Study of customer behaviour towards equity & derivative market

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PROJECT REPORT
OF
“A STUDY OF CUSTOMER BEHAVIOUR TOWARDS EQUITY &
DERIVATIVE MARKET ON ANGEL BROKING PVT. LTD.”
A training report submitted in partial fulfillment of the requirement for the degree of
MASTERS OF BUSINESS ADMINISTRATION
(2015-2017)
BABA FARID COLLEGE OF MANAGEMENT AND TECHNOLOGY
D E O N , B A T H I N D A
Submitted To: Submitted By:
Mr. Rohit Sharma Namita
MBA – II
152562029

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ACKNOWLEDGEMENT
It is almost inevitable to incur indebtedness to all who generously helped by
sharing their valuable time and rich experience with me, without which this project
would have never been accomplished.
No task can be achieved alone, particularly while attempting to finish a project
of such magnitude. It took many very special people to facilitate it and support it.
Hence, I would like to acknowledge all of their valuable support and convey my
humble gratitude to them.
First of all I thank the Indian marketers and advertisers who have without fail
produced which we so often debate about. At least they gave me a topic to work on and
even realize the issue of Equity & Derivatives which I did not notice till now.
I would like to acknowledge my sincere gratitude to Mr. Deepesh Joshi for
sharing his valuable ideas, constructive criticism and motivation, which were the
guiding, light during the entire tenure of this work.
I would also like to thank the supporting staff Angel Broking Pvt. Ltd.,
Chandigarh for their help and cooperation throughout our project.
Thank you all for supporting me in making this projects a reality.
NAMITA

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PREFACE
Share trading in India is undergoing a transition and consolidation phase
witnessed never before. The competition is likely to become so severe after the entry of
many players, retaining a customer is most difficult practice for any service provider.
Though India has a very big untapped market but the players will not flourish
unless they change the way the customers are being served. Given the awareness level
of today customers every player has to treat with care and make the customer feel that
he is the king. Number of Online Share trader in India has crossed the line. More and
more customers are coming under this umbrella and many of the existing one are
changing pavilion. So customer retention and satisfaction is now more important as it
was never before. Players keep coming with new schemes in order to attract new
customers and retain the existing one. This is being supplemented with increased
advertising and brand building efforts. Success of any organization depends upon its
being proactive. An often quoted marketing adage is to manage a business well is to
manage its future and to manage its future is to manage information.”
To give the student of management a feel of real world situation they are being
sent to any organization where they work on a prescribed problem or a topic and
come out with various conclusions and suggestions.
I am very lucky as I got an opportunity to work with “Angel Broking Pvt.
Ltd.” which is showing phenomenal growth and success in its Sector.
This project is an effort to do a depth study and analysis of various known and
unknown reasons for customer satisfaction and retention. “To err is human” and I am
not an exception, valuable comments are always welcomed since it will motivate to
work with greater zeal and efficiency in the future.

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TABLE OF CONENT
SR. NO. TOPIC NAME PAGE NO.
I) ACKNOWLEDGEMENT 2
II) PREFACE 3
III) EXECUTIVE SUMMARY 5
CHAPTER 1 INDUSTRYOVERVIEW 7
CHAPTER 2
COMPANY PROFILE
 Introduction
 Products & Services
 Background of Problem
 Scope of the Study
10
20
35
51
CHAPTER 3
RESEARCH METHODOLOGY
 Introduction to research methodology
 Objectives
 Methodology
52
53
54
CHAPTER 4 DATA ANALYSIS & INTERPRITATION 56
CHAPTER 5 RECOMMENDATIONS/SUGGESTIONS 74
CHAPTER 6 CONCLUSION 75
BIBLIOGRAPHY/REFRENCES 76
APPENDICES
 Questionnaires
77

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EXECUTIVE SUMMARY
The summer internship at “Angel Broking” undertaken by us has given
us an exposure into the investment scenario in India. The project that we were
involved with while working at “Angel Broking” includes advisory services i.e.
educating the existing and potential investors about stock market as an alternative
source to investment. This involves catering to the queries of the investors about the
concept of stock market, the various options that an investor can invest his money into,
funds management of investors.
Analyzing the investors’ behavior includes understanding the concerns a person
has towards Stock Market, his stages in life and wealth cycle, the effect of the
investments made by the peer groups, effect of the profession he/she is in, education
qualification, importance of tax benefits, the most preferred saving tool etc. and this all
is analyzed with the help of a schedule prepared.
Through the systematic investment plan invest a specific amount for a continuous
period, at regular intervals. By doing this, the investor get the advantage of rupee
cost averaging which means that by investing the same amount at regular intervals, the
average cost per unit remains lower than the average market price.
TITLE
"A STUDY OF CONSUMER BEHAVIOUR TOWARDS EQUITIES AND
DERIVATIVES MARKET THROUGH ANGEL BROKING PVT. LTD.”
1. Back Ground of the Study
This study is conducted for Angel Broking Pvt. Ltd. at Chandigarh, by Namita first
year of Master in Business Administration (MBA) student as requirement for partial
fulfilment for MBA.
Angel Broking is lead by a highly regarded management team that has invested
Thousand Lac of Rupee into a World class Infrastructure that provides their clients
with real-time service & around Clock i.e.24Hrs.access to all information and products.

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2. Objectives
The objectives of the study include…
A) To study customers trading behavior with reference to ANGEL BROKING.
B) To know what major factors effects or influence customer’s trading behavior.
C) To know the satisfaction level of customers towards ANGEL BROKING services
3. Research Methodology
The methodology includes collection of data with the help of structured questionnaire;
the data has been collected by interviewing around 30 clients.
4. Data collection & Interpretation
It includes cross tabulation of questionnaire by classification of responses and
frequency distribution and appropriate graphical representation question with
comments.
5. Observations & Findings
Observation is related those issues only, which are not included and explored through
the questionnaire, it may not require a data support. Findings are strictly based on the
collected data, attempting to answer the objectives.
6. Limitation of the study
The study can be biased to the extent of personal perception, historical nature of data
collection and of the time limit.
7. Suggestion
Based on findings, suggestions were given in order to improve the communication
strategy and widen company’s market.

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CHAPTER-1
INDUSTRY OVERVIEW
A BRIEF HISTORY OF STOCK EXCHANGES:-
Do you know that the world's foremost market place “New York Stock
Exchange” (NYSE), started its trading under a tree (now known as 68 Wall Street)
over 200 years ago? Similarly, India's premier stock exchange Bombay Stock
Exchange (BSE) can also trace back its origin to as far as 125 years when it started as
a voluntary non-profit making association.
You hear about it any time it reaches a new high or a new low, and you also
hear about it daily in statements like 'The BSE Sensitive Index rose 5% today'.
Obviously, stocks and stock markets are important. Stocks of public limited
companies are bought and sold at a stock exchange. But what really are stock
exchanges? Known also as News on the stock market appears in different media
every day. The stock market or bourse, a stock exchange is an organized market
place for securities (like stocks, bonds, options) featured by the centralization of
supply and demand for the transaction of orders by member brokers, for institutional
and individual investors. The exchange makes buying and selling easy. For example,
you don't have to actually go to a stock exchange, say, BSE - you can contact a broker,
who does business with the BSE, and he or she will buy or sell your stock on your
behalf. All stock exchanges perform similar functions with respect to the listing, trading,
and clearing of securities, differing only in their administrative machinery for handling
these functions. Most stock exchanges are auction markets, in which prices are
determined by competitive bidding. Trading may occur on a continuous auction basis,
may involve brokers buying from and selling to dealers.
In certain types of stock or it may be conducted through specialists dealing
in a particular stock.But where did it all start? The need for stock exchanges developed
out of early trading activities in agricultural and other commodities. During the middle
Ages, traders found it easier to use credit that required supporting documentation of
drafts, notes and bills of exchange. The history of the earliest stock exchange, the
French stock exchange, may be traced back to 12th century when transactions occurred
in commercial bills of exchange.
The first stock exchange in India, Bombay Stock Exchange was established in

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1875 as 'The Native Share and Stockbrokers Association' and has evolved over the
years into its present status as the premier stock exchange in the country. It may be noted
that BSE is the oldest stock exchange in Asia, even older than the Tokyo Stock Exchange,
which was founded in 1878. The country's second stock exchange was established in
Ahmedabad in 1894, followed by the Calcutta Stock Exchange (CSE). CSE can also
trace its origin back to 19th century. From a get together under a 'Neem Tree' way
back in the 1830s, the CSE was formally established in May 1908.
India's other major stock exchange National Stock Exchange (NSE),
promoted by leading financial institutions, was established in April 1993. Over the years,
several stock exchanges have been established in the major cities of India. There are
now 23 recognized stock exchanges — Mumbai (BSE, NSE and OTC), Calcutta, Delhi,
Chennai, Ahmedabad, Bangalore, Bhubaneswar, Coimbatore, Guwahati, Hyderabad,
Jaipur, Kochi, Kanpur, Ludhiana, Mangalore, Patna, Pune, Rajkot, Vadodara, Indore and
Meerut. Today, most of the global stock exchanges have
become highly efficient, computerized organizations.
Computerized networks also made it possible to connect to each other and have fostered
the growth of an open, global securities market.
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.
Online Trading is a service offered on the Internet for purchase and sale of shares.
In the real world, you place orders on your stockbroker either verbally (personally or
telephonically) or in a written form (fax). In Online Trading, you will access a
stockbroker's website through your internet-enabled PC and place orders through the
broker's internet-based trading engine. These orders are routed to the Stock Exchange
without manual intervention and executed thereon in a matter of a few seconds.
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. Indiainfoline.com, ICICIDirect.Com, IndiaBulls.Com,
AngelBroking.com, Angel broking.Com, HDFCSecurities.Com is some of the
online broking sites in India.

