A

Project Study Report

On
Training Undertaken at
Titled
RESEARCH ON CAPITAL MARKET WITH
INDIAINFOLINE LTD
REPORT SUBMITTED ON PARTIAL ULILMENT
O
MASTER IN BUSINESS ADMINISTRATION
Su!"itted To# $ Su!"itted By#$
Dr%Pankaj &upta &aura' Ban(al
aculty o) AIMS M!a Part ii


APE* INSTITUTE O MANA&EMENT + S,IEN,E- .AIPUR
/Appro'ed !y AI,TE- Ne0 Del1i + A))iliated to Uni'er(ity o) Raja(t1an- .aipur2
34566 7 45689
1

TABLE O ,ONTENTS
PARTI,ULARS PA&E NO%
A,:NO;LED&MENT 8
PREA,E <
E*E,UTI=E SUMMAR> ?
RESEAR,@ ,APITAL A
INDIA INOLINE 88
,USTOMER BE@A=IOR ?A
ANAL>SIS B8
RESEAR,@ MET@ODOLO&> BC
DATA ANAL>SIS C4
INDIN&S D8
,ON,LUSION DD
APPENDI,S A5
BIBLIO&RAP@> A8
2


ACKNOWLEDGMENT

Achieving a milestone for any person is extremely difficult without any kind of support.
Therefore, the persons who make my task easier, it becomes my humble and
foremost duty to acknowledge all of them.
I am heartiest thankful to MR% @ar'inder Sand1u (Company uide!, for giving me
valuable information, support and guidance during my pro"ect work. #ithout them it
would have not possible for me to work on this pro"ect.
I would like to express my gratitude to various Customers to whom I met during the
pro"ect and other faculty members for giving help and support.

I am also thanking to all of persons who helped me directly or indirectly for completing
this report successfully.



&AURA= BANSAL
3

PREFACE
$ro"ects are very important for the beginners to gain a practical knowledge about
organi%ations and the market. Theory till not used in practical field is of no use. &o our
institute has fixed a period for summer training when we can enter into the market
through some organi%ation in order to gain some real knowledge.
This in mind I carried out my pro"ect in 'INDIA INOLINE( which is one of the largest
and reputed company in India.
The pro"ect was a study of ERe(earc1 on capital "arket 0it1 INDIA INOLINEF IN
SRI &AN&ANA&AR ,IT>%
This report has been prepared after the intensive study of both primary and secondary
market as well as their instruments with respect to broking firm. The information is also
collected from the Customers to understand their investment behavior in both primary
and secondary market respectively as well as their attitude towards the broking firm
and its features.
4

EXECUTIVE SUMMARY
Training is the first step to enter into the permanent "ob. )arket research,
market surveys are some of the pillars which helps us in future to stand with
potentiality, knowledge and smart work.
*eeping this in mind I had carried out my summer training in I+,IA I+-./I+0
which is India1s favorite share trading company with the largest number of customers.
India infoline offers investors a seamless, hassle2free and paperless way to trade
shares, as it integrates the banking, trading and settlement part of the business. India
infoline is trusted by over a lakh share investors, due to its negotiable brokerage rates,
consultation services, margin facilities, good software as well as many other services
like insurance mutual funds etc.It provided me a platform to deeply analy%e the capital
market as well as customer investment perception towards it.
As &ystematic, planned and disciplined work always leads to success. *eeping this in
mind the pro"ect has been divided into parts.
-irstly with the "oining of company as a trainee my induction process was started
where I got familiar with the employees working there.
&econdly, I talked to all the knowledgeable people of the organi%ation who helped me
to get an initial idea about the company and its product and services. I was than lead
by the officer who dealt with the customer to know the kind of services that the
company offers to their customers.
Thirdly, I learned about the various instruments of capital market, working of broking
industry as well as got the practical experience about it also. Then the consumers of
&ri anganagar city were selected and interviewed about the company that they used,
their views on India infoline and stock market of India, their expectation from the
company, their satisfaction regarding the special services provided by the company
and their investment preferences regarding the capital market. I got the real time
experience about the process of listing of I$.1s as two I$.1s i.e. Technofeb
engineering /td., 3industhan media venture /td. were released and widely promoted
by II-/ during my training period. I also learned the practical knowhow of the trading
mechanism of e4uities, commodities, mutual funds, currencies etc.
5

/astly, all the data were compiled together to make a complete report by analy%ing the
data collected. &ome findings and recommendation were also added to keep the
brand ssssssname growing with its value.
ABOUT INDIAINOLINE LTD%
6

India Infoline originally incorporated on .ctober 56, 5778 as $9.-IT: 90&0A9C3
AND SERVICES PVT LTD. at )umbai under the Companies Act,578; with
9egistration +o.557<=7=.and became a public limited company on April >6, >???.The
name of the Company was changed to India Infoline.com/imited on )ay ><, >??? and
later to India Infoline /imited on )arch ><,>??5. It is the first Company in India to foray
into the online distribution of )utual -unds It is a one2stop financial services shop,
most respected for 4uality of its advice, personali%ed service and cutting2edge
technology. The+o.5Corporate agent for II-/$rudential/ife Insurance Company.
9esearch acknowledged by -orbes as ')ust 9ead for investor in &outh Asia '/isted
on @ombay and +ational &tock 0xchange with a net worth
of I+9 >?? crore and a market cap of over I+9 57=? crore.The company has a
network of 7=; business locations (branches and sub2brokers! spread across <;8
cities and towns. It has more than6??, ??? customers. It is registered with +&,/ as
well as C,&/ as a depository participant.
India Infoline Commodities $vt /imited is engaged in the business of commodities
broking. .ur experience in securities broking empowered us with the re4uisite skills
and technologies to allow us offer commodities broking as a contra2cyclical alternative
to e4uities braking. #e en"oy memberships with the )CA and +C,0A, two leading
Indian commodities exchanges, and recently ac4uired membership of ,Cx. #e have
a multi2channel delivery model, asking it among the select few to offer online as well
as offline trading facilities.
Introduction
7

O!jecti'e o) t1e (tudy
The main ob"ective of the study is to analy%e the capital market mainly the
primary and secondary market and their instruments, understanding the working of
broking industry as well as competitive analysis of India infoline with reference to other
broking firms operating in the same area.
The following study was mainly done with an ob"ective to know the state of mind of the
investors who wanted to invest in the stock market B also to know the attitude and
preference of the prospective investors regarding capital market with special reference
to India infoline which is a online brokage house in India.
Re(earc1 on capital "arket
,apital Market #
A capital "arket is a market for securities (debt or e4uity!, where business
enterprises (companies! and governments can raise long2term funds. It is defined as a
8

market in which money is provided for periods longer than a year
C5D
, as the raising of
short2term funds takes place on other markets (e.g., the money market!. The capital
market includes the stock market (e4uity securities! and the bond market (debt!.
-inancial regulators, such as the E*Fs -inancial &ervices Authority (-&A! or the E.&.
&ecurities and 0xchange Commission (&0C!, oversee the capital markets in their
designated "urisdictions to ensure that investors are protected against fraud, among
other duties.
Capital markets may be classified as primary markets and secondary markets. In
primary markets, new stock or bond issues are sold to investors via a mechanism
known as underwriting. In the secondary markets, existing securities are sold and
bought among investors or traders, usually on a securities exchange, over2the2
counter, or elsewhere.
Pri"ary Market:
A market that issues new securities on an exchange. Companies, governments and
other groups obtain financing through debt or e4uity based securities. $rimary markets
are facilitated by underwriting groups, which consist of investment banks that will set a
beginning price range for a given security and then oversee its sale directly to
investors.
Also known as Gnew issue marketG (+I)!. The primary markets are where investors
can get first crack at a new security issuance. The issuing company or group receives
cash proceeds from the sale, which is then used to fund operations or expand the
business. 0xchanges have varying levels of re4uirements which must be met before a
security can be sold.
.nce the initial sale is complete, further trading is said to conduct on the secondary
market, which is where the bulk of exchange trading occurs each day. $rimary
markets can see increased volatility over secondary markets because it is difficult to
accurately gauge investor demand for a new security until several days of trading
have occurred.
Secondary "arket#
A market where investors purchase securities or assets from other investors, rather
than from issuing companies themselves. The national exchanges 2 such as the +ew
:ork &tock 0xchange and the +A&,AH are secondary markets.
&econdary markets exist for e4uities, commodities or when funds, investment banks,
9

or entities such as -annie )ae purchase mortgages from issuing lenders. In any
secondary market trade, the cash proceeds go to an investor rather than to the
underlying companyIentity directly.
,apital Market In(tru"ent( #
Capital market instruments are responsible for generating funds for companies,
corporations, and sometimes national governments these are used by the investors to
make a profit out of their respective markets. There are a number of capital market
instruments used for market trade, including
&tocks
04uitie
commodities
@onds
,ebentures
Treasury2bills
-oreign
0xchange
-ixed deposits
Capital market is also known as securities market because long term funds are raised
through trade on debt and e4uity securities. These activities may be conducted by
both companies and governments. This market is divided into primary capital market
and secondary capital market. The primary market is designed for the new issues and
the secondary market is meant for the trade of existing issues. &tocks and bonds are
the two basic capital market instruments used in both the primary and secondary
markets. There are three different markets in which stocks are used as the capital
market instrumentJ the physical, virtual, and auction markets.
$hysical market
Kirtual )arket
Auction )arket
10

@onds, however, are traded in a separate bond market. This market is also known as
a debt, credit, or fixed income market. Trade in debt securities are done in this market.
There are also the T2bills and ,ebentures which are used as capital market
instruments by the investors.
These instruments are more secured than the others, but they also provide less return
than the other capital market instruments. #hile all capital market instruments are
designed to provide a return on investment, the risk factors are different for each and
the selection of the instrument depends on the choice of the investor. The risk
tolerance factor and the expected returns from the investment play a decisive role in
the selection by an investor of a capital market instrument.
Capital market instruments should be selected only after doing proper research in
order to increase one.
Brie) a!out (tock "arket
The &ecurities Contracts (9egulation! Act, 578;, has defined &tock 0xchange as an
Gassociation, organi%ation or body of individuals, whether incorporated or not,
established for the purpose of assisting, regulating and controlling business of buying,
selling and dealing in &ecuritiesG. &tock exchange as an organi%ed security market
provides marketability and price continuity for shares and helps in a fair evaluation of
securities in terms of their intrinsic worth. Thus it helps orderly flow and distribution of
savings between different types of investments. This institution performs an important
part in the economic life of a country, acting as a free market for securities where
prices are determined by the forces of supply and demand. Apart from the above
basic function it also assists in mobili%ing funds for the overnment and the Industry
11

and to supply a channel for the investment of savings in the performance of its
functions.
The &tock 0xchanges in India as elsewhere have a vital role to play in the
development of the country in general and industrial growth of companies in the
private sector in particular and helps the overnment to raise internal resources for
the implementation of various development programmes in the public sector. As a
segment of the capital market it performs an important function in mobili%ing and
channeli%ing resources which remain otherwise scattered. Thus the &tock 0xchanges
tap the new resources and stimulate a broad based investment in the capital structure
of industries.
A well developed and healthy stock exchange can be and should be an important
institution in building up a property base along with a socialist in India with broader
distribution of wealth and income. Thus &tock 0xchange is a vital organ in a modern
society. #ithout a stock exchange a modern democratic economy cannot exist. The
system of "oint stock companies financed through the public investment as emerged
has put the vast means of finances almost to entrepreneursF needs.
-inance from external sources mainly from the investing public can become possible
only when an institute like &tock 0xchange provides opportunities for the conversion
of scattered savings into profitable investments with the promises of a reasonable
yield and minimum element of risk. &uch a mechanism as provided by &tock
0xchanges is not merely a source of capital but also a conduit which channeli%es the
savings into investment along with a free movement of capital.
#ith the probable exception of a totalitarian state no overnment will be able to
mobili%e resources from the public if the money market in the form of stock exchange
does not exist. The &tock 0xchange benefits the entire community in a variety of way.
It enables the producers to raise capital which directly and indirectly gives gainful
employment to millions of people on the one hand and helps consumers to getL the
variety of goods needed by them on the other. It provides opportunities to savers to
store the value either as temporary abode of purchasing power or as a permanent
abode of purchasing power in the form of financial assets. It also helps the segments
of the savers who put their savings in commercial firms and non2banking financial
intermediaries because these institutions avail themselves of the services of &tock
0xchange to invest the money thus collected.
12

