OBJECTIVE

The objective of the study is briefly discussed below:

 To make a comparative study to know the different companies activation charges,

inclusion of services and comparison with SEBI approval.

 To understand, analyze the rules and regulation of SEBI w.r.t. investment banking

 To know the prescribed brokerage visa vis rates collected by brokerage companies

 To know about the services provided by brokerage firms to its customers related
to online trading

 To know the modes of operations & limitation on timing & related areas

 To compare the convenience & ease of operation between online & offline trading

 To get the knowledge of various Mutual Funds of different AMCs as well as their
load charges i.e. entry load and exit load

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 INDUSTRY PROFILE

Indian Stock Market Overview

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited
(NSE) are the two primary exchanges in India. In addition, there are 22 Regional Stock
Exchanges. However, the BSE and NSE have established themselves as the two leading
exchanges and account for about 80% of the equity volume traded in India. The NSE
and BSE are equal in size in terms of daily traded volume.
The average daily turnover at the exchanges has increased from Rs851crore in 1997-98
to Rs1284crore in 1998-99 and further to Rs2273crore in 1999-2000. NSE has around
1500 shares listed with the total market capitalization of around Rs9, 21,500crore.

The BSE has over 6000 stocks listed and has a market capitalization of around Rs9,
68,000crore. Most key stocks are traded on both the exchanges and hence the investor
could buy on either of the exchanges. Both exchanges have a different settlement cycle,
which allows investors to shift their position on the bourses. The primary index of BSE
in BSE Sensex comprises 30 stocks. NSE has the S&P NSE 50 Index (Nifty), which
consists of fifty stocks. The BSE Sensex is the older and most widely followed index.
Both these indices are calculated on the basis of market capitalization and contain the
heavily traded shares from key sectors.

The markets are closed on Saturdays and Sundays. Both the

exchanges have switched over from the open outcry trading system
to a fully automated computerized mode of trading known as

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 BOLT (BSE On Line Trading) and NEAT (National Exchange
Automated Trading) system. It facilitates more efficient processing, automatic order
matching, faster execution of trades and transparency.
The scrip traded on the BSE has been classified into ‘A’, ‘B1’, ‘B2’, ‘C’, ‘F’, and ‘Z’
groups. The ‘A’ group shares represent those, which are in the carry forward system
(Badla). The ‘F’
group represents the dept market (fixed income securities) segment. The ‘Z’ group scrip
is the blacklisted companies. The ‘C’ group covers the odd lot securities in ‘A’, ‘B1’, &
‘B2’ groups and Rights renunciations. The key regulator governing Stock
Exchanges
Brokers, Depositories, Depository participants, Mutual Funds, FIIs and other
participants in Indian secondary and primary market are the Securities and Exchange
Board of India (SEBI) Limited.

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 Company Profile

Angel Broking's tryst with excellence in customer relations began in 1987. Today, Angel
has emerged as one of the most respected Stock-Broking and Wealth Management
Companies in India. With its unique retail-focused stock trading business model, Angel is
committed to providing ‘Real Value for Money’ to all its clients.

The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock
Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX &
MCX. Angel is also registered as a Depository Participant with CDSL.

Angel Group

 Angel Broking Ltd.

 Angel Commodities Broking Ltd.
 Angel Securities Ltd.

The Angel Group has emerged as one of the top 5 retail stock broking houses in India,
having memberships on BSE, NSE and the two leading commodity exchanges in the
country i.e. NCDEX and MCX. Angel Broking Ltd is also registered as a depository
participant with CDSL. It is the only 100% retail stock broking house offering a gamut of
retail centric services like Research, Investment Advisory, and Wealth Management
Services, E-Broking & Commodities to individual investor.

The group is promoted by Mr. Dinesh Thakkar and professionally managed by a team of
1877+ direct employees. It has a nationwide network comprising 12 Regional Centre, 60
branches, 2452+ registered sub brokers and business associates and 6276+ active trading
terminals which cater to the requirements of 209226+ retail clients.