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Online Trading Process:-
The various transactions involved in online trading can be shown from the point of
view of the
 Client
 Broker
 Stock Exchanges

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CHAPTER-2
COMPANY PROFILE
 INTRODUCTION
“Angel Broking” is the retail broking arm of SSKI, an organization
with more than eight decades of trust & credibility in the stock market. It is India's leading
retail financial Services Company with We have over 250 share shops across 115 cities in
India. While our size and strong balance sheet allow us to provide you with varied
products and services at very attractive prices, our over 750 Client Relationship Managers
are dedicated to serving your unique needs. Angel Broking is lead by a highly regarded
management team that has invested crores of rupees into a world class Infrastructure
that provides our clients with real-time service & 24/7 access to all information and
products. Our flagship Angel Broking Professional Network offers real-time prices,
detailed data and news, intelligent analytics, and electronic trading capabilities, right at
your fingertips. This powerful technology complemented by our knowledgeable and
customer focused Relationship Managers. We are creating a world of Smart Investor.
Angel Broking offers a full range of financial services and products ranging from Equities
to Derivatives enhance your wealth and hence, achieve your financial goals. Angel
Broking' Client Relationship Managers are available to you to help with your financial
planning and investment needs. To provide the highest possible quality of service, Angel
Broking provides full access to all our products and services through multi-
channels.
INTRODUCTION TO ANGEL
In a shot span of 22 years since inception, the Angel Group has emerged as one of
the top five retail stock broking houses in India, having membership of BSE, NSE and the
two leading Commodity Exchanges in the country i.e. NCDEX & MCX. Angel Broking
is also registered as a Depository Participant with CDSL.
The group is promoted by Mr. Dinesh Thakkar, who started this business as a
sub-broker in 1987 with a team of 3. Today the angel group is managed by a team of 1937
direct employees and has a nationwide network comprising of 21 Regional hubs, 124
branches and 6810 sub brokers & business associates. Angel is 100% focused on

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retail stock broking business unlike any other larger national broking house. The
group currently services more than 5.9 thousand retail clients.
Angel habitually generates value added features without the cost burden being
passed on to the clients as they strongly believe that better understanding of client’s needs
and wants is their top priority. Their e-broking facility is one such effort, which gives the
client a platform to access state of the art trading facility at the click of a button.
Angel has always strived for delivering customer delight and developing strong
long term bonds with its clients as well as channel partners. Angel thrives on a vision to
introduce new and innovative products and services constantly. Moreover, Angel has
been among the pioneers to introduce the latest technological innovations and integrate
them efficiently within its business.
About the Angel
Angel Booking’s tryst with excellence in customer relations began more than 20 years
ago. Angel Group has emerged as one of the top 3 retail broking houses in India and
incorporated in 1987. Today, Angel has emerged as a premium Indian stock-broking and
wealth management house, with an absolute focus on retail business and a commitment to
provide "Real Value for Money" to all its clients.
It has memberships on BSE, NSE and the leading commodity exchanges in India
NCDEX & MCX. Angel is also registered as a depository participant with CDSL.
Angel Group Companies
Member on the BSE and Depository Participant with
Angel Broking Ltd.
CDSL
Angel Capital & Debt Market Membership on the NSE Cash and Futures & Options
Ltd. Segment
Angel Commodities Broking Ltd. Member on the NCDEX & MCX
Angel Securities Ltd. Member on the BSE

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MANAGEMENT
1. Mr. Dinesh Thakkar, Founder Chairman & Managing Director
2. Mr. Lalit Thakkar Director – Research
3. Mr. Amit Majumdar Executive Director – Strategy and Finance
4. Mr. Rajiv Phadke Executive Director – HR & Corp
5. Mr. Vinay Agrawal Executive Director – Equity Broking
6. Mr. Nikhil Daxini Executive Director - Sales and Marketing
7. Mr. Hitungshu Debnath Executive Director - Distribution & Wealth Management
8. Mr. Mudit Kulshreshtha Executive Director – Operations
COMPETITOR’S INFORMATION
 Motilal Oswal
 ICICI Direct
 Indiabulls
 Sharekhan
 HDFC Securities
MILESTONES
 Awarded with 'Broking House with Largest Distribution Network' and 'Best
Retail Broking House' at Dun & Bred street Equity Broking Awards 2009
 August, 2008 Crossed 500000 trading accounts
 November, 2007 ‘Major Volume Driver’ for 2007
 December, 2006 Created 2500 business associates
 October, 2006 ‘Major Volume Driver’ award for 2006
 September, 2006 Launched Mutual Fund and IPO business
 July, 2006 Launched the PMS function
 October, 2005 ‘Major Volume Driver’ award for 2005
 September, 2004 Launched Online Trading Platform
 April, 2004 Initiated Commodities Broking division
 April, 2003 First published research report
 November, 2002 Angel’s first investor seminar
 March, 2002 Developed web-enabled back office software

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ANGEL’S BUSINESS PHILOSOPHY

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Motto
To have complete harmony between quality-in-process and continuous improvement to
deliver exceptional service that will delight our Customers and Clients.
CRM Policy
“A Customer is the most Important Visitor on our premises. He is not dependent on us,
but we are dependent on him. He is not an interruption in our work. He is the purpose of
it. He is not an outsider in our business. He is part of it. We are not doing him a favour by
serving him. He is doing us a favour by giving us an opportunity to do so.”
- Mahatma Gandhi
Quality Assurance Policy
We are committed to providing world-class products and services which exceed the
expectations of our customers, achieved by teamwork and a process of continuous
improvement.

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MEMBERSHIP
Angel Group Memberships:
 BSE- Cash and F&O
 NSE- Cash and F&O
 NCDEX & MCX – Commodities & Currency Futures
Angel has the largest no. of sub-brokers registered on NSE
Angel has the largest volume on BSE
Angel has the highest number of Trading Terminals.
Angel is also registered as a Depository Participant with CDSL.
RETAIL CENTRIC FOCUS
Aggressive expansion (locations, products/ offerings & customer base)
Scalable systems and processes Leveraging technology for cost-efficient high-
quality service.
Effective Human Resource Development

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ANGEL BUSINESS
GLOBAL PARTNER
International Finance Corporation (IFC) – A Subsidiary of World
Bank has invested in Angel Broking.
This is the first time that IFC has invested in Equity Broking
and Wealth Management
Equity Broking BSE, NSE
Commodity
Broking
NCDEX,
MCX
Broking Business
Currency
Trading
NSE, MCX
E-Broking
Core Business
Life Insurance BSLI
Portfolio
management
Wealth Management and
Distribution Business
Mutual Funds
IPO Advisory

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UNIQUE PROPOSITIONS
A very strong and dedicated Research and Advisorydesk.
One of the highest success ratios in both technical and fundamentalcalls.
An excellent IT infrastructure in place with over 18144 trading terminals and
610 VSATs with a server uptime of 99.9%.
100% Retail centric focus and total commitment towards retailcustomers.
Some of the best fund managers running our Portfolio Management Services
to enable clients to minimize their risk, enhance return and diversify their
portfolios.
Training Programs to upgrade the knowledge base & competency levels of
our employees, channel partners & even our end customers.
Our KYC operations run 24/7 to ensure a TAT of less than 48 hours to
generate client codes.
One of the lowest transaction charges of depository services in the country
A client can use all the three online trading platforms with same login
and password
Conducting Investor’s Camp across various places in the country to increase
awareness of retail segment about capitalmarkets
Our fund managers and analysts have been featuring daily on various
business news channels like
 CNBC TV18
 ET Now
 Zee Business
 Bloomberg UTV
 NDTV Profit
 CNBC Awaaz

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 PRODUCTS AND SERVICES OF ANGEL BROKING
PRODUCTS
1. EQUITIES TRADING
Shares are one of the best long-term investments in the financial market place. However, it
can be a precarious proposition due to the risks involved in potential returns. The level of
risk involved varies but, if you want to make money, you can't cut out all the risk. It’s best
to take help of an experienced and trustworthy expert who will guide you on when, where
and how to invest.
Angel Broking provides thorough guidance on the stock market along with multiple
trading solutions and value-added tools & services so that you get the best returns out of
your investments.
The Angel Advantage
 Three different online products tailored for traders & investors
 Customized single-screen Market Watch for multiple exchanges
 Real-time rates
 Flash news & intra-day calls
 Intra-day & historical charts with technical tools
 Online research
 E-broking & back-office software training
2. COMMODITIES TRADING
The Commodities Derivative market is the new emerging avenue for investors to increase
wealth. Commodities are also the next best option after stocks and bonds for portfolio
diversification. Based on the fundamentals of demand and supply, Commodities form a
separate asset class offering investors, arbitrageurs and speculators immense potential to
earn returns.

