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INTRODUCTION

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INTRODUCTION OF STUDY
Depository
A depository is an organization which holds securities of investors in electronic form at the request
of the investors through a registered Depository Participant. It also provides services related to
transactions in securities.

In India ,Depository Act defines a depository to mean “a company formed and registered under
Companies Act,1956 and which has been granted a certificate of registration under sub section(IA)
of section 12 of Securities and Exchange Board of India Act,1992”

DEPOSITORY SYSTEM
It is a system whereby the transfer and settlement of scripts take place not through the traditional
method of transfer deeds and physical delivery of scripts but through modern system of effecting
transfer of ownership of securities by means of book entry on the ledgers or the depository without
physical movement of scripts.
The new system thus eliminates paper work, facilitates automatic and transparent trading in scripts,
shortens the settlement period and ultimately contributes to the liquidity of investment in securities.
This system is also known as ‘Scriples trading system,

CONSTITUENTS OF DEPOSITORY SYSTEM

There are essentially four players in the depository system:-


1. The Depository Participant
2. The Beneficial Owner/Investor
3. The issuer
4. The Depository

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FACILITIES OFFERED BY DEPOSITORY SYSTEM:

The following are some of important facilities offered by depository system:-


1. Dematerialization
2. Rematerialisation
3. Electronic settlement of trade
4. Electronic credit of securities allotted in public, rights and bonus issue.
5. Pledging or hypothecation of dematerialized securities.
6. Freezing of demat account.

ADVANTAGES OF DEPOSITORY SYSTEM:


The system is expected to offer the much awaited custodial services to Indian and Foreign investors
together. It is likely to bring about the following benefits to various investors, issuing companies as
well as nation:

(A) Advantages to the Investors:

 Quick transfer of funds and securities.


 Elimination of all risks associated with physical certificates.
 Minimized chances of fraud, theft of securities.
 Statement of accounts.
(B) Advantages to the issuer:
 Costs of registration & transfer of shares get reduced which were earlier incurred by
the issuer company.
 Saving in cost involved at the time of public issues.
 Easy to attract foreign investors without any cost of issuance in overseas market.

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(C) Advantages to Intermediaries:

 Faster settlement
 Less risk of Bad Delivery
 Reduced chances of forgery, counterfeit certificates, loss in transit, theft etc.

SOME IMPORTANT POINTS

 Who is the depository participant?

A Depository Participant (DP) is an agent of the depository through which it interfaces with the
investor. A DP can offer depository services only after it gets proper registration from SEBI.
Banking services can be availed through a branch whereas depository services can be availed
through a DP.

 What is the minimum net worth required depositary?

The minimum net worth stipulated by SEBI for a depository is Rs.100 crore.

 How many depository participants are registered with SEBI?

As on 31/03/2009, total of 711 DPs are registered with SEBI.

 Can an investor operate a joint account on “either or survivor” basis just like a
bank account?

No. The demat account cannot be operated on “either or survivor” basis like the bank account.

 Can an investor close his demat account with one DP and transfer all securities to
another account with another DP?

Yes. The investor can submit account closure request to his DP in the prescribed form. The DP
will transfer all the securities lying in the account, as per the instruction, and close the demat
account.

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 What would be the charges for account closure and securities transfer due to
account closing?

SEBI vide Circular No. MRD/DoP/Dep/Cir-22 /05 dated November 09, 2005 advised that with
effect from January 09, 2006, no charges shall be levied by a depository on DP and
consequently, by a DP on a Beneficiary Owner (BO) when a BO transfers all the securities lying
in his account to another branch of the same DP or to another DP of the same depository or
another depository, provided the BO Account/s at transferee DP and at transferor DP are one and
the same, i.e. identical in all respects.

 Whether investors can freeze or lock their accounts?

Investors can freeze or lock their accounts for any given period of time, if so desired. Accounts
can be frozen for debits (preventing transfer of securities out of accounts) or for credits
(preventing any movements of hindrances into accounts) or for both.

 Do dematerialised shares have distinctive numbers?

Dematerialized shares do not have any distinctive numbers. These shares are fungible, which
means that all the holdings of a particular security will be identical and interchangeable.

 What is ‘Standing Instruction’ given in the account opening form?

In a bank account, credit to the account is given only when a ‘pay in’ slip is submitted together
with cash/cheque. Similarly, in a depository account ‘Receipt in’ form has to be submitted to
receive securities in the account. However, for the convenience of investors, facility of ’standing
instruction’ is given. If you say ‘Yes’ for standing instruction, you need not submit ‘Receipt in’
slip every time you buy securities. If you are particular that securities can be credited to your
account only with your consent, then do not say ‘yes’ [or tick ] to standing instruction in the
application form.

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 Is it possible to give delivery instructions to the DP over Internet and if yes, how?

Yes. Both NSDL and CDSL have launched this facility for delivering instructions to your DP
over Internet, called SPEED-e and EASI respectively. The facility can be used by all registered
users after paying the applicable charges.

Is it possible to get securities allotted in public offering directly in the electronic


form?

Yes, it is possible to get securities allotted to in Public Offerings directly in the electronic form.
In the public issue application form there is a provision to indicate the manner in which an
investor wants the securities allotted. He has to mention the BO ID and the name and ID of the
DP on the application form. Any allotment made will be credited into the BO account.

 How cash corporate are benefit such as dividend / interest received?

The concerned company obtains the details of beneficiary holders and their holdings as on the
date of the book closure / record date from Depositories. The payment to the investors will be
made by the company through the ECS (Electronic Clearing Service) facility, wherever
available. Thus the dividend / interest will be credited to your bank account directly. Where ECS
facility is not available dividend / interest will be given by issuing warrants on which your bank
account details are printed. The bank account details will be those which you would have
mentioned in your account opening form or changed thereafter.

 How would one receive non-cash corporate benefit such as bonus etc.?

The concerned company obtains the details of beneficiary holders and their holdings as on the
date of the book closure / record date from depositories. The entitlement will be credited by the
company directly into the BO account

 Who should be contacted in case of discrepancies in corporate benefits?

In case of discrepancies in corporate benefits, one can approach the company / its R&T Agent.

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DEMAT ACCOUNT
The whole depository system based on demats account. So it is necessary to understand
the concept of demat accounts.

 What’s a demat account?

