SUMMER TRAINING REPORT

On

IL&FS INVESTSMART (HSBC GROUP) COMPARATIVE STUDY ON CORPORATE BROKERS IN INDIA

Submitt ! in "#$ti#% &u%&i%%m nt '& P'(t G$#!u#t P$')$#mm B* S+i"$# m#n!',#$# MBA -. / 0-

A$*# In(titut O& n)in $in) & t 1+n'%')* 2#i"u$

[1]

ACKNO3LEDGEMENT

As an essential part of the learning process of the management programme A$*# In(titut O& n)in $in) & t 1+n'%')* , I undertook my Summer Training at IL&FS In4 (t(m#$t Limit ! (HSBC G$'u"), Jaipur branch. The 40 days journey ga e me an opportunity to bridge the gap bet!een the academics and the practical corporate e"perience. I e"press my sincere thanks to my project guide at the organisation M$5 K#"i% N#) (A(('1i#t S#% ( M#n) $6 T$#!in) P$'!u1t() for being a mentor and guiding me right from the inception till the successful completion of the project. I sincerely ackno!ledge him for e"tending his aluable guidance, support for literature, critical re ie!s of project and the report, and abo e all, the moral support he had pro ided me !ith all stages of this report. Also, I#m thankful to him for helping me understand the intricacies of the stock market. I am grateful to $r. N5C5 Bin'* (Fin#n1i#% P%#nnin) M#n#) $7 HSBC B#n87 2#i"u$ B$#n1+) for paying his precious time to!ards my research !ork for the project and incomparable support. I am also indebted to the supporting staff, as !ell as my fello! trainees for their help and cooperation through the project.

[2]

E9ECUTIVE SUMMARY

The competiti e nature of the broking sector has altered significantly in the recent years around the globe. %ith the emerging ne! players, it gets e en more challenging for the old stagers to retain their place in the e er acillating broking sector. Apart from the fierce competition, the regulatory en ironment is also more stringent. &ence, different corporate brokers are pro iding a larger basket of in estment options to their clients and at aried rates so as to not only sur i e in the industry, but also to outshine their competitors. Some of these factors ha e led &S'( )roup ac*uire the ma"imum share of I+,-S In estsmart .II+/ as its corporate broker in India. &ence both &S'( and II+ pro ide each other the competiti e ad antage in the corporate broking industry. The main aim of this study is to e aluate the potential of II+ to be the best among the (orporate 'rokers in the Indian domestic market, on the basis of the products and ser ices offered, as !ell as the customer relations, and its recognition among the in estors, especially after its recent ac*uisition by the &S'( )roup and ho! the t!o are mutually benefitting through their !ide basket of offerings. Apart from this, identifying the arious competitors for II+ and determine !hat combination of options makes the 0best fit# corporate brokerage at the right price. The report is di ided in 1 parts2 prefatory part, company study and finally, project.

[3]

CONTENTS

3. 4refatory 4art
-

(ertificate of Training from the (ompany. Ackno!ledgement 5"ecuti e Summary

6. (ompany Study
-

Introduction to the Industry About (ompany .I+,-S In estsmart/ 7rganisation Structure of the (ompany
-

(ompany &istory 7!nership 4attern 8i isions 9umber of 4eople (hain of (ommand and 8epartments

-inancial 4rofile of the (ompany Associate (ompanies (ompany#s 4roducts , Ser ices About &S'( (ompany#s (ompetitors

1. 4roject
-

Introduction

[4]

Statement of the 4roblem 7bjecti es of the Study :esearch $ethodology -indings , Analysis (onclusion , :ecommendations Appendices :eferences

2. Company Study

Fin#n1 #n! In4 (tm nt In!u(t$*

-inance and In estment Industry is a fairly broad ranging group of institutions that pro ide arious financial ser ices. 5"amples of such institutions include commercial banks, merchant .or in estment/ banks, insurance companies, brokerage firms, asset managers, and an assortment of other institutions. Ser ices pro ided range from money management for pri ate indi iduals, to debt and e*uity under!riting for corporations to issuance of insurance policies, and many other ser ices. In today#s global markets, this industry is the engine of the global economy, enabling corporations and the go ernment to gro! and e"pand. In 600;<0=, the Indian economy is estimated to ha e gro!n by >.? per cent. According to the latest (entral Statistical 7rganisation .(S7/ data, financial ser ices and real estate sector rose by =.@ per cent in the first *uarter of 600=<30. The sectors including banking and insurance and mutual funds are beginning to reap the benefits of a good closure of 600;< 600=. -inancial ser ices organiAations are stri ing to achie e increasingly ambitious profit and gro!th targets against a background of heightened risk, regulation and market pressures. (ustomer needs and e"pectations are e ol ing in the face of increasing
[5]

personal !ealth, more pri ate funding of pensions and health care and the desire for e er more accessible and personaliAed financial products and ser ices. In turn, intense competition has s*ueeAed industry margins and forced organiAations to cut costs !hile still seeking to enhance the *uality of client choice and ser ice. The battle for talent is also heating up as companies seek to enhance inno ation, customer loyalty and in estment returns. The corollary of this market e olution is increasing risk as products become more comple", organiAations more diffuse and the business en ironment e er more uncertain. :egulation is also tightening in the !ake of public and go ernment pressure for impro ed go ernance, transparency and accountability. In this en ironment, the !inners !ill be companies that can turn the challenges into opportunities to build stronger and more enduring customer relationshipsB sharpen process efficiencyB unlock talent and creati ityB use impro ed risk management processes to deli er more sustainable returnsB and use ne! regulatory demands as a catalyst for strengthening the business and enhancing market confidence. The go ernment has taken a number of steps in recent months to re i e the economy, including slashing interest rates, lo!ering factory le ies and more than doubling the limit on foreign in estment in corporate bonds. The financial ser ices space is a rapidly gro!ing one in India. The country recei ed CSD 4@ billion in foreign currency remittances from non<resident Indians in 600;, the highest in the !orld. India#s market capitalisation .m<cap/ has touched CSD 3.04 trillion making it the ninth largest in the !orld. India#s share in the total !orld m<cap has risen to 6.?= per cent currently. The Indian stock market has currently responded to the optimism of reforms by the ne! stable go ernment and its continuity in policies. -und raising by India Inc through initial public offers .I47s/ rose by a !hopping >6 per cent since the beginning of 600; to $ay 6=, 600; to CSD 4.6 billion, against CSD 6.> billion during the same period in 600>. Indian companies may raise CSD 4 billion<> billion from I47s in the fiscal year ending $arch 13, 6030. April<$ay 600= sa! increased inflo! in to e*uity !ith in estors steadily turning positi e on e*uity according to mutual fund analysts. As per the Securities and 5"change 'oard of India .S5'I/, on $ay 3@, net in estment of mutual funds in e*uity !as around CSD ;1.1 million lo!ering to CSD 60.@ million on $ay 63. As against this, net in estment of mutual funds in debt has

[6]

more than tripled from CSD 46.= million on $ay 3@ to CSD 314.6 million on $ay 13, 600=. There is optimism in the economy as funds are in esting in corporate bonds, making li*uidity a ailable to enterprises. The total amount traded in corporate bonds tripled from CSD 3?.; million to CSD @@.? million during $ay 3@ to $ay 63, 600=. The (entral 'oard of 8irect Ta"es .('8T/ has changed the in estment pattern for recognised pro ident funds and superannuation trusts managed by the pri ate sector under the income<ta" rules to take a greater e"posure in the stock market from April 3, 600=. In4 (tm nt(: In estment refers to the concept of deferred consumption, !hich in ol es purchasing an asset, gi ing a loan or keeping funds in a bank account !ith the aim of generating future returns. Earious in estment options are a ailable, offering differing risk<re!ard trade offs. An understanding of the core concepts and a thorough analysis of the options can help an in estor create a portfolio that ma"imiAes returns !hile minimiAing risk e"posure. Types of financial in estments include shares and other e*uity in estments and bonds. 5*uity in estments generally refer to the buying and holding of shares of stock on a stock market by indi iduals and funds in anticipation of income from di idends and capital gain as the alue of stock rises. There are t!o important decisions one needs to make before in esting. These are2 &o! much to in estF %here to in est itF It is important for one to understand hisGher options as !ell as the risks associated !ith each of them. Three major types of in estments are stocks, bonds and cash e*ui alent. 7ne can in est in any or all of the three in estment types directly or indirectly by buying $utual -unds. 7ne might also !ant to consider an indi idual retirement account .I:A/ or annuity, both of !hich can offer ta"<deferred in estment sa ings. T*" ( '& In4 (tm nt(: In estments can be classified into the follo!ing types2 St'18( 'roadly, in esting in stocks .also kno!n as e*uities/ implies buying a share of o!nership in a company and becoming a shareholder. (ompanies sell shares
[7]

of stock to raise money for start<up or gro!th. There are t!o types of stocks, namely, common stock and preferred stock. (ommon stockholders ha e a percentage of o!nership in the company and may or may not recei e di idends based on company profits !hile preferred stockholders are entitled to di idends at specified times and in predetermined amounts. In estment returns and risks for both types of stocks ary, depending on factors such as the economy, political scene, the company#s performance and the other stock market factors. Stocks are more olatile and riskier than bonds. C#(+6 ;ui4#% nt in4 (tm nt(: These include passbook sa ings accounts, certificates of deposit .(8s/ and treasury bills. These in estments generally deli er a more stable rate of return. Though, on the other hand, the rate of return .after ta"es are paid/ is so lo! that these don#t keep pace !ith inflation. A passbook sa ings account, money market fund or (8 may gi e the in estor a *uick access to hisGher cash and may pro ide more short<term security. &o!e er, they#re not designed for long<term in estment goals like retirement.
-

C $ti&i1#t '& D "'(it (CD()2 It refers to a fi"ed period, interest<bearing in estment !ith a bank or sa ings , loan. An -8I(<insured (8 is a lo!<risk in estment. P#((b''8 S#4in)(: A bank account that generally pro ides a lo!, guaranteed, fi"ed rate of return.

D bt ( 1u$iti (: This form of in estment pro ides returns in the form of fi"ed periodic payments and possible capital appreciation at maturity. It is a safer and more Hrisk<freeH in estment tool than e*uities. &o!e er, the returns are also generally lo!er than other securities.

D $i4#ti4 (: These are financial contracts the alues of !hich are deri ed from the alue of the underlying assets, such as e*uities, commodities and bonds, on !hich they are based. 8eri ati es can be in the form of futures, options and s!aps. 8eri ati es are used to minimiAe the risk of loss resulting from fluctuations in the alue of the underlying assets .hedging/. 7ne of the deri ati e contracts is 7ptions.

O"ti'n(:

[8]

7ptions gi e the buyer the right to buy or sell an underlying asset at a certain price !ithin a specified time period. Selling or buying options in ol es t!o parties, namely a buyer and a seller. The strategy of selling options is popular mostly !ith traders !ho are capable of managing the element of risk that is inherent in such transactions. 7ptions trading in ol es understanding market conditions and predicting !here the markets are headed. So, !hen a trader belie es that an asset !ill appreciate in the future, heGshe is likely to buy the asset at a premium alue.The instrument that gi es an options holder this right to buy the underlying asset is called a call option. A put option gi es the buyer the right to sell the asset before the predetermined date. 7ptions are particularly used for2 o Speculation2 'uyers speculate on the e"tent of price mo ement in a financial instrument o er a specific period. o &edging2 Iou can use options to hedge your in estments or business contracts against a possible do!nside.

T*" ( '& O"ti'n(: The arious types of options include2

o 5"change traded options2 These options ha e standard contracts that are settled through clearing houses. Some of the e"change traded options include stock options, bond options and options in futures contracts.

o 7 er<the<counter options2 These options are contracts bet!een t!o pri ate parties. Some of the 7T( options are interest rate options and currency cross rate options.

