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A PROJECT ON Study of Capital Markets & Comparitive analysis of Stock Broking Houses in Hyderabad with respect to

On 17-2-2012 Under the guidance of Mrs.Preethi Prakash . During the academic year 2011-12

Submitted by:Anuradha maini B.Vaishnavi (09-1401) (09-1403) P.Sailaja Priyanka Ria Chatterjee (09-1410) (09-1412) (09-1416)

M.Uma Maheshwari(09-1407)

Department of commerce(Honours)

(Affiliated to Osmania University) Accredited by NAAC with A grade Old Alwal, Secunderabad-10 2011-12

Certificate This is to certify that, (09-1401) Anuradha maini, (09-1403) B.Vaishnavi, (09-1407) M.Uma Maheshwari, (09-1410) P.Sailaja, (09-1412) Priyanka, (09-1416) Ria Chatterjee has submitted Project on Study of Capital Markets & compartive analysis of various stock broking firms in Hyderabad with respect to INDIA BULLS in a partial fulfillment for the award of Bachelors Degree in Commerce Honours with the approval of Rev.Fr.Dr.Emmanuel S.J,Principal Loyola Academy during the academic year 2011-12.

Project Guide (Mrs.Preethi Prakash)

Head of the department (Mrs.Indira Prasad)

Principal (Fr.Dr.Emmanuel S.J)

We the students of Loyola Academy, Hyderabad,declare that this project report titled Study of capital Markets & compartive analysis of various Stock Broking houses in Hyderabad, is submitted in partial fulfillment for the award of Bachelors Degree in Commerce Honours.This is our original work and the findings and conclusions of this report are based on our personal study and experience with the continual support and guidence of Atish Gupta(VicePresident - INDIA BULLS).

Anuradha Maini (09-1401)







M.Uma Maheshwari (09-1407)

Ria Chatterjee



We sincerely acknowledge the help received from various persons and sources in collecting datas and information in completing this satisfactory Project. The project report entitled Study on Capital Markets & Competitive analysis of various Stock Broking houses in Hyderabad with respect to INDIA BULLS.The entire project report owes its credit for the chlorite guidance and encouragement rendered by our Mentor Athish Gupta. We record our sincere thanks to him with deep gratitude. We also take the opportunity to acknowledge our sincere gratitude to the Project Guide Mrs.Preethi Prakash whose perception and sagacity is always opened for us.We would also like to thank our H.O.D Mrs.Indira prasad for giving us an opportunity to do this project, and for their valuable guidance in successful completion of project. We will be failing in our duty if we do not acknowledge the co-operation and help rendered by all the company officials and agents, who responded to our surveys and patiently provided valuable information that was necessary in completing this project.


S.NO 1

CHAPTERS Chapter-1

CONTENTS o Introduction to the project o Objectives o Scope of the study


Theoritical Framework o Capital Markets o Derivatives o Stock market Chapter-2 o SEBI o Demat a/c
o Multi-channel

9-43 access to Stock

Market o Brokering Firms 3 4 5 6 7 8 9 Chapter-3 Chapter-4 Chapter-5 Chapter-6 Chapter-7 Chapter-8 Chapter-9 Company Profile Comparative Analysis of few Stock Broking firms in Hyderabad Questionnaire & Methodology Findings Suggestions Conclusion Bibliography 44-56 57-65 66-77 78 79 80 81


The project is based on the study of the capital markets & comparative analysis of few stock brokering firms situated in Hyderabad. Though there are other stock brokers big & small, for our study we have taken into account a few brokers namely India bulls, share khan, Indian info line and angle broking . The brokering houses have been compared based on the type of services they provide, the types of account they provide, the brokerage & account opening charges.


The current scenario of Indian stock market is growing and ex panding. More and more people are getting interested in it for various reasons, e specially investments ( also higher returns for those who ready to take risk ). Sto ck market can be primary type or secondary type. Primary market is the place w here the first issue of shares is dealt with. Secondary market is the place where t he shares already present in the market are traded. Capital market is the market where people invest and make money. In the capital market there can be intra-d ay trading and inter-day trading. According to the recent statistics more and mor e foreign investments are coming into India because of the growth of the capital market of India.

A broking house is an institution which acts as an intermediary between the individual investors and stock exchange. This institution helps the investors to deal in various financial instruments like shares Mutual funds etc. Broking house acts as supporters for investors to deal with terms like shares, Mutual funds, derivatives and future options etc. This institution help the investors to take proper financial decision at every stage ,the member of the broking house act as an agent to the customer. Broking house use various types for handling their client and for maintaining their relations for long run. This study of comparative analysis of various broking house will open the door of opportunity for investors of Hyderabad to get better investment alternatives and to find the best sources of investment.


To study the functions of Stock Markets,Capital Markets and Stock

Brokers. To review the history & growth of Stock Market Broking Firms in

India. To analyze the products\services of Indiabulls and its comparison

with peer groups.

Scope of online trading. To know the prescribed brokerage viz., rates collected by

brokerage companies. To know about the services provided by the brokerage firms to its

customers related to online trading.


The scope of the study is to understand capital market and give clear picture about comparision of various stock broking firms of Hyderabad and to find good broking house for the investors to safeguard their interest.



The capital market is the market for securities, where companies and governments can raise long-term funds. The capital market includes the stock market and the bond market. The capital markets consist of the primary market, where new issues are distributed to investors, and the secondary market, where existing securities are traded.




The primary market provides a channel for sale of new securities. This market provides opportunity to issuers of securities, the government as well as corporate, to raise resources to meet their requirements of investments and/or discharge their obligations.They may issue securities at face value, discount, or

premium. They may also issue the securities in the domestic market and/or the international market.

Different kinds of issues:

1. Initial Public Offering [IPO] -

An IPO is an abbreviation for Initial Public Offer. When a company goes public for the first time or issues a fresh stock of shares, it offers it to the public directly. This happens in the primary market. The primary market is where a company makes its first contact with the public at large.