The &tock 0xchange comes close enough to a perfectly competitive market allowing
the forces of demand and supply a reasonable degree of freedom to operate as
compared to other markets specially the commodity markets. This segment of the
factor market can be considered as a perfect or a nearly perfect market. Apart from
providing a mechanism for transacting business in stock and shares it generates
genuine potential for a new entrepreneur to take up initiative in the private sector
enterprises and allows the expansion of investing community by offering gainful
development of their otherwise sluggish or shy capital. The &tock 0xchange must
assume the responsibility of protecting the rights of investors specially the small
investors in the Moint &tock Companies.
E'olution
13

Indian &tock )arkets are one of the oldest in Asia. Its history dates back to nearly >??
years ago. The earliest records of security dealings in India are meagre and obscure.
The 0ast India Company was the dominant institution in those days and business in
its loan securities used to be transacted towards the close of the eighteenth century.
@y 56<?Fs business on corporate stocks and shares in @ank and Cotton presses took
place in @ombay. Though the trading list was broader in 56<7, there were only half a
do%en brokers recogni%ed by banks and merchants during 56N? and 568?.
The 568?Fs witnessed a rapid development of commercial enterprise and brokerage
business attracted many men into the field and by 56;? the number of brokers
increased into ;?.
In 56;?2;5 the American Civil #ar broke out and cotton supply from Enited &tates of
0urope was stoppedL thus, the F&hare )aniaF in India begun. The number of brokers
increased to about >?? to >8?. 3owever, at the end of the American Civil #ar, in 56;8,
a disastrous slump began (for example, @ank of @ombay &hare which had touched 9s
>68? could only be sold at 9s. 6=!.
At the end of the American Civil #ar, the brokers who thrived out of Civil #ar in 56=N,
found a place in a street (now appropriately called as ,alal &treet! where they would
conveniently assemble and transact business. In 566=, they formally established in
@ombay, the G+ative &hare and &tock @rokersF AssociationG (which is alternatively
known as 'The &tock 0xchange G!. In 5678, the &tock 0xchange ac4uired a premise in
the same street and it was inaugurated in 5677. Thus, the &tock 0xchange at @ombay
was consolidated.
Indian Stock EGc1ange( $ An U"!rella &ro0t1
14

The &econd #orld #ar broke out in 57<7. It gave a sharp boom which was followed
by a slump. @ut, in 57N<, the situation changed radically, when India was fully
mobili%ed as a supply base.
.n account of the restrictive controls on cotton, bullion, seeds and other commodities,
those dealing in them found in the stock market as the only outlet for their activities.
They were anxious to "oin the trade and their number was swelled by numerous
others. )any new associations were constituted for the purpose and &tock 0xchanges
in all parts of the country were floated.
The Ettar $radesh &tock 0xchange /imited (57N?!, +agpur &tock 0xchange /imited
(57N?! and 3yderabad &tock 0xchange /imited (57NN! were incorporated.
In ,elhi two stock exchanges 2 ,elhi &tock and &hare @rokersF Association /imited
and the ,elhi &tocks and &hares 0xchange /imited 2 were floated and later in Mune
57N=, amalgamated into the ,elhi &tock 0xchange Association /imited.
INTRODU,TION AND ,ON,EPT O S@ARE TRADIN&
Trading in shares is old phenomena its regulation had been started when securities
contract act had been formed in 578;. Transfer of resources from those with idle
resources to others who have a productive need for them is most efficiently achieved
through the securities market. It provides a channel for reallocation of savings to
investments. The share market can be segmented in two parts one is $rimary )arket
another is &econdary )arket.
Pri"ary Market
It provides opportunity to issuers of securities government as well as corporate to
raise resources to meet their re4uirements of investments. In this market companies
issue fresh security sin exchange of funds through public issues or private
placements. The market design for primary market is provided in the provision of
Companies Act, 578; which deals with issues, listing and allotment of securities. The
investors have to apply the shares by filling the application form issue by the company
along with the application money. According to ,isclosure and Investor $rotection
guidelines of &0@I, 577> company has to disclose all the necessary information
regarding pricing of issues, listing re4uirements, disclosure norms lock2in2period for
promoters contribution, contents of offer documents pre and post issue obligations etc.
15

Company can issue shares at face value, at premium or at discount. Another
method of pricing which is now days common is issuing the securities through online
system of the stock exchange has to comply with the section 88 to ;6a of the
companies Act, 578; and &0@I guidelines >???. The company is re4uired to enter in
to an agreement with the stock exchanges which have the re4uisite system for online
offer of securities. The advantages for this new system areJ2
The investors part with money only after allotment.
It eliminates refunds except in case of direct applications.
It reduces the time taken for issue process

Secondary Market
&econdary market is the place for sale and purchase of existing securities. It enables
an investor to ad"ust his holdings of securities in response to changes in his
assessment about risk and return. It enables him to sell securities for cash to meet his
li4uidity needs. It essentially comprises of the stock exchanges which provide platform
for trading of securities and a host of intermediaries who assist in trading of securities
and clearing and settlement of trades. The securities are traded, cleared and settled
as per prescribed regulatory framework under the supervision of the exchanges and
oversight of &0@I.
Trading Mec1ani("
0arlier trading on stock exchanges in India used to take place through open outcry
without use of information technology for immediate matching or recording of trades.
This was time consuming and inefficient. This imposed limits on trading volumes and
efficiency. In order to provide efficiency, li4uidity and transparency +ational &tock
0xchange introduced a nation wide on line fully automated screen based trading
system where a member can punch in to the computer 4uantities of securities and the
prices at which he likes to transact and the transaction is executed as soon as it finds
a matching sale or buy order from a counter party. &creen based trading electronically
matches orders on a priceItime priority and hence cuts down on time, cost and risk of
error, as well as on fraud resulting in improved operational efficiency. It enables
market participants, irrespective of their geographical locations to trade with one
another and it provides e4ual access to everybody.
16

+&0 has main computer which is connected through Kery &mall Aperture Terminal
(K&AT! installed at its office. The main computer runs on a default tolerant &T9ATE&
mainframe computer at the exchange. @rokers have terminals installed at their
premises which are connected through K&ATs. An investor informs a broker to place
an order on his behalf.
Trading Pattern o) t1e Indian Stock Market
Trading in Indian stock exchanges are limited to listed securities of public limited
companies. They are broadly divided into two categories, namely, specified securities
(forward list! and non2specified securities (cash list!. 04uity shares of dividend paying,
growth2oriented companies with a paid2up capital of at least 9s.8? million and a
market capitali%ation of atleast 9s.5?? million and having more than >?,???
shareholders are, normally, put in the specified group and the balance in non2specified
group. Two types of transactions can be carried out on the Indian stock exchangesJ
/a2 Spot deli'ery tran(action( Gfor delivery and payment within the time or on the
date stipulated when entering into the contract which shall not be more than 5N days
following the date of the contractG J
/!2 or0ard tran(action( Gdelivery and payment can be extended by further period
of 5N days each so that the overall period does not exceed 7? days from the date of
the contractG. The latter is permitted only in the case of specified shares. The brokers
who carry over the out standings pay carry over charges (can tango or backwardation!
which are usually determined by the rates of interest prevailing.
A member broker in an Indian stock exchange can act as an agent, buy and sell
securities for his clients on a commission basis and also can act as a trader or dealer
as a principal, buy and sell securities on his own account and risk, in contrast with the
practice prevailing on +ew :ork and /ondon &tock 0xchanges, where a member can
act as a "obber or a broker only.
The nature of trading on Indian &tock 0xchanges are that of age old conventional style
of face2to2face trading with bids and offers being made by open outcry. 3owever, there
is a great amount of effort to moderni%e the Indian stock exchanges in the very recent
times.
MAR:ET DESI&N
17

Pri"ary Market
6% ,orporate Securitie(#
The ,isclosure and Investor $rotection (,I$! guidelines prescribe a substantial
body of re4uirements for issuersIintermediaries, the broad intention being to ensure
that all concerned observe high standards of integrity and fair dealing, comply with
all the re4uirements with due skill, diligence and care, and disclose the truth, whole
truth and nothing but truth. The guidelines aim to secure fuller disclosure of relevant
information about the issuer and the nature of the securities to be issued so that
investors can take informed decisions. -or example, issuers are re4uired to
disclose any material Orisk factors1 and give "ustification for pricing in their
prospectus. An unlisted company can access the market up to 8 times its pre2issue
net worth only if it has track record of distributable profits and net worth of 9s. 5
crore in < out of last five years. A listed company can access up to 8 times of its
pre2issue net worth. In case a company does not have track record or wishes to
rise beyond 8 times of its pre2issue net worth, it can access the market only through
book building with minimum offer of ;?P to 4ualified institutional buyers.
Infrastructure companies are exempt from the re4uirement of eligibility norms if
their pro"ect has been appraised by a public financial institution and not less than
8P of the pro"ect cost is financed by any of the institutions, "ointly or severally, by
way of loan andIor subscription to e4uity. The debt instruments of maturities more
than 56 months re4uire credit rating. If the issue si%e exceeds 9s. 5?? crore, two
ratings from different agencies are re4uired. Thus the 4uality of the issue is
demonstrated by track recordIappraisal by approved financial institutionsIcredit
ratingIsubscription by HI@s. The lead merchant banker discharges most of the pre2
issue and post2issue obligations. 3e satisfies himself about all aspects of offering
and ade4uacy of disclosures in the offer document. 3e issues a due diligence
certificate stating that he has examined the prospectus, he finds it in order and that
it brings out all the facts and does not contain anything wrong or misleading. 3e
also takes care of allotment, refund and dispatch of certificates. The admission to a
depository for demateriali%ation of securities is a prere4uisite for making a public or
rights issue or an offer for sale. The investors, however, have the option of
subscribing to securities in either physical form or demateriali%ed form. All new
I$.s are compulsorily traded in demateriali%ed form. 0very public listed company
making I$. of any security for 9s. 5? crore or more is re4uired to do so only in
demateriali%ed form.
18

4 % &o'ern"ent Securitie(#
The government securities market has witnessed significant transformation in the
577?s. #ith giving up of the responsibility of allocating resources from securities
market, government stopped expropriating seigniorage and started borrowing at near
2 market rates. overnment securities are now sold at market related coupon rates
through a system of auctions instead of earlier practice of issue of securities at very
low rates "ust to reduce the cost of borrowing of the government. )a"or reforms
initiated in the primary market for government securities include auction system
(uniform price and multiple price method! for primary issuance of T2bills and central
government dated securities, a system of primary dealers and non2competitive bids
to widen investor base and promote retail participation, issuance of securities across
maturities to develop a yield curve from short to long end and provide benchmarks
for rest of the debt market, innovative instruments like, %ero coupon bonds, floating
rate bonds, bonds with embedded derivatives, availability of full range ( 752day and
<6>2day! of T2bills, etc.
Secondary Market
19

