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ANGEL BROKING LTD.

JAIPUR (RAJ) MAY-JUNE, 2009 A SUMMER TRAINING REPORT ON INVESTORS DEALING IN CAPITAL MARKET IN JAIPUR CITY Report on 45 Days Summer Training submitted towards partial fulfillment of two years MBA Degree program of Rajasthan Technical University, Kota

UNDER THE GUIDENCE OF: MR. SHRIKANT VYAS LECTURER

SUBMITTED BY: SURENDRA KUMAR VYAS M.B.A.-II (Sem.)

MARUDHAR ENGINEERING COLLEGE, RAISAR, BIKANER (2008-2010)

PREFACE
Theories are being developed, designed and stated on the groundwork of their practical implementation and usage. Work experiences seems to be the most effective and indispensable factor for making an individual an adept. This is because one cannot do without being exposed to varying circumstances and possible consequences. Training not develops individuals skills and abilities but also provides proficiency in work performance. The researcher has done summer training in ANGEL BROKING LTD., JAIPUR. Which constitutes an essential part of two years M.B.A. program at training period consists of 45 working days. The researcher was provided the project study on the topic INVESTORS DEALING IN CAPITAL MARKET IN JAIPUR CITY. It was really a great opportunity getting practical insight of the market. Initially I felt that classroom study was irrelevant and is useless in any concerns working but gradually I realized that all the basic fundamental concepts studies are linked in one or the other ways to the organization but how and what can done with theoretical knowledge depended on the applicability of the individuals. Its just a matter of modifying the theory, so as to apply it to given practical solution. The successful completion of this project was a unique experience for me because by visiting many places and interacting with various persons, I achieved a batter knowledge about market.

I sincerely believe that there is no better place to learn the practical side of management studies than the industry itself.

ACKNOWLEDGEMENT

I sincerely want to thank all the people who helped me throughout the procedure of 45 Days of my Summer Internship program. It really has been a learning experience for me. I specially want to thank my company guide Mr. smit sood for his guidance from the first day of training till the last. It has been a great experience of working with him. His assistance really helped me in learning and gaining the practical knowledge. I would also like to thank Mrs. Shrikant vyas my faculty guide at MEC, was there for the guidance and He directed me whenever I was in need of it. I am highly obliged for his assistance. I would also like to appreciate the help given by the Sales Team of Angel Broking and Trading persons, for giving their valuable time and for sharing their experience with us and I would also like to thank other employee of Angel Broking for guiding us with their valuable practical experience of their working life.

CERTIFICATE FROM THE COMPANY

EXECUTIVE SUMMARY

As a partial fulfillment of my MBA curriculum I have undergone six weeks summer training at ANGEL BROKING. I have done my summer training project at Jaipur branch from 11th May to 26th June. The Angel Group has emerged as one of the top 5 retail stock broking houses in India, having memberships on BSE, NSE and the two leading commodity exchanges in the country i.e. NCDEX and MCX. Angel Broking Ltd is also registered as a depository participant with CDSL. world-class service. The questionnaire was used as data collection instrument and both open ended and close ended type of questions were used as per the requirement. From the survey it was found that *Business class investors more proportion of their income in shares and securities as compared to service class investors. *Majority of investors trade according to expert 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 case segment, capital gain is the prior motives of the investors followed by regular of the investors followed by regular income and tax income and tax planning etc. *More details about the project are available in later part of this report. Angel has exceeded customers expectations by providing

PREFACE ACKNOWLADGEMENT CERTIFICATE OF THE COMPANY


EXECUTIVE SUMMRY

TABLE OF CONTENTS
CHAPTER I : INTRODUCTION

1. INTRODUCTION TO THE INDIAN CAPITAL MARKET

2. INTRODUCTION TO THE COMPANY CHAPTER II : STUDY PROFILE

1. TITLE OF THE STUDY 2. OBJECTIVE OF STUDY


3. RESEARCH METHODOLOGY 4. SIGNIFICANCE OF THE STUDY

5. LIMITATION OF THE STUDY CHAPTER III CHAPTER IV CHAPTER V ANNEXURE BILIOGRAPHY : : : FACTS AND FINDINGS ANALYSIS AND INTERPRETATION CONCLUSIONS AND SUGGESTIONS

CHAPTER I

INTRODUCTION

1. INTRODUCTION TO THE INDIAN CAPITAL MARKET


The Indian Capital Market is one of the oldest capital markets in Asia which evolved around 200 years ago. Chronology of the Indian capital markets

1830s: Trading of corporate shares and stocks in Bank and cotton Presses in Bombay. 1850s: Sharp increase in the capital market brokers owing to the rapid development of commercial enterprise. 1860-61: Outbreak of the American Civil War and ' Share Mania ' in India. 1894: Formation of the Ahmadabad Shares and Stock Brokers Association . 1908: Formation of the Calcutta Stock Exchange Association. The pattern of growth in the Indian capital markets in the post independence regime can be analyzed from the following graphs.

From the above graph we find that the number of stock exchanges in India increased at a crawling pace till 1980 but witnessed a sharp rise thereafter till 1995. The following diagram shows the trend in the no. of listed companies participating in the Indian Capital Market . Here again we register a sharp rise after 1980. the number of stocks issued by the listed companies also show a similar trend.

TRADING INTRODUCTION The trading on stock exchange in india used to take place through open outcry without use of information technology for immediate matching or recording of trades. This was time consuming and inefficient. This imposed limits on trading volumes and efficiency. In order to provide efficiency, liquidity and transparency, NSE introduced a nation wide online fully automated screen based trading system (SBTS) where a member can punched into the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon as it finds a matching sale or buy order from a counter party. SBTS electronically matches orders on a strict price/time priority and hence cuts down on time, cost and risks of error, as well as on fraud resulting in improved operational efficiency. It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the informational efficiency of markets. It enables market participants, irrespective of their geographical locations, to trade with

one another simultaneously, improving the depth and liquidity of the market. It provides full anonymity by accepting orders, big or small, from member without revealing their identity, thus providing equal across to everybody. Its also provides a perfect audit trail, which helps to resolve disputes bay logging in the trade execution process in entirely. This sucked liquidity from other exchange and in the very first year of its operation, NSE became the leading stock exchange in the country, impacting the fortunes of other exchange and forcing them to adopted SBTS also. Today India can boast that almost 100% trading take place through electronic order matching. Technology was used to carry the trading platform from the trading hall of stock exchanges to premises of brokers. NSE carried the trading platform further to the PCs at the residence of investors through the internet and to handheld devices through WAP for convenience of mobile investors. This made a huge difference in terms of equal to investors in a geographically vast country like India.