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Vision

To Provide Best Value for Money To Investors Through Innovative Products, Trading / Investment
Strategies, State-of-the-art Technology And Personalized Service.

Business Policy

Ethical practices & transparency in all our dealings

Customer interest above our own
Always deliver what we promise
 Effective cost management

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Quality Assurance Policy

We are committed to being the leader

In providing World Class Product & Services
Which exceed the expectations of our customers
Achieved by teamwork and
A process of continuous improvement

CRM Policy

A Customer is the most Important Visitor

On Our Premises.
He is not dependent on us but
We are dependent on him.
He is not interruption in our work
He is the Purpose of it.
He is not an outsider in our business
He is part of it.
We are not doing him a favor by serving
He is doing us a favor by giving us an
Opportunity to do so.

Products offered by angel:

1) On line and off –line trading

2) PMS (Portfolio Management Services)
3) PAS (Portfolio Advisory Services)
4) Mutual Fund

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Services Provided By Angel Broking

E-Broking
Multiple exchanges on single screen
Intra-day calls & flash news
Historical charts with technical tool

Research
Daily services
Technical services
Fundamental services

Investment Advisory Services

Angel offers personalized advisory services to HNI investors and actively assists them in
managing their portfolio

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 Commodities
State-of-the-art Internet trading platform
Trading & educational seminar
Efficient risk management

Demat Services
Hassle free automated pay-in Wide branch coverage Centralized billing & accounting
Value Added Back Office Services Web enabled centralized back-office Centralized help
desk services.
E-contract notes cum bill

DAILY SERVICES

Market Outlook At 9:30 PM

A crisp pre-market report that arms our clients with sensitive information before the
opening bell.
Key corporate developments, policy announcements, geo-political news and views are
analyzed for their impact on the market.

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 Technical Report At 6:00 pm
This report analyses trading patterns, historical background, market position of key stocks
and offer short term (1 to 5 days) as well as medium term (10 to 20 days) views. Tracking
individual scripts as well as the Sensex and Nifty, its insight cuts through the market
maze.

Deravative Analysis Report

The report provides FII activity in derivative segments, change in open interest, put call
ratio, cost of carry of stock and index based derivative products.
Our derivative analysts use the above tolls to project the movement during the next
trading sessions

FUNDAMENTAL SERVICES

The Sunday Weekly Report

This weekly report is ace of all the reports. It offers a comprehensive market overview and
likely trends in the week ahead.
It also presents top picks based on an in-depth analysis of technical and fundamental
factors.
It gives short term and long-term outlook on these scripts, their price targets and advice

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trading strategies.
Another unique feature of this report is that it provides an updated view of about 70
prominent stocks on an ongoing basis.

The Industrial Watch

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

Stock Analysis
Angel’s stock research has performed very well over the past few years and angel
model portfolio has consistently outperformed the benchmark indices. The
fundamentals of select scripts are thoroughly analyzed and actionable advice is
provided along with investment rationale for each scrip.

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

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 TECHNICAL SERVICES

Intra-Day Calls
For day traders angel provides intraday calls with entry, exit and stop loss levels during the
market hours and our calls are flashed on our terminals. Our analysts continuously track the
calls and provide the recommendations according to the market movements. Past
performance of these calls in terms of profit/loss is also available to our associates to enable
them to judge the success rate.

Posting Trading Calls

Angels “Position Trading Calls” are based on a thorough analysis of the price
movements in selected scripts and provides calls for taking positions with a 10 - 15 days
time span with stop losses and targets. These calls are also flashed on our terminals
during market hours.

Derivative Strategies
Our analyst take a view on the NIFTY and selected scripts based on derivatives and
technical tools and devise suitable “Derivative Strategies” , which are flashed on our
terminals and published in our derivative reports.

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 COMMODITIES SERVICES

Agro Tech Speak

Mainly gives the investors insight into and a forecast for agro commodities viz.
pulses(urad channa etc); reports on oil complex (soyabean castor etc.) along with spices
with reports on kapas guar seed.

