A

PROJECT STUDY REPORT

ON

COMPARATIVE ANALYSIS OF VARIOUS FINANCIAL

INSTITUTIONS IN THE MARKET

Submitted to Rajasthan Technical University, Kota In partial fulfillment for the requirement of MBA (Two years full time program)

Under the supervision of: DEEPALI MALODIYA

Submitted by: PANKAJ SWAMI

MBA lV

Academic Session 2009-2011

Institute Of Management Studies Faculty of Management B. J. S. Rampuria Jain College, Bikaner

A PROJECT STUDY REPORT ON Training Undertaken at ARCADIA SHARE & STOCK BROKERS PVT. LTD. Bikaner MARKET SURVEY AND CREATING AWARENESS ABOUT ONLINE TRADING OF EQUITY SHARES AND OTHER FINANCIAL SERVICES Submitted in Rajasthan Technical University, Kota In partial fulfillment for the Award of Degree of Master of Business Administration

Submitted by: PANKAJ SWAMI MBA Part II Academic Session 2009-2011

Submitted to : DEEPALI MALODIYA

INSTITUTE OF MANAGEMENT STUDIES B.J.S. RAMPURIA JAIN COLLEGE, BIKANER.

PREFACE
Business schools of today realize the importance of practical knowledge over the theoretical base. Hence most of the business schools today have mid-module as well as final projects incorporated as a part of their syllabus. The summer training undertaken at ARCADIA SHARE & STOCK BROKERS PVT. LTD., Bikaner is one such experience where in the project aims to marketing survey & creating awareness about online trading & equity share. It is a new platform of learning through practical experience, which incorporates survey and comparative analysis. It gives the learner an opportunity to relate the theory with the practice, to test the validity and applicability of his classroom learning against real life business situations.

ACKNOWLEDGEMENT

The research work requires co-operation of many people and this work is no exception. It is difficult to thank individually all the persons who patronized this work. The researcher had asked for favors, borrowed ideas, expressions and facts from so many that it would require one volume to give credit to all. So, the researcher wants to thank all the patrons of this report First and foremost I would like to express my sincere gratitude to Mr.Sandeep Jain (Branch Head - Equity and Commodity, ARCADIA SHARE & STOCK BROKERS PVT. LTD., Bikaner) and Mr.Ashok Kangwa (Branch Head Distribution Channel, ARCADIA SHARE & STOCK BROKERS PVT. LTD. Bikaner) whose supervision has given a proper shape to this project. His attitude towards excellence, his helping nature and his enthusiasm has been source of constant inspiration

(PANKAJ SWAMI)

CHAPTER I : INTRODUCTION 1.1 INTRODUCTION TO THE INDIAN MARKET SECURITIES 1.2 INTRODUCTION TO THE COMPANY CHAPTER II : STUDY PROFILE 2.1 TITLE FO THE STUDY 2.2 OBJECTIVES OF THE STUDY 2.3 SIGNIFICANCE OF THE STUDY 2.4 RESEARCH METHODOLOGY 2.5 SCOPE OF THE STUDY 2.6 LIMITATION OF THE STUDY CHAPTER III: FACTS AND FINIDINGS CHAPTER IV: ANALYSIS AND INTERPRETATION CHAPTER V : CONCLUSION AND SUGGESTIONS CHAPTER VI: APPENDIX CHAPTER VII: BIBLIOGRAPH

CHAPTER 1 INTRODUCTION

INTRODUCTION
(a) About project

The understanding of the customer requirement of various financial products is vital these days. It is also important to understand the extent to which these services are provided by the competitor but not provided by us.

Sometime there is a gap between the need of the customer and the degree of satisfaction provided by the competitor.

As a prudent marketer it is vital to identify such areas as these provide an opportunity to exploit and move ahead of competitors. But this involves a comprehensive understanding of the market, this was facilitated by market survey.

(b) Objectives

The prime objective of the study was to understand the market and analysis the competitors. The survey was used to Understand the type of financial service desired by the customer. To find out the degree of awareness of Equity. To study the consumer behaviour . To find out the market potential for online trading of equity shares in Bikaner. To learn professionalism in market of financial product and services. To find prospects for the institution. To conduct the survey to know how many persons invest in equity and how many do not. To do the analysis of market share of ARCADIA SHARE & STOCK BROKERS PVT. LTD. And its competitors available in the market of Bikaner.

(c) Scope of The Study

I am undergoing the summer internship project in ARCADIA SHARE & STOCK BROKERS PVT. LTD. I had joined the company on June, 2010 and assigned task of doing the market survey work for online trading account. I am doing my project on research on market share of ARCADIA SHARE & STOCK BROKERS PVT. LTD. with their existing competitors like sharekhan.com ,icicidirec.com,etc. I also had to understand about other financial products of ARCADIA SHARE & STOCK BROKERS PVT. LTD. In this report I also had to present the details of other financial instruments in which the customers invest their money like mutual funds , derivative market etc. It is very interesting project and very learning experience for me.

(d) Limitations
Though I had completed my project on time but I still faced certain problems while doing the market survey work and collecting information for my project report they are listed below : Searching for the prospective client for opening online account is very time consuming. Some clients have already taken the online account of our competitors and they are not interested in giving information about it . Limited data availability. Lack of proper response from the respondents as they they refuse or does not cooperate. Online share trading understanding about it. Irregular consumer behavior regarding investing in equity market. is a very new field for me and I had consumed a lot of time for doesnt want to invest in equity, so

Different types of financial products

Financial product are the need of the new era. As the income of the individual is increasing day by day on the same track their saving is also increasing , because of it people requires different financial instruments to invest in it according to their needs & requirements. So their are different financial products available in the market and the individual can invest in it by keeping in mind the risk factor involved in the investment.

Different types of products available in the market are : Equity shares Fixed income products Mutual funds Derivatives Unit linked insurance plans . Bonds etc .

About Equity Share

Equity is a term whose meaning depends very much on the context. In general, you can think of equity as ownership in any asset after all debts associated with that asset are paid off. For example, a car or house with no outstanding debt is considered the owner's equity since he or she can readily sell the items for cash. Stocks are equity because they represent ownership of a company, whereas bonds are classified as debt because they represent an obligation to pay and not ownership of assets . To support its investment ,a firm must find means to finance them.Equity and debt represent two broad sources of finance for a business firm.

What Does Equity Represents ?