C'mm'!iti (: The items that are traded on the commodities market are agricultural and industrial commodities. These items need to be standardiAed and must be in a basic, ra! and unprocessed state. The trading of commodities is associated !ith high risk and high re!ard. Trading in commodity futures re*uires specialiAed kno!ledge and in<depth analysis. %hoe er plans to di ersify hisGher in estment portfolio and earn high returns from price fluctuations
[9]

should in est in the commodity market. 8espite risk factors, commodity trading is preferred by in estors !ho like to take risks so as to earn high returns e en !hen trends are unpredictable. R #% (t#t : This in estment in ol es a long<term commitment of funds and gains that are generated through rental or lease income as !ell as capital appreciation. This includes in estments into residential or commercial properties. Mutu#% &un!(: A mutual fund is a professionally<managed form of collecti e in estments that pools money from many in estors and in ests it in stocks, bonds, short<term money market instruments, andGor other securities.J3K In a mutual fund, the fund manager, !ho is also kno!n as the portfolio manager, trades the fundHs underlying securities, realiAing capital gains or losses, and collects the di idend or interest income. The in estment proceeds are then passed along to the indi idual in estors. The alue of a share of the mutual fund, kno!n as the net asset alue per share .9AE/, is calculated daily based on the total alue of the fund di ided by the number of shares currently issued and outstanding. $utual -und is an instrument of in esting money. 9o!adays, bank rates ha e fallen do!n and are generally belo! the inflation rate. Therefore, keeping large amounts of money in bank is not a !ise option, as in real terms the alue of money decreases o er a period of time. A common in estor is not informed and competent enough to understand the intricacies of stock market. This is !here mutual funds come to the rescue. A mutual fund is a group of in estors operating through a fund manager to purchase a di erse portfolio of stocks or bonds. $utual funds are highly cost efficient and ery easy to in est in. 'y pooling money together in a mutual fund, in estors can purchase stocks or bonds !ith much lo!er trading costs than if they tried to do it on their o!n. Also, one doesnHt ha e to figure out !hich stocks or bonds to buy. 'ut the biggest ad antage of mutual funds is di ersification. 8i ersification means spreading out money across many different types of in estments. %hen one in estment is do!n another might be up. 8i ersification of in estment holdings reduces the risk tremendously. T*" ( '& Mutu#% Fun!(:

[10]

7n the basis of their structure and objecti e, mutual funds can be classified into follo!ing major types2

(losed<end -unds 7pen<end -unds +arge cap -unds $id<cap -unds 5*uity -unds 'alanced -unds )ro!th -unds 9o load -unds 5"change Traded -unds Ealue -unds $oney $arket -unds International $utual -unds :egional $utual -unds Sector -unds Inde" -unds -und of -unds

Studies ha e sho!n that financial ser ices and brokerage firms in India ha e seen profits go up by 31>L on a se*uential *uarter basis, i.e. compared to the *uarter ended 8ecember#0;. The impro ed bottom line !as largely due to I+,-S In estsmart cutting do!n on its losses from the pre ious *uarter.

IL&FS In4 (t(m#$t Limit !

[11]

I+,-S In estsmart is one of IndiaHs leading financial ser ices organiAation pro iding aried range of -inancial Ser ices for corporates and indi iduals. In estsmart has a strong presence across !ide range of products and operates in the areas of In estment $anagement and Ad isory Ser ices, 'roking Ser ices, $erchant 'anking, 4roject Syndication, 5*uity and 8ebt 'roking, (ommodity 'roking and 8istribution of -inancial 4roducts. The company is no! held by &S'(, one of the !orldHs largest banking and financial ser ices organisations. I+,-S In estsmart +td has an all India presence through its net!ork of branches and franchisees o er 36> cities. -ollo!ing a successful Initial 4ublic 7ffer I47/, II+ has been listed on both the 9ational Stock 5"change .9S5/ and the 'ombay Stock 5"change .'S5/. II+ is geared to!ards understanding and achie ing the financial goals of all its customers, through its specialists in the aforesaid areas.
Note: 5"change rate used2 3CS8 M 4?.@6 I9: .as on $ay 600=/

ORGANISATION STRUCTURE
COMPANY HISTORY
The company is pro iding customiAed financial management solutions to indi iduals and corporate. Their principal acti ities are to pro ide brokerage related, in esting and financial ser ices. They also pro ide loan and credit acti ities, insurance products and security dealing ser ices. I+,-S In estsmart +td !as incorporated as In estsmart India +td on September 3, 3==?, as a !holly o!ned subsidiary of Infrastructure +easing , -inancial Ser ices +td. The company commenced e*uity broking on 9S5 and 'S5 in -ebruary 3==; and August 3=== respecti ely. In June 6000, the company commenced deri ati e broking on 9S5 and in January 6003, they launched in estment ad isory products. In January 6006, !ith the ie! of consolidate the I+,-SHs interests in the capital markets, I+,-S $erchant 'anking Ser ices +td and 8ebton9et India +td !ere merged !ith the company. The company also forayed into insurance distribution by setting up !holly o!ned subsidiaries namely In estsmart Insurance Agency 4 t +td and In estsmart Insurance 8istribution 4 t +td. In $arch 6001, the name of the company !as changed from In estsmart India +td to I+,-S In estsmart +td. 8uring the
[12]

year 6001<04, the company ac*uired 4 branches of Tata T8 %aterhouse Securities 4 t +td. They incorporated a !holly o!ned subsidiary, I+,-S In estsmart (ommodity 'rokers +td and also ac*uired I+,-S Academy for Insurance and -inance +td during the year. 8uring the year 6004<0@, the company has Inducted t!o strategic partners namely, Softbank Asia Infrastructure -und + 4 .S'AI-/ and 5NTrade -inancial (orporation. S'AIis a large pri ate e*uity fund !ith funds under management e"ceeding CS8 > billion and 5NTrade is one of the largest retail broking and banking e*uity based in CS !ith the presence in all major !orld markets. 8uring the year, the company commenced deri ati e broking on 'S5 and also commenced commodity broking business through their !holly o!ned subsidiary, I+,-S In estsmart (ommodity 'rokers +td. 8uring the year 600@<0>, the company incorporated a !holly o!ned subsidiary namely I+ , -S In estsmart Asia 4acific 4 t +td in Singapore to undertake securities ser ices related business. 8uring the year 600=<0?, the company incorporated I+,-S In estsmart Securities +td as a !holly o!ned subsidiary and transferred their 4ortfolio $anagement Ser ices to the subsidiary company. Also, they ac*uired 300L stake in Tajir In estment , 4roperties +td, a 9on<'anking -inance (ompany on a going concern basis. 8uring the year 600?<0;, the company transferred $erchant 'anking and Cnder!riting 'usiness to I+,-S In estsmart Securities +td. The company recei ed the H'est 4erforming 9ational -inancial Ad isor A!ardH from (9'( for the t!o years.

A1;ui(iti'n '& IL&FS In4 (t(m#$t Limit ! b* HSBC G$'u":

&S'( )roup ac*uired =1.;> per cent of I+,-S In estsmart +imited in the year 600;. The deal !as settled for a total consideration of I9: 3,133.0 crore .appro"imately CSD6=>.4 million/. In estsmart gi es &S'( access to the !orld#s third<largest in estor base, !ith o er 60 million in estor base. Cnder the transaction agreement, &S'( ac*uired 41.;@ per cent of In estsmart from 5NT:A85 $auritius +imited, an indirectly !holly<o!ned subsidiary of 5NT:A85 -inancial (orporation, and 6=.1> per cent from Infrastructure +easing and -inancial Ser ices +imited .I+,-S/. The decision to ac*uire a controlling stake in In estsmart triggered an open offer to public shareholders, through !hich &S'( accepted shares e*ui alent to 60.>@ per cent of In estsmartHs capital. 5NT:A85 $auritius +imited, I+,-S and those that tendered shares through the open offer recei ed I9:600 per share for their In estsmart shares. In addition, I+,-S !as paid, as part of a three<year non<compete agreement, I9:;6.0 crore .appro"imately CSD3?.= million/. In accordance !ith local regulations, &S'( paid interest of I9:6.1 per share to the public shareholders !ho tendered their shares. This amounted to I9:1.13 crore appro"imately CSD0.?6 million/.
[13]

&S'( !as ad ised on the ac*uisition by the in estment banking di ision &S'( )lobal 'anking and $arkets.

O3NERSHIP PATTERN

T#b% <50 S+#$ +'%!in) P#tt $n '& IL&FS In4 (t(m#$t Lt!5 9o. of Shares &S'( Securities and (apital $arkets .India/ 4 t. +td. &S'( Eiolet In estments .$auritius/ +td. 7thers Total 14,=66,?@3 5*uity L of total paid<up capital @0.03

10,>6@,>=6

41.;@

4,6;?,;10 >=,;1>,6?1

>.34 300.00

[14]

C+#$t <50 A b$ #8 u" '& t+ E;uit* S+#$ ( '& IL&FS In4 (t(m#$t Lt!5

C+#$t <5< P $1 nt#) b$ #8 u" '& t't#% "#i!6u" 1#"it#%

[15]

DIVISIONS OF THE COMPANY

The follo!ing are the di isions of I+,-S In estsmart +imited2

The Investment Advisory and Broking Division Merchant Banking Division The Project Syndication Division Institutional Equity Broking Division Institutional Debt Broking division

NUMBER OF PEOPLE
I+,-S In estsmart#s 3@3; employees pro ide a complete range of in estment solutions to o er 3>0,000 customers in India through its ?; branches and 3>; franchisee outlets from o er 36> cities. The ac*uisition by &S'( )roup raises the customer base to 60 million retail in estors across the country.

[16]

THE CHAIN OF COMMAND AND DEPARTMENTS

[17]

FINANCIAL PROFILE OF THE COMPANY

I+,-S In estsmart is listed on the 9ational Stock 5"change .9S5/ and 'ombay Stock 5"change .'S5/ and its )lobal 8epository Shares are listed on the +u"embourg Stock 5"change. (onsolidated net loss after ta" of :s30=.41 crore .CSD63.@4 million/ for the year ended 13 $arch 600= O do!n :s3>4.1= crore .CSD16.1> million/ compared !ith a profit of :s@4.=> crore .CSD30.;6 million/ for the pre ious year. 7perating income of :s63;.=3 crore .CSD41.0; million/ for the year ended 13 $arch 600= O do!n :s3?1.3; .CSD14.0; million/, or 44.6 per cent, compared !ith :s1=6.0= crore .CSD??.3> million/ for the pre ious year. +oss per share of :s3@.>? .CSD0.10;/ for the year ended 13 $arch 600= O do!n from earnings per share of :s?.;? .CSD0.3@@/ for the pre ious year.

C'mm nt#$*
I+,-S In estsmart recorded a net loss of :s30=.41 crore .CSD63.@4 million/ for the year ended 13 $arch 600=. This represents a :s3>4.1= crore .CSD16.1> million/ decrease compared !ith the year ended 13 $arch 600;. The do!nturn in the e*uity markets has lead to a steep fall of @0.@ per cent in e*uity broking re enue from :s314 crore .CSD6>.1? million/ to :s>>.4 crore .CSD31.0? million/. -inancing income has reduced 64.1 per cent from :s36=.4 crore .CSD6@.4? million/ to :s=?.= crore .CSD3=.6? million/ on account of deteriorating market conditions coupled !ith implementation of more prudent credit policies. 7perating e"penses increased by :s30.?0 crore .CSD6.33 million/, or 1.@ per cent, compared to the pre ious year mainly due to the costs associated !ith aligning the business !ith &S'( and increased pro isions for loss contingencies. In addition, a good!ill impairment charge of :s;.; crore !as recognised against one of the subsidiaries.

[18]

ASSOCIATE COMPANIES

IL&FS In4 (t(m#$t S 1u$iti ( Limit ! (IISL):

I+,-S In estsmart Securities +imited .IIS+/ is the !holly o!ned subsidiary of the II+ and is engaged in 5*uity market through its memberships on 9ational Stock 5"change .9S5/ , 'ombay Stock 5"change .'S5/ IIS+ offers 5*uity , 8eri ati es 'roking, 4$S, I47 $obilisation, $utual -unds 8istribution and other In estment Ad isory Ser ices to both retail as !ell as institutional clients through a net!ork of branches and franchisees across India. IIS+ also, has a *uality team of researchers that ad ise the clients across industries on a regular basis.

