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Report On Comparitive Study of Brokerage Plans With Religare
Report On Comparitive Study of Brokerage Plans With Religare
Report On Comparitive Study of Brokerage Plans With Religare
ON
BY
Rahul Mahajan
(08bs0004066)
SUBMITTED BY
RAHUL MAHAJAN
(08BS0004066)
Certificate
Declaration
I hereby declare that this report on “COMPARATIVE STUDY OF
BROKERAGE PLANS OF RELIGARE SECURITIES LTD. WITH VARIOUS
BROKERAGE FIRMS” has been written and prepared by me during the
academic year 2008-2009. This project was done under the able guidance
and supervision of Prof. Rajneesh Mehra, Faculty, ICFAI Business School
and Mr. Abhay Sawhney, ASM, Religare Securities Ltd., Noida in partial
fulfillment of the requirement for the Master of Business Administration
Degree course of the ICFAI Business School.
I also declare that this project is the result of my own effort and has not
been submitted to any other institution for the award of any Degree or
Diploma.
Place: Noida
Rahul Mahajan
08bs0004066
Acknowledgements
Sometimes words fall short to show gratitude, the same happened with me
during this project. The immense help and support received from Religare
Securities limited overwhelmed me during the project.
I also thank PROF. RAJNEESH MEHRA, faculty guide, IBS, Chandigarh who has
sincerely supported me with the valuable insights into the completion of this
project.
I am grateful to MS. ESHA AHUJA (TL, Noida, Religare Securities Ltd.) and all
of the members of Noida branch, who have helped me in the successful
completion of this project, special mention of MR SANDEEP CHATTURVEDI.
Last but not the least; my heartfelt love for my parents, whose constant
support and blessings helped me throughout this project.
Table Of Contents
I. Certificate
II. To whomsoever it may concern
III. Declaration
IV. Acknowledgement
V. Abstract
Chapter 1: Introduction
1.1 Objectives of the project
1.2 Increasing internet trading
LIST OF IILUSTRATIONS
1. Increasing Internet trading Graph 1
Abstract
This project has been a great learning experience for me and at the same time it
gave me enough scope to implement my analytical ability. The project in religare
is to figure out the potential brokerage plans, which can undertake the various
products and services offered by the religare.
With the advent of the internet, investors can now enter orders directly online, or
even trade with other investors via ECN's (electronic communication networks).
So, most of the brokerage houses have started providing the facility of online
trading to the customers. Today even the banks with the view of expansion and
large number of customers has started providing the online trading terminal to the
customers.
As the competition from big players of online trading like Share khan, Kotak
Mahindra, ICICI Direct etc is rising religare intends to built up a loyal customer
base , the project is a step towards the same. In this era of competition it’s
becoming difficult for the organizations to acquire and retain the customers.
Hence, for religare it is of utmost importance to have satisfied existing customers
as well as to attract the other customers.
With the help of this project Religare Securities Ltd could tap the Customers
potential in investment and which would provide them various opportunities of
increasing the customer base.
“Customer Relationship and Branch Operations” believes that “They would not
remember what you did but they will always remember what you said ”.
CHAPTER ONE
INTRODUCTION
Globalization has proved to be a boon for the Indian economy. After globalization
there has been a tremendous growth in the Indian economy.
The project was under taken as to study the Indian online trading. Earlier Trading
was confined in limited boundaries but now the scenario has been totally different
after the entrance of online trading. There is a cut throat competition between the
broking houses. Now the brokers are more concerned about their customers to
improve their performance. The sector is undergoing fundamental changes that
have diluted its traditional role of protecting small deposits against capital and
income risk and facilitating the conversion of Savings into investment.
Also there have been a drastic increase in the volume of share traded on stock
exchange and with that the online trading has shown Bull Run.
Increasing Internet trading volume
Online trading is the service offered on the internet for purchase and sales of
shares. In the real world you place orders on your stock broker either verbally or in
a written form. In online trading you will access a stock broker’s website through
your internet enabled PC and place orders through the brokers internet based
trading engine. These orders are routed to the stock exchange without manual
intervention and executed their own in the matter of a few seconds. From the past
two years the volume of the internet trading has increased largely.
(Graph 1)
CHAPTER TWO
Introduction to brokerage industry
Industry Insight
Majority of the broking firms entered the business post 1990. A majority of
members have memberships in more than one stock exchange and across
equities, equity derivatives and commodities futures in domestic and
International stock exchange.
