A Project Report

On

A Study of clients profile and investment pattern at

Angel Broking
Submitted To:
Faculty of Management Studies
The Maharaja Sayajirao University Of Baroda
Submitted By:
Parth Patel (#45)
MBA (Regular Program)
Batch: 2014-16

M.S. PATEL INSTITUTE OF MANAGEMENT STUDIES

FACULTY OF MANAGEMENT STUDIES

THE MAHARAJA SAYAJIRAO UNIVERSITY OF BARODA,
VADODARA-390002

Declaration

I hereby ensure the authentication of the material and guarantee that there
will not be any misuse of the data. Data has been used only for academic
purposes and will not be used for any commercial or other purpose. Views
mentioned in the report are of my own, which are based on my observation
and it may or may not be accepted by any individual and/or any entity.

Parth Patel
Faculty of Management Studies
The M.S. University of Baroda

Date:
Place:

Certificate
This is to certify that Mr. Parth Patel a student of Faculty of Management
Studies, MSU Vadodara has completed project work on A Study of Clients
profile and investment pattern at Angel Broking under my guidance and
supervision.

Project Guide
Prof. (Dr.) Surendra Sundararajan
Professor of Finance, Faculty of Management Studies,
The M.S. University of Baroda

Date:
Place:

Acknowledgement
It gives me great pleasure and satisfaction in presenting this study as a part of
the fulfilment for the Degree of MBA. I would like to take this opportunity to
express my sincere gratitude to several people, without whose help and
encouragement, it would have been impossible for me to carry out desired
work.
I would like to extend my deferential thanks to, Prof. (Dr.) Jayrajsinh Jadeja
(Dean, Faculty of Management Studies, The M.S. University of Baroda) for his
encouragement and blessings on my way of progress.
I would also like to express my heartfelt thanks to my institute guide, Prof.
(Dr.) Surendra Sundararajan (Professor of Finance, Faculty of Management
Studies, The M.S.University of Baroda) for guiding me.
I would like to express my heartiest gratitude to Mr. Pranav Chudasama
(Assistant Branch Manager, Angel Broking Pvt. Ltd., Vadodara)for extending
his help for guiding me in every phase of this study, and helping me to get
more clear insights in conducting this study.
I am also indebted to many individuals whose research works, articles and data
helped me in accomplishing this study.

Parth H. Patel

Executive Summary
Share trading in India is undergoing a transition and consolidation phase that has
never been witnessed before. The competition is likely to become more severe after
the entry of multiple players and retaining a customer is going to be the most
difficult practice/task for any service provider.
This Report will help in knowing about the investors profile and preferences in Stock
Market trading i.e. what they prefer while choosing a broking house, what
proportion of income they invest in shares, which type of market they prefer,
whether they want advisory services or not for trading in stock market. This Project
as a whole can be divided into two parts.
The first part gives an insight about share trading, the Company Profile, Objectives of
the study, Research Methodology. One can have a brief knowledge about share
trading and its basics through the Project.
The second part of the Project consists of data and its analysis collected through
survey done on 200 people. For the collection of Primary data I made a
questionnaire and surveyed of 200 people. I have also taken interviews of many
people, who visited the Angel Broking Branch where I was doing my Project. This
Project covers the topic A Study of Clients Profile and Investment Pattern. The
data collected has been well organized and presented. I hope the research findings
and conclusion will be of use.

Table of Contents
Sr. No.

Title

Page Number

1.

Executive Summary

2.

Industry Overview

3.

Company Profile

11

4.

Research Methodology

32

5.

Data Analysis and Interpretation

33

6.

Findings

45

7.

Conclusion

46

8.

Suggestions

47

9.

Limitations

48

10.

References

49

Industry overview
A BRIEF HISTORY OF STOCK EXCHANGES:-

Do you know that the world's foremost market place New York Stock Exchange
(NYSE), started its trading under a tree (now known as 68 Wall Street) over 200 years ago?
Similarly, India's premier stock exchange Bombay Stock Exchange (BSE) can also trace back
its origin to as far as 125 years when it started as a voluntary non-profit making association.
You hear about it any time it reaches a new high or a new low, and you also hear
about it daily in statements like 'The BSE Sensitive Index rose 5% today'. Obviously, stocks
and stock markets are important. Stocks of public limited companies are bought and sold at
a stock exchange. But what really are stock exchanges? Known also as News on the stock
market appears in different media every day. The stock market or bourse, a stock exchange
is an organized market place for securities (like stocks, bonds, options) featured by the
centralization of supply and demand for the transaction of orders by member brokers, for
institutional and individual investors. The exchange makes buying and selling easy. For
example, you don't have to actually go to a stock exchange, say, BSE - you can contact a
broker, who does business with the BSE, and he or she will buy or sell your stock on your
behalf. All stock exchanges perform similar functions with respect to the listing, trading, and
clearing of securities, differing only in their administrative machinery for handling these
functions. Most stock exchanges are auction markets, in which prices are determined by
competitive bidding. Trading may occur on a continuous auction basis, may involve brokers
buying from and selling to dealers.
In certain types of stock or it may be conducted through specialists dealing in a
particular stock.
But where did it all start? The need for stock exchanges developed out of early
trading activities in agricultural and other commodities. During the middle Ages, traders
found it easier to use credit that required supporting documentation of drafts, notes and
bills of exchange. The history of the earliest stock exchange, the French stock exchange, may
be traced back to 12th century when transactions occurred in commercial bills of exchange.
7

