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Angel Broking ltd At Rajkot. JAMNAGAR AFFILIATED TO SAURASHTRA UNIVERSITY RAJKOT

FINAL TRAINNING REPORT ON "Comparative Analysis Of Equity Related Services." with

Angel Broking ltd At Rajkot. AFFILIATED TO SAURASHTRA UNIVERSITY RAJKOT

DECLARATION

I undersigned Bina B. Jotangiya a student of MBA 4th semester declare that I have prepared this project report on "Comparative Analysis Of Equity Related Services." at Angel Broking ltd. Rajkot under Mr Sameer Juneja - Asst. Manager I am also guided by Prof.Vijay Vyass - Diractor of JVIMS. I also declare that this project report is my own preparation and not copied from anywhere else.

(Signature) ___________

ACKNOWLEDGEMENT
During the final training at Angel Broking Ltd. - Rajkot for preparation of the final project report and giving training to get practical experience of Stock market. I am very much thankful to Mr.Sameer Juneja (Asst. Manager) who has support very well at the time of training and providing information as per requirement and also to Mr. Sanjay Kotak (Branch Manager) Who provide each and every facility which I require for my project and help me to explain basic information related Stock Market and its prodects. I know this is not possible without a person who guide each an every time at the time of training and preparing project, I am thankful to Mr. Vijay H. Vyas (Dy Director) of JVIMS who provide me platform from where I can make this thing possible. At last I am very much thankful to staff member of Angel Broking , My Family and My Friends who support me very well. __________________

Contents
Sr. 1 2 Executive Summary Introduction 2.1) Company Details 2.2) Industry Analysis. 2.3) Product Details 2.4) Competitors Details 2.5) Regulatory Environment 2.6) Any Other 2.7) Industry Details Problem Formulation Research Objectives Research Methodology 5.1)Research Design 5.2)Unit of Analysis 5.3)Sampling Design 5.4)Data Collection Methods Findings Limitations of the Study Conclusions Particulars Page no 06 07 08 33 34 36 51 55 74 81 83 85 85 85 87 88 93 99 101

3 4 5

6 7 8

9 10

Recommendations Appendixes : 10.1) Questionnaire 10.2) Forms 10.3) List of Graphs 10.4) List of Tables 10.5) Glossary Bibliography

104 105 106 108 109 110 111 118

11

EXECUTIVE SUMMARY
I am a student of business management so, as a management student practical training plays a crucial role and it is much important than theoretical syllabus. So for this purpose our college is making the programme for us so that we can get training at an industrial unit. Stock Broking Company is growing sector in India. Angel Broking ltd. has 80 years experience in this field. Angel Broking ltd. is pioneer in Online trading facility in this industry. I have undertake training of "Comparative Analysis Of Equity Related Services." Of Angel Broking ltd. at Rajkot In the Final Training Project , During the Training period I have been aware about company and its Marketing Department, Human Resource Department, Operation Management, KYC Department, Advisory Department and also basic of Stock Market. I have tried my level best to prepare this report including all the points. I am sure you will acknowledge my report.

INTRODUCTION

COMPANY DETAILS

The Angel Group has emerged as one of the top 5 retail stock broking houses in India, having membership on BSE, NSE and the two leading commodity exchanges in the country i.e. NCDEX and MCX. Angel Broking ltd is also registered as a depository participant with NCDEX and MCX . Angel Broking ltd is also registered as a participant with CDSL. It is the only 100% retail stock broking house offering a gamut of retail centric services like Research, Investment Advisory, and Wealth management services, E-Broking & Commodities to individual investor. Angel as a wide and efficient network of 58 Branches and 2900+ Business associates in 115 cities all over the country servicing more than 1,30,000 individual investors. The Group is promoted by Mr. Dinesh Thakkar who has started his operations as a Sub-Broker from a small office at Dalal street with a client base of just around 25 clients and total staff strength of 3 employees Today, Angel has manpower strength of more than 15000+ direct and individual employees who endeavor to give the client nothing but the best.

Investment Committee
1) Dinesh Thakkar

He is among the first generation stockbroker who is credited for conceptualizing and then subsequently promoting Angel group in 1987. He was attracted towards the stock market due to its prospects of fast growth. He proved his skill and abilities through efficient trading of stocks by using advanced and innovative tools of technical analysis. He started his operation as a Sub-broker from a small office at Dalal Street with a client base of just around 25 client and total staff strength of 3 employees. With his 100% focus on the retail clientele coupled with his expertise in investment advisory services, he has scaled much greater heights as is evident from our network strength and nation wide presence today.

2) Rajen Shah

An ex-business journalist, Rajen Shah fully comprehends the intricacies of the stock markets. What is even more noteworthy is his uncanny ability to discover

stock ideas much before they catch the markets imagination. Hotel Leela, ABB, Shrenuj & co., Mcdowell, India cement etc are cases in point. Says Rajen : Nothing can stop an idea whose time has come. We at Angel prefer a bottom-up approach. Rather than investing in fashionable themes, We invest in high quality growth ideas that would find favor in the future. This provides our investor a superlative margin of safety and multi-fold returns. A regular on CNBC, NDTV, profit & Awaz, Rajen Shah has contributed in numerous stock market seminars including CNBCs investor camp.

3) Phani Sekhar
Phani Sekhar is a Fund Manager at Angel Broking ltd. An Engineer and a Management Graduate in Finance from the ICFAI Business School (IBS), Pune, he has invaluable experience across various facets of investment Banking. Apart from the Indian markets, he has also served the US markets. He regularly appear on CNBC, NDTV profit, and Awaaz airing his views on the technology and media sectors. He is an ardent believer in the investment philosophy of GARP( Growth at Reasonable Price).

About The Angel Broking

The Angel Group has emerged as one of the top 5 retail stock broking houses in India, having memaberships on BSE, NSE and the two leading commodity exchanges in the country i.e. NCDEX and MCX. Angel Broking Ltd is also registered as a depository participant with CDSL. The group is promoted by Mr. Dinesh Thakkar, who started this enterprise as a small sub-broker in 1987 with staff strength of 3 personnel. As on date, the group is managed by a team of 150 professionals & 700 support staff and a nation wide network comprising 40 branches, over 2000+ sub brokers and business associates and 6000 terminals which cater to the requirements of more than 1 lacs retail clients.

Strengths Angels biggest strength is that we understand the needs of a sub broker and retail investors very well. Strict adherence to our business philosophy of providing the best value for money to our customer, has enabled us and our association to grow rapidly in an increasingly competitive market. The promoters vision of providing world class broking services to the Indian investors and a customer centric work culture has led to several innovation in the areas of technology, processes and people. This spirit of innovation helps you to grow your business volumes.

Angel have always endeavored to provide timely research based advice to our clients from the nimble footed day traders to the long term value investors. Its 15 member equity research team comprises of experienced fundamental and technical analysts, sector specialist and derivative stringiest, who are constantly looking for new trading/ investment opportunities. This team is armed with the latest analytical tools and uses international news services like Bloomberg and Reuters to keep abreast with the latest national and global trends. Angel Commodities Broking (P) Ltd. Promoted by Angel Group, started its operations in July 2004. It has membership in Indias two premier commodities exchanges i.e. National Commodities & Derivative Exchange and Multi Commodities Exchange. At present the commodities broking services are available at all existing branches and select franchisees. Angel Commodities Research team comprises of senior professional with relevant experience in commodities business and a sound understanding to the global scenario. Our research product are designed to suit the needs of all categories of investors. The commodities research desk provide a daily technical report, weekly report, monthly review and reports on specific commodities. This team is armed with the latest analytical tools and uses international news services to keep abreast with the latest national and global trades.

ACHIEVEMENT OF ANGEL BROKING LTD.

Angel Vision

To Provide best value for money to investor through innovative products, trading / investment strategies, state-of-the-art technology and personalized service.

Mission Statement
The main mission statement of angel broking ltd is to be on top in and around Rajkot and Saurastra peninsula with the help of retail, bulk and PAS business within three years. For FY 05-06 focus will be on Bulk business from existing sub-brokers of competitors by giving those competitive pricing, better connectivity and Post trading Back-up software in post centralized and direct billing era.

Core Competence

Top quality research & portfolio advisory services for equities

Retail focused research products

Robust internet trading facility

Commodities research & broking services

Depository services through cdsl

Web based 24 x 7 back office software

Good understanding of the sub-broker and retail customer needs

Professional work culture with a personal touch

Cost- effective processes

State-of-the-art technology

Streaming quotes & real time charts for bse /nse [cash / derivatives]

Single connectivity and speedy execution of trades.

Private v-sat network for remote areas.

