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Project  Report on Share Khan Competitive Analysis
 

Project Report on Share Khan Competitive Analysis

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Share Khan Competitive Analysis

Share Khan Competitive Analysis

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    Project  Report on Share Khan Competitive Analysis Project Report on Share Khan Competitive Analysis Document Transcript

    • 1 Summer Training Report On A COMPETITIVE ANALYSIS OF SHARE KHAN LTD. WITH OTHER MARKET COMPETITOR Report Submitted in Partial Fulfillment of Post Graduate Diploma in Management Under Supervision of ABC SUBMITTED BY XYZ SUBMITTED TO
    • 2 STUDENT DECLARATION I do hereby declare that the project entitled “A COMPETITIVE ANALYSISI OF SHARE KHAN LTD. WITH OTHER MARKET COMPETITOR”. This project report is being submitted as a partial fulfillment of the course “Post Graduate Diploma in Management” (PGDM) program from the GL. Bajaj Institute of Management & Research, Greater Noida (UP). The information given herein is purely the result of my survey and has not been copied or published earlier; neither has it been submitted elsewhere. The entire work has been done during the tenure of my training at Share khan, Sector-18, Noida Branch. ANANT KUMAR GUPTA Roll No: - 01 PGDM (2010-12) Acknowledgements
    • 3 A summer project is a golden opportunity for learning and self development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. I express my deepest and most sincere thanks to my ( faculty member) and all my teachers of G.L.BAJAJ INSTITUTE OF MANAGEMENT & RESEARCH who provided me there valuable time and information and I would like to express my Gratitude to the Honorable Mr Rajan Kumar and the entire Institute for giving me a Platform to have this wonderful opportunity and being able to get a glimpse of the Corporate Word. During the course of my project, I had the good fortune of being guided by Mr. Rajan Kumar [Assistant Manager] –Share Khan, Sector 18,Noida Branch Who with all his magnanimity supervised this project report through all its stages. I have benefited a great deal from his incisive analyses and erudite suggestions. I humbly acknowledge his congeniality. The atmosphere of a learning organization that he has created along with his peers in Share Khan has not only helped me but all the other trainees. Acknowledgements are also due to all the other staff in Share Khan LTD Branch for providing information at various point of the project, especially the discussions on the market. My special thanks to all my friends for their unremitting help in numerous ways, which deserve adequate expression on this page. I would also like to thank all the respondents of questionnaire for their cooperation.and in the end I would like to say that it was a great experience working in this project Last but not the least there were so many who shared valuable information that helped in the successful completion of this project. MANORANJAN SETHI PGDM (2009-11) Preface
    • 4 The successful completion of this project was a unique experience for me because by visiting many place and interacting various person, I achieved a better knowledge about different broking companies. The experience which I gained by doing this project was essential at this turning point of my career this project is being submitted which content detailed analysis of the research under taken by me. The research provides an opportunity to the student to devote his/her skills knowledge and competencies required during the technical session. The research is on the topic “A COMPETITIVE ANALYSIS SHARE KHAN LTD WITH OTHER MARKET COMPETITOR” Executive Summary
    • 5 There is growing competition between brokerage firms in post reform India. For investor it is always difficult to decide which brokerage firm to choose. Research was carried out to find which brokerage house people prefer and to figure out what people prefer while investing in stock market. This study suggests that people are reluctant while investing in stock and commodity market due to lack of knowledge. Main purpose of investment is returns and liquidity, commodity market is less preferred by investors due to lack of awareness. The major findings of this study are that people are interested to invest in stock market but they lack knowledge. Through this report we were also able to understand, what are our Company‟s (Share Khan ltd.) Positive and strong points, on the basis of which we come to know what, can be the basis of pitching to a potential client. We also gave suggestions to the company, what improvement can be done to our product.
    • 6 TABLE OF CONTENT CHAPTER 1:- Industry Profile ………………….............. 1 Stock market in India History of stock Exchanges CHAPTER 2:- Research Methodology…………………… 35 Objective of Study Types of Research Sample Design Sample Size Sources of Data Collection Survey Method CHAPTER 3:- Company Profile……………………………. 15 Introduction of Share Khan Mission Visionaries Products of Share khan Account Opening Charge Brokerage Structure Key Management Person CHAPTER 4:- Competitors Analysis ………………........ 40 Motilal Oswal 5Paisa.com Karvy ICICI Direct.Com HDFC Security
    • 7 India Bulls CHAPTER 5:- SWOT Analysis………………………………46 CHAPTER 6:- Analytical Interpretation ……………….52 CHAPTER 7:- Findings……………………………………. 57 CHAPTER 8:- Limitation………………………………… 61 CHAPTER 9:- Suggestion and Recommendation…..62 CHAPTER 10:- Conclusion………………………………..65 Appendix……………………………………………………….68 Bibliography…………………………………………………. 67
    • 8 CHAPTER-1 INTRODUCTION Stock Market of India Stock markets refer to a market place where investors can buy and sell stocks. The price at which each buying and selling transaction takes is determined by the market forces (i.e. demand and supply for a particular stock). Let us take an example for a better understanding of how market forces determine stock prices. ABC Co. Ltd. enjoys high investor confidence and there is an anticipation of an upward movement in its stock price. More and more people would want to buy this stock (i.e. high demand) and very few people will want to sell this stock at current market price (i.e. less supply). Therefore, buyers will have to bid a higher price for this stock to match the ask price from the seller which will increase the stock price of ABC Co. Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply and low demand) for the stock of ABC Co. Ltd. in the market, its price will fall down. In earlier times, buyers and sellers used to assemble at stock exchanges to make a transaction but now with the dawn of IT, most of the operations are done electronically and the stock markets have become almost paperless. Now investors dont have to gather at the Exchanges, and can trade freely from their home or office over the phone or through Internet.
    • 9 History of the Indian Stock Market - The Origin One of the oldest stock markets in Asia, the Indian Stock Markets have a 200 years old history. 18th Century East India Company was the dominant institution and by end of the century, busuness in its loan securities gained full momentum 1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay. Trading list by the end of 1839 got broader 1840's Recognition from banks and merchants to about half a dozen brokers 1850's Rapid development of commercial enterprise saw brokerage business attracting more people into the business 1860's The number of brokers increased to 60 1860-61 The American Civil War broke out which caused a stoppage of cotton supply from United States of America; marking the beginning of the "Share Mania" in India 1862-63 The number of brokers increased to about 200 to 250 1865 A disastrous slump began at the end of the American Civil War (as an example, Bank of Bombay Share which had touched Rs. 2850 could only be sold at Rs. 87)
    • 10 Pre-Independance Scenario - Establishment of Different Stock Exchanges 1874 With the rapidly developing share trading business, brokers used to gather at a street (now well known as "Dalal Street") for the purpose of transacting business. 1875 "The Native Share and Stock Brokers' Association" (also known as "The Bombay Stock Exchange") was established in Bombay 1880's Development of cotton mills industry and set up of many others 1894 Establishment of "The Ahmedabad Share and Stock Brokers' Association" 1880 - 90's Sharp increase in share prices of jute industries in 1870's was followed by a boom in tea stocks and coal 1908 "The Calcutta Stock Exchange Association" was formed 1920 Madras witnessed boom and business at "The Madras Stock Exchange" was transacted with 100 brokers. 1923 When recession followed, number of brokers came down to 3 and the Exchange was closed down 1934 Establishment of the Lahore Stock Exchange 1936 Merger of the Lahoe Stock Exchange with the Punjab Stock Exchange 1937 Re-organisation and set up of the Madras Stock Exchange Limited (Pvt.) Limited led by improvement in stock market activities in South India with establishment of new textile mills and plantation companies 1940 Uttar Pradesh Stock Exchange Limited and Nagpur Stock Exchange Limited was established 1944 Establishment of "The Hyderabad Stock Exchange Limited" 1947 "Delhi Stock and Share Brokers' Association Limited" and "The Delhi Stocks and Shares Exchange Limited" were established and later on merged into "The Delhi Stock Exchange Association Limited"
    • 11 Post Independance Scenario The depression witnessed after the Independance led to closure of a lot of exchanges in the country. Lahore stock Exchange was closed down after the partition of India, and later on merged with the Delhi Stock Exchange. Bnagalore Stock Exchange Limited was registered in 1957 and got recognition only by 1963. Most of the other Exchanges were in a miserable state till 1957 when they applied for recognition under Securities Contracts (Regulations) Act, 1956. The Exchanges that were recognized under the Act were: Many more stock exchanges were established during 1980's, namely: Cochin Stock Exchange (1980) Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982) Pune Stock Exchange Limited (1982) Ludhiana Stock Exchange Association Limited (1983) Gauhati Stock Exchange Limited (1984) Kanara Stock Exchange Limited (at Mangalore, 1985) Magadh Stock Exchange Association (at Patna, 1986) Jaipur Stock Exchange Limited (1989) Bhubaneswar Stock Exchange Association Limited (1989) Saurashtra Kutch Stock Exchange Limited (at Rajkot, 1989) Vadodara Stock Exchange Limited (at Baroda, 1990) Coimbatore Stock Exchange Meerut Stock Exchange At present, there are twenty one recognized stock exchanges in India which does not include the Over The Counter Exchange of India Limited (OTCEI) and the National Stock Exchange of India Limited (NSEIL). 1.Bombay 2.Calcutta 3 .Madras 4.Ahmedabad 5.Delhi 6.Hyderabad 7.Bangalore 8.Indore