Demat refers to a dematerialised account. Just as you have to open an account with a bank if you
want to save your money, make cheque payments etc, you need to open a demat account if you
want to buy or sell stocks. So it is just like a bank account where actual money is replaced by
shares. You have to approach the DPs (remember, they are like bank branches), to open your
demat account.

Let’s say your portfolio of shares looks like this: 40 of Infosys, 25 of Wipro, 45 of HLL and 100
of ACC. All these will show in your demat account. So you don’t have to possess any physical
certificates showing that you own these shares. They are all held electronically in your account.
As you buy and sell the shares, they are adjusted in your account. Just like a bank passbook or
statement, the DP will provide you with periodic statements of holdings and transactions.

 Is a demat account a must?

Nowadays, practically all trades have to be settled in dematerialised form. Although the market
regulator, the Securities and Exchange Board of India (SEBI), has allowed trades of upto 500
shares to be settled in physical form, nobody wants physical shares any more. So a demat
account is a must for trading and investing

 Why demat?

The demat account reduces brokerage charges, makes pledging/hypothecation of shares easier,
enables quick ownership of securities on settlement resulting in increased liquidity, avoids
confusion in the ownership title of securities, and provides easy receipt of public issue
allotments. It also helps you avoid bad deliveries caused by signature mismatch, postal delays
and loss of certificates in transit. Further, it eliminates risks associated with forgery,
counterfeiting and loss due to fire, theft or mutilation. Demat account holders can also avoid

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stamp duty (as against 0.5 per cent payable on physical shares), avoid filling up of transfer deeds,
and obtain quick receipt of such benefits as stock splits and bonuses.

Buying & Selling

The procedure for buying and selling dematerialized securities is similar to the procedure for buying
and selling physical securities. The difference lies in the process of delivery (in case of sale)
and receipt (in case of purchase) of securities.

In case of purchase:-

• The broker will receive the securities in his account on the payout day

• The broker will give instruction to its DP to debit his account and credit investor’s account

• Investor will give ‘Receipt Instruction to DP for receiving credit by filling appropriate form.
However one can give standing instruction

• For credit in to ones account that will obviate the need of giving Receipt Instruction every
time.

In case of sale:-

The investor will give delivery instruction to DP to debit his account and credit the broker’s account.
Such instruction should reach the DP’s office at least 24 hours before the pay-in as other wise DP
will accept the instruction only at the investor’s risk.

Demat Benefits

The benefits are enumerated below:-

• A safe and convenient way to hold securities;

• Immediate transfer of securities;

• No stamp duty on transfer of securities;

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• Elimination of risks associated with physical certificates such as bad delivery, fake securities,
delays, thefts etc.;

• Reduction in paperwork involved in transfer of securities;

• Reduction in transaction cost;

• No odd lot problem, even one share can be sold;

• Nomination facility;

• Change in address recorded with DP gets registered with all companies in which investor
holds securities electronically eliminating the need to correspond with each of them
separately;

• Transmission of securities is done by DP eliminating correspondence with companies;

• Automatic credit into demat account of shares, arising out of


bonus/split/consolidation/merger etc.

• Holding investments in equity and debt instruments in an account

Demat Conversion

Converting physical holding into electronic holding (dematerializing securities)

In order to dematerialize physical securities one has to fill in a DRF (Demat Request Form) which is
available with the DP and submit the same along with physical certificates one wishes to
dematerialize. Separate DRF has to be filled for each ISIN Number.

The complete process of dematerialization is outlined below:

• Surrender certificates for dematerialization to your depository participant.

• Depository participant intimates Depository of the request through the system.

• Depository participant submits the certificates to the registrar of the Issuer Company.

• Registrar confirms the dematerialization request from depository.

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• After dematerializing the certificates, Registrar updates accounts and informs depository of
the completion of dematerialization.

• Depository updates its accounts and informs the depository participant.

• Depository participant updates the demat account of the investor.

Demat Options

Banks score over others

Around 200 “depository participants” (DPs) offer the demat account facility. A comparison of the
fees charged by different DPs is detailed below. But there are three distinct advantages of having a
demat account with a bank — quick processing, accessibility and online transaction. Generally,
banks credit your demat account with shares in case of purchase, or credit your savings accounts
with the proceeds of a sale on the third day.

Banks are also advantageous because of the number of branches they have. Some banks give the
option of opening a demat account in any branch, while others restrict themselves to a select set of
branches. Some private banks also provide online access to the demat account. So, you can check on
your holdings, transactions and status of requests through the net banking facility. A broker who acts
as a DP may not be able to provide these services.

Fees Involved

NOW to the crux — the cost of opening and holding a demat account. There are four major charges
usually levied on a demat account: Account opening fee, annual maintenance fee, custodian fee and
transaction fee. All the charges vary from DP to DP.

 Account-opening fee

Depending on the DP, there may or may not be an opening account fee. Private banks, such
as ICICI Bank, HDFC Bank and UTI Bank,

 Do not have one. However, players such as Karvy Consultants and the State Bank of India do
so. But most players levy this when you re-open a demat account, though the Stock Holding

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Corporation offers a lifetime account opening fee, which allows you to hold on to your demat
account over a long period. This fee is refundable.

 Annual maintenance fee

This is also known as folio maintenance charges, and is generally levied in advance.

 Custodian fee

This fee is charged monthly and depends on the number of securities (international securities
identification numbers — ISIN) held in the account. It generally ranges between Rs 0.5 to Rs
1 per ISIN per month. DPs will not charge custody fee for ISIN on which the companies have
paid one-time custody charges to the depository.

 Transaction fee

The transaction fee is charged for crediting/debiting securities to and from the account on a
monthly basis. While some DPs, such as SBI, charge a flat fee per transaction, HDFC Bank
and ICICI Bank peg the fee to the transaction value, subject to a minimum amount. The fee
also differs based on the kind of transaction (buying or selling). Some DPs charge only for
debiting the securities while others charge for both. The DPs also charge if your instruction to
buy/sell fails or is rejected. In addition, service tax is also charged by the DPs.

In addition to the other fees, the DP also charges a fee for converting the shares from the physical
to the electronic form or vice-versa. This fee varies for both demat and remat requests. For
demat, some DPs charge a flat fee per request in addition to the variable fee per certificate, while
others charge only the variable fee.