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Angel Broking harnesses the immense potential of the Commodities market by providing
you a simple and effective interface, thorough research and knowledge.
The Angel Advantage
 3 online products tailored for traders & investors
 Single-screen customized Market-Watch for MCX & NCDEX with BSE & NSE
 Streaming quotes
3. DERIVATIVES
The derivative segment is a highly lucrative market that gives investors an opportunity to
earn superlative profits (or losses) by paying a nominal amount of margin. Over past few
years, Future & Options segment has emerged as a popular medium for trading in financial
markets. Future contracts are available on Equities, Indices, Currency and Commodities.
Angel with its membership as Trading and Clearing Member of NSE F&O Segment and
BSE Derivatives Segment, provides you a gateway to the exciting world of derivative
market.
The Angel Advantage
 Pan India presence
 Online and offline transaction facility
 Schemes from all major fund houses
 Latest MF News and Fund Manager views
 Latest New Fund Offers (NFO)
 Information and tools to help you select the right scheme
 Dedicated Customer Help desk
 24x7 Web-enabled Client Back Office
4. CURRENCY AND FOREX TRADING
The global increase in trade and foreign investments has led to inter-connection of many
national economies. This and the resulting fluctuations in exchange rates, has created a

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huge international market for Forex, opening up another exciting avenue for trading. The
Forex market offers unmatched potential for profitable trading in any market condition or
any stage of the business cycle.
The Angel Advantage
 Low Commission
 No Middlemen
 Standardized Lot Size
 Transaction Costs as low as 0.07%
 High Liquidity
 Instant Transactions
 Low Margin, High Leverage
 Online Access
 Interbank Market
 Self-regulatory
 No Insider Trading
 Limited Regulation
5. LIFE INSURANCE
Ensure your family’s well-being by securing their future with a life insurance policy. No
financial planning is complete without life insurance. Angel offers an array of life
insurance products like Term Plans, Endowment Plans, Money back Plans, Children Life
Insurance Plans and ULIP Plans to meet your individual insurance requirements.
The Angel Advantage
 Affordable premium with maximum life cover
 Assistance at your doorstep
 Tailor-made plans to suit your financial needs
 Help desk for all your queries
 Hassle-free and transparent dealings
6. MUTUAL FUND INVESTMENTS

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Investing in a Mutual fund is an excellent way of diversifying risk as well as portfolio.
Angel presents its Mutual fund services that strive to meet all your mutual fund investment
needs. We have a wide spectrum of investment schemes from all top mutual fund houses.
Angel also provides recommendations based on in-depth research, mutual fund
performance and mutual fund ratings to help meet your investment goals.
Why Angel
 Pan India presence
 Online and offline transaction facility
 Schemes from all major fund houses
 Latest Mutual Fund news and Fund Manager viewpoints
 Latest New Fund offers (NFO)
 Information and tools to help you select the right scheme
 Dedicated customer help desk
 24x7 web-enabled client back office
SERVICES
1. PORTFOLIO MANAGEMENT SERVICES (PMS)
Angel Broking offers professional Portfolio Management Services (PMS) to HNIs who
seek customized solutions to realize their investment goals. PMS is a customised offering,
providing a range of investment options best suited for you in the current market scenario.
Our Portfolio Managers are equipped to create an investment portfolio across various
investment avenues like Equities, Fixed Deposits, Bonds etc. to meet your unique needs.
The Angel Advantage
 Investment in companies that have a strong competitive advantage over their peers
 Well laid-out investment philosophy
 Pro-active management of funds
 Dedicated Relationship Manager
 Quarterly newsletter from fund management team
 Committed parentage
 Minimum Investment of Rs. 25 lakhs and multiples of Re. 1 thereafter

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 Flexibility in mode of payment- Cheque or stock transfer, or both
2. DEMAT ACCOUNT
WHAT IS A DEMAT ACCOUNT?
DEMAT Account came into existence in India in 1996, stocks and shares were issued and
traded in physical paper form. With the age of computers and Technology, shares and
securities are held electronically in a dematerialized form (DEMAT Account), instead of
the investor taking physical possession of certificates. It allows you to buy, sell as well as
transact conveniently without the need of any paperwork. Open your DEMAT account by
registering with a Stock Broker from Angel Broking..
WHY DO YOU NEED A DEMAT ACCOUNT?
Nowadays, all trades are settled in dematerialized form. Although the market regulator, the
Securities and Exchange Board of India (SEBI), has allowed trades of upto 500 shares to
be settled in physical form, trading using a DEMAT account is widely accepted. Hence,
you require to have a DEMAT account for dealing in Stocks and Shares.
Advantages of DEMAT Account
 Environment Friendly - Less paperwork since securities held in electronic form
 Secure and convenient way to keep track of shares
 Quick Settlement
 Time-Saving
 No Storage Risk – Unlike paper certificates dematerialized stocks and shares can’t
be stolen or damage or forged
 All in one - Trade in Equity, gold ETFs and commodity futures
The Angel Advantage
 Present in the industry since 1987
 Technology enabled DEMAT & Trading Account
 Technical and fundamental research guidance

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3. ANGEL BROKING DEPOSITORY SERVICES
With Angel Broking you’ll get dual benefits of trading and depository services that are
efficient, risk-free and prompt. Angel is registered as a Depository Participant with CDSL.
We are also a member of the Bombay Stock Exchange (BSE), National Stock Exchange
(NSE) and the two leading Commodity Exchanges in the country–NCDEX & MCX.
Enjoy exclusive benefits by registering with us
 No risk of loss, wrong transfer, mutilation or theft of share certificates
 Hassle-free automated pay-in of your sell obligation
 Reduced paper work
 Speedy settlement process resulting in increased liquidity of your securities
 Instant disbursement of non-cash benefits like Bonus and Rights
 Efficient pledge mechanism
 Wide branch coverage
 Personalized help service
 No charges for extra transaction statement and holding statement
 Combined monthly 'Bill-cum-Transaction-cum-Holding-cum-Ledger' statement of your
investments
 Avail of the 'Basic Service Demat Account' scheme introduced by SEBI. For details
contact your branch
The Angel Advantage
 Automated pay-in facility
 Information anytime, anywhere
 Quarterly DEMAT statements with valuation
 Statements on demand
 View DEMAT A/C statement online
 Competitive transaction charges
4. INTRADAY TRADING TIPS

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With Angel Broking’s Intraday Trading, you can buy and sell stocks on the same day
instead of waiting for delivery after 2 days. If you’re trading in stock markets, you buy
stocks and get the delivery in their DEMAT account after the settlement process is over,
which takes 2 days (T+2) from the day transaction takes place.
Intraday Trading Tips
 Study the types of stocks of companies you want to invest in
 Buy shares of different companies from different sectors
 Buy/Sell for intraday and square off the position as soon as desired profit is achieved
 Check the trend patiently using technical analysis and accordingly, go for fewer
transactions
 Trade only in high liquidity stocks (preferably NSE 200 stocks)
 Always use protective stop losses
 Do not carry forward a loss making intraday trade
The Angel Advantage
 Market update news even at night
 Efficient money management
 Profit-making basis price fluctuations
5. INVESTMENT MANAGEMENT ADVISORY
Even a seasoned investor knows that effective timing of markets is not possible. Therefore,
professional and expert advice is essential to generate superior returns from the stock
market. Supported by a highly specialized and dedicated research team, Angel follows a
client-centric approach to offer customized solutions.
At Angel Broking, we offer you investment advisory services with ternary objective of
superior returns, risk minimization and portfolio diversification. Investment management
for clients are done through Angel Gold. It is a planning-based investment advisory service
with a highly disciplined approach to investment management. For regular clients Angel
provides SMS investment advisory services called ‘Market in your Pocket’ that includes
daily stock views, investment views, market news and technical calls.

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The Angel Advantage
 One-to-One communication
 Effective investment advice and research reports
 Daily calls before market hours
6. NRI INVESTMENT SERVICES
Angel Broking understands the varied needs of the NRIs and values your patronage. We
offer a bouquet of products and services exclusively devised for the unique needs of NRIs.
The Angel Advantage
 NRI services desk for personalized assistance
 Dedicated offline equity dealing desk
 Online equity trading platforms
 Depository services
 24x7 back office
 NRI investment advisory desk
 PMS
 IPO and mutual funds
E-broking
Unique Online Trading products customized to suit different Investment / Trading needs–
 Angel Investor
 Angel Diet
 Angel Trade
Back-Office
Online Client Details includes –
 Ledger balances
 Cash Deposits with Angel
 Securities Holdings
 Charges levied/paid in the client’s account
 Last auction / close-outs effected
 DP Holding for the last 3 transactions

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Advisory
Intraday calls BTST calls Long term
calls
Positional calls
Angel Trading

29
ANGEL BROKING’S ACCOUNT TYPES:-
1. Angel Classic:-
This account is from a beginner’s point of view. One should pay minimum Rs.10,000 at the
time of account opening, that amount will be later utilized by customer only for trading.
Margin Amount will specify the brokerage which one have to pay during trading.
For example:- If a person trade for Rs.10000 in equities, then his brokerage will be rs.32 +
14% service tax on brokerage.
2. Angel Preferred:-
In this type of account, one have to pay minimum Rs. 25,000, to get brokerage .224%
delivery and .0224% intraday &Future.
(No AMC for 1 Year)
For example:- If a person trade for Rs.10000 in equities, then his brokerage will be rs.22 +
3. Angel Premier:-
Premier account is for the customers whose initial starting is Rs.50,000 to Rs.99,999. These
customers have to pay low brokerage as .176% delivery and .0176% intraday & future.
For example:- If a person trade for Rs.10000 in equities, then his brokerage will be rs.17.6 +
4. Angel Elite:-
Elite account will be used by the customers having initial amount 1 lakh and more. They are
the one who will pay least brokerage under us as brokerage varies as per the initial starting
amount.
For example:- If a person trade for Rs.10000 in equities, then his brokerage will be rs.12.8+