OVERVIEW OF THE INDIAN SECURITIES MARKET INTRODUCTIONS Securities markets provides a channel for allocation of savings to those who have a reductive need for them. As a result, the savers and investors are not constrained by their individual abilities, but by the economys abilities invest and save respectively, which inevitably enhance saving and investment in the economy.

Market segment The securities market has to interdependent and inseparable segments; the primary and the secondary market. The primary market provides to channel for creation of new securities through issuance of financial instrument by public companies as well as Government and government agencies and bodies whereas the secondary market

helps the holders of these financial instruments to sale for exiting from the investment. The price signals, which subsume all information about the issuer and this business including associated risk, generated in the secondary market, help the primary market in allocation of the funds. The primary market issuance is done either through public issues or private placement. A public issue does not limit any entity in investing while in private placement, the issuance is done to select people in terms of companies Act, 1956, an issue becomes public if it results in allotment to more than 50 persons. This means an issue resulting in allotment to less than 50 person is private placement. There are two major types issuers who issue securities. The corporate entities issue mainly debt and equity instrument (shares, debentures, etc.), while the governments (central & state Government)issue debt securities (dated securities, treasury bills). The secondary enables participant who hold securities adjust their assessment of risk and return. They also sell securities for cash to meet their liquidity needs. The exchanges do not provide facilities for spot trades in a strict sense. Closest to spot market is the cash market in exchange where settlement takes place after some time. Trades taking place over a trading cycle (one day under rolling settlement) are settled together after a certain time all the 23 stock exchange in the country provide facilities for trading of corporate securities. Trades executed on NSE only are cleared and selected by a clearing corporation which provides innovations and settlement guarantee. Nearly 100% the trades in capital segment are settled through demat delivery. NSE also provides a formal trading platform for trading of a wide range of debt securities including government securities in both retail and wholesale mode. NSE also provides trading in derivatives of equities, interest rate as well indices.

In derivatives market (F&O market segment of NSE), standardized contracts are traded for future settlement. These futures can be on a basket of securities like an index or an individual security. In case of options, securities are traded for conditional future delivery. There are two types of options a put option permits the owner to sell a security to the writer of options at a predetermined price while a call option permits the owner to purchase a security from the writer of the option at a predetermined price.

These options can also be on individual stocks or baskets of stocks like index. Two exchanges namely NSE and the stock exchange, Mumbai (BSE) provide trading of derivatives of securities. Today the participants have the flexibility of choosing from a basket a products likes: Equities Bond issued by both government and companies Futures on benchmark indices as well as stocks Options on benchmark indices as well as stocks Future on interest rate products like national 91 day T-bills, 10 year national zero coupon bond and 6% national 10 year bond.

The past decade in many ways has been remarkable for securities market in India. It has grown exponentially as measured in terms of amount raised from the market, number of stock exchanges and other intermediaries, the number of listed stocks, market capitalization, trading volumes and turnover on stock exchanges and investor population. Along with this growth, the profiles of the investors, issuers and intermediaries have change significantly. The market has witnessed several institutional changes resulting in drastic reduction in transaction costs and significant improvement in efficiency, transparency, liquidity and safety. In a short span of time, Indian derivatives market has got a place in list of top global exchanges. In signal stock futures category, the futures industry association (FIA) placed NSE in second position in the year 2000. Reforms in the securities market , particularly the establishment and empowerment of SEBI, market determined allocation of resources, screen based nation wide trading, dematerialization and electronic transfer of security, rolling settlement and ban on deferral products, sophisticated risk management and derivatives trading have greatly improved the regularity framework and efficiency of trading and settlement. Indian

market now comparable to many developed markets in terms of a number qualitative parameters.

PRIMARY MARKET A total of RS- 2,520,179 million were raised by the government and corporate sector during 2002-03 as against Rs. 2,269,110 million during the preceding year, Government raised about two third of the total resources, with central government along raising nearly Rs. 1,511,260 million.

Corporate Securities Average annual capital capital mobilization from the primary market, which used to be about Rs 70 crore in the 1960s and about Rs. 90 crore in the 1970s, increased manifold during the 1980s, with the amount raised in 1990-91 being Rs. 4,312 crore. It received a further boost during the 1990s with the capital raised by non government public companies rising sharply to sharply to RS 26,417 crore in 1994-95. The capital raised which used to be less than 1% of gross domestic saving (GDS) in the 1970s increase to about 13% in 1992-93, in real terms, the capital raised increased 4 times between 199091 and 1994-95. During 1994-95, the amount raised through new issues of securities from the securities market accounted for about four-fifth fo the disbursements by FIs. Issuers have shifted focus to other avenues for raising resources like private placement. There is a preference for raising resources in the primary through private placement of debt instruments. Private placements accounted for about 93% of total resources mobilized through domestic issues by the corporate sector during 2002-03. Rapid dismantling of shackles on institutional investments and deregulation of the economy are driving growth of this segment. There are several inherent advantages of relying on private placement route for raising resources. While it is cost and time effective method of raising funds and can be structured to meet the need of the entrepreneurs, it does not require detailed compliance with formalities as required in public or rights issue.

However, to prevent public issues from being passed on as private placement, the companies (Amendment) Act, 2001 considers offer of securities to more than 50 persons as made to public.

Indian market is getting interested with the global market though in a limited way though euro issues. Since 1992 when they were permitted access, Indian companies have raised about Rs 34,264 million through ADRs / GDRs. By the end march 2003, 502 FIIS were registered with SEBI. They had net cumulative investments over of US $ 15.8 billion by the end of March 2003. There operations influence the market as they do delivery-based business and their knowledge of market is considered superior. The market is getting institutionalized as people prefer funds as their investment vehicle, thanks to evolution of a regulatory framework for mutual fund, tax concessions offered by government and preference of investors for passive investing. The net collection by MFs picked up during this decade and increased to Rs 199,530 million 1990-00. This declined to Rs. 111,350 million during 2001-01 which may be attributed to increase in rate of tax on income distributed by debt oriented mutual fund and lackluster secondary market. The total collection of mutual funds for 2002-03 is been Rs. 105,378 million. Starting with asset base of Rs. 250 million in 1964, the total assets under management at the end of March 2003 was Rs. 794,640 million. The number of households owning units of MFs exceeds the the number of household sowing equity and debentures. At the end of financial year march 2003, according to a SEBI press release 23 million unit holders had invested in units of MFs, while 16 million individual investors in equity and of debentures.