    • 12 Government policies during 1980's also played a vital role in the development of the Indian Stock Markets. There was a sharp increase in number of Exchanges, listed companies as well as their capital, which is visible from the following table: S. No. As on 31st December 1946 1961 1971 1975 1980 1985 1991 1995 1 No. of Stock Exchanges 7 7 8 8 9 14 20 22 2 No. of Listed Cos. 1125 1203 1599 1552 2265 4344 6229 8593 3 No. of Stock Issues of Listed Cos. 1506 2111 2838 3230 3697 6174 8967 11784 4 Capital of Listed Cos. (Cr. Rs.) 270 753 1812 2614 3973 9723 32041 59583 5 Market value of Capital of Listed Cos. (Cr. Rs.) 971 1292 2675 3273 6750 25302 110279 478121 6 Capital per Listed Cos. (4/2) (Lakh Rs.) 24 63 113 168 175 224 514 693 7 Market Value of Capital per Listed Cos. (Lakh Rs.) (5/2) 86 107 167 211 298 582 1770 5564 8 Appreciated value of Capital per Listed Cos. (Lak Rs.) 358 170 148 126 170 260 344 803 Trading Pattern of the Indian Stock Market Indian Stock Exchanges allow trading of securities of only those public limited companies that are listed on the Exchange(s). They are divided into two categories: Types of Transactions The flowchart below describes the types of transactions that can be carried out on the Indian stock exchanges:
    • 13 Indian stock exchange allows a member broker to perform following activities: Act as an agent, Buy and sell securities for his clients and charge commission for the same, Act as a trader or dealer as a principal, Buy and sell securities on his own account and risk. Over The Counter Exchange of India (OTCEI) Traditionally, trading in Stock Exchanges in India followed a conventional style where people used to gather at the Exchange and bids and offers were made by open outcry. This age-old trading mechanism in the Indian stock markets used to create many functional inefficiencies. Lack of liquidity and transparency, long settlement periods and benami transactions are a few examples that adversely affected investors. In order to overcome these inefficiencies, OTCEI was incorporated in 1990 under the Companies Act 1956. OTCEI is the first screen based nationwide stock exchange in India created by Unit Trust of India, Industrial Credit and Investment Corporation of India, Industrial Development Bank of India, SBI Capital Markets, Industrial Finance Corporation of India, General Insurance Corporation and its subsidiaries and Can Bank Financial Services.
    • 14 Advantages of OTCEI Greater liquidity and lesser risk of intermediary charges due to widely spread trading mechanism across India The screen-based scripless trading ensures transparency and accuracy of prices Faster settlement and transfer process as compared to other exchanges Shorter allotment procedure (in case of a new issue) than other exchanges National Stock Exchange In order to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high powered Pherwani Committee, the National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations, selected commercial banks and others. NSE provides exposure to investors in two types of markets, namely: 1. Wholesale debt market 2. Capital market Wholesale Debt Market - Similar to money market operations, debt market
    • 15 operations involve institutional investors and corporate bodies entering into transactions of high value in financial instrumets like treasury bills, government securities, commercial papers etc. Trading at NSE Fully automated screen-based trading mechanism Strictly follows the principle of an order-driven market Trading members are linked through a communication network This network allows them to execute trade from their offices The prices at which the buyer and seller are willing to transact will appear on the screen When the prices match the transaction will be completed A confirmation slip will be printed at the office of the trading member Advantages of trading at NSE Integrated network for trading in stock market of India Fully automated screen based system that provides higher degree of transparency Investors can transact from any part of the country at uniform prices Greater functional efficiency supported by totally computerized network The Role of Stock Exchanges Stock exchanges have multiple roles in the economy, this may include the following: 1. Raising capital for businesses: The Stock Exchange provides companies with the facility to raise capital for expansion through selling shares to the investing public. 2. Mobilizing savings for investment:
    • 16 3. When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher productivity levels and firms. 4. Facilitating company growth Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion. 6 Profit sharing Both casual and professional stock investors, through dividends and stock price increases that may result in capital gains, will share in the wealth of profitable businesses. Corporate Governance By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately-held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). However, some well documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies. The dotcom bubble in the early 2000s, and the subprime mortgage crisis in 2007-08, are classical examples of corporate mismanagement. Companies like Pets.com (2000),
    • 17 Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), Parmalat (2003), American International Group (2008), Lehman Brothers (2008), and Satyam Computer Services (2009) were among the most widely scrutinized by the media. Creating investment opportunities for small investors As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors. Government capital-raising for development projects Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate the need to directly tax the citizens in order to finance development, although by securing such bonds with the full faith and credit of the government instead of with collateral, the result is that the government must tax the citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature. Barometer of the economy At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of
    • 18 the general trend in the economy. Capital Market is divided into two categories. 1. Primary Market. 2. Secondary Market. Primary Market. Securities generally have two stages in their lifespan. The first stage is when the company initially issues the security directly from its treasury at a predetermined offering price. This is a primary market offering. It is referred to as the Initial Public Offering (IPO).In primary market, securities are offered to public for subscription for the purpose of raising capital or fund. 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. Secondary market is an equity trading avenue in which already existing/pre- issued securities are traded amongst investors Secondary market could be either auction or dealer market. History of Online Trading: Online stock trading is very old concept for big institutions who trade thru private networks owned by Reuter's "Instinet" and a system called"Posit" since 1969. But it becomes internet based for lay men only in late 90s. Funny, that actually idea was first time used by a company making Bee rcalled "WIT beer" to help its shareholders trade its shares. That‟s how "WITCapital" was born which is considered pioneer of this concept. It was made mainstream and household name by a offshoot of Charles Schwab & Co called was made mainstream and household name by a offshoot of Charles Schwab & Co
    • 19 called eSchwab which is used by millions of people in USA. Lot of NRI's i know playing US stock market even when they come to India for holidays via website of eSchwabe. There are other serious players like E*trade, DATEK online etc. All this companies ask you to start account with US $5000 and you can buy and sells tock using these funds. They also issue you a check book which you can use to make payments from this account. Or use their ATM card to withdraw cash from your stock trading account. Today practically every big name brokerage firm offers online stock tradings it reduces their costs. Earlier they had army of brokers on phone with clients executing trade, which is done by computers accepting orders from clients directly. This firm now offers human access to high net worth accounts, and now to rest at charge per trade. E- Broking - A small beginning: You have some money to dabble with. Trading shares on BSE/NSE has always been your dream. When will you ever find the time? And besides, the hassle of finding a broker is not easy. Realizing there is untapped market of investors who want to be able to execute their own trades when it suits them, brokers have taken their trading rooms to the Internet. Known as online brokers, they allow you to buy and sell shares via Internet. There are 2 types of online trading service: discount brokers and full service online broker. Discount online brokers allow you to trade via Internet at reduced rates. Some provide quality research, other don‟t. Full service online brokerage is linked to existing brokerages. These brokers allow their clients to place online orders with the option of talking/ chatting to brokers if advice is needed. Brokerage rates here are higher. 5Paisa.com, ICICIDirect.com, IndiaBulls.com, Sharekhan.com, Geojit securities.com, HDFCsec.com, Tatatdw.com, Kotakstreet.com are some of the online broking sites in India. With Net trading in securities and rapid consolidation between multiple stock exchanges, the international securities marketplace is fast becoming a "global village" through the creation of a universal virtual equity market. Compared to the Western countries, online trading is still in its infancy in India. With trading turnover at around Rs. 10 crores per day from online trading
    • 20 compared to a combined gross turnover of around Rs. 9000-10,000 crores handled by the BSE and NSE together, online trading has a long way to go. Internet: Trading in India: In the past, investors had no option but to contact their broker to get real time access to market data. The Net brings data to the investor on line and net broking enables him to trade on a click. Now information has become easily accessible to both retail as well as big investors. The development of broking in India can be categorized in 3 phases: 1. Stock brokers offering on their sites features such as live portfolio manager, live quotes, market research and news to attract more investors. 2. Brokers offering on line broking and relationship management by providing and offering analysis and information to investors during broking and non-broking hours based on their profile and needs, that is, customized services. 3. Brokers (now e-brokers) will offer value management or services such as initial public offerings on line, asset allocation, portfolio management, financial planning, tax planning, insurance services and enable the investors to take better and well-considered decisions. In the US, 82 per cent of the deals are done on line. The European on line broking market is expected to be of $8 billions and is likely to raise five fold by 2002. In India, presently Internet trading can take place through the order routing system, which will route client orders to exchanges trading systems for execution of trades on stock exchanges (NSE and BSE). This will also require interface with banks to facilitate instant cash debit or credit and the depository system for debit or credit of securities. Objectives of internet Trading • Increase transparency in the markets. • Enhance market quality through improved liquidity, by increasing quote continuity and market depth. • Reduce settlement risks due to open trades, by elimination of mismatches. • Provide management information system (MIS). • Introduce flexibility in system, to handle growing volumes easily and to support nationwide expansion of market activity.