2. Further Issue - A follow on public offering is known as further issue. This

is offered through an offer document when an already listed organization makes either a fresh issue of securities to the public or an offer for sale to the public.
3. Rights Issue - Here, a listed organization proposes to issue fresh securities

to its existing shareholders as on a record date. The rights are offered in a particular ratio to the number of securities held prior to the issue. This route is best suited for organizations who would like to raise capital without diluting the stake of its existing shareholders.
4. Preferential Issue - This is an issue of either shares or convertible

securities by listed organizations to a select group of people under Section 81 of the Companies Act,1956. This issue is neither a Rights issue nor Public issue and is a faster way for any organization to raise capital.

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. Secondary market is a term used for stock exchanges, where stocks are bought and sold after they are issued to the public.


Derivative is a product whose value is derived from the value of one or more basic variables, called underlying. The underlying asset can be equity, index, foreign exchange (Forex), commodity, or any other asset.

Types of derivatives:
Various types of derivatives relating to shares are:

Forwards - This is a customized contract between two entities, where settlement takes place on a specific date in the future at todays preagreed price.

Futures - It is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price.

Options - An option is a contract which gives the right, but not an obligation, to buy or sell the underlying at a stated date and a stated price.



The market or place where securities viz., shares are exchange / traded or simply where buying and selling takes place is called stock exchange or stock market. Let us take an example for a better understanding of how market forces determine stock prices. ABC Co. Ltd. enjoys high investor confidence and there is an anticipation of an upward movement in its stock price. More and more people would want to buy this stock (i.e. high demand) and very few people will want to sell this stock at current market price (i.e. less supply). Therefore, buyers will have to bid a higher price for this stock to match the ask price from the seller which will increase the stock price of ABC Co. Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply and low demand) for the stock of ABC Co. Ltd. in the market. In earlier times, buyers and sellers used to assemble at stock exchanges to make a transaction but now with the dawn of IT, most of the operations are done electronically and the stock markets have become dont almost paperless. Now investors have to gather at the Exchanges, and can trade freely from their home or office, over the phone or through Internet.


HISTORY OF STOCK EXCHANGE IN INDIA THE ORIGIN: In 1860, the exchange flourished with 60 brokers. In fact the 'Share Mania' in India began with the American Civil War broke and the cotton supply from the US to Europe stopped. Further the brokers increased to 250.At the end of the war in 1874, the market found a place in a street (now called Dalal Street). In 1887, "Native Share and Stock Brokers' Association" was established. In 1895, the exchange acquired a premise in the street which was inaugurated in 1899. The Bombay Stock Exchange (BSE) is the largest Stock Exchange, in the country, where maximum transactions, in terms of money and shares take place. Stock exchanges are an organized market place either corporation or mutual organization where members of organization gather to trade companies stock or other securities. The members may act either as agent for their customers or as principals for their own account. PRE-INDEPENDANCE SCENARIO 1874 With the rapidly developing share trading business, brokers used to gather at a street (now well known as "Dalal Street") for the purpose of transacting business. 1875 "The Native Share and Stock Brokers' Association" (also known as "The Bombay Stock Exchange") was established in Bombay 1880's 1894 Development of cotton mills industry and set up of many others Establishment of "The Ahmedabad Share and Stock Brokers' Association"

1880 90's 1908 1920

Sharp increase in share prices of jute industries in 1870's was followed by a boom in tea stocks and coal "The Calcutta Stock Exchange Association" was formed Madras witnessed boom and business at "The Madras Stock Exchange" was transacted with 100 brokers.

1923 1934 1936 1937

When recession followed, number of brokers came down to 3 and the Exchange was closed down Establishment of the Lahore Stock Exchange Merger of the Lahoe Stock Exchange with the Punjab Stock Exchange Re-organisation and set up of the Madras Stock Exchange Limited (Pvt.) Limited led by improvement in stock market activities in South India with establishment of new textile mills and plantation companies

1940 1944 1947

Uttar Pradesh Stock Exchange Limited and Nagpur Stock Exchange Limited was established Establishment of "The Hyderabad Stock Exchange Limited" "Delhi Stock and Share Brokers' Association Limited" and "The Delhi Stocks and Shares Exchange Limited" were established and later on merged into "The Delhi Stock Exchange Association Limited"


The depression witnessed after the Independance led to closure of a lot of exchanges in the country. Lahore stock Exchange was closed down after the

partition of India, and later on merged with the Delhi Stock Exchange. Bnagalore Stock Exchange Limited was registered in 1957 and got recognition only by 1963. Most of the other Exchanges were in a miserable state till 1957 when they applied for recognition under Securities Contracts (Regulations) Act, 1956. The Exchanges that were recognized under the Act were: Bombay Stock Exchange National Stock Exchange



In order to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high powered Pherwani Committee, the National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations, selected commercial banks and others.

NSE provides exposure to investors in two types of markets, namely: wholesale debt market and capital market.On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000.

S&P CNX Nifty


S&P CNX Nifty is a well-diversified 50 stock index accounting for 23 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds. S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is India's first specialized company focused upon the index as a core product. IISL have a consulting and licensing agreement with Standard & Poor's (S&P), who are world leaders in index services. The average total traded value for the last six months of all Nifty stocks is approximately 58% of the traded value of all stocks on the NSE .Nifty stocks represent about 60% of the total market capitalization as on March 31, 2005.



Of the 22 stock exchanges in the country, Mumbai's (earlier known as Bombay), Bombay Stock Exchange is the largest, with over 6,000 stocks listed. The BSE accounts for over two thirds of the total trading volume in the country. Established in 1875, the exchange is also the oldest in Asia. Among the twentytwo Stock Exchanges recognized by the Government of India under the Securities Contracts (Regulation) Act, 1956, it was the first one to be recognized and it is the only one that had the privilege of getting permanent recognition ab-initio. Approximately 70,000 deals are executed on a daily basis, giving it one of the highest per hour rates of trading in the world. There are around 3,500 companies in the country which are listed and have a serious trading volume. The market capitalization of the BSE is Rs.5 trillion.