30
BROKERAGE
The brokerage in Angel broking is decided based on the initial margin you provide to open
the account. The concept being the higher the initial margin deposited, higher would be the
trading done by the customer. You can generally negotiate a better brokerage rate with them
once you start trading. Depending on the volume of trade they should be able to provide you
a more competitive rate.
If Initial margin check is more then 25,000
Intraday (Buy & Sell): Rs. 0.04% per trade
Delivery (Buy & Sell): Rs. 0.40% per trade
F&O (Buy & Sell): Rs. 0.04% per trade
If Initial margin check is more then 50,000
Intraday (Buy & Sell) : Rs. 0.03% per trade
Delivery (Buy & Sell): Rs. 0.30% per trade
F&O (Buy & Sell): Rs. 0.03% per trade
If Initial margin check is more than 1,00,000
Intraday (Buy & Sell) : Rs. 0.02% per trade
Delivery (Buy & Sell) : Rs. 0.20% per trade
F&O (Buy & Sell) : Rs. 0.02% per trade
ANGEL BROKING’S TRADING PLATFORMS
Angel Broking offers 4 trading platforms to its customers.
 Angel Mobile App : Angel Brokings’s New Mobile App is a provide mobile based
trading platform for clients who want to trade using there Smartphone’s. The app
provides all the functionality like multiple index real time stock watch, intraday charts
and trading across multiple segments. You can also view your trade reports, contract
notes and P&L statements on the app. online fund transfer can also be done on app.
 Angel SpeedPro : It is an application based trading platform. The rates are updated
automatically. This platform is useful for investors & traders to access market from
different terminals. But to use this, you have to install the software on your system

31
which may not be possible for people who are trading using the office computers. It
suits well for Professional Traders.
 Angel Eye : IThis is a browser based trading platform which helps in managing your
portfolio, trade efficiently. This can be used by clients who trade from office and
cannot install the desktop based software on their computers. They provide trading in
all the segments from here and you can also purchase mutual fund through there
platforms.
PROCEDURE OF CLIENT ACQUISITION :-
 In the first phase we are given training and we are explained about different
things of market about Angel Broking Ltd, its introduction, products and services
offered by Angel Broking Ltd. We have been trained by their well experienced
Staff.
 After that we are trained to cope up with the customers, through there well
experienced Sales Executives.
 They provide us leads and we make calls. Three types of leads are provided to us :-
1. People who registers themselves on Angel Broking website willing to be
client of Angel broking and want to know about its product.
2. People who have Demat account already with any another broker.
(competitors Data)
3. People who are totally unknown to this market.
 Then after that we have to provide details of product and convince them. People who
have already demat account; we have to convince them by giving information about
Angel Broking services & benefits.
 And people who are unknown to share market, we tell them about Angel
Broking first step program for fresher.
 Then we have to visit them and get the formed filled from them.
 We collect all-important documents from client.

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PROCEDURE FOR OPENING A DP ACCOUNT WITH ANGEL
BROKING :-
 You can open a Depository Participant (DP) account, either through an Angel
Broking branch or through an Angel Broking Franchisee center.
 There is no fee for opening DP accounts with Angel Broking. However a
nominal deposit (refundable) is charged towards services which will be
adjusted against all future billings.
 All investors have to submit their proof of identity and proof of address along
with the prescribed account opening form.
IN DP ACCOUNT OPENING FORM :-
1. Minor details like name of the branch, name of the client & address and other
details of the client required to be mentioned in the form and Agreement.
2. Signatures are required on all pages of the agreement.
3. All the details (Name & address of the client) must be filled.
4. Name, Address & signature of the witness are compulsory. (Please note that 1
witness is required to sign on behalf of the client)
5. Please note that if the signature on the form & the proof provided differs, the form
will be liable for rejection. In such cases the client has to get his signatures
verified by the banker.
6. Nominee details must be supported by 2 witnesses (Name, Address & signature).
7. Minor accounts, HUF accounts, Corporate accounts, and Accounts having 3
holders cannot have nominees in a DP account.
8. Please note that joint accounts cannot be opened in case Minor accounts and
HUF accounts.
9. In case of any corrections on the application form & agreement holders have to
counter sign at place of the correction.
ACCOUNT OPENING REQUIREMENTS UNDER VARIOUS HEADS:-
(i) Proof of Identity (Any one of the following) :-
1. Photocopy of Valid Passport (Page containing the date of expiry
also to be attached)
2. Photocopy of Voters Identity card.

33
3. Photocopy of Valid Driving License (Page containing the date
of expiry also to be attached).
4. Photocopy of Pan card
5. Photocopy of MAPIN card
6. Identity card/document with applicant’s Photo, issued by
a) Central/State Government and its Departments,
b) Statutory/Regulatory Authorities,
c) Public Sector Undertakings,
d) Scheduled Commercial Banks,
e) Public Financial Institutions,
f) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council
etc., to their Members; and
g) Credit cards/Debit cards issued by Banks.
(ii) Proof of Address (Any one of the following) - (Provided the entire address
written on the form matches with the proof):-
a) Photocopy of Ration card.
b) Photocopy of Valid Passport (Page containing the date of expiry also to be
attached). (Copy of expiry date also to be submitted)
c) Photocopy of Voters Identity card.
d) Photocopy of Valid Driving License (Page containing the date of expiry
also to be attached). (Copy of expiry date also to be submitted)
e) Photocopy of Telephone or Electricity bill. (Government entity only &
should not be more than 3 months old)
f) Photocopy of Leave-License / Purchase Agreement.
g) Photocopy of Voters Identity card.
h) Photocopy of Bank Passbook or latest Bank statement.
i) Self-declaration by High Court & Supreme Court judges, giving the new
address in respect of their own accounts.
j) Identity card/document with address, issued by
 Central/State Government and its Departments,
 Statutory/Regulatory Authorities,
 Public Sector Undertakings,

34
 Scheduled Commercial Banks,
 Public Financial Institutions and
 Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their
Members.
(iii) Photocopy of cheque leaf of bank account number mentioned on the form to
verify the Bank MICR No.
(iv) Latest photograph signed by the client.

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 BACKGROUND OF PROBLEM
ABOUT THE EQUITY MARKET
 PRIMARY EQUITY MARKET
There are four ways in which a company may raise equity capital in the primary
market.
1. PUBLIC ISSUE
2. RIGHTS ISSUE
3. PRIVATE PLACEMENT
4. PREFERENTIAL ALLOTMENT
1. PUBLIC ISSUE
By far the most important mode of issuing securities, a public issue involves sale of
securities to the public at large. The company making a public issue has to go through
a fairly elaborate process which involves the following:
 Approval by the board
 Appointment of lead managers
 Appointment of other intermediaries like co-managers, advisors, underwriters,
bankers, brokers, and registrars
 Preparation of the prospectus
 Filing of the prospectus with the Registrar of Companies
 Printing and dispatch of prospectus and application form
 Filing of the initial listing application
 Promotion of the issue
 Statutory announcement
 Collection of applications
 Processing of applications
 Determination of the liability of underwriters
 Allotments of securities
 Listing of the issue

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STOCKINVEST SCHEME
When public issues get heavily over-subscribed, a large number of investors lose
interest on the subscription money locked with the company, while the issuing
company enjoys the benefits of float money. To prevent this, the Securities Exchange
Board of India has come out with the stock invest scheme. This is an additional
facility available to investors, besides the existing instruments like cash, cheques, and
drafts, to apply for public issues. The stocks invest scheme works as follows:
 An investor who has a savings account or current account with a bank applies, in a
prescribed form, for issue of a certain number of stocks invests of requisite
denominations.
 The bank issues the stock invests, which are properly dated, and marks a lien in the
account of the investor for the amount of stock invests issued.
 The investors submit the application form for a public issue along with the requisite
stock invests to the collecting banker.
 The collecting banker transmits the application form with stock invests to the registrar
of the issue.
 After the allotment is finalized, the registrar fills up the right side of the stock invest
form indicating the entitlement of the investor.
 The registrar presents the stock invests to the controlling branch of the colleting bank
for the public issue, claiming whatever amounts are relevant according to the
allotments.
 The collecting bank gives credit to the company’s accounts as stock invests are
guaranteed instruments.
 After the company’s account is credited, the registrar proceeds with formal allotment.
In case of full and partial allotment, the registrar intimates the successful applicants
through allotment advice. In case of unsuccessful applicants, the registrar returns the
applications form along with cancelled stock invests to the controlling bank, which in
turn advises the issuing bank.
 The issuing bank intimates the applicant about the release of lien on the account as
sequel to non-allotment.

