A Project Report On

COMPARATIVE ANALYSIS BETWEEN UNICON INVESTMENT AND ITS COMPETITORS

P R O JEC T R EP O RT ON

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION

C O M P A R IT IV E A N A L Y S IS B E T W E E N U N IC O N IN V E S T M E N T S O L U T IO N S A N D IT S C O M P E
UNDER THE GUIDANCE OF:SUBMITTED BY:Prof. H P Maheshwari Gaurav Kumar Director- MBA MBA-IIIrd Sem Greater Institute Noida Of Technology Roll No. 0927270040

A re po rt s u b m it te d to w a r ds the pa rt ia l f ulf ill m e nt o f t he re q uire m e nts o f t he y e a rs full e Po s t G ra d ua te D ip lo m a inm e nt. g -t im e M a na S u b m itte d B y : SUN N Y K AN O JIA
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R O LL N O : 4304742128 PG D 1 0 )(2 0 0 8 -2 0 M

GREATER NOIDA INSTITUTE OF TECHNOLOGY GREATER NOIDA

CERTIFICATE FROM DIRECTOR

This is to certify that the SUMMER TRAINING Project Report entitled Comparative Analysis between Unicon investments & its competitors being submitted by Gaurav Kumar with fulfilment of the requirement of U.P. Technical University is a record of an independent work done by her under my guidance and supervision.

Prof. H P Maheshwari Director-MBA Greater Noida Institute of Technology

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Concerned Faculty Guide Dr. D M Mahapatra (HOD)

GNIT, Greater Noida. (MBA Institute)-Code: 272

DECLARATION

I have been undertaking that this is my original work and have never been submitted elsewhere. This is my record of the summer training project and it is my original work.

UNDER THE SUPERVISION OF: Ms. Meenakshi Azad

SUBMITTED BY: Gaurav Kumar MBA- IIIrd Sem Roll NO. 0927270040

ACKNOWLEDGEMENT
Any work of this nature would not have been possible without the support and guidance of others around us. The use of expression of thanks, no matter how extensive, is always incomplete and inadequate. This acknowledgement is no exception. The project comes out to be a great source of learning and experience. Lots of efforts have been put by various people who made this project a success. This has greatly enhanced to our knowledge about the subject. I would like to take this opportunity to thank some of them. I great fully acknowledge, our indebtness to my teacher Ms. Meenakshi Azad and project mentor for his constant help and guidance during this project. Ms. Meenakshi Azad (Internal mentor) for assigning me a responsible role in the project and also confined his confidence in me throughout the trimester in spite of my being totally new to this kind of a work. I am also grateful to key persons concerned with UNICON INVESTMENT to giving me the in depth knowledge throughout the project.

My heartfelt gratitude also goes to my alma mater, the Management Department, GNIT, Greater Noida for providing me with the opportunity to avail the excellent facilities and infrastructure

PREFACE

The Unicon Investment is today so big and highly competitive industry. It plays an important role in supporting India's economic infrastructure. Today market place is enormously more complex, domestic market at one time safe from foreign invaders, are now hunting grounds of Giant global corporations. New products are launched at astonishing pace. Competitors are everywhere and hungry.

Now a day a slogan "Survival of the fittest" is prevailing the market. A company, in order to survive in the market, has to do a lot of activities where it is selling, distributing and satisfying customers.

In my project "COMPARATIVE ANALYSIS BETWEEN UNICON

I N V E S T M E N T A N D I T S C O M P E T I T O R S the area covered by me is

Delhi, I have tried to. Analyses various customer, which were emerged out while I was doing survey. For this I tried to cover the customers. This was my humble effort towards successful completion of this project.

TABLE OF CONTENTS S.NO DESCRIPTION

1 2 3 Executive summary Introduction of UNICON Investment solutions Introduction of topic SEBI CAPITAL MARKET OTCEI NSE BSE Online trading Demat Trading

PAGE NO.
8-14 15-18 19-38

4 5 6 7 8 9

Research methodology Comparative study Findings & Analysis Conclusion Suggestions & Recommendations Bibliography & References

39-41 42-62 63-74 75-76 77-78 79-80

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY
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The project comparative analysis between UNICON INVESTMENT and its competitors was carried out to find out the comparison between various brokerage houses. I have gained knowledge of share market by working with the prestige company. A study was undertaken by filling up of the questionnaire from the employees of various brokerage houses. The main competitors of UNICON INVESTMENT are India info line, Religare, India bulls. Other material required to complete the project was taken from company website. The project cover information about the NSE, BSE, SEBI.As we know online trading was initiated by NSE in India and soon after the other exchanges also followed it. Online and Offline both. For online trading, Demat is used. Demat account is a must for trading and investing. he demat account reduces brokerage charges, makes Today you can do trading

pledging/hypothecation of shares easier, enables quick ownership of securities on settlement resulting in increased liquidity, avoids confusion in the ownership title of securities, and provides easy receipt of public issue allotments. A comparative chart is prepared by me which shows the brokerage charges, services exposure, account opening charges, AMC etc. I have designed a another questionnaire to see the satisfaction level of the customer of UNICON INVESTMENT SOLUTIONS

My major findings conclude that customer of UNICON are satisfied with the services because it provides proper guidance, it is trust worthiness. My another findings are that brokerages charges of UNICON are slightly high.

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PRODUCTS AND SERVICES OFFERED BY UNICON INVESTMENT SOLUTIONS RETAIL OFFERING

1. EQUITY AND DERIVATIVES UNICON is a full service broking house offering services across both the Cash and F&O segments. They are a member with National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE) and cater to the trading needs through a network of more than 300 offices across India. Their experienced team of Research Analysts and Advisory Managers guide you with appropriate solutions, backed by in-depth research, knowledge and expertise on a regular basis. They would constantly help you with strategies for investments in equities, recommendations for trading on futures & options, hedging with Nifty and other product and opportunities of risk-less arbitrage between various segments. 2. INITIAL PUBLIC OFFER UNICON is one of India's leading companies engaged in the activity IPO Advisory and Distribution. Their primary markets division does a comprehensive research before recommending issues to clients.

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As a part of our online offering, customers can invest in IPO's not only through our branches but also through our website, which also provides you with regular updates on the IPO scenario, Open IPO's as well as all the forthcoming IPO's at any given point of time.

The primary markets distribution division works in conjunction with the retail and wholesale distribution networks, as well as our private client group. In case you are not their customer, but still want to invest in any particular IPO, they suggest you to visit any of branch locations near you or else call us for an application form and wtheye would courier it to you. 3. MUTUAL FUNDS As a part of their Mutual Fund Advisory Services, their team of experts across India helps you in selecting the right scheme from over 500 offerings, matching your needs, goals and risks. In addition to this, they also help you constantly monitor your MF portfolio, making changes according to your changing needs as per the market scenario, in order to make your money work for you. At UNICON, their expert teams of relationship managers interact with customer on a regular basis to discern their changing needs, in tune with the changing environment. Most of us require some assistance in making selections appropriate to our individual needs. Their Investment Advisory Team helps user customize and execute plans, based on their individual needs towards wealth maximization.

