CHAPTER I

INTRODUCTION

Equity market (history & background)

The Indian Equity Market is more popularly known as the Indian Stock Market. The Indian equity market has become the third biggest after China and Hong Kong in the Asian region. According to the latest report by ADB, it has a market capitalization of nearly $600 billion. As of March 2009, the market capitalization was around $598.3 billion (Rs 30.13 lakh crore) which is one-tenth of the combined valuation of the Asia region. The market was slow since early 2007 and continued till the first quarter of 2009. A stock exchange has been defined by the Securities Contract (Regulation) Act, 1956 as an organization, association or body of individuals established for regulating, and controlling of securities. The Indian equity market depends on three factors

Funding into equity from all over the world Corporate houses performance Monsoons

The stock market in India does business with two types of fund namely private equity fund and venture capital fund. It also deals in transactions which are based on the two major indices - Bombay Stock Exchange (BSE) and National Stock Exchange of India Ltd. (NSE). The market also includes the debt market which is controlled by wholesale dealers, primary dealers and banks. The equity indexes are allied to countries beyond the border as common calamities affect markets. E.g. Indian and Bangladesh stock markets are affected by monsoons. The equity market is also affected through trade integration policy. The country has advanced both in foreign institutional investment (FII) and trade integration since 1995. This is a very 2

attractive field for making profit for medium and long term investors, short-term swing and position traders and very intra day traders. The Indian market has 22 stock exchanges. The larger companies are enlisted with BSE and NSE. The smaller and medium companies are listed with OTCEI (Over The counter Exchange of India). The functions of the Equity Market in India are supervised by SEBI (Securities Exchange Board of India). History of Indian Equity Market The history of the Indian equity market goes back to the 18th century when securities of the East India Company were traded. Till the end of the 19th century, the trading of securities was unorganized and the main trading centers were Calcutta (now Kolkata) and Bombay (now Mumbai). Trade activities prospered with an increase in share price in India with Bombay becoming the main source of cotton supply during the American Civil War (1860-61). In 1865, there was drop in share prices. The stockbroker association established the Native Shares and Stock Brokers Association in 1875 to organize their activities. In 1927, the BSE recognized this association, under the Bombay Securities Contracts Control Act, 1925. The Indian Equity Market was not well organized or developed before independence. After independence, new issues were supervised. The timing, floatation costs, pricing, interest rates were strictly controlled by the Controller of Capital Issue (CII). For four and half decades, companies were demoralized and not motivated from going public due to the rigid rules of the Government. In the 1950s, there was uncontrollable speculation and the market was known as 'Satta Bazaar'. Speculators aimed at companies like Tata Steel, Kohinoor Mills, Century Textiles, Bombay Dyeing and National Rayon. The Securities Contracts (Regulation) Act, 1956 was enacted by the Government of India. Financial institutions and state financial corporation were developed through an established network. In the 60s, the market was bearish due to massive wars and drought. Forward trading transactions and 'Contracts for Clearing' or 'badla' were banned by the Government. With financial institutions such as LIC, GIC, some revival in the markets could be seen. Then in 3

1964, UTI, the first mutual fund of India was formed. In the 70's, the trading of 'badla' resumed in a different form of 'hand delivery contract'. But the Government of India passed the Dividend Restriction Ordinance on 6th July, 1974. According to the ordinance, the dividend was fixed to 12% of Face Value or 1/3 rd of the profit under Section 369 of The Companies Act, 1956 whichever is lower. This resulted in a drop by 20% in market capitalization at BSE (Bombay Stock Exchange) overnight. The stock market was closed for nearly a fortnight. Numerous multinational companies were pulled out of India as they had to dissolve their majority stocks in India ventures for the Indian public under FERA, 1973. The 80's saw a growth in the Indian Equity Market. With liberalized policies of the government, it became lucrative for investors. The market saw an increase of stock exchanges, there was a surge in market capitalization rate and the paid up capital of the listed companies. The 90s was the most crucial in the stock market's history. Indians became aware of 'liberalization' and 'globalization'. In May 1992, the Capital Issues (Control) Act, 1947 was abolished. SEBI which was the Indian Capital Market's regulator was given the power and overlook new trading policies, entry of private sector mutual funds and private sector banks, free prices, new stock exchanges, foreign institutional investors, and market boom and bust. In 1990, there was a major capital market scam where bankers and brokers were involved. With this, many investors left the market. Later there was a securities scam in 1991-92 which revealed the inefficiencies and inadequacies of the Indian financial system and called for reforms in the Indian Equity Market. Two new stock exchanges, NSE (National Stock Exchange of India) established in 1994 and OTCEI (Over the Counter Exchange of India) established in 1992 gave BSE a nationwide competition. In 1995-96, an amendment was made to the Securities Contracts (Regulation) Act, 1956 for introducing options trading. In April 1995, the National Securities Clearing Corporation (NSCC) and in November 1996, the National Securities Depository Limited (NSDL) were set up for demutualized trading, clearing and settlement. Information 4

