INTRODUCTIO

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 INTRODUCTION
EXECUTIVE SUMMARY

Indian Capital Market has been linked to the International Financial Market
and the Standard has been increased in terms of efficiency and transparency
through Dematerialization of the Indian Capital Market in terms of handling
and dealing in securities in paper mode , the main objective of this study is to
analyze trends in growth of dematerialization process was not keeping pace
with the Indian Capital Market due to un popularity of Demat, lack of
information , and short direction after the inception of the scheme or the earliest
time taken to evaluate its popularity. My project is base on study about
dematerialization in the Indian Capital Market .The project covers issues related
to depository and Sharekhan as depository .Project start with objective ,
Methodology ,and limitation of project than it highlight company profile with
product details, than it explains capital market and depository part of this capital
market . This project cover trading in equity of capital market, settlement of
trade in depository, comparative analysis of structure and services offers in the
same industry , analysis of structure and services offers in the same industry,
analysis of dematerialization , issues related to demat e.g. opening account ,
nomination dematerialization ,transmission ,freezing defreezing.

SHAREKHAN
(DEPOSITORY SHARE CAPITAL
DEPOSITORY MARKET MARKET
PARTICIPANT) 2
What is a Mutual Fund?
A Mutual Fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is invested by the
fund manager in different types of securities depending upon the objective of
the scheme. These could range from shares to debentures to money market
instruments. The income earned through these investments and the capital
appreciations realized by the scheme are shared by its unit holders in proportion
to the number of units owned by them. Thus a Mutual Fund is the most suitable
investment for the common man as it offers an opportunity to invest in a
diversified, professionally managed portfolio at a relatively low cost. The small
savings of all the investors are put together to increase the buying power and
hire a professional manager to invest and monitor the money. Anybody with an
investible surplus of as little as a few thousand rupees can invest in Mutual
Funds. Each Mutual Fund scheme has a defined investment objective and
strategy.

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MUTUAL FUND FLOW CHART

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 TYPES OF MUTUAL FUND SCHEME

Mutual fund schemes may be classified on the basis of its structure and its
investment objective.

BY STRUCTURE

1. Open-end Funds
An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell
units at Net Asset Value ("NAV") related prices. The key feature of open-end
schemes is liquidity.

2. Closed-end Funds
A closed-end fund has a stipulated maturity period which generally ranging
from 3 to 15 years. The fund is open for subscription only during a specified
period. Investors can invest in the scheme at the time of the initial public issue
and thereafter they can buy or sell the units of the scheme on the stock
exchanges where they are listed. In order to provide an exit route to the
investors, some close-ended funds give an option of selling back the units to the
Mutual Fund through periodic repurchase at NAV related prices. SEBI
Regulations stipulate that at least one of the two exit routes is provided to the
investor.

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3. Interval Funds
Interval funds combine the features of open-ended and close-ended schemes.
They are open for sale or redemption during pre-determined intervals at NAV
related prices.

BY INVESTMENT OBJECTIVE

1. Growth Funds
The aim of growth funds is to provide capital appreciation over the medium to
long term. Such schemes normally invest a majority of their corpus in equities.
It has been proved that returns from stocks, have outperformed most other kind
of investments held over the long term. Growth schemes are ideal for investors
having a long-term outlook seeking growth over a period of time.

2. Income Funds
The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds,
corporate debentures and Government securities. Income Funds are ideal for
capital stability and regular income.

3. Balanced Funds
The aim of balanced funds is to provide both growth and regular income. Such
schemes periodically distribute a part of their earning and invest both in equities

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and fixed income securities in the proportion indicated in their offer documents.
In a rising stock market, the NAV of these schemes may not normally keep
pace, or fall equally when the market falls. These are ideal for investors looking
for a combination of income and moderate growth.

4. Money Market Funds

The aim of money market funds is to provide easy liquidity, preservation of

capital and moderate income. These schemes generally invest in safer short-
term instruments such as treasury bills, certificates of deposit, commercial paper
and inter-bank call money. Returns on these schemes may fluctuate depending
upon the interest rates prevailing in the market. These are ideal for Corporate
and individual investors as a means to park their surplus funds for short periods.

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Three Common Investment Goals

Goal No. 1: Retirement

Most individuals buy mutual funds for long-term goals, especially retirement. It
is estimated that retirees will need 70 to 80 percent of their final, pre-tax income
to maintain a comfortable lifestyle in retirement. If you plan to retire at age 65,
retirement savings should last for at least 18.5 years, since the average life
expectancy for a 65-year-old is 83.5,and continues to rise. Ideally, individuals
use a

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combination of sources to fund retirement, such as Social Security benefits,
employer-sponsored retirement plans-like 401(k) plans—and personal savings,
including Individual Retirement Accounts (IRAs).

Goal No. 2: Education

Many parents and grandparents use mutual funds to invest for children’s college
educations. Your time horizon is an essential consideration when investing for
education: if you start when the child is born, you have 18 years to invest.
However, if a child or grandchild is in your future, the time horizon can be
lengthened by investing now.

Goal No. 3: Emergency Reserves and Other Short-

Term Goals

Emergency reserves are assets you may need unexpectedly on short notice.
Many investors use money market funds for their reserves. Money market funds
alone, or in combination with short-term bond funds, can also be appropriate
investments for other short-term goals.

OTHER SCHEMES

1. Tax Saving Schemes

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These schemes offer tax rebates to the investors under specific provisions of the
Indian Income Tax laws as the Government offers tax incentives for investment
in specified avenues. Investments made in Equity Linked Savings Schemes
(ELSS) and Pension Schemes are allowed as deduction u/s 88 of the Income
Tax Act, 1961. The Act also provides opportunities to investors to save capital
gains u/s 54EA and 54EB by investing in Mutual Funds.

2. Special Schemes

• Index Schemes

Index Funds attempt to replicate the performance of a particular

index such as the BSE Sensex or the NSE 50

• Sectoral Schemes

Sectoral Funds are those that invest exclusively in a specified

sector. This could be an industry or a group of industries or various
segments such as 'A' Group shares or initial public offerings.

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HOW TO INVEST IN MUTUAL FUND

Step one - Identify your Investment needs

Your financial goals will vary, based on your age, lifestyle, financial
independence, family commitments, and level of income and expenses
among many other factors. Therefore, the first step is to assess your needs.
You can begin by defining your investment objectives and needs, which
could be regular income, buying a home or finance a wedding or educate
your children or a combination of all these needs, the quantum of risk you
are willing to take and your cash flow requirements.

