A

PROJECT REPORT

ON

“Analysis of Marketing Strategies of E-

Broking”
ANGEL BROKING PVT LTD, JAIPUR

Submitted To: Submitted By:

PROF.NITUJ GUPTA HITESH KASLIWAL

DIRECTOR (MMI) MBA (FIRST YEAR)

1
 DECLARATION

I “HITESH KASLIWAL” a Student Of MBA, MAGTECH

MANAGEMENT INSTITUTE,GHAZIABAD (UP) declare that the Project

Entitled “Analysis of Marketing Strategies of E-Broking”. In Partial Fulfillment

of MBA Degree Course in ANGEL BROKING SECURITIES is my

Original Work.

(HITESH KASLIWAL)

2
 ACKNOWLEDGEMENTS
Any work accomplishment is seldom on person achievement .there

are usually many people behind it who contribute to its goodness in

form or the other. It was my good luck that the staff of ANGEL

BROKING was supportive which ease my job by quite a long

extent.

For the development of the project .I extend my heartful gratitude

to Mr. SUMIT MAHESHVARI, Branch Manager, Angel Broking

for providing excellent mentoring, encouragement & support.

I sincerely thank who despite his tight schedule spared time for

discussions and gave basic ground rules and directions, without

which completion of this project would have been impossible.

I am highly grateful to the management of ANGEL BROKING

for giving me the opportunity to work on this Project, and in the
process enrich myself with immense learning on all aspects

I am grateful to all employees of ANGEL BROKING for providing

me all the information and help I required for the completion of
this project.

HITESH KASLIWAL

3
 Preface

Quite frequently these days’ people talk of practical knowledge,

both in academic institutions and outside. At each and every aspect

in life we require some sort of theoretical and practical knowledge

too.

It means only classroom lecture may not be enough to get the

proper knowledge either in the business field or social life.

• Keeping all this in view, the present report has been written
for the promotion the brand position of Angel Broking in the
highly competitive environment and to study the consumer
behavior by working as a promoter at Modern Trade Centers.

I am grateful to all those who have helped me in the successful

completion of this report.

I hope I have tried my level best in making this Report.

If there is any error, in this Report I want to apologies for that.

4
 CONTENTS

 Introduction to the Industries

7

 Indian Stock Market

21

 Major players the Broking industry in India

27

 Introduction of the company

28

 Products of Angel Broking

33

 Fundamental Services
41

• Technological Services

• Commodity Services

 About the other companies

48

 Comparative Analysis of the company

52

 Market share of Angel Broking

53

 Limitations
55

5
 Study of Selected research problem
60

 Description of terminology used in Broking company

67

 Research Methodology
81

 Data Analysis and Interpretation

85

 Findings and summary of learning experience

96

 Achievement
99

 Conclusion
100

 Recommendation
101

 Questionnaire
102

 Bibliography
109

OBJECTIVE OF THE STUDY

Main objective of the project is to find out the strategies of

different E-Broking firms and evaluate them. Project is about to
penetrate the competitors of ANGEL BROKING LTD. Conclusion
of this project can give an idea of strategies of different companies
which may be helpful to the company. Now days all the broking

6
companies in India are trying to establish themselves in the
competitive market. They are introducing innovative marketing

strategies to survive in the market. Many other private

companies are looking to enter in the Indian Broking market .so it
is very essential to a company to innovate their marketing
strategies in terms of

• Well educated and capable employee in the agency

• Marketing of their products

• Deployment of their products

• Targeting the right and potential customers

• Differentiating from other companies

• Future plan of the company

This study consists of to find out the marketing strategies of

different Broking companies which are the competitors of ANGEL
BROKING LTD.

INTRODUCTION TO THE INDUSTRY

THE HISTORY OF INDIAN E-BROKING

INDUSTRY

7
 The first publicly issued security can be tracked back to the
fourteenth century in Venice where the government made the first
known issue of bonds. These government securities were
purchased by merchants and landowners as investments.

In and around 1750s in England, traders in the shares of

early companies would commonly meet in Jonathans Coffee House
to trade shares and make business deals. Early share bids and offers
were written on the Coffee House walls and the trading process
was highly unregulated, with insider trading forming the basis for
most investment decisions.

By 1773, Trading Clubs had formed, and in 1801 a group

of traders raised 20,000 pounds to build the London Stock
Exchange in Capel Court. A similar process was occurring in
America. By the early 1790s many merchants had begun trading
shares. Just as in London, these early traders often met at
coffeehouses in an informal environment.

In 1792, 24 Brokers who each paid $400 for a "trading

seat" signed the Buttonwood Tree Agreement. This agreement
outlined the regulations under which shares could be bought and
sold. These regulations formed the basis for trading rules that

Still exist today and led to the formation in 1817 of the

New York Stock Exchange. Much water has passed under the
bridge since then and we forward all the way to late 1990s.

By late 1990s, most of the stock exchanges had been

automated, and the “open outcry” method of trading was the thing
of the past. Most stock exchanges began to use computers to
replace floor traders. Floor traders take phone and computer orders
from brokers, and negotiate a trade with stock specialists at trading

8
 stations on the trading floor. The internet orders placed by clients
are first processed and authorized through the stock brokers’
computer system before being automatically placed on the stock
exchanges’ computer systems. This period saw the rise in
popularity and acceptance of online stock broking.

Angel Broking's tryst with excellence in customer relations

began more than 20 years ago. Today, Angel has emerged as a
premium Indian stock-broking and wealth management house, with
an absolute focus on retail business, and a commitment to provide
"Real Value for Money" to all its clients.

The Angel Group is a member of the Bombay Stock

Exchange (BSE), National Stock Exchange (NSE) and the two
leading Commodity Exchanges in the country i.e. NCDEX

MCX. We are also registered as a Depository Participant

with CDSL.

Angel Group of Companies

 Angel Broking Ltd.

9
 Member on the BSE and Depository Participant 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

Introduction

Meaning of stock market

A stock market is a private or public market for the trading of company stock and
derivatives of company stock at an agreed price; both of these are securities listed on a
stock exchange as well as those only traded privately.
Trading

10
Participants in the stock market range from small individual stock investors to large
hedge fund traders, who can be based anywhere. Their orders usually end up with a
professional at a stock exchange, who executes the order.
Some exchanges are physical locations where transactions are carried out on a trading
floor, by a method known as open outcry. This type of auction is used in stock exchanges
and commodity exchanges where traders may enter "verbal" bids and offers
simultaneously. The other type of exchange is a virtual kind, composed of a network of
computers where trades are made electronically via traders.
Actual trades are based on an auction market paradigm where a potential buyer bids a
specific price for a stock and a potential seller asks a specific price for the stock. (Buying
or selling at market means you will accept any ask price or bid price for the stock,
respectively.) When the bid and ask prices match, a sale takes place on a first come first
served basis if there are multiple bidders or askers at a given price.

Stock market index

The movements of the prices in a market or section of a market are captured in price
indices called stock market indices, of which there are many, e.g., the S&P, the FTSE and
the Euronext indices. Such indices are usually market capitalization (the total market
value of floating capital of the company) weighted, with the weights reflecting the
contribution of the stock to the index. The constituents of the index are reviewed
frequently to include/exclude stocks in order to reflect the changing business
environment.

11
Derivative instruments

Financial innovation has brought many new financial instruments whose pay-offs or
values depend on the prices of stocks. Some examples are exchange-traded funds (ETFs),
stock index and stock options, equity swaps, single-stock futures, and stock index futures.
These last two may be traded on futures exchanges (which are distinct from stock
exchanges—their history traces back to commodities futures exchanges), or traded over-
the-counter. As all of these products are only derived from stocks, they are sometimes
considered to be traded in a (hypothetical) derivatives market, rather than the
(hypothetical) stock market.

The Bombay Stock Exchange

The Bombay Stock Exchange Limited (formerly, The Stock Exchange, Mumbai;
popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in
Asia. It is located at Dalal Street, Mumbai, India.

12
The Bombay Stock Exchange was established in 1875. There are around 4,800 Indian
companies listed with the stock exchange[1], and has a significant trading volume. As of
August 2007, the equity market capitalization of the companies listed on the BSE was US
[2]
$ 1.11 trillion . The BSE SENSEX (SENSitive indEX), also called the "BSE 30", is a
widely used market index in India and Asia. It is located at Dalal Street, Mumbai, India.

Bombay Stock Exchange was established in 1875. There are around 4,800 Indian
companies listed with the stock exchange[1], and has a significant trading volume. As of
August 2007, the equity market capitalization of the companies listed on the BSE was US
$ 1.11 trillion [2]. The BSE SENSEX (SENSitive indEX), also called the "BSE 30", is a
widely used market index in India and Asia .