Deepening financial system and economic growth has provided growth and
expansion opportunities to broking firms. Access to public equity markets
and growing international investor’s interest has enabled them to raise
resources.
Although there are more than 9000 brokers registered with SEBI 80% of the
turnover in NSE and BSE is accounted by about 100 brokers.
One of the oldest trading industries that have been around even before the
establishment of BSE is the Indian Broking Industry. Post liberalization there have
been number of changes, despite this the stock broking industry was at its pace and
retained its sustainable growth.
To study the trend in the stock broking industry, if we take the database of over
394 broking firms. All the data for the study was collected through responses
received directly from the broking firms. The insights have been arrived at through
an analysis on various parameters, pertinent to the equity broking industry, such as
region, terminal, market, branches, sub brokers, products and growth areas.
In the cash market, around 34% firms trade at NSE, 14% at BSE and
52% trade at both exchanges. In the derivative segment, 48% trade at
NSE, 7% at BSE and 45% at both, whereas in the debt market, 31% trade
at NSE, 26% at BSE and 43% at both exchanges
Majority of branches are located in the North, i.e. around 40%. West has
31%, 24% are located in South and 5% in East
In case of sub-brokers, almost 55% of them are based in the South. West and
North follow, with 30% and 11% sub-brokers respectively, whereas East has
around 4% of total sub-brokers.
(Graph 3)
and merger are expected to keep the broking industry viable in the long run.
In the recent period, global and domestic private equity firms have taken stake in
brokerage firms such as Anand Rathi (Citigroup), Edelweiss (Lehman Brothers),
Geojit (BNP Paribas), SMC (Millennium India), Motilal Oswal (New Vernon),
Network Broking (Amas Bank of Hindujas) and India Infoline (Orient Global) etc.
There are 23 recognized stock exchanges in India, including the Over the Counter
Exchange of India (OTCEI) for small and new companies and the National Stock
Exchange (NSE) which was set up as a model exchange to provide nation-wide
services to investors.
Bombay stock exchange is the oldest stock exchange of India For the premier
Stock Exchange that pioneered the stock broking activity in India, 128 years of
experience seems to be a proud milestone. A lot has changed since 1875 when 318
persons became members of what today is called "The Stock
Exchange, Mumbai" by paying a princely amount of Re1.
Since then, the country's capital markets have passed through both good and bad
periods. The journey in the 20th century has not been an easy one. Till the decade
of eighties, there was no scale to measure the ups and downs in the Indian stock
market. The Stock Exchange, Mumbai (BSE) in 1986 came out with a stock index
that subsequently became the barometer of the Indian stock market.
SENSEX
SENSEX is not only scientifically designed but also based on globally accepted
construction and review methodology. First compiled in 1986, SENSEX is a basket
of 30 constituent stocks representing a sample of large, liquid and representative
companies. The base year of SENSEX is 1978-79 and the base value is 100. The
index is widely reported in both domestic and international markets through print
as well as electronic media.
The growth of equity markets in India has been phenomenal in the decade gone by.
Right from early nineties the stock market witnessed heightened activity in terms
of various bull and bear runs. The SENSEX captured all these events in the most
judicial manner. One can identify the booms and busts of the Indian stock market
through SENSEX.
NATIONAL STOCK EXCHANGE (NSE)
The National Stock Exchange of India Limited has genesis in the report of the
High Powered Study Group on Establishment of New Stock Exchanges, which
recommended promotion of a National Stock Exchange by financial institutions
(FI’s) to provide access to investors from all across the country on an equal
footing. Based on the recommendations, 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 unlike other stock exchanges in the
country.
When India’s National Stock Exchange (NSE) was started in 1994, few believed it
would survive. How could a stock exchange run by a team of untested
professionals headed by a former development banker succeed against existing
stock exchanges run by third generation, savvy stockbrokers?
Critics even went to the extent of warning that NSE’s sophisticated systems would
be a misfit in an Indian capital market dominated by physical deliveries, arbitrary
speculative trade, and lengthy trade settlements.
Today, with number of trades touching 2.5 million a day and turnover touching
turnover touching Rs 100 billion in value terms, NSE towers over all the other
stock exchanges in the country.
