A sip report

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JAI NARAYAN VYAS UNIVERSITY
JODHPUR
DEPARTMENT OF MANAGEMENT STUDIES
A SUMMER INTERNSHIP PROJECT REPORT ON
EQUITY & DERIVARIVE MARKET TRADING

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SUBMITTED BY: Yash Bhati
MBA- (Financial Services) II Sem.
ROLL NO. - 15MBF10048
I hereby declare that project conducted at
ANGEL BROKING PVT. LTD., JODHPUR
Under the guidance of
MR. KAILASH PUROHIT (Branch Head)
SUBMITTED TO:
This report is my original work and the same
has not been submitted for any award of
degree/diploma or other similar titles or prizes.
FACULTY GUIDE:
MR. NISHANT GEHLOT
JAI NARAYAN VYAS UNIVERSITY,
JODHPUR
(DEPARTMENT OF MGMT. STUDIES)

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TABLE OF CONTENTS
S.NO. PARTICULARS PAGE NO.
1. ACKNOWLEDGEMENT 5-6
2. EXECUTIVE SUMMARY 7
3. INTRODUCTION TO STOCK EXCHANGE 8-10
4. SOME BASICS OF STOCK AND CAPITAL MARKET 10-12
5. ABOUT THE COMPANY 13-17
6. ORGANISATION STRUCTURE 18-23
7. PRODUCTS AND SERVICES 24-36
8. OTHER FEATURES 37-38
9. ACCOUNT OPENING AND BROKERAGES 39-43
10. EQUITY AND STOCK MARKET IN DETAIL 44-60
11. DERIVATIVES 60-62
12. RESEARCH METHODOLOGY 63-74
13. FINDINGS, SUGGESTIONS AND CONCLUSIONS 75-79
15. QUESTIONNAIRE 80-81
16. BIBLIOGRAPHY 82

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ACKNOWLEDGEMENT
Any work accomplishment is seldom on person
achievement, there are usually many people behind it who
contribute to its goodness in form or the other. It was my
good luck that the staff of ANGEL BROKING was
supportive which ease my job by quite along extent.
For the development of the
project. I extend my heartfelt gratitude To Mr. KAILASH
PUROHIT, Branch Manager, ANGEL BROKING,
JODHPUR for providing excellent mentoring,
encouragement &support. I sincerely thank who despite
his tight schedule spared time for discussions and gave
basic ground rules and directions for the project report.
I am highly grateful to the management of ANGEL
BROKING for giving me the opportunity to work on this
Project, and in the process enrich myself with immense
learning on all aspects I am grateful to all employees of
ANGEL BROKING for providing me all the information
and help I required for the completion of this project.
I feel proud giving the names of officials who were always
ready to help and teach me even during their busy
schedule and work load, truly inspiring peoples.

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1)MR. GAURAV DIVAKAR (EQUITY DEALER)
2)MR. SURENDRA SINGH (EQUITY DEALER)
3)TARUN BOHRA (EQUITY DEALER)
4)ASHOK JI (COMMODITY DEALER)
5)MR. VIKAS (COMMODITY DEALER)
6)Miss. KAMINI CHOUDHARY (OPERATION EXECUTIVE)
7)MR. DHARMENDRA (BACKOFFICE, B2B)
8)MR. MANISH PUROHIT (BACKOFFICE)
9)MOHIT LIMBA (SALES TEAM LEADER)
I would also like to thank MR. NISHANT GEHLOT,
MY FACULTY GUIDE,
JAI NARAYAN VYAS UNIVERSITY, JODHPUR (DMS)
For instructing me and giving me his valuable advice and
precious time for my project.
THANK YOU

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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 investor
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.

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INTRODUCTION TO THE STOCK EXCHANGE:
The Stock Exchange,
Mumbai, popularly
known as "BSE" was
established in 1875 as
"The Native Share and
Stock Brokers
Association".
It is the oldest one in Asia, even older than the Tokyo Stock
Exchange, which was established in 1878. It is the first Stock
Exchange in the Country to have obtained permanent
recognition in 1956 from the Govt. of India under the Securities
Contracts (Regulation) Act, 1956.
BSE provides an efficient and transparent market for trading in
equity, debt instruments, derivatives, mutual funds. More than
5500 companies are listed on BSE making it world's No. 1
exchange in terms of listed members. The companies listed on
BSE command a total market capitalization of USD 1.68 Trillion
as of March 2015. It is also one of the world's leading exchanges
(5th largest in March 2015) for Index options trading (Source:
World Federation of Exchanges). The primary index of BSE in
BSE Sensex comprises 30 stocks.
BSE's popular equity index - the S&P BSE SENSEX - is India's
most widely tracked stock market benchmark index. It is traded
internationally on the EUREX as well as leading exchanges of
the BRCS nations (Brazil, Russia, China and South Africa).

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NSE was incorporated in
1992 and was given
recognition as a stock
exchange in April 1993. It
started operations in
June 1994, with trading
on the Wholesale Debt
Market Segment.
It has been playing a leading role as a change agent in
transforming the Indian Capital Markets to its present form. The
Exchange has brought about unparalleled transparency, speed
& efficiency, safety and market integrity.
NSE has played a catalytic role in reforming the Indian securities
market in terms of microstructure, market practices and trading
volumes. NSE has the S&P NSE 50 Index (Nifty), which consists
of fifty stocks.
The markets are closed on Saturdays and Sundays. Both the
exchanges have switched over from the open outcry trading
system to a fully automated computerized mode of trading
known as BOLT (BSE On Line Trading) and NEAT (National
Exchange Automated Trading) system. It facilitates more
efficient processing, automatic order matching, faster execution
of trades and transparency.
The scrip traded on the BSE has been classified into ‘A’, ‘B1’,
‘B2’, ‘C’, ‘F’, and ‘Z’ groups. The ‘A’ group shares represent
those, which are in the carry forward system (Badla). The ‘F’
group represents the dept market (fixed income securities)

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segment. The ‘Z’ group scrip is the blacklisted companies. The
‘C’ group covers the odd lot securities in ‘A’, ‘B1’, & ‘B2’ groups
and Rights renunciations. The key regulator governing Stock
Exchanges, Brokers, Depositories, Depository participants,
Mutual Funds, FIIs and other participants in Indian secondary
and primary market is the Securities and Exchange Board of
India (SEBI) Limited.
ROLE OF STOCK EXCHANGE IN BUYING AND SELLING
The Stock Exchange in India under the supervision of regulatory
authority, the Security and Exchange Board of India (SEBI),
provide a trading platform where buyers and sellers can meet to
transact securities. The trading platform provided by NSE and
BSE is an electronic one and there is no need for buyers and
sellers to meet at of physical location to trade. Now day trading
is done through the computerized trading screens available with
the NSE & BSE Trading members or the internet based trading
facility provided by trading members of NSE & BSE.
INTRODUCTION TO MARKET
FINANCIAL MARKET
MONEY MARKET:
The Money Market refers to the market where borrowers
and lenders exchange short-term funds to solve their liquidity
needs.
CAPITAL MARKET:

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The Capital Market is a market for financial investments that are
direct or indirect claims to capital.
SECURITIES MARKET:
It refers to the markets for those financial
instruments/claims/obligations that are commonly and readily
transferable by sale. It has two inter-dependent and inseparable
segments, the new issues (primary) market and the stock
(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
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.
INTRODUCTION TO INVESTMENTS OPTION:
Mutual Fund: Mutual funds are operated by money managers,
who invest the fund's capital and attempt to produce capital
gains and income for the fund's investors. A mutual fund's

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portfolio is structured and maintained to match the investment
objectives stated in its prospectus.
One of the main advantages of mutual funds is that they give
small investors access to professionally managed, diversified
portfolios of equities, bonds and other securities, which would be
quite difficult (if not impossible) to create with a small amount of
capital. Each shareholder participates proportionally in the gain
or loss of the fund. Mutual fund units, or shares, are issued and
can typically be purchased or redeemed as needed at the fund's
current net asset value (NAV) per share, which is sometimes
expressed as NAVPS.
Equity: In terms of investment strategies, equity (stocks) is one
of the principal asset classes. The other two are fixed-income
(bonds) and cash/cash-equivalents. These are used in asset
allocation planning to structure a desired risk and return profile
for an investor's portfolio.
Bonds: A bond is a debt investment in which an investor loans
money to an entity (typically corporate or governmental) which
borrows the funds for a defined period of time at a variable or
fixed interest rate. Bonds are used by companies, municipalities,
states and sovereign governments to raise money and finance
a variety of projects and activities. Owners of bonds
Insurances: A contract (policy) in which an individual or entity
receives financial protection or reimbursement against losses
from an insurance company. The company pools clients' risks to
make payments more affordable for the insured

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ABOUT THE COMPANY
LOGO
Pyramid formation symbolises Steady Growth.
Blocks of triangles stand for Team Work.
Triangle structure showcases the Network Strength.
The structure reflects alphabet “A” for Angel.
Green band indicates a Customer supportive Unit.
Green signifies Wealth Creation.
Yellow signifies continous growth and radiance.
Yellow+Green merge in Blue - corporate colour.
Blue signifies prosperity.