,orporate Securitie(#
The stock exchanges are the exclusive centres for trading of securities. Though the
area of operationI"urisdiction of an exchange is specified at the time of its
recognition, they have been allowed recently to set up trading terminals anywhere in
the country. The three newly set up exchanges (.TC0I, +&0 and IC&0! were
permitted since their inception to have nation wide trading. The trading platforms of a
few exchanges are now accessible from many locations. -urther, with extensive use
of information technology, the trading platforms of a few exchanges are also
accessible from anywhere through the Internet and mobile devices. This made a
huge difference in a geographically vast country like India.
EGc1ange Manage"ent#
)ost of the stock exchanges in the country are organi%ed as 'mutuals( which was
considered beneficial in terms of tax benefits and matters of compliance. The trading
members, who provide brokering services, also own, control and manage the
exchanges. This is not an effective model for self2regulatory organi%ations as the
regulatory and public interest of the exchange conflicts with private interests. 0fforts
are on to demutualise the exchanges whereby ownership, management and trading
membership would be segregated from one another. Two exchanges vi%. .TC0I and
+&0 are demutualised from inception, where ownership, management and trading
are in the hands of three different sets of people. This model eliminates conflict of
interest and helps the exchange to pursue market efficiency and investor interest
aggressively.
Me"!er(1ip:
The trading platform of an exchange is accessible only to brokers. The broker enters
into trades in exchanges either on his own account or on behalf of clients. +o stock
broker or sub2broker is allowed to buy, sell or deal in securities, unless he or she
holds a certificate of registration granted by &0@I. A brokerIsub2broker complies with
the code of conduct prescribed by &0@I. .ver time, a number of brokers 2 proprietor
firms and partnership firms Q have converted themselves into corporate. The
standards for admission of members stress on factors, such as corporate structure,
capital ade4uacy, track record, education, experience, etc. and reflect a conscious
endeavor to ensure 4uality broking services.
20

Li(ting#
A company seeking listing satisfies the exchange that at least 5?P of the securities,
sub"ect to a minimum of >? lakh securities, were offered to public for subscription,
and the si%e of the net offer to the public (i.e. the offer price multiplied by the number
of securities offered to the public, excluding reservations, firm allotment and
promoters1 contribution! was not less than 9s. 5?? crore, and the issue is made only
through book building method with allocation of ;?P of the issue si%e to the 4ualified
institutional buyers. In the alternative, it is re4uired to offer at least >8P of the
securities to public. The company is also re4uired to maintain the minimum level of
non2promoter holding on a continuous basis. In order to provide an opportunity to
investors to investItrade in the securities of local companies, it is mandatory for the
companies, wishing to list their securities, to list on the regional stock exchange
nearest to their registered office. If they so wish, they can seek listing on other
exchanges as well. )onopoly of the exchanges within their allocated area, regional
aspirations of the people and mandatory listing on the regional stock exchange
resulted in multiplicity of exchanges. The basic norms for listing of securities on the
stock exchanges are uniform for all the exchanges. These norms are specified in the
listing agreement entered into between the company and the concerned exchange.
The listing agreement prescribes a number of re4uirements to be continuously
complied with by the issuers for continued listing and such compliance is monitored
by the exchanges. It also stipulates the disclosures to be made by the companies
and the corporate governance practices to be followed by them. &0@I has been
issuing guidelinesIcirculars prescribing certain norms to be included in the listing
agreement and to be complied with by the companies. A listed security is available
for trading on the exchange. The stock exchanges levy listing fees 2 initial fees and
annual fees 2 from the listed companies. It is a ma"or source of income for many
exchanges. A security listed on other exchanges is also permitted for trading. A
listedcompany can voluntary delist its securities from non2regional stock exchanges
after providing an exit opportunity to holders of securities in the region where the
concerned exchange is located. An exchange can, however, delist the securities
compulsorily following a very stringent procedure.
Trading Mec1ani("#
The exchanges provide an on2line fully2automated screen based trading system
(&@T&! where a member can punch into the computer 4uantities of securities and
the prices at which he likes to transact and the transaction is executed as soon as it
21

finds a matching order from a counter party. &@T& electronically matches orders on
a strict priceItime priority and hence cuts down on time, cost and risk of error, as well
as on fraud resulting in improved operational efficiency. It allows faster incorporation
of price sensitive information into prevailing prices, thus increasing the informational
efficiency of markets. It enables market participants to see the full market on real2
time, making the market transparent. It allows a large number of participants,
irrespective of their geographical locations, to trade with one another simultaneously,
improving the depth and li4uidity of the market. It provides full anonymity by
accepting orders, big or small, from members without revealing their identity, thus
providing e4ual access to everybody. It also provides a perfect audit trail, which
helps to resolve disputes by logging in the trade execution process in entirety.
Trading Rule(#
9egulations have been framed to prevent insider trading as well as unfair trade
practices. The ac4uisitions and takeovers are permitted in a well2defined and orderly
manner. The companies are permitted to buy back their securities to improve li4uidity
and enhance the shareholders1 wealth
Price Band(:
&tock market volatility is generally a cause of concern for both policy makers as well
as investors. To curb excessive volatility, &0@I has prescribed a system of price
bands. The price bands or circuit breakers bring about a coordinated trading halt in
all e4uity and e4uity derivatives markets nation2wide. An index2based market2wide
circuit breaker system at three stages of the index movement either way at 5?P,
58P and >?P has been prescribed. The movement of either &B$ C+A +ifty or
&ensex, whichever is breached earlier, triggers the breakers. As an additional
measure of safety, individual scrip2wise price bands of >?P either way have been
imposed for all securities except those available for stock options.

De"at TradingJ
The ,epositories Act, 577; was passed to proved for the establishment of
depositories in securities with the ob"ective of ensuring free transferability of
22

securities with speed, accuracy and security by /a2 making securities of public limited
companies freely transferable sub"ect to certain exceptionsL/!2 dematerialising the
securities in the depository modeL and /c2 providing for maintenance of ownership
records in a book entry form. In order to streamline both the stages of settlement
process, the Act envisages transfer of ownership of securities electronically by book
entry without making the securities move from person to person. Two depositories,
vi%. +&,/ and C,&/, have come up to provide instantaneous electronic transfer of
securities. At the end of )arch >??>, N,5=> and N,>6N companies were connected to
+&,/ and C,&/ respectively. The number of demateriali%ed securities increased to
8;.8 billion at the end of )arch >??>. As on the same date, the value of
demateriali%ed securities was 9s. N,;;7 billion and the number of investor accounts
was N,;?8,866. All actively traded scrips are held, traded and settled in demat form.
,emat settlement accounts for over 77P of turnover settled by delivery. This has
almost eliminated the bad deliveries and associated problems To prevent physical
certificates from sneaking into circulation, it has been mandatory for all new I$.1s to
be compulsorily traded in demateriali%ed form. The admission to a depository for
demateriali%ation of securities has been made a prere4uisite for making a public or
rights issue or an offer for sale. It has also been made compulsory for public listed
companies making I$. of any security for 9s. 5? crore or more to do the same only
in demateriali%ed form.
,1arge(:
A stock broker is re4uired to pay a registration fee of 9s.8, ??? every financial year, if
his annual turnover does not exceed 9s. 5 crore. If the turnover exceeds 9s. 5 crore
during any financial year, he has to pay 9s. 8,??? plus one2hundredth of 5P of the
turnover in excess of 9s.5 crore. After the expiry of five years from the date of initial
registration as a broker, he has to pay 9s. 8,??? for a block of five financial years.
@esides, the exchanges collect transaction charges from its trading members. +&0
levies 9s. N per lakh of turnover. The maximum brokerage a trading member can
levy in respect of securities transactions is >.8P of the contract price, exclusive of
statutory levies like &0@I turnover fee, service tax and stamp duty. 3owever,
brokerage charges as low as ?.58P are also observed in the market. 9olling
settlement on TR< basis gave way to TR> from April >??<. The market has moved
close to spotIcash market.
Ri(k Manage"ent#
23

To pre2empt market failures and protect investors, the regulatorIexchanges have
developed a comprehensive risk management system, which is constantly monitored
and upgraded. It encompasses capital ade4uacy of members, ade4uate margin
re4uirements, limits on exposure and turnover, indemnity insurance, on2line position
monitoring and automatic disablement, etc. They also administer an efficient market
surveillance system to curb excessive volatility, detect and prevent price
manipulations. 0xchanges have set up tradeIsettlement guarantee funds for meeting
shortages arising out of no fulfillmentI partial fulfillment of funds obligations by the
members in a settlement. A clearing corporation assures the counterparty risk of
each member and guarantees financial settlement in respect of trades executed on
+&0.
&o'ern"ent Securitie(#
The reforms in the secondary market include ,elivery versus $ayment system for
settling scrip less &/ transactions to reduce settlement risks, &/ Account II with
9@I to enable financial intermediaries to open custody (Constituent &/! accounts
and facilitate retail transactions in scrip less mode, enforcement of a trade2for2trade
regime, settlement period of TR? or TR5 for all transactions undertaken directly
between &/ participants and up to TR8 days for transactions routed through +&0
brokers, routing transactions through brokers of +&0, .TC0I and @&0, repos in all
government securities with settlement through &/, li4uidity support to $,s to
enable them to support primary market and undertake market making, special fund
facility for security settlement, etc. As part of the ongoing efforts to build debt market
infrastructure, two new systems, the +egotiated ,ealing &ystem (+,&! and the
Clearing Corporation of India /imited (CCI/! commenced operations on -ebruary 58,
>??>. +,&, interalia, facilitates screen based negotiated dealing for secondary
market transactions in government securities and money market instruments, online
reporting of transactions in the instruments available on the +,& and dissemination
of trade information to the market. overnment &ecurities (including T2bills!, call
money, noticeIterm money, repos in eligible securities, Commercial $apers and
Certificate of ,eposits are available for negotiated dealing through +,& among the
members. The CCI/ facilitates settlement of transactions in government securities
(both outright and repo! on ,elivery versus $ayment (,v$2II! basis which provides
for settlement of securities on gross basis and settlement of funds on net basis
simultaneously. It acts as a central counterparty for clearing and settlement of
government securities transactions done on +,&.
24

T@E NATIONAL STO,: E*,@AN&E O INDIA LIMITED
The +ational &tock 0xchange of India /imited has genesis in the report of the 3igh
$owered &tudy roup on 0stablishment of +ew &tock 0xchanges, which
recommended promotion of a +ational &tock 0xchange by financial institutions (-Is! to
provide access to investors from all across the country on an e4ual footing. @ased on
the recommendations, +&0 was promoted by leading -inancial Institutions at the
behest of the overnment of India and was incorporated in +ovember 577> as a tax2
paying company unlike other stock exchanges in the country.
.n its recognition as a stock exchange under the &ecurities Contracts (9egulation!
Act, 578; in April 577<, +&0 commenced operations in the #holesale ,ebt )arket
(#,)! segment in Mune 577N. The Capital )arket (04uities! segment commenced
operations in +ovember 577N and operations in ,erivatives segment commenced in
Mune >???.
NSEH( Mi((ion
25