Online technical support & help desk.

fwp offered only by angel

Angel Business Philosophy

Ethical practices & transparency in all our dealing Customer interest above our own Always deliver what we promise Effective cost management

E-Broking Services

On-line trading facilities on BSE/NSE ( Cash and F&O), NCDEX, and MCX though our 3 unique etrading softwares especially designed for trad ers as well as investors. Trading in securities / commodities using the internet platform is a convenient option. We provide you an opportunity to trade on BSE / NSE (Cash and F&O), NCDEX and MCX from the comfort of your home or office. Our internet tradi ng platform gives you state-of-the-art trading facility, order and trade confirmation, econtracts and 24X7 on-line web enabled back-office system at the click of a button. Salient features of angel trade: Multiple exchanges on a single screen: You can t rade online on BSE, NSE-Cash and F&O, MCX and NCDEX on a single screen. Speed: We use the latest technology to generate efficient uptime and greater stability to give you high speed. Competitive brokerage rates: We believe in providing our clients the

best value added services at the most competitive brokerage rates. Optimum margins: Angel gives you the trading exposure at optimum margin level Online funds transfer: The clients enjoy the convenience of online transfer of funds from their bank accoun ts, to the margin account of Angel, online. Personalized service: HNI clients can avail of personalized advisory services from our trained and experienced dealers, regarding trading opportunities. Off line services: You are free to make a telephone call to any of our 40 well equipped branches across the country. Technology: Angel provides the latest infrastructure tools to support and integrate the backend and front office functionalities. Back office infrastructure: We provide an automated web enabl ed centralized back-office whereby the clients can have access to their trade confirmation reports, holding statement, their net position, the margins and the statement of accounts and ledgers on a 24 X 7 basis. Technical support: We remove technical dif ficulties through an online support system manned by qualified professionals. E - Contract notes cum bills: We provide contract notes cum bills in electronic form resulting in ease of access to trades carried out by the clients on any particular day.

Web-Enabled Centralized Back-Office Web Enabled Centralized Back-Office

All the clients registered with Angel Group have a 24*7 access to our web enabled centralized software. The clients can view their trade confirmation reports specific to BSE & NSE correspondingly for a specific day, view their ledger extracts and statements and analyze holding statement along with delivery report status, net position, margin and cash & non cash collateral related to the NSE F&O segment and evaluate profit and loss statement linked to the cash statement. Centralized Help Desk Services

The angel group has commissioned a centralized help desk team at its corporate office under direct supervision of the cmd. This team is available from 9:00a.m. to 7:00p.m. and it is empowered to resolve all your queries and complaints on an online basis.

The team is available either via the telephone (022) 2835 5000 or the e-mail feedback@angelbroking.com . E-contract Notes cum Bills

Angel provide contract notes cum bills in electronic form.

The software facilitates downloading of relevant contract notes and bills. Angel have taken adequate care and precaution about the data security, so that all our clients are assured that the data is only accessed by them and not shared with anyone else. Chat Facility

Depository Participant You must be aware that Angel Broking Ltd has started its depository services

by registering with CDSL. There are various benefits of holding your demat account with us but the biggest advantage is that you shall be ensured of a risk free, prompt and efficient depository process. What differentiates angel DP from other DPs? : (1)

Since our association is slated for a long time, we are in a much better position to know your requirement regarding your hol ding and transfer of securities. (2)

No physical instructions are required for your sell obligations. We also offer to our clients the automated pay in facility for trade done through Angel Broking Ltd / Angel Capital and Dept Market Ltd. (3)

The transacti on charges that are being levied by us are the lowest in the industry as we believe in providing quality services at the most affordable costs. (4)

You have an option of choosing the products offered by CDSL: a). Easy facility: You can view, download and p

rint the updated holding of your demat account along with

valuation of holding. b). Easiest facility: You can, by using this facility, submit your own delivery instructions on the internet without

the intervention of your DP. This is in addition to all the facilities provided under the Easy facility. (5)

We would like you to know that the state of art technology being arranged for you is the best in the industry and all this is done so that you have convenience of accessing information from any de

sired location. You will enjoy the following distinctive benefits by registering with Angel :

No risk of loss, wrong transfer, mutilation or theft of share certificates. Hassle free automated pay-in of your sell obligations by your clearing members, ABL / ACDL (No need for physical instruction at all).

Reduced paper work. Speedier settlement process. Because of faster transfer and registration of securities in your account, increased liquidity of your securities.

Instant disbursement of non-cash benefi ts like bonus and rights into your account.

Efficient pledge mechanism. Wide branch coverage.

Personalized / attentive services of trained help desk. Acceptance & execution of instruction on Fax.

Zero upfront payment.

Daily statement of transacti on & holding statements on e-mail .

No charges for extra transaction statement & holding statement. All in one combined Monthly Bill-cum-Transaction-cum-Holding-cum-ledger statement.

About Angel Commodities ANGEL COMMODITIES BROKING (P ) LIMITED promoted by ANGEL GROUP, started its operations in Indian commodities market by acquiring memberships in India's premier multi-commodity exchanges of NCDEX (Membership No:00220) and MCX (Membership No: 12685). ANGEL COMMODITIES offers trading op portunities in commodity markets through the chain of its branches spread across the country. ANGEL COMMODITIES provides expert research / analysis to its clients in various commodities, listed in NCDEX and MCX including the international perspective of t he commodities traded. It provides best technical analysis from desk of its trained and qualified analysts.

The research team of angel commodities consists of professionals who are industry veterans. The team is capable of formulating trading strategies d epending on risk-return profile of the client. Today we offer a gamut of financial products to satisfy an array of financial needs.

Why trade with Angel Commodities?

Online application based trading software Online web based trading platform

Online daily, weekly and monthly research Transparent and fair trade execution

Individual client attention 24*7 online back office

Traini ng/education facilities / conduct of seminars

State-of-the-art technology Digital contract notes cum bill: View your accounts from any where, any time

Efficient risk management Competitive brokerage rates

Private Client Group A ngel offers personalized advisory services to HNI investors and actively assists them in managing their portfolio. PCG can seek guidance on specific stocks in their portfolio and can get pro active advice for timely exit and fresh investments. The portfoli o advisory process at angel starts with understanding each investor's risk / reward / expectations. In order to systematically diversify the holding of clients across varied sectors and with an intention to give them handsome returns, angel devised the con cept of the modern portfolio:

Angel came out with its first modern portfolio in august 2002. Since then it has come out with modern portfolios which have consistently outperformed the sensex YOY.

In fact, the latest portfolio by angel has successfully ou tperformed the sensex by a whopping 80%. Salient features of the PCG:

The portfolio comprises fundamentally strong scrips. The ticker size of the portfolio is Rs. 5 lacs for residents and Rs. 10 lacs for NRIs.

The portfolio is non discretionary.

Ti me horizon for the portfolio ranges for a period of 12 months to 18 months.

Daily Services

Fundamental Services

Technical Services

Commodities Services

.. Angel Broking Ltd., Angel Securities Ltd. and Angel Commodities Broking Pvt. Ltd., Angel Capital & Debt Market Ltd. (hereinafter referred to as 'Angel') has its own unique privacy policy features. Please read the following to learn more about our privacy policy. Privacy Policy Covers...

Th is Privacy Policy covers Angel's behavior towards the personal information which is stored while you are exploring our site and using the services on the site. Gathering and Utilization of Information...

1. Angel collects personally identifiable informati on while registering for Angel account, Online Trading, Derivatives. Information Sharing and Disclosure...

1. Angel will preserve your personal information without selling or renting it to anyone.

2. Only those people or companies will have access to the i nformation who are authorized to do so.

3. Angel will need to share your information with your consent only. Cookies...

Angel may set and access Cookies on your computer. Edit Your Account Information and Preferences...

Angel provides the facility to edit your Account Information and preferences at any time. Security...

Your Angel Account Information is password-protected for your privacy and security. Amendments in the Privacy Policy...

Angel may change this policy from time to time. You will be notifie d by posting a prominent announcement on our pages in case of substantial amendments in the way we use your personal information. Suggestions or Queries...

There is also service which is provide from Angel that is if any client have queries and suggestio n than invited to forward their queries and suggestions to the email id feedback@angelbroking.com

Protect Your Online Brokerage Account: The Internet and, more recently, wireless technology have made it easy for investors to check brokerage account information and initiate investment transactions on the go. Angel is issuing this Alert to warn i nvestors to take precautions to help ensure the security of their brokerage accounts. Not doing so puts your account information and investments . at . risk

INDUSTRY ANALYSIS

(Table

 1)

Product Detail Angel Broking ltd. Provide its best services by its Products which represent t he whole image of Angel in the mind of customer and those products are:

(Chart-1) Specially designed for the net savvy traders and investors who refer operating from their home or office through the internet. They can access state of the art technology with our 3 different E-Broking products and voila trading on BSE, NSE, F&O, MCX and MCDEX is just click away !

(Table-2)

Angel Diet :

Application Based ideal for traders.

User Friendly & Simple navigation. Robust & speedier execution of trade.

5 Segment BSE, NSE, F & O, MCX, and NCDEX

Angel Trade :

browser based for investors. No installation required.

Advantages of mobility. Trading as simple as internet surfing

5 Segment BSE, NSE, F & O, MCX, and NCDEX.

Angel Anyware :

Application Based ideal for traders using technical tools.

Intra-Day / Historical charts with various indicators 3 Segment BSE, NSE, Cash & Derivative.

Competitor Detail MAJOR PLAYERS OF THE INDUSTRY: ANGEL BROKING LTD .(an geltrade.com) ICICI WEB TRADE LTD (ICICI DIRECT.COM) INDIA INFOLINE SECURITIES PVT. LTD (5PAISA.COM) KOTAK SECURITIES LTD (KOTAKSTREET.COM)

 INDIABULLS (INDIABULLS.COM) MOTILAL OSWAL SECURITIES LTD. (MOST) HDFC SECURITIES LTD (HDFCSEC) UT I SECURITIES LTD. (UTISEL) IDBI CAPITAL MARKET SERVICES LTD. REFCO-SIFY SECURITIES INDIA PVT. LTD

ICICI Web Trade Ltd. (ICICIdirect.com):

ICICIdirec

t.com was the first entrant into e-broking. ICICdirect.com provides the 3-in-1 to the users which ties in their saving bank account and their Demat account to their brokerage account electronically. This integration ensures that money is transferred to/fro m their bank account and the shares are transferred from/to their Demat account automatically without writing any cheques or transfer instructions while carrying out their trades in shares.