    • 21 • Besides, through Internet trading three fundamental objectives of securities regulation can be easily achieved, these are: Investor protection, creation of a fair and efficient market and, reduction of the systematic risks. Other leading cities in stock market operations: Ahmedabad gained importance next to Bombay with respect to cotton textile industry. After 1880, many mills originated from Ahmedabad and rapidly forged ahead. As new mills were floated, the need for a Stock Exchange at Ahmedabad was realized and in 1894 the brokers formed "The Ahmedabad Share and Stock Brokers' Association".What the cotton textile industry was to Bombay and Ahmedabad, the jute industry was to Calcutta. Also tea and coal industries were the other major industrial groups in Calcutta. After the Share Mania in 1861-65, in the 1870's there was a sharp boom in jute shares, which was followed by a boom in tea shares in the 1880's and 1890's; and a coal boom between 1904 and 1908. On June 1908, some leading brokers formed "The Calcutta Stock Exchange Association". In the beginning of the twentieth century, the industrial revolution was on the way in India with the Swadeshi Movement; and with the inauguration of the Tata Iron and Steel Company Limited in 1907, an important stage in industrial advancement under Indian enterprise was reached.Indian cotton and jute textiles, steel, sugar, paper and flour mills and all companies generally enjoyed phenomenal prosperity, due to the First World War. In 1920, the then demure city of Madras had the maiden thrill of a stock exchange functioning in its midst, under the name and style of "The Madras Stock Exchange" with 100 members. However, when boom faded, the number of members stood reduced from 100 to 3, by 1923, and so it went out of existence.In 1935, the stock market activity improved, especially in South India where there was a rapid increase in the number of textile mills and many plantation companies were floated. In 1937, a stock exchange was once again organized in Madras - Madras Stock Exchange Association (Pvt) Limited. (In 1957 the name was changed to Madras Stock Exchange Limited). Lahore Stock Exchange was formed in 1934 and it had a brief life. It was merged merged with the Punjab Stock Exchange Limited, which was incorporated in 1936. Indian Stock Exchanges - An Umbrella Growth:
    • 22 The Second World War broke out in 1939. It gave a sharp boom, which was followed by a slump. But, in 1943, the situation changed radically, when India was fully mobilized as a supply base. On account of the restrictive controls on cotton, bullion, seeds and other commodities, those dealing in them found in the stock market as the only outlet for their activities. They were anxious to join the trade and numerous others swelled their number. Many new associations were constituted for the purpose and Stock Exchanges in all parts of the country were floated. The Uttar Pradesh Stock Exchange Limited (1940), Nagpur Stock Exchange Limited (1940) and Hyderabad Stock Exchange Limited (1944) were incorporated.In Delhi two stock exchanges - Delhi Stock and Share Brokers' Association Limited and the Delhi Stocks and Shares Exchange Limited - were floated and later in June 1947, amalgamated into the Delhi Stock Exchange Association Limited.
    • 23 CHAPTER-2 OBJECTIVE The primary objective is:  Checking the awareness level of online share trading. Evaluation of preferred investments in various mode and industry.  To collect the real time information about preference level of customers using Demat account and their inclination towards various other brokerage firms e.g. India bulls, Angel broking, India infoline, Religare, Alan- kit, Unicon.  To expand the market penetration of Sharekhan ltd.  To provide pricing strategy of competitors to fight cut throat competition.  Study of influencing factors affecting the purchase decision.  Analyzing the preferred broking house.  Checking the satisfaction level of the customers towards preferred broking house. The secondary objective is:  To make clients and let them know about the different services offered by the SHAREKHAN.  To understand the problem faced by customers and finding way to solve the query
    • 24 RESEARCH METHODOLOGY INTRODUCTION Research Methodology refers to search of knowledge .one can also define research methodology as a scientific and systematic search for required information on a specific topic.The word research methodology comes from the word “advance learner „s dictionary meaning of research as a careful investigation or inquiry especially through research for new facts in my branch of knowledge for example some author have define research methodology as systematized effort to gain new knowledge.Methodology of the project starts with – In the first phase we are trained and they teach us different things about market.  After that they conduct a mock viva, in this they ask about the real life problem faced by the customers.  They provide leads and after that we make calls.  Then after that we have to provide details of product and convincethem.  Then we have to visit them and get the formed filled from them.  Maintaining dairy of clients and contacting them at regular basis.  Get the knowledge of technical as well as fundamental methods.  Observe the patterns of the scripts. Exploratory Research: Exploratory research is a type of research conducted because a problem has not been clearly defined. Exploratory research helps determine the best research design, data collection method and selection of subjects. Given its fundamental nature, exploratory research often concludes that a perceived problem does not actually exist. Exploratory research often relies on secondary research such as reviewing available literature and/or data, or qualitative approaches such as informal discussions with consumers, employees, management or competitors, and more formal approaches through in-depth interviews, focus groups,projective methods, case studies or pilot studies. The results of exploratory research are not usually useful for decision makingby themselves, but they can provide significant insight into a given situation.
    • 25 Although the results of qualitative research can give some indication as to the "why", "how" and "when" something occurs, it cannot tell us "how often" or "how many." Exploratory research is not typically generalizable to the population at large. Research is exploratory when you use no earlier model as a basis of your study. The most usual reason for using this approach is that you have no other choice. Normally you would like to take an earlier theory as a support, but there perhaps is none, or all available models come from wrong contexts. Exploratory research means that hardly anything is known about the matter at the outset of the project. You then have to begin with a rather vague impression of what you should study, and it is also impossible to make a detailed work plan in advance. Analysis in exploratory research is essentially abstraction and generalization. Abstraction means that you translate the empirical observations, measurements etc. into concepts; generalization means arranging the material so that it disengages from single persons, occurrences etc. and focuses on those structures (invariances) that are common to all or most of the cases It will seldom be possible to divide exploratory study into such clear phases as is common in the case that the object has been studied earlier. According to Alasuutari (1993 p.22), in qualitative analysis of empirical findings, you can distinguish two phases but these two overlap: · simplification of observations · interpretation of results (or "solving the enigma") In the simplification phase, the material is inspected from the theoretical point of view of the study project, and only the points relevant from this angle are noted. Details differing from one individual to another at random are omitted or pushed aside so that the general lines of the data can be discerned more easily. Simplification continues by finding the relationships between separate observations or cases. Some tools for this work are comparison and classification. The goal is to find the general rule or model that is valid in all or most of the observations. This model can be, for example, development or evolution, causality, or a conscious action to attain an outcome which is typical in normative research. -- In any case the analysis starts from separate cases and aspires to create one or a few general models.