+&0Fs mission is setting the agenda for change in the securities markets in India. The
+&0 was set2up with the main ob"ectives ofJ
5. 0stablishing a nation2wide trading facility for e4uities, debt instruments and hybrids,
>. 0nsuring e4ual access to investors all over the country through an appropriate
communication network,
<. $roviding a fair, efficient and transparent securities market to investors using
electronic trading systems, enabling shorter settlement cycles and book entry
settlements systems
N. )eeting the current international standards of securities markets.
8. The standards set by +&0 in terms of market practices and technologies have
become industry benchmarks and are being emulated by other market participants.
+&0 is more than a mere market facilitator. ItFs that force which is guiding the industry
towards new hori%ons and greater opportunities.
NSE &roup
National Securitie( ,learing ,orporation Ltd% /NS,,L2
It is a wholly owned subsidiary, which was incorporated in August 5778 and
commenced clearing operations in April 577;. It was formed to build confidence in
clearing and settlement of securities, to promote and maintain the short and consistent
settlement cycles, to provide a counter2party risk guarantee and to operate a tight risk
containment system.
NSE%IT Ltd%
It is also a wholly owned subsidiary of +&0 and is its IT arm. This arm of the +&0 is
uni4uely positioned to provide products, services and solutions for the securities
industry. +&0.IT primarily focus on in the area of trading, broker front2end and back2
office, clearing and settlement, web2based, insurance, etc. Along with this, it also
provides consultancy and implementation services in ,ata #arehousing, @usiness
Continuity $lans, &ite )aintenance and @ackups, &tratus )ainframe -acility
)anagement, 9eal Time )arket Analysis B -inancial +ews.
India IndeG Ser'ice( + Product( Ltd% /IISL2
It is a "oint venture between +&0 and C9I&I/ /td. to provide a variety of indices and
index related services and products for the Indian Capital markets. It was set up in
26

)ay 5776. II&/ has a consulting and licensing agreement with the &tandard and
$oorFs (&B$!, worldFs leading provider of investible e4uity indices, for co2branding
e4uity indices.
National Securitie( Depo(itory Ltd% /NSDL2
+&0 "oined hands with I,@I and ETI to promote demateriali%ation of securities. This
step was taken to solve problems related to trading in physical securities. It
commenced operations in +ovember 577;.
Bo"!ay Stock EGc1ange /BSE2
A very common name for all traders in the stock market, @&0, stands for @ombay &tock
0xchange. The oldest market not only in the country, but also in Asia. The early days of
@&0 was known as GThe +ative &hare B &tock @rokers Association.G It was established
in the year 56=8 and became the first stock exchange in the country to be recogni%ed
by the government. In 578;, @&0 obtained a permanent recognition from the
overnment of India under the &ecurities Contracts (9egulation! Act, 578;.
In the past and even now, it plays a pivotal role in the development of the countryFs
capital market. This is recogni%ed worldwide and its index, &0+&0A, is also tracked
worldwide. 0arlier it was an Association of $ersons (A.$!, but now it is a demutualised
and corporati%ed entity incorporated under the provisions of the Companies Act, 578;,
27

pursuant to the @&0 (Corporati%ation and ,emutuali%ation! &cheme, >??8 notified by
the &ecurities and 0xchange @oard of India (&0@I!.
BSE act(
-irst in India to introduce 04uity ,erivatives
-irst in India to launch a -ree -loat Index
-irst in India to launch E&S version of @&0 &ensex
-irst in India to launch 0xchange 0nabled Internet Trading $latform
-irst in India to obtain I&. certification for &urveillance, Clearing B &ettlement
F@&0 .n2/ine Trading &ystem (@./T! has been awarded the globally recogni%ed the
Information &ecurity )anagement &ystem standard @&==772>J>??>.
28

SEBI #$
&0@I as the Capital )arket 9egulator in India, has twin ob"ectives i.e. of regulating as
well as developing the )arket.
The &0@I is the main regulatory body in the Indian capital market scenario . &0@I is
responsible for J
$rotecting the interests of investors in securities
$romoting the development of the securities markets
9egulating the securities markets
.n April 5>, 5766, the &ecurities and 0xchange @oard of India (&0@I! was established
with a dual ob"ective of protecting the rights of small investors and regulating and
developing the stock markets in India. In 577>, the @ombay &tock 0xchange (@&0! ,
the leading stock exchange in India, witnessed the first ma"or scam masterminded by
3arshad )ehta ()ehta! . Analysts unanimously felt that if more powers had been given
to &0@I, the scam would not have happened. As a result, the overnment of India
(oI! brought in a separate legislation by the name of F&0@I Act 577>F and conferred
statutory powers to it.
&ince then, &0@I had introduced several stock market reforms. These reforms
significantly transformed the face of Indian stock markets. &0@I introduced on2line
trading and demat of shares which did away with the age2old paper2based trading, thus
bringing more transparency into the trading system. Analysts and experts appreciated
&0@I for these reforms. .ne stock market analyst said, GIFm sure that most of us would
agree that &0@I has handled the challenges exceptionally well.G
In spite of &0@IFs capital market reforms and increasing regulatory powers over the
years, analysts felt that it had failed miserably in stopping stock market scams. In the
ten years after the )ehta scam, several scams came to light, casting doubt on the
efficiency of &0@I as a regulatory body. 3owever, a few analysts felt there was a need
to confer more powers to &0@I to stop these scams. .ne analyst commented, GItFs
rather daunting task of putting in place a regulatory framework for the market against all
odds.G
In the 576?s, Indian capital markets witnessed significant changes. ,uring the sixth
-ive2:ear plan (576?268!, many ma"or industrial policy changes were introduced. These
included opening up the Indian economy to foreign corporations and emphasi%ing a
greater role for the private sector.
29

)any companies tapped the primary market to raise re4uired funds from the public.
The total capital raised from the primary market increased from 9s 5.7; bn in the fiscal
57=726? to 9s. ;8 bn in 576727?. #ith more companies raising money by issuing
shares, retail investors got another investment avenue to park their surplus funds.
@etween 576= and 5775, 5>P of household savings were invested in e4uity and
corporate debentures as compared to only =P between 576> and 5768, signifying the
increasing number of retail investors in the stock market.

TRADIN& MEMBERS@IP
Stock Broker(
Introduction
A broker is an intermediary who arranges to buy and sell securities on behalf of clients
(the buyer
and the seller!. According to 9ule > (e! of &0@I (&tock @rokers and &ub2@rokers!
9ules, 577>, a stockbroker means a member of a recogni%ed stock exchange. +o
stockbroker is allowed to buy, sell or deal in securities, unless he or she holds a
certificate of registration granted by &0@I. A stockbroker applies for registration to
&0@I through a stock exchange or stock exchanges of which he or she is admitted as
a member. &0@I may grant a certificate to a stock2broker Cas per &0@I (&tock @rokers
and &ub2@rokers! 9ules,577>D sub"ect to the conditions thatJ
a! 3e holds the membership of any stock exchangeL
b! 3e shall abide by the rules, regulations and bye2laws of the stock exchange or
stock exchanges of which he is a memberL
c! In case of any change in the status and constitution, he shall obtain prior
permission &0@I to continue to buy, sell or deal in securities in any stock
exchangeL
d! 3e shall pay the amount of fees for registration in the prescribed mannerL and
30

e! 3e shall take ade4uate steps for redressal of grievances of the investors within
one month of the date of the receipt of the complaint and keep &0@I informed about
the number, nature and other particulars of the complaints. #hile considering the
application of an entity for grant of registration as a stock broker, &0@I shall take into
account the following namely, whether the stock broker applicant 2
a! is eligible to be admitted as a member of a stock exchangeL
b! 3as the necessary infrastructure like ade4uate office space, e4uipment and man
power to effectively discharge his activitiesL
c! 3as any past experience in the business of buying, selling or dealing in securitiesL
d! Is being sub"ected to any disciplinary proceedings under the rules, regulations and
bye2laws of a stock exchange with respect to his business as a stockbroker involving
either himself or any of his partners, directors or employees.
Su!$Broker(
A &ub2broker is a person who intermediates between investors and stock brokers.
3e acts on behalf of a stock2broker as an agent or otherwise for assisting the
investors for buying, selling or dealing in securities through such stock2broker. +o
sub2broker is allowed to buy, sell or deal in securities, unless he or she holds a
certificate of registration granted by &0@I. A sub2broker may take the form of a sole
proprietorship, a partnership firm or a company. &tockbrokers of the recogni%ed
stock exchanges are permitted to transact with sub2brokers. &ub2brokers are
re4uired to obtain certificate of registration from &0@I in accordance with &0@I
(&tock @rokers B &ub2brokers! 9ules and 9egulations, 577>, without which they are
not permitted to buy, sell or deal in securities. &0@I may grant a certificate to a sub2
broker, sub"ect to the conditions thatJ
(a! 3e shall pay the fees in the prescribed mannerL
(b! 3e shall take ade4uate steps for redressal of grievances of the investors within
one month of the date of the receipt of the complaint and keep &0@I informed about
the number, nature and other particulars of the complaints receivedL
31

(c! In case of any change in the status and constitution, the sub2 broker shall obtain
prior permission of &0@I to continue to buy, sell or deal in securities in any stock
exchangeL and
(d! 3e is authori%ed in writing by a stock2broker being a member of a stock exchange
for affiliating himself in buying, selling or dealing in securities. In case of company,
partnership firm and sole proprietorship firm, the directors, the partners and the
individual, shall comply with the following re4uirementsJ
(a! The applicant is not less than >5 years of ageL
(b! The applicant has not been convicted of any offence involving fraud or
dishonestyL
(c! The applicant has at least passed 5>th standard e4uivalent examination from an
institution recogni%ed by the overnment.
(d! They should not have been debarred by &0@I.
(e! The corporate entities applying for sub2broker ship shall have a minimum paid up
capital of 9s. 8 lakh and it shall identify a dominant shareholder who holds a
minimum of 85P shares either singly or with the unconditional support of hisIher
spouse.
ABOUT INDIAINOLINE LTD%
4%4 ,OMPAN> O=ER=IE;
32

India Infoline originally incorporated on .ctober 56, 5778 as PROBITY RESEARCH
AND SERVICES PVT LTD. at )umbai under the Companies Act,578; with
9egistration +o.557<=7=.and became a public limited company on April >6, >???.The
name of the Company was changed to India Infoline.com/imited on )ay ><, >??? and
later to India Infoline /imited on )arch ><,>??5. It is the first Company in India to foray
into the online distribution of )utual -unds It is a one2stop financial services shop,
most respected for 4uality of its advice, personali%ed service and cutting2edge
technology. The+o.5Corporate agent for II-/$rudential/ife Insurance Company.
9esearch acknowledged by -orbes as ')ust 9ead for investor in &outh Asia '/isted
on @ombay and +ational &tock 0xchange with a net worth
of I+9 >?? crore and a market cap of over I+9 57=? crore.The company has a
network of 7=; business locations (branches and sub2brokers! spread across <;8
cities and towns. It has more than6??, ??? customers. It is registered with +&,/ as
well as C,&/ as a depository participant.
=i(ion
'.ur vision is to be the most respected company in the financial services space(
33

