Satisfaction Level of Investors With Their Broking Firm

8/6/2019 Satisfaction Level of Investors With Their Broking Firm

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I

A

GRAND PROJECT

ON

SATISFACTION LEVEL OF INVESTORS WITH

THEIR BROKING FIRM

In partial fulfillment of the requirement of the

MBA programmeSubmitted To:

Dr. Parag Sanghani(Guide)

Prof. Bijal Mehta(C0-Guide))

Submitted By:

Kunal Vaghela(55)

Yogita Patel(38)

Batch: 2006Batch: 2006Batch: 2006Batch: 2006----08080808

AES Post Graduation Institute of Business Management

Gujarat University

Ahmedabad.


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II

CERTIFICATE

This is to certify that Mr. Kunal Vaghela & Ms. Yogita Patel have

successfully completed their Grand Project titled Satisfaction Level of

Investors with their Broking Firm under the guidance of Dr. Parag

Sanghani & Co-guide Prof. Bijal Mehta, for the partial fulfillment of the

M.B.A. program (batch 2006-2008) from AES Post Graduate Institute of

Business Management, Gujarat University.

We wish them all the best for future endeavors.

---------------------------- ----------------------------

Executive Director Project guides

Dr. A. H. Kalro Dr. Parag Sanghani

Prof. Bijal Mehta

Date:

Place: Ahmedabad


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III

PREFACE

MBA is a professional course wherein for a student to posses only

theoretical knowledge alone is not enough but also to improve practicalskill which is helpful to them in every field of life in their future.

Students needs to have a practical implementation in the current

scenario.

As a part of final semester syllabus of MBA we visited Stock Broking

Companies for practical training and also studied on the working of its

different services and prepare report on particular topic.

This training has expanded our horizon of knowledge in practical as well

as theoretical which are vital for any student in management level

studies. After completion of this Project we came to know that when we

study theory but practice it is very difficult to understand. Therefore to

serve dual purpose of practical training has been made compulsory for the

student of MBA.

Such training promotes a student to boost his potentials and the inner

qualities, and thereby students come to know about their reality that how

the theoretical knowledge works in actual sense in any unit. This has

indeed proved to be very useful to us.


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IV

ACKNOWLEDGEMENT

It gives us a great pleasure and personal satisfaction in presenting this report

as a part of our Grand Project on Satisfaction level of Investors with their broking

firm which has helped us to understand the preferences of investors for choosing any

stock broking firm.

We are indebted to many individuals who have either directly or indirectly made an

important contribution in the preparation of this report.

We are also grateful to Dr.A.H.Kalro, (Director, AES PGIBM), for giving us an

opportunity to experience the corporate world, and for his valuable inputs on the

project.

With immense sense of gratitude, I hereby take this opportunity to thank my project

guide and mentor, Dr. Parag Sanghani for his Expert guidance and contribution in

the project.

We are also thankful to our co guide Prof Bijal Mehta for her valuable guidance and

support.

We would like to thank the entire staff of AESPGIBM library, computer lab

especially Hitanshu sir and Anvesha madam for their immense support. We would

also like to thank all the respondents, without whom the report would not have been

completed.

Last but not the least We would like to place special thanks to our parents and friends

for their help and support.


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V

EXECUTIVE SUMMARY

Stock exchange to some extent plays an important role as indicators, reflecting

the performance of the countrys economic state of health.

Stock market is a place where securities are bought & sold. To serve this

purpose various firms are providing service.

We have conducted this research project to find out consumers preference for

choosing broking firm.

We have used convenience sampling method for selecting the respondents we

have elicited the response from 125 respondents.

We have taken response of various respondents through questionnaire &

analyzed it through pi-chart & hypothesis for large proportion of a population.


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VI

INDEX

Ch. No. Contents Page No.

Chapter-1 Introduction to Stock Market 01

Chapter-2 Industry Overview 05

2.01 History of stock Broking Industry 07

2.02 Development 09

2.03 BSE( Bombay Stock Exchange) 11

2.04 NSE(National Stock Exchange) 13

2.05NCDEX(National Commodity & Derivative

exchange)

15

2.06 MCX (Multi Commodity Exchange) 18

2.07 Transaction Cycle 19

2.08 Introducton to equity market 21

2.09 Indian capital market classification 23

2.10 Capital market intermediaries 27

2.11 Capital market processes 30

2.12 Equity market 33

2.13 Major Players in Stock Broking 40

2.14 Highlight of major Stock Broking Firms 41

Chapter-3 Project Work 49

3.01 Research Design 50

3.02 Research Methods 52

3.03 Data Collection Methods 52

3.04 Sampling Design Process 53

3.05 Field Work 54Chapter-4 Data Analysis 55

Chapter-5 Findings 69

Chapter-6 Recommendations 71

Webography 73

Questionnaire 74


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CHAPTER-1

(Introduction to stock Market)


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INTRODUCTION TO STOCK MARKET

WHY INVEST?

If you were to open a book on economics and look up the

word investing, chances are that you would find the following

definition: Investing is building up to meet future consumption

demands with the intention of making surpluses or profits, as

they are popularly known.

And after reading it, the last trace of your eagerness to

invest is likely to evaporate.

But investing is essential. Here is why

While the life expectancy of the average human being

has increased, we are productive only between the ages of 30

and 60 years. Hence the short time span that we are able to

earn money needs to provide for our future when we may not

be capable of earning.

Everything being the same, we could keep away a part of

our earnings every year (save) that will come in handy when we

will not be able to earn. However inflation destroys the value

of what we save. A sum of Rs10,000 saved this year will not


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have the same purchasing power ten years down the line. Hence

we need to preserve the purchasing power of what we save.

The only way to hedge inflation is to invest in shares,

debentures, bonds, gold or real estate, to earn returns from

these assets that compensate for the decline in our purchasing

power.


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WHAT IS A SHARE?

Share or Equity represents part of an ownership of a

business. So as a shareholder you own a piece of the actionthat happens in that business. Why would you want a piece of

the action? For the rewards of course. As a shareholder you

have a right over the profits generated by your business. Your

company might pay out the profits generated every year as

dividends or it may retain the profits to further grow them.