For instance, Stock Holding Corporation charges Rs 25 as the request fee and Rs 3 per certificate
as the variable fee. However, SBI charges only the variable fee, which is Rs 3 per certificate.
Remat requests also have charges akin to that of demat. However, variable charges for remat are
generally higher than demat. Some of the additional features (usually offered by banks) are:

• Some DPs offer a frequent trader account, where they charge frequent traders at lower rates
than the standard charges.

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• Demat account holders are generally required to pay the DP an advance fee for each account
which will be adjusted against the various service charges. The account holder needs to raise
the balance when it falls below a certain amount prescribed by the DP. However, if you also
hold a savings account with the DP you can provide a debit authorization to the DP for
paying this charge.

• Finally, once you choose your DP, it will be prudent to keep all your accounts with that DP,
so that tracking your capital gains liability is easier. This is because, for calculating capital
gains tax, the period of holding will be determined by the DP and different DPs follow
different methods. For instance, ICICI Bank uses the first in first out (FIFO) method to
compute the period of holding. The proof of the cost of acquisition will be the contract note.
The computation of capital gains is done account-wise.

How many accounts?

• If your shares are held in joint names, be sure to open the account in the same order of names.
If X, Y and Z jointly hold 100 shares in a company and have three share certificates all listing
X, Y and Z as the first, second and third holders respectively, one account will suffice.

• For different combinations of names, open separate accounts for each combination. If the
three certificates are held as XYZ, YXZ and ZYX, three accounts are necessary.

• There is no limit to the number of accounts you can open.

• There is no limit to the number of DPs you can have accounts with.

• You can even open a multiple-sign demat account, which can be operated by multiple
holders, like a joint savings bank account.

• You can open a demat account even before you acquire your first security.

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Rematerialisation

The process of converting electronic holdings (demat shares) back into Physical
Certificates is called Rematerialisation.

If one wishes to get back his securities in the physical form one has to fill in the RRF (Remat
Request Form) and request his DP for rematerialisation of the balances in his securities account. The
process of rematerialisation is outlined below;

• One makes a request for rematerialisation.

• Depository participant intimates depository of the request through the system.

• Depository confirms rematerialisation request to the registrar.

• Registrar updates accounts and prints certificates.

• Depository updates accounts and downloads details to depository participant.

• Registrar dispatches certificates to investor.

Some important points


 Can one pledge dematerialised securities?

Yes. In fact, pledging dematerialised securities is easier and more advantageous as compared to
pledging physical securities.

 What should one do to pledge electronic securities?


The procedure to pledge electronic securities is as follows:

• Both investor (pledgor) as well as the lender (pledgee) must have depository accounts with
the same depository;

• Investor has to initiate the pledge by submitting to DP the details of the securities to be
pledged in a standard format ;

• The pledgee has to confirm the request through his/her DP;

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• Once this is done, securities are pledged.

• All financial transactions between the pledgor and the pledgee are handled as per usual
practice outside the depository system.

 How can one close the pledge after repayment of loan?

After one has repaid the loan, one can request for a closure of pledge by instructing the DP in a
prescribed format. The pledge on receiving the repayment will instruct his DP accordingly for
the closure of the pledge.

TRANSACTION STATEMENTS
How does one know that the DP has updated the account after each transaction?

The DP gives a Transaction Statement periodically, which will detail current balances and
various transactions made through the depository account. If so desired, DP may provide the
Transaction Statement at intervals shorter than the stipulated ones, probably at a cost.

 At what frequency will the investor receive his Transaction Statement from his

DP?

DPs have to provide transaction statements to their clients once in a month, if there are
transactions and once in a quarter, if there are no transactions.
Moreover, DPs can provide transaction statement in electronic form under digital signature
subject to their entering into a legally enforceable arrangement with the BOs to this effect.

 What is to be done if there are any discrepancies in transaction statement?

In case of any discrepancy in the transaction statement, one can contact his/her DP. If the
discrepancy cannot be resolved at the DP level, one should approach the Depository.

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LENDING AND BORROWING

• What is Lending and Borrowing of Securities?

If any person required to deliver a security in the market does not readily have that
security, he can borrow the same from another person who is willing to lend as per the
Securities Lending and Borrowing Scheme.

• Can lending and borrowing be done directly between two persons?

No. Lending and borrowing has to be done through an ‘Approved Intermediary’ registered
with SEBI. The approved intermediary would borrow the securities for further lending to
borrowers. Lenders of the securities and borrowers of the securities enter into separate
agreements with the approved intermediary for lending and borrowing the securities.
Lending and borrowing is effected through the depository system.

• Can I lend the securities lying in my account?

Yes. You can lend your securities through Approved Intermediaries registered with SEBI.

• How would I lend my demat securities?

You may enter into an agreement with the approved intermediary to be a lender under this
scheme. After that, you may lend securities any time by submitting lending instruction to
your DP.

• How would I get back the securities lent by me?

Intermediary may return the securities at any time or at the end of the agreed period of
lending. Intermediary has to repay the securities together with any benefits received
during the period of the loan.

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NOMINATION

 Who can nominate?

Nomination can be made only by individuals holding beneficiary accounts either singly or
jointly. Non-individuals including society, trust, body corporate, karta of Hindu Undivided
Family, holder of power of attorney cannot nominate.

 Who can be a nominee?

Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate,
partnership firm, Karta of Hindu Undivided Family or a power of attorney holder.

 What is transmission of demat securities?

Transmission is the process by which securities of a deceased account holder are transferred to
the account of his legal heirs / nominee. Process of transmission in case of dematerialised
holdings is more convenient as the transmission formalities for all securities held in a demat
account can be completed by submitting documents to the DP, whereas in case of physical
securities the legal heirs/nominee/surviving joint holder has to independently correspond with
each company in which securities are held.

 In the event of death of the sole holder, how the successors should claim the

securities lying in the demat account?

The claimant should submit to the concerned DP an application Transmission Request Form
(TRF) along with the following supporting documents

• In case of death of sole holder where the sole holder has appointed a nominee : Notarized
copy of the death certificate

• In case of death of the sole holder, where the sole holder has not appointed a nominee :
Notarized copy of the death certificate

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Any one of the below mentioned documents

• Succession certificate

• Copy of probated will

• Letter of Administration

The DP, after ensuring that the application is genuine, will transfer securities to the account of
the claimant.

