550 crore (Rs5.5 billion). The paid-
up capital is Rs424.6 crore (Rs.4.2 billion). The HDFC Group holds 19.4% of
the bank's equity and about 17.6% of the equity is held by the ADS Depository
(in respect of the bank's American Depository Shares (ADS) Issue). Roughly
28% of the equity is held by Foreign Institutional Investors (FIIs) and the bank
has about 570,000 shareholders. The shares are listed on the Stock
Exchange, Mumbai and the National Stock Exchange. The banks
American Depository Shares are listed on the New York Stock Exchange
(NYSE) under the symbol 'HDB'.
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India. All branches are linked on an online real-time basis. Customers in over
120 locations are also serviced through
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Telephone Banking. The Bank's expansion plans take into account the need
to have a presence in all major industrial and commercial centres where its
corporate customers are located as well as the need to build a strong retail
customer base for both deposits and loan products. Being a
clearing/settlement bank to various leading stock exchanges, the Bank has
branches in the centres where the NSE/BSE have a strong and active
member base. The Bank also has a network of about over 2526
networked ATMs across these cities. Moreover, HDFC Bank's ATM network
can be accessed by all domestic and international Visa/MasterCard, Visa
Electron/Maestro, Plus/Cirrus and American Express Credit/Charge
cardholders
Management:-
Mr. Jagdish Capoor took over as the bank's Chairman in July 2001. Prior to
this, Mr. Capoor was a Deputy Governor of the Reserve Bank of India.
The Managing Director, Mr. Aditya Puri, has been a professional banker for
over 25 years and before joining HDFC Bank in 1994 was heading Citibank's
operations in Malaysia. The Bank's Board of Directors is composed of
eminent individuals with a wealth of experience in public policy,
administration, industry and commercial banking. Senior executives
representing HDFC are also on the Board. Senior banking professionals with
substantial experience in India and abroad head various businesses and
functions and report to the Managing Director. Given the professional
expertise of the management team and the overall focus on recruiting and
retaining the best talent in the industry, the bank believes that its people are a
significant competitive strength.
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The life insurance industry in India grew by an impressive 47.38%, with
premium income at Rs. 1560.41 billion during the fiscal year 2006-2007.
Though the total volume of LIC's business increased in the last fiscal year
(2006-2007) compared to the previous one, its market share came down from
85.75% to 81.91%.
The 17 private insurers increased their market share from about 15% to about
19% in a year's time. The figures for the first two months of the fiscal year
2007-08 also speak of the growing share of the private insurers. The share of
LIC for this period has further come down to 75 percent, while the private
players have grabbed over 24 percent.
With the opening up of the insurance industry in India many foreign players
have entered the market. The restriction on these companies is that they are
not allowed to have more than a 26% stake in a company’s ownership.
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Market where outstanding securities are bought and sold by investors.
The issuing entity does not receive any funds in a secondary market
transaction
Why Secondary Markets Are Important
Provides liquidity to investors who acquire securities in the primary
market
Without secondary market the issuers should compensate for lower
liquidity, increasing the overall cost for issuers
Helps determine market pricing for new issues
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NEAT is the trading system of NSE
BSE scripts are classified into A,B1,B2,S,T,TS & Z groups
Both BSE and NSE trades on rolling settlement on a T+2 basis i.e. on
2nd working day. (Typically Trades of Monday are settled on
Wednesday and so on)
In a compulsory rolling settlement cycle you can go short only intra day
and should be covered by the end of the day.
NSDL and CDSL are the two depositories.
Banks, brokers, FIs and custodians could be depository participants.
SEBI specifies scripts which need to be traded compulsorily in demat
form from time to time.
Demat helps in saving stamp duty on transfer, against bad deliveries,
courier delays, mutilation etc.
Margin Trading and Securities Lending Scheme (SLS) are governed by
SEBI guidelines.
Sensex and Nifty have market wide circuit breakers of 10%, 15% and
20% for different periods of time depending upon the breach timing.
Scripts have different CB ranging from 2% to 20% depending upon the
volatility and market price.
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INTRODUCTION TO DERIVATIVES
Derivatives
Derivative is a product whose value is derived from the value of one or
more basic variables which could be equities, currencies, commodities
or any other asset.
Futures trading first commenced on Chicago Board of Trade in 1865
Derivatives definition:
Derivative is a product whose value is derived from the value of one or more
underlying variables or assets in a contractual manner. The underlying asset can
be equity, forex, commodity or any other assets.
Why derivatives
Increased volatility in asset prices in financial markets
Increased integration of domestic markets with international markets
Marked improvement in communication facilities and reduction in their
costs
Innovations
Derivative Products
Futures
Options
Swaps
Forwards
Participants in derivative markets
Hedgers
Speculators
Arbitrageur
Economic function of derivative products
Enables discovery of future and current prices
Enables transfer of risks
Enables more participation
Enables monitoring of speculative trades
About derivative products
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An ‘option’ gives the buyer a right to enforce a certain contract but
without any obligation.
An ‘option’ seller is obliged to the buyer of the option in consideration of
having received an ‘option premium’ but without any right.
In an options contract, the options lies with the buyer.
When the spot value of Nifty is 2140 and if an investor buys a one
month Nifty 2157 call option for a premium at Rs.7/-, the option is ‘out
of money option’.
