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A
Project study report
ON
Training Undertaken at



BROKING FIRMS.


Submitted In the partial fulfillment for the
Award of Degree of
Master of Business Administration
(2010-2012)



Submitted by: - Submitted to:-
Priyanka Ms. Padma Sharma
MBA 3
rd
SEM Asst. professor MBA dept.



2010-2012

Arya College of Engineering & Research Centre



preface


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The MBA curriculum is so designed that student get enough practical
knowledge of business world which helps them to explore their skills in
the corporate world in future
The summer training programme helps the students to understand and
gain knowledge about the industry & market environment. It develops
skills of analyzing & interpreting problems through application of
concepts & techniques of management.
Trainee did a project from indiabulls securities ltd., Dhanbad branch.
The study consists of following chapters.
Introduction of indiabulls
Study of product of indiabulls
Market competitors of indiabulls
Analysis of client satisfaction
conclusion













Acknowledgment
I express my sincere thanks to my project guide, Ms. Padma Sharma,
Designation Asst. professor, Department.3
rd
SEM, for guiding me right

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from the inception till the successful completion of the project. I sincerely
acknowledge her for extending their valuable guidance, support for
literature, critical reviews of project and the report and above all the moral
support she had provided to me with all stages of this project.
I would also like to thank Mr. Rajesh Tiwari, for his help and cooperation
throughout our project.


(Signature of Student)
Name of student


























Table of Contents

1 Executive summary
2 Overview of Indiabulls

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3. Overview of Indiabulls Securities
4. Research Methodology

4.1 Title of the Study

4.2 Duration of the Project

4.3 Objective of Study

4.4 Type of Research

4.5 Sample Size and method of selecting sample

4.6 Scope of Study

4.7 Limitation of Study


5.The competitors
5 .Data interpretation
6 .SWOT Analyses
7 .Findings & Suggestions
8 .Conclusions
9 . Appendix
10. Bibliographies







Executive Summary


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India is a large and growing economy with rapidly expanding financial services
sector. The sector has witnessed a transformation over the last decade as a
result of the economic liberalization which started in 1991.The Indian capital
markets have undergone a substantial change over the last decade. India is now
placed among the mature markets of the world. With over 20 million
shareholders, India has the third largest investor base in the world after USA and
Japan.
IndiaBulls is Indias leading Financial Services and Real Estate Company having
over 640 branches all over India. IndiaBulls serves the financial needs of more
than 4,50,000 customers with its wide range of financial services and products
from securities, derivatives trading, depositary services, research & advisory
services, consumer secured & unsecured credit, loan against shares and
mortgage & housing finance
My summer internship was at indiabulls securities ltd, Dhanbad branch ,for a
period of 45 days. I was involved in online trading.
This Project titled A COMPARISON STUDY OF INDIABULLS WITH OTHER
BROKING FIRMS is an attempt to understand the stock market and role played
by Indian retail Brokerage Firms in stock market. The objective of brokerage
firms is to help the investor to minimize the risk involved in investment and
maximize the return. Some of the main characteristics of the brokerage industry
include growth in e-broking; growing derivatives market, decline in brokerage
fees etc. An endeavor was also made to understand the role played by Indiabulls
Securities compared to its competitors in Indian retail brokerage market.

The role played by Indian retail brokerage industry is of immense significance,
taking into account the health of the capital markets and the intensity of
competition among the brokerage companies.


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OVERVIEW OF
Introduction
Indiabulls Group is one of the country's leading business houses with business
interests in Power, Financial Services, Real Estate and Infrastructure. Indiabulls
Group companies are listed in Indian and overseas financial markets. The Net
worth of the Group is Rs 16,844 Crore and the total planned capital expenditure
of the Group by 2013-14 is Rs 35,000 Crore.
Indiabulls Power is currently developing Thermal Power Projects with an
aggregate capacity of 5400 MW. The first unit is expected to go on stream in May
2012. The net worth of Indiabulls Power is Rs 3,919 Crore. The company has a
total capital expenditure of Rs 27,500 Crore. The company has been assigned
'BBB' rating.
Indiabulls Financial Services is one of Indias leading non-banking finance
companies providing Home Loans, Commercial Vehicle Loans and Secured SME
Loans. The company has a net worth of Rs 4,661 crore with an asset book of Rs
23,792 Crore. The company has disbursed loans over Rs 50,000 Crore to over
300,000 customers till date. Amongst its financial services and banking peers,
Indiabulls Financial Services ranks amongst the top few companies both in terms
of net worth and capital adequacy. Indiabulls Financial Services has been
assigned AA+ rating and has presence in over 87 cities and towns with a total
branch network of 170 branches.

Indiabulls Real Estate is among India's top Real Estate companies with
development projects spread across residential complexes, integrated townships,
commercial office complexes, hotels, malls, Special Economic Zones (SEZs) and

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infrastructure development. Indiabulls Real Estate partnered with Farallon Capital
Management LLC of USA to bring the first FDI into real estate in the country. The
company has a net worth of Rs 7,505 Crore and has purchased prime land,
mostly in the metros and other Tier 1 cities worth Rs 4,000 Crore in government
auctions alone. Indiabulls Real Estate is currently developing 64.32 million sqft
into premium quality, high-end commercial, residential and retail spaces. The
company has been assigned 'A+' rating.

Indiabulls Securities is one of India's leading capital markets companies
providing securities broking and advisory services. Indiabulls Securities also
provides depository services, equity research services and IPO distribution to its
clients and offers commodities trading through a separate company. These
services are provided both through on-line and off-line distribution channels.
Indiabulls Securities is a pioneer of on-line securities trading in India. Indiabulls
Securities in-house trading platform is one of the fastest and most efficient
trading platforms in the country. Indiabulls Securities has been assigned the
highest rating BQ-1 by CRISIL.
The rise & foundation of
Year 2000-01:
One of Indias first trading platforms was set up by IndiaBulls Financial Services
Ltd. with the development of an in-house team
Year 2001-03:
The service offered by IndiaBulls was increased to include Equity, F&O,
Wholesale Debt, Mutual fund, IPO Financing/Distribution and Equity Research.

Year 2003-04:

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In this particular year IndiaBulls ventured into Distribution and Commodities
Trading Business

Year 2004-05:
This was one of the most important years in the history of IndiaBulls. In this year:
IndiaBulls came out with its initial public offer (IPO) in September 2004.
IndiaBulls started its Consumer Finance business.
IndiaBulls entered the Indian Real Estate market and became the first company
to bring FDI in Indian Real Estate.
IndiaBulls won bids for landmark properties in Mumbai

Year 2005-06:
In this year the company acquired over 115 acres of land in Sonepat for
residential home site development. The world renowned investment banks like
Merrill Lynch and Goldman Sachs increased their shareholding in IndiaBulls. It
also became a market leader in securities brokerage industry, with around 31%
share in Online Trading. The worlds largest hedge fund, Farallon Capital and its
affiliates committed` 2000 million for IndiaBulls subsidiaries Viz. IndiaBulls Credit
Services Ltd. and IndiaBulls Housing Finance Ltd. In the same year, the Steel
Tycoon Mr. LN Mittal promoted LNM India Internet venture Ltd. acquired 8.2%
stake in IndiaBulls Credit Services Ltd.
Year 2006-07:
In this year, IndiaBulls Financial Services Ltd. was included in the prestigious
Morgan Stanley Capital International Index (MSCI). IndiaBulls Financial Services
Ltd. was benefited with the Farallon Capital agreeing to invest` 6,440 million in it.
The company also received an in principle approval from Government of India
for development of multi product SEZ in the state of Maharashtra. IndiaBulls
Financial Services Ltd acquired 100% of the equity share capital of Noble
Realtors Pvt Ltd. Noble Realtors is a Company engaged in the business of

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construction and development of real estate projects. IndiaBulls Real Estate
Business was demerged to become a separate entity called IndiaBulls Real
Estate Ltd. The Board of IndiaBulls Financial Services Ltd. Resolved to
Amalgamate IndiaBulls Credit Services Ltd and demerge IndiaBulls Securities
Limited.
IndiaBulls Financial Services Ltd.

