Pankkaj Swami Final Report 2010
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Transcript of Pankkaj Swami Final Report 2010
A
PROJECT STUDY REPORT
ON
“COMPARATIVE ANALYSIS OF VARIOUS FINANCIAL
INSTITUTIONS IN THE MARKET”
Submitted to
Rajasthan Technical University, Kota
In partial fulfillment for the requirement of MBA (Two years full time program)
Under the supervision of: Submitted by:
DEEPALI MALODIYA PANKAJ SWAMI
MBA lV
Academic Session
2009-2011
Institute Of Management Studies
Faculty of Management
B. J. S. Rampuria Jain College, Bikaner
1
A
PROJECT STUDY REPORT
ON
Training Undertaken at
ARCADIA SHARE & STOCK BROKERS PVT. LTD.
Bikaner
“MARKET SURVEY AND CREATING AWARENESS ABOUT ONLINE
TRADING OF EQUITY SHARES AND OTHER FINANCIAL SERVICES”
Submitted in
Rajasthan Technical University, Kota
In partial fulfillment for the Award of Degree of
Master of Business Administration
Submitted by: Submitted to :
PANKAJ SWAMI DEEPALI MALODIYA
MBA Part II
Academic Session
2009-2011
INSTITUTE OF MANAGEMENT STUDIES
B.J.S. RAMPURIA JAIN COLLEGE,
BIKANER.
PREFACE
Business schools of today realize the importance of practical knowledge over the theoretical
base. Hence most of the business schools today have mid-module as well as final projects
incorporated as a part of their syllabus. The summer training undertaken at ARCADIA
SHARE & STOCK BROKERS PVT. LTD., Bikaner is one such experience where in the project
aims to marketing survey & creating awareness about online trading & equity share.
It is a new platform of learning through practical experience, which incorporates survey
and comparative analysis. It gives the learner an opportunity to relate the theory with the
practice, to test the validity and applicability of his classroom learning against real life business
situations.
ACKNOWLEDGEMENT
The research work requires co-operation of many people and this work is no exception.
It is difficult to thank individually all the persons who patronized this work. The researcher had
asked for favors, borrowed ideas, expressions and facts from so many that it would require
one volume to give credit to all. So, the researcher wants to thank all the patrons of this report
First and foremost I would like to express my sincere gratitude to Mr.Sandeep Jain (Branch
Head - Equity and Commodity,
ARCADIA SHARE & STOCK BROKERS PVT. LTD., Bikaner) and Mr.Ashok Kangwa (Branch
Head – Distribution Channel, ARCADIA SHARE & STOCK BROKERS PVT. LTD. Bikaner)
whose supervision has given a proper shape to this project. His attitude towards excellence,
his helping nature and his enthusiasm has been source of constant inspiration
(PANKAJ SWAMI)
CHAPTER I : INTRODUCTION
1.1 INTRODUCTION TO THE INDIAN
MARKET SECURITIES
1.2 INTRODUCTION TO THE COMPANY
CHAPTER II : STUDY PROFILE
2.1 TITLE FO THE STUDY
2.2 OBJECTIVES OF THE STUDY
2.3 SIGNIFICANCE OF THE STUDY
2.4 RESEARCH METHODOLOGY
2.5 SCOPE OF THE STUDY
2.6 LIMITATION OF THE STUDY
CHAPTER III: FACTS AND FINIDINGS
CHAPTER IV: ANALYSIS AND INTERPRETATION
CHAPTER V : CONCLUSION AND SUGGESTIONS
CHAPTER VI: APPENDIX
CHAPTER VII: BIBLIOGRAPH
CHAPTER – 1
INTRODUCTION
INTRODUCTION
(a) About project
The understanding of the customer requirement of various financial products is vital these
days. It is also important to understand the extent to which these services are provided by the
competitor but not provided by us.
Sometime there is a gap between the need of the customer and the degree of
satisfaction provided by the competitor.
As a prudent marketer it is vital to identify such areas as these provide an opportunity
to exploit and move ahead of competitors. But this involves a comprehensive understanding of
the market, this was facilitated by market survey.
(b) Objectives
The prime objective of the study was to understand the market and analysis the competitors.
The survey was used to Understand the type of financial service desired by the customer.
To find out the degree of awareness of Equity.
To study the consumer behaviour .
To find out the market potential for online trading of equity shares in Bikaner.
To learn professionalism in market of financial product and services.
To find prospects for the institution.
To conduct the survey to know how many persons invest in equity and how many do not.
To do the analysis of market share of ARCADIA SHARE & STOCK BROKERS PVT. LTD.
And its competitors available in the market of Bikaner.
(c) Scope of The Study
I am undergoing the summer internship project in ARCADIA SHARE & STOCK BROKERS
PVT. LTD. I had joined the company on June, 2010 and assigned task of doing the market
survey work for online trading account. I am doing my project on research on market share of
ARCADIA SHARE & STOCK BROKERS PVT. LTD. with their existing competitors like
sharekhan.com ,icicidirec.com,etc. I also had to understand about other financial products of
ARCADIA SHARE & STOCK BROKERS PVT. LTD. In this report I also had to present the
details of other financial instruments in which the customers invest their money like mutual
funds , derivative market etc. It is very interesting project and very learning experience for
me.
(d) Limitations
Though I had completed my project on time but I still faced certain problems while doing the
market survey work and collecting information for my project report they are listed below :
Searching for the prospective client for opening online account is very time consuming.
Some clients have already taken the online account of our competitors and they are not
interested in giving information about it .
Limited data availability.
Lack of proper response from the respondents as they doesn’t want to invest in equity, so
they refuse or does not cooperate.
Online share trading is a very new field for me and I had consumed a lot of time for
understanding about it.
Irregular consumer behavior regarding investing in equity market.