Technology scrips were the major players in the late 90s with companies like Wipro, Satyam, and Infosys. In the 21st century, there was the Ketan Parekh Scam. From 1st July 2001, 'Badla' was discontinued and there was introduction of rolling settlement in all scrips. In February 2000, permission was given for internet trading and from June, 2000, futures trading started.

OBJECTIVES
Primary Objective:
To know investors experience in equity market. To know which factor influence the investment decision.

Secondary Objective:
To get familiar with the working of a broking firm. To Study the various services provided by Broker house to there clients.

CHAPTER II

PROFILE OF THE ORGANISATION

ABOUT RELIGARE ENTERPRISES LTD.

Religare is driven by ethical and dynamic process for wealth creation. Based on this, the company started its endeavor in the financial market. Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare Insurance Advisory Services Limited provides integrated financial solutions to its corporate, retail and wealth management clients. Today, we provide various financial services, which include Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity Broking, Insurance and Mutual Funds. Plus, theres a lot more to come your way. Religare is proud of being a truly professional financial service provider managed by a highly skilled team, who have proven track record in their respective domains. Religare operations are managed by more than 2000 highly skilled professionals who subscribe to Religare philosophy and are spread across its country wide branches. Today, we have 6 regional offices and 25 zonal offices with presence through more than 1,000 locations- Pan India & present across more than 320 cities & towns with more than 10000 plus group employees. We have overseas presence with a representative office in London, with aggressive plan of straddling other parts of the globe in this financial year. Religare data Centre has ISO/IEC 27001:2005 certification. Unlike a traditional broking firm, Religare group works on the philosophy of partnering for wealth creation. We not only execute trades for our clients but also provide them critical and timely investment advice. The growing list of financial institutions with which Religare is empanelled as an approved broker is a reflection of the high level service standard maintained by the company.

GROUP COMPANIES
Religare Securities Limited

Religare Finvest Limited

Equity Broking Online Investment Portal Portfolio Management Services Depository Services

Lending and Distribution business Proposed Custodial business

Religare Commodities Limited

Religare Insurance Broking Limited

Commodity Broking

Life Insurance General Insurance Reinsurance

Religare Capital Markets Limited

Religare Arts Initiative Limited

Investment Banking Proposed Institutional Broking

Business of Art Gallery launched - arts-i

Religare Realty Limited

Religare Venture Capital Limited

In house Real Estate Management Company

Private Equity and Investment Manager

Religare Hichens Harrison

Religare Asset Management

Corporate Broking Institutional Broking

Derivatives Sales Corporate finance

MISSION & VISION

Vision
To build Religare as a globally trusted brand in the financial services domain and present it as the Investment Gateway of India

Mission
Providing financial care driven by the core values of diligence and transparency.

Brand Essence
Core brand essence is Diligence and Religare is driven by ethical and dynamic processes for wealth creation.

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MANAGEMENT PROFILE
Religare team is led by a very eminent Board of Directors who provide policy guidance and work under the active leadership of its CEO & Managing Director and support of its Central Guidance Team.