    • 26 "Solving the enigma" does not always mean answering exactly those questions that were asked at the outset of the project. Sometimes the most interesting questions are found at the end of the research, when the researcher has become an expert on the subject. It is often said that "data teach the researcher". The purpose of descriptive exploratory research is to extract a structure from the source material which in the best case can be formed as a rule that governs all the observations and is not known earlier (per the definition of exploratory study) Finding the unknown structure may need some creative innovation, because even the most sophisticated computerized analysis methods cannot automatically uncover which type of structure is concealed in data. Usually you first have to formulate a tentative pattern for the assumed structure in the observations and then you can ask the computer to estimate how well the data corresponds to the model, cf. Tools for Analysis. METHODS OF DATA COLLECTION In the project work Primary data secondary data (both) sources of data has been used .1. Primary data collection: In dealing with real life problem it is often found that data at hand are inadequate, and hence, it becomes necessary to collect data that is appropriate. There are several ways of collecting the appropriate data which differ considerably in context of money costs, time and other resources at the disposal of the researcher. Primary data can be collected either through experiment or through survey. The data collection for this study was done in the following manner: Through personal interviews:-A rigid procedure was followed and we were seeking answers to many pre-conceived questions through personal interviews. Through questionnaire:- Information to find out the investment potential and goal was found out through questionnaires. Through Tele-Calling:-Information was also taken through telephone calls. 2. Secondary sources of data: In the secondary sources of data is used. (Internet , magazine.books.newspapers) In research, secondary data is data collected and possibly processed by people other than the researcher in question. Common sources of secondary data for social
    • 27 science include censuses, large surveys, and organizational records. In sociology primary data is data you have collected yourself and secondary data is data you have gathered from primary sources to create new research. In terms of historical research, these two terms have different meanings. A primary source is a book or set of archival records. A secondary source is a summary of a book or set of records. Secondary data analysis: There are two different types of sources that need to be established in order to conduct a good analysis. The first type is a primary source which is the initial material that is collected during the research process. Primary data is the data that the researcher is collecting themselves using methods such as surveys, direct observations, interviews, as well as logs(objective data sources). Primary data is a reliable way to collect data because the researcher will know where it came from and how it was collected and analyzed since they did it themselves. Secondary sources on the other hand are sources that are based upon the data that was collected from the primary source. Secondary sources take the role of analyzing, explaining, and combining the information from the primary source with additional information. Secondary data analysis is commonly known as second-hand analysis. It is simply the analysis of preexisting data in a different way or to answer a different question than originally intended. Secondary data analysis utilizes the data that was collected by someone else in order to further a study that you are interested in completing. Common sources of secondary data are social science surveys and data from government agencies, including the Bureau of the Census, the Bureau of Labor Statistics and various other agencies. The data collected is most often collected via survey research methods. Data from experimental studies may also be used.Sources of secondary data: Sources of secondary data may be classified into qualitative and quantitative. Examples of qualitative sources are biographies, memoirs, newspapers, etc. Quantitave sources include published statistics (e.g., census, survey), data archives,
    • 28 market research, etc.[1] Today, with the aid of our internet capabilities, thousands of large scale datasets are at the click of a mouse for secondary data analyst. Globally, there are many sources available. These sources can arrive from the data arranged by governmental and private organizations, to data collected by any social researcher Secondary data analysis is a growing research tool in our modern day society. Social scientists have the opportunity to explore massive amounts of secondary data. Collecting, reviewing, and analyzing secondary dataThe Design and Purpose of Research Secondary data analysis consists of collecting data that was compiled through research by another person and using that data to get a better understanding of a concept. A good way to begin your research using secondary data that you are collecting to further support your concept is to clearly define the goals of your research and the design that you anticipate using. An important thing to remember when defining your plan is to ensure that you have established what kind of data you plan on using for your research and the exact goal. Establishing what type of research design is an important component. In terms of using secondary data for research it helps to create an outline of what the final product will look like consisting of all the types of data to be used along with a list of sources that were used to compile the research. In order to use secondary data three steps must be completed: 1. locate the data 2. evaluate the data 3. verify the data Locating the data can be easily done with the advancements of searching sources online. However, people need to be aware of the details when searching online since pages can be out of date or poorly put together. Therefore, use caution and pay attention to whether it is a reliable data source online and check when the last update was. To evaluate the data a researcher must carefully examine the secondary data they are considering to ensure that it meets their needs and purpose of study. The person must look at the population and what the sample strategy and type were. It is also important to look at when the data was collected, how it was collected, how it was coded and edited, along with the
    • 29 operational definitions of measures that were used. Finally, the data must be verified to ensure good quality material to be used in new research. Determining the Types of Data and Information Needed to Conduct Analysis Data and information collection for secondary data analysis will depend entirely upon the subject that is central to the focal point of the study. The purpose of conducting secondary data analysis is to further develop an improved understanding of the subject matter at hand. Some important types of data and information that should be collected and summarized include demographic information, information gathered by government agencies (i.e. the Census), and social science surveys. There is also the possibility of reanalyzing data that was collected in experimental studies or data collected with qualitative measures that can be applied in secondary data analysis. The most important component is to ensure that the information and data being collected needs to relate to the subject of study.Determine the Quality of Sources of Data In secondary data analysis, most individuals who do not have much experience in research training or technical expertise can be trained accordingly. However, this advantage is not without difficulty as the individual must be able to judge the quality of the data or information that has been gathered. These key tips will assist you in assessing the quality of the data: Determine the original purpose of the data collection, attempt to discover the credentials of the source(s) or author(s) of the information, consider if the document is a primary or secondary source, verify that the source well-referenced, and finally find out the: date of the publication; the intended audience, and coverage of the report or document. RESEARCH DESIGN For the proper analysis of data simple quantitative technique such as percentage were used. It help in marketing more accurate generalization From the data available .The data which was collected from a sample of population was assumed to be representing entire population was interested .Demographic factor like age, income and educational background was used for the classification purpose .
    • 30 CHAPTER-3 INTRODUCTION OF SHAREKHAN LTD About Share Khan ltd Sharekhan Ltd. is one of the leading retail stock broking house of SSKI Group which is running successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of experience in the stock broking business. Sharekhan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. The firm‟s online trading and investment site - www.sharekhan.com - was launched on Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers across the country. Known for its jargon-free, investor friendly language and high quality research, the site has a registered base of over one lakh customers. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that emulates the broker terminals along with host of other information relevant to the Day Traders. This was for the first time that a net-based trading station of this caliber was offered to the traders. In the last six months Speed Trade has become a de facto standard for the Day Trading community over the net. Sharekhan‟s ground network includes over 640 centers in 280 cities in India which provide a host of trading related services. Sharekhan has always believed in investing in technology to build its business. The company has used some of the best-known names in the IT industry, like Sun
    • 31 Microsystems, Oracle, Microsoft, Cambridge Technologies, Nexgenix, Vignette, Verisign Financial Technologies India Ltd, Spider Software Pvt Ltd. to build its trading engine and content. The Morakhiya family holds a majority stake in the company. HSBC, Intel & Carlyle are the other investors. With a legacy of more than 80 years in the stock markets, the SSKI group ventured into institutional broking and corporate finance 18 years ago. Presently SSKI is one of the leading players in institutional broking and corporate finance activities. SSKI holds a sizeable portion of the market in each of these segments. SSKI‟s institutional broking arm accounts for 7% of the market for Foreign Institutional portfolio investment and 5% of all Domestic Institutional portfolio investment in the country. It has 60 institutional clients spread over India, Far East, UK and US. Foreign Institutional Investors generate about 65% of the organization‟s revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section has a list of very prestigious clients and has many „firsts‟ to its credit, in terms of the size of deal, sector tapped etc. The group has placed over US$ 1 billion in private equity deals. Some of the clients include BPL Cellular Holding, Gujarat Pipavav, Essar, Hutchison, Planetasia, and Shopper‟s Stop. Vision To be the best retail brokering Brand in the retail business of stock market. Mission To educate and empower the individual investor to make better investment decisions through quality advice and superior service. Sharekhan is in fact- • Among the top 3 branded retail service providers • No. 1 player in online business • Largest network of branded broking outlets in the country serving more than 7,00,000 clients.
