SECTOR OUTLOOK

SECURITIES OVERVIEW

MARKET

IN

INDIA

There were a lot of reforms & other market developments in Securities Market in India Overview during 2000-2001& April-June 2001.The origination of the Indian securities market may be traced back to 1875, when 22 enterprising brokers under a Banyan tree established the Bombay Stock Exchange (BSE). Over the last 125 years, the Indian securities market has evolved continuously to become one of the most dynamic, modern and efficient securities markets in Asia. Today, Indian markets conform to international standards both in terms of structure and in terms of operating efficiency.

Securities markets provide a channel for allocation of savings to those who have a productive need for them. As a result, the savers and investors are not constrained by their individual abilities, but by the economys abilities to invest and save respectively, which inevitably enhances savings and investment in the economy.

MARKET SEGMENTS

The securities market has two interdependent and inseparable segments: the primary and the secondary market. The primary market provides the channel for creation of new securities through issuance of financial instruments by public companies as well as Governments 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 his business including associated risk, generated in the secondary market, help the primary market in allocation of 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 the 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 persons is private placement. There are two major types of issuers who issue securities. The corporate entities issue mainly debt and equity instruments (shares, debentures, etc.), while the governments (central and state governments) issue debt securities (dated securities, treasury bills).The secondary market enables participants who hold securities to adjust their holdings in response to changes in their assessment of risk and return. They also sell securities for cash to meet their liquidity needs. The exchanges do not provide facility for spot trades in a strict sense. Closest to spot market is the cash market in exchanges 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 exchanges in the country provide facilities for trading of corporate securities. Trades executed on NSE only are cleared and settled by a clearing corporation which provides novation and settlement guarantee. Nearly 100% of the trades in capital market 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 basket of stocks like index. Two exchanges, namely NSE and the Stock Exchange, Mumbai (BSE) provide trading of derivatives of securities. Today the market participants have the flexibility of choosing from a basket of products like:

 Equities Bonds issued by both Government and Companies Futures on benchmark indices as well as stocks Options on benchmark indices as well as stocks Futures on interest rate products like Notional 91-day T-Bills, 10 year notional zero-coupon bond and 6% notional 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 changed significantly. The market has witnessed several institutional changes resulting in drastic reduction in transaction costs and significant improvements 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 single 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

securities, rolling settlement and ban on deferral products, sophisticated risk management and derivatives trading, have greatly improved the regulatory framework and efficiency of trading and settlement. Indian market is now comparable to many developed markets in terms of a number of qualitative parameters.

PRODUCTS AND PARTICIPANTS

Financial markets facilitate the reallocation of savings from savers to entrepreneurs. Savings are linked to investments by a variety of intermediaries through a range of complex financial products called securities which is defined in the Securities Contracts (Regulation) Act, 1956 to include shares, bonds, scrips, stocks or other marketable securities of like nature in or of any incorporate company or body corporate, government securities, derivatives of securities, units of collective investment scheme, interest and rights in securities, security receipt or any other instruments so declared by the central government.

It is not that the users and suppliers of funds meet each other and exchange funds for securities. It is difficult to accomplish such double coincidence of wants. The amount of funds supplied by the supplier may not be the amount needed by the user. Similarly, the risk, liquidity and maturity characteristics of the securities issued by the issuer may not match preference of the supplier. In such cases, they incur substantial search costs to find each other. Search costs are minimized by the intermediaries who match and bring the suppliers and users of funds together. These intermediaries may act as agents to match the needs of users and suppliers of funds for a commission, help suppliers and users in creation and sale of securities for a fee or buy the securities issued by users and in turn, sell their own securities to suppliers to book profit. It is, thus, a misnomer that securities market disintermediates by establishing a direct relationship between the savers and the users of funds. The market does not work in a vacuum; it requires services of a

large variety of intermediaries. The disintermediation in the securities market is in fact an intermediation with a difference; it is a risk-less intermediation, where the ultimate risks are borne by the savers and not the intermediaries. A large variety and number of intermediaries provide intermediation services in the Indian securities market as may be seen from Table 1.