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4.

INSURANCE

UNICON is your one stop shop for all Insurance & Retirement needs. They have also been recognized as Best Retail Financial Advisor by CNBC TV 18 for two years in a row 2005-06 and 2006-07. They are a composite insurance broker providing comprehensive risk management solutions, both for corporate as well as individuals. Their solutions include identification, measurement and assessment of the risk and handling of the risk, of which insurance is an integral part. They deal into both life insurance and general insurance products for all insurance companies across India.

Their key service features include the following:

Risk management solutions for all. Comprehensive research for all policies available on a regular basis. Recommendations on a comprehensive insurance cover based on clients needs.

Maintain proper records of client policies. Continuous monitoring of client account.

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5. Portfolio Management Services (PMS) Financial markets today offer enormous growth potential. But managing your own investments can be an extremely challenging task. Anticipating market trends, assessing the impact of socio-economic changes on your investments, keeping abreast of latest corporate developments and financial analysis all adds up. Managing ones investments has become nearly a full-time affair that requires considerable time and expertise.

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INSTITUTIONAL OFFERINGS
1. INVESTMENT BANKING UNICON offers you extensive range of Investment Banking Services for equity related products and instruments. Their team advises you on transactions like business structuring and capital raising opportunities based on your corporate needs and state of capital markets. Services they specialize in include Management of:

Initial Public Offering (IPOs) Follow-on Offerings Qualified Institutional Placements (QIPs) Buyback of Equities Open Offers Mergers & Acquisitions Private Equity Placements ESOPs 2. INSTITUTIONAL EQUITY

Their efficient execution, quality research, top quality human resources and complete compliance with stock exchange regulations, as well as business standard ethics lend towards our exemplary services to investors, through IPOs, equities, derivatives and mutual funds.

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Through its gamut of services, this division is well-suited to corporate investors, banks, financial institutions, insurance companies and FIIs. Their Institutional Equity Business (IEB) is well positioned to offer support for a complete range of investment banking service to corporate. They offer a wide array of products and services,

Specifically aimed at improving market capitalization of forward looking companies. They work closely with institutional investors, private equity investors and corporate. Their research division has a designated team for each asset class and consists of qualified professionals who evaluate market trends and make unbiased and objective reports.

3. INSTITUTIONAL DEBT

Their institutional debt broking division includes secondary market broking, primary market debt placement & distribution and provident fund advisory services. Secondary debt broking is the principle service provided by this division. The clients mainly comprise of institutional debt players, such as banks, primary dealers, mutual funds, large provident funds and in some cases corporate treasuries. The division empanelled with almost all banks, primary dealers and mutual funds, on whose behalf it acts either on the buying or selling side. All

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types of debt papers are covered, including government securities, treasury bills, public sector bonds, corporate bonds etc. This desk also provides transacting and advisory services to various provident funds and HNI clients. The primary market services cover placement of debt paper issued by corporate, with institutional segments covering banks, mutual funds etc. These services cover various activities:

Advising the clients on the issuance including the instrument, quantum, timing, and other instrument specific structuring such as put / call

option, conversion option and rating. Assisting in the rating exercise and suggesting various means and options to improve rating if so desired, through Structured Obligations or other mechanisms. Pre marketing the placement / issuance Selling / placing the issuance Assisting in any related documentation for the issuance Assisting in all other steps to complete the issuance for draw down funds

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INTRODUCTION OF UNICON INVESTMENT SOLUTIONS

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Unicon Investment Solution UNICON is a financial services company which has emerged as a one-stop investment solutions provider. It was founded in 2004 by two visionary and flamboyant entrepreneurs, Mr. Gajendra Nagpal and Mr. Ram M. Gupta, who possess expertise in the field of Finance. The company is headquartered in New Delhi, and has its corporate office in Mumbai with regional offices in Kolkata, Chennai, Hyderabad and Noida. UNICON is a professionally managed company, lead by a team with outstanding managerial acumen and cumulative experience of more than 200 years in the financial markets. The company is supported by more than 3500 Uniconians and has an extensive network of over 100 branches, 600 plus business partner locations & 2500 remisers providing it with a national footprint. With a customer base of over 200,000, the UNICON Group has an eye for the intricate financial needs of its clients and caters to both their short term and long term financial needs through a comprehensive bouquet of investment services. These services range from offline & online trading in equity, commodities, and currency derivatives to debt markets to corporate finance and portfolio management services. The company has a sizable presence in the distribution of 3rd party financial products like mutual funds, insurance products and property broking. It also provides expert Advisory on Life Insurance, General Insurance, Mutual Funds and IPOs. The distribution network is backed by in-house back office support to provide prompt and efficient customer service. The Equity broking arm UNICON Securities Pvt. Ltd offers personalized premium services on the NSE, BSE & Derivatives market. The Commodity broking arm Unicon

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Commodities Pvt. Ltd offers services in Commodity trading on NCDEX and MCX. The UNICON group also has a PCG division providing investments solutions for High Net worth Individuals. UNICON can boast of some of the most respected names in the Private Equity space like Sequoia Capital and Nexus India Capital as its share holders.

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Product & services Equity UniconPlus Browser based trading terminal that can be accessed by a unique ID and password. This facility is available to all our online customers the moment they get registered with us. Features
Trading at NSE, BSE and Derivatives on single screen. Add multiple scripts on the market watch.

Greater exposure for trading on the available margin. Common window for display of market watch and order execution. Real time updating of exposure and portfolio while trading. Offline order placement facility. Stop-loss feature. Competitive Brokerages. Banking integration with ICICI Bank, HDFC Bank & Axis Bank. Proxy link to enable trading behind firewalls.

Unicon swift Application based terminal for active traders. It provides better speed, greater analytical features and priority access to relationship manager. Features:
Trading at NSE, BSE and Derivatives on single screen. Add any number of scrips in the Market Watch.

Tick by tick live updation of Intraday chart. Greater exposure for trading on the margin available Common window for market watch and order execution.

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Key board driven short cuts for punching orders quickly. Real time updation of exposure and portfolio. Facility to customize any number of portfolios & watch lists. Market depth, i.e. Best 5 bids and offers, updated live for all scripts. Facility to cancel all pending orders with a single click. Instant trade confirmations.
Bank of India,& Corporation Bank, & Karnataka Bank, & Oriental bank of Commerce, & South Indian Bank, & Vijay Bank and Yes Bank.

Banking integration with ICICI Bank, HDFC Bank & Axis Bank,&

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INTRODUCTION OF TOPIC

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INTRODUCTION TO SECURITY MARKET

SECURITIES
The definition of 'Securities' as per the Securities Contracts Regulation Act (SCRA), 1956, includes instruments such as shares, bonds, scrips, stocks or other marketable securities of similar 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.