Different types of financial products
Financial product are the need of the new era. As the income of the individual is increasing day
by day on the same track their saving is also increasing , because of it people requires
different financial instruments to invest in it according to their needs & requirements. So their
are different financial products available in the market and the individual can invest in it by
keeping in mind the risk factor involved in the investment.
Different types of products available in the market are :
Equity shares
Fixed income products
Mutual funds
Derivatives
Unit linked insurance plans .
Bonds etc .
About Equity Share
Equity is a term whose meaning depends very much on the context. In general, you can think
of equity as ownership in any asset after all debts associated with that asset are paid off. For
example, a car or house with no outstanding debt is considered the owner's equity since he or
she can readily sell the items for cash. Stocks are equity because they represent ownership of
a company, whereas bonds are classified as debt because they represent an obligation to pay
and not ownership of assets .
To support its investment ,a firm must find means to finance them.Equity and debt represent
two broad sources of finance for a business firm.
What Does Equity Represents ?
1. Stock or any other security representing an ownership interest.
2. On the BALANCE SHEET, the amount of the funds contributed by the owners (the
stockholders) plus the retained earnings (or losses). Also referred to as "shareholder's equity".
3. In the context of MARGIN TRADING , the value of securities in a margin account minus
what has been borrowed from the brokerage.
4. In the context of real estate, the difference between the current market value of the property
and the amount the owner still owes on the mortgage. Thus, it is the amount, if any, the owner
would receive after selling a property and paying off the mortgage.
Shares are the Certificates representing ownership in a corporation. The person who holds the
shares of the company are called shareholders.
Equity shares are very risky mode of investment it involves a lot of risk involved in it. The
person can invest in equity shares through two ways :
Offline share trading
Online share trading
Offline Share Trading
SUB BROKER
CUSTOMER
SHARE
MAIN BROKERMAIN BROKER
SUB BROKERSUB BROKER
SUB BROKER SUB BROKER
CUSTOMER CUSTOMER CUSTOMER CUSTOMER
Under this type of trading the customer is registered with the sub broker, registered under main
broker in the share market.an individual customer willing to trade provides with the money.for
this purpose he gets a cheque issued from the athuoriesed bank reffered to as a delivery
instruction slip. the money gets transferred to the account of the sub broker.
He does the trading for the customer, whenever the market is profitable.
How it works:
Now in the share market there will be a willing buyer and a willing seller. The price referred to
as order is of two type,
Market Order
Limit Order
Now when the taking and giving price matches, the transaction takes places.
After the transaction takes place the money is transferred to the sub brokers account.
Who in turn transfers the cheque to the customer? On the other hand the shares
brought are transferred to the customers account.
All this transaction takes T +2 Days.
WHY OFFLINE?
Fearness in the mind of the traders.
Feel of insecurity.
Lack of knowledge about the equity.
Happy with the existing brokers loyalty
Online share trading:
In Online share trading there are three accounts involved,
Trading account
Savings account
Demat account
A customer doing online share trading must compulsorily hold all these three account.
The shares are stored in the demat account in the demat form. After the transaction the goes
into this account.
Buying and selling is done through the trading account.
Market
Trading account
SAVINGS ACCOUNT DEMAT ACCOUNT
The fund, which is invested for buying and selling, is done through the savings account, which
is held with any authorized bank. All these three account are interrelated.
WHY ONLINE?
Dependency on share broker goes down.
Customer has direct access to the market.
More transparency in transaction.
There are no hassles.
Derivatives as a term conjures up visions of complex numeric calculations, speculative
dealings and comes across as an instrument which is the prerogative of a few ‘smart finance
professionals’. In reality it is not so. In fact, a derivative transaction helps cover risk, which
would arise on the trading of securities on which the derivative is based and a small investor,
can benefit immensely.
A derivative security can be defined as a security whose value depends on the values of other
underlying variables. Very often, the variables underlying the derivative securities are the
prices of traded securities.
Let us take an example of a simple derivative contract:
Ram buys a futures contract.
He will make a profit of Rs 1000 if the price of Infosys rises by Rs 1000.
If the price is unchanged Ram will receive nothing.
If the stock price of Infosys falls by Rs 800 he will lose Rs 800.
As we can see, the above contract depends upon the price of the Infosys scrip, which is the
underlying security. Similarly, futures trading has already started in Sensex futures and Nifty
futures. The underlying security in this case is the BSE Sensex and NSE Nifty.
Derivatives and futures are basically of 3 types:
Forwards and Futures
Options
Swaps
( i ) Forward contract
A forward contract is the simplest mode of a derivative transaction. It is an agreement to buy or
sell an asset (of a specified quantity) at a certain future time for a certain price. No cash is
exchanged when the contract is entered into.
Illustration 1:
Shyam wants to buy a TV, which costs Rs 10,000 but he has no cash to buy it outright. He can
only buy it 3 months hence. He, however, fears that prices of televisions will rise 3 months
from now. So in order to protect himself from the rise in prices Shyam enters into a contract
with the TV dealer that 3 months from now he will buy the TV for Rs 10,000. What Shyam is
doing is that he is locking the current price of a TV for a forward contract. The forward contract
is settled at maturity. The dealer will deliver the asset to Shyam at the end of three months and
Shyam in turn will pay cash equivalent to the TV price on delivery.
Illustration 2:
Ram is an importer who has to make a payment for his consignment in six months time. In
order to meet his payment obligation he has to buy dollars six months from today. However, he
is not sure what the Re/$ rate will be then. In order to be sure of his expenditure he will enter
into a contract with a bank to buy dollars six months from now at a decided rate. As he is
entering into a contract on a future date it is a forward contract and the underlying security is
the foreign currency.
The difference between a share and derivative is that shares/securities is an asset while
derivative instrument is a contract
What is an Index?