The securities market has essentially three categories of participants, namely the issuers of securities, investors in securities and the intermediaries and products include equities, bonds and derivatives. The issuers and investors are the consumers of services rendered by the intermediaries while the investors are consumers (they subscribe for and trade in securities) of securities issued by issuers. In pursuit of providing a product to meet the needs of each investor and issuer, the intermediaries churn out more and more complicated products. They educate and guide them in their dealings and bring them together. Those who receive funds in exchange for securities and those who receive securities in exchange for funds often need the reassurance that it is safe to do so. This reassurance is provided by the law and by custom, often enforced by the regulator. The regulator develops fair market practices and regulates the conduct of issuers of securities and the intermediaries so as to protect the interests of suppliers of funds. The regulator ensures a high standard of service from intermediaries and supply of quality securities and non-manipulated demand for them in the market.

A PROFILE
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 changed significantly. The market has witnessed fundamental institutional changes resulting in drastic reduction in transaction costs and significant improvements in efficiency, transparency and safety.

DEPENDENCE ON SECURITIES MARKET

Three main sets of entities depend on securities market. While the corporates and governments raise resources from the securities market to meet their obligations, the households invest their savings in the securities.

Corporate Sector: The 1990s witnessed emergence of the securities market as a major source of finance for trade and industry. A growing number of companies are accessing the securities market rather than depending on loans from FIs/banks.

The corporate sector is increasingly depending on external sources for meeting its funding requirements. There appears to be growing preference for direct financing (equity and debt) to indirect financing (bank loan) within the external sources.

According to CMIE data, the share of capital market based instruments in resources raised externally increased to 53% in 1993-94, but declined thereafter to 33% by 1999-00 and further to 21% in 2001-02. In the sector-wise shareholding pattern of companies listed on NSE, it is observed that on an average the promoters hold more than 55% of total shares. Though the non-promoter holding is about 44%, Indian public held only 17% and the public float (holding by FIIs, MFs, Indian public) is at best 25%. There is not much difference in the shareholding pattern of companies in different sectors.

Strangely, 63% of shares in companies in media and entertainment sector are held by private corporate bodies though the requirement of public offer was relaxed to 10% for them. The promoter holding is not strikingly high in respect of companies in the IT and telecom sectors where similar relaxation was granted.

Governments: Along with increase in fiscal deficits of the governments, the dependence on market borrowings to finance fiscal deficits has increased over the years. During the year 1990-91, the state governments and the central government financed nearly 14% and 18% respectively of their fiscal deficit by market borrowing. In percentage terms, dependence of the state governments on market

borrowing did not increase much during the decade 1991-2001. In case of central government, it increased to 77.6% by 2002-03.

Households: According to RBI data, household sector accounted for 82.4% of gross domestic savings during 2001-02. They invested 38% of financial savings in deposits, 33% in insurance/provident funds, 11% on small savings, and 8% in securities, including government securities and units of mutual funds during 200102. Thus the fixed income bearing instruments are the most preferred assets of the household sector. Their share in total financial savings of the household sector witnessed an increasing trend in the recent past and is estimated at 82.4% in 200102. In contrast, the share of financial savings of the household sector in securities (shares, debentures, public sector bonds and units of UTI and other mutual funds and government securities) is estimated to have gone down from 22.9% in 1991-92 to 4.3% in 2000-01, which increased to 8% in 2001-02.

Though there was a major shift in the saving pattern of the household sector from physical assets to financial assets and within financial assets, from bank deposits to securities, the trend got reversed in the recent past due to high real interest rates, prolonged subdued conditions in the secondary market, lack of confidence by the issuers in the success of issue process as well as of investors in the credibility of the issuers and the systems and poor performance of mutual funds. The portfolio of household sector remains heavily weighted in favour of physical assets and fixed income bearing instruments.

INVESTOR POPULATION

The Society for Capital Market Research and Development carries out periodical surveys of household investors to estimate the number of investors. Their first survey carried out in 1990 placed the total number of share owners at 90-100 lakh. Their second survey estimated the number of share owners at around 140-150 lakh as of mid-1993. Their latest survey estimates the number of shareowners at around 2 crore at 1997 end, after which it remained stagnant up to the end of 1990s.