The Board of Directors

Sameer Gehlaut CH and CFO
Gagan Banga Exec. Director
Rajiv Rattan CEO
Saurabh K Mittal Director
Shamsher Singh Director
Aishwarya Katoch Director
Karan Singh Director
Prem Prakash Mirdha Director
Amit Jain Co. Secretary













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An overview of company people
The company was established by three engineers from IIT Delhi, and has
attracted significant amount of investments from venture, private equity and
institutional investors. The details are as follows:



Mr. Sameer Gehlaut Mr. Rajiv Rattan Mr. Saurabh Mittal
Chairman, CEO, President, CFO, Co-Founder,
Whole-time Director Whole-time Director Electrical Engineer
Mechanical Engineer, Electrical Engineer, IIT, Delhi
IIT Delhi IIT Delhi Worked in
Worked for Halliburton Worked in Schlumberger
In the United States. Schlumberger MBA from
Acquired Inorbit Securities Harvard Business
in 2000 to establish School
IndiaBulls.










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VISION
To achieve and retain leadership, India Bulls shall aim for complete customer
satisfaction, by combining its human and technological resources, to provide
superior quality financial services. In the process, India bulls will strive to exceed
Customers expectations.
QUALITY OBJECTIVE
As per the Quality Policy, IndiaBulls will:-
Build in-house processes that will ensure transparent and harmonious
relationships with its clients and investors to provide high quality of
services.
Establish a partner relationship with its investor service agents and
vendors
that will help in keeping up its commitments to the customers.
Provide high quality of work life for all its employees and equip them with
adequate knowledge & skills so as to respond to customers needs.
Continue to uphold the values of honesty & integrity and strive to establish
unparalleled standards in business ethics.
Use state-of-the art information technology in developing new and
innovative financial products and services to meet the changing needs of
investors and clients.
Strive to be reliable source of value-added financial products and services
and constantly guide the individuals and institutions in making a judicious
choice of same.




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Introduction to particular firm
INDIABULLS SECURITIES LIMITED :- The Company's primary business activity
is to carry on business of stock and share broker on National Stock Exchange of
India Limited and Bombay Stock Exchange Limited. The Company also provides
depository services,mutual fund and initial public offering (IPO) distribution to its
clients. The Company is a depositary participant with the National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL) for settlement of dematerialized shares. It performs clearing services for
all securities andco mmo di ti e s transactions. Clients of the brokerage business
are able to use the depositary services to execute trades through the Company
and settle transactions. ISL is a corporate member of capital market & derivative
segment of The National Stock Exchange of India Ltd.
IndiaBulls Commodities Private Limited (ICPL), a 100% subsidiary of IndiaBulls
Securities Limited, offers commodity brokerage services to its customers. ICPL is
a registered Trading-cum-Clearing member of Multi Commodity Exchange of
India Ltd. (MCX) and National Commodity and Derivatives Exchange Ltd
(NCDEX).













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INDIABULLS OFFERS
Broker Assisted trade execution
Automated online investing
Access to all IPOs [Initial Public offer]
Sales of Equity, Derivatives and commodities instruments listed on NSE,
BSE, NCDEX and MCX
BROKERAGE OFFERING:- IndiaBulls retail equity business primarily covers
secondary market equity broking. It caters to the needs of individual Indian and
Non-resident Indian (NRI) investors. They offer broker assisted trade execution
and automated online investing and trading facilities to the customers.
Automated online investing and trading includes automated order placement and
execution of market and limit equity orders; and advanced trading platforms for
active traders. All investors have full access to real -time quotes, personalized
portfolio tracking, charting and quote applications, real-time market commentary,
real-time quotes and news.

ONLINE AUTOMATED CHANNEL:-Automated Online Business contributes
more than 34.6% of their overall revenues. They control more than 20% market
share in the online business. Clients are able to obtain financial information and
execute trades on an automated basis through their online channel using product
offerings like Power IndiaBulls and IndiaBulls Market Trader. This channel is
designed to provide added convenience for clients and minimize our costs of
responding to and processing routine client transactions. Online channels include
the IndiaBulls Group Professional Network that provides access via our web-site
www.indiabulls.com to information and trading service on the Internet.
Additionally, Power IndiaBulls online trading system is designed for the high
volume trader and provides enhanced trade information and order execution
integrated software-based trading platform
There are 3 mediums of using / accessing their Trading Services.

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Power IndiaBulls (PIB)
IndiaBulls Signature Account
Relationship manager (RM)
Power IndiaBulls:-The Power IndiaBulls software is ideally suited for the active
trader. This software gets installed on the client machine and is similar to a
Dealer Terminal over the Internet. The terminal has a lot of features that makes it
extremely usable from the point of view of a trader who is active in the market.

Some of the product features are
Integrated market watches for cash and derivatives
Multiple tick by tick charting
Advanced Technical Analysis
Single key stroke order entry
Multiple customizable market watches
Easy to use risk management reports
Secured Socket Layer connectivity with server
Two second order confirmation turnaround time even during peak hours

INDIABULLS SIGNATURE ACCOUNT:- A multitude of ways to access the
account either through priority access to Relationship Manager over phone or
online access to the Account & Research Tools

FEATURE:-
Priority Service Enjoy priority telephone access that gives direct access
to the Relationship Manager.
Premium Research Benefit from full access to IndiaBulls Equity Analysis ,
our objective, fact-based approach to rating stocks.
Online Accounting Stay on the top of your investments with a snapshot of
your Account Statements. Get access to Portfolio statement and access to
digital contract notes.

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BENEFITS:-

Control Stay on top of your investments with convenient access to your
account online or by phone.
Confidence Support your investing decisions with premium in-depth
research - IndiaBulls Equity Analysis.
Value Enjoy competitive commissions and get the service and support you
need at a fair price
It offers the unique feature of relationship manager.

RELATIONSHIP MANAGER:- Relationship Manager driven sales model,
provide high quality service and exploit cross-sell opportunities.
Companys clients benefit from the personal attention and advice of the trained
and motivated relationship managers. All our relationship managers are qualified
and educated professionals, who have been extensively trained in-house to
provide the products and services to the clients.
These relationship managers are encouraged to develop long-term relationships
with the clients and can access a variety of resources within our Company, such
as insurance specialists, research services and others to add value to our clients.
Most of our clients have dedicated relationship managers irrespective of the
channel they use.
IndiaBulls Securities And Derivatives Broking:- ISL is engaged in the
business of Internet based trading and is registered with SEBI as a stockbroker,
trading and clearing member of NSE, member of BSE and as a depositary
participant with National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL). ISL is also a member of the
National Securities Clearing Corporation Limited.