Function of security market

Securities Markets is a place where buyers and sellers of securities can enter into transactions to purchase and sell shares, bonds, debentures etc.

Further, it performs an important role of enabling corporate, entrepreneurs to raise resources for their companies and business ventures through public issues.

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Transfer of resources from those having idle resources (investors) to others who have a need for them (corporate) is most efficiently achieved through the securities market. Stated formally,

Securities markets provide channels for reallocation of savings to investments and entrepreneurship. Savings are linked to investments by a variety of intermediaries, through a range of financial products, called 'Securities'

The securities one can invest in:

Shares Government securities Derivative products Units of mutual funds etc.

SEBI
The Securities and Exchange Board of India (SEBI) is the regulatory authority in India established under Section 3 of SEBI Act, 1992. SEBI Act, 1992 provides for establishment of Securities and Exchange Board of India (SEBI) with statutory powers for:-

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(a) Protecting the interests of investors in securities (b) Promoting the development of the securities market and (c) Regulating the securities market. Its regulatory jurisdiction extends over corporate in the issuance of capital and transfer of securities, in addition to all intermediaries and persons associated with securities market. SEBI has been obligated to perform the aforesaid functions by such measures as it thinks fit. In particular, it has powers for: Regulating the business in stock exchanges and any other securities markets Registering and regulating the working of stock brokers, sub-brokers etc. Promoting and regulating self-regulatory organizations Prohibiting fraudulent and unfair trade practices. Calling for information from, undertaking inspection, conducting inquiries and audits of the stock exchanges, intermediaries, self - regulatory organizations, mutual funds and other persons associated with the securities market.

Participants in security market

The securities market essentially has three categories of participants, namely,

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The issuers of securities,

Investors in securities and

The intermediaries, such as merchant bankers, brokers etc.

While the corporate and government raise resources from the securities market to meet their obligations, it is households that invest their savings in the securities market

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CAPITAL MARKET
The capital market is the market for securities, where companies and governments can raise long-term funds. It is a market in which money is lent for periods longer than a year. [1] The capital market includes the stock market and the bond market. Financial regulators, such as the U.S. Securities and Exchange Commission (SEC), oversee the capital markets in their designated countries to ensure that investors are protected against fraud.

The capital markets consist of the primary market and the secondary market. The primary markets are where new stock and bonds issues are sold (underwriting) to investors. The secondary markets are where existing securities are sold and bought from one investor or speculator to another, usually on an exchange (e.g. the New York Stock Exchange).

Some of the important money market instruments are Treasury bills, federal funds, negotiable certificate of deposits, commercial paper, bankers acceptance, future instrument, option instrument.

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PRIMARY MARKET
The primary market is that part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus.

Features of primary markets are:

1. This is the market for new long term capital. The primary market is the market where the securities are sold for the first time. Therefore it is also called the new issue market (NIM). 2. In a primary issue, the securities are issued by the company directly to investors. 3. The company receives the money and issues new security certificates to the investors. 4. Primary issues are used by companies for the purpose of setting up new business or for expanding or modernizing the existing business.

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5. The primary market performs the crucial function of facilitating capital formation in the economy. 6. The new issue market does not include certain other sources of new long term external finance, such as loans from financial institutions. Borrowers in the new issue market may be raising capital for converting private capital into public capital; this is known as "going public."

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Methods of issuing securities in the primary market are:

1. Initial public offering; 2. Rights issue (for existing companies);
3. Preferential issue.

SECONDARY MARKET

The secondary market, also known as the aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold. The term "secondary market" is also used to refer to the market for any used goods or assets, or an alternative use for an existing product or asset where the customer base is the second market For example, corn has been traditionally used primarily for food production and feedstock, but a second- or third- market has developed for use in ethanol production.

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With primary issuances of securities or financial instruments, or the primary market, investors purchase these securities directly from issuers such as corporations issuing shares in an IPO or private placement, or directly from the federal government in the case of treasuries. After the initial issuance, investors can purchase from other investors in the secondary market.

The secondary market for a variety of assets can vary from fragmented to centralized, and from illiquid to very liquid. The major stock exchanges are the most visible example of liquid secondary markets - in this case, for stocks of publicly traded companies. Exchanges such as the New York Stock Exchange, Nasdaq and the American Stock Exchange provide a centralized, liquid secondary market for the investors who own stocks that trade on those exchanges. Most bonds and structured products trade over the counter, or by phoning the bond desk of ones broker-dealer.

Secondary marketing is vital to an efficient and modern capital market.[citation needed] In the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the secondary market be highly liquid (originally, the only way to create this liquidity was for investors and speculators to meet at a fixed place regularly; this is how stock exchanges originated, see (History of the Stock Exchange). As a general rule,

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the greater the number of investors that participate in a given marketplace, and the greater the centralization of that marketplace, the more liquid the market.

Accurate share price allocates scarce capital more efficiently when new projects are financed through a new primary market offering, but accuracy may also matters in the secondary market because: (1) price accuracy can reduce the agency costs of management, and make hostile takeover a less risky proposition and thus move capital into the hands of better managers. (2) accurate share price aids the efficient allocation of debt finance whether debt offerings or institutional borrowing.

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OVER THE COUNTER EXCHANGE OF INDIA (OTCEI)

The OTC Exchange of India (OTCEI) incorporated under the provisions of the Companies Act 1956, is a public limited company. It allows listing of small and medium sized companies. The minimum issued share capital required of a company that wants to be listed on OTCEI is Rs.3 million and the maximum Rs.250 million.

Companies engaged in investment, leasing, finance, hire purchase, amusement parks etc., and companies listed on any other recognized stock exchange in India are not eligible for listing on OTCEI. Also, listing is granted only if the issue is fully subscribed to by the public and sponsor.

OTCEI is promoted by the Unit Trust of India, the Industrial Credit and Investment Corporation of India, the Industrial Development Bank of India, the Industrial Finance Corporation of India and others and is a recognised stock exchange under the SCR Act.

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Benefits:
1. The OTCEI has set up a national, automated screen based and ringless

stock market. It helps companies raise finance from the capital market in a cost effective manner and provides a convenient and effective avenue of capital market investment for investors at large.
2. While the other recognised stock exchanges require that in order to have

its securities listed the company should have an issued capital of not less than Rs. 3 crores out of which normally 25% is to be offered to the public, the minimum issued equity share capital of a company for eligibility for listing on the OTCEI is Rs 30 lacs. 3. Listing on OTCEI is advantageous to companies because of the high liquidity of these securities, which is a result of compulsory market making, improved
4. Access and speed of transactions resulting from the extensive network of

electronically interlinked counters.arial

5. Companies can obtain a fair price of their securities by negotiating the

same with the sponsors (who are members of the OTCEI) and save unnecessary issue expenses by placing their securities with the sponsors who will in turn off load the securities to the public. This mechanism is now popularly known as a bought out deal.
6. OTCEI's wide computerized net work will be spread all over India and will

make investment easier. All deals will be entered into through remote terminals which will be connected to the mainframe computer of the

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OTCEI. The exchange will enable transactions to be completed quickly and investors can settle the deals across the counter within a few days. The exchange will also provide liquidity to investors as every scrip listed on the OTCEI will have at least two makers who will continuously give two way quotes.