Call Evaluation

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

Commodities Tech Speak

This report mainly equips the investors dealing in MCX segment in commodities like gold,
silver, crude oil, copper etc with the market insight and expert recommendation on the
trading strategies.

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 Competitors

ANGEL BROKING’S COMPETITORS ARE ICICI DIRECT.COM,

INDIABULLS, SHARKHAN, ANAND RATHI, AND 5PAISE.COM, INSIGHT
SHARE BROKING, RELLIGARE AND MANY MORE.

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COMPARATIVE ANALYSIS OF VARIOUS STOCK
BROKING COMPANIES ON THE BASIS OF ACTIVATION
CHARGES, BROKERAGE, SERVICES

Different Players in Share Industry

In the share market there are many DP’s amongst which ANGEL STOCK BROKING is
one of them? There are many competitors in the market which are giving direct
competition to the company, but because of the research based services and wealth
management services Offered by Angel Stock Broking(Services Truly Personalized), it is
unique in the market.

In the competitor’s list there are big names such as:

India bulls, Share khan, HDFC, Kotak Street, 5 paisa, ICICI DIRECT etc.
Brief introduction of ANGEL STOCK BROKING competitor:

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Share khan Depository Services offers dematerialization services to individual and
corporate investors.

Share khan, one of India's leading brokerage houses, is the retail arm of SSKI. With over
240 share shops in 110 cities, and India's premier online trading portal
www.sharekhan.com, our customers enjoy multi-channel access to the stock markets.

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Background of HDFC

HDFC was incorporated in 1977 with the primary objective of meeting a social need –
that of promoting home ownership by providing long-term finance to households for their
housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.

About HDFC Sec.

HDFC sec is a brand brought to you by HDFC Securities Ltd, which has been promoted
by the HDFC Bank & HDFC with the objective of providing the diverse customer base of
the HDFC Group and other investors a capability to transact in the Stock Exchanges &
other financial market transactions

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Kotak Securities Ltd., a strategic joint venture between Kotak Mahindra Bank and
Goldman Sachs (holding 25% - one of the world's leading investment banks and
brokerage firms) is India's leading stock broking house with a market share of around 8%.
Kotak Securities Ltd. has been the largest in IPO distribution.

Kotak Securities has 122 branches servicing more than 1,70,000 customers and a
coverage of 187 cities. Kotaksecurities.com, the online division of Kotak Securities
Limited offers Internet Broking services and also online IPO and Mutual Fund
Investments.

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India Info line was founded by a group of professionals in 1995, a seemingly distant past
in the Internet age. Our meticulous research was published and distributed in printed form
to a client base comprising the who's who of Indian business including leading MNCs,
investment banks and consulting firms.
In early 1999, when Internet penetration in India was at its infancy and the future
unknown, we took the hard decision of killing our earlier business model and embracing
the Internet. We discontinued delivery of reports in printed form and made available
quality research at the click of a mouse. Thus, was born www.indiainfoline.com.
We forayed into investment transaction space in early 2000 to complete the value chain.
www.5paisa.com was launched for online trading in mid-2000.
India Info line Securities Pvt Ltd is a 100% subsidiary of India Info line Ltd, which is
engaged in the businesses of Equities broking and Portfolio Management Services. It
holds memberships of both the leading stock exchanges of India viz. the Stock Exchange,
Mumbai (BSE) and the National Stock Exchange (NSE). It offers broking services in the
Cash and Derivatives segments of the NSE as well as the Cash segment of the BSE.