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COMPANY’S CORE VALUES
OUR VISION
To provide best value for money
to investors through innovative
products, trading/investments
strategies, state of the art
technology and personalized
service.
To have complete harmony between quality-in-process and
continuous improvement to deliver exceptional service that will
delight our Customers and Clients.
Our 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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BUSINESS PHILOSOPHY
 Ethical practices & transparency in all our dealings
 Customers interest above our own
 Always deliver what we promise
 Effective cost management
CUSTOMER RELATIONSHIP MANAGEMENT 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.”

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MILESTONES:
S.NO. PARTICULARS ACHIEVEMENTS
1. DECEMBER,
1997
Angel Broking Ltd incorporated as a wealth
management, retail and corporate broking firm.
2. NOVEMBER,
1998
Angel Capital and Debt Market Ltd. incorporated
as a member of NSE
3. MARCH,2002 Angel Broking develops web-enabled back office
software to maximize its operational efficiency.
4. NOVEMBER,
2002
Angel Broking successfully conducts its first
Investor Seminar to increase investor
awareness.
5. APRIL,2003 Angel Broking publishes its first research report
6. APRIL,2004 Angel Broking expands its basket of services by
establishing the Commodity Broking division
7. SEPTEMBER
,2004
Angel Broking launches Online Trading Platform
facilitating easy and hassle-free trading for its
customers
8. OCTOBER,
2005
Angel Broking wins the prestigious ‘Major
Volume Driver’ Award by BSE for 2004-2005
9. MARCH,2006 Angel Broking on expansion drive crosses
1,00,000 mark in unique trading accounts
10. JULY,2006 Angel Broking launches Portfolio Management
Services (PMS)
11. SEPTEMBER
,2006
Angel Broking commences distribution of Mutual
Funds and IPOs
12. OCTOBER,
2006
Angel Broking bags the coveted ‘Major Volume
Driver’ Award by BSE for 2005-2006
13. DECEMBER,
2006
Angel Broking expands its network by creating
2500 business associates
14. MARCH,2007 Angel Broking crosses the benchmark of
2,00,000 unique trading accounts
15. NOVEMBER,
2007
Angel Broking wins the honoured ‘Major Volume
Driver’ Award by BSE for 2006-2007.
Angel Broking augments its business with
introduction of Insurance Distribution in alliance
with Birla Sun Life.

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16. NOVEMBER,
2008
Angel Broking wins the esteemed ‘Major
Volume Driver’ Award by BSE for 2007-2008
17. AUGUST,
2008
Angel Broking crosses 5,00,000 mark in
unique trading accounts.
18. MAY,2009 Angel Broking wins two prestigious awards for
'Broking House with Largest Distribution
Network' and 'Best Retail Broking House' at
Dun & Bradstreet Equity Broking Awards.
19. OCTOBER,
2009
Driver’ Award by BSE for 2008-09.
20. NOVEMBER,
2010
Driver’ Award by BSE for 2009-10
21. MARCH,2011 Angel Broking was awarded with 'Best in
Contribution Investor Education & Category
Enhancement of the year' and 'Best
Commodity Research of the year'
22. OCTOBER,
2011
Angel Broking bagged the Dun & Bradstreet
Equity Broking Awards 2011 for 'Best Retail
Broking House' and 'Fastest Growing Equity
Broking House' (Large Firms) at Dun &
Bradstreet Equity Broking Awards 2011
23. OCTOBER,
2013
Angel Broking has been awarded the BSE-IPF
D&B Equity Broking Award for 'Best Retail
Equity Broking House' 2013.
Angel Broking has been awarded the 'Broking
House with the Largest Distribution Network'
2013.
Angel Broking has been awarded the 'Top
performer in equity segment' of the year - BSE.
We thank and congratulate each one of you for
your best endeavors which fetched us the
award.

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CS0
(CENTRAL
SUPPORT
OFFICE)
REGIONAL
OFFICE
BRANCHES
&
FRANCHISE
BRANCHES
ANGEL
CLIENTS
REGIONAL
OFFICE
BRANCHES &
FRANCHISE
BRANCHES
BUSINESS
ASSOCIATES
ANGEL
CLIENTS
REGIONAL
OFFICE
BRANCHES
&
FRANCHISE
BRANCHES
ORGANISATION STRUCTURE:

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MANAGEMENT:
MR. DINESH
THAKKAR
Chairman &
Managing
Director
MR. KETAN
SHAH
Associate
Director- IT &
B2B Business
MR. LALIT
THAKKAR
Managing
Director-
Institution
Broking
SITA
RAMASWAMI
DIRECTOR
MR. VINAY
AGARWAL
Chief
Executive
Officer
Mr. Dhruv
Desai
Associate
Director- HR &
Leadership
Academy
MR.
SANTANU
SYAM
NEW CHIEF
OPERATIONAL
OFFICER
MR. NAVEEN
MATHUR
Associate
Director-
Commodities
Currencies

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KAMINI
CHAUDHARY
ANGEL BROKING PVT. LTD. JODHPUR
BRANCH STRUCTURE
Mr. KAILASH
PUROHIT
BRANCH
MANAGER
BUSINESS TO BROKER BUSINESS TO CONSUMER
SALES SERVICES
DHARMENDRA
SINGH
B2B HEAD
KAMINI
CHAUDHARY
SERVICESBACK
OFFICE
SALES
MOHIT LIMBA
TEAM LEADER
COMMODITY
DEALER
EQUITY
DEALER
ASHOK
MATHUR
Mr. VIKAS TARUN
BOHRA
GAURAV
DIVAKAR
SURENDRA
SINGH
MANISH
PUROHIT
CO- WORKING

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DEPARTMENT STUDY
PRODUCT & SERVICE DETAILS AND PORTFOLIO
REPORTS:
 Market Outlook at 9:15 a.m.
 Technical Report at 6:00 p.m.
 Derivative Analysis Report at 9:15 a.m.
FUNDAMENTAL RESEARCH SERVICES:
The Sunday Weekly Report:
This weekly report is the ace of all reports. It offers a
comprehensive market overview and likely trends in the week
ahead. It also presents few top picks based on an in-depth
analysis of technical and fundamental factors. It gives short term
and long term outlook on these scrip’s, their price targets and
trading strategies. Another unique feature of this report is that
it provides an updated view of about 70 prominent stocks on an
ongoing basis.
The Industry Watch:
This report provides an in-depth analysis of specific industries
which are likely to outperform others in the economy. It analyzes
their strengths and weaknesses and ascertains their future
outlook. The final view is arrived at after thorough interaction
with industry experts. Also comparative performances of
various companies in the sector are evaluated and top picks are
recommended.
Stock Analysis:

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Angel’s stock research has performed very well over the past
few years and the Angel Model Portfolio has consistently
outperformed the benchmark indices. The fundamentals of
select scrip are thoroughly analyzed and an actionable advice is
provided along with investment rationale for each scrip.
Flash News:
Key developments and significant news announcements that
are likely to have an impact on markets / scrip are flashed live
on trading terminals. Flash news keeps the market participants
updated on an online basis and helps them to reshuffle on their
holdings.
TECHNICAL RESEARCH SERVICE:
Nifty Tracker:
Nifty Futures is the most traded instrument with highest
volumes in F & O and excellent liquidity. The team tracks the
Nifty Future and generates calls based on unique trading system
which is a result of their focused research over the past few years.
The objective is to generate positive returns for traders who are
looking for a high risk / high reward product.
Online Chart:
An online forum to help clients, specifically day traders in
judging the directions of the market and stocks which are in the
limelight.
Intraday Calls:
For day traders, Angel provides intra-day calls with entry, exit
and stop loss levels during market hours. These calls are flashed
on their terminals. Their analysts continuously track the calls

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and provide recommendations according to the market
movements.
Position Calls:
Angel’s “Position Trading Calls” are based on thorough analysis
of the price movement in select scrip’s. These calls are for a 10-
15 day time span with stop loss and target levels. These calls are
flashed on their terminals during market hours.
Derivative Strategies:
Their analysts take view on the Nifty and select stocks based
on the derivatives data and technical tools. Suitable “Derivative
Strategies” are devised, which are flashed on their terminals and
published in their reports.
Futures Calls:
A customized product for HNIs to help them trade with
leveraged position; wherein clients are advised on the stocks with
entry, exit and stop loss level for short term benefits. Over and
above this, financial status of the calls is monitored at all times.
INVESTMENT ADVISORY DESK:
At Angel, they have a dedicated Investment Advisory Desk:-
 To help manage client’s equity portfolio and create wealth
 To help client understand their risk profile and define
investment goals realistically.
 To minimize client’s risk and maximize their returns
 To help client decide what to buy / sell and when to buy / sell
 To help client’s understand macro-economic trends and
sectorial / company developments