Theres another way you as a shareholder can make

money. If your company does well, then its shares listed on the

stock market become more valuable and the stock price

appreciates. On the other hand, the company might perform

badly. Then not only do you not get dividends but the stock

price also declines. Hence investing in shares is a risky

proposition.

When you invest in shares, you can expect certain returns

based on the fundamentals of a business. However you have no

control over it. What you have control over is managing risks

associated with it.


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CHAPTER-2

(Industry Overview)


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INDUSTRY OVERVIEW

INTRODUCTION

Stock exchanges to some extent play an important role as

indicators, reflecting the performance of the countrys

economic state of health. Stock market is a place where

securities are bought and sold.

It is exposed to a high degree of volatility; prices fluctuate

within minutes and are determined by the demand and supply

of stocks at a given time. Stock brokers are the ones who buy

and sell securities on behalf of individuals and institutions for

some commission.

The Securities and Exchange Board of India (SEBI) is

the authorized body, which regulates the operations of stock

exchanges, banks and other financial institutions.

The past performances in the capital markets especially

the securities scam by Hasrshad Mehta has led to tightening

of the operations by SEBI. In addition the international

trading and investment exposure has made it imperative to

better operational efficiency.

With the view to improve, discipline and bring greater

transparency in this sector, constant efforts are being made

and to a certain extent improvements have been made.


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HISTORY OF THE STOCK BROKING INDUSTRY

Indian Stock Markets are one of the oldest in Asia. Its history

dates back to nearly 200 years ago. The earliest records of

security dealings in India are meager and obscure.

By 1830's business on corporate stocks and shares in Bank and

Cotton presses took place in Bombay. Though the trading list

was broader in 1839, there were only half a dozen brokers

recognized by banks and merchants during 1840 and 1850. The

1850's witnessed a rapid development of commercial

enterprise and brokerage business attracted many men into

the field and by 1860 the number of brokers increased into 60.

In 1860-61 the American Civil War broke out and cotton supply

from United States of Europe was stopped; thus, the 'Share

Mania' in India begun. The number of brokers increased to

about 200 to 250. However, at the end of the American Civil

War, in 1865, a disastrous slump began (for example, Bank of

Bombay Share which had touched Rs 2850 could only be sold at

Rs. 87). At the end of the American Civil War, the brokers

who thrived out of Civil War in 1874, found a place in a street(now appropriately called as Dalal Street) where they would

conveniently assemble and transact business.


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In 1887, they formally established in Bombay, the "Native

Share and Stock Brokers' Association" (which is alternatively

known as "The Stock Exchange"). In 1895, the Stock Exchange

acquired a premise in the same street and it was inaugurated in

1899. Thus, the Stock Exchange at Bombay was consolidated.

Thus in the same way, gradually with the passage of time

number of exchanges were increased and at currently it

reached to the figure of 24 stock exchanges.


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DEVELOPMENT

An important early event in the development of the stock

market in India was the formation of the Native Share and

Stock Brokers Association at Bombay in 1875, the precursor

of the present-day Bombay Stock Exchange. This was followed

by the formation of associations /exchanges in Ahmedabad

(1894), Calcutta (1908), and Madras (1937). IN addition, a

large number of ephemeral exchanges emerged mainly in

buoyant periods to recede into oblivion during depressing times

subsequently.

In order to check such aberrations and promote a more orderly

development of the stock market, the central government

introduced a legislation called the Securities Contracts

(Regulation) Act, 1956. Under this legislation, it is mandatory

on the part of a stock exchange to seek government

recognition. As of January 2002 there were 23 stock

exchanges recognized by the central Government. They are

located at Ahmedabad, Bangalore, Baroda, Bhubaneshwar,

Calcutta, Chennai,(the Madras stock Exchanges ), Cochin,Coimbatore, Delhi, Guwahati, Hyderbad, Indore, Jaipur, Kanpur,

Ludhiana, Mangalore, Mumbai(the National Stock Exchange or

NSE), Mumbai (The Stock Exchange), popularly called the


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Bombay Stock Exchange, Mumbai (OTC Exchange of India),

Mumbai (The Inter-connected Stock Exchange of India),

Patna, Pune, and Rajkot.

While the recognized stock exchanges have been accorded a

privileged position, they are subject to governmental

supervision and control. The rules of a recognized stock

exchanges relating to the managerial powers of the governing

body, admission, suspension, expulsion, and re-admission of its

members, appointment of authorized representatives andclerks, so on and so forth have to be approved by the

government. These rules can be amended, varied or rescinded

only with the prior approval of the government. The Securities

Contracts (Regulation) Act vests the government with the

power to make enquiries into the affairs of a recognized stock

exchange and its business, withdraw the recognition the task

of regulating the stock exchange to the Securities Exchanges

Board of India.


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BSE (THE STOCK EXCHANGE OF MUMBAI)

The Stock Exchange, Mumbai, popularly known as "BSE" was

established in 1875 as "The Native Share and Stock Brokers

Association". It is the oldest one in Asia, even older than the

Tokyo Stock Exchange, which was established in 1878. It is a

voluntary non-profit making Association of Persons (AOP) andis currently engaged in the process of converting itself into

demutualised and corporate entity. It has evolved over the

years into its present status as the premier Stock Exchange in

the country. It is the first Stock Exchange in the Country to

have obtained permanent recognition in 1956 from the Govt. of

India under the Securities Contracts (Regulation) Act, 1956.

The Exchange, while providing an efficient and

transparent market for trading in securities, debt and

derivatives upholds the interests of the investors and ensures

redressal of their grievances whether against the companies or

its own member-brokers. It also strives to educate and

enlighten the investors by conducting investor education

program and making available to them necessary informative

inputs.


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A Governing Board having 20 directors is the apex body, which

decides the policies and regulates the affairs of the Exchange.

The Governing Board consists of 9 elected directors, who are

from the broking community (one third of them retire ever

year by rotation), three SEBI nominees, six public

representatives and an Executive Director & Chief Executive

Officer and a Chief Operating Officer.


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NSE (NATIONAL STOCK EXCHANGE)

NSE was incorporated in 1992 and was given recognition as a

stock exchange in April 1993. It started operations in June

1994, with trading on the Wholesale Debt Market Segment.

Subsequently it launched the Capital Market Segment in

November 1994 as a trading platform for equities and the

Futures and Options Segment in June 2000 for various

derivative instruments.