Central Leadership Team

Mr. Sunil Godhwani CEO & Managing Director, Religare Enterprises Limited Mr. Shachindra Nath Group Chief Operating Officer, Religare Enterprises Limited Mr. Anil Saxena Group Chief Finance Officer, Religare Enterprises Limited

Board of Directors - Religare Enterprises Limited

Mr. Malvinder Mohan Singh Non Executive Chairman Mr. Sunil Godhwani CEO & Managing Director, Religare Enterprises Limited Mr. Shivinder Mohan Singh Non Executive Director Mr. Harpal Singh Non Executive Director Mr. Deepak Ramchand Sabnani Independent Director Mr. Padam Bahl Independent Director Mr. J. W. Balani Independent Director Ms. Sunita Naidoo Independent Director Mr. R. K. Shetty Alternate to Mr. J. W. Balani Capt. G. P. S. Bhalla Alternate to Mr. Deepak Sabnani

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Organization Structure:

12

SERVICE OFFERING

13

About Religare Securities Limited

14

Religare securities limited, a 100% subsidiary of religare enterprises limited 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 offering of the company today are Equity Broking, Depository Participant Services, Institutional Broking and Research Services. To broaden the gamut of services offered to its investor, the company offers an online investment portal armed with a host of revolutionary features. RSL is a member of the NSE of India, BSE of India, DP with NSDL and CDSL. 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 clients 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.

Some facts about Religare Securities Limited (RSL)

One of the leading integrated financial services groups of India Diverse range of offerings Client base of more than 5000,000 and growing across the retail, wealth and Institutional Spectrum. Pan India and global footprint. Width and depth of management leading a formidable employee base. Best-in-class Research. Sweetly placed to spot new opportunities and power ahead.

The Religare Edge

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 Diverse offerings Dynamic Management Team State-of-the art technology Vast Distribution and Reach Robust Brand Recognition Synergistic partnerships Innovative Initiatives

Competitors of Religare Securities Limited:There are several financial security companies playing their roles in Indian equity market. But Religare faces competitions from these few companies. ICICI Direct Share Khan Kotak Securities India Bulls HDFC Securities India Infoline Motilal Oswal Karvy

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 SMC global

Comparison between services provided by Religare & Other firms-:

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SCHEDULE OF CHARGES FOR DEPOSITORY SERVICES

PARTICULARS Account operations - a/c opening - annual charges - Documentation - One time charges Transaction charges - buy - sell Nil Rs. 25/- or 0.01% value of securities whichever is higher Pledge - creation / closure/confirmation/invocation Delivery Instruction Booklet Dematerialization Rematerialization Courier charges for Demat / Remat Rs. 50/- or 0.01% value of securities whichever is higher Rs. 1/- per leaflet Rs. 2/- per certificate Rs. 20/- per request + NSDL charges. Rs. 30/- per request Rs. 50/- or 0.01% value of securities whichever is higher Rs. 1/- per leaflet Rs. 2/- per certificate Rs. 20/- per request + NSDL charges. Rs. 30/- per request Nil Rs. 25/- or 0.01% value of securities whichever is higher Nil Rs. 250/As per actual Nil Nil Nil Nil Rs. 299/- or Rs. 499/- or Rs. 999/R-ALLY R-ACE

SWOT ANALYSIS
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A SWOT analysis focuses on the internal and external environments, examining strengths and weaknesses in the internal environment and opportunities and threats in the external environment.

STRENGTHS
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Services
Services like online trading facility, institutional and domestic broking, customized research reports with almost 80% efficiency etc. give Religare an edge over its competitors. Religare provides other support services that make retail investors more confident and assured with their trading. SMS alerts (allowing traders and investors to make the most of the available opportunities), Softer, intangible features like imagery, equity driving preference. Through efficient trading processes Investors can place their orders directly on the Internet, do all the information seeking and basically own the investing process.

Relationship managers
The company has a team of relationship managers who are dedicated to the service of clients. This RMs takes care of clients even smallest problem and makes efforts to solve them through their expertise. They also help their clients to invest their wealth in the market.

Distribution Network
Religare with almost 150 branches beefed up by comprehensive online research, advice and transaction services. In near future expect to make 200000+ retail customers being serviced through centralized call center / web solution.

Marketing
Religare (previously Fortis securities) is a veteran equities solutions company with loads of experience in the Indian stock markets. Religare does not claim expertise in too many things. Religares expertise lies in stocks and that's what it talks about with authority. So when he says that investing in stocks should not be confused with trading in stocks or a portfoliobased strategy is better than betting on a single horse, it is something that is spoken with years of focused learning and experience in the stock markets.