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BOOK BUILDING
A company can use the process of book building to fine tune its price determination.
When a company employs the book building mechanism, it does not predetermine the
issue price or interest rate and invite subscription to the issue. Instead it starts with an
indicative price band which is determined through a consultative process with its
merchant bankers and asks its merchant bankers to invite bids from prospective
investors at different prices. Those who bid, are requires to pay the full amount.
Based on the response received from investors the final price is selected. Investors
who have bid a price equal to or more than the final price selected are given allotment
at the final price selected. Those who have bid for a lower price will get refund.
2. RIGHT ISSUE
A right s issue involves selling securities in the primary market by issuing rights to
the existing shareholders. When a company issues additional equity capital it has to be
offered in the first instance to the existing shareholders on pro rata basis. This is
required under section 81 of the Companies act 1956. The shareholders, however,
may be a special resolution forfeit this right, partially or fully, to enable a company to
issue additional capital to the public.
3. PRIVATE PLACEMENT
Private placement and preferential allotment involve sale of securities to a limited
number of sophisticated investors such as financial institutions, mutual funds, venture
capital funds, banks, and so on. What there does not seem to be a very clear-cut
distinction between the two in the Indian context we find that broadly (i) Private
Placement refers to sale of equity or equity related instruments of an unlisted
company or sale of debentures of a listed or unlisted company, and (ii) preferential
allotment refers to sale of equity or equity related instruments of a listed company.
Private placement in India is mostly of equity or equity-related instruments of unlisted
companies and debt instruments of listed companies.

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4. PREFERENTIAL ALLOTMENT
An issue of equity by a listed company to selected investors at a price which may or
may not be related to the prevailing market price is referred to as preferential
allotment in the Indian capital market. A preferential allotment is not related to a
public issue and certain categories of investors in a public issue. Preferential allotment
in India is given mainly to promoters or friendly investors to ward off the threat of
takeover. This is now a very popular means of raising fresh equity capital because: (1)
The cost and uncertainty associated with the public issue is high (2) Sophisticated
investors like mutual funds and private equity investors are likely to pay a higher
price.
The price at which a preferential allotment of share is made should not be lower than
the higher of the average of the weekly high and low of the closing prices of the
shares quoted on the stock exchange during the six months period before the relevant
date or during the two week period before the relevant date.
 SECONDARY EQUITY MARKET
For buying and selling any security in the market there must be a some medium to
make transaction. This medium is called secondary market. In secondary market one
can buy and sell the security which would listed in stock exchange.
The secondary market which represented an institutional mechanism that was
inadequate, non-transparent, hardly regulated and rarely geared to investor protection
till the early nineties, has also witness notable developments. Among them are the
prescriptions of norms by SEBI for intermediaries like brokers/sub-brokers/dealers in
trading/settlement, broad based governing boards of stock exchanges, capital
adequacy norms for the intermediaries, corporate membership, transparency in trading
and settlement practices, development of cash market, regulation of badla trading,
introduction of future/options trading. The setting up of the Over-The Counter
Exchange of India (OTCEI) and the National Stock Exchange (NSE) represents a
landmark in the direction of developing vibrant, strong, matured, and equitable
secondary market as an integral constituent of the emerging securities market in India.

39
An equally significant development has been the coming into being of the National
Securities Depositories Ltd (NSDL) and the system of dematerialized trading. The
commencement of derivative trading has certainly added to the sophistication of the
market greatly and integrates it with international markets. The corporatization and
demutualization of the stock exchanges, separating trading, ownership and
management is yet another crucial factor in the same direction.
TRADING
Each stock exchange has certain listed securities and permitted securities which are
traded on it. Members of the exchange alone are entitled to the trading privileges.
Investors interested in buying or selling securities should place their orders with the
members of the exchange.
There are two ways of organizing the trading activity the open outcry system and the
screen-based system.
1. OPEN OUTCRY SYSTEM
As the nomenclature suggests, under the open outcry system, traders shout and resort
to signals on the trading floor of the exchange which consist of several ‘notional’
trading posts for different securities. A member wishing to buy or sell a certain
security reaches the trading post where the security is traded. Here, he comes in
contact with others interested in transacting in that security. Buyers make their bids
and sellers make their offers and bargains are closed at mutually agreed-upon prices.
In stocks where jobbing is done, the jobber plays an important role. He stands ready
to buy or sell on his account. He quotes his bid (buying) and asks (selling) prices. He
provides some stability and continuity to the market.
2. SCREEN-BASED SYSTEM
In the screen-based system the trading ring is replaced by the computer screen and
distant participants can trade with each other through the computer network. A large
number of participants, geographically separated, can trade simultaneously at high
speeds. The screen-based trading system (a) enhances the information efficiency of
the market as more participants trade at a faster speed. (b) permits the markets
participants to get a full view of the market, which increases their confidence in the

40
market, and (c) establishes transparent audit trails While computerized trading is
more efficient, it decidedly lacks the vibrancy and vitality of the traditional floor
trading. Technology seems to have its own way of pushing colorful traditions and
practices into oblivion.
Till 1994, trading on the stock market in India was based on the open outcry system
with the establishment of the National Stock Exchange in 1994, India entered the era
of screen-based trading. Within a short span of time, screen-based trading has
supplanted the open outcry system on all the stock exchanges in the country, thanks to
SEBI’s initiative in this respect.
 Buyers and sellers place their orders on the computer. They can be limit orders or best
market price orders.
 The computer constantly tries to match mutually compatible orders on price and time
priority.
 The limit order book, i.e. the list of unmatched limit orders is displayed on the screen.
Put differently, it is open for inspection to all traders.
SETTLEMENT
Traditionally, trades in India were settled b physical delivery. This means that the
securities had to physically move from the seller to the seller’s broker, from the
seller’s broker to the buyer’s broker and from the buyer’s broker to the buyer. Further,
the buyer had to lodge the securities with the transfer agents of the company and the
created bed paper risk.
To enable the creation of depositories to facilities dematerialized trading in India, the
central government passed the Depositories Act, 1996. The highlights of this Act are
as follows.
 Every depository will be required to be registered with the Securities and
Exchanges Board of India.
 Investors will have the choice of continuing with the existing share certificates or
opt for the depository mode.

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 Investors opting to join the depository mode are required to register with the
agents for the depositories. These will be custodial agencies like banks, financial
institutions, and large brokerage firms.
 Shares in the depository mode will be fungible. This means that they will cease to
have distinctive numbers.
 Any loss caused to the beneficial owners due to the negligence of the depository
or the participant will be indemnified by the depository.
The National Securities Depository Limited (NSDL), India’s first depository, was set
up in 1996, it was followed by the Central Securities Depositories Limited (CSDL),
Both the depositories, the NSDL in particular, have recorded a significant growth in
their operations.
SHIFT TO ROLLING SETTLEMENT
Till recently share transactions in India were settled on the basis of a weekly account
period. (On the Bombay Stock Exchange the account period was Monday to Friday
and on the National Stock Exchange the settlement account period was Wednesday to
Tuesday.) This meant that purchase and sales during an account period could be
squared up and at the end of the account period, transactions could be settled on a net
basis.
The weekly settlement system along with the badla system of carrying forward
transaction from one account period to the next, according to many informed
observers of the Indian Stock market, led to unbridled speculative activity and
periodic market crisis. So, SEBI decided to introduce rolling settlement in important
scripts with effect from 1st January 2002. Under a rolling system each day constitutes
an account period and its trades are settled after a few days. For example, under the
T+5 rolling settlement which was introduced initially, the trades were settled after
5days. With effect from April 1, 2002, the T+3 settlements system has been
introduced

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ABOUT THE DERIVATIVES
INTRODUCTION
Keeping in view the experience of even strong and developed economies the world over, it is
no denying the fact that financial market is extremely volatile by nature. Indian financial
market is not an exception to this phenomenon. The attendant risk arising out of the volatility
and complexity of the financial market is an important concern for financial analysts. As a
result, the logical need is for those financial instruments which allow fund managers to better
manage or reduce these risks.
Out of various risks, Credit Risk and Interest Rate risk are the two core risks, which are
commonly acknowledged by various categories of Financial Institutions particularly banks.
Effective management of these core risks is a critical factor in comprehensive risk
management and is essential for the long-term financial health of business organizations,
especially banks. With gradual liberalization of Indian financial system and the growing
integration among markets, the risks associated with operations of banks and All India
Financial Institutions have become increasingly complex, requiring strategic management. In
keeping with spirit of the guidelines on Asset-Liability Management (ALM) systems and on
integrated risk management systems, it is very much required to design risk management
architecture, taking into consideration the size, complexity of business, risk philosophy,
market perception and the level of capital. In addition, fine-tuning the risk management
system to deal with credit and market risk is also the need of the hour. For enabling the banks
and the financial institutions, among others, to manage their risk effectively, the concept of
derivatives comes into picture. The emergence of the market for derivative products, most
notably forwards, futures and options, can be traced back to the willingness of risk-averse
economic agents to guard themselves against uncertainties arising out of fluctuations in asset
prices. By their very nature, the financial markets are marked by a very high degree of
volatility. Through the use of derivative products, it is possible to partially or fully transfer
price risks by locking–in asset prices. As instruments of risk management, these generally do
not influence the fluctuations in the underlying asset prices. However, by locking-in asset
prices, derivative products minimize the impact of fluctuations in asset prices on the
profitability and cash flow situation of risk-averse investors.

