SIP report on Angel Broking/One

1. A
Summer Internship Program ReportOn
STUDY OF FINANCIAL PRODUCTS OF AT ANGEL BROKING
LTD.WARDHA
Submitted to
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
In partial fulfillment for
Master of Business Administration
Submitted by
Pratik Prakashrao Wankhede
MBA III
Prof. Snehal Khadge Prof. Shital V. Deshmukh
SIP Guide Faculty Guide
Department of Advanced Management Studies
G. S. College of Commerce, Wardha
2021-2022

2. Shiksha Mandal’s
Department of Advanced Management Studies
G. S. College of Commerce, Wardha
CERTIFICATE
This is to certify that the investigation described in this report titled
“Study of Financial Products of Angel Broking Ltd, Wardha” has been carried
out by Mr. Pratik P. Wankhede during the summer internship project. The
study was done in the organization, Angel Broking/Oneltd, in partial
fulfillment of the requirement for the degree of Master of Business
Administration of R. T. M. Nagpur University, Nagpur.
This work is the own work of the candidate, complete in all respects, and
isof sufficiently high standard to warrant its submission to the said degree. The
assistance and resources used for this work are duly acknowledged.
Prof. Snehal Khadge Anand Kale
Project Guide Dean, DAMS
Date: Dr. Anil Ramteke
Place: Wardha Offg. Principal

3. ACKNOWLEDGEMENT
After completion of this Report, I experienced a feeling of achievement &
satisfaction.
I consider myself fortunate enough to be in the right place and with right
people. I take this opportunity to express my deep sense of gratitude and
heartily thanks to my Guide Prof. Snehal Khadge mam, Professor, G.S.
College of Commerce, Wardha for his valuable guidance, kind suggestions and
constant encouragement.
My special thanks to Prof. Laxman Jajodiya & Prof. Kailesh Jaitwar say for
their guidance and useful
suggestions.
I would like to thank the teaching staff, members of Department of Advanced
Management Studies (DAMS), G.S. College of Commerce, Wardha (MS) who
have directly or indirectly been instrumental in the timely completion & for
their guidance rendered to me for making this work worthy.
Date:
Place: Wardha
Pratik P. Wankhede
MBA III Semester

4. DECLARATION
I Pratik P. Wankhede student of the Department of Advanced Management Studies
(DAMS), G. S. College of Commerce, Wardha – 442001, (MS), pursuing MBA, hereby declare
that, the SIP report entitled “Study of Financial Products of Angel Broking ltd, Wardha”
submitted by me is as per the guidelines of Nagpur University.
I also declare that this is an original work carried out by me availing the guidance. This
report has no resemblance with any other report submitted to Nagpur University (RTMNU)
during the current academic year, earlier, or any to their University for the award of any
Degree or Diploma.
Pratik P. Wankhede
MBA III Semester
Date:
Place: Wardha

5. TABLE OF CONTENTS
Sr. No. PARTICULARS Page No.
PART 1
(A)
COMPANY PROFILE 07-18
1.1 Brief History 07-08
1.2 Management Structure 09
1.3 Achievements 10
1.4 Awards & Latest Developments 11-12
1.5 Products & Services Offered 13-15
1.6 Performance & Market Share 16-17
1.7 SWOT Analysis 18
PART 1 (B)
SECTOR OVERVIEW
19-30
1.8 Sector Size and Major Players 19
1.9 Regulations and Regulatory Bodies 22-24
1.10 Sector’s Contribution to Economy 25-26
1.11
Problems Faced by the Sector in General
and Company in Particular
27-29
1.12 Future Potential of Sector 30
PART 2
(A)
ACTUAL WORK DONE 31-33
2.1 Week Wise Details of the Work Done 31-32
2.2
Key Learnings Week Wise
33
PART 2 (B) FINDINGS AND SUGGESTIONS 34
PART 2
(C)
CONCLUSION 35-37
------ Appendices 36
------ Bibliography 37

6. 6
CERTIFICATE FROM
ORGANIZATION

7. 7
PART 1 (A) COMPANY PROFILE
1.1 Brief History
Angel Brooking is one of the leading integrated financial services institutions in India. The
company offers a large and diverse bouquet of services ranging from equities commodities,
and insurance brooking to wealth advisory, portfolio management services, personal finance
services Investment brooking, and institutional brooking services. The services are broadly
clubbed across three key business verticals-retail, wealth management, and the institutional
spectrum. Angel Brooking Limited is the holding company for all its business, structured and
operated through various subsidiaries. Angel’s retail network spreads across the length and
breadth of the country with its Presence through more than 1217 locations across more than
392 cities and towns. Having spread itself well across the country and with the promise of not
resting on its laurels it has also aggressively started eyeing global geographies.
Angel Booking’s tryst with excellence in customer relations began more than 20 years ago.
Angel Group has emerged as one of the top 10 retail broking houses in India and was
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
providing "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
Angel Brooking Ltd.
Member of the BSE and Depository Participant with
CDSL
Angel Capital & Debt Market
Ltd.
Membership in the NSE Cash and Futures & Options
Segment
Angel Commodities Brooking
Ltd.
Member of the NCDEX & MCX
Angel Securities Ltd. Member of the BSE
 Incorporated :1987

8. 8
 BSE Membership :1997
 NSE membership :1998
 Member of NCDEX and MCX
 Depository Participants with CDSL
Angel’s presence-
 Nation-wide network of 21 regional hubs
 Presence 124 cities
 6800 + sub-brokers & business associates
 5.9 lakh +clients
The mission of the Company
TO BE India’s first multinational providing complete financial services solutions across the
globe.
The vision of the Company
To provide the best value for money to investors through innovative products,
trading/investment strategies, state-of-the-art technology, and personalized service.
Philosophy of the Company
Ethical practices & transparency in all our dealings and customer interest above our own
always deliver what we promise effective cost management.
Quality Assurance Policy
We are committed to being the leader in providing World Class Products & Services which
exceed the expectations of our customers Achieved by teamwork and a process of continuous
improvement
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 but is the Purpose of it. We are
not doing him a favor by serving. He is doing us a favor by giving us an opportunity to do so.