IL&FS In(u$#n1 & Ri(8 M#n#) m nt S $4i1 ( (IIIRMSL):

II:$S+ is a !holly o!ned subsidiary of II+ and offers Insurance 'roking ser ices for indi iduals, groups as !ell as corporate clients. As a broker, !e also pro ide ad isory ser ices for all insurance products offered by arious insurance companies. The current set up is spread across 33 locations in ol ing dedicated teams doing retail distribution of insurance products. %ithin a short span of less than 3 year, II:$S+ has managed be become one of the top 30 insurance broking companies in India.

IL&FS A1#! m* &'$ In(u$#n1 #n! Fin#n1 Limit ! (IAIFL):

IAI-+ is a !holly o!ned subsidiary of II+ and is one of the first and the largest Insurance Training Institution licensed by the I:8A and has established a first mo er ad antage in this business. It is the largest training institution in the pre<licensing segment ha ing a national footprint in 10 cities. IAI-+ has till date trained about 40,000 ad isors across all the pri ate insurance companies at arious parts of the company. It has implemented a structured frame!ork for deli ery of the 300 hours Agents Training programs, !hich includes faculty resources, institutionalised mechanisms for program e aluation, feedback reports to the clients and ongoing program up<gradation
[19]

to ensure *uality and uniformity of approach across multiple locations in the country.

IL&FS In4 (t(m#$t A(i# P#1i&i1 P$i4#t Limit ! (IIAPPL):

I+,-S In estsmart Asia 4acific 4ri ate +imited .IIA44+/ is the !holly o!ned subsidiary of the II+ and is based out of Singapore. IIA44+ is in ol ed in ser icing 9:IHs and -IIHs from the Asia 4acific region to access the Indian capital markets. IIA44+ !orks in close association !ith both the :etail as Institutional 'usiness 8i isions in India

IL&FS Fin#n1i#% S $4i1 ( Limit ! (IIFSL):

I+,-S In estsmart -inancial Ser ices +imited .II-S+/ .-ormerly kno!n as Tajir In estment , 4roperties +imited/ is a 9on<'anking -inance company registered !ith :eser e 'ank of India. II-S+ has been recently ac*uired by I+,-S In estsmart +imited .II+/ as a !holly o!ned subsidiary. II-S+ !as engaged in hire purchase acti ity and sale of properties till June 10, 600>. &o!e er, in ie! of the buoyancy obser ed in Indian financial sector and its outlook for the coming years, management decided to di ersify into financial sector by offering ne! products. After re ie!ing arious options, the management of the company decided to take up securities financing related acti ities !.e.f. July 3, 600> and the (ompany is currently offering financing products such as $argin Trade -inancing, +oan Against Shares, I47 -inancing and 5S74 -inancing.

PRODUCTS & SERVICES

The products and ser ices at II+ can be categoriAed as follo!s2

05 R t#i% '&& $in)(

These can further be categoriAed as follo!s2
[20]

 ADVISORY PRODUCTS
Mutu#% Fun!(: As a part of II+#s $utual -und Ad isory Ser ices, a team of e"perts across India helps its customers in selecting the right scheme from o er @00 offerings, matching their needs, goals and risks. In addition to this, II+ also helps its customers constantly monitor their $- portfolio, making changes according to their changing needs as per the market scenario, in order to make their money !ork for them. At I+,-S In estsmart .II+/, the e"pert teams of relationship managers interact !ith the customers on a regular basis to discern their changing needs, in tune !ith the changing en ironment. $ost of us re*uire some assistance in making selections appropriate to our indi idual needs. %e need sound ad ice from people !ho ha e e"pertise to decipher the financial jargon of in estment options a ailable today. The In estment Ad isory Team at II+ helps its customers customiAe and e"ecute plans, based on their indi idual needs to!ards !ealth ma"imiAation. P'$t&'%i' M#n#) m nt: -inancial markets today offer enormous gro!th potential. 'ut managing one#s o!n in estments can be an e"tremely challenging task. Anticipating market trends, assessing the impact of socio<economic changes on one#s in estments, keeping abreast of latest corporate de elopments and financial analysis all II+ pro ides its customers !ith, in its II+<4$S, a 8iscretionary 4ortfolio $anagement Ser ice through its team of e"perts.

6Ab'ut t+ IIL PMS O"ti'n( I+,-S In estsmart offers a choice of t!o types of 4$S schemes since e ery in estor is uni*ue and has uni*ue in estment preferences and risk appetites. These schemes are2

iP$ ( $4 6 is a discretionary portfolio management scheme, !hich in ests in a mi" of arious mutual fund schemes. Ideal for in estors !ho !ish to in est in ma"imiAing returns from mutual funds but cannot make the right choices.

iG$',t+6 is a discretionary portfolio management scheme, focused on e*uities. Sub<schemes are based on in estors# risk profile.

[21]

IPO A!4i('$* & Di(t$ibuti'n S $4i1 ( I+,-S In estsmart .II+/ is one of IndiaHs leading companies engaged in the acti ity I47 Ad isory and 8istribution. Its primary markets di ision does a comprehensi e research before recommending issues to clients. II+#s pan India reach helps it in mobilising large number of applications across India during public offerings, this has ensured that it constantly figures amongst the top ranking performers in the primary market distribution space. As a part of the online offering of II+, customers can in est in I47Hs not only through its branches but also through its !ebsite, !hich also pro ides its customers !ith regular updates on the I47 scenario, 7pen I47s as !ell as all the forthcoming I47Hs at any gi en point of time. The primary markets distribution di ision !orks in conjunction !ith the retail and !holesale distribution net!orks, as !ell as its pri ate client group. In(u$#n1 A!4i('$* S $4i1 ( I+,-S In estsmart .II+/ !orks as a one stop shop for all Insurance , :etirement needs. II+ has also been recogniAed as B (t R t#i% Fin#n1i#% A!4i('$ by (9'( TE 3; for t!o years in a ro! 600><0? and 600?<0;. II+ is a composite insurance broker pro iding comprehensi e risk management solutions, both for corporate as !ell as indi iduals. The solutions include identification, measurement and assessment of the risk and handling of the risk, of !hich insurance is an integral part. %e deal into both life insurance and general insurance products for all insurance companies across India. T+ 8 * ( $4i1 & #tu$ ( in1%u! t+ &'%%',in):6
o o o

:isk management solutions for all (omprehensi e research for all policies a ailable on a regular basis :ecommendations on a comprehensi e insurance co er based on clients needs $aintain proper records of client policies

[22]

(ontinuous monitoring of client account

TRADING PRODUCTS
E;uiti ( & D $i4#ti4 ( As a part of the In estment Ad isory and 'roking Ser ices for indi iduals, II+ offers end<to<end solutions to its in estors, from capital build<up to !ealth generation and retirement planning, starting !ith alue added in estment recommendations that suit their in estment objecti es, then e"ecuting these and finally step<by<step monitoring to ensure that they achie e their long term financial goals. I+,-S In estsmart is a full ser ice broking house offering ser ices across both the (ash and -,7 segments. II+ is a member !ith 9ational Stock 5"change .9S5/ as !ell as the 'ombay Stock 5"change .'S5/. II+#s offerings include 1 different trading platforms to suit the indi idual needs of its customers, depending upon their profile. These are2 Sm#$tTRADE: T$#!in) "%#t&'$m &'$ t+ A1ti4 T$#! $(

[23]

A 4i , '& t+ "%#t&'$m #( it ,'u%! #"" #$ 'n t+ (1$ n SmartTrade is an 5P5 based desktop soft!are designed for acti e traders !ho transact fre*uently to capture fa orable short<term price mo ements. The platform offers acti e traders the tools they need to make critical decisions !ith confidence. SmartTrade is designed and built from the ground up to address the needs of acti e traders. SmartTrade makes the most of state<of the<art technology to deli er po!er, speed and reliability. Through an easy<to< use interface, users are pro ided !ith the same tools and ad antages that the professionals enjoy. Its features include2
o

-ully customiAable display The sa e desktop option allo!s the traders to sa e their created trade screen layout, so the ne"t time they access the application the created layout is not lost.

8ynamic charts !ith indicators It pro ides the traders a !ealth of charting capabilities and timing indicators, !hich allo! them to go right into the action !ith real<time daily charts, and intra<day charts. They can !atch price mo ements by minutes, days, or !eeks.

578 charts SmartTrade puts up to @ years of in<depth market history at the trader#s command !ith the po!er to instantly back<test any trading strategy they design, before risking one rupee of their trading capital.

:eal<time market data Traders can get real time market data from both the 9S5 and 'S5 similar to !hat their broker gets.

Ad anced alert capabilities

[24]

Alert %indo! allo!s the traders to be free from !atching e ery tick. They can be notified once a security has reached the set parameters. $ultiple securities can be monitored using the set parameters. These alerts can be triggered both isually and audibly.

+i e order status Tracking all the orders of the trader is made easy through the order status screen. -urther drill do!n into all details pertaining to an order is a ailable in the order detail sub report.

Track orders real<time Traders can track their stock order and trades in real time.

:eal<time position updates All the positions of the traders are updated automatically and instantly. There is no need to use refresh button at all.

8ynamic buying po!er It reflects the trader#s credits and debits instantly on e ery trade e"ecution. There is no need to refresh each statement to kno! the latest buying limits.

8eri ati e chain This feature pro ides the traders !ith a list of all deri ati e contracts a ailable for the selected security. To ie! deri ati e prices of a security, trader just needs to right click on the symbol and click on deri ati e chain.

+ock terminal option

[25]

If the trader#s system is unattended this function locks the trading platform for the trader and can be accessed again only on pro iding the proper login details.

$essage !indo! docking This feature enables the trader to recei e trading messages, intra<day trading calls, and messages from both the e"changes flashed real time onto their screen.

[26]

Sm#$tINVEST: T$#!in) "%#t&'$m &'$ t+ S $i'u( In4 (t'$(

A 4i , '& t+ "%#t&'$m #( it ,'u%! #"" #$ 'n t+ (1$ n

It is a bro!ser<based system designed for customers !ho transact occasionally. It is ideal for in estors !ho belie e in the 'uy and &old approach to!ards in estment in e*uities. SmartIn estHs capability as a bro!ser<based trading platform gi es the in estors the benefit of real<time streaming data !ith the fle"ibility of trading on any Internet capable system. %ith access to both the 9S5 , 'S5, the in estor is in the dri erHs seat !hen routing your order to the best price on either of the e"changes. SmartIn est sophisticated yet easy to use point and click order entry interface allo!s you to react more *uickly to the markets and make better decisions. Its features include2 o Instant loading The bro!ser<based applet system allo!s the in estors instant access to their account !ith no !ait time, unlike other systems that take a fe! minutes to load.
[27]

o %orks behind a pro"y This platform can be accessed on any Internet enabled net!ork. In estors can access it e en from their place of !ork.

o +i e streaming *uotes In estors can keep an eye on the stocks they care about most !ith streaming, real<time *uotes and customiAable market data. (olor<coded price changes help them to spot trends and react to them *uickly.

o $ultiple !atch lists The ne! !atch list option allo!s the in estors to create up to 30 !atch lists. 5ach !atch list can be personaliAed by inserting securities !hich they !ould like to ie! as a group.

o 9S5 , 'S5 Access It facilitates fle"ibility of trading on both the 9S5 , 'S5 ia a single screen.

o Single order form for (ash and -n7 Single order form offers the in estors con enience of transacting in arious segments of the market !ithout ha ing to s!itch bet!een multiple !indo!s.

o 4oint and click order entry $akes order entry *uick and simple !ith a click on the security the same gets inserted into the order form on the in estor#s trade screen.

o &ot Qey -unctions

[28]

Csing a single keystroke .&ot Qey/ function, in estor can achie e important tasks ery similar to a brokerHs terminal. Accessing important reports is also one keystroke a!ay.

o $arket 8epth %indo! It gi es an immediate Rat a glanceR info about the stock the in estor is follo!ing. The ie! pro ides the best @ bid and offer *uotes and the outstanding order *uantities.

o 'ack 7ffice Access Eie! segment !ise ledger bills and contract notes, trades, positions, account balance, realiAedGunrealiAed profit , loss, and buying po!er all in real time.