ICICIdirect.com has the option of trading in shares in cash, marg in or spot segments. An investor can also invest in 14 Mutual Funds ( Prudential ICICI MF, Franklin Templeton India MF, Alliance Capital MF, JM MF, Birla Sun Life MF, Sundaram MF, IL&FS MF, Principal MF, HDFC MF, Standard Chartered MF, Reliance Capital MF, Kotak Mahindra MF, TATA MF and DSP MERRILL LYNCH MF ) through their trading account. .

5Paisa.com / India infoline :

5paisa is the trade name of India Infoline Securities Private Limited

(5paisa), member of National S tock Exchange and The Stock Exchange, Mumbai. 5paisa is a wholly owned subsidiary of India Infoline Ltd, India s leading and most popular finance and investment portal. 5paisa has emerged as one of leading players in e-broking space in India.

The company s brokerage is one of the lowest in the industry. It also provides the research on commodities. Investors can benefit from its analysis and advice available at the click of the mouse. For those who prefer to trade the traditional way, India Infoline inves tor points are available across the country.

India Infoline was founded by a group of professionals in 1995. Its institutional investors include Intel Capital, one of the leading technology companies in the world promoted by the U K government, ICICI, and TDA. The company offers a slew of products such as stock and derivatives broking, commodities broking and mutual funds.

Kotak Securities Limited (kotakstreet.com):

Kotak Securities Ltd., a strategic joint venture between Kotak Mahindra Bank and Goldman Sachs (holding 25% - one of the world s leading investment banks and brokerage firms) is India s leading stock broking house with a market share of 5 - 6 %. Kotak Securities Ltd. has been the largest in IPO distribution - It was ranked number One in 2003-04 as Book Running Lead Managers in public equity offerings by PRIME Database. It has also won the Best Equity House Award from Finance Asia - Ap ril 2004.

The company has a full fledged research division involved in Macro Economic studies, sectoral research and company specific equity research combined with a strong and well networked sales force which helps deliver current and up to da te market information and news.

Kotak Securities Ltd is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) providing dual benefit services wherein the investors can use the broke rage services of the company for executing the transactions and the depository services for settling them.

The company has 42 branches servicing around 1,00,000 customers. Kotakstreet.com the online division of Kotak Securities Limited offers I nternet Broking services and also online IPO and Mutual Fund Investments.

Kotak Securities Limited manages assets over 1700 crores under Portfolio Management Services (PMS) which is mainly to the high end of the market. Kotak Securities Limited has newly l aunched Kotak Infinity as a distinct discretionary Portfolio Management Service which looks into the middle end of the market. India Bulls:

Indiabulls is India's leading retail financial services company with 77 locat ions spread across 64 cities. Its size and strong balance sheet allows providing varied products and services at very attractive prices, our over 750 Client Relationship Managers are dedicated to serving your unique needs.

Indiabulls is lead by a highly regarded management team that has invested crores of rupees into a world class Infrastructure that provides real-time service & 24/7 access to all information and products. The Indiabulls Professional Network offers real-time prices, detailed dat a and news, intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful technology is complemented by our knowledgeable and customer focused Relationship Managers.

Indiabulls offers a full range of financial servic es and products ranging from Equities, Derivatives, Demat services and Insurance to enhance wealth and to achieve the financial goals.

Motilal Oswal Securities Ltd. (MOSt):

O ne of the top-3 stock-broking houses in India, with a dominant position in both institutional and retail broking, MOSt is amongst the best-capitalized firms in the broking industry in terms of net worth. MOSt was founded in 1987 as a small sub-broking unit, with just two people running the show. Focus on customer-first-attitude , ethical and transparent business practices, respect for professionalism, research-based value investing and implementation of cutting-edge technology have enabled it to blossom into a thousand-member team.

The institutional business unit has relationships with several leading foreign institutional investors (FIIs) in the US, UK, Hong Kong and Singapore. In a recent media report MOSt was rated as one of the top-10 brokers in terms of business tra

nsacted for FIIs.

The retail business unit provides equity investment solutions to more than 50,000 investors through 270 outlets spanning 150 cities and 22 states. MOSt provides Advice-Based Broking , Portfolio Management Services (PMS) , E-Broking Services , Depository Services , Commodities Trading , and IPO and Mutual Fund

Investment Advisory Services . Its Value PMS Scheme gave a 160% post-tax return for the year ended March 2004. With value investing at the core of its investment philosophy, a strong research team consistently provides high-performance ideas. MOSt s equity research has been consistently ranked very h

ighly in surveys conducted by leading international publications like Asiamoney and Institutional Investor. In Asiamoney Brokers Poll 2003 MOSt has been rated as the Best Domestic Research House - Mega Funds ,while in 2000 and 2002 it has been rated as the Best Domestic Equity Research House and Second best amongst Indian Brokerage firms respectively.

HDFC Securities Ltd (HDFCsec):

HDFCsec is a brand brought to y ou by HDFC Securities Ltd, which has been promoted by the HDFC Bank & HDFC with the objective of providing the diverse customer base of the HDFC Group and other investors a capability to transact in the Stock Exchanges & other financial market transactions . The services comprise online buying and selling of equity shares on the National Stock Exchange (NSE). Buying and selling of select corporate debt and government securities on the NSE would be introduced in a subsequent phase. In a few months, they will also start offering the following online trading services on the BSE and NSE:

1. Buying and selling of shares on the BSE

2. Arbitrage between NSE & BSE

3. Trading in Derivatives on the NSE

4. Margin trading products.

They are also planning to include b uying and selling of Mutual Funds, IPO subscriptions, Right issues, purchase of Insurance policies and asset financing.

UTI SECURITIES LTD.: (UTISEL)

UTI Securities Ltd was

incorporated on June 24, 1994 by Unit Trust of India as a 100% subsidiary and on the repealing of the UTI Act, the capital is now held by the Administrator of the Specified Undertaking of Unit Trust of India (ASUUTI). UTI Securities has been working as an independant professional entity for providing financial intermediary and advisory services to its corporate and retail clientele. The Company has built up a reputation for transparent and fair execution of transactions, which have been well received an d appreciated by its clientele. The staff at UTI Securities strives to maintain the quality of services offered to its clients at the highest degree.

The Company has grown from an institutional brokerage house to a full-fledged financial intermediary havi ng nationwide presence in major cities with 20 branches and 50 franchisees to service a wide range of clients. We are committed to gradually enhance our network in the near future.

The company has also invested in the joint-venture company with Standard Ch artered Bank viz. Standard Chartered UTI Securities (P) Ltd. that is engaged in primary dealership and Government securities. The company is very soon going to start Commodity Trading through its subsidiary, USEc Commodities Ltd, which provides facility of commodity trading on NCDEX and MCX.

IDBI Capital Market Services Ltd.

IDBI Capital is a leading Indian securities firm offering a complete suite of products and services to individual, institutional and corporate clients. IDBI Capital Market Services Ltd. (IDBI Capital), a wholly owned subsidiary of Industrial Development Bank of India (IDBI), is a leading Indian securities firm, offering a complete suite of products and services to individual, institutional and corporate clients. Our services include fixed income trading, equities brokerage, debt and equity derivatives, research, private placements, depository services, portfolio management and distr ibution of financial products. Over the last five years, we have emerged as a leading player in each of these businesses.

March 1995 - Commenced Equity Broking on NSE CM segment July 1995 - Built agent Distribution Network across the country

October 1996 - Commenced Debt Broking on NSE WDM segment December 1996 - Started operations as a Depository Participant

1996 - Started t o act as Arranger to Privately Placed Bond issues

April 1998 - Commenced operations as a Portfolio Manager February 1999 - Acquired membership of BSE, Mumbai

November 1999 - Started operations as a Primary Dealer June 2000 - Acquired Derivatives memberships of BSE and NSE

March 2002 - Achieved an outright secondary market turnover exceeding Rs100,000 crores in G-Secs October 2002- Commenced trading in Interest Rate Swaps

Refco - Sify Securities India Pvt. Ltd

Refco-Sify Securities India Pvt. Ltd., he adquartered in Mumbai, is a joint venture between the Refco Group Holding Ltd., USA; and Satyam Infoway Limited (NASDAQ: SIFY) to offer online and offline equity and derivatives trading for retail customers as well as execution and clearing services for fi nancial institutions. Refco also provides clients with prime brokerage services, fixed income, equities, foreign exchange, OTC derivatives and asset management.

Refco is a leader in providing clients with the latest technological advances in products and s ervices. Its proprietary systems and global infrastructure provide the flexibility to meet all client requirements.

Client service is what sets Refco apart from its competitors. Refco understands the unique business requirements of each of its clients and tailors its products and services to meet those requirements.

