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INDUSTRY STUDY
NSDL

India had a vibrant capital market, which is more than a century old, the
paper-based settlement of trades caused substantial problems like bad
delivery and delayed transfer of title till recently. The enactment of
Depositories Act in August 1996 paved the way for establishment of
NSDL, the first depository in India. This depository promoted by
institutions of national stature responsible for economic development of
the country has since established a national infrastructure of international
standard that handles most of the trading and settlement in dematerialized
form in Indian capital market. Using innovative and flexible technology
systems, NSDL works to support the investors and brokers in the capital
market of the country. NSDL aims at ensuring the safety and soundness of
Indian marketplaces by developing settlement solutions that increase
efficiency, minimize risk and reduce costs. At NSDL, we play a quiet but
central role in developing products and services that will continue to
nurture the growing needs of the financial services industry.

In the depository system, securities are held in depository accounts, which

is more or less similar to holding funds in bank accounts. Transfer of
ownership of securities is done through simple account transfers. This
method does away with all the risks and hassles normally associated with
paperwork. Consequently, the cost of transacting in a depository
environment is considerably lower as compared to transacting in
certificates.

Background of Exchanges
The stock trading history in India is obscured in the mists of time.
Historical records, as and where they exist, rarely speak about business
and speculative activity except in passing. However, the origin of stock
broking in the country may go back to a time, when shares, debentures and
bonds representing titles to property were first issued on the condition of
transfer from one person to another and the earliest record of dealings in
securities in India is the East India Company's loan securities, way back
in the 18th century.

The first stock exchange in India, Bombay Stock Exchange was

established in 1875 as 'The Native Share and Stockbrokers Association'
and has evolved over the years into its present status as the premier stock
exchange in the country. It may be noted that BSE is the oldest stock
exchange in Asia, even older than the Tokyo Stock Exchange , which was
founded in 1878. The country's second stock exchange was established in
Ahmedabad in 1894, followed by the Calcutta Stock Exchange (CSE). CSE
can also trace its origin back to 19th century. From a get together under a
'neem tree' way back in the 1830s, the CSE was formally established in
May 1908.

India's other major stock exchange National Stock Exchange (NSE),

promoted by leading financial institutions, was established in April 1993.
Over the years, several stock exchanges have been established in the
major cities of India. There are now 23 recognized stock exchanges —
Mumbai (BSE, NSE and OTC), Calcutta, Delhi, Chennai, Ahmedabad,
Bangalore, Bhubhaneswar, Coimbatore, Guwahati, Hyderabad, Jaipur,
Kochi, Kanpur, Ludhiana, Mangalore, Patna, Pune, Rajkot, Vadodara,
Indore and Meerut. Today, most of the global stock exchanges have
become highly efficient, computerized organizations. Computerized
networks also made it possible to connect to each other and have fostered
the growth of an open, global securities market.

Though Stock Broking was practiced in Calcutta as early as 1836, the

members of the broking profession had neither any code of conduct for
their guidance, nor any permanent place for congregation. The centre of
their activity was near a neem tree, where at present, stands the offices of
the Chartered Bank (now

known as Standard Chartered) on Netaji Subhas Road, Calcutta. In 1905,

Chartered Bank began to construct their own building, which led brokers
to shift the arena of their operation, to the neighborhoods of the recent
Allahabad Bank.

The brokers had no shelter and business was carried on in the open place.
The inconvenience of such trading, prompted brokers to organize
themselves and in May 1908, an association was formed under the name
and style of the Calcutta Stock Exchange Association at 2, China Bazar
Street.
At the time of incorporation in 1908, the Stock Exchange had 150
members. Today the total membership has risen to more than 900, which
contains several corporate and institutional members. The number of
companies listed on the Exchange is more than 4800. The Annual turnover
of the Exchange in 2004-05 was to the tune of around Rs, 12, 00,000
crores. The Calcutta Stock Exchange has been granted permanent
recognition by the Central Government with effect from April 14, 1980
under the relevant provisions of the Securities Contracts (Regulation) Act,
1956, with a view to render useful service to investors.