Step Two - Choose the right Mutual Fund

The important thing is to choose the right mutual fund scheme, which suits
your requirements. The offer document of the scheme tells you its objectives
and provides supplementary details like the track record of other schemes
managed by the same Fund Manager. Some factors to evaluate before
choosing a particular Mutual Fund are the track record of the performance of
the fund over the last few years in relation to the appropriate yardstick and
similar funds in the same category. Other factors could be the portfolio
allocation, the dividend yield and the degree of transparency as reflected in
the frequency and quality of their communications.

Step Three - Select the ideal mix of Schemes

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Investing in just one Mutual Fund scheme may not meet all your investment
needs. You may consider investing in a combination of schemes to achieve
your specific goals.

Step four - Invest regularly

The best approach is to invest a fixed amount at specific intervals, say every
month. By investing a fixed sum each month, you buy fewer units when the
price is higher and more units when the price is low, thus bringing down
your average cost per unit. This is called rupee cost averaging and do
investors all over the world follow a disciplined investment strategy. You
can also avail the systematic investment plan facility offered by many open-
end funds.

Step Five- Start early

It is desirable to start investing early and stick to a regular investment plan.

If you start now, you will make more than if you wait and invest later. The
power of compounding lets you earn income on income and your money
multiplies at a compounded rate of return.

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 ADVANTAGES OF MUTUAL FUNDS

Mutual funds make saving and investing simple, accessible, and affordable.
The advantages of mutual funds include professional management,
diversification, variety, liquidity, affordability, convenience, and ease of
recordkeeping—as well as strict government regulation and full disclosure.

• Diversification:
The best mutual funds design their portfolios so individual
investments will react differently to the same economic conditions.
For example, economic conditions like a rise in interest rates may
cause certain securities in a diversified portfolio to decrease in value.
Other securities in the portfolio will respond to the same economic
conditions by increasing in value. When a portfolio is balanced in this
way, the value of the overall portfolio should gradually increase over
time, even if some securities lose value.

• Professional Management:

Most mutual funds pay topflight professionals to manage their

investments. These managers decide what securities the fund will buy
and sell.

• Regulatory oversight:

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 Mutual funds are subject to many government regulations that protect
investors from fraud.

• Liquidity:

It's easy to get your money out of a mutual fund. Write a check, make
a call, and you've got the cash.

• Convenience:

You can usually buy mutual fund shares by mail, phone, or over the
Internet.

• Low cost:

Mutual fund expenses are often no more than 1.5 percent of your
investment. Expenses for Index Funds are less than that, because
index funds are not actively managed. Instead, they automatically buy
stock in companies that are listed on a specific index

• Transparency

• Flexibility

• Tax benefits

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DRAWBACKS OF MUTUAL FUNDS
• No Guarantees: No investment is risk free. If the entire stock market
declines in value, the value of mutual fund shares will go down as
well, no matter how balanced the portfolio. Investors encounter fewer
risks when they invest in mutual funds than when they buy and sell
stocks on their own. However, anyone who invests through a mutual
fund runs the risk of losing money.

• Fees and commissions: All funds charge administrative fees to cover

their day-to-day expenses. Some funds also charge sales commissions
or "loads" to compensate brokers, financial consultants, or financial
planners. Even if you don't use a broker or other financial adviser, you
will pay a sales commission if you buy shares in a Load Fund.

• Taxes: During a typical year, most actively managed mutual funds

sell anywhere from 20 to 70 percent of the securities in their
portfolios. If your fund makes a profit on its sales, you will pay taxes
on the income you receive, even if you reinvest the money you made.

• Management risk: When you invest in a mutual fund, you depend on

the fund's manager to make the right decisions regarding the fund's
portfolio. If the manager does not perform as well as you had hoped,
you might not make as much money on your investment as you
expected. Of course, if you invest in Index Funds, you forego
management risk, because these funds do not employ managers.

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 How to Read a Mutual Fund Fee Table

There are two basic types of costs associated with mutual funds. Some funds
charge shareholder fees when you purchase or redeem shares of the fund,
i.e., sales commissions. In addition, all funds have operating expenses,
which represent the costs of running the fund. A mutual fund’s fees and
expenses are required by law to be clearly disclosed to investors in a fee
table at the front of the fund’s prospectus. Mutual funds compete vigorously
to keep costs low, since the performance figures reported by the fund ,and
the total value of your mutual fund account, are provided after all fees and
expenses have been deducted. For example, the fund returns published in
newspapers, advertisements, and official fund documents already are “net”
of any fees the fund charges you. Thus, any time you consider a fund’s past
performance, your decision reflects the impact fees have had on the fund in
the past. Particularly important to your assessment of costs is the fund’s
expense ratio. The availability of this figure in all fund prospectuses allows
you to easily compare how much more or less one fund costs versus another
—an important part of making an informed investment decision.

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 Ten Tips on Buying Mutual Funds

1. Determine your financial objectives and how much

money you can afford to invest.

Make sure the fund’s objectives coincide with your own. Do not change your
objectives or exceed the amount set aside for investment without careful
consideration.

2. Research and obtain all available information before

you invest.

Request a copy of the fund’s prospectus and read it carefully. Also look over
the SAI and the latest shareholder report from each fund you are considering.

3. Determine the amount of all sales charges,

management fees and Administrative expenses before you
invest.

Some funds charge for reinvestment of dividends and capital gains

distributions, which can add to your costs. See the fund’s prospectus for a
description of all fees and expenses.

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4. Never treat the risks of investing in mutual funds
lightly.

All mutual funds involve some degree of risk. Unlike money market
accounts and certificates of deposit, mutual funds are not federally insured.

5. Exercise caution when considering investing in funds

with junk bond portfolios.

While junk bonds pay a high-rate of return, junk bond companies are more
volatile and more likely to default on bond payments. These factors can
seriously affect the fund’s performance

6. Do not invest in periodic payment plans unless you are

absolutely certain that you will hold your shares for a
long time.

If you sell or redeem early – or do not complete the plan – you may find that
a large portion of your investment has gone to pay sales charges.

7. Learn the consequences of redemptions.

Besides the sales charges for redeeming periodic payment plans before
completion, some funds may charge a redemption fee or a proportion of your
investment, known as a contingent deferred sales load.