Products
Companys product line is a basket of financial services offered to its clients. Its an all product single shop for investors. Here we offer Along with Equity, Mutual funds, personal loans, PMS, Corporate Finance and Investment banking etc. to our customers. Our products are customized according to individual demand and preference. 20

WEAKNESS
Customer Satisfaction
As far as customer satisfaction goes Religare has to tighten its Boots. The company does not have enough Relationship managers to cater to huge customer base. The account opening takes 3-4 working days whereas Indiabulls takes half the time for this purpose.

Branding
Though the company has efficient products but large part of investment interested population does not know the company. The most basic expectation for a trader or investor when one begins trading is that one must get timely delivery of shares and proceeds from sale of shares. Also ones cash balances with the broker must be safe and secure. Though this confidence in the broker comes with time and experience, good and transparent practices also play a major role in imbibing confidence in traders.

Competition from banks and Niche Players

Most of the banks due to good branding have the faith of the customers of their banking database. So they enjoy the liberty of huge database and customers find it more reliable to trade there rather than with an unknown broker. Also banks like HDFC Bank and ICICI Bank have the advantage of linking the trading accounts of their customers to saving accounts. This makes trading easier, and at the same time a trader withdraws exactly as much money from his account as is needed to complete the trade. Similarly sales proceeds are credited directly to saving account. Niche players presence as sub brokers or Small broking house like Abhipra, Way to wealth etc. attracts a good share of market and run parallel to giant companies.

OPPORTUNITIES
The external environment analysis may reveal certain new opportunities for profit and growth.

Improving Technology
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In country like India technology is always improving which gives the company a chance to keeps on improving their product with time whereas for the small players like local brokers it will be difficult to keep the same pace as the changing technology. Also with SEBI lying down some strict guidelines small brokers are finding it harder to retain the customers with no research department and small capital. The traditional business model is highly dependent on a large network of sub-brokers, and many established players may not have systems (technology, customer service, etc.) capable of directly servicing so many retail customers.

Unfulfilled needs of the customers

With so many competitors offering their products in the market but no one is able to completely satisfy the customers. Some have the problem of lack of information or some were scared of volatility of the stock markets. Religare has the opportunity to tap this unsatisfied set of customers and to make hold in the market. The Internet serves to break all barriers to information, as it offers an extremely hassle-free investing platform. And, Religare hopes to fully utilize and capitalize on this platform. This original idea by Religare itself was born out of the consumer's need for a more transparent, easy to understand and convenient option of investing in stocks.

Education Level
The education level in the country is improving year after year as far as technology goes. With that the understanding of the stock market is also increasing and a lot of retail investors are steeping in the market which is being shown by increasing volumes, transactions and indices.

THREATS
New Competitors
A lot of new competitors are trying to enter the market in this bullish run to taste the flavor of this cherry. This is creating a lot of competition for large players like Religare and it is creating little confusion in the minds of the customers about the services provided by the 22

broker. Also many banking firms are entering into the market with huge investment. Competitors like ICICI, Kotak, HDFC, etc. are posing a lot of threats to the company.

Technology based business

Online trading is totally based on the technology which is quite complex. Typically, the technology solution has to start from the Internet front-end (or the screen that you see when you begin trading). Then it needs to get into the 'middle tier' of risk management systems that assess data from banks and depository participants (DP), calculate client risk at that point in time, and give the 'Go/No go' advice to the trade. So technology is a kind of threat because unless until it is working properly it is good but internet is not that safe. Though a lot of cyber laws are being made but not yet executed.

Switch over cost

The cost of switching over from one company to other is minimal therefore the company cant even stop for breathing i.e. it has to provide quality service all the time to its clients.

RELATIONSHIP MARKETING
Relationship Marketing has an aim of building mutually satisfying long term relationship with its clients in order to earn and retain their business. Marketer accomplishes this by promising and delivering high quality product and services at fair price to the other parties over time. Relationship marketing build longs strong economical, technical and social ties among the parties. The ultimate outcome of relationship marketing is the building of unique company assets called the marketing network. A Marketing network consists of the company and its supporting stakeholders (Clients, Employees, ad agencies and others) with whom it has built mutually profitable business relationship. The operating principal is same build an effective network of relationship with key stakeholders.