In December 1993, SEBI directed the stock exchanges to discontinue the

traditional system of carry forward of transactions (badla). Subsequently,
it proposed an alternative system in March 1994, but no agreement could
be reached on implementing this system. In February 1995, SEBI set up
the G. S. Patel Committee (GSPC) to review the system of carry forward
transactions. The GSPC submitted its report in March 1995. SEBI adopted
the system recommended by the GSPC with some modifications in its
decisions of July 27, 1995 and October 5, 1995.

This Revised Carry Forward System (RCFS) was implemented in the BSE
in January 1996, but the other exchanges in which the traditional carry
forward system had been prevalent before December 1993 did not come
forward to adopt the RCFS. A year after the implementation of RCFS, the
President of the BSE wrote to SEBI in January 1997 requesting a
relaxation of certain aspects of the RCFS to make it more practical and
efficient. In its meeting of March 27, 1997, SEBI reviewed the entire
sequence of developments relating to the

RCFS and specifically noted that while introducing the RCFS in July
1995, SEBI had decided that "the implementation of the revised carry
forward system would be reviewed periodically by the Board, the first
review being after three months".
 BOMBAY STOCK EXCHANGE
Bombay Stock Exchange is the oldest stock exchange in Asia What is now
popularly known as the BSE was established as "The Native Share & Stock
Brokers' Association" in 1875. Over the past 135 years, BSE has facilitated the
growth of the Indian corporate sector by providing it with an efficient capital
raising platform.

Today, BSE is the world's number 1 exchange in the world in terms of the
number of listed companies (over 4900). It is the world's 5th most active in
terms of number of transactions handled through its electronic trading system.
And it is in the top ten of global exchanges in terms of the market
capitalization of its listed companies (as of December 31, 2009). The
companies listed on BSE command a total market capitalization of USD
Trillion 1.28 as of Feb, 2010.

BSE is the first exchange in India and the second in the world to obtain an ISO
9001:2000 certifications. It is also the first Exchange in the country and
second in the world to receive Information Security Management System
Standard BS 7799-2-2002 certification for its BSE On-Line trading System
(BOLT). Presently, we are ISO 27001:2005 certified, which is a ISO version of
BS 7799 for Information Security.

The BSE Index, SENSEX, is India's first and most popular Stock Market
benchmark index. Exchange traded funds (ETF) on SENSEX, are listed on BSE
and in Hong Kong. Futures and options on the index are also traded at BSE.

With its tradition of serving the community, BSE has been undertaking
Corporate Social Responsibility (CSR) initiatives with a focus on Education,
Health and Environment. BSE has been awarded by the World Council of
Corporate Governance the Golden Peacock Global CSR Award for its
initiatives in Corporate Social Responsibility (CSR).

Vision

"Emerge as the premier Indian stock exchange by establishing global

benchmarks"

Base Year- 1978-79

Base Index Value- 100

Date of launch- 1/1/1986

Method of calculation- Launched on full market capitalization method and

effective
September 01, 2003, calculation method shifted to free-float market
capitalization.

NATIONAL STOCK EXCHANGE

The National Stock Exchange of India Limited has genesis in the report of the
High Powered Study Group on Establishment of New Stock Exchanges. It
recommended promotion of a National Stock Exchange by financial institutions
(FIs) 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.

On its recognition as a stock exchange under the Securities Contracts

(Regulation) Act, 1956 in April 1993, NSE commenced operations in the
Wholesale Debt Market (WDM) segment in June 1994. The Capital Market
(Equities) segment commenced operations in November 1994 and operations in
Derivatives segment commenced in June 2000.

The following years witnessed rapid development of Indian capital market with
introduction of internet trading, Exchange traded funds (ETF), stock
derivatives and the first volatility index - IndiaVIX in April 2008, by NSE.

August 2008 saw introduction of Currency derivatives in India with the launch
of Currency Futures in USD INR by NSE. Interest Rate Futures was introduced
for the first time in India by NSE on 31st August 2009, exactly after one year
of the launch of Currency Futures.