Sm#$tSTART: T$#!in) "%#t&'$m &'$ t+ B )inn $(

[29]

A 4i , '& t+ "%#t&'$m #( it ,'u%! #"" #$ 'n t+ (1$ n

[30]

It is a po!erful bro!ser based trading system for those !ho are relati ely ne! to online in esting. A uni*ue integrated account, !hich integrates the in estor#s banking, broking, and 8emat accounts. A comprehensi e trading ser ice, !hich allo!s one to in est in e*uities and deri ati es. SmartStart trading platform allo!s the in estor the fle"ibility of trading on any internet capable system, !ith access to both the 9S5 and 'S5. Its features include2 Trade on 9S5 and 'S5 -le"ibility of trading on both the 9S5 , 'S5 ia a single screen.

-ully customiAable display The sa e desktop option allo!s you to sa e your created trade screen layout, so the ne"t time you access the application the created layout is not lost.

Integrated accounts .'ank, 8emat , Trading/ Integrates your banking, broking and demat accounts. This enables you to trade in shares !ithout going through the hassles of tracking settlement cycles, !riting che*ues and Transfer Instructions, chasing your broker for che*ues or Transfer Instructions etc.

+i e order status Tracking all your orders is made easy through the order status screen. -urther drill do!n into all details pertaining to an order is a ailable in the order detail sub report.

8ynamic buying po!er :eflects your credits and debits instantly on e ery trade e"ecution. 9o need to refresh each statement to kno! your latest buying limits.

[31]

%orks behind a 4ro"y This platform can be accessed on any Internet enabled net!ork. Iou can access it e en from your place of !ork.

'ack office access Eie! segment !ise ledger bills and contract notes, trades, positions, account balance, realiAedGunrealiAed profit , loss, and buying po!er all in real time.

7ne additional feature that applies to all the Trading 4latforms is Sm#$tC#%%, !here the in estor can enjoy the con enience to trade o er the phone. The e"perienced team of :esearch Analysts and Ad isory $anagers guide the in estors !ith appropriate solutions, backed by in<depth research, kno!ledge and e"pertise on a regular basis and constantly help them !ith the strategies for in estment in e*uities, recommendations for trading on futures and options, hedging !ith 9ifty and other product opportunities of risk<less arbitrage in arious segments.

NRI SERVICES
NRI P$'!u1t( &$'m IL&FS In4 (t(m#$t: I+,-S In estsmart is committed to creating a differentiated financial ser ices organisation by le eraging technology to deli er the most compelling combination of product, ser ice and price to a alue dri en consumer. II+#s end<to<end in estment solutions guide its 9:I customers at e ery step of their In estment in India right from 4A9 (ard Assistance to formulating and e"ecuting in estment plans based on 9:I re*uirements, robust trading platforms till the assistance on accounting , income ta" returns filing in India. NRI P$'!u1t O&& $in)(: NRE;uit* -acilitates easy trading in 9S5 and 'S5 listed stocks by offering comprehensi e trading solutions to the customers through its !eb and
[32]

soft!are based trading platforms !hich is e*uipped !ith a host of uni*ue features to cater to their trading needs. I+,-S In estsmart, offers its customers a smooth online trading e"perience !ith e"ceptional trading tools, ser ice and client support enabling them to make *uick trading decisions. Its 1<in<3 Trading 4latform enables its customers to do online deli ery based trading at their con enience. This account links their 'anking, 8emat and Trading account, thus pro iding you a seamless platform to trade efficiently and con eniently. (ustomers can also place their orders through their dedicated (all , Trade -acility or contact their :elationship $anager. NRI P'$t&'%i' M#n#) m nt S $4i1 (< customiAed solutions to meet the in estment needs. Indian markets today offer enormous gro!th potential. Anticipating the Indian market trends, assessing the impact of country#s socio economic changes on an indi idual#s in estments, keeping abreast of latest corporate de elopments and financial analysis can be e"tremely challenging task. Therefore, managing one#s in estments may become nearly a full<time affair that re*uires considerable time and e"pertise. I+,-S In estsmart offers solutions that are tailored to meet the in estment needs of an 9:I. It offers a choice of t!o types of 4ortfolio $anagement Ser ices schemes !hich are focused on returns from arious asset classes. i)ro!th It#s a discretionary 4ortfolio $anagement Scheme, focusing on in estments in e*uities !ith an objecti e of gro!th. It aims at creating long<term !ealth through judicious stock selection and asset location.

i4reser e This scheme in ests in a mi" of arious mutual fund schemes, ideal for in estors !ho !ish to in est in ma"imiAing returns from mutual funds but cannot make the right choices.

A!!iti'n#% NRI P$'!u1t O&& $in)(: Mutu#% Fun!(

[33]

II+ offers an opportunity to spend in a broad spectrum of $utual -unds !ith more than @00 schemes to choose from to match indi idual needs, goals and risk profiles. (ustomers can constantly monitor their $- portfolio and make changes according to their needs as per the market scenario, in order to make their money !ork for them. IPO As a part of !ide range of offerings, 9:Is can also in est in I47s in India by applying through any of the branches in India or by calling the customer ser ice desk. Through the company !ebsite, one can recei e regular updates on the I47 scenario, ongoing I47s as !ell the forthcoming I47s at any gi en point of time. In(u$#n1 II+ ser es as the one stop shop for all the Insurance and :etirement needs. As a composite Insurance 'roker, II+ pro ides comprehensi e risk management solutions. II+ offers both life insurance and general insurance products for all insurance companies in India.

Ot+ $ 3 #%t+ M#n#) m nt P$'!u1t( II+#s basket of %ealth $anagement products includes :eal 5state products, 4ri ate 5*uity -unds and structured products in order to suit aried indi idual in estment needs.

V#%u A!! ! S $4i1 ( t' NRI( I+,-S In estsmart through its rich in estment solutions and arious alliances, endea ours to pro ide the ser ices and support that 9:Is need to manage their in estments in India. It helps its customers through the entire in estment process, step<by<step !ith a host of inno ati e and efficient ser ices.

P#n C#$! A((i(t#n1 6 A doorstep deli ery of 4an (ard at one#s foreign location. 4ermanent Account 9umber .4A9/ (ard being a mandatory re*uirement for 9:Is in esting in financial products in India, one has to face an additional task of communicating !ith 4A9 processing agencies in India. 'eing located in a different country !ith a different times Aone makes this task all the more
[34]

difficult and daunting for 9:Is. II+ pro ides the con enience of applying for the 4an (ard at the comfort of the customer#s home at the time of a ailing the ser ice itself. 6 A11'untin) #n! In1'm T#= R tu$n( &i%in) in In!i# / $aking ta" filing in India easy. II+ pro ides assistance and e"pert guidance in filing of ta"ation returns to its 9:I customers in India, through its e"clusi e alliances. This helps in better accountability and maintenance of ta" records. 6 R ( #$1+ #n! A!4i('$* / -or sound in estment decisions The In estment solutions offered by II+ are backed by in<depth research generated by top<dra!er research team. -acilitates ne!s and updates on the basis of daily and monthly market analysis to keep track of the in estments of its 9:I customers in India.

<5 In(tituti'n#% O&& $in)( In4 (tm nt B#n8in) S $4i1 (: I+,-S In estsmart .II+/ offers an e"tensi e range of In estment 'anking Ser ices for e*uity related products and instruments. Its research team ad ises the customers on transactions like business structuring and capital raising opportunities based on their corporate needs and state of capital markets. Ser ices they specialiAe in include the $anagement of2

Initial 4ublic 7ffering .I47s/ -ollo!<on 7fferings Sualified Institutional 4lacements .SI4s/ 'uyback of 5*uities 7pen 7ffers $ergers , Ac*uisitions 4ri ate 5*uity 4lacements 5S74s

[35]

They identify, analyse and respond instantly to the customer#s needs. Since inception, II+ has been structuring and deli ering financial solutions geared to!ards its customer#s needs. This is implemented through an understanding of in estor#s business needs and their preferences. II+#s distribution reach and financial structuring capabilities of the team ensures a !inning combination for the client company.

In(tituti'n#% E;uit* B$'8in) S $4i1 (: 7ur efficient e"ecution, *uality research, top *uality human resources and complete compliance !ith stock e"change regulations, as !ell as business standard ethics lend to!ards our e"emplary ser ices to in estors, through I47s, e*uities, deri ati es and mutual funds II+ also focuses on identifying undisco ered alue stocks to in estors. Through its gamut of ser ices, this di ision is !ell<suited to corporate in estors, banks, financial institutions, insurance companies and -II#s. II+#s Institutional 5*uity 'usiness .I5'/ is !ell positioned to offer support for a complete range of in estment banking ser ice to corporates. It offers a !ide array of products and ser ices, specifically aimed at impro ing market capitaliAation of for!ard looking companies. II+ !orks closely !ith institutional in estors, pri ate e*uity in estors and corporates. The research di ision has a designated team for each asset class and consists of *ualified professionals !ho e aluate market trends and make unbiased and objecti e reports. II+ has been hosting round table conferences !ith leading (I7s G -und $anagers etc. Also, conducts acti ities like organising of road sho!s, enabling the senior management to interact !ith -IIs, regular conference calls for institutional In estors etc. This !orks as a pre<re*uisite to in esting in stocks. Its e"pertise in this area also e"tends to international in estors from Singapore, &ong Qong, CSA and the CQ.

In(tituti'n#% D bt B$'8in) S $4i1 (: II+#s institutional debt broking di ision includes, secondary market broking, primary market debt placement , distribution and pro ident fund ad isory ser ices.
[36]

Secondary debt broking is the principle ser ice pro ided by this di ision. The clients mainly comprise of institutional debt players, such as banks, primary dealers, mutual funds, large pro ident funds and in some cases corporate treasuries. The di ision empanelled !ith almost all banks, primary dealers and mutual funds, on !hose behalf it acts either on the buying or selling side. All types of debt papers are co ered, including go ernment securities, treasury bills, public sector bonds, corporate bonds etc. This desk also pro ides transacting and ad isory ser ices to arious pro ident funds and &9I clients. The primary market ser ices co er placement of debt paper issued by corporates, !ith institutional segments co ering banks, mutual funds etc. These ser ices co er follo!ing acti ities 2<

Ad ising the clients on the issuance including the instrument, *uantum, timing, other instrument specific structuring such as put G call option, con ersion option and rating. Assisting in the rating e"ercise and suggesting arious means and options to impro e rating if so desired, through TStructured 7bligationsU or other mechanisms. 4re marketing the placement G issuance Selling G placing the issuance Assisting in any related documentation for the issuance Assisting in all other steps to complete the issuance for dra! do!n funds The debt instrument co ered by this di ision co er both short term as !ell as longer term instruments. (ommercial paper and $I'7: +inked 'onds are popular among the short<term instruments. The di ision uses a proprietary online platform called T8ebton9etU for online book building of debt issuances.

>5 Ot+ $ S $4i1 ( 'esides the abo e mentioned ser ices, II+ also pro ides ser ices like2 Ealue Added 4roducts that are customiAed for the in estors ease and include Smart Alert Ser ice that pro ides daily update of the stock markets through S$S, Smart Alert (alls gi e con enience to trade through phone, State<of< the<Art Security 4latforms etc. %ell ersed reports on $utual funds, $arket conditions, Share $arket etc. on a daily as !ell as !eekly basis
[37]

-ree of cost timely updates on ad isory ser ices through S$S on the re*uest of its customers 4ro iding $arket Information and (ompany Information through an e"tensi e research team.