GOVERNMENT SECURITIES The primary issues of the central Government have increase many-fold during the decade of 1990s from Rs. 89,890 million in 1990-91 to Rs. 1,511,260 million in 2002-03. The issues by state government increased by about twelve form Rs. 25,690 million to

Rs. 308,530 million during the same period The central Government mobilized Rs 1,250,000 million through issued of dated securities and Rs. 261,260 million through issued of T-bills. After meeting repayment liabilities of Rs. 274,200 million for dated securities, and redemption of T-bills of 195,880 million net market borrowing of central Government amounted to Rs. 1,041,180 million for year 1000-03. The state government collectively raised Rs. 305,830 million during 2002-03 as against Rs. 187,070 million in the preceding year. The net borrowings of state government in 2002-03 amounted to Rs.290,640 million. Along with growth of the market, the invester base has become very wide. In addition to banks and insurance companies, corporate and individual investors are investing in government securities. With dismantling of control regime, and gradual lowering of the SLR and CRR, Government is borrowing at near market rates. The coupons across maturities went down recently signifying lower interest rates. The weighted average cost of its borrowing at one stage increased to 13.75% in 1995-96, which declined to 7.34% in 2002-03. The maturity Structure of government debt is also changing. In view of bunching of redemption liabilities in the medium term, securities with higher maturities were issued during 2002-03. About 64% of primary issues were raised through securities with maturities above 5year and up to 10 years. As a result the weighed average with maturities of dated securities increased to 13.83 years from 6.6 years in 1997-98. SECONDARY MARKET Corporate securities Selected Indicators in the secondary market are presented in table 5.3. The number of stock exchanges increased from 11 in 1990 to 23 now. All the exchanges are fully computerized and offer 100% on-line trading. 9,413 companies were available for trading on stock exchanges at the end of March 2000. The trading platform of the stock exchanges was accessible to 9519 members from over 358 cities on the same date. The market capitalization grew ten fold between 1990-91 and 1999-00. It increased by 221% during 1991-92 and by 107% during 1999-00. All india market capitalization is estimated at Rs. 6,319,212 million at the end of March 2003. The market capitalization

ratio, which indicates the size of the market, increased sharply to 57.4% in 1991-92 following spurt in shares prices. The ratio further increased to 85% by march 2000. It however, declined to 55% at the end of March 2001 and top 29% by end March 2003. The trading volumes on exchanges have been witnessing growth during the 1990s. the average daily turnover grew from about Rs. 1500 million in 1990 to Rs. 120,000 million in 2000, peaking at over Rs. 200,000 million. One-sided turnover on all stock exchanges exceeded Rs.10,000,000 million during 1998-99 Rs 20,000,000 million during 1999-00 and approached Rs. 30,000,000 million during 2000-01. However, the trading volume substantially depleted to Rs. 9,689,541 million in 2002-03. The turnover ratio, which reflects the volume of trading in relation to the size of the market, has been increasing by leaps and bounds after the advent of screen based trading system by the NSE. The turnover ratio for the year 2002-03 increased to 375 but fell substantially due to bad market conditions to 119 during 2001-02 regaining its position accounted 153.3% in 2002-2003. The relative importance of various stock exchanges in the market has undergone dramatic change during this decade. The increase in turnover took place mostly at the large big exchange and it was partly at the cost of small exchange that failed to keep pace with the changes. NSE is the market leader with more 85% of total turnover ( volume on all segments) in 2002-03. Top five stock exchange for 99.88% of turnover, while the rest 18 exchange for less than 0.12% during 2002-03( table5.4). About ten exchange reported nil turnover during the year.

2. INTRODUCTION TO ANGEL
In a shot span of 22 years since inception, the Angel Group has emerged as one of the top five retail stock broking houses in India, having membership of BSE, NSE and the two leading Commodity Exchanges in the country i.e. NCDEX & MCX. Angel Broking is also registered as a Depository Participant with CDSL.

The group is promoted by Mr. Dinesh Thakkar, who started this business as a subbroker in 1987 with a team of 3. Today the angel group is managed by a team of 1937 direct employees and has a nation wide network comprising of 21 Regional hubs, 124 branches and 6810 sub brokers & business associates. Angel is 100% focused on retail stock broking business unlike any other larger national broking house. The group currently services more than 5.9 thousand retail clients. Angel habitually generates value added features without the cost burden being passed on to the clients as they strongly believe that better understanding of clients needs and wants is their top priority. Their e-broking facility is one such effort, which gives the client a platform to access state of the art trading facility at the click of a button.

Angel has always strived for delivering customer delight and developing strong long term bonds with its clients as well as channel partners. Angel thrives on a vision to introduce new and innovative products and services constantly. Moreover, Angel has been among the pioneers to introduce the latest technological innovations and integrate them efficiently within its business.

About the Angel


Angel Bookings tryst with excellence in customer relations began more than 20 years ago. Angel Group has emerged as one of the top 3 retail broking houses in India and incorporated in 1987. Today, Angel has emerged as a premium Indian stock-broking and wealth management house, with an absolute focus on retail business and a commitment to provide "Real Value for Money" to all its clients. It has memberships on BSE, NSE and the leading commodity exchanges in India NCDEX & MCX. Angel is also registered as a depository participant with CDSL.

Angel Group Companies Angel Broking Ltd. Member on the BSE and Depository Participant with CDSL

Angel Capital & Debt Market Membership on the NSE Cash and Futures & Ltd. Angel Ltd. Angel Securities Ltd. Commodities Broking Options Segment Member on the NCDEX & MCX Member on the BSE

Incorporated BSE Membership NSE membership Member of NCDEX and MCX

:1987 :1997 :1998

Depository Participants with CDSL

Angels presence-

Nation- wide network of 21 regional hubs Presence 124 cities 6800 + sub brokers & business associates 5.9 lakh +clients

ANGELS LOGO

ANGELS VISION

ANGELS BUSINESS PHILOSOPHY

OUR ORGANIZATIONAL STRUCTURE

Products of Angel Broking


1. Online Trading 2. Commodities

8. Personal loans 9. Quality assurance

3. DP Services 4. PMS (Portfolio Management Services) 5. Insurance 6. IPO Advisory 7. Mutual Fund

Online- Trading
Specially designed for the net savvy traders and investors who prefer operating from their home or office through the internet. The investor can access state of the art Technology with three different e-broking products and voila trading on BSE, NSE, F & O, MCX and NCDEX. ANGEL DIET: Application based product for Traders. Application based ideal for traders. Multiple exchanges on single screen Online fund transfer facility User friendly & simple navigation BSC, NSC, F&O, MCX & NCDEX