The BSE sensex is a widely used market index for the BSE The main aims and objectives of the BSE are to provide a market place for the purchase and sale of security evidencing the ownership of business property or of a public or business debt. It aims to promote, develop and maintain a wellregulated market for dealing in securities and to safeguard the interest of members and the investing public having dealings on the Exchange. It helps industrial development of the country through efficient resource mobilization. To establish and promote honorable and just practices in securities transactions. BSE Sensex The BSE Sensex is a value-weighted index composed of 30 companies with the base April 1979 = 100. It has grown by more than four times from January 1990 till date. The set of companies in the index is essentially fixed. These companies account for around one-fifth of the market capitalization of the BSE.



BULLS A bullish is optimization his approach. He they go on buying the securities in expectation of selling the shares at a high price.

BEARS A bearish is pessimist in his price of the securities. Hence they go on selling the securities.

expects rise in the price of securities. Hence approach. They expect a fall in the Attitude

2 Association

Bull market is associated with increasing investors confidence, and increased investing in anticipation of future price increase. Bull market describes upward trend. Bull market is generally longer in duration. Companies post great profits due to Profits consistent growth in all sectors of the economy.

Bear market is a general decline in the stock market over a period of time. Bear market describes downward trend. Bear market is generally shorter in duration. They do not earn profits due to inconsistent growth in all sectors of economy.

3 4 5

Trends Duration


SECURITIES EXCHANGE BOARD OF INDIA:Securities Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the Securities of Exchange Board of India Act 1992. Its head office is in Mumbai, and other offices in Chennai, Kolkata, Delhi and Ahmadabad. ESTABLISHMENT OF THE SEBI Establishment and incorporation of Board (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, a Board by the name of the Securities and Exchange Board of India. (2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued. (3) The head office of the Board shall be at Bombay. (4) The Board may establish offices at other places in India.


The Board is responsible for the securing the interests of investors in securities and to facilitate the growth of and to monitor the securities market in an appropriate manner. To monitor and control the performance of stock exchange and derivative markets. Listing and monitoring the functioning of stock brokers, sub brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue and others associated with securities markets by any means. Monitoring and controlling the functioning of venture capital funds and mutual funds. Forbid unjust and dishonest trade practices in the security markets and forbid insider trading in the security market. Undertake periodic audits of stock exchanges, mutual funds, individuals and self regulatory organizations associated with the security market.


SEBI GUIDELINES Guidelines to investors:Deal only with the registered member of the stock exchange .Insist that all your deals be done through stock exchange .Give specific orders to buy or sell within the fixed price, limits and/or time periods within which orders have to be executed.Insist on contract notes for the deals done on your behalf. Guidelines for Primary Market:

A new company which has not completed 12 months commercial production and does not have audited results and where the promoters dont have audited results and a track record will have to issue shares only at par value.

The private and closely held companies having a track record of consistent profitability for at least three years shall be permitted to price their issues freely. Existing listing companies can price their issues freely. Risk factors must be highlighted in the prospectus. Abridged prospectus must be attached with every application form. .


Objectives of the issues and the cost of the project should be disclosed in the prospectus.Companys management, past history and present business of the firm should be disclosed.

Particulars of the company and other listed companies under the same management who have made public issues during the past 3 years are to be disclosed in the prospectus. According to legal structure, the stock exchanges in India could be segregated into 2 broad groups STOCK EXCHANGES IN INDIA

20 stock exchanges Limited by gurantee Or Limited by shares

3 Stock Exchanges AOP

Bangalore Bhubaneswar Calcutta


BSE ASE Madhya Pradesh

Cochin Coimbatore Delhi Gauhati Hyderabad Interconnected SE Jaipur Ludhiana Madras Magadha Mangalore NSE Pune OTCEI Saurashtra-Kutch Uttar Pradesh Vadodara Apart from NSE, all stock exchanges whether established as corporate bodies or Association of Persons (AOPs), are non-profit making organizations.


The term "demat", in India, refers to a dematerialised account for individual Indian citizens to trade in listed stocks or debentures in electronic form rather than paper, as required for investors by the Securities and Exchange Board of India (SEBI). In a demat account,shares and securities are held electronically instead of the investor taking physical possession of certificates. A demat account is opened by the investor while registering with an investment broker (or sub-broker). The demat account number is quoted for all transactions to enable electronic settlements of trades to take place.Access to the demat account requires an internet password and a transaction password.


The benefits of demat are enumerated as follows:

Easy and convenient way to hold securities Immediate transfer of securities Safer than paper-shares Reduced paperwork for transfer of securities Reduced transaction cost A single demat account can hold investments in both equity and debt instruments.

Traders can work from anywhere (e.g. even from home). Benefit to the company: The depository system helps in reducing the cost of new issues due to lower printing and distribution costs. It increases the efficiency.It provides better facilities for communication and timely service to shareholders and investors.

Benefits to brokers: It reduces risks of delayed settlement. It ensures greater profit due to increase in volume of trading. It eliminates chances of forgery or bad delivery.

Benefit to the investor:The depository system reduces risks involved in holding physical certificates, e.g., loss, theft, mutilation, forgery, etc. It ensures transfer settlements and reduces delay in registration of shares. It ensures faster communication to investors.


Trading in securities may become uncontrolled in case of dematerialized securities.

It is difficult for the capital market regulator to keep a close watch on the trading in dematerialized securities.

For dematerialized securities, the role of key market players such as stock-brokers needs to be supervised as they have the capability of manipulating the market.