To understand the use and functioning of the index derivatives markets, it is necessary to
understand the underlying index. A stock index represents the change in value of a set of
stocks, which constitute the index. A market index is very important for the market players as it
acts as a barometer for market behavior and as an underlying in derivative instruments such
as index futures.
The Sensex and Nifty
In India the most popular indices have been the BSE Sensex and S&P CNX Nifty. The BSE
Sensex has 30 stocks comprising the index which are selected based on market capitalization,
industry representation, trading frequency etc. It represents 30 large well-established and
financially sound companies. The Sensex represents a broad spectrum of companies in a
variety of industries. It represents 14 major industry groups. Then there is a BSE national index
and BSE 200. However, trading in index futures has only commenced on the BSE Sensex.
While the BSE Sensex was the first stock market index in the country, Nifty was launched by
the National Stock Exchange in April 1996 taking the base of November 3, 1995. The Nifty
index consists of shares of 50 companies with each having a market capitalization of more
than Rs 500 crore.
Futures and stock indices
For understanding of stock index futures a thorough knowledge of the composition of indexes
is essential. Choosing the right index is important in choosing the right contract for speculation
or hedging. Since for speculation, the volatility of the index is important whereas for hedging
the choice of index depends upon the relationship between the stocks being hedged and the
characteristics of the index.
Choosing and understanding the right index is important as the movement of stock index
futures is quite similar to that of the underlying stock index. Volatility of the futures indexes is
generally greater than spot stock indexes.
Everytime an investor takes a long or short position on a stock, he also has an hidden
exposure to the Nifty or Sensex. As most often stock values fall in tune with the entire market
sentiment and rise when the market as a whole is rising.
Retail investors will find the index derivatives useful due to the high correlation of the index
with their portfolio/stock and low cost associated with using index futures for hedging.
Understanding index futures
A futures contract is an agreement between two parties to buy or sell an asset at a certain time
in the future at a certain price. Index futures are all futures contracts where the underlying is
the stock index (Nifty or Sensex) and helps a trader to take a view on the market as a whole.
Index futures permits speculation and if a trader anticipates a major rally in the market he can
simply buy a futures contract and hope for a price rise on the futures contract when the rally
occurs. We shall learn in subsequent lessons how one can leverage ones position by taking
position in the futures market.
In India we have index futures contracts based on S&P CNX Nifty and the BSE Sensex and
near 3 months duration contracts are available at all times. Each contract expires on the last
Thursday of the expiry month and simultaneously a new contract is introduced for trading after
expiry of a contract.
Example:
Futures contracts in Nifty in July 2001
Contract month Expiry/settlement
July 2001 July 26
August 2001 August 30
September 2001 September 27
On July 27
Contract month
August 2001 August 30
September 2001 September 27
October 2001 October 25
The permitted lot size is 200 or multiples thereof for the Nifty. That is you buy one Nifty
contract the total deal value will be 200*1100 (Nifty value)= Rs 2,20,000.
In the case of BSE Sensex the market lot is 50. That is you buy one Sensex futures the total
value will be 50*4000 (Sensex value)= Rs 2,00,000.
The index futures symbols are represented as follows:
BSE NSE
BSXJUN2001 (June contract) FUTDXNIFTY28-JUN2001
BSXJUL2001 (July contract) FUTDXNIFTY28-JUL2001
BSXAUG2001 (Aug contract) FUTDXNIFTY28-AUG2001
( ii ) Options
Stock markets by their very nature are fickle. While fortunes can be made in a jiffy more often
than not the scenario is the reverse. Investing in stocks has two sides to it –a) Unlimited profit
potential from any upside (remember Infosys, HFCL etc) or b) a downside which could make
you a pauper.
Derivative products are structured precisely for this reason -- to curtail the risk exposure of an
investor. Index futures and stock options are instruments that enable you to hedge your
portfolio or open positions in the market. Option contracts allow you to run your profits while
restricting your downside risk.
Apart from risk containment, options can be used for speculation and investors can create a
wide range of potential profit scenarios.
We have seen in the Derivatives School how index futures can be used to protect oneself from
volatility or market risk. Here we will try and understand some basic concepts of options.
What are options?
Some people remain puzzled by options. The truth is that most people have been using
options for some time, because options are built into everything from mortgages to insurance.
An option is a contract, which gives the buyer the right, but not the obligation to buy or sell
shares of the underlying security at a specific price on or before a specific date.
‘Option’, as the word suggests, is a choice given to the investor to either honour the contract;
or if he chooses not to walk away from the contract.
To begin, there are two kinds of options:
Call Options and Put Options. A Call Option is an option to buy a stock at a specific price
on or before a certain date. In this way, Call options are like security deposits. If, for example,
you wanted to rent a certain property, and left a security deposit for it, the money would be
used to insure that you could, in fact, rent that property at the price agreed upon when you
returned. If you never returned, you would give up your security deposit, but you would have
no other liability. Call options usually increase in value as the value of the underlying
instrument rises.
When you buy a Call option, the price you pay for it, called the option premium, secures your
right to buy that certain stock at a specified price called the strike price. If you decide not to use
the option to buy the stock, and you are not obligated to, your only cost is the option
premium.
Put Options are options to sell a stock at a specific price on or before a certain date. In this
way, Put options are like insurance policies
If you buy a new car, and then buy auto insurance on the car, you pay a premium and are,
hence, protected if the asset is damaged in an accident. If this happens, you can use your
policy to regain the insured value of the car. In this way, the put option gains in value as the
value of the underlying instrument decreases. If all goes well and the insurance is not needed,
the insurance company keeps your premium in return for taking on the risk.
With a Put Option, you can "insure" a stock by fixing a selling price. If something happens
which causes the stock price to fall, and thus, "damages" your asset, you can exercise your
option and sell it at its "insured" price level. If the price of your stock goes up, and there is no
"damage," then you do not need to use the insurance, and, once again, your only cost is the
premium. This is the primary function of listed options, to allow investors ways to manage risk.