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RESEARCH METHODOLOGY
TITLE OF THE PROJECT

Project Profile:

COMPARISON OF INDIABULLS WITH OTHER BROKING FIRM
DURATION OF THE PROJECT:
The duration of the project was 45 days.
Each research study has its own specific purpose. It is like to discover to
question through the application of scientific procedure. But the main aim of my
research is to find out the truth that is hidden and which has not been discovered
as yet. My research study has two objectives:-
.
OBJECTIVE OF THE PROJECT:
PRIMARY OBJECTIVE: - How IndiaBulls Securities Ltd is best service provider
as a stock broker in the Tri-city region.

SECONDARY OBJECTIVE: -
1. To know about the awareness towards stock brokers and share market.
2. To study about the competitive position of IndiaBulls Securities Ltd in
competitive market.
3. To know the perception and psychology of investors towards share trading.
4. To study about the effectiveness & efficiency of IndiaBulls Securities Ltd in
relation to its competitors.
5. To know the perception and psychology of investors towards share trading.

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6. To study about whether people are satisfied with IndiaBulls Securities
Services & Management System or not.
7. To study about the difficulties faced by clients while Trading in IndiaBulls
Securities Ltd.
8. To study about the need of improvement in existing Trading system.
Research Methodology refers to the search for Knowledge. It is a way to
systematically solve the research problem. In it we study the various steps that
are generally adopted by the researcher in studying his research problem along
with logic behind them.
TYPES OF RESEARCH

On the basis of theoretical study a research has many types. All of these are
distributed on the nature of research. Some of these are like
1. Descriptive and Analytical
2. Qualitative and Quantitative
3. Conceptual and empirical
4. Applied and fundamental
5. One time research
My research is based on Descriptive, Qualitative and Quantitative research.
Descriptive Research:- Descriptive research includes surveys and fact finding
enquires of different kinds. The major purpose of descriptive research is
description of the state of affairs as it exists at present. Researcher has no
control over the variables of this type of research.
Qualitative Research:- In our research we need comparison between different
stock brokers. So this based on all qualitative data. In short, Qualitative research
is especially important in the behavioral sciences where the aim is to discover the
underline motives of human behavior. Through such research we can analyses
various factors which motivate to people to behave in a particular manner or
which make people like or dislike a particular thing.

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Quantitative research:- Quantitative research is based on the measurement of
quantity or amount. It is applicable to phenomena that can be expressed in terms
of quantity. So we can use it in our research for collection of all the numerical
data.
SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given
population. It refers to the technique or the procedure the researcher would adopt
in selecting item for the sample
Generally Sample designs are two types

1. PROBABILITY RESEARCH DESIGN
2. NON PROBABILITY RESEARCH DESIGN

I used the probability research design.

SAMPLING UNITS
Sampling unit may be a geographical one, such as state, district, village etc. The
researcher will have to decide one or more of such units that he has to select for
his study.
In my research study Dhanbad as a sampling unit.
SIZE OF SAMPLE
This refers to the number of items to be selected from the universe to constitute
a sample
In my research sample size is 70.

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But I also studied the stock broker companies related to security market like
India infoline, ICICI direct, HDFC securities, Karvy consultant ltd. for the
appropriate collection of the information.
DATA COLLECTION
While deciding about the method of data collection to be used for the study the
researcher should keep two types of data.
1. Primary Data: - which is collected by new research called primary data.
Personal Interview
Close observation
Survey conduction
2. Secondary Data: - already existing data is called secondary data. I collected
them by following method
Internet
Books
Survey Method: - Survey refers to the method of securing information
concerning phenomena under study from all or selected number of respondents
of the concerned area. In a survey the investigator examines those phenomena
which exist in the universe independent of his action. We used the Scheduling
Method.
Scheduling: - In this method the enumerators along with schedules, go to
respondents, put to them the questions from the Performa in the order the
questions are listed and recorded the replies in the space meant for the same in
the performa.
Details of actual work undertaken
As per my project which is comparison of indiabulls with other broking firm I
have to compare the different stock brokers available in market and I have to find

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out how many people know about the stock market and whether they are
interested in investing.
I have also learned how Demat accounts are opened and what all documents are
required to open an account
ACCOUNT OPENING
To avail the services of a depository an investor is required to open an
account with a depository participant of any depository.

PROCEDURE FOR OPENING AN ACCOUNT
A Demat account are opened on the same lines as that of a Bank Account.
Prescribed Account opening forms are available with the DP, needs to be filled
in. Standard Agreements are to be signed by the Client and the DP, which details
the rights and obligations of both parties
The DP officials will make available the relevant account opening form
(depending on whether the client is a retail investor or corporate client/clearing
member) and specify the list of documents regarding references that should be
submitted along with the form. It will also give a copy of the relevant agreement
to be entered with the client, in duplicate.

The client will submit the duly filled in account opening form and client has to
visit personally for opening the account in DP. The DP officials have to do in
person verification and affix the IN PERSON VERIFICATION stamp on the
account opening form. It should also furnish such documents regarding
references, as specified by the DP, along with the account opening form. After
executing the agreement the client has to forward it to the DP.
The DP officials will verify that the account opening form is duly filled in. It will
also verify the enclosed documents, if any. Incomplete forms will be forwarded to
the client for rectification.
For Corporate Clients, the DP officials will verify if the board resolution for

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the authorized signatories is enclosed.
In case the documents are not proper, the DP officials will reject the form
and intimate the client of the same, stating the reasons for doing so.
If the form is in order; the DP officials will accept the same and affix the stamp
verified with original on each and every proof after seeing the original proofs.
After completion of all documentation, the DP officials will verify the pan from
income tax website. And affix the stamp PAN VERIFIED with date and sign on
the stamp.
The DP officials will enter the client details as mentioned in the account opening
form in the DPM (software provided by NSDL & CDSL to the Participant) screen
provided for the purpose. In case of NSDL A/c opening the SR. Assist will
capture all the details in the DPM and record the clients signature (on the form)
as specimen for authorizations in the future.
After entering client details in the system, a client account number will be
generated by the DPM. The DP officials will enter this in the account opening
form. After that the officers will verify the details in the DPM captured by the SR.
Assist. and activate the account.
The DP officials are not allowed to give the demat a/c no to the clients
until the a/c is activate, this is applicable for both NSDL & CDSL.
When the demat a/c is activated the DP officials have to send the client master
and the copy of agreement between DP and client at the clients address
The account holder is called 'beneficial owner' in a depository system and the
account is known as 'beneficiary account'

DOCUMENTS REQUIRED FOR DEMAT ACCOUNT
Proof of Identity (POI):
Passport
Voter ID card
Driving license
PAN card with photograph
Identity card with applicants photograph issued by

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1. Central or state government and its department
2. Statutory/regulatory authorities
3. Public sector undertakings
4. Scheduled commercial banks
5. Public financial institutions
6. College affiliated to universities


proof of Address (POA):
Ration card
Passport
Voter ID card
Driving License
Bank passbook
Verified copies of :
1. Electricity bills (not more than 2 months old)
2. Residence landline telephone bill (not more than 2 months old)
3. Leave & license agreement/agreement to sell (duly attested)
4. Self declaration by supreme court/high court judges, giving the new address
in respect of their own accounts
Identity card with applicants photograph issued by
1. Central or state government and its department
2. Statutory/regulatory authorities
3. Public sector undertakings
4. Scheduled commercial banks
5. Public financial institutions
6. College affiliated to universities.
Passport-size photograph
Copy of PAN card along with original PAN card for verification

Bank details:

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Copy of cancelled cheque with printed name from the bank.
Copy of bank passbook with name and address and copy of cancelled
cheque.
Bank statement with name and address (duly authorized by the bank, if
statement is on plain paper) not more than 4 months old and copy of cancelled
cheque of MICR & bank detail verification.