In a ten-year period (NSE completed a decade on June 30,
2004) the National Stock Exchange has tilted the market
system in favour of investors and away from a significant bias in favour of
intermediaries. For a mass of investors across the country, the NSE is now the
focal point for trading in stocks, and futures and options.
The Stock Exchange, (NSE) came out with a stock index that subsequently became
another barometer of the Indian stock market known as NIFTY.
Nifty been the focal point of investors, as it provides trading the shares as well as
index in futures and options. Before Nifty came into existence trading of index
concept was not present it was introduced by Nifty and is present in it only, till
date.
National stock exchange gives the investors different option where an investor can
deal the equities into different market situations like cash market and derivatives.
Cash market is simply the equity market where investors have to pay the security
amount which is done in BSE also but in NSE investors has the choice of dealing
in derivatives. Derivatives are the future market where investors have the option of
dealing in the price list of futures for which there a separate index is present known
as NIFTY FUTURE.
In Derivatives there are two choices available for an investor FUTURES AND
OPTIONS
FUTURE – In future market shares are deal in lots these lots could be of different
numbers like 100, 200, 500 etc. Investors while taking over these lots and coming
under the contract takes the position of the shares by
paying the 1/3rd amount of the total holdings. (could be understood by a formula).
(2*100*900) / 3 = 60000/
Which shows the investor is taking the position of Rs. 180000/- in just Rs. 60000/-
in future market which the area of attraction of this particular market. These
holdings are taken for 1 month, 2 months and three months according to the
investor’s preference. The beauty of this contract is that the remaining 2/3rd money
of the holdings is paid by the broking house the investors dealing with. Investor
coming into this contract should know that by the time of contract he is in like of 1
or 2 months investor should clear its position before the last Thursday of the expiry
month.
OPTIONS – Option is a contract where the investor has two options to deal with
CALL and PUT. The concept of call and put is opposite to each other call is the
contract where the investors believe that the market is going to be BULLISH in
near future and put option is taken when he thinks that the market is going to be
BEARISH in the future.
In the call option investors is benefited if market drives up in future and in put will
be benefited if it slips down.
FII 1319
Custodians 15
Depositories 2
Merchant Bankers 155
Bankers to an Issue 50
Underwriters 35
Mutual Funds 40
(Table 1)
Stock Trading
Online Stock Market Trading is an internet based stock trading facility. Investor
can trade shares through a website without any manual intervention from Stock
Broker.
In this case these Online Stock Trading companies are stock broker for the
investor. They are registered with one or more Stock Exchanges. Mostly Online
Trading Websites in India trades in BSE and NSE.
There are two different type of trading environments available for online equity
trading.
Advantages:
Orders directly send to stock exchanges rather than stock broker. This
makes order execution very fast.
It provide almost each and every information which is required to a
trader on a single screen including stock market charts, live data,
alerts, stock market news etc.
Disadvantages:
Location constrains - You cannot trade if you are not on the computer
where you have installed trading terminal software.
It requires high speed internet connection.
These trading terminals are not easily available for low volume share
traders.
Web (Internet) based trading application
These kind of trading environment doesn't require any additional software
installation. They are like other internet websites which investor can access
from around the world through normal internet connection.Below are few
advantages and disadvantages of Online Stock Market Trading:-
CHAPTER THREE
Religare Enterprises Ltd.
The diverse bouquet of financial services which Religare offers can be broadly
clubbed across three key verticals - Retail, Institutional and Wealth spectrums. The
services extend from asset management, Life Insurance, wealth management to
equity broking, commodity broking, investment banking, lending services, private
equity and venture capital. Religare has also ventured into the alternative
investments sphere through its holistic arts initiative and Film fund. With a view to
expand, diversify and introduce offerings benchmarked against global best
practices, Religare operates in the life insurance space under 'AEGON Religare
Life Insurance Company Limited' and wealth management under the brand name
'Religare Macquarie Private Wealth'.(www.religare.in)
Religare has a pan India presence, 1837* locations across
498* cities and towns. It also currently operates from nine international locations
following its acquisition of London's brokerage & investment firm, Hichens,
Harrison & Co. plc. (Now Religare Hichens, Harrison Plc).