9. 9
1.2 Management Structure
S.No Name Designation & Department
1 Mr. Dinesh D Thakkar Chairman & Managing Director
2 Mr. Lalit Thakkar Director – Research
3 Mr. Naheed Rehan Patel Company Secretary
4 Mr. Ketan Shah Whole-time Director
5 Mr. Uday Sankar Roy Independent Director
6 Mr. K Sahay Independent Director
7
Mr. Muralidharan
Ramachandran
Independent Director
8 Mr. Krishna Iyer Director
9 Ms. Mala Todarwal Independent Director
10 Mr. Amit Majumdar Executive Director – Strategy and Finance
11 Mr. Rajiv Phadke Executive Director – HR & Corp
12 Mr. Vinay Agrawal Executive Director – Equity Brooking
13 Mr. Nikhil Daxini Executive Director - Sales and Marketing
14 Mr. Hitungshu Debnath
Executive Director - Distribution & Wealth
Management
15 Mr. Mudit Kulshreshtha Executive Director – Operations

10. 10
1.3 Achievements
 Angel Brooking Achieves Highest-Ever Monthly Client Acquisition.
 Angel Brooking has extensively used Artificial Intelligence and Machine Learning for
its across-the-board operations to augment customer experience.
 On a record-breaking spree Angel Brooking acquires more than 0.4 million clients in
May, with near 300% growth YoY.
 Angel Brooking has transformed into a new-age fintech platform over the ten years.
 Angel Brooking rebrands to Angel One, to cater to all its financial needs of it.
 Fintech Company Angel One emerges as The Rising Star in The Next 500.
 Win Dun & Bradstreet Equity Brooking Awards 2014(for largest distribution network
2014).

11. 11
1.4 Awards & Latest Developments
Awards
 October 2011
Angel Brooking bagged the Dun & Bradstreet Equity Brooking Awards 2011 for
'Best Retail Brooking House' and 'Fastest Growing Equity Brooking House'
(Large Firms) at the Dun & Bradstreet Equity Brooking Awards 2011.
 March 2011
Angel Brooking was awarded 'Best in Contribution Investor Education &
Category Enhancement of the year' and 'Best Commodity Research of the
year'.
 November 2010
Angel Brooking bags the coveted ‘Major Volume Driver’ Award by BSE for
2009-10.
 October 2009
Angel Brooking bags the coveted ‘Major Volume Driver’ Award by BSE for
2008-09.
 May 2009
Angel Brooking wins two prestigious awards for 'Brooking House with Largest
Distribution Network' and 'Best Retail Brooking House' at the Dun &
Bradstreet Equity Brooking Awards.
 August 2008
Angel Brooking crosses the 5,00,000 marks in unique trading accounts.
 November 2008
Angel Brooking wins the esteemed ‘Major Volume Driver’ Award by BSE for
2007-2008.
 November 2007
Angel Brooking augments its business with the introduction of Insurance
Distribution in alliance with Birla Sun Life.
Angel Brooking wins the honored ‘Major Volume Driver’ Award by BSE for
2006-2007.
Angel Brooking crosses the benchmark of 2,00,000 unique trading accounts.
 October 2006
Angel Brooking bags the coveted ‘Major Volume Driver’ Award by BSE

12. 12
Latest Developments
 Angel Brooking now Angel One. (Angel Brooking is a fulltime service broker but
now it also works as a discounted broker as Angel One.)
 Angel Brooking is working with IT vendors to cut IT spending.
 Angel Brooking has developed ARQ a revolutionary Artificial Intelligence-based
engine that helps investors in making informed choice without any Human Bias. ARQ
analyses its output before presenting it to the user.
(Angel brooking ARQ is an algorithm-based recommendation engine for
generating high returns, ARQ provides in-app and web notifications along
with the SMS services providing recommendations at the right time.)
 At Angel Brooking Limited, recently introduced several customer‐centric product
innovations including the investor education Smart Money platform and AI‐driven
recommendation engine ARQ Prime.
 July, and September 2006
Launched the PMS function & Launched Mutual Fund and IPO business.
 December 2006
Angel Brooking expands its network by creating 2500 business associates.
 March 2002
Developed web-enabled back-office software.

13. 13
1.5 Products & Services Offered
● Online Tradings
● Commodities
● DP Services
● PMS (Portfolio Management Services)
● Insurance
● IPO Advisory
● Mutual Fund
● Personal loans
● Quality Assurance
1. E-Broking
Angle has different products and voila trading on BSC, NSC, F&O, MCX & NCDEX. It
provides four software’s to customers for online trading.
Angel Investor
 User-friendly browser for investors
 Easy online trading platform
 Works in proxy and firewall system setup
 Integrated Back office: Access account information – anytime, anywhere
 Refresh static rates when required
 Multiple exchanges on a single screen
 Online fund transfer facility
Angel Trade
 Browser based for investor
 No installation required
 Advantage of mobility
 Trading as simple as internet surfing
Angel Diet
 Application-based ideal for traders.
 Online fund transfer facility
 User friendly & simple navigation
 BSC, NSC, F&O, MCX & NCDEX
Angel Anywhere
 Application-based platform for day traders
 Intra-day/historical charts with various indicators