1. Stock or any other security representing an ownership interest. 2. On the BALANCE SHEET, the amount of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses). Also referred to as "shareholder's equity". 3. In the context of MARGIN TRADING , the value of securities in a margin account minus

what has been borrowed from the brokerage. 4. In the context of real estate, the difference between the current market value of the property and the amount the owner still owes on the mortgage. Thus, it is the amount, if any, the owner would receive after selling a property and paying off the mortgage. Shares are the Certificates representing ownership in a corporation. The person who holds the shares of the company are called shareholders. Equity shares are very risky mode of investment it involves a lot of risk involved in it. The person can invest in equity shares through two ways : Offline share trading Online share trading

Offline Share Trading

MAIN BROKER

MAIN BROKER

SUB BROKER SUB BROKER

SUB BROKER

SUB BROKER

SUB BROKER

CUSTOMER CUSTOMER

CUSTOMER

CUSTOMER

CUSTOMER

Under this type of trading the customer is registered with the sub broker, registered under main broker in the share market.an individual customer willing to trade provides with the money.for this purpose he gets a cheque issued from the athuoriesed bank reffered to as a delivery instruction slip. the money gets transferred to the account of the sub broker. He does the trading for the customer, whenever the market is profitable.

How it works: Now in the share market there will be a willing buyer and a willing seller. The price referred to as order is of two type, Market Order Limit Order Now when the taking and giving price matches, the transaction takes places. After the transaction takes place the money is transferred to the sub brokers account. Who in turn transfers the cheque to the customer? On the other hand the shares brought are transferred to the customers account. All this transaction takes T +2 Days.

WHY OFFLINE? Fearness in the mind of the traders. Feel of insecurity. Lack of knowledge about the equity. Happy with the existing brokers loyalty

Online share trading:

Market

Trading account

SAVINGS

ACCOUNT

DEMAT ACCOUNT

In Online share trading there are three accounts involved, Trading account Savings account Demat account A customer doing online share trading must compulsorily hold all these three account. The shares are stored in the demat account in the demat form. After the transaction the goes into this account. Buying and selling is done through the trading account.

The fund, which is invested for buying and selling, is done through the savings account, which is held with any authorized bank. All these three account are interrelated. WHY ONLINE? Dependency on share broker goes down. Customer has direct access to the market. More transparency in transaction. There are no hassles.

Derivatives as a term conjures up visions of complex numeric calculations, speculative

dealings and comes across as an instrument which is the prerogative of a few smart finance professionals. In reality it is not so. In fact, a derivative transaction helps cover risk, which would arise on the trading of securities on which the derivative is based and a small investor, can benefit immensely.

A derivative security can be defined as a security whose value depends on the values of other underlying variables. Very often, the variables underlying the derivative securities are the prices of traded securities.

Let us take an example of a simple derivative contract: Ram buys a futures contract. He will make a profit of Rs 1000 if the price of Infosys rises by Rs 1000. If the price is unchanged Ram will receive nothing. If the stock price of Infosys falls by Rs 800 he will lose Rs 800.

As we can see, the above contract depends upon the price of the Infosys scrip, which is the underlying security. Similarly, futures trading has already started in Sensex futures and Nifty futures. The underlying security in this case is the BSE Sensex and NSE Nifty. Derivatives and futures are basically of 3 types:

Forwards and Futures Options

Swaps

( i ) Forward contract

A forward contract is the simplest mode of a derivative transaction. It is an agreement to buy or sell an asset (of a specified quantity) at a certain future time for a certain price. No cash is exchanged when the contract is entered into.

Illustration 1:
Shyam wants to buy a TV, which costs Rs 10,000 but he has no cash to buy it outright. He can only buy it 3 months hence. He, however, fears that prices of televisions will rise 3 months from now. So in order to protect himself from the rise in prices Shyam enters into a contract with the TV dealer that 3 months from now he will buy the TV for Rs 10,000. What Shyam is doing is that he is locking the current price of a TV for a forward contract. The forward contract is settled at maturity. The dealer will deliver the asset to Shyam at the end of three months and Shyam in turn will pay cash equivalent to the TV price on delivery.

Illustration 2:
Ram is an importer who has to make a payment for his consignment in six months time. In order to meet his payment obligation he has to buy dollars six months from today. However, he is not sure what the Re/$ rate will be then. In order to be sure of his expenditure he will enter into a contract with a bank to buy dollars six months from now at a decided rate. As he is entering into a contract on a future date it is a forward contract and the underlying security is the foreign currency. The difference between a share and derivative is that shares/securities is an asset while derivative instrument is a contract

What is an Index?

To understand the use and functioning of the index derivatives markets, it is necessary to understand the underlying index. A stock index represents the change in value of a set of stocks, which constitute the index. A market index is very important for the market players as it acts as a barometer for market behavior and as an underlying in derivative instruments such as index futures.

The Sensex and Nifty

In India the most popular indices have been the BSE Sensex and S&P CNX Nifty. The BSE Sensex has 30 stocks comprising the index which are selected based on market capitalization, industry representation, trading frequency etc. It represents 30 large well-established and financially sound companies. The Sensex represents a broad spectrum of companies in a variety of industries. It represents 14 major industry groups. Then there is a BSE national index and BSE 200. However, trading in index futures has only commenced on the BSE Sensex. While the BSE Sensex was the first stock market index in the country, Nifty was launched by the National Stock Exchange in April 1996 taking the base of November 3, 1995. The Nifty index consists of shares of 50 companies with each having a market capitalization of more than Rs 500 crore.

Futures and stock indices

For understanding of stock index futures a thorough knowledge of the composition of indexes is essential. Choosing the right index is important in choosing the right contract for speculation or hedging. Since for speculation, the volatility of the index is important whereas for hedging the choice of index depends upon the relationship between the stocks being hedged and the characteristics of the index. Choosing and understanding the right index is important as the movement of stock index futures is quite similar to that of the underlying stock index. Volatility of the futures indexes is generally greater than spot stock indexes. Everytime an investor takes a long or short position on a stock, he also has an hidden exposure to the Nifty or Sensex. As most often stock values fall in tune with the entire market sentiment and rise when the market as a whole is rising.

Retail investors will find the index derivatives useful due to the high correlation of the index with their portfolio/stock and low cost associated with using index futures for hedging.