The major advantage in case of dematerialised holdings is that the transmission formalities for all
securities held with a DP can be completed by interaction with the DP alone, unlike in the case of
physical share certificates, where the claimant will have to interact with each Issuing company or
its Registrar separately.

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LITERATURE
REVIEW

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LITERATURE REVIEW
After the formulation of the problem, a brief summary of it should be written down and the
researcher should have to do its extensive literature survey connected with the problem. For this
purpose, abstracting and indexing journals and published or unpublished bibliographies are first
place to go Academic Journals, Conference proceedings, reports etc. must be tapped depending upon
nature of the problem. The literature for this project will include various newspapers, magazines

 Economic Survey” for the information regarding the depository services by depository
participants. In the external sector of the Economic survey the trends over the period of time are
given.
 “RBI bulletin” for the information regarding the demat services of different banks over the
period of last years.
 C.R Kothari1” The information regarding the basics of research and research
methodology, what are the different types of research designs, what is problem statement, what
are the sources of data collection and what are the methods of data collection is given in this
section.
 “S.P Gupta2”. The information regarding the statistical tools and their limitations in different
fields the research is given in this section. This section explains why to use correlation and what
are the situations in which correlation can be used, and what does correlation means.

 “Hooda R.P.3”, Statistics for Business and Economics to have information regarding various
statistical tools applied like time series, correlation, and hypothesis.
 “Sashi K. Gupta4”, Financial Institutions And Markets, Kalyani Publications, New Delhi
To have information regarding depositories in India
 “Bhole L.M.5”, Management of Financial institutions, Tata MC Graw Hill, 2000 to have
information regarding dematerialization and rematerialisation process.
 “Khan M.Y.6” , Indian Financial System, Tata MC Graw Hill,2000

 http://www.icicibank.com/pfsuser/aboutus/overview/overview.htm this site has been used to get


information regarding icici bank.

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 http://www.hdfcbank.com/aboutus/general/default.htm it is being used to get information
regarding hdfc bank.
 http://www.utibank.com/Banking/bank.asp to collect information of uti bank.
 http://www.centurionbop.co.in/site/aboutus.html to collect information regarding the profile of
centurion bank of Punjab.
 http://www.kotak.com/Kotak_GroupSite/aboutus/default.htm to get information regarding the
Kotak Mahindra group this site is being used.
 http://www.hdfcsec.com/basics/index.php?section=6 To get information regarding the various
dematerialized securities of bank this site is being used.
 http://www.nseindia.com/ In order to get information regarding national stock exchange of India
this site is used.

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OBJECTIVEs
OF
STUDY

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OBJECTIVE OF STUDY

The objective of the research means the purpose for which the research is being carried out. The
objectives of this research are as follows:
Primary Objective:-
The primary objective of my report is to impart a comparative and analytical study of the depository

and online share trading services of private sector banks in India and basic understanding of the

manner in which they function in this competitive environment the products and services offered by

Private Sector Banks entire process of share transactions and account openings and brokerage

charged and different software used to facilitate the trading process. To know about the benefits

derived from such system.

Secondary Objective:-

Apart from understanding the stock Exchange terminologies or jargons, we also aimed about reading

of market conditions, the feasibility and growth of depository services of various depository

participants in India. The client servicing offered by the online share trading sites in real market

situations.

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RESEARCH
METHODOLOGY

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RESEARCH METHODOLOGY

Research in common parlance refers to a search for knowledge. One can also define research as a
scientific and systematic search for pertinent information on a specific topic. Infact, research is
an art of scientific investigation.
RESEACH DESIGN
A research design is the arrangement of conditions for collection and analysis of data in a manner
that aims to combine relevance to research Purpose with economy in procedure.
It is the blueprint of the research to be undertaken. It includes
Decisions regarding what, where, when, how much, and by what means.
To study the depository and on line broking service providers by different
Private Banks a Descriptive Research Design is used.
We can view the research process consisting of following steps:-

1. Defining the research objective.


2. Preparing a list of needed information.
3. Developing the research plans.

A) RESEARCH APPROACH:
Primary data can be collected in four ways:
a) Observation research
b) Fours group research
c) Survey research
d) Experimental research
B). RESEARCH INSTRUMENT:
Marketing researchers have choice of two main research instruments:-
a) Questionnaire
b) Mechanical instrument

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C).SAMPLING PLANS:-
The marketing research must design sampling plans, which calls for three decision:
a) Sampling units - Who is to be surveyed?
b) Sample Size -How many people are to be surveyed?
c) Sampling procedure -How should their respondents be chosen?

D) CONTACT METHOD:-
This answers – how should the people be contacted? The choices available were:
a) Mailing questionnaires.
b) Telephone interviews.
c) Personal interviews.

4. Collecting the information, i.e. organizing and carrying out the field work.
5. Analyzing the collected data or information.
6. Presenting the findings in the form of a report.

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METHODS OF DATA COLLECTION
The data will be collected from both primary and secondary sources. The Basic premise of study
is primary data but at the same time it is supplemented through secondary data.

 SOURCES OF DATA

• Primary Sources: - The data collected and gathered from these sources is assembled
specifically for research project at hand. The data collected is a fresh for the first time and
thus happened to be original in character for this purpose of market survey to base
customer satisfaction the existing customers with depositories be personally visited and
the Responses have recorded with the help of questionnaire. Hence, questionnaire must
have to be used as a primary source in order to collect data from customers.

• Secondary Sources:- Besides collecting the data from primary sources, secondary data is
also be used in the report like manuals, various internet sites, print material of various
internet sites, print material of various financial institutions and so on.

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RESEARCH METHODOLOGY

Formulation of research problem

Extensive literature Survey

Collection of data

Analysis of data

Interpretation

Recommendation

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SCOPE OF STUDY

The scope of study is limited to leading Private Sector Banks in India engaged in depository and
online broking services provided.

 SAMPLING

 METHOD: - Here instead of every unit of population, only a part of population is


studied and the conclusions are drawn on the basis for entire population.

 DESIGN: - The sampling design to be used in the project is convenience sampling


between the customers enjoying depository services.

 SAMPLE AREA: - The sample area confined to the study would be different banks
and financial institutions.