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 To help client restructure their portfolio based on sound
research
Products of Angel Broking:
1. Online Trading
2. Commodities
3. DP Services
4. PMS (Portfolio Management Services)
5. Insurance
6. IPO Advisory
7. Mutual Fund
8. Currency Trading
Online- Trading
It is specially designed for the net savvy traders and investors who
prefer operating from their or office through internet or telephone. The
investor can access state of the art technology with three different e-
broking products and voila trading on BSE, NSE, F&O, MCX and
NCDEX.
The various transactions involved in online trading can be shown from
the point of the view
 Client
 Broker
 Stock Exchange

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The Client Places an order via the net by logging on his/her broker’s
site Or to via Sub-broker through Telephone at angel office.
The broker makes the payments either directly via client’s bank
account or pays through his own account and recovers it later from the
client
The exchange accept the order after checking the share limit
for the day.
The broker accepts and executes the order, and places it with
the exchange
The Client is intimated about the settlement either
through the Demat account or via e-mail.
The Exchange receives money and completes the
settlement.
PROCESS OF ONLINE TRADING

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ANGEL DIET
1. Application based product for Trader
2. Application based ideal for trader
3. Multiple exchanges on single screen
4. Online fund transfer facility
5. User friendly & simple navigation
6. BSE, NSE, F&O, MCX & NCDEX
ANGEL ANYWHERE
1. Application based product for Traders with Charts.
2. Application-based platform for day traders
3. Intra-day/historical charts with various indicators
5. BSC, NSC, Cash & Derivatives
ANGEL TRADE
1. Browser based product for Active Investor
2. Browser based for investor
3. No installation required
4. Advantage of mobility
5. Trading as simple as internet surfing
6. BSE, NSE, F&O, MCX & NCDEX
ANGEL INVESTOR
1. User-friendly browser for investors
2. Easy online trading platform
3. Works in proxy and firewall system set up
4. Integrated Back office: Access account information – anytime,
anywhere
5. Streaming quotes

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6. Refresh static rates when required
7. Multiple exchanges on single screen
Investment Advisory Services
 To derive optimum returns from equity as an asset class requires
professional guidance and advice. Professional assistance will
always be beneficial in wealth creation. Investment decisions
without expert advice would be like treating ailment without the
help of a doctor.
 Expert Advice: Their expert investment advisors are based at
various branches across India to provide assistance in designing
and monitoring portfolios.
 Timely Entry & Exit: Their advisors will regularly monitor
customers’ investments and guide customers to book timely
profits. They will also guide in adopting switching techniques
from one stock to another during various market conditions.
 De-Risking Portfolio: A diversified portfolio of stocks is always
better than concentration in a single stock. Based on their
research, they diversify the portfolio in growth oriented sectors
and stocks to minimize the risk and optimize the returns.
Commodities
A commodity is a basic good representing a monetary value.
Commodities are most often used as inputs in the production of
other goods or services. With the advent of new online exchange,
commodities can now be traded in futures markets. When they
are traded on an exchange, Commodities must also meet
specified minimum standards known as basic grade.

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Types of Commodities
● Precious Metals: Gold and Silver
● Base Metals: Copper, Zinc, Steel and Aluminum
● Energy: Crude Oil, Brent Crude and Natural Gas
● Pulses: Chana, Urad and Tur
● Spices: Black Pepper, Jeera, Turmeric, Red Chili
● Others: Guar Complex, Soy Complex, Wheat and Sugar
Benefits at Angel
 Three different online products tailored for traders & investors.
 Single Screen customized market-watch for MCX / NCDEX with
BSE/ NSE.
 Streaming Quotes and real time Rates. Intra-day trading calls.
 Research on 25 Agro Commodities, Precious and Base Metals,
Energy products and Polymers.
 An array of daily, weekly and special research reports.
 Highly skilled analysts with professional industry experience.
 Active relationship management desk.
 Seminars, workshops and investment camps for investors.
COMMODITIES SERVICES:
Agro Tech Speak:
Mainly gives the investors insight into and a forecast for agro
commodities viz. pulses (urad, channa, etc); reports on oil
complex (soybeans castor etc.) along with spices with reports on
kapas guar seed.
Call Evaluation:

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A report designed for evaluating the calls given by the
angel research team where the reports are classified in 3
broad categories viz. achieved, triumph, not achieved
along with the trade recommendations.
Commodities Tech Speak:
This report mainly equips the investors dealing in MCX
segment in commodities like gold, silver, crude oil, copper
etc. with the market insight and expert recommendation
on the trading strategies
Angel Commodity Advantages:
 Top Quality Research :
 Professionally qualified analysts with rich industry
experience
 Research on 25 agro commodities, precious metals, base
metals, energy products and polymers.
 E-Broking :
 Single screen customized market watch for MCX /
NCDEX with BSE / NSE
 Streaming quotes and intraday calls
 DP Facilities in Commodities Trading on CDSL
 24x7 Online Back-office
 Efficient Risk Management
 Competitive Brokerage Rates
Depositary Participant Services

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Angel Broking Pvt. Ltd. is a DP services provider though
CDSL. IT offer depository services to create a seamless
transaction platform to execute trades through Angel
group of companies and settle these transactions through
Angel Depository services.
● Wide branch coverage
● Personalized/attentive services of trained a dedicated
staff
● Centralized billing & accounting
● Acceptance & execution of instruction on fax
● Daily statement of transaction & holdings statement on
e-mail
● No charges for extra transaction statement & holdings
statement.
Portfolio Management Services
Successful investing in Capital Markets demands ever
more time and expertise. Investment Management is an art
and a science in itself. Portfolio Management Services
(PMS) is one such service that is fast gaining eminence as
an investment avenue of choice for High Net worth
Investors (HNI).
PMS is a sophisticated
investment vehicle that offers a range of specialized
investment strategies to capitalize on opportunities in the
market. The Portfolio Management Service combined with
competent fund management, dedicated research and
technology, ensures a rewarding experience for its clients.

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Angel PMS brings with it years of experience,
expertise, research and the backing of India's leading
stock broking house. At Angel, experienced portfolio
management is the difference. It will advise you on a
suitable product based on factors such as your investment
horizon, return expectations and risk tolerance.
PMS SCHEMES @ ANGEL
Scheme 1: Angel OYSTER
Description:
The main objective of the scheme is wealth generation by
delivering superior returns over long term through
investments and equity related instruments.
Investment Strategy:
 To generate wealth on consistent basis rather than
outperform by taking higher risk.
 Logic works well and thus will be given weight age along
with financials
 Early identification of stocks to ride through the entire
investment cycle
 Timing of investment is important to generate superior
returns
 Bottom –up approach.
Parameters Driving Investment Decision:

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 Blend of growth and value stocks
 Investments in companies regardless of market
capitalizations
 Keen selection of stocks based on potential for value
unlocking based on key events
 Focus on companies which display
 Scalable business potential
 Large market opportunity
 Beneficiary of favorable economic cycle
 Valuation at steep discount to asset value
Sectorial Composition:
 May include under- researched companies
 Portfolio could invested in liquid funds
Investor Profile:
 Safety of capital will be of utmost importance
 The scheme would be suited for investors having
medium to long term perspective (i.e. 12-18 months)
Scheme 2: Angel BLUE- CHIP
Description:
The objective of the scheme is to generate capital
appreciations in the medium to long term through
investments in equities and equity related instruments
comprising predominantly large cap companies.

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Investment Strategy:
 The scheme will seek to achieve returns through brand
based participants in equity markets by creating a
diversified equity portfolio. The portfolio will be
overweight on large cap companies.
 The portfolio strives at all time to achieve an 80%
allocation to large cap companies.
 The allocation of sectors and stocks in the portfolio may
be dynamically structured in tune with changes in
broader market conditions
 Overweight on large cap stock. However quality mid cap
stocks may also be considered for investment.
 Portfolio to comprise of a combination of growth &
value stocks.
 The portfolio strives to limit the exposure to any sector
to less than 25% of the portfolio size
 The portfolio strives to limit the exposure to any stock
to less than 10% of the portfolio size
 The allocation and composition of medium capitalized
stocks to vary based market conditions.
Investor Profile:
 The scheme would be suited for investors with low to
moderate risk appetite
 The scheme would be suited for investors having
medium to long term perspective.
Benefits of Angel PMS:

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 Understanding risk: At Angel, utmost emphasis is given
to understanding the risk profile of an investor.
 Periodic Evaluation: Periodic evaluation of the Model
Portfolio is carried out and market movements are
cashed upon.
 Administrative Convenience: Angel focuses on providing
hassle free administrative / operational support and
customized services.
 Transparency: Regular statements and updates as well
as online access to information required for investment.
 Regular Analysis and Monitoring: Investments undergo
regular monitoring and analysis to check any deviation
from the structured goal ensuring creation of wealth
over a period of time.
 Professional Management: PMS is provided to
professional management by experts on equity with an
aim to optimize returns.
Angel PMS – Ideal For:
Portfolio Management Services from Angel are essential
for investor who needed
 Long term wealth generation
 Personalized service
 Investment opportunities in Indian equities
 Fundamental research based investment decisions
In essence, all investor who have faith and belief in
the Indian growth story and robust corporate performance

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would find Angel PMS most suitable to meet their
objectives.
ANGEL GOLD:
In a volatile market it is very difficult for an investor to
pick up value stocks which will give decent returns in the
long run. We at Angel Gold realize your need for a
professional financial advisor and hence are here to assist
you in making wise and profitable decisions.
We strongly believe that right decisions taken at the right
time are always beneficial and that's why our entire
research team comprising of 12 sector specialists along
with our research head will understand your need, return
expectation, risk profile and time horizon to design your
portfolio accordingly. This portfolio will be tracked
regularly and our efforts would be to optimize your
returns in the long run.
Features of the Angel Gold:
 A premium service for clients who need professional
guidance on long term investments.
 Minimum fund / portfolio of ₹1 lakh and maximum of
₹4 lakh eligible for Angel Gold.
 Appropriate risk profiling before taking investment
decisions
 Periodic group meetings and seminars in branches.
 Monthly Newsletter from the desk of “Angel Gold”.
 Browser based back-office software.