Traditionally, settlement system on Indian stock exchanges gave rise to settlement risk due to the time that elapsed before trades were settled by physical movement of certificates. There were two aspects: First relating to settlement of trade in stock exchanges by delivery of shares by the seller and payment by the buyer. The stock exchange aggregated trades over a period of time and carried out net settlement through the physical delivery of securities. The process of physically moving the securities from the seller to his broker to Clearing Corporation to the buyers broker and finally to thebuyer took time with the risk of delay somewhere along the chain. The second aspect related to transfer of shares in favor of the purchaser by the issuer. This system of transfer of ownership was grossly inefficient as every

transfer involved the physical movement of paper securities to the issuer for registration, with the change of ownership being evidenced by an endorsement on the security certificate. In many cases the process of transfer took much longer than the two months as stipulated in the Companies Act, and a significant proportion of transactions wound up as bad delivery due to faulty compliance of paper work. Theft, mutilation of certificates and other irregularities were rampant, and in addition the issuer had the right to refuse the transfer of a security. Thus the buyer did not get good title of the securities after parting with good money. All this added to the costs and delays in settlement, restricted liquidity and made investor grievance redressal time-consuming and at times intractable. A depository holds securities in dematerialized form. It maintains ownership records of securities and effects transfer of ownership through book entry. By fiction of law, it is the registered owner of the securities held with it with the limited purpose of effecting transfer of ownership at the behest of the owner. The name of the depository appears in the records of the issuer as registered owner of securities. The name of actual owner appears in the records of the depository as beneficial owner. The beneficial owner has all the rights and liabilities associated with the securities. The owner of securities intending to avail of depository services opens a DEMAT A/C.In order to promote dematerialization of securities, NSE joined hands with leading financial institutions to establish the National Securities Depository Ltd. (NSDL), the first depository in the country, with the objective of enhancing the efficiency in

settlement systems as also to reduce the menace of fake/forged and stolen securities.



Shares of stock are usually traded on a stock exchange, where people and organizations may buy and sell shares in a wide range of companies. A given company will usually only trade its shares in one market, and it is said to be quoted, or listed, on that stock exchange. However, some large, multinational corporations are listed on more than one exchange. They are referred to as interlisted shares. Nowadays, we follow the NEAT SYSTEM of trading. The neat system supports an order driven market, wherein orders match on the basis of time and price priority. All quantity fields are in units and prices are quoted in Indian rupees. The regular lot size and tick size for various securities traded is notified by the exchange from time to time. BUYING There are various methods of buying and financing stocks. The most common means is through a stock broker. Whether they are a full service or discount broker, they are all doing one thing arranging the transfer of stock from a seller to a buyer. Most of the trades are actually done through brokers listed with a stock exchange such as the New York Stock Exchange.

SELLING Selling stock in a company goes through many of the same procedures as buying stock. Generally, the investor wants to buy low and sell high, if not in


that order; however, this is not how it always ends up. Sometimes, the investor will cut their losses and claim a loss. SETTLEMENT The stock exchanges in India were following a system of account period settlement for cash market transactions. T+2 rolling settlement has now been introduced for all securities. The members receive the funds/securities in accordance with the pay-in/pay-out schedules notified by the respective exchanges. The time gap between trading and settlement gives rise to settlement risk. The exchanges and their clearing corporations employ risk management practices to ensure timely settlement of trades. The trade are settled irrespective of default by a member and exchange follows up with the defaulting member subsequently for recovery of his dues to the exchanges. Movement of securities has now been dematerialised. Two depositories viz., National Securities Depositories Ltd.(NSDL) and Central Depositories Securities Ltd.(CDSL) provide electronic transfer of securities. All actively traded scrips are held, traded and settled in dematrialised form. The members make available the required securities in the pool account with depository participants(DPs). The DPs transfer the securities from the pool accounts of members to the settlement account of the clearing agency. As per the schedule determined by the clearing agency, the securities are transferred on the pay-out day by the DPs from the settlement account of the clearing agency to the pool accounts of the members. The pay-in and pay-out for securities are collected ont

he same day for all settlements. The members are required to maintain accounts with prescribed banks. The members are informed electronically of their pay-in obligations of funds and the members make available the required amount on the prescribed pay-in day. The clearing agency runs an electronic file to debit members accounts with clearing banks and credit its own account. On pay-out day, the funds are transferred by the clearing banks from the account of the clearing agency to the accounts of members as per the members obligation. In the T+2 rolling settlement, the pay-out of funds as well as securities take place 2 working days after the trade cycle. The settlement cycle for this segment is same as for the rolling settlement viz: Trading Clearing Settlement Activity Rolling settlement trading Custodial confirmation Delivery generation Securities and Funds pay in Securities and Funds pay out Valuation of shortages based on at closing prices T+1 working day Day T T+1 working day T+1 working day T+2 working day T+2 working day



Close out

T+2 working day

If a person wishes to buy or sell securities, he places an order with the broker. The order is converted into trade as soon as it finds a matching buy/sell order.Buyers/sellers delivers funds and receives securities and acquries ownership of the securities. A securities transaction cycle is presented below: TRANSACTION CYCLE

BROKERAGE FIRMS: A brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and selling of financial derivatives between a buyer and a


seller. Brokerage firms serve a clientele of investors who trade public stocks and other securities.

Stock broker: Stockbroker is a member of a recognized stock exchange who buys, sells or deals in securities. To work as a stockbroker registration with SEBI is mandatory. SEBI is empowered to impose conditions while granting the certificate of registration. Sub-broker: A sub-broker acts on behalf of a stockbroker as an agent or otherwise for assisting investors in buying, selling or dealing in securities through such brokers but he is not a member of a stock exchange. To act as a sub-broker, registration with SEBI is required.

Stock broker A broker seeking registration with SEBI, has to apply through the stock exchange of which he is member. For registering SEBI checks - eligibility of the applicant to become the member of stock exchange, has the necessary infrastructure to effectively discharge his duties, past experience etc. Every registered stockbroker is required to pay annual fee @ Rs. 5,000 for turn over up to Rs. 1 crore and 0.01% of turnover exceeding Rs. 1 crore.

Sub-broker According to SEBI regulations currently in force, a sub-broker is required to submit along with the application (a) recommendation from a stockbroker with whom he will be affiliated and (b) two references, including one from his banker. The individual applicant should not be less than 21 years of age, has not been convicted in any offence involving fraud or dishonesty and has passed the equivalent of at least 12th standard from a recognized institution. The annual fee payable by a sub-broker is Rs. 1000 for an initial period of five years. After the expiry of five years, an annual fee of Rs. 500 is payable as long as the certificate remains in force.

Broker: The duties of a broker to the investor are i. He should be faithful to the clients in his dealings with them and execute orders. ii. He should not mislead clients merely to generate business. iii. He should avoid dealing with a client who is a defaulter in his dealings with other brokers. iv. When dealing with a client, he is required to disclose

whether he is acting as a principal or as an agent. v. He should not give investment advice to any client unless sought by him.