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DATA
ANALYSIS

1. Do you invest in shares?


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Variables % of respondents
Yes 53
No 47

%of respondents

Yes
No

Interpretation:- Almost there are same ratio of the respondents investing in shares and not
investing. But majority of respondents i.e. 53% like to invest in shares.

2. If yes, what is the form of your investment?

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Variables % of respondents
Physical Form 35
Demat Form 65

%of respondents

Physical Form
Demat Form

Interpretation:- Maximum i.e. 65% of the respondents are having demat accounts with the Depository
Participants. As such there is increasing scope of organizations providing this facility.

3. What is the duration of your investment?

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Variables % of respondents
0-6 months 35
6 months-3 years 45
3 years and above 20

% of respondents

0-6 months
6 months-3 years
3 years and above

Interpretation:- Maximum respondents (45%) invest for medium term of investment i.e. 6 months-3
years and very less respondents invest for long duration.

4. How much amount will you invest in shares?

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Variables % of respondents
0-50,000 25
50,000-2,00,000 40
2,00,000 & above 35

% of respondents

0-50,000
50,000-2,00,000
2,00,000 & above

Interpretation:- 40% of the respondents invest Rs.50,000-2,00,000 in shares whereas there are 35% of
respondents invest high prices in shares.

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5. Do you have Demat Account?

Variables % of respondents
Yes 62
No 38

% of respondents

Yes
No

Interpretation: - Maximum of the respondents is having demat account with various depository
participants and very few i.e.38% are not having demat account.

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6. With which bank you are having Demat account?

Variables % of respondents
ICICI 35
HDFC 20
UTI 25
CBOP 10
Kotak Mahindra 10

% of respondents

ICICI
HDFC
UTI
CBOP
Kotak Mahindra

Interpretation:- Majority of respondents (35%) are having demat account with ICICI bank as the
services provided by them are many as compared with others.

35
7. Are you satisfied with the depository services provided by bank?

Variables % of respondents
Highly satisfied 15
Satisfied 37
Less satisfied 38
Not satisfied 10

% of respondents

Highly satisfied
Satisfied
Less satisfied
Not satisfied

Interpretation: - Maximum of the respondents i.e. 37% are satisfied and 38% are less satisfied with the
depository services provided by the bank.

What are the sources of your information?

36
Variables % of respondents
Consultants 25
Newspapers 25
Friends 35
Others 15

% of respondents

Consultants
Newspapers
Friends
Others

Interpretation: - Friends and relatives are the maximum i.e. 35% sources of collection of information
regarding the depository.

37
9. Are you satisfied with the charge structure of the organization you are dealing with?

Variables % of respondents
Highly satisfied 20
Satisfied 30
Less Satisfied 35
Not Satisfied 15

% of respondents

Highly satisfied
Satisfied
Less Satisfied
Not Satisfied

Interpretation: - There are very few respondents who are not satisfied with the charge structure provided
by their depository participant.

10. Reasons for Non satisfaction with the particular organization?

38
Variables % of respondents
High Cost 20
Lack of proper service 35
Lack of proper attention 30
Others 15

% of respondents

High Cost
Lack of proper service
Lack of proper attention
Others

Interpretation: - Most of the respondents i.e. 35% are not satisfied due to lack of
proper services provided. So, maintaining customer relationship is very
important.

39
LIMITATIONS

40
LIMITATIONS

Study is conducted in limited area only.

 Probably the time and money constraints can affect my research

 Lack of knowledge about the topic.

 Dependency too much on secondary data for conducting the research that is insufficient for
the research.

Difficulty in collection of the data.

41
ANALYSIS
OF
DIFFERENT BANKS

42
ANALYSIS

MAJOR PLAYERS OFFERING DEPOSITORY SERVICES

Karvy, India Bulls are among brokers and ICICI Bank, HDFC Bank, Centurian Bank of Punjab
etc.among major Private Sector Banks. UTI Bank is offering only Demat Accounts but assists its
client in getting online trading account through its associate trading portals.

This study focuses on comparative analysis of services offered by Major Banks (ICICI Bank,
HDFC Bank, UTI Bank etc.)

ICICI Bank

ICICI Bank offers a wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialized subsidiaries and
affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset
management. ICICI Bank set up its international banking group in fiscal 2002 to cater to the cross
border needs of clients and leverage on its domestic banking strengths to offer products
internationally. ICICI Bank currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and
representative offices in the United States, United Arab Emirates, China, South Africa and
Bangladesh. Our UK subsidiary has established a branch in Belgium. ICICI Bank is the most
valuable bank in India in terms of market capitalization.

ICICI Bank's equity shares are listed in India on the Bombay Stock Exchange and the National
Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the
New York Stock Exchange (NYSE).

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and
was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a
public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the
NYSE in fiscal 2000.

DEMAT SERVICES:

43
ICICI Bank Demat Services boasts of an ever growing customer base of over 11.5 lacs account
holders ICICI Bank claims to offer best class services to customers. Services offered by ICICI Bank
to its customer are:-

• e-instructions:-

You can transfer securities 24 hour a day, 7 days a week through internet and interactive Voice
response at a lower cost. Now with speak to transfer you can also transfer or pledge instructions
through our customer care services.

• Consolidation Demat Account:-

Dematerialize your physical shares in various holding patterns and consolidate all such scattered
holdings into your primary demat account at reduced cost.

• Digitally signed Statement:-

Receive your Account statements and bill by e-mail.

• Corporate Benefit Tracking:-

Track your dividend, interest and bonus through your account statements.

Mobile Requests:-.

Access your demat account by sending SMS to enquire about holdings, transactions, bills and ISIN
details.

• Mobile Alerts:-

Receive SMS alerts for all debit/ credit as well as for any request which cannot be processed.
Dedicated customer care executives at call centre to handle all queries. Country wide network of
branches.