The first stock exchange in India, Bombay Stock Exchange was established in 1875 as
'The Native Share and Stockbrokers Association' and has evolved over the years into its
present status as the premier stock exchange in the country. It may be noted that BSE is the
oldest stock exchange in Asia, even older than the Tokyo Stock Exchange, which was
founded in 1878. The country's second stock exchange was established in Ahmedabad in
1894, followed by the Calcutta Stock Exchange (CSE). CSE can also trace its origin back to
19th century. From a get together under a 'Neem Tree' way back in the 1830s, the CSE was
formally established in May 1908.
India's other major stock exchange National Stock Exchange (NSE), promoted by leading
financial institutions, was established in April 1993. Over the years, several stock exchanges
have been established in the major cities of India. There are now 23 recognized stock
exchanges Mumbai (BSE, NSE and OTC), Calcutta, Delhi, Chennai, Ahmedabad, Bangalore,
Bhubaneswar, Coimbatore, Guwahati, Hyderabad, Jaipur, Kochi, Kanpur, Ludhiana,
Mangalore, Patna, Pune, Rajkot, Vadodara, Indore and Meerut. Today, most of the global
stock exchanges have become highly efficient, computerized organizations. Computerized
networks also made it possible to connect to each other and have fostered the growth of an
open, global securities market.
Realizing there is untapped market of investors who want to be able to execute their
own trades when it suits them, brokers have taken their trading rooms to the Internet.
Known as online brokers, they allow you to buy and sell shares via Internet.
Online Trading is a service offered on the Internet for purchase and sale of shares. In the
real world, you place orders on your stockbroker either verbally (personally or
telephonically) or in a written form (fax). In Online Trading, you will access a stockbroker's
website through your internet-enabled PC and place orders through the broker's internetbased trading engine. These orders are routed to the Stock Exchange without manual
intervention and executed thereon in a matter of a few seconds.
There are 2 types of online trading service: discount brokers and full service online
broker. Discount online brokers allow you to trade via Internet at reduced rates. Some
provide quality research, other dont. Full service online brokerage is linked to existing
brokerages. These brokers allow their clients to place online orders with the option of
talking/ chatting to brokers if advice is needed. Brokerage rates here are higher.
8

Indiainfoline.com,

ICICIDirect.Com,

IndiaBulls.Com,

AngelBroking.com,

Angel

broking.Com, HDFCSecurities.Com is some of the online broking sites in India.

ONLINE TRADING PROCESS:The various transactions involved in online trading can be shown from the point of view of
the

Client

Broker

Stock Exchange.

Online trading process

Cash Market
On the cash market trading is conducted in two sections, the equities and the debt
securities sections. In the equities section shares and mutual funds can be traded, together
with the compensation note as a special security. The securities traded in the debt securities
section include: government debt securities (treasury bills and government bonds),
corporate bonds and mortgage bonds.
Equities Derivatives
Equity derivative is a class of derivatives whose value is at least partly derived from one or
more underlying equity securities. Options and futures are by far the most common equity
derivatives.

10

Company profile
Introduction and History:-

Angel Broking is the retail broking arm of SSKI, an organization with more than
eight decades of trust & credibility in the stock market. It is India's leading retail financial
Services Company with We have over 250 share shops across 115 cities in India. While our
size and strong balance sheet allow us to provide you with varied products and services at
very attractive prices, our over 750 Client Relationship Managers are dedicated to serving
your unique needs. Angel Broking is lead by a highly regarded management team that has
invested crore of rupees into a world class Infrastructure that provides our clients with realtime service & 24/7 access to all information and products. Our flagship Angel Broking
Professional Network offers real-time prices, detailed data and news, intelligent analytics,
and electronic trading capabilities, right at your fingertips. This powerful technology
complemented by our knowledgeable and customer focused Relationship Managers. We
are creating a world of Smart Investor. Angel Broking offers a full range of financial services
and products ranging from Equities to Derivatives enhance your wealth and hence, achieve
your financial goals. Angel Broking' Client Relationship Managers are available to you to help
with your financial planning and investment needs. To provide the highest possible quality
of service, Angel Broking provides full access

to all our products and services through

multi-channels.

INTRODUCTION TO ANGEL

In a shot span of 22 years since inception, the Angel Group has emerged as one of the top
five retail stock broking houses in India, having membership of BSE, NSE and the two leading
Commodity Exchanges in the country i.e. NCDEX & MCX. Angel Broking is also registered as
a Depository Participant with CDSL.