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8. Call Secretary of State office to find out whether
your broker/financial advisor and the mutual fund are
properly registered in Indian.

Secretary office can tell you if a company or an individual has failed to

properly register or if there is a history of trouble with securities regulators.
If there is a history of problems, this should serve as a red flag to prospective
investors.

10. If you believe you have encountered investment fraud,

call Secretary office.

If something does not seem right, or if you are not satisfied with the answers
you have received, contact the Secretary of State’s office. We are here to
help you!

Share market is the market for securities Share Market Overview

where organized issuance and trading

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of shares takes place. It plays an important role in channelizing capital from the

investors to the business houses which consequently leads to the availability of

funds for business expansion. Shares are certificates which represents ownership
rights of the holder in a company.

What is share?

Share or stock is a document issued by a company, which entitles its holder

to be one of the owners of the company. A share is issued by a company or
can be purchased from the stock market.

Shares in the Share Market are either traded through:-

(a) Stock Exchange

These are organized market places where stocks, bonds are other
equivalents are traded between the buyers and sellers where
exchange acts as a counter - party to both the participants in case of
any default.

(b) Over-the -Counter (OTC)

These are not centralized exchanges and the trade takes place
through a network of dealers.

Basically, Share Market can be divided into two parts :-

1. Primary Market It is the market where new issues of securities are

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 offered to the investors.

2. Secondary Market An investor of a secondary market buys a security

from another participant of the same and not from any issuing
corporation (as in case of Primary Market).

PRIMARY MARKET

The first time that a company shares are issued to the public, it is by a process
called the initial public offering (IPO). In an IPO company offloads a certain
percentage of its totals shares to the public at a certain price. Most IPOs these
days do not have a fixed offer price instead they follow a method called the book
building process, where the offer price is placed in a hand or a range with the
highest and the lowest value (refer to the newspaper ad). The public can bid for
the shares at any price in the band specified. Once the bid come in the company
evaluates all the bids and decides on an offer price in that range. After the offer
price is fixed the company either allots its shares to the people who had applied
for its shares or returns them their money.

SECONDARY MARKET

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 Stock Broker
Company
Exchange Individual
Investors

Companies get themselves listed on popular stock exchanges like

BSE and NSE

SECONDARY MARKET

Once the offer price is fixed and the shares are issued to the people,
stock exchanges facilitate the trading of shares for the general public.
Once a stock is listed on an exchange, people can start trading in its
shares. In a stock exchange the existing shareholders sell their
shares to anyone who is willing to buy them at a price agreeable to
both the parties. Individuals cannot buy or sell shares in a stock
exchange directly they have to execute their transactions through
authorized members of the stock exchange who are also called stock
brokers

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DYNAMICS OF THE SHARE MARKET

Buyer Broker Seller

Stock Broker
He pays the His broker Exchange
money to pays it to the Seller’s broker
his broker exchange The exchange finally pays the
pays it to the money to the
seller’s broker seller

Similar process happens for the transfer of shares from the seller’s end.

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 MULTI CHANNEL ACCESS TO THE STOCK MARKET

Relationship Manager
Live chat

Call centre
SMS

Website Email
CUSTOMER SUPPORT

Multi Channel
Investment Option

Share Shops Dial n Trade

Online Trading

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TRANSACTION CYCLE IN SHARE MARKET

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 HOW TO A READ SHARE MARKET TABLE

Columns 1 & 2: column 1&2 shows 52- Week High and Low price rate
of shares.

Column 3:column shows Company Name & Type of Stock.

Column 4: column 4 shown Ticker Symbol of company name which

companies share has shown.

Column 5: column 5 shown Dividend Per Share.

Column 6: Column 6 shown Dividend Yield per share.

Column 7: column 7 shown Price/Earnings Ratio of per share.

Column 8: column 8 shown Trading Volume in hunred volume.

Column 9 & 10: column 8 shown Day High and Low rate of share.

Column 12: column 8 shown Net Change of shares which share goes
up or down that thing is shown with the help of this table.

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Why shares

Historically shares have outperformed all the other investment instruments

and given the maximum returns in the long run. In the twenty-five year
period of 1980-2005 while the other instruments have barely manage to
generate returns at a rate higher than the inflation rate(7.10%), on an average
shares have given returns of about 17% in a year and that does not even take
in account the dividend income from them. Were we to factor in the
dividend income as well, the shares would have given even higher returns
during the same period.

WHY INVESTING IN SHARE MARKET

Dividend income:

investments in shares are attractive as much for the appreciation in the share
prices as for the dividends their companies pay out.

Tax advantages:
shares appear as the best investment option if you also consider the
unbeatable tax benefits that they offer. First, the dividend income is tax-
free in the hands of investors. Second, you are required to pay only a 10%
short term capital gains tax on the profits made from investments in
shares, if you book your profits within a year of making the purchase. Third,
you don't need to pay any long-term capital gains tax on the profits if you
sell the shares after holding them for a period of one year. The capital gains
tax rate is much higher for other investment instruments: a 30% short-term
capital gains tax (assuming that you fall in the 30% tax bracket) and a 10%
long-term capital gains tax

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Easy liquidity:

shares can also be made liquid anytime from anywhere (on sharekhan.com
you can sell as here at the click of a mouse from anywhere in the world) and
the investments can be realized in just two working days .Considering the
high returns, the tax advantages and the highly liquid nature, shares are
the best investment option to create wealth.

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DIFFERENCE BETWEEN PRIMARY AND SECONDARY MARKETS

In the primary market securities are issued to the public and the proceeds go
to the issuing company. Secondary market is a term used for stock exchanges,
where stocks are bought and sold after they are issued to the public.

PRIMARY MARKET

Individuals
apply to get
shares of the
company
Company
IPO

Companies share ownership by issuing shares

Company Owners

Companies allocate shares to individuals and those who get

the shares become part owners of the company.

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 TERMINOLOGY USED IN SHARE MARKET

1. Stock Broker / Sub – Broker: - People like you and me cannot just go
to a stock exchange and buy and sell shares. Only the members of the
stock exchange can. These members are called stockbrokers and they
buy and sell shares on our behalf. So, if you want to start investing in
shares, you can do it only through a broker. Every stockbroker has to be
registered with the Securities and Exchange Board of India, which is the
stock market regulator. You can either choose a broker (who is directly
registered with SEBI) or a sub-broker (people licensed by brokers to
work under them).