NSE has been able to take the stock market to the

doorsteps of the investors. The technology has been harnessed

to deliver the services to the investors across the country at

the cheapest possible cost. It provides a nation-wide, screen-

based, automated trading system, with a high degree of

transparency and equal access to investors irrespective of

geographical location. The high level of information

dissemination through on-line system has helped in integrating

retail investors on a nation-wide basis. The standards set by

the exchange in terms of market practices, Products,

technology and service standards have become industry

benchmarks and are being replicated by other market


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participants. Within a very short span of time, NSE has been

able to achieve all the objectives for which it was set up. It

has been playing a leading role as a change agent in

transforming the Indian Capital Markets to its present form.

The Indian Capital Markets are a far cry from what they used

to be a decade ago in terms of market practices,

infrastructure, technology, risk management, clearing and

settlement and investor service.


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NCDEX

(NATIONAL COMMODITIES AND DERIVATIVESEXCHANGE)

NCDEX started working on 15th December, 2003. This

exchange provides facilities to their trading and clearing

member at different 130 centers for contract.

In commodity market the main participants are speculators,

hedgers and arbitrageurs.

Promoters of NCDEX are

National Stock Exchange(NSE)

ICICI bank

Life Insurance Corporation(LIC)

National Bank for Agricultural and Rural Development

(NABARD)

IFFICO

Punjab National Bank (PNB)

CRISIL


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WHY NCDEX?

NCDEX is nationalized screen based system which is

providing transparent, private and easy services.NCDEX is one of the traditional media which gives online

information

NCDEX is one of the Indian commodity exchange,

constructed on the basis of the current national

institutes the exchange has been established with the

coloration of leading institutes like NABARD, LIC, NSI

etc.

In India NCDEX has maximum settlement guarantee fund.

NCDEX has appointed two exports for checking quality at

the time of delivery


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FACILITIES PROVIDED BY NCDEX

NCDEX has developed facility for checking of commodity

and also provides a wear house facilityBy collaborating with industrial partners, industrial

companies, news agencies, banks and developers of kiosk

network NCDEX is able to provide current rates and

contracts rate.

To prepare guidelines related to special products of

securitization NCDEX works with bank.

To avail farmers from risk of fluctuation in prices

NCDEX provides special services for agricultural.

NCDEX is working with tax officer to make clear

different types of sales and service taxes.

NCDEX is providing attractive products like weather

derivatives


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MCX (MULTI COMMODITY EXCHANGE)

MULTI COMMODITY EXCHANGE of India limited is a new

order exchange with a mandate for setting up a nationwide,online multi-commodity marketplace, offering unlimited growth

opportunities to commodities market participants. As a true

neutral market, MCX has taken several initiatives for users

In a new generation commodities futures market in the

process, become the countrys premier exchange.

MCX, an independent and a de-mutualized exchange since

inception, is all set up to introduce a state of the art, online

digital exchange for commodities futures trading in the

country and has accordingly initiated several steps to translate

this vision into reality.


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TRANSACTION CYCLE

A person holding assets (Securities/Funds), either to

meet his liquidity needs or to reshuffle his holdings in response

to changes in his perception about risk and return of the

assets, decides to buy or sell the securities. He selects a

broker and instructs him to place buy/sell order on an

exchange. The order is converted to a trade as soon as it finds

a matching sell/buy order. At the end of the trade cycle, the

trades are netted to determine the obligations of the trading

members securities/funds as per settlement cycle.

Placing

Order

Settlement

of trades

Decision to

trade

Trade

Execution

Clearing of

Trades

Funds or

Securities

Transaction

Cycle


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Buyer/seller delivers funds/ securities and receives

securities/funds and acquires ownership of the securities.

A securities transaction cycle is presented above. Just

because of this Transaction cycle, the whole business of

Securities and Stock Broking has emerged. And as an extension

of stock broking, the business of Online Stock broking/ Online Trading/

E-Broking has emerged.


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INTRODUCTON TO EQUITY MARKET

The Capital Market

INDIAN CAPITAL MARKET

The function of the financial market is to facilitate the

transfer of funds from surplus sectors (lenders) to deficit

sectors (borrowers). Normally, households have excess of

funds or savings, which they lend to borrowers in the

corporate and public sectors whose requirement of funds far

exceeds their savings. A financial market consists of investors

and buyers, sellers, dealers and does not refer to a physical

location. Formal trading rules and communication networks for

originating and trading financial securities link the participants

in the market.

As elsewhere in the world, the Indian financial system

consists of: -

Money Market

Capital Market

The money market has two components.

Organized Market

Unorganized Market


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The organized market is dominated by commercial banks.

The other major players are the Reserve Bank of India, Life

Insurance Corporation, General Insurance Corporation, and

Unit Trust of India, Securities Trading Corporation of India,

other primary dealers and the various mutual funds. Despite

rapid expansion of the organized money through a large

network of banking institutions that have extended their reach

even to the rural areas,

there is still an active unorganized money market. It

consists of indigenous bankers and moneylenders.

In the unorganized market, there is no clear demarcation

between short-term and long-term finance and even between

the purposes of finance. The unorganized sector continues to

provide finance for trade as well as personal consumption. The

inability of poor to meet the creditworthiness requirements of

the banking sector makes them take recourse to the

institutions that still remain outside the regulatory framework

of banking. But this market is shrinking.


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INDIAN CAPITAL MARKET CLASSIFICATION

Indian capital market can be broadly classified, into the

following:

I. MONEY MARKET:

It is a market, which deals in short term securities

such as treasury bills, certificate of deposits etc.

II. DEBT MARKET:

It is a market dealing in debt securities such as

debentures, bonds etc.

III. SECURITIES MARKET:

It is a market dealing in equity and equity linked

securities. This market comprises of primary

market and second market.

The capital market provides the framework in which

savings and investment take place. On the one hand it enables

companies to raise resources from the investors and on the

other, it facilitates households to invest their saving in

industrial or commercial activities. Those saving instruments

that can be bought or sold freely are called securities. These


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include a range of products debt and equity that can be

traded. The market where such trades take place is the

securities market or capital market and comprises the various

exchanges, intermediaries and its regulatory institutions.

The capital market consists of these segments.