With this, now both the retail and institutional investors can participate in
equities, equity derivatives, currency and interest rate derivatives, giving them
wide range of products to take care of their evolving needs.
 LIST OF STOCK EXCHANGE OF INDIA

• OTC Exchange of India

• Madras Stock Exchange Ltd.
• The Uttar Pradesh Stock Exchange Association Ltd.
• Cochin Stock Exchange Ltd.
• Jaipur Stock Exchange Ltd.
• Bangalore Stock Exchange Ltd.
• National Stock Exchange of India Ltd.
• Gauhati Stock Exchange Ltd.
• The Ludhiana Stock Exchange Ltd.
• The Calcutta Stock Exchange Association Ltd
• Bhubaneshwar Stock Exchange Ltd.
• The Delhi Stock Exchange Ltd.
• Vadodara Stock Exchange Ltd.
• Madhya Pradesh Stock Exchange Ltd.
• Bombay Stock Exchange Ltd.
• Magadh Stock Exchange
• Ahmedabad Stock Exchange Ltd.
• Pune Stock Exchange Ltd.
• Mangalore Stock Exchange
• MCX Stock Exchange Ltd
• Hyderabad Stock Exchange
• Saurashtra Kutch Stock Exchange (SKSE)
• Coimbatore Stock Exchange
 A
SUMMER TRAINING REPORT
ON

“ANALYSIS OF INDIAN STOCK MARKET AND

COMPARISON OF CORPORATE STOCK BROKERS”

SUBMITTED TO
ROYAL INSTITUTE OF MANAGEMENT & TECHNOLOGY,
CHIDANA
IN PARTIAL FULFILLMENT OF REQUIREMENT OF
M.B.A. DEGREE COURSE
(2009-11)

Submitted by:
Deepak Dhingra
M.B.A. (3rd Sem.)
Roll No…………..
R.I.M.T., Chidana
 DECLARATION

I Deepak Dhingra declare that the project done by me contains the original work and I
have not copied from anywhere, the portion which at some places in the report that has been copied
by me I have declare that in the end of the project report and that portion is the originally belongs
to its original writer and I don’t claim over it. It will be purely used for the academic purpose.

Place: ………….. Signature

CERTIFICATE
 ACKNOWLEDGEMENT

The beatitude, bliss that accompanies the successful completion of any task would not be complete
with expression of simple virtue to the people who made it possible. So, with the reverence honour
we acknowledge all those guidance and encouragement has made successful in winding up this
opus.

I wish to express my deep sense of gratitude to Mr. Sandeep Nagpal (Branch Manager),
Anagram Capital Ltd. for help, guidance and for assisting me with valuable suggestions during
the project.

He not only infused in me best skill and guidance in the fields but also invoked in me a spirit to
undertake the project in his prospective and to complete it successfully. The pleasant and fruitful
discussions, which had given me valuable training will help me in my future career.

I would like to thank Mrs. Poonam Luthra, H.O.D. (M.B.A.) and all the lecturers who support
and helps me a lot during the project and by which I am able to complete this project.

Finally I wish to thank all my fellow trainees and my parents for supporting me all the time and my
heartiest thanks to Anagram Capital Ltd. for providing me exposure to the corporate world.

Deepak Dhingra
 PREFACE

Indian stock exchanges host the most number of listed companies after United States. About 2500
companies are listed in the Bombay Stock Exchange and the National Stock Exchange. Apart from
foreign institutional investors, Indian stock market has some 30 million domestic investors.

The working of stock markets has started in India as early as 1875, when 318 persons coming
together to Native Share and Stock Brokers Association, with Re.1 for membership free.

Closest to BSE is National Stock Exchange, also located at Bombay. Nifty is the market index of
NSE. Indian stock market has seen many ups and downs, but now is flying high, crossing every
previous record and zoom to even further heights. BSE-Sensex crossed the four-figure mark of
1000 in 1990 and had a smooth bull ride till 1992, when the big-full of Indian stock market,
Harshad Mehta became a villain in the in famous Harshad Mehta scam broke out. The sensex lost
570 points in no time and some eight to 12 million investors were pushed to bankruptcy.

After that incidence, came the Securities and Exchanges Board of India. With the enforcement of
several regulations and strict guidelines, the confidence of investors was somewhat regained. With
the present technology and practices, it is next to impossible to commit a fraud in Indian Stock
market. So claims the SEBI.

Under the watchful eyes of SEBI, Indian Stock markets once again gained momentum. The sensex
crossed reached and crossed 6000 mark in 2000 and crossed the 7000 and 8000 marks in 2005.
Foreign Institutional Investors are pumping in money into the market.