43
MEANING
A derivative is a financial instrument, which derives its value from some other financial
price. This “other financial price” is called the underlying. The underlying asset can be
equity, FOREX, commodity or any other asset.
A wheat farmer may wish to contract to sell his harvest at a future date to eliminate the risk
of a change in prices by that date. The price for such a contract would obviously depend upon
the current spot price of wheat. Such a transaction could take place on a wheat forward
market. Here, the wheat forward is the “derivative” and wheat on the spot market is “the
underlying”. The terms “derivative contract”, “derivative product”, or “derivative” are used
interchangeably. The most important derivatives are futures and options.
Example: -
A very simple example of derivatives is curd, which is derivative of milk. The price of curd
depends upon the price of milk, which in turn depends upon the demand, and supply of milk.
See it this way. American depository receipts/ global depository receipts of ICICI, Satyam
and Infosys traded on stock exchanges in the USA and England have their own values? No.
They draw their price from the underlying shares traded in India.
Consider how the value of mutual fund units changes on a day-to-day basis. Don’t mutual
fund units draw their value from the value of the portfolio of securities under the schemes?
Aren’t these examples of derivatives? Yes, these are. And you know what, these examples
prove that derivatives are not so new to us. Nifty options and futures, Reliance futures and
options, Satyam futures and options etc are all examples of derivatives. Futures and options
are the most common and popular form of derivatives.
HISTORY
The derivatives markets has existed for centuries as a result of the need for both users and
producers of natural resources to hedge against price fluctuations in the underlying
commodities. India has been trading derivatives contracts in silver, gold, spices, coffee,
cotton and oil etc for decades in the gray market. Trading derivatives contracts in organized
market was legal before Morarji Desai’s government banned forward contracts. Derivatives
on stocks were traded in the form of “Teji” and “Mandi” in unorganized markets. Recently
futures contract in various commodities was allowed to trade on exchanges. In June 2000,
NSE and BSE started trading in futures on Sensex and Nifty. Options trading on Sensex and

44
Nifty commenced in June 2001. Very soon thereafter trading began on options and futures in
31 prominent stocks in the month of July and November respectively. The market lots keeps
on changing from time to time. The minimum quantity you can trade in is one market lot.
DERIVATIVES: AN INDIAN CONTEXT:
In Indian context, the intensity of derivatives usage by institutional investors (viz. Banks,
Financial Institution; Mutual Funds, Foreign Institutional Investors, Life and General
Insurers) depend on their ability and willingness to use derivatives for one or more of the
following purposes:
 Risk containment: using derivatives for hedging and risk containment purposes
 Risk Trading/Market Making: Running derivatives trading book for profits and
arbitrage; and/or
 Covered Intermediation: On-balance-sheet derivatives intermediation for client
transaction, without retaining any net-risk on the balance sheet (except credit risks).
TYPES OF DERIVATIVES
Derivative as a term conjures up visions of complex numeric calculations, speculative
dealings and comes across as an instrument which is the prerogative of a few ‘smart finance
professionals’. In reality it is not so. In fact, a derivative transaction helps cover risk, which
would arise on the trading of securities on which the derivative is based and a small investor
can benefit immensely. “A derivative security can be defined as a security whose value
depends on the values of other underlying variables.” Very often, the variables
underlying the derivative securities are the prices of traded securities.
Derivatives and futures are basically of 3 types:
 Forwards
 Futures
 Options
 Swaps

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FORWARDS:
A forward contract is the simplest mode of a derivative transaction. It is an agreement to buy
or sell an asset (of a specified quantity) at a certain future time for a certain price. No cash is
exchanged when the contract is entered into.
Illustration: - Shyam wants to buy a TV, which costs Rs 10,000 but he has no cash to buy it
outright. He can only buy it 3 months hence. He, however, fears that prices of televisions will
rise 3 months from now. So in order to protect himself from the rise in prices Shyam enters
into a contract with the TV dealer that 3 months from now he will buy the TV for Rs 10,000.
What Shyam is doing is that he is locking the current price of a TV for a forward contract.
The forward contract is settled at maturity. The dealer will deliver the asset to Shyam at the
end of three months and Shyam in turn will pay cash equivalent to the TV price on delivery.
FUTURES:
It is an agreement between two parties to buy or sell an asset at a certain time in the future at
a certain price through exchange traded contracts.
A Future represents the right to buy or sell a standard quantity and quality of an asset or
security at a specified date and price. Futures are similar to Forward Contracts, but are
standardized and traded on an exchange, and are valued, or "Marked to Market” daily. The
DERIVATIVES
Options Futures Swaps Forwards
Commodity Security
Interest Rate CurrencyPut Call

46
Marking to Market provides both parties with a daily accounting of their financial
obligations under the terms of the Future. Unlike Forward Contracts, the counterparty to a
Futures contract is the clearing corporation on the appropriate exchange. Futures often are
settled in cash or cash equivalents, rather than requiring physical delivery of the underlying
asset. Parties to a Futures contract may buy or write Options on Futures.
OPTIONS:
An option is a contract, which gives the buyer the right, but not the obligation to buy or sell
shares of the underlying security at a specific price on or before a specific date.
‘Option’, as the word suggests, is a choice given to the investor to either honor the contract;
or if he chooses not to walk away from the contract. There are two kinds of options: Call
Options and Put Options.
A Call Option is an option to buy a stock at a specific price on or before a certain date.
When you buy a Call option, the price you pay for it, called the option premium, secures your
right to buy that certain stock at a specified price called the strike price. If you decide not to
use the option to buy the stock, and you are not obligated to, your only cost is the option
premium.
Put Options are options to sell a stock at a specific price on or before a certain date. In this
way, Put options are like insurance policies. With a Put Option, you can "insure" a stock by
fixing a selling price. If something happens which causes the stock price to fall, and thus,
"damages" your asset, you can exercise your option and sell it at its "insured" price level. If
the price of your stock goes up, and there is no "damage," then you do not need to use the
insurance, and, once again, your only cost is the premium.
Technically, an option is a contract between two parties. The buyer receives a privilege for
which he pays a premium. The seller accepts an obligation for which he receives a fee.

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CALL OPTIONS
Call options give the taker the right, but not the obligation, to buy the underlying shares at a
predetermined price, on or before a predetermined date.
Illustration: - Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8
This contract allows Raj to buy 100 shares of SATCOM at Rs 150 per share at any time
between the current date and the end of next August. For this privilege, Raj pays a fee of Rs
800 (Rs eight a share for 100 shares).
The buyer of a call has purchased the right to buy and for that he pays a premium.
Now let us see how one can profit from buying an option; Sam purchases a December call
option at Rs 40 for a premium of Rs 15. That is he has purchased the right to buy that share
for Rs 40 in December. If the stock rises above Rs 55 (40+15) he will break even and he will
start making a profit. Suppose the stock does not rise and instead falls he will choose not to
exercise the option and forego the premium of Rs 15 and thus limiting his loss to Rs 15.
Call Options-Long & Short Positions
When you expect prices to rise, then you take a long position by buying calls. You are
bullish.When you expect prices to fall, then you take a short position by selling calls. You are
bearish.
PUT OPTIONS
A Put Option gives the holder of the right to sell a specific number of shares of an agreed
security at a fixed price for a period of time.

48
Illustration:- Raj is of the view that the a stock is overpriced and will fall in future, but he
does not want to take the risk in the event of price rising so purchases a put option at Rs 70
on ‘X’. By purchasing the put option Raj has the right to sell the stock at Rs 70 but he has to
pay a fee of Rs 15 (premium).
So he will breakeven only after the stock falls below Rs 55 (70-15) and will start making
profit if the stock falls below Rs 55.
Put Options-Long & Short Positions
When you expect prices to fall, then you take a long position by buying Puts. You are
bearish.
When you expect prices to rise, then you take a short position by selling Puts. You are
bullish.
CALL OPTIONS PUT OPTIONS
If you expect a fall in price(Bearish) Short Long
If you expect a rise in price (Bullish) Long Short
IMPORTANT FACTORS IN DERIVATIVES
HEDGING
We have seen how one can take a view on the market with the help of index futures. The
other benefit of trading in index futures is to hedge your portfolio against the risk of trading.
In order to understand how one can protect his portfolio from value erosion let us take an
example.
Illustration: Ram enters into a contract with Shyam that six months from now he will sell to
Shyam 10 dresses for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he
will make a profit of Rs 3000 if the sale is completed.
Cost (Rs) Selling price Profit
1000 4000 3000

49
However, Ram fears that Shyam may not honor his contract 6 months from now. So he
inserts a new clause in the contract that if Shyam fails to honor the contract he will have to
pay a penalty of Rs 1000. And if Shyam honors the contract Ram will offer a discount of Rs
1000 as incentive.
Shyam defaults Shyam honors
1000 (Initial Investment) 3000 (Initial profit)
1000 (penalty from Shyam) (-1000) discount given to Shyam
- (No gain/loss) 2000 (Net gain)
As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his
initial investment. If Shyam honors the contract, Ram will still make a profit of Rs 2000.
Thus, Ram has hedged his risk against default and protected his initial investment. The above
example explains the concept of hedging.
SPECULATION
Speculators are those who do not have any position on which they enter in futures and
options market. They only have a particular view on the market, stock, commodity etc. In
short, speculators put their money at risk in the hope of profiting from an anticipated price
change. They consider various factors such as demand supply, market positions, open
interests, economic fundamentals and other data to take their positions.
Illustration: Ram is a trader but has no time to track and analyze stocks. However, he fancies
his chances in predicting the market trend. So instead of buying different stocks he buys
Sensex Futures.
On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise
in future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number
of contracts to close out his position.
Selling Price : 4000*100 = Rs 4,00,000
Less: Purchase Cost: 3600*100 = Rs 3,60,000
Net gain Rs 40,000

50
Ram has made a profit of Rs 40,000 by taking a call on the future value of the Sensex.
However, if the Sensex had fallen he would have made a loss. Similarly, if would have been
bearish he could have sold Sensex futures and made a profit from a falling profit. In index
futures players can have a long-term view of the market up to atleast 3 months.
ARBITRAGE
An arbitrageur is basically risk averse. He enters into those contracts were he can earn
riskless profits. When markets are imperfect, buying in one market and simultaneously
selling in other market gives risk less profit. Arbitrageurs are always in the look out for such
imperfections.
In the futures market one can take advantages of arbitrage opportunities by buying from
lower priced market and selling at the higher priced market. In index futures arbitrage is
possible between the spot market and the futures market.
 Assume that Nifty is at 1200 and 3 month’s Nifty futures is at 1300.
 The futures price of Nifty futures can be worked out by taking the interest cost of
3 months into account.
 If there is a difference then arbitrage opportunity exists.
Let us take the example of single stock to understand the concept better. If Wipro is quoted at
Rs 1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC
at Rs 1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3
months at Rs 1070.
Sale = 1070
Cost= 1000+30 = 1030
Arbitrage profit = 40
These kinds of imperfections continue to exist in the markets but one has to be alert to the
opportunities as they tend to get exhausted very fast.