Primary Segments

Secondary Segments

The primary market deals with the issue of new

instruments by the corporate sector such as equity shares,

preference shares, and debentures. The public sector

consisting of central and state governments, various public

sector industrial units (PSUs) and statutory and other

authorities such as state electricity boards and port trusts

also issue bonds. The primary market in which public issue of

securities is made through a prospectus is a retail market and

there is no physical location. Direct mailing, advertisements

and brokers reach the investors. Screen based trading

eliminates the need trading floor.

The Secondary Market Or Stock Exchange where

existing securities are traded is an auction arena. It may have

a physical location like a stock exchange or a trading floor.


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Since 1995, the trading in securities is screen-based. Screen-

based training eliminates need for a trading floor. And, since

the last few years Internet-based trading has also made an

appearance in India.

The Secondary Market consists of 23 stock exchanges

including the National Stock Exchange (NSE) and the Over-the

Counter Exchange Of India (OTCEI) and also Bombay Stock

Exchange (BSE). The secondary market provides a tradingplace or terminals for the securities already issued to be

bought and sold. It also provides liquidity to the initial buyers

in the primary market to re-offer the securities to any

interested buyer at any price, if mutually accepted. An active

secondary market actually promotes the growth of the primary

market and capital formation because investors in the primary

market are assured of a continuous market and they can

liquidate their investments in the stock exchange.

There are several major players in the primary market. These

include the merchant bankers, mutual funds, financial

institutions, foreign institutional investors (FIIs) and individual

investors. R & T agents, Custodians and Depositories are

capital market intermediaries that provide important

infrastructure services for both primary and secondary

markets.


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It is important to ensure a smooth working of this market, as

it is the arena where the players in the economic growth of a

country interact. Various laws have been passed from time to

time to meet this objective. The financial market in India was

highly segmented until the initiation of reforms in 1992-93 on

account of a variety of regulations and administered prices

include barriers to entry. The reform process was initiated

with establishment of securities and exchange of India (SEBI).


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CAPITAL MARKET INTERMEDIARIES

Merchant Bankers

Merchant Bankers means any person who is engaged in thebusiness of issue management either by making arrangements

regarding selling, buying or subscribing to securities or acting

as manager, consultant, adviser or rendering corporate

advisory service in relation to such issue management.

Stock Brokers

Stockbrokers are regulated by SEBI {Stock brokers and Sub

brokers} Regulations, 1992. The stock broker is a member

of the stock exchange. Stock brokers are the intermediaries

who are allowed to trade in securities on the exchange of

which they are members. They buy and sell on their own behalf

as well as on behalf of their clients.

Stock brokers expand their business by engaging sub

broker. Sub brokers means any person not being a member

of a stock exchange who acts on behalf of a stock broker as an

agent or otherwise for assisting the investors in buying, selling

or dealing in securities through such stock brokers.


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Custodians

Custodians of securities mean any person who carries on or

proposes to carry on the business of providing custodial

services. Custodian services in relation to securities mean

safekeeping of securities of a client.

SHCIL, Citibank N.A., Deutsche Bank, Standard Chartered

Bank, HSBC Bank, IIT Corporate Services, HDFC Bank is among

the few registered custodians in the country.

R & T Agents Registrars to Issue

R & T agents are governed by SEBI. R & T agents are

intermediaries who provide services to shareholders on behalf

of issuers. Issuers may engage share transfer agents for

maintaining Register of Members {ROM}, managing corporate

benefits like distribution of dividends, interest on debentures,

bonus shares, right forms etc. R & T agents extend the

depository connectivity services in the depository environment.

More information of R & T agents is given in the business

activities of Karvy.

Mutual Funds

MFs are financial intermediaries, which collect the savings of

small investors and invest them in a diversified portfolio of

securities to minimize risk and maximize returns for their


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participants. MFs have given a major filliped to the capital

market both primary as well as secondary. The units of MFs,

in turn are also tradable securities. Their price is determined

by their net asset value that is declared periodically. More

information of mutual fund is given in the business activities of

Karvy.

Depositories

The principle function of a depository is to dematerializesecurities, custody and trading in electronic book entry form.

A depository established under the Depositories Act can

provide any service connected with recording of allotment of

securities or transfer of ownership of securities in the record

of a depository. There are two depositories in India, which are

given below.

NSDL

CDSL

Depository participants (DPs):

DPs are described as an agent of the depository. They are

intermediaries between the depository and the investors. The

relationship between the DPs and the depository is governed

by an agreement made between the two under depositories

Act.


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A DP is responsible for maintaining the securities account of

the investor and handling it in accordance with the investors

instructions. A DP can offer depository-related services only

after obtaining a certificate of registration from SEBI.

CAPITAL MARKET PROCESSES

There are various processes that issuers of securities follow

or utilize in order to tap the savers for raising resources.

Some of the commonly used processes and methods are

described below: -

Private Placement:

Method of raising funds directly from investors without issue

of prospectus to the public is known as private placement.

SEBI has prescribed the eligibility criteria for companies and

instruments as well as procedures for private placement.

Privately placed securities can also be listed if such placement

fulfills all listing criteria.

Preferential Offer/Right Issue:

Companies can expand their capital b offering the new shares

to their existing shareholders. Such offers for sale can be

made to the existing shareholders by giving them a

preferential treatment in allocation or the offer can be on a


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right basis i.e. the existing holders can get by the way of their

right, allotment of new share in certain proportion to their

earlier holding. If the shares are offered to a few of the

existing shareholder instead to all shareholders or at a price

different from the price at which they are issued to all, such

issues are called preferential allotments. Preferential

allotment requires shareholders approval in the general body

meeting. Further, all such offers have also to e in compliance

with criteria laid down by SEBI.

Internet broking:

With the Internet becoming ubiquitous, many institutions have

set up securities trading agencies that provide online trading

facilities to their clients from their homes. This has been

possible since all the players in the securities market, viz.

stockbrokers, stock exchange, clearing corporation,

depositories, DPs etc are linked electronically. Thus

information flows amongst them on a real time basis.

Initial Public Offer (IPO):

Companies, new as well as old, can offer their shares to the

investors in the primary market. This kind of tapping the saving

is called an IPO or Initial Public Offering. SEBI guidelines

regulate various procedures involved in making a public issue


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but price of shares, size of the issue, timing of issue, listing of

the issue is decided by the issuer. Issuers have to disclose all

relevant facts and information in the prospectus. Prospectus

also has to disclose risk factors and management perception

about those risks.