14. 14
 Online fund transfer facility
 BSC, NSC, Cash & Derivatives
Investment Advisory Services
● Expert Advice: Their expert investment advisors are based at various branches across
India to aid 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 them 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 the
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.
2. 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 grades.
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

15. 15
3.Depositary Participant Services
Angel Brooking Ltd. is a DP services provider though CDSL. We 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
4.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.
Angel PMS brings with it years of experience, expertise, research and the backing of India's
leading stock brooking 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.
5.Mutual Fund
To enable clients to diversify their investment in the right direction. Angel Brooking has
added another product in its range with mutual funds.
● Access to in-depth research & proper selection from diversified funds based on your
preferred criteria
● Rating and rankings of all mutual funds from our in house expert analysts
● News and alert for your Mutual fund Portfolio and performance tracking with watch
lists
● Current and historical performance of different funds enabling comparisons
Benefits
● No risk of loss, wrong transfer, mutilation or theft of share certificates.
● Hassle free automated pay-in of your sell obligations by your clearing members
● Reduced paper work.
● Speedier settlement process. Because of faster transfer and registration of securities in
your account, increased liquidity of your securities.
● Instant disbursement of non-cash benefits like bonus and rights into your account.
● Efficient pledge mechanism.

16. 16
1.6 Performance & Market Share
Angel Brooking is one of the largest retail broking houses in India in terms of active clients
on NSE. It’s a technology-led financial services company providing brooking and advisory
services, margin funding, loans against shares, and financial products distribution to clients.
In the last month, Angel Brooking has rallied 95.5% compared with an 8.4% rise in the Nifty
50 index.
Shares of Angel Brooking extended their winning run to the third trading session. The
counter has rallied 11.68% in three days from its previous closing low of Rs 746.80 on 1 June
2022. The stock hit a record high of Rs 834 in the morning today.
The company's client base increased to 6.93 million, recording an MoM growth of 6.3% and
a YoY growth of 145.2%.
Gross client acquisition stood at 0.43 million, recording an MoM growth of 10% and a YoY
growth of 208.3%.
Number of trades stood at 107.21 million in October 2021 compared to 101.07 million in
September 2021 and 51.31 million in October 2020.
The company's retail turnover market share in overall equity segment stood at 20.7%, higher
by 43 bps compared to September 2021 and higher by 603 bps compared to October 2020.
The company's retail turnover market share in F&O segment stood at 20.8%, higher by 42
bps compared to September 2021 and higher by 624 bps compared to October 2020.
The company's client base jumped 140.4% year on year to 4.84 million clients in May 2021
over May 2020. On a sequential basis, client base grew by 9.5% last month from 4.42 million
clients in April 2021.
Gross Client Acquisition stood at 0.43 million in May 2021, up 298.2% over 0.11 million in
May 2020. On a sequential basis, Gross Client Acquisition grew 36.1% in May 2021 over
April 2021.
Number of trades in May 2021 stood at 86.49 million, up 117.9% over 39.70 million trades in
May 2020. The figure was up 18.4% over April 2021. The company's average daily turnover
(ADTO) overall soared 778% year on year to Rs 4,75,200 crore in May 2021. ADTO rose
7.5% in May 2021 over April 2021.
The company's retail turnover market share in overall equity segment grew to 23.5% in May
2021 from 22.8% in April 2021 and 7.6% in May 2020. Retail turnover market share in F&O
(derivatives) segment rose to 23.8% in May 2021 from 23% in April 2021 and 7% in May
2020.
The company's consolidated net profit surged 229.9% to Rs 101.91 crore in Q4 FY21 from
Rs 30.89 crore in Q4 FY20. Total income during the quarter increased 109.8% to Rs 418.86
crore from Rs 199.63 crore reported in the same period last year.
Market Share
 Number of active clients with Angel Brooking from financial year 2014 to 2022
In fiscal year 2022, the Indian financial services company Angel Brooking had about
3.6 million active customers. The company experienced an exponential increase in customers
over the last years and is one of the biggest in India in terms of active clients. Angel
Brooking was established in 1987 and offered a host of services including online stock
brooking, commodity trading and investment advisory services.

17. 17
 Angel One has around 52% share in commodity market trade.
 Year on year, it is roughly a 45% jump on number of orders we have seen and if I talk
about Angel’s ADTO, at overall level, there is a month on month growth of 20%, in
F&O there is a growth of 20%, in cash there is a growth of 22% and in commodity
24%,”
 Overall market share of Angel Brooking is a strong market presence with active
clientele on the National Stock Exchange (NSE) with a market share of around 6.3%
and 2.15 million operational brooking accounts as of June 2020-21.
Zerodha
17%
ICICI
8%
Upstox
17%
Angel Broking
10%
HDFC
3%
Kotak
3%
5PAISA
4.87%
5%
IIFL SECURITIES LIMITED
3%
MOTILAL OSWAL
2%
SHAREKHAN LTD.
2%
AXIS SECURITIES
LIMITED
1%
PAYTM MONEY LTD.
1%
FNO Indian Securities
1%
Other
24%
Market Share (%)
Zerodha
ICICI
Upstox
Angel Broking
HDFC
Kotak
5PAISA
IIFL SECURITIES LIMITED
MOTILAL OSWAL
SHAREKHAN LTD.
AXIS SECURITIES LIMITED
PAYTM MONEY LTD.
FNO Indian Securities
Other