Technically, an option is a contract between two parties. The buyer receives a privilege for
which he pays a premium. The seller accepts an obligation for which he receives a fee.
There are two types of options:
Call Options
Put Options
Call options
Call options give the taker the right, but not the obligation, to buy the underlying shares at a
predetermined price, on or before a predetermined date.
Illustration 1:
Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8
This contract allows Raj to buy 100 shares of SATCOM at Rs 150 per share at any time
between the current date and the end of next August. For this privilege, Raj pays a fee of Rs
800 (Rs eight a share for 100 shares).
The buyer of a call has purchased the right to buy and for that he pays a premium.
Now let us see how one can profit from buying an option.
Sam purchases a December call option at Rs 40 for a premium of Rs 15. That is he has
purchased the right to buy that share for Rs 40 in December. If the stock rises above Rs 55
(40+15) he will break even and he will start making a profit. Suppose the stock does not rise
and instead falls he will choose not to exercise the option and forego the premium of Rs 15
and thus limiting his loss to Rs 15.
Let us take another example of a call option on the Nifty to understand the concept better.
Nifty is at 1310. The following are Nifty options traded at following quotes.
Option contract Strike price Call premium
Dec Nifty 1325 Rs 6,000
1345 Rs 2,000
Jan Nifty 1325 Rs 4,500
1345 Rs 5000
A trader is of the view that the index will go up to 1400 in Jan 2002 but does not want to take
the risk of prices going down. Therefore, he buys 10 options of Jan contracts at 1345. He pays
a premium for buying calls (the right to buy the contract) for 500*10= Rs 5,000/-.
In Jan 2002 the Nifty index goes up to 1365. He sells the options or exercises the option and
takes the difference in spot index price which is (1365-1345) * 200 (market lot) = 4000 per
contract. Total profit = 40,000/- (4,000*10).
He had paid Rs 5,000/- premium for buying the call option. So he earns by buying call option is
Rs 35,000/- (40,000-5000).
If the index falls below 1345 the trader will not exercise his right and will opt to forego
his premium of Rs 5,000. So, in the event the index falls further his loss is limited to the
premium he paid upfront, but the profit potential is unlimited.
Call Options-Long & Short Positions
When you expect prices to rise, then you take a long position by buying calls. You are bullish.
When you expect prices to fall, then you take a short position by selling calls. You are bearish.
Put Options
A Put Option gives the holder of the right to sell a specific number of shares of an agreed
security at a fixed price for a period of time.
eg: Sam purchases 1 INFTEC (Infosys Technologies) AUG 3500 Put --Premium 200
This contract allows Sam to sell 100 shares INFTEC at Rs 3500 per share at any time between
the current date and the end of August. To have this privilege, Sam pays a premium of Rs
20,000 (Rs 200 a share for 100 shares).
The buyer of a put has purchased a right to sell. The owner of a put option has the right to sell.
Illustration 2:
Raj is of the view that the a stock is overpriced and will fall in future, but he does not want to
take the risk in the event of price rising so purchases a put option at Rs 70 on ‘X’. By
purchasing the put option Raj has the right to sell the stock at Rs 70 but he has to pay a fee of
Rs 15 (premium).
So he will breakeven only after the stock falls below Rs 55 (70-15) and will start making profit if
the stock falls below Rs 55.
Put Options-Long & Short Positions
When you expect prices to fall, then you take a long position by buying Puts. You are bearish.
When you expect prices to rise, then you take a short position by selling Puts. You are bullish.
CALL OPTIONS PUT OPTIONS
If you expect a fall in price(Bearish) Short Long
If you expect a rise in price (Bullish) Long Short
SUMMARY:
CALL OPTION BUYER CALL OPTION WRITER (Seller)
Pays premium
Right to exercise and buy the
shares
Profits from rising prices
Limited losses, Potentially
unlimited gain
Receives premium
Obligation to sell shares if
exercised
Profits from falling prices or
remaining neutral
Potentially unlimited losses, limited
gain
PUT OPTION BUYER PUT OPTION WRITER (Seller)
Pays premium
Right to exercise and sell shares
Profits from falling prices
Limited losses, Potentially
unlimited gain
Receives premium
Obligation to buy shares if
exercised
Profits from rising prices or
remaining neutral
Potentially unlimited losses, limited
gain
Hedging
We have seen how one can take a view on the market with the help of index futures. The other
benefit of trading in index futures is to hedge your portfolio against the risk of trading. In order
to understand how one can protect his portfolio from value erosion let us take an example.
Illustration:
Ram enters into a contract with Shyam that six months from now he will sell to Shyam 10
dresses for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he will make a
profit of Rs 3000 if the sale is completed.
Cost (Rs) Selling price Profit
1000 4000 3000
However, Ram fears that Shyam may not honour his contract six months from now. So he
inserts a new clause in the contract that if Shyam fails to honour the contract he will have to
pay a penalty of Rs 1000. And if Shyam honours the contract Ram will offer a discount of Rs
1000 as incentive.
Shyam defaults Shyam honours
1000 (Initial Investment) 3000 (Initial profit)
1000 (penalty from Shyam) (-1000) discount given to Shyam
- (No gain/loss) 2000 (Net gain)
As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his
initial investment. If Shyam honours the contract, Ram will still make a profit of Rs 2000. Thus,
Ram has hedged his risk against default and protected his initial investment.
The above example explains the concept of hedging. Let us try understanding how one can
use hedging in a real life scenario.
Stocks carry two types of risk – company specific and market risk. While company risk can be
minimized by diversifying your portfolio market risk cannot be diversified but has to be hedged.
So how does one measure the market risk? Market risk can be known from Beta.
Beta measures the relationship between movement of the index to the movement of the stock.
The beta measures the percentage impact on the stock prices for 1% change in the index.