2. Demat account: - Gone are the days when shares were held as
physical certificates. Today, they are held in an electronic form in demat
accounts. Demat refers to a dematerialized account. Let's say your
portfolio of shares looks like this: 40 shares of Infosys, 25 of Wipro, 45 of
HLL and 100 of ACC. They will show in your demat account. You don't
have to possess any physical certificates showing you own these
shares. They are all held electronically in your account. Periodically, you
will get a demat statement telling you what shares you have in your
demat account.

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How to get a demat account

To get a demat account, you will have to approach a Depository

Participant. A depository is a place where an investor's stocks are held
in electronic form. There are only two depositories in India -- the
National Securities Depository Ltd and the Central Depository
Services Ltd.

The depository has agents who are called Depository Participants. In

India, there are over a hundred DPs. Think of it like a bank. The head
office, where all the technology rests and the details of all the accounts
are held, is like the depository. The DPs are like the branches of banks
that cater to individuals.

A broker, however, is not similar to a DP. A broker is a member of the

stock exchange and he buys and sells shares for his clients and for
himself. A DP, on the other hand, gives you an account where you can
hold those shares.

To get a list of the registered DPs, visit the NSDL and CDSL Web sites.

3. Get a PAN: - The taxman demands that you get yourself a

Permanent Account Number. This is a unique 10-digit alphanumeric

number (AABPS1205E, for example) that identifies and tracks an
individual in the taxman's database. Almost every money transaction
demands the use of a PAN.

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4. Trading / Square off Transaction:-

Whenever a trader / investor buys or sells a security and on the same

day before the market closes, he sells or buys that particular security (in
the same quantity), the transaction is called as square off transaction or
a trading transaction. Shares lying in the T, TS and T are not square off
the same day.

5. Delivery Transaction:-

Delivery transactions are those transactions which are not squared off at
the day end, and the investor/trader is ready to take / give the delivery of
the security.

Charges such as brokerage, service tax on brokerage, STT, stamping

charges etc. are very high on the delivery transactions.

6. Settlement Period :-

Currently the settlement period is T+2. Settlement period i.e. T+2 means
one has to give the delivery of the shares sold within 2 days of the date
of the transaction. In case of purchase transaction, one will get the
delivery within 2 days of the date of transaction.

7. Shares Category:-

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 The stock exchange has divided the shares into the categories
according to the performance of the company.

The different categories are A, B1, B2, S (BSE Indonext), T, TS, Z

8. Auction:-

In case of failure of delivery of shares for sale transaction within the

stipulated time period, the BSE auction those shares as per the rules
and regulations.

9. Close Out:-

In case of failure of delivery of shares for purchase transaction within the

stipulated time period, the person buying the shares gets the benefit in
the form of Close Out as per the BSE’s rules and regulations.

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 ROLE OF STOCK EXCHANGE

1. Raising capital for business.

2. Mobilizing saving for investment.
3. Facilitate Company growth.
4. Redistribution of wealth.
5. Corporate governance.
6. Create investment opportunities for small investors.
7. Government raises capital for development projects.

LISTING OF SECURITIES

Listing means admission of the securities to dealings on a recognised

stock exchange. The securities may be of any public limited company,
Central or State Government, quasi-governmental and other financial
institutions/corporations, municipalities, etc.

The objectives of listing are mainly to:

• Provide liquidity to securities;

• Mobilize savings for economic development;
• Protect interest of investors by ensuring full disclosures.

The Exchange has a separate Listing Department to grant approval for

listing of securities of companies in accordance with the provisions of the
Securities Contracts (Regulation) Act, 1956, Securities Contracts

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(Regulation) Rules, 1957, Companies Act, 1956, Guidelines issued by
SEBI and Rules, Bye-laws and Regulations of the Exchange.
A company intending to have its securities listed on the Exchange has to
comply with the listing requirements prescribed by the Exchange.

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MINIMUM LISTING REQUIREMENTS FOR NEW COMPANIES

(A) Minimum Capital:

1. New companies can be listed on the Exchange, if their issued &

subscribed equity capital after the public issue is Rs.10 Crores. In
addition to this the issuer company should have a post issue net
worth (equity capital + free reserves excluding revaluation reserve)
of Rs.20 Crores.

2. For new companies in high technology (i.e. information technology,

internet, e-commerce, telecommunication, media including
advertisement, entertainment etc.) the following criteria will be
applicable regarding threshold limit:

i. The total income/sales from the main activity, which should

be in the field of information technology, internet, e-
commerce, telecommunication, media including
advertisement, entertainment etc. should not be less than
75% of the total income during the two immediately
preceding years as certified by the Auditors of the company.

ii. The minimum post-issue paid-up equity capital should be

Rs.5 Crores.

iii. The minimum market capitalization should be Rs.50 Crores.

(The capitalization will be calculated by multiplying the post
issue subscribed number of equity shares with the Issue
price).

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 iv. Post issue net worth (equity capital + free reserves excluding
revaluation reserve) of Rs.20 Crores.

(B) Minimum Public offer:

As per Rule 19(2) (b) of the Securities Contracts (Regulation) Rules,

1957, securities of a company can be listed on a Stock Exchange only
when at least 25% of each class or kind of securities is offered to the
public for subscription.
In case of IPOs by unlisted companies in the IT& entertainment sector,
at least 10% of the securities issued by the company may be offered to
the public subject to the following:

• Minimum 20 lac securities are offered to the public (excluding

reservation, firm allotment and promoters contribution)
• The size of the offer to the public is minimum 50 cores.

For this purpose, the term "offered to the public" means only the portion
offered to the public and does not include reservations of securities on
firm or competitive basis.
SEBI may, however, relax this condition on the basis of
recommendations of stock exchange(s), only in respect of a Government
company defined under Section 617 of the Companies Act, 1956.

[II] MINIMUM LISTING REQUIREMENTS FOR COMPANIES LISTED ON OTHER STOCK

EXCHANGES

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The Governing Board of the Exchange at its meeting held on 6th August,
2002 amended the direct listing norms for companies listed on other
Stock Exchange(s) and seeking listing at BSE. These norms are
applicable with immediate effect.