Principles of Relationship Marketing:

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The principal of personal selling and negotiation thus for described are transaction oriented because their purpose is to close a specific sale, but in many cases the company is not seeking an immediate sale, but rather to build a long term suppliers- customer relationship. The company wants to demonstrate that it has the capabilities to server the accounts needs in a superior way. Todays customers are large and often global. They prefer suppliers who can sell and deliver a coordinated set of product and services to many locations. When a relationship management program is promptly implemented, the organization will begin to focus as much on managing its customer as on managing its products. At the same time companies should realize that while there is a strong and warranted move toward relationship marketing, it is not effective in all situations. Ultimately companies must judge which segment and which specific customers will respond profitably to relationship management.

New rules for relationships

There are new customer relationship rules for the financial industry: 1. Identify customer segments and define how you interact with each. 2. Communicate only relevant, compelling offers. 3. Adopt comprehensive customer relationship solutions

Relationships means profit

Financial firms that incorporate these rules are the most likely to deepen their relationships with customers, and ultimately to increase the value and revenue reaped from their full spectrum of customers. To increase customer loyalty, financial industry firms need to constantly monitor their customer portfolio and actively mange their marketing efforts based on the changing behavior of their customers.

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CHAPTER III RESEARCH DESIGN & METHODOLOGY

3.1 Research Method:

Both primary qualitative and quantitative data was collected from respondents to address the research problem. I referred to various web sites, NCFM modules to gain insights into the process. 25

Based on the above, I developed a questionnaire which was administered to the adult individuals and the responses were analyzed.

3.2 Type of Study:

My study begins with the study of broad dynamics in the equity market to gain insights into the process. The research was descriptive in nature.

Data Collection Methodology:

The primary and secondary data collected have been used extensively for the preparation of project report.

Secondary data includes:

1) Books, journals related to stock market 2) Web sites were used as the vital information source 3) References given by the Relationship Manager

Primary data
I conducted a survey by means of which i could enhance the quality of my questionnaire and eliminate redundancies. Following that, I administered the questionnaire to 60 respondents. The survey was conducted across Delhi and NCR region.

3.4 Instrument Used

The questionnaire administered for the purpose of the study included 12 questions that addressed the requirement of measuring consumer overall experience in equity market.

3.5 Sampling Plan

The plan for sampling consists of population and sample definition. Target Population: Elements: individuals over the age group 18 years. Sample Size: a total of 60 responses were collected. Sampling Unit: Adult individuals. Sampling technique: convenience sampling Extent: Delhi and NCR. 26

Sampling technique: A formal questionnaire which is a part of survey method was administered to respondents for the purpose of collecting primary data. The respondents were given the questionnaire either as a printed sheet or over the internet. Wherever required, their doubts were duly clarified. Proper efforts were made to generate effective efforts.

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CHAPTER IV DATA PRESENTATION, ANALYSIS & INTERPRETATION

1) In which profession are you engaged in? Table no 4.1: Profession of the investors

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Cumulative Frequency Valid Business Professional service student Total 20 12 15 13 60 Percent 33.3 20.0 25.0 21.7 100.0 Valid Percent 33.3 20.0 25.0 21.7 100.0 Percent 33.3 53.3 78.3 100.0

Chart no 4.1: Analysis of profession of the investors

Interpretation From the above we can see that 1/3 of the population invest in the stock market are businessmen by profession. We can also see that around 22% of the investors are students. 2) With which company do you have your DEMAT A/c? Table no 4.2: Company proving DEMAT A/c 29

Cumulative Frequency Valid HDFC ICICI Direct India infoline Indiabulls Kotak securities local Reliance money Religare SBI share khan Total 7 8 4 10 5 11 2 9 1 3 60 Percent 11.7 13.3 6.7 16.7 8.3 18.3 3.3 15.0 1.7 5.0 100.0 Valid Percent 11.7 13.3 6.7 16.7 8.3 18.3 3.3 15.0 1.7 5.0 100.0 Percent 11.7 25.0 31.7 48.3 56.7 75.0 78.3 93.3 95.0 100.0

Chart no 4.2: Analysis of with which company investor having DEMAT A/c

30

Interpretation Form the above we can see that even with sufficiently high Brand Equity, Religare ranks only 3rd amongst the Demat account holders. This is probably because of two main reasons: 1. Lack of promotion and unfocussed approach towards Product awareness 2. Non transparent marketing policies of the company Hence, the company should crystallize its products and should indulge in aggressive marketing and promotion.