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NSE (NATIONAL STOCK EXCHANGE)

National Stock Exchange of India (NSE) is India's largest Stock Exchange & World's third largest Stock Exchange in terms of transactions. Located in Mumbai, NSE was promoted by leading Financial Institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, NSE was recognized as a Stock exchange under the Securities Contracts (Regulation) Act-1956. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000. NSE has played a catalytic role in reforming Indian securities market in terms of microstructure, market practices and trading volumes. NSE has set up its trading system as a nation-wide, fully automated screen based trading system. It has written for itself the mandate to create World-class Stock Exchange and use it as an instrument of change for the industry as a whole through competitive pressure. NSE is set up on a demutualised model wherein the ownership, management and trading rights are in the hands of three different sets of people. This has completely eliminated any conflict of interest. NSE was set up with the objectives of: Establishing nationwide trading facility for all types of securities

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Ensuring equal access to investors all over the country through an appropriate telecommunication network

Providing fair, efficient & transparent securities market using electronic trading system

Enabling shorter settlement cycles and book entry settlements Meeting International benchmarks and standards

Within a very short span of time, NSE has been able to achieve its objectives for which it was set up. Indian Capital Markets are a far cry from what they were 12 years back in terms of market practices, infrastructure, technology, risk management, clearing and settlement and investor service. To ensure continuity of business, NSE has built a full fledged BCP site operational for last 7 years.

NSE's markets
NSE provides a fully automated screen-based trading system with national reach in the following major market segments: Equity OR Capital Markets {NSE's market share is over 65%} Futures & Options OR Derivatives Market {NSE's market share over 99.5%} Wholesale Debt Market (WDM) Mutual Funds (MF) Initial Public Offerings (IPO)

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BSE (BOMBAY STOCK EXCHANGE)

Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries in its 133 years of existence. What is now popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875.

BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized. It migrated from the open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association Of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualisation, BSE has two of world's best exchanges, Deutsche Brse and Singapore Exchange, as its strategic partners.

Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market.

Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries in its 133 years of existence. What is now

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popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875.

BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE also has a wide range of services to empower investors and facilitate smooth transactions: Investor Services: The Department of Investor Services redresses grievances of investors. BSE was the first exchange in the country to provide an amount of Rs.1 million towards the investor protection fund; it is an amount higher than that of any exchange in the country. BSE launched a nationwide investor awareness programme- 'Safe Investing in the Stock Market' under which 264 programmes were held in more than 200 cities. The BSE On-line Trading (BOLT): BSE On-line Trading (BOLT) facilitates online screen based trading in securities. BOLT is currently operating in 25,000 Trader Workstations located across over 359 cities in India.

BSEWEBX.com: In February 2001, BSE introduced the world's first centralized exchange-based Internet trading system, BSEWEBX.com. This initiative enables investors anywhere in the world to trade on the BSE platform.

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Surveillance: BSE's On-Line Surveillance System (BOSS) monitors on a realtime basis the price movements, volume positions and members' positions and real-time measurement of default risk, market reconstruction and generation of cross market alerts BSE Training Institute: BTI imparts capital market training and certification, in collaboration with reputed management institutes and universities. It offers over 40 courses on various aspects of the capital market and financial sector. More than 20,000 people have attended the BTI programmes

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ONLINE TRADING

Online trading or E-broking was introduced in India in the summer of 2000, order placement on internet was allowed. Previously, orders were left with the brokers and confirmation on the price and quantity of the shares were received end of the day. Initially online trading was not well received by investors as well as the broker community in India. Once investors started recognizing the advantages of

trading online it flourished rapidly. Online trading India is the internet based investment activity that involves no direct involvement of the broker. There are many leading online trading portals in India along with the online trading platforms of the biggest stock houses like the National stock exchange and the Bombay stock exchange.

Products and services of the online trading India:

The major financial products and services of the online trading India are: Equities Mutual funds Life insurance General insurance

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 Loans Share trading Commodities trading Portfolio management Financial planning

Benefits
1. Commissions

One of the biggest benefit of trading stocks online is the reduced stock broker commissions youll be expected to pay.
2. Control

When you use a broker in the real world you may find that your broker will not agree to execute a trade, believing your decision to buy or sell the stock in question is flawed. When you trade stock online this is no longer a problem, your broker has no input as to when you buy and sell stock .
3. Portfolio

In the real world some brokers will not buy certain stock for example, some penny stocks. This may limit the stock you are able to have as part of your investment portfolio. However, when you trade online, subject to availability, you can trade in any stock - on any stock exchange , you want

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4. Information

With the use of computer software programs, you can use stock charts, technical indicators and real time stock prices to help you make the investment decision you want to make, when you want to make it.
5. Time

One of the essential elements about trading stock is the time it takes to execute the trade, as this can mean the difference between making a profit and making a loss. In the real world you have to phone your broker and ask him to sell/buy the stock. The broker then phones the trader, who gives the broker the price. The broker than tells you the price and you either agree to buy/sell or not to. If you agree to buy/sell, the trader then phones the order through to the trader. Online you push your mouse over a cursor and press buy/sell. A much quicker sell.
6. Volume

Assuming you are happy paying the commission, you can trade as large or small as you want over the Internet. In the real world, most brokers require a minimum buy/sell that is out of the reach of most individual traders.

TRADER
In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives .Traders are either professionals working in a financial institution or a corporation, or individual investors, or day traders. They buy and sell financial instruments traded in the stock markets, derivatives

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markets and commodity markets, comprising the stock exchanges, derivatives exchanges and the commodities exchanges

DAY TRADING
Day trading refers to the practice of buying and selling financial instruments within the same trading day such that all positions are usually closed before the market close for the trading day. Traders that participate in day trading are called active traders or day traders. Some of the more commonly day-traded financial instruments are:

Stocks Stock options Currencies a host of futures contracts such as equity index futures, interest rate futures, and commodity futures.

Day trading used to be the preserve of financial firms and professional investors and speculators. Many day traders are bank or investment firm employees working as specialists in equity investment and fund management. However, with the advent of electronic trading and margin trading, day trading has become increasingly popular among casual, at home traders.

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2 ways of share trading

1. Online share trading It is a recent way of buying and selling stock. We can buy and sell any stock over the internet for a low price and we dont need to call a broker. All we need is brokerage account. Once we have et up a brokerage account we then need to choose an Investment method and then research different

companies and then buy stock in the one that you feel will go up. Because they are sound good companies.

2. Offline stock trading In this RM provide tips and recommendation on shares of company to the

customer regarding various fluctuation in market. Basically they provide advisory and decision is wholly in the hands of customer whether to trade or not. This method is helpful for beginners or for those customers who have little knowledge of share market.