    • 32 Profile of the Company Name of the company: Sharekhan ltd. Year of Establishment: 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix Mills Compound Lower Parel Mumbai - Maharashtra, INDIA- 400013 Nature of Business : Service Provider Services : Depository Services, Online Services and Technical Research. Number of Employees : Over 3500 Revenue : Data Not Available Website : www.sharekhan.com Slogan : Your Guide to The Financial Jungle. Reason to choose Share Khan Experience SSKI has more than eight decades of trust and credibility in the Indian stock market. In the Asia Money broker's poll held recently, SSKI won the 'India's Best Broking House for 2004' award. Ever since it launched Sharekhan as its retail broking division in February 2000, it has been providing institutional-level research and broking services to individual investors. Technology With its online trading account one can buy and sell shares in an instant from any PC with an internet connection. One can get access to its powerful online trading tools that will help him take complete control over his investment in shares. Accessibility
    • 33 Sharekhan provides ADVICE, EDUCATION, TOOLS AND EXECUTION services for investors. These services are accessible through its centers across the country over the internet (through the website www.sharekhan.com) as well as over the Voice Tool. Knowledge In a business where the right information at the right time can translate into direct profits, one can get access to a wide range of information on Sharekhan limited‟s content-rich portal. One can also get a useful set of knowledge-based tools that will empower him to take informed decisions. Convenience One can call its Dial-N-Trade number to get investment advice and execute his transactions. Sharekhan ltd. have a dedicated call-centre to provide this service via a Toll Free Number 1800-22-7500 & 1800-22-7050 from anywhere in India. Customer Service Sharekhan limited‟s customer service team will assist one for any help that one may require relating to transactions, billing, demat and other queries. Its customer service can be contacted via a toll-free number, email or live chat on www.sharekhan.com. Investment Advice Sharekhan has dedicated research teams of more than 30 people for fundamental and technical researches. Its analysts constantly track the pulse of the market and provide timely investment advice to its clients in the form of daily research emails, online chat, printed reports and SMS on their mobile phone. Share Khan team’s management team Dinesh Murikya : Owner of the company Tarun Shah : CEO of the company Shankar Vailaya : Director (Operations) Jaideep Arora : Director (Products & Technology) Pathik Gandotra : Head of Research Rishi Kohli : Vice President of Equity Derivatives Nikhil Vora : Vice President of Research
    • 34 Financial Capability Taking in to consideration all its assets and liabilities company is valued at around Rs. 750-850 crores. Hiearchy in Sharekhan There are 14 main hierarchical levels in Sharekhan: 1) Trainees 2) Super trainees 3) Sales executives/dealer 4) Senior sales executives 5) Assistant sales manager/HNI SALES ASSST.MANAGER/RELATIONSHIP MANGER/Equity advisor. 6) Territory manger 7) Area sales manager (Branch manager) 8) regional sales manager 9) Assistant vice president manager 10) Vice president 11) Branch manager 12) Country head 13) Vice president 14) Directors 15) CEO Products & Services of Share Khan The different types of products and services offered by Sharekhan Ltd. are as follows: Depository services Equity and derivatives trading Online services Commodities trading Dial-n-trade Portfolio management Share shops Fundamental research Technical research
    • 35 Demat and Trading account The term Demat, in India, refers to a dematerialised account. For individual Indian citizens to trade in listed stocks or debentures the Securities Exchange Board of India (SEBI) requires the investor to maintain a Demat account. In a demat account shares and securities are held in electronic form instead of taking actual possession of certificates. A Demat Account is opened by the investor while registering with an investment broker (or sub broker). The Demat account number which is quoted for all transactions to enable electronic settlements of trades to take place. Access to the demat account requires an internet password and a transaction password as well as initiating and confirming transfers or purchases of securities. Purchases and sales of securities on the Demat account are automatically made once transactions are executed and completed. Sharekhan is a depository participant. This means that we can keep the shares in dematerialized form in Sharekhan. But for this one has to the demat account in
    • 36 Sharekhan. Dematerialization is the process by which a client can get physical certificates converted into electronic balances maintained in his account with the DP. Demat account allows you to buy, sell and transact shares without the endless paperwork and delays. It is also safe, secure and convenient. In India, a demat account, the abbreviation for dematerialized account, is a type of banking account which dematerializes paper-based physical stock shares. The dematerialized account is used to avoid holding physical shares: the shares are bought and sold through a stock broker. This account is popular in India. The Securities and Exchange Board of India (SEBI) mandates a demat account for share trading above 500 shares. As of April 2006, it became mandatory that any person holding a demat account should possess a Permanent Account Number (PAN), and the deadline for submission of PAN details to the depository lapsed on January 2007. Is a demat account a must? Now a day, practically all trades have to be settled in dematerialized form. Although the market regulator, the Securities and Exchange Board of India (SEBI), has allowed trades of up to 500 shares to be settled in physical form, nobody wants physical shares any more. So a demat account is a must for trading and investing. Why Demat ? The demat account reduces brokerage charges, makes pledging/hypothecation of shares easier, enables quick ownership of securities on settlement resulting in increased liquidity, avoids confusion in the ownership title of securities, and provides easy receipt of public issue allotments. It also helps you avoid bad deliveries caused by signature mismatch, postal delays and loss of certificates in transit. Further, it eliminates risks associated with forgery, counterfeiting and loss due to fire, theft or mutilation. Demat account holders can also avoid stamp duty (as against 0.5 per cent payable on physical shares), avoid filling up of transfer deeds, and obtain quick receipt of such benefits as stock splits and bonuses. What is dematerialization? Dematerialization is the process by which physical certificates of an investor are converted to an equivalent number of securities in electronic form and credited into the investor‟s account with his/her DP.
    • 37 DEMAT Benefits  A safe and convenient way to hold securities.  immediate transfer of securities.  No stamp duty on transfer of securities(0.5 % on physical shares).  Elimination of risks associated with physical certificates such as bad delivery, fake securities , delays , theft etc.  Reduction in paper work.  Reduction in transaction cost.  No odd lot problem , even one share can be sold. Meaning of Trading Account 1. An account similar to a traditional bank account, holding cash and securities, and is administered by an investment dealer. 2. An account held at a financial institution and administered by an investment dealer that the account holder uses to employ a trading strategy rather than a buy-and-hold investment strategy. Types At the end of this section, you will be familiar with terms like Cash market, Margin trading, Futures & Options and Commodity trading. Cash Segment Cash market trading is meant for the people who wish to buy shares with an intention of taking delivery of shares. They need to allocate full amount towards the purchase of the shares at the time of placing order. That means the trading account must have sufficient funds to take care of the total cost of the purchase of the shares, brokerage and other charges. The shares get delivered to the investor's DP account after the settlement process. The investor may the sell the shares on the next trading day, provided the shares are not trade to trade segment (T2T). In such cases, the shares can be sold only after the receipt of the same.
    • 38 MarginTrading In margin trading, the broker allows the investor to buy shares worth up to 4 times the available balance in his trading account. But, not all the shares can be traded in the margin segment. The investor has to square off the trades within the same day. That means, if an investor buys 500 shares of xyz company at a total cost of Rs.50,00000, he has to sell it before the stipulated time on the same day. If the market moves against the investor's position then he has to take delivery of the shares. If the shares have to be taken for delivery, brokerage will be charged more and the investor should settle the balance amount as per the agreement with the broker. If investor has done a short sell, he has to buy the shares. Short sell can not be carried forward to the next day. If it is not squared off, then he will be forced to pay penalty charges. Margin trading is also referred as Day trading or Intra day trading by some people. Stop loss trigger may be used to minimize the loss if the market moves contrary to the expectation of the investor. Assuming that after buying the share prices goes down, the investor can minimize the loss by putting the stop loss trigger price and a limit price. When the stock price hits the stop loss trigger price, the system starts selling the shares, it is sold till the limit price of the sell order. In general the limit price is set 5% lower than the stop loss price for selling. Futures and Options Future represents a contract between a buyer and seller on a specific quantity of financial instrument like currency, stock market index or stocks, or even a commodity, at a specified price with a defined delivery or settlement period. Futures are traded in “lots” of underlying assets like stocks. Buying a contract is known as long position and selling a contract is called as short position. Future contracts have two types of settlements, one is a physical delivery and the other one is settling in cash. Physical delivery part may be exercised in a commodity future contract. Last Thursday of the month is the due date for delivery or settlement of all F&O contracts. However there is no need to wait till the last day of the settlement of the future contract. The contract can be squared off even before the expiry date. In F&O segment, both the buyer and seller face equal risks. So, we can say that the risk factor is symmetrical. The operators or investors of Future & Options segment can be