18. 18
1.7 SWOT Analysis of Angel Brooking
Angel Broking- Strengths
The strengths of Angel Brooking look at the key aspects of its business which gives it
competitive advantage in the market. Some important factors in a brand's strengths include its
financial position, experienced workforce, product uniqueness & intangible assets like brand
value.
1. Innovative range of financial products.
2. Known for transparent functioning.
3. Innovative I.T solutions for customers.
4. Services offered include Equity Trading, Commodities, Portfolio Management Services,
Mutual Funds, Life Insurance, IPO, Depository Services, Investment Advisory.
Angel Broking- Weaknesses
The weaknesses of a brand are certain aspects of its business which are it can improve to
increase its position further. Certain weaknesses can be defined as attributes which the
company is lacking or in which the competitors are better.
Here are the weaknesses:
1. Less penetration in rural areas
2. Competition from Banks
3. Lack of specialist in commodity market
Angel Brooking Opportunities
The opportunities for brand can include areas of improvement to increase its business. A
brand-opportunities can lie in geographic expansion, product improvements, better relations.
Following are the opportunities:
1. High purchasing power and people looking to more investment opportunities
2. Growing rural market
3. Earning Urban Youth
Angel Brooking Threats
The threats for any business can be factors which can negatively impact its business. Some
factors like increased competitor activity, changing government policies, alternate products or
services etc. can be threats.
Following are the threats:
1. Stringent Economic measures by Government and RBI
2. Entry of foreign finance firms in Indian Market

19. 19
PART 1 (B) SECTOR OVERVIEW
1.8 Sector Size and Major Players
The aggregate Indian brooking industry size stood at INR 210 billion in FY2020, registering
a growth of 8% over INR 195 billion in FY2019. The industry is expected to hit INR 230
billion in FY2021 at a YoY growth rate of 9.5% (Source: ICRA), in spite of India’s GDP
estimated to decline by 9.6% in FY2021 as per the World Bank.
The BSE Sensex declined 28.7% in the first 3 months of CY2020 due to rising concerns
related to the COVID-19 pandemic. However, it has rebounded by almost 51.4% from then,
despite declining economic conditions.
The COVID-19 pandemic turned out to be a boon in disguise as the industry saw the total
number of De-mat accounts rose to 46.1 million as of September 2020 from 40.8 million in
March 2020, an increase of annualized 26%.
Recent international partnerships by Indian brooking firms indicate a good demand for
such service:
• In September 2020, Kuvera (an online platform for mutual fund investments in India)
partnered with Vested Finance, to allow investors on its platform to buy US stocks.
• In August 2020, stockbroking firm Axis Securities had also launched a platform to
invest in US stock markets, partnering with Vested Finance.
• ICICI Securities partnered with Interactive Brokers LLC, a US-based online broker,
to offer its customers a facility to invest in the US markets.
Discount brokers dominate the retail segment
Institutional brokerage houses were taken by storm with the introduction of a new class of
brokers popularly known as ‘discount brokers. These brokers operate via a model that offers
only trade execution services through trading platforms at discounted or flat fees irrespective
of the traded value. As a result, discount brokers started gaining market share in the retail
segment. Leading players including Zerodha and Upstox together owned ~25% of the market
share (as of 30th September 2020). They are known for their advanced trading platforms,
technological strength, and smart features including EKYC, biometric authentication, order
management systems, advanced charting & analytical solutions.

20. 20
Hybrid brokerage model to counter discount brooking firms
In order to compete with discount brokers and cater to the needs of both retail & institutional
clients, traditional brokerage firms such as Axis Securities and Angel Brooking introduced
special discount brokerage plans (Trade@20 by Axis Securities and iTrade by Angel
Brooking) for trading in equity, commodity, and derivatives segment; providing both full-
service offerings and discounted brokerage plans for both types of customers.
Rising Retail participation
Declining savings and FD rates and the ongoing pandemic are forcing the population to find
alternative investment avenues that could provide better returns. The equity market is a
compelling choice. New Demat accounts have shot up as several participants appear to be
first-time investors. Further, the increase is also attributable to the attractive IPO market in
2020. India saw 40 IPOs in 2020 (YTD) out of which 13 IPOs were mainstream and 27 IPOs
were SMEs. Happiest Minds Technologies IPO and Route Mobile Ltd IPO gave stellar listing
day gains of 123% and 86% respectively.Upstox reported ~80% of its total customer base
was acquired during the pandemic period and came from Tier-2 and Tier-3 cities. Angel
Brooking added more than 1 lakh new accounts in March 2020 and ~80% came from Tier-2
and Tier-3 cities. And, around 65% of its clients were first-time investors.

21. 21
Major Players
Zerodha is the biggest stockbroker in India based on the total number of clients which is
estimated to be over +9 million clients on BSE and NSE (as per its website). Established in
2010, Zerodha is a discount broker founded by Nithin Kamath and Nikhil Kamath. Zerodha is
followed by Upstox, Angel Brooking, and ICICI securities who are also renowned among the
biggest stock brokers in India based on total customers.
Upstox, registered as RKSV Securities, is the second-largest stockbroker in India based on
the total number of active clients and market share. As of March 22, Upstox has a 14.47%
market share in the Indian stock brokerage industry. Originally founded in 2010, and later
rebranding in 2016, Upstox is a Unicorn startup backed by Ratan Tata with a valuation of
over $3 Billion as of December 2021. Coincidently, the latest funding round made Upstox
more valued than rivals Zerodha and Groww, as per the reports.
Groww is an innovative platform. The company was set up in the year 2016. It was founded
by Lalit Kesher. It is referred to as having the ideals for millennials and newbies, as
technology is the prime being in the company. Everything is done electronically, giving ease
of investment option, as everything can be done on online platforms without physical
mobility.as far as their expansion is concerned, they have acquired a huge client base and
expanded by partnering with 34 mutual Fund houses. This company is based out of
Bangalore, where the company’s headquarters are located at present. They have a way of
providing fast, easy, and transparent financial solutions to their customers.
Angel One is a full-service broker popularly known for its trading services at discounted
prices. Brokerage and trading charges of Angel One and Upstox are, however, similar, e.g.
Rs.20 per transaction. The thing that drops Angel One from the first rank is its interface (not-
so-impressive) and Annual Account Maintenance Fees. Angel One is yet to be approved by
SEBI, which is most likely to happen soon as the broker is already a member of BSE, NSE,
and MCX and in business since 1987. In terms of technical features and responsiveness of the
trading platform, the brand achieves a better rank.
Kotak Securities is the 5th in the ranking of the best stock brokers in India. People trust
brokers because they have a strong parent company to support in a financial crisis. 25+ years
of experience in the financial sector helps the broker win people’s trust in no time. the brand
currently has 1209+ branches and franchisees to serve its massive customer bases, with over
11.95 lakhs active users. Kotak Securities is one of few brokers providing all-in-one account
facilities. such as you enter your log-in details for a trading account, you automatically
receive access to all demat accounts, trading accounts, and bank accounts by Kotak.