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DEMAT ACCOUNT

Demat account allows us to buy, sell and transact shares without the endless paperwork and delays. It is also safe, secure and convenient. Demat refers to a dematerialised account.

Just as you have to open an account with a bank if you want to save your money, make cheque payments etc, you need to open a demat account if you want to buy or sell stocks. So it is just like a bank account where actual money is replaced by shares. We have to approach the DPs (remember, they are like bank branches), to open a demat account. Lets say your portfolio has 100 of Satyam, 200 of IBM and 120 of TCS shares. All these will show in your demat account. So you dont have to possess any physical certificates showing that you own these shares. They are all held electronically in your account. As you buy and sell the shares, they are adjusted in your account. Just like a bank passbook or statement, the DP will provide you with periodic statements of holdings and transactions.

Nowadays, practically all trades have to be settled in dematerialised form. Although the market regulator, the Securities and Exchange Board of India (SEBI), has allowed trades of upto 500 shares to be settled in physical form, nobody wants physical shares any more. So a demat account is a must for
49

trading

and

investing.

The demat account reduces brokerage charges, makes pledging/hypothecation of shares easier, enables quick ownership of securities on settlement resulting in increased liquidity, avoids confusion in the ownership title of securities, and provides easy receipt of public issue allotments.

It also helps you avoid bad deliveries caused by signature mismatch, postal delays and loss of certificates in transit. Further, it eliminates risks associated with forgery, counterfeiting and loss due to fire, theft or mutilation. Demat account holders can also avoid stamp duty (as against 0.5 per cent payable on physical shares), avoid filling up of transfer deeds, and obtain quick receipt of such benefits as stock splits and bonuses.

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Demat Benefits
The benefits are enumerated below:1. A safe and convenient way to hold securities; 2. Immediate transfer of securities; 3. No stamp duty on transfer of securities; 4. Elimination of risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc. 5. Reduction in paperwork involved in transfer of securities; 6. Reduction in transaction cost; 7. No odd lot problem, even one share can be sold; 8. Nomination facility; 9. Change in address recorded with DP gets registered with all companies in which investor holds securities electronically eliminating the need to correspond with each of them separately; 10. Transmission of securities is done by DP eliminating correspondence with companies; 11. Automatic credit into demat account of shares, arising out of

bonus/split/consolidation/merger etc. 12. Holding investments in equity and debt instruments in a single account

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RESEARCH METHODOLOGY

52

RESEARCH METHODOLOGY

Sample size - 20

Primary Data

The data for the study was collected through STRUCTURED QUESTIONNAIRE. The questions were asked from the client of the Unicon investment solution.

Primary data is that data that have been observed and recorded by the researchers for the first time to their researchers.

Secondary Data

Other material required to complete the project was taken from company website. Apart from this, the data was also collected from the internet.

Secondary data are those data which have been already collected and analyzed by some earlier agency for its own use and later the same data are used by a different agency.

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OBJECTIVE

To make a comparison between the various brokerage houses. To judge the satisfaction level of customer. To know about the stock market.

54

COMPARATIVE STUDY

55

Other stock brokerage houses

Stock Broking Players in India
Some of the major players taken for the studies are: Reliance money Religare securities IL$FS Share khan Karvy ICICI Direct Reliance Money Few men in history have made as dramatic a contribution to their countrys economic fortunes as did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless. As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of Indias capital markets, and the champion of shareholder interest. But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise.

56

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so. Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronized by a small club of elite investors which dabbled in a handful of stocks. Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets. Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become Indias largest private sector enterprise. Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families

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Reliance Capital

Reliance Mutual fund Mutual Fund

Reliance General Insurance

Reliance Life Insurance

Reliance Money

Reliance Consumer Finance

Reliance money is a part of the reliance Anil Dhirubai Ambani Group and is promoted
by Reliance capital, the fastest growing private sector financial services company in India, ranked amongst the top 3 private sector financial companies in terms of net worth. Reliance money is a comprehensive financial solution provider that enables you to carry out trading and investment activities in a secure, cost-effective and convenient manner. Through reliance money, you can invest in a wide range of asset classes from Equity, Equity and commodity Derivatives, Mutual Funds, insurance products, IPOs to availing services of Money Transfer & Money changing. Reliance Money offers the convenience of on-line and offline transactions through a variety of means, including its Portal, Call & Transact, Transaction Kiosks and at its network of affiliates.

Different Plans of Reliance Money

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Access Fee

Validity Time Validity Turnover Validity

Turnover Limit Non-delivery Delivery turnover turnover Rs. 2 lac Rs.90 lac Rs.2.7 crore Rs. 6.3 crore Rs. 18 crore Rs.10 lac Rs.30 lac Rs. 70 lac Rs. 2 crore

500 1000 2500 5000 10000

1year 2 months 6 months 12 months 12 months

Rs. 2 lac Rs.1 crore Rs.3 crore Rs. 7 crore Rs. 20 crore

Religare securities Limited

Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a leading equity and securities firm in India. The company currently handles sizeable volumes traded on NSE and in the realm of online trading and investments; it currently holds a reasonable share of the market. The major activities and offerings of the company today are Equity Broking, Depository Participant Services, Portfolio Management Services, International Advisory Fund Management Services, Institutional Broking and Research Services. To broaden the gamut of services offered to its investors, the company offers an online investment portal armed with a host of revolutionary features.

RSL is a member of the National Stock Exchange of India, Bombay Stock

Exchange of India, Depository Participant with National Securities Depository Limited and Central Depository Services (I) Limited, and is a SEBI approved Portfolio Manager.

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Religare has been constantly innovating in terms of product and services

and to offer such incisive services to specific user segments it has also started the NRI, FII, HNI and Corporate Servicing groups. These groups take all the portfolio investment decisions depending upon a clients risk / return parameter.

Religare has a very credible Research and Analysis division, which not only

caters to the need of our Institutional clientele, but also gives their valuable inputs to investment dealers

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Product & Services

Trading in Equities with Religare truly empowers you for your investment needs. We ensure you have a superlative trading experience through

A highly process driven, diligent approach Powerful Research & Analytics and One of the best-in-class dealing rooms

Further, Religare also has one of the largest retail networks, with its presence in more than 1800* locations across more than 490* cities and towns. This means, you can walk into any of these branches and connect to our highly skilled and dedicated relationship managers to get the best services.