Understanding index 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. Index futures are all futures contracts where the underlying is the stock index (Nifty or Sensex) and helps a trader to take a view on the market as a whole. Index futures permits speculation and if a trader anticipates a major rally in the market he can simply buy a futures contract and hope for a price rise on the futures contract when the rally occurs. We shall learn in subsequent lessons how one can leverage ones position by taking position in the futures market. In India we have index futures contracts based on S&P CNX Nifty and the BSE Sensex and near 3 months duration contracts are available at all times. Each contract expires on the last Thursday of the expiry month and simultaneously a new contract is introduced for trading after expiry of a contract.

Example:

Futures contracts in Nifty in July 2001 Contract month July 2001 August 2001 September 2001 On July 27 Contract month Expiry/settlement July 26 August 30 September 27

August 2001 August 30 September 2001 September 27 October 2001 October 25 The permitted lot size is 200 or multiples thereof for the Nifty. That is you buy one Nifty contract the total deal value will be 200*1100 (Nifty value)= Rs 2,20,000. In the case of BSE Sensex the market lot is 50. That is you buy one Sensex futures the total value will be 50*4000 (Sensex value)= Rs 2,00,000. The index futures symbols are represented as follows: BSE NSE BSXJUN2001 (June contract) FUTDXNIFTY28-JUN2001 BSXJUL2001 (July contract) FUTDXNIFTY28-JUL2001 BSXAUG2001 (Aug contract) FUTDXNIFTY28-AUG2001

( ii ) Options

Stock markets by their very nature are fickle. While fortunes can be made in a jiffy more often than not the scenario is the reverse. Investing in stocks has two sides to it a) Unlimited profit potential from any upside (remember Infosys, HFCL etc) or b) a downside which could make you a pauper.

Derivative products are structured precisely for this reason -- to curtail the risk exposure of an investor. Index futures and stock options are instruments that enable you to hedge your portfolio or open positions in the market. Option contracts allow you to run your profits while restricting your downside risk.

Apart from risk containment, options can be used for speculation and investors can create a wide range of potential profit scenarios. We have seen in the Derivatives School how index futures can be used to protect oneself from volatility or market risk. Here we will try and understand some basic concepts of options.

What are options?

Some people remain puzzled by options. The truth is that most people have been using options for some time, because options are built into everything from mortgages to insurance. An option is a contract, which gives the buyer the right, but not the obligation to buy or sell shares of the underlying security at a specific price on or before a specific date. Option, as the word suggests, is a choice given to the investor to either honour the contract; or if he chooses not to walk away from the contract.

To begin, there are two kinds of options: Call Options and Put Options. A Call Option is an option to buy a stock at a specific price on or before a certain date. In this way, Call options are like security deposits. If, for example, you wanted to rent a certain property, and left a security deposit for it, the money would be used to insure that you could, in fact, rent that property at the price agreed upon when you returned. If you never returned, you would give up your security deposit, but you would have no other liability. Call options usually increase in value as the value of the underlying instrument rises.

When you buy a Call option, the price you pay for it, called the option premium, secures your right to buy that certain stock at a specified price called the strike price. If you decide not to use the option to buy the stock, and you are not obligated to, your only cost is the option premium.

Put Options are options to sell a stock at a specific price on or before a certain date. In this way, Put options are like insurance policies

If you buy a new car, and then buy auto insurance on the car, you pay a premium and are, hence, protected if the asset is damaged in an accident. If this happens, you can use your policy to regain the insured value of the car. In this way, the put option gains in value as the value of the underlying instrument decreases. If all goes well and the insurance is not needed, the insurance company keeps your premium in return for taking on the risk.

With a Put Option, you can "insure" a stock by fixing a selling price. If something happens which causes the stock price to fall, and thus, "damages" your asset, you can exercise your option and sell it at its "insured" price level. If the price of your stock goes up, and there is no "damage," then you do not need to use the insurance, and, once again, your only cost is the premium. This is the primary function of listed options, to allow investors ways to manage risk.

Technically, an option is a contract between two parties. The buyer receives a privilege for which he pays a premium. The seller accepts an obligation for which he receives a fee. There are two types of options:

Call Options Put Options

Call options

Call options give the taker the right, but not the obligation, to buy the underlying shares at a predetermined price, on or before a predetermined date.

Illustration 1:

Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8 This contract allows Raj to buy 100 shares of SATCOM at Rs 150 per share at any time between the current date and the end of next August. For this privilege, Raj pays a fee of Rs 800 (Rs eight a share for 100 shares). The buyer of a call has purchased the right to buy and for that he pays a premium. Now let us see how one can profit from buying an option. Sam purchases a December call option at Rs 40 for a premium of Rs 15. That is he has purchased the right to buy that share for Rs 40 in December. If the stock rises above Rs 55 (40+15) he will break even and he will start making a profit. Suppose the stock does not rise and instead falls he will choose not to exercise the option and forego the premium of Rs 15 and thus limiting his loss to Rs 15. Let us take another example of a call option on the Nifty to understand the concept better.

Nifty is at 1310. The following are Nifty options traded at following quotes.

Option contract Dec Nifty

Strike price 1325 1345 1325 1345

Call premium Rs 6,000 Rs 2,000 Rs 4,500 Rs 5000

Jan Nifty

A trader is of the view that the index will go up to 1400 in Jan 2002 but does not want to take the risk of prices going down. Therefore, he buys 10 options of Jan contracts at 1345. He pays a premium for buying calls (the right to buy the contract) for 500*10= Rs 5,000/-.

In Jan 2002 the Nifty index goes up to 1365. He sells the options or exercises the option and takes the difference in spot index price which is (1365-1345) * 200 (market lot) = 4000 per contract. Total profit = 40,000/- (4,000*10).

He had paid Rs 5,000/- premium for buying the call option. So he earns by buying call option is Rs 35,000/- (40,000-5000). If the index falls below 1345 the trader will not exercise his right and will opt to forego his premium of Rs 5,000. So, in the event the index falls further his loss is limited to the premium he paid upfront, but the profit potential is unlimited.

Call Options-Long & Short Positions

When you expect prices to rise, then you take a long position by buying calls. You are bullish. When you expect prices to fall, then you take a short position by selling calls. You are bearish.

Put Options

A Put Option gives the holder of the right to sell a specific number of shares of an agreed security at a fixed price for a period of time.

eg: Sam purchases 1 INFTEC (Infosys Technologies) AUG 3500 Put --Premium 200 This contract allows Sam to sell 100 shares INFTEC at Rs 3500 per share at any time between the current date and the end of August. To have this privilege, Sam pays a premium of Rs 20,000 (Rs 200 a share for 100 shares). The buyer of a put has purchased a right to sell. The owner of a put option has the right to sell.