ANGEL ANYWHERE: Application based product for Traders with Charts. Application-based platform for day traders Intra-day/historical charts with various indicators Online fund transfer facility

BSC, NSC, Cash & Derivatives ANGELTRADE: Browser based product for Active Investors. Browser based for investor No installation required Advantage of mobility Trading as simple as internet surfing

BSC, NSC, F&O, MCX & NCDEX

ANGEL INVESTOR anywhere Streaming quotes Refresh static rates when required Multiple exchanges on single screen Online fund transfer facility User-friendly browser for investors Easy online trading platform Works in proxy and firewall system set up Integrated Back office: Access account information anytime,

Investment Advisory Services


To derive optimum returns from equity as an asset class requires professional guidance and advice. Professional assistance will always be beneficial in wealth creation. Investment decisions without expert advice would be like treating ailment without the help of a doctor.

Expert Advice: Their expert investment advisors are based at various

branches across India to provide assistance in designing and monitoring portfolios.

Timely Entry & Exit: Their advisors will regularly monitor customers

investments and guide customers to book timely profits. They will also guide them in adopting switching techniques from one stock to another during various market conditions.

De-Risking Portfolio: A diversified portfolio of stocks is always better than

concentration in a single stock. Based on their research, They diversify the portfolio in growth oriented sectors and stocks to minimize the risk and optimize the returns.

Commodities
A commodity is a basic good representing a monetary value. Commodities are most often used as inputs in the production of other goods or services. With the advent of new online exchange, commodities can now be traded in futures markets. When they are traded on an exchange, Commodities must also meet specified minimum standards known as basic grade. Types of Commodities

Precious Metals Base Metals Energy Pulses Spices Others

: Gold and Silver : Copper, Zinc , Steel and Aluminum : Crude Oil, Brent Crude and Natural Gas : Chana , Urad and Tur : Black Pepper, Jeera, Turmeric , Red Chili : Guar Complex, Soy Complex, Wheat and Sugar

Benefits at Angel
Three different online products tailored for traders & investors. Single Screen customized market-watch for MCX / NCDEX with BSE / NSE. Streaming Quotes and real time Rates. Intra-day trading calls. Research on 25 Agro Commodities, Precious and Base Metals, Energy products and Polymers. An array of daily, weekly and special research reports. Highly skilled analysts with professional industry experience.

Active relationship management desk. Seminars, workshops and investment camps for investors

Depositary Participant Services


Angel Broking Ltd. is a DP services provider though CDSL. We offer depository services to create a seamless transaction platform to execute trades through Angel group of companies and settle these transactions through Angel Depository services. Wide branch coverage Personalized/attentive services of trained a dedicated staff Centralized billing & accounting Acceptance & execution of instruction on fax Daily statement of transaction & holdings statement on e-mail No charges for extra transaction statement & holdings statement

Portfolio Management Services


Successful investing in Capital Markets demands ever more time and expertise. Investment Management is an art and a science in itself. Portfolio Management Services (PMS) is one such service that is fast gaining eminence as an investment avenue of choice for High Net worth Investors (HNI). PMS is a sophisticated investment vehicle that offers a range of specialized investment strategies to capitalize on

opportunities in the market. The Portfolio Management Service combined with competent fund management, dedicated research and technology, ensures a rewarding experience for its clients. Angel PMS brings with it years of experience, expertise, research and the backing of India's leading stock broking house. At Angel, experienced portfolio management is the difference. It will advise you on a suitable product based on factors such as your investment horizon, return expectations and risk tolerance.

DEPARTMENT STUDY
PRODUCT & SERVICE DETAILS AND PORTFOLIO

REPORTS :

Market Outlook at 9:15 a.m. Technical Report at 6:00 p.m. Derivative Analysis Report at 9:15 a.m.

FUNDAMENTAL RESEARCH SERVICES:

The Sunday Weekly Report The Industry Watch Stock Analysis Flash News

TECHNICAL RESEARCH SERVICE :

Nifty Tracker Online Chart Intraday Calls Position Calls Derivative Strategies

Futures Calls

INVESTMENT ADVISORY DESK PORTFOLIO MANAGEMENT SERVICES PMS Schemes @ Angel


Scheme 1: Angel OYSTER Scheme 2: Angel BLUE- CHIP

ANGEL GOLD

COMMODITIES SERVICES

Agro Tech Speak Call Evaluation Commodities Tech Speak

ADVISORY

MUTUAL FUND DISTRIBUTION AND

IPO DISTRIBUTION AND ADVISORY

ONLINE TRADING
ANGEL DIET ANGEL ANYWHERE

ANGEL TRADE

SERVICES

DEPOSITORY PARTICIPANT

FUNDAMENTAL RESEARCH SERVICES:

The Sunday Weekly Report : This weekly report is the ace of all reports. It offers a comprehensive market overview and likely trends in the week ahead. It also presents few top picks based on an in-depth analysis of technical and fundamental factors. It gives short term and long term outlook on these scrips, their price targets and trading strategies. Another unique feature of this report is that it provides an updated view of about 70 prominent stocks on an ongoing basis.

The Industry Watch : This report provides an in-depth analysis of specific industries which are likely to outperform others in the economy. It analyzes their strengths and weaknesses and ascertains their future outlook. The final view is arrived at after thorough interaction with industry experts. Also comparative performances of various companies in the sector are evaluated and top picks are recommended.

Stock Analysis : Angels stock research has performed very well over the past few years and the Angel Model Portfolio has consistently outperformed the benchmark

indices.

The fundamentals of select scrips are thoroughly analyzed and an

actionable advice is provided along with investment rationale for each scrip.

Flash News :

Key developments and significant news announcements that are likely to have an impact on markets / scrips are flashed live on trading terminals. Flash news keeps the market participants updated on an online basis and helps them to reshuffle on their holdings.

TECHNICAL RESEARCH SERVICE :

Nifty Tracker : Nifty Futures is the most traded instrument with highest volumes in F & O and excellent liquidity. The team tracks the Nifty Future and generates calls based on unique trading system which is a result of their focused research over the past few years. The objective is to generate positive returns for traders who are looking for a high risk / high reward product.