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India bulls Financial Services Ltd. is a public company and listed on the National Stock
Exchange, Bombay Stock Exchange, Luxembourg Stock Exchange and London Stock
Exchange. The company ranks at 82nd position in the list of most valuable companies in
India has a market capitalization of approx US $ 800 million. The consolidated net worth
of the company is approx US $ 400 million.
India bulls, along with its subsidiary companies, offer consumer loans, brokerage and
depository services, personal loans, home loans and other financial products and services
to the retail markets.
India bulls Resources Ltd, a 100 per cent subsidiary of India bulls Financial Services
Ltd., has been established with the objective of evolving as an independent oil company
over time. The immediate short-term goal is to partner with oil companies who are
willing to come to India and bid in the current NELP-6 round.
Through its group companies, India bulls are also engaged in real estate development.
The company is in the process of developing modern commercial complexes in the heart
of Mumbai. India bulls Estates Pvt Ltd. the real estate arm of India bulls Financial
Services will set up an integrated township spread across 100 acres in Sonepat, 15 km
from Delhi.

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ICICI WEB TRADE LIMITED is a company that is venture of ICICI Bank, ICICI
Limited to produce an integrated offering of e-broking services. This service is the
combination of these entire three organizations. Promotions are looked after ICICI web
Trade that has made e-invest facility, commonly known as ICICI Direct.com possible.
This company is 100% subsidiary of ICICI Limited. The company enables to have the
facility of having all the facilities online. One can view his banking transactions online,
view the Demat balance with the latest market values and at the same time buy and sell
shares online. This company has pioneered the concept of e-broking in India. The
company went online with NSE on 15th April 2000.

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Ranbaxy Promoter Group is India's leading business house having diversified interests in
Pharmaceuticals, Healthcare, Pathological Labs and Financial Services through Ranbaxy
Laboratories Limited, Fortis Healthcare Limited, SRL Ranbaxy Limited and Religare Enterprise
Limited respectively. Religare is driven by ethical and dynamic process for wealth creation.
Based on this, the company started its endeavor in the financial market.

Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare

Enterprises Limited, Religare Finvest Limited, Religare Commodities Limited and Religare
Insurance Broking Limited provides integrated financial solutions to its corporate, retail and
wealth management clients. Today, we provide various financial services which include
Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity
Broking, Insurance and Mutual Funds. Plus, there’s a lot more to come your way.

Religare is proud of being a truly professional financial service provider managed by a highly
skilled team, who have proven track record in their respective domains. Religare operations
are managed by more than 3000 highly skilled professionals who subscribe to Religare
philosophy and are spread across its country wide branches.

Today, we have a growing network of more than 300 branches and more than 580
business partners spread across more than 300 cities/towns in India and a fully operational
international office at London.

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 Activation ,brokerage and other charges of different stock
broking companies

ANGEL BROKING

CRITERIA ANGEL STOCK BROKING

Demat a/c opening charges 660

Brokerage intra day, delivery Classic plan: 3p ,20p

Freedom plan; 1p,10p
AMC(Annual Maintenance Charges) Rs.225

Trading funding intra day, delivery 6times,4 times(minimum stock Rs 50000)

Interest rate 18 %pa

Debit period T+2 DAYS

Mode of trading Both online and offline

Margin money 5000,5000,10000

Software installation charges No extra charges

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CRITERIA RELIGARE SECURITIES LTD

Demat a/c opening charges 299,499,999

Brokerage intra day, delivery Classic plan: 5p ,50p

Freedom plan; 3p,30p
AMC (Annual Maintenance Charges) No amc

Trading funding intra day, delivery 6times,4 times(minimum stock rs 500000)

Interest rate 18 %pa

Debit period T+2 DAYS

Mode of trading Both online and offline

Margin money 5000,5000,10000

Software installation charges No extra charges

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CRITERIA ICICI DIRECT

Demat a/c opening charges RS 750/-

Brokerage intra day, delivery 50P,75P

AMC(Annual Maintenance Charges) RS 500/-

Trading funding intra day, delivery 3-4 times of the available funds.

Interest rate 18% p.a.

