SUMMER TRAINING REPORT ON

A COMPARATIVE STUDY OF BROKERAGE PLANS OF RELIGARE SECURITIES LTD. WITH VARIOUS BROKERAGE FIRMS
SUBMITTED IN THE PARTIAL FULFILLMENT OF THE POST GRADUATE PROGRAMME

BY Vibhor fatehpuria PGP 10-12 20101337

IILM INSTITUTE OF HIGHER EDUCATION NEW DELHI

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. My sincere gratitude to MR. MAYANK KEDIA (SM, Religare Securities Ltd.) and MR.SAURABH KALRA (BM, Religare Securities Ltd.), for providing me with an opportunity to work with Religare Securities limited. I also thank MS. VISHAKHA BHATIA, faculty guide, Iilm, Lodhi Road who has sincerely supported me with the valuable insights into the completion of this project. The mistakes and omissions I have committed are my own. Please bring them to my attention so that I dont repeat them in future. I am grateful to IILM institute for providing me with excellent study material, erudite faculty, and all other facilities for the project development. It was a great learning experience for me through exposure to a real life working environment.

Table Of Contents

 Certificate Declaration Acknowledgement Executive Summary Objective

Chapter 1:

Introduction

i. Company overview ii. About Religare iii. Financial services provided by Religare iv. Corporate Structure v. Area of operations vi. Products and Services
vii. Its Competitors

viii.Corporate Social Responsibilities undertaken by Religare Chapter 2:

i.

Research Methodology

Descriptive research design Sampling Design

ii.

iii. Sample Size and Area iv. v. Details of the survey conducted Data Collection Method Analysis and Interpretation Recommendations Limitations

Chapter 3: Chapter 4: Chapter 5:

Chapter 6: Annexure

Learnings

Questionnaire

Executive summary
As part of my two year M.B.A programme I took up a project in the area of finance in one of the most reckoned company Religare. 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 Religare. I chose Religare for training as because it is the holding company of 11 subsidiaries. It is among the leading integrated financial services group in the country today. Religare is a diversified financial services group of India offering a multitude of investment options. Each of its subsidiaries is engaged in a wide spectrum of financial products and services targeted at retail, high-net worth individuals, corporate and institutional clients. 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. 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). 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 its 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.

It was a great learning experience where I also gained practical experience. Although the time span was too short and there was a lot to learn but I am extremely grateful to Religare Faculty for giving me an opportunity to work under the umbrella of Religare

OBJECTIVE
My main objective of undertaking this project is to gather maximum knowledge about how the online trading takes place and I chose Religare because it is one of the most reckoned names in the financial market for online trading. Globalization has proved to be a boon for the Indian economy. After globalization there has been a tremendous growth in the Indian economy. Every sector of the economy has shown an outstanding performance after globalization. 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. WHAT IS ONLINE TRADING?? 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 brokers 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.

CHAPTER ONE

INTRODUCTION
Religare Enterprises Ltd.
Religare Enterprises ltd (REL), incorporated in 1984 and promoted by RANBAXY group, is the holding company of 11 subsidiaries. It is among the leading integrated financial services group in the country today. Religare is a diversified financial services group of India offering a multitude of investment options. Each of its subsidiaries is engaged in a wide spectrum of financial products and services targeted at retail, high-net worth individuals, corporate and institutional clients. The services offered by the group include share broking, financing loans against shares, IPO financing, distribution of Mutual funds, insurance broking, commodity broking, wealth management, advisory services, private equity, merchant banking and trading in arts and articrafts. The major revenue drivers for the company are its retail equity broking arm Religare Securities and Religare Finvest, which finances loans against shares. 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).

Religare (company) is an integrated financial services institution offering a wide range of financial products and services to retail investors, high net worth individuals and corporate and institutional clients including equity and commodity broking, online trading, wealth advisory services, investment banking and insurance broking.

Religare has grown rapidly from what was largely an equity trading company into a diversified financial services company operating through its 11 subsidiaries.

As on June 30, 2008, Religare has operations at 1,575 locations across 465 cities and towns and a large management team leading group of over 9,500 employess.

Recently acquired Hichens, Harrison & Co. (Hichens), one of the oldest broking firm in London, for a sum of GBP 55.5 million. Acquisition to boost the institutional and investment banking operations of Religare and extend its geographical reach to London, South Africa, Argentina, Brazil, Dubai, Qatar, Singapore, Malaysia and Indonesia.