Per)or"ance o) t1e co"pany#
6AA?#Incorporated as an e4uity research and Consulting firm with a client base that
included leading -IIs, banks, consulting firms and corporate.
6AAA# 9estructured the business model to embrace the internetL launched
000%indiain)oline%co"L mobili%ed capital from reputed private e4uity investors.
4555J Commenced the distribution of personal financial productsL launched online
e4uity tradingL entered life insurance distribution as a corporate agent. Acknowledged
by -orbes as O@est of the #eb1 andO...)ust read for Investors1.
455<# Ac4uired commodities broking licenseL launched $ortfolio )anagement &ervice.
455?# /isted on the Indian stock )arkets.
455B# Ac4uired )embership .f ,CAL launched investment banking &ervices.
455C# /aunched a proprietary trading platformL inducted an institutional e4uities teamL
formed a &ingapore subsidiaryL raised over E&, <??mn in the groupL launch
edconsumerfinance business under the O)oney line O@rand.
455D#/aunched wealth management services under the OII-/ #ealth ObrandL set up
India Info line $rivate 04uity fundL received the Insurance broking license from I9,AL
received the venture capital licenseL received in principle approval to sponsor a mutual
fundL received O@est broker2 India1 award from Finance AsiaL O)ost Improved
@rokerage2 India1 award from Asia one!.
455A# 9eceived registration for a housing finance company from the +ational 3ousing
@ankL received O-astest growing 04uity @roking 3ouse /arge firms1 in India by ,un
@radstreet.
INDIA INOLINE Ltd %
India Infoline /imited is listed on both the leading stock exchanges in India, vi%. the
&tock 0xchange, )umbai (@&0! and the +ational &tock 0xchange (+&0! and is also a
34

member of both the exchanges. It is engaged in the businesses of 04uities broking,
#ealth Advisory &ervices and $ortfolio )anagement &ervices. It offers broking
services in the Cash and ,erivatives segments of the +&0 as well as the Cash
segment of the @&0. It is registered with +&,/ as well as C,&/ as a depository
participant, providing a one2stop solution for clients trading in the e4uities market. It
has recently launched its Investment banking and Institutional @roking business.
35

INDIA INOLINE MEDIA AND RESEAR,@ SER=I,ES LIMITED.
The content services represent a strong support that drives the braking, commodities,
mutual fund and portfolio management services businesses. 9evenue generation is
through the sale of content to financial and media houses, Indian as well as global. It
undertakes e4uities research which is acknowledged by none other than -orbes as
F@est of the #ebF and F...a must read for investors in AsiaF. India Info line1s research is
available not "ust over the internet but also on international wire services like @loomberg
(CodeJ II//!, Thomson -irst Call and Internet &ecurities where India Infoline is amongst
the most read Indian brokers.
INDIA INOLINE ,OMMODITIES LIMITED .
India Infoline Commodities $vt /imited is engaged in the business of commodities
broking. .ur experience in securities broking empowered us with the re4uisite skills and
technologies to allow us offer commodities broking as a contra2cyclical alternative to
e4uities braking. #e en"oy memberships with the )CA and +C,0A, two leading Indian
commodities exchanges, and recently ac4uired membership of ,Cx. #e have a multi2
channel delivery model, asking it among the select few to offer online as well as offline
trading facilities.
36

INDIA INOLINE MAR:ETIN& + SER=I,ES
India Infoline )arketing and &ervices /imited is the holding company of India Infoline
Insurance &ervices /imited and India Infoline Insurance @rokers /imited.(a! India
Infoline Insurance &ervices /imited is a registered Corporate Agent with the Insurance
9egulatory and ,evelopment Authority (I9,A!. It is the largest Corporate Agent for
II-/$rudential /ife Insurance Co /imited, which is IndiaFs largest private /ife Insurance
Company. India Infoline was the first corporate agent to get licensed by I9,A in early
>??5. (b! India Infoline Insurance @rokers /imited India Infoline Insurance @rokers
/imited is a newly formed subsidiary which will carry out the business of Insurance
broking. #e have applied to I9,A for the insurance broking license and the clearance
for the same is awaited. post the grant of license, we propose to also commence the
general insurance distribution business.
INDIA INOLINE IN=ESTMENT SER=I,ES LIMITED
Consolidated shareholdings of all the subsidiary companies engaged in loans and
financing activities under one subsidiary. 9ecently, .rient lobal, a &inga$7re2based
investment institution invested E&, =;.= million for a >>.8P stake in India Infoline
Investment &ervices. This will help focused expansion and capital raising in the said
subsidiaries for various lending businesses like loans against securities, &)0 financing,
distribution of retail loan products, consumer finance business and housing finance
business. India Infoline Investment &ervices $rivate /imited consists of the following
step2down subsidiaries.
(a! India Infoline ,istribution Company /imited (,istribution of 9etail /oan $roducts!
(b! )oney line Credit /imited (Consumer -inance!
(c! India Infoline 3ousing -inance /imited (3ousing -inance!
IIL /A(ia2 Pte Li"ited
II-/ (Asia! $te /imited is wholly owned subsidiary which ,has been incorporated in
&ingapore to pursue financial sector activities in other Asian markets. -urther to
obtaining the necessary regulatory approvals, the company has been initially capitali%ed
at 5 million &ingapore dollars.
37

PRODU,TS AND EIUITIES
SER=I,ES
India Infoline provided the prospect of researched investing to its clients, which was
hitherto restricted only to the institutions. 9esearch for the retail investor did not exist
prior to IndiaF Infoline. India Infoline leveraged technology to bring the convenience of
trading to the investorFs location of preference (residence or office! through
computeri%ed access. India Infoline made it possible for clients to view transaction costs
and ledger updates in real time.
PMS
.ur $ortfolio )anagement &ervice is a product wherein an e4uity investment portfolio is
created to suit the investment ob"ectives of a client. #e at India Infoline invest your
resources into stocks from different sectors, depending on your risk2return profile. This
service is particularly advisable for investors who cannot afford to give time or donFt
have that expertise Tor day2to2day management of their e4uity portfolio.
Re(earc1
&ound investment decisions depend upon reliable fundamental data and stock selection
techni4ues. India Infoline 04uity 9esearch is proud of its reputation for, and we want
you to find the facts that you need. 04uity investment professionals routinely use our
research and models as integral tools in their work.They choose -ord 04uity 9esearch
when they can clear your doubts.
38

,o""oditie(
India Infoline1s extension into commodities trading reconciles its strategic intent to
emerge as a one2stop solutions financial intermediary. its experience in securities
broking has empowered it with re4uisite skills and technologies. The CompanyFs
commodities business provides a contra cyclical alternative to e4uities broking. The
Company was among the first to offer the facility of commodities trading in IndiaFs young
commodities market (the )CA commenced operations only in >??<!. Average monthly
turnover on the commodity exchanges increased from 9s. ?.<N bn to 9s >?.?> bn. The
commodities market has several products with different and non2correlated cycles. .n
the whole, the business is fairly insulated against cyclical gyrations in the business.
Mortgage( and 1o"e loan(
,uring the year under review, India Infoline ac4uired a =8P stake in )oney tree
Consultancy &ervices to mark its foray into the business of mortgages and other loan
products distribution. The business is still in the investing phase and at the time of the
ac4uisition was present only in the cities of )umbai and $une. The Company brings on
board expertise in the loans business coupled with existing relationships across a
number of principals in the mortgage and personal loans businesses. India Infoline now
has plans to roll the business out. across its pan2Indian network to provide it with a truly
national scale in operations.
Per(onal Loan(
reedo" to c1oo(e )ro" < )leGi!le option( to repay
/oan against residential and commercial property, 0xpert recommendations, 0asy
documentation, Huick processing and disbursal, +o guarantor re4uirement, 0xpert
recommendations 0asy documentation, Huick processing and disbursal, +o guarantor
re4uirement
39

In'e(t Online
India Infoline has made investing in )utual funds and primary market so effortless. All
you have to do is register with us and thatFs all. +o paperwork no 4ueues and +o
registration charges.
In'e(t In M
India Infoline offers you a host of mutual fund choices under one roof, backed by in2
depth research and advice from research house and tools configured as investor
friendly.
Apply In IPOH(
:ou could also invest in Initial $ublic .ffers (I$.Fs! online without going through the
hassles of filling A+: application formU $aperwork.
SMS
Stay connected to t1e "arket
The trader of today, you are constantly on the move. @ut how do you stay connected to
the market while on the moveV &imple, subscribe to India InfolineFs &tock )essaging
&ervice and get )arket on your )obileU
T1ere are t1ree product( under SMS Ser'ice#
)arket on the move.
@est of the lot.
KA& (Kalue Added &ervice!
In(urance
An entry into this segment helped complete the clientFs product basketL concurrently, it
graduated the Company into a one2stop retail financial solutions provider. To ensure
maximum reach to customers across India, we have employed a multi pronged
approach and reach out to customers via our +etwork, ,irect and Affiliate channels.
-ollowing the opening of the sector in 57772>???, a number of private sector insurance
service providers commenced operations aggressively and helped grow the market..
The CompanyFs entry into the insurance sector derisked the Company from a
predominant dependence on broking and e4uity2linked revenues. The annuity based
40

income generated from insurance intermediation result in solid core revenues across
the tenure ofthe policy.
;ealt1 Manage"ent Ser'ice
Imagine a financial firmF with the heart and soul of a two2person organi%ation. A world2
leading wealth management company that sits down with you to understand your needs
and goals. #e offer you a dedicated group for giving you the most personal attention at
every level.
Ne0(letter(
The ,aily )arket &trategy is your morning dose on the health of the markets. -ive intra2
day ideas, unless the markets are really choppy coupled with a brief on the global
markets and any other cues, which could impact the market. .ccasionally an
investment idea from the research team and a crisp round up of the previous dayFs top
stories. ThatFs not all. As a subscriber to the ,aily )arket &trategy, you even get
research reports of India Infoline research team on a priority basis. The India Infoline
#eekly +ewsletter is your flashback for the week gone by. A weekly outlook coupled
with the best of the web stories from India Infoline and links to important Investment
ideas, /eader &peak and features are delivered in your inbox every -riday evening.
EJuitie(
India Infoline provided the prospect of researched investing to its clients, which was
hitherto restricted only to the institutions. 9esearch for the retail investor did not exist
prior to India Infoline leveraged technology to bring the convenience of trading to the
investorFs location of preference (residence or office! through computeri%ed access.
India Infoline made it possible for clients to view transaction costs and ledger updates in
real time.
41

O'er t1e la(t )i'e year(- India In)oline (1arpened it( co"petiti'e edge t1roug1 t1e
)ollo0ing initiati'e(#
Multi$c1annel deli'ery "odel#
T1e Company is among the few financial intermediaries in India to offer a complement
of online and offline broking. The CompanyFs network of branches also allows
customers to place orders on phone or visit our branches for trading.
Integrated "iddle and !ack o))ice#
The customer can trade on the @&0 and +&0, in the cash as well as the derivatives
segment all through the available multiple options of Internet, phone or branch
presence.
Multiple$trading option(#
The Company harnessed technology to offer services at among the lowest rates in the
business. )embershipJ GThe Company widened client reach in trading on the domestic
and international exchanges.1
Tec1nology#
The Company provides a prudent mix of proprietary and outsourced technologies,
which facilitate business growth without a corresponding increase in costs.
,ontent#
The Company has leveraged its research capability to provide regular updates and
investment picks across the short and long2term.
Ser'ice#
Clients can access the customer service team through various media like toll2free lines,
emails and Internet2 messenger chat for instant 4uery resolution. The CompanyFs
customer service executives proactively contact customers to inform them of key
changes and initiatives taken by the Company. @usiness #orld rated the CompanyFs
customer service as F@estF in their survey of online trading sites carried out in ,ecember
>??<.
42

:ey )eature(
)embership on the @ombay &tock 0xchange /imited and the +ational &tock
0xchange.
9egistered with the +&,/ as well as C,&/ as a depository participant, providing
a one2stop solution for clients trading in the e4uities market.
@roking services in cash and derivative segments, online as well as offline under
the brand of 8paisa.com
$resence across 57 states through a 5== strong branch network, with =8,???
online registered users. F
$rovision of free and world2class research to all clients.
PILLARS O T@E OR&ANIKATION
Enlike others, India Infoline has the concept of an Investment Team.
The brains behind all the investment strategies and decisions regarding #ealth
)anagement &ervices areJ