3+* In4 (t ,it+ IL&FS In4 (t(m#$t Linit !? Cu(t'mi(#ti'n: In estment plans are formulated on the basis of customer preference and needs, so that the best can be brought out of an indi idual#s or a company#s financial profile. E=" $ti( : A huge integrated research team is at !ork to pro ide the customers !ith financial e"pertise and thorough understanding of financial markets. T$u(t: In estsmart is spread across the country through more than 100 offices pro iding unmatched ser ices. HSBC #!4#nt#) : Ac*uisition by &S'( pro ides access to In estsmart to a greater customer base. Apart from that, In estsmart#s customers get access to direct money transfer facility to their &S'( accounts. @B (t " $&'$min) N#ti'n#% Fin#n1i#% A!4i('$*A I+,-S In estsmart bagged the 'est 4erforming 9ational -inancial Ad isory A!ard from (9'( t!o years in a ro! in 600?<600;. On 6(t'"6(+'": I+,-S In estsmart is India#s financial multiple" pro iding a !ide range of financial ser ices to indi iduals as !ell as corporate.

[38]

A BRIEF ABOUT HSBC

&ead*uartered in +ondon, &S'( is one of the largest banking and financial ser ices organisations in the !orld. &S'(Hs international net!ork comprises around 30,000 offices in ;6 countries and territories in 5urope, the Asia< 4acific region, the Americas, the $iddle 5ast and Africa. %ith listings on the +ondon, &ong Qong, 9e! Iork, 4aris and 'ermuda stock e"changes, shares in &S'( &oldings plc are held by around 600,000 shareholders in o er 300 countries and territories. The shares are traded on the 9e! Iork Stock 5"change in the form of American 8epositary :eceipts. Through an international net!ork linked by ad anced technology, including a rapidly gro!ing e<commerce capability, &S'( pro ides a comprehensi e range of financial ser ices2 personal financial ser icesB commercial bankingB corporate, in estment banking and marketsB pri ate bankingB and other acti ities.

HSBC In!i#:
The antecedents of the &S'( )roup in India can be traced back to 7ctober 3;@1 !hen the $ercantile 'ank of India, +ondon and (hina !ere founded in 'ombay .no! $umbai/. Starting !ith an authoriAed capital of :s. @ million, the $ercantile 'ank soon opened offices in +ondon, $adras .(hennai,/ (olombo and Qandy, follo!ed by (alcutta .Qolkata/, Singapore, &ong Qong, (anton .)uangcho!/ and Shanghai by 3;@@, the follo!ing hundred years !here in many !ays propitious for the $ercantile 'ank. In 3=@0 it mo ed into its ne! head office building in $umbai at -lora -ountain. &S'( in India has retained the )roupHs pioneering streak by being an acti e partner in the de elopment of the Indian banking industry<e en gi ing Indian its first AT$ !ay back in 3=;?. The organiAationHs adaptability, resilience and commitment to its customers ha e further enabled it to ser ice through turbulent times and prosper through good times o er the past 3@0 years.

&S'( India is one of India#s leading banking and financial ser ices institutions, !ith o er 1?,000 employees in its banking, in estment banking and capital markets, asset management, insurance broking, life insurance, soft!are de elopment and global resourcing operations in the country. The
[39]

India branches of The &ongkong and Shanghai 'anking (orporation +imited offer a full range of banking and financial ser ices to o er 6.; million customers through their 4? branches and 3?1 AT$s across the 6> cities of Ahmedabad, 'angalore, (handigarh, (hennai, (oimbatore, )urgaon, &yderabad, Indore, Jaipur, Jodhpur, Qochi, Qolkata, +udhiana, +uckno!, $umbai, $ysore, 9agpur, 9oida, 9e! 8elhi, 4atna, 4une, :aipur, Tri andrum, Thane, Eadodara and Eisakhapatnam. The &S'( )roup ac*uired a majority stake in In estsmart to enable itself to offer retail brokerage ser ices to its customers across a !ider geography in the country. It has also entered into a joint enture !ith t!o of India#s leading public sector banks to establish the (anara &S'( 7riental 'ank of (ommerce +ife Insurance (ompany. &S'( &oldings plc, the parent company of the &S'( )roup, is head*uartered in +ondon. The )roup ser es customers !orld!ide from around =,@00 offices in ;> countries and territories in 5urope, the Asia<4acific region, the Americas, the $iddle 5ast and Africa. %ith assets of CSD6,@6? billion at 13 8ecember 600;, &S'( is one of the !orld#s largest banking and financial ser ices organisations.

HSBC G$'u" M mb $( in In!i#:

The &ongkong and Shanghai 'anking (orporation +imited &S'( Asset $anagement .India/ 4ri ate +imited &S'( 5lectronic 8ata 4rocessing India 4ri ate +imited &S'( Insurance 'rokers .India/ 4ri ate +imited &S'( 7perations and 4rocessing 5nterprise .India/ 4ri ate +imited &S'( 4ri ate 5*uity Ad isors .India/ +imited &S'( 4rofessional Ser ices .India/ 4ri ate +imited &S'( Securities and (apital $arkets .India/ 4ri ate +imited &S'( Soft!are 8e elopment .India/ 4ri ate +imited

[40]

COMPETITORS -ollo!ing are the major competitors of I+,-S In estsmart as a (orporate 'roker2
ICICI Di$ 1t
The C:+ I(I(I8irect is o!ned by I(I(I and managed by I(I(I %eb Trade +imited. I(I(I %eb Trade +imited facilitates trading and related ser ices on the internet through maintenance of the !ebsite. Trades put through I(I(I8irect.com are e"ecuted by I(I(I %eb Trade +imited, !hich is a trading member of the 9ational Stock 5"change and The Stock 5"change, $umbai. Its products and ser ices include2 Trading on 9S5 and 'S5 In esting in $utual -unds 4ersonal -inance I47s $argin Trading Trading in 8eri ati es

HDFC S 1u$iti ( Limit !

&8-( Securities +imited is one of India#s premier broking houses and is promoted by the &8-( .&ousing 8e elopment -inancial (orporation/ )roup. &8-( Securities pro ides 7nline Trading in both 5*uity , 8eri ati es Segment on 9S5 , 'S5. 4roducts offered by &8-( Securities include2 7nline Trading for :esident and 9on :esident Indians 8ay Trading at both 9S5 and 'S5 Trading on -utures and 7ptions on the 9S5 7nline I47s
[41]

Telephone<based 'roking .5*uity , 8eri ati es/ (ash<n<(arry on both 9S5 and 'S5 Salient features of &8-( Trading Account2

-acility to trade either through telephone or the internet Instant limits on shares sold 300L Inter<settlement trade at no e"tra cost +o! and (ompetiti e 'rokerage &ighest le el of security using features such as 36;<bit encryption technology and Secured Socket +ayer

St#n!#$! C+#$t $ ! 6 STCI

7n 33th January 600;, Standard (hartered 'ank .$auritius/ +imited ac*uired 4=L of erst!hile CTI Securities +td. from Securities Trading (orporation of India .ST(I/. Accordingly, the name of the company !as changed from CTI Securities +td. to Standard (hartered< ST(I (apital $arket +td. !ith effect from January 3?th 600;. Subse*uently, on 8ecember 36th 600;, S('$ ac*uired further 6@.=L stake in Standard (hartered O ST(I (apital $arkets +td. to increase its total stake in the same from 4=.0L to ?4.=L. Standard (hartered O ST(I (apital $arkets +imited is a broking company !ith a pan<india presence and pro ides a !ide range of financial ser ices, including in estment banking, Institutional e*uity , 8eri ati e 'roking, fi"ed income, research, retail e*uity , deri ati e broking .offline , online/, portfolio management, distribution of financial products and depository ser ices.

IDBI P#i(#bui%! $
IDBIP#i(#bui%! $ is a dedicated !eb portal of I8'I .VVVVVV./ for IDBI On%in T$#!in). IDBI P#i(#bui%! $ is an easy<to<use !ebsite !here
[42]

one can in est in mutual funds, e*uity shares, I47s, and deri ati es. The trading platform is kno!n as 4aisapo!er (lassic.

A9IS B#n8
A"is 'ank is a pri ate sector Indian bank. The bank has a net !orth of :s. 6;?6.3= crores. 4ublic holding of A"is 'ank shares stood at @?.>0L ending 13st $arch, 600;. A"is 'ank, in alliance !ith the )eojit -inancial Ser ices, pro ides its customers the 7nline Trading facility. The ser ice pro ides an integrated 1<in<one Sa ings 'ank Account, 8emat Account and an 7nline Trading Account. )eojit -inancial Ser ices +imited together !ith its subsidiaries pro ides stock and share broking ser ices in India. It offers trading in 5*uity and deri ati es including inde" futures and options and stock futures and options. The company !as founded in 3=;? and is based in Qochi, India.

3. Project

INTRODUCTION
+ike almost e ery other aspect of the finance industry, the role of the corporate broker has e ol ed to match changing market conditions. At one time, the appointment of a corporate broker, effecti ely as principal corporate ad isor to an in estment trust company, !as politely agreed prior to the company#s launch and ne er altered throughout the company#s life. That coAy situation does not pre ail today. 5specially after the recent turbulence in the economy, the corporates feel the heat of the competiti e en ironment. In this age of multiple regulation, comple" ta"ation, institutionaliAed stock markets, olume trading, shareholder relations, share buy<backs, formaliAed corporate go ernance, etc., most companies are likely to !ant ad ice on some or all of these areas. (orporate brokers not only !ork as ad isors to corporates, but also !ork to!ards generating interest among the indi idual in estors to in est in the securities of a particular company. They act as long<term retained financial
[43]

ad isors and are specifically responsible for managing the day<to<day relationship !ith their corporate client and for pro iding, inter alia, the ser ices such as e*uity market related ad ice, e"ecution of e*uity related transactions, co<ordination of institutional in estor relations ser ices, and liaising !ith the Stock 5"change on regulatory issues facing listed companies. (ompanies seeking ad ice or corporate support no! ha e greater options open to them, !ith arying le els of ser ices and costing arrangements to consider, each offered by houses !ith sometimes differing corporate cultures of their o!n. This research is an attempt to compare the leading corporate brokers in India on the basis of their competiti e ad antage on grounds of the span of brokerage ser ices they a ail to their corporate clients.

STATEMENT OF PROBLEM
'ecause of the rising competition in the brokerage industry, be it due to ne! entrants or the ne! go ernment policies, there is a need for e ery broker to adopt strategies to not only sur i e in the market but also to stay ahead of its counterparts. In this report, a detailed comparati e study is done on the products and ser ices of si" (orporate 'rokers in India, namely I+,-S In estsmart, I(I(I8irect, &8-( Securities, I8'I 4aisabuilder, Standard (hartered ST(I and APIS 'ank. The focus is mainly on the trading products and the ser ices related to them. $oreo er, the report aims at analyAing the strategies on competiti e ad antage for I+,-S In estsmart o er the other players in the olatile market, particularly after becoming a part of the &S'( )roup recently.

OB2ECTIVES
To identify and compare the arious (orporate 'rokers in India that stand in competition !ith I+,-S In estsmart.

[44]

To analyAe !hat gi es I+,-S In estsmart a (ompetiti e Ad antage, especially after its ac*uisition by the &S'( )roup. To disco er I+,-S In estsmart#s loopholes, if any, and !ays to mend them.

METHODOLOGY
- P$'b% m D &initi'n
(omparati e Analysis of the arious leading (orporate 'rokers in India is<W< is I+,-S In estsmart.

- R ( #$1+ D (i)n & P%#n

The methodology of the study is based on primary as !ell as secondary data. The primary data is used as the customer perception base for the comparati e analysis, !hereas the secondary data !as gathered from the arious brokerage firms so as to establish a comprehensi e comparison !ith the help of statistical charts and tables. 8ata (ollection2 P$im#$* D#t#: The primary data for the research !as collected by inter ie!ing some indi iduals in Jaipur city, some through phone !hile some through personally isiting. The (#m"% (iB ,#( C-5 -or this purpose, 4 simple *uestions !ere asked from the respondents.