Sub-broker: A sub-broker, in his dealings with the clients and the general investing public, should faithfully execute the orders for buying and selling of securities at the best available market price and promptly inform his clients about the execution of an order and make payment in respect of securities sold and arrange for prompt delivery of securities purchased.

1. STOCK BROKER: A stock broker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors. A broker may be employed by a brokerage firm. 2. COMMODITY BROKERS: A commodity broker is a firm or individual who executes orders to buy or sell commodity contracts on behalf of clients and charges them acommission. A firm or individual who trades for his own account is called a trader. Commodity contracts include futures, options, and similarfinancial derivatives. 3. OPTION BROKERS:


Options brokers specialize in offering options trading, research, education and other tools to individual investors. In addition to common options trades like covered calls, option spreads, and straddles, many options brokerages offer trading in products related to options, including stocks, ETFs, mutual funds, and bonds ((also known as fixed income)).


Execution-only, which means that the broker will only carry out the client's instructions to buy or sell.

Advisory dealing, where the broker advises the client on which shares to buy and sell, but leaves the final decision to the investor.

Discretionary dealing, where the stockbroker ascertains the client's investment objectives and then makes all dealing decisions on the client's behalf.

Investment Advisory Services: The main purpose of a financial adviser is to assist clients in the planning and arrangement of their financial affairs, such as savings, retirement provisions, tax treatment and wills. To ensure ethical practices, financial advisers must understand a client's financial situation as well as their need for financial stability.


A stockbroker provides advice, enters security orders, discusses

future needs and wants, and provides a savings and investment plan based on a customer's goals. Full Service

A full-service stockbroker provides financial planning and investment

advice, face-to-face contact and support with stock transaction recordkeeping. Discount

A discount broker is better suited to customers willing and capable of

doing their own investment research and management. Most operate online or by telephone, charging fees substantially lower than full-service brokers. Other Advantages

A stockbroker not only helps with investment transactions, but also

with client questions, as well as current and prior financial statements and records.


Online Stock Brokers Online stock brokers execute trades; offer the options as retail investors, yet charge much less. The average online stock broker charges $10 or less per

trade. Online stock brokerage firms will manage the customers accounts, but not their portfolio. Their advice is found in the information supplied on their websites with company financials, stocks news, and helpful tips on profitable investing. How Does Online Stock Trading Work? Trading stocks online is one of the easier methods for investing in the stock market today. With the advance of the internet, proliferation of online stock trading brokers, and facilitation of the online trading process, more investors are trading stocks than at any other point in market history. The change has been phenomenal: it is estimated that there are 10 times the amount of private investors than existed just 20 years ago. The vast majority are trading stocks online. Tools & techniques: The stock brokers make the process of buying, selling, and investing in stocks, mutual funds, commodities, precious metals, and more, streamlined and easy. Online stock brokers have made investing a point and click endeavor. The get started trading stocks online includes only three small steps: Opening an account with an online stock brokerage firm Funding the account with bank wire transfers or a credit card


Selecting stocks, bonds, or other investment instruments and making a buy

This simplicity in the online trading process has had two major effects on the stock market investor: more investors are brought to the table as investment amounts are lowered and the online trading process demystified, and also the near collapse of the traditional retail stock broker.



Indiabulls is Indias leading Financial, Real Estate and Power Company with a wide presence throughout India. They ensure convenience and reliability in all their products and services. Indiabulls has over 640 branches all over India. The customers of Indiabulls are more than 4,50,000 which covers from a wide range of financial services and products from securities, derivatives trading, depositary services, research & advisory services, consumer secured & unsecured credit, loan against shares and mortgage & housing finance. The company employs around 4000 Relationship managers who help the clients to satisfy their customized financial goals. Indiabulls entered the Real Estate business in the year 2005 with its group of companies. Large scale projects worth several hundred million dollars are evaluated by them.

To be the largest and most profitable financial services organization in Indian retail market and become one stop shop for all non banking financial products and services for the retail customers. To become the preferred long term financial partner to a wide base of customers whilst optimizing stake holders value

Rapidly increase the number of client relationships by providing a broad array of product offering to emerge as a clear market leader.To establish a base of 1


million satisfied customers by 2010. We will create this by being a responsible and trustworthy partner Products offered Equities and Derivatives Offers purchase and sale of securities (stock, bonds, debentures etc.) Broker assisted trade execution Automated online investing Access to all IPO's Equity Analysis Helps to build ideal portfolio Satisfies need by rating stocks based on facts-based measures Free of cost for all securities clients

Depository Services Depository participant with NSDL and CDSL Helps in trading and settlement of dematerialized shares Performs clearing services for all securities transactions


Offers platform to execute trade and settle transactions Milestones Achieved Developed one of the first internet trading platforms in India Amongst the first to develop in-house real-time CTCL (computer to computer link) with NSE Introduction of integrated accounts with automatic gateways to client bank accounts Development of products such as Power Indiabulls for high volume traders Indiabulls Signature Account for self-directed investors Indiabulls Group Professional Network for information and trading service



The fast paced growth, diversification and consolidation of the Group have been possible due to the vision and leadership of the co-founders of Indiabulls.


SAMEER GEHLAUT is the Chairman, CEO and Whole Time Director of Indiabulls. Sameer is an engineer from IIT, Delhi (1995) and has worked internationally with Halliburton in its international services business in 1995. He has utilized his experience with the international best practices and professional work culture at Halliburton to lead Indiabulls successfully.

RAJIV RATTAN is the President, CFO and Whole Time Director of Indiabulls. Rajiv is an engineer from IIT, Delhi (1994) and has rich experience in the oil industry, having worked extensively across the globe in highly responsible assignments with Schlumberger. Rajiv has managed remote exploration projects providing evaluation services for different clients in India as well as abroad.