1. The company should have minimum issued and paid up equity

capital of Rs. 3 cores.
2. The Company should have profit making track record for last three
years. The revenues/profits arising out of extra ordinary items or
income from any source of non-recurring nature should be
excluded while calculating distributable profits.
3. Minimum net worth of Rs. 20 cores (net worth includes Equity
capital and free reserves excluding revaluation reserves).
4. Minimum market capitalization of the listed capital should be at
least two times of the paid up capital.
5. The company should have a dividend paying track record for the
last 3 consecutive years and the minimum dividend should be at
least 10%.
6. Minimum 25% of the company's issued capital should be with Non-
Promoters shareholders as per Clause 35 of the Listing
Agreement. Out of above Non Promoter holding no single
shareholder should hold more than 0.5% of the paid-up capital of
the company individually or jointly with others except in case of
Banks/Financial Institutions/Foreign Institutional
Investors/Overseas Corporate Bodies and Non-Resident Indians.

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 7. The company should have at least two years listing record with
any of the Regional Stock Exchange.
8. The company should sign an agreement with CDSL & NSDL for
Demat trading.

[III] MINIMUM REQUIREMENTS FOR COMPANIES DELISTED BY THIS EXCHANGE

SEEKING RELISTING OF THIS EXCHANGE

The companies delisted by this Exchange and seeking relisting are

required to make a fresh public offer and comply with the prevailing
SEBI's and BSE's guidelines regarding initial public offerings.

[IV] PERMISSION TO USE THE NAME OF THE EXCHANGE IN AN ISSUER COMPANY'S

PROSPECTUS

The Exchange follows a procedure in terms of which companies desiring

to list their securities offered through public issues are required to obtain
its prior permission to use the name of the Exchange in their prospectus
or offer for sale documents before filing the same with the concerned
office of the Registrar of Companies. The Exchange has since last three
years formed a "Listing Committee" to analyze draft prospectus/offer
documents of the companies in respect of their forthcoming public
issues of securities and decide upon the matter of granting them
permission to use the name of "Bombay Stock Exchange Limited" in
their prospectus/offer documents. The committee evaluates the
promoters, company, project and several other factors before taking
decision in this regard.

[V] SUBMISSION OF LETTER OF APPLICATION

39
As per Section 73 of the Companies Act, 1956, a company seeking
listing of its securities on the Exchange is required to submit a Letter of
Application to all the Stock Exchanges where it proposes to have its
securities listed before filing the prospectus with the Registrar of
Companies.

[VI] ALLOTMENT OF SECURITIES

As per Listing Agreement, a company is required to complete allotment

of securities offered to the public within 30 days of the date of closure of
the subscription list and approach the Regional Stock Exchange, i.e.
Stock Exchange nearest to its Registered Office for approval of the basis
of allotment.

[VII] TRADING PERMISSION

As per Securities and Exchange Board of India Guidelines, the issuer

company should complete the formalities for trading at all the Stock
Exchanges where the securities are to be listed within 7 working days of
finalization of Basis of Allotment.
A company should scrupulously adhere to the time limit for allotment of
all securities and dispatch of Allotment Letters/Share Certificates and
Refund Orders and for obtaining the listing permissions of all the
Exchanges whose names are stated in its prospectus or offer
documents. In the event of listing permission to a company being denied
by any Stock Exchange where it had applied for listing of its securities, it
cannot proceed with the allotment of shares. However, the company
may file an appeal before the Securities and Exchange Board of India
under Section 22 of the Securities Contracts (Regulation) Act, 1956.
40
[VIII] REQUIREMENT OF 1% SECURITY

The companies making public/rights issues are required to deposit 1% of

issue amount with the Regional Stock Exchange before the issue opens.
This amount is liable to be forfeited in the event of the company not
resolving the complaints of investors regarding delay in sending refund
orders/share certificates, non-payment of commission to underwriters,
brokers, etc.

[IX] PAYMENT OF LISTING FEES

All companies listed on the Exchange have to pay Annual Listing Fees
by the 30th April of every financial year to the Exchange as per the
Schedule of Listing Fees prescribed from time to time.
The schedule of listing fees for the year 2004-2005, prescribed by the
Governing Board of the Exchange and approved by the Securities and
Exchange Board of India is given here under:

SCHEDULE OF LISTING FEES FOR THE YEAR 2006-2007

1. Initial Listing Fees - 20,000

2. Annual Listing Fees

(i) Companies with paid-up capital* up to Rs. 5 cores - 10,000

(ii) above 5 cores and up to Rs. 10 cores - 15,000

(iii) Above Rs. 10 cores and up to Rs. 20 cores - 30,000

41
3. Companies which have a paid-up capital* of more than Rs. 20 cores
will pay additional fee of Rs. 750/- for every increase of Rs. 1 cores or
part thereof.

4. In case of debenture capital (not convertible into equity shares) of

companies, the fees will be charged @ 25% of the fees payable as per
the above mentioned scales.

[X] COMPLIANCE WITH LISTING AGREEMENT

The companies desirous of getting their securities listed are required to

enter into an agreement with the Exchange called the Listing Agreement
and they are required to make certain disclosures and perform certain
acts. As such, the agreement is of great importance and is executed
under the common seal of a company. Under the Listing Agreement, a
company undertakes, amongst other things, to provide facilities for
prompt transfer, registration, sub-division and consolidation of securities;
to give proper notice of closure of transfer books and record dates, to
forward copies of unabridged Annual Reports and Balance Sheets to the
shareholders, to file Distribution Schedule with the Exchange annually;
to furnish financial results on a quarterly basis; intimate promptly to the
Exchange the happenings which are likely to materially affect the
financial performance of the Company and its stock prices, to comply
with the conditions of Corporate Governance, etc.
The Listing Department of the Exchange monitors the compliance of the
companies with the provisions of the Listing Agreement, especially with
regard to timely payment of annual listing fees, submission of quarterly

42
results, requirement of minimum number of shareholders, etc. and takes
penal action against the defaulting companies.

[XI] "Z" Group

The Exchange has introduced a new category called "Z Group" from
July 1999 for companies who have not complied with and are in breach
of provisions of the Listing Agreement. The number of companies placed
under this group as at the end of May, 2001 was 1,475.
The number of companies listed at the Exchange as at the end of May
2001 was 5,874. This is the highest number among the Stock
Exchanges in the country and in the world.

43
COMPANY
PROFILE

44
COMPANY PROFILE

Share khan is one of the leading retail brokerage firms in the country. It is the
retail broking arm of the Mumbai-based SSKI Group, which has over eight
decades of experience in the stock broking business. Sharekhan offers its
customers a wide range of equity related services including trade execution on
BSE, NSE, Derivatives, depository services, online trading, investment advice
etc.