    • 39 classified as Hedgers - who have positions in long and short in F&O segments, so that any market fluctuation will not affect them. Speculators - Risk savvy people, who speculate and take their positions in F&O and the leave the rest to the market. The speculators get in to highest degree of exposure to risks. Same time speculators make big profits, if the market condition is in favor to them. Third category is known as Arbitrageurs operate in various markets simultaneously to protect their interests, they may take a short position in F&O and long position in cash segment. Futures & Options trading is also known as derivative trading. The major difference between equity trading and derivative trading is, in case of futures, the short positions can be carried forward until the expiry of the contract, where as in cash segment, the short positions have to be squared off on the same day, failing which the investor has to pay the penalty charges. F & O segment is actively traded by the Foreign Institutional Investors and the turnover is 4 times higher than cash segment. Types of Accounts in Share Khan ltd Sharekhan offers three types of trading account for its clients : ➢ Classic Account  Fast trade account. ➢ Trade Tiger Account
    • 40 Classic Account: This is a User Friendly Product which allows the client to trade through website www.sharekhan.com and is suitable for the retail investor who is risk-averse and hence prefers to invest in stocks or who does not trade too frequently. This account allow investors to buy and sell stocks online along with the following features like multiple watch lists, Integrated Banking, Demat and digital contracts, Real-time portfolio tracking with price alerts and Instant credit & transfer. This account comes with the following features: a. Online trading account for investing in Equities and Derivatives. b. Free trading through Phone (Dial-n-Trade): I.Two dedicated numbers(1800-22-7500 and 39707500) for placing the orders using cell phones or landline phones II. Automatic funds transfer with phone banking facilities (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 tele brokers V. After hours order placement facility between 8.00 am and 9.30 am c. Integration of: Online Trading + Demat Account + Cash to Margin. 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. Fast Trade account: This online trading platform is an applet based application that provide lives streaming quptes from bse and nse .get live market prices and market statistics like the best bid prices ,quantity ,best offer price and quantity etc.for chosen stocks .customise the screen with your own choice of securities. This account comes with the following features:
    • 41  Streaming quotes.  Personalised market watch.  Single screen interface for cash, derivatives and more.  Provision to enter price trigger and view the same online in market watch  New fast trade will support all browser in the market.  New fast trade is independent of existing website and can work even if content website is down.  New fast trade is platform independent will support by all operating system. Salient feature Faster Download of Flash plug-in ( Most people have it by default) No requirement of Microsoft / Sun JVM Excellent UI Compression and Security Working on all browser Applet works only with I.E ( Applet doesn‟t work on I.E. 7 and above) Dynamic Feed & Order Placement on the Browser Market / Exchange News Trade Tiger Account: This is an internet-based software application, application, which enables one to buy and sell in an instant. It is ideal for active traders and jobbers who transact frequently during day‟s session to capitalize on intra-day price movement. This account comes with the following features: A single platform for multiple exchange BSE & NSE (Cash & F&O), MCX, NCDEX, Mutual Funds, IPOs Multiple Market Watch available on a Single Screen Multiple Charts with Tick by Tick Intraday and End of Day Charting powered with various Studies
    • 42 Graph Studies include Average, Band-Bollinger, Know SureThing, MACD etc Apply studies such as Vertical, Horizontal, Trend, Retracement & Free lines User can save his own defined screen as well as graph template, that is, saving the layout for future use. User-defined alert settings on an input Stock Price trigger Tools available to guage market such as Tick Query, Ticker, Market Summary, Action Watch, Option Premium Calculator, Span Calculator Shortcut key for FAST access to order placements & reports Online fund transfer activated with 12 Banks, Sharekhan provides 4 in 1 account. - Demat a/c - Trading a/c: for cash calculation - Bank a/c: for fund transfer - Dial and Trade: for query relating trading Products:  Demat and trading account.  Mutual fund scheme  Portfolio Management System  Commodities Out of these we have to mostly sell demat accounts and Mutual Funds. Fee structure for General Individual: Charge Classic Account Speed Trade Account Account Opening Rs. 750/- Rs. 5000/- Brokerage Intra-day – 0.10 % Delivery - 0.50 % Intra-day - 0.10% Delivery - 0.50% Depository Charges:
    • 43 Account Opening Charges Rs. NIL Annual Maintenance Charges Rs. NIL first year Rs. 400/= p.a. from second calendar year onward How to open a Demat account in Share Khan For online trading with Sharekhan Ltd., investor has to open an account. Following are the ways to open an account with Sharekhan Ltd.: One need to call them at phone number provided below and asks that he want to open an account with them. a. One can call on the Toll Free Number: 1-800-22-7500 to speak to a Customer Service executive b. Or If one stays in Mumbai, he can call on 022-66621111 One can visit any one of Sharekhan Limited‟s nearest branches. Sharekhan has a huge network all over India (640 centers in 280 cities). One can also log on to “http://sharekhan.com/Locateus.aspx” link to find out the nearest branch. One can send them an email at info@sharekhan.com to know about their products and services. One can also visit the site www.sharekhan.com and click on the option “Open an Account” to fill a small query form which will ask the individual to give details regarding his name, city he lives in, his email address, phone number, pin code of the city, his nearest Sharekhan Ltd. shop and his preferences regarding the type of account he wants. These information are compiled in the headquarter of the company that is in Mumbai from where it is distributed through out the country‟s branches in the form of leads on the basis of cities and nearest share shops. After that the executives of the respective branches contact the prospective clients over phone or through email and give them information regarding the various types of accounts and the documents they need to open an account and then fix appointment with the prospective clients to give them demonstration and making them undergo the formalities to open the account. After that the forms that has collected from the clients, is scrutinized in the branch and then it is sent to Mumbai for further processing where after a few days the clients‟ account are generated and activated. After the accounts are activated, a
    • 44 Welcome Kit is dispatched from Mumbai to the clients‟ address mentioned in the documents provided by them. As soon as the clients receive the Welcome Kit, which contains the clients‟ Trading ID and Trading Password, they can start trading and investing in shares. STEPS OF ACCOUNT OPENING Apart from two passport size photographs, one needs to provide with the following documents in order to open an account with Sharekhan Limited.: 1. Photocopy of the clients‟ PAN Card which should be duly attached LEAD MANAGEMENT SYSTEM (LMS) / REFERENCES CONTACT THE PERSON OVER PHONE OR THROUGH EMAIL FIXING AN APPOINTMENT WITH THE PERSON GIVING DEMONST- RATION YES NO DOCUMENTATION FILLING UP THE FORM SUBMISSION OF THE FORM LOGIN OF THE FORM TRADING SENDING ACCOUNT OPENING KIT TO THE CLIENT
    • 45 2. Photo copy of any of the following documents duly attached which will serve as correspondence address proof: 3. Passport (valid) 4. Voter‟s ID Card 5. Ration Card 6. Driving License (valid) 7. Electricity Bill (should be latest and should be in the name of the client) 8. Telephone Bill (should be latest and should be in the name of the client) 9. Flat Maintenance Bill (should be latest and should be in the name of the client) 10. Insurance Policy (should be latest and should be in the name of the client) 11. Lease or Rent Agreement. 12.Saving Bank Statement** (should be latest) 13.Two cheques drawn in favour of Sharkhan Limited, one for the Account Opening Fees and the other for the Margin Money (the minimum margin money is Rs. 5000). ** A cancelled cheque should be given by the client if he provides Saving Bank Statement as a proof for correspondence address. NOTE: Only Saving Bank Account cheques are accepted for the purpose of Opening an account. Research Section in Share Khan Sharekhan Limited has its own in-house Research Organisation which is known as Valueline. It comprises a team of experts who constantly keep an eye on the share market and do research on the various aspects of the share market. Generally the research is based on the Fundamentals and Technical analysis of different companies and also taking into account various factors relating to the economy. Sharekhan Limited‟s research on the volatile market has been found accurate most of the time. Sharekhan's trading calls in the month of November 2007 has given 89% strike rate.
    • 46 Out of 37 trading calls given by Sharekhan in the month of November 2007, 33 hit the profit target. These exclusive trading picks come only to Sharekhan Online Trading Customer and are based on in-depth technical analysis. As a customer of Sharekhan Limited, one receives daily 5-6 Research Reports on their emails which they can use as tips for investing in the market. These reports are named as Pre-Market Report, Eagle Eye, High Noon, Investors Eye, Daring Derivatives and Post-Market Report. Apart from these, Sharekhan Limited issues a monthly subscription by the name of Valueline which is easily available in the market. Awards & Achievements SSKI has been voted as the Top Domestic Brokerage House in the research category, twice by Euromoney Survey and four times by Asiamoney Survey. Sharekhan Limited won the CNBC AWARD for the year 2004. Poll Results: Broker Preference CHAPTER-4 MAJOR COMPETITORS 5paise 119 13.45% Sharekhan 194 21.92% Motilal oswal 38 4.29% ICICI Direct 192 21.69% HDFC 46 5.20% Indiabulls 121 13.67% Kotak 59 6.67% Others 116 13.11%
    • 47 Motilal Oswal Securities Ltd. (MOSt): One 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 transacted 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 highly in surveys conducted by leading international publications like Asiamoney and Institutional Investor. In Asia Money 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.
    • 48 5 PAISA.COM 5paisa is the trade name of India Infoline Securities Private Limited (5paisa), member of National Stock 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 investor 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, TDA and Reeshanar. The company offers a slew of products such as stock and derivatives broking, commodities broking and mutual funds.