Online Chart :

An online forum to help clients, specifically day traders in judging the directions of the market and stocks which are in the limelight.

Intraday Calls : For day traders, Angel provides intra-day calls with entry, exit and stop loss levels during market hours. These calls are flashed on their terminals. Their analysts continuously track the calls and provide recommendations according to the market movements.

Position Calls : Angels Position Trading Calls are based on thorough analysis of the price movement in select scrips. These calls are for a 10-15 day time span with stop loss and target levels. These calls are flashed on their terminals during market hours. Derivative Strategies : Their analysts take view on the Nifty and select stocks based on the derivatives data and technical tools. Suitable Derivative Strategies are devised, which are flashed on their terminals and published in their reports.

Futures Calls : A customized product for HNIs to help them trade with leveraged position; wherein clients are advised on the stocks with entry, exit and stop loss level for short term benefits. monitored at all times. Over and above this, financial status of the calls is

INVESTMENT ADVISORY DESK:

At Angel, they have a dedicated Investment Advisory Desk:

To help manage clients equity portfolio and create wealth

To help client understand their risk profile and define investment goals realistically

To minimize clients risk and maximize their returns

To help client decide what to buy / sell and when to buy / sell

To help clients understand macro-economic trends and sectoral / company developments

To help client restructure their portfolio based on sound research

PORTFOLIO MANAGEMENT SERVICES :

Angel offers discretionary PMS to investors in order to assist them in managing their funds amidst continuous changing market dynamics and increasing complexities of investing. Investing in equity market requires in-depth knowledge and thorough analysis coupled with clear understanding of domestic and

international economies. Investors need the services of an expert to manage their funds and deliver good returns in diverse market conditions. Continuous wealth creation with and emphasis on capital preservation is essential in todays complex markets.

In order to systematically diversify the holdings of clients across varied sectors and with and intention to give them handsome returns, Angel devised the concept of the Model Portfolio :

Angel came out with its first Model Portfolio in August 2002

Since then it has come out with Model Portfolios which have consistently outperformed the Sensex YOY

In fact the latest model portfolio by Angel has successfully outperformed the Sensex by a whooping 80%

Angels Portfolio Advisory Team had a successful track record of assisting its clients in managing their portfolios for over 4 years.

The Portfolio Management Process starts with understanding each investors risk appetite and return expectations. The Portfolio Management Team not only draws support from Angels in-house research team for new investment ideas but also has its own stocks picking by adopting bottom up research. Salient features of PMS schemes are 100% discretionary , time horizon 12-18 months and Wealth creation at minimum risk.

PMS SCHEMES @ ANGEL

Scheme 1: Angel OYSTER

Description:

The main objective of the scheme is wealth generation by delivering superior returns over long term through investments and equity related instruments.

Investment Strategy:

To generate wealth on consistent basis rather than outperform by taking higher risk.

Logic works well and thus will be given weight age along with financials

Early identification of stocks to ride through the entire investment cycle

Timing of investment is important to generate superior returns

Bottom up approach

Parameters Driving Investment Decision:

Blend of growth and value stocks

Investments in companies regardless of market capitalizations

Keen selection of stocks based on potential for value unlocking based on

key events

Focus on companies which display


Scalable business potential Large market opportunity Beneficiary of favorable economic cycle Valuation at steep discount to asset value

Sectoral Composition:

May include under- researched companies

Portfolio could invested in liquid funds

Investor Profile:

Safety of capital will be of utmost importance

The scheme would be suited for investors having medium to long term

perspective (i.e. 12-18 months)

Scheme 2: Angel BLUE- CHIP

Description:

The objective of the scheme is to generate capital appreciations in the medium to long term through investments in equities and equity related instruments comprising predominantly large cap companies.

Investment Strategy:

The scheme will seek to achieve returns through brand based participants in equity markets by creating a diversified equity portfolio. The portfolio will be overweight on large cap companies.

The portfolio strives at all time to achieve an 80% allocation to large cap companies.

The allocation of sectors and stocks in the portfolio may be dynamically structured in tune with changes in broader market conditions Overweight on large cap stock. However quality mid cap stocks may also be considered for investment.

Portfolio to comprise of a combination of growth & value stocks.

The portfolio strives to limit the exposure to any sector to less than 25% of the portfolio size

The portfolio strives to limit the exposure to any stock to less than 10% of the portfolio size

The allocation and composition of medium capitalized stocks to vary based market conditions

Investor Profile:

The scheme would be suited for investors with low to moderate risk appetite

The scheme would be suited for investors having medium to long term perspective. Benefits of Angel PMS :

Understanding risk : At Angel, utmost emphasis is given to understanding the

risk profile of an investor.

Periodic Evaluation : Periodic evaluation of the Model Portfolio is carried out

and market movements are cashed upon.

Administrative Convenience : Angel focuses on providing hassle free

administrative / operational support and customized services.

Transparency : Regular statements and updates as well as online access to

information required for investment.

Regular Analysis and Monitoring : Investments undergo regular monitoring

and analysis to check any deviation from the structured goal ensuring creation of wealth over a period of time.

Professional Management : PMS is provided to professional management by

experts on equity with an aim to optimize returns.

Angel PMS Ideal For :

Portfolio Management Services from Angel are essential for investor who needed
Long term wealth generation

Personalized service

Investment opportunities in Indian equities

Fundamental research based investment decisions

In essence, all investor who have faith and belief in the Indian growth story and robust corporate performance would find Angel PMS most suitable to meet their objectives.

ANGEL GOLD:
In a volatile market it is very difficult for an investor to pick up value stocks which

will give decent returns in the long run. We at Angel Gold realize your need for a professional financial advisor and hence are here to assist you in making wise and profitable decisions. We strongly believe that right decisions taken at the right time are always beneficial and that's why our entire research team comprising of 12 sector specialists along with our research head will understand your need, return expectation, risk profile and time horizon to design your portfolio accordingly. This portfolio will be tracked regularly and our efforts would be to optimize your returns in the long run. Features of the Angel Gold:

A premium service for clients who need professional guidance on long Minimum fund / portfolio of Rs. 1 lac and maximum of Rs. 4 lac eligible for Appropriate risk profiling before taking investment decisions Periodic group meetings and seminars in branches. Monthly Newsletter from the desk of Angel Gold . Browser based back-office software.

term investments.

Angel Gold.