44
SCHEDULE OF CHARGES:
Charge Head Standard Charges Frequent/sub brokerage
charges
A/c Opening Nil Nil
Annual service charges Rs.500/-(Rs. 450/- For Rs.1250/-(Rs.1200/- for
customers receiving customer receiving
statements by e-mail) statements by e-mail)
Agreement Stamp Paper Rs.100/- Rs.100/-
Buy-Market & Off market Nil Nil
Sell-Market & Off
Market(% of transaction
value of each ISIN) Max.
Rs.500/- for debt instrument
-For trade done on Nil Nil
www.icicidirect.com
-For instructions submitted 0.04% 0.02%
through internet(e- (Min Rs.10/-) (Min Rs.5/-)
instructions)
-For instructions submitted 0.04% 0.02%
through call centre(e-inst) (Min Rs.15/-) (Min. Rs 10/-)
-For instructions submitted 0.04% 0.02%
through Branches (Min Rs. 30/-) (Min Rs.15/-)
Rejection / Fails Rs. 30/- Rs.15/-
Extra charges for
processing of inst.
Submitted on the execution
date late
(accepted at clients risk)

-For inst submitted through Nil Nil


internet (e- inst.)
-For inst submitted through Nil Nil
call centre (e- inst.)
-For inst submitted through Rs.10/- per ISIN Rs.10/- per ISIN
branches
Dematerialisation

45
-For each request form Rs.35/- Rs.35/-
-Extra for each certificate Rs.2/- Rs.2/-
Rematerialisation Rs.20/- Rs.20/-
(for each Request form)
Closure of account Nil Nil
Pledge Creation/ Closure/
Confirmation/ Invocation(%
of value for each ISIN in
each request)
-If ICICI Bank is counter 0.02% 0.02%
party (Min Rs.15/-) (Min Rs.15/-)
-If ICICI Bank is not 0.04% 0.04%
counter party (Min Rs.30/-) (Min Rs.30/-)
Additional A/c Statement Rs.20/- Rs.20/-

NSDL charges are chargeable extra at actuals Present NSDL charges are:

Sell Market and off Rs 6/- per debit instruction (nil for commercial paper and short
market term debt instruments)

Remat Rs.10/- per certificate

Pledge Creation Rs.25/- per instruction

46
CONDITIONS

The value of shares and charges is calculated as per NSDL formula and rates.

There is a charge structure of Rs 100/- for dishonor of any cheque or unsuccessful attempt to recover
payment through direct debit or ECS. The depository services are liable to discontinuation if ICICI
Bank is unable to recover charges from the customer for any reason whatsoever. In such cases there
will be charge of Rs.250/- for resumption of services and the services will be resumed after a
minimum three working days from the date of receipt of request at central Processing Office.

Here are two options for the recovery of Demat Service Charges:-

Option 1:-

Customers who have only a depository relationship with ICICI Bank will be required to pay an
advance fee for each Demat Account which will adjust again service charges. The customer will also
undertake to replenish the balance immediately when falls below the threshold amount specified
below:

Standard Frequent/ Sub brokers


charges
Advance Amount Rs.2500/- Rs. 7500/-

Threshhold Amount Rs.1000/- Rs.2000/-

Option 2:-

Customers who have a banking relationship with ICICI Bank will provide a debit authorization for
recovery of charges.

47
HDFC Bank:

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive
an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector,
as part of the RBI's liberalization of the Indian Banking Industry in 1994. The bank was incorporated
in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India.
HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

Features and Benefits:-

As opposed to the earlier form of dealing in physical certificates with delays in transaction, trading
through remat has following benefits:-

1. Settlement of Securities traded on the exchange as well as off market transactions.

2. Shorter settlements thereby enhancing liquidity.

3. Pledging and hypothecation of Demat securities.

4. Electronic credit in Public issue.

5. Receipt of non-cash corporate benefits in electronic form.

6. No stamp duty on transfer of securities held in demat form.

7. No concept of market lot.

48
SHEDULE OF CHARGES:

Fee Head Fees Minimum


Account Opening Nil Nil
Dematerialisation Rs 3/- per certificate, plus
Rs. 35/- per request
Rematerialisation As actuals as lieved by the
depository
Transaction 0.04% of value of Rs.25000/-
Market – sell transaction
Transaction 0.04% of value of Rs.25000/-
Off-market – sell transaction
Annual Charges Rs.499/- per demat account
per annum
Pledging services 0.02% of the value of Rs.25000/-
shares
Asset Holding Nil
Mailing Charges for non-periodic Rs. 25/- per request for
statements and other communications inland address
Rs 500/- per request for
foreign address

CONDITIONS

Two options for recovery of demat service charges:


49
Option 1:-
Customers who have a depository relationship only will be required to pay an advance fees of Rs.
2500/- for each demat A/c which will be adjusted against service charges. The customer will also
undertake to replenish the balances immediately when it falls below Rs.1000/-

Option 2:-
Customers who have a banking relationship with HDFC Bank will provide a debit authorization for
recovery of service charges.

50
UTI Bank

UTI Bank was the first of the new private banks to have begun operations in 1994, after the
Government of India allowed new private banks to be established. The Bank was promoted jointly
by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance
Corporation of India (LIC) and General Insurance Corporation Ltd. and other four PSU companies,
i.e. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance
Corporation and United Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 281.46 crores with the public holding (other than
promoters) at 56.86 %.
The Bank's Registered Office is at Ahmadabad and its Central Office is located at Mumbai.
Presently the Bank has a very wide network of more than 510 branch offices and Extension
Counters. The Bank has a network of over 2200 ATMs providing 24hrs a day banking convenience
to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in
both retail and corporate banking and is committed to adopting the best industry practices
internationally in order to achieve excellence.

51
Depository Services Provided

 Transfer of Shares and settlements:-


All that is required is an instrument slip from you. If you are selling securities then it has to be a delivery
instruction slip. If you are purchasing securities it has to be a receipt instruction slip or standing instruction
for credit.

 Receipt of Corporate Benefits:-


Even Securities entitlements like bonus and rights can be credited to your demat a/c electronically. All you
have to do is choose aright option in the share application form.

 Holdings and Transaction Statement on E-mail:-


UTI provides statement of transactions of holding on the e-mail id for the clients registered for the service.

 Tele Depository services:-


For customer at Mumbai and Ahmadabad this special service allows for getting balances of securities in
voice/ fax.