In case of minor
Date of birth certificate duly notarized
Proof of address and identity documents of the guardian both minor and
guardians photograph and guardian to sign across both photographs
PAN card of minor as well guardian is mandatory

In case of NRI
Foreign address and RBI approval date attested copy of RBI approval
NRO-Indian address along with proofs
Bank account details

In case of joint holdings
In case of joint holdings, POI and POA documents along with PAN card must be
submitted in respect of all account holders. Original documents must be taken to
the DP for verification.

The DP will also provide a copy of the DP-Client agreement.
Account opening form require the applicants to give the following details:
(a) Name(s) of account holder(s) -The investor should ensure that the name
is identical to that which appears on the certificate(s) to be dematerialized. In
case of joint holdings, account may be opened in any one combination,
irrespective of the sequence in which names are appearing on share certificates.
Investors are advised to open their account in their fully expanded name, i.e., to

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spell to the first name as well as the middle name. This would obviate any doubts
about the veracity of the information.
(b) Mailing and communication address(es) - The veracity of the applicant's
address is determined through the documents submitted for verification like
ration card, passport, voter ID, PAN card, driving license, bank passbook, etc.
For NRI accounts, proof is required for both addresses - that of the account
holder as well as the constituted attorney. For corporate accounts, a copy of
Memorandum of Association, Articles of Association, Board resolution permitting
opening of account, the registered address of the company have to be furnished.

(c) Details of guardian in case account holder is a minor -Only a guardian
can open a depository account for a minor. The guardian is required to sign the
application form, and details of his name and address need to be given in
addition to the details of the minor.
(d) Foreign Address and RBI approval details for NRI, FII or OCB
accounts -For foreign-based applicants like NRIs, Flls, OCBs, etc., the applicant
must furnish original or attested copies of the power of attorney and the approval
letter from RBI permitting them to invest, as the case may be.If the account
holder is an FII or an OCB, SEBI registration details along with attested copy of
registration certificate issued by SEBI and authorisation letter is required.
(e) Details of bank account -Details of bank account of the account holder,
including the nine digit code number of the bank and branch appearing on the
MICR cheques issued by the bank have to be filled in the application form.
Companies use this information for printing them on dividend/interest warrants
etc.
(f) Nomination declaration - A beneficial owner can make a nomination of his
account in favour of any person by filing the nomination form with his DP. Such
nomination is considered to be conclusive evidence of the account holder'(s)
disposition in respect of all the securities in the account for which the nomination
is made.
(g) Standing Instruction - a facility of standing instruction is provided to

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the investors for receiving securities to the credit of their accounts without
giving a separate receipt instruction.

The demat account cannot be operated on "either or survivor" basis like
the bank account. In case of the joint account for the beneficial owners, all
the joint holders have to sign the account opening form.

The investor will submit to his DP the duly filled in account opening form &
DP-client agreement along with the documents.
The DP will verify whether the account opening form has been duly filled in
or not. He will also verify the submitted documents. For corporate investors, the
DP will also verify whether the board resolution for the authorized signatories has
been enclosed. The DP will ensure that client's signature is recorded on the form
which will serve as specimen for authorizations in future.

If the application form and documents are in order, then the DP will accept them
and give an acknowledgement slip duly signed and stamped to the client. The
DP will execute the agreement and give a copy of it to the client.

After completion of all documentation, the DP will enter the client details as
mentioned in the account opening form in the DPM (software provided by NSDL
to the DP) screen provided for the purpose. After entering client details in the
system, a client account number will be generated by the DPM. The DP will enter
this in the account opening form.

On successful opening of the account, the DP will give:
Client Id - an eight digit number to be used along with DP Id for any future
transactions.
Delivery Instruction slip book.


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Scope of the study
. Research, as a general concept, is the process of gathering information to learn
about something that is not fully known. Nearly everyone engages in some form
of research.
1) Will help you better communicate: By conducting the research Indiabulls
Securities Limited will be able to communicate to its clients easily. If the company
has proper information regarding the market then they will be able to provide the
required services to its clients on time.
2) Will help identify opportunities: By conducting research the company can
check the competition. They will also be able to know that are they missing
something they can capitalize on. What can they do better than they can? Are
their clients in need of something nobody else is offering?
3) ) Will minimize risk: Just like any situation, if the company is well prepared
then they will be less likely to loose and more likely to win. If the research is
conducted on timely basis then they can also retain their clients for longer period
of time.
4) Will create benchmarks to help you measure progress: If the research is
conducted then they will come to know how well they are doing. By setting the
standard high from the start, the company will be in a better position for
sustained growth.
5) Will help to set competitive price: The research will also help to set better price
as against its competitors in the market, like, many stock broking houses have
low account opening charges as compared to Indiabulls Securities Limited.


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Limitation of the study:

As Jharkhand dealt in survey so it does not represent the view of the total
Indian market.

Size of the research may not be substantial.


There was lack of time on the part of respondents

The survey was carried through questionnaire and the questions were
based on perception.


There may be biasness in information by market participant

Complete data was not available due to company privacy & secrecy








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THE COMPETITORS
Major Competitors of Indiabulls Securities Ltd
Indiabulls Securities faces significant competition from companies seeking to
attract client financial assets, including traditional and online brokerage firms,
mutual fund companies and institutional players having wide presence and a
strong brand name. They are;

ICICI Securities Ltd.
Sharekhan
India Infoline
Religare
HDFC Securities

India Infoline Ltd
India Infoline Ltd is listed on both the leading stock exchanges in India,
viz. the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE).
The India Infoline group, comprising the holding company, India Infoline Ltd and
its subsidiaries, straddles the entire financial services space with offerings
ranging from Equity research, Equities and derivatives trading, Commodities
trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed
deposits and other small savings instruments to loan products and Investment
banking. India Infoline also owns and manages the websites,
www.indiainfoline.com and www.5paisa.com .

India Infoline Securities Pvt Ltd
India Infoline Securities Pvt Ltd is a 100% subsidiary of India Infoline Ltd, which
is engaged in the businesses of Equities broking and Portfolio Management

29
Services. It offers broking services in the Cash and Derivatives segments of the
NSE as well as the Cash segment of the BSE.
A choice of technologically advanced trading that is with the help of 5paisa.com.
5 paisa also represents the availability of world class service to investors at the
lowest possible rate - 5 paisa for every trade of Rs100, i.e., a brokerage rate of
0.05%.

Features of 5 paisa.com:
Paisa sense - They offer a good value for money proposition. Their brokerage
rates are very competitive, charging only 5 paisa for Rs100 of trade done, which
is 0.05% brokerage. They offer the most reasonable rates, independent of your
net worth or volumes. In case of trades that result in delivery, they charge an
additional 0.20% for back office and securities handling.
Personalized service - At 5paisa.com, they are committed to provide you with
unparalleled service, using e-mail, call centers and support staff. They have also
invested in physical infrastructure.
Protection All transactions of 5paisa.com are secure and confidential. The
orders are electronically routed via sophisticated trading systems for execution.
They follow a world class security system that enables them to protect from any
fraud or hacking.
Pedigree - 5paisa.com is a brand renowned for quality of information and
services, they are professionally managed, with a skill set which is of high
standard. Their top management has years of experience in financial services
with leading banks and institutions.