The Religare Edge

Pan India footprint Powerful research and analytics supported by a pool of highly skilled analysts

research

Ethical business practices Offline/Online delivery models Single window for all investment needs through your unique CRN

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IL&FS INVESTSMART
Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading infrastructure development and finance companies

IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the years, IL&FS has broad-based its shareholding and inducted Institutional shareholders including State Bank of India, Life Insurance Corporation of India, ORIX Corporation - Japan and Abu Dhabi Investment Authority IL&FS has a

distinct mandate -- catalyzing the development of infrastructure in the country. The organization has focused on the commercialization and development of infrastructure added projects and financial creation of value services

From concept to execution, IL&FS houses the expertise to provide the complete array of services necessary for successful project completion: visioning, documentation, finance, development, management, technology and

executionIL&FS Investsmart Limited (IIL) is one of Indias leading financial services organizations providing individuals and corporates with customised financial management solutions. At IIL, we believe in "Realizing your goals together". You will find in us - a trusted investment partner to help you work towards achieving your financial goals. Our

62

institutional expertise, combined with a thorough understanding of the financial markets results in appropriate investment solutions for you. Our strong team of Relationship Managers, Customer Service Executives, Advisory Managers and Research Analysts, offers efficient execution backed by in-depth research, knowledge and expertise to customers across the country.

VISION STATEMENT To become the preferred long term financial partner to a wide base of customers whilst optimizing stakeholders value

MISSION STATEMENT To establish a base of 1 million satisfied customers by 2010. We will create this by being a responsible and trustworthy partner

CORPORATE ACTION An Approach to Business that reflects Responsibility, Transparency and Ethical Behaviour. Respect for Employees, Clients & Stakeholder groups.

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IL&FS Online Product Offerings

1. SMART START
Smart Start is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates your banking, broking, and demat accounts. A comprehensive trading service, which allows you to invest in equities and derivatives. Smart Start trading platform allows user the flexibility of trading on any internet capable system, with access to both the NSE and BSE.

2. SMART INVEST
Smart Invest is a browser-based system designed for customers who transact occasionally. It is ideal for investors who believe in the Buy and Hold approach towards investment in equities. Smart Invest capability as a browser-based trading platform gives you the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE & BSE, you are in the driver's seat when routing your order to the best price on either of the exchanges. Smart Invest sophisticated yet easy to use point and click order entry interface allows you to react more quickly to the markets and make better decisions.

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3. SMART TRADE
Smart Trade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term price movements. The platform offers active traders the tools they need to make critical decisions with confidence. Smart Trade is designed and built from the ground up to address the needs of active traders. Smart Trade makes the most of state-of the-art technology to deliver power, speed and reliability. Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy.

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Share khan Share khan is one of the leading retail brokerage of City Venture which is running successfully since 1922 in the country. Earlier it was the retail broking arm of the Mumbaibased SSKI Group, which has over eight decades of experience in the stock broking business. Share khan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. Earlier with a legacy of more than 80 years in the stock markets, the SSKI group ventured into institutional broking and corporate finance 18 years ago. SSKI is one of the leading players in institutional broking and corporate finance activities. SSKI holds a sizeable portion of the market in each of these segments. SSKIs institutional broking arm accounts for 7% of the market for Foreign Institutional portfolio investment and 5% of all Domestic Institutional portfolio investment in the country. It has 60 institutional clients spread over India, Far East, UK and US. Foreign Institutional Investors generate about65% of the organizations revenue, with a daily turnover of over US$ 2 million. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. The objective has been to let customers make informed decisions and to simplify the process of investing in stock.

Product & Services Share khan is one of India's leading financial services companies. We provide a complete life-cycle of investment solution in Equities, Derivatives, Commodities, IPO, Mutual

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Funds, Depository Services, Portfolio Management Services and Insurance. We also offer personalized wealth management services for High Net worth individuals. With a physical presence in over 300 cities of India through more than 800 "Share Shops", and an online presence through Sharekhan.com, India's premier online destination, we reach out to more than 800,000 trading customers.

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Equities & Derivatives With a Share khan online trading account, you can buy and sell shares in an instant! Anytime you like and from anywhere you like! You can choose the online trading account that suits your trading habits and preferences the Classic Account for most investors and Trade tiger for active day traders. Your Classic Account also comes with Dial-n-Trade completely free, which is an exclusive service for trading shares by using your telephone. Classic Account This account enables you to buy and sell shares through our website. You get features like: Streaming quotes Multiple watch list Integrated Banking, Demat and digital contract Instant credit and transfer Real-time portfolio tracking with price alerts and of course the assurance of secure transaction Trade Tiger

A single platform for multiple exchange BSE & NSE (Cash & F&O), MCX, NCDEX, Mutual Funds, IPOs

Multiple Market Watch available on Single Screen Multiple Charts with Tick by Tick Intraday and End of Day Charting powered with various Studies

Graph Studies include Average, Band- Bollinger, Know Sure Thing, MACD, RSI, etc

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Apply studies such as Vertical, Horizontal, Trend, Retracement & Free lines User can save his own defined screen as well as graph template, that is, saving the layout for future use

User-defined alert settings on an input Stock Price trigger Tools available to gauge market such as Tick Query, Ticker, Market Summary, Action Watch, Option Premium Calculator, Span Calculator

Shortcut key for FAST access to order placements & reports Online fund transfer activated with 12 Banks

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Dial-n-Trade Free with your Share khan Classic Account, the Dial-n-Trade service enables you to place orders for buying and selling shares through your telephone.
TWO dedicated numbers for placing your orders with your cell phone or

landline. Toll free number: 1-800-22-7050. For people with difficulty in accessing the toll-free number, we also have a Reliance number (Your Local STD Code) 30307600 which is charged at as a local call. Simple and Secure Interactive Voice Response based system for authentication No waiting time. Enter your TPIN to be transferred to our telebrokers You also get the trusted, professional advice of our telebrokers After hours order placement facility between 9.00 am and 9.30 am (timings to be extended soon) Reliable service, wherever you are

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Karvy Stock Broking Ltd.

KARVY is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate, comprising the who is who of Corporate India. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments.

The birth of Karvy was on a modest scale in 1983. It began with the vision and enterprise of a small group of practicing Chartered Accountants who founded the flagship company, Karvy Consultants Limited. They started with consulting and financial accounting automation and carved inroads into the field of registry and share accounting by 1985. Since then, karvy utilized its experience and superlative expertise to go from strength to strength, to better their services, to innovate, diversify and in the process, evolved as one of Indias premier integrated financial service enterprise.

Karvy has 575 offices over 375 locations across India and overseas at Dubai and New York over 9000 highly qualified people staff the serving the people.

Karvy has always believed in adding value to services it offer to clients. A top-notch research team based in Mumbai and Hyderabad supports its employees to advice clients on their investment needs. With the information overload today, karvys team of analyst help investors make the right call be it equities, mf, insurance. On a typical working day Karvy:

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 Has more than 25,000 investors visiting our 575 offices.