Debit period T+2 DAYS

Mode of trading Both Online & Offline

Margin money -

Software installation charges -

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CRITERIA Kotak securities .com

Demat a/c opening charges RS 550

Brokerage intra day, delivery 2.5P,25P

AMC(Annual Maintenance Charges) RS 30pm

Trading funding intra day, delivery 7times,4 times

Interest rate 21%

Debit period T+2

Mode of trading Offline

Margin money Rs8000/-

Software installation charges _

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CRITERIA HDFC securities

Demat a/c opening charges Rs 799/-

Brokerage intra day, delivery 15p,50p

AMC(Annual Maintenance Charges) Nil

Trading funding intra day, delivery 10times,4 times

Interest rate -

Debit period T+ 2days

Mode of trading Both

Margin money 5000,10000

Software installation charges -

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 ANAND RATHI

CRITERIA Anand Rathi

Demat a/c opening charges Rs 633/

Brokerage intra day, delivery 3p(1p),30p(10p)

AMC(Annual Maintenance Charges) -

Trading funding intra day, delivery 6 times,4 times

Interest rate 18%p.a.

Debit period T+2

Mode of trading Both

Margin money 5000

Software installation charges 1000

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 ALLIANZ SECURITIES

CRITERIA ALLIANZ SECURITIES

Demat a/c opening charges Rs 500/-

Brokerage intra day, delivery 3-2P,30-20P

AMC(Annual Maintenance Charges) NIL

Trading funding intra day, delivery 10 times,4 times

Interest rate -

Debit period T+2

Mode of trading OFFLINE

Margin money NIL

Software installation charges -

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 RESEARCH METHODOLOGY & DATA ANALYSIS

SAMPLING DESIGN

Types of Sampling
 Random Sampling

Research Approach
 Descriptive approach

Techniques to Be Used In Research Approach

 Survey and interview

Sampling Unit
 Questionnaire

In this project Questionnaire is used as the research instrument. These questionnaires

include Close Ended as well as Open Ended questions. The questionnaire is attached at
the end of Annexure.

Sample Size Determination

Let desired level of precision = 0.05

Confidence level = 95%

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 z value associated with the confidence level = 1.96

Suppose 85 % of the people agree to provide information for survey.

Thus, value of p = 85
Thus, value of q = 100-p = 15
Therefore, sample size = n= z2(p*q)/e2
n = (1.96)2(85*15)/52
= 4898.04/25

n = 195.92 = 200 approx.

Data Collection

Primary Data Collection

 Structured questionnaire for the customer

Secondary data collection

 Journals

 Web-sites

 News papers

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.PRIMARY SOURCE:

The data required for this stage was regarding the detail study of existing activation
charges, brokerage rates, and services of various competitors of the ANGEL STOCK
BROKING. And to know the behavior and perception of the customers towards the
products and services provided by the ANGEL STOCK BROKING. The data have been
collected in the form of questionnaires that was prepared. Though the primary source was
not enough for the study but it did give some accurate conclusions.

The questionnaire is attached at the end as Annexure.

The above questions were really helpful in the conclusion part of the study. Some
customers were very cooperative but some didn’t even bother to give a look. Overall, the
study was a success as far as primary source was concerned.

SECONDARY SOURCE:

The secondary data was collected with the help of various books, websites, bank journals,
broachers and employees of the bank. The data collected from the websites and books
was good enough to be included in the study analyzed and concluded but the data got
from the employees of the companies was most accurate and reliable. Various
newspapers, magazines, websites, bank journals, etc were checked out for information
regarding the comparative analysis of various players in stock market.

The secondary source didn’t provide any personal views of the customers on the existing
activation charges, brokerage rate, services but were a great help in completing the report
and getting the details.

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Awareness regarding share market among the people of Bangalore

According to the data that have been collected, all the people who were contacted are
aware of share market in Bangalore.

Awareness regarding online trading 10% or 90%

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 Survey shows that of the people those who are aware of share market 90% people
have knowledge of online share trading & 10% people have no proper knowledge of
online share trading.

.Security in which people invest

a) Equity 28%
b) Mutual Fund 20%
c) Fixed Deposit 13%
d) Insurance 31%
e) Others 8%

People like to invest more in insurance sector rather than share market.