30
Religare:
Strengths of the Religare are:
1. Religare gives interest on unutilized cash when investor is waiting to make
next trade or online investment.
2. Religare Allow their investor to trade without having to worry about cash
margin. Investor can get exposure (on cash segment) as high as 20 times for
intraday trades.
3. They provide intraday reports and historical charting.
4. Lifetime free DP account.
5. Varity of fee structure to fulfill need of different type of investors.

Sharekhan Securities
Sharekhan was created when SSKI Investor Services Pvt. Ltd., a company in the
securities and equities segment decided to harness the power of the Internet
and offer services to its customers through an online stock trading portal.
Sharekhan brings and provides a user-friendly online trading facility. They also
have an extensive all-India ground network of franchisees across the country.
The company offers its services through a combination of online and offline
channels. The online model comprises a portal, chat facilities, and 'speed trade'
terminals. And the offline model uses a combination of an IVR infrastructure and
a team of customer agents to receive orders over the telephone.




31
ICICI SECURITIES
ICICI Securities, A subsidiary of ICICI Bank, was set up in February 1993 to
provide investment-banking services to investors in India. As on date ICICI Bank
holds 99.9% of the share capital of ICICI Securities.
ICICI Securities Limited is Indias leading full service investment bank with a
dominant position in all segments of its operations
Corporate Finance
Fixed Income and
Equities.
Features of ICICI securities ICICI provides multiple channels in banking like,
which is unique feature.
Internet Banking
Mobile Banking
ATM banking
Phone Banking
ICICI Securities is amongst the largest arranger of funds in Debt and
Equity segments and also amongst the leading advisors in Mergers and
Acquisitions.
COMPARATIVE ANALYSIS BETWEEN DIFFERENT STOCK BROKERS
After the whole study I found out the following results:-
There are the two type of the transaction: - 1.Intrabased
2. Delivery based


32

Indiabulls security ltd: Charge a 0.05 % on intra based and 0.25 % on delivery
based transactions per 100 rupees.

ICICI Direct: charge a 0.75 % on delivery based and 0.15 % on intra based
transactions per 100 rupees.

Indiainfoline security ltd:
Charges a 0.01 % brokerage for intraday transactions. For trades that do result in
delivery which is less than 20% of total trades, statistically speaking there is a
nominal charge of 0.5 % for securities handling.

Religare Securities Limited:. Religare security ltd charges a 0.3 % on delivery
based and 0.03 % on non delivery based transaction. Service charges and other
charges are separately

Sharekhan: Sharekhan charges a 0.10 % on non delivery based and 0.50 % on
delivery based transactions.
HDFC Securities: HDFC charges 0.15 % on intraday transactions and 0.50 %
INDIABULLS ICICI DIRECT
INDIA
INFOLINE
RELIGARE SHAREKHAN HDFC
Intraday 0.05 0.15 0.1 0.03 0.1 0.15
delivery 0.25 0.75 0.5 0.3 0.5 0.5
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8

33
on delivery transactions
COMPETITIVE ANALYSIS
The Indian retail brokerage industry consists of companies that primarily act as
agents for the buying and selling of securities (e.g. stocks, shares, and similar
financial instruments) on a commission or transaction fee basis.
It has two main interdependent segments: Primary market and the Secondary
market
Objective:
Analyze retail brokerage industry taking into account the health of the capital
markets, Derivative Market and the intensity of competition among the brokerage
companies.
Doing Competitive Analysis for IndiaBulls.

The major growth drivers for brokerage revenue and trading volume are:

Adoption of technology screen-based trading, electronic matching, and
paperless securities
Centralized operations, effective risk management, and control on large
interconnected operations spanning multiple locations, which is enabled by
telecom
connectivity and low costs
Increasing access to capital and the ability to provide margin finance

Parameter Assessment for Doing Competitive analysis

A differentiating aspect is a comparative assessment of the top retail brokerages
on various value indicators, comprising of
Product
Pricing

34
Service delivery model
Unique selling proposition.
. Customers need to analyze the Brokerage Firms Based on these 5
Parameters.
Brokerage & Miscellaneous charges
Quote Software
Execution Platform
Demat Account
Back office Support.
Brokerage & Miscellaneous charges: This accounts for all the charges that
you incur for your trading/investing. A few examples would be: Demat Account
maintenance, Brokerage, Annual account Fee, Telephone based trading
charges, trading software usage charges, etc. We should understand what all
charges we are bound to incur from our broker.
Quote Software: This is used mainly for technical study and for live quotes.
Many people dont evaluate quote software. We typically use software that have
stumbled upon and stick with it just because we have eventually grown
comfortable using it. Does it allow us to back test our strategy? Does it allow
customizing technical signals/parameters? Does it allow adding new indicators?
Does it allow us to see historic data? For, what period is intraday data available?
We might need all this information. We should be clear on what we need and
ensure our quote software provides it all.
Execution Platform: Its nothing but a platform that allows us to execute our
trade fast. It should automate trade management and execution, and should give
protection against human errors.
Demat Account: Demat account should only be opened with a well known and
established brokerage firm in the market.
Back office Support: People while trading face lots of problem because of lack

35
of good back office support. Relationship Managers trading without their clients
knowledge, funds not being transferred, trades not being executed, slow
execution etc are a few examples.
IndiaBulls Securities Trading Products
They provide three products for trading. They are
Cash account
Intraday account
Margin trading
Cash account provides the client to buy 4 times of cash balance in his
trading account.
Intraday product provides the client to buy 8 times of his cash balance in the
trading account.
Mantra account called as margin trading, is a special account to buy on
leverage for a longer duration.









36
Senior Vice President
Regional Manager
Branch Manager
Senior Sales Manager

Support System Sales Function
RM/SRM
ARM
Local Compliance
Officer
Back Office
Executive
Dealer
ORGANISATION STRUCTURE















37
FUNCTIONING OF DEPARTMENTS
1. SALES
KEY ASPECTS OF RMS ROLE
a)CLIENT ACQUISITION
Primary responsibility is to register clients who have the potential of generating
high brokerage annually
Focus not only on account opening but also on margin money from clients
Educate the customers on Indiabulls Trading platform so that he can trade on
his own
Ensure smooth handling of the clients in terms of margin collection and
relationship management
Achieve monthly targets as given by the Vice President(VP) /
Assistant Vice President (AVP) or above.

b) REVENUE GENERATION

Primary responsibility is to generate revenue in excess of 3/4/5
times of own salary on a monthly basis from the allocated/acquired
base of clients
Prepare the plan of action; maintain the daily activity report and
daily revenue plan so that you can meet your brokerage targets.
Identify and acquire high net worth individuals (HNI) clients.

c) CLIENT SERVICING

Guide clients in terms of investment and trading
Rigorous follow up with the allocated clients.
Explain ledgers, contract notes and charges . This maintains complete
transparency with the clients .
Ensure that clients are receiving all relevant documents on time.

38
Visit the top revenue generating clients at least once a week.
Call up clients for trading, margin calls and for margin collection.
Develop and maintain relation with the Clients. Ask for references.
2. OPERATIONS
All work related to:
Punching in kits
Punching in cheques
Checking client account status
Maintaining vouchers of expenses
Payment of various bills
3. Local Compliance
To check whether the dealer is putting correct order or not.
Issuing warning letters.
Verifying the signatures of clients.
SOURCES OF FINANCE



39



40
Offerings

IndiaBulls offers two products: -Get More At IndiaBulls.
1. NIB - Normal IndiaBulls
2. PIB - Power IndiaBulls
NIB Normal IndiaBulls: -
A multitude of ways to access your account either through priority access
to Relationship Manager over phone OR online access to your Account &
Research Tools.
Enjoy priority telephone access that gives you direct access to your Relationship
Manager.