Illustration 2:
Raj is of the view that the a stock is overpriced and will fall in future, but he does not want to take the risk in the event of price rising so purchases a put option at Rs 70 on X. By purchasing the put option Raj has the right to sell the stock at Rs 70 but he has to pay a fee of Rs 15 (premium). So he will breakeven only after the stock falls below Rs 55 (70-15) and will start making profit if the stock falls below Rs 55.

Put Options-Long & Short Positions

When you expect prices to fall, then you take a long position by buying Puts. You are bearish. When you expect prices to rise, then you take a short position by selling Puts. You are bullish.

If you expect a fall in price(Bearish) If you expect a rise in price (Bullish)

CALL OPTIONS Short Long

PUT OPTIONS Long Short

SUMMARY:

CALL OPTION BUYER Pays premium Right to exercise and buy the shares Profits from rising prices Limited losses, Potentially unlimited gain PUT OPTION BUYER Pays premium Right to exercise and sell shares Profits from falling prices Limited losses, Potentially unlimited gain

CALL OPTION WRITER (Seller) Receives premium Obligation to sell shares if exercised Profits from falling prices or remaining neutral Potentially unlimited losses, limited gain PUT OPTION WRITER (Seller) Receives premium Obligation to buy shares if exercised Profits from rising prices or remaining neutral Potentially unlimited losses, limited gain

Hedging

We have seen how one can take a view on the market with the help of index futures. The other benefit of trading in index futures is to hedge your portfolio against the risk of trading. In order to understand how one can protect his portfolio from value erosion let us take an example.

Illustration:
Ram enters into a contract with Shyam that six months from now he will sell to Shyam 10 dresses for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he will make a profit of Rs 3000 if the sale is completed. Cost (Rs) 1000 Selling price Profit 4000 3000

However, Ram fears that Shyam may not honour his contract six months from now. So he inserts a new clause in the contract that if Shyam fails to honour the contract he will have to pay a penalty of Rs 1000. And if Shyam honours the contract Ram will offer a discount of Rs 1000 as incentive.

Shyam defaults 1000 (Initial Investment) 1000 (penalty from Shyam) - (No gain/loss)

Shyam honours 3000 (Initial profit) (-1000) discount given to Shyam 2000 (Net gain)

As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his initial investment. If Shyam honours the contract, Ram will still make a profit of Rs 2000. Thus, Ram has hedged his risk against default and protected his initial investment.

The above example explains the concept of hedging. Let us try understanding how one can use hedging in a real life scenario.

Stocks carry two types of risk company specific and market risk. While company risk can be minimized by diversifying your portfolio market risk cannot be diversified but has to be hedged. So how does one measure the market risk? Market risk can be known from Beta.

Beta measures the relationship between movement of the index to the movement of the stock. The beta measures the percentage impact on the stock prices for 1% change in the index. Therefore, for a portfolio whose value goes down by 11% when the index goes down by 10%, the beta would be 1.1. When the index increases by 10%, the value of the portfolio increases 11%. The idea is to make beta of your portfolio zero to nullify your losses.

Hedging involves protecting an existing asset position from future adverse price movements. In order to hedge a position, a market player needs to take an equal and opposite position in the futures market to the one held in the cash market. Every portfolio has a hidden exposure to the index, which is denoted by the beta. Assuming you have a portfolio of Rs 1 million, which has a beta of 1.2, you can factor a complete hedge by selling Rs 1.2 mn of S&P CNX Nifty futures.

Steps:
Determine the beta of the portfolio. If the beta of any stock is not known, it is safe to assume that it is 1. Short sell the index in such a quantum that the gain on a unit decrease in the index would offset the losses on the rest of his portfolio. This is achieved by multiplying the relative volatility of the portfolio by the market value of his holdings. Therefore in the above scenario we have to shortsell 1.2 * 1 million = 1.2 million worth of Nifty. Now let us study the impact on the overall gain/loss that accrues:

Gain/(Loss) in Portfolio Gain/(Loss) in Futures Net Effect

Index up 10% Rs 120,000 (Rs 120,000) Nil

Index down 10% (Rs 120,000) Rs 120,000 Nil

As we see, that portfolio is completely insulated from any losses arising out of a fall in market sentiment. But as a cost, one has to forego any gains that arise out of improvement in the overall sentiment. Then why does one invest in equities if all the gains will be offset by losses in futures market. The idea is that everyone expects his portfolio to outperform the market. Irrespective of whether the market goes up or not, his portfolio value would increase.

The same methodology can be applied to a single stock by deriving the beta of the scrip and taking a reverse position in the futures market. Thus, we have seen how one can use hedging in the futures market to offset losses in the cash market

Speculation
Speculators are those who do not have any position on which they enter in futures and options market. They only have a particular view on the market, stock, commodity etc. In short, speculators put their money at risk in the hope of profiting from an anticipated price change. They consider various factors such as demand supply, market positions, open interests, economic fundamentals and other data to take their positions.

Illustration:

Ram is a trader but has no time to track and analyze stocks. However, he fancies his chances in predicting the market trend. So instead of buying different stocks he buys Sensex Futures.

On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise in future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number of contracts to close out his position.

Selling Price : 4000*100 = Rs 4,00,000 Less: Purchase Cost: 3600*100 = Rs 3,60,000 Net gain Rs 40,000 Ram has made a profit of Rs 40,000 by taking a call on the future value of the Sensex. However, if the Sensex had fallen he would have made a loss. Similarly, if would have been bearish he could have sold Sensex futures and made a profit from a falling profit. In index futures players can have a long-term view of the market up to atleast 3 months.

Arbitrage

An arbitrageur is basically risk averse. He enters into those contracts were he can earn riskless profits. When markets are imperfect, buying in one market and simultaneously selling in other market gives riskless profit. Arbitrageurs are always in the look out for such imperfections.

In the futures market one can take advantages of arbitrage opportunities by buying from lower priced market and selling at the higher priced market. In index futures arbitrage is possible between the spot market and the futures market (NSE has provided a special software for buying all 50 Nifty stocks in the spot market. Take the case of the NSE Nifty.

Assume that Nifty is at 1200 and 3 months Nifty futures is at 1300. The futures price of Nifty futures can be worked out by taking the interest cost of 3 months into account.