Stock trading:

An investor in securities needs assurance that they can

convert their security holding to cash to meet their cashrequirements. The ability to convert value of securities into

cash is called liquidity. The liquidity is provided by the stock

exchange. Stock exchange is a platform where buyers and

sellers of securities will match their bids and offer for

securities and exchange securities with cash. The offers and

bids are routed through members of the stock exchange,

popularly known as a broker. Stock exchange regulates the

transaction are conducted fairly and transparently with justice

to both buyers and sellers.


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EQUITY MARKET

Equity represents an ownership position in a corporation. It is a

residual claim, in the sense that creditors and preference

shareholders must be paid as scheduled before equity

shareholders can receive any payment. In bankruptcy equity

holders are in principle entitled only to assets remaining after

all prior claimants have been satisfied.

Thus, risk is highest with equity shares and so must be its

expected return. When investors buy equity shares, they

receive certificates of ownership as proof of their being part

owners of the company. The certificate state the number of

states the number of shares purchased and their par value.

A Brief History of the rise of the Equity trading in India

July 9, 1875: Native brokers from the Native share and

Stock Brokers Association in Bombay. Membership fee is Re. 1.

The association has 318 members.

1899 : Bombay stock Exchange acquires own premises.

1921 : Clearing houses are established for settlement of

trades as volumes increase.

1923 : K R P Shroff becomes the honorary president of BSE.


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1925 : Bombay Securities Contract control Act (BSCCA) comes

into force.

Dec 1, 1939 : Stock Exchange building is acquired.

1943 : Forward trading banned till 1946. Only ready to deliver

and hand delivery contracts permitted.

1956 : Securities Contract Regulation Act drafted on the lines

of BSCCA comes into force.

1957 : BSE becomes the first exchange in India to get thepermanent recognition.

1964 : Unit Trust of India (UTI) is born.

Apr 1, 1966 : K R P Shroff retires and Phiroze J Jeejeebhoy

becomes chairman.

Jun 29, 1969 : Morarji Desai bans forward trading.

1973 : Construction of P J Towers, named after late Phiroze

Jamshedji Jeejeevhoy, starts.

Jan, 2 1986 : BSE Sensesex launched as the first stock

market index with1978-79 as the base year.

Nov 1987 : SBI Mutual Fund launches Magnum Regular Income

Scheme.

Apr 1988 : Securities and Exchange Board of India (SEBI) set

up.

Jan 1992 : SEBI had given statutory powers.


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May 1992 : Harshad Mehta securities scam breaks.

May 27, 1992 : Reliance is the first Indian company to make a

GDR issue.

May 30, 1992 : The capital Issues Control Act, 1947 is

replaced.

Sep 1992 : Foreign Institutional Investors are permitted to

invest in the Indian securities market.

Nov 1992 : Finance Minister Manmohan Singh inaugurates

Over the Counter Exchange of India.Oct 30, 1993 : The first private sector mutual fund, Kothari

Pioneer Mutual fund, begins operations.

1993 : SEBI bans badlatrading on BSE.

June 1994 : NSE commences operations in wholesale debt

market segment.

Nov 1994 : The capital market segment of NSE goes o stream.

Trading is screen based for the first time in India.

March1995 : BSE online trading system (BOLT) replaces open

outcry system.

Apr 1995 : The National Securities Cleaning Corporation

Limited, Indias first clearing corporation is set up.

Oct 1995 : NSE overtakes BSE as the largest stock exchange

in terms of volume of trading.

Apr 1996 : The National Securities Depository Limited is

created.


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Feb 1997 : SEBI releases norms for takeovers and

acquisitions.

May 1997 : BSE introduces screen based trading.

Nov 1998 : SEBI recognized Interconnected Stock Exchange

founded by 15 regional stock exchanges. This exchange starts

functioning in Feb., 1999

Feb 1999 : Launch of automated lending and borrowing

mechanism (ALBM) on NSE.Mar 11, 1999 : Infosys Technologies is the first company to

be listed on NASDAQ through a public offering of American

Depository Receipts.

Mar 22, 1999 : Central Depository Services (India) promoted

by BSE operations.

Sep 1999 : ICICI is the first India Company to be listed on

the New York Stock Exchange (NYSE).

Oct 11, 1999 : For the first time in BSEs history, the

Sensex closes above the 5,000 mark at 5,031.78.

Jan 2000 : BSE creates a Z category of scrips in addition to

A, B1, and B2 comprising scrips that breached or failed to

comply with the listing agreement.

Feb 2000 : Internet trading commences on NSE. On Feb 14,

2000, BSE Sensex hits all-time high of 6150. On Feb. 21, NSE

records peak market capitalization of Rs. 11, 94,282 crore.


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Apr 10, 2000 : The Sensex is revamped to include Dr. Reddys

Lab, Reliance Petroleum, Satyam Computers and Zee Telefilms

replacing Indian Hotels, Tata Chemicals, Tata power, and IDBI.

June 2000 : BSE and NSE introduce derivatives trading in the

form of index futures.

July 9, 2000 : BSE turns 125.

Oct 19, 2000 : Wipro lists in the NYSE.

Jan 22, 2001 : Borrowing and Lending Securities Scheme

(BLESS) launched on BSE to promote securities lending andborrowing activities.

Mar 2001 : Ketan Parekh scam breaks. SEBI suspends all the

broker directors of the BSE in relation to KP scam.

May 2001 : BSE advises compulsory demat for B2 scrips.

June 2001 : Index options start trading on NSE.

July 2001 : A SEBI directive bans carry forward. All major

securities are moved to rolling settlement. Options of

individual scrips start trading NSE.

Nov 9, 2001 : BSE and NSE launch futures in individual

stocks.


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Changing Attitude towards Equity Ownership

With a broadening of the corporate sector, volume of business

on the exchange s in India is likely to increase. The greater

interest shown in recent years by investors is partly reflected

in the over-subscription of new issues.

There has been great demand for growth issues. I.e. shares

of companies with growth prospects. It has been observed that

the wider the distribution of corporate securities amonginvestors, the grater the reception accorded to new or

additional issues of capital; the more mobile the additional

issues of capital; the more mobile the market, the grater the

participation of investors and traders in the raising of

corporate capital.