    • 49 KARVY is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate, comprising the who is who of Corporate India. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments. History of Karvy :- The birth of Karvy was on a modest scale in 1981. It began with the vision and enterprise of a small group of practicing Chartered Accountants who founded the flagship company, Karvy Consultants Limited. They started with consulting and financial accounting automation and carved inroads into the field of registry and share accounting by 1985. Since then, karvy utilized its experience and superlative expertise to go from strength to strength, to better their services, to innovate, diversify and in the process, evolved as one of India‟s premier integrated financial service enterprise. PRODUCT AND SERVICES OF KARVY GROUP • Karvy comtrade. • Karvy consultant ltd. • Karvy merchant banking. • Karvy global services ltd. ICICIDIRECT,COM
    • 50 ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein after referred to as the "Website") whereas IWTL is an affiliate of ICICI Bank Limited and the Website is owned by ICICI Bank Limited. IWTL has launched and established an online trading service on the Website. PRODUCTS AND SERVICES OF ICICI DIRECT 1. Investing in Mutual funds 2. Personal Finance 3. Customer Service Features 4. IPO‟s 5. Margin Trading 6. Margin PLUS Trading 7. Call Trade 8. Trading on NSE/BSE INDIABULLS SECURITIES LIMITED
    • 51 Indiabulls Securities Limited was incorporated as GPF Securities Private Limited on June 9, 1995. The name of the company was changed to Orbis Securities Private Limited on December 15, 1995 to change the profile of the company and subsequently due to the conversion of the company into a public limited company; the name was further changed to Orbis Securities Limited on January 5, 2004. The name of the company was again changed to Indiabulls Securities Limited on February 16, 2004 so as to capitalize on the brand image of the term “Indiabulls” in the company name. ISL is a corporate member of capital market & derivative segment of The National Stock Exchange of India Ltd. At present, ISL accounts for approximately 3% of the total daily turnover of the Exchange with 32,359 client relationships and 70 branches spread across the country as of April 30, 2004. INDIABULLS CREDIT SERVICES LIMITED: - Indiabulls Credit Services has been valued at Rs. 263 crore with the Rs. 87.6-crore infusion. Indiabulls Credit Services Ltd, the recently formed subsidiary of broking firm, Indiabulls Financial Services Ltd. Faralon Capital, a San Francisco-based private equity fund, and its affiliates have acquired 33.3 per cent stake for Rs 87.6 crore. INDIABULLS REAL ESTATE: - Indiabulls through its group companies has entered Indian Real Estate business in 2005. It is currently evaluating several largescale projects worth several hundred million dollars. Indiabulls became the first company to bring FDI in Indian Real Estate through a JV with Farallon Capital Management, a respected US based investment firm. OTHER PRODUCT OFFERED BY INDIA BULLS • Equity & Debt Stock Broking. • Insurance. • Commodity trading. • Depository Services. • Derivatives Broking Services. • Equity Research Services. • Mutual Fund Distribution. HDFC SECURITY
    • 52 HDFC security is the subsidiary of HDFC (Housing Development Financial Corporation). www.hdfcsec.com would have an exclusive discretion to decide the customers who would be entitled to its online investing services. www.hdfcsec.com also reserves the right to decide on the criteria based on which customers would be chosen to participate in these services .The present web site (www.hdfcsec.com) contains features of services that they offer/propose to offer in due course. The launch of new services is subject to the clearance of the regulators. i.e. SEBI, NSE and BSE. PRODUCT OFFERED BY HDFC SECURITY • Online trading for Resident & Non Resident Indians. • Cash-n-Carry on both NSE and BSE. • Day trading on both NSE and BSE. • Trade on Futures & Options on the NSE. • Online IPO's. • Telephone-based Broking (Equity & Derivatives). CHAPTER-5 SWOT ANALYSIS Strengths:
    • 53 It is a pioneer in online trading with a turn over of Rs.400crores and more than 800 peoples working in the organization. SSKI the parent company of Share Khan has more than eight decades of trust and credibility in the Indian stock market. In the Asian Money Broker‟s poll SSKI won the “India‟s best broking house for 2004” award. Share Khan provides multi-channel access to all its customers through a strong online presence with www.sharekhan.com, 250 share shops in 130 cities and a call-center based Dial-n-Trade facility. Share Khan has dedicated research teams for fundamental and technical research. Which constantly track the pulse of the market and provide timely investment advice free of cost to its clients which has a strike rate of 70-80%. Employees are highly empowered. And strong communication network. Management philosophy and commitment to maximize shareholders returns And upgraded product design and development facilities to develop new products and aid diversification. Ongoing activities to support up gradation of operational performance and rise in productivity and Team of talented and committed professionals available to improve company‟s performance weakness. Good co-operation between employees. Number 1 registrar and transfer agent and dealer of investment products in India Weakness: . Localized presence due to insufficient investments for country wide expansion. Lack of awareness among customers because of non-aggressive promotional strategies (print media, newspapers, etc). High brokerage charges but now they have overcome this by a new prepaid scheme in which brokerage is reduced to half. Focuses more on HNIs than retail investors which results in meager market-share as compared to close competitors. High employee turnover Opportunities:
    • 54 With the booming capital market it can successfully launch new services and raise its client‟s base. It can easily tap the retail investors with small saving through o promotional channels like print media, electronic media, etc. As interest on fixed deposits with post office and banks are all time low, more and more small investors are entering into stock market. Abolition of long term capital gain tax on shares and reduction in short term capital gain is making stock market as hot destination for investment among small investors. Increasing usage of internet through broadband connectivity may boost a whole new breed of investors for trading in securities. Growth rate of mutual fund industry is 40 to 50% during last year and it expected that this rate will be maintained in future also. Marketing at rural and semi-urban areas. Threats: Aggressive promotional strategies by close competitors may hamper Share Khan‟s acceptance by new clients. Lack of sufficient branch-offices for speedy delivery of services. Other players are providing margin funds to investors on easy terms where as there is no such facility in share khan. More and more players are venturing into this domain which can further reduce the earnings of Share Khan. Increasing number of Competitors. Constant pressure to be cost competitive to meet customer expectations. Relentless pressure to maintain profitability due to rising input/raw material prices CHAPTER-6 DATA ANALYSIS AND INTERPRETATION 1) Are you aware of investment options?
    • 55 KNOWLEDGE AGE YES 78% NO 22% COMMENT:- Only 78% people know the exact meaning of investment. Because of remaining 22% take his/her residential property as an investment. According to law purpose this is not an investment because of it is not create any profit for the owner. 2) What is the most preferable investment scenario? AGE YES NO
    • 56 Investment scenario % age Real estate 20% Banks 24% Derivative & securities market 28% Insurance 4% Bonds 20% Others 4% Comment Today in the changing scenario, people are more interested in derivatives & securities markets. According to the above graph, it can be seen that out of total responses, 28% goes in favor of derivatives & securities market. 24% are interested in bank securities, 20% are interested in bond and real estate, and a very small amount of consumers are interested to invest into insurance securities 3)What is the basic purpose of your investment? % age Real estate Banks Derivative & securities market Insurance Bonds Others
    • 57 Interpretation COMMENT:-30% people are interested in liquidity, returns and tax benefits. And remaining 25% are interested in capital appreciations, risk covering, and others. 4)What is the most important things you take into your mind while making investments?
    • 58 Interpretation 74% people are considered the both factors risk as well as returns but, only 8% considered the risk and 17% on returns factor. 5)Do you heard about share khan?
    • 59 YES 58% NO 42% Interpretation This pie chart shows that thi brand image should be further leveraged by the company to increase the market share . 6) Do you know Facilities provided by share khan? YES 36%
    • 60 NO 64% Interpretation Although there is sufficiently high brand equity among the taget audience,it is to be noted that the customers are not aware of the facilities provided by the company meaning therby,that the company should concentrate more towards the promotional tools and increase its focus on product awareness rather than brand awareness. 7)Do you have any d-mat & Trading account? Yes 54% YES NO
    • 61 No 46% Total 50 COMMENT:- According to above graph 54% people have d-mat and trading account and 46% people have not trading account due to not efficient knowledge and awareness. 8)Are you satisfied with you present broking firm? 42% 44% 46% 48% 50% 52% 54% Yes No
    • 62 Interpretation According to the above graph it shows that 58% of respondents are not satisfied from their present broking firm and only 42% of respondents are satisfied from their brokers mainly because of their Product or their Services 9) Specify the reason of satisfaction with the current broking house.
    • 63 Interpretation
    • 64 According to the above graph it shows that 57% of the clients are satisfied because of the brokerage that they charge, 25% of clients are satisfied because of the services that they are given, and 18% because their operating expenses are low.