Therefore, for a portfolio whose value goes down by 11% when the index goes down by 10%,
the beta would be 1.1. When the index increases by 10%, the value of the portfolio increases
11%. The idea is to make beta of your portfolio zero to nullify your losses.
Hedging involves protecting an existing asset position from future adverse price
movements. In order to hedge a position, a market player needs to take an equal and
opposite position in the futures market to the one held in the cash market. Every portfolio
has a hidden exposure to the index, which is denoted by the beta. Assuming you have a
portfolio of Rs 1 million, which has a beta of 1.2, you can factor a complete hedge by selling Rs
1.2 mn of S&P CNX Nifty futures.
Steps:
Determine the beta of the portfolio. If the beta of any stock is not known, it is safe to assume
that it is 1.
Short sell the index in such a quantum that the gain on a unit decrease in the index would
offset the losses on the rest of his portfolio. This is achieved by multiplying the relative volatility
of the portfolio by the market value of his holdings.
Therefore in the above scenario we have to shortsell 1.2 * 1 million = 1.2 million worth of Nifty.
Now let us study the impact on the overall gain/loss that accrues:
Index up 10% Index down 10%
Gain/(Loss) in Portfolio Rs 120,000 (Rs 120,000)
Gain/(Loss) in Futures (Rs 120,000) Rs 120,000
Net Effect Nil Nil
As we see, that portfolio is completely insulated from any losses arising out of a fall in market
sentiment. But as a cost, one has to forego any gains that arise out of improvement in the
overall sentiment. Then why does one invest in equities if all the gains will be offset by losses
in futures market. The idea is that everyone expects his portfolio to outperform the market.
Irrespective of whether the market goes up or not, his portfolio value would increase.
The same methodology can be applied to a single stock by deriving the beta of the scrip and
taking a reverse position in the futures market.
Thus, we have seen how one can use hedging in the futures market to offset losses in the
cash market
Speculation
Speculators are those who do not have any position on which they enter in futures and options
market. They only have a particular view on the market, stock, commodity etc. In short,
speculators put their money at risk in the hope of profiting from an anticipated price change.
They consider various factors such as demand supply, market positions, open interests,
economic fundamentals and other data to take their positions.
Illustration:
Ram is a trader but has no time to track and analyze stocks. However, he fancies his chances
in predicting the market trend. So instead of buying different stocks he buys Sensex Futures.
On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise
in future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number
of contracts to close out his position.
Selling Price : 4000*100 = Rs 4,00,000
Less: Purchase Cost: 3600*100 = Rs 3,60,000
Net gain Rs 40,000
Ram has made a profit of Rs 40,000 by taking a call on the future value of the Sensex.
However, if the Sensex had fallen he would have made a loss. Similarly, if would have been
bearish he could have sold Sensex futures and made a profit from a falling profit. In index
futures players can have a long-term view of the market up to atleast 3 months.
Arbitrage
An arbitrageur is basically risk averse. He enters into those contracts were he can earn
riskless profits. When markets are imperfect, buying in one market and simultaneously selling
in other market gives riskless profit. Arbitrageurs are always in the look out for such
imperfections.
In the futures market one can take advantages of arbitrage opportunities by buying from lower
priced market and selling at the higher priced market. In index futures arbitrage is possible
between the spot market and the futures market (NSE has provided a special software for
buying all 50 Nifty stocks in the spot market.
Take the case of the NSE Nifty.
Assume that Nifty is at 1200 and 3 month’s Nifty futures is at 1300.
The futures price of Nifty futures can be worked out by taking the interest cost of 3 months into
account.
If there is a difference then arbitrage opportunity exists.
Let us take the example of single stock to understand the concept better. If Wipro is quoted at
Rs 1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC
at Rs 1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3
months at Rs 1070.
Sale = 1070
Cost= 1000+30 = 1030
Arbitrage profit = 40
These kind of imperfections continue to exist in the markets but one has to be alert to the
opportunities as they tend to get exhausted very fast.
CHAPTER-2
ABOUT ARCADIA SHARE & STOCK BROKERS PVT. LTD
ABOUT ARCADIA SHARE & STOCK BROKERS PVT. LTD AND
THEIR PRODUCTS AND SERVICES
Arcadia came to life in 1995, right on the wave of a post-liberalisation market economy. As
financial services became a major contributor to economic growth, Arcadia has steadily
shaped into a leading financial service provider.
Incorporation Year 1908
Registered OfficeBaroda House,Mandvi,, Vadodara,
Gujarat-390006 .
ISINNO INE028A01013
Phone 91-0265-2563932
E-mail [email protected]
URL www.bankofbaroda.com
Industry Bank - Public
Chairman M D Mallya
Managing Director M D Mallya
Company Secretary Vinay A Shah
Listing BSE,NSE
Arcadia has steadily shaped into a leading financial service provider.
ARCADIA SHARE & STOCK BROKERS PVT. LTD. member of National Stock Exchange and
The Stock Exchange, Mumbai ARCADIA SHARE & STOCK BROKERS PVT. LTD. is a wholly
owned subsidiary of ARCADIA SHARE & STOCK BROKERS PVT. India’s leading and most
popular finance and investment portal. ARCADIA SHARE & STOCK BROKERS PVT. LTD.
has emerged as one of leading players in e-broking space in India. Our key product offerings
are as follows:
Products of ARCADIA SHARE & STOCK BROKERS PVT. LTD
Main products
Investor Terminal
Trader Terminal 2010
Diet ODIN
On all the terminals, investors get the facility to buy and sell stocks in NSE and BSE and
Futures and Options through NSE.
Investor Terminal
• Investor Terminal is recommended for infrequent investors, who fall into the "Buy and
Hold" school of investing, made very popular by Warren Buffet - the Oracle of Omaha.
• Its a trading interface which works behind proxy and firewalls as they access the
Internet and the stock markets from their work place, where a direct connection is
difficult because of corporate IT security policies.