(Graph 4)
CORPORATE STRUCTURE OF
RELIGARE
RELIGARE
FINVEST LTD
RELIGARE
RELIGARE COMMODITIES
SECURITIES LTD LTD
RELIGARE REALTY
RELIGARE RELIGARE LTD
FINANCE LTD
ENTERPRISES
LIMITED
RELIGARE
RELIGARE
WEALTH
INSURANCE
MANAGEMENT
BROKING LTD
SERVICES
RELIGARE RELIGARE
CAPITAL MARKET VENTURE
LTD CAPITAL LTD
Fig 1
Pan India presence expanded to 1,575 location in 465 cities across India
Equity
Continued focus on expanding network, investment in multiple business &
Art
humans In
resource
itiative in new venture of RFL and RIBL
Commodity
Quarterly Total Revenue recorded at Rs. 2,887.49 mn, EBIDTA at Rs.
Inve1,184.17 mn and Profit after tax at Rs. 36.68 mn
stment
Banking
REL Mutual Fun
d
Wealth
Advisory
Services Insurance
Personal
Credit
CHAPTER FOUR
RELIGARE SECURITIES LTD
Company Overview
Religare Securities Ltd. (“RSL”) is the wholly owned subsidiary of
REL and a securities firm in India.
Depository Services
Received P1 Credit Rating from CRISIL for its short term debt
issuance program for a sum of Rs. 7,000 million
Religare Securities Limited (RSL) is a leading
EQUITY
INTERNATIONAL
OFFERINGS OF RELIGARE SECURITY AND
ADVISORY
DERIVATIVES
PMS
Equity and Trading
Race and Rally are the two products offered by Religare Securities ltd
which come under equity and derivatives.
Rally
Race
While Rally deals with offline facilities, Race provides for complete
online package and facility. There is difference between both offline and
online modes of trading. The difference lies on account of its schemes,
platforms and facilities provided. Initially the clients used to go for
offline modes of trading, but now with increasing use of internet online
mode has become the preference.
Type of Account
R-ACE (Basic)
It's the basic online trading account provided by Religare. Investor can
trade and access their account information online and over the phone as
well. This account comes with a browser based online trading platform
and no additional software installation needed.
It's the advanced account option for the investor with Religare. This
trading account provides the entire feature of R-ACE (Basic) account. In
addition it also provides real-time streaming stock quotes and alerts.
As the name indicates this account is for high volume traders. Along
with the features from above 2 accounts, this account also comes with a
Trading Terminal, software which needs to install on your computer.
This terminal directly connects the investor to stock market and having
all industry standard Treading terminal features including technical
charting (intra-day and EOD), multiple watch list, advanced hot-key
functions for faster trading, derivative chains, futures & options
calculator. As in basic and advance account, trading is available online
through internet and offline though phone.
Brokerage and Account opening fees:
Religare offers three kinds of accounts as above. Below are detail about
fees and activation charges for each account:
1. R-ACE
Account activation charges Rs.299/-.
2. R-ACE Lite
Account activation charges Rs.499/-..
3. R-ACE Pro
Account activation charges Rs.999/-.
4. All the account comes with free annual maintenance charge.
5. All account comes with free DP account.
6. Brokerage at Religare
On the basis of volume and frequency of trading, Religare provide
different options for brokerages. On the broader way they divided
into three categories:
o Classic Account
Intraday brokerage varies from 0.3% to 0.5%.
Delivery brokerage varies from 0.30% to 0.50%..
o Freedom Account
In this payment scheme, investor has to pay a fix amount in
advance for Annual Subscription (Rs 4000). This one time
payment enable account holder to trade for Rs. 3,00,000
intraday & derivative trading and Rs. 40,000 of delivery
based trading for zero brokerage.
o Trump Account
Trump account has two payment options
1. Trump Plus has annual subscription fees of Rs 2,500,
Brokerage on Delivery Trades of 0.25% and Brokerage on
Intraday Trades & F&O Trades of 0.025%.
2. Trump Super has annual subscription fees of Rs. 15,000,
Brokerage on Delivery Trades of 0.15% and Brokerage on
Intraday Trades & F&O Trades of 0.015%.
Advantages of Religare
(Graphs-5 & 6)
Increased Online Trading and Portfolio Management Client
(Graphs-7 & 6)
SWOT ANALYSIS
STRENGTHS WEEKNESS
Strong corporate No satisfactory Brand
relationship with its awareness and no Brand
promoter RANBAXY recall value
Collaborations with highly In case of intraday the
reputed international order is automatically
companies AEGON and squared off at 3.10 pm
MACQUERIE. Problem in linking
Provides transparency to Religare demat account
clients with the five banks HDFC,
Highly qualified research CITIBANK, AXIS, ICICI,
team INDUS Bank.