Diversified Integrated Financial Services Platform

Recently growth and established business testimony of Religares commitment towards becoming the investment gateway of India. Diversified product portfolio with individually focused management teams to create optimum balance and result

CORPORATE STRUCTURE OF RELIGARE

RELIGARE RELIGARE RELIGARE INSURANCE FINANCE LTDLTD REALTY BROKINGLTD

RELIGARE SECURITIE S LTD

RELIGARE FINVEST LTD

RELIGARE COMMODITIE S LTD

RELIGARE ENTERPRISE S LIMITED

RELIGARE WEALTH MANAGEMEN T SERVICES

RELIGARE CAPITAL MARKET LTD

RELIGARE VENTURE CAPITAL LTD

Religare Areas of Operation

Products & Services

Promoter Groups
Fortis Healthcare Limited

Super Religare Laboratories Limited

Religare Wellness Limite (Formerly Fortis Healthworld)

Religare Technova Limited (Formerly Fortis Financial services

Limited)

Religare expansion as on Q1 FY09

Employee strength increased to over 9,500

Pan India presence expanded to 1,575 location in 465 cities across India Continued focus on expanding network, investment in multiple business & human resource in new venture of RFL and RIBL Quarterly Total Revenue recorded at Rs. 2,887.49 mn, EBIDTA at Rs. 1,184.17 mn and Profit after tax at Rs. 36.68 mn

RELIGARE SECURITIES LTD

Company Overview

Religare Securities Ltd. (RSL) is the wholly owned subsidiary of REL and a securities firm in India. Major activities and offerings of the company include equity broking both offline and online, depository participant services, portfolio management services and institutional brokerage. Member of the NSE, BSE, depository participant with NSDL and CDSL, and SEBI approved portfolio manager. Businesses under Religare Securities Ltd. include: Retail Equity Broking Priority Client Equity Services Online Investment Portal Institutional Equity Broking (To be shifted to RCML) Portfolio Management Services Depository Services

Empanelment with 81 institutions including 20 mutual funds, 10 insurance companies, 35 banks and 11 FIIs. Has strong institutional research team covers over 185 companies in 16 sectors Aggressive ramp up of equity trading client accounts with market share increasing to 3.8% in June 2008 from 2.7% in FY07 and online trading market share increased to 8.7% in June 2008 from 7.2% in October, 2007

Received in principal approval from SEBI to act as a sponsor of Asset Management joint venture with Aegon 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 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, Institutional Brokerage & Research, Investment Banking and Corporate Finance.

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 SEBI approved Portfolio Manager. 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. Religare is also providing in-house Depository services to its clientele and is one of the leading depository service providers in the country.

Product offered by Religare Securities

OFFERINGS OF INTERNATI EQUITY PMS RELIGARE SECURITY ONAL AND INVEST. ADVISORY DERIVAT IVES BANKING

Equity and Trading

Race and Rally are the two products offered by Religare Securities ltd which come under equity and derivatives.

Ral ly 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 Accounts
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. This account also provides Lifetime free DP account with no annual maintenance charges.

R-ACE Lite (Advanced)

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.This trading platform is also browser based and no software

installation is needed.

R-ACE Pro (Professional)

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:

Classic Account Intraday brokerage varies from 0.3% to 0.5%. Delivery brokerage varies from 0.30% to 0.50%..

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.

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
Religare gives interest on unutilized cash when investor is waiting to make next trade or online investment. Religare Allow their investor to trade without having to worry about cash margin. Investor can get exposure (on cash segment) as high as 20 times for intraday trades. They provide intraday reports and historical charting. Lifetime free DP account. Varity of fee structure to fulfill need of different type of investors.