Comparison of Online Trading Products

Cos. / Features Products Offered

Online Online Online Online Online A/c Deposits BSE/ F&O IPO MF Commodity Opening NSE Charges Yes Yes No No Classic 750/-ST 10000

Angel Broking

Ground A/c, Yes E-Broking,

Commodity, DP, PMS Kotakstreet.com Ground A/c, Yes Online A/c, Commodity, DP ICICI Direct.com Online A/c, Yes Mutual Fund HDFC E-Broking Yes Motilal Oswal Ground A/c, Yes Online A/c, Commodity, DP, PMS India bulls Ground A/c, Yes Online A/c, Commodity, DP,MF 5-Paisa.com E-Broking, Yes Insurance Share Khan Ground A/c, Yes E-Broking IL&FS Insurance, Yes MF, E-Broking, Ground A/c Anagram Ground A/c, Yes E-Broking, Mutual Fund

1000/Yes Yes Yes No 500 50000

Yes

No

Yes

No

750

-----

Yes Yes

No Yes

No Yes

No Yes

600 ----Upton 400 -----

Yes

Yes

No

No

250

-----

Yes No Yes

No Yes Yes

No No Yes

Yes No Yes

500 500 500

5000 50000 ------

Yes

Yes

Yes

Yes

780

10000

(Table-3)

Comparison of Online Trading Products

Cos. / Features AMC Trade Brokerage Exposure Net User Streaming Single Charges On Share Based / Friendly Quotes Screen Based Charges Margin Termin Software Based

Angel Broking

Rs. 200 No

BSE - 1 Time NSE -4 Time F&O- 1 Time BSE - 4 Time NSE - 4 Time F&O- 4 Time BSE - 4 Time NSE - 4 Time F&O- 4 Time 4 times

10 times

Both

Yes

Yes

Yes

Kotakstreet.com Rs.300

25

4 times

Both

Yes

Yes

Yes

ICICI Direct.com Rs. 400 No

----

Net Base No

No

No

HDFC Motilal Oswal

Indiabulls 5-Paisa.com Share khan

Rs. 500 YesRs.21 Rs.400 20 -25 4 times S / 35-40 D Rs.200 No Int-10.Del4 Rs. 275 As per B-6,NScript 6.F&O-6 Rs. 300 Intra 10 Times Deli 4 Times 4 Times 4 Times

3 times -----

Net Base Yes Net Base Yes

No Yes

No Yes

67% ---50%

Both Both Both

Yes Yes Yes

Yes Yes Yes

Yes Yes Yes

IL&FS Anagram

Rs. 500 14 Rs. 550 20

4 times 70% A Group

Both Both

Yes Yes

Yes Yes

Yes Yes

(Table-4)

Comparison of Online Trading Products

Cos. / Features After Instant BTST Short- Advance/ Hour Order & Sell Decline Order Trade Ratio Confirmation Angel Broking Yes Yes No Yes Yes Kotakstreet.com Yes Yes Yes Yes Yes ICICI Direct.com Yes Yes Yes No No HDFC No Yes Yes No No Motilal Oswal Yes Yes No Yes Yes Indiabulls Yes Yes No No No 5-Paisa.com Yes Yes Yes Yes Yes Share Khan Yes Yes No Yes Yes IL&FS Yes Yes Yes Yes Yes Anagram Yes Yes No No No

Trade Real Securtiy to Time Trade Portfolio Facility Ticker yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes No Yes Yes

(Table-5)

Comparison of Online Trading Products

Cos. / Features Tie-Up with Banks

Angel Broking

HDFC

Instant Minimum Minimum Research Money Call by Trade Trade E-mail Transfer Quantity Value Yes 1 1 Yes 1 1 1 1 1 1 1 1 1 20 500 1000 20 1 20 20 20 20 Yes No No Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Research Re Call by SMS Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

FF T F F F F

Kotakstreet.com UTI,HDFC,KOTAK,CITY Yes ICICI Direct.com ICICI HDFC Motilal Oswal Indiabulls 5-Paisa.com Share Khan IL&FS Anagram HDFC HDFC,ICICI HDFC HDFC,ICICI,UTI,CITY HDFC,UTI,OBC,IDBI, INDUSIND HDFC,UTI,SBI,HSBC HDFC,UTI,ICICI,IDFC

F-

F-

F-

(Table-6)

Comparison of Online Trading Products

Cos. / Features Call Toll Immediate Free Reply in Ratio No. Toll Free Number

Days for Opening an Account

Online Network Experience Margin A/c for (No of In Stock Funding NRI/ Share Market NRE/ Shop) NRO

Angel Broking

T65%, D80% Kotakstreet.com 85% ICICI Direct.com 75% HDFC 80 to 90% Motilal Oswal 80% Indiabulls 80% 5-Paisa.com 80% Share Khan 85% IL&FS 85% Anagram 75%

Yes Yes

10

No

460

80

No

Yes Yes No No Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes ---Yes Yes

8 8 7 4 5 7 3 3 7

Yes Yes Yes Yes Yes Yes No Yes Yes

63 300

5 4.5

Yes Yes No Yes Yes Yes Yes Yes Yes

400 150 180 466 74 144

18 7 10 10 5 22

(Table-7)

Regulatory Environment
Introduction: Capital markets provide effective intermediation of savings, allocation of investment, price discovery, pricing and hedging of risk; but they are subject to information imperfections, excess volatility, and market manipulation. No industry can work effectively without any regulatory authority. Stock market is no exception to that. There are number of scams which are coming up in the stock market. Hence there must be a regulator something like a policeman, but a smart one, who preserves market integrity through clear and self-enforcing rules of the game while encouraging the game itself. Hence, Securities & Exchange Board Of India (SEBI) was given statutory status in 1992 by passing an act of Securities & Exchange Board Of India, 1992. This regulatory body keeps an eye on Security Market and has power to introduce certain rules and regulations.

SEBI: History, objectives, powers: The Capital Issues (Control) Act 1947, administered by the Controller of Capital Issues (CCI), governed capital issues in India. As part of liberalizing reforms CCI was abolished, and SEBI set up in 1988, was made a statutory body in 1992. SEBI ensures the legality of all transactions and that the stock exchange players follow all the rules and regulations set by it and/or the government. SEBI also looks into investor complaints against companies. It can try cases and pass judgments against companies. It also looks into mergers and acquisitions of companies. Angel Broking ltd. complies and follows the prescribed procedures in order to prevent the misuse of price sensitive information, which an employee/director/officer of the company may have access to. Its objectives are to protect the interests of investors, ensure the fairness, integrity and transparency of the securities market, and reach best international regulatory practices. But flexibility was required to respond to market arbitrage, and to emerging requirements in the Indian context. There has been a constant attempt to improve regulatory practices and contribute to the ongoing capital market reforms. Once the policy decision had been taken to open out and reach and exceed international standards and practices, the direction of change was clear and SEBI contributed to progress along it in a major way. SEBIs tasks and powers, expanded over time, were to regulate stock and other securities markets, register and regulate all intermediaries associated with securities markets. Under the SEBI (Amendment) Bill 2002 its powers were expanded to cover all transactions associated with the securities market. In 2003 it was empowered to impose enhanced monetary penalties. Among the reasons were the periodic financial scams that deepened the lack of confidence in the effectiveness of the regulators monitoring, surveillance and implementation of the new world class rules, the industrial slowdown that persisted over 1997-2000, and shallow markets with a relative neglect of the retail investor.

Stock exchanges:

A stock exchange is the market place where companies are listed and where the trading happens. There are different stock exchanges in the country, the predominant being the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). FIIs: Liberalization implied welcoming foreign institutional investors (FIIs) to the Indian capital market, with constant procedural simplification to facilitate entry and exit. FII Investment is allowed in any instrument, including commercial paper, subject to 70 percent of their portfolio being in securities, with a limit of 5 percent in the equity of any one company. The registration fee was reduced to $5000 and $1000 for a sub-account in 1995. Investments on behalf of other parties through sub-accounts are allowed provided the name of the investor is disclosed to the board, and the entity is regulated somewhere. In 2002 FIIs were allowed to hedge their entire exposure in Indian equities compared to the earlier level of 15%. They could trade in derivatives subject to the prescribed position limit. By 2003 the number of FIIs exceeded 500, with over 1500 sub-accounts. Because of FII interest the Rs 100 billion ONGC IPO in March 2004 was oversubscribed in 10 minutes. In the sections to follow we classify and analyze the major measures undertaken by SEBI under the conceptual heads identified for regulation in capital markets.

DP: Depository participants are like banks who are agents of NSDL or CSDL in providing depository services NSDL/CSDL: National Securities Depository Ltd (NSDL) and the Central Depository Securities Ltd. (CDSL) are like the Reserve Bank of India in the sense that they are the clearing and holding house for all the demat transactions.

Any Other Detail Of Angel Broking Trading

Angel is one of the broker who is acting as wholesalers and as a broker it is the duty of it to provide service of collecting funds and securities from the investors and send it to clearing house respectively for this an account is to be opened ie trading account. According to SEBI investor has to open trading account, he can open an account in any depository but investor should not be partnership firm or proprietorship firm.