11

The group is promoted by Mr. Dinesh Thakkar, who started this business as a sub-broker
in 1987 with a team of 3. Today the angel group is managed by a team of 1937 direct
employees and has a nationwide network comprising of 21 Regional hubs, 124 branches and
6810 sub brokers & business associates. Angel is 100% focused on retail stock broking
business unlike any other larger national broking house. The group currently services more
than 5.9 thousand retail clients.
Angel habitually generates value added features without the cost burden being passed
on to the clients as they strongly believe that better understanding of clients needs and
wants is their top priority. Their e-broking facility is one such effort, which gives the client a
platform to access state of the art trading facility at the click of a button.
Angel has always strived for delivering customer delight and developing strong long term
bonds with its clients as well as channel partners. Angel thrives on a vision to introduce new
and innovative products and services constantly. Moreover, Angel has been among the
pioneers to introduce the latest technological innovations and integrate them efficiently
within its business.
Angel Bookings tryst with excellence in customer relations began more than 20 years ago.
Angel Group has emerged as one of the top 3 retail broking houses in India and
incorporated in 1987. Today, Angel has emerged as a premium Indian stock-broking and
wealth management house, with an absolute focus on retail business and a commitment to
provide "Real Value for Money" to all its clients.
It has memberships on BSE, NSE and the leading commodity exchanges in India NCDEX &
MCX. Angel is also registered as a depository participant with CDSL.

12

Angel Group Companies

Angel Broking Ltd.

Angel Capital & Debt Market Ltd.

Member on the BSE and Depository Participant with

CDSL
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

Incorporated

:1997

BSE Membership

:1997

NSE membership

:1998

Member of NCDEX and MCX

Depository Participants with CDSL

Angels Presence:-

Nation- wide network of 21 regional hubs

Presence 124 cities

6800 + sub brokers & business associates

5.9 lakh + clients

13

Management
S.No

Name

Designation & Department

1.

Mr. Dinesh Thakkar

Founder Chairman & Managing Director

2.

Mr.Lalit Thakkar

Director Research

3.

Mr.Amit Majumdar

Executive Director Strategy and Finance

4.

Mr. Rajiv Phadke

Executive Director HR & Corp

5.

Mr.Vinay Agrawal

Executive Director Equity Broking

6.

Mr. Nikhil Daxini

Mr.Hitungshu Debnath :

8.

Mr.Mudit Kulshreshtha :

Executive Director - Sales and Marketing

Executive Director - Distribution & Wealth
Management
Executive Director Operations

Milestones

Awarded with 'Broking House with Largest Distribution Network' and 'Best Retail
Broking House' at Dun & Bred street Equity Broking Awards 2009

August, 2008 Crossed 500000 trading accounts

November, 2007 Major Volume Driver for 2007

December, 2006 Created 2500 business associates
October, 2006 Major Volume Driver award for 2006
September, 2006 Launched Mutual Fund and IPO business
July, 2006 Launched the PMS function
October, 2005 Major Volume Driver award for 2005
September, 2004 Launched Online Trading Platform
April, 2004 Initiated Commodities Broking division
April, 2003 First published research report
March, 2002 Developed web-enabled back office software
November, 1998 Angel Capital and Debt Market Ltd. Incorporated
December, 1997 Angel Broking Ltd. Incorporated
14

 Products of Angel Broking

1. Online Trading
2. Commodities
3. DP Services
4. PMS (Portfolio Management Services)
5. Insurance
6. IPO Advisory
7. Mutual Fund
8. Personal Loans
9. Quality assurance

Online- Trading
Specially designed for the net savvy traders and investors who prefer operating from their
home or office through the internet. The investor can access state of the art Technology
with three different e-broking products and voila trading on BSE, NSE, F & O, MCX and
NCDEX.
ANGEL DIET

Application based product for Traders.

Application based ideal for traders.

Multiple exchanges on single screen

Online fund transfer facility

User friendly & simple navigation

BSC, NSC, F&O, MCX & NCDEX

15

ANGEL ANYWHERE

Application based product for Traders with Charts.

Application-based platform for day traders

Intra-day/historical charts with various indicators

Online fund transfer facility

BSC, NSC, Cash & Derivatives

ANGELTRADE

Browser based product for Active Investors.