COMMODITIES SERVICES

Agro Tech Speak:

Mainly gives the investors insight into and a forecast for agro commodities viz. pulses (urad channa etc); reports on oil complex (soyabean castor etc.) along with spices with reports on kapas guar seed

Call Evaluation:

A report designed for evaluating the calls given by the angel research team where the reports are classified in 3 broad categories viz. achieved , triumph, not achieved along with the trade recommendations

Commodities Tech Speak:

This report mainly equips the investors dealing in MCX segment in commodities like gold, silver, crude oil, copper etc with the market insight and expert recommendation on the trading strategies

Angel Commodity Advantages :


Top Quality Research : o Professionally qualified analysts with rich industry experience o Research on 25 agro commodities, precious metals, base metals, energy products and polymers

o o

e-Broking : Single screen customized market watch for MCX / NCDEX Streaming quotes and intra day calls with BSE / NSE

DP Facilities in Commodities Trading on CDSL 24x7 Online Back-office Efficient Risk Management Competitive Brokerage Rates

AND ADVISORY :

MUTUAL FUND DISTRIBUTION

To enable clients to diversify their investment in the right direction, Angel Broking has added another product in its range with mutual funds :

Customized investment solutions based on specific individuals financial goals aligned with clients risk appetite.

Access to in-depth research and proper selection from diversified funds based on clients preferred criteria.

Customized reports at desired frequency.

Rating and Rankings of all Mutual Funds from in-house expert analysts.

Current and historical performance of different funds enabling comparisons.

News and alerts for clients Mutual Fund Portfolio and performance tracking with watch lists.

Online Mutual Funds applications (NFO or existing) / Online order status tracking / Online updation of unit holdings at latest NAV / Online dividend pay out and re-investment facility.

Single point customer query handling.

IPO DISTRIBUTION AND ADVISORY :

Wide network of branches for better customer reach.

Dedicated Research Teams generating sector related reports.

Ease in investing with informed decision making.

Advisory Help Desk for all IPO related queries.

DEPOSITORY PARTICIPANT SERVICE :


Angel Broking Ltd. is a DP Service provider through CDSL. They offer

Depository Services to create a seamless transaction platform to execute trades through Angel Group of Companies and settle these transactions through Angel Depository Services.

Hassle free automated pay-in of clients sell obligations by Angel Broking Ltd. / Angel Capital & Debt Market Ltd.

Instant disbursement of non-cash benefit like bonus and rights

Wide Branch coverage

Personalized / Attentive services of trained and dedicated staff

Centralized billing and Accounting

Acceptance and Execution of instructions on fax

Zero upfront payment and lowest transaction charges

Daily statement of transactions and holding statements on e-mail

No charges for extra transaction statement and holding statement

CHAPTER II 1. Project title

STUDY PROFILE

Investors dealing in capital market in jaipur city.

2. Objective
The objective of the study was:1. To study investor perception and investment behavior of capital market investors. 2. To identify the problems faced by the investors while on market through brokers. 3. To study the investors satisfaction level for the various services provided by the broker relationship. 4. To get the brief knowledge of trading system in securities. 5. To get the detail information about the company and to analysis the learning in past six weeks at Angel Broking. 6. To know the absolute working in Angel Broking at it different segments like commodity, equity, risk management and dealings.

7. To gain the knowledge about the market conditions.

8. To learn how to convince the client to buy a Demate at Angel Broking.

9. How to handle the various questions raised by them and how to deal with them.

10. Need for the MBA Degree

11. To learn how corporate world works, and what people things about it.

3. RESEARCH METHODOLOGY

RESEARCH DESIGN :

For any researcher the research methodology is the most important criteria to decide before the actual research process starts. There are many methods for conducting the research some of them are as under:

The design of a research is a plan or a model that helps researcher to conduct a formal investigation and survey. It is an application of methods and procedures for acquiring the information needs for getting a desire out come. It decides the sources of data and methods for gathering data. A good design insures that the information obtained is relevant to the research question and that it was collected by objectives. Since, research design is simply the frame work or plan for a study. It is a blue print that of a

house devised by an architect. My approach to research is descriptive and quite specific.

Out of various research methods the research method, which was most suitable to my research, was Exploratory Research because it provides me all the opportunities to cover the all the aspect that I require to conduct the research and get an appropriate out come. Types of Data Collection There are two types of data used. They are primary and secondary data. Primary data is defined as data that is collected from original sources for a specific purpose. Secondary data is data collected from indirect sources. (Source: Research Methodology, By C. R. Kothari) Primary Sources These include the survey or questionnaire method as well as the personal interview methods of data collection. Secondary Sources These include books, the internet, company brochures, product brochures, the company website, competitors websites etc, newspaper articles etc. Data collection instrument was structured schedule. Contact methods : Schedule reservation filled with data by asking questions from respondents. Sampling universe Sample size : : share market investors of jaipur city 200

Scope of the study:The study was conducted at angel broking ltd, Jaipur (Rajapark branch). The study was conducted for a period of 18th May 2009 to 26th June 2009.

Tools for analysis:Weighted average calculation

Justification of the project:The company was interested to find out the investor perception and the problems faced by the general investor while dealing with the brokers. The company was also interested to find out the common problems as faced by general investor while in share market and the satisfaction level for the services provided by the brokers to the investor. LEARNING OF EXECUTIVE TRAINING Learning in 45 Days of my executive training with Angel

Broking:

Basic practical knowledge about share trading, online and off line both online trading is done by customers direct through their home and offline is done through phone. Detailed knowledge about various market segments like BSE, NSE, F&O, MCX, and NCDEX. Get knowledge about the different department at Angel Broking like Risk management, IT, Dealing room, B2B, B2C. Get knowledge about Demat accounts and then how to convince the customers to open an account. Get knowledge about cold calling practically. Get knowledge about how to talk to customers to convey them.

Knowing my weaknesses that are I could not convey customers due to lacing in conveying power which I have less than required power, Lacking in Practical work.

Learning in 45 Days of my executive training with Company Guide:


Know about Branch process and control over branch. Learn about interaction between various departments at branch. Learn about Interaction with high level management. Interactions with company guide many times and learn about new creative thoughts, to control expenses of branch and to know about to know about new plans of my career. Increase in confidence level. Give respect to your working place and be faithful with your company. Control over your negative thoughts and try to be optimistic. Learn about interaction with typical market i.e. service marketing.