SAURABH MITTAL is a Director at Indiabulls. Declared the best graduating student in IIT, Delhi in (1995), Saurabh was also one of the engineers selected by Schlumberger to work for its international services business in 1995 and gained experience of working in various global locations. He graduated as a Baker Scholar with an MBA from the Harvard Business


School. He has also developed in-depth understanding of international financial markets.


In 1999, three IIT-Delhi alumni Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal acquired Orbis,a Delhi based stock broking company. Young entrepreneur Sameer Gehlaut established Indiabulls in 2000, after acquiring orbis Securities, a stock brokerage company in Delhi. The group started its operations from a small office near Hauz Khas bus terminal in Delhi.The office had a tin roof and two computers. The idea of leveraging technology for trading stocks led to the creation of Indiabulls Incorporated on 10th January 2000, it was converted into a public limited company on 27th February 2004. Its original idea of leveraging technology bore fruit when Indiabulls was accorded permission to conduct online trading on Indian stock exchanges. The company had achieved the distinction of becoming only the second brokerage firm in India to be granted this consent. The challenges facing it were immense not least of all the mind set of investors who were called to make the big leap from traditional stock trading to a completely online interface. Having overcome this resistance, the company later expanded its service portfolio to


include equity, F&O, wholesale debt, mutual fund distribution and equity research.In 2003/04, Indiabulls ventured into insurance distribution and commodity trading. It successfully floated its IPO in September 2004 and in the same year entered the consumer finance segment. Real estate, the new sunrise industry, was the next frontier for Indiabulls. In 2004/05, it entered this sector. But it wasnt just real estate that was booming. Opportunities were opening up in retail and infrastructure as well. To cement its position in the Indian business and industry firmament,Indiabulls acquired Pyramid Retail in 2007 and marked its presence in the power sector by launching Indiabulls Power.

Brand Values Indiabulls is amongst the largest non-banking financial services companies in India and enjoys strong brand recognition and customer acceptance.

Indiabulls Group has five separately listed companies with subsidiaries which contributed in enhancing scope and profile of the business



Indiabulls Financial Services Limited was incorporated on January 10, 2000 as M/s Orbis Infotech Private Limited at New Delhi under the Companies Act, 1956. The name of company was changed to M/s. Indiabulls Financial Services Private Limited on March 16, 2001. In the year 2004, Indiabulls came up with it own public issue & became a public limited company on February 27, 2004. The name of company was changed to M/s. Indiabulls Financial Services Limited.


The company was promoted by three engineers from IIT Delhi, and has attracted more than Rs.700 million as investments .


India bulls stepped into the real estate market as India bulls Real Estate Limited (IREL) in 2005.India bulls Real Estate Limited with projects covering a total land area in excess of 10000 acres is one of the largest listed real estate companies in India and a leading national player across multiple realty and infrastructure sectors.


India bulls Power Limited was established in 2007 to capitalize on emerging opportunities in the Indian power sector. It develops and intends to operate and maintain power projects in India. India bulls are currently developing five thermal power projects with an aggregate capacity of approximately 6600 MW.


India bulls Securities Limited is Indias leading capital markets company with All-India presence and an extensive client base. India bulls Securities is the first and only brokerage house in India to be assigned the highest rating BQ 1 by CRISIL. India bulls Securities Limited is listed on NSE, BSE & Luxemburg stock exchange. India bulls also provide commodity brokerage services under India bulls Commodities Limited (ICL). It deals in research work and formation of reports on agricultural commodities and metals. ICL has one of the largest retail branch networks in the country.

Reasons to choose Indiabulls Securities Ltd:

The Indiabulls Financial Services stock is the best performing stock in the MSCI Index the global benchmark for equity investments A person who bought Indiabulls shares in the IPO at Rs. 19 (US$ 0.48) in September 2004 has been rewarded almost 100 times in three and a half years a feat unparalleled in the history of Indian capital markets Indiabulls Real Estate Limited partnered Farallon Capital Management LLC of the US to bring the first Foreign Direct Investment into real estate


Seven Reasons why investing with Indiabulls Securities Limited is smarter 1) Customization: Formulates investment plans based on customer individual requirements 2) Expertise: Brings within customer reach, about institutional expertise and companies valuable understanding of the financial markets 3) One-stop shop: Caters to all customers investment needs under one roof. 4) Trust: Enjoys the pedigree of Indiabulls Securities Ltd and share its expertise in financial services. 5) Personalized service: Helps customer through the entire investment process, step by step, with innovative and efficient services. 6) Unbiased & Objective advice: We partner you in your investment process, with our team of expert investment advisors.



Indiabulls is Indias leading Financial Services and Real Estate Company having over 640 branches all over India. Indiabulls serves the financial needs of more than 4,50,000 customers with its wide range of financial services and products from securities, derivatives trading, depositary services, research & advisory services, consumer secured & unsecured credit, loan against shares and mortgage & housing finance. With around 4000 Relationship Managers, Indiabulls helps its clients to satisfy their customized financial goals. Indiabulls through its group companies has entered Indian Real Estate business in 2005. It is currently evaluating several large-scale projects worth several hundred million dollars.


Indiabulls Group is one of the top 15 business houses in country with business interests in Real Estate, Infrastructure, Financial Services, Retail, Multiplex and Power sector. Indiabulls Group companies are listed in Indian and overseas markets and have a market capitalization of over USD 7 billion. The Net worth of the Group exceeds USD 2 billion. Indiabulls Group companies enjoy highest ratings from CRISIL, a subsidiary of Standard and Poors. Indiabulls has been conferred the status of a Business Super brand by The Brand Council, Super brands India. Indiabulls Financial Services Limited, the parent company from which Indiabulls Real Estate and Indiabulls Securities were demerged, is Indias leading Non-Banking Finance Companies (NBFC) which is primarily into extending retail and commercial loans and distribution of third party products. Indiabulls Real Estate Limited is Indias third largest property company with development projects spread across residential projects, commercial offices, hotels, malls, and Special Economic Zones (SEZ) infrastructure development. Indiabulls has emerged as one of the leading and fastest growing financial company in less than two year, since its initial public offering in September 2004. It has a market capitalization of around 6,300 million (31st December, 2007) and consolidated net worth of the group is around USD 905 million.