Trading department is again divided into three parts

Pre-trading Trading Post-trading

Pre-Trading
Any person who wants to open an trading accounts first of all pre-trading activity is done which include:
o o o

Account opening Deposits Complients

Account opening procedure

First client will ask for opening trading account The Angel will give proof details and client will have to fill up form and submit to Angel with documents required Collection of form from the client

Cheking of the form Scanning of the form Then this form will be dispatch to H.O Angel branch will have Collection of code by email or manually Now inform client or sub broker through phone or email about internet Id Now client will be able to trade

Closing procedure
First client will give written request for closing an account Then this request is forwarded to H.O At last H.O will inform branch that account has been closed whole procedure about closing will be done at H.O Angel will inform client about closing of account

Deposits Retail client: Cash market Intra-day Delivery

(Table-8)

Minimum Rs 5000 Rs 10000 Rs 5000 (rare case)

Sub broker: For one segment For all five segments 100000 cash or share (flexible) 350000 if client wants Vast 150000 which include installation ,transportation charges etc
(Table-9)

Complients Part-A Demat-(photo proof)

Pan card Driving license Election card Bank attestation

Part-B (Residence proof)

Bank passbook Ration card Electric Bill Telephone Bill LIC policy Blank Cancelled cheque without signature

Trading Account proof Following are the proof required for opening trading account.
Client master copy (DP proof) Pan card for photo proof/form-60 Any one from Part-A Any one from Part-B

Trading Room

After pre-trading next comes trading which include:

Dealing room Sauda punching Conformation

Dealing room
Dealing room is the rooms where dealing of different securities are done which include: NSE Cash BSE Cash NSE Derivatives

Trading in NSE, BSE AND DERIVATIVES

(Chart-2)

TRADING IN NSE

NSE NEAT Market

Its trading system, called National Exchange for Automated Trading (NEAT), is a state of the- art client server based application. At the server end all trading

information is stored in an in-memory database to achieve minimum response time and maximum system availability for users. It has uptime record of 99.7%. For all trades entered into NEAT system, there is uniform response time of less than 1.5 seconds. NSE has been continuously undertaking capacity enhancement measures so as to effectively meet the requirements of increased users and associated trading loads. With recent up gradation of trading hardware, NSE can handle up to 6 million trades per day. NSE has also put in place NIBIS (NSE's Internet Based Information System) for on-line real-time dissemination of trading information over the Internet. As part of its business continuity plan, NSE has established a disaster back-up site at Chennai along with its entire infrastructure, including the satellite earth station and the high-speed optical fibre link with its main site at Mumbai. This site at Chennai is a replica of the production environment at Mumbai. The transaction data is backed up on near real time basis from the main site to the disaster backup site through the 2 mbps high-speed link to keep both the sites all the time synchronized with each other.

TRADING IN BSE
The transaction of BSE is done in bolt software. The BSE On-Line Trading system (BOLT) is designed and developed by CMC Ltd. . . . It is a simple to use, screen-based computer trading system. You can trade on the all scripts using this system. This is a primary guide on how to use the BOLT system. The BOLT system aims at converting the Open Outcry system of trading to a screen-based system. You, as a trader on the BOLT system can input orders

WHAT IS BOLT?

BOLT is CMC's implementation of the screen-based on-line trading system for Bombay Stock Exchange? Trading Rules on the BOLT system are based on the Business Requirements Specification (BRS) provided by the BSE.

NSE DERIVATIVES
The derivatives markets has existed for centuries as a result of the need for both users and producers of natural resources to hedge against price fluctuations in the underlying commodities. Although trading in agricultural and other commodities has been the driving force behind the development of derivatives exchanges, the demand for products based on financial instrumentssuch as bond, currencies, stocks and stock indiceshave now far outstripped that for the commodities contracts. India has been trading derivatives contracts in silver, gold, spices, coffee, cotton and oil etc for decades in the gray market. Trading derivatives contracts in organized market was legal before Morarji Desais government banned forward contracts. Derivatives on stocks were traded in the form of Teji and Mandi in unorganized markets. Recently futures contract in various commodities were allowed to trade on exchanges. For example, now cotton and oil futures trade in Mumbai,

soybean futures trade in Bhopal, pepper futures in Kochi, coffee futures in Bangalore etc.

UNDERSTANDING OF DERIVATIVES
Derivatives are financial contracts whose value/price is dependent on the behavior of the price of one or more basic underlying assets (often simply known as the underlying). These contracts are legally binding agreements, made on the trading screen of stock exchanges, to buy or sell an asset in future. The asset can be a share, index, interest rate, bond, rupee dollar exchange rate, sugar; crude oil, soybean, cotton, coffee and what have you.

Some examples of derivatives

A very simple example of derivatives is curd, which is derivative of milk. The price of curd depends upon the price of milk which in turn depends upon the demand and supply of milk. Derivatives are not so new to us. Nifty options and futures, Reliance futures and options, Satyam futures and options etc are all examples of derivatives. Futures and options are the most common and popular forms of derivatives.

COMPONENTS OF DERIVATIVES Forwards

A forward contract is a customized contract between the buyer and the seller where settlement takes place on a specific date in future at a price agreed today. The rupee-dollar exchange rates is a big forward contract market in India with

banks, financial institutions, corporate and exporters being the market participants.

The main features of a forward contract The main features of a forward contract are:
It is a negotiated contract between two parties and hence exposed to counter party risk. Eg: Trade takes place between A&B@ 100 to buy & sell x commodity .After 1 month it is trading at Rs.120. If A was he buyer he would gain Rs. 20 & B Loose Rs.20. In case B defaults you are exposed to counter party Risk i.e.you will now entitled to your gains. In case of Future, the exchange gives a counter guarantee even if the counter party defaults you will receive Rs.20/- as a gain. Each contract is custom designed and hence unique in terms of contract size, expiration date, asset type, asset quality etc. A contract has to be settled in delivery or cash on expiration date. In case one of the two parties wishes to reverse a contract, he has to compulsorily go to the other party. The counter party being in a monopoly situation can command the price he wants.

Futures
Futures are exchange-traded contracts to buy or sell an asset in future at a price agreed upon today. The asset can be share, index, interest rate, bond, rupeedollar exchange rate, sugar, crude oil, soybean, cotton, coffee etc.

Standard terms in a futures contract The standard terms in any futures contract are:
Quality of the underlying asset (not required in case of financial futures) Expiration date The unit of price quotation (not the price) Minimum fluctuation in price (tick size) Settlement style

For example
: when you are dealing in March 2002 Satyam futures contract, you know that the market lot, ie the minimum quantity you can buy or sell, is 1,200 shares of Satyam, the contract would expiry on March 28, 2002, the price is quoted per

share, the tick size is 5 paise per share or (1200*0.05) = Rs60 per contract/market lot, the contract would be settled in cash and the closing price in the cash market on expiry day would be the settlement price.

Theoretical way of pricing futures

The theoretical price of a futures contract is spot price of the underlying plus the cost of carry. Please note that futures are not about predicting future prices of the underlying assets. In general

, Futures Price = Spot Price + Cost of Carry

The Cost of Carry is the sum of all costs incurred if a similar position is taken in cash market and carried to expiry of the futures contract less any revenue that may arise out of holding the asset. The cost typically includes interest cost in case of financial futures (insurance and storage costs are also considered in case of Commodity futures). Revenue may be in the form of dividend. Though one can calculate the theoretical price, the actual price may vary depending upon the demand and supply of the underlying asset.

Few examples how futures are priced

Suppose Reliance shares are quoting at Rs300 in the cash market. The interest rate is about 12% per annum. The cost of carry for one month would be about Rs3. As such a Reliance future contract with one-month maturity should quote at nearly Rs303. Similarly Nifty level in the cash market is about 1100. One Month Nifty future should quote at about 1111. However it has been observed on several occasions that futures quote at a discount or premium to their theoretical price, meaning below or above the theoretical price. This is due to demandsupply pressures. Every time a Stock Future trades over and above its cost of carry i.e. above Rs. The Arbitragers would step in and reduce the extra premium commanded by the future due to demand. Eg: would buy in the cash market and sell the equal amount in the future. Hence creating a risk free arbitrage, viceversa for the discount.

Options
Options are contracts that give the buyers the right (but not the obligation) to buy or sell a specified quantity of certain underlying asset at a specified price on or before a specified date. On the other hand, the seller is under obligation to perform the contract (buy or sell the underlying). The underlying asset can be share, index, interest rate, bond, rupee-dollar exchange rate, sugar, crude oil, soybean, cotton, coffee etc

. The options that give their buyer the right to buy are called Call Options and those which give their buyer the right to sell are called Put Options. Call option on a stock with an example
Suppose you have a right to buy 1,000 shares of Hindustan Lever at Rs250 per share on or before March 28, 2002. In other words you are a buyer of a call option on Hindustan Lever. The option gives you the right to buy 1,000 shares. You have the right to buy Hindustan Lever shares at Rs250 per share. The seller of this call option who has given you the right to buy from him is under obligation to sell 1,000 shares of Hindustan Lever at Rs250 per share on or before March 28, 2002 whenever asked.

Put option on a stock with an example

Suppose you have the right to sell 1,600 shares of Bharat Heavy Electricals at Rs140 per share on or before March 28, 2002. In other words you are a buyer of a put option on Bharat Heavy Electricals. The option gives you the right to sell 1,600 shares. You have the right to sell Bharat Heavy Electricals shares at Rs140 per share. The seller of this put option who has given you the right to sell to him is under obligation to buy 1,600 shares of Bharat Heavy Electricals at Rs140 per share on or before March 28, 2002 whenever asked.

Types of options American style options

Ideally the buyer should find a seller in the market to square up his Long position, as he would get a better value for his option. However if a seller is not available, he can exercise his option at the end of the trading session. To exercise an option, call your broker before the exercise timings specified by the exchange .To find the exercise timings; refer to the options contract specifications. I will be glad to provide such information to you. Option contracts which can be exercised on or before the expiry are called American options. All stock option contracts are American style.

European style options

The options on Nifty and Sensex are European style optionsmeaning that buyer of these options can exercise his options only on the expiry day. He cannot exercise them before expiry of the contract as is the case with options on stocks. As such the buyer of index options needs to square up his position to get out of the market.

Process of Trading
The trading system provides tremendous facilities to the users in terms of orders that can be placed on the system. It provides complete online market system. The market screen at any point of time provide complete information on total order depth, five best buyers & sellers available in the market, the quantity traded during the day in that security, the high - low, the last traded price etc Immediately after the trading limit has been placed in order book investor can know the fate of the orders. Limit orders are orders to buy & sell shares at a stated quantity & stated price. If price quantity condition doesnt match; the limit order will not be executed.