The break even price for a call option at a strike price of 176/- selling at
a premium of Rs.18/- will be Rs.194/-
Typically, option premium is equal to sum of the intrinsic value and time
value
A stock is currently selling at Rs.70/-. If the call option to buy the
stock at Rs.65/- cost Rs.9/-, then the time value of the option is
Rs.4/-
A stock currently sells at Rs.120/-. The put option to sell the
stock at Rs.134/- costs Rs.18/-. The time value of the option is
Rs.4/-
When two person agree to exchange 100 gms of gold three months
later at Rs.400/- per gm is an example for ‘forward contract’
The potential returns on a futures position are unlimited
A speculator who is bullish on a security can buy stock futures and who
is bullish on the market can buy index futures
If you own 1000 shares of a company X, and if you want to hedge your
position, you can sell 10 future contracts of company X to hedge your
position ( if 100 shares is equal to 1 contract for company X)
If you have sold a May Nifty Futures contract for Rs.400000/- with each
Nifty futures contract is for a delivery of 100 Nifties, if on 25th May the
index closes at 4100, you will incur a loss calculated as follows:
(4000 – 4100)*100 = Rs.-10000/-
Hedging - if you are long on stocks – have underlying buy puts.
Speculation – Bullish security – buy calls or sell puts
Speculation – Bearish security – sell calls or buy puts
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Some operational issues
Futures trading is for a minimum lot size of 100 units. Thus if the index
is at 4000, then the value of single index futures contract would be
Rs.400000/-.
All futures and options position are cash settled including for individual
stocks.
Daily MTM settlement happens on a continuous basis at the end of
each day for all futures contracts. Each Client member either receives
or makes payment depending upon whether his positions made profit
or loss on a daily basis.
The pay-in and pay-out settlement is carried out on the next day
following the trade day.
In case a futures contract is not traded on a particular day, for MTM
purposes, a theoretical value is arrived using a formula, which is based
on spot price, MIBOR and time of the futures contract till expiration.
Exercise settlement for option contracts take place at the closing price
of the underlying.
All index options are ‘European Style Options’ and all stock options are
‘American Style Options’.
On the last day of trading, settlement for futures contracts take place at
the closing price of the underlying.
In case of Options, final exercise settlement is automatic and there
could be interim exercise settlement also for in-the-money options.
The exercise settlement value for option contracts is as follows:
Call Options : Closing price of the security on the day of
exercise – Strike Price
Put Options : Strike Price – Closing price of the security on the
day of exercise.
New Option contracts are introduced on the next trading day following
the expiry of the near month contract.
All Option contracts expire on the last Thursday of the month.
All In-The-Money option contracts are compulsorily settled on exercise
date.
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Facts affecting Option premiums
The Option premium is affected by the following:
Underlying market price
Strike Price
Volatility of underlying price
Time to expiration
Interest rate
Products of Derivatives market:
Derivative contracts are of different types. The most common ones are forwards,
futures, options, warrant and swaps.
Forwards: A forward contract is an agreement between two entitles to buy orsell
the underlying assets at a future date, at today s pre-agreed price
Futures: A futures contract is an agreement between two parties to buy or sell
the underlying assets at a future date, at today s future price. Futures contracts
differ from forward contracts in the sense that they are standardized and
exchange traded.
Options: There are two types of options Calls and Put. Calls give the buyer the
right but not the obligation to buy a given quantity of the underlying assets, at a
given price on 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 up to one year, the majority of options
traded on options exchanges having a maximum maturity of nine months.
Longer-date options are called warrants and are generally traded Over- the-
counter
Baskets: Basket options on portfolios of underlying assets. The underlying asset
is usually a weighted average of assets. Equity index options are a form of basket
options.
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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.
Swaptions: Swaptions are options to buy or sell a swap that will become
operative at the expiry of the options. Thus a swaption is an option on a forward
swap.
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often energize others to create new businesses, new products and new
employment opportunity, the benefit of which are immense.
Derivatives markets help increase savings and investment in the long run. The
transfer of risk enables market participants to expand their volume of activity.
Commodity market
Different commodity exchange markets in the world
Country Exchange
United States of
America
Chicago Board of Trade (CBOT)
Chicago Mercantile Exchange
New York Cotton Exchange
New York Board of Trade
United Kingdom The London International Financial Futures
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Options Exchange
The London Metal Exchange
Canada The Winnipeg Commodity Exchange
Brazil Brazilian Futures Exchange Commodities
Australia Sydney Futures Exchange Ltd.
People s Republic of
China
Beijing Commodity Exchange Shanghai
Metal Exchange
Hong Kong Hong Kong Futures Exchange
Japan Tokyo International Financial Futures Exchange
Malaysia Kuala Lumpur commodity Exchange
New Zealand New Zealand Futures and Options Exchange Ltd
Singapore Singapore commodity Exchange Ltd
France Le Nouveau Marche MATIF
I trade with 4 monitors to allow me to track different stocks and other technical
indicators at the same time. It is really a personal preference; some traders
get away with using a labtop while some need 12 monitors to trade. If your
day trading computer requires a multi-monitor setup, you will also need to
purchase a video card that will allow multiple monitor setup.
One final note on monitors, make sure you get monitors with a good
resolution and keep the brightness low so that your eyes do not strain. Set
your monitors up correctly in the beginning and you will literally avoid the
headaches of looking at the screen all day.
Finally, you will need at least a cable modem connection. Trading is very fast
and your data needs to be faster. The faster, the better.
Software
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included in Microsoft PC Operating System and other browsers can be
downloaded directly from the internet.
20, 00,000 equity shares of Rs 10 each The holders of such shares are
members of the company and have voting rights.
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What is a debt instrument?
In Indian security market, the term 'bond' is used for debt instruments issued
by the Central and State Governments and Public Sector Organizations and
the term 'debenture' is issued for instruments issued by private corporate
sector.
What is a Derivative?
Motilal Oswal Portfolio Management Services offer a range of investments
solutions through discretionary services. We at Motilal Oswal have helped
create wealth for our customers through our Portfolio Management Services.