The bulk of increase in number of investors took place during 1991-94 and tapered off thereafter. 49% of the share owners at the end of 2000 had, for the first time, entered the market before the end of 1990, 44% entered during 1991-94, 6.3% during 1995-96 and 0.8% since 1997. The survey attributes such tapering off to persistent depression in the share market and investors bad experience with many unscrupulous company promoters and managements.

Distribution of Investors: The Society for Capital Market Research & Development estimates that 15% of urban households and only 0.5-1.0% of semiurban and rural households own shares. It is estimated that 4% of all households own shares. Table 2

An indirect, but very authentic source of information about distribution of investors is the data base of beneficial accounts with the depositories. By February 2003, there were 3 million beneficial accounts with the National Securities Depository Limited (NSDL). The state-wise distribution of beneficial accounts with NSDL is presented in Table 5.2. As expected Maharashtra and Gujarat account for nearly 45% of total beneficial accounts.

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 alone raising nearly Rs. 1,511,260 million.

CORPORATE SECURITIES

Average annual 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 nongovernment public companies rising 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 increased to about 13% in 1992-93. In real terms, the capital raised increased 4 times between 1990-91 and 1994-95. During 1994-95, the amount raised through new issues of securities from the securities market accounted for about four-fifth of 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 market through private placement of debt instruments. Private placements accounted for about 93% of total resources mobilised 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 needs of the entrepreneurs, it does not require detailed compliance with formalities as required in public or rights issues. It is believed in some circles that private placement has crowded out public issues. 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 integrated with the global market though in a limited way through euro issues. Since 1992, when they were permitted access, Indian companies have raised about Rs. 34,264 million through ADRs/GDRs. By the end of 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. Their operations influence the market as they do delivery-based business and their knowledge of market is considered superior.

The market is getting institutionalised as people prefer mutual funds as their investment vehicle, thanks to evolution of a regulatory framework for mutual funds, tax concessions offered by government and preference of investors for passive investing. The net collections by MFs picked up during this decade and increased to Rs. 199,530 million during 1999-00. This declined to Rs. 111,350 million during 2000-01 which may be attributed to increase in rate of tax on income distributed by debt oriented mutual funds and lacklustre secondary market. The total collection of mutual funds for 2002-03 has been Rs. 105,378 million.

Starting with an 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 number of households owning 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 invested in equity and or debentures.

GOVERNMENT SECURITIES

The primary issues of the Central Government have increased 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 governments increased by about twelve times from Rs. 25,690 million to Rs. 308,530 million during the same period. The Central Government mobilised Rs. 1,250,000 million through issue of dated securities and Rs. 261,260 million through issue of T-bills. After meeting repayment liabilities of Rs. 274,200 million for dated securities, and redemption of T-bills of Rs. 195,880 million, net market borrowing of Central Government amounted to Rs. 1,041,180 million for the year 2002-03. The state governments collectively raised Rs. 305,830 million during 2002-03 as against Rs. 187,070 million in the preceding year. The net borrowings of State Governments in 200203 amounted to Rs. 290,640 million. Along with growth of the market, the investor base has become very wide. In addition to banks and insurance companies, corporates 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 nearmarket 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

SECONDARY MARKET

CORPORATE SECURITIES

. The number of stock exchanges increased from 11 in 1990 to 23 now. All the exchanges are fully computerised and offer 100% on-line trading. 9,413 companies were available for trading on stock exchanges at the end of March 2003. The trading platform of the stock exchanges was accessible to 9,519 members from over 358 cities on the same date.

The market capitalisation 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 capitalisation is estimated at Rs. 6,319,212 million at the end of March 2003. The market capitalisation ratio, which indicates the size of the market, increased sharply to 57.4% in 1991-92 following spurt in share prices. The ratio further increased to 85% by March 2000. It, however, declined to 55% at the end of March 2001 and to 29% by end March 2003.

The trading volumes on exchanges have been witnessing phenomenal 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. Onesided 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 200203. 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 exchanges and it was partly at the cost of small exchanges that failed to keep pace with the changes. NSE is the market leader with more 85% of total turnover (volumes on all segments) in 2002-03. Top 5 stock exchanges accounted for 99.88% of turnover, while the rest 18 exchange for less than 0.12% during 2002-03. About ten exchanges reported nil turnover during the year.