National stock Exchange

The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock

exchange. It is the largest stock exchange in India and the third largest in the world in
terms of volume of transactions[1]. NSE is mutually-owned by a set of leading financial
institutions, banks, insurance companies and other financial intermediaries in India but its
ownership and management operate as separate entities[2]. As of 2006, the NSE VSAT
[3]
terminals, 2799 in total, cover more than 1500 cities across India . In July 2007, the
NSE had a total market capitalization of 42,74,509 crore INR making it the second-
largest stock market in South Asia in terms of market-capitalization[4].

The National Stock Exchange of India was promoted by leading Financial institutions at
the behest of the Government of India, and was incorporated in November 1992 as a tax-
paying company. In April 1993, it was recognized as a stock exchange under the

13
Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the
Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities)
segment of the NSE commenced operations in November 1994, while operations in the
Derivatives segment commenced in June 2000

Hang Seng Index

Hang Seng" redirects here. For the bank with the same name, see Hang Seng Bank. For
all other uses, see Hang Seng (disambiguation).
The Hang Seng Index (abbreviated: HSI, Chinese: 恒 生 指 數 ) is a freefloat-adjusted
market capitalization-weighted stock market index in Hong Kong. It is used to record and
monitor daily changes of the largest companies of the Hong Kong stock market and is the
main indicator of the overall market performance in Hong Kong. These 40 companies
represent about 65% of capitalization of the Hong Kong Stock Exchange.

Stock market crash

A stock market crash is often defined as a sharp dip in share prices of equities listed on
the stock exchanges. In parallel with various economic factors, a reason for stock market

14
crashes is also due to panic. Often, stock market crashes end up with speculative
economic bubbles.
There have been famous stock market crashes that have ended in the loss of billions of
dollars and wealth destruction on a massive scale. An increasing number of people are
involved in the stock market, especially since the social security and retirement plans are
being increasingly privatized and linked to stocks and bonds and other elements of the
market. There have been a number of famous stock market crashes like the Wall Street
Crash of 1929, the stock market crash of 1973–4, the Black Monday of 1987, the Dot-
com bubble of 2000. But those stock market crashes did not begin in 1929, or 1987. They
actually started years or months before the crash really hit hard.
One of the most famous stock market crashes started October 24, 1929 on Black
Thursday. The Dow Jones Industrial lost 50% during this stock market crash. It was the
beginning of the Great Depression. Another famous crash took place on October 19, 1987

Function and purpose

The stock market is one of the most important sources for companies to raise money.
This allows businesses to go public, or raise additional capital for expansion. The
liquidity that an exchange provides affords investors the ability to quickly and easily sell
securities. This is an attractive feature of investing in stocks, compared to other less liquid
investments such as real estate.
History has shown that the price of shares and other assets is an important part of the
dynamics of economic activity, and can influence or be an indicator of social mood.
Rising share prices, for instance, tend to be associated with increased business investment
and vice versa. Share prices also affect the wealth of households and their consumption.
Therefore, central banks tend to keep an eye on the control and behavior of the stock
market and, in general, on the smooth operation of financial system functions. Financial
stability is the raison d'être of central banks.

15
Exchanges also act as the clearinghouse for each transaction, meaning that they collect
and deliver the shares, and guarantee payment to the seller of a security. This eliminates
the risk to an individual buyer or seller that the counterparty could default on the
transaction.

The smooth functioning of all these activities facilitates economic growth in that lower
costs and enterprise risks promote the production of goods and services as well as
employment. In this way the financial system contributes to increased prosperity.

Relation of the stock market to the modern financial system

The financial system in most western countries has undergone a remarkable

transformation. One feature of this development is disintermediation. A portion of the
funds involved in saving and financing flows directly to the financial markets instead of
being routed via banks' traditional lending and deposit operations. The general public's
heightened interest in investing in the stock market, either directly or through mutual
funds, has been an important component of this process. Statistics show that in recent
decades shares have made up an increasingly large proportion of households' financial
assets in many countries. In the 1970s, in Sweden, deposit accounts and other very liquid
assets with little risk made up almost 60 per cent of households' financial wealth,
compared to less than 20 per cent in the 2000s. The major part of this adjustment in
financial portfolios has gone directly to shares but a good deal now takes the form of
various kinds of institutional investment for groups of individuals, e.g., pension funds,

16
mutual funds, hedge funds, insurance investment of premiums, etc. The trend towards
forms of saving with a higher risk has been accentuated by new rules for most funds and
insurance, permitting a higher proportion of shares to bonds. Similar tendencies are to be
found in other industrialized countries. In all developed economic systems, such as the
European Union, the United States, Japan and other developed nations, the trend has been
the same: saving has moved away from traditional (government insured) bank deposits to
more risky securities of one sort or another.

The stock market, individual investors, and financial risk

Riskier long-term saving requires that an individual possess the ability to manage the
associated increased risks. Stock prices fluctuate widely, in marked contrast to the
stability of (government insured) bank deposits or bonds. This is something that could
affect not only the individual investor or household, but also the economy on a large
scale. The following deals with some of the risks of the financial sector in general and the
stock market in particular. This is certainly more important now that so many newcomers
have entered the stock market, or have acquired other 'risky' investments (such as
'investment' property, i.e., real estate and collectables).
With each passing year, the noise level in the stock market rises. Television
commentators, financial writers, analysts, and market strategists are all overtalking each
other to get investors' attention. At the same time, individual investors, immersed in chat
rooms and message boards, are exchanging questionable and often misleading tips. Yet,
despite all this available information, investors find it increasingly difficult to profit.
Stock prices skyrocket with little reason, then plummet just as quickly, and people who

17
have turned to investing for their children's education and their own retirement become
frightened. Sometimes there appears to be no rhyme or reason to the market, only folly.

This is a quote from the preface to a published biography about the long-term value-
oriented stock investor Warren Buffett.[2] Buffett began his career with $100, and
$105,000 from seven limited partners consisting of Buffett's family and friends. Over the
years he has built himself a multi-billion-dollar fortune. The quote illustrates some of
what has been happening in the stock market during the end of the 20th century and the
beginning of the 21st.
The behavior of the stock market

NASDAQ in Times Square, New York City.

From experience we know that investors may temporarily pull financial prices away from
their long term trend level. Over-reactions may occur—so that excessive optimism
(euphoria) may drive prices unduly high or excessive pessimism may drive prices unduly
low. New theoretical and empirical arguments have been put forward against the notion
that financial markets are efficient.

18
According to the efficient market hypothesis (EMH), only changes in fundamental
factors, such as profits or dividends, ought to affect share prices. (But this largely
theoretic academic viewpoint also predicts that little or no trading should take place—
contrary to fact—since prices are already at or near equilibrium, having priced in all
public knowledge.) But the efficient-market hypothesis is sorely tested by such events as
the stock market crash in 1987, when the Dow Jones index plummeted 22.6 percent—the
largest-ever one-day fall in the United States. This event demonstrated that share prices
can fall dramatically even though, to this day, it is impossible to fix a definite cause: a
thorough search failed to detect any specific or unexpected development that might
account for the crash. It also seems to be the case more generally that many price
movements are not occasioned by new information; a study of the fifty largest one-day
share price movements in the United States in the post-war period confirms this.[3]
Moreover, while the EMH predicts that all price movement (in the absence of change in
fundamental information) is random (i.e., non-trending), many studies have shown a
marked tendency for the stock market to trend over time periods of weeks or longer.

Various explanations for large price movements have been promulgated. For instance,
some research has shown that changes in estimated risk, and the use of certain strategies,
such as stop-loss limits and Value at Risk limits, theoretically could cause financial
markets to overreact.
Other research has shown that psychological factors may result in exaggerated stock price
movements. Psychological research has demonstrated that people are predisposed to
'seeing' patterns, and often will perceive a pattern in what is, in fact, just noise.
(Something like seeing familiar shapes in clouds or ink blots.) In the present context this
means that a succession of good news items about a company may lead investors to
overreact positively (unjustifiably driving the price up). A period of good returns also
boosts the investor's self-confidence, reducing his (psychological) risk threshold.[4]

Another phenomenon—also from psychology—that works against an objective

assessment is group thinking. As social animals, it is not easy to stick to an opinion that
differs markedly from that of a majority of the group. An example with which one may

19
be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to
have their opinion validated by those of others in the group.
In one paper the authors draw an analogy with gambling.[5] In normal times the market
behaves like a game of roulette; the probabilities are known and largely independent of
the investment decisions of the different players. In times of market stress, however, the
game becomes more like poker (herding behavior takes over). The players now must give
heavy weight to the psychology of other investors and how they are likely to react
psychologically.
The stock market, as any other business, is quite unforgiving of amateurs. Inexperienced
investors rarely get the assistance and support they need. In the period running up to the
recent Nasdaq crash, less than 1 per cent of the analyst's recommendations had been to
sell (and even during the 2000 - 2002 crash, the average did not rise above 5%). The
media amplified the general euphoria, with reports of rapidly rising share prices and the
notion that large sums of money could be quickly earned in the so-called new economy
stock market. (And later amplified the gloom which descended during the 2000 - 2002
crash, so that by summer of 2002, predictions of a DOW average below 5000 were quite
common.)