Our knowledge of the markets together with our understanding of our
customers and their risk profiles has helped us design a range of portfolio
offerings for our clients. These include the Value Strategy, Bulls Eye Strategy,
Trillion Dollar Opportunity Strategy and Focused Strategy Series I. As of
March 31st, 2009, the Assets Under Management of our various portfolio
schemes stood at Rs.4.77 bn.
Motilal Oswal group has applied to the regulatory bodies for a license to
operate as a Domestic Asset Management Company (Mutual Fund) and we
expect to begin operations soon.
Fixed Deposits and Bonds:-
Motilal Oswal group has worked on fixed deposits and bonds which have
issued by the various companies. Such fixed deposits and bonds have used
by the companies to fulfill their capital needs only. Motilal Oswal Securities
Ltd. has offered safety and securities of the investment, invested by he
investors.Anybody can enter/ exit in/from the fixed deposit and bonds
schemes.
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Institutional Equities:-
Derivative is a product whose value is derived from the value of one or more
basic variables, called underlying. The underlying asset can be equity, index,
force commodity or any other asset.
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investment objectives outlined by a mutual fund in its prospectus are binding
on the mutual fund scheme. The investment objectives specify the class of
securities a Mutual Fund can invest in. Mutual Funds invest in various asset
classes like equity, bonds, debentures, commercial paper and Government
Securities. The Scheme offered by Mutual funds vary from fund to fund. Some
are pure quity schemes, others are a mix of equity and bonds. Investors are
also given the option of getting dividends, which are declared periodically by
the mutual fund, or to participate only in the capital appreciation of the
scheme.
The Main Advantage of Online stock trading is Orders are send to Stock
Exchanges rather than stock broker. This makes order execution very fast.
Important information like Stock Market Charts, Live Data, alerts, Stock
Market news etc can be seen on a single Monitor screen.
Advantages include being able to check your stock portfolio anywhere as long
as you have an Internet connection, absolute control over your portfolio,
access to up-to-date information, competitive fee structures and the ability to
access different markets. Even if you don’t have access to a computer at your
finger tips while you are travelling; you can always use a cell phone. Online
trading can give you accurate data on how different stocks are performing so
you never have to miss a bargain.
The competition between brokers is not the only advantage of having multiple
brokers available to serve you. It is also a massive source of information in
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itself. You can get real advice from multiple sources. Because of the inherent
fluctuations in stock prices that can change within minutes – having people
who cast a human eye over the data to ensure that their own information is up
to date can mean the difference between purchasing a stock that will never
recover and purchasing a stock that may double in value over the course of a
day.
There are two different type of trading environments available for online Share
trading.
Advantages:
Orders directly send to stock exchanges rather than stock broker. This makes
order execution very fast.
It provides almost each and every information which is required to a trader on
a single screen including stock market charts, live data, alerts, stock market
news etc.
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Below are few advantages and disadvantages of Online Stock Market
Trading:-
Online trading is a high risk business. However the risk is commensurate with
the eventual monetary gains. Risks associated with online trading are relevant
to those you can control, the economic climate and the specific business that
you have invested in. If the business you have invested in suddenly
announces record losses then there is a good chance your money will have
halved (or worse). The current economic climate is a good indicator of how
stocks fluctuate based upon the financial situation of the planet. Whilst trading
online may be an easy way to buy stocks – it is this simplicity that can land
you in hot water.
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chance of recovering fiscally then you have no chance of making back your
money.
You are also at the whim of your broker. Some brokers require a minimum
purchase before they will enable you to purchase stocks. They are also
expensive to employ. Their pay is not based on how well the stocks are
performing – they get paid either way. This is why they are more than happy
to allow you to make decisions for yourself rather than giving you proper
guidance. Some brokers even go as far as charging you for not trading
enough.
• Location constrain - You cannot trade if you are not on the computer
where you have installed trading terminal software.
• It requires high speed internet connection.
• These trading terminals are not easily available for low volumn share
traders
The current online Stock trading industry is in upheaval. This is in large part
due to the down turn in stock prices and its gradual clawing back at the whim
of the global economic crisis. People are looking for a change and don’t want
to pay exuberant brokerage fees to trade online. That is where the new wave
of online brokers comes into the fold. Many of the new brokerage institutions
that specialize in online trading have disposed of the outdated methods that
were employed by brokers in the past. Many have turned to a flat fee based
on the amount you intend trading. New brokers are also offering a relatively
new trend in the industry known as Straight through Processing (STP).
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This negates the need of slow manual processing methodology. It ensures
that your trade goes straight through to the market and ensures you get the
best price for the stocks you want. Manual processing was often slow and by
the time the broker had collated all of the orders for a specific stock – the
stock had
Contd.
Italy Italian Derivatives Market
Netherlands Amsterdam Exchanges option Traders
Russia The Russian Exchange
Petersburg Futures Exchange
Spain The Spanish Options Exchange
Citrus Fruit and Commodity Futures Market of
Valencia
Structure of the commodity market in India
Ministry of Consumer Affairs,
Food and Public Distribution
Forward Market commission
Open outcry
Exchanges Online
Exchanges
NCDEX NMCE MCX NBOT
Participants in Commodities Market: Hedgers, speculators, investors and
arbitragers
Producers Farmers
Consumers, refiners, food processing companies, jewelers, textile mills,
exporters and importers
Institutional proprietary traders ( currently disallowed)