Publishes / broadcasts at least 50 buy or sells calls

Attends to 10,000+ telephone calls Advice 3000+ clients on investments in mutual funds Executes 150000+ trades on NSE/BSE

It is an undisputed fact that the stock market is unpredictable and yet enjoys a high success rate as a wealth management and wealth accumulation option. The difference between unpredictability and a safety anchor in the market is provided by in-depth knowledge of market functioning and changing trends, planning with foresight and choosing one's options with care. This is what we provide in our Stock Broking services. We offer services that are beyond just a medium for buying and selling stocks and shares. Instead we provide services which are multi dimensional and multi-focused in their scope. There are several advantages in utilizing our Stock Broking services, which are the reasons why it is one of the best in the country. We offer trading on a vast platform; National Stock Exchange, Bombay Stock Exchange and Hyderabad Stock Exchange. More importantly, we make trading safe to the maximum possible extent, by accounting for several risk factors and planning accordingly. We are assisted in this task by our in-depth research, constant feedback and sound advisory facilities. Our highly skilled research team, comprising of technical analysts as well as fundamental specialists, secure result-oriented information on market trends, market analysis and market predictions. This crucial information is given as a constant feedback to

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our customers, through the following daily reports which are delivered to them thrice a day;

The Pre-session Report, where market scenario for the day is predicted The Mid-session Report, timed to arrive during lunch break , where the market forecast for the rest of the day is given and

The Post-session Report, the final report for the day, where the market and the report itself is reviewed.

Services To add to this repository of information, we publish a monthly magazine called KARVY The Finapolis which analyzes the latest stock market trends and takes a close look at the various investment options, and products available in the market, while a weekly report, called KARVY Bazaar Baatein, keeps you more informed on the immediate trends in the stock market. In addition, our specific industry reports give comprehensive information on various industries. Besides this, we also offer special portfolio analysis packages that provide daily technical advice on scrips for successful portfolio management and provide customized advisory services to help you make the right financial moves that are specifically suited to your portfolio. Our Stock Broking services are widely networked across India, with the number of our trading terminals providing retail stock broking facilities. Our services have increasingly offered customer oriented convenience, which we provide to a spectrum of investors, highnet worth or otherwise with equal dedication and competence.

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But true to our spirit, this success is not our final destination, but just a platform to launch further enhanced quality services to provide you the latest in convenient, customer-friendly stock management. Over the years we have ensured that the trust of our customers is our biggest returns. Factors such as our success in the Electronic custody business has helped build on our tradition of trust even more. Consequentially our retail client base expanded very fast. To empower the investor further we have made serious efforts to ensure that our research calls are disseminated systematically to all our stock broking clients through various delivery channels like e-mail, chat, SMS, phone calls etc. Our foray into commodities broking has been path breaking and we are in the process of converting existing traders in commodities into the more organized mainstream of trading in commodity futures, both as a trading and risk hedging mechanism. In the future, our focus will be on the emerging businesses and to meet this objective, we have enhanced our manpower and revitalized our knowledge base with enhances focus on Futures and Options as well as the commodities business.

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ICICI Direct

ICICIDirect brings you the international experience of online investing. Buying and selling of shares is just a click away. Our powerful 3-in-1 concept will enable you to tie in your saving bank account and your demat account to your brokerage account electronically. This integration ensures that money is transferred to/from your bank account and the shares are transferred from/to your demat account automatically without any paperwork. ICICIDirect keeps track of the transactions, the settlement dates and stock exchange rules, hence relieving you of the inconvenience of tracking stock exchange trading calendars, settlement dates, writing cheques and Transfer Instructions For Debit (TIFD). A multitude of resources like online quotes, charts, news, research, fundamental database and detailed analysis is just a click away to help you make smarter and better decisions. The URL ICICIDirect.com is owned by ICICI and managed by ICICI Web Trade Limited. ICICI Web Trade Limited facilitates trading and related services on the internet through maintenance of the website. Trades put through ICICIDirect.com are executed by ICICI Web Trade Limited, which is a trading member of the National Stock Exchange and The Stock Exchange, Mumbai. SEBI registration numbers for NSE and BSE are INB 231147639 and INB 011147635 respectively. Products and Services A product for every need: ICICIdirect.com is the most comprehensive website, which allows you to invest in Shares, Mutual funds, Derivatives (Futures and

75

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

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BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1st and 2nd day after the buy order date, without you having to wait for the receipt of shares into your demat account. CallNTrade: CallNTrade allows you to call on a local number in your city & trade on the telephone through our Customer Service Executives. This facility is currently available in over 11 major states across India. Trading on NSE/BSE: Through ICICIdirect.com, you can trade on NSE as well as BSE. Market Order: You could trade by placing market orders during market hours that allows you to trade at the best obtainable price in the market at the time of execution of the order. Limit Order: Allows you to place a buy/sell order at a price defined by you. The execution can happen at a price more favorable than the price, which is defined by you, limit orders can be placed by you during holidays & non market hours too. 2. TRADE IN DERIVATIVES: FUTURES Through ICICIdirect.com, you can now trade in index and stock futures on the NSE. In futures trading, you take buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months.

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Trading in FUTURES is simple! If, during the course of the contract life, the price moves in your favour (i.e. rises in case you have a buy position or falls in case you have a sell position), you make a profit. Presently only selected stocks, which meet the criteria on liquidity and volume, have been enabled for futures trading. Calculate Index and Know your Margin are tools to help you in calculating your margin requirements and also the index & stock price movements. The ICICIDIRECT UNIVERSITY on the HOME page is a comprehensive guide on futures and options trading. OPTIONS An option is a contract, which gives the buyer the right to buy or sell shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no obligation on the buyer to complete the transaction if the price is not favorable to him. To take the buy/sell position on index/stock options, you have to place certain % of order value as margin. With options trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying Asset at the specified strike price by paying a premium whereas the

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Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price. The Buyer of a Put Option has the Right but not the Obligation to Sell the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Put has the obligation of Buying the Underlying Asset at the specified Strike price. By paying lesser amount of premium, you can create positions under OPTIONS and take advantage of more trading opportunities. 3. IPOs and Bonds Online: You could also invest in Initial Public Offers (IPOs) and Bonds online without going through the hassles of filling ANY application form/ paperwork. Get in-depth analyses of new IPOs issues (Initial Public Offerings) which are about to hit the market and analysis on these. IPO calendar, recent IPO listings, prospectus/offer documents, and IPO analysis are few of the features, which help you, keep on top of the IPO markets.

4. Overseas Trading: Rationale of overseas trading facility offered by ICICIDirect:

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Under Liberalized Remittance Scheme of Reserve Bank of India, Resident Individuals are allowed to remit up to USD 2, 00,000 in a financial year (April to March) for any current or capital account transaction or combination of both. Under this scheme ICICIDirect has facilitated its customers to invest in various Stocks and Options that are traded on the exchanges in United States of America. Customers of ICICIDirect are eligible for this service: All resident individuals are eligible to avail this facility. This facility is currently not available to corporate, partnership firms, HUF, Trusts, and NRIs etc. Products offered under overseas trading facility

Equities Exchange Traded Funds Stock Options Index Options

5. Content Features: There are a host of features on ICICIdirect.com that shall help you make informed investment decisions. We provide you with the indices of major world markets, nifty futures and ADR prices of Indian scrip. Get daily share prices of all scrips, monthly and yearly high/lows etc through Market Watch.