Irrational behavior
Sometimes the market tends to react irrationally to economic news, even if that news has
no real effect on the technical value of securities itself. Therefore, the stock market can be
swayed tremendously in either direction by press releases, rumors, euphoria and mass
panic.

Over the short-term, stocks and other securities can be battered or buoyed by any number
of fast market-changing events, making the stock market difficult to predict.

20
 INDIAN STOCK MARKET

Thee origination of the Indian securities market may be traced

back to 1875, when 22 enterprising brokers under a Banyan tree
established the Bombay Stock Exchange (BSE). Over the last 125
years, the Indian securities market has evolved continuously to
become one of the most dynamic, modern and efficient securities
markets in Asia. Today, Indian markets conform to international
standards both in terms of operating efficiency.

Structure and size of the markets:

Today India has two national exchanges, the Bombay Stock

Exchange (BSE) and the National Stock Exchange (NSE).Each has
fully electronic trading platforms with around 9400 participating
broking outfits. Foreign brokers account for 29 of these.

There are some 9600 companies listed on the respective

exchanges with a combined market capitalization near $125.5bn.

21
Any market that has experienced this sort of growth has an equally
substantial demand for highly efficient settlement procedures.

In India 99.9% of the trades, according to the National Securities

Depository, are settled in dematerialized form in a T+2 rolling
settlement environments. In addition, trades are guaranteed by the
National Clearing Corporation of India Ltd. (NSCCL) and Bank of
India Shareholding Ltd. (BOISL), Clearing Corporation houses of
NSE and BSE respectively. The main functions of the Clearing
Corporation to work out.

Furthermore, each exchange has a Settlement Guarantee Fund

to meet with any unpredictable situation and a negligible trade
failure of 0.003%. the Clearing Corporation of the exchanges
assumes the counter-party risk of each member and guarantees
settlement through a fine-tuned risk management system and an
innovative method of online position monitoring. It also ensures
the financial settlement of trades on the deliver the required funds
and/or securities with the help of a settlement guarantee fund.

22
 Advantages Of Online Trading

The first major advantage of trading online is the ability to

have total control over ones investments. Before the advent of
online trading, investors had to go through a stockbroker in order
to buy and sell their stocks. This process is tedious, can take up
value able time and is costly. In addition to that, brokers can
sometimes persuade investors to buy and sell certain stocks
because of personal reasons.

When investors trades online they have total control of their

money. In addition to that, investors investors have the luxury of
speed. They can buy and sell stocks quickly, which can help them
save money. An example of this is if investors want to buy certain
stocks at low price, by the time they call their broker and
eventually buy the stock the price could have increased during that
time period. This same example applies to when investors want to

23
sell a stock at a certain time. While the investors are calling their
broker and the stock is being sold, the price could have dropped.
This could sometimes cost investors thousands of dollars. With
online trading, people can buy and sell at the exact time they
choose to do so because it is just a mouse click away.

Online trading is also beneficial because it reduces the cost

of transaction. Instead of paying broker , which can be very
costly , investors can trade online and pay a small fee to their
company. this saves the customers from having to pay commission
to the stockbroker. Furthermore, since” the explosion of online
brokerages has driven the cost of transactions way down, trading
online is cheaper than ever. This is because all the companied are
competing for business continue reducing their costs to attract
customers.

The last major advantage of trading stocks online is that

more information is available then ever before. Investors can get
the most up to date stock quotes and can reach any company they
plan on buying stock for. This information was previously only
available to stockbrokers. With the new technology the internet
offers, it is available to everyone. With this information the
investors can become more educated and make good decision on
the stocks they want to buy and sell. One such website that allows
users to gather information is Quote.com. Quote.com has graphic

24
charts that updates the investors’ portfolio throughout the day and
also lets investors create “watch lists” or mock portfolios that
monitor alternative investment options”. This means that customers
can plan out different investing stratifies and see how those
compare to the ones they are already invested in. These advantages
have contributed greatly to the increase of ntrading online.

Disadvantages of online training

One major disadvantage with online trading is that there

are many security risks. The internet is a wonderful but dangerous
place to do business. Hackers have the ability to access personal
information on anyone who has ever searched the internet, which
includes credit card information. This was the main reason a
company like Charles Schwab was reluctant to start trading online.
Although the percentage is small, there is still a small chance that
hackers can access ones account (price 2) companies are taking the
most serious precautions on this matter.

Another drawback to trading online is that, while

companies offer trades that are quick and on the spot, in actuality it
can take up to several hours to complete or even not to be
completed at all. According to the Securities and Exchange
Commission, “E-traders registered more than 3,300 complaints in
the 12 months ended in September 1999, a 197 percent increase

25
over 1998 and nearly 2,000 percent higher than in 1997”. This
means that here was an increase in problems that the web sites
were having. This could have serious effects on investors because
they could think they bought a stock or sold a stock at a certain
time but in actuality the transaction registered late or not at all
costing that investor money.

The internet is unpredictable and stable. One can never

know when a web site will fail. In situations where there is a
problem like this, investors can usually call their brokerage firm
and the problem is fixed right away. However, the problem with
online trading companies is that they are too large and are not
“easily reached by e-mail or phone”. This is the main concern for
online brokerage firms and they are trying their best to alleviate
these problems.

Finally the most important problem with online trading is

that it is so quick and easy to make transaction, that money can be
lost just as quick and just as easily. Some people that invest online
do not know how the stock market words and think they can just
invest in anything and it will make them money. According into
foresters search, “two types of traders have already moved online
‘the aggressive affluent’ and those who want to ‘get rich quick.”.
These two groups make up 70 percent of the people that want
investors trading online today. These people can make rash
decisions and lose a lot of their money. People like this generally
think that investing in the stock market is like gambling in Las
Vegas. This is a dangerous attitude and could make people lose
money they cannot afford to lose.

26
 Major Players in the BROKING Industry in
India

1 SHAREKHAN

2 ANAND RATHI

3 MOTILAL OSWAL

4 IL&FS

5 INDIABULLS

6 HDFC SECURITIES

7 INDIA INFOLINE

8 ANGELBROKING

9 RELIGARE
1
0 RELIANCE MONEY
1
1 ICICI DIRECT
1
2 BONANZA
1
3 MAGAL KESHAV

27
1
4 JAIPURK SECURITIES
1
5 UTI SECURITIES
1
6 GEOJIT
1
7 KARVY
1
8 MAN FINANCIAL
2
3 JP MORGAN STANLEY
2
4 ASIT C METHA

28
 INTRODUCTION OF THE COMPANY
COMPANY PROFILE OF ANGEL BROKING LTD

Mr. Dinesh thakkar is the man behind the successful

building of angel broking as India’s leading retail stock broking
house with his vision, devotion, dedication, keen foresight and zeal
to excel. He is among the first generation stockbroker who is
credited for conceptualizing and the subsequently promoting angel
group in 1987. He was attracted towards the stock market due to its
prospects of fast growth. He proved his skill and abilities through
efficient trading of stocks by using advanced and innovation tools
of technical analysis.

He started his operations as a sub-broker from a small

office at dalal street with a client base of just around 25 clients and
total staff strength of 3 employees. With his 100% focus on the
retail clientele coupled with his expertise in investment advisory
services, he has scaled much greater height as is evident from our
network strength and nation wide presence today.

The Angel Group has emerged as one of the top 5 retail stock
broking houses in India, having memberships on BSE, NSE and
the two leading commodity exchanges in the country i.e. NCDEX
and MCX. Angel Broking Ltd is also registered as a depository
participant with CDSL. It is the only 100% retail stock broking
house offering a gamut of retail centric services like Research,
Investment Advisory, and Wealth Management Services, E-
Broking & Commodities to individual investor.

29
VISION

• TO PROVIDE BEST VALUE FOR

• MONEY TO INVESTORS THROUGH INNOVATIVE

• PRODUCTS TRADING/INVESTMENT STRATEGIES,

• STATE OF THE ART TECHNOLOGY AND

PERSONALISED SERVICE

BUSINESS PHILOSOPHY

• ETHICAL PRACTICES & TRANSPARENCY IN ALL

OUR DEALINGS

• CUSTOMER INTEREST ABOVE OUR OWN

• ALWAYS DELIVER WHAT WE PROMISE

EFFECTIVE COST MANAGEMENT

VALUES

• • INTEGRITY

• • TEAMWORK

• • QUALITY MINDSET

• • ENTREPRENEURSHIP

• • SERVICE ORIENTATION

• • PASSION & COMMITMENT

30
ABOUT ANGEL

• We have a Pan India presence with more than 5000+

intermediaries.