The FIIs are confident of a sustainable momentum. The momentum in the stock market can be
associated with the growth in the fields of export, IT, ITES, telecommunication, education, energy
sector, agriculture etc. The reformist policies being pursued by the government is also a factor for
this growth.
Due to large scale outsourcing by American and European countries, a large number of jobs also
went to India, resulting in more affluent youth who are only happy to spend out their money. This
helped in the growth of telecommunication, FMCG and manufacturing sectors. The steady growth
of GDP is also a critical factor in the upward movement of Indian stock market.

Apart from FIIs, the non-resident Indians also invest hugely in the stock market. Diminishing
returns from bank deposits and the facilities of online trading made them turn to stock markets and
with the current bull-run many have made a good fortune from stock markets. The stockbrokers
also chip in on and open offices in foreign countries, aimed at him NRIs there.

The initial public offers by Tata Consultancy Services, Maruti Udyog Limited, ONGC etc. were
big events in Indian stock market. Not only did they put a great show, but also took the stock
market to newer heights. TCS is a big weight in the stock market from the day it was listed.
Traditional heavy weights are Reliance, Tata, and Bharati etc. Now new entrants like Biocon are
also play significant roles in the market.

Growth directed at sky is visible everywhere. The biggest growth opportunity lies in the stock
market itself. The population of India is well above one billion. The number of investors is just
above 40 million. That is just 4% of the total population. The measures for a 10% growth are
sought.
 TABLE OF CONTENTS

• INDUSTRY STUDY (BSE & NSE)

• INTRODUCTION OF ACL

• PRODUCT OFFERINGS

• INTORDUCTION OF INDIAN STOCK MARKET

• MARKET BASICS

• COMPARISON OF CORPORATE STOCKBROKERS

• RESEARCH METHODOLOGY

• ANALYSIS & INTERPRETATION

• CONCLUSION

• LIMITATIONS

• SUGGESTIONS

• ANNEXURE

- Questionnaire

- Bibliography
 BOMBAY STOCK EXCHANGE
]

Bombay Stock Exchange is the oldest stock exchange in Asia What is now popularly known as the
BSE was established as "The Native Share & Stock Brokers' Association" in 1875. Over the past
135 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an
efficient capital raising platform.

Today, BSE is the world's number 1 exchange in the world in terms of the number of listed
companies (over 4900). It is the world's 5th most active in terms of number of transactions handled
through its electronic trading system. And it is in the top ten of global exchanges in terms of the
market capitalization of its listed companies (as of December 31, 2009). The companies listed on
BSE command a total market capitalization of USD Trillion 1.28 as of Feb, 2010.

BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000
certifications. It is also the first Exchange in the country and second in the world to receive
Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-
Line trading System (BOLT). Presently, we are ISO 27001:2005 certified, which is a ISO version
of BS 7799 for Information Security.

The BSE Index, SENSEX, is India's first and most popular Stock Market benchmark index.
Exchange traded funds (ETF) on SENSEX, are listed on BSE and in Hong Kong. Futures and
options on the index are also traded at BSE.

With its tradition of serving the community, BSE has been undertaking Corporate Social
Responsibility (CSR) initiatives with a focus on Education, Health and Environment. BSE has been
awarded by the World Council of Corporate Governance the Golden Peacock Global CSR Award
for its initiatives in Corporate Social Responsibility (CSR).

Vision

"Emerge as the premier Indian stock exchange by establishing global benchmarks"

Base Year- 1978-79

Base Index Value- 100

Date of launch- 1/1/1986

Method of calculation- Launched on full market capitalization method and effective

September 01, 2003, calculation method shifted to free-float market capitalization.

 NATIONAL STOCK EXCHANGE

The National Stock Exchange of India Limited has genesis in the report of the High Powered Study
Group on Establishment of New Stock Exchanges. It recommended promotion of a National Stock
Exchange by financial institutions (FIs) 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.

On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in
April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June
1994. The Capital Market (Equities) segment commenced operations in November 1994 and
operations in Derivatives segment commenced in June 2000.

The following years witnessed rapid development of Indian capital market with introduction of
internet trading, Exchange traded funds (ETF), stock derivatives and the first volatility index -
IndiaVIX in April 2008, by NSE.