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Get breaking news from CNBC and Reuters. Catch a glimpse of News Headlines through our scrolling Direct News Headlines. Get a snapshot of the latest developments in the markets through the day using Market Commentary. You can get weekly snapshots also. Use Pick of the week which focuses on fundamental stocks with sound prospects. Catch interviews, reactions and comments from industry leaders with CEO Call. Track the movement of leading scrip within a sector across 12 sectors using Market@Desktop. Equip yourself with our barometers. Market Barometer gives you in-depth information of the weightages of shares on Nifty and Sensex. Get a glimpse of the performance of various industry sectors through Industry Barometer. Direct Technical Charts offer interactive charting with advanced indicators. Get a birds eye views of over 5000 companies at a single click using Company Snapshot Glance through analyst recommendations using Multex Global Estimates.

In case, you are not too comfortable with share trading, try our Learning Centre, which is a tutorial on investments and My Research that helps you to research a stock better.

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82

FINDINGS AND ANALYSIS

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FINDINGS Comparison Table: Showing Account Opening fees, AMC, Brokerage.

Stock Broking Houses Basic Account Opening Fees(Rs.) Annual Maintenance Fees(Rs.) Brokerage

IL&FS

950

300

0.50%(Delivery), 0.05%(Intraday)

Reliance Money

1250

250

0.50%(Delivery), 0.05%(Intraday)

Religare Securities

300

Nil

0.50%(Delivery), 0.05%(Intraday)

Unicon Securities

100

200

Depends on Trading Volume

Share khan

Nil

300

0.50%(Delivery), 0.05%(Intraday)

Karvy

650

400

0.50%(Delivery), 0.05%(Intraday)

ICICI Direct

975

500

0.75%(Delivery), 0.01%(Intraday)

Source: Direct interview of executives of broking houses.

Comparison on the basis of Account opening charges.

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Findings Reliance money charge the most for account opening where as Sharekhan does not take any charges for opening the account. IL&FS charge Rs. 950 for opening the account. All the broking houses face tough completion from Sharekhan. Unicon & Religare charges nominal amount of Rs. 100 & Rs. 300 which is lower than other players in the industry.

Comparison on the basis of Annual maintenance cost of Demat A/C.

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Findings Annual maintenance fee of account is higher in ICICI Direct i.e. Rs 500. Religare

securities do not charge any fee. UNICON charge Rs. 200, (Rs. 50 per quarter). Other players charge more or less the same amount for maintenance.

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Comparison on the basis of Brokerage.

Findings The brokerage charge by the broking houses is same for the basic plan except ICICI direct which charges 0.75% for delivery and 0.01% for intraday. The stock broking houses cannot charge more than 2.5% of the trading volume.

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ANALYSIS
Q1. Age of respondent

Age of the employee 18-25

10.0% 45&above 5.0% 35-45

25-35 35-45 45&above

25.0% 25-35

60.0% 18-25

INTREPRETATION

5% of the respondent belongs to the age-group 35-45. 25% of the respondents belong the age group 25-35 60% of the respondent belongs to the age group 18-25 10% of the respondent belongs to age group 45&above

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Q2. How often do they trade?

Frequency of trading daily weekly monthly

40.0% monthly

40.0% daily

20.0% weekly

INTERPRETATION

89

40% of the respondent trade on monthly basis 20% of the respondent trade on weekly basis 40% of the respondent do INTRADAY Trading

Q3. Since when customer is trading with UNICON INVESTMENT SOLUTIONS?

Since when you are trading with UNICON Less than 1 year
10.0% 2-3 year

1-2 year 2-3 year more than 3 year

20.0% 1-2 year 65.0% Less than 1 year

INTERPRETATION
90

65% Of the respondent have been trading since 1 year 20% of the respondent have been trading for the past 1-2 years 10% of the respondent have been trading for the past 2-3 year

Q4.How UNICON INVESTMENT SOLUTIONS is different from other brokerage house?

Unicon is different From other Brokerage house Tele-trade

15.0% tele-trade

Services

85.0% services

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INTERPRETATION

It is found that services provided by UNICON INVESTMENT SOLUTIONS are much better than other brokerage house.

85% of the respondents are satisfied with the services 20% of the respondents go for tele-trade services.

Q 5 Rank the Attribute customer service of a share trading company?

Customer service EXCELLENT VERY GOOD

10.0% AVERAGE 5.0% 33 10.0% EXCELLENT

GOOD AVERAGE 33
20.0% VERY GOOD

55.0% GOOD

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INTERPRETATION

It is found that majority of the respondent are satisfied with the customer services of UNICON INVESTMENT SOLUTIONS. The services provided by the company are better than other service providers.

Q6. Rank the attribute proper guidance of a share trading company?

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PROPER GUIDANCE EXCELLENT VERY GOOD

5.0% EXCELLENT

GOOD AVERAGE

45.0% GOOD

45.0% VERY GOOD

INTERPRETATION

UNICON INVESTMENT SOLUTIONS provides proper and appropriate guidance to its customers. Due to this, their customer retention value is high as compared to other brokerage houses.

Q7. Rank the attribute brokerage charges of a share trading company?

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BROKERAGE CHARGES GOOD AVERAGE

35.0% GOOD

65.0% AVERAGE

INTERPRETATION According to the survey: 65% of the customer found brokerage charges as average 35% of the customer found brokerage charges as good

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CONCLUSION

Conclusion

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After the survey I found that 40% of the respondents do trading on monthly and weekly basis. 20% of the respondents do intraday trading.

65% Of the respondent have been trading since 1 year , 20% of the respondent have been trading for the past 1-2 years , 10% respondent have been trading for the past 2-3 year . of the

85% of the respondent satisfied with the customer service of the company. According to them services provided by UNICON

INVESTMENT SOLUTIONS is much better than other brokerage house

All the customer of UNICON INVESTMENT SOLUTIONS are satisfied with services like proper guidance, regular updates.

Customer also finds UNICON INVESTMENT SOLUTIONS is a trust worthiness.

Brokerage charges of UNICON INVESTMENT SOLUTIONS are slightly higher than other brokerage houses.

All the brokerage houses providing the tele-trade services

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SUGGESTIONS AND RECOMMANDATIONS

Suggestions And Recommendations

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Commitment should be equalized for every person.

Provide the facility of free demonstrations for all.

Improvement in the time taken for opening of account..

Some promotional activities are required for the awareness of the customer.

People at young age should be encouraged to invest in stock market.

Seminars should be held for providing information to prospective and present customers.

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BIBLIOGRAPHY & REFERENCES

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Bibliography And References

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http://www.sharekhan.com/TradeTiger/ http://content.icicidirect.com/product.asp http://www.reliancemoney.com/default.aspx http://www.scribd.com/doc/13351972/Comparative-Analysis-of-Stock-Brokers

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