The available data about the share ownership in the country

show that there is gradual widening if ownership. The

increasing participation in stock market activities by financial

and non financial intermediaries, particularly of institutions

which are mainly investors has tended to create an orderly and

stable market.Further, the various growth-permitting factors including

regulatory measures, progressive spread of literacy and

dissemination of investment information all tend to

contribute to a healthy growth of the stock market. In the


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security market, equity shares are the most romantic of all the

form of securities.

Further more, equity analysis is more complicated than bond

appraisal, and greater skill is required in selecting equity than

fixed income securities. The attitude towards equity shares

has varied from extreme pessimism to optimism from time to

time.

It is equity shares that entice most investors, and some

investors have been known to feel grater sympathy for theirequity than their spouses. Presence of market and business

risks associated with such investments fails to keep the

investing public and institution out of the market because of

their confidence in the ultimate success of the equity shares,

i.e. towards overshadow risks. In fact the advantages of equity

shares ownership are enough to lure the investors and change

their attitude towards securities.


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MAJOR PLAYERS

1. UTI Securities

2. Angle Broking

3. INDIAINFOLINE SECURITIES PVT.LTD.

4. S S KANTILAL ISHWARLAL SECURITIES PVT LTD.

(www.sharekhan.com)

5. KOTAK SECURITIES LTD. (www.kotakstreet.com)

6. INDIA BULLS (www.indiabulls.com)

7. HDFC SECURITIES LTD. (www.hdfcsec.com)

8. RELIANCE MONEY


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Introduction to stock broking Firms

S. S. KANTILAL ISHWARLAL SECURITIES PVT. LTD.

(SHAREKHAN.COM):

Sharekhan, Indias leading stock broker is the retail arm of

SSKI, and offers you depository services and trade execution

facilities for equities, derivatives and commodities backed with

investment advice tempered by decades of broking experience.

A research and analysis team is constantly working to track

performance and trends. Thats why Sharekhan has the trading

products, which are having one of the highest success rates in

the industry. Sharekhan is having 240 share shops in 110 cities;

the largest chain of retail share shops in India is of

Sharekhan.

In future, Sharekhan is planning to enter in Mutual funds,

Insurance sector and banking sector to expand beyond the

market currently covered by it. And it has started MF (Mutual

Funds) on priority basis but wants to grow in it.


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KOTAK SECURITIES LIMITED (kotakstreet.com):

Kotak Securities Ltd., a strategic joint venture between Kotak

Mahindra Bank and Goldman Sachs (holding 25% - one of the

worlds leading investment banks and brokerage firms) is

Indias leading stock broking house with a market share of 5 -

6 %. Kotak Securities Ltd. has been the largest in IPO

distribution - It was ranked number One in 2003-04 as Book

Running Lead Managers in public equity offerings by PRIME

Database. It has also won the Best Equity House Award from

Finance Asia - April 2004.

Kotak Securities Ltd is also a depository participant with

National Securities Depository Limited (NSDL) and Central

Depository Services Limited (CDSL) providing dual benefitservices wherein the investors can use the brokerage services

of the company for executing the transactions and the

depository services for settling them. The company has 42

branches servicing around 1, 00,000 customers.

Kotakstreet.com the online division of Kotak Securities Limited

offers Internet Broking services and also online IPO and

Mutual Fund Investments.


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Kotak Securities Limited manages assets over 1700 crores

under Portfolio Management Services (PMS) which is mainly to

the high end of the market. Kotak Securities Limited has newly

launched Kotak Infinity as a distinct discretionary Portfolio

Management Service which looks into the middle end of the

market.

INDIA BULLS:

An India bull is India's leading retail financial services company

with 77 locations spread across 64 cities. Its size and strong

balance sheet allows providing varied products and services at

very attractive prices, our over 750 Client Relationship

Managers are dedicated to serving your unique needs.

India bulls is lead by a highly regarded management team that

has invested crores of rupees into a world class Infrastructure

that provides real-time service & 24/7 access to all

information and products. The India bulls Professional

Network offers real-time prices, detailed data and news,

intelligent analytics, and electronic trading capabilities, right

at your finger-tips. This powerful technology is complemented


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by our knowledgeable and customer focused Relationship

Managers.

Indiabulls offers a full range of financial services and products

ranging from Equities, Derivatives, Demat services and

Insurance to enhance wealth and to achieve the financial goals.

HDFC SECURITIES LTD (HDFCsec):

HDFC sec 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. The 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, they will

also start offering 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.


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UTI SECURITIES LTD.: (UTISEL)

UTI Securities Ltd was incorporated on June 24, 1994 by Unit

Trust of India as a 100% subsidiary and on the repealing of the

UTI Act, the capital is now held by the Administrator of the

Specified Undertaking of Unit Trust of India (ASUUTI). UTI

Securities has been working as an independent professional

entity for providing financial intermediary and advisory

services to its corporate and retail clientele.

The Company has presence in major cities with 20 branches

and 50 franchisees to service a wide range of clients. The

company has also invested in the joint-venture company with

Standard Chartered Bank viz. Standard Chartered UTI

Securities (P) Ltd. that is engaged in primary dealership and

Government securities. The company is very soon going to start

Commodity Trading through its subsidiary, USEc Commodities

Ltd, which provides facility of commodity trading on NCDEX

and MCX.


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ANGEL BROKING

The Angel Group has emerged as one of the top 3 retail

broking houses in India. Incorporated in 1987, it has

memberships on BSE, NSE and the two leading commodityexchanges in India i.e. NCDEX & MCX.

Angel has always believed in offering the best of services totheir customers. Be it in form of focused research or state of

the art technology or customized product offering or

personalized touch to our services. Angel is the only 100%

retail stock broking house offering a gamut of retail centricservices.

E broking

Investment Advisory

Portfolio Management Services

Wealth Management Services

Commodities Trading

Angel Broking Ltd.Member on the BSE and DepositoryParticipant with CDSL

Angel Capital & Debt

Market Ltd.