If there is a difference then arbitrage opportunity exists. Let us take the example of single stock to understand the concept better. If Wipro is quoted at Rs 1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC at Rs 1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3 months at Rs 1070. Sale = 1070

Cost= 1000+30 = 1030 Arbitrage profit = 40 These kind of imperfections continue to exist in the markets but one has to be alert to the opportunities as they tend to get exhausted very fast.

CHAPTER-2

ABOUT ARCADIA SHARE & STOCK BROKERS PVT. LTD

ABOUT ARCADIA SHARE & STOCK BROKERS PVT. LTD AND THEIR PRODUCTS AND SERVICES
Arcadia came to life in 1995, right on the wave of a post-liberalisation market economy. As financial services became a major contributor to economic growth, Arcadia has steadily shaped into a leading financial service provider.

Incorporation Year Registered Office ISINNO Phone E-mail URL Industry Chairman Managing Director Company Secretary Listing

1908 Baroda House,Mandvi,, Vadodara, Gujarat-390006 . INE028A01013 91-0265-2563932 investorservices@bankofbaroda.com www.bankofbaroda.com Bank - Public M D Mallya M D Mallya Vinay A Shah BSE,NSE

Arcadia has steadily shaped into a leading financial service provider.

ARCADIA SHARE & STOCK BROKERS PVT. LTD. member of National Stock Exchange and The Stock Exchange, Mumbai ARCADIA SHARE & STOCK BROKERS PVT. LTD. is a wholly owned subsidiary of ARCADIA SHARE & STOCK BROKERS PVT. Indias leading and most popular finance and investment portal. ARCADIA SHARE & STOCK BROKERS PVT. LTD. has emerged as one of leading players in e-broking space in India. Our key product offerings are as follows:

Products of ARCADIA SHARE & STOCK BROKERS PVT. LTD

Main products

Investor Terminal Trader Terminal 2010 Diet ODIN

On all the terminals, investors get the facility to buy and sell stocks in NSE and BSE and Futures and Options through NSE.

Investor Terminal

 Investor Terminal is recommended for infrequent investors, who fall into the "Buy and Hold" school of investing, made very popular by Warren Buffet - the Oracle of Omaha.

Its a trading interface which works behind proxy and firewalls as they access the Internet and the stock markets from their work place, where a direct connection is difficult because of corporate IT security policies.

Trader Terminal 2010

Trader Terminal is for the dedicated day traders, who churn their portfolio on minor movements in the market, sometimes several times a day.

The Trader Terminal offers.. lightning fast order execution Monitoring of marked to market positions on a minute-to-minute basis Intra-day charts, market gossip, price and volume information and much more

The Diet ODIN

The

Diet ODIN terminal provides the facility to trade not only in cash as well as

derivatives but also in the commodities segment in the Multi-Commodity Exchange (MCX) and the National Commodity & Derivatives Exchange (NCDEX);

Though it doesnt provide charting features, it provides a cleaner interface for faster order execution, a facet well-appreciated by the true-blue trader of today.

Customer category

 Investor Trader

The category of the customer does not depend on the terminal he takes but on the scheme he takes

Brokerage Investor

One-time registration fees Minimum Initial Margin Trading Brokerage (Cash) Delivery Brokerage F&O Brokerage Minimum Per Share(Trading) Minimum Per Share(Delivery)

555 Rs.5000/0.10% 0.50% 0.10% 5 Paisa 5 Paisa

Registration of Investor

Registration charge of Rs.555 is once payable and non refundable. This charge cannot be waived of under any circumstances. Account cannot be opened without the minimum initial margin of Rs. 5000 and any point of time the ledger balance of the client should be minimum Rs. 5000. If the client has a debit balance then stock value minus debit has to be worth a minimum Rs. 5000. Client can withdraw funds from the account but has to maintain a minimum ledger balance of Rs. 5000 If the minimum balance is not maintained then the account will be frozen and client cannot operate both trading and demat account.The account can be re-activated by payment of Rs. 50 p.m.

Brokerage-Trader

Quarterly Registration fees Minimum Initial Margin Trading Brokerage (Cash) Delivery Brokerage F&O Brokerage Minimum (Trading) Minimum (Delivery) Per Per Share Share Rs. 3000/Rs. 5000/0.05% 0.25% 0.05% 1paisa 5paisa

Annual Rs. 8000/Rs. 5000/0.05% 0.25% 0.05% 1paisa 5paisa

Registration of Trader

A client registering as a Trader will not pay Rs.555 A Trader has an option of paying a registration fee of Rs. 8000 every year or Rs. 3000 every quarter. The registration fee is refunded against the brokerage charged i.e. we will refund to the client the registration fee (8000 or 3000) or the actual brokerage charged for that period whichever is lower. Trader has to maintain minimum margin of Rs. 5000 and at any time the ledger balance or stock value has to be minimum Rs. 5000

Terminals offered
An Investor and Trader can opt for any of the products we offer Investor Terminal

 Trader Terminal 2010 Diet ODIN An Investor that has opted for TT5,can be de-activated if the brokerage earned is not sufficient. Our Audit team will keep a check on this and produce a monthly list of such customers Under the Investor or Trader scheme a client can also choose offline trading.

Depository Charges

Account opening charges- Nil Annual maintenance charges-Nil Custody / Holding charges-Nil Transaction Credit-Nil Transaction Debit- 0.05% of transaction value (Minimum Rs.15/-Maximum Rs.100/-) DP charges mentioned above are the same for Investor and Trader.If the client opens only a demat account then the client will be Charged annual maintenance charge of Rs. 250

Regulatory charges
Trading Cash (NSE & BSE)

: 0.006% on turnover : 0.014% on turnover : 0.008% on turnover

Delivery (NSE & BSE) F&O

Service tax & STT

Service Tax is 12.24% on brokerage Securities Transaction Tax For delivery transactions (Charged to buyer and seller) For trading transactions in cash 0.02% 0.1%

(Charged to seller only) For trading transactions in F n O - 0.0133 %

ABOUT THE COMPETITORS OF ARCADIA SHARE & STOCK BROKERS PVT. LTD.

ARCADIA SHARE & STOCK BROKERS PVT., Bikaner has to compete with many players who have been in this field for last four years even after the ARCADIA SHARE & STOCK BROKERS PVT. LTD. product was withdrawn from the market due to certain drawbacks.