We offer services like:

 Equity Broking

 Commodities

 Depository

 Research

 E-broking

 Advisory

 Portfolio Management Services

 Mutual Fund Distribution

• A client base of 4, 50,000 + active Investors is serviced by our

strong team of 4600 + employees across branches.

• The above distribution makes our client servicing levels one of

the highest in the industry.

31
• 50 member research team doing technical, fundamental,
derivative and commodity analysis, one of the largest in the
industry.

• First broking house to start 100% retail focus research in the

industry

ANGEL GROUP COMPANIES:

• BSE- ANGEL BROKING LTD

• NSE- ANGEL CAPITAL AND DEBT MARKET LTD

• NCDEX & MCX- ANGEL COMMODITIES BROKING

(P) LTD

32
Award

Angel was awarded the coveted the “Major Volume Driver” trophy
from BSE for the Year 2004-2005, 2005 -2006 & 2006 -2007.That
means the maximum number of trade on BSE has been done from
Angel Broking Ltd

TIE UP BANK’S

• HDFC

• ICICI

• AXIS

• CORPORATION

• ORIENTAL BANK OF COMMERCE

• KARNATAKA

• YES

33
 Products of Angel Broking

E-Broking

Angle has 3 different products and voila trading on BSC, NSC,

F&O, MCX & NCDEX. It provides three softwares to customers
for online trading.

1. Angel Diet

• Application based ideal for traders.

• User friendly & simple navigation

• Robust & speedier execution of trade

• BSC, NSC, F&O, MCX & NCDEX

2. Angel Trade

• Browser based for investor

• No installation required

• Advantage of mobility

34
• Trading as simple as internet surfing

• BSC, NSC, F&O, MCX & NCDEX

3. Angel Anywhere

• Application based ideal for traders using technical tool

• Intra-day/historical charts with various indicators

• BSC, NSC, Cash & Derivatives

35
 Investment Advisory Services

To derive optimum returns from equity as an asset class requires

professional guidance and advice. Professional assistance will
always be beneficial in wealth creation. Investment decisions
without expert advice would be like treating ailment without the
help of a doctor.

• Expert Advice: Their expert investment advisors are based

at various branches across India to provide assistance in designing
and monitoring portfolios.

• Timely Entry & Exit: Their advisors will regularly

monitor customers investments and guide customers to book
timely profits. They will also guide them in adopting switching
techniques from one stock to another during various market
conditions.

36
• De-Risking Portfolio: A diversified portfolio of stocks is
always better than concentration in a single stock. Based on their
research, They diversify the portfolio in growth oriented sectors
and stocks to minimize the risk and optimize the returns.

Commodities

A commodity is a basic good representing a monetary

value. Commodities are most often used as a inputs in the
production of other goods or services. With the advent of new
online exchange, commodities can now be traded in futures
markets. When they are traded on an exchange,

Commodities must also meet specified minimum standards known

as a basic grade.

37
 Depositary Participant Services

Angel Broking Ltd. Is a DP services provider though CDSL.

We offer depository services to create a seamless transaction
platform to execute trades through Angel group of companies and
settle these transactions through Angel Depository services.

• Wide branch coverage

• Personalized/attentive services of trained a dedicated staff

• Centralized billing & accounting

• Acceptance & execution of instruction on fax

• Daily statement of transaction & holdings statement on e-

mail

• No charges for extra transaction statement & holdings

statement

38
 Portfolio Management Services

Successful investing in Capital Markets demands ever more

time and expertise. Investment Management is an art and a science
in itself. Portfolio Management Services (PMS) is one such service
that is fast gaining eminence as an investment avenue of choice for
High Networth Investors(HNI). PMS is a sophisticated investment
vehicle that offers a range of specialized investment strategies to
capitalize on opportunities in the market. The Portfolio
Management Service combined with competent fund management,
dedicated research and technology, ensures a rewarding experience
for its clients .

Angel PMS brings with it years of experience, expertise, research

and the backing of India's leading stock broking house. At Angel,
experienced portfolio management is the difference. It will advise
you on a suitable product based on factors such as your investment
horizon, return expectations and risk tolerance.

39
 Mutual Fund

To enable clients to diversify their investment in the right

direction. Angel Broking has added another product in its range
with mutual funds.

• Access to in-depth research & proper selection from

diversified funds based on your preferred criteria

• Rating and rankings of all mutual funds from our in house

expert analysts

• News and alertfor your Mutual fund Portfolio and

performance tracking with watch lists

• Current and historical performance of different funds

enabling comparisons

40
 Benefits

• No risk of loss, wrong transfer,mutilation or theft of share

certificates.

• Hassle free automated pay-in of your sell obligations by

your clearing members

• Reduced paper work.

• Speedier settlement process. Because of faster transfer and

registration of securities in your account, increased liquidity of
your securities.

• Instant disbursement of non-cash benefits like bonus and

rights into your account.

• Efficient pledge mechanism.

• Wide branch coverage.

Personalized/attentive services of trained help desk.

‘Zero’ upfront payment.

No charges for extra transaction statement & holding statement.

All in one combined Monthly ‘Bill-cum Transaction-cum-Holding-

cum-ledger’ statement.

41
 FUNDAMENTAL SERVICES

The Sunday Weekly Report

This weekly report is ace of all the reports. It offers a

comprehensive market overview and likely trends in the week
ahead.

It also presents top picks based on an in-depth analysis of technical

and fundamental factors.

It gives short term and long-term outlook on these scripts,

their price targets and advice trading strategies.

Another unique feature of this report is that it provides an

updated view of about 70 prominent stocks on an ongoing basis.

42
Stock Analysis

Angel’s stock research has performed very well over the past few
years and angel model portfolio has consistently outperformed the
benchmark indices. The fundamentals of select scripts are
thoroughly analyzed and actionable advice is provided along with
investment rationale for each scrip.

43
Flash News

Key developments and significant news announcement that

are likely to have an impact on market / scripts are flashed live on
trading terminals. Flash news keeps the market men updated on an
online basis and helps them to reshuffle their holdings.

44
 TECHNICAL SERVICES

Intra-Day Calls

For day traders angel provides intraday calls with entry,

exit and stop loss levels during the market hours and our calls are
flashed on our terminals. Our analysts continuously track the calls
and provide the recommendations according to the market
movements. Past performance of these calls in terms of profit/loss
is also available to our associates to enable them to judge the
success rate.

45
Posting Trading Calls

Angels “Position Trading Calls” are based on a through

analysis of the price movements in selected scripts and provides
calls for taking positions with a 10 - 15 days time span with stop
losses and targets. These calls are also flashed on our terminals
during market hours.

46
Derivative Strategies

Our analyst take a view on the NIFTY and selected scripts

based on derivatives and technical tools and devise suitable
“Derivative Strategies” , which are flashed on our terminals and
published in our derivative reports.

47
 COMMODITIES SERVICES

Agro Tech Speak

Mainly gives the investors insight into and a forecast for agro
commodities viz. pulses(urad channa etc); reports on oil complex
(soyabean castor etc.) along with spices with reports on kapas guar
seed .

Commodities Tech Speak

This report mainly equips the investors dealing in MCX

segment in commodities like gold, silver, crude oil, copper etc with
the market insight and expert recommendation on the trading
strategies.

48
 About AnandRathi

AnandRathi (AR) is a leading full service securities firm

providing the entire gamut of financial services. The firm, founded
in 1994 by Mr. AnandRathi, today has a pan India presence as well
as an international presence rough offices in Dubai and Bangkok.

AR provides a breadth of financial and advisory services including

wealth management, investment banking, corporate advisory,
brokerage & distribution of equities, commodities, mutual funds
and insurance - all of which are supported by powerful research
teams.

The firm's philosophy is entirely client centric, with a clear focus

on providing long term value addition to clients, while maintaining
the highest standards of excellence, ethics and professionalism.
The entire firm activities are divided across distinct client groups:
Individuals, Private Clients, Corporates and Institutions.

49
 About Indiabulls

Indiabulls is India’s leading Financial Services and Real Estate

company having over 640 branches all over India. Indiabulls serves
the financial needs of more than 4,50,000 customers with its wide
range of financial services and products from securities, derivatives
trading, depositary services, research & advisory services,
consumer secured & unsecured credit, loan against shares and
mortgage & housing finance. With around 4000 Relationship
Managers, Indiabulls helps its clients to satisfy their customized
financial goals. Indiabulls through its group companies has entered
Indian Real Estate business in 2005. It is currently evaluating
several large-scale projects worth several hundred million dollars.