Trader Terminal 2010
• Trader Terminal is for the dedicated day traders, who churn their portfolio on minor
movements in the market, sometimes several times a day.
• The Trader Terminal offers…..
– lightning fast order execution
– Monitoring of marked to market positions on a minute-to-minute basis
– Intra-day charts, market gossip, price and volume information and much more
The Diet ODIN
• The Diet ODIN terminal provides the facility to trade not only in cash as well as
derivatives but also in the commodities segment in the Multi-Commodity Exchange
(MCX) and the National Commodity & Derivatives Exchange (NCDEX);
• Though it doesn’t provide charting features, it provides a cleaner interface for faster
order execution, a facet well-appreciated by the true-blue trader of today.
Customer category
• Investor
• Trader
The category of the customer does not depend on the
terminal he takes but on the scheme he takes
Brokerage Investor
One-time registration fees 555
Minimum Initial Margin Rs.5000/-
Trading Brokerage (Cash) 0.10%
Delivery Brokerage 0.50%
F&O Brokerage 0.10%
Minimum Per Share(Trading) 5 Paisa
Minimum Per Share(Delivery) 5 Paisa
Registration of Investor
• Registration charge of Rs.555 is once payable and non refundable. This charge cannot
be waived of under any circumstances.
• Account cannot be opened without the minimum initial margin of Rs. 5000 and any
point of time the ledger balance of the client should be minimum Rs. 5000.
• If the client has a debit balance then stock value minus debit has to be worth a minimum
Rs. 5000.
• Client can withdraw funds from the account but has to maintain a minimum ledger
balance of Rs. 5000
• If the minimum balance is not maintained then the account will be frozen and client
cannot operate both trading and demat account.The account can be re-activated by
payment of Rs. 50 p.m.
Brokerage-Trader
Quarterly Annual
Registration fees Rs. 3000/- Rs. 8000/-
Minimum Initial Margin Rs. 5000/- Rs. 5000/-
Trading Brokerage (Cash) 0.05% 0.05%
Delivery Brokerage 0.25% 0.25%
F&O Brokerage 0.05% 0.05%
Minimum Per Share
(Trading)
1paisa 1paisa
Minimum Per Share
(Delivery)
5paisa 5paisa
Registration of Trader
• A client registering as a Trader will not pay Rs.555
• A Trader has an option of paying a registration fee of Rs. 8000 every year or Rs. 3000
every quarter.
• The registration fee is refunded against the brokerage charged i.e. we will refund to the
client the registration fee (8000 or 3000) or the actual brokerage charged for that period
whichever is lower.
• Trader has to maintain minimum margin of Rs. 5000 and at any time the ledger balance
or stock value has to be minimum Rs. 5000
Terminals offered
– An Investor and Trader can opt for any of the products we offer
• Investor Terminal
• Trader Terminal 2010
• Diet ODIN
– An Investor that has opted for TT5,can be de-activated if the brokerage earned is
not sufficient. Our Audit team will keep a check on this and produce a monthly list
of such customers
– Under the Investor or Trader scheme a client can also choose offline trading.
– Depository Charges
• Account opening charges- Nil
• Annual maintenance charges-Nil
• Custody / Holding charges-Nil
• Transaction Credit-Nil
• Transaction Debit- 0.05% of transaction value (Minimum Rs.15/-Maximum Rs.100/-)
DP charges mentioned above are the same for Investor and Trader.If the client opens only a
demat account then the client will be Charged annual maintenance charge of Rs. 250
Regulatory charges
• Trading Cash (NSE & BSE) : 0.006% on turnover
• Delivery (NSE & BSE) : 0.014% on turnover
• F&O : 0.008% on turnover
Service tax & STT
Service Tax is 12.24% on brokerage
• Securities Transaction Tax
• For delivery transactions – 0.1%
(Charged to buyer and seller)
• For trading transactions in cash – 0.02%
(Charged to seller only)
• For trading transactions in ‘F n O’ - 0.0133 %
ABOUT THE COMPETITORS OF ARCADIA SHARE & STOCK
BROKERS PVT. LTD .
ARCADIA SHARE & STOCK BROKERS PVT., Bikaner has to compete with many players who
have been in this field for last four years even after the ARCADIA SHARE & STOCK
BROKERS PVT. LTD. product was withdrawn from the market due to certain drawbacks.
The main competitor being
ICICI
HDFC
INDIABULLS
ABOUT ICICI DIRECT.COM & THEIR PRODUCTS AND SERVICES
Products and Services
A product for every need: ICICIdirect.com is the most comprehensive website, which allows
you to invest in Shares, Mutual funds, Derivatives (Futures and Options) and other financial
products. Simply put we offer you a product for every investment need of yours.
1. Trading in shares:
ICICIdirect.com offers you various options while trading in shares.
Cash Trading : This is a delivery based trading system, which is generally done with the
intention of taking delivery of shares or monies.
Margin Trading : You can also do an intra-settlement trading upto 3 to 4 times your available
funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off
the position within the same day settlement cycle.
MarginPLUS Trading : Through MarginPLUS you can do an intra-settlement trading upto 25
times your available funds, wherein you take long buy/ short sell positions in stocks with the
intention of squaring off the position within the same day settlement cycle. MarginPLUS will
give a much higher leverage in your account against your limits.
Spot Trading : This facility can be used only for selling your demat stocks which are already
existing in your demat account. When you are looking at an immediate liquidity option, 'Cash
on Spot' may work the best for you, On selling shares through "cash on spot", money is
credited to your bank a/c the same evening & not on the exchange payout date. This money
can then be withdrawn from any of the ICICIBank ATMs.
BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1 st
and 2nd day after the buy order date, without you having to wait for the receipt of shares into
your demat account.