The main competitor being

ICICI HDFC

INDIABULLS

ABOUT ICICI DIRECT.COM & THEIR PRODUCTS AND SERVICES

Products and Services

A product for every need: ICICIdirect.com is the most comprehensive website, which allows you to invest in Shares, Mutual funds, Derivatives (Futures and Options) and other financial products. Simply put we offer you a product for every investment need of yours.

1. Trading in shares:
ICICIdirect.com offers you various options while trading in shares. Cash Trading : This is a delivery based trading system, which is generally done with the intention of taking delivery of shares or monies. Margin Trading : You can also do an intra-settlement trading upto 3 to 4 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS Trading : Through MarginPLUS you can do an intra-settlement trading upto 25 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS will give a much higher leverage in your account against your limits. Spot Trading : This facility can be used only for selling your demat stocks which are already existing in your demat account. When you are looking at an immediate liquidity option, 'Cash on Spot' may work the best for you, On selling shares through "cash on spot", money is credited to your bank a/c the same evening & not on the exchange payout date. This money can then be withdrawn from any of the ICICIBank ATMs.

BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1 st and 2nd day after the buy order date, without you having to wait for the receipt of shares into your demat account.

2. TRADE IN DERIVATIVES:

FUTURES

Through ICICIdirect.com, you can now trade in index and stock futures on the NSE. In futures trading, you take buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months. Trading in FUTURES is simple! If, during the course of the contract life, the price moves in your favour (i.e. rises in case you have a buy position or falls in case you have a sell position), you make a profit. Presently only selected stocks, which meet the criteria on liquidity and volume, have been enabled for futures trading. Calculate Index and Know your Margin are tools to help you in calculating your margin requirements and also the index & stock price movements. The ICICIDIRECT UNIVERSITY on the HOME page is a comprehensive guide on futures and options trading.

OPTIONS

An option is a contract, which gives the buyer the right to buy or sell shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no obligation on the buyer to complete the transaction if the price is not favorable to him. To take the buy/sell position on index/stock options, you have to place certain % of order value as margin. With options trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price.

The Buyer of a Put Option has the Right but not the Obligation to Sell the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Put has the obligation of Buying the Underlying Asset at the specified Strike price. By paying lesser amount of premium, you can create positions under OPTIONS and take advantage of more trading opportunities.

ABOUT HDFC SECURITIES & THEIR PRODUCTS AND SERVICES:

ABOUT HDFC : HDFCsec is a brand brought to you by HDFC Securities Ltd, which has been promoted by the HDFC Bank & HDFC with the objective of providing the diverse customer base of the HDFC Group and other investors a capability to transact in the Stock Exchanges & other financial market transactions. HDFCsec, will equip you with the necessary tools to allocate, select and manage your investments wisely, and also support it with the highest standards of service, convenience and hassle-free trading tools. Our mission is to provide our customers with the most useful investment guidance and investment-related services available in the country. We want to become a one-stop solution for all your investment needs, one that will help you get the most out of your money.

PRODUCTS AND SERVICES :

Our services comprise online buying and selling of equity shares on the National Stock Exchange (NSE).

Buying and selling of select corporate debt and government securities on the NSE would be introduced in a subsequent phase.

In a few months, we will also offer the following online trading services on the BSE and NSE: 1. Buying and selling of shares on the BSE 2. Arbitrage between NSE & BSE 3. Trading in Derivatives on the NSE 4. Margin trading products Later, their service range will be enhanced to include the following: Buying and selling of select mutual funds units, subscription to initial public offerings, public issues and rights issues, and purchase of insurance policies and facilitating asset financing (house and car loans for instance). These products and services would of course be provided subject to the prevailing rules & regulations of HDFCsec, the regulatory body, the Securities Exchange Board of India (SEBI) and the relevant stock exchanges. Our content will offer financial information, its analysis, investment guidance, news & views, and is designed to meet the requirements of everyone from a learner to a savvy and wellinformed investor. Heres how it will make a difference to you and your investments:

ABOUT INDIABULLS AND THEIR PRODCUTS AND SERVICES

Indiabulls is India's leading retail financial services company with 135 locations spread across 95 cities. While our size and strong balance sheet allow us to provide you with varied products and services at very attractive prices, our over 750 Client Relationship Managers are dedicated to serving your unique needs. Indiabulls is lead by a highly regarded management team that has invested crores of rupees into a world class Infrastructure that provides our clients with real-time service & 24/7 access to all information and products. Their flagship Indiabulls Professional NetworkTM offers realtime prices, detailed data and news, intelligent analytics, and electronic trading capabilities,

right at your fingertips. This powerful technologies complemented by our knowledgeable and customer focused Relationship Managers. They are creating a world of Smart Investor. Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence, achieve your financial goals.

PRODUCTS AND SERVICES OF INDIABULLS:

Indiabulls offers a full range of financial services and products ranging from Equities to Insurance to enhance your wealth and hence achieve your financial goals. Their Indiabulls Professional NetworkTM offers real-time prices, detailed data and news, intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful technology is complemented by our knowledgeable and customer focussed Relationship Managers. Indiabulls' Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Indiabulls provides full access to all products and services through multi-channels.

Comprehensive Equities & Derivatives independent Indiabulls AnalysisTM Depository Services Insurance

services investors,

for active

traders & Non-Resident Indians. Equity Premium research on 401+ companies updated daily. Value added services for seamless delivery. Take care of your life while you take care of business.

CHAPTER-4

METHODOLGY

The survey was conducted in the market of:

Customers Zones:
Professionals(Elite class).

Traders:
Bikaner citizens.

Samples under study:

Equity traders were surveyed randomly.

Sample size:
300 peoples .

CHAPTER-5 RESULT AND FINDINGS

I had done the survey work to find out that how many persons are interested in online trading , how many invest in equity , how many want to know about equity , how many invest with ARCADIA SHARE & STOCK BROKERS PVT. LTD.and how many still satisfied with offline trading , following are the findings ::

How many invest with equity ?

% of persons interested in online trading :

interested persons 38% not interested 62% 1 2

GRAPH NO. 1 Above graph is showing that how many persons do invest in equity share which is shown with the percentage i.e. 38% who are interested and 26% are not interested.

How many persons want to understand about the equity market ?

GRAPH NO. 2 Above graph is showing that how many persons want to understand the term equity market which is shown in % i.e. 17% are interested and 83% are not interested in knowing equity.