August 2008 saw introduction of Currency derivatives in India with the launch of Currency Futures
in USD INR by NSE. Interest Rate Futures was introduced for the first time in India by NSE on
31st August 2009, exactly after one year of the launch of Currency Futures.

With this, now both the retail and institutional investors can participate in equities, equity
derivatives, currency and interest rate derivatives, giving them wide range of products to take care
of their evolving needs.
 INTRODUCTION

Anagram Capital Ltd. (Anagram) is amongst the leading retail broking houses in India. It is
engaged in offering comprehensive personal finance solutions since 1994. The company is a part of
the of the Rs 20 bn Lalbhai Group. The group companies in the capital and commodities market
area include Anagram Capital Ltd and Anagram Comtrade Ltd. Anagram offers a wide range of
services for the discerning equity investor, in addition to online account access and real time
trading, Insurance Services, Wealth Management Services, Mutual Fund and Advisory Services

The firm has its roots in Western India especially Gujarat where it is the biggest player. But it has
expanded considerably.

Anagram is positioned amongst the top retail broking houses in the country. An achievement
indeed for a company that's been providing comprehensive personal finance solutions since 1994.
Anagram Capital Ltd. (Anagram), promoted by Edelweiss Group. Anagram Stock broking Ltd. and
Anagram Comtrade Ltd. are the other group companies in the capital market area.

Anagram is a member of all leading stock and commodities exchange in India –National Stock
Exchange (NSE), Bombay Stock Exchange (BSE), National Commodities Exchange of India Ltd.
(NCDEX) and multi Commodities Exchange Market of India (MCX) and a depository participant
with NSDL. Our current offerings include trading in cash and derivative segment through our
branches and sub-brokers high-speed anywhere trading through the net, Online Depository
Services, Commodities trading, PMS, Currency Future Trading, Distribution of Mutual Funds,
IPO’s and other financial products.
 DIVISIONS

We have a nationwide presence with 150 plus branches, 1400 plus Sub Brokers & Business
Associates, 3000 plus terminals and a professionalized team of 1400 plus employees spread across
200 plus cities. Our well - qualified staff will always be ready to fulfill your Stock Broking needs
or solve your queries over the telephone, or at the branches themselves.
HIERARCHY
 PRODUCT OFFERINGS

Anagram has divided its product & service offering under three broad interface categories: - “Retail
Spectrum”, “Wealth Spectrum” and “Institutional Spectrum” as per following details:-
 Retail Spectrum Wealth Spectrum Institutional Spectrum

Caters to a large number To provide customized To forge and build strong

of retail clients by offering all wealth advisory services to relationships with
products under one roof high net worth individuals corporate and institutional
through our branch network clients
& online mode

• Equity & Commodity • Wealth Advisory • Institutional Equity

Trading Services Broking
• Personal Financial • Portfolio Management • Investment Banking
Services Services • Merchant Banking
• Online Investment • Transaction Advisory
• International Equity
• Loans against Shares Services
• Arts Initiative
• Distribution of Mutual
• Priority Client Equity
Funds
Services
• Personal Credit
• Personal Loan
Services
• Distribution of Saving
Products

Schemes Related to Equity Trading are as follows:

Product Offering: Classic Scheme – Equity Segment

Anagram Capital Ltd.

 Classic Scheme Variable Brokerage (%) A/C Opening Client’s Option

Charges For the scheme

Pay INR Delivery Intraday F&O Mark

(each leg) (each leg)

2758 0.30 0.03 0.03 Nil

5515 0.30 0.03 0.03 Nil

11030 0.25 0.025 0.025 Nil

27575 0.20 0.02 0.02 Nil

55150 0.15 0.015 0.015 Nil

110300 0.10 0.01 0.01 Nil

Terms & Conditions:

1. All statutory Charges like STT, Exchange charges, Stamp duty & any other charges will be
charged separately.

2. Minimum brokerage as prescribed by SEBI will be charged in the option Segment. However, there
will be minimum brokerage applicable for all other segments.

3. Margins on the trades would be as per the norms of the Exchange/s.

4. The cheque has to be drawn in the name of “Anagram Capital Ltd”.

5. After payment for the Classic scheme, the client account will be marked against the respective
Variable brokerage structure.