22. 22
1.9 Regulations and Regulatory Bodies.
India is a country having a big list of Brooking Houses. The Equity Brooking Industry in
India has several unique features like it is more than a century old, dynamic, forward looking,
and good service providers, well conversant, highly innovative and even adaptable. The
regulations and reforms been laid down in the Equity Market has resulted in rapid growth and
development. Basically, the growth in the equity market is largely due to the effective
intermediaries.
The Brooking Houses not only act as an intermediate link for the Equity Market but also for
the Commodity Market, Foreign Currency Exchange Market, and many more. The Brooking
Houses has also made an impact on the Foreign Investors to invest in India to certain extent.
In the last decade, the Indian brokerage industry has undergone a dramatic transformation.
From being made of close groups, the brooking industry today is one of the most transparent
and compliance oriented businesses. Long settlement cycles and large scale bad deliveries are
a thing of the past with the advent of T+2 settlement cycle and dematerialization. Large and
fixed commissions have been replaced by wafer thin margins, with competition driving down
the brokerage fee, in some cases, to a few basis points.
There have also been major changes in the way business is conducted. Technology has
emerged as the key driver of business and investment advice has become research based. At
the same time, adherence to regulation and compliance has vastly increased. The scope of
services have enhanced from being equity products to a wide range of financial services.
Investor protection has assumed significance,.
Stock Brokers are governed by the following regulations: Securities and Exchange
Board of India (Stock Brokers and Sub-brokers) Regulations, 1992. SEBI Act, 1992,
Securities Contracts (Regulation) Act, 1956,
Regulatory Bodies in Indian Financial System.
1. Securities and Exchange Board of India (SEBI)
2. Reserve Bank of India (RBI)
4. Association of Mutual Funds in India (AMFI)
5. Ministry of Corporate Affairs (MCA)
What is SEBI and what is its role?
The Securities and Exchange Board of India (SEBI) is the regulatory authority in India
established under Section 3 of SEBI Act, 1992. SEBI Act, 1992 provides for establishment of
Securities and Exchange Board of India (SEBI) with statutory powers for (a) protecting the

23. 23
interests of investors in securities (b) promoting the development of the securities market and
(c ) regulating the securities market. Its regulatory jurisdiction extends over corporates in the
issuance of capital and transfer of securities, in addition to all intermediaries and persons
associated with securities market. SEBI has been obligated to perform the aforesaid functions
by such measures as it thinks fit. In particular, it has powers for:
● Regulating the business in stock exchanges and any other securities markets
● Registering and regulating the working of stock brokers, sub–brokers etc.
● Promoting and regulating self-regulatory organizations
● Prohibiting fraudulent and unfair trade practice.
● Calling for information from, undertaking inspection, conducting inquiries and audits
of the stock exchanges, intermediaries, self- regulatory organizations, mutual funds
and other persons associated with the securities market.
● To change laws relating to the functioning of the stock exchange
● To access record and financial statements of the exchanges
● To conduct hearing and give judgments on cases of malpractices in the markets.
● To approve the listing and force delisting of companies from any exchanges.
● To take disciplinary actions like fines and penalties against participants who involve
in malpractice.
● To regulate various intermediaries and middlemen like brokers.
Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is India’s central bank and was established under the
Reserve Bank of India act in 1935. The primary purpose of RBI is to conduct the monetary
policy and regulate and supervise the financial sector, most importantly the commercial
banks and the non-banking financial companies. It is responsible to maintain price stability
and the flow of credit to different sectors of the economy.
Some of the main functions of RBI are:
● It issues the license for opening banks and authorizes bank branches.
● It formulates, implements, and reviews the prudential norms like the Basel
framework.
● It maintains and regulates the reserves of the banking sector by stipulating reserve
requirement ratios.
● It inspects the financial accounts of the banks and keeps a track of the overall stress in
the banking sector.
● It oversees the liquidation, amalgamation or reconstruction on financial companies.