2. TRADE IN DERIVATIVES:
FUTURES
Through ICICIdirect.com, you can now trade in index and stock futures on the NSE. In futures
trading, you take buy/sell positions in index or stock(s) contracts having a longer contract
period of up to 3 months.
Trading in FUTURES is simple! If, during the course of the contract life, the price moves in
your favour (i.e. rises in case you have a buy position or falls in case you have a sell position),
you make a profit.
Presently only selected stocks, which meet the criteria on liquidity and volume, have been
enabled for futures trading.
Calculate Index and Know your Margin are tools to help you in calculating your margin
requirements and also the index & stock price movements. The ICICIDIRECT UNIVERSITY on
the HOME page is a comprehensive guide on futures and options trading.
OPTIONS
An option is a contract, which gives the buyer the right to buy or sell shares at a specific price,
on or before a specific date. For this, the buyer has to pay to the seller some money, which is
called premium. There is no obligation on the buyer to complete the transaction if the price is
not favorable to him.
To take the buy/sell position on index/stock options, you have to place certain % of order value
as margin. With options trading, you can leverage on your trading limit by taking buy/sell
positions much more than what you could have taken in cash segment.
The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying
Asset at the specified strike price by paying a premium whereas the Seller of the Call has the
obligation of selling the Underlying Asset at the specified Strike price.
The Buyer of a Put Option has the Right but not the Obligation to Sell the Underlying Asset at
the specified strike price by paying a premium whereas the Seller of the Put has the obligation
of Buying the Underlying Asset at the specified Strike price.
By paying lesser amount of premium, you can create positions under OPTIONS and take
advantage of more trading opportunities.
ABOUT HDFC SECURITIES & THEIR PRODUCTS AND SERVICES:
ABOUT HDFC : HDFCsec is a brand brought to you by HDFC Securities Ltd, which has been
promoted by the HDFC Bank & HDFC with the objective of providing the diverse customer
base of the HDFC Group and other investors a capability to transact in the Stock Exchanges &
other financial market transactions.
HDFCsec, will equip you with the necessary tools to allocate, select and manage your
investments wisely, and also support it with the highest standards of service, convenience and
hassle-free trading tools.
Our mission is to provide our customers with the most useful investment guidance and
investment-related services available in the country. We want to become a one-stop solution
for all your investment needs, one that will help you get the most out of your money.
PRODUCTS AND SERVICES :
Our services comprise online buying and selling of equity shares on the National Stock
Exchange (NSE).
Buying and selling of select corporate debt and government securities on the NSE would be
introduced in a subsequent phase.
In a few months, we will also offer the following online trading services on the BSE and NSE:
1. Buying and selling of shares on the BSE
2. Arbitrage between NSE & BSE
3. Trading in Derivatives on the NSE
4. Margin trading products
Later, their service range will be enhanced to include the following: Buying and selling of select
mutual funds units, subscription to initial public offerings, public issues and rights issues, and
purchase of insurance policies and facilitating asset financing (house and car loans for
instance).
These products and services would of course be provided subject to the prevailing rules &
regulations of HDFCsec, the regulatory body, the Securities Exchange Board of India (SEBI)
and the relevant stock exchanges.
Our content will offer financial information, its analysis, investment guidance, news & views,
and is designed to meet the requirements of everyone from a learner to a savvy and well-
informed investor. Here’s how it will make a difference to you and your investments:
ABOUT INDIABULLS AND THEIR PRODCUTS AND SERVICES
Indiabulls is India's leading retail financial services company with 135 locations spread across
95 cities. While our size and strong balance sheet allow us to provide you with varied products
and services at very attractive prices, our over 750 Client Relationship Managers are
dedicated to serving your unique needs.
Indiabulls is lead by a highly regarded management team that has invested crores of rupees
into a world class Infrastructure that provides our clients with real-time service & 24/7 access
to all information and products. Their flagship Indiabulls Professional NetworkTM offers real-
time prices, detailed data and news, intelligent analytics, and electronic trading capabilities,
right at your fingertips. This powerful technologies complemented by our knowledgeable and
customer focused Relationship Managers. They are creating a world of Smart Investor.
Indiabulls offers a full range of financial services and products ranging from Equities to
Insurance to enhance your wealth and hence, achieve your financial goals.
PRODUCTS AND SERVICES OF INDIABULLS:
Indiabulls offers a full range of financial services and products ranging from Equities to
Insurance to enhance your wealth and hence achieve your financial goals.
Their Indiabulls Professional NetworkTM offers real-time prices, detailed data and news,
intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful
technology is complemented by our knowledgeable and customer focussed Relationship
Managers.
Indiabulls' Relationship Managers are available to you to help with your financial planning and
investment needs. To provide the highest possible quality of service, Indiabulls provides full
access to all products and services through multi-channels.
Equities & Derivatives
Comprehensive services for
independent investors, active
traders & Non-Resident Indians.
Indiabulls Equity
AnalysisTM
Premium research on 401+
companies updated daily.
Depository ServicesValue added services for seamless
delivery.
InsuranceTake care of your life while you
take care of business.
CHAPTER-4
METHODOLGY
The survey was conducted in the market of:
Customers Zones:
Professionals(Elite class).
Traders:
Bikaner citizens.
Samples under study:
Equity traders were surveyed randomly.
Sample size:
300 peoples .
CHAPTER-5
RESULT AND FINDINGS
I had done the survey work to find out that how many persons are interested in online trading
, how many invest in equity , how many want to know about equity , how many invest with
ARCADIA SHARE & STOCK BROKERS PVT. LTD.and how many still satisfied with offline
trading , following are the findings ::
How many invest with equity ?
GRAPH NO. 1
Above graph is showing that how many persons do invest in equity share which is shown with
the percentage i.e. 38% who are interested and 26% are not interested.
% of persons interested in online trading :
not interested
62%
interested persons
38%1
2
How many persons want to understand about the equity market ?