ABOUT INDIABULLS:Indiabulls Securities Limited is Indias leading capital markets company with All-India Presence and an extensive client base. Indiabulls Securities possesses state of the art trading platform, best broking practices and is the pioneer in trading product innovations. Power Indiabulls, in-house trading platform, is one of the fastest and most efficient trading platforms in the country. Indiabulls Securities Limited is the first and only brokerage house to be assigned the highest rating BQ 1 by CRISIL.

Indias leading financial services & real estate company Present in over 414 locations in more than 124 cities. Listed on the NSE, BSE, Luxembourg stock exchange & London stock exchange. Types of accounts they deal with Equity Trading Account- standard Indiabulls trading account



Securities Derivatives Trading Depositary Services Research & Advisory Services Consumer secured & unsecured credit Loan against shares and mortgage & housing finance.

BROKERAGE & FEES: A/C Opening Charges Yearly Charges BROKERAGE: Intraday Delivery Future Option Exposure: Intraday Deliver Future Margin RMS Facility (Risk Mgmt Services) Relationship Manager Facility Software 12 times (cash or stock) 4times (cash or stock 7 days) 2 times (intraday) 2times (only on cash for 7 days) yes yes Power India Bulls (free) 0.03 paisa 0.30-0.20 paisa (as per Investment) 0.03-0.02 paisa Rs.50 or 1% whichever is higher 900(with currency a/c) 500 (with commodity a/c) life time free



ABOUT SHAREKHAN Sharekhan Limited offers online security broking and portfolio services to institutions and large corporate houses as well as individual investors. Sharekhan Limited was formerly known as SSKI Investor Services Private Limited. Sharekhan Limited completely online servicing and would offer all their services like trade execution facilities for cash as well as derivatives on the Bombay Stock Exchange (BSE) .


Share Khan Classic account- features like multiple watch lists, Integrated Banking, demat and digital contracts, Real-time portfolio tracking with price alerts and Instant credit & transfer.

Share Khan Speed Trade account- Single screen interface for cash and derivatives, Real-time streaming quotes with Instant order Execution &


Confirmation, Hot keys similar to a traditional broker terminal, Alerts and reminders & Back-up facility to place trades on Direct Phone lines.


Trade execution on BSE & NSE Derivatives Commodities Depository services Online trading Investment advice

BROKERAGE & FEES: A/C Opening Charges Yearly Charges BROKERAGE : Intraday Delivery Future Option Exposure RMS Facility (Risk Mgmt Services) Relationship Manager Facility Software 0.025 paisa 0.50 paisa 0.025 paisa 60 buying & selling 5 times yes yes Trade Tiger

5000 440


ABOUT INDIA INFOLINE: India Infoline Limited is listed on both the leading stock exchanges in India, viz. the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is also a member of both the exchanges. It is engaged in the businesses of Equities broking, Wealth Advisory Services and Portfolio Management Services. It offers broking services in the Cash and Derivatives segments of the NSE as well as the Cash segment of the BSE. It is registered with NSDL as well as CDSL as a depository participant, providing a one-stop solution for clients trading in the equities market. It has recently launched its Investment banking and Institutional Broking business.


Equities Trading Derivatives Trading Commodities Trading


Portfolio Management Services Mutual Funds Life Insurance Fixed Deposits Investment Banking.

BROKERAGE & FEES: A/C Opening Charges Yearly Charges BROKERAGE: Intraday Delivery Future Option Exposure RMS Facility (Risk Mgmt Services) Relationship Manager Facility Software 0.03 paisa 0.25paisa 0.25 paisa 100 4 times yes yes 5500 0



ABOUT ANGEL BROKING 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) Angel is also registered as a Depository Participant with CDSL.


Equity Trading Commodities Portfolio Management Services Mutual Funds Life Insurance Personal Loans

IPO Depository Services Investment Advisory

BROKERAGE & FEES: A/C Opening Charges 10000 Savings, 545 Trading a/c Yearly Charges BROKERAGE : Intraday Delivery Future Option Exposure RMS Facility (Risk Mgmt Services) Relationship Manager Facility Software 0.03 paisa 0.35paisa 0.03 paisa 100 6-8 times yes yes Angel ODIN Diet (Application based) 300


Communication mode preferred Phone # E-mail Name Age Male \ female Marital status Profession Income : : : : : : : :

Personal information

2 . Do you have an idea about investment options given below Bank Mutual funds Insurance policy Commodity (gold\silver) ULIPS ( ) ( ) ( ) ( ) ( ) Post office Stock market Real estates ETF Govts bond ( ) ( ) ( ) ( ) ( )


3. Rank the below options according to your choice of preferences on the scale of 1-10 Bank Mutual funds Insurance policy Commodity (gold\silver) ULIPS ( ) ( ) ( ) ( ) ( ) Post office Stock market Real estates ETF Govts bond ( ) ( ) ( ) ( ) ( )

4. What idea are you having about stock market? Very good Average ( ) ( ) Good Bad ( ) ( )

5. What is your outlook before investing in stock market? Good returns Risky but profitable ( ) ( ) Safety Long term returns ( ) ( )

5. A. Have u heard about INDIA BULLS Securities Yes ( ) No ( )


B. name the other stock broking companies you know ICICI securities ( ) Religare securities ( ) Reliance money ( ) Kotak securities( ) Indiainfo securities ( ) Angel securites ( ) Zen securities ( ) others 6. What percentage of income are you saving? A.5%-10% C. 20%-30% ( ) ( ) B. 10%-20% ( ) ( )

D. 30% and above ( )

8. How often do you trade in shares? Daily Weekly Monthly Yearly Occasionally ( ) ( ) ( ) ( ) ( )

9. What is your risk taking capacity on returns from stock market? Extremely good (90% and above) Good (70%) Neutral (50%) Bad (30%) Extremely bad (upto 10%) ( ) ( ) ( ) ( ) ( )


10. If you would like to invest in stock market, in which product you would prefer to invest. Trade in equity Trade in options Trade in futures Consult a broker ( ) ( ) ( ) ( )

11.Whom do you consult before investing in stock market? Family Experts opinion ( ) ( ) friends nobody ( ) ( )

12.Which of these is your sources of market information (you may chose more than one) Newspapers Brokers Peers Websites Experts opinion (Business channels) Others ( ) ( ) ( ) ( ) ( ) ( )



Primary data: - Data which is collected by new research called primary data. This method includes the data collected from the personal interaction with the authorized members of India Bulls Limited and questionnaire form various people taking their views into consideration . It has been collected from industrial guides and other executives from different functional areas.