Learning in 45 Days of my executive training with Faculty Guide and Guest Lecture: In my 45 days a wonderful program was conducted by SIP coordinator at SIP center Jaipur. It was guest lectures by corporate people and by Mr. Ranveer Singh, Regional Head, and Mr. Amit Aggarwal , Branch Head. .

I knew that how is a team built. I learnt about team building and had team spirit with all the members of team and also knew about working of leader in a team. I got a spiritual thinking to maintain self esteem. I got my self realization and respect you first yourself. I got many tips regarding marketing to achieved my targets.

4. SIGNIFICANCE OF RESEARCH

To company In the growing competition & availability many options will be able to exist which can cater the market efficiency & effectively, no about this only supplement the quality services and many other factors. With the help of this study the company will be able to identify the loose points, which it should improve upon to deliver the best of service to investors. It will help the company to find out the investment behavior for the investors. The undertaken was part for attainment of this objective for the company in jaipur city. To researcher To bride practical orientation with the theoretical and conceptual it is pertinent for one to enter in the corporate world. By this project the researcher not only fulfilled his requirement of MBA degree programe but also learn a lot in the field of marketing, the researcher has got an opportunity of implementing her theoretical knowledge of management programe in his practical life. To Third Party The manual will serve the purpose of guidance for all those into may have professional or academic interest in the project.

5. LIMITATIONS
1) The study was restricted to Jaipur City so it is difficult to generalize The interpretation made out of the findings. 2) This research is dependent on the information provided by the respondents and sometimes the respondents are very reluctant in providing right informantion and often provide it carelessly and the

result drawn out by only this information, so sometimes all efforts might not find direction and results. 3) This conclusion and recommendations made are based on a very less experience of researcher in this field. 4) Time was the biggest constraints as the study was limited for a period of 45 days only as per the curriculum of researcher, which means that any relevant market phenomenon before and after this duration of time might have been skipped in the study. 5) Many respondents did not reply and didnt gave accurate answer.

CHAPTER III

FACTS AND FINDINGS

DEMOGRAPHIC FINDINGS AGE GROUP

Age group(years)
Below 20 20-35 36-50 51-65 Above 65

No. of respondents
0 31 78 59 32

Out of total 200 respondents, below 20 years of age were none, 39% of the respondents falls in the age group of 36-50 years where as 29% were in the age group of 51-65 years and next 16% falls in the group of more than 65 years.

JOB PROFILE Category


Service

No. of respondents
94

Business Others

80 26

Out

of total respondents , most of respondents were from service class

and 40 % were during business and rest of the respondents include retired person, other people, other professionals students etc.

ANNUAL INCOME (IN LACS) Income group


Less than 1 lac 1-5 lacs

No. of Respondents
50 93

More than 5 lacs

57

Most of the respondents belong to the income group of 1-5 lacs followed by the respondents belong to income group of more than 5 lacs which is 28% of total respondents and rest of Respondents belonging to the income group below 1 lac.

EDUCATIONAL BACKGROUND:Qualification
Under graduate (U.G) Graduate Post graduate(PG)

No. of respondents
53 79 55

Others(O)

13

Most of the respondents were graduate and 26% were post graduate and rest 6% belong to other category.

When the respondent were asked their preference of investment, is cash market , derivatives market or both, the following respondents were obtained .

Options
Only cash/capital market Only derivative market

No. of respondents
76 21

Both

103

Out of 200 respondents amount 52% respondents their fund in cash and derivative market, 38% investment is only cash market and rest is derivative market.

When the respondents were asked about the time period for which they are investing, the following responses were obtained.

Time period
Less than 1 year 1-5 year More than 5 year

No. of respondents
25 97 78

Out of total 200 respondents 12% respondents were new investors, 48% were investing for 1-5 year and rest were for more than 5 year.

When the respondents were asked about proportion of income they invest in shares and securities, the following responses were obtained.

Investment proportion
Up to 5% 5 to 10% 10 to 25% More than 25%

No. of respondents
47 59 63 31

When the respondents asked about the proportions of income they invest in shares and securities, it was found that most of the (32%) respondents invest 10-25% of their income, 30% of respondents invest 5-10%, 24% of them invest up to 5% and rest more than 25%.

When the respondents were asked trading frequency, the following responses were obtained.

On analyzing the trading practices it was found that majority, 65% of the investors trade according to the market 25% trade daily followed by weekly traders 7%.

When the respondents were asked about trading advice , the following responces were obtained.

Regarding the decision of amount and investment area, 98 out of 200 takes the idea on their own and 37 on experts opinion, 35 on brokers advice, and 19 on friends advice.

When the respondents asked whether any professional advice is available to them when required, the following responses were obtained.

Out of 200, 108 respondents said that they dont and professional advice , 73 said that they get it sometimes, and 19 of them get advice when needed.

When the respondents were asked about the motive for making investment in capital market, the following responses were obtained.

Option
Regular income in the form of dividend/ interest Tax planning

Rank I
113

Rank II
27

Rank III
60

55

26

119

Capital gain

120

25

55

Calculation of weight, (Rank I=3, Rank II=2,Rank =1)

Option
Regular income in the form of dividend/ interest Tax planning Capital gain

Rank I
339

Rank II
54

Rank III
60

165 360

52 50

119 55

On analyzing motives for investment in capital market it was found that capital gain was the most important factor that influences investment decisions followed by regular income and tax planning.

When the Respondents were asked about the factors they consider while selecting a broker, the following responses were obtained.

Option
Brokerage Frequent payments & transfer of securities Less advance margin Credit limits Personal Relations

Rank I
129 112

Rank II
59 43

Rank III
12 45

59 65 79

79 46 24

62 89 97

Calculation of Weight, (Rank I=3, Rank II=2, Rank III=1)

Option
Brokerage Frequent payments & transfer of securities Less advance margin Credit limits Personal Relations

Rank I
387 336

Rank II
118 86

Rank III
12 45

177 195 237

158 92 48

62 89 97

When The respondents were asked about the difference they feel between ring trading (order form of trading) and online, the following responses were obtained.

Differences
The later is more easier than the former The later is more transparent than the former The later is faster easier than the more farmer The later is more accurate than the former Others

No. of respondents
59 106 15 18 2

About 53% Respondents said that online trading is more transparent then the older ring trading system where as 30% investors feel online trading is more easier understanding the mechanism of trading, 7.67% Respondents feel the later is more faster, 8.66% feel it is more accurate.

When the Respondents were asked whether they are aware of different charges by their broker , the following responses were obtained.