43

;OR:IN& O BRO:IN& INDUSTR> ;%R%T%IIL
DEMAT A,,OUNT
,e2mat account is a safe and convenient means of holding securities "ust like a bank
account is for funds. Today, practically 77.7P settlement (of shares! takes place on
,e2mat mode only. Thus, it is advisable to have a @eneficiary .wner (@.! account to
trade at the exchanges.
Bank Account =( De$"at Account
S%
No%
Ba(i( O)
Di))erentiatio
n
Bank Account De$"at Account
6%
or" o)
@olding(LDep
o(it(
-unds &ecurities
4% U(ed )or
&afekeeping of
money
&afekeeping of
shares
8% acilitate(
Transfer of money
(without actually
handling money!
Transfer of shares
(without actually
handling shares!
<%
;1ere to
open
A bank of choice
A ,$ of choice (can
be a bank!
?%
ReJuire"ent
o) PAN
Nu"!er
+ot )andatory
)andatory (effective
from April ?5, >??;!
B%
Intere(t
accrual on
1olding(
Interest income is
sub"ect to the
applicable rate of
interest
+o interest accruals
on securities held in
demat account
C%
Mini"u"
!alance
reJuire"ent
AH@W maintenance
is specified for
certain bank
accounts
+o such
re4uirement
44

D%
Eit1er or
Sur'i'or
)acility
Available +ot available
AIB 2 Average Huarterly @alance
&.
+o.
@A&I& .-
&I)I/A9IT:
$A9TICE/A9&
6%
Security and
,on'enience
@oth are very safe and convenient means
of holding depositsIsecurities
4%
Nu"!er o)
account(
+o legal barrier on the number of bank or
demat accounts that can be opened
8%
Tran()er o)
depo(it( /)und(
or (ecuritie(2
-undsIsecurities are transferred only at the
instruction of the account holder
<%
P1y(ical
tran()er o)
"oneyL(ecuritie
(
$hysical transfer of moneyIsecurities is not
involved
?%
No"ination
acility
Available
45

Bene)it( O) De$"at Account #
5. A safe and convenient way of holding securities (e4uity and debt instruments
both!.
>. Transactions involving physical securities are costlier than those involving
demateriali%ed securities ("ust like the transactions through a bank teller are
costlier than AT) transactions!. Therefore, charges applicable to an investor are
lesser for each transaction.
<. &ecurities can be transferred at an instruction immediately.
N. Increased li4uidity, as securities can be sold at any time during the trading hours
(between 7J88 A) to <J<? $) on all working days!, and payment can be received
in a very short period of time.
8. 9isks like forgery, thefts, bad delivery, delays in transfer etc, associated with
physical certificates, are eliminated.
;. $ledging of securities in a short period of time.
=. 9educed paper work and transaction cost.
6. .dd2lot shares can also be traded (can be even 5 share!.
7. +omination facility available.
5?. Any change in address or bank account details can be electronically intimated to
all companies in which investor holds any securities, without having to inform
each of them separately.
46

55. &ecurities are transferred by the ,$ itself,so no need to correspond with the
companie.

Opening a De$"at Account
To start dealing in securities in electronic form, one needs to open a ,e2mat account
with a ,$ of his choice. An investor already having shares in physical form should
ensure that he gets the account opened in the same set of names as appearing on
the share certificateL otherwise a new account can be opened in any desired pattern
by the investor.
47

&etting (tarted
5. Choose a ,$
>. -ill up an account opening form
provided by ,$, and sign an
agreement with ,$ in a standard
format prescribed by the
depository.
<. ,$ provides the investor with a
copy of the agreement and
schedule of charges for his future
reference.
N. ,$ opens the account and
provides the investor with a uni4ue
account number, also known as
@eneficiary .wner Identification
+umber (@. I,!.
Docu"ent( to !e attac1ed
$assport si%e photographs
$roof of residence ($.9! 2
Any one of $hoto 9ation Card
with ,.@ I $hoto ,riving
/icense with ,.@ I $assport
copy I 0lectricity bill I
Telephone bill
$roof of identity ($.I! 2 Any
one of $assport copy I $hoto
,riving /icense with ,.@ I
Koters I, Card I $A+ Card I
$hoto 9ation Card with ,.@
$A+ card
Note#
The agreement re4uired to be signed by the investor details the rights and
duties of the investor and ,$.
,$ may revise the charges by giving a <? days prior notice. &0@I has
rationali%ed the cost structure for inaction by removing account opening
charges, transaction charges for credit of securities and custody charges,
effective from Manuary >6, >??8.
MaGi"u" Nu"!er o) 1older( in a De$"at Account
A maximum of three persons are allowed to open a "oint ,e2mat account in names.
DEMATERIALISATION
,emateriali%ation is the process of converting physical shares (share certificates!
into an electronic form. &hares once converted into demateriali%ed form are held in a
,e2mat account.
48

De"aterialiMation Proce(( J
An investor having securities in physical form must get them demateriali%ed, if he
intends to sell them. This re4uires the investor to fill a ,e2mat 9e4uest -orm (,9-!
which is available with every ,$ and submit the same along with the physical
certificates. 0very security has an I&I+ (International &ecurities Identification
+umber!. If there is more than one security than the e4ual number of ,9-s has to
be filled in.
The whole process goes on in the following mannerJ22

49

Re"ateriali(ation
The process of getting the securities in an electronic form, converted back into the
50

physical form is known as 9ematerialisation. An investor can remateriali%e his
shares by filling in a 9emat 9e4uest -orm (99-!.
The whole process goes on as followsJ 222

Depo(itory $ An organi%ation that facilitates holding of securities in the electronicform
and enables ,$s to provide services to investors relating to transaction insecurities.
There are two depositories in India, namely +&,/ and C,&/. As per a&0@I
51

guideline, the minimum net worth stipulated for a depository is 9s.5?? crore.
NSDLL,DSL $ The securities are held in depository accounts, like the funds are held
in bank accounts. There are two depositories in India namely +&,/ and C,&/.
+&,/ (+ational &ecurities ,epository limited! was established in August 577; and is
the first depository in India. C,&/ (Central ,epository &ecurities /imited! is the other
depository and was established in 5777.
DP /Depo(itory Participant2 $ A ,epository $articipant can be a financial
organi%ation like banks, brokers, financial institutions, custodians, etc., acting as an
agent of the ,epository to make its services available to the investors. There are a
total of 5<<N ,$s registered with &0@I, as on )arch <5, >??7 and each ,$ is
assigned a uni4ue identification number known as ,$2I,.
Trading accountJ
It is that type of account with the help of which a ,e2)at account holder can buy or
sell shares. India Infoline /td. $rovide their customer software Trade Terminal for
trading by free of cost and unlimited number of scripts.
In India in)o line !ot1 de"at and trading aLc are opened (i"ultaneou(ly
or"alitie( reJuired )or opening o) De$Mat and Trading aLc in India In)oline Ltd.
or Indi'idual
$A+ Card(compulsory for all "oint holders!
52

Address proof of all "oint holders
&pecimen copy of che4ue
or NRI
-oreign and Indian Address proof
$A+ Card(compulsory!
@ank aIc indicating type of aIc as +90I+9.
&pecimen copy of che4ue
or @U
Address proof and identity proof of karta
$A+ Card of 3E-(compulsory!
&pecimen copy of che4ue
,eclaration giving details of the family members of the 3E- with their names,
date of birth B relationship with the karta.
or Minor
)inor $A+ Card
@irth certificate of minor
Address and identity proof of guardian
&pecimen copy of che4ue

Product( and Ser'ice( o))er !y India In)oline ltd
A product for every needJ 8paisa.com is the most comprehensive website, which
allows you to invest in &hares, )utual funds, ,erivatives (-utures and .ptions! and
53

other financial products. &imply put we offer you a product for every investment need
of yours.
6% Trading in (1are(#
8 paisa.com offers you various options while trading in shares.
,a(1 Trading #
This is a delivery based trading system, which is generally done with the intention
of taking delivery of shares or monies.
Margin Trading #
:ou can also do an intra2settlement trading upto 8 to < ti"e( your available funds,
wherein you take long buyI short sell positions in stocks with the intention of s4uaring
off the position within the same day settlement cycle.
Spot Trading #
This facility can be used only for selling your demat stocks which are already existing
in your demat account. #hen you are looking at an immediate li4uidity option, FCash
on &potF may work the best for you, .n selling shares through Gcash on spotG, money
is credited to your bank aIc the same evening B not on the exchange payout date.
BTST :
@uy Today &ell Tomorrow (@T&T! is a facility that allows you to sell shares even on
5
st
and >
nd
day after the buy order date, without you having to wait for the receipt of
shares into your demat account.
,all NTradeN #
Call+TradeX allows you to call on a local number in your city B trade on the
telephone through our Customer &ervice 0xecutives. This facility is currently
available in over "" a#or states across India.
Trading on NSELBSE #
Through 8paisa.com, you can trade on NSE as well as BSE.
54

Market Order #
:ou could trade by placing market orders during market hours that allows you to
trade at the best obtainable price in the market at the time of execution of the order.
Li"it Order #
Allows you to place a buyIsell order at a price defined by you. The execution can
happen at a price more favorable than the price, which is defined by you, limit orders
can be placed by you during holidays B non market hours too.
4% TRADE IN DERI=ATI=ES#
UTURES
Through 8paisa.com, you can now trade in index and stock futures on the +&0. In
futures trading, you take buyIsell positions in index or stock(s! contracts having a
longer contract period of up to < months.Trading in -ETE90& is simpleU If, during
the course of the contract life, the price moves in your favor (i.e. rises in case you
have a buy position or falls in case you have a sell position!, you make a profit.
$resently only selected stocks, which meet the criteria on li4uidity and volume, have
been enabled for futures trading.
OPTIONS
An option is a contract, which gives the buyer the right to buy or sell shares at a
specific price, on or before a specific date. -or this, the buyer has to pay to the seller
some money, which is called premium. There is no obligation on the buyer to
complete the transaction if the price is not favorable to him. To take the buyIsell
position on indexIstock options, you have to place certain P of order value as
margin. #ith options trading, you can leverage on your trading limit by taking buyIsell
positions much more than what you could have taken in cash segment. The @uyer of
a ,all Option has the 9ight but not the .bligation to $urchase the Enderlying Asset
at the specified strike price by paying a premium whereas the &eller of the Call has
the obligation of selling the Enderlying Asset at the specified &trike price.
The @uyer of a Put Option has the 9ight but not the .bligation to &ell the
Enderlying Asset at the specified strike price by paying a premium whereas the
&eller of the $ut has the obligation of @uying the Enderlying Asset at the specified
&trike price.
55

@y paying lesser amount of premium, you can create positions under .$TI.+& and
take advantage of more trading opportunities.
8% In'e(ting in Mutual )und( #
8paisa.com brings you the same convenience while investing in )utual funds also 2
3assle free and $aperless Investing. #ith the inclusion of -idelity )-, you can now
invest on2line in 57 mutual -unds through India Infoline. $rudential II-/)-, M) )-,
Alliance )-, -ranklin Templeton )-, &undaram )-, @irla &un /ife )-, 3,-C )-,
$rincipal )-, ETI )-,9eliance )-,*otak )-,Tata )-,,&$ )errill /ynch )-, I+
)-,C3./A )-,,eutsche )-,3&@C )- and &tandard Chartered )- are the )utual
-unds available for investment. :ou can invest in mutual funds without the hassles of
filling application forms or any other paperwork. :ou need no signatures or proof of
identity for investing.
.nce you place a re4uest for investing in a particular fund, there are no manual
processes involved. :our bank funds are automatically debited or credited while
simultaneously crediting or debiting your unit holdings. :ou also get control over your
investments with online order confirmations and order status tracking. et to know
the performance of your investments through online updation of )- portfolio with
current +AK.
Rede"ption #
In addition to giving hassle2free paperless redemption, India Infoline offers faster
li4uidity. :ou can redeem the mutual fund units through India Infoline. The money will
be credited to your bank account automatically < days after the order placement
date.
S0itc1#
To suit your changing needs you may wish to shift monies between different
schemes. :ou can switch your monies online from one scheme to another in the
same fund family without any thassles.
.