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Website: mceindia.com
4. The Meerut Agro Commodities Exchange Co. Ltd., Meerut
5. The Spices and Oilseeds Exchange Ltd.
6. Ahmedabad Commodity Exchange Ltd.
7. Vijay Beopar Chamber Ltd.,Muzaffarnagar
8. India Pepper & Spice Trade Association.Kochi
9. Rajdhani Oils and Oilseeds Exchange Ltd. Delhi
10. National Board of Trade. Indore.
11. The Chamber Of Commerce,Hapur
12. The East India Cotton Association Mumbai.
13. The Central India Commercial Exchange Ltd, Gwaliar.
14. The East India Jute & Hessian Exchange Ltd.
15. First Commodity Exchange of India Ltd, Kochi
16. Bikaner Commodity Exchange Ltd., Bikaner.
17. Esugarindia Limited.
18. The Bombay Commodity Exchange Ltd.Mumbai
19. Surendranagar Cotton oil & Oilseeds Association Ltd,
20. The Rajkot Seeds oil & Bullion Merchants` Association Ltd
21. Bhatinda Om & Oil Exchange Ltd., Batinda.
22. Haryana Commodities Ltd., Hissar
23. The Bullion Association Limited
24. e-Commodities Ltd
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Introduction to the organization
ICICI Bank set up its international banking group in fiscal 2002 to cater to the
cross border needs of clients and leverage on its domestic banking strengths
to offer products internationally. ICICI Bank currently has subsidiaries in the
United Kingdom and Canada, branches in Singapore and Bahrain and
representative offices in the United States, China, United Arab Emirates,
Bangladesh and South Africa.
ICICI Bank's equity shares are listed in India on the Stock Exchange, Mumbai
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).
As required by the stock exchanges, ICICI Bank has formulated a Code of
Business Conduct and Ethics for its directors and employees.
At April 4, 2005, ICICI Bank, with free float market capitalization of about Rs.
308.00 billion (US$ 7.00 billion) ranked third amongst all the companies listed
on the Indian stock exchanges.
Innovation and insight in rate markets drive I-Sec PD’s relationship with
clients. We actively assist clients in providing interest rate structures to suit
their objectives. I-Sec PD Sales team has developed a strong network of
relationships covering institutional investors such as banks, mutual funds,
insurance companies, provident funds and non-banking finance companies.
These relationships are serviced by a wide distribution network with footprints
across the country. The Capital Markets desks’ profound understanding of
resource requirements of clients coupled with I-Sec PD’s client relationships
make us ‘Arranger’ of choice.
I-Sec PD is also credited with pioneering debt market research in India. Our
in-depth research and independent and well-considered market commentaries
are widely read and acclaimed.
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I-Sec PD’s expertise and leadership position have been consistently
recognised by domestic and international agencies. I-Sec PD has been
recognized as the ‘Best Domestic Bond House in India’ by Asiamoney for
2002, 2004, 2005 and 2007. It has also been awarded the prestigious ‘Best
Bond House’ by Financeasia.com for the years - 2001, 2004, 2005, 2006,
2007 and 2009. It was also awarded as the Best Domestic Bond House 2009
by AAA Asset Asian Awards. These awards are a strong testimony of our
capabilities and continuing dominant position in the market.
The merger would enhance value for ICICI shareholders through the merged
entity's access to low-cost deposits, greater opportunities for earning fee-
based income and the ability to participate in the payments system and
32
provide transaction-banking services.
The merger would enhance value for ICICI Bank shareholders through a large
capital base and scale of operations, seamless access to ICICI's strong
corporate relationships built up over five decades, entry into new business
segments, higher market share in various business segments, particularly fee-
based services, and access to the vast talent pool of ICICI and its
subsidiaries.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved
the merger of ICICI and two of its wholly-owned retail finance subsidiaries,
ICICI Personal Financial Services Limited and ICICI Capital Services Limited,
with ICICI Bank.
33
The Managing Director of ICICI Securities Ltd. India, Subrata Mukherji and
the President & CEO of ICICI Securities Inc. USA, Gopakumar hosted a
dinner to commemorate the opening of their Bay Area office, on May 3 at the
Hyatt Regency in Santa Clara, CA. Besides Mukherji and Gopakumar, Atul
Sharma, the Regional Head, was also present. They talked to Bay Area
movers and shakers at the exclusive function where they showcased ICICI
Securities and its parent organization, the ICICI Group.
The ICICI Group was founded over 50 years ago at the initiative of the World
Bank, Indian Government and representatives of Indian industry. They are
one of the market leaders in Investment Banking, private sector life and
general insurance, asset management, consumer credit, private equity and
venture capital.
As of March 31, 2007 ICICI Bank was the largest private sector bank with
balance sheet strength of about US$ 56 billion and over 17 million retail
customer accounts. It is listed both on NYSE and Indian Stock Exchanges.
ICICI Securities Ltd., India is the investment banking arm of ICICI Bank. It is a
top tier player in each of its businesses - Equities, Fixed Income, Investment
Banking/M&A. ICICI Securities, India has managed some of the most
prestigious public equity offerings and landmark transactions in India. ICICI
Securities Inc., USA is a subsidiary of ICICI Securities Ltd. It is a NASD
registered broker dealer and is also registered with the Financial Services
Authority, UK (FSA) and the Monetary Authority of Singapore (MAS) to
conduct equity & corporate finance business.
Its key business lines include Equities (Institutional equity sales, ADR/GDR
underwriting and syndication), Corporate Finance (Indo-US cross border
transactions) and Wealth Management (Provide investment & wealth
management solutions to expatriate Indians and leverage India and overseas
presence to offer the best of both worlds to NRI clients) According to them,
what sets them apart from others/ key differentiators is their strong parentage
(as part of the well known financial powerhouse, the ICICI Group); they know
34
India well (corporate & investment banking, asset management, retail
banking, rural banking and insurance businesses) and have strong investment
expertise across asset classes (manages / advises investments across fixed
income, equity, private equity, real estate & derivatives to all categories of
investors).