The firm’s online trading and investment site – www.Sharekhan.com was

launched on Feb. 8, 2000. The site gives access to superior content and
transaction facility to retail customers across the country. Known for its jargon-
free, investor friendly language and high quality research, the site has a registered
base of over one-lakh customers. The number of trading members currently
stands at over 3 lakh. While online trading currently accounts for just over 1
percent of the daily trading in stocks in India, Sharekhan alone accounts for 22
percent of the volumes traded online.

The content-rich and research oriented portal has stood out among its
contemporaries because of its steadfast dedication to offering customers best-of-
breed technology and superior market information. The objective has been to let
customers make informed decisions and to simplify the process of investing in
stocks.
On April 17, 2002 Sharekhan launched speed trade, a net-based executable
application that emulated the broker terminals along with host of other
information relevant to the day traders. This was for the first time that a net-based
trading station of this caliber was offered to the traders. In the last six months

45
Speed Trade has become a de facto standard for the Day Trading community over
the net.

Sharekhan’s ground network includes over 250 centers in 123 cities in

India, of which 20 are fully-owned branches.

Sharekhan has always believed in investing in technology to build its

business. The company has used some of the best-known names in the IT
industry like Sun Microsystem, Oracle, Microsoft, Cambridge Technologies,
Nexgenix, Vignette, Verisign Financial Technologies India Ltd., Spider Software
Pvt. Ltd. to build its trading engine and content. The Morakhia family holds a
majority stake in the company. HSBC, Intel & Carlyle are the other investors.

With a legacy of more than 80 years in the stock markets, the SSKI group
ventured into institutional broking and corporate finance 18 years ago. Presently
SSKI is one of the leading players in the institutional broking and corporate
finance activities. SSKI holds a sizeable portion of the market in each of these
segments. SSKI’s institutional broking arm accounts for 7% of the market for
Foreign Institutional portfolio investment and 5% of all Domestic Institutional
portfolio investment in the country. It has 60 institutional clients spread over
India, Far East, UK and US. Foreign Institutional Investors generate about 65%
of the organization’s revenue, with a daily turnover of over US$ 2 million. The
Corporate Finance section has a list of very prestigious clients and has many
‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The group has
placed over US$ 1 billion in private equity deals. Some of the clients include
BPL Cellular holding, Gujarat Pipavav, Essar, Hutchison, Planet Asia and
Shopper’s Stop.

46
REASONS TO CHOOSE SHARE KHAN LTD.

EXPERIENCE
SSKI has more than eight decades of trust and credibility in the Indian stock
market. In the Asia Money broker’s poll held recently, SSKI won the ‘India’s
best broking house for 2004 award. Ever since it launched Sharekhan as its retail
broking division in February 2000, it has been providing institutional-level
research and broking services to individual investors.

TECHNOLOGY
With our online trading account you can buy and sell shares in an instant from
any PC with an Internet connection. You will get access to our powerful online
trading tools that will help you take complete control over your investment in
shares.

ACCESSIBILITY
Sharekhan provides ADVICE, EDUCATION, TOOLS AND EXECUTION
services for investors. These services are accessible through our centers across
the country (over 250 locations in 123 cities), over the internet (through the
website www.sharekhan.com) as well as over the voice tool.

KNOWLEDGE
In a business where the right information at the right time can translate into direct
profits, you get access to a wide range of information on our content-rich portal,
sharekhan.com. You will also get a useful set of knowledge-based tools that will
empower you to take informed decisions.

47
CONVENIENCE
You can call our Dial-N-Trade number to get investment advice and execute your
transactions. We have a dedicated call-centre to provide this service via a toll free
number from anywhere in India.

CUSTOMER SERVICE
Our customer service team will assist you for any help that you need relating to
transactions, billing, Demat and other queries. Our customer service can be
contracted via a toll-free number, email or live chat on sharekhan.com.

INVESTMENT ADVICE
Sharekhan has dedicated research teams for fundamental and technical research.
Our analyst constantly track the pulse of the market and provide timely
investment advice to you in the form of daily research emails, online chat, printed
reports and SMS on your phone.

BENEFITS
• Secure Order by Voice Tool Dial-n-Trade.
• Automated Portfolio to keep track of the value of your actual purchases.
• 24x7 Voice Tool access to your trading account.
• Personalized Price and Account Alerts delivered instantly to your cell
phone &
email address.
• Special Personal Inbox for order and trade confirmations.
• On-line customer service via web chat.
• Anytime Ordering.

48
PRODUCTS OF SHAREKHAN

1- Equity Trading Platform (Online/Offline).

2- Commodities Trading Platform (Online/Offline).
3- Portfolio Management Service.
4- Mutual Fund Advisory and Distribution.
5- Insurance Distribution.
6- Depository Services.
7- Research Report.

49
TYPES OF ACCOUTNS

1- CLASSIC ACCOUNT
2- TRADE TIGER ACCOUNT

1. Classic Account – This account allows the client to trade through our

website www.sharekhan.com and is suitable for the retail investor who is

risk averse and hence prefers to invest in stocks or who does not trade too
frequently.

Features
• Online trading account for investing in equity and derivatives
via www.sharekhan.com
• Live terminal (NSE Online, BSE Offline)
• Integration of on-line trading, saving bank and Demat account.
• Instant cash transfer facility against purchase & sale of shares.
• Competitive transaction charges.
• Instant order and trade confirmation be email.
• Streaming Quotes. (Cash & Derivatives)
• Personalized market watch.
• Single screen interface for cash and derivatives and more.
• Provision to enter price trigger and view the same online in market
watch.

50
 Dial-n-trade – Along with enabling access for your trade online, the
CLASSIC also gives you our Dial-n-trade services. With this service,
all you have to do is dial our dedicated phone lines 1-800-22-7500 and
1-800-22-7050.

2. Tiger Trade Account – It is an internet-based software application

that enables you to buy and sell in an instant.
It is ideal for active trades and jobbers who transact frequently during
day’s session to capitalize on intra-day price movement.
Features
A single platform for multiple exchange BSE, NSE, MCX, NCDEX,
Mutual funds and IPOs.
Multiple Market Watch available on a single screen.
User can save his own defined screen as well as graph template, that is,
can save the layout for future use.
User-defined alert settings on an input Stock Price trigger tools available
to gauge market such as Tick Query, Ticker, Market Summary, Action
Watch, Option Premium Calculator, Span Calculator.
Shortcut key for FAST access to order placements & reports.