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MUTUAL FUND DISTRIBUTION AND ADVISORY:
To enable clients to diversify their investment in the
right direction, Angel Broking has added another product
in its range with mutual funds:
 Customized investment solutions based on specific
individual’s financial goals aligned with client’s risk
appetite.
 Access to in-depth research and proper selection from
diversified funds based on client’s preferred criteria.
 Customized reports at desired frequency.
 Rating and Rankings of all Mutual Funds from in-house
expert analysts.
 Current and historical performance of different funds
enabling comparisons.
 News and alerts for client’s Mutual Fund Portfolio and
performance tracking with watch lists.
 Online Mutual Funds applications (NFO or existing) /
Online order status tracking / online updating of unit
holdings at latest NAV / Online dividend payout and
re-investment facility.
 Single point customer query handling.
IPO DISTRIBUTION AND ADVISORY:
 Wide network of branches for better customer reach.
 Dedicated Research Teams generating sector related
reports.
 Ease in investing with informed decision making.
 Advisory Help Desk for all IPO related queries.

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OTHER FEATURES:-
1. Angel Broking First step Program:-
In the complex world of investing in shares in India,
interested beginners didn't have any place they could start out
from. This is why Angel Broking started the First Step program
- to assist and guide new investors when they take their first
steps into the world of investing in shares. This program is
explicitly designed for beginners. You will not feel unintelligent
when asking questions like "Who owns the Stock Market?" or
"What is a stock-split?" since Angel Broking people are trained
to assist those taking their first step in the market.
Consist of:-
The Angel Broking First Step program is a special, never-
been-done-before program created by Angel Broking for new
investors to the stock market. Despite being a beginner with a
small amount to invest, they will still be able to benefit from
Angel Broking experience, technology-based tools and
research. In fact, Angel Broking have created special versions
of all of these for clients - clear and simple information tools for
their understanding, demonstrations to help them get started and
research re-written in easier language. See how Angel Broking
friendly assistance empowers them to become a 'Stock Market
ka Sher'.

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2. Angel Broking Value line:-
A monthly investment report based on fundamental research with
Stock ideas, Stock Updates, Earning Guide, Stock Recos, Mutual Fund
Guide , Market Outlook, Sector Updates.
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 :-
 People who registers themselves on Angel Broking website willing
to be client of Angel broking and want to know about its product.
 People who have Demat account already with any another broker.
(competitors Data)
 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.

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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:-
1. Proof of Identity (Any one of the following) :-
2. Photocopy of Valid Passport (Page containing the date of expiry also
to be attached)
3. Photocopy of Voters Identity card.
4. Photocopy of Valid Driving License (Page containing the date of
expiry also to be attached).
5. Photocopy of Pan Card.
6. Photocopy of MAPIN card
7. 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):-
1. Photocopy of Ration card.
to be attached). (Copy of expiry date also to be submitted)

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4. Photocopy of Valid Driving License (Page containing the date of
expiry also to be attached). (Copy of expiry date also to be submitted)
5. Photocopy of Telephone or Electricity bill. (Government entity only
& should not be more than 3 months old)
6. Photocopy of Leave-License / Purchase Agreement.
8. Photocopy of Bank Passbook or latest Bank statement.
9. Self-declaration by High Court & Supreme Court judges, giving the
new address in respect of their own accounts.
10.Identity card/document with address, 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 and
f) 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.
FOR H.U.F ACCOUNT OPENING REQUIREMENTS:-
1. Signed Photograph of the Karta is required.
2. Proof of Identity of the Karta
3. Pan card of HUF
4. Proof of Address
5. Photocopy of cheque leaf of bank account number mentioned on the
form to verify the Bank MICR No.

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6. HUF Stamp is required wherever the client signs on the agreement.
7. Letter from the Karta operating the Demat account with the two
witnesses of coparceners.
8. No joint names & nominees allowed for HUF accounts.
FOR MINOR ACCOUNT OPENING REQUIREMENTS:-
The account opened in the name of the minor cannot have second
and third holders. Further there can be no nominee for minor account.
The Guardian has to sign on behalf of the Minor.
1. Birth Certificate of the Minor.
2. Guardian’s Proof of Address.
3. Guardian’s Proof of Identity.
4. Photograph of the Minor & Guardian.
5. Photocopy of cheque leaf.
FOR N.R.I. (NON RESIDENT INDIAN) CLIENT:-
1. Latest photograph signed by the client.
to be attached)
3. Proof of Local Address
4. Proof of Foreign Address
5. Photocopy of cheque leaf of bank account number (NRE or NRO)
mentioned on the form to verify the Bank MICR No.
FOR PARTNERSHIP FIRM:-
The account cannot be opened in the name of a partnership firm. It
has to be opened in the name of the partners, as an individual account.
Maintaining dairy of clients and contacting them at regular basis. To
get feedback from them about Angel Broking services.

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BROKERAGE
Following schemes are available for trading Account:
1. Account opening fees:
Stock trading account: ₹ 575/-
Demat account : ₹ 200/-
Commodity trading : ₹ 625/-
Brokerage:
If Initial margin cheque is more than 25,000
Intraday (Buy & Sell): ₹ 0.04% per trade*
Delivery (Buy & Sell): ₹ 0.40% per trade*
F&O (Buy & Sell): ₹ 0.04% per trade*
2. Initial margin cheque is more than 50,000
3. If Initial margin cheque is more than 1,00,000
Intraday (Buy & Sell: ₹ 0.02% per trade*
F&O (Buy & Sell) : ₹ 0.01% per trade*

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EQUITY & STOCK MARKETS
Stock Markets: Markets in which shares are issued and traded either
through exchanges or over-the-counter markets. Also known as the
equity market, it is one of the most vital areas of a market economy as
it provides companies with access to capital and investors with a slice
of ownership in the company and the potential of gains based on the
company's future performance.
Stock: Stock is a share in the ownership of a company. Stock
represents a claim on the company's assets and earnings. As a person
acquire more stock, his/her ownership stake in the company becomes
greater. Whether you say shares, equity, or stock, it all means the same
thing. The importance of being a shareholder is that person is entitled
to a portion of the company’s profits and has a claim on assets. Profits
are sometimes paid out in the form of dividends. The more shares
he/she own, the larger the portion of the profits he/she get.
The securities market has two interdependent segments: the
primary (new issues) market and the secondary market. Primary
market is where new issues are first offered, with any subsequent
trading going on in the secondary market. The primary market provides
the channel for sale of new securities. 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.
Equity: Equity is a share in the ownership of a company. Equity
represents a claim on the company's assets and earnings. As you
acquire more equity, your ownership stake in the company becomes
greater. Whether you say shares, equity, it all means the same thing.

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Total equity capital of a company is divided into equal units of small
denominations, each called a share.
 It is a stock or any other security representing an ownership interest.
 It proves the ownership interest of stock holders in a company.
Being an Owner
Holding a company's equity means that person is one of the many
owners (shareholders) of a company and, as such, he/she have a claim
(albeit usually very small) to everything the company owns. This
means that, technically that person own a tiny sliver of every piece of
furniture, every trademark, and every contract of the company. As an
owner, person is entitled to his/her share of the company's earnings as
well as any voting rights attached to the equity.
A stock is represented
by a stock certificate. This is a piece of paper that is proof of his/her
ownership. Today it’s in dematerialized form i.e. in electronic form
shares have been kept safe. This is done to make the shares easier to
trade. In the past, when a person wanted to sell his or her shares, that
person physically took the certificates down to the brokerage. Now,
trading with a click of the mouse or a phone call makes life easier for
everybody. Being a shareholder of a public company does not mean
person has a say in the day-to-day running of the business. Instead, one
vote per share to elect the board of directors at annual meetings is the
extent to which person has a say in the company.
The management of
the company is supposed to increase the value of the firm for
shareholders. If this doesn't happen, the shareholders can vote to have
the management removed, at least in theory. In reality, individual
investors like us don't own enough shares to have a material influence
on the company.