Equity Broking and Online Trading

Equity client base of over 4.6 lacs, recorded an increase of more than 11% in last quarter Total Equity brokerage of Rs. 749 mn for Q1 FY 09 Equity market share increased from 3.46% to 3.84% in last quarter Online client base of over 78,500 clients, recorded an increase of 20% in last quarter Online brokerage for the quarter accounted for Rs. 32 mn

INCREASED CLIENT COVERAGE

Increased Online Trading and Portfolio Management Client

Increased Income from Various Business Lines

SWOT ANALYSIS
STRENGTHS Strong corporate relationship with its promoter RANBAXY Collaborations with highly reputed international companies AEGON and MACQUERIE. Provides transparency to clients Highly qualified research team Strong network throughout India, strong presence in WEST, NORTH and SOUTH OPPURTUNITIES Even the strong players in the market holds 6% of market share, so there is a good potential for growth The growing interest of people in the stock market Indian stock market story going strong WEEKNESS No satisfactory Brand awareness and no Brand recall value In case of intraday the order is automatically squared off at 3.10 pm Problem in linking Religare demat account with the five banks HDFC, CITIBANK, AXIS, ICICI, INDUS Bank. THREATS Competition from major players like ICICI DIRECT, SHAREKHAN, INDIA BULLS, KOTAK etc. The downfall in the stock market

Competetors
The existing major players in the stock broking industry besides Religare Securities ltd. are: 1. ICICIDirect 2. India Bulls 3. Share Khan 4. India Infoline 5. Kotak 6. Reliance money

ICICIDIRECT

ICICIDirect (or ICICIDirect.com) is stock trading company of ICICI Bank. Along with stock trading and trading in derivatives in BSE and NSE, it also provides facility to invest in IPOs, Mutual Funds and Bonds. Trading is available in BSE and NSE. Trade In: BSE and NSE

Type of Accounts
ICICIDirect offers 3 different online trading platforms to its customers:
1. Share Trading Account
Share Trading Account by ICICIDirect is primarily for buying and selling stocks in NSE and BSE. This account allows Cash Trading, Margin Trading, Margin PLUS Trading, Spot Trading, Buy Today Sell Tomorrow and Call and Trade on phone. ICICIDirect.com website is the primary trading platform for this trading account. They also provide installable application terminal based application for high volume trader.

2. Wise Investment Account

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.

Online Mutual funds investment allows investor to invest on-line in around 19 Mutual Fund companies. ICICI Direct offers various options while investing in Mutual Funds like Purchase Mutual Fund, Redemption and switch between different schemes, Systematic Investment plans, Systematic withdrawal plan and transferring existing Mutual Funds in to electronic mode. This account also provides facility to invest in Government of India Bonds and ICICI Bank Tax Saving Bonds. ICICIDirect.com website is the primary tool to invest in Mutual Funds, IPOs, Bonds and stock trading.

3. Active Trader Account

Active Trader account gives more personalized investment options to the investors. It allows investor to use online and offline stock trading. It also provides with independent market expertise and support through a dedicated Relationship Manager from ICICI. Active Trader also provides commodity trading.

Brokerage and fees

1. Account opening fees : Rs 750/- (One time non-refundable) 2. Brokerage: ICICIDirect.com brokerages varies on volume of trade and inclusive of demat

transaction charges, service taxes and courier charges for contract notes. It ranges from 0.1% to 0.15% for margin trades, 0.2% to 0.425% for squared off trades and 0.4% to 0.85% on delivery based trades.

Advantages of ICICI Direct

1. 3-in-1 account integrates your banking, broking and demat accounts. All accounts are from ICICI and very well integrated. This feature makes ICICI the most interesting player in online trading facility. There is absolutely no manual interfere require. This is truly online trading environment. 2. Unlike most of the online trading companies in India which require transferring money to the broker's pool or towards deposits, at ICICIDirect you can manage your own demat and bank accounts through ICICIdirect.com. Money from selling stock is available in ICICI bank account as soon as the ICICIDirect receive it. 3. Investment online in IPOs, Mutual Funds, GOI Bonds, and Postal Savings Schemes all from one website. General Insurance is also available from ICICI Lombard. 4. Trading is available in both BSE and NSE.

Disadvantages of ICICIDirect
1. Getting access to ICICIDirect.com website during market session can be frustrating. 2. ICICIDirect brokerage is high and not negotiable. 3. Not all stocks are available under Margin Plus.

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 Accounts

Indiabulls Equity Trading Account

Indiabulls Equity Trading Account is standard Online trading account from India bulls and along with online trading it also provides priority telephone access that gives you direct access to your Relationship Manager and full access to 'Indiabulls Equity Analysis'.

Application Trading Terminal (Need Installation)

Power Indiabulls
Power Indiabulls trading terminal is the most advanced new generation trading platform with great speed. This trading terminal is built in JAVA. Power Indiabulls is extremely reach in features including Live Streaming Quotes, Fast Order Entry and execution, Tic by Tic Live Charts, Technical Analysis, Live News and Alerts, Extensive Reports for Realtime Accounting.