“Indiabulls Financial Services Ltd is listed on the National Stock

Exchange, Bombay Stock Exchange and Luxembourg Stock
Exchange. The market capitalization of Indiabulls is around USD
6,300 million (31st December, 2007). Consolidated net worth of
the group is around USD 905 million (31st December, 2007).
Indiabulls and its group companies have attracted more than USD
800 million of equity capital in Foreign Direct Investment (FDI)
since March 2000. Some of the large shareholders of Indiabulls are
the largest financial institutions of the world such as Fidelity
Funds, Goldman Sachs, Merrill Lynch, Morgan Stanley and
Farallon Capital.

50
Business of the company has grown in leaps and bounds since its
inception. Revenue of the company grew at a CAGR of 159% from
FY03 to FY07. During the same period, profits of the company
grew at a CAGR of 184%.

Indiabulls became the first company to bring FDI in Indian Real

Estate through a JV with Farallon Capital Management LLC, a
respected US based investment firm. Indiabulls has demonstrated
deep understanding and commitment to Indian Real Estate market
by winning competitive bids for landmark properties in Mumbai
and Delhi.”

51
 Religare Securities Limited (RSL):-

It is a leading equity and securities firm in India. The company

currently handles sizeable volumes traded on NSE and in the realm
of online trading and investments it currently holds a reasonable
share of the market. The major activities and offerings of the
company today are Equity broking, Depository Participant
Services, Portfolio Management Services, Institutional Brokerage
& Research, Investment Banking and Corporate Finance. To
broaden the gamut of services offered to its investors, the company
has also recently unveiled a new avatar of it's online investment
portal armed with a host of revolutionary feature.

RSL is a member of the National Stock Exchange of India,

Bombay Stock Exchange of India, Depository Participant with
National Securities Depository Limited and Central Depository
Services (I) Limited, and SEBI approved Portfolio Manager

• Religare has been constantly innovating in terms of product

and services and to offer such incisive services to specific user
segments it has also started the NRI, FII, HNI and Corporate
Servicing groups. These groups take all the portfolio investment
decisions depending upon a client’s risk / return parameter.

• Religare has a very credible Research and Analysis

division, which not only caters to the need of our Institutional
clientele, but also gives their valuable inputs to investment dealers.

52
 • Religare is also providing in-house Depository services to
its clientele and is one of the leading depository service providers
in the country.

Comparative Analysis of Companies

SERVICES COMPANIES’ NAME

ANGEL BROKING INDIA BULLS

MUTUAL FUND YES NO

INSURANCE YES YES

PMS YES NO

ONLINE BACK- YES YES

OFFICE
E-BROKING YES YES

INVESTMENT YES YES

ADVISORY
M-CONNECT YES NO

FUNDING NO YES

HOME LOANS NO YES

SOFTWARE USING ODIN DIET POWER

INDIAB
ULLS

53
 MARKET SHARE OF ANGEL BROKING LTD

M a r k e t S h a r e O f C o m p a n ie s

11%
26%

A n g e l B ro k in g L td
R e lig a re
28% In d ia b u lls
A n a n d R a th i
O th e rs
19%

16%

54
• Angel Broking Ltd. has the highest market coverage with
respect to channel sales. This is because Angel has the highest
number of sub-brokers. There are 105 sub-brokers in Jaipur

• Angel Broking Ltd Client wise is No. 2 in India

• Angel Broking Ltd has bagged the “Major Volume Driver

Award” (presented by the BSE) for 3 consecutive years

• Angel Broking Ltd. is no.1 in India with respect to service

offered

55
 LIMITATIONS

The following are the certain limitations of the study:

1. Time constraint

2. Geographical constraint

3. The survey is limited to few areas in Jaipur

4. Jaipur city is new place for me so I could not find potential

customer in different places

5. I am new in this field and I have no any past experience of

opening Demat account

6. People are reluctant to give appointment and real information

7. Product are expensive compare to other products in the field

8. Most of the people are not aware of the share market how to
trade so it’s hard to convince them

9. Jaipur is a very big city so it’s not easy to reach every single
customer

56
 DISCUSSIONS ON TRAINING
JOB PROFILE (ROLE AND RESPONSIBILITIES)

In Training, My profile was Marketing Executive. My

responsibility was to do phone calls and take an appointment with
customer .Their role in the organization was a new client
acquisition for account opening

• Giving product presentation to newly join

employee.

One of my roles in organization is to train newly joined

employee. Tell them all about company, how the working process
of company. What are the advantages of company so that they can
convert clients in angel clients? How angel product is better than
other competitor. What are the facilities in angel product which
was not there in other competitor product?

57
• Be in touch with the existing client for purpose
of quality management

After opening account we have to follow-up the existing client

so that we can get feed back from them. After opening account
what services executive promise did he getting all that services. It
shows the quality of services. What client need is most important.
Most it was create a good relation in-between me and my client.
Existing client help me for my future target he can open account
on name of his family member, relative or friends. Which was
good for me to complete my target and it shows that I m giving the
best service to them and he was happy with our service and quality.

• Event organizing. To give the details of E-

broking services organizing

I have to take the responsibility of event for collecting data or

leads. Before doing event we have to select a place to organize, for
example big shopping malls (center one), corporate (millennium
business park) so that we can get a proper or good feed back with a
good collection of data. Why place important? For selling any
product in market, companies do market segmentation. So that
there product failure should be very less and they can success to
achieve there target.

58
• Visiting to clients for the purpose account
opening

While visiting to client I have to put some points in my mind from

were he was trading? What he not getting there? what his needs?.
This analysis I have to do while talking on telephonic for
appointment with client and I have make plan while going to client
that, what best I can offer him. So that he can convert in my
company client. While visiting to all my appointment I notice that
all client want best from other. My experience say that they are
competing with there friend relative indirectly. So if I m going to
give best offer to them they are going to give me more accounts,
more contacts.

• Solving technical related queries of the client

After opening account I give training to them, but human are

not machine that they can learn all thing in a single day. So they do
mistake. While login on online product, not getting list of market
on there display, login problem, hanging problem, problem while
placing order etc. this type of problem we have to solve. sometime
they forget to download master file from site of company so they
cannot able to see the moving market, some time people try to
login more than 3 or 4 time in this process they get locked there id
password so, to solve that problem I have reset there password by
the help of surveillance department and password directly send to
there email id which the client given when there account opening
form filled. client complain that there order not going, but they
doing mistake because they are putting order more than there

59
exposure given by company so order are rejected. This type of
queries we have to solve.

60
 STUDENT CONTRIBUTION TO THE
ORGANIZATION

The contribution towards the organization is adding values in order

to bring business to the organization realizing the responsibilities,
bringing potential clients to the organization.

Furthermore I had to also manage various direct marketing

activities such as

Tele-calling to clients regarding pre- meetings.

Mailing to potential customers of the company regarding products and

services.

The new customers who want software demonstration, we provide that

also etc.

Taking feedback of the services ,which we were providing because it’s

a key factor for our company growth and making long term
relationships with customers

Bringing potential client to the organization, not only for the purpose
of trading but also for wealth management services (wms), which
includes portfolio management services, mutual funds, IPO, angel
gold. was my major contribution to the company.

61
 STUDY OF SELECTED RESEARCH
PROBLEM

STATEMENT OF RESEARCH OBJECTIVE

The objective of research is to know the competitors, volatile

market, in order to bring improvement, in terms there drawbacks
limitations etc.

STATEMENT OF RESEARCH PROBLEM

After sorting out the views, answers of the people, we can

conclude the research problem like:

1. Drawbacks of our services. For Example: - The website

based product which we were offering to the clients was not good
enough compare to other company.

2. To find out existing clients through research, who would

not get all the services or may be some, were he might have been
deprived of recent facilities.

3. As per meeting with the existing and new clients, we come

to know that many people do not know how to operate certain
technical products.

62
STATEMENT OF RESEARCH OBJECTIVE

• What is E-Broking?

• Prospects for E-Broking

• Benefit of E-Broking

• Benefit to User

• Benefit to Broker

What is E-Broking?

E-Broking means electronic broking or online trading. An

electronic market is an attempt use information and communication
technology to provide geographically dispersed traders with the
information necessary for the fair operation of the market. The e-
market is in effect, a broking service to bring together supplier and
customer in the specific market segment. These markets give the
customer easy access to comparative data on price

An electronic broker is an intermediary who:-

• May take an order from customer and pass to supplier

• May provide service to customer such as a comparison

between goods with respect to particular criteria such as price.