Secondary 8ata2

[45]

A part of the secondary data !as obtained from the flyers on the arious in estment plans of the brokerage firms that !ere collected by personally isiting them. Some data !as collected by gathering information from concerned personnel at these firms and the rest !as collected from the arious journals and !ebsites.

FINDINGS AND ANALYSIS Since the study is based on both primary data and secondary data, this section is di ided into 6 parts accordingly. -irst the analysis is dra!n on the basis of secondary data and then the primary data2
Fin!in)( 'n t+ B#(i( '& S 1'n!#$* D#t#:

T#b% >50 C+#$) ( &'$ O" nin) On%in T$#!in) A11'unt B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICIDi$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ ! 6 STCI IDBI P#i(#bui%! $ A9IS B#n8 On%in A11'unt C+#$) ( R(5 DER(5 DCE R(5 CER(5 FDD R(5 FDD R(5 0-ET$#!in) O" nin)

[46]

C+#$t >50 On%in B$'8 $( C'mm nt:

T$#!in) AGC O" nin) C+#$) ( '& t+

C'$"'$#t

An online trading account enables the in estors to trade in the stock market through online trading platforms. According to table 1.3 and chart 1.3, the charges for opening an online trading aGc are the highest for APIS 'ank and the lo!est for Standard (hartered. The charges at II+ are neither too high, nor too lo!.

T#b% >5< B$'8 $#) R#t ( 'n D %i4 $* (B#(i1 P%#n) B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6STCI IDBI A9IS B#n8 B$'8 $#) D %i4 $* -5E-H -5CEH -5E-H -5E-H -5IEH -5EEH 'n

[47]

C+#$t >5< B$'8 $#) R#t ( 'n D %i4 $* C'mm nt: The brokerage rates for the deli ery of shares are the highest for I(I(I8irect and the lo!est for II+, &8-( Securities and Standard (hartered.

T#b% >5> B$'8 $#) R#t ( 'n Int$#!#* T$#!in) (B#(i1 P%#n) B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 B$'8 $#) 'n Int$#!#* T$#!in) -5-EH -5-EH -50EH -5-EH -5-EEH -50-H

[48]

C+#$t >5> B$'8 $#) R#t ( 'n Int$#!#* T$#!in) C'mm nt(: Intraday trading refers to opening and closing a position in a security in the same trading day. 'rokerage rates for the Intraday Trading are the highest for &8-( Securities and the lo!est for II+, I(I(I8irect and Standard (hartered.

T#b% >5F Annu#% M#int n#n1 C+#$) ( &'$ D m#t AGC (B#(i1 P%#n) B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ ! 6STCI IDBI P#i(#bui%! $ A9IS B#n8 AMC &'$ D m#t AGC R(5 >-R(5 E-R(5 E-R(5 F-R(5 >ER(5 E--

[49]

C+#$t >5F Annu#% M#int n#n1 C+#$) ( &'$ t+ D m#t AGC C'mm nt: A 8emat aGc holder needs to pay annual maintenance charges, !hich on a certain turno er le el is refunded by some of the brokers. The charges are the highest for I(I(I8irect, &8-( Securities and APIS 'ank !hile the lo!est for only II+.

T#b% >5E B$'8 $#) R#t ( &'$ Futu$ ( (B#(i1 P%#n) B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ ! 6 STCI IDBI P#i(#bui%! $ A9IS B#n8 B$'8 $#) 'n Futu$ ( -5-EH -5-EH -5-EH -5-EH -5-EEH -5-EH

[50]

C+#$t >5E B$'8 $#) R#t ( &'$ Futu$ ( b* !i&& $ nt B$'8 $( C'mm nt: The brokerage rates for futures are the highest for I8'I 4aisabuilder !hile all the other brokers charge the e*ual rates.

T#b% >5I Minimum B$'8 $#) " $ E= 1ut ! O$! $ V#%u B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ ! 6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C'mm nt:
[51]

B$'8 $#) R(5 <E '$ <5EH ,+i1+ 4 $ i( %', R(5 <E '$ <5EH ,+i1+ 4 $ i( %', N't A4#i%#b% R(5 <E '$ <5EH ,+i1+ 4 $ +i)+ $ R(5 <- '$ <5EH ,+i1+ 4 $ +i)+ $ R(5 <- '$ <5EH ,+i1+ 4 $ i( %',

$ $ i( i( $

The plan for minimum brokerage that is chargeable per e"ecuted order alue aries for different brokers, in a !ay that :s. 6@ is ma"imum amount chargeable by II+ and I(I(I8irect, :s. 6@ is the minimum amount chargeable by Standard (hartered, :s. 60 is the minimum amount chargeable by I8'I 4aisabuilder and :s. 60 is the ma"imum amount chargeable by APIS 'ank. The charges for &8-( Securities are not a ailable. &ence, among the @ brokers, the highest !ould be for Standard (hartered and the lo!est !ould be for APIS 'ank.

T#b% >5C SMS A% $t( S $4i1 B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C+#$) ( NIL C+#$) NIL C+#$) C+#$) C+#$) #b% #b% #b% #b%

C'mm nt: The brokers pro ide S$S Alerts Ser ice updating their customers on the share market and gi ing ad ice on in estments on a regular basis. Some brokers like II+ and &8-( Securities pro ide this facility free of cost. %hile the others charge some fee.

T#b% >5. R ( #$1+ R "'$t( B$'8 $ IL&FS In4 (t(m#$t (HSBC)

[52]

C+#$) ( Ni%

ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ ! 6STCI IDBI P#i(#bui%! $ A9IS B#n8 C'mm nt:

Ni% Ni% C+#$) #b% C+#$) #b% C+#$) #b%

Earious brokers a ail their customers of research reports on topics like trends in the market, position of mutual funds, I47s, comparati e studies of different companies, in estment opportunities in a particular sector etc. II+, I(I(I and &8-( pro ide these for free, !hile the others charge a certain amount.

T#b% >5D F#i% ! In(t$u1ti'n C+#$) ( B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C+#$) ( R(5 <E R(5 >N't A4#i%#b% <E >0-

[53]

C+#$t >5I F#i% ! In(t$u1ti'n C+#$) ( C'mm nt: The (harges in this category are the highest for I8'I and I(I(I, !hile lo!est for APIS. -or I++, these charges are neither too high nor too lo!.

T#b% >50- D m#t C+#$) ( B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C+#$) ( >E >E N't A4#i%#b% >>E-

[54]

C+#$t >5C D m#t C+#$) ( C'mm nt: 8emat refers to a dematerialiAed account. Just as one has to open an account !ith a bank, if heGshe !ants to sa e hisGher money, make che*ue payments etc., one needs to open a demat account if heGshe !ants to buy or sell and transact shares8emat (harges are the highest for APIS !hile lo!est for Standard (hartered and I8'I. II+ charges are neither too high nor too lo!.

T#b% >500 C+#$) ( &'$ R m#t B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C+#$) ( <E <N't A4#i%#b% E<E-

[55]

C+#$t >5. C+#$) ( &'$ R m#t C'mm nt: The electronic holdings can be con erted back into certificates if one !ishes to get back hisGher shares in physical form. This is called :ematerialisation or :emat. :emat (harges are highest for Standard (hartered and APIS and lo!est for I(I(I and I8'I. II+ charges are neither too high nor too lo!.

T#b% >50< C+#$) ( &'$ P% !) C$ #ti'n B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#n!#$! C+#$t $ !6 STCI IDBI P#i(#bui%! $ A9IS B#n8 C+#$) ( <E >N't A4#i%#b% E0-<E

[56]

C+#$t >5D C+#$) ( &'$ P% !) C$ #ti'n

C'mm nt: 4ledge is an acti ity of taking loan against securities by the in estor. The in estor is called as 0pledgor# and he entity !ho is gi ing the loan against the securities is called as 0pledgee#. (harges in this category are the highest for Standard (hartered and APIS !hile lo!est for II+ and I8'I.

T#b% >50> C+#$) ( &'$ P% !) C%'(u$ B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC St#nC+#$t IDBI A9IS B#n8
[57]

C+#$) ( <E >N't A4#i%#b% E<E E-

C+#$t >50- C+#$) ( &'$ P% !) C%'(u$

C'mm nt: After the pledgor repays the loan to the pledgee, the pledgor !ill submit an instruction to its 84 to initiate the closure of pledgeGhypothecation by indicating the option Rclose the pledgeGhypothecationR in the pledgeGhypothecation form. This is kno!n as 4ledge (losure. &ere, the charges are highest for Standard (hartered and APIS and lo!est for II+ and I8'I.

T#b% >50F A11'unt St#t m nt C+#$) ( B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC St#nC+#$t IDBI A9IS B#n8 C+#$) ( <E <N't A4#i%#b% E<0--

[58]

C+#$t >500 A11'unt St#t m nt C+#$) (

C'mm nt: &ere, the APIS charges e"traordinarily high fee !hile I(I( and I8'I charge the lo!est. II+, on the other hand, charges just a little abo e the lo!est rates.

T#b% >50E P% !) In4'1#ti'n C+#$) ( B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC St#nC+#$t IDBI A9IS B#n8 C+#$) ( E>N't A4#i%#b% E0-E-

[59]

C+#$t >50< P% !) In4'1#ti'n C+#$) (

C'mm nt: %hen a pledgee does not repay the loan amount, the shares pledged !ith the 'ank can be transferred in their fa or. This is similar to the physical shares being transferred in the name of the lender in the e ent of a default, !ho !ill recei e the corporate actions like di idends, bonus etc in 4ledged shares. This is pledge in ocation. The charges for these are e"tremely high for I8'I, !hile lo!est for only I(I(I. II+, Standard (hartered and APIS charge a erage rates.

T#b% >50I Tu$n'4 $ 'n t+ b#(i( '& D "'(it Am'unt B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC St#nC+#$t IDBI A9IS B#n8 Tu$n'4 $ F Tim F Tim > Tim > Tim F Tim > Tim ( ( ( ( ( (

[60]

C+#$t >50> Tu$n'4 $ 'n t+ D "'(it A11'unt C'mm nt: Turno er on the basis of deposit account is the limit !hich is gi en by the broker to the customer for doing intraday trading on hisGher deposit amount. The higher it is, the better. The results of the research sho! that it is the highest for II+, I(I(I and I8'I.

Fin!in)( 'n t+ b#(i( '& P$im#$* D#t#:

The respondents !ere asked 4 *uestions in all to check their a!areness on the (orporate 'rokers that are taken under the study, as !ell as their a!areness and participation in arious In estments.

[61]

05 D' *'u +#4 # D m#t #n! T$#!in) A11'unt?

C+#$t >50F D m#t #n! T$#!in) AGC H'%! $(

C'mm nt: About >1L of the ?0 respondents said they do ha e 8emat and Trading accounts. :est 1?L ga e a negati e response either because they had little or no kno!ledge of the share marketB or because of the risk factor in ol ed.

<5 M'(t "$ & $$ ! In4 (tm nt O"ti'n(?

[62]

T#b% >50C P$ & $ n1 '& V#$i'u( In4 (tm nt O"ti'n( In4 (tm nt O"ti'n( D $i4#ti4 ( & S 1u$iti ( M#$8 t B#n8 B'n!( R #% E(t#t In(u$#n1 Ot+ $( P $1 nt#) >0H <0H 0CH <<H FH EH

C+#$t >50E M'(t "$ & $$ ! in4 (tm nt O"ti'n(

C'mm nt: 13L of the respondents in est in deri ati es and securities market, !hich is the ma"imum. And a huge chunk of people in est in real estate as !ell. The least is in ested in insurance.

>5 Pu$"'( '& In4 (tm nt?