35
The Delivery boys
• The Corporates ultimately deliver the goods
– The Private sector
– The Public sector
– The MNCs
The Mobilisers of savings
– Banks
– Mutual Funds
– Insurance Companies
– Financial Institutions
– NBFCs
– Others
Other important market participants
• Venture Capital Funds
• Foreign Institutional Investors
• Hedge Funds
• Private Equity Funds
• Angel Investors
• Pension funds
• Portfolio Managers
36
• to hedge
– Commodities market
• to sell and buy products
Products make the markets
Each market has different types of instruments called the ‘Products’ to meet
different requirements of the market players, to bring flexibility and efficiency
in market operations.
• Capital Market
Equity Shares, Pref Shares, Conv Debentures
• Debt Market
Bond Market and Money Market (less than 1 year)
Govt bonds, Corp bonds, Treasury bills, Commercial Papers,
Repos, CDs, Securitized debts etc
• Foreign Exchange Market
Spot and Forwards
• Commodities
Futures and options
Derivatives
– Equity: Stock Futures, Index Futures and Stock Options-put and
call, index options
– Debt: Interest Rate Swaps, Plain Vanilla Options and Interest
Rate Futures
– Forex: Buy/Sell and Currency Swaps, Rupee Options and
Forwards
– Commodities: Futures
– Other structured products
– CDO
– CLO
– ABS
– MBS
– Asset Swaps
– CDS
Investment Banking defined….
• Managing IPOs, rights and other issues
37
• Raising Debt and Debt Capital
• Private Placements of Debt and Equity
• Treasury and Forex Advisory
• Structuring of products
• Underwriting of issues
• Transaction Advisory (structuring deals)
– Advising on M&As, Take overs
– Valuing Firms and Pricing of issues
– Management Buyouts and Leveraged Buyouts
– Bought out deals
Settlement System
• Stock Exchanges
• Clearing Corporations
• Custodians
• Trading Systems – NDS,Reuters,Bloomberg etc
• RBI
– DVP, RTGS
Financial Services
• Broking (mid way in the value chain)
• Distribution (lower end of the value chain)
• Advisory (higher end of the value chain)
• Custodial Services (lower end of the value chain)
Transaction cost
• Stamp duties
• Tax – Capital gain, Dividend tax
• Brokerage
• Transfer fee
• STT
Market Regulators
• RBI
– Banking
38
• SEBI
– Capital Markets
• IRDA
– Insurance
• FIMMDA
– Debt Markets
• FEDAI
– Forex Markets
• AMFI
– Mutual Funds
The Intermediaries
• The service providers who act between the mobilisers of savings
namely Banks, MFs etc and the users of funds namely the Corporates:
– Investment Bankers
– Brokers
– Distributors
– Rating Agencies
– Custodians
– Advisors/ Consultants
– Primary Dealers
– Market Research
Financial Services
Fee based / advisory services
– Issue Management
– Asset Management
– Portfolio Management
– Corporate Counseling
– Loan Syndication
– Mergers & Acquisition
– Capital Restructuring
– Credit Rating
– Stock Broking
39
– Distribution of financial products
Asset based / fund based services
– Equipment leasing / finance
– Hire Purchase and Consumer Credit
– Bill Discounting
– Venture Capital
– Housing Finance
– Insurance Services
– Factoring
– Credit Cards
40
Competitor’s Analysis
41
Cash
Exposure 5 times 5 times 5 times 5 times 5 times
Brokerage 0.75% of 0.50% of 0.40% of 0.5% to 0.25%
structure the value the trade the value 0.18% advance
Delivery trade or Rs.15 trade depend on brokerage
whichever slab
is lower
Square off 0.10 0.15 0.4 0.6 0.2
Trading 1 1 1 1 1
plateforms
Links With 1 All Major 1 1 1
Banks pvt bank
42
SALES POTENTIAL OF ICICI Direct ONLINE SHARE TRADING
ACCOUNT-SURVEY ANALYSIS:
43
There are many reasons that convince people to invest online. Today
investors can use
revolutionary internet-client-server technology to buy and sell stocks nearly
anywhere, anytime. It saves a lot of time as well as the extra hidden cost that
one incurs while dealing with a normal broker.
Online investing has reached mainstream proportions. With Internet
transmission times of less than a second to anywhere in the world, dealing
over the Internet is faster. It is a powerful medium to be in control of your
investments
One can now get the latest quotes of scrips on the Internet and place an order
almost instantly. One can quickly sift through over thousands stocks to find
those with the greatest potential.
One can maximize his/her return on investment using technical indicators that
can help him/her quickly identify favorable investment opportunities
46
MEDIUMS USED BY ICICI TO REACH OUT TO THE POTENTIAL
CUSTOMERS
As mentioned earlier, ICICI covers virtually the entire country. the company
has a sound base in every part of the country and can cater to different types
of customers from different parts, having a different point of view as well as
different financial capabilities.
However, this is not an easy task and considering all the hurdles coming in
the way of reaching out to the customers everywhere across the country. As a
result ICICI has not just used one channel to reach out to the customers but
has various different mediums to communicate with them.
All these different types of channels make the decision of the potential
customer to be or not to be with ICICI very easy as all the information that he
wants can be received quickly and efficiently.
CALL
SMS
E_MAIL
REGISTER ONLINE
BRANCH
COURIER
CHANNELS/MEDIUMS: Relationship managers, Voluntary sales associates,
Agents
47
RESEARCH METHODOLOGY:
Secondary is the data, which is collected from the various books, magazine
and material, reports, etc. The data which is stored in the organization and
provide by the HR people are also secondary data. The various information is
taken out regarding that subject as well other subject from various sources
and stored. The last years data stored can also be secondary data. This data
is kept for the internal use of the organization. this is the Research
Methodology used in the project. The primary and secondary data method
has been used in this project. Unless the data is collected no project can be
48
complete. So both these data is very important in the project. The research
instrument used for this survey is a structured questionnaire.