Browser based for investor

No installation required

Advantage of mobility

Trading as simple as internet surfing

BSC, NSC, F&O, MCX & NCDEX

ANGEL INVESTOR

User-friendly browser for investors

Easy online trading platform

Works in proxy and firewall system set up

Integrated Back office: Access account information anytime, anywhere

Streaming quotes

Refresh static rates when required

Multiple exchanges on single screen

Online fund transfer facility

16

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.
De-Risking Portfolio: A diversified portfolio of stocks is always better than concentration
in a single stock. Based on their research, They diversify the portfolio in growth oriented
sectors and stocks to minimize the risk and optimize the returns.
Commodities
A commodity is a basic good representing a monetary value. Commodities are most
often used as inputs in the production of other goods or services. With the advent of new
online exchange, commodities can now be traded in futures markets. When they are traded
on an exchange, Commodities must also meet specified minimum standards known as basic
grade.
Types of Commodities
Precious Metals

: Gold and Silver

Base Metals

: Copper, Zinc , Steel and Aluminum

Energy

: Crude Oil, Brent Crude and Natural Gas

Pluses

: Chana , Urad and Tur

17

 Spices

: Black Pepper, Jeera, Turmeric , Red Chili

Others

: Guar Complex, Soy Complex, Wheat and Sugar

Benefits at Angel
Three different online products tailored for traders & investors.
Single Screen customized market-watch for MCX / NCDEX with BSE / NSE.
Streaming Quotes and real time Rates. Intra-day trading calls.

Research on 25 Agro Commodities, Precious and Base Metals, Energy products and
Polymers.

An array of daily, weekly and special research reports.

Highly skilled analysts with professional industry experience.

Active relationship management desk.

Seminars, workshops and investment camps for investors
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

Portfolio Management Services

Successful investing in Capital Markets demands ever more time and expertise. Investment
Management is an art and a science in itself. Portfolio Management Services (PMS) is one
such service that is fast gaining eminence as an investment avenue of choice for High Net
worth Investors (HNI). PMS is a sophisticated investment vehicle that offers a range of
18

specialized investment strategies to capitalize on opportunities in the market. The Portfolio

Management Service combined with competent fund management, dedicated research and
technology,

ensures

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.
DEPARTMENT STUDY
PRODUCT & SERVICE DETAILS AND PORTFOLIO

REPORTS :

Market Outlook at 9:15 a.m.

Technical Report at 6:00 p.m.
Derivative Analysis Report at 9:15 a.m.

FUNDAMENTAL RESEARCH SERVICES:

The Sunday Weekly Report :

This weekly report is the ace of all reports. It offers a comprehensive market
overview and likely trends in the week ahead. It also presents few top picks based
on an in-depth analysis of technical and fundamental factors. It gives short term and
long term outlook on these scrips, their price targets and trading strategies.
Another unique feature of this report is that it provides an updated view of about 70
prominent stocks on an ongoing basis.

The Industry Watch :

19

This report provides an in-depth analysis of specific industries which are likely
to outperform others in the economy. It analyzes their strengths and weaknesses
and ascertains their future outlook. The final view is arrived at after thorough
interaction with industry experts.

Also comparative performances of various

companies in the sector are evaluated and top picks are recommended.

Stock Analysis :
Angels stock research has performed very well over the past few years and
the Angel Model Portfolio has consistently outperformed the benchmark indices.
The fundamentals of select scrip are thoroughly analyzed and an actionable advice is
provided along with investment rationale for each script.

Flash News :
Key developments and significant news announcements that are likely to
have an impact on markets / scrip are flashed live on trading terminals. Flash news
keeps the market participants updated on an online basis and helps them to
reshuffle on their holdings.

TECHNICAL RESEARCH SERVICE :

Nifty Tracker :
Nifty Futures is the most traded instrument with highest volumes in F & O
and excellent liquidity. The team tracks the Nifty Future and generates calls based
on unique trading system which is a result of their focused research over the past
few years. The objective is to generate positive returns for traders who are looking
for a high risk / high reward product.

20

 Online Chart :
An online forum to help clients, specifically day traders in judging the
directions of the market and stocks which are in the limelight.

Intraday Calls :
For day traders, Angel provides intra-day calls with entry, exit and stop loss
levels during market hours. These calls are flashed on their terminals. Their analysts
continuously track the calls and provide recommendations according to the market
movements.

Position Calls :
Angels Position Trading Calls are based on thorough analysis of the price
movement in select scrips. These calls are for a 10-15 day time span with stop loss
and target levels. These calls are flashed on their terminals during market hours.

Derivative Strategies :
Their analysts take view on the Nifty and select stocks based on the
derivatives data and technical tools. Suitable Derivative Strategies are devised,
which are flashed on their terminals and published in their reports.

Futures Calls :
A customized product for HNIs to help them trade with leveraged position;
wherein clients are advised on the stocks with entry, exit and stop loss level for short
term benefits. Over and above this, financial status of the calls is monitored at all
times.
21

INVESTMENT ADVISORY DESK:

At Angel, they have a dedicated Investment Advisory Desk : To help manage clients equity portfolio and create wealth
To help client understand their risk profile and define investment goals realistically
To minimize clients risk and maximize their returns
To help client decide what to buy / sell and when to buy / sell
To help clients understand macro-economic trends and sectoral / company
developments
To help client restructure their portfolio based on sound research

PORTFOLIO MANAGEMENT SERVICES :

Angel offers discretionary PMS to investors in order to assist them in managing

their funds amidst continuous changing market dynamics and increasing complexities of
investing. Investing in equity market requires in-depth knowledge and thorough analysis
coupled with clear understanding of domestic and international economies. Investors
need the services of an expert to manage their funds and deliver good returns in diverse
market conditions.