Strong network throughout
India, strong presence in
WEST, NORTH and
SOUTH
OPPURTUNITIES THREATS
Even the strong players in Competition from major
the market holds 6% of players like ICICI
market share, so there is a DIRECT, SHAREKHAN,
good potential for growth INDIA BULLS, KOTAK
The growing interest of etc.
people in the stock market The downfall in the stock
Indian stock market story market
going strong
CHAPTER FIVE
The Competetor
Along with stock trading and IPO investing in BSE and NSE, Wise
Investment account also provide options to invest in Mutual Funds and
Bonds online.
Advantages of ICICIDirect
INDIABULLS
Indiabulls is India's leading Financial Services and Real Estate Company
having presence over 414 locations in more than 124 cities. Indiabulls
Financial Services Ltd is listed on the National Stock Exchange,
Bombay Stock Exchange, Luxembourg Stock Exchange and London
Stock Exchange.
Type of Account
Power Indiabulls
Provide trading terminal 'power bulls', a java based software. It's very
fast in terms of speed and execution.
SHAREKHAN
Share khan has one of the best state of art web portal providing
fundamental and statistical information across equity, mutual funds and
IPOs. You can surf across 5,500 companies for in-depth information,
details about more than 1,500 mutual fund schemes and IPO data. You
can also access other market related details such as board meetings,
result announcements, FII transactions,
buying/selling by mutual funds and much more.
Type of Account
Allow investor to buy and sell stocks online along with the following
features like multiple watch lists, Integrated Banking, demat and digital
contracts, Real-time portfolio tracking with price alerts and Instant credit
& transfer.
This accounts for active traders who trade frequently during the day's
trading session. Following are few popular features of SpeedTrade
account.
Brokerage:
Advantages of Sharekhan:
A. Online trading is very user friendly and one doesn't need any
software to access.
B. They provides good quality of services like daily SMS alerts, mail
alerts, stock recommendations etc.
C. Sharekhan has ability to transfer funds from most banks. Unlike
ICICI Direct, HDFC Sec, etc., so investor not really needs to open
an account with a particular bank as it can establish link with most
modern banks.
Disadvantages of ShareKhan
SAMPLING DESIGN
A sample design is a definite plan for obtaining a sample from a given population.
It refers to the techniques or procedures the researcher would adopt in selecting
items for the sample.
CONVENIENCE SAMPLING
The researcher adopted convenience sampling. It is the non probability sampling is
that sampling procedures does not any basis for estimating the probability that each
item in the population has of included in the sample. The researcher selects the
people according to their convenient.
SAMPLE SIZE
A sample of 50 people was taken for the survey. The required data collected
through questionnaire.
SAMPLE DESIGN
Sample Size 50
20-30 years
30-40 years
Target Population
40-50 years
above 50 years
The information required for our project was collect mainly from the primary
sources and even from secondary sources. The primary source consists of the data
analyzed from questionnaire and interaction with the user at that time only. And
internet is used as secondary source.
Limitations:
Time limitation
Research has been done only in Delhi.
Companies did not disclose their secrets data and strategies.
Possibility of Error in data collection.
Possibility of Error in analysis of data due to small sample size.
CHAPTER SEVEN
ANALYSIS AND INTERPRETATION
c. 20 – 30% d. 30 – 40%
e. others
others, 3 0-10%, 8
30-40%, 9
0-10%
10-20%
20-30%
30-40%
ANALYSIS:
Among the 50 questionnaires filled, it was clear that among them maximum people
invest in the category of 10-20%. Thus Religare has the opportunity to capture this
segment. But people are not aware of the services so here Religare has to work in
this area.
2. You invest in which of the following financial instruments?
(a) Securities
(b) Mutual fund
(c) Commodities
(d) Insurance
(e) Other Instruments
4
18
Securities
7 Insurance
Mutual Funds
Commodities
Other Instruments
15
ANALYSIS:
The above observation speaks about the financial instruments in which the people
invest; most of the people invest in the securities through share market and then
invest in the insurance. Thus more focus should be made on securities so that
company has the maximum investment. This would ultimately increase the profits.