FEES STRUCTURE

51
Charge Classic Account Tiger trade account
Account Opening Rs. 750 /- nil
Monthly maintain Rs.300/- Rs. 300/-
charges
Brokerage Intra-day 0.10% Intra-day 0.05%
Delivery 0.50% Delivery 0.25%

Note

 Minimum margin cheque – Rs. 5000with the classic account that is

must deposit in account opening time.
 If margin cheque exceeds Rs. 50000, account opening free.
 Minimum brokerage cheque – Rs. 6000 (adjusted towards brokerage
within one year) that is applicable for only tiger trade account.
 Annual maintenance charges – Rs. 300 (chargeable in second year)
that is applicable for both account.
 No account closing charges.

Comparison with leading companies in share

brokrage
52
FIRMS NAME HDFC ICICI RELIGARE INDIABULL SHAREKHAN
FACTS
OPENING RS.750/- Rs.750/- Rs.500/- Rs.1250/500 Rs.750/-
CHARGES

AMC Rs. 750/- Rs. 750/- Rs .16 per Rs.16per Rs. 300/-
transaction transaction

RESEARCH NO NO R. M. R.M. DAILY BASIS

REPORT

DIAL N TRADE Rs.20per call Rs.20per call NO NO FREE

chargeable chargeable

BROKRAGE INT .15% INT .15% INT .10% INT .10% INT .05%
DEL.75% DEL.75% DEL.50% DEL .50% DEL .50%

LIVE NO NO YES YES YES

TERMINAL

EXPOSURE NO NO 8timeonly 8time only 5time

trading trading 2days+trading

TRADING 9:55to3:0 9:55to3:30 9:55to2:45 9:55to3:00 9:55to3:30

TIMING

Note
 In India bull provide two types of account cool and demat
account and both charge is shown on the table.
 In this table Religare and India bull provide only R.M. facility
insists of research report.
 In the case of exposure India bull and Religare provide till
trading but Sharekhan provide trading plus two another
working days

53
OBJECTIVES
OF
THE STUDY

54
 OBJECTIVES OF THE STUDY

 To know the work culture and methodology of the share market

 To know the rules and regulation of SEBI.
 To know the rules and regulation of AMC (Assets Management Company)
 To know the brokerage system of the share market
 To know the difference between share market and mutual funds.
 To know the various competitors in the mutual funds market.
 To know the various exchanges of share markets all over the world.
 To know the timing of the share market.
 To know how the value of shares and mutual funds is calculated.
 To know the various factors on which prices of shares and mutual funds
fluctuates.
 To know the benefits of investing in share market and mutual funds.
 To know about the services of the share market and mutual funds.

55
 RESEARCH
METHODOLOG
Y

56
RESEARCH METHODOLOGY

objective of the present study can be accomplished by conducting a

systematic market research. Market research is the systematic design,
collection, analysis and reporting of data and findings that are relevant to
different marketing situations facing the company. The marketing research
process that will be adopted in the present study consists of the following
stages

a) Defining the problem and the research objective: The research

objective states what information is needed to solve the problem. The
objective of the research is to find out the facilities provided in mutual funds
and share market and what will be its benefits in the future.

b) Developing the research plan: Once the problem is identified, the next
step is to prepare a plan for getting the information needed for the research.
The present study will adopt the exploratory approach wherein there is a
need to gather large amount of information before making a conclusion. If
required, the descriptive and casual approaches may also be used.

c) Collection and Sources of data: Market research requires two kinds of

data, i.e., primary data and secondary data. Preparing questionnaires that will
contain both open-ended and close-ended questions may collect the primary

57
data. Secondary data will be collected from various journals, books and web
sites.

d) Analyze the collected information: This involves converting raw data

into useful information. It involves tabulation of data and using statistical
measures on them for developing frequency distributions and calculating the
averages and dispersions.

e) Report research findings: This phase will mark the culmination of the
marketing research effort. The report with the research findings is a formal
written document. The research findings and personal experience will be
used to propose recommendations to develop the market in online trading.

58
 Limitations:

Though the present study aims to achieve the above-mentioned objectives in full earnest and
accuracy, it may be hampered due to certain limitations. Some the limitations of this study may
be summarized as follows:
 Getting accurate responses from the respondents.
Locating the target customers of mutual funds is very time consuming.

59
 DATA
COLLECTION

60
Types of data collection

There are two types of data collection methods available.

1. Primary data collection
2. Secondary data collection

1) Primary data collection method

The primary data is that data which is collected fresh or first hand, and for
first time which is original in nature. Primary data can collect through
personal interview, questionnaire etc. to support the secondary data.

2) Secondary data collection method

The secondary data are those which have already collected and stored.
Secondary data easily get those secondary data from records, journals,
annual reports of the company etc. It will save the time, money and efforts to
collect the data. Secondary data also made available through trade
magazines, balance sheets, books etc.
This project is based on primary data collected through personal interview of
head of account department, head of SQC department and other concerned
staff member of finance department. But primary data collection had
limitations such as matter confidential information thus project is based on
secondary information collected through five years annual report of the
company, supported by various books and internet sides. The data collection
was aimed at study of working capital management of the company

61
Data analysis
&
Interpretation

62
Data analysis & interpretation:

Q1. Where do you invest your savings?

OPTIONS NO OF RESPONDENTS
Equity 59
Mutual fund 25
Fixed deposits 9
insurance 7

INTERPRATATIONS:

63
This figure says that most people go for at 1st EQUITY investment
then for MUTUAL FUND, FIXED DEPOSITS AND INSURANCE.
Because equity gives good return in short time as well as long term
as compared to mutual fund

64
Q2. Which sectors give more return?

OPTIONS NO OF RESPONDENTS
Share market 23
Mutual fund 77

23%

77%

Sharemarket Mutual funds

INTERPRATATIONS:

This pie chart shows that share market give return 77% as compared
to mutual fund at 23% return. It signifies mostly more people go for
share market as compared to mutual funds.