51
MARGINS
The margining system is based on the JR Verma Committee recommendations. The actual
margining happens on a daily basis while online position monitoring is done on an intra-day
basis.
Daily margining is of two types:
1. Initial margins
2. Mark-to-market profit/loss
The computation of initial margin on the futures market is done using the concept of Value-
at-Risk (VaR). The initial margin amount is large enough to cover a one-day loss that can be
encountered on 99% of the days. VaR methodology seeks to measure the amount of value
that a portfolio may stand to lose within a certain horizon time period (one day for the
clearing corporation) due to potential changes in the underlying asset market price. Initial
margin amount computed using VaR is collected up-front.
The daily settlement process called "mark-to-market" provides for collection of losses that
have already occurred (historic losses) whereas initial margin seeks to safeguard against
potential losses on outstanding positions. The mark-to-market settlement is done in cash.
 SCOPE OF THE STUDY
The research that is being conducted by us will be useful in the following respect.
 This will help the company, how to make people aware about Equity Market by
imparting best education.
 This will help the company to know the taste of masses and turn it towards Equity
Market.
 This will help the company to frame effective Marketing Strategy.
 This will also help to select the right media for advertising to create brand awareness
as well as to give knowledge of the products.
 Mind share of Angel Broking can be known.
 This will also help to select right medium for trading in Equity Market segment.
 This will help the company to reduce the obstacles which come in the way for the
development of Equity Market segment.

52
CHAPTER-3
RESEARCH METHODOLOGY
 INTRODUCTION TO RESEARCH METHODOLOGY
“A Research is careful investigation or inquiry, especially through search for new facts in any
branch of knowledge. It is a systemized effort to gain more knowledge.”
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. We study the various
steps that are generally adopted by a researcher in studying his research problem along with
the logic behind them. It is necessary for the researcher to know not only the research
methods or techniques but also the methodology. Researcher always needs to understand the
assumptions underline various technique and they need to know the criteria by which they
can decide that certain technique and procedures will be applicable to certain problems and
other will not.
RELEVANCE OF THE STUDY
Any country of the world is measured by its economy. The economy indicates whether the
nation is strong or weak, developed or under – developed.
Financial market is one of the factors which affect the economy of any country. Stock market
affects Indian economy directly or indirectly.
In India stock market is fully developed but on the other side derivatives segment and
commodity segment are up coming.
In the financial market, there are various instruments for investment or saving. The more
investment or saving in these instruments, the more development is possible.
The instrument like F.D., Equity, Debenture , Cash segment, Bond, Mutual Fund, Derivatives
and commodities. There are other bullion market, Real Estate, Precious Objects, Insurance
etc… are available.
There are so many investors in India are not much familiar with their instruments but one fact
is that there is immense scope for these instruments.

53
Thus to know the awareness about the investment pattern in stock market particular in this
study is undertaken.
As a Angel Broking member this study is undertaken to know the investment pattern in stock
market and also find out the way to attract such investor who like to trade in stock market.
At last this study helps me to gain the knowledge and the company to attract new customers.
RESEARCH PROBLEM
Many people invest in stock market but most of the investor trading on equity while the other
segments are remains inaccessible.
Very few people are trading in derivatives and commodity while there is immense
opportunities for developing of these segments.
Angel Broking as a stock broking company needs to focus on increasing interest in stock
market investment because if trading on these instruments increase Angel Broking will be
benefited by earning revenue in terms of brokerage.
So that this study is undertaken.
 OBJECTIVES
The main objective of the study is to know the investment pattern in stock market and the
potential market among the people.
Some other secondary objectives are as under:
1. To know the awareness of Investment Pattern of Equity Market.
2. To know the scope for the Investment Pattern of Equity Market.
3. To know the purpose of investing in Equity Market.
4. To know the influencing force behind the decision making while trading in Equity
Market.
5. To find out the best pattern to educate about Equity Market.
6. To find out the medium which is the best suitable for trading on Equity Market.

54
 METHODOLOGY
DATA COLLECTION
SECONDARY DATA
When data are collected and compelled from the published nature or any other’s primary
data is called secondary data.
So far as our research is concerned, we have not collected any information from any
sources. So, we have not used secondary data for our research
PRIMARY DATA
The data which is collected directly from the respondent to the base of knowledge and
belief of such research are called primary data.
SAMPLING DESIGN
Sample design is definite plan for obtaining a sample from a given population. It refers to
the technique or procedure the researcher would adopt selecting items for the sample.
Sample design may as well as lay down the no. of item to be included in the sample i.e.
the size of sample. Sample design is determined before the data are collected.
It is very true that it’s very difficult to do the research with the whole universe. As we
know that it is not feasible to go for population survey because of the numerous
customers and their scattered location. So for this purpose sample size has to be
determined well in advance and selection of sample also must be scientific so that it
represents the whole universe. So far as our research is concerned, we have taken sample
size of 30 respondents. We have selected Income Earners with savings to invest .

55
RESEARCH INSTRUMENT
We have collected the data through QUESTIONNAIRE by personal meeting and tale –
calling with people.
LIMITATION OF THE STUDY
1. Personal Bias:
People may have personal bias towards particular investment option so they may not
give correct information and due to which conclusion may be derived.
2. Time Limit:
The time duration of the research is short that’s why the information is not covered
fully.
3. Area:
The area was limited only, so we cannot know the degree of the literacy outside the
city.
4. Sample Size:
The last limitation is Sample size, taken by us is of 30 only; due to which we may not
get the proper results.

56
CHAPTER-5
DATA ANALYSIS & INTERPRETATION
1. What is your Qualification?
Options No. of Responds %
Undergraduate 20 40
Graduate 30 60
Postgraduate 10 20
INTERPRITATION:-
According to this survey 40% of people are undergraduate ,60% of people are graduate and
20% of people are postgraduates.
20
30
10
No. of Responds
Undergraduate
Graduate
Postgraduate

57
2. What is your Occupation?
Professional 10 20
Businessman 20 40
Govt. Employees 5 10
Pvt. Employees 15 30
INTERPRITATION:-
If we talk about Occupation 20% of people are Professional ,40% of people are
Businessman, 10% of people are Govt Employees and 30% of people are Pvt Employees.
10
20
5
15
No. of Responds
Profassional
Businessman
Govt. Employees
Pvt. Employees

58
3. What is your Annual Income Bracket?
Below 1,20,000 5 10
1,20,000-,3,00,000 15 30
3,00,000-5,00,000 10 20
Above 5,00,000 20 40
INTERPRITATION:-
If we talk about the Annual Income Bracket of the customers there are 10% b below
1,20,000; 30% are in 1,20,000-,3,00,000; 20% are in 3,00,000-5,00,000 and 40% are in
Above 5,00,000 amount .
5
15
10
20
No. of Responds
Below 1,20,000
1,20,000-,3,00,000
3,00,000-5,00,000
Above 5,00,000

59
4. What age group is best for the investment according to you?
18-25 5 10
25-40 25 50
40-55 15 30
Above 55 5 10
INTERPREATION:-
If we talk about the age group of the customers there are 10% of the customers from the age
group 18to 25 years and 50% from the age group 25 tp 40 years old, 30% from the age group
40 tp 55 years old and 10% of the customers from the age group of the more than 55years.
5
25
15
5
No. of Responds
18-25
25-40
40-55
Above 55

60
5. In which you prefer to do investment?
Equities 35 70
Derivatives 15 30
Others 0 0
INTERPREATION:-
If we talk about the customers preference about investment then there are 70% of the
customers use to invest in equities and 30% of the customers use to invest in derivatives.
35
15
0
No. of Responds
Equities
Derivatives
Others

61
6. What attracts you to Equity Market?
High Return 20 40
Speculation 2 4
Dividend 8 16
Liquiduty 20 40
INTERPREATION:-
Customers about 40% attracted due to high return, 4% due to speculation, 16% due to
dividend and 40% see liquidity.
20
2
8
20
No. of Responds
High Return
Speculation
Dividend
Liquiduty

62
7. What investment option are you considering?
Stock 10 20
Mutual Funds 8 16
Small Savings 7 14
Gold/Silver 15 30
Real Estate 10 20
INTERPREATION:-
According to the survey 20% of people consider stock as investment option, 16 % consider
mutual funds, 14% consider small savings, 30% consider gold/silver investment option and
20% people consider real estate investment option.
10
8
7
15
10
No. of Responds
Stock
Mutual Funds
Small Savings
Gold/Silver
Real Estate