.DERIVATIVES

MARKET

Trading in derivatives of securities commenced in June 2000 with the enactment of enabling legislation in early 2000. Derivatives are formally defined to include: (a) a security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security, and (b) a contract which derives its value from the prices, or index of prices, or underlying securities. Derivatives are legal and valid only if such contracts are traded on a recognised stock exchange, thus precluding OTC derivatives.

Derivatives trading commenced in India in June 2000 after SEBI granted the approval to this effect in May 2000. SEBI permitted the derivative segment of two stock exchanges, i.e. NSE and BSE, and their clearing house/corporation to commence trading and settlement in approved derivative contracts. To begin with, SEBI approved trading in index futures contracts based on S&P CNX Nifty Index and BSE-30 (Sensex) Index. This was followed by approval for trading in options based on these two indices and options on individual securities. The trading in index options commenced in June 2001 and trading in options on individual securities would commence in July 2001 while trading in futures of individual stocks started from November 2001. In June 2003, SEBI/RBI approved the trading on interest rate derivative instruments.

The total exchange traded derivatives witnessed a volume of Rs.4, 423,333 Million during 2002-03 as against Rs. 1,038,480 million during the preceding year. While NSE accounted for about 99.5% of total turnover, BSE accounted for less than 1% in 2002-03. The market witnessed higher volumes from June 2001 with introduction of index options, and still higher volumes with the introduction of stock options in July 2001. There was a spurt in volumes in November 2001 when stock futures were introduced. It is believed that India is the largest market in the world for stock futures.

COMPANY OVERVIEW

ICICI SECURITIES

ICICI Securities Ltd is an integrated securities firm offering a wide range of services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution.

ICICI Securities sees its role as 'Creating Informed Access to the Wealth of the Nation' for its diversified set of client that include corporates, financial institutions, high net-worth individuals and retail investors.

Headquartered in Mumbai, ICICI Securities operates out of 66 cities and towns in India and global offices in Singapore and New York.

ICICI Securities Inc., the stepdown wholly owned US subsidiary of the company is a member of the Financial Industry Regulatory Authority (FINRA) / Securities Investors Protection Corporation (SIPC). ICICI Securities Inc. activities include Dealing in Securities and Corporate Advisory Services in the United States. ICICI Securities Inc. is also registered with the Monetary Authority of Singapore (MAS) and operates a branch office in Singapore.

BOARD OF DIRECTORS
ICICI Securities Limited.

Ms. Chanda D. Kochhar,Chairperson Mr Uday Chitale Mr. Narendra Murkumbi Mr Ketan Patel Mr Pravir Vohra Ms Zarin Daruwala Mr. Anup Bagchi, Managing Director and CEO Mr. Ajay Saraf, Executive Director

ICICI Securities Holding Inc.

Mr. Gopakumar Puthenveettil Mr. Pramod Rao Mr. Sriram Iyer Mr. Ashish Kakkar Mr. Raghav Iyengar ICICI Securities, Inc.

Mr. Anup Bagchi, Chairman Mr. Ajay Sara

AWARDS AND RECOGNITIONS

Retail

ICICI Securities won the Grand Jury Award for 'Commendable performance by National Financial Advisor (Retail) - Online' at the CNBC TV 18 - Financial Advisor Awards 2011. The awards recognises India's best Financial Advisors. ICICI Securities Business Partners (Sub Broker channel) won the 'Franchisor of the Year at the Franchise Awards' 2011 third time in a row. The award stands as an acknowledgment to the contribution of ICICI Securities to the development of Franchise system, in the retail broking industry 'Smart use Technology eRetailer of the year' 2012 award.Organized by Franchise India in association with UTV Bloomberg for the first time, the `Smart use Technology eRetailer of the year' award was conferred to ICICI Securities for utilising available technologies or proprietary systems that deliver improved efficiencies for the business, better customer experiences and valuable analytical data to continually improve customer experience ICICIdirect.com, won the Outlook Money ' Best e- Brokerage Award' seventh time in a row. Previously, the firm won the award in 2004, 2005, 2007, 2008, 2009 and 2010. ICICI Securities' Business Partners (Sub Broker channel) won the 'Franchisor of the Year 2011' for the third consecutive year.