Stay on the top of your investments with a snapshot of your Account Statements.
Get access to Portfolio statement and access to digital contract notes.

PIB Power IndiaBulls: -
Trading just got faster

Features of PIB:
Live Streaming Quotes
Fast Order Entry
Tic by Tic Live Charts
Technical Analysis
Live News and Alerts

IndiaBulls: A Cut Above The Rest
Service Industry is base on differentiation of the product and service IndiaBulls is
different from its competitors because of following reason


41
Internal Marketing: -
The main aim of internal marketing is to train and motivate employees to serve
customers. The selection, training and motivation of the employees will make a
huge difference in customer satisfaction.
In IndiaBulls the employees are well trained and motivated to work
and they work delicately. Because IndiaBulls know that employees attitude will
promote stronger customer loyalty. IndiaBulls designed a sound training
programme and support and rewards for good performance. They can use
Internet, internal newsletters, daily remainders, and employee roundtables to
reinforce customer-centered attitude
External Marketing: -
Describe the normal work to prepare, price, distribute and promote the service to
customers. It is mainly for customers to provide better service for this purpose
IndiaBulls is providing following unique services to his customers: -
1.Relationship Managers who are dedicated to supporting
customers trading and investing needs. They always keep in touch with client
and they give various tips to client by which he can invest in good stocks.
2.Dealers everyday gives confirmations of the clients whole day
trading in the evening after signing out from the Market.

IndiaBulls is providing Funding for trading to its client on nominal rates of
interest i.e. on 18% limit of funding is as follow
Delivery- for delivery trading IndiaBulls providing 2 times funding
Intraday- for this type of trading IndiaBulls is proving 8 times
Funding without charging any interest.

42
Risk management team of IndiaBulls taking care of client portfolio
and
whenever the value of his portfolio will go decrease by 30% client always
informed by his Relationship Manager.
IndiaBulls is providing a software called Power IndiaBulls as
describe
above if a client have his own PC and Internet then he can trade from his
home or office.


Depository Services: -
IndiaBulls is a depository participant with the National Securities Depository
Limited and Central Depository Services (India) Limited for trading and
settlement of dematerialized shares. IndiaBulls performs clearing services for all
securities transactions through its accounts. Company offer depository services
to create a seamless transaction platform execute trades through IndiaBulls
Securities and settle these transactions through the IndiaBulls Depository
Services.
NRI Account
You can now enjoy the convenience of hassle-free and fast way of trading
in the Indian Equity Markets through IndiaBulls NRI Investor Services Our unique
integrated service creates one window for all your trading, depository and
banking needs. You can buy and sell on your computer using our NRI Trading
Account Services, which have been seamlessly integrated with your IndiaBulls
Depository Account and with the HDFC NRE/NRO Bank Account.
IndiaBulls NRI Trading Account - Provides access to comprehensive trading
tools for independent NRI investors


43
IndiaBulls Depository Services - Integrated services for seamless
delivery

HDFC Bank Account - NRE/NRO Accounts with built in tax management
solutions and facility to source all regulatory approvals

IndiaBulls Equity Analysis - Premium Research on 540+co mpa n i e s
updated daily

Promotion: -
IndiaBulls is turning to marketing public relations to directly support corporate
and product promotion and image making. Because public is any group that has
an actual or potential interest in or impact on a companys ability to achieve its
objective. IndiaBulls has its team relationship manager that monitors the attitudes
of organizations publics and distributes information and communications to built
goodwill. They are performing following five functions:
1. Press Relations: - They present news about the organization in the most
positive light.

2.Product Publicity: - All Relationship managers are sponsoring efforts to
publicize product offerings by IndiaBulls i.e. NIB and PIB.

3. Corporate Communication: - They promoting understanding of the
organization through internal and external communications.

4. Counseling: - All RMs advise management about public issues and company
positions and image during good and crises.
IndiaBulls is promoting its product by advertising by following medium:

Electronic media: - By advertise its product via Television

44

Print media: - By various newspapers, brochures, etc.

From above campaign we had good result we have come to know that public is
interested to know about IndiaBulls and shares trading.
Infrastructure: - IndiaBulls also try to demonstrate its service quality through
physical evidence and presentation. Because if we talk about online security
trading then we have to say that physical evidence is important for the company
in IndiaBulls office all client come every day and they trade but with the time
passing IndiaBulls is growing and number of client increasing day by day so
space of office is not sufficient for both staff members and clients also.
FUTURE PLANS OF INDIABULLS SECURITIES LTD
IndiaBulls is now looking at standardizing on Linux and is also considering
migrating to Red Hat Enterprise Linux v.3 to further increase performance. With
growing popularity of Linux on the desktop, IndiaBulls is considering to port its
client application to Linux. In doing so, it hopes to meet the needs of investors
who prefer to use Linux desktops from their home or office in connecting to their
services network
Data interpretation & analyses
Research is conducted for finding the solution of the problem. So to find the
solution of the problem data analysis and interpretation is must. There are some
questions related to this research to interpret the result.
The sample size in this study consisted of 70 individuals and data analyzed from
the response of these 70 individuals.
1.Are you aware of the stock market?
The basic purpose of this question is to know about how many people are
aware of the stock market and its activities.

45






Interpretation:-
This graph shows that all the 70 individuals were aware of stock market. So it
can also be possible that investors will rise in near future.
2. Do you know about investment options available?

knowledge % age
yes 80
No 20
total 100
0
10
20
30
40
50
60
70
80
yes no
no
yes
responses no.of
respondents
% o
response
yes 70 100
no 0 0
total 70 100

46

Interpretation
Only 80% people know the exact meaning of investment. Because of remaining
20% take his/her residential property as an investment. According to law purpose
this is not an investment because of it is not create any profit for the owner.
3.Are you aware of Demat account ?
The basic purpose of this question is to know about awareness of Demat account
among respondents.
Response No of response %of response
Yes 60 86
No 10 14
Total 70 100
80%
20%
yes no

47

Interpretation :
The above table clearly shows that from a sample size of 70 respondents, 60
individuals were aware of Demat account.
4. Most preferable investment scenario
Investment scenario % age
Banks 24
Derivatives & securities market 28
Insurance 4
Bonds 20
Real estate 20
Others 4
Total 100
86%
14%
yes
no

48


Interpretation:
Today scenario is changed so that most area covered by the derivative and
securities market. It is 28% of the total population
5. What is the basic purpose of your investment ?
Investment purpose %
liquidity 30%
returns 25%
Capital appreciation 10%
Tax benefits 20%
Risk covering 5%
others 10%
total 100%



24%
28%
4%
20%
20%
4%
banks
derivatives & securities market
insurance
bonds
real estate
others

49


Interpretation : 75% people are interested in liquidity, returns and tax benefits.
And remaining 25% are interested in capital appreciations, risk covering, and
others.
6. Most important things you take into your mind while making investments?
Factors %
Risk 8
Return 17
Both 75
Total 100


30%
25%
10%
20%
5%
10%
liquidity
return
capital appreciation
tax benefits
risk covering
others

50


Interpretation 75% people are considered the both factors risk as well as returns
but, only 25% considered the risk or returns factor.
7.Do you have Demat & trading account?