63
8. What sources of funds do you utilize to invest or trade in the Stock market?
Saving/Personal 30 60
Loans 8 16
Pledging 12 24
INTERPREATION:-
According to the survey 60% of people utilize savings for investment, 16 % utilize loans for
investment and 24% pledge for investment and to trade in stock market.
308
12
No. of Responds
Saving/Personal
Loans
Pledging

64
9. What is your purpose of trading?
Investment 25 50
Financial Support 0 0
Earning 15 30
Profession 8 16
Other 2 4
INTERPREATION:-
According to the survey purpose of trading in stock market is 50% investment; 30% earnings;
16% people profession and 4% other purposes.
25
0
15
8
2
No. of Responds
Investment
Financial Support
Earning
Profession
Other

65
10. Are you investing into Equity Market?
Yes 49 98
No 1 2
INTERPREATION:-
According to the survey 98% customers invest in stock market whereas 2% people not.
49
1
No. of Responds
Yes
No

66
11. If Yes, What type of investor are you?
Short Term 25 50
Mid Term 18 36
Long Term 7 14
INTERPREATION:-
According to the survey 50% short term investors, 36% midterm investors and 14% are long
term investors.
25
18
7
No. of Responds
Short Term
Mid Term
Long Term

67
12. What type of trading do you prefer?
Online 45 90
Offline 5 10
INTERPREATION:-
According to the survey 90% people prefer online trading whereas 10% people prefer offline
trading.
45
5
No. of Responds
Online
Offline

68
13. What type of trading you prefer to do?
Intraday 30 60
Delivery Based 10 20
F&O 10 20
INTERPREATION:-
If we talk about type of trading people use more is intraday whereas intraday and f&o is same
level preference.
3010
10
No. of Responds
Intraday
Delivery Based
F&O

69
14. Which type of Angel Broking account type you are having?
Angel Classic 10 20
Angel Preferred 15 30
Angel Premier 20 40
Angel Elite 5 10
INTERPREATION:-
If we talk about people having type of account with angel broking then 40% having premier
A/c, 30% having preferred,20% classic and 10% elite.
10
15
20
5
No. of Responds
Angel Classic
Angel Preferred
Angel Premier
Angel Elite

70
15. Which of the Angel Broking trading platform you are using?
Angel Mobile App 32 64
Angel SpeedPro 6 12
Angel Eye 12 24
INTERPREATION:-
According to the survey 64% people are using angel mobile app, 12% are using angel speed
pro and 24% are using angel eye for trading purpose.
32
6
12
No. of Responds
Angel Mobile App
Angel SpeedPro
Angel Eye

71
16. What is the frequency of your trading?
Daily 2 4
Alternate Day 11 22
Twice a Week 7 14
Weekly 16 32
Monthly 14 28
INTERPREATION:-
According to the survey 32 % people trade weekly, 28% monthly, 22%alternate day, 14%
Twice a week and 4% people on daily basis.
2
11
7
16
14
No. of Responds
Daily
Alternate Day
Twice a Week
Weekly
Monthly

72
17. Are you satisfied with the service provided by the Angel Broking?
Yes 48 96
No 2 4
INTERPREATION:-
According to the survey 96% people are satisfied with company’s services whereas 4% are
not.
48
2
No. of Responds
Yes
No

73
18. From how many years you are trading in stock market?
0-1 Year 12 24
1-3 Year 24 48
3-5 Year 8 16
More than 5 years 6 12
INTERPREATION:-
According to the survey 48% people having trading experience of 1-3 year, 24% people
having trading experience of 0-1 year, 16% people having trading experience of 3-5 year and
12% people having trading experience of more than 5 years.
12
24
8
6
No. of Responds
0-1 Year
1-3 Year
3-5 Year
More than 5 years

74
CHAPTER-5
RECOMENDATIONS & SUGGESTIONS
 Angel Broking needs to make its marketing team strong and also it should increase
marketing activities such as promotional campaigns.
 Angel Broking should educate the investors about Derivatives & Commodities by
organizing classes, corporate presentations, taking part in consumer fairs, organizing
events.
 Company should show the benefits of trading on Derivatives & Commodities
 Angel Broking can also use Newspapers and Local New Channels as a medium of
advertising.
 Angel Broking may also use its helpline number for giving education on stock market.
 Company may appoint special team for giving education & attracting people towards
trading in stock market.
 Exiting customers should be provided better response & services so that by their good
Word Of Mouth Company will get more customers.
 Advertisements should be given in the magazines related to Business, Management
service, Electronics media, and business world or by installing stalls in different-
different areas etc.
 Awareness should be created among the prospective clients
 Company should focus on the age group of 25-40.

75
CHAPTER-6
CONCLUSION
After studying all the aspects of the "A Study on significance and relevance of
internal & interactive financial marketing with special reference to Angel
Broking" including the theoretical aspects we can conclude that internal &Interactive
is applicable to the Indian stock market but to an extent. It can benefit to stock market.
As far as financial marketing is very necessary for Indian stock market is concerned,
which is constantly monitored and upgraded to pre-empt market failures. It can be
termed as good but it is not enough to reduce the risk of broking house. Broking
houses itself have to take actions for reducing the risk bears by itself and its
customers.
As far as Angel Broking Pvt. Ltd. is concerned, its internal & interactive marketing
for financial marketing system is good. The company has instituted a specialized
internal &interactive marketing for financial marketing management team and its
systems are managed centrally to ensure that it can, at all times, measure and manage
the financial marketing on online and offline transactions on a real-time basis.
Marketing dept. of the co. is doing well to increase the trading and settlement process.
As we all are very well aware that stock market is so much volatile and unpredictable
that nobody can trace the behaviour of the market. In this situation risk management
system provides effective tools to reduce the risk of investors and broking houses.
 Most of the people in are investing in fixed return Instruments.
 But there are investors who use Equity as an investment tool.
 Those people who want to invest in Derivatives & Commodities are investing mainly
for reducing risk and they consider them as investment tool.
 People generally want to take trading decisions independently or under the guidance
of Friends or Well Known Stock Broking Houses.
 Literature and Self Experience can be taken as the best method to impart education
about stock market.
 More than 40% of the respondents are interested to invest into the stock market.

76
BIBLIOGRAPHY/ REFERENCES
BOOKS: -
 Kotler Philip, Marketing Management: 13th
Edition, 2006, Prentice Hall of India
Ltd., New Delhi.
 Kothari C.R., Research Methodology, New Delhi, Vikas Publishing House pvt.Ltd.
1978
 Pathak Bharti v.,Indian Financial System,Delhi,Person Education(Singapore) pvt.Ltd.
WEBSITES: -
 http://www.angelbroking.com/
 www.nseindia.in
 www.bseindia.in
 www.rbi.ors.in
 www.sbi.com
 https://www.google.co.in/webhp?sourceid=chrome-
instant&ion=1&espv=2&ie=UTF-
8#q=consumer%20preception%20over%20demat%20and%20trading%20accoun
t
 www.investing.com
 www.moneycontrol.com
 http://investmentperformanceguy.blogspot.in/2012/01/making-sense-of-
negative- sharpe-ratios.html
 http://www.aaii.com/computerizedinvesting/article/interpreting-the-sharpe-ratio
 www.economictimes.com

77
Questionnaire
Name:- Gender:-
Phone/Mobile No.:- Email:-
1. What is your Qualification?
a) Undergraduate
b) Graduate
c) Postgraduate
2. What is your Occupation?
a) Professional
b) Businessman
c) Govt. Employee
d) Employee working in Pvt. Firm
3. What is your Annual Income Bracket?
a) Below 1,20,000
b) 1,20,000-3,00,000
c) 3,00,000-5,00,000
d) Above 5,00,000
4. What age group is best for the investment according to you?
a) 18-25
b) 25-40
c) 40-55
d) Above 55
5. In which you prefer to do investment?
a) Equities
b) Derivatives
c) Other
6. What attracts you to Equity Market?
a) High Return
b) Speculation
c) Dividend
d) Liquidity of invested Fund
7. What investment option are you considering?
a) Stock
b) Mutual Fund
c) Small Savings
d) Gold/ Silver ( Commodity)
e) Real Estate
8. What sources of funds do you utilize to invest or trade in the Stock market?
a) Saving/ Personal
b) Loans
c) Pledging

78
9. What is your purpose of trading?
a) Investment
b) Financial Support
c) Earning
d) Profession
e) Other
10. Are you investing into Equity Market?
a) Yes
b) No
11. If Yes, What type of investor are you?
a) Short Term
b) Mid Term
c) Long Term
12. What type of trading do you prefer?
a) Online
b) Offline
13. What type of trading you prefer to do?
a) Intraday
b) Delivery Based
c) F&O
14. Which type of Angel Broking account type you are having?
a) Angel Classic
b) Angel Preferred
c) Angel Premier
d) Angel Elite
15. Which of the Angel Broking trading platform you are using?
a) Angel Mobile App
b) Angel Speed Pro
c) Angel Eye
16. What is the frequency of your trading?
a) Daily
b) Alternative Day
c) Twice a Week
d) Weekly
e) Monthly
17. Are you satisfied with the service provided by the Angel Broking?
a) Yes
b) No
18. From how many years you are trading in stock market?
a) 0-1 year
b) 1-3 Year
c) 3-5 Year
d) More than 5 years

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