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UNDERSTANDING THE TERMS
Stock symbol
This is the unique alphabetic name which identifies the stock. Ticker
tape move or blink across the screen, quoting the latest prices alongside
this symbol. If a person is looking for stock quotes online, you always
search for a company by the ticker symbol.
52-week high and low
These are the highest and lowest prices at which a stock has traded over
the previous 52 weeks (one year). This typically does not include the
previous day's trading.
Security name & type of stock
This column lists the name of the company. If there are no special
symbols or letters following the name, it is common stock. Different
symbols imply different classes of shares.
For example, "eq" means the shares are equity.
Total traded quantity
This figure shows the total number of shares traded for the day. It’s the
volume for the day.
Day high and low
This indicates the price range at which the stock has traded at
throughout the day. In other words, these are the maximum and the
minimum prices that people have paid for the stock.

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Close
The close is the last trading price recorded when the market closed on
the day. There is no guaranteed to get same price if a person buy the
stock the next day because the price is constantly changing (even after
the exchange is closed for the day). The close is merely an indicator of
past performance and except in extreme circumstances serves as a
ballpark of what a person should expect to pay.
Net change
This is the rupee value change in the stock price from the previous day's
closing price. When person hear about a stock being "up for the day,"
it means the net change was positive.
Order book
On the computer screen we see “Buy Qty”, “Buy Price”. This shows
the top 5 bid and asks figures at which the security is trading. This
basically shows the demands and supply of a particular stock. It
actually shows the market breadth which will give you the number of
buyers and sellers.
BENEFITS FROM EQUITY
The benefits distributed by the company to its shareholders can be: 1)
Monetary Benefits and 2) Non Monetary Benefits.
1. Monetary Benefits:
A. Dividend: An equity shareholder has a right on the profits
generated by the company. Profits are distributed in part or in full in
the form of dividends. Dividend is an earning on the investment made

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in shares, just like interest in case of bonds or debentures. A company
can issue dividend in two forms: a) Interim Dividend and b) Final
Dividend. While final dividend is distributed only after closing of
financial year; companies at times declare an interim dividend during
a financial year. Hence if X Ltd. earns a profit of ₹ 40 crore and decides
to distribute ₹ 2 to each shareholder, a holding of 200 shares of X Ltd.
would entitle you to ₹ 400 as dividend. This is a return that you shall
earn as a result of the investment made by you by subscribing to the
shares of X Ltd.
B. Capital Appreciation: A shareholder also benefits from capital
appreciation. Simply put, this means an increase in the value of the
company usually reflected in its share price. Companies generally do
not distribute all their profits as dividend. As the companies grow,
profits are re-invested in the business. This means an increase in net
worth, which results in appreciation in the value of shares. Hence, if
you purchase 200 shares of X Ltd at ₹ 20 per share and hold the same
for two years, after which the value of each share is ₹ 35. This means
that your capital has appreciated by ₹ 3000.
2. Non-Monetary Benefits: Apart from dividends and capital
appreciation, investments in shares also fetch some type of non-
monetary benefits to a shareholder. Bonuses and rights issues are two
such noticeable benefits.
A. Bonus: An issue of bonus shares is the distribution free of cost to
the shareholders usually made when a company capitalizes on profits
made over a period of time. Rather than paying dividends, companies
give additional shares in a pre-defined ratio. Prima facie, it does not
affect the wealth of shareholders. However, in practice, bonuses carry
certain latent advantages such as tax benefits, better future growth
potential, and an increase in the floating stock of the company, etc.
Hence if X Ltd decides to issue bonus shares in a ratio of 1:1, every

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existing shareholder of X Ltd would receive one additional share free
for each share held by him. Of course, taking the bonus into account,
the share price would also ideally fall by 50 percent post bonus.
However, depending upon market expectations, the share price may
rise or fall on the bonus announcement.
B. Rights Issue: A rights issue involves selling of ordinary shares to
the existing shareholders of the company. A company wishing to
increase its subscribed capital by allotment of further shares should
first offer them to its existing shareholders. The benefit of a rights issue
is that existing shareholders maintain control of the company. Also,
this results in an expanded capital base, after which the company is
able to perform better. This gets reflected in the appreciation of share
value.
Risks In equity investment:
Although an equity investment is the most rewarding in terms of
returns generated, certain risks are essential to understand before
venturing into the world of equity.
Market/ Economy Risk.
Industry Risk.
Management Risk.
Business Risk.
Financial Risk
Exchange Rate Risk.
Inflation Risk.
Interest Rate Risk.

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How to overcome risks:
Most risks associated with investments in shares can be reduced by
using the tool of diversification. Purchasing shares of different
companies and creating a diversified portfolio has proven to be one of
the most reliable tools of risk reduction.
The process of Diversification:
When a person hold shares in a single company, he/she runs the risk
of a large magnitude. As his/her portfolio expands to include shares of
more companies, the company specific risk reduces. The benefits of
creating a well-diversified portfolio can be gauged from the fact that
as he/she add more shares to their portfolio, the weightage of each
company’s share gets reduced. Hence any adverse event related to any
one company would not expose you to immense risk. The same logic
can be extended to a sector or an industry. In fact, diversifying across
sectors and industries reaps the real benefits of diversification. Sector
specific risks get minimized when shares of other sectors are added to
the portfolio. This is because a recession or a downtrend is not seen in
all sectors together at the same time.
However all risks cannot be reduced:
Though it is possible to reduce risk, the process of equity investing
itself comes with certain inherent risks, which cannot be reduced by
strategies such as diversification. These risks are called systematic risk
as they arise from the system, such as interest rate risk and inflation
risk. As these risks cannot be diversified, theoretically, investors are
rewarded for taking systematic risks for equity investment.

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Selection of Shares:
Proper selections of shares are of two types:-
Fundamental analysis:
It involves in –depth study and analysis of the prospective
company whose shares a person want to buy, the industry it operates
in and the overall market scenario. It can be done by reading and
assessing the company’s annual reports, research reports published by
equity research houses, research analysis published by the media and
discussions with the company’s management or the other experienced
investors.
Technical analysis:
It involves studying the prices movement of the stock over an
extended period of time in the past to judge the trend of the future price
movement. It can be done by software programs, which generate stock
prices charts indicating upward. Downward and sideways movements
of the stock price over the stipulated time period.
When to buy & sell shares:
With high volatility prevailing in the market, major price
fluctuations in equities are not uncommon. Therefore, apart from
ascertaining ‘which’ stock to buy or sell, it becomes equally important
to consider ‘when’ to buy or sell. Any investor should be aware of the
fact where all the investor is following i.e., Buy Low. Sell High.
That means a person should buy stocks at a low price and sell them at
a high price.

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When to buy
Three ways by which we can figure that out what it is about this stock
that makes it hot.
1. Earnings per Share (EPS): How well the company is doing EPS is
the total earning or profits made by company (during a given period of
time) calculated on per share basis. It aims to give an exact evaluation
of the returns that the company can deliver.
Example:
Company XYZ Ltd. Capital: ₹ 100 crore (₹ 1 billion).
Capital is the amount the owner has in the business. As the business
grows and makes profits, it adds to its capital. This capital is
subdivided into shares (or stocks). The capital is divided into 100
million shares of ₹ 10 each.
Net Profit in 2013-14: ₹ 20 crore (₹ 200 million).
EPS is the net profit divided by the total number of shares.
EPS = net profit/ number of shares
EPS = ₹ 20 crore (₹ 200 million)/ 10 crore (100 million) shares = ₹ 2
per share
Lesson to be learnt
If a company's EPS has grown over the years, it means the company is
doing well, and the price of the share will go up. If the EPS declines,
that's a bad sign, and the stock price falls.

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Companies are required to publish their quarterly results. Keep an eye
out for these results; check for the trend in their EPS.
2. Price earnings ratio (PE ratio): How other investors view this
share
An indicator of how highly a share is valued in the market. It arrived
at by dividing the closing price of a share on a particular day by EPS.
The ratio tends to be high in the case of highly rated shares. The
average PE ratio for companies in an industry group is often given in
investment journal. Two stocks may have the same EPS. But they may
have different market prices. That's because, for some reason, the
market places a greater value on that stock. PE ratio is the market price
of the stock divided by its EPS.
PE = market price/ EPS
Let’s take an example of two companies.
Company XYZ Ltd
Market price = ₹ 100
EPS = ₹ 2
PE ratio = 100/ 2 = 50
Company ABC Ltd
Market price = ₹ 200
EPS = ₹ 2
PE ratio = 200/ 2 = 100
In the above cases, both companies have the same EPS. But because
their market price is different, the PE ratio is different.