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● It regulates the payment and settlements systems and infrastructure.
● It prints, issues and circulates the currency throughout the country.
The RBI is the banker to the government and manages its debt issuances, it is also
responsible to maintain orderly conditions in the government securities markets (G-Sec). RBI
manages the foreign exchange under the Foreign Exchange Management Act, 1999. It
intervenes in the FX markets to stabilize volatility that facilitates international payments and
trade, and development of the foreign exchange market in India.
Association of Mutual Funds in India (AMFI)
The Association of Mutual Funds in India (AMFI) was set up in 1995. It is a non-profit
organization that is self-regulatory and works for the development of mutual fund industry by
improving professional and ethical standards, thus aiming to make the mutual funds more
accessible and transparent to the public. It provides spreads awareness vital information about
mutual funds to Indian investors.
AMFI ensures smooth functioning of the mutual fund industry by implementing high ethical
standard and protects the interests of both – the fund houses and investors. Most asset
management companies, brokers, fund houses, intermediaries etc in India are members of the
AMFI. Registered AMC’s are required to follow the code of ethics set by the AMFI. These
codes of ethics are – integrity, due diligence, disclosures, professional selling and investment
practice.
The AMFI updates the Net Asset Value of funds on a daily basis on its website for investors
and potential investors. It has also streamlined the process of searching mutual fund
distributors.

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1.10 Sector’s Contribution to Economy
Broker is an intermediary between investor and market, channeling investment in a
diversified manner. Following the liberalization of markets and financial deregulation, the
scope for stock brokers to deal in various related market has increased. The institution
of stock broker in India is in a growing stage. The role of brokers is quite unique in the
development of capital market. Thus stock brokers are the life line of a financial sector. There
are 1339 stock brokers registered with BSE.
According to the National Council of Applied Economic Research (NCAER), the INR 146
trillion (GDP) Indian economy is slated to grow between 8.4 and 10.1% in 2021-22. This is
glad tidings considering that the country's economy underwent a contraction of about 7.3% in
the last fiscal year as a result of the COVID-19 pandemic and ensuing lockdown. Robust and
developing financial markets are at the centre of economic growth. Financial markets help
growth in two major ways. Firstly, by channelling savings into investment avenues, thus
helping in the capital generation.
Financial markets mop up excess liquidity and help grow the earnings of the investor.
Secondly, by extending credit facilities, the markets promote new businesses and
entrepreneurial ventures, employment generation, and economic growth. Banks and NBFCs,
top financial advisors, and banking experts of the country are thus the major players 'in the
nation's economic growth.
Some of the best financial initiatives, particularly the push towards a digital economy, can be
attributed to the likes of Arif Khan, Chief Digital Officer at National Payments Corporation
of India (NPCI), and Anna Roy, Senior Advisor at NITI Aayog, to name a few. These

26. 26
financial experts have been the brains behind 'the massive push to adopt paperless, digital
banking, UPI, and several cutting-edge fintech initiatives.
Fintech companies are also driving the economic growth of the country with innovative
solutions for small businesses. Ravish Naresh, the Co-Founder, and CEO of KhataBook
focuses on small traders, shopkeepers, and suppliers, aiding them to digitise their credit flow.
Similarly, Nikhil Kumar of IndiaStack has helped create APIs for Unified Payments Interface
(UPI) and led the team that built BHIM. This has indeed revolutionised the finance markets
and, in turn, given a significant boost to the economy.
Top NBFC leaders in India, such as Sanjiv Bajaj are leading the fintech revolution by
harnessing the use of technology and mobile platforms to make financial services available to
people from the far reaches of our country. Connecting the rural population with investment
and credit is a great way to boost the agricultural sector, small-scale industries, and
entrepreneurship.
The financial markets form the very core of our nation's economy. The growth and efficiency
of the banks, the NBFCs, and other entities in the financial markets are indicators of
economic growth and development. From offering investment options, insurance, and an
array of financial products to making credit available to large and small scale industries, our
banks and NBFCs are taking the lead in stimulating economic growth.
The brokerage market was valued at INR 135.0 Bn in FY 2016. In FY 2020, it reached INR
210 Bn from INR 195 Bn in FY 2019, expanding at an annual growth rate ~7.69%.
The financial brokers offers financial advice to the firm or the individual. India's brooking
industry is transitioning from a transaction-based to a fee-based model, offering services such
as investment advisory and wealth management. Apart from advisory services, emphasis on
fund-based activities, including loan against shares and margin funding, is rising, allowing
brokers to build sustainable earnings. Financial brokers have developed their marketing
ability to support customers in achieving their goals. They offer wide-ranging products and
services that strengthen their relationship with clients.

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1.11 Problems Faced by the Sector in General and Company in Particular
Problems Faced by the Sector in General
The crisis that Indian capital markets faced in 2019-20 was more of an economic slowdown,
in along with much of global markets –through financial, trade and confidence channels.
Domestic demand was not a major worry in those times. In comparison, the slowdown India
is witnessing currently is on the consumption side and the reasons are homegrown. A lot of
policy actions have been initiated in recent weeks to arrest the slowdown.
And the festive season showed a bump up in volumes, which is good news. To boot, the
festive season in India accounts for almost 35-40 per cent of annual sales of most consumer-
facing companies.
Between 2009 and 2019, India’s stockbroking industry has witnessed huge technological
changes and evolved. Turnover on the exchanges, investor participation and equity
penetration have all increased astonishingly. The slide in yields for stock brokers have been
more than compensated by the introduction of newer products and ever-growing
participation.
In the new evolved stockbroking industry, undoubtedly there are numerous challenges at the
moment. But the critical issue is to utilise those challenges to grow through them. Most
stockbrokers have transformed themselves and entirely reorientated their thinking and
attitude to a level that goes beyond their operational framework.
A wave of innovation in the financial services industry, led by an ever-increasing army of
fintech start-ups, is disrupting traditional stockbroking houses. The rise of the internet
followed by the ubiquitous use of smart devices has interrupted the industry by enabling
creation of platforms that allow traders to trade in instruments from anywhere with ease and
at lower costs.
Discount brokerages have used mobile and internet technology to their fullest potential to
provide completely online services and reduce cost drastically. Undoubtedly, technology has
improved the nuts and bolts of how stock trading works. It has reduced the hassles and costs
of investing in the stock market to a great extent. This technology adoption in the financial
service space is only expected to intensify further in the days to come. I often see brokerage
accounts stuffed with scatter-shot investments (often excessive amounts of large cap US
stocks) with little regard for clients’ risk tolerance and for their overall financial needs.
Brokers often populate accounts from a list of “recommended shares” passed down by