Anup Bagchi, MD & CEO has been honoured with the Zee Business 'Industry Newsmaker Award 2010' for his tremendous and unmatched contribution in the field of Finance Pankaj Pandey, Head- Research - ICICIdirect has won the Zee Business Best Market Analyst 2010 award in the Equities Fundamental Category CMO Asia Awards for Excellence in Branding and Marketing 2010: Frost and Sullivan 2009 Award for Customer Service Leadership ICICIdirect, the neighborhood financial superstore won the prestigious Franchise India `Service Retailer of the Year 2008 award. ICICIdirect has also won the CNBC AWAAZ 2007 Consumer Award for the Most Preferred Brand of Financial Advisory Services. Best Broker - Web 18 Genius of the Web Awards 2007 Franchisor of the year award 2009 Retail concept of the year awards 2009

Institutional

Vikash Mantri tops The Wall Street Journal's Asia's Best Analysts survey in the media sector for 2010

ICICI Securities is awarded as the Best Investment Bank 2008 by Global Finance Magazine

The Corporate Finance group also was awarded a runner-up Best Merchant Banker by Outlook Money in 2007.

ICICI Securities (I-Sec) topped the Prime Database League Tables 2007 for money raised through IPOs/FPOs.

The equities team was adjudged the 'Best Indian Brokerage House-2003' by Asiamoney.

Technology

IDG India's CIO magazine has recognized ICICI Securities as a recipient of CIO 100 award in 2009, 2010 and 2011

ICICI Securities conferred the Gold CIO award jointly by CIOL and Dataquest at the Enterprise Awards 2010

Indian Bank's Association Business Technology Awards for Best Online Trading Platform in 2006 and 2007 Special Category

Mr Charanjit Attra, Chief Financial Officer (CFO), ICICI Securities Ltd was conferred the 'CFO100 recognising the Winning Edge in 2012' award by CFO India. He won the award for the CFO 100 recognizing the Winning edge in 2012 in the Risk Management category

ICICI SCURITIES RETAIL SERVICES

ICICI Securities empowers over 2 million Indians to seamlessly access the capital market with ICICIdirect.com, an award winning and pioneering online broking platform. The platform not only offers convenient ways to invest in Equity, Derivatives, Currency Futures, Mutual Funds but also other services Fixed Deposits, Loans, Tax Services, New Pension Systems and Insurance are available. ICICIdirect.com offers a convenient and easy to use platform to invest in equity and various other financial products using its unique 3-in-1 account which integrates customer's saving, trading and demat accounts. Apart from convenience, ICICIdirect.com also offers access to comprehensive research information, stock picks and mutual fund recommendations among other offerings. Tailored services and trading strategies are available to different types of customers; long term investors, day traders, high-volume traders and derivatives traders to name some. ICICIdirect.com uses the most advanced commercially available 128-bit encryption technology enabled Secure Socket Layer (SSL), to ensure that the information transmitted between the client and ICICIdirect.com across the internet is safe and cannot be accessed by any third party. ICICIdirect.com is the first broker in India to introduce `Digitally Signed Contract Note' to its customers. As a result, the process of generating contract notes has

been automated and the same would be instantly available to its customers in a safe and secure manner through the website.

DISTRIBUTION CHANNELS
ICICI Securities has set-up neighbourhood financial stores which offer a variety of financial products and services under one roof. It is a one-stop shop that facilitates existing and potential customers to speak to our team and understand their financial plans and goals. ICICI Securities has 250 stores across 66 cities in India. Another unique concept called the ICICIdirect Money Kitchen, was launched in late 2009. An extension of the superstore model, the money kitchen is an innovative financial store where visitors can create their profiles to not only analyze their investment strategy by using various financial tools but also monitor it from time-to-time. To enable our customers to maximize their returns and plan for their future, ICICIdirect has also started financial planning services at these stores. Customized financial plans can be created for our customers by dedicated Relationship Managers who will understand the customer's requirements and future goals. Based on this information, the Relationship Manager works on creating a comprehensive and easy-to-read financial plan. This enables ICICIdirect to move from just a transactional based relationship to a meaningful and value-added longterm relationship with our customers. ICICIdirect?s services and offerings evolves according to the customer's ever changing requirements and goals.