POST-TRADING
After trading Angel has to prepare
Contracts bills and pay in and pay out process

Introduction
After completion of trading the further process is done through this department. Mainly it handles two processes which are known as pay in and pay out process. Further description is given below.

Payout Process
When transaction is done between the two members of same DP then it is called internal payout process, but it can be known only after 4 oclock when trading gets over. It can be known that whether the transaction is done internally or not. Otherwise all the transactions are done thorough exchange only. Now if the situation arises in which one of the member of DP has sold a definite quantity of shares, but against which no one has purchased the same amount of quantity of shares belonging to same company then the whole lot will go to the exchange. On the other hand if one of the parties has bought comparatively less quantity than sold by another party then it is called shortfall of shares. Now let us understand the above concept with the help of a practical example. Suppose, one of the members of Angel in RAJKOT has sold 800 shares of Reliance LTD., but against which member of Angel at Mumbai branch has purchased only 300 shares of the same company then it is called SHORTFALL. Now, after the closing of trading activity (i.e. after 4 oclock). Exchange will prepare a shortfall report & this will be directly sent to H.O. Now, department will prepare a summary from the report. After that if DP has access then dealing will be done internally otherwise auction will be done by exchange in which exchange will purchase or sell shortfall of shares from the market. Payout process mainly indicates access amount to be paid by DP i.e. when purchase of share is comparatively higher then selling.

Pay In Process
Now if we look from the other side the same concept, then it is called PAY IN PROCESS. In this process if selling is done comparatively higher then purchase,

then DP will earn i.e. DP will get relatively more amount against which it has to pay less amount. In both the transaction i.e. in paying & payout the payment will be done thorough checks only.

Contract note
Contract note is a confirmation of trades done on a particular day for and on behalf of a client. Angel shall issue a contract note to his client for trades (purchase/sale of securities) executed with all relevant details as required therein to be filled in (refer to SEBI circular no. SMD/SED/CIR/23321 dated June 8, 2005). A contract note shall be issued to a client within 24 hours of the execution of the contract duly signed by the TM or his authorized signatory or client attorney.

Bills
In the same way Angel H.O will prepare bill of clients name and this will be sended to respective branches to different places and now branches would be dispatching to their respective clients .

Branches
Andheri (west) Bandra(west) Borivali(west) Chembur Fort Ghatkoper(east) Goregaon(west) Kalbadevi Malad(west, east) Mulund(west) Santacruz(west) Vilen parle(west) Ahemdabad Ankleshwar Baroda Delhi Hyderabad Indore Pune Rajkot Surat

(Table-10)

Research Team
Sejal Doshi Sarabjit Kour Nangra Huzaifa suratwala Abhijeet Kundu Jaspreet Singh Nalin Bhatt Sandeep Wagle Mukesh Singh Manas Jaiswal Darpin Shah Dhawal Doshi Akshat vyas Rohit Ahuja (Table-11) Banking/fI, power & utility equipments Pharma, oil & gas, Petrochemicals Auto & Auto Ancillary, telecom, shipping FMCG & Mid caps Metals & cement Engg. & capital Goods, construction Technical analyst Technical analyst Derivative analyst Research analyst Research analyst Research assistant Research assistant

INDUSTRY DETAILS
Security Market

Securities Markets is a place where buyers and sellers of securities can enter into transactions to purchase and sell shares, bonds, debentures etc. Further, it performs an important role of enabling entrepreneurs to raise resources for their companies and business ventures through public issues. Transfer of resources from those having idle resources (investors) to others who have a need for them (corporate) is most efficiently achieved through the securities market. Stated formally, securities markets provide channels for reallocation of savings to investments and entrepreneurship. Savings are linked to investments by a variety of intermediaries, through a range of financial products, called Securities.

Stock Exchange

The stock exchanges in India, under the overall supervision of the regulatory authority, the Securities and Exchange Board of India (SEBI), provide a trading platform, where buyers and sellers can meet to transact in securities. There are 23 Stock Exchanges and Major of Them is: The National Stock Exchange (NSE) The Bombay Stock Exchange (BSE) Player of the Stock Market: Individual Institutions

Long term Investors Foreign Investment Institution (FII) Position Traders Indian Companies Day Traders Mutual Funds

Objectives of Different Players in Stock Market

Players Long-term Investors Mutual Funds Position Traders Day Traders (Table-12) An INDEX is a composite of stocks that indicates how the overall market is moving. The stock index is a barometer for market behavior. The role of a good index is to reflect the state of the overall market at every moment and indicate how the stock market perceives the Indian corporate sector to fare. Objectives Dividend + Price Appreciation Dividend + Price Appreciation Price Appreciation across days Price Appreciation across day

Calculation of Index
STOCK EXCHANGE BSE (Index : Sensex ) NSE (Index : Nifty ) (Table-13) No. Of Listed Companies More than 5000 More than 1800 Calculation of Index 30 50

Broker :
A company or an individual who: Is a member of the stock exchange Is registered with the Securities and Exchange Board of India (SEBI) Acts as a middleman between the buyer and seller of securities in that market. A Broker charges fees for his services. This is known as brokerage. Dematerialization is the process by which your holding of physical share certificates is converted into an electronic share. A demat account holds the records of ones share holdings just as a bank holds ones money in a savings account. One has to approach a depository participant (DP), who is usually a broking account or a bank, to open a demat account. Just like a bank, the DP will provide a statement of holdings. There is no restriction on the number of DPs one can open accounts with.

Demet Process

Demat Process (Chart-3)

Once a transaction (buy/sell) has been completed, the broker confirms your quantity and price (market rate, and the net rate) through a contract note. The Contract Note: Confirms the sale or purchase. States the time of order confirmation, the market rate, and the commission charged etc. States the taxes that have been levied on the transaction.

The Settlement process, which ensures that the buyer receives the shares he has paid for and that money is paid to the person who has sold the shares. This entire process is managed by the stock exchange.

Buying Share Settlement Process:

Settlement process of Buying Share (Chart-4)

Selling Share Settlement process:

Settlement process of Selling Share

(Chart-5) Investors are know as Bulls ( Investors who expect prices to rise and so buy now for resale later) and Bears (Investor who expect prices to fall and so sell now in order to buy later at a lower price) Auction: - If the seller does not transfer shares by morning of T+2 days, then: The exchange buys the shares from the open market at the market price. The shares are transferred to the buyer on T+2th day, at the promised price. The difference in price is deducted with penalty from the seller.

Primary Market
The primary market provides the channel for sale of new securities. Primary market provides opportunity to issuers of securities; Government as well as corporate, to raise resources to meet their requirements of investment and/or discharge some obligation. They may issue the securities at face value, or at a discount/premium and these securities may take a variety of forms such as equity, debt etc. They may issue the securities in domestic market and/or international market.

Initial Public Offering (IPO) is when an unlisted company makes either a fresh issue of securities or an offer for sale of its existing securities or both for the first time to the public. This paves way for listing and trading of the issuers securities.

Secondary Market:

Secondary market refers to a market where securities are traded after being initially offered to the public in the primary market and/or listed on the Stock Exchange. Majority of the trading is done in the secondary market. Secondary market comprises of equity markets and the debt markets. For the general investor, the secondary market provides an efficient platform for trading of his securities. For the management of the company, Secondary equity markets serve as a monitoring and control conduitby facilitating value-enhancing control activities, enabling implementation of incentive-based management contracts, and aggregating information (via price discovery) that guides management decisions.

Research in Stock Market

There are mainly two type of research which guide investor to make their investment safe at most level.

Fundamental Analysis:
Research which involves keeping check on the market condition by examining a companys financial condition. It takes consider into following area: Economic and sector analysis Company balance sheet analysis Companys growth plans analysis Valuation of the company analysis Competition analysis of the company

Technical Analysis:
Technical Analysis tries to predict the future price movement by past price records and: Candlesticks Charts Bar Charts Technical indicators such as moving averages, oscillators etc

Problem Formulation

Problem Formulation
The process of Marketing Research is quite complex and requires a considerable degree of knowledge and skill. The step of the Problem Formulation is the MOST challenging and critical one for the researcher as well as the research. It is rightly said that a problem, well defined is half solved. Today all class of investors are in the equity market but they are not aware of the current situation either to invest or not or to exit from their older/current holdings. This research is basically conducted for the investors who are not really aware of the market; and how their investment would be in a long run.

Research Objectives

Research Objectives
The main objective of the study is Degree of literacy about Derivative & Commodity segment and their potential market among the people of Rajkot City.

Secondary objectives are:

o o o o o

To know the awareness of Derivatives and Commodity. To know the scope for the Derivatives and Commodity. To know the investment habit and purpose of investing, of the people of Rajkot City. To know the influencing force behind the decision making while trading in Derivatives and Commodity. To find out the best medium to educate the masses about Derivatives and Commodity.

Research Methodology

Research Methodology
Research Design :
A research design is a pattern or an outline of a research projects working. It is a statement of only the essential elements of a study, those that provide the basic guidelines for the details of the project. It comprises a series of prior decision that taken together provide master plans for executing a research projects. A research design serves as a bridge between what has been established i.e., the research objectives and what is to be done, in conduct of the study to relish those objectives. If there were no research design, the research would have only foggy notions as about what is to be done. I have used Cross-Sectional Design of Exploratory Type. The research is of both qualitative as well as quantitative type.

Unit of Analysis

: Angel Broking Ltd Businessman

Characteristics of interest:
People/Investors knowledge about Share Market People/Investors knowledge about Angel Broking Ltd. People/Investors interest in getting knowledge of Share Market. People/Investors willingness to deal in Share Market with Angel Broking Ltd.