Continuous wealth creation with and emphasis on capital

preservation is essential in todays complex markets.

In order to systematically diversify the holdings of clients across varied sectors
and with and intention to give them handsome returns, Angel devised the concept of
the Model Portfolio: Angel came out with its first Model Portfolio in August 2002
Since then it has come out with Model Portfolios which have consistently
outperformed the Sensex YOY

22

 In fact the latest model portfolio by Angel has successfully outperformed the
Sensex by a whopping 80%

Angels Portfolio Advisory Team had a successful track record of assisting its clients in
managing their portfolios for over 4 years.
The Portfolio Management Process starts with understanding each investors risk
appetite and return expectations. The Portfolio Management Team not only draws support
from Angels in-house research team for new investment ideas but also has its own stocks
picking by adopting bottom up research.
Salient features of PMS schemes are 100% discretionary, time horizon 12-18 months and
Wealth creation at minimum risk.

PMS SCHEMES @ ANGEL

Scheme 1: Angel OYSTER

Description:
The main objective of the scheme is wealth generation by delivering superior returns over
long term through investments and equity related instruments.
Investment Strategy:

To generate wealth on consistent basis rather than outperform by taking higher risk.

Logic works well and thus will be given weight age along with financials

Early identification of stocks to ride through the entire investment cycle

Timing of investment is important to generate superior returns

Bottom up approach

Parameters Driving Investment Decision:

Blend of growth and value stocks

Investments in companies regardless of market capitalizations

23

Keen selection of stocks based on potential for value unlocking based on key events

Focus on companies which display

Scalable business potential
Large market opportunity
Beneficiary of favourable economic cycle
Valuation at steep discount to asset value

Sectoral Composition:

May include under- researched companies

Portfolio could invested in liquid funds

Investor Profile:

Safety of capital will be of utmost importance

The scheme would be suited for investors having medium to long term perspective
(i.e. 12-18 months)

Scheme 2: Angel BLUE- CHIP

Description:
The objective of the scheme is to generate capital appreciations in the medium to long term
through investments in equities and equity related instruments comprising predominantly
large cap companies.
Investment Strategy:

The scheme will seek to achieve returns through brand based participants in equity
markets by creating a diversified equity portfolio. The portfolio will be overweight on
large cap companies.

The portfolio strives at all time to achieve an 80% allocation to large cap companies.

The allocation of sectors and stocks in the portfolio may be dynamically structured in
tune with changes in broader market conditions

Overweight on large cap stock. However quality mid cap stocks may also be
considered for investment.

24

Portfolio to comprise of a combination of growth & value stocks.

The portfolio strives to limit the exposure to any sector to less than 25% of the
portfolio size

The portfolio strives to limit the exposure to any stock to less than 10% of the
portfolio size

The allocation and composition of medium capitalized stocks to vary based market
conditions

Investor Profile:

The scheme would be suited for investors with low to moderate risk appetite

The scheme would be suited for investors having medium to long term perspective.

Benefits of Angel PMS:

Understanding risk: At Angel, utmost emphasis is given to understanding the risk
profile of an investor.
Periodic Evaluation: Periodic evaluation of the Model Portfolio is carried out and
market movements are cashed upon.
Administrative Convenience: Angel focuses on providing hassle free administrative /
operational support and customized services.
Transparency: Regular statements and updates as well as online access to
information required for investment.
Regular Analysis and Monitoring: Investments undergo regular monitoring and
analysis to check any deviation from the structured goal ensuring creation of wealth
over a period of time.
Professional Management: PMS is provided to professional management by experts
on equity with an aim to optimize returns.

Angel PMS Ideal For:

Portfolio Management Services from Angel are essential for investor who needed
25

 Long term wealth generation

Personalized service
Investment opportunities in Indian equities
Fundamental research based investment decisions
In essence, all investor who have faith and belief in the Indian growth story and robust
corporate performance would find Angel PMS most suitable to meet their objectives.

ANGEL GOLD:
In a volatile market it is very difficult for an investor to pick up value stocks which will

give decent returns in the long run. We at Angel Gold realize your need for a professional
financial advisor and hence are here to assist you in making wise and profitable decisions.
We strongly believe that right decisions taken at the right time are always beneficial
and that's why our entire research team comprising of 12 sector specialists along with our
research head will understand your need, return expectation, risk profile and time horizon
to design your portfolio accordingly. This portfolio will be tracked regularly and our efforts
would be to optimize your returns in the long run.
Features of the Angel Gold:
A premium service for clients who need professional guidance on long term

investments.
Minimum fund / portfolio of Rs. 1 lakh and maximum of Rs. 4 lakh eligible for Angel

Gold.
Appropriate risk profiling before taking investment decisions
Periodic group meetings and seminars in branches.
Monthly Newsletter from the desk of Angel Gold.
Browser based back-office software.