Interpretation
Only 75% respondents have de-mat and trading account and remaining 25%
says no because they dont know why shares move up and down.
8%
17%
75%
Risk
Return
Both
60%
40%
YES
no
Account %
yes 60
No 40
Total 100

51

8. Specify the reason of satisfaction with the current broking house?
Satisfaction %
Operating expenses 18
Services 25
Brokerage 57
Total 100


Interpretation
We can see that most of the clients are satisfied with their broking houses
because of the lower brokerage charges which is followed by services they
provide.
9.In which company you have Demat and trading account?
Company %
INDIABULLS 38
INDIAINFOLINE 20
ICICI direct 14
SHAREKHAN 12
KARVY 9
OTHERS 7
TOTAL 100

18%
25% 57%
Operating expenses
Services
Brokerage

52


Interpretation:-
In IndiaBulls Securities Ltd 38% respondents have de-mat & trading account
because of better services and no annual maintenance and other charges except
for brokerage charges









38%
20%
14%
12%
9%
7%
INDIABULLS
INDIAINFOLINE
ICICI Direct
SHAREKHAN
KARVY
OTHERS

53
SWOT ANALYSIS


STRENGTH
Integrated technology
platform
Pan India distribution
network
Relationship manager facility
Power indiabulls has
developed into brand
Strong sales & marketing
teams that deliver market
leading product innovation
WEAKNESS
Lacking of banking arm
Loss of relationship manager
leads to loss of clients

OPPORTUNITIES
Changing demographics with
higher disposable income
Rapid penetration of internet
& computers
Market size & characteristics
THREATS
Economic slowdown
Political instability
Volatile movement in market indices
Competition
substitutes
low product differentiation





54
Competitive Strength of Indiabulls Securities

Indiabulls securities Ltd have a distinct set of competitive advantages that make
it uniquely capable of winning in the marketplace against its competitors
Diverse Branch Network
Bouquet of financial products and services
Advanced technology team that delivers market leading product
innovation
Strong sales and marketing teams with continuous reinvestment and
training
Strong cross-selling opportunities.
Strong and experienced promoters
Leading product innovation and marketing strategies
Well capitalized player, with strong banking relationships and credit
ratings
Ability to combine people and technology in unique ways
Strong market presence and increased market share leading to a virtuous
cycle of growth and Profitability.

Core pillars of Business strategy
Increase the number of Client Relationships.
Offer Diversified Financial Products & Services.
Multiple Channels Enhance Customer Experience and Opportunities.
Low cost and highly scalable business.

Merits of Indiabulls Securities
Low brokerage charges (Competitive) with 0.10 for Intra-day and 0.50 %
for delivery.
Indiabulls securities provide 8 times margin for Intra-day and 4 times
margin for delivery.

55
Indiabulls is suitable for both Day trading & Long term investment
IndiaBulls has software called Power IndiaBulls. It is a Java based
application, with real-time streaming quotes. It is fast in terms of speed
and execution
Research reports are free of cost to trading members.
They Provide 3 in 1 interface, i.e. Demat Account, Trading account & bank
account all are linked in one interface.

De-Merits of Indiabulls Securities
You have to open a bank account with the banks mentioned in Indiabulls
site for Credit/ Debit Facility as they dont have their own bank. And In
ICICI direct , you have a direct debit/credit facility with the bank
Most customers feel that it is difficult to understand the ledger reports of
Indiabulls securities, so proper customer guidance should be given.
Lack of Banking arm
Rural market is yet to be tapped.
More importance should be given to promotions & advertisements.

Value Proposition of Indiabulls Securities
ISL provide a very good Trading tools like Power Indiabulls &
Indiabulls market trader.
Power Indiabulls: A desktop Trading application offering clients
sophisticated trading tools accessible at lightning fast speed.
Indiabulls Market Trader: Browser based trading application built for
retail investor.
Indiabulls Equity Analysis: Premium research on 400 plus companies.
Indiabulls Professional Network: Offers real-time prices, detailed data
and news, intelligent analytics and electronic trading capabilities.

56
Relationship manager: Indiabulls securities robust technology is
integrated with knowledgeable and customer-focused relationship
managers who are available 24X7 to assist the clients.
In Depth Market Analysis and Research
Their special research cell bring you intensive research reports on how the
stock market is faring, when is the right time to invest, when to execute
your order and more. Depending on what kind of investor you are, they
bring you fundamental or basic research and technical research.
Merits & De-merits of Competitors

ICICI securities: It provides products & services in fixed income, equity &
corporate finance.
Merits of ICICI Securities
ICICI Direct is considered best for long term investment.( Indiabulls is
suitable for both Day trading & Long term investment)
A direct debit/credit facility with the bank.
All facilities available under one umbrella.
BTST (Buy today & sell tomorrow) is available; this facility is available only
in ICICI Direct.
Can apply for IPO online (we cant do this in Indiabulls).
Can apply for mutual funds online and can also sell them online.
Internet banking demo which gives customers an opportunity to learn.

De-Merits of ICICI Securities
Brokerage charges are high - intraday 0.3% and 0.75% delivery compared
to other brokerage firms (is considered as highest in the market).
Day trading is a night mare in ICICI because of Web based terminal,
which is very slow. Orders placed at or around 10.00 hrs may be queued
for a while. So

57
intra-day Margin trading could be annoying now & then. It's not much of a
hassle for Cash trading though.
(Indiabulls offers you a trading terminal 'power Indiabulls', which is java
based software. It is fast in terms of speed and execution).
ICICI Direct brokerages are not negotiable ( Where as Indiabulls
Brokerage Charges are negotiable)
While opening Demat account, three accounts are opened ,the saving
bank account, trading account and Demat account and you have to
maintain minimum of rs5000 in case if it is not a salaried account. (That
Rs5000 sleeps without earning any money)
Other banks account cannot be linked with the ICICI trading account.
They charge an annual maintenance charges are Rs540.

Value Proposition of ICICI Securities

E-Instructions: You can transfer securities 24 hours a day, 7 days a
week through Internet & Interactive Voice Response (IVR) at a lower cost.
Now with "Speak to transfer", you can also transfer or pledge instructions
through our customer care officer.

Mobile Request: Access your Demat account by sending SMS to enquire
about Holdings, Transactions, Bill & ISIN details.

The equities research team tracks over 15 key sectors of the Indian
economy and publishes in-depth research reports every year.

The equities team at ICICI Securities comprises of research desk, sales
desk and the trading desks.



58
ShareKhan
Merits of ShareKhan Securities
Low brokerage charges, intraday 0.1% and 0.5% for delivery.
Live streaming quotes
Customer support is good
No monthly charges
Can trade in both BSE and NSE
HDFC SECURITY
HDFC security is the subsidiary of HDFC (Housing Development Financial
Corporation). www.hdfcsec.com would have an exclusive discretion to decide the
customers who would be entitled to its online investing services.
www.hdfcsec.com also reserves the right to decide on the criteria based on
which customers would be chosen to participate in these services .The present
web site (www.hdfcsec.com) contains features of services that they offer/propose
to offer in due course. The launch of new services is subject to the clearance of
the regulators, i.e, SEBI, NSE and BSE.
PRODUCT OFFERED BY HDFC SECURITY
Online trading for Resident & Non Resident Indians.
Cash-n-Carry on both NSE and BSE.
Day trading on both NSE and BSE.
Trade on Futures & Options on the NSE.
Online IPO's.
Telephone-based Broking (Equity & Derivatives).

De-Merits of ShareKhan Securities
No BTST (buy today sell tomorrow), in ShareKhan you cant sell a share today
which you bought yesterday.
You have to open a bank account with the banks mentioned in ShareKhan
site.