Sy(te"atic In'e(t"ent plan( /SIP2#
&I$ allows you to invest a certain sum of money over a period of time periodically.
Must fill in the investment amount, the period of investment and the fre4uency of
investing and submit. India Infoline will do the rest for you automatically investing
periodically for you.
56

Sy(te"atic 0it1dra0al plan#
This allows you to withdraw a certain sum of money over a period of time
periodically.
Tran()er$in#
:ou can convert your existing )utual funds into electronic mode through a transfer2in
re4uest.
<% IPO( and Bond( Online #
:ou could also invest in Initial $ublic .ffers (I$.s! and @onds online without going
through the hassles of filling A+: application formI paperwork. et in2depth analyses
of new I$.s issues (Initial $ublic .fferings! which are about to hit the market and
analysis on these. I$. calendar, recent I$. listings, prospectusIoffer documents,
and I$. analysis are few of the features, which help you, keep on top of the I$.
markets.
?% Per(onal inance#
Ese our $ersonal -inance section and get hold of tools that can help you plan your
investments, retirement, tax etc. Analyse your risk profile through the Ri(k AnalyMer
and get a suitable investment portfolio plan using A((et Allocator.
B%,u(to"er Ser'ice eature(#
#ith HIndia In)olineH you can trouble shoot all your problems online.
Address your trading 4ueries on2line through OEa(y MailO. :ou can view and
change your profile or password on2line through &eneral Pro)ile option.
et details of II-/ Centers, our sales and service offices, across India through
!ranc1 locator.
Kiew your Account &tatement and @ill &ummary of your transactions online using
!ill( + account(.
Kiew your Digital ,ontract Note( instantly. Kiew various charges through the ee
57

Sc1edule option.ive your feedback or viewpoint through the =ie0point online
The marketing strategy is such that people are made aware of the of advantages of
on2line trading. The other important thing is customer service. If you ask me as to
what II-/ is doing in customer service, I would put it succinctly as the ease of
allowing trading, back2office operations and seamless connectivity to the bank and
the ,$.
Per)ect Port)olio Manage"ent Ser'ice(
Intermediaries and investment consultants for retail, high net worth individuals and
corporations helping them leverage the booming Indian economy by profitably
participating in Indian 04uity and Commodities )arkets. #e offer customised
solutions based on the risk profile of each investor by planning a personalised asset
allocation program and effectively utilising various available cash and derivative
products (including futures I options and related strategies like spreads, straddles,
strangles etc.!
eature( o) IIL
AIC opening charge29s.=8?I2 (refundable against brokerage!R 888I2
)argin money2 minimum 9s.5?, ???I2
+ame of the software used2 Trader Terminal advance
&oftware installation charge2 +il.
+o. of scripts provided by the software2 unlimited.
)aintainance charge2 +il.
0xposure2 6 to 5? times (intra day! N times (delivery!.
+ame of the bank with the help of which customer get the facility of net banking2
3,-C @ank, Axis @ank, ICICI @ank, @ank of @aroda
&ervices provided2 04uity, I$., )-, $)&, Commodities, Insurance, #ealth
)anagement &ervices, )ortgages.
,$ sells charge2 58 per instruction R service tax.
58

@rokerage2 ?.?5P to.?8P intraday ?.5P to ?.8P deliveries.
Transaction 9eport2 sms, daily mail, daily courier,
$repaid &cheme2 not available.
Types of trading accounts provided2 ,e2)at aIc, Trading aIc , )argin aIc.
+etwork2 55N8 branches and 6????? customers.
,u(to"er !e1a'ior in relation to (tock "arket
;1o i( a cu(to"erP
A cu(to"er refers to individuals or households that purchase goods and services
generated within the economy. The word historically derives from Gcustom,G meaning
GhabitGL a customer was someone who fre4uented a particular shop, who made it a
59

habit to purchase goods there, and with whom the shopkeeper had to maintain a
relationship to keep his or her Gcustom,G meaning expected purchases in the future.
#hy the stock market is called a marketP
A market is a place where goods are bought and sold. The stock market is where
people buy and sell one type of product. That uni4ue product is shares of ownership
in a company, which are also known as stocks. $otential investors get to choose
from many companies that sell a variety of goods, from clothing to medicines to
sports e4uipment to toys. #hen people buy and sell stock, itFs called trading.
T1e 'ariou( categorie( o) cu(to"er in (tock "arket
+ot every person use to invest in stock market nor persons of a particular class
invests in stock market .the ma"or type of investors belongs to following categoriesJ
@usinessmen
&alaried person
9etired person
Be1a'ior o) cu(to"er 0it1 re(pect to t1e 'ariou( categorie(
Bu(ine(("en#$
They are more likely to take risks in investing because they have previous
experience of taking risks in their previous wealth creation. These individuals have a
high2risk tolerance and less of a need for security. They also need to feel in control of
their investments, often to the extent of becoming highly involved with the running of
their investments, researching or becoming overly involved with technicalities. The
need for control is related to the fact that they have a strong belief in themselves and
their own abilities. .nce they feel they are losing control of an investment situation,
their risk tolerance reduces. @y being actively involved and in control, these investors
$ee% they are reducing risk. 3owever such involvement may actually be detrimental
as it is likely to be a source of irritation to their investment advisor who cannot get on
with the business of running their clients affairs due to constant 4uestioning and
harassment. The classes of occupation that are likely to be active investors includeJ
small business owners who have developed their own businesses rather than
inherited, medical surgeons, independent professionals, such as lawyers or
accountants, who work for themselves rather than a large firm, entrepreneurs, and
self2employed consultants.
60

Active investors are more likely to get personally involved with the running of their
financial affairs, and may believe they know more than their advisor does. They are
less likely to delegate the maintenance of those parts of their investment portfolio in
which they believe they have experience or have had personal success. 3owever,
these individuals are more likely to be contrarian in their stock picking habits and
have less need to be completely diversified. Age tends to soften their need to be
constantly in control, so that older clients may be more malleable and open to their
advisors suggestions.
&o'ern"ent e"ployee( L Salaried per(on#$
To these investors security is more important than risk In addition, certain classes of
occupation are more likely to contain passive investors. -or exampleJ2 &tateICentre
govt. employees, non2surgical doctors, corporate executives, lawyers and
accountants who work in companies. 9easons for this are that these individuals are
less likely to have high financial resources at an early stage in their careers, having
had to delay earning good salaries in order to study or having to repay student loans.
.nce earning a decent wage, they are then more careful with their money, having a
greater need for security. Anyone, therefore, with reduced financial recourses is likely
to be more risk conscious and, hence, a passive investor. -or these individuals itFs
important to hang on to their money.
$assive investors make good clients because they tend to trust their financial advisor
and are more likely to delegate the running of their financial affairs. And because
they are risk averse, they tend to like diversified portfolios of investments in 4uality
companies or investment products. 3owever, they can believe that an investment is
more risky than it is, which may keep them out of potentially lucrative opportunities.
$assive investors are also more likely to need the approval of others and are unlikely
to take a first step into unknown investment territory by being a contrarian.
Conse4uently, they are more likely to follow the investment herd when it comes to
stock market investment and stick to following the trend.
Retired per(on#$
These investor are cautious and intent on safeguarding their wealth, shunning
volatility or excitement.
those who take the path of least resistance, looking primarily for security and safety
in their investments and doing what has worked previously.
61
,USTOMER BE@A=IOR ;IT@ RESPE,T TO INDIA INOLINE LTD
;1o are t1e cu(to"er( in INDIA INOLINE LTDP
All those person who had there demat account open with India Infoline ltd are called the
customer of India Infoline ltd.
=ariou( categorie( o) cu(to"er de)ined !y India In)oline ltd
I+,IA I+-./I+0 /T, classify there customer on the basis of there response to stock
market. &uch as if a customer is regularly trading in stock market through it1s demat
account then that customer is treated as T0H (trading on e4uity! customer.
In the same way other categories of customer are
NT /non trader2#
All those customer who had open there demat account with India Infoline ltd but not
started trading in stock market through that demat account after < month of its account
opening date those customer are treated as non trader by India Infoline ltd.
ST /(top trader2
Those entire customers who had traded with its account once or twice and after that
stop trading through its account due to some reasons are known as stop traders.
62
ANAL>SIS
S;OT analy(i( o) India In)oline
;@AT IS S;OT ANAL>SISP
A scan of the internal and external environment is an important part of the strategic
planning process. 0nvironmental factors can be classified as Strengt1( /S2 or
;eakne(( /;2- and those external to the firm can be classified as OPPURTUNIT> /O2
or T@REATS /T2% &uch an analysis of the strategic environment is referred to as a
S;OT ANAL>SIS %
The &#.T analysis provides information that is helpful in matching the firm1s resources
and capabilities to the competitive environment in which it operates. As such, it is
instrumental in strategy formulation and selection. The following diagram shows how
S;OT ANAL>SIS fits into an environmental scanJ
63