Brokerage and fees :

1. Account opening fees : Rs 1200/- (One time non-refundable) as below:

250/- Equity Trading Account opening charge 200/- Demat Account opening charge 750/- Software changes

Advantages of Indiabulls Equity Trading Account

Brokerage is less compare to other online trading companies. Provide trading terminal 'power bulls', a java based software. It's very in terms of speed and execution. fast

SHAREKHAN

Sharekhan is online stock trading company of SSKI Group, provider of India-based investment banking and corporate finance service. ShareKhan is one of the largest stock broking houses in the country. S.S. Kantilal Ishwarlal Securities Limited (SSKI) has been among Indias leading broking houses for more than a century. Sharekhan's equity related services include trade execution on BSE, NSE, Derivatives, commodities, depository services, online trading and investment advice. Trading is available in BSE and NSE. Along with Sharekhan.com website, ShareKhan has around 510 offices (share shops) in 170 cities around the country. 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.

Trade In: BSE and NSE

Type of Account 1.ShareKhan Classic 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. a. Online trading account for investing in Equities and Derivatives b. Free trading through Phone (Dial-n-Trade) I. Two dedicated numbers for placing your orders with your cell phone or landline. II. Automatic funds transfer with phone banking (for Citibank and HDFC bank customers) III. Simple and Secure Interactive Voice Response based system for authentication IV. get the trusted, professional advice of our telebrokers V. After hours order placement facility between 8.00 am and 9.30 am c. Integration of: Online trading + Bank + Demat account d. Instant cash transfer facility against purchase & sale of shares e. IPO investments f. Instant order and trade confirmations by e-mail g. Single screen interface for cash and derivatives

2. ShareKhan SpeedTrade account

This accounts for active traders who trade frequently during the day's trading session. Following are few popular features of SpeedTrade account. a. Single screen interface for cash and derivatives b. Real-time streaming quotes with Instant order Execution & Confirmation c. Hot keys similar to a traditional broker terminal d. Alerts and reminders e. Back-up facility to place trades on Direct Phone lines

Brokerage:
Some stock trading companies charge direct percentage while others charge a fixed amount per Rs 100. Sharekhan charges 0.5% for inter day shares and 0.1% for intra day or you could say Sharekhan charges 50 paise per Rs 100.

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

A. They charge minimum brokerage of 10 paisa per stock would not let you trade stocks below 20 rs. (If you trade, you will loose majority of your money in brokerage). B. Lots of hidden rules and charges. C. They do not provide facility to book limit order trades during after-hours. D. Classic account holders cannot trade commodities.\ E. Cannot purchase mutual funds online.

CHAPTER two

RESEARCH METHODOLOGY
DESCRIPTIVE RESEARCH DESIGN The research design adopted in this study is DESCRIPTIVE RESEARCH DESIGN. A descriptive research design is the one which is description of the state of affairs as it exists at present. It includes survey and fact finding enquiries of different kinds. The researcher has no control over the variables. The researcher used this research design to find out the respondents attitude and opinion about ULIP policies offered.

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.

Details of the survey conducted Sample Size

50 20-30 years 30-40 years

Target Population
40-50 years above 50 years

Location Type of questionnaire

Noida, Greater Noida, Laxmi nagar,Nehru Place. Structured

No. of Questions involved

DATA COLLECTION

12

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.

DATA COLLECTION METHOD Data is collected through questionnaire schedule method. It means the investigators are trained to collect the information required for an enquiry through schedule. The trained investigators meet the people concerned and fill up the schedules with the information supplied by them.

CHAPTER three

ANALYSIS AND INTERPRETATION

1. How much income are you able to save or invest?

a. 0 - 10%

b. 10 - 20%

c. 20 30% e. others

d. 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

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

ANALYSIS:
It can be seen that among the whole population around 58% people either invest in stock market or they are actually interested, but dont have a good knowledge about it. So these people can actually become Religares target market but religare has to provide them the better services and brokerage plans and also, providing them the initial platform of online trading.

4. Do you have a demat account?

(a) YES (b) NO

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.

5. If yes, which type of demat account do you have? (a) Online (b) Offline

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.