GRAPH NO. 2
Above graph is showing that how many persons want to understand the term equity market
which is shown in % i.e.
17% are interested and 83% are not interested in knowing
equity.
How many invest through online account ?
how many invest through online account :
not having 61%
having 39% 1
2
GRAPH NO. 3
Above graph is showing that how many persons are invest in equity through online account i.e.
through e-trade which is shown in % i.e. 31% are having online a/c and 61% are not having
online a/c with any other broker.
How many want to know about online trading ?
not interested
38%interested
62%
1
2
GRAPH NO.4
Above graph is showing that how many persons are having interest in knowing about online
trading which is shown in % i.e. 38% are not interested in knowing about online trading and
62% are interested in knowing about online trading of equity shares.
Market share of ARCADIA SHARE & STOCK BROKERS PVT. LTD. in online
segment ?
GRAPH NO. 5
Above graph is showing percentage of market share of all the competitors of ARCADIA
SHARE & STOCK BROKERS PVT. LTD.which is greater as compare to ARCADIA SHARE &
STOCK BROKERS PVT. LTD.
who is having the market share in others category i.e in 5% market share
Comparison of ARCADIA SHARE & STOCK BROKERS PVT. LTD.
product with other competitor product ?
PARTICULAR LIVE STEAMINGQUOTES
COMPANY SERVICE\BRANCH
TOLL FREE
ARCADIA DL Broking house Many First 5 call free& 20/-
ICICI No Bank No First 5 call free& 20/-
HDFC No Bank No First 5 call free
KOTAK DL Broking house No First 5 call free, then20/-
SHAREKHAN Yes \DL Broking house Many Free
INDIABULLS No Broking house Many No
BANKLINKING
CHEQUEACCEPTANCE
DP LINKING MARGIN FUNDING
NSE\
BSEARCADIA 2Banks Yes No No Bot
hICICI Self No Self No Bot
hHDFC Self No Self No NSEKOTAK 2 Banks No No No NSE
SHAREKHAN 4 Banks Yes No No NSEINDIABULLS 2 Banks Yes No Yes NSE
LIMIT GIVEN FOR DP
BTST FACILITY BROKERAGET\D
ARCADIA No Yes 0.1\0.5ICICI No No 0.15\0.85HDFC No No 0.1\0.5KOTAK No Yes 0.1\0.65SHAREKHAN No Yes 0.1\0.5INDIABULLS Yes Yes 0.1\0.5
CHAPTER-6
RECMMONDATION
Following are some recommendations from my sides-
ARCADIA SHARE & STOCK BROKERS PVT. LTD.should try to reduce the
brokerage charges for
both trading and delivery.
It should target retail customer.
They should increase their market penetration.
They should provide more and more attractive & innovative schemes for promoting their
new product like advertising.
They should have a tie up with more Banks.
Target & Task
Conducting survey to find out 300 potential customers.
Also finding out the prospective customers.
Selling the new online trading product of ARCADIA SHARE & STOCK BROKERS PVT.
LTD.
On-Job trainning
Understand the term “Online trading of equity shares.
How to collect the database from the different sectors of corporate.
Strategies
Target the professionals(Elite class).
CHAPTER-7
CONCLUSION
Business class investors more proportion of their income in shares and
securities as compared to service class investors.
Majority of investors trade according to except the daily traders.
Majority of investors take the decision on investment (where/what amount
to invest) on their own idea and some rely on expert’s opinion and broker’s
advice.
In cash segment, capital gain is the prior motive of the investors followed
by regular of the investors followed by regular income and tax income and
tax planning.
The satisfaction level regarding services by brokers of phone service &
professional advice is very low.
Professional advice available is not adequate regarding investment in
secondary market.
Most of the investors feel that online trading is more transparent than the
older form of trading (Ring trading).
Most of the people are aware of different charges charged by the brokers
(Demat charges, transaction charges, service charges etc.).
While selecting a broker, brokerage & frequent payments were considered
as main factors followed by personal relations.
Most of the investors are not satisfied with ‘phone services’ provided by
the brokers.
The major problem faced by the investors is of broker’s attitude towards
small investors is not same as with the big investors.
Another major problems faced by the investors is to decide where/what
amount is invested.
Suggestion:
Professional advice should be made available in the city.
Brokers should transfer the deliveries/payments to the investors in time.
Brokers should deal all the investors in same respect.
ARCADIA SHARE & STOCK BROKERS PVT. LTD is fastly emerging company in financial
sector.
But market share in comparison to it’s competitor is very low. It need to improve
It’s share in financial market. In today’s era, online trading becoming more popular.
But most of the people don’t know about it, and so they are trading offline.
So ARCADIA SHARE & STOCK BROKERS PVT. LTD. need to popularized online
trading through it’s various financial products. For this they should emphasize on
effective and attractive advertisement campaigns in Print and E-Media.
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implies and constitutes your consent to the terms and conditions mentioned.
You also agree that ARCADIA SHARE & STOCK BROKERS PVT. LTD. can modify or
alter the terms and conditions of the use of this service without any liability.
ARCADIA SHARE & STOCK BROKERS PVT. LTD. has launched e-broking services. It
reserves the right to decide the criteria based on which customers would be allowed to
avail of these services.
The content of the site and the interpretation of data are solely the personal views of the
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ARCADIA SHARE & STOCK BROKERS PVT. LTD. reserves the right to make
modifications and alterations to the content of the website.
Users are advised to use the data for the purpose of information only and rely on their
own judgment while making investment decisions. The investments discussed or
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CHAPTER-8
BIBLIOGRAPHY
WWW.ARCADIA STOCK.COM
WWW.NSE.com
C.R Kothari “Research Methdology”
Chandra Prasanna – Financial Management, Tata McGraw Hill Publishing Co. Ltd.,
New Delhi, 1998
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