Charges
Turnover/Transaction Demat charges Service Tax

No. of respondents Yes No


197 184 179 3 16 21

When the respondents were asked whether they are satisfied with the different charges by their brokerage, the following responses were obtained.

When the Respondents were asked to rate the service provided by their broker, the following responses were obtained.

Service
Phone service Brokerage Conformation of traders Professional advice Relaxation in advance margin Payment/delivering of securities Staff behavior

Good
33 122 53 28 26 50 31

Fair
50 67 23 60 85 42 124

Poor
117 11 124 112 89 108 45

Service
Phone service Brokerage Conformation of

Good
99 366 159

Fair
100 1344 46

Poor
117 11 124

Total weight
316 511 329

traders Professional advice Relaxation in advance margin Payment/delivering of securities Staff behavior

84 78 150 93

120 170 84 248

112 89 108 45

316 337 342 386

A remarkably high dissatisfaction was there among the investors for the brokerage charged by their broker, most of them are dissatisfied with the staff and relation in advance margin.

CHAPTER IV

ANALYSIS AND INTERPRETATION

Job Profile and Investment Proportion Out of 94 services class investors, about 40% invest 10-25% of their total income in shares and securities, 22% invest 5-10%,228% invest up to 5% where as only 10% invest more than 25%. Out of 80 investors belonging to

business class, 26% invest more than 25% of their income in shares and securities where as 30.15% invest 10-25% and rest invest 5-10. Out of 26 respondents having job other profession, 73% invest up to 5% where as rest invest 5-10% of the total income/earning in shares & securities. Annual Income & Investment Proportion Out of 57 respondents having annual income than 5 lacs, 45% invest more than 25% of their income in shares and securities, 34% invest 10-25% and rest invest 5-10% in shares and securities. In 1-5 lacs annual income category 63% invest in 10-25%, 12% more than 25% and rest invest 5-10% of their earnings in shares and securities. Respondents having annual income up to 1 lac, mostly invest only up to 5-10% of total income in shares & securities. Age Group and Motive of Trading While trading in each segment, the main motive of the respondents Is the age group of 51-65 years and above 65 years was regular income in the form of dividend/interest. About 81% of the total respondents in these capital gain and 2nd Tax Planning. 64% respondent in the age group of 3650 years have given priority to regular income, followed by capital gain & Tax planning.

CHAPTER V

CONCLUSIONS AND SUGGESTIONS

Conclusion based on findings

Business class investors more proportion of their income in shares & securities as compared to service class investors. Majority of investors trade according to expert 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 service & professional advice is very low. Professional advice available is not adequate regarding investment in secondary market.

Most of the investors feel that online trading is more transparent than the older form of trading (Ring trading).

Most of the people are aware of different charges charged by the brokers (Demat charges, transaction charges, service charges, service charges etc.). While selecting a broker, brokerage & frequent payments were considered as main factors followed by personal relations. Most of the investors are not satisfied with phone services provided by the brokers,

The major problem faced by the investors is of brokers attitude towards small investors is not same as with the big investors.

Another major problems faced by the investors is to decide where/what amount is invested.

Suggestion Professional advice should be made available in the city. Brokers should transfer the deliveries/payments to the investors in time. Brokers should deal all the investors in same respect. The phone service should be made prompt.

ANNEXURE

SCHDULE
Name: Address: Phone No: Age: ( ) 20 to 35 ( ) 36 to 50 ( ) 51 to 65 ( ) 36 to 50 ( ) more than65 Job profile: ( ) Govt. Servant ( ) Business ( ) Others Annual Income (in lacs): ( ) less than 1 ( )1-5 lacs ( ) More than 5 lacs Club Membership: Qualification: Under Graduate Graduate Post Graduate Others ( ) Yes ( ) No

(1) Where do you invest your funds? (a) Only Cash/Capital Market (b) Only Derivative Market (c) Both (2) How much share or your income do you invest? (a) Up to 5% (c) 10-25% (b) 5-10% (d) More than 25% ( ) ( )

(3) For long you have been dealing in derivatives market? (a) Less than 1 year (c) More than 5 year (4) Are you aware of Derivatives like ? (a) Options (c) Future in Index (5) Where do you invest in derivative market ? (a) Options (Call Option, Put Option) (b) Future in shares and Index (c) Both ( ) ( b) Future in shares ( ) (b) 1-5 year ( )

(6) Whom do you Consult before taking decision about the investment ? (a) On your own idea

(b) Experts Opinion (c) On Friends/Family members advice (d) Brokers advice (e) Other source (7) How often do you trade ? (a) Daily (c)Monthly (b) Weekly (d) According to Market ( ) ( )

(8) Whether the professional advice is available to you ? (a) Yes (b) No (c) Sometimes ( )

(9) What are your motives for making investment in shares and securities in Derivatives Market (Please Rank) ? (a) Risk Management (b) High Volume transaction with less margin (c) Low Brokerage as compared to cash delievery segment (d) Portfolio/Index/Basket Trading (e) More Opportunity for speculation ( )

(10) Which factors influence you while selecting a broker (Please rant up to 3 ) ? (a) Brokerage (b) Frequent Payment (c) Less advance margin (d) Credit Limits

(e) Personal Relations (11) Are you aware of the different charged by your broker ? (a) Turnover/Transaction charges (b) Service Tax (c) Others

(12) What is your satisfaction level pertaining to different charges charged by your broker ? (a) satisfied (c) Dissatisfied (b) Neutral ( )

(13) What are the benefits of trading in derivative segment over the cash segment ? (a) Basket trading (b) Low Brokerage

(c) Short-Sale for a longer period (d) Option (CA,PA)available which provides calculation risk( (14) Rate the services Provided by your brokers ? )

Service
Confirmation of trades Phone Service Brokerage Professional advice Relaxation advance margins Payment Staff Behavior

Good

Fair

Poor

(15) Tick the problems faced by you ? (a) Depending the initial amount of investment (b) To trade where to invest (c) To Complete Paper Work (d) Delay in Payment (e) Brokers do not deal all the investors in same respect (f) Lack of knowledge about the rules and regulation of SEBI( )

(16) Any other problems faced by you: Suggestion, if any:

BIBLIOGRAPHY

WWW.NSEINDIA.COM WWW.BSEINDIA.COM

WWW.SEBIINDIA.COM NFCM, DEALERS MODULE HAND BOOK RESEARCH METHODOLOGY KOTHARI C.R. EDITION 2000 WWW.GOGGLE.COM WIKIPEDIA

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