How many invest through online account ?

h o w m a n y in v e s t th r o u g h o n lin e account :

h a vin g 39% n o t h a vin g 61%

1 2

GRAPH NO. 3 Above graph is showing that how many persons are invest in equity through online account i.e. through e-trade which is shown in % i.e. 31% are having online a/c and 61% are not having online a/c with any other broker.

How many want to know about online trading ?

not in t e r e s t e d 38% in t e r e s t e d 62%

1 2

GRAPH NO.4 Above graph is showing that how many persons are having interest in knowing about online trading which is shown in % i.e. 38% are not interested in knowing about online trading and 62% are interested in knowing about online trading of equity shares.

Market share ofARCADIA SHARE & STOCK BROKERS PVT. LTD. in online segment ?

ANALYSIS OF COMPETITOR

8% 13%

5% 34%

17%

23%

ICICI HDFC SHAREKHAN KOTAK INDIA BULLS OTHERS

GRAPH NO. 5 Above graph is showing percentage of market share of all the competitors of ARCADIA SHARE & STOCK BROKERS PVT. LTD.which is greater as compare to ARCADIA SHARE & STOCK BROKERS PVT. LTD. who is having the market share in others category i.e in 5% market share

Comparison of ARCADIA SHARE & STOCK BROKERS PVT. LTD. product with other competitor product ?
PARTICULAR LIVE STEAMING QUOTES DL No COMPANY SERVICE\ BRANCH Many No TOLL FREE First 5 call free & 20/First 5 call free & 20/First 5 call free First 5 call free, then 20/Free No MARGIN FUNDING No No No No No Yes BROKERAGE T\D 0.1\0.5 0.15\0.85 0.1\0.5 0.1\0.65 0.1\0.5 0.1\0.5 NSE \ BSE Bot h Bot h NSE NSE NSE NSE

ARCADIA ICICI

Broking house Bank

HDFC KOTAK

No DL

Bank Broking house

No No

SHAREKHAN INDIABULLS

Yes \DL No BANK LINKING

Broking house Broking house

Many Many

CHEQUE ACCEPTANCE Yes No No No Yes Yes LIMIT GIVEN FOR DP No No No No No Yes

DP LINKING No Self Self No No No BTST FACILITY Yes No No Yes Yes Yes

ARCADIA ICICI HDFC KOTAK SHAREKHAN INDIABULLS

2Banks Self Self 2 Banks 4 Banks 2 Banks

ARCADIA ICICI HDFC KOTAK SHAREKHAN INDIABULLS

CHAPTER-6 RECMMONDATION

Following are some recommendations from my sides-

ARCADIA SHARE & STOCK BROKERS PVT. LTD.should try to reduce the brokerage charges for both trading and delivery. It should target retail customer. They should increase their market penetration. They should provide more and more attractive & innovative schemes for promoting their new product like advertising. They should have a tie up with more Banks.

Target & Task

Conducting survey to find out 300 potential customers. Also finding out the prospective customers. Selling the new online trading product of ARCADIA SHARE & STOCK BROKERS PVT. LTD.

On-Job trainning

Understand the term Online trading of equity shares. How to collect the database from the different sectors of corporate.

Strategies

Target the professionals(Elite class).

CHAPTER-7

CONCLUSION

Business class investors more proportion of their income in shares

and securities as compared to service class investors.

Majority of investors trade according to except the daily traders. Majority of investors take the decision on investment (where/what

amount to invest) on their own idea and some rely on experts opinion and brokers advice. In cash segment, capital gain is the prior motive of the investors followed by regular of the investors followed by regular income and tax income and tax planning. The satisfaction level regarding services by brokers of phone Professional advice available is not adequate regarding investment Most of the investors feel that online trading is more transparent Most of the people are aware of different charges charged by the While selecting a broker, brokerage & frequent payments were Most of the investors are not satisfied with phone services The major problem faced by the investors is of brokers attitude Another major problems faced by the investors is to decide service & professional advice is very low. in secondary market. than the older form of trading (Ring trading). brokers (Demat charges, transaction charges, service charges etc.). considered as main factors followed by personal relations. provided by the brokers. towards small investors is not same as with the big investors. where/what amount is invested. Suggestion: time. Brokers should deal all the investors in same respect. Professional advice should be made available in the city. Brokers should transfer the deliveries/payments to the investors in

ARCADIA SHARE & STOCK BROKERS PVT. LTD is fastly emerging company in financial sector. But market share in comparison to its competitor is very low. It need to improve Its share in financial market. In todays era, online trading becoming more popular. But most of the people dont know about it, and so they are trading offline. So ARCADIA SHARE & STOCK BROKERS PVT. LTD. need to popularized online trading through its various financial products. For this they should emphasize on effective and attractive advertisement campaigns in Print and E-Media.

Disclaimer
You agree and understand that the information and material contained in this website implies and constitutes your consent to the terms and conditions mentioned. You also agree that ARCADIA SHARE & STOCK BROKERS PVT. LTD. can modify or alter the terms and conditions of the use of this service without any liability. ARCADIA SHARE & STOCK BROKERS PVT. LTD. has launched e-broking services. It reserves the right to decide the criteria based on which customers would be allowed to avail of these services. The content of the site and the interpretation of data are solely the personal views of the contributors. ARCADIA SHARE & STOCK BROKERS PVT. LTD. reserves the right to make modifications and alterations to the content of the website.

Users are advised to use the data for the purpose of information only and rely on their own judgment while making investment decisions. The investments discussed or recommended may not be suitable for all investors. ARCADIA SHARE & STOCK