26

COMMODITIES SERVICES :

Agro Tech Speak :

Mainly gives the investors insight into and a forecast for agro commodities
viz. pulses (urad, channaetc); reports on oil complex (soybeans castor etc.) along
with spices with reports on kapas guar seed.
Call Evaluation :

A report designed for evaluating the calls given by the angel research team
where the reports are classified in 3 broad categories viz. achieved, triumph, not
achieved along with the trade recommendations.
Commodities Tech Speak :

This report mainly equips the investors dealing in MCX segment in

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

Angel Commodity Advantages :

Top Quality Research :
o Professionally qualified analysts with rich industry experience
o Research on 25 agro commodities, precious metals, base metals, energy
products and polymers
E-Broking :
o Single screen customized market watch for MCX / NCDEX with BSE / NSE
o Streaming quotes and intraday calls

27

 DP Facilities in Commodities Trading on CDSL

24x7 Online Back-office
Efficient Risk Management
Competitive Brokerage Rates

MUTUAL FUND DISTRIBUTION AND ADVISORY :

To enable clients to diversify their investment in the right direction, Angel Broking
has added another product in its range with mutual funds:
Customized investment solutions based on specific individuals financial goals
aligned with clients risk appetite.
Access to in-depth research and proper selection from diversified funds based on
clients preferred criteria.
Customized reports at desired frequency.
Rating and Rankings of all Mutual Funds from in-house expert analysts.
Current and historical performance of different funds enabling comparisons.
News and alerts for clients Mutual Fund Portfolio and performance tracking with
watch lists.
Online Mutual Funds applications (NFO or existing) / Online order status tracking /
online updating of unit holdings at latest NAV / Online dividend payout and reinvestment facility.
Single point customer query handling.

IPO DISTRIBUTION AND ADVISORY :

Wide network of branches for better customer reach.

Dedicated Research Teams generating sector related reports.
Ease in investing with informed decision making.
Advisory Help Desk for all IPO related queries.

28

DEPOSITORY PARTICIPANT SERVICE :

Angel Broking Ltd. is a DP Service provider through CDSL. They 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.

Hassle free automated pay-in of clients sell obligations by Angel Broking Ltd. / Angel
Capital & Debt Market Ltd.

Instant disbursement of non-cash benefit like bonus and rights

Wide Branch coverage

Personalized / Attentive services of trained and dedicated staff

Centralized billing and Accounting

Acceptance and Execution of instructions on fax

Zero upfront payment and lowest transaction charges

Daily statement of transactions and holding statements on e-mail

No charges for extra transaction statement and holding statement.

OTHER FEATURES:1. Angel Broking First step Program:What is:In the complex world of investing in shares in India, interested beginners didn't
have any place they could start out from. This is why Angel Broking started the First
Step program - to assist and guide new investors when they take their first steps into
the world of investing in shares. This program is explicitly designed for beginners.
You will not feel unintelligent when asking questions like "Who owns the Stock
Market?" or "What is a stock-split?" since Angel Broking people are trained to assist
those taking their first step in the market.
Consist of:The Angel Broking First Step program is a special, never-been-done-before
program created by Angel Broking for new investors to the stock market. Despite
29

being a beginner with a small amount to invest, they will still be able to benefit from
Angel Broking experience, technology-based tools and research. In fact, Angel
Broking have created special versions of all of these for clients - clear and simple
information tools for their understanding, demonstrations to help them get started
and research re-written in easier language. See how Angel Broking friendly
assistance empowers them to become a 'Stock Market kaSher'.
2.

Angel Broking Value line:A monthly investment report based on fundamental research with

Stock

ideas, Stock Updates, Earning Guide, Stock Recos, Mutual Fund Guide , Market Outlook,
Sector Updates.
PROCEDURE OF CLIENT ACQUISITION:
In the first phase we are given training and we are explained about different things
of market about Angel Broking Ltd, its introduction, products and services offered by
Angel Broking Ltd. We have been trained by their well experienced Staff.

After that we are trained to cope up with the customers, through there well
experienced Sales Executives.

They provide us leads and we make calls. Three types of leads are provided to us :

People who registers themselves on Angel Broking website willing to be client of

Angel broking and want to know about its product.

People who have Demat account already with any another broker. (competitors
Data)

People who are totally unknown to this market.

Then after that we have to provide details of product and convince them. People
who have already demat account; we have to convince them by giving information
about Angel Broking services & benefits.

And people who are unknown to share market, we tell them

about Angel Broking

first step program for fresher.

Then we have to visit them and get the formed filled from them.

We collect all-important documents from client.

30

PROCEDURE FOR OPENING A DP ACCOUNT WITH ANGEL BROKING :

You can open a Depository Participant (DP) account, either through an Angel Broking
branch or through an Angel Broking Franchisee centre.