[63]

T#b% >50. Pu$"'( '& m#8in) t+ In4 (tm nt( In4 (tm nt Pu$"'( R tu$n( T#= B n &it( C#"it#% A""$ 1i#ti'n Li;ui!it* Ri(8 C'4 $in) Ot+ $( P $1 nt#) <.H <IH 0>H <CH FH <H

C+#$t >50I V#$i'u( Pu$"'( ( &'$ m#8in) t+ In4 (tm nt(

C'mm nt: About 6;L of the respondents said they make in estments for the purpose of returns, !hile 6?L of them do it for the purpose of maintaining li*uidity. Ta" benefit is also a huge factor for a large number of people, !hile others seek risk co ering, capital appreciation and other factors.

F5 M'(t "$ & $$ ! C'$"'$#t B$'8 $?

[64]

T#b% >50D B$'8 $( #11'$!in) t' t+ "$ & $ n1 ( B$'8 $ IL&FS In4 (t(m#$t (HSBC) ICICI Di$ 1t HDFC S 1u$iti ( St#nC+#$t IDBI A9IS B#n8 T't#% P $1 nt#) <EH 0CH 0FH 00H <<H .H 0--

C+#$t >50C B$'8 $( #11'$!in) t' "$ & $ n1 ( C'mm nt: %hen asked !hich broker the respondents prefer to in est !ith, only 1> respondents out of ?0 preferred corporate brokers, !hile the rest !ere interested in small retail brokers due to their fairly lo! charges. 7ut of these 1> respondents, the most preferred II+, though almost e*ual number of people preferred I8'I.

[65]

DIFFERENT INVESTMENT PLANS DIFFERENT CORPORATE HOUSES

OF

0) HSBC (IL&FS) / SOME ADVANCE BROKREAGE PLANS OF

IL&FS

SMART PO3ER

A!4#n1 (ub(1$i"ti'n 4#%u (R() 6 D %i4 $* B$'8 $#) 6 Int$#!#* T$#!in) B$'8 $#) CM / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) CM / S 1'n! % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / S 1'n! % ) 6 O"ti'n(T$#!in) B$'8 $#) / #1+ % ) (,+i1+ 4 $ i( +i)+ $) Minimum b$'8 $#) " $ = 1ut ! '$! $ 4#%u J R( <E '$ <5EH (,+i1+ i( %', $)

<E--5>EH -5-FH -5-FH -5-FH -5-FH <5EH '$ R( D-G6 Y

A!4#n1 (ub(1$i"ti'n 4#%u (R() 6 D %i4 $* B$'8 $#) 6 Int$#!#* T$#!in) B$'8 $#) CM / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) CM / S 1'n! % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / S 1'n! % ) 6 O"ti'n( T$#!in) B$'8 $#) / #1+ % ) (,+i1+ 4 $ i( +i)+ $) Minimum b$'8 $#) " $ = 1ut ! '$! $ 4#%u J R( <E '$ <5EH (,+i1+ i( %', $)

0<E--5<EH -5->H -5->H -5->H -5->H 0H '$ R( I-G6 Y

In b't+ '& t+ ( "%#n( 1'm"#n* 1#nKt "$'4i! ('&t,#$ 5 F'$ ('&t,#$ 1u(t'm $ +#4 t' "#* >---G6 "5#5
[66]

 SMART ELITE A!4#n1 (ub(1$i"ti'n 4#%u (R() 6 D %i4 $* B$'8 $#) 6 Int$#!#* T$#!in) B$'8 $#) CM / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) CM / S 1'n! % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / S 1'n! % ) 6 O"ti'n( T$#!in) B$'8 $#) / #1+ % ) (,+i1+ 4 $ i( +i)+ $) Minimum b$'8 $#) " $ = 1ut ! '$! $ 4#%u J R( <E '$ <5EH (,+i1+ i( %', $) <E---5<-H -5-<EH -5-<EH -5-<EH -5-<EH -5CEH '$ R( F-G6 NA

A!4#n1 (ub(1$i"ti'n 4#%u (R() 6 D %i4 $* B$'8 $#) 6 Int$#!#* T$#!in) B$'8 $#) CM / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) CM / S 1'n! % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / &i$(t % ) 6 Int$#!#* T$#!in) B$'8 $#) F&O / S 1'n! % ) 6 O"ti'n( T$#!in) B$'8 $#) / #1+ % ) (,+i1+ 4 $ i( +i)+ $) Minimum b$'8 $#) " $ = 1ut ! '$! $ 4#%u J R( <E '$ <5EH (,+i1+ i( %', $)

E----50EH -5-<H -5-<H -5-<H -5-<H -5IH '$ R( >-G6 NA

In (m#$t %it t+ $ i( n' n ! t' "u$1+#( # ('&t,#$ 5 It i( &$ 5 A!4#n1 (ub(1$i"ti'n 4#%u i( 4#%i! &'$ 'n * #$

T+ #m'unt ,+i1+ i( )i4 n in &'$m '& A!4#n1 #!Lu(t ! 'n%* in b$'8 $#)

(ub(1$i"ti'n 4#%u

[67]

STANDARD CHARTERED / SOME PLANS OF STANDARD CHARTERED FOR USING DIFFERENT SOFT3ARE
<)

ADVANCE TRADE A11'unt '" nin) & ( / R( CDDG6 S'&t,#$ & ( / R( E--G6 ;u#$t $%*

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E %#1 R( E %#1 /R( 0- %#1 R( 0- %#1 6 R( <E %#1 R( <E %#1 / R( E- %#1 M'$ t+#n R( E- %#1 Min5 1+#$) ( B$'8 $#) (H) 'n #1+ % ) -5E-H -5FEH -5>EH -5>-H -5<EH R( <EG6 '$ <5EH ,+i1+ 4 $ i( +i)+ $

INTRADAY TRANSACTIONS T't#% E%i)ib% tu$n'4 $ M'nt+ B %', R( < C$ R( < C$ 6 R( E C$ R( E C$ / R( 0- C$ M'$ t+#n R( 0- C$ Min5 1+#$) ( " $ B$'8 $#) (H) 'n #1+ % ) -5-E-H -5-F-H -5->EH -5->-H R( <EG6 '$ <5EH ,+i1+ 4 $ i( +i)+ $

[68]

FUTURES TRANSACTIONS T't#% E%i)ib% tu$n'4 $ M'nt+ L (( t+#n R( 0- C$ M'$ t+#n R( 0- C$ OPTIONS TRANSACTIONS Min B$'8 $#) 0H '$ R( 0-- 3+i1+ 4 $ i( Minimum " $ B$'8 $#) (H) 'n #1+ % ) -5-E-H -5-F-H

In t+i( "%#n 1'm"#n* "$'4i! ! # ('&t,#$ t' !' 'n%in t$#!in)5 A!4#n1 T$#! !i&& $ nti#% b$'8 $#) 1+#$) ( (+#%% b ! bit ! &$'m @Bu*in) P', $A #t t+ n! '& ;u#$t $

SUPER TRADE A11'unt '" nin) & ( / R( 0FDDG6 S'&t,#$ & ( / R( 0E--G6 ;u#$t $%*

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E %#1 R( E %#1 /R( 0- %#1 R( 0- %#1 6 R( <E %#1 R( <E %#1 / R( E- %#1 M'$ t+#n R( E- %#1 Min5 1+#$) ( B$'8 $#) (H) 'n #1+ % ) -5E-H -5FEH -5>EH -5>-H -5<EH R( <EG6 '$ <5EH ,+i1+ 4 $ i( +i)+ $

[69]

INTRADAY TRANSACTIONS T't#% E%i)ib% tu$n'4 $ M'nt+ B %', R( < C$ R( < C$ 6 R( E C$ R( E C$ / R( 0- C$ M'$ t+#n R( 0- C$ Min5 1+#$) ( " $ B$'8 $#) (H) 'n #1+ % ) -5-E-H -5-F-H -5->EH -5->-H R( <EG6 '$ <5EH ,+i1+ 4 $ i( +i)+ $

FUTURES TRANSACTIONS T't#% E%i)ib% tu$n'4 $ M'nt+ L (( t+#n R( 0- C$ M'$ t+#n R( 0- C$ " $ B$'8 $#) (H) 'n #1+ % ) -5-E-H -5-F-H

OPTIONS TRANSACTIONS Min B$'8 $#) 0H '$ R( 0-- 3+i1+ 4 $ i( Minimum

In t+i( "%#n 1'm"#n* "$'4i! ! %#t (t '$ #!4#n1 t 1+n'%')* ('&t,#$ &'$ 'n%in t$#!in) 5 Su" $ T$#! !i&& $ nti#% b$'8 $#) @Bu*in) P', $A #t t+ n! '& ;u#$t $ 1+#$) ( (+#%% b ! bit ! &$'m

T+ 1+#$) ( '& t+ ( "%#n( #$ 'n t+ b#(i( '& ('&t,#$ 5

[70]

>)ICICI / SOME PLANS OF ICICI ON THE BASIS OF

MONTHLY SUBSCRIPTION AND TURNOVER

PLAN A F P#*#b% / R( <DD P $ M'nt+ tu$n'4 $ (CASH & BTST) 6 R( 07E-7---

M#=imum ;u#$t $%* &$

A&t $ t+i( 1+#$) ( #( &'%%',( 6:

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ ;u#$t $ B %', R( 0- %#1 R( 0- %#1 /R( <E %#1 R( <E %#1 6 R( E- %#1 R( E- %#1 / R( 0 C$ R( 0 C$ / R( < C$ R( < C$ / R( E C$ Ab'4 E C$ B$'8 $#) (H) 'n #1+ % ) -5CEH -5C-H -5EEH -5FEH -5>EH -5>-H -5<EH

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH
[71]

R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$

-5->EH -5->H

FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH -5->EH -5->H

OPTIONS BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( < %#1 R( < %#1 /R( E %#1 R( E %#1 6 R( 0- %#1 R( 0- %#1 / R( <- %#1 Ab'4 R( <- %#1 B$'8 $#) (R() 'n #1+ % ) DE .E CE CIE

PLAN B F P#*#b% / R( EDD P $ M'nt+ tu$n'4 $ (CASH & BTST) 6 R( >7--7---

M#=imum ;u#$t $%* &$

A&t $ t+i( 1+#$) ( #( &'%%',( 6:

[72]

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ ;u#$t $ B %', R( 0- %#1 R( 0- %#1 /R( <E %#1 R( <E %#1 6 R( E- %#1 R( E- %#1 / R( 0 C$ R( 0 C$ / R( < C$ R( < C$ / R( E C$ Ab'4 E C$ B$'8 $#) (H) 'n #1+ % ) -5CEH -5C-H -5EEH -5FEH -5>EH -5>-H -5<EH

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH -5->EH -5->H

FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH -5->EH -5->H

OPTIONS BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ B$'8 $#) (R() 'n #1+ % )
[73]

M'nt+ B %', R( < %#1 R( < %#1 /R( E %#1 R( E %#1 6 R( 0- %#1 R( 0- %#1 / R( <- %#1 Ab'4 R( <- %#1 PLAN C F P#*#b% / R( DDD P $ M'nt+

DE .E CE CIE

M#=imum ;u#$t $%* &$

tu$n'4 $ (CASH & BTST) 6 R( I7--7---

A&t $ t+i( 1+#$) ( #( &'%%',( 6:

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ ;u#$t $ B %', R( 0- %#1 R( 0- %#1 /R( <E %#1 R( <E %#1 6 R( E- %#1 R( E- %#1 / R( 0 C$ R( 0 C$ / R( < C$ R( < C$ / R( E C$ Ab'4 E C$ B$'8 $#) (H) 'n #1+ % ) -5CEH -5C-H -5EEH -5FEH -5>EH -5>-H -5<EH

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH -5->EH -5->H

[74]

FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( E C$ R( E C$ /R( 0- C$ R( 0- C$ 6 R( <- C$ Ab'4 R( <- C$ B$'8 $#) (H) 'n #1+ % ) -5-EH -5-FH -5->EH -5->H