3. Do you invest/interested in stock market?
(a) YES
(b) NO
no
42%
yes
no
yes
58%
ANALYSIS:
It can be seen that among the whole population around 58% people either invest in
stock market or they are actually interested, but don’t have a good knowledge
about it. So these people can actually become Religare’s target market but religare
has to provide them the better services and brokerage plans and also, providing
them the initial platform of online trading.
(a) YES
(b) NO
no, 18
yes
no
yes, 32
ANALYSIS:
Among 50 respondents 32 actually have a demat account and are aware of the
dealings in stock trading. The rest 18 are still in the other category. So strategies
should be made to convert these people in to our potential customers.
(a) Online
(b) Offline
online, 11
online
offline
offline, 21
ANALYSIS:
Among 50 respondents 32 had a demat account. Of these 32, 21 have their demat
account offline and rest 11 have their demat accounts online. As online broking is
still at a premature stage in India. Thus more and more awareness should be made
about the online broking services.
(g) Others
ANALYSIS:
Among these 32 people most of them have their demat account with ShareKhan
and Indiabulls. Thus these two are Religare’s biggest competitors. Also
ICICIDirect gives a good competition to Religare. These brands have a good brand
recall as compared to Religare.
(a) Yes
(b) No
37%
Yes
No
63%
ANALYSIS:
It can be seen that among the population who invest in stock market, around 37%
people either trade in future or they trade in option. So these people can actually
become Religare’s target market as they generate heavy brokerage for the
company. Religare has to provide them the better services and brokerage plans and
also, providing them the initial platform of online trading.
6%
11%
Everyday
19% 2-3 Days a week
12-18 days a month
2-3 days a month
64%
ANALYSIS:
The above observation speaks about the; most of the people do trading every day.
Thus more focus should be made on the traders which are every day traders. The
company should also focus on the others also because they are the traders for the
long term investment and also, provide heavy brokerage to the company.
Yes
No
83%
ANALYSIS:
A good percentage of people give the annual maintenance charge to the company.
Religare can have the advantage of attracting their customers as they don’t charge
the AMC on its brokerage plans and which will work to generate sales.
10. How much Brokerage do you pay on Intraday?
3%
27%
26%
(0.01 – 0.02) %
(0.02 – 0.03) %
(0.03 – 0.04) %
(0.04 – 0.05) %
0.05 % or more
18%
26%
ANALYSIS:
It can be seen that the companies are charging brokerage according to their own
means. So, the companies are creating biasness between the customers. Even if the
customers portfolio is the same then also the brokerage may vary from the person
to person. So, religare has the best feature of providing less brokerage and
according to the customers wants.
11. How much Brokerage do you pay on Delivery?
1%
25% 24%
(0.01 – 0.02) %
(0.02 – 0.03) %
(0.03 – 0.04) %
(0.04 – 0.05) %
0.05 % or more
19%
31%
ANALYSIS:
Here also you can see that the long term investors have to give brokerage
according to what the company wants. So, here also the biasness is created in the
mind of the customers. So, Religare got a great opportunity to attract the customers
by giving the brokerage plans according to what the customer want.
12. Are they getting the good services?
(a) Yes
(b) No
36%
Yes
No
64%
ANALYSIS:
It can be seen from the observations that there are customers who are not satisfied
by the services given by the brokerage companies can be converted by providing
better services to them. Sometimes even if the customers have the same or more
investment then also, he is getting fewer services than the other one. So, Religare
can convert them by providing better services to them.
CHAPTER EIGHT
RECOMMENDATIONS
On the basis of these findings and analysis, It has can be surely said that in stock
broking industry, differentiation can become the key to higher revenues. Better
service, straight through processing(STP), immediate execution, portfolio services,
investment advisors and telephone call centers or branch investment offices are
needed to retain customers and to increase the revenue base. As more number of
people will get comfortable with internet/technology, broking (especially online
broking) will have a completely new meaning with more fringes coming into the
picture and more firms will offer umbrella services to their clients. Thus more of
strategies should be undertaken
Annexure
QUESTIONNAIRE
NAME:
GENDER: AGE:
(e) Others
http://religaresecurities.com/trade.asp
http://www.hinduonnet.com/businessline/iw/2000/09/03/stories/0703g051.htm
http://www.traderji.com/
http://www.ShareKhan.com
http://www.indiabulls.com
http://www.icicidirect.com
http://www.chittorgarh.com/newportal/online-stock-brokers-list.asp
www.financialtimes.net
http://www.religare.in/
http://www.milestonereligare.com/
Newspaper