Survey conduction

Secondary data: - Already existing data is called secondary data. We collected them by following :

Websites Company records Newspapers, etc

A/C Opening Charges of Stock Broking firms of Hyderabad
Firms Name Indiabulls Share Khan India Infoline Angel Broking A/C Opening Charges 900 5000 5500 545



Angel broking charges are very less for account opening, when compare to others.

The above table shows clearly the opening charges of the firms. India info line is charging more compare to others.

Yearly Charges of Stock Broking firms of Hyderabad

Firms Name Indiabulls Share Khan India Infoline Angel Broking Yearly Charges NIL 440 NIL 300


India bulls and India Infoline are not having yearly charges, when compare to other stock broking firms.

Share Khan is charging more.

Brokerage charges of Stock Broking firms of Hyderabad

Firms Name Indiabulls Share Khan India Infoline Angel Broking Intraday 0.03 0.025 0.03 0.03 Delivery 0.30 0.50 0.25 0.35 Future 0.03 0.025 0.025 0.03 Option (Rs.) 50 60 100 100


Interpretation: Share khan is charging very less for intraday. Indiabulls, India Infoline and Angel Broking are charging same for intraday. IndiaInfo line charges are less and Share khan charges are more for delivery. Share khan and India Infoline charges are less for future when compared to other companies.

For options price India Infoline and Angel Broking are same and more.


We have met 200 people of Hyderabad regarding the investment in stock market. Out of 200 people 60 are interested to investing in stock market, 20 are not interested, 100 are already doing and 20 are doing but not satisfied.The following table can be shown clearly.


Views Interested Not interested Already invested Invested but not satisfied No of people 60 20 100 20


We have done survey of over 200 people. We have analyzed the entire collected data and from that we have got the finding which we have shown in the table.


Interested people are willing to invest but they are afraid of taking risk. Not interested people are totally not at all interested in investing in stock market.

Already invested people are satisfied and are planning to invest more. Invested but not satisfied people are not satisfied with their brokers; few are not getting proper guidance, not even good services, facilities, they are facing more risk, etc.


The people who were invested in stock market are 100 people. Out of them 23 people are investing in India bulls, 19 through Share khan, 13 in India Infoline, 9 in Angel Broking.The following are table showing people who are invested in different stock broking firms. Firms Name Indiabulls Share Khan India Infoline Angel Broking No. of people 23 19 13 09



More number of people (23%) is invested in Indiabulls out of 100, because of the services they provided to their clients.

Share Khan is in the second position, 19% people are investing in share khan out of 100 people.

In India Infoline15% of people. And Angel Broking 9% of people is invested out of 100 people.

The table showing Interested people according to their age and risk which they can bear. Age 18 - 25 26 - 35 36 - 45 46 - 55 56 - 65 65 & above No. of People 20 14 11 09 04 02 Risk 60% 50% 40% 20% 10% 5-8%


More no. of people (20) is interested; age group 18-25 and they can take more risk.

14 people are interested of age group 26-35; they can take 50% risk.

Age group 36-45(mature people) they can take 40% risks and 11 no. of people are interested.

Age group 46-55, 56-65, 65 & above are less interested and they can take less risk.


Table showing interested people according to their income level. Income (Rs.) 50000-100000 100000-200000 200000-400000 400000-500000 500000 & above Interpretation:

Interested people 07 10 11 12 20

Income level 50000-100000 is less interested because of their less income. As the income are more (500000 & above) more no. of people are interested.


Not interested people according to their age can be shown in the following table . Age No. of People

18 - 25 26 - 35 36 - 45 46 - 55 56 - 65 65 & above

01 02 03 03 06 05


Age group 18-25; few people are not interested in investing in stock market. Many people are not interested of age group 56-65. Age group 36-45 & 46-55 only 03 no. of people are not interested.

NOT INTERESTED PEOPLE ACCORDING TO INCOME LEVEL Not interested people according to their income level can be shown by the following table and graph.

Income (Rs.) 50000-100000 100000-200000 200000-400000 400000-500000 500000 & above

Not Interested people 03 02 05 04 06


Income levels 100000-200000 few people are not interested. More no. of people is not interested of income level 500000& above, as their income is more but they dont want to invest.


LIMITATIONS OF THE STUDY:The study is not proposed to be an expert study as it was done by a student for the purpose of a partial fulfillment of the course, which is an integral part, in completion and reward of Bachelors. The study was conducted in a short span so the findings cannot be generalized for all times. Some of the informations being confidential was not included in the study. The scope of the study by and large is very vast. It is very difficult to satisfy all the areas. Therefore an attempt is made to cover as much as possible.


All the firms which we have taken in to account are listed on NSE & BSE.

Bombay Stock Exchange (BSE) is largest stock exchange in the country.

The firms websites is always available to provide the best services & best trading tools in the field of online trading.

More no. of people are focus on less risk & more return few people of age group 18-25 are ready to take more risk.

As the income level is more people are investing more to get good returns.


Broking houses should more focus on retaining their existing clients.


Broking house should come up with Products and Plans of higher safety rather than higher returns.

Awareness should be created among the people of HYDERABAD by the means of weekly investors meetings, seminars, etc

Stock broking firms need to give some advertisement on Newspaper as well as on Television i.e. Local Channel.


A broking firm is an institution which acts as an intermediary between the individual investors and stock exchange. Broking firms use various types for handling their client and for maintaining their relations for long run.This study

of comparative analysis of various broking firms will open the door of opportunity for investors of Hyderabad. Hence We conclude that from the analysis of four broking firms we came to know that, somehow one or the other is best in its aspect & all are the best broking firms in Hyderabad.