52
SHEDULE OF CHARGES:-

Charges Charges (per instruction) Basis of Recovery


A/c Opening Nil Nil
A/c Closure Nil Nil
Annual Rs. 600/- p.a. for Non UTI Bank To be recovered upfront in the month of
Maintenance Customers April to financial year
Charges Rs. 400/- for UTI Bank Customer
Rs. 250/- for senior citizens
Demat Request Rs.2.50/- per certificate Monthly
Min Rs. 50/-
Remat Request Rs. 20/- per certificate Monthly
Min Rs. 50/-
Tranfer of
securities
- Credit Nil Nil

0.04% for value of transaction and


- Debit minimum Rs. 21/-. Flat Rs. 21/- for Monthly
transaction entered through speed-e
Failed/ Rejected Rs. 10/- Monthly
Pledge
-Creation 0.02% of value Min Rs. 25/- + NSDL Monthly
charges (Rs. 25/-)
-Closure Rs.50/- Monthly
Invocation Rs.50/- Monthly
Lending/
Borrowing
Borrowing Rs. 50/- Monthly
Lending Nil Nil
Custody Charges

KOTAK MAHINDRA BANK


Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions
that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to

53
life insurance, to investment banking, the group caters to the financial needs of individuals and
corporate.

The group has a net worth of around Rs. 3,100 crore, employs around 9,600 people in its various
businesses and has a distribution network of branches, franchisees, representative offices and
satellite offices across 300 cities and towns in India and offices in New York, London, Dubai and
Mauritius. The Group services around 2.2 million customer accounts’

SHEDULE OF CHARGES

Charges Charges (per Basis of recovery


instruction)
A/c Opening Nil Nil
A/c Closure Nil Nil
Annual Maintenance Rs. 400/- To be recovered upfront at the time of
charges opening of account

Demat Request Rs. 3/- per certificate plus Monthly


Rs. 25/- per request
Remat Request Rs. 10/- per certificate at Monthly
actual as levied by NSDL
Transfer of Securities
Credit Nil Nil
Debit 0.04% for value of Monthly
transaction
min Rs.20/- per script
Failed/ Rejected Not Mention NA
Pledge Creation 0.02% of transaction value Monthly
min Rs. 50/-
Lending Nil Nil

Custody charges Nil Nil

54
55
CENTURION BANK OF PUNJAB
Centurion Bank of Punjab is a new generation private sector bank offering a wide spectrum of retail,
SME and corporate banking products and services. It has been among the earliest banks to offer a
technology-enabled customer interface that provides easy access and superior customer service.

Centurion Bank of Punjab has a nationwide reach through its network of 279 branches and 408
ATMs. The bank aims to serve all the banking and financial needs of its customers through multiple
delivery channels, each of which is supported by state-of-the-art technology architecture.

Centurion Bank of Punjab was formed by the merger of Centurion Bank and Bank of Punjab, both
of which had strong retail franchises in their respective markets. Centurion Bank had a well-
managed and growing retail assets business, including leadership positions in two-wheeler loans and
commercial vehicle loans, and a strong capital base.

SHEDULE OF CHARGES:-

Charges Charges (per Basis of recovery


instruction)
A/c Opening Nil Nil
A/c Closure Nil Nil
Annual Maintenance Rs. 500/- To be recovered upfront at the time of
Charges opening of A/c
Demat Request Rs. 3/- per certificate Monthly
Min Rs.10/- plus
Rs.35/- per request
Remat Request Rs.10/- per certificate at Monthly
actual as levied by
NSDL
Transfer of securities
Credit Nil Nil
Debit 0.04% for the value of Monthly
transaction
min Rs. 15/-
Failed/ Rejected Rs.25/- Monthly
56
Pledge
-Creation 0.02% of value Monthly
Min Rs100/-
-Closure 0.02% of value Monthly
Min Rs100/-
Lending Nil Nil
Custody Charges Nil Nil

57
RESULTS
&
FINDINGS

58
RESULTS AND FINDINGS

Comparative Table of Demat A/c Charges of ICICI ,HDFC,


UTI,CBOP,Kotak Mahindra Bank

Banks:- ICICI HDFC UTI CBOP Kotak Mahindra


Annual Rs.500/- Rs.499/- Rs.400/- Rs.500/- Rs.400/-
Maintenance normal and
Charges Rs.250/-
senior
citizens
Debit Instruction Rs.10/- per 0.04% of 0.04% of 0.04% of 0.04% of value or minimum
ISIN value or value or value or Rs.20/-
minimum minimum minimum
Rs.25/- Rs.15/- Rs.21/-
Dematerialisation Rs.35/-+ Rs.35/- + Rs.2.5/- per Rs. 3/- per Rs.25/- +Rs.3/- per certificate
Rs.22/- per Rs.3/- per certificate certificate,
certificate certificate Min min Rs.10/-
Rs.50/- + Rs.35/-
postage
Rematerialisation Rs. 20/- per Actual as Rs. 20/- per Actual as Rs.10/- per
certificate levied by certificate levied by Certificate
NSDL Min NSDL
Rs.50/-
Pledge Creation 0.02% Min 0.02% 0.02%+ 0.02% Min 0.02% min Rs.50
Rs.15/-& Min. Rs.25/- Rs 100/-
0.04% Rs.25/- +Rs.25/-
min.Rs. NSDL
30/- Charges
Closure Same as Same as Rs.100/- Same as Same as above
above above above
Failed Instruction Rs.30/- Nil Rs.10/- Rs. 25/- Not Mentioned

59
SIGNIFICANCE
OF
STUDY

60
SIGNIFICANCE OF STUDY

This study can be helpful for knowing about the number of depository services which can help
in increase in number of opening of demat accounts with the different depository participants.

After getting the knowledge about the charge structure of various Private Sector Banks, one can
easily compare the charges and select one participant according to their requirement.

 It will help in Comparing of Depository services offered by Private Sector Banks and thus
by comparing the charges one can easily select one according to his/her needs.
 It will be helpful in helping bankers to maintain customer relationship with their customers
as customers are highly attracted by this service. This helps them to gain a wider share
of the customer wallet.
 It will also helpful in knowing more about the various depository services provided by
different Depository Participants.
 It will also helpful in determining the various benefits of holding Demat Accounts.
 It will also helpful in increasing the focus on Private Banking, it would be necessary for
the banks to build capabilities in the areas of equity advisory etc.
 It will also helpful for the investors to look for a best Depository Participants offering the
various depository services..
The most important part is to look for the hidden cost, as the financial service industry is really
famous for hiding a host of fees and charges under the complex jargons of bulky terms. So this study
helps in clear comparison of various costs such as account opening cost, a/c maintenance cost,
pledging and lending costs and many more.