There is no fee for opening DP accounts with Angel Broking. However a nominal
deposit (refundable) is charged towards services which will be adjusted against all
future billings.

All investors have to submit their proof of identity and proof of address along with
the prescribed account opening form.

31

Research Methodology

OBJECTIVES OF THE STUDY:The objective of my Project is to gain knowledge about clients profile and their investment
pattern preference.

TYPE OF RESEARCH: -

Exploratory Research

SAMPLING PROCESS:Sampling Frame: Various investors of Vadodara city

Sampling Technique: Judgmental Sampling
Sample Size: There are 200 samples in all.
DATA SOURCES:

Primary Data

Secondary Data

PRIMARY DATA:Primary data is a data that is collected for the first time in the processing of the analysis.
Approach: Survey
Technique: Questionnaire

SECONDARY DATA: - Data collected from various websites and surveys.

32

Data Analysis and Interpretation

DEMOGRAPHIC FINDINGS
AGE GROUP
Age group(years)

No. of respondents

Below 20

20-35

31

36-50

78

51-65

59

Above 65

32

90
80
70
60
50
No. of respondents

40
30
20
10
0
Below 20

20-35

36-50

51-65

above 65

Figure: 1

Out of total 200 respondents, below 20 years of age were none, 39% of the total respondents falls in
the age group of 36-50 years where as 29% were in the age group of 51-65 years and next 16% falls
in the group of more than 65 years.
33

JOB PROFILE

Category

No. of respondents

Service

94

Business

80

Others

26

Job Profile
0
26

94

Service
Business
Others

80

Figure: 2

Out of total respondents, most of respondents were from service class and 40 % were during
business and rest of the respondents includes retired person, other people, other professionals
students etc.

34

ANNUAL INCOME (IN LACS)

Income group

No. of Respondents

Less than 1 lac

50

1-5 lacs

93

More than 5 lacs

57

Annual Income

0
57

50.00
Less than 1 lac
1-5 lacs
More than 5 lacs

93

Figure: 3

Most of the respondents belong to the income group of 1-5 lakh followed by the respondents belong
to income group of more than 5 lakh which is 28% of total respondents and rest of Respondents
belonging to the income group below 1 lakh.

35

EDUCATIONAL BACKGROUND

Qualification

No. of respondents

Under graduate (U.G)

53

Graduate

79

Post graduate(PG)

55

Others(O)

13

90
80

79

70
60
50

55

53

No. of Respondents

40
30
20
13

10
0
Under
graduate

Graduate

Post
graduate

Other

Figure: 4

Most of the respondents were Graduate and 26% were post graduate and rest 6% belong to
other category.

36

Q1. When the respondent were asked their preference of investment, is cash market,
derivatives market or both, the following respondents were obtained.

Options

No. of respondents

Only cash/capital market

76

Only derivative market

21

Both

103

Investment Preference
120
103
100
80

76

60
No. of respondents
40
21
20
0
Only
cash/capital
market

only derivative
market

Both

Figure: 5

Out of 200 respondents amount 52% respondents their fund in cash and derivative market, 38%
investment is only cash market and rest is derivative market.

37

Q2.When the respondents were asked about the time period for which they are investing,
the following responses were obtained.

Time period

No. of respondents

Less than 1 year

25

1-5 year

97

More than 5 year

78

Time Period

25

78

Less than 1 year

1-5 year
more than 5 year
97

Figure: 6

Out of total 200 respondents 12% respondents were new investors, 48% were investing for 1-5 year
and rest was for more than 5 year.

38

Q3.When the respondents were asked about proportion of income they invest in shares
and securities, the following responses were obtained.

Investment proportion

No. of respondents

Up to 5%

47

5 to 10%

59

10 to 25%

63

More than 25%

31

Proportion of Income
31

47

Up to 5%
5to 10 %

63

10 to 25%
59

more than 25%

Figure: 7

When the respondents asked about the proportions of income they invest in shares and securities, it
was found that most of the (32%) respondents invest 10-25% of their income, 30% of respondents
invest 5-10% and 24% of them invest up to 5% and rest more than 25%.
39

Q4.When the respondents were asked trading frequency, the following responses were
obtained.

Trading Frequency
140

131

120

100

80
No. of respondents
60
49

40

20

13
7

0
Daily

Monthly

Weekly

According to
the market

Figure: 8

On analyzing the trading practices it was found that majority, 65% of the investors trade
according to the market 25% trade daily followed by weekly traders 7%.

40

Q5.When the respondents were asked about trading advice, the following responses were
obtained.

Trading Advice
120

100

98

80

60
No. of respondents

40

37

35

19

20

11

0
On your own Expert's option
idea

On friend
advice

Broker advice

Other

Figure: 9

Regarding the decision of amount and investment area, 98 out of 200 takes the idea on their
own and 37 on experts opinion, 35 on brokers advice, and 19 on friends advice.