Membership on the NSE Cash and

Futures & Options Segment

Angel Commodities

Broking Ltd.Member on the NCDEX & MCX

Angel Securities Ltd. Member on the BSE


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INDIA INFO LINE

India info line one-stop financial services shop, most respected

for quality of its advice, personalized service and cutting-edgetechnology.

Vision is to be the most respected company in the financial

services space.

The India Info line group, comprising the holding company,

India Info line Limited and its wholly-owned subsidiaries,

straddle the entire financial services space with offerings

ranging from Equity research, Equities and derivatives trading,Commodities trading, Portfolio Management Services, Mutual

Funds, Life Insurance, Fixed deposits, GoI bonds and othersmall savings instruments to loan products and Investment

banking. India Info line also owns and manages the websites

www.indiainfoline.com and www.5paisa.com The Company has a

network of 596 branches spread across 345 cities and towns.

It has more than 500,000 customers.

India Info line Ltd India Info line Limited is listed on both

the leading stock exchanges in India, viz. the Stock Exchange,

Mumbai (BSE) and the National Stock Exchange (NSE) and is

also a member of both the exchanges. It is engaged in thebusinesses of Equities broking, Wealth Advisory Services and

Portfolio Management Services. It offers broking services in

the Cash and Derivatives segments of the NSE as well as the

Cash segment of the BSE. It is registered with NSDL as well

as CDSL as a depository participant, providing a one-stopsolution for clients trading in the equities market. It has

recently launched its Investment banking and Institutional

Broking business.


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RELIANCE MONEY

Reliance money belongs to Anil Dhirubhai Ambani Group. It is aReliance capital company. It believes in simplifying trade.

Reliance money is mainly into:

IPO

Personal finance

Equity

Derivatives

Commodity

Forex

Mutual funds


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CHAPTER-3

(Project Work)


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PROJECT WORK

Research Design/ Research Methods

Research Design

A research design is simply a frame work or plan for a

study that is used as a guide in collecting and analyzing the

data. It is the overall operational pattern or frame work of the

project that stimulate, what information is to be collected

from which sources and by what procedure.

As far as the project is concerned, our study focuses on the

following design:

Exploratory Research Design:

The objective of our exploratory research is to find new

ideas of relationships between several facts. Exploratory

research reveals and helps us to understand the practices of

Stock broking.

The exploratory research includes the experts opinion

with the help of the company personnel and an interview

with customers,,


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Descriptive Research Design:

Descriptive design is a sound basis for making predictions

pertaining to the specific marketing practices which is a part

of the conclusive research. Its main aim is to collect data with

a definite purpose, which makes the facts practical and

valuable.

The descriptive research data would be collected bysecondary data sources like books, magazines, newspapers.


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Research Methodology

Research Philosophy:

Research Philosophy depends on the way we think about

the development of knowledge. Research Philosophy applied in

our project on Studying Customer satisfaction level is that

of Interpretivism.

We will use this research to understand the various

practices of company. It is therefore the role of the

interprevists (us) to seek, to understand the subjective realityof those that they study in order to be able to make sense of

and understand their motives, actions and intentions in a way

that is meaningful.

Data Collection Methods

The data would be collected in the form of Primary data

through an interview with the company personnel and survey at

Ahmedabad city with the help of Questionnaires for personnel

who are customers of broking firm and Secondary data.

DATA SOURCES

Primary Data:Primary data would be collected by taking the interview

of the brokerage firms customers. Qualitative, descriptive

research would be conducted with the help of structured

questionnaires.


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Secondary Data:

The secondary data will be gathered through company

brochures, company internal data already collected by the

company researchers and websites and websites of other

companies.

Sampling Design Process

Target Population:

As far as the project is concerned, the target population

would be people of Ahmedabad city who are associated in

trading activities.

Sampling Technique:

The Probability technique which will be used in the

project is that of Simple Random Sampling.

Sample Size:

Total Sample size would be 125.


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Field Work

The Project work is limited to Ahmedabad city.

Field work would include the following:

Taking the prior appointment from the respondents

and filling up the Questionnaires

Phone interviews.

Personnel interview with the company personnel


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CHAPTER-4

(Data Analysis)


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DATA ANALYSIS

1) In which brokerage house presently you have demat a/c?

Particulars No of Respondents

India Infoline 30

India bulls 18

Angel broking 35

Kotak securities 8

Reliance money 12

Sharekhan 6

Others 16


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2) What is the reason for choosing this brokerage house?

Particulars No. of respondents

Brokerage 34

Funding 46

SMS tips 25

ON-OF line trading facility 66

Exposure 77

Convenience 95

RM facility 20

Majority of the respondents have given the verdict that

convenience is at the top for them while choosing the broking

firm. Exposure is their second choice for their brokerage

house.RM facility is least preferred by the customers.


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3) What is your monthly turnover?

Particulars No. of Respondents

5000-10000 16

10001-25000 24

25001-50000 21

50001-100000 19

100001-500000 30

500000 or above 15

From the above graph we can say that 22.4% peoples monthly

turnover is between 100001 to 500000 while at the second position

19.2% respondents told that their monthly turnover is between

10001 to 25000.


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4) Do you have any other demat a/c along with this?

Yes 50

No 75

40% respondents have more than one demat A/C

Some of them have opened more than one A/C for good trading

tips.

Various firms provide tips so they analyze tips and trade

accordingly.


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5) WHAT IS ANNUAL MAINTENANCE CHARGE YOU ARE PAYING?

Company name AMC

India Infoline 0

Indiabulls 300

Kotak securities 350

Reliance money 0

Sharekhan 300

Angle Broking 200

Kotak Securities is charging the highest annual maintenance charge

Rs.350.

India Infoline & Reliance money are not charging the annual

maintenance charge. In the survey most of the respondents are of the view that annual

maintenance charge should not be there.

Most of the firms are charging AMC at an average of Rs.300


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6) FOR HOW LONG HAVE YOU BEEN TRADING ?

Particulars No of Respondents

< 1 month 12

1 to 6 month 37

6 to 12 month 20

1 to 5 years 25

> 5 years 31

Looking at the graph we can say that people who trade in the

market 1 to 6 months is highest 30% .


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7) HOW IS THE SERVICE OF YOUR BROKERAGE HOUSE?

Particulars No of Persons

Excellent 9

Very good 41

Good 37

Very bad 24

Bad 11

Poor 3

Most of the respondents have favored their broking firm and toldthat their firms service is very good. Only 2% respondents have

told that their firms service is poor.