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management, and call clients with “talking points.” Lost in the mix is even a cursory glance
at clients’ other accounts (for example, their 401k plans or other "held-away assets").
When accounts bulge with a 50-100+ holdings, clients can’t understand how they’re invested.
Brokers get away with this because they adhere to weaker standards of conduct. A recent
6/5/19 ruling by the SEC (“Regulation Best Interest or Reg BI) requires brokers – in theory –
to avoid putting their interests before the clients' interests but the “F” word ("Fiduciary") is
avoided and clients continue to be exposed to broker investment advice with no fiduciary
accountability. In other words, brokers are off the accountability hook when selling
investments.
On Oct 1, 2019 regulations tightened on Certified Financial Planners™ (CFPs) who provide
financial planning services. This is good for the public because ALL CFPs – whether Fee-
Only or not -- will be required to offer a Fiduciary standard of care that puts the needs of the
clients first when financial planning is provided. However, brokers who aren’t a CFP® and
who simply manage investments (with NO financial planning services) aren’t held to this
standard. Brokerage houses may offer financial planning services only if the client is large
enough ($3 million or more – it depends upon the broker) to merit an “upgrade.” Even then,
the higher level financial planning team at the brokerage house may push in-house products
(e.g. more expensive mutual funds) instead of lower cost alternatives.
This way of working is a world away from how Certified Financial Planner™ (CFP®) Fee-
Only Advisors work. CFP® Fee-Only Advisors typically offer low cost, diversified
investments that are consistent with a client’s risk tolerance and they provide extensive
financial planning support. In my opinion, clients lose access to meaningful financial
planning support when they chose to work only with a broker.
CFP® Fee-Only financial planners look at ALL of the clients’ investments (not just the ones
that they manage and invoice on) and financial planning is provided at all times. Financial
planning means: insurance reviews, tax planning, education planning, retirement planning,
estate planning, pension planning-etc. Since Fee-Only planners do NOT sell products, there
are fewer conflicts of interest. In my opinion, decent investment management design rests
upon an understanding of the client’s entire financial picture.

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Problems Faced by Company in Particular
1. Regulation Problem
New and more stringent regulations are the most complex problems that forex trading
professionals face. The FCA, ESMA, and the ASIC have all enacted tougher regulations in
the last decade to limit leveraged trading for average retail consumers because such trading is
considered a high-risk, speculative investment. These regulations may protect retail traders,
but they could also simply drive those traders to invest with offshore brokers. Regardless of
the regulations’ effectiveness, the entire industry must deal with them.
2. Brokerage growth Problem
Before the implementation of existing regulations, brokers could attract new clients with
large bonus offers and other incentive programs. Now, stocks brokers need to find other ways
to compete within the brooking space.
3. Marketing Problem
Even when stock brokers find a way to differentiate themselves from their competitors, they
may find it difficult to promote their services online. Regulatory authorities issue rules about
investment advertising. Additionally, Google, Facebook, and LinkedIn all have advertising
guidelines that curtail ads for high-risk investments. Of those three, only Google has a clear
policy on how equity, F&0 trading can be advertised.
4. Technology and infrastructure Problem
Because retail stock brokers mainly offer online trading, it’s essential for them to have
outstanding technology. Many white label providers offer appealing products that connect
firms to Meta Trader 4 or 5, but brokers also need backoffice technology that can support
their daily work. Financial advisors can waste a significant amount of time by doing tasks
manually when they could automate them, like processing client questionnaires and
approving KYC documents. If brokers only think about technology in terms of online trading,
their infrastructure is likely ineffective.
5. Industry reputation Problem
F&O trading has a poor reputation, which has been reinforced by some brokers’ bad
behaviour. Many ethical and trustworthy brokers operate without a license in order to give
clients the leverage they want. In doing so, those brokers risk looking suspicious to new
traders because of the industry’s reputation.
6. Client retention Problem
Estimates show that acquiring new forex traders costs between $850 and $1,200 per trader.
Unfortunately, most traders only continue trading forex with a specific broker for a few
months. These numbers mean that forex brokers must heavily invest in attracting new clients.

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1.12 Future Potential of Sector
Digitization has radically shaped the Indian financial markets, including stock brooking. The
way stock brokers in India interact with potential investors has undergone a massive change
over the years. While traditional or full-service brokers have always enjoyed a dominant
presence and preference among investors, a demographic shift towards technology has given
rise to a new breed of stock brokers, known as discount brokers. Unlike a traditional broker, a
discount broker’s services are limited and restricted primarily to providing a trading platform.
However, in the past few years, discount brokers have enjoyed quite a success, and this
article looks at the reasons for the same and the future of these brokers in India
.
Mobile and Internet changing investors’ pattern in market activities
A tectonic shift in investor’s pattern with respect to participation in market, has given a boost
to discount brokerage services in India. It is a result of the mobile and Internet revolution that
has swept across the country. An interesting joint study conducted by ASSOCHAM and PwC
predicted that smartphone usage will double to 859 million by 2022 from 468 million in
2017, growing at a CAGR of 12.9%. However, internet penetration coupled with smartphone
has made it easier for investors to cash-in on a market opportunity by placing trade orders on
platforms offered by discount brokers.
Reduction in costs further fueling growth
Indian investors have always been price conscious. Discount brokers in India have banked on
this trait by charging a flat fee for transactions. This fee can be monthly or yearly. For heavy
volume professional traders, reduction in costs makes a massive difference in the gains. Also,
as discount brokers provide all their services online and don’t offer investment advice that
requires maintaining a team of qualified analysts, they save on overheads. This benefit is
passed to consumers in the form of reduced costs.
Advances in technology catalyzing business of discount brokers
Stock market investment has become easy today due to advances in technology. The
integration of technology has bought in much needed efficiency into discount brokers day to
day operation. Right from seamless account opening process to automated integration of
processes has made life easier for an investor. The demographic shift towards technology