The questionnaire contains both open-ended and closed-ended questions.
The questionnaire provides a provision with respect to rating scales.
relationship between different set of factors in a way that will permit statement
conducted.
49
helps the researcher to identify cause and effect relationship. This can be
At last the research design is the conceptual structure within which research
related to purpose or objective of research problem and also finds the nature
50
samples, in case of finite universe, has the same probability of being
selected.
Collection of data:
Sources of Data
There are different sources of collection of data. One has to make
proper planning before deciding the source for collection of data for
investigation. More or less one has to decide the purpose of enquiry.
Primary Secondary 51
Through questionnaires through books
Personal Interview Method Websites Observation
Method
There are different ways to collect primary data but some of the methods that
is used for the collection of data are being discussed below:
• Through questionnaires
• Observation method
52
Under this method the information is collected through a personal
interview with the respondent. In this method the investigator collects the data
personally. He approaches the object, conducts the enquiry on the spot,
collects information and does the needful so as to get the complete
information required by him. We have collected some information directly from
the sample decided by us.
Observation method:
Secondary Data:
Secondary data are those data that have already been collected by
others. These are generally available in journals, periodicals, dailies, research
publications, and official records etc. Secondary data are either available in
published form or in unpublished form.
Published sources:
1. International publications
2. Government publications
53
5. Commercial, Research, Educational Institutions, Unions, Organizations
etc.
Unpublished sources:
We have used certain data pertaining to the company profiles from its
official website and few other website where we gathered information
regarding the company’s history, its achievements, its vision, its mission etc.
Basically we have tried to do justification to whatever information we have got
by arranging this information according to the purpose of our enquiry.
Research Instrument:
5Scope of study:-
54
The research was carried on in the Rajasthan. It is restricted to Jaipur
where it has got 5 branch offices. I have visited people randomly nearby
my locality, small retailers, doctors, customers of ICICI Securities Ltd,
Business Persons, Government Servant, etc.
55
LIMITATIONS OF STUDY:
The respondents who have not given any information are not included in the
sample but do come under the population.
It was not possible to cover each and every client of each and every broking
house and hence a sample of 50 people was taken.
The market share of all the online share trading products is only for the city of
Jaipur. The market share of all the companies may differ in different cities. It
may also differ nationally.
56
Facts and Findings Analysis and Interpretation
SAMPLING METHOD:
The sampling method so as to obtain a representative sample is the Non-
probability sampling methods. Under Non-probability sampling, the question
addressed the basic questions relating to investing or trading in stocks and
whether trading takes place online or offline, if online-which broking house
and why.
A random sample of 50 people was taken. I selected the respondents to the
survey on the basis of judgment sampling with convenience taken into
account.
ASSUMPTIONS:
The sample selected represents the population fully The data has been
collected by administering an open and close-ended questionnaire of end
investors with the assumption that the primary data collected is true and
reflects the actual preferences of the investors/traders.
The sample selected has thorough knowledge of the subject of shares
57
INTERPRETATION OF DATA:
Schedule 1:
Online Offline
45 5
60
40
20 Series1
0
on line share Offline
Trading trading
Type of trading
58
Schedule 2:
18 to 35 36 to 50 50 above
25 18 7
30
20
Series1
10
0
18-35 36-50 50 above
Age group
As can be seen from above charts, 50% of the people using online share
trading products fall in the age group of 18-35 years, which shows that the
popularity of online share trading products is at its peak in this age group and
is the lowest for the age group of 50 years and above. This may be due to the
fact that people in the age group of 18-35 years are well versed with
computers, have fewer responsibilities and can afford to take risks.
The age group of 35-50 years shows a little smaller figure, which may be
because at this stage some people use computers while some don t and
some are just unwilling to put money into shares due to increasing
responsibilities and hence the question of online trading does not arise.
People above 50 years are nearing retirement and in some cases even
retired, so they might have some excess cash and hence they too are willing
to invest in shares through Internet, which is less cumbersome and tedious as
compared to offline trading.
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Schedule 3:
Male Female
35 15
40
20 Series1
0
Male Female
Gender
60
Schedule 4:
Print TV Newsletter Internet others
10 5 24 30 5
40
percentage
30 Print
20 TV
10 Newsletter
0 Internet
1 Others
medium
30% of the respondents came to know about the online trading account
through the Internet itself, hence it may be concluded that the Internet is the
most effective medium as far as getting the customers attention is concerned.
Second most popular medium turned out to be newsletters, which are not
much far from the internet.28% of the respondents, came to know about the
online trading account through the newsletter subscription. The potential of
television and print medium of promotion doesn’t seem to have been utilized
fully as they lag behind with only 5% and 10% respectively of the total
respondents interviewed came to know about the online trading accounts
them.7% of the respondents also came to know about the online share trading
products through other sources such as getting messages on the phone,
getting calls from the company call centre, getting influenced by friends or
relatives etc which again means that there are many other mediums apart
from those specified above which can be tapped to market this product.
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Schedule 5:
YES NO
65 35
80
percentage
60
40 Series1
20
0
Yes No
Respose
Most of the people are satisfied with their choices. However 35 % of the total
respondents were not satisfied with their products, which could be a potential
avenue for consumers waiting to be tapped by the competitors as well as new
firms entering into the e-trading market.