3) How much you invest in stock market? Table no 4.3: Investment in stock market 31

Cumulative Frequency Valid 1, 00,000 2, 00,000 50,000 100000 Above 2, 00,000 Less than 50000 Total 3 22 4 31 60 Percent 5.0 36.7 6.7 51.7 100.0 Valid Percent 5.0 36.7 6.7 51.7 100.0 Percent 5.0 41.7 48.3 100.0

Chart no 4.3: Analysis of investment in stock market

Interpretation

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From the above we can see that more than 88% of the investors invest less than Rs. 1 lac and only 11% invests more than Rs. 1 lac. That means may be they are investing their money somewhere else to get better returns or find stock market is a risky affair.

4) Table no 4.4 : Correlation between Risk and Return

Correlations What according to you is your risk level What according to you Is your risk level Pearson Correlation Sig. (2-tailed) N How much Return you Get after Investing Pearson Correlation Sig. (2-tailed) N **. Correlation is significant at the 0.01 level (2-tailed). 60 -.344** .007 60 60 1 How much Return you Get after Investing -.344** .007 60 1

Interpretation The above table shows correlation between risk level and return after investing and it shows that the Risk level and return is Very slightly correlated and not making too much of a difference.

5) Which mode of trading do you prefer?

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Table no 4.5: Mode of trading

Cumulative Frequency Valid Offline trading Online trading Total 16 44 60 Percent 26.7 73.3 100.0 Valid Percent 26.7 73.3 100.0 Percent 26.7 100.0

Chart no 4.4: Analysis of mode of trading

Interpretation From the above we can see that out of 60 respondents 44 prefer (more than70%) online trading whereas only 16 prefer offline trading. 6) Which factor influences the investment decision?

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Table no 4.6: factor influencing the investment decision

Cumulative Frequency Valid Advice from Broker Advice from Friends Current news Reviews in Financial Magazines Self Evaluation Total 9 1 28 3 19 60 Percent 15.0 1.7 46.7 5.0 31.7 100.0 Valid Percent 15.0 1.7 46.7 5.0 31.7 100.0 Percent 15.0 16.7 63.3 68.3 100.0

Chart no 4.5: Analysis of factor influencing the investment decision

Interpretation 35

From the above pie chart we can see that current news is a very important factor which influences the investment decision among the shareholders which holds a share of more than 46%. More than 31% of the respondents also invest in share market after evaluating the market themselves.

7) What has been your investment experience in stocks? Table no 4.7: Investment experience in stocks
Cumulative Frequency Valid Average Excellent Good Total 27 3 30 60 Percent 45.0 5.0 50.0 100.0 Valid Percent 45.0 5.0 50.0 100.0 Percent 45.0 50.0 100.0

Chart no 4.6: Investment experience in stocks

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Interpretation

From the above we can see that the experience of 50% of the respondents in the stock market is good and 27 out of 60 respondents are having average experience. We can see that not even a single respondent having a bad experience which is a very good indicator for the Indian equity market.

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CHAPTER V

FINDINGS & SUGGESTIONS

5.1 Findings:
38

Working with a broking firm especially was really a great experience. It is found that the working of a broking firm is a very risky job because risk is involved in each and every activity of the business. Capital Market is growing very fast, turnover wise as well as area of operation wise. The activities have reached through lengths and breadth of the country. All these necessitated in the introduction of latest technology in the form of advanced softwares. More than 1/3 of the investors in the stock market are businessmen by profession. From the above study we can see that current news is a very important factor which influences the investment decision. Most of the investors preferred online mode of trading. From the above study we can see that the experience of 50% of the respondents in the stock market is good and 27 out of 60 respondents are having average experience. We can see that not even a single respondent having a bad experience which is a very good indicator for the Indian equity market. Religare ranks only 3rd so, the company should crystallize its products and should indulge in aggressive marketing and promotion. Almost 88% investor invested less than Rs.1lac in the stock market so, RMs should assist them properly so that they will get a kind of surety that their money is in the safe hands.

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5.2 Limitations of the Study

To study, share market is a very vast topic and the search is just limited to a small portion. This is a two months study only. Sample size is small so sampling error may be committed. The research was restricted to Delhi-NCR region only. Due to the reluctant nature of the respondents it was not an easy task to collect relevant information from them. Sometimes it was difficult to make the respondents understand the purpose of the survey. Busy schedule of the respondents was also a major hindrance to establish a contact with them. It may be possible that the information provided by them is not true.