    • 65 CHAPTER-7 FINDINGS COMPARATIVE ANALYSIS A Comparative analysis was done and following results were found: There are the two type of the transaction:- 1. Intra-day based Another way of saying “within the day". Intraday price movements are particularly important to short-term traders looking to make many trades over the course of a single trading session 2. Delivery based Delivery based trading is normally considered as a safer approach for trading in shares when compared to day trading. Delivery based trading involves buying shares on a market day and selling them only after receiving the delivery of those shares in demat account. Results on the Basis of charges/Brokerage
    • 66 HDFC securities ltd: - Account opening charges w.e.f. April 2005 are as follows: - Rs.749, if the customer has an existing relationship with HDFC. Sharekhan ltd: - There are no account opening charges with sharekhan only if the client is an HNI (High Networth Individual) i.e. he churns more money in market, or else he has to pay Rs 750 as an account opening charges but require minimun margin money of Rs 5000 for trading purposes. ICICI direct: - A one-time charge of Rs. 750 at the time of account opening will be charged. You may later upgrade your Invest account to an ICICI direct trading account when you desire to trade in equity. India Infoline: - There is a nominal charge of Rs. 500 only towards stamp duty, legal and processing fees for opening the account. This includes the registration and account opening charges. Bank and Depository Participant (DP) account opening charges, if applicable, are payable separately. KARVY consultants ltd: - Account Opening Charges Are 452 But now SEBI banned on opening of new demat account of Karvy. Indiabulls: - Account opening charges are Rs. 900. There is no AMC and no margin money is required. Comment: - India Bulls charge maximum account opening charges but there are no such charges in Sharekhan Pvt. Ltd. Results on the basis of customer preferences 1. According to survey 70 % peoples are satisfied with Sharekhan Ltd because of their RM‟s facility and power of Sharekhan Ltd software. 2. According to survey, Sharekhan Ltd open new branches for individually handle to their customer, but in ICICI direct, HDFC security there is no separate offices for this .So people prefer Sharekhan Ltd. Results On The Basis Of Facilities
    • 67 Basis of difference Sharekh an ltd Karvy India infoline Icici Direct India Bulls HDFC Share trading YES YES YES YES YES YES Commodit y trading YES YES YES YES YES YES D-mat opening rights YES NO YES YES YES NO COMMENT According to the survey HDFC securities charge maximum brokerage as compare to others whereas India Infoline Ltd. charges only 0.20 paisa on maximum investment. Results On the basis of Account opening charges HDFC securities ltd: - Account opening charges w.e.f. April 2005 are as follows: - Rs.749, if the customer has an existing relationship with HDFC. Sharekhan ltd: - There are no account opening charges with sharekhan only if the client is an HNI (High Networth Individual) i.e. he churns more money in market, or else he has to pay Rs 750 as an account opening charges but require minimun margin money of Rs 5000 for trading purposes. ICICI direct: - A one-time charge of Rs. 750 at the time of account opening will be charged. You may later upgrade your Invest account to an ICICI direct.com share trading account when you desire to trade in equity.
    • 68 India Infoline: - There is a nominal charge of Rs. 500 only towards stamp duty, legal and processing fees for opening the account. This includes the registration and account opening charges. Bank and Depository Participant (DP) account opening charges, if applicable, are payable separately. KARVY consultants ltd: - Account Opening Charges Are 452 But now SEBI banned on opening of new demat account of Karvy. Indiabulls: - Account opening charges are Rs. 900. There is no AMC and no margin money is required. Comment: - India Bulls charge maximum account opening charges but there are no such charges in Sharekhan Pvt. Ltd. Results on the basis of customer preferences 1. According to survey 70 % peoples are satisfied with Sharekhan Ltd because of their RM‟s facility and power of Sharekhan Ltd software. 2. According to survey, Sharekhan Ltd open new branches for individually handle to their customer, but in ICICI direct, HDFC security there is no separate offices forthis .So people prefer Sharekhan Ltd. CHAPTER-8 LIMITATIONS Due to limitation of time a sample size of only 50 respondents were chosen. The survey was carried through questionnaire and the questions were based on perception. The sample for research was chosen only from a limited area. Some of the respondents may be biased in giving responses. Complete data was not available due to company privacy and secrecy
    • 69 CHAPTER-9 RECOMMENDATIONS We suggest following measures, which Share Khan could take so as to take on heavy competition from India bulls and 5 Paisa 1. To identify regions where promotions are required. Share Khan lacks visibility in northern region where as it is a well known name in western region. Even then, its promotional campaign focuses on western region where as northern region is still waiting for promotional campaigns. 2. Try to reduce cost, so that benefits can be passed on to customers. Senior managers at Share Khan keep on telling that it is difficult to reduce cost, because
    • 70 of services we provide. But the fact is, India being a price sensitive market, people at times go for monetary benefits rather than for long term non- monetary benefits. 3. If charges can‟t be reduced because of costs involved, make the services customized, so that services are provided to only those customers who are willing to pay the price for services they are getting and let the other customers enjoy costs benefits without getting services. 4. Concept of margin funding should be introduced, as more and more people are asking for it. 5. Share Khan should contact with their clients regularly for knowing the problems faced by them. This will help Share Khan in providing best services to customers. This will result in additional customer base by getting further references from satisfied clients. 6. To launch slab wise brokerage structure as Share Khan has fixed brokerage structure which can not be negotiated. But other players in the market offer launch slab wise brokerage structure which motivate customers to increase their volumes. That‟s why heavy investors do not open their account with Share Khan STRATEGY ADOPTED:
    • 71 NOT INTERESTED TAKE REFERENCES TELECALLING TAKE REFERENCES TELECALLING FIX APPOINTMENT ATTEND APPOINTMENT INTERESTED COMPLETE THE FORMALITIES INSTALL THE SOFTWARE
    • 72 INTRODUCTION PURPOSE OF CALLING NEED GENERATION OBJECTION HANDLING BROKERAGE EXPLAINATION FIX THE APPOINTMENT CLOSE THE CALL WISH /GREETINGS
    • 73  By tele-calling the customers and taking appointments for the date on which they will free. [From references and leads given by company, clients and friends].  By cold calling the customer by meeting them personally and taking appointments and follow up dates as per their convenience.  By arrnging presentations in Banks, schools and colleges and companies.  By doing promotional activities at krazy castle and other such places to generate leads.  By sending e-mails and SMS`s to friends, and relatives we are educating them about Sharekhan`s products and services.  By giving the Sharekhan`s pamphlets to the clients.  By taking references from the clients.  I am maintaining a daily record number of people I met, their addresses and contact numbers and their remarks in Excel sheets. I am also maintaining my weekly report, SIP log book and the weekly achievement report. They are helping me a lot in my SIP.  I am targeting the staff of reputed companies so that I will get the accounts in lot and up to certain limits I am successful in this.
    • 74 CHAPTER-10 CONCLUSION The Indian stock market witnesses both the good as well as the bad time. Most of the people keep them away from bad times that lead to low liquidity in the markets. But for the rest who want to remain in the markets without loosing much of their capital and take leverage of the market movements in both north and south directions, Derivatives Instruments are the tools to be with. By studying and applying various Derivative Instruments like Futures, Forwards and Option strategies, I came to a conclusion that these instruments are the best ones to turn the bad time into a good one i.e. to earn profits in any market direction. Therefore, Derivative Instruments are a very good tool that will help us to minimize our risk and maximize our returns so that one can have conviction in his portfolio in the hugely volatile stock market Finally, the objective of the study is accomplished and I recommend that one should use the Derivative Instruments, as it is very much applicable in the Indian Stock Market.
    • 75 BIBLIOGRAPHY Books Training Kit Provided by the Sharekhan. Indian financial system by M.Y KHAN NSDL Depository operations module :--NCFM Securities Market (Basic) Module :--NCFM Financial Engineering: A Complete Guide to Financial Innovation By John F. Marshall and Vipul K. Bansal, Published by Printice Hall of India. Internet: www.moneycontrol.com www.sharekhan.com www.bseindia.com www.nseindia.com www.sebi.gov.in www.investors.com www.investopedia.com
    • 76 APPENDIX QUESTIONNAIRE DATE: NAME OCCUPATION AGE CONTACT NO. 1) Do you know about Investment options available? a) Yes b) No 2) Most preferable investment scenario a) Insurance & mutual funds b) Banks c) Real estate d) Share market e) Commodity f) Others 3) What is the basic purpose of your investment? a) Liquidity b) Returns c) Risk covering d) Tax benefits e) Others 4) What are the most important things you take into account, while making any investment? a) Risk b) Returns c) Both 5) Do you have any knowledge of share markets? a) Partial b) Complete c) Nil 6) Do you have any D-mat & Trading account? a) Yes b) No 7) In which company you have D-mat & Trading account? a) India infoline b) ICICI direct c) India bulls d) HDFC securities e) Centrum 8) Are you satisfied with your present broking company?
    • 77 a) Yes b) No 9) Specify the reason of satisfaction with the current broking house. a) Services _______________________________________ b) Brokerage _____________________________________ c) Operating expenses ______________________________ d) Others ________________________________________ 10) Best brokerage house a) India infoline b) ICICI direct c) India bulls d) HDFC security e)Share khan