Customers can walk-in to the financial superstores for products like ICICIdirect 3in-1 online trading account, equities, mutual funds, IPO, Life and General insurance, Fixed Deposits and many other financial products. The stores also conduct periodic training sessions on markets and demo sessions of the trading website.

RESEARCH
ICICI Securities understands the need for insightful research to make the right investment decision. An independent equity research team provides strong and timely updates to ensure that customer can avail of market opportunities. The research team focuses on both large cap as well as small and mid-cap. Large cap companies provide an overview of industry environments, while small and mid-cap companies are chosen 'bottom-up', providing a unique perspective to a generally under-researched end of the market. The focus is on identifying companies, which we believe are likely to generate wealth for investors on a sustained basis through in-depth fundamental research.

We cater to the entire gamut of investment and return horizon requirements of an investor through our flagship offerings like Detailed Company Report, Pick of the Week, Model Portfolio, Stock on the Move, Daily & Weekly derivatives, Intra-day calls, Daily, Weekly & Monthly Technicals with a regular update on the performance of their calls.

EQUITY ADVISORY GROUP

The Equity Advisory Group (EAG) is a team of advisors dedicated to providing customers personalised advisory services. It is aimed at maximising the customer's investment returns and keeping him updated on the stock markets and the economy. A Personal Equity Advisor will closely monitor the client's portfolio and keep him updated on the latest happenings in equity market with the help of our fundamental and technical research. EAG services are customised according to the client's risk appetite and investment horizon. A personal equity advisor, backed by our research team, provides the customer with timely advice on the stock market.

WEALTH MANAGEMENT

The Wealth Management Group is a team of specialists who offer specific advisory services to meet both personal and business wealth requirements of HNIs.

The team creates customized strategies to meet Customer's investment goals of wealth accumulation, wealth preservation and liquidity. In addition to mutual funds, fixed deposits and other traditional products, we also offer alternate investment avenues of Private Equity, Structured / Customized products for

investors with specific views on the markets and Portfolio Protection Strategies for large investors.

The attempt is to bring world class investment products to our customers through over 15 centres of ICICIdirect.

BUSINESS PARTNERS
ICICI Securities is the member of NSE & BSE and registered as Broker. It provides business opportunity to entrepreneurs by registering them as Sub-Brokers / Authorised Person. ICICI Securities provides trading terminals through which the Sub-broker can offer a range of financial products like Equities, Derivatives, Currency Derivatives, IPO, MF, Bonds, Fixed Deposits etc. Another way to get associated with ICICI Securities, As an Independent financial Advisor and gain access to a wide range of financial products like MF, IPOs, Bonds, Corporate Fixed Deposits. One can also be associated as an Investment Advisor to sell a range of financial products like IPO, Bonds, Fixed Deposits, etc. to their set of customers. In addition, they cal also sell asset products like Home Loans, Education Loans, etc. to the customers.

INSTITUTIONAL SERVICES BY ICICI SECURITIES

EQUITY CAPITAL MARKET ICICI Securities has been at the forefront of capital markets advisory for several decades and has also been involved in most of the major public equity issuances in recent times. The company was among the leading underwriters of Indian equity and equity linked offerings with unparalleled execution capabilities. ICICI Securities provides end-to-end fund raising solutions, from structuring to placement of the equity instrument.

The firm's expertise include Initial Public Offerings (IPOs), Further Public Offerings (FPOs), Rights Offerings, Convertible Offerings, Qualified Institutional Placement (QIP), Nonconvertible Debentures, Buyback, Delisting, Open Offers and international offerings, for both, unlisted and listed entities.

ICICI Securities has successfully managed public issues of companies which were the first in their sector to tap the market - media both print and television, first Govt. of India divestment IPO, first pure-play internet company in India, first mobile VAS company, etc.