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Schedule 6:
ICICI KOTAK MOS HDFC 5 PAISA
40 20 20 15 5
60
ICICI
40
KOTAK
20
MOS
0
1 HDFC
5 PAISA
company
ICICI is the most popular online share trading product followed by KOTAK but
there is a huge difference between them. MOS is at par with KOTAK. HDFC is
at the fourth position with 14% popularity and 5 PAISA is fifth with less than
10% popularity.
ICICI popularity is quite encouraging from the company s point of view.
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Schedule 7:
Brokerage Advise Efficient and Security
quick trading
5 45 45 5
40 Advise
20
0 Eff and quick
1 Trading
reasons Security
The main reasons behind choosing icici trading account is mainly advice tips
provided by the company and efficient and quick trading platform, but the
company is lagging behind because of their higher brokerage rate and
security.
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Schedule 8:
Student Service Professionals self-employed
10 30 40 20
60
percentages
40 Student
20 Service
0 Proffesionals
1 selfemployed
occupation
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Schedule 9:
Up to 1 1-3 3-5 Above 5 lakh
lakh
60 20 15 5
80
percentages
60
Up to I lakh
40
1 to 3 lakh
20
3 to 5 lakh
0
1 above 5 lakh
investment
People are likely to invest on average 1 lakh rupees in coming year, because
mostly they belong to middle class earners. But there are people who also
ready to invest up to 5 lakh in coming year.
DATA ANALYSIS:
66
All the above firms charge an annual maintenance charge of Rs 500 over and
above the normal account opening charge, which is waived off for the first
year. However it can be observed that apart from this there are many
differences between the products of all the above-mentioned firms.
It can be observed that all the above products differ not only in the way they
charge the brokerage to their customers but also the services they give to
them which also means that they may be targeting different types of
customers.
Some provide a 3 in 1 account which links the customer s demat account with
his trading and savings account while some of them only provide a 2 in 1
account which only links the customer s demat account with his trading
account.
The advantage in a 3 in 1 account is that the customer can trade smoothly
without facing any obstacles as his amount gets credited to the service
provider s account quickly as there is a link between the demat account and
the saving account of the customer. The advantage in having a 3 in 1 account
especially with ICICI is that one can not only trade online but also trade
offline. One can give cheques of a particular amount to ICICI in advance and
can later trade within that much amount. This also reduces the risk of over
trading which can prove very costly at times. However, with a 3 in 1 account
the rigidity increases as the customer does not have a direct link between his
demat and savings account or salary account.
Another difference especially between ICICI and its various other competitors
is regarding its account opening fees .ICICI charges Rs 750 while all its
competitors i.e. 5 PAISA, HDFC, Motilal Oswal and KOTAK charge a flat
account opening fee of Rs 500, rs 700, Rs 500 and Rs 750 respectively. This
is because none of the competitors of ICICI provide as much flexibility as
ICICI does. ICICI charges Rs 1 for those customers who have saving or
salary account with them and hence provide them with software through
which they can trade further efficiently.
They overcome the problem which people who browse and trade go through
such as website not in working condition, website or the page under
construction. A website is also found slow as compared to software itself so
obviously for the people who trade regularly and for those for whom even a
67
slightest increase or decrease in the price of a particular stock makes the
difference, 3 in 1 account is the best option available as compared to any
other product or a service by anyone.
Again ICICI also provides the normal browser based Services which is just
like any other web based product of any other competitor, be it Indiabulls or
KOTAK or 5 PAISA. It means that the company is not only targeting the high
end customers which trade in bulk but is also trying to attract normal
customers considering that the number of people in India who trade in bulk
are far lesser than the huge mass that trades in normal quantities
Another point of difference between all the above-mentioned firms is that of
the type of trading and the exposure given by them to their customers.
Exposure means the freedom to trade till a particular amount. For example if a
person is trading with Rs 10000 and if the exposure provided by his service
provider is 4 times than he can trade upto the value of Rs 40000. Now, over
here, ICICI provides exposure of 10 times but only on daily trading and not on
delivery based trading as compared to others who do provide exposure on
delivery as well. This aspect needs to be looked into as there are many
traders who would like to get exposure on delivery and not just on daily
trading.
The next and one of the most important aspects to be considered is the
difference in brokerage structure between all the firms providing the online
share trading account. While ICICI direct (ICICI s online share trading wing)
charges the highest brokerage of 0.75 %, 5 PAISA and KOTAKSTREET
(KOTAK s online share trading wing) are those companies whose brokerage
on delivery is one of the lowest. KOTAK charges a brokerage of a mere
0.18% on select slabs on delivery. but certainly a little above average
considering the fact that even the big players such as HDFC and KOTAK
charge a brokerage which is less than 0.50%. This aspect needs some
attention as the company is have to compete with their competitors and
brokerage is the first and the foremost thing, which attracts or detracts a
potential customer.
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In addition to the above mentioned distinction between ICICI and its various
other competitors providing a similar product with their own unique selling
propositions there is one more set of competitors who are called as brokers.
Before online trading was introduced in the BSE and the NSE, trading used to
be carried out only by these brokers. However, this type of trading was highly
ambiguous, froth with the danger of scams and frauds, involved a lot of paper
work and also resulted in the customer getting cheated by the broker who
most of the times used to provide him with unreal information about a
particular company. As a result, the customer used to end up picking up a
wrong stock and make huge losses. However, with the advent of online
trading, the impact of these type of brokers has lessened as there is no paper
work, prices of the stocks come streaming online which are there for everyone
to see along with their annual results, their annual sales.etc. However, the
facilities such as general economy news, company news and analysis,
streaming quotes, multiple watch lists of the stocks listed at both THE BSE
and THE NSE, ability to create own market watch list and viewown portfolio
anytime are not provided by the normal broker.