6. In which company you have your demat account?

(a) India Infoline (b) India Bulls (d) Religare (g) Others (e) ICICI direct

(c) Kotak (f) Share khan

ANALYSIS:
Among these 32 people most of them have their demat account with ShareKhan and Indiabulls. Thus these two are Religares biggest competitors. Also ICICIDirect gives a good competition to Religare. These brands have a good brand recall as compared to Religare.

Do you trade in Futures and Options? (a) Yes

1.

(b) No

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 Religares 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.

8. How often you trade in the stock market

(a) Everyday (c) 12-18 days a month

(b) 2-3 Days a week (d) 2-3 days a month

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.

9. Do you pay AMC (Annual Maintenance Charge)? (a) Yes (b) No

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 dont charge the AMC on its brokerage plans and which will work to generate sales.

10. How much Brokerage do you pay on Intraday? (a) (0.01 0.02) % (c) (0.03 0.04) % (e) 0.05 % or more (b) (0.02 0.03) % (d) (0.04 0.05) %

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? (a) (0.1 0.2) % (c) (0.3 0.4) % (e) 0.5 % or more (b) (0.2 0.3) % (d) (0.4 0.5) %

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

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 three

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 Providing better plans and schemes than our competitors like Sharekhan, Indiabulls, and ICICI direct are providing in terms of brokerage and subscription. Formulation of more corporate schemes for employees of organizations falling under Religares corporate category. Drafting a website which is both professional and user friendly Associating Religare with Ranbaxy to make it a power brand. Taking Religare from the brand recognition stage to brand insistence stage. Religare should make its brokerage structure more flexible to give a good competition to the investors Some more collaboration with international firms and increasing its outlets not only in India but also outside the world
Also, to attract the NRIs in order to increase its share in the stock exchanges as they provide

the largest share in terms of the investment.

CHAPTER four

LEARNINGS

LIMITATIONS
Time limitation The project was only for two months and hence it was not possible to carry out the research for a longer period of time. Hence due to shorter time span it was not possible to cover a larger market. Research has been done only in Delhi Another limitation of this project was that the research work has just been carried out within the boundaries of Delhi as my area of work was limited to Delhi/NCR

Companies did not disclose their secret data and strategies. I felt that it was a major drawback for my research work that the data and company accounts were kept confidential and were not disclosed to the trainees. If this could have happened then my research work would have been much more detailed and exact. My scope of learning was also reduced due to this.

Possibility of Error in data collection There could be a possibility of error in data collection as the target audience was large and moreover the reply from them may be influenced. The customers may have responded casually to the questions asked to them which could have hence affected the data collection.

The survey was carried through questionnaire and the questions were based on perception. The responses obtained were on the basis of very limited interactions with the people.

Annexure

QUESTIONNAIRE

NAME: GENDER: OCCUPATION: AGE: ANNUAL INCOME:

1. How much income are you able to save or invest? (a) 0 - 10% (c) 20 30% (e) Others (b) 10 - 20% (d) 30 40%

2. You invest in which of the following financial instruments? (a) Securities (c) Commodities (e) Other Instruments (b) Mutual fund (d) Insurance

3. Do you invest/interested in stock market?

(a) YES

(b) NO

4. Do you have a demat account?

(a) YES

(b) NO

5. If yes, which type of demat account do you have? (a) Online (b) Offline

6. In which company you have your demat account? (a) India Infoline (b) India Bulls (d) Religare (g) Others (e) ICICI direct (c) Kotak (f) Share khan

1. Do you trade in Futures and Options? (a) YES (b) NO

8. How often you trade in the stock market (a) Everyday (c) 12-18 days a month (b) 2-3 Days a week (d) 2-3 days a month

9. Do you pay AMC (Annual Maintenance Charge)? (a) Yes (b) No

10. How much Brokerage do you pay on Intraday? (a) (0.01 0.02) % (c) (0.03 0.04) % (e) 0.05 % or more (b) (0.02 0.03) % (d) (0.04 0.05) %

11. How much Brokerage do you pay on Delivery? (a) (0.1 0.2) % (c) (0.3 0.4) % (e) 0.5 % or more (b) (0.2 0.3) % (d) (0.4 0.5) %

12. Are they getting the good services? (a) Yes (b) No

CHAPTER SIX

REFERENCES
http://www.religareonline.com

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 The Economic Times