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Lesson to be learnt
In the case of EPS, it is not so much a high or low EPS that matters as
the growth in the EPS. The company's PE reflects investors'
expectations of future growth in the EPS. A high PE company is one
where investors have hopes that earnings will rise, which is why they
buy the share.
3. Forward PE: Looking ahead
The stock market is not nostalgic. It is forward looking. For instance,
it sometimes happens that a sick company, that has made losses for
several years, gets a rehabilitation package from its bank and a new
CEO. As a consequence, the company's stock shoots up. Because
investors think the company will do better in the future because of the
package and new leadership, and its earnings will go up. And people
think it is a good time to buy the shares of the company now.
Suddenly, the demand for the shares has gone up. Because stock prices
are based on expectations of future earnings, analysts usually estimate
the future earnings per share of a company. This is known as the
forward PE. Forward PE is the current market price divided by the
estimated EPS, usually for the next financial year.
Forward PE = Current market price/ estimate EPS for the next financial
year.
To illustrate this, let's take the example of ABC Co.
Trailing 12-month EPS = ₹ 56.82 (EPS of the last four quarters)
Closing price on January 6 = ₹ 2043.15
PE = Price/EPS = 2043.15/ 56.82 = 35.95
Estimated EPS for 2013-14 = ₹ 67

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Estimated EPS for 2014-15 = ₹ 90
These figures are according to brokers' consensus estimates.
Forward PE = current market price/ estimated EPS for next financial
year.
Forward PE for 2013-14 = 2043.15/ 67 = 30.49
Forward PE for 2014-15 = 2043.15/ 90 = 22.70
With an EPS growth of over 30%, a forward PE of 22.7 is not high,
indicating that there is scope to be optimistic about the stock's price.
Lesson to be learnt
Sometimes, investors look out for a low PE stock, expecting that its
price will rise in the future. But sometimes, low PE stocks may
remain low PE stocks for ages, because the market doesn't fancy
them.
Keep tab on the business news to check out the company's prospects
in the future.
When to sell
Stock Reaches Fair Value or Target Price
This is the easiest part of selling. A person should sell when a stock
reaches its fair value. It is the main reason why people chose to buy it
on the first place.
The target price can be computed by assessing the company’s
estimated financial performance over the next 3 to 5 years, computing
its EPS and using an acceptable P/E ratio to compute the future market
price. Based on this future estimated price and our required return on
our investment, compute our target price.

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When the prices reaches Stop loss
It is advisable to always consider the possibility of a loss before making
our investment. We should decide how much loss we are willing to
book in the stock. The lower price i.e., the price at person is willing
curtail his/her loss, is called ‘Stop Loss’.
Need the money -This generally happens due to improper planning.
However, things happen. Even the most carefully planned strategy may
not work. Catastrophic events may force investors to sell an investment
if his household is affected by it.
The book is unclean -When management left their post abruptly or
when the SEBI conduct a criminal investigation on a company, it may
be time to sell. Our assumption may be inaccurate as a lot of fair value
calculation is based on the company's balance sheet, cash flow or other
financial statement published by management.
Takeover news- When one of stock holding is getting bought by other
companies, it may be time to sell. Sure, person might like the acquiring
company but he/she still need to figure out the fair value of the
common stock of the acquiring company. If the acquiring company is
overvalued, then it is best to sell.
Other Investment Opportunity- Let us consider person bought stock
A and it has risen to 10% below its fair value. Meanwhile, he/she
noticed that stock B fallen to below 50% of their calculated fair value.
This is an easy decision. She/he will sell our stock A and buy stock B.
their goal as an investor is to maximize our investment return.
Sacrificing a 10% of return in order to earn a 50% return is a sensible
way to do that.

58 | P a g e
Inaccurate Fair Value Calculation- As investors, people sometimes
made errors in their fair value calculation. There are factors that
investors might not take into accounts when researching a particular
company.
Not having a valid reason to Buy When person don't know why
he/she bought a particular stock, he/she won't know how much their
potential return is or when they should sell it. This is the easiest way
of losing money. When person have no valid reason to buy, he/she
should sell immediately.
Types of Cash market margin
1. Value at Risk (VAR) margin.
2. Extreme loss margin.
3. Mark to market Margin.
1. Value at Risk (VAR) margin: VAR Margin is at the heart of
margining system for the cash market segment. VAR is a technique
used to estimate the probability of loss of value of an asset or group of
assets (for example a share or a portfolio of a few shares), based on the
statistical analysis of historical price trends and volatilities.
A VAR statistic has three components: a time period, a confidence
level and a loss amount (or loss percentage). Keep these three parts in
mind as we give some examples of variations of the question that VAR
answers:
With 99% confidence, what is the maximum value that an asset or
portfolio may lose over the next day?

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Example:-
Suppose shares of a company bought by an investor. Its market value
today is ₹ 50 lakhs but its market value tomorrow is obviously not
known. An investor holding these shares may, based on VaR
methodology, say that 1-day VAR is ₹ 4 lakhs at 99% confidence level.
This implies that under normal trading conditions the investor can, with
99% confidence, say that the value of the shares would not go down by
more than Rs.4 lakhs within next 1-day.
In the stock exchange scenario, a VAR Margin is a margin intended to
cover the largest loss (in %) that may be faced by an investor for his /
her shares (both purchases and sales) on a single day with a 99%
confidence level. The VAR margin is collected on an upfront basis (at
the time of trade).
How is VAR margin calculated?
VAR is computed using exponentially weighted moving average
(EWMA) methodology. Based on statistical analysis, 94% weight is
given to volatility on ‘T-1’ day and 6% weight is given to ‘T’ day
returns.
To compute, volatility for January 1, 2013, first we need to compute
day’s return for Jan 1, 2014 by using LN (close price on Jan 1, 2014 /
close price on Dec 31, 2013).
Take volatility computed as on December 31, 2013.
Use the following formula to calculate volatility for January 1, 2014:
Square root of [0.94*(Dec 31, 2013 volatility)*(Dec 31, 2013
volatility) + 0.06*(January 1, 2014 LN return)*(January 1, 2014 LN
return)]

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Example:
Share of ABC Ltd.
Volatility on December 31, 2013 = 0.0314
Closing price on December 31, 2013 = ₹ 360
Closing price on January 1, 2014 = ₹ 330
January 1, 2009 volatility =
Square root of [(0.94*(0.0314)*(0.0314) + 0.06 (0.08701)* (0.08701)]
= 0.037 or 3.7%
How is the Extreme Loss Margin computed?
The extreme loss margin aims at covering the losses that could occur
outside the coverage of VAR margins. The Extreme loss margin for
any stock is higher of 1.5 times the standard deviation of daily LN
returns of the stock price in the last six months or 5% of the value of
the position. This margin rate is fixed at the beginning of every month,
by taking the price data on a rolling basis for the past six months.
How is Mark-to-Market (MTM) margin computed?
MTM is calculated at the end of the day on all open positions by
comparing transaction price with the closing price of the share for the
day.
Example:
A buyer purchased 1000 shares @ ₹ 100/- at 11 am on January 1, 2015.
If close price of the shares on that day happens to be ₹ 75/-, then the
buyer faces a notional loss of ₹ 25, 000/ - on his buy position. In
technical terms this loss is called as MTM loss and is payable by
January 2, 2015 (that is next day of the trade) before the trading begins.

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In case price of the share falls further by the end of January 2, 2015 to
₹ 70/-, then buy position would show a further loss of ₹ 5,000/-. This
MTM loss is payable.
In case, on a given day, buy and sell quantity in a share are equal, that
is net quantity position is zero, but there could still be a notional loss /
gain (due to difference between the buy and sell values), such notional
loss also is considered for calculating the MTM payable.
MTM Profit/Loss = [(Total Buy Qty. X Close price)] - Total Buy
Value] - [Total Sale Value - (Total Sale Qty. X Close price)].
DERIVATIVES
Derivative is a product whose value is derived from the value of one
or more basic variables, called bases (underlying asset, index, or
reference rate), in a contractual manner. The underlying asset can be
equity, forex, commodity or any other asset. For example, wheat
farmers may wish to sell their harvest at a future date to eliminate the
risk of a change in prices by that date. Such a transaction is an example
of a derivative. The price of this derivative is driven by the spot price
of wheat which is the "underlying".
In the Indian context the Securities Contracts (Regulation) Act, 1956
(SCRA) defines "derivative" to include-
1. A security derived from a debt instrument, share, loan whether
secured or unsecured, risk instrument or contract for differences or any
other form of security.
2. A contract which derives its value from the prices, or index of prices,
of underlying securities. Derivatives are securities under the SC(R)A
and hence the trading of derivatives is governed by the regulatory
framework under the SC(R)A.