A customer need not call his broker but straight away log on to the company s
website and trade himself. This also saves time, which is a very important
factor in stock trading as share prices change by every minute. Further at
ICICI, the customer is provided with a unique client identity number, which no
one apart from the customer himself has. Thus all the important facts about
the customer s portfolio, his stocks and their market value can be viewed by
none other than that particular himself and are kept 100% secret. This
increases the security level as well as makes the product authentic. Again
there are no hidden charges with an ICICI online share trading account such
as delivery charges, service tax, demat charges and other charges which one
might face when trading with a normal broker.
ICICI thus, is a clear winner when compared to a normal broker, as there is
more security and greater satisfaction to a customer when trading with the
former than with the latter.
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SALES POTENTIAL OF ICICI Direct ONLINE SHARE TRADING
ACCOUNT-SURVEY ANALYSIS:
Online trading in India started in February 2000 when a couple of broking
houses started offering online trading to their customers. As of today there are
more than 7 big players offering the online share trading product and this
number is sure to rise. The last six years has seen a lot of changes in the
Indian markets. With the boom in the Indian economy and the stock markets
going through a bull run the popularity and the attraction towards trading in
shares has increased manifold. Again its knowledge has also increased
amongst the people. The market is huge but it also needs to be tapped
appropriately.
Anything less offered by ICICI as compared to its competitors or any feature
not convincing enough from the customer s point of view can be detrimental to
the success of the firm s product.
Hence in order to know the market potential of ICICI vis-à-vis its competitors,
a survey was conducted to assess the popularity and awareness among
people about shares and ICICI online share trading account.
70
SWOT ANALYSIS
71
CONCLUSIONS
It can be concluded that ICICI, is veteran to the online share trading field, has
been able to build a sound customer base if the survey conducted is to be
believed. ICICI has a strong presence in almost every part of the country
which can eventually lead to a very big customer base.
• The company will find it relatively easy to further introduce its other
latest products through its strong reach throughout the country.
• It has varied product platforms which are specifically designed to cater
to varied customer needs which leads to a conclusion that the firm has
designed the product keeping the customer in mind.
• A sound base in almost the entire country and as much as six different
mediums used by the company to reach out to potential customers
means that the company is going all out to increase its market share.
• The brokerage charged by ICICI is relatively high as compared to some
of the big players in the market such as HDFC and KOTAK and Motilal
Oswal.
• An ICICI online trading customer can even trade offline and he/she
need not have an internet connection. This facility is not available with
all the companies providing online trading facility.
• Considering the data it can be concluded that there is a high level of
penetration of online trading products, women are also beginning to
trade online and it is the younger generation (18 to 35 yrs) that trades
the most.
• Considering the data it can also be concluded that most of the people
are satisfied with their choices of online trading accounts and that ICICI
DIRECT is a clear market leader as far as the popularity of the various
online trading companies are concerned.
72
SUGGESTIONS:
• The brokerage structure needs to be revised. It is already on the higher
side as compared to HDFC and KOTAK. Again, the brokerage charged
should be customized.
• It should be based on the client s turnover. Slabs should be made on
the basis of the client s turnover. Higher the turnover- lesser the
brokerage.
• ICICI should also try and increase its level of presence in certain
sections of the media such as Television and Radio. Tie-ups with
business channels such as CNBC, NDTV PROFIT or ZEE BUSINESS
can be of great advantage.
• ICICI can also sponsor certain business related events or
programmes .It may lead to greater awareness about the product
amongst the people .Already certain business houses are doing it. It is
also a good idea from the point of view of maintaining corporate social
responsibility. This will not only benefit the company s online share
trading product but will also benefit the other products which may be
launched later on.
• Increase the distribution network for in form of drop boxes and get in tie
ups with mobile phone galleries with reliance web shops or set up drop
boxes at railways stations which will facilitate easy payment
opportunities for the client.
The above mentioned steps might increase the company s expenditure
initially but it can be a profitable exercise in the long run.
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APPENDIX
QUESTIONNAIRE
Q.1) WHAT IS YOUR NAME?
Ans …………………………………………………………………
Q.2) WHAT IS YOUR AGE?
1] MALE 2] FEMALE
Ans ………………………………………………………………….
Q.3) WHAT IS YOUR OCCUPATION?
1] STUDENT 2] SERVICE
3] PROFESSIONAL 4] SELF EMPLOYED
Ans …………………………………………………………………..
4) WHAT WOULD BE YOUR LIKELY INVESTMENT OVER THE
NEXT ONE (1) YEAR?
1] UPTO RS 1 LAKH 2] RS 1- 3 LQKH
3] RS 3- 5 LAKH 4] RS 5 LAKH AND ABOVE
5) DO YOU TRADE OFFLINE OR ONLINE?
ANS:
6) THROUGH WHICH ONLINE SHARE TRADING ACCOUNT
DO YOU TRADE?
1] ICICI 2] KOTAK 3] HDFC 4] MOS
5] 5 PAISA
7) HOW DID YOU COME TO KNOW ABOUT ICICI ONLINE
TRADING ACCOUNT?
1] TV 2] PRINT 3] INTERNET 4]
NEWSLETTER 5] OTHERS
74
10) GIVEN AN OPPORTUNITY, WOULD YOU LIKE TO
CHANGE OVER TO ANOTHER ONLINE SHARE TRADING
ACCOUNT AND FOR WHAT REASONS?
75
BIBLIOGRAPHY:
Websites:
www.icicidirect.com
www.kotakstreet.com
www.hdfcsec.com
www.5paisa.com
www.INVESTools.com
www.motilaloswal.com
www.google.com
Books:
NSE s capital markets module
Financial Management
(Khan & Jain)
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