Sampling Design
It is very true that to do the research with the whole universe. As we know that it is feasible to go to population survey because of the n number of customers and their scattered location. So for this purpose sample size has to be determined well in advance and selection of sample also must be scientific so that it represents the whole universe. So far as our research is concerned, we have taken sample size of 300 respondents. We have selected Income Earners with saving to invest in Rajkot city. All the respondents are stratified on the basis of their profession and savings. We have selected the selected the samples as per convenience.

Sample Universe Sampling Technique Sample Size Sampling Unit:

Rajkot City Stratified and Random 300 Respondents Professional Random Business Man Random

= =

Government Employees Random Employees working in private firms

= = Random

(Table-14)

Data Collaction Method

The data, which a researcher collects, is divided into two types, which are based on nature of collecting data. They are as follows:

Primary Data
It is the method in which the data is collected by on field research. Primary data which involves collecting information specifically for the study on hand, from the actual sources such as customers, dealers or other entities involved in the research. The sources of primary data are: Personal Interviews Through Questionnaire Telephonic Interviews Observations

Collection of Data through Questionnaires Method

This method of data collection is quite popular, particularly in case of big enquiries. It is being adopted by private individuals, research workers, private and public organizations and even by governments. In this method, a questionnaire is sent to the persons concerned with a request to answer the questions and return questionnaire. A questionnaire consists of a number of questions printed or typed in a definite order on a form or set of forms.

Questionnaire was of Following Type Structured-non-disguised

A structured questionnaire is a formal list of questions framed to get the facts. The interviewer asks the questions strictly in accordance with a pre-arranged order. A structured-non-disguised questionnaire is one where the listing of questions is in a pre-arranged order and where the object of enquiry is revealed to the respondent.

Types of Questions
In our research we have Open ended questions, Dichotomous questions & Multiple-choice questions for our questionnaire. And their details are as follows The second important aspect in the designing of a questionnaire is to decide which types of questions are to be used. Questions can be classified in various ways. One way of classification is as follows:

1.Open ended questions An open-ended or simply open or free answer question gives the respondent complete freedom to decide the form, length and detail of the answer. Open questions are preferred when the researcher is interested in knowing what is uppermost in mind of the respondent. However, open questions pose certain problems. At the time of actual interview, it becomes difficult for the interviewer to note down the respondents answer verbatim. 2.Dichotomous questions

A dichotomous question has only two answers in the form yes or no, true or false, use or do not use etc. There cannot be a third answer. However, in some cases, there may be a third answer, which may come from those who do not want to take a definite stand one-way or other. 3.Multiple-choice questions In this type the respondent is offered two or more choices. The marketing researcher exhausts all the possible choices and the respondent has to indicate which one is applicable in his case.

SECONDARY DATA
The secondary data are those which have already been collected by someone else and which have already been passed through the statistical process. When the researcher utilizes secondary data, then he has to look into various sources from where he can obtain them. In this case he is certainly not confronted with the problems that are usually with the collection of original data. Secondary data may either be published data or unpublished data. Usually published data are available in: Various publications of the central, state or local governments; Various publications of foreign governments or of international bodies and their subsidiary organizations; Technical and trade journals; Books, magazines and newspapers; Reports and publications of various associations connected with business and industry, banks, stock exchanges, etc.; Reports prepared by research scholars, universities, economists, etc. in different fields. Public records and statistics, historical documents, and other sources of published information. In case of our project the main sources of secondary data were from: Company existing data

 Internet Technical and trade journals

SCOPE OF STUDY:
The research would be useful in the following respect: This will help the company to know the taste of masses and turn it towards Derivatives and Commodities. This will help the company, how to make people aware about Derivatives and Commodities by imparting best education. This will help the company to frame effective Marketing Strategy as well as select the right media for advertising to create brand awareness as well as to give knowledge of the product. Mind share of Angel Broking can be known. This will also help to select right medium for trading in Derivatives and Commodities segment.

Findings

FINDINGS:
1.
Gender Ratio:

Male Female 196 104 (Table-15)

2
.Age: Below 30 212 30-50 35 More than 50 53

(Table-16)

3.
Education Qualification:

Post Graduate Graduate 112 172

Under Graduate 16

(Table-17)

4.
Occupation Govt. Employees 120 Non-Govt. Employees 62 Business Man 70 Professional 48

(Table-18)

5.
Investment Pattern:

(Chart-6) It can be seen from the graph that the respondents have given first preference for investment to Bank F.D. and Gold, Equity, Derivatives and Commodity having almost equal share.

6
. Preference for investment Derivatives & Commodity: Bullion 24 Spices 11 Fiber 09 Oil 20 Metal 12 F&O 14 Other 10

(Table-19)

(Chart-7)

When asked to the respondents that out of the given options which one would they prefer? So they prefer Bullion first. So the preference for commodity (Bullion) is more than the Derivatives.

 Factors that are to be consider by Individual at the time of investment

Risk Reduction Leverage Benefit Arbitrage Benefit Speculative Motive Liquidity preference

38 26 7 9 20

(Table-20)

(Chart-8)

So, Each and every investor are not risk taker though they want more return from the investment. Medium prefer by individual at the time of investment: Broker Magazine Internet Other 42 12 39 7

(Table-21)

(Chart-9)

10
. Exchange preferred by individual

Derivatives:
BSE 58 NSE 42

(Table-22)

(Chart-10)

Commodity: MCX 76 NCDEX 24

(Table-23) (Chart-11)

11.
Constraints that are holding back to individual for investment

Lack of knowledge Lack of Guidance Lack of Fund Availability Lack of Risk taking Ability

15 11 32 42

(Table-24)

(Chart-12)

12.
Individual take decision through

Independently 32 Broker/Agent 20 News Channels 9

News Papers 7 Internet 15 Tax consultant 17

(Table-25)

(Chart-13)

13. Medium reliable for individual for trading

Stock Broking Companies 48 Franchisees 19 Online 33

(Table-26)

(Chart-14)

14. Most preferred Broking Companies of the Rajkot City

India Bulls ShareKhan Marwadi Motilal oswal HDFC Securities ICICI Direct Kotek street Skse

3 2 5 8 7 1 6 4

(Table-27)

(Chart-15)

Limitations of the Study

Limitation of the study :
Personal Bias: Individuals may have personal bias towards particular investment option so they may not give correct information and due to which the conclusion may be derived. Time Limit: The time duration given for the research is less. Area: The area was limited to Rajkot City only, so we cannot know the degree of the literacy outside the city. Sample Size: The last limitation is Sample Size, which is of 100 only; due to which we may not get the proper results.

CONCLUSION:
Most of the people in Rajkot City are investing in fixed return Instruments. But there are investors who use Equity as an investment tool. Those people who want to invest in Derivatives & Commodities are investing mainly for reducing risk and they consider them as investment tool. People generally want to take trading decisions independently or under the guidance of Friends or Well Known Stock Broking Houses. Literature and Self Experience can be taken as the best method to impart education about derivatives & commodities.

Testing of Hypothesis:
Testing of Hypothesis using Z test (Two tailed): 1.) The Null Hypothesis (H0): There is no significant difference in level of literacy about Derivatives & Commodities among the people of Rajkot City.

Therefore, H0 : u = 50%

H1:
u 50% 2.) Level of Significance : The Level of significance should be set at = 0.05 3.) The Statistical Test :

Z = X u / x Where, confidence. Z = No. of standard deviations for the desired level of

= Mean of the sample

= Mean of the population or hypothetical mean

x = Estimate for the standard error or the mean 4.) The Decision Rule

1.000 (1-0.025) = 0.975

1.9+ 0.6 = 1.96 & - 1.96 (the result will be between two)

x = 5 / root of 300 - 1

= 15/17.29

= 0.8676

Z = 55 50 / 0.8676

= 5.763

5.) Draw a statistical conclusion The absolute value of the computerized Z statistic (5.763) is larger than 1.96, therefore null hypothesis is rejected.

So, Alternate Hypothesis is accepted.

H1:
There is significant difference in level of literacy about Derivatives & Commodities among the people of Rajkot City.

RECOMMENDATION:
Angel needs to make its marketing team strong and also it should increase marketing activities such as promotional campaigns. Angel should educate the investors about Derivatives & Commodities by organizing classes, corporate presentations, taking part in consumer fairs, organizing events. Company should show the benefits of trading on Derivatives & Commodities Angel should turn existing customers (who are trading in Equity only) towards Derivatives & Commodities. Angel can also use Newspapers and Local New Channels as a medium of advertising. Angel may also use its helpline number for giving education on Derivatives & Commodities. Company may appoint special team for giving education & attracting people towards trading on Derivatives & Commodities.

Appendixes

QUESTIONNAIRE
The degree of literacy about Derivatives & Commodities in the people of Rajkot City
Name:___________________________________________________________________ _____ Address:________________________________________________________________ _____ Contact No. ________________________________________

1. Gender: Male Female 2. Age: 21-35 36-50 51-65 Above 66

3. Education: _________________________ 4. Occupation: Professional Employees working in Pvt. Firms Businessmen Govt. Employee Others

5. Of this investment options, with which are you familiar and already invest in?

Bank FD Postal Scheme

G-Secs

Mutual Funds

Insurance

Bonds/Debentures

Shares/Equity

Real Estate Jewellary

6. Which of these are you already in today?

Equity

Derivatives (F&O) Commodity

7. Which of these you would like to be in for trading?

Equity

Derivatives (F&O) Commodity

8. If Questions 6& 7 are not applicable, then what are the constraints that are

holding you back?