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augurs well for discount brokers in India
PART 2 (A) ACTUAL WORK DONE
2.1 Week-Wise Details of the Work Done
Week 1
 Overall knowledge of Stock Market (Basic
terminologies of stock market).
Week 2  Various financial instruments and its pros & con’s.
Week 3  Difference between value investing & treading.
Week 4
 How to tread in stock market and Different type of
treading and its strategies.
Week 5,6 & 7  Various task & targets & how to Analyz stocks of
companies.

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Week 1
 Gathering information regarding Indian as well as
global stocks market.
 Read & understand technical jargon use in stock
market.
Week 2  Collect information about various financial securities
& study briefly.
Week 3
 Understand what is investing & treading.
 Analyse risk behind treading.
 How to use stop-loss, trigger stop-loss.
Week 4
 Learn chart analysis, identify support resistance and
draw trend line using chartview.com.
 Learning various indicators use in treading &
developing own trading strategies and implement in
real market.
Week 5,6 & 7
 Performed various task such as D-mat Account
acquisition, Approach various HNI for investing
through Angel Brooking, handling clod calls and
trying to converted.
 How to analyse a company as well as its shares.

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2.2 Key Leanings Week Wise
Week 1
Overall knowledge of Stock Market (Basic terminologies of stock market).
In it I learn working of stock market, impact of demand, supply & volume of on share prices.
Global market and its impact on our market & how to predict opening of Indian market on
the basis of global market (US Market & Singapore Market).
Week 2
Various financial instruments and its pros & con’s.
Risk associated with various financial instruments & how to hedge risk according to to
market condition.
Week 3
Difference between value investing & treading & risk associated with it.
Week 4
How to tread in stock market and Different type of treading and its strategies.
Specially profits booking is not primary goal for beginners the primary goal is protecting
capital and minimize loss and developed own working note and strictly follow them.
Week 5,6 & Week 7
How to Analyze companies using various ratio’s and pre available information.
Clint's handling and objections solving.
Clint's conversation using PVR techniques.
Product peaching according to customer risk bearing factor.
Portfolio management.

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PART 2 (B) FINDINGS AND SUGGESTIONS
FINDINGS
● Angel Brooking Ltd. is the second in charging lowest brokerage.
● Angel Brooking is performing best on country level as a hybrid stock broker.
● Company is having 4388 Angel Brooking Sub Broker in Maharashtra which provides
a major part of revenue.
● Angel Brooking provides CRMS i.e., advisory dashboard to their sub brokers which
gives all sorts of information to the sub brokers regarding their clients. Angel also
provides marketing support to their sub broker partners, then give margin
limits/exposure & flexible leverages on trading to their sub brokers.
● Angel Brooking Ltd. is providing free of cost software’s for online clients
● Company is providing M-connect software whereas other companies are not having
this service
● Angel Brooking Ltd. has the highest market coverage with respect to channel sales.
This is because Angel has the highest number of sub-brokers.
SUGGESTIONS
● Commitment should be equalized for every person & provide the facility of free
demonstrations for all
● Improvement in the opening of D-mat & contract notice procedure is required
● There should be a limited number of clients under the relationship manger. So that he
can handle new as well as old customer properly
● Some promotional activities are required for the awareness of the customer
● People at young age should be encouraged to invest in stock market
● In the organization, there must me be co-operation with other department and other
branches
● Company should make more promotional activities by giving advertisements and
publicity.
● Give more demonstration to customers so that they can get complete knowledge about
online trading
● The number of branches it has at present should be increased all over the country,
which will attract a large number of customers.

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PART 2 (C) CONCLUSION
On the basis of the study, it is found in Angel Brooking is one of the larger equity brokers in
India which is own a good market share and client retention ratio.
In previous decade it was a full-time service broker but after industry development Angel
Brooking adopt new marketing strategy called as hybrid broker and change overall
operational working & now it is called as Angel One.
For attracting new customer base, it used Angel advisory to educate and guide new customer
in market. It also provides analysis of new IPOs, OFS with associated risk factor,
subscription details along with Grey Market Premium.
It also provides personal relationship manager Facility for encouragement and protect the
interest of investors. It provides all type of support to Investor in both equity and commodity
market surcharge, real time chart analysis, weekly fundamental analysis, mobile alerts for
IPO, real time News, etc.
For security purpose it provides 2 factor authentication. it Also provide pledging facility with
CDSL.
In short due to all those factor and diversified research facility it will improve as well as
increase client retention ratio and making a good revenue from Pro personalized advisory.

36. 36
Appendix
Internship Performance Evaluation Letter

37. 37
Bibliography
Websites
 https://www.tickertape.in
 www.investing.com
 www.moneycontrol.com
 https://www1.nseindia.com
 https://www.bseindia.com
 https://www.angelbrokings.in
News Papers
 Times of India.
 Business Standard.
 Economic Times.
 Business Today.
 The Hindu Business Line.
 Market Express.
Books
 Financial Markets A Beginners Module (NCFM).
 Broachers and Pamphlets of Angel Brooking Ltd.
 The Intelligent Investor by Benjamin Graham.