33 % respondents have ranked their firm as very good.


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8) SATISFACTION LEVEL OF INVESTORS WITH THEIR BROKING FIRM.

Graph shows that 27.2% respondents are satisfied with their

broking firm. While 9.6% respondents are highly dissatisfied with

their firm.

The dissatisfied respondents were of the view that their service

provider should improve their Service and should provide better

facility. Like their queries should be solved immediately.

Some service provider neglects their customers & that is the major

reason of clients dissatisfaction.

Particulars No of Persons

Highly Satisfied 25

Moderately satisfied 28

Satisfied 34

Dissatisfied 26

Highly dissatisfied 12


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9) WHAT IS YOUR EXPECTATIONS FROM YOUR BROKING FIRM?

Suggestions No. of respondents

Low brokerage 41

Good tips 33

Less formal process 29

Good service 21

No AMC 26

In response to this question 32.8% respondents have demanded low

brokerage.

While 26.4% respondents require good trading tips.

Other suggestion includes RM facility, more exposure, Online fund

transfer facility, profit generation etc.

Some Reliance customer does not want recharge system.


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10) On which trading type you are trading more?

Intraday

Delivery

Trading No. of respondents

Intraday 42

Delivery 55

Both 28

Most of the people would like to trade on delivery basis, because

they want to reduce the risk of their money being lost.


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11) Which company has the highest satisfied customers?

Particulars Satisfied(%) Dis-satisfied(%)

India Infoline 70 30

India bulls 55 45

Angel broking 33 67

Reliance money 58 42

Others 56 44


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HYPOTHESIS TESTING

TESTING OF HYPOTHESIS USING CHI-SQUARE TEST

1) Null Hypothesis (H0): Investors are satisfied with their

broking firm.

2) Alternate Hypothesis (H1) : Investors are not satisfied with

their broking firm.

OBSERVED FREQUENCY(fo) TABLE

Factor Brokerage Exposure Total

Satisfied 42 36 78

Dissatisfied 22 25 47

Total 64 61 125

EXPECTED FREQUENCY(fe) TABLE

Factor Brokerage Exposure Total

Satisfied 39.94 38.06 78

Dissatisfied 24.06 22.94 47

Total 64 61 125


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CHI-SQUARE TABLE

Now Putting these values in the Equation :

(f0 - fe)2

2= -----------

fe

= 0.58 (Chi-Square calculated)

Degree of freedom: (C-1) (R-1) = 1

5% LEVEL OF SIGNIFICANT:

Table value = 3.84

Statistical conclusion:

Table value is grater then the calculated value so null hypothesis is

accepted.

Conclusion:

Here null hypothesis is accepted that means Investors are satisfied

with their broking firm.

Sr no.Observed

Frequency Oi

Expected

Frequency Ei(Oi-Ei) (Oi-Ei)2/Ei

1 42 39.94 2.06 0.11

2 36 38.06 -2.06 0.11

3 22 24.06 -2.06 0.18

4 25 22.94 2.06 0.18

Total 0.58


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CHAPTER-5(Findings)


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FINDINGS

India Infoline is among the best broking firms, preferred by the

customer.

Most of the Investors are satisfied with their broking firm.

Most of the companies provide similar brokerage slab to the

customer.

People trade only in equity; most of the people do not trade in

derivatives & commodity.

People prefer the firm which offers low brokerage & Funding

facility. People are not aware ofthe benefits oftrading in derivatives so lots

need to be done in this direction.

People generally prefers safe & risk less investment avenue.

Some people have fear of stock market in their mind.

Some Investors have more knowledge than employees of brokerage

house about broking services.

People wants to invest in stock market but they do not have adequate

knowledge of stock market so firms should educate people & help

them to invest in stock market.


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RECOMMENDATIONS AND SUGGESIONS

Stock Broking Firms should provide better services to acquire and

retain customers.

Firms should establish efficient Research & Analysis Department

for Security research, so that they can give accurate tips for trading.

Stock should not be sold out in case of debit.

A person sitting on terminal should not be over crowded.

Firms should provide Large screen for displaying stock updates.

Relationship Manager should be more knowledgeable than client.

Operational Activity (System) should be improved to make processless cumbersome.

Stock Broking Firm needs to make its marketing team strong and

also it should increase marketing activities such as promotional

campaigns.

Stock Broking Firm should educate the investors about Derivatives

& Commodities by organizing classes, corporate presentations,

taking part in consumer fairs, organizing events.

Stock Broking Firm should turn existing customers (who are

trading in Equity only) towards Derivatives & Commodities.

Stock Broking Firm may also use its helpline number for giving

education on securities.

Company may appoint special team for giving education &

attracting people towards trading securities.


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Webography

1. www.Google.com

2. www.nseindia.com

3. www.bse-india.com

4. www.India Infoline.com

4 www.5Paisa.com

5 ww.mcx.com

6. www.ncdex.com


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QUESTIONNAIRE

1) In which brokerage house presently you have demat A/C?

Ans. ____________________________________

2) What is the reason for choosing this brokerage house?

Brokerage Online- Offline trading facility

Funding Exposure

SMS Tips Convenience

RM Facility

3) What is your monthly turn over?

5000-10000 10001-25000

25001-50000 50001-100000

100001-500000 500000 or above

4) Do you have any other demat A/C along with this ?

Yes No

If yes, Name the broking firm ___________________________

5) On which transaction you are paying brokerage?

Intraday

Delivery

6) What is the annual maintenance charge you are paying?

Ans._________________________________

7) For how long have you been trading?

< 1Month 1 to 5 years

1 to 6 Months > 5 years

6 to 12 Months


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8) How is the service of your brokerage house?

Excellent Very bad

Very good Bad

Good Poor

9) How is the overall satisfaction level of your broking firm?

Highly satisfied Dissatisfied

Moderately Satisfied Highly dissatisfied

Satisfied

10) What are your expectations from your broking firm?

Ans._____________________________________________________

______________________________________________________

Name: ____________________________________

Age : ____________________________________

Occupation : ____________________________________

Address: ____________________________________

____________________________________

Mo: ____________________________________

Satisfaction Level of Investors With Their Broking Firm

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