61
INDIAN CAPITAL MARKET OVERVIEW
The function of the financial market is to facilitate the transfer of funds from surplus sectors
(lenders) to deficit sectors (borrowers).Normally , households have investigable funds or savings,
which they lend to borrowers in the corporate and public sectors whose requirement of funds far
exceed their savings. A financial market consists of investors or buyers of securities, borrowers
or seller of securities, intermediaries and regulatory bodies.

ORGANISED MONEY MARKET

Indian financial system consists of money market and capital market. The money market has two
components –the organized and the unorganized. The organized market is dominated by
commercial banks. The other major participants are Reserve Bank of India, Life Insurance
Corporation, General Insurance Corporation, and Unit Trust Of India, Securities Trading
Corporation of India Ltd., other primary dealers, commercial banks and mutual funds. The core
of the money market is the inter bank call money market whereby short term money borrowing
/lending is effected to manage temporary liquidity mismatches.
UNORGANISED MONEY MARKET
Despite rapid expansion of organized money market through a large network of banking
institutions that have extended their reach even to rural areas, there is still an active unorganized
market. It consists of indigenous bankers and money lenders. In unorganized market, there is no
clear demarcation between short term and long term finance and even between purposes of
finance. The inability of the poor to meet the “creditworthiness” requirements of banking sector
make them to take recourse to the institutions that still remain outside the regulatory framework
of banking.
THE CAPITAL MARKET

The Capital market consists of primary and secondary markets. The Primary Market deals with
issue of new instruments by corporate sector such as equity shares, preference shares and debt
instruments. The secondary market or stock exchange is a market for trading and settlement of
securities that have already been issued. It may have a physical location like stick exchange and a

62
trading floor. Since 1995, trading in securities is screen based and Internet based trading has also
made an appearance in India. Secondary market consists of 22 stock exchanges the secondary
market provides a trading place for securities already issued, to be brought and sold. It provides
liquidity to the initial buyers in the primary market.

CAPITAL MARKET PARTICIPANTS

There are several major players in the primary market These includes the merchant bankers,
mutual funds, financial institutions, foreign institutional investors (FIIs) and individual
investors .In the secondary market , there are the stock exchanges, stock brokers (who are
members of stock exchange),the mutual funds, financial institutions, foreign institutional
investors (FIIs), and individual investors.

MARKET REGULATION

It is important to ensure smooth working of capital market, as it is the arena for the players
associated with the economic growth of the country. Various laws have been passed from time to
time to meet this objective.
The financial market in India was highly segmented until the initiation of reforms in 1992-93 on
account of a variety of regulations and administered prices including barriers to entry. The
reform process was initiated with the establishment of Securities and Exchange Board of India
(SEBI).

NATIONAL STOCK EXCHANGE

The National Stock Exchange commenced its operations in 1994 as a first step in reforming the
securities market through improved technology and introduction of best practices in
management. It started with the concept of an independent governing body without any broker
representation thus ensuring that the operator’s interests were not allowed to dominate the
governance of the exchange.

63
Before the NSE was set up, trading on stock exchange in India used to take place through open
outcry without the use of Information Technology for immediate matching or recording of trades.
This was time consuming and inefficient. This practice of physical trading imposed limits on
trading volumes as well as the speed with which new information was incorporated into prices.
To obviate this, the NSE introduced screen based trading system (SBTS).

64
RECOMMENDATIONS

65
RECOMMENDATIONS

1. Annual maintenance charges of all banks are equal except UTI and Kotak Mahindra wherein
the AMC charges are a bit lower at Rs.400/- as compared to Rs.500/- charge by other DP’s.
Also UTI Bank is offered special charges to senior citizens at AMC of Rs. 250/-.
2. Debit Instruction charges are lowest @ Rs. 10/- per ISIN in case of ICICI bank followed by
Kotak , UTI, CBOP, HDFC which is costliest in min charges at Rs.25/-.
3. Demat Charges are more or less same for all the banks but UTI bank is a bit costlier and
minimum charges are highest at Rs. 50/-
4. UTI Bank is again costliest at monthly Rs. 50/- And Rs. 20/- per certificate for demat as
compared to Rs 10/- ( Actual Charges of NSDL) charged by CBOP & Kotak Mahindra And
Rs. 20/- of HDFC Bank.
5. Pledge charges in percentage terms are same for all banks but CBOP is charging highest min.
charges of Rs. 100/-
6. For failed instructions ICICI is charging highest followed by UTI, CBOP, and HDFC.

In the nut shell we can say that all banks are charging more and less same to the
customers If bank is charging less in selling then they are charging higher amount in Demat or
Remat of Securities thereby bringing a balance in tariff structure as compared with other banks.

66
SERVICES ON OFFER

ICICI HDFC UTI CBOP Kotak


Mahindra
Voice Yes No No No No
Instructions
E-Statement Yes Yes Yes Yes Yes
SMS Alerts Yes No No No No
Mobile Yes No No No No
Advice
View Yes Yes Yes Yes Yes
Statement on
net
Speed-e Yes Yes Yes Yes Yes

 ICICI Bank clearly enjoys lead over other banks interms of the services they offer to
Demat Customers.

67
BIBLIOGRAPHY

68
BIBLIOGRAPHY
 BOOKS:-
1. “C.R Kothari” Research Methodology, Wishwa Parkashan, 2nd Edition ( pg. 39-67 & 117-
157).
2. “S.P Gupta” .Statistical Methods, 30th edition, “Sultan Chand & . .
Sons” (Page no .378-418)
3. “Hooda R.P”, Statistics for Business and Economics, 10th Edition

WEBSITES:-
8. http://www.icicibank.com/pfsuser/aboutus/overview/overview.htm
9. http://www.hdfcbank.com/aboutus/general/default.htm
10. http://www.utibank.com/Banking/bank.asp
11. http://www.centurionbop.co.in/site/aboutus.html
12. http://www.kotak.com/Kotak_GroupSite/aboutus/default.htm

 JOURNALS & MAGZINES:-


16 SEBI Bulletin, August 2006, Volume 4
17. Economic Survey 2005-06
18. Marketing Research
19. RBI Bulletin

 OTHER REFRENCES:-
20. Books of NSDL (Operations Module)

69