BROKERS PVT. LTD. does not guarantee the timeliness, accuracy or quality of the electronic content. The content of the website cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed for any non-personal use without obtaining prior permission from ARCADIA SHARE & STOCK BROKERS PVT. LTD. ARCADIA SHARE & STOCK BROKERS PVT. LTD. and its owners/affiliates are not liable for damages (monetory or otherwise) caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in transmission or operations, computer virus, communications line failure, and unauthorized access to the personal accounts. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not responsible for any technical failure or malfunctioning of the software or delays of any kind. We are also not responsible for non-receipt of registration details or e-mails. Users shall bear all responsibility of keeping the password secure. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not responsible for the loss or misuse of the password. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not responsible for the content of any of the linked sites. By providing access to other websites, ARCADIA SHARE & STOCK BROKERS PVT. LTD. is neither recommending nor endorsing the content available in the linked websites. You agree that the information gathered from your profile will be used to enhance your experience on the website. We will not rent or sell the profile/contents to any third party. In case of a contest or a promotion scheme, we reserve the right to share the users profile with the sponsors. In the event of necessary credit checks and collection of payments, ARCADIA SHARE & STOCK BROKERS PVT. LTD. can disclose such information to other authorities in good faith. ARCADIA SHARE & STOCK BROKERS PVT. LTD. will use all or any part of the service and change terms without any obligation. Transactions between you and Reymount shall be governed by and construed in accordance with the laws of India. Any litigation regarding the use of website or any transaction between user/client and Reymount or any action at law or in equity arising

out of or relating to these agreement or transaction shall be filed only in the Competent Courts of Delhi alone and the user/client hereby agrees, consents and submits to the jurisdiction of such courts for the purpose of litigating any such action. ARCADIA SHARE & STOCK BROKERS PVT. LTD. is not in any manner answerable, responsible or liable to any person or persons for any acts of omissions or commission, errors, mistakes and/or partners, agents associates etc., of any of the Rules, regulations, bye-laws of the Bombay Stock Exchange Limited, National Stock Exchange of India Limited or SEBI Act or any other laws in force from time to time. ARCADIA SHARE & STOCK BROKERS PVT. LTD. . is not answerable, responsible or liable for any information on this website or for any services rendered by our employees, our servants and us. This website is for the exclusive purpose of transactions to be carried out within the territorial jurisdiction of India and all such transactions shall be governed by the laws in India. Notice is hereby given that Non Resident Indians (NRI's) and Foreign Nationals accessing this web site and opting to transact thereon shall do so after due verification at their end of their eligibility to do so. ARCADIA SHARE & STOCK BROKERS PVT. LTD. . Limited undertakes no responsibility for such pre-eligibility of qualification on part of Non-Resident Indians (NRI's) or Foreign Nationals to transact on this website. If you do not agree to any of the terms mentioned in this agreement, you should exit the site.

PRIVACY POLICY
www.arcadiastock.com would have an exclusive discretion to decide the customers who would be entitled to its online investing services. www.arcadiastock.com also reserves the right to decide on the criteria based on which customers would be chosen to participate in these services. This service is provided "AS IS". www.arcadiastock.com and its owners/ affiliates disclaim any warranty of any kind, imputed by the laws of any jurisdiction, whether express or implied, as to any matter whatsoever relating to this service, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non infringement. We consider ourselves and intend to be subject to the jurisdiction only of the courts of the Republic of India. Use of this service is at your own risk. The data and information provided in the web site is not professional advice and should not be relied upon as such. Neither the information, nor any opinion contained in this report constitutes a solicitation or offer by www.arcadiastock.com or its owners/affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. Any owner/affiliate of www.arcadiastock.com and others associated with it may make markets or specialise in, have positions in and effect transactions in securities of companies mentioned herein and may also perform or seek to perform investment banking services for those companies. www.arcadiastock.com and/or their owners/affiliates or their employees have or may have a long or short position or holding in the securities, options on securities or other related investments of issuers and companies mentioned herein. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors, as they believe necessary. Information herein is believed to be reliable but www.arcadiastock.com does not warrant its completeness or accuracy. The content of the articles and the interpretation of data are solely the personal views of the contributors and do not in any way reflect the views of www.arcadiastock.com or its owners/ affiliates. Users are advised to peruse the articles and other data in the web

site only for their information and to rely on their own judgment when making investment decisions. www.arcadiastock.com and its owners/ affiliates are not liable for damages or injury, including without limitation, damages or injury caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information, whether resulting, in whole or in part, from , negligence or otherwise. Some jurisdictions do not allow the exclusion of implied warranties, so the above exclusion may not apply to you. www.arcadiastock.com makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content. The linked sites are not under our control and we are not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites. We are providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement by us of the site. No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and www.arcadiastock.com and its owners/affiliates take no responsibility therefore. A link to a service or site outside of www.arcadiastock.com is not an endorsement of the service or site, its content, or its sponsoring organization. By providing access to other websites, neither www.arcadiastock.com nor its owners/affiliates is recommending the purchase or sale of the securities issued by it nor is it an endorsement of services provided by its sponsoring organization. If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

We at http://www.arcadiastock.com acknowledges and accepts that the personal details that you impart to us, is to be kept in strict confidentiality and to use the information only in the manner which would be beneficial to our customers. We consider our relationship

with you as invaluable and strive to respect and safeguard your right to privacy. We shall protect the personal details received from you with the same degree of care, but no less than a reasonable degree of care, to prevent the unauthorized use, dissemination, or publication of this information as we protect our own confidential information of a like nature. We shall use the personal information to improve our service to you and to keep you updated about our new product or information that may be of interest to you. The information collected from you would be used in the right spirit and context in which it is intended to be used. Your information would be used by us to process your trading request and to carry out the settlements of your obligations. We would ensure that we collect personal information only to the extent it is necessary to administer our services in the best possible manner and what is required under the various regulations of Indian Laws. To ensure high quality services and high degree of value addition to you, we may combine the information given by you on the web or through other channels.

Under certain circumstances we may be required to share the information given by you with the third parties, where we feel they can contribute to add value and improve the quality of services imparted by us to you. We shall take all reasonable steps to ensure that the confidentiality of your information is maintained by imposing strict confidentiality standards on all the third parties with whom we part these information. In alll circumstances we shall ensure that your personal information is protected by strict confidentiality agreement. We shall not allow any third parties to retain your personal information longer than what is warranted by the nature of services rendered.

CHAPTER-8

BIBLIOGRAPHY
WWW.ARCADIASTOCK.COM

WWW.NSE.com

 C.R Kothari Research Methdology

Chandra Prasanna Financial Management, Tata McGraw Hill Publishing Co. Ltd., New Delhi, 1998

Chary, S. N. Production and Operation Management, 2nd edition, Tata McGraw Hill Company Publishing Ltd., New Delhi

C.R. kothari, Research Methodology

Goyal, B.S., Production Operation Management15th edition, Pragati prakashan Meerut

M.R.Agarwal Financial Management, Garima Publications, Jaipur.

Maheshwari S.N.- Principal of Accounting, Sultan Chand & Sons, New Delhi Philip Kotler, Marketing Management, 10th edition. S.N. Maheshwari, Principals of Management Accounting14th edition, Sultan chand & sons, New Delhi