63
Prospects for E-Broking

E-Broking is still an evolving industry in India and the

survivor are likely to be those brokers who are integrated service
and are financially resilient. The future of e-broking industry thus
largely depends on the extent of the penetration of the internet in
the near future. Moreover the Bombay stock exchange (BSE) and
National stock exchange (NSE) have recently developed
‘proprietary’ trading engines called ‘WEBEX’ and ‘DOTEX’,
respectively.

These engines will obviate the need for a broker to develop his
own engines, and thus, resulted in capital investment savings.
However, a user can log on to these engines using the website of
the broker and trade electronically. These developments are,
therefore, expected to give a strong fillip to the e-broking industry
in India.

Benefit of E-Broking

In the recent year the use of internet has spread among investor
in stock and shares. The internet can make up to the minute
information available to a large number of investor that until
recently had only been available to those working in financial
institution. The use of online brokerage service automates the
process of buying and selling and hence reduction of commission
charges. Also the commodity being traded is intangible; the
ownership of stocks and shares can be recorded electronically, so
there is no requirement for physical delivery.

64
• Transparency of fund

• 24*7 back office access

• Privacy of there portfolio

• Save time

• Detail of company etc.

65
 Benefit to User

1. Low transaction cost’s

Brokerage rate in India are in the range of 1 to 1.5%. Where the

rate for e-broking are as low as 0.1%. The Bombay stock exchange
(BSE) and national stock exchange (NSE) recently develop
proprietary trading engine called WEBEX and DOTEX
respectively. This engine will obviate the need for a broker to
develop his own engine. E-Broking in addition, not only brings
down the cost of the execution of the transaction but also speeds up
the electronic transfer of securities.

2. Transparency

E-Broking empowers the customer to transact directly on the

stock exchange and delayers the whole process thereby improving
transparency. The user does not need to rely on the broker’s ‘word
of mouth’ or ‘transaction’ slip for confirmation of the price at
which his trade was conducted.

66
3. Convenience

Online share trading is available merely at the click of a button,

in the comfort of home / office. Thus, making it much more
convenient for the customer to trade anytime. Also with ‘limit-
based’ order being allowed, customer can place there order even
during the ‘non-trading’ hour, which are executed at the earliest
trading possibility.

67
 Benefit to Broker

• Easier risk management

Under the online mechanism, the system would first check the
status of funds available with the client in his bank account and
only then allow to trade to take place. This process thus
substantially reduces the exposure of the broker to client related
credit and payment risk.

• Greater business potential

The new paradigm of e-broking which allows simple

convenient and transparent transactions may encourage more
participants to trade. It is expected that the introduction of e-
broking will expand the market horizon, thus resulting in better
business for brokers in the long term

• Lower staff costs.

Automation of the broking processes results in reduced manpower

requirement, flexibility of time, less infrastructure cost etc. offering
significant cost saving to broker.

68
DESCRIPTION OF TERMINOLOGY USED
IN BROKING COMPANIES
Investment

The money you earn is partly spent and the rest saved for
meeting future expenses. Instead of keeping the savings idle you
may like to use savings in order to get return on it in the future.
This is called Investment.

Why should one invest?

One needs to invest to:

• earn return on your idle resources

• generate a specified sum of money for a specific goal in life

• make a provision for an uncertain future

One of the important reasons why one needs to invest wisely is to

meet the cost of Inflation. Inflation is the rate at which the cost of
living increases. The cost of living is simply what it costs to buy
the goods and services you need to live. Inflation causes money to
lose value because it will not buy the same amount of a good or a
service in the future as it does now or did in the past. For example,
if there was a 6% inflation rate for the next 20 years, a Rs. 100
purchase today would cost Rs. 321 in 20 years. This is why it is
important to consider inflation as a factor in any long-term
investment strategy. Remember to look at an investment's 'real' rate
of return, which is the return after inflation.

69
The aim of investments should be to provide a return above the
inflation rate to ensure that the investment does not decrease in
value. For example, if the annual inflation rate is 6%, then the
investment will need to earn more than 6% to ensure it increases in
value.

If the after-tax return on your investment is less than the inflation

rate, then your assets have actually decreased in value; that is, they
won't buy as much today as they did last year.

When to start Investing?

The sooner one starts investing the better. By investing early you
allow your investments more time to grow, whereby the concept of
compounding (as we shall see later) increases your income, by
accumulating the principal and 7 the interest or dividend earned on
it, year after year. The three golden rules for all investors are:

• Invest early

• Invest regularly

• Invest for long term and not short term

What care should one take while investing?

Before making any investment, one must ensure to:

1. Obtain written documents explaining the investment

2. Read and understand such documents

3. Verify the legitimacy of the investment

4. Find out the costs and benefits associated with the investment

70
5. Assess the risk-return profile of the investment

6. Know the liquidity and safety aspects of the investment

7. Ascertain if it is appropriate for your specific goals

8. Compare these details with other investment opportunities

available

9. examine if it fits in with other investments you are considering

or you have already made

10. Deal only through an authorized intermediary

11. Seek all clarifications about the intermediary and the

investment

12. Explore the options available to you if something were to go

wrong, and then, if satisfied, make the investment.

These are called the Twelve Important Steps to Investing

What is meant by Interest?

When we borrow money, we are expected to pay for using it – this

is known as Interest. Interest is an amount charged to the borrower
for the privilege of using the lender’s money. Interest is usually
calculated as a percentage of the principal balance (the amount of
money borrowed). The percentage rate may be fixed for the life of
the loan, or it may be variable, depending on the terms of the loan.

71
What factors determine interest rates?

When we talk of interest rates, there are different types of interest

rates - rates that banks offer to their depositors, rates that they lend
to their borrowers, the rate at which the Government borrows in the
8 Bond/Government Securities market, rates offered to investors in
small savings schemes like NSC, PPF, and rates at which
companies issue fixed Deposits etc.

The factors which govern these interest rates are mostly economy
related and are commonly referred to as macroeconomic factors.
Some of these factors are:

• Demand for money

• Level of Government borrowings

• Supply of money

• Inflation rate

• The Reserve Bank of India and the Government policies

which determine some of the variables mentioned above

What are various options available for investment?

One may invest in:

Physical assets

Like real estate, gold/jewellery, commodities etc. and/or

72
Financial assets

Such as fixed deposits with banks, small saving instruments

with post offices, insurance/provident/pension fund etc. or
securities market related instruments like shares, bonds, debentures
etc.

What are various Short-term financial options

available for investment?

Broadly speaking, savings bank account, money market/liquid

funds and fixed deposits with banks may be considered as short-
term financial investment options:

Savings Bank Account

This is often the first banking product people use, which offers low
interest (4%-5% p.a.), making them only marginally better than
fixed deposits.

Money Market or Liquid Funds

They are a specialized form of mutual funds that invest in

extremely short-term fixed income instruments and thereby
provide easy liquidity. Unlike most mutual funds, money market
funds are primarily oriented towards protecting your capital and
then, aim to maximize returns. Money market funds usually yield 9
better returns than savings accounts, but lower than bank fixed
deposits.

73
Fixed Deposits with Banks

They are also referred to as term deposits and minimum investment

period for bank FDs is 30 days. Fixed Deposits with banks are for
investors with low risk appetite, and may be considered for 6-12
months investment period as normally interest on less than 6
months bank FDs is likely to be lower than money market fund
returns.

What are various Long-term financial options

available for investment?

Post Office Savings Schemes, Public Provident Fund, Company

Fixed Deposits, Bonds and Debentures, Mutual Funds etc.

Post Office Savings:

Post Office Monthly Income Scheme is a low risk saving

instrument, which can be availed through any post office. It
provides an interest rate of 8% per annum, which is paid monthly.
Minimum amount, which can be invested, is Rs. 1,000/- and
additional investment in multiples of 1,000/-. Maximum amount is
Rs. 3, 00,000/- (if Single) or Rs. 6, 00,000/- (if held jointly) during
a year. It has a maturity period of 6 years. A bonus of 10% is paid
at the time of maturity. Premature withdrawal is permitted if
deposit is more than one year old. A deduction of 5% is levied
from the principal amount if withdrawn prematurely; the 10%
bonus is also denied.

Public Provident Fund:

74
A long term savings instrument with a maturity of 15 years and
interest payable at 8% per annum compounded annually. A PPF
account can be opened through a nationalized bank at anytime
during the year and is open all through

The year for depositing money. Tax benefits can be availed for the
amount invested and interest accrued is tax-free. A withdrawal is
permissible every year from the seventh financial year of the date
of opening of the account and the amount of withdrawal will be
limited to 50% of the balance at credit at the end of the 4th year
immediately preceding the year in which the amount is withdrawn
or at the end of the preceding year whichever is lower the amount
of loan if any.