6. Client will be charged at agreed brokerage rate as herein specified for a period of 12 months from
subscription payment or till the complete utilization of subscription paid under the scheme,
whichever is earlier. Any Adjustments in respect of Auction brokerage shall not be made against the
subscription amount paid under the scheme since auction brokerage is not a part of this scheme

7. In case the client executes trades on various Exchange/s, through Anagram group Company/ies
[being member/ s of other Exchange/s], Anagram shall adjust/reverse the appropriate amount, from
time to time, across the trading account/s of the client maintained with Anagram group company/ies.
 8. In case the above scheme is discontinued by Anagram, the client will charged the variable
brokerage slab of 0.50% in delivery transaction, 0.05% (each leg) in intraday transaction & in
F&O/derivative segment.

Declaration from Client/s:

1. I/We understand that Classic Scheme will be valid for maximum period of 1 year from enrolment
in scheme.

2. I/We understand Classic Scheme once paid for, by me/us will not be refunded to me/us in any
circumstances.

3. I/We understand that after payment of the Classic Scheme, my/our trading/investment account will
be marked against the respective Variable brokerage structure, marked above.

4. I/We understand that this Classic Scheme will be adjusted (to the extent of the Classic Scheme
amount paid by me/us), on a monthly basis against brokerage earned by Anagram (Anagram Capital
Ltd & Anagram Stock broking Ltd) on the trades executed by me/us in my/our trading/investment
account.

5. I/We hereby confirm that I/We have understood the above schemes and that I/We willfully agree
to the terms and conditions of the scheme herein provided and the same shall be binding upon me/us.

6. I/We also agree that Anagram shall have unconditional rights to discontinue this scheme anytime
without notice. However, in case where Anagram opts to amend the scheme, it shall arrange an
advance notice of 7 days to me/us to intimate the amendments.

Kindly Find enclosed my cheque of Rs ________________, Chq No.____________ , Drawn

On____________, Dt._________ favoring Anagram Capital Ltd , towards the Classic Scheme –
Equity as above.

Client Code: _____________Client Name: __________________ Mobile

No:_____________________

Client Signature……………………………… Email:…………………………………………

List of Corporate Stock Brokers that are the Competitors of Anagram Capital
Ltd.

Karvy Consultants Ltd Centrum

Prabhudas Lilladher Century invest

Sharekhan Chona Financial Services (P) Ltd.

AnandRathi CIL Securities Ltd

JM Financial Ltd Competent Finman Pvt Ltd

Kotak Securities Ltd Composite Investments Private Ltd

Motilal Oswal Securities Ltd Consortium Securities Pvt Ltd

Ambit Holdings Crimson Financial Services Ltd/

Crimson

Commodity Ltd

Indiabulls Crosseas Capital Services

Moneypore Crown Group

RBS Broking India Dani Shares & Stocks Pvt Ltd

5Paisa.com Dawnay Day AV Securities Pvt Ltd

Edelweiss Dynamic

Enam Securities Pvt Ltd Elite Stock Management Ltd (ESML)

HSBC InvestDirect (India) Limited (HIL) Eureka Stock & Share Broking Services

Ltd

Kisan Ratilal Choksey Shares & Securities Farsight Group

Pvt Ltd

Mathew Easow Financial Services Fortune Financial Services (India) Ltd

 DJS Stock and Shares Ltd Globe Group

Hybrid Financial Services Ltd Gogia International Securities Ltd India

Modern Shares & Stock Brokers Ltd Gupta Equities Pvt Ltd

Munoth Financial Services Ltd (MFSL) Hem Group

Pioneer Investcorp Ltd (PINC) ICDS Securities Ltd

Ratnabali Capital Markets Ltd ICICI Securities

16anna.com IDBI Capital Market Services Ltd

A.G. Shares & Securities Ltd IDFC-SSKI Group

Abhipra India Infoline

Adroit Financial Services Pvt Ltd Indira Group

Ajay Natavarlal Securities Pvt. Ltd. Innovate Securities Pvt. Ltd.

Amit Nalin Securities Pvt Ltd (ANSec) ITI Financial Services Limited

Angel Broking Ltd Jaypee Capital Services Ltd.

Anugrah Stock & Broking Pvt Ltd Jhaveri Securities Pvt. Ltd.