OPTIONS BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( < %#1 R( < %#1 /R( E %#1 R( E %#1 6 R( 0- %#1 R( 0- %#1 / R( <- %#1 Ab'4 R( <- %#1 B$'8 $#) (R() 'n #1+ % ) DE .E CE CIE

In #%% t+ ( "%#n( ICICI b#n8 "$'4i! ( m#=imum !i&& $ nt ;u#$t $%* &$ tu$n'4 $ 'n t+ b#(i( '& t+ 1+#$) ( '& "%#n( #n! 'n t+i( &$ tu$n'4 $ b#n8 1'u%! 1+#$) #n* #m'unt '& b$'8 $#) 5 I& t+ 1u(t'm $ 1#n 1$'(( t+ %imit '& &$ ;u#$t $%* tu$n'4 $ #&t $ t+i( b#n8 1#n b 1+#$) b$'8 $#) 'n t+ =1 (( #m'unt5 T+ #m'unt '& b$'8 $#) 1#n b 1+#$) 'n t+ b#(i( '& t+ tu$n'4 $ '& t+ 1u(t'm $5

[75]

F) IDBI P#i(#bui%! $ / SOME PLANS OF IDBI BANK

CLASSIC A11'unt '" nin) 1+#$) ( / C--G6

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( < %#1 R( < %#1 /R( E %#1 R( E %#1 6 R( 0- %#1 R( 0- %#1 / R( <- %#1 R( <- %#1 / R( F- %#1 R( F- %#1 / R( 0 C$ R( 0 C$ / R( E C$ R( E C$ 6 #b'4 B$'8 $#) (H) 'n #1+ % ) -5E-H -5FEH -5F-H -5>EH -5>-H -5<EH -5<-H -50EH

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( < C$ R( < C$ /R( F C$ R( F C$ 6 R( I C$ R( I C$ / R( . C$ R( . C$ / R( 0- C$ Ab'4 R( 0- C$ B$'8 $#) (H) 'n #1+ % ) -5-E-H -5-FEH -5-F-H -5->EH -5->-H -5-<-H

[76]

FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ " $ M'nt+ B %', R( < C$ R( < C$ /R( E C$ R( E C$ 6 R( 0- C$ Ab'4 R( 0- C$ OPTIONS TRANSACTIONS Min B$'8 $#) B$'8 $#) (H) 'n #1+ % ) -5-F.H -5-F-H -5->EH -5-<EH 0H '$ R( 0-- 3+i1+ 4 $ i( Minimum

A11'$!in) t' t+i( "%#n 1u(t'm $ +#4 t' "#* R( C--G 6 &'$ t+ #11'unt '" nin) In t+i( "%#n b$'8 $#) i( b#( ! 'n tu$n'4 $ " $ m'nt+ '& t+ 1u(t'm $ 5 M'$ t+ tu$n'4 $ % (( $ t+ b$'8 $#)

PREMIUM 6 ADVANCE SUBSCRIPTION PLAN A11'unt O" nin) F / E---

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 0E--0E--- 6 <E--<E--- / E---E---- / 0 %#1 0 %#1 / #b'4 B$'8 $#) % ) NIL -5<EH -5<-H -50EH -50-H (H) 'n #1+

[77]

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 05E %#1 05E %#1 / <5E %#1 <5E %#1 / E %#1 E %#1 / 0- %#1 0- %#1 / #b'4 FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 05E %#1 05E %#1 / <5E %#1 <5E %#1 / E %#1 E %#1 / 0- %#1 0- %#1 / #b'4 B$'8 $#) (H) 'n #1+ % ) NIL -5-<EH -5-<-H -5-0EH -5-0-H B$'8 $#) (H) 'n #1+ % ) NIL -5-<EH -5-<-H -5-0EH -5-0-H

OPTIONS TRANSACTIONS Min B$'8 $#) -5CEH '$ R( CE 3+i1+ 4 $ i( +i)+ $

A!4#n1 (ub(1$i"ti'n 4#%u i( 4#%i! &'$ 'n * #$ T+ #m'unt ,+i1+ i( )i4 n in &'$m '& A!4#n1 #!Lu(t ! 'n%* in b$'8 $#) 5 (ub(1$i"ti'n 4#%u

T+ #m'unt ,+i1+ i( )i4 n in &'$m '& A!4#n1 (ub(1$i"ti'n 4#%u i( n't $ &un!#b% 5 A11'$!in) t' t+i( "%#n t+ #m'unt '& b$'8 $#) +#( b n 1#%1u%#t ! 'n t+ b#(i( '& tu$n'4 $ '& 4'%um '& (+#$ ( " $ !#*5

[78]

A11'unt O" nin) F

/ 0D--

DELIVERY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 0E--0E--- 6 <E--<E--- / E---E---- / 0 %#1 0 %#1 / #b'4 B$'8 $#) (H) 'n #1+ % ) NIL -5>EH -5>-H -5<EH -5<-H

INTRADAY BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 05E %#1 05E %#1 / <5E %#1 <5E %#1 / E %#1 E %#1 / 0- %#1 0- %#1 / #b'4 B$'8 $#) % ) NIL -5->EH -5->-H -5-<EH -5-<-H (H) 'n #1+

FUTURES BASED TRANSACTIONS T't#% E%i)ib% tu$n'4 $ #( " $ 4'%G!#* 0 / 05E %#1 05E %#1 / <5E %#1 <5E %#1 / E %#1 E %#1 / 0- %#1 0- %#1 / #b'4 B$'8 $#) % ) NIL -5->EH -5->-H -5-<EH -5-<-H (H) 'n #1+

[79]

OPTIONS TRANSACTIONS Min B$'8 $#) -5CEH '$ R( CE 3+i1+ 4 $ i( +i)+ $

A!4#n1 (ub(1$i"ti'n 4#%u i( 4#%i! &'$ (i= m'nt+( T+ #m'unt ,+i1+ i( )i4 n in &'$m '& A!4#n1 #!Lu(t ! 'n%* in b$'8 $#) 5 (ub(1$i"ti'n 4#%u

T+ #m'unt ,+i1+ i( )i4 n in &'$m '& A!4#n1 (ub(1$i"ti'n 4#%u i( n't $ &un!#b% 5 A11'$!in) t' t+i( "%#n t+ #m'unt '& b$'8 $#) +#( b n 1#%1u%#t ! 'n t+ b#(i( '& tu$n'4 $ '& 4'%um '& (+#$ ( " $ !#*5

CONCLUSION AND RECOMMENDATIONS

According to the study, I+,-S In estsmart takes the lead in the category of (orporate 'rokers !ith an ad antage of &S'( )roup at its side. II+ is better ser ice pro ider than its competitors because of its alue added ser ices like free S$S Alerts and free research reports and e"pert financial ad ice etc.. and other ser ices at minimal charges. The findings also sho!ed that APIS 'ank charges e"ceptionally high fee for almost all of its ser ices, hence stands *uite behind as a competitor for I+,-S In estmart, and infact !as least preferred among the respondents. A large number of people ha e their 8emat and Trading accounts and prefer to in est in deri ati es and securities market. $a"imum number of people seeks returns and ta" benefits from their in estments. $ost of the respondents that had 8emat and Trading accounts !ere businessmen. The ma"imum number of respondents preferred II+ o er other (orporate 'rokers. &o!e er, I8'I is a close competitor to II+, be it the *uality of ser ice or the charges and fees. &ence, there is still some room for impro ement for II+. -ollo!ing recommendations might pro e of some help2

[80]

There is a need to acti ely promote the products and ser ices for I+,-S In estsmart .II+/. :ecent ac*uisition by &S'( )roup can pro e a ery effecti e !eapon for II+, since &S'( )roup is one of the largest financial organisations of the !orld. %ith merely its brand name, II+ can build a larger customer base across the country. (lients need to be ackno!ledged of the benefits of di ersified in estments, since most of the people are reluctant to in est due to the fear of capital loss and lack of a!areness. Trainings and seminars should be constantly held for the staff to impro e their strategies and skills, especially since they face bigger challenge on *uality ser ices, being a part of &S'( )roup.

LIMITATIONS OF THE STUDY

In(u&&i1i nt !#t#: The data a ailable for the report !as inade*uate. $ost companies are reluctant to pro iding accurate data. As a result, some parts of the study had to be built on some assumptions as !ell. Di&&i1u%t* in Mu#%it#ti4 C'm"#$i('n: Since the different brokers offer different in estment plans, it becomes difficult to compare them accurately on the *ualitati e grounds for ser ices. -or e"ample, in the case of online trading, some brokers charge their brokerage on a turno er basis, !hile others don#t. P$im#$* !#t# '& # "#$ti1u%#$ $ )i'n: The primary data !as collected from a sample population of Jaipur city. The responses may differ for different cities. &ence, a alid inference could not be dra!n based on the primary data.

[81]

S#m"% SiB : The sample siAe for the research !as *uite small and may not gi e an accurate picture of the actual scenario.

APPENDICES
D'1um nt( #n! &%* $( 1'%% 1t ! &$'m (in ( $i#% '$! $):

ICICIDI$ 1t A9IS B#n8 IDBI P#i(#bui%! $ IL&FS In4 (t(m#$t St#n!#$! C+#$t $ !

[82]

[83]

REGISTERED OFFICE : 5th Floor, Mafatlal Centre, Nariman Point, Mumbai 400 021. BACK OFFICE OPERATIONS : IDBI Building, round Floor, !B" #ing, Plot No. $%&41, 'e(tor 11, CBD Bela)ur, Na*i Mumbai & 400 +14.

Schedule A - IDBIpaisabuilder.i Fee S!ruc!ure "r#$ %!h Februar& '((%

[84]

). Basic

Prici * + Fea!ures

/((ount -)ening Charge0 10.4%% Deli*er2 Bro3erage Intrada2 Bro3erage Future0 Bro3erage7 0.+54 0.0554 0.0554 1.254 of )remium or 10100 )er -)tion0 Bro3erage 6ot,#hi(he*er i0 higher 5a(h 6eg 5a(h 6eg 5a(h 6eg for -)en )o0ition 5a(h 6eg on bu2 8 0ale for o)en )o0ition and 0ame da2 09uare off

T#!al Eli*ible Tur #4er per 5# !h :) to 10. 2,00,000

Br#6era*e Per 1e* /70 0.50 0.45 S!rea$i * Not -ffered 0.40 E,E 0.$5 N#! O""ered 0.$0 0.25 0.20 0.15

, Per -)tion Contra(t .raded Pla!"#r$

10. 2,00,001 & 10. 5,00,000 10. 5,00,001 & 10 10,00,000 Classic 10. 10,00,001 & 10 20,00,000 -ffered Free 10. 20,00,001 & 10 40,00,000 10. 40,00,001 & 10. 1,00,00,000 10. 1,00,00,001 & 10. 5,00,00,000 /bo*e 10. 5,00,00,000 '.Classic

Prici * + Fea!ures

Acc#u ! #pe i * char*es

Rs.-((.-

/A0 DE1I2ER3-BASED TRANSACTIONS

[85]

[86]

[87]

[88]

[89]

[90]

REFERENCES

Qristi A Tange, 8eri ati es operations, )oldman Sachs , (o., 9e! Iork, CSA .600;/ E((ircle analysis of the financials .600=/ )oldman Sachs .$ay 600=/ 8ealogic, the )lobal 8eal 8ata 4ro ider .600=/ Indian 'rand 5*uity -oundation .June 600=/ 9e!s :elease by &S'( &oldings plc .April6=, 600=/ The Association of In estment Trust (ompanies .7ctober 6004/

BIBLIOGRAPHY

,,,5in4 (t(m#$t5in ,,,5+!&1( 151'm ,,,5#=i(b#n851'm ,,,5i1i1i!i$ 1t51'm ,,,5i!bi"#i(#bui%! $51'm

[91]

,,,5(t1i'n%in 51'm ,,,5n#ti'n,i! 51'm ,,,5bu(in ((, 851'm ,,,5&in#1i#% ="$ ((51'm ,,,5+(b151'5in

[92]