65
 Q3. Your investment decisions are influenced by

Options No of respondents
Oneself 24
Broker 36
Eco policies 20
Market research 12
Friends/relatives 8
Any other

40
36
Oneself
35
30 Brokers
e
g 24
ta25
n 20 Eco. Policies
e
c
r 20
e
P15 Market Ramous
8
10
Friends/Relatives
5
0 Investment Decisions

INTERPRATATIONS:

How do investors take their investment decisions is presented in this

bar graph. In this graph it is evident that mostly investment decision are
taken on the insistence of the brokers firms and companies and that
percentage is 36%.
In this area Sharekhan has its own research report and that strike rate
has 80%. This is an advantage to the customers of Sharekhan.
66
Q4. Are you satisfied with your current investment?
OPTIONS NO OF RESPONENTS
YES 42
NO 58

42%
58%

Yes N o

INTERPRATATIONS:

That chat is show the satisfaction level of current investment( in share)

and long term investment(mutual fund) than here shows that the
satisfaction level in current investment (shares) is 58% and satisfaction
in long term investment (mutual fund) is 42%.

67
 Q6.What are the factors which you considered before investing in particular
company?

OPTIONS NO OF RESPONDENTS
Financial potions 24
Current market position 36
Goodwill 20
Future prospects 12
Any other

40
36 Financial Positions
35

30
Current market Positions
e
g 25 24
a
t
n 20
e Goodwill
c
r 20
e
P
15 12
Future Prospects
10 8

5
Any other
0
factors

INTERPRATATIONS:

What factors are necessary before the investment in

company or in firm is show in this bar graph. It is evident that
in the current market position accounts for 36% , most
investors go for investment after seeing the current market
positions and after that the financial position of company
which is at 24%, then goodwill of company at 20%,future
prospects at 12%,and any other factors at 8%.

68
 • What is the market of share khan in the earning
share brokerage?

Comparison between different broker company according to earn brokerage

5paise 40 13.23%

sharekhan 70 23.34%

motilaloswal 11 3.53%

icicidirect 61 20.05%

hdfc 15 5.01%

indiabulls 38 13.06%

kotak 19 6.33%

any other 46 15.45%

Voters: 300.
300.

INTERPRATATIONS:

Share khan earn more brokerage in share trading as

compared to all the leading firms and companies and share
khan get 284 vote and 23.34% regarding to other firms and
companies earning that is shown that satisfied level, share
khan strike rate all things are shown share khan ‘s profit and
market share.

69
OBSERVATION
S
&
FINDINGS

70
OBSERVATIONS & FINDINGS
 most people go for at 1st EQUITY investment then for MUTUAL
FUND, FIXED DEPOSITS AND INSURANCE. Because equity
gives good return in short time as well as long term as compared
to mutual fund.

 77% as compared to mutual fund at 23% return. It signifies mostly

more people go for share market as compared to mutual funds.

 mostly investment decision are taken on the insistence of the

brokers firms and companies and that percentage is 36%. In this
area Sharekhan has its own research report and that strike rate
has 80%. This is an advantage to the customers of Sharekhan.

 the satisfaction level of current investment( in share) and long term

investment(mutual fund) than here shows that the satisfaction level
in current investment (shares) is 58% and satisfaction in long term
investment (mutual fund) is 42%.

 the investment in company or in firm is show in this bar graph. It is

evident that in the current market position accounts for 36% , most
investors go for investment after seeing the current market
positions and after that the financial position of company which is
at 24%, then goodwill of company at 20%,future prospects at
12%,and any other factors at 8%.

 Share khan earn more brokerage in share trading as

compared to all the leading firms and companies and
share khan get 284 vote and 23.34% regarding to other
firms and companies earning that is shown that satisfied
level, share khan strike rate all things are shown share
khan ‘s profit and market share.

71
CONCLUSION
&
SUGGESTION

72
 CONCLUSION
The strategy adopted by me in completion of this project help me a lot till
now in making comparison between share market and mutual funds. From the
analysis we can say that if there is more risk there is more return and we can say
that share market is totally dependent on the risk taken by the investors in
investing in shares. And in mutual funds there is less risk as the money of
investors invested in different sectors so it can divide the risk in different
portfolio adopted by mutual funds companies.

At last I can say that money invested in this rise and fall market it is
better to invest in mutual funds for those investors who are risk adverse and for
those who are risk taker it is better for them to invest in share market.

We can also say that in share market customers is decision maker while
in mutual funds investors is totally dependent on assets management company,
investors do not have active control on money invested by him/her.

In OJT the strategy adopted by me in achieving my target helped me a

lot. This strategy helped me in knowing the customer reaction towards share
market, customer’s attitude towards share broking firms and in this I helped
how to interact with the customers which is beneficial for me in future.

73
SUGGESTIONS

After interpretation and analysis, I am giving certain suggestions to the company

which I hope may be helpful for the company.

 The company should utilize its stock more efficiently.

 The company should pay attention towards the proper and efficient
utilization of working capital.

 The company can reduce the time for purchase order. The buffer should be
maintained incase of emergency. Insurance should be covered especially fire
in case of transit journey also.

74
BIBLIOGRAPHY

75
 BIBLIOGRAPHY

 www.sharekhan.com

 www.mutualfunds.com

 www.amfi.com

 www.google.com

 Training kit provided by Sharekhan

 www.altavista.com

 www.dogpil.com

76
ANNEXURE

77
 QUESTIONNAIRE

We are first year students of Graduate School of Business and Administration, Greater
Noida, conducting a survey on investor’s behavior and psychology. We assure you that
individual response will be kept confidential. Please circle or tick the appropriate option.

Q1. Where do you invest your savings?

i. Mutual funds
ii. Equity
iii. Insurance
iv. Fixed Deposits

Q2. Which sectors give more return?

i. Share market
ii. Mutual Funds

Q3. Are you satisfied with your current investment?

i. Yes
ii. No

Q4. Your investment decisions are influenced by

i. Oneself
ii. Broker
iii. Eco.Policies
iv. Market Research
v. Friends/Relatives
vi. An other

Q5. Are you satisfied with company services?

i. Yes ii. No

78
Q6. What are the factors which you considered before investing in a particular
company?
i. Financial Position
ii. Current Market Position
iii. Goodwill
iv. Future Prospects
v. Any others.

PERSONAL DETAILS:

Name Mr./Mrs./Miss__________________________

Address____________________________________

___________________________________________

Phone No. __________________________________

Email ______________________________________

Occupation

a) Government Employee b) Private Employee

c) Self Employed d) Student E) Housewife

Your monthly household income

a) Less than 15000 b) 15001-25000 c)25001 and above

79