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5.3 Conclusion
In the current scenario, investing is very important and investing in stock market is a major challenge ever for professionals. The young people should start investing earlier so that they can reap the benefits of investing in future. In spite of the bleak and grim outlook, the equity market is growing at a very high pace. Taking this things into consideration there are lots of opportunity for the Broking House which already exist and which are due to enter in the Indian market. As people have entered in this particular investment avenue they have lost there money because of movement in the market which is below the par value and this has shaken the faith of investor in this particular avenue. Once people know about the benefit offered by it, equity market will become one of the best investment avenues. People should keep their eye open and keep updating themselves about various investment avenues so that they can get safe returns. As far as other product marketed by Religare is concerned they have a ready market. The only thing which is needed to focus on is that they should have a strong marketing strategy so that prompt service and availability of forms is made available to the investors at a short notice and if it keeps the traditional base for marketing in India which is a price sensitive. We can say that Religare has a great future ahead. Religare has emerged a very strong player in the field of distribution of financial product within a short period of one year in Northern India and is giving stiff competition to the entire player in the Delhi-NCR. If the progress of Religare goes in the same way then I can say that Religare will going to emerge as a major player in the Capital market. They have much more potential to expand there business and market in India.

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5.4 Recommendations
INDUCTION PROGRAMS must be held for the sales teams before letting them go into the field. In these induction classes the experienced sales staff employees should share their valuable live experiences and knowledge, which they have experienced while in field. Weekly magazines must be published and distributed to the investors that can help them for making better investments. Sales team must be fully equipped with latest technology such as using Laptop that can be used for making presentation to the customers especially to the corporate clients about their product and services provided by them. The RM should provide proper consultancy to those clients who trade in the market on special news so they can be persuaded to trade on normal days also. The broker should provide the current information in stock market as their main problem was that they are not getting information on time. Quality of service has been rated highly important by all demographic factors as a reason for brokerage firms. Services should be more efficiently delivered to the prospective clients in order to develop a long term relationship with the clients. Religare securities should enhance the customer care department where queries can be timely solved.

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CHAPTER VI

BIBLIOGRAPHY & WEBLIOGRAPHY

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http://business.mapsofindia.com/india-market/equity.html http://www.religaresecurities.com/About_us.asp http://economics.about.com/od/stocksandmarkets/a/cap_market.htm http://www.theinvestor.tv/money/thebrokerageindustry.htm http://www.economywatch.com/market/share-market/share-market-trading.html National Stock Exchange of India Limited, Capital Market (Dealers) Module National Stock Exchange Limited, 2009. C. R Kothari, Research Methodology, New Delhi, New Age International (P) Limited, Publishers,2005. Naresh K. malhotra, marketing research, 5th edition

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CHAPTER VII

ANNEXURE

45

1. In which profession are you engaged in? Business Professional Service Entrepreneur other plz specify:

2. How much is your income or your Credibility Between 1 lac to 3 Lac Between 5 lac to 10lac between 3 Lac to 5 Lac above 10 lacs

3. With which company do you have your DEMAT account? Religare Indiainfoline ICICI Direct HDFC __________ Kotak Mahindra Reliance money India Bulls

Others (please specify)

4. How much you invest in stock Market Less than 50000 1, 00,000 2, 00,000 . 5. How much Return you Get after Investing Less than 5 % 10 15 % 6. What according to you is your risk level? Highly Risky Moderate Average Risk free 5 10 % more than 15% 50,000 100000 Above 2, 00,000

7. Which mode of trading do you prefer? Online trading Offline trading

8. What is the most important service parameter that you look for while trading. Information Quality Speed Other

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9. Do you agree that following factors must be considered while choosing a broking house? Strongly disagree Depository services Margin financing/ exposure PMS Trading services Research and technical services Advisory services Back office disagree neutral agree Strongly agree

10. Please rate the following factors you considered while investing in shares on a scale of 1 (very unimportant) to 5 (very important) Expertise knowledge Exposure/loan Brand/ co name Brokerage 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5

11. Factors influencing the investment decisions? Advice from Broker Reviews in Financial Magazines Self Evaluation Current news Advice from Friends Others___________

12. What has been your investment experience in stocks? Excellent Average Good Bad

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Additional Information Name: Age: Phone No: Address: Sex: Location:

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