Company Fixed Deposits:

These are short-term (six months) to medium-term (three to five

years) borrowings by companies at a fixed rate of interest which is
payable monthly, quarterly, semi10 annually or annually. They can
also be cumulative fixed deposits where the entire principal along
with the interest is paid at the end of the loan period. The rate of
interest varies between 6-9% per annum for company FDs. The
interest received is after deduction of taxes.

Bonds:

It is a fixed income (debt) instrument issued for a period of more

than one year with the purpose of raising capital. The central or
state government, corporations and similar institutions sell bonds.

75
A bond is generally a promise to repay the principal along with a
fixed rate of interest on a specified date, called the Maturity Date.

Mutual Funds:

These are funds operated by an investment company which raises

money from the public and invests in a group of assets (shares,
debentures etc.), in accordance with a stated set of objectives. It is
a substitute for those who are unable to invest directly in equities
or debt because of resource, time or knowledge constraints.

Benefits include professional money management, buying in small

amounts and diversification. Mutual fund units are issued and
redeemed by the Fund Management Company based on the fund's
net asset value (NAV), which is determined at the end of each
trading session. NAV is calculated as the value of all the shares
held by the fund, minus expenses, divided by the number of units
issued. Mutual Funds are usually long term investment vehicle
though there some categories of mutual funds, such as money
market mutual funds which are short term instruments.

What is meant by a Stock Exchange?

The Securities Contract (Regulation) Act, 1956 [SCRA] defines

‘Stock Exchange’ as any body of individuals, whether incorporated
or not, constituted for the purpose of assisting, regulating or
controlling the business of buying, selling or dealing in securities.
Stock exchange could be a regional stock exchange whose area of
operation/jurisdiction is specified at the time of its recognition or
national exchanges, which are permitted to have nationwide
trading since inception. NSE was incorporated as a national stock
exchange.

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What is an ‘Equity’/Share….?

Total equity capital of a company is divided into equal units of

small denominations, each called a share. For example, in a
company the total equity capital of Rs 2,00,00,000 is divided into
20,00,000 units of Rs 10 each. Each such unit of Rs 10 is called a
Share. Thus, the company then is 11 said to have 20, 00,000 equity
shares of Rs 10 each. The holders of such shares are members of
the company and have voting rights.

What is a ‘Debt Instrument’?

Debt instrument represents a contract whereby one party lends

money to another on pre-determined terms with regards to rate and
periodicity of interest, repayment of principal amount by the
borrower to the lender. In the Indian securities markets, the term
‘bond’ is used for debt instruments issued by the Central and State
governments and public sector organizations and the term
‘debenture’ are used for instruments issued by private corporate
sector.

What is a Derivative?

Derivative is a product whose value is derived from the value of

one or more basic variables, called underlying. The underlying
asset can be equity, index, foreign exchange (forex), commodity or
any other asset. Derivative products initially emerged as hedging
devices against fluctuations in commodity prices and commodity-
linked derivatives remained the sole form of such products for
almost three hundred years. The financial derivatives came into
spotlight in post-1970 period due to growing instability in the
financial markets. However, since their emergence, these products

77
have become very popular and by 1990s, they accounted for about
two thirds of total transactions in derivative products.

What is a Mutual Fund?

A Mutual Fund is a body corporate registered with SEBI

(Securities Exchange Board of India) that pools money from
individuals/corporate investors and invests the same in a variety of
different financial instruments or securities such as equity shares,
Government securities, Bonds, debentures etc. Mutual funds can
thus be considered as financial intermediaries in the investment
business that collect funds from the public and invest on behalf of
the investors. Mutual funds issue units to the investors. The
appreciation of the portfolio or securities in which the mutual fund
has invested the money leads to an appreciation in the value of the
units held by investors. The investment objectives outlined by a
Mutual Fund in its prospectus are binding on the Mutual Fund
scheme. The investment objectives specify the class of securities a
Mutual Fund can invest in. Mutual Funds invest in 12 various asset
classes like equity, bonds, debentures, and commercial paper and
government securities. The schemes offered by mutual funds vary
from fund to fund. Some are pure equity schemes; others are a mix
of equity and bonds. Investors are also given the option of getting
dividends, which are declared periodically by the mutual fund, or
to participate only in the capital appreciation of the scheme

What is an Index?

An Index shows how a specified portfolio of share prices is

moving in order to give an indication of market trends. It is a
basket of securities and the average price movement of the basket

78
of securities indicates the index movement, whether upwards or
downwards.

What is a Depository?

A depository is like a bank wherein the deposits are securities (viz.

shares, debentures, bonds, government securities, units etc.) in
electronic form.

What is Dematerialization?

Dematerialization is the process by which physical certificates of

an investor are converted to an equivalent number of securities in
electronic form and credited to the investor’s account with his
Depository Participant (DP).

SECURITIES

What is meant by ‘Securities’?

The definition of ‘Securities’ as per the Securities Contracts

Regulation Act (SCRA), 1956, includes instruments such as shares,
bonds, scrips, stocks or other marketable securities of similar
nature in or of any incorporate company or body corporate,
government securities, derivatives of securities, units of collective
investment scheme, interest and rights in securities, security receipt
or any other instruments so declared by the Central Government.

79
What is the function of Securities Market?

Securities Markets is a place where buyers and sellers of securities

can enter into transactions to purchase and sell shares, bonds,
debentures etc. Further, it performs an important role of enabling
corporate, entrepreneurs to raise resources for their companies and
business ventures through public issues. Transfer of resources from
those having idle resources (investors) to others who have a need
for them (corporate) is most efficiently achieved through the
securities market. Stated formally, securities markets provide
channels for reallocation of savings to investments and
entrepreneurship.

Savings are linked to investments by a variety of intermediaries,

through a range of financial products, called ‘Securities’.

Which are the securities one can invest in?

• Shares

• Government Securities

• Derivative products

• Units of Mutual Funds etc. are some of the securities

investors in the securities market can invest in.

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Regulator

Why does Securities Market need Regulators?

The absence of conditions of perfect competition in the securities

market makes the role of the Regulator extremely important. The
regulator ensures that the market participants behave in a desired
manner so that securities market continues to be a major source of
finance for corporate and government and the interest of investors
are protected.

Who regulates the Securities Market?

The responsibility for regulating the securities market is shared by

Department of Economic Affairs (DEA), Department of Company
Affairs (DCA), Reserve Bank of India (RBI) and Securities and
Exchange Board of India (SEBI).

What is SEBI and what is its role?

The Securities and Exchange Board of India (SEBI) is the

regulatory authority in India established under Section 3 of SEBI
Act, 1992. SEBI Act, 1992 provides for establishment of Securities
and Exchange Board of India (SEBI) with statutory powers for (a)
protecting the interests of investors in securities (b) promoting the
development of the securities market and (c) regulating the
securities market. Its regulatory jurisdiction extends over corporate
in the issuance of capital and transfer of securities, in addition to

All intermediaries and persons associated with securities market.

SEBI has been obligated to perform the aforesaid functions by such
measures as it thinks fit. In particular, it has powers for:

81
• Regulating the business in stock exchanges and any other
securities markets

• Registering and regulating the working of stock brokers,

sub–brokers etc.

• Promoting and regulating self-regulatory organizations

• Prohibiting fraudulent and unfair trade practices

• Calling for information from, undertaking inspection,

conducting inquiries and audits of the stock exchanges,
intermediaries, self regulatory organizations, mutual funds and
other persons associated with the securities market.

82
 Research Methodology

Definition of Research

The word research is derived from the Latin word meaning to

know. It is a systematic and a replicable process which identifies
and defines problems, within specified boundaries. It employs well
designed method to collect the data and analyses the results. It
disseminates the findings to contribute to generalizeable
knowledge.

The five characteristics of research presented below will be

examined in greater detail later are:

 Systematic problem solving which identifies variables and tests

relationships between them.

 Logical, so procedures can be duplicated or understood by

others.

 Empirical, so decisions are based on data collected.

 Reductive, so it investigates a small sample which can be

generalized to a larger population.

83
 Replicable, so others may test the findings by repeating it.

OBJECTIVE OF RESEARCH

Research design phase :-

This phase mainly involve stating the conceptual structure within

which research would be conducted. The main steps involved in
this phase are as:

Sampling Plan:

The sample was selected for the study by convenient method. This
type of sampling where each & every item in the population has an
equal chance of inclusion in the sample.

Sample unit:

Under the study the customers are considered the sample unit in
JAIPUR & Jaipur, Bundi Districts.

Sample size

The sample for research consisted of 100 Customers of JAIPUR

Jaipur & Bundi Districts. The sample was spread all over the

84
JAIPUR Jaipur& Bundi Districts. The sample size was restricted to
100 because of financial & time constraint.

SOURCES OF DATA COLLECTION

There are two sources:

1. Primary sources:-

Primary data is collected through market survey.