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Factors driving the growth of derivatives
Over the last three decades, the derivatives market has seen a
phenomenal growth. A large variety of derivative contracts have been
launched at exchanges across the world. Some of the factors driving
the growth of financial derivatives are:
1. Increased volatility in asset prices in financial markets,
2. Increased integration of national financial markets with the
international markets,
3. Marked improvement in communication facilities and sharp decline
in their costs,
4. Development of more sophisticated risk management tools,
providing economic agents a wider choice of risk management
strategies, and
5. Innovations in the derivatives markets, which optimally combine the
risks and returns over a large number of financial assets leading to
higher returns, reduced risk as well as transactions costs as compared
to individual financial assets.
Types of derivatives:
Forward Contract:
A forward contract is an agreement to buy or sell an asset on a specified
date for a specified price. One of the parties to the contract assumes a
long position and agrees to buy the underlying asset on a certain
specified future date for a certain specified price. The other party
assumes a short position and agrees to sell the asset on the same date
for the same price. Other contract details like delivery date, price and
quantity are negotiated bilaterally by the parties to the contract. The
forward contracts are normally traded outside the exchanges.

63 | P a g e
The salient features of forward contracts are:
• They are bilateral contracts and hence exposed to counter-party risk.
• Each contract is custom designed, and hence is unique in terms of
contract size, expiration date and the asset type and quality.
• The contract price is generally not available in public domain.
• On the expiration date, the contract has to be settled by delivery of
the asset.
• If the party wishes to reverse the contract, it has to compulsorily go
to the same counterparty, which often results in high prices being
charged.
Limitations of Forward Contract
Forward markets world-wide are afflicted by several problems:
Lack of centralization of trading, Illiquidity, and Counterparty risk
In the first two of these, the basic problem is that of too much flexibility
and generality. The forward market is like a real estate market in that
any two consenting adults can form contracts against each other. This
often makes them design terms of the deal which are very convenient
in that specific situation, but makes the contracts non-tradable.
Counterparty risk arises from the possibility of default by any one party
to the transaction. When one of the two sides to the transaction declares
bankruptcy, the other suffers. Even when forward markets trade
standardized contracts, and hence avoid the problem of illiquidity, still
the counterparty risk remains a very serious issue.

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RESEARCH METHODOLOGY
OBJECTIVES OF THE STUDY:-
The objective of my Project is to gain knowledge about how an
organization works and in particular setup of a stock broking house.
PRIMARY OBJECTIVES OF THE PROJECT ARE:-
1. To learn about company routine working
2. To learn the marketing techniques that is used to acquire a
client.
SECONDARY OBJECTIVE:-
1. To study the “ANGEL BROKING” competitors strengths and
weaknesses.
RESEARCH METHODOLOGY:-
Research Methodology – “Systemized Method to gain knowledge”.
The technique deployed to analyze and interpret the data for the
purpose of hitting the target objective plays a crucial role. The effective
research technique has a significant contribution for effective objective
achievement. Throughout this project, a combination of secondary and
primary research was undertaken to ANGEL BROKING LTD.
DATA SOURCES:-
 Primary Data,
 Secondary Data

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PRIMARY DATA:-
Primary data is a data that is collected for the first time in the
processing of the analysis.
The researchers have adopted the contact through telephone for the
purpose of collecting Primary data. The researchers discuss with Team
Manager and employees of the company to get information about
competitors of Angel Broking.
SECONDARY DATA:-
Under Secondary sources, we tapped information from internal &
external sources. We made use of Internet (such as search engine
www.google.com, www.icicidirect.com, www.indiabulls.com and
miscellaneous sources (such as brochures, pamphlets, library) under
external sources.
ANALYSIS:-
To make our research project most effective in a given time period
of two months surveyed the information of the competitors. We
undertook both Explorative as well as Conclusive Research Design.
The data has been collected from both Primaries as well as Secondary
sources and we also did the fieldwork for which utmost care has been
taken to keep project unbiased from personal opinion.
SIGNIFICANCE OF THE STUDY:-
Every research is conducted to fulfill certain objective and these
objectives in turn fulfill some purpose. BBA curricular is designed to
give more practical exposes to the student so that he can make use of
theoretical knowledge in the real life situation, with this thrust
dissertation study has been included which provides opportunity to

66 | P a g e
research to gain practical insight of the market. This hand on
experience helps him in identifying the critical factor of consumer
buying behavior. This rich experience will be great help in researcher’s
future endeavors and it also solves the purpose for the partial
fulfillment of BBA curriculum.
I sincerely believe that road to improvement is never- ending and
one always learns from a new experience. This project is a step towards
gaining knowledge about real world and putting the theory of practice.
I shall look forward to and gratefully acknowledge all suggestion on
this small step I have taken.
The report consists of a step–wise efforts towards meeting the
objectives of the study. It covers the step-wise collection of data
collection and the representation of the data together with the analysis.
It also includes some suggestions put forward hoping it would help the
company achieve its vision.
MANAGERIAL USEFULNESS OF THE STUDY:-
The marketing department can use this study to enhance their
marketing strategies for better sales. This report helps marketing
department in taking decision to what change in distribution channels
and what should be done so that marketing problem could be sorted out
and how to sell their range of product in the competitive market.
The very essence of every project related to marketing is providing
a view to management for chalk out the organization. So that they can
maintain a viable fit between the organization objective, skill and
resources and its changing market opportunities. Also give proper
shape to the company business target profit and growth. It provides a
feedback to the organization about their sales, sales schemes and what
impact dose it has on the retailers and consumer. Every market research

67 | P a g e
proves useful suggestion to the organization. Marketing research helps
the firm in every component of the total marketing task. It helps the
firm acquire a better understating of the buyer, the competition and
marketing environment. It also aids the formulation of the marketing
mix, product, distribution and pricing needs marketing research
support. It also in taking the information of competitor’s strategies and
their impact on the buyer. The study revels may fact that have come up
during the project and these facts can either be used as opportunities in
exploring and expending the business as well as can be used as
safeguard against threats by the competitors to prepare an effective
marketing strategy. Every market research proves usefulness to the
organization. Marketing research helps the firm in every component of
the total marketing task. Its helps the firm acquire a better
understanding of the consumer, the competition and the marketing
environment. It also aids he formulation of marketing mix, decision on
each element of marketing mix, product, distribution and promotion
and pricing etc. need the support of marketing research.
LIMITATIONS OF THE PROJECT:-
Services of competitors:- We cannot give proper comment on
competitor’s services till we use it. But I try to collect as accurate
information as possible. As we all know services are intangible and we
cannot predict its quality, it is a thing to feel not to see.
No proper assurance of right information:- The main data sources
are websites, telephonic information and offices visit.
 The data on websites might be possible, not get updated.
 The marketing person might be possible, is not through with all
concepts to which I contacted.
 Sometimes, they try to hide information.

68 | P a g e
Lack of awareness of Stock market:- Since the area is not known
before it takes lot of time in convincing people to start investing in
shares primarily in IPO’s.
Mostly people comfortable with traditional brokers:- As people are
doing trading from their respective brokers, they are quite comfortable
to trade via phone.
Lack of Techno Savvy people and poor Internet penetration:-
Since most of the people are quite experienced and also they are not
techno savvy. Also Internet penetration is poor in India.
Some respondents are unwilling to talk:- Some respondents either
do not have time or willing does not respond, as they are quite annoyed
with the phone calls
Inaccurate Leads:- Sometimes leads are provided which had error in
it which varies from only 5 digit phone number to wrong phone number
Misleading concepts:- Some people think that Shares are too risky and
just another name of gamble but they don’t know it’s not at all that
risky for long investors.
SCOPE OF THE STUDY:-
These are some of the following scope of the study:-
1. The present study can be extended to assess the present marketing
condition of stock market.
2. The study can be used to design a proper product, price, place &
promotional strategy for stock market.
3. From the present study we can know the market share of different
by-products and accordingly formulated strategy to enhance it.

69 | P a g e
THREATS

 NEW COMPETITORS
 TECHNOLOGY BASED BUSINESS
4. The result of marketing success of different by-product can be
interpreted to assess the rate of employee’s satisfaction in that
department (marketing).
5. This study can be applied to find out an effective distribution
channel to enhance the sale of by-product of “ANGEL BROKING”.
SWOT Analysis: - A SWOT analysis focuses on the
internal and external environments, examining strengths
and weaknesses in the internal environment and
opportunities and threats in the external environment.
STRENGTHS
 SERVICE
 DISTRIBUTION NETWORK
 MARKETING
 PRODUCTS
WEAKNESS
 EVER INCREASING MARKET
 IMPROVING TECHNOLOGY
 UNFULFILLED NEEDS OF
CUSTOMERS
 EDUCATION LEVEL
OPPORTUNITIES
 CUSTOMER SATISFACTION
 BRANDING
 COMPETITION FROM BANKS

70 | P a g e
COMPETITORS
RIVALRY
POWER OF
CUSTOMERS
POTENTIAL
NEW
ENTRANTS
THREATS OF
SUBSTITUTES
POWER OF
SUPPLIER
Analysis of Share Market industry based on Michael
Porter’s 5 factor model
 Competition
The industry is now in a fairly high growth phase. However the
brokerage industry is very cyclical and is impacted by activity
levels in the markets. During the downturns such as 2008-2009
periods, the smaller players were squeezed out of the business.
As a result there is a contrast consolidation happening in the
industry.
 Power of the supplier
Not much relevant in most segments except investment
banking, where employees control client relationships and
hence have to be highly compensated.