Anush Shares and Securities Pvt Ltd JRG Securities Ltd

Apeejay Securities Private Limited JV Capital Services (P) Ltd

Apollo Sindhoori Capital Investments Ltd Kassa Finvest Pvt Ltd

ASL Capital Holdings Private Ltd Khambatta Securities Ltd

Astha Credit & Securities (P) Ltd Khandwala Group

Bharat Bhushan & Company Labdhi Finance Corporation

Microsec Macquarie Securities Pvt Ltd

Modex International Securities Ltd Magnum.co.in

MSB Group Marfatia Stock Broking Pvt. Ltd.

Navia Markets Ltd MG Group of Companies

Padmakshi Financial Services Pvt. Ltd Shah Investors Home Ltd

Parsoli Corporation Limited Shardul Securities Ltd

Pee Aar Securities Limited Share Mart

PKJ Share Brokers Ltd. Shree Naman Developers Limited

Prayas Securities Pvt. Ltd. Shreepati Holdings & Fin. Pvt. Ltd

PSJ Securities Pvt. Ltd. Shreyas Stocks Pvt Ltd

R. Wadiwala Securities Pvt. Ltd. Shri Parasram Holdings Pvt Ltd

R.K. Global Shares & Securities Ltd SKP Securities Ltd

Reliance Money Sumedha Fiscal Services Ltd

Religare Enterprises Ltd Sushil Finance

Bonanza Portfolio Ltd Swastika Investmart Ltd

Amrapali Capital and Finance Services Ltd Unicon Investment Solutions

Aryan Share and Stockbrokers Ltd Ventura Securities Ltd

 OTHER INFORMATION ABOUT ANAGRAM

Edelweiss to acquire Anagram Capital:

Edelweiss has entered into an agreement to acquire Anagram Capital for Rs. 164 crore in an all-
cash transaction. With a nation-wide network of more than 150 branches and over 1,400 sub-
brokers, Anagram has one of the widest geographical reach among retail broking firms.

The company has more than 1.80 lakh clients and estimated total revenue of Rs. 100 crore for the
nine months ended December 31, 2009. The company’s average daily equity trading volume is
about Rs. 800 crore. Edelweiss plans to operate Anagram as a 100 per cent subsidiary with clear
focus on continuity and building on the current business and people with investments in research,
products, training and technology.

“This acquisition is in synch with Edelweiss’ plan to expand the retail broking business. The
acquisition of Anagram, with its reach and large, high quality and diversified client base, will give
impetus to Edelweiss’ retail broking and distribution businesses.

What makes this transaction exciting is the minimal overlap between the broking operations of both
companies. We are also impressed with Anagram’s professional management team and the
consistent focus on client service and risk management. I welcome all employees, Anagram’s
clients and partners to the Edelweiss family,” said Rashesh Shah, Chairman, Edelweiss Group,
said.

With a view to focussing on its core business of textiles, Gujarat-based Lalbhai group on
Wednesday exited its domestic broking business by selling its firm, Anagram Capital, to Edelweiss
Capital.

“The Lalbhai group’s core business is textiles and it is a global leader in denim. It is also
diversifying into other businesses and since finance does not form a core business for the group, it
was decided to sell-off the business,” Anagram Capital’s CEO, Mayank Shah, told PTI here. In the
late-1990s, ICICI had acquired Anagram Finance, another Lalbhai group company.
 REGISTERATION DETAILS

Anagram Stockbroking Limited

• BSE Cash SEBI Regn. No.: INB011257152, BSE F&O SEBI Regn. No.:
INF010808537
• PMS Regn. No.: INP000002031, NSDL DP SEBI Regn. No.: IN-DP-NSDL-
180-2000,
• Mutual Fund: ARN 3068

Anagram Capital Limited

• NSE Cash SEBI Regn. No.: INB230597630, NSE F&O SEBI Regn. No.:
INF230597630
• NSE Currency Derivative SEBI Regn. No: INE230597630

Anagram Comtrade Limited

• MCX-10425; NCDEX-00205; NMCE- CL0126, National Spot Exchange

Limited – 11270

Registered Office

• Anagram House, H. L. Commerce College - Stadium Road Near Commerce

Six Circle, Navrangpura, Ahmedabad 380 009