2. secondary sources:-

Secondary sources are websites and brouchers.

Preparation of Questionnaire :-

The questionnaire was prepared by the researcher himself.

The preparation of questionnaire was done by keeping the
objective of study in mind. The researcher took some help from
experts during the framing of questionnaires. The preparation of
questionnaire took about 4-5 days. The questionnaire used for

85
study was of closed type since it is free from bias nature of
respondents.

Analysis phase :-

After the data has been collected the researcher tabulated

the data from the tables the researcher analyzed the data. During
the analysis of data help of various types of charts & graphs was
taken. The analysis phase took about seven days. For further results
weighted average method was used whenever required. Finally on
the basis of analysis various results and conclusions were drawn.

86
 Data Analysis & Interpretation

Q.1 Do you know about Angel ?

Completely
unaware, 9,
14%
Completely unaware
Aware, 33, 50% Have heard about them
Have heard
Aware
about them, 24,
36%

87
 Q.2 Where would you like to Invest ?

50 44
40
30
21
18
20 12
11
10
0
Fixed S hare M arket P roperty Jewellery Insurance
Deposits

Fina ncia l se rvice s

88
 Q.3 Which company of the share market are you aware of ?

38
40
35 30 31
27 28
30
25
20
15 s
10
5
0
Angel Religare Indiabulls Anand Others
Broking Rathi

Companies' name

89
Q.4 Do you invest in share market ?

15, 23%

Yes
No

51, 77%

90
91
 Q.5 In which brokerage house you have your demat account ?

12, 21% 14, 24%

Angel Broking
Religare
Indiabulls

10, 17% Anand Rathi

Others
12, 21%

10, 17%

92
 6 How often do you trade ?

Sometimes, 18,
34% Daily, 18, 33%
Daily
Weekly
Monthly
Sometimes

Monthly, 4, 8%
Weekly, 13, 25%

93
 Q.7 What is the brokerage charged(Intraday) by your company ?

1, 2%
3, 6%

9, 17%
.10-.25
>.25
>.50
>.75

40, 75%

94
 Q.8 Which of these products apart from equity your company is
providing ?

35

30

25

20

15

10

0
Insurance Investment Mutual fund P.M.S Trading All of the above
advisory
Financial Products

95
Q.9 Does your company provide online trading ?

No, 6, 11%

Yes
No

Yes, 50, 89%

96
 Q.10 Are there any charges for online trading facility ?

Yes, 22, 41%

Yes
No
No, 32, 59%

97
 Q.11 What ranks would you give to these companies as per their
services ?

16
14
14
12 12
12 11
10
10

0
Angel Broking Religare Indiabulls Anand Rathi Others

98
 FINDINGS

• Angel Broking Ltd. is a world class company and providing

very good services to its clients

• Its main objective to provide personalize services to the

clients

• In the survey it found that 50 percent people among the

whole are aware about the services providing by Angel Broking
Ltd

• 44 persons are like to invest in share market among the

total which is the highest among other alternatives

99
• Around 38 People among total are more aware about Angel
Broking Ltd. and like to give preference

• There are 77 percent persons among total who like to invest

in Angel Broking Ltd. than others and 33 percent are used to trade
daily

• Angel Broking Ltd. is providing lots of services to its

clients like PMS, Investment Advisory, M-Connect, E-Broking,
Insurance, Mutual Fund

• 89 percent people said that their company from where they

are availing investment in stock market is providing online trading
and others are not

• Among all the companies Angel Broking Ltd. is at the 1st

no.

100
 SUMMARY OF LEARNING EXPERIENCE

We can summarize of our learning experience as how to behave in

corporate world.

1. How to work under pressure

2. How to handle team.

3. How to get worked done from team.

4. To maximize the market share of the organization and how

to interact with the customer it is known.

5. What is the working process of organization?

6. How to fight with competitors.

7. How to find out the weaknesses of competitors.

8. How to convert competitor’s client in our organization

client.

9. How to analyze the need of client.

10. How to satisfy the need of client.

101
 ACHIEVEMENTS

• I have achieved all the targets, which the company had set
for me for these two months. Up till now I have opened 4 demat
accounts, and assisted its employees in various other activities

• I have got the knowledge on how to operate a terminal for

trading in the stock market (ODIN based software).

• Apart from this I have also developed skills on how to

interact with customers.

102
 CONCLUSION

To succeed in digital space, marketers need to engaged,

excite, enable customer, to fulfill there expectation. Marketing
system is more agile and responsive. Customer experience and
trusty, security and privacy are critical factor. E-World is
unforgiving and has less patience. Hence promise to perform to
keep up promise. Internet has resulted in consumer power shift and
also marketing ability to respond and anticipate. Still the need for
creative marketing exists. Internet is profound

Impact on value changes activities. There is need to

synergies online and offline effort to offer better value. Designing
E-Business plan and measuring E-Metric is essential. Internet
serves a new business for advertising, marketing research and sales
promotion, distribution. Similar studies need to be conducted
across diverse areas in B2C and B2B domains to understand
attitudes, behavior and key success factor.

103
104
 Recommendations

1. They should start funding facility

2. They should start loan facility

3. They should provide proper training to sub-brokers in the

area of customer service.

4. Time taken in account opening is too long i.e. 6-8 days in

comparison with other DP’s providing the account opening in 2-3
days and sometimes even in one day, so the time limit should be
reduced so that the users are interested in opening the account.

5. A lot of Angel’s customers have been a result of “Word of

Mouth” awareness. If Angel could now focus on enhancing their
Brand presence through marketing activities then Angel has the
potential to attract more customers.

105
 Questionnaire

Name…………………………………….
Age…………………….

Occupation………………………………………………………..

Address……………………………………………………………
……………………………………………….

1. Do you know about Angel ?

Completely unaware Have heard about them

Aware

2. Where would you like to Invest ?

Fixed Deposits Share Market

Property

Jewellery Insurance

3. Which company of the share market are you aware of ?

Angel Broking Religare

Indiabulls

Anand Rathi Others

4. Do you invest in share market ?

106
 Yes No

5. In which brokerage house you have your demat account ?

Angel Broking Religare

Indiabulls

Anand Rathi Others

6. How often do you trade ?

Daily Weekly
Monthly

Sometimes

7. What is the brokerage charged (Intraday) by your company ?

.10-.25 >.25
>.50

>.75

8. Which of these products apart from equity your company is

providing ?

107
 Insurance Investment Advisory
Mutual Fund

P.M.S Trading
All of the above

9. Are your company provide online backoffice facility ?

Yes No

10.Does your company provide online trading ?

Yes No

11. Are there any charges for this facility ?

Yes No

12. What ranks would you give to these companies as per their
services ?

Angel Broking………………….

Religare…………………………..

108
 Indiabulls………………………..

Anand Rathi……………………

Others……………………………

13. What do you expect from Angel Broking ?

………………………………………………………………………
………………………………………………………………………
………………………………………………………………………
………………………………………………………………………
……………………………………….

14. Any suggestions ?

………………………………………………………………………
………………………………………………………………………
………………………………………………………………………
………………………………………………………………………
………………………………………

15. Any References ?

a)…………………….

b)…………………….

109
16) Are you aware of the Prevailing system of performance
appraisal in your organization?

Yes Yes, to certain extent No

17) In my opinion, the need for performance management

system in the organization.

Very high Quite high Rather high

Quite low Very low

18) My satisfaction with the appraisal system is:

Very high Quite high Rather high

Quite low Very low

110
19) Extent of clarity in communication of the key
performance areas.

Very high Quite high Rather high

Quite low Very low

20) Extent of feedback & guidance provided to me before the

annual appraisal about performance is:

Very high Quite high Rather high

Quite low Very low

21) The extent of unbiased assessment of my performance

under the present system is:

Very high Quite high Rather high

Quite low Very low

111
22) Extent to which the current appraisal system is
successful in finding the areas improvement in my
performance:

Very high Quite high Rather high

Quite low Very low

23) The extent of effort in discovering my potential for

shouldering higher responsibilities through the existing
system of appraisal:

Very high Quite high Rather high

Quite low Very low

24) The extent of detailed discussion and guidance for future

performance on the basis of past year’s performance
appraisal:

Very high Quite high Rather high

Quite low Very low

112
25) Do the appraisal system helps appraise to gain more
insights into their strengths and weakness:

Very high Quite high Rather high

Quite low Very low

26)Do you have any suggestion to improve the current

appraisal system of your organization?If yes, please
quote:

BIBLIOGRAPHY

• www.angelharmony.com

• www.angelbroking.com

• www.google.com

• www.angeltrade.com

• www.timesofindia.com

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• www.ivcj.com

114