71 | P a g e
 Potential of new entrants
A new entrant in addition to the above also needs a reasonable level of capital
to fund the working requirements of the business (finance to customers, deposits
with exchanges, etc.).
The scale requirements are increasing constantly and as a result a new entrant
will require higher levels of investments in the future to enter the business. As
pointed out, it is likely to Competition in the industry Potential of new entrants
Power of suppliers Power of customers Threat of substitutes see many entrants
in the industry. On the contrary, it is likely that the smaller players will exit by
selling out or closing.
 Power of the buyers/customers
This is important in the institutional brokerage business which involves high
volume and low brokerage charges. The extent of buyer power is very low to
non-existent in all kinds of retail segments.
 Threat of substitutes
In a summary the industry has a moderate to low level of competitive advantage.
There is low level of customer lock-in and customer will move his or her
business if the brokerage rates are not competitive with rest of the industry. The
only competitive advantage for companies in this sector comes from size and
scale which enables them to leverage their size to reduce average costs and thus
make a profit on low brokerage margins.
In addition to high fixed costs, the industry has very low margin cost. As a result
the cost of adding an additional customer is low and per transaction costs are
limited. Due to this reason, we are seeing a constant pressure on the brokerage
rates has intensified the competition in the industry and is resulting in
consolidation with the top players.
The basic brokerage business is now sometimes a loss leader to enable the
brokerage firm to acquire customers and sell other products such as wealth
management services, or third party mutual funds. This segment will provide
adequate returns in the future for a company with scale.

72 | P a g e
Total Sample(82)
online(64)
offline(18)
21.95%
78.04%
Data Analysis
Primary Data collection
 Structured questionnaire for customer.
Secondary Data Collection
 Journals
 Websites
 News papers
 Research Approach
 Descriptive approach
 Techniques to be used in Research Approach
 Survey and Interview
Data Findings Total Sample Size: 82
Male: 47
Female: 35
Online/Offline Trading

73 | P a g e
0
10
20
30
INVESTMENT PRODUCT PREFERENCE
MODE OF AWARENESS
0
10
20
30

74 | P a g e
0
5
10
15
20
25
PREFERENCE FOR BROKING FIRM
FACTORS 1 2 3 4 5
LOW
BROKERAGE
2.44% 14.63% 31.7% 39.02% 12.2%
BETTER
CUSTOMER
SERVICE
0 1.21% 23.17% 37.8% 20.63%
BRAND
LOYALITY
3.65% 7.31% 19.51% 40.24% 29.26%
MARGIN
MONEY
2.44% 4.87% 31.7% 43.9% 17.07%
GOOD TRADING1.21% 6.1% 35.36% 30.48% 26.82%
TIMELY
RESSEARCH
REPORT
0% 13.41% 45.12% 29.26% 12.2%
FRIENDS REFER1.21% 17.07% 45.12% 26.82% 9.75%
FINDING, CONCLUSION & RECOMMANDATIONS
FINDINGS
 According to the data that have been collected all the people who
were surveyed are aware of share market and trading.

75 | P a g e
MOST IMPORTANT FACTOR WHILE SELECTING A BROKING
HOUSE
AMC
TIPS & SUGGESTION
FEATURES
CUSTOMER SERVICE
CONVINIENCE(IN
TRADE)
IMAGE
BROKERAGE
FACTORS
 Survey shows that the nearly 79% people prefer the online trading
rather than that of offline trading through broker.
 People like to invest more in equity rather than other investment
sectors.
 The best preferred broking firm among the people is ICICI direct with
22% rather than other broking firms.
 Friends, Newspaper and Internet are the most preferred mode for
awareness of the broking firms and share trading
On surveying various people who are involved in share trading both as
trader as well as investor, we found that brokerage is the most
important factor on which people select / opt a broking house, followed
by image , convenience in trading , customer service, features, tips &
suggestion & AMC.

76 | P a g e
What is interesting to note is the weighted contribution of these
factors towards decision making. Although brokerage leads the
pack it has only 19% contribution, and is closely followed by
broking houses’ image with 18% and convenience in trade with
16%. AMC & tips & suggestions having only 10% contribution
each towards decision making end up the pack.
On surveying ANGEL BROKING Customer why they opted for
same, we got to know it was because of image ANGEL BROKING
carries in the market, followed by its competitive brokerage,
convenience in trade, features, customer service, tips and suggestions,
and AMC.
Angel Broking Continuous increases its growth percentage as shown
in the Graph & becomes one of the India’s Topmost Online Trading
Service Provider.
PIE CHART DEPECTING MOST IMPORTANT FACTOR
IN SELECTING A BROKING HOUSE
19%
16%
12%
15%
10%10%
18%
AMC TIPS & SUGGESTION
CUSTOMER SERVICE FEATURES
CONVINIENCE(IN TRADE) BROKERAGE
IMAGE

77 | P a g e
CONCLUSION:-
In online trading “ANGEL BROKING” have mainly competition
with icicidirect.com, HDFCsec.com, 5Paisa.com India bulls. “ANGEL
BROKING” comes at no. 2 retail broker. It has an advantage of being
in this industry for more than 8 decades. It has launched its website in
2000 and was among the first player in the online share trading. The
“ANGEL BROKING” has decided to spend its advertisement budget
through four media i.e. Television, Print, Web and Outlets. Mr. Boman
Irani was the first brand ambassador for “ANGEL BROKING” on
television media. From the above analysis we can point out some
points:-
1. ANGEL BROKING account opening charges are little higher than
other competitors. ANGEL BROKING is less flexible to cut down its
account opening charges on the other side; some of the brokers are
offering free account opening to High Net Worth customers.
2. The charges of Demat account are reasonable at 300 p.a. but India
bulls are offering pool account with no Annual Maintenance charges.
3. ANGEL BROKING provides trading in NSE, BSE and Derivatives.
It also launched online Mutual Funds & Online IPO Bidding. Arbitrage
facility is not available to customers.
4. ANGEL BROKING is the only one that does not have any Demat
transaction charges either on buying or selling.
5. Unlimited toll free calls service is provided to customer in ANGEL
BROKING.com.

78 | P a g e
6. ANGEL BROKING accept offline payment from other banks also
but icicidirect.com, HDFCsec.com clients have compulsion to open an
online account.
7. IPO Online service is better provided in ANGEL BROKING as
compared to others.
8. ANGEL BROKING is only broker in which no margin needs to
keep.
9. ANGEL BROKING research reports come in client e-mail at free of
cost around 5-6 times in a day. But some brokers charged for it and
some provide it only at once in a day, while it is paid in Indiabulls,
icicidirect.com and 5paisa.com.
10. In brokerage, 5paisa.com have an edge on others with lowest
brokerage .25% on delivery and .05% on intraday
To sum up, we can say that computerization and automation are not
to be avoided. Technology has been able to make the stock markets
accessible to every individual. It has also led to positive developments
in terms of reduced costs and fewer errors. But, as some experiences
have indicated, IT cannot be applied as a panacea for all problems.
Regulation and knowledge dissemination are still important. The use
of technology should be preceded by a detailed study and assessment
of all other alternatives. The key to successful use to technology is the
appreciation of its constraints.
RECOMMENDATION:-
We suggest following measures, which ANGEL BROKING could
take so as to take on heavy competition from INDIABULLS and
ICICIDIRECT.COM

79 | P a g e
1. To identify regions where promotions are required. ANGEL
BROKING 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 ANGEL BROKING keep on telling that it is
difficult to reduce cost, because 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.
*********************************

80 | P a g e
Annexure
QUESTIONAIRE
1.Are you interested in share trading?
a) Yes b) No
2.Which mode of trading would you prefer?
a) Online b) Offline
3.Which type of product do you invest in?
a) Mutual fund b) Equity c) Commodity d) Insurance
e) Others
4.If you trade in future, which broking firm would you
prefer?
a) Share khan b) India Bulls c) Angel broking d) ICICI
Direct e) Microsec f) Others
5.How did you come to know about the broking firm?
a) Newspaper b) Journals c)TV Advertisement d)
Friends e)Internet f) Others

81 | P a g e
6. How important do you think these factors influence in choosing a
broking firm?
a) Low brokerage
Not very important 1 2 3 4 5 Extremely important
b) Better customer service
c) Brand loyalty
d) Margin money
e) Good trading tips
f) Timely research report
g) Friends recommendations
NAME:
AGE:
GENDER: MALE/FEMALE
CONTACT NO:

82 | P a g e
BIBLIOGRAPHY
Internet Referrals:
www.sharekhan.com
www.icicidirect.com
www.nseindia.com
www.google.com
www.indiabulls.com
www.angelbroking.com

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