Risk taking ability

Regulatory constraints

Fund Facilities

Still in wait & see

Lack of knowledge

Lack of Guidance

Non-Availability of Options

with your broker 9. If you are trading in derivatives & commodities or you want to be in, which factors will you give importance? (Give Rank)

Risk Reduction

Speculation

Investment

Arbitrage

To increase the leverage 10. How do you take decisions if you want to trade in Derivatives & commodities? (Give Rank)

Independently

Advice of Friends/colleagues

Broker/Agents advice

Advice from CA/Tax consultant

News channels

Well-known Stock Broking Houses

Newspapers

Business Magazines

Internet

11. How do you want to learn about derivatives & commodities?

Classroom teaching

Internet

Literature

Documentaries

Self-Experience

Seminars

12. How much time will you be able to devote for learning derivatives &

Commodities?

1 day

2 days

3 days

2 hrs per day over 1 month

Cant say

13. According to you, which medium is the most reliable for trading in derivatives & Commodities? (Give Rank)

Stock broking cos. (Branded) Brokers

Franchisees

Online

14. Name any 3 stock-broking companies that deal in derivatives & commodities?

1. ________________2. ________________3. ________________

15. Individual perception & knowledge: True ( ); False (X) a. Options are available for too many strikes b. Buying Calls and Puts means Teji c.) If a fund gave a return of 16% in 2004, it will give at least 16% in 2005

d.) Derivatives and commodities are risk-reducing/ Hedging instruments

e.) One needs to pay margin for buying Calls & Puts

f.) Commodities are traded on NSE & BSE. g. The price of derivatives & future commodities are based on current underlying h. Options are available in Commodities

Forms
NSE Form

List Of Graph

Name
Product of Angel Trading in NSE,BSE and Derivative Demet Process Settlement Process of Buying Share Settlement Process of selling Share Investment Pattern Investment in Derivative & Commodity Risk Factor Individual Investor Exchange Preferred in Derivative Exchange Preferred in Commodity Investment Individual Investment Individual Individual Trading Broking Company in Rajkot

Chart No.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Page No.
34 59 76 77 78 95 95 96 96 97 97 97 98 98 98

List Of Table
Name
Industry Analysis E-Broking Product Comparison of Online Trading Products Comparison of Online Trading Products Comparison of Online Trading Products

Table No.
1 2 3 4 5

Page no.
33 34 46 47 48

Comparison of Online Trading Products Comparison of Online Trading Products Deposit Of Retail Client Deposit Of Sub-Broker Branches Of Angel Research team of Angel Objective of Diff. Player in Stock Market Calculation of Index Sample of Design Gender ratio Age Education Qualification Occupation Investment in Derivative & Commodity Risk Factor Individual Investor Exchange Preferred in Derivative Exchange Preferred in Commodity Investment Individual Investment Individual Individual Trading Broking Company in Rajkot

6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

49 50 56 56 73 73 75 75 87 94 94 94 94 95 96 96 97 97 97 98 98 98

Glossary
Bear - A person who expects prices to fall and sells securities hoping to make a profit by subsequently repurchasing at a lower price. Bid - The price at which someone is prepared to buy shares. Blue Chip Shares - Shares of a company known for its ability to make profits/pay a dividend in good times or in bad. Yield is often proportionately low. Bond - Document recording a loan made to a government or semi-government body for a fixed period of time at a fixed rate of interest.

Bonus Issue - The issue of bonus or free shares to existing shareholders, usually in a predetermined ratio, eg. one bonus share for every three shares held. Boom Market - A market in which buying demand greatly exceeds selling pressure. In these circumstances, prices rise. Broker Sponsorship - Sponsorship of an individual shareholder within the CHESS system by a stockbroking organisation. Brokerage - Charges made by a broker for acting as a agent in the buying and selling of shares. Bull - A person who buys securities in the expectation that prices will rise and so give him an opportunity to resell at a profit. Call Option - (See "Option") An option giving the taker the right, but not the obligation, to buy the underlying shares at a specified price on or before a specified date. Capitalization - In stock market terms the value of a company, that is, share price multiplied by the number of shares on issue. Cum-Dividend - Shares quoted "cum-dividend" entitle the buyer to the dividend then current. Entitlements Issue - A method of raising capital whereby existing shareholders may buy new shares in the company usually below the current market price. Shares are usually issued in a predetermined ratio, eg. one new share for every four shares held. Ex Date - The date on which shares change from being quoted "Cum" to "Ex". It is usually the seventh business day prior to the books closing date. Ex-Dividend - Securities are quoted "Ex-Dividend" seven business days before a company's books close to determine shareholders entitled to the dividend. Shares sold "Ex-Dividend" entitle the seller to retain the dividend then current. Ex-Rights - Securities quoted "Ex-Rights" entitle the seller to retain the right to participate in a new issue then current. Fixed Interest - A security where the return when held to maturity is fixed. Fixed interest securities normally receive periodic interest payments and repayment of principal at maturity. The term also embraces discount securities which may not attract interest payments.

Float - The initial raising of capital by public subscription to securities. Franked Dividend - A dividend which carries the right to an imputation credit. The declaration (by the company) of the right to an imputation credit attaching to dividends is known as franking. Holder Identification Number (HIN) - Identifies a sponsored holder in CHESS. Sponsored holders need to quote their HIN in all dealings with the company, its registry and their sponsor. Interim Dividend - A dividend paid during the year and not at the end. Most profitable companies pay dividends every half year. Limited Liability (Ltd) - The liability of the shareholder in this type of company is limited to the extent of any unpaid capital on his shares. Liquidator - A person appointed to take charge of a company when it is wound up. Net Tangible Asset (NTA) Backing - Refers to the net assets owned by shareholders of a company at balance date. It expresses the asset value per share, ie. shareholders' funds less intangibles, less preference capital, divided by the number of ordinary shares. Option - A contract giving the taker (buyer) the right, but not the obligation, to buy or sell certain shares at a specified price on or before a specified date. To acquire this right the taker pays a premium to the writer (seller) of the contract. Options are frequently transferable and are themselves bought and sold. Options (Exchange Traded) - Trading in Call and Put Options on the Australian Options Market. The standard number of shares covered by one option contract on the Options Market is 1000, but this may vary. Placement - An allotment of shares, debentures, etc. made directly from the company to selected investors. Portfolio - Investors holding of securities of various types. The wise investment policy is to build up a balanced portfolio according to personal requirements. Your PJW Adviser will help you plan this. Preference Shares - Rank above ordinary shares for claims on assets, earnings and dividends but rank below creditors and debenture holders. These shares usually have a fixed dividend rate. Premium - The amount by which a security is quoted or issued above its par value. The opposite to "Discount".

Price/Earnings Ratio - Shows the number of times the price covers the earnings per share. Prospectus - Document issued by a company setting out the terms of its public equity issue or debt raising. Subject to the rules of the Stock Exchange and the Corporations Law. Put Option - (See "Option") An option giving the taker the right, but not the obligation, to sell the underlying shares at a specified price on or before a specified date. The taker is only required to deliver the shares if the option is exercised. Rally - Short, spirited price rise. Reconstruction - A company may adjust its capital issues by reconstructing its shares into units of greater face value. Opposite to share split. Right - A privilege granted to shareholders to buy new shares in the same company, usually below the prevailing market price. A right can be exercised or sold. They are usually issued in a predetermined ratio, for example, one right for every four shares held. SEATS - (Stock Exchange Automated Trading System). ASX computer system for traded securities which provides all stockbrokers immediate access to the market regardless of location as screens are situated in brokers' offices Australia wide. Share Price Index - Measures the level of share prices at any given time. The All Ordinaries Index is calculated using the current prices of over 300 Australian companies listed on the Stock Exchange. Stag - A person who applies for a new issue of securities with the intention of selling immediately at a profit, as opposed to one who invests for long term holding. Stockbroker - A Stock Exchange Member who buys and sells stocks, shares and securities for clients. Systematic Risk - A risk that influences a large number of assets. Also known as market risk. Trusts - Investments which involve pooling investors' money with experts managing the investment for the individuals. Trusts usually concentrate on one area of investment. The three most common are Equity, Property and Cash Management.

Underwriter - one who arranges a new issue of securities and agrees to purchase any unsold securities thereby guaranteeing full subscription. Unsecured Notes - A loan made to a company for a fixed period of time at a fixed rate of interest. It is not secured by a charge over the company's assets. Unsystematic Risk - A risk that affects at most small number of assets. Also known as unique or asset-specific risks. Vendor Shares - The shares received by the seller of a property from the company to which he sells the property. Sometimes the seller of the property receives both vendor shares and cash.

CONCLUSION
During the two months training I explore my knowledge of stock market. I also know that how to implement theory in practice. I also got the chance for trading Angels product like Sales Executives so that it improve my convincing power and also give chance to meet different people .It also increase my confidence. It is a memorable experience to be a part of Angel Broking family. I am always thankful to them.

BIBLOGRAPHY
Websites:

www.angeltrade.com www.angelbackofice.com http://harmony.angeltrade.com/ehrms www.goggle.com www.bseindia.com www.nseindia.com www.investmentindia.com www.nse.com www.mcx.com

Books & Magazines

Research Methodology - Kothari Indian Financial System Bhjarti Pathak Weekly Review of Angel Broking Ltd. Research Magazines of Angel Broking Ltd. Company & Sector Report of Angel Broking Ltd.