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Preferred mode of trading

A. Online 90%
B. Offline 10%

Above the figure shows that still 90% of people prefer to trade through online trading
rather than using broker.

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 Best Brokerage House

Share khan 09%

India Bulls 20%
ICICI Direct 21%
Religare 25%
Angel Broking 16%
Others 09%

We can see that broking house the best preferred among the people of Bangalore is
Religare with 25% followed by ICICI-Direct, India bulls, Angel Broking, Share khan,
and other respectively.

Satisfaction level of the customers.

Satisfaction level of the customer

a. yes 72%
b. no 6%
c. uncertain 22%

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72% people are satisfied with their broking house where as 22% of the people are not
sure as they are first time investors and the remaining 6% are not satisfied.

Investment decisions

a. Self 19%
b. Brokers 9%
c. Economic Policies 45%
d. Friends/Relatives 27%

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45% of the investment decisions of the people are influenced by the economic policies of
the government followed by friends/relatives, self brokers.

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 Findings

 According to the data that have been collected, all the people who were contacted
are aware of share market in Bangalore.

 Survey shows that of the people those who are aware of share market 90% people
have knowledge of online share trading & 10% people have no proper knowledge
of online share trading.

 People like to invest more in insurance sector rather than share market.

 Still 90% of people prefer to trade through online trading rather than using broker.

 The best preferred broking firm among the people of Bangalore is Religare with
25% followed by ICICI-Direct, India bulls, Angel Broking, Share khan, and other
respectively.

 72% people are satisfied with their broking house where as 22% of the people are
not sure as they are first time investors and the remaining 6% are not satisfied.

 45% of the investment decisions of the people are influenced by the

economic policies of the government followed by friends/relatives, self
brokers.

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 SWAN Analysis

The SWAN model has following elements:

S : Strengths
W : Weaknesses
A : Achievements
N : Next step/Next initiative

STRENGTHS

 Service
 Distribution
 Marketing
 Products

WEAKNESS

 Customer Satisfaction
 Branding

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ACHIEVEMENT

Angel Broking has been awarded the prestigious ‘Major Volume Driver’ award for the
five consecutive year for 2008-2009 by The Bombay Stock Exchange. This coveted title
conferred upon Angel by the BSE since 2004-2005.

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Next Step/next initiative

The people have proposed a number of recommendations to improve the product of

ANGEL BROKING. Though the present product caters to the interests of its customers to
a certain extents, it could attract more if the proposed suggestions are taken into account.
Some of the most feasible suggestions are given below:

 The brokerage charges could be made at par with other competitors.

 The documentation process should be made a bit easy, so that the account can be
opened without much difficulty.
 The services provided by company are still not up to that mark, the working of
back office is very slow, due to which account opening time takes too much time.
This service could be made fast.
 The company could make their approach more efficient. The executives could be
trained very well for at least a week and in the beginning, before independently
going to any customer the executives should go with their team leaders.
 Angel Stock Broking could make a different service department, which will work
for the customer to solve all their problems related to Angel‘s product
 The image of Angel Stock Broking could be made through effective
advertisement in print & electronic media.

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 Conclusion

In online trading “Angel Broking” have mainly competition with Religare, ICICI-Direct,
India bulls. Angel Broking has an advantage of being in this industry for more than 8
decades. It has launched its website in 2000 and was among the first player in the online
share trading. The “ANGEL BROKING” has decided to spend its advertisement
budget through four media i.e. Television, Print, Web and Outlets. ANGEL BROKING is
only broker in which no margin needs to keep.

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 BIBLIOGRAPHY

www.google.com

www.angeltrade.com

www.icicibank.com

www.icicidirect.com

www.nseindia.com

www.bseindia.com

www.indiabulls.com

www.sharekhan.com

David Luck (2007), “Market Research”, Tata Mc Graw Hill Publishing Co Ltd, New
Delhi.

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