ICICI Securities was also involved in various pioneering issues in the Indian capital markets the first issue using the new alternate book-building (French Auction) method (NTPC), the first

issue of shares with Differential Voting Rights (Tata Motors), the first public issue of NonConvertible Debentures (Tata Capital), the first delisting using the reverse book-building mechanism (Hewlett-Packard), etc.

With offices across major financial centres (New York, Singapore, Mumbai and Delhi), ICICI Securities delivers its products covering corporates and investors across geographies.

PRIVATE EQUITY ICICI Securities has a dedicated practice to assist companies with capital mobilisation through the private equity / venture capital route across their life-cycle. We help companies to raise capital during the seed, growth and expansion phases as well as acquisition financing, structuring the deal to maximize value for all its stakeholders.

Our extensive industry knowledge across multiple sectors, wide-ranging deal structuring capabilities and thorough grasp of the regulatory environment make us the 'banker of choice', for companies and private equity funds alike.

We have working relationships with all major private equity players, both in India and abroad and can facilitate access for our clients to these investors. We advice on a wide variety of products including mezzanine and private equity financing, secondary sale transactions, pre-IPO deals and preferential allotments by listed companies. INSTITUTIONAL EQUITIES ICICI Securities assists global institutional investors to make the right decisions through insightful research coverage and a client focused Sales and Dealing team. A dedicated and specialized research team ensures flow of well thought-out and well-researched stock ideas and portfolio strategies.

The Sales and Dealing team has demonstrated strong sales and execution capabilities of actionable ideas to clients which have resulted in good relationships across geographies.

ICICI Securities enjoys the first mover and market leader advantage in the derivatives segment and offers the entire spectrum, from set-up to trading strategy.

The equity group leverages research and distribution reach to domestic and foreign institutional investors in case of public offerings. The research team tracks over 15 key sectors of the Indian economy and publishes in-depth research reports every year. The equity group acts as a bridge for institutional investors and corporate clients with the markets.

ICICI Securities is the first domestic Investment Bank to organize theme based conferences in New York, Shanghai, Singapore & Hong Kong.

PRODUCTS AND SERVICES

Equity Trade with cash or through innovative services like Margin, Margin Plus*.

Derivatives Trade with ease in Future & Options and obtain higher leverage with FuturePlus.

Investment

Planning

We can work with you to assess your financial goals and recommend steps to take to help in making them a reality.

Mutual Start an SIP or invest in a Top Rated mutual fund scheme.

Funds

Life We can help you secure your future risk with range of Insurance Product.

Insurance

General General Insurance products cover Health, Home, Motor and Travel.....

Insurance

Fixed

Deposits

and

Bonds

Low risk instruments such as Corporate Fixed Deposits, Bonds and Government Schemes.

Trade

Racer

Web

Experience the features of an advanced trading platform on the website.

Tax We can advice you on a range of Tax topics, from Tax planning to Tax filing.

Services

eLocker Safeguard your key documents by keeping them in your electronic locker.

Trade Brace yourself with a power packed trading experience with Trade Racer.

Racer

Centre

for

Financial

Learning

Join our Premium Learning Programmes in your city on Equity, Futures & Options and more...

New

Pension

System

(NPS)

Fulfill your financial needs post retirement by accumulating a pension corpus under NPS.

Wealth Comprehensive Investment Solution including non-traditional Products such as Private Equity, Structured Products, PMS etc.

NRI

Services

Away from home Country? you can still trade & invest in Indian stock market in simplest way through ICICIdirect.com

Loans Get Home Loan, Car Loan or more....

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Personal Finance

Single Foundation for Financial Security: If you are a Single person, the financial advice in the interaction here will help you understand your Life stage goals and financial events ...

Married Asset Accumulation through Leverage: If you are a Married person, the financial advice in the interaction here will help you understand your Life stage goals and financial events ...

Married

with

Children

Actual Wealth Generation: If you are a Married Person with Children, the financial advice in the interaction here will help you understand your Life stage goals and financial events ...

Pre-Retirement Wealth Utilization and Distribution: If you are a person close to retirement, the financial advice in the interaction here will help you understand your Life stage goals and financial events ...

Retirement Wealth Utilization and Distribution: If you are a retired person, the financial advice in the interaction here will help you understand your Life stage goals and financial events ...

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