41

Q6.When the respondents asked whether any professional advice is available to them
when required, the following responses were obtained.

Professional Advice Availability

19

73
Yes

No
Sometime

108

Figure: 10

Out of 200, 108 respondents said that they dont get professional advice, 73 said that they get it
sometimes, and 19 of them get advice when needed.

42

Q7.When the respondents were asked about the motive for making investment in capital
market, the following responses were obtained.

Option

Rank I

Rank II

Rank III

Regular income in the

113

27

60

Tax planning

55

26

119

Capital gain

120

25

55

form of dividend/
interest

140
120

119

113

120

100
80
60

60

Rank I
55

55

Rank II
Rank III

40

27

26

25

Regular income in form of

divident/ interest

Tax planning

Capital gain

20
0

Figure: 11

On analyzing motives for investment in capital market it was found that capital gain was the most
important factor that influences investment decisions followed by regular income and tax planning.
43

Q8.When the Respondents were asked about the factors they consider while selecting a
broker, the following responses were obtained.

Option

Rank I

Rank II

Rank III

Brokerage

129

59

12

Frequent payments &

112

43

45

Less advance margin

59

79

62

Credit limits

65

46

89

Personal Relations

79

24

97

transfer of securities

140

129
112

120

97

100

89
79

79

80
59

59

62

60

65

Rank I
Rank II

46

43 45

Rank III

40
24
20

12

0
Brokerage

Frequent
payments &
transfer of
securities

Less advance
margin

Credit limits

Personal
Relations

Figure: 12

44

Findings

On surveying various investors, we found that brokerage is the most important

factor on which people select a broking house, followed by frequent payments &
transfer of securities, personal relations and credit limits.
Motives for investment in capital market it was found that capital gain was the most
important factor that influences investment decisions followed by regular income
and tax planning.
In most of the cases investor dont get professional advice for share trading. They
invest by their own ideas.
On analyzing the trading practices it was found that majority of investor trade
according to the market.
Proportions of income investors invest in shares and securities, it was found that
most of the (32%) respondents invest 10-25% of their income, 30% of respondents
invest 5-10% and 24% of them invest up to 5% and rest more than 25%.
Most of the investors invest money for the time period of 1 to 5 years.
Investors invest in both cash market and derivative market. But there is lack of
knowledge about derivative market.

45

Conclusion
Share trading in India is on growth nowadays. People are becoming more interested in stock
market because of the returns it gives compared to other type of investments available in
the market.
In this project, analysis has been done on various types of investors. They chose broking
house on the basis of brokerage in most of the cases. There are many broking houses in
India that means competition is more for Angel Broking. So Angel Broking must have a good
procedure for client acquisition. Broking houses may have attractive broking charges as
brokerage is the most important factor on which investors select a broking house.
In most of the cases investor dont get professional advice for share trading. They invest by
their own ideas. Angel Broking needs to be apt in providing their clients all the information
they need and on a regular basis. This would help in building good customer relations and
ultimately more business for the firm to grow.
To compete better in the market, Angel Broking can try to reduce or regulate the costs
initially, so that benefits can be passed on to customers.

46

Suggestions
Broking houses must provide professional advice on a regular basis for trading in
stock market.
Try to reduce cost, so that benefits can be passed on to customers. India being a
price sensitive market, people at times go for monetary benefits rather than for long
term non- monetary benefits.
If charges cant be reduced because of costs involved, make the services customized,
so that services are provided to only those customers who are willing to pay the
price for services they are getting and let the other customers enjoy costs benefits
without getting services.
Angel broking can arrange knowledge session on cash market and derivative market
for its clients and interested customers as per their convenience.

47

Limitations

Limited Survey: - The respondents in the survey are 200; therefore, the results may
vary for a larger group of people. Also survey limited to Vadodara city only.

Lack of awareness of Stock market: - Since the area is not known before it takes lot
of time in convincing people to start investing in shares.

Misleading concepts: - Some people think that Shares are too risky and just another
name of gamble but they dont know its not at all that risky for long investors.

48

References
Websites:
https://www1.nseindia.com/global/content/about_us/about_us.htm assessed on
17th March, 2016 at 4:30 PM.
https://www1.nseindia.com/products/content/derivatives/equities/fo.htm assessed
on 17th March, 2016 at 4:40 PM.
http://www.bseindia.com/static/about/introduction.aspx?expandable=0

assessed

on 17th March, 2016 at 4:50 PM.

http://www.bseindia.com/markets/Derivatives/DeriReports/introduction.aspx?expa
ndable=5 assessed on 17th March, 2016 at 5:00 PM.
https://www.bse.hu/topmenu/trading_data/cash_market assessed on 17th March,
2016 at 5:10 PM.
http://www.angelbroking.com/ assessed on 7th April, 2016 at 5:00 PM.
http://www.investopedia.com/ assessed on 9th April, 2016 at 9:00 PM.

49