59
Streaming quotes requires JVM (Java Virtual Machine); this may be big
headache for customers.
Annual charges are Rs330.
Their trading terminals are certainly not for "investors", only for active
traders. That is because, you have to trade a certain volume every month,
otherwise you end up paying a fine

Comparing ShareKhan & ICICI Direct

Sharekhan ICICI Securities
Live Streaming quotes No live streaming quotes
but streaming quotes require JVM
No BTST facility BTST facility is available
(Buy today sell tomorrow)
Annual Maintenance charge Rs 330 Annual Maintenance charge Rs
540
You have to open a bank account other banks account cannot be
With the banks mentioned in ShareKhan
site
linked with ICICI trading account
Can apply IPO online Can apply IPO online
Not necessary while opening a Demat account
you
Need to maintain a minimum of
Rs 5000
Can trade in BSE & NSE Can Trade in BSE & NSE
No Monthly Charges No Monthly Charges

60
Cannot apply can apply mutual funds online




India Infoline
Merits of India Infoline (5 Paisa.com) Securities
Low brokerage charges, intraday 0.10% and 0.50% for delivery and it is
negotiable.
Minimum brokerage per share will be 1 paisa for trading transactions and 5
paisa for delivery based transactions.
5 paisa provides 6 times margin for Intraday & 8 times margin for Delivery.
All customers will get Digital Contract Notes. Physical contract notes could
be provided on request which would entail a nominal charge.

De- Merits of India Infoline (5 Paisa.com) Securities
Registration Fees (one time) Rs.500/ and is non-refundable.
Software License Fee Rs.799/- per month or 7999/- per annum and is non-
refundable.
There is lot of Hidden costs.
Annual Service Charges Rs.250.
Customers who just want to have a depository relationship will be required
to pay Rs.1000/-, for each Demat account, which will be adjusted against
service charges.
The information in their web based terminal is too much compressed in one
screen.
Trader terminal is good, but the interface is too complicated




61


FINDINGS & SUGGESTIONS

Aggressive Promotions: Indiabulls Securities compared to its competitors
concentrates less on advertising and promotions, especially through electronic
media. Its competitors like Sharekhan, ICICI and Kotak are advertising
aggressively through media. Hence Indiabulls should concentrate more on
advertising through print and electronic media.

Tapping Rural Market: The Indian rural investors market are relatively
untapped, with only small and private firms meeting the current demand.
Indiabulls Securities can gain the First Mover Advantage over its competitors,
especially in areas were commercial crops are grown and the standard of living is
high. These people do not have much option to invest other than banks and post
offices.

Reduce the initial account opening charges: The charge for opening a
trading and Demat account in Indiabulls securities is high compared to its
competitors. This influences the potential investors to open their account with
another company which provides the same at lower prices. Thus it acts as a
mental barrier for potential customers, who tend to overlook all other benefits
offered by Indiabulls. Hence Indiabulls should consider reducing their account
opening charges.

Bring in more product differentiation: Product differentiation here means
that Indiabulls securities should bring in more customized services and more
value proposition for large investors. It can reduce the brokerage charges for
large investors which will encourage them to invest more in the company.


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Invest more on R&D: Indiabulls should concentrate on its research and
development since most of its competitors are investing on R&D. This will help
the company to read the market better and will also be in a better position to
understand the needs of the customers. This can be extremely beneficial for
Indiabulls in the long run.

QUESTIONNAIRE
Q1 Do You invest in shares?.
o Yes o no
In case ``yes`` start filling q2,but in case of ``NO`` reply switch on to Q12
Q2. Through which brokerage firm you are
dealing______________________________________
Q3.How do you come to know about the firm?
O newspaper O friends
O Executive O others(please specify)____________
Q4. You are more interested in?
O Intraday O Short term O Long term
Q5.How do you trade?
O through phone O through internet
O by visiting broker firm yourself
Q6. On what basis do you buy a scrip?
O On the recommendation of the broker
O fundamental analysis
O on the recommendation of your friend
O with your own research
O On the basis of news
Q7.What is the basic purpose of your investment?
O capital appreciation O high returns
O Liquidity O diversification
Q8. What is your trading exchange preference?

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ONSE O BSE
Q9. How do you like to trade ?
OAs a spectacular/trader O As an investor
Q10.Do you invest in futures and options? Yes/no
Q11. TO what extent do you agree /disagree with the following statement about
share trading
Statement strongly disagree neutral agree ya disagree
a) I m satisfied with the services of my broker
b) I am ready to shift to other brokerage house if he promises me to provide
better services
c) Trading software of my brokerage house keeps me update about scrip
prices.
In case ``no`` option start filling Q12.
Q12. If you do invest in shares then in which other mode of investments do
you invest your savings? ( you can tick more than one )
O Saving account O Fixed deposits
O insurance O REAL ESTATE
O Mutual Funds
Q13. If a professional guides you to invest in equity, are you ready to make
investments?
O YES O NO
Q14. Which of the ollowing names of brokerage houses have you heard ?(
can tick more than one)
O Motilal Oswal securities Ltd.
O Kotak securities Ltd.
O ICICI Direct
O Indiabulls
O Indiainfoline
O Religare securities ltd.
O karvy

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Personal information
Name:
Contact no.
Age group:
O 20-25 O 25-30 O 30-50 O more than 50
Occupation
O Business O Professional O Service
O House wife O Student
Income:
O upto 1.5 lacs O 1.5- 3 Lacs O More than 3 lacs





















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CONCLUSION

Indiabulls faces significant competition from companies seeking to attract clients
financial assets including traditional and online brokerage firms, mutual fund
companies and institutional players, having wide presence and a strong brand
name. As Indiabulls enter newer markets, they are likely to face additional
competition from those who may be better capitalized, have longer operating
history, have greater retail and brand presence, and better management than
Indiabulls. As new players like Reliance Money enters the market the competition
will only get more intense. If they are unable to manage their business it might
impede their competitive position and profitability.
Hence they should continue to compete vigorously to capture more market share
and should add more management personnel to manage their growth in an
optimal way.

Post economic liberalization in 1991 the Indian financial services industry has
experienced significant growth. Exposure to global practices has made the Indian
customer more demanding. As a result of falling interest rates, bank deposits,
other traditional investment opportunities are losing their attraction. Thus, Indian
investors are getting attracted towards alternate investments such as the Retail
Security Market and are looking for newer financial products.

As the Indian Retail Security Market is still in a nascent stage and as a lot of
potential for growth, its a very good opportunity for companies like Indiabulls to
increase their market presence. They will have to concentrate more on the
Research and Development and come up with strategies which are beneficial for
the company. Thus for the purpose of Applied Research Projects in the company,
they can do more research on the market and identify the major factors which
will drive the market in the future.


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ANNEXURE
1.Are you aware of the stock market?
O YES O NO
Do you know about investment options available?
O YES O NO
Are you aware of Demat account ?
O YES O NO
Most pref erable investment scenario
O Investment scenario O Banks O Derivatives & securities
market
O Insurance O Bonds O Real estate O.Others
What is the basic purpose of your investment ?
O liquidity O returns O Capital appreciation O Tax
benefits O Risk covering O.others
6. Most important things you take into your mind while making investments?
O Risk O Return O Both
7.Do you have Demat & trading account?
O.YES O No
8 Specify the reason of satisfaction with the current broking house?
O Operating expenses OServices O Brokerage
9.In which company you have Demat and trading account?
OINDIABULLS OINDIAINFOLINE O ICICI direct
OSHAREKHAN O RELIGARE O OTHERS

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