S;OT ANALSIS RAME;OR:
Strengt1( #
A firm1s strengths are its resources and capabilities that can be used as a basis for
developing acompetitive advantage. 0xamples of such strengths includeJ
64
INTERNAL ANALYSIS EXTERNAL ANALYSIS
THREAT
S
OPPURTUNITIES WEAKNESS STRENGTHS
ENVIRONMENTAL SCAN
>2in25 account integrates your broking and demat accounts. All accounts are from
II-/ and very well integrated. This feature makes II-/ the most interesting player
in online trading facility. There is absolutely no manual interfere re4uire. This is
truly online trading environment.
Enlike most of the online trading companies in India which re4uire transferring
money to the brokerFs pool or towards deposits, at II-/ you can manage your
own demat.
Investment online in I$.s, )utual -unds, .I @onds, and $ostal &avings
&chemes all from one website. eneral Insurance is also available from II-/
/ombard.
Trading is available in both @&0 and +&0
ood reputation among customers as I+,IA I+-./I+0 ltd provides a
relationship manager to every client.
Cost advantages from proprietary know how.
0xclusive access to high2grade natural resources.
.nline trading platform
,iverse @ranch +etwork provides ample opportunities to penetrate deep into the
existing B untapped market. Its subsidiaries have grown from a single location to
a nationwide network spread over various cities.
$ersonal relationship manager who will help assist the clients in share trading
+o custodial charge
It does not keep any condition as to collect minimum amount of brokerage from
its clients
04uity analysis report to support the investment decision of its clients
Trading via branch network, telephones and internet account i.e. both online and
offline
&trong market presence and increased market share leading to a virtuous cycle
of growth and profitability
The incentive model is created such that it leads to generation of higher revenue
for the organi%ation. This acts as a motivating factor for the employees to perform
well.
Induction of new employees through an extensive computer based training
module that e4uips them to service their clients efficiently.
65
An added advantage of I+,IA I+-./I+0 ltd is its strong brand name, which
helps its sales force to sell the products.
;eakne(( #
etting access to India Infoline website during market session can be frustrating.
II-/brokerage is high.
+ot all stocks are available under )argin $lus
Too many people try to eat the same piece of pie i.e. people employed in I+,IA
I+-./I+0 ltd hit the same area to target their customers.
There should be a separate set of staff working in fields and trading on behalf of
their clientsJ I+,IA I+-./I+0 ltd has same set of staff who are making clients
and also trading on behalf of clients this hinders the relationship manager to
provide ade4uate and necessary tips to the clients and at times the managers
are not in the position to answer the 4uestions of their clients relating to the
current market position as they are on fields.
,ue to the continuous need to meet the targets, some of the 9elationship
managers crack under pressure and thus leave the organi%ation
There is no limit to the maximum number of clients that a 9elationship manager
can handle. This affects the level of service provided to the clients who are not
volume traders.
Opportunitie( #
The external environmental analysis may reveal certain new opportunities for profit and
growth some examples of such opportunities includeJ
The market will gradually evolve into two segments, where there will be self2directed
traders and those who seek advice for making their investment decisions. The latter
set will prefer to speak to the broker, get his advice and then trade through certain
channels. &o both have to co2exist, as is the case in almost all the mature markets
&cope of online trading on @&0
An unfulfilled customer need.
)arket expansion i.e. opening branches at untapped areas
66
The Capital market in the last few years has turned out to be one of the favorable
avenues for the retail investors. This is due to the performance of the Indian
Industry in various sectors and the 0conomy in general. 0ven the future outlook
looks promising
)arket seems favorable for commodities trading.
Arrival of new technologies
T1reat( #
Changes in the external environmental also may present threat to the firm some of the
examples include
Companies like 9elegates &hare khan, and $rivate @rokers are ma"or threats to
II-/.
/ocal brokers capable of charging lower brokerage
Industry competitors vying for the same target segment.
Changes in &0@I guidelines B other tax implications.
overnment 9egulations
&hifts in consumer tastes away from firm1s products
0mergence of competitor company who charging less brokerage
67
RESEAR,@ MET@DOLO&>
INTRODU,TION
9esearch in common parlance refers a search for knowledge. .nce can also define
research as a scientific and systematic search for pertinent information on a specific c
topic. Infect, research is an art of scientific investigation. '9esearch as a systemati%ed
effort to gain new knowledge(
9esearch is an original contribution to the existing stop of knowledge for it
advancement. It is the pursuit of truth with help of study observation comparison and
experiment insured research for knowledge through ob"ective and systematic method of
finding solution to a problem is research. 9esearch refers to the systematic method
consisting of enunciating the problem, formulating the hypothesis, collection of the facts.
9esearch is a process of steps used to collect and analy%e information to increase our
understanding of a topic or issueG. It consists of three stepsJ $ose a 4uestion, collect
data to answer the 4uestion, and present an answer to the 4uestion.
Title O) T1e Study
'9esearch on capital market with I+,IAI+-./I+0 /T,(.
O!jecti'e O) T1e Study
To study the company profile of Indiainfoline /td.
To study customer satisfaction level of Indiainfoline /td.
To study the various services provided by Indiainfoline /td.
To know the expectation of Indiainfoline /td Customers.
Sa"ple #$
The sample was selected randomly from the people of different fields another survey
and telephonic interview was done among the customers of II-/.
68
Sa"ple (iMe #$
Total sample si%e was restricted to 5?? for all segments.
Scope o) t1e (tudy#$
The study helps me to know the state of mind of the investors B their expected charges
regarding @rokerage, 9eturn, Annual maintenance charges, and so on as well as their
investment preferences regarding capital market.
The @rokerage house is also benefited as it come to know what an individual investor
expects when he or she is going to invest in capital market, to which extent the
customer is satisfied with the II-/. The firm will also come to know about the investors
mindset about their investment in primary market or secondary market.
@y this study the firm will come to know about the lagging areas and the loopholes and
can overcome them and it can also formulate various efficient competitive strategies
with the help of competitive analysis to outrage their competitors.
@ypot1e(i(
A hypothesis is a hypothetical statement regarding the relation between two or more
variables. They must be statements of the relationship between variables and they must
carry clear implications for testing the stated relations.
A broad hypothesis is given below from which more focused hypothesis may be derived
'Car manufacturers have ignored the preferences of women in car design(. @y reducing
the problem to a hypothetical statement, the problem has become more focused and
the hypothesis can be tested through research methods.
69
Re(earc1 Met1odology
The pro"ect started by approaching India Info line /td to know about the capital market,
working of broking industries along with the competitive analysis of India Info line with
reference to the other broking companies operating in the same area. The studies also
focus on consumer behavior towards stock markets, their investment preference
towards capital market and their expectations from a brokerage house . This will be
reflected from the 4uestions contained in the 4uestionnaire discussed later in the pro"ect
report.
The survey was also conducted to know the state of mind of the investors who wanted
to invest in the stock market B also to know the attitude and preference of the
prospective investors regarding India info line.
A Huestionnaire is designed to collect the needed information regarding the survey. -or
the survey I have taken =? existing and prospecting investors, I got the 4uestionnaire
filled by them to know the state of mind of the investors who wanted to invest in the
stock market, their expected charges regarding @rokerage, 9eturn, Annual maintenance
charges B also to know the attitude and preference of the prospective investors
regarding capital market. 9esults are cautiously viewed as sample is coming from a
specific population. The response that is generated during this exercise is converted in
the form of percentage to have a comparative outlook. As the number itself cannot
explain the true picture. These percentages are then represented through the simple
tools like @ar graph, $ie charts etcY

Met1od o) data collection #
All the data was collected through one to one interview and telephonic interview. All the
4uestions discussed below were explained to the respondent proper care has been
taken to see that respondent understand the 4uestion clearly and answer to in without
any hurry. All the respondents were interviewed at their convenience so that there is no
chance that the interviewer comprehends. The responses were clearly taken without
suffering from any ambiguity.
70
Type o) Data
In )y pro"ect I have used both $rimary B &econdary data.
or Pri"ary Data# 2
I made a 4uestionnaire and the 4uestionnaire filled by the prospective investors who
wanted to invest in the capital market. ,ata .bserved or collected directly from first2
hand experience data is called primary data.
Direct per(onal o!(er'ation#$
This is a very general method of collecting primary data. 3ere the investigator directly
contact the informants, solicits their cooperation and enumerates the data. The
Information is collected by direct personal interviews.
Indirect oral Inter'ie0#$
Information are not collected directly from the source but by interviewing persons
closely related with the problem. This method is time saving and involves relatively less
cost.
Iue(tionnaire Met1od#$
0specially when the in4uiry is 4uite extensive. It involves preparation of a list of
4uestions relevant to the in4uiry and presenting them in the form of a booklet, often
called a 4uestionnaire.
or Secondary DataJ 2
I have taken the information from the official website of India Info line ltd. that is
www.indiainfoline.com, 8paisa.com, maga%ines, "ournals, other companies1 websites
etc. $ublished data and the data collected in the past or other party is called secondary
data.
71
Internet#$
,ata from previous pro"ects was gathered from the internet such as &ecurity market
surveys from maga%ines. The data may not be directly relevant to the topic under study
but was of immense value for planning out the study. &ome of the data available may be
outdated but can be useful for forming the basis of our study.
Literature#
Collect literature and reviews to get a general overview of the &ecurity market in India.
&tudy the existing reports undertaken for assessing the traits of Investor.
Customer -eedback -orms#$
I have collect data from customer feedback forms, which are collected on2premises.
Customer satisfaction survey (i.e. service response time, delivery timing,
professionalism!
Li"itation o) t1e (tudy
Customers were in hurry so they were not interested to talk and also to fill the
4uestionnaire.
&ome time customers fill half of the 4uestionnaire and walk out of the office.
&ome customer feels shy in filling the 4uestionnaire and talking about their
investment behavior.
)ost of the customers are not interested to give the answer of all the 4uestions,
so it generally creates a huge problem at that time.
The &ample si%e used for the research was small.
Analysis of the data might differ depending on the statistical tools and techni4ues
used.
72
ANAL>SIS O ,USTOMER BE@A=IOUR
H5 what is your professionV
a! overnmentI &alaried employees
b! @usinessman
c! 9etired person
Category +o. .f $eople $ercentage
0mployees N< N<P
@usinessmen >= >=P
9etired <? <?P
Total 5?? 5??P
Interpretation#
N<P of the customer surveyed in &ri anganagar who
visited the branch of India Infoline ltd belongs to ovt.
employees or salaried person >=P are businessmen and
rest are the <?P retired persons.
73
H> ,o you like invests your moneyV
a! :es
b! +o
Category +o. .f $eople $ercentage
:es =8 =8P
+o >8 >8P
Total 5?? 5??P
Interpretation#
Among the various people &urveyed only =8 were interested in investing
there money rest >8 were not interested to invest there money.
74
H< In which market does you invest your moneyV
a! $rimary market
b! &econdary market
c! .ther
Category +o1s of $eople $ercentage
$rimary >; >;P
&econdary N< N<P
.ther <5 <5P
Total 5?? 5??P
Interpretation#
)ost of the people are afraid of investing there money in secondary market
and they use to invest there money in factors of primary market or in various
post office schemes.;7P of people are interested in investing in stock market,
others do invest in )utual funds, banks, post office etc.
.
HN. ,o you have your own demat accountV
75
a! :es
b! +o
Category +o. .f $eople
$ercentage
:es ;< ;<P
+o <= <=P
Total 5?? 5??P
Interpretation#
Among those who are interested in stock market trading only ;<P of them have
demat aIc
9est of them either has shares in physical form or do trades through their
broker1s demat aIc
H8 ,o you have your demat account with India Infoline ltdV
76
a! :es
b! +o
Interpretation#
;?P are person surveyed are the existing customer of India Infoline ltd and rest
N?P do not have their demat account with India Infoline ltd.
H;. ,o you know about online share tradingV
(a! :es
(b! +o
77
Category +o. .f $eople $ercentage
:es ;? ;?P
+o N? N?P
Total 5?? 5??P
Interpretation#
;8P of the person having their demat account know about the online
trading facilities but still <8P of the people are not aware of this facility.
H=. .ther then the demat account of India Infoline ltd with which other brokage house
do you have your demat accountV
a! *arvy
b! 9eligare
c! &harekhan
d! Aanand 9athi
78
Category +o. .f $eople $ercentage
:es ;8 ;8P
+o <8 <8P
Total 5?? 5??P
Company +o. .f $eople $ercentage
*arvy 58 58P
9eligare <? <?P
&hare khan 58 58P
Aanand 9athi N? N?P
Total 5?? 5??P
Interpretation#
<?P of AICs are opened in 9eligare
58P of AIC in *arvy
58P of AICs in &harekhan
N?P of AICs in Aanand 9athi
H6. 3ow do you invest your moneyV
a! 04uity
b! )utual funds
c! I$.s
d! .thers
79
Category +o. .f $eople $ercentage
04uity N?
N?P
mutual funds >8
>8P
I$.1s 58
58P
other >?
>?P
Total 5??
5??P
Interpretation#
The survey show that N?Pinvest money in e4uity,>8P mutuslfunds,>?Pothers
and 58PIpo1&.
H7. #hat type of trading do you preferV
a! ,elivery based
b! Intraday
c! )argin trading
80
Category @usinessmen &alaried 9etired
,elivery 58P N8P 8?P
Intraday ;8P >8P >?P
)argin based >?P <?P <?P
Interpretation#
The survey show that ;8P of the businessmen do intraday trading and >?P
does margin based trading only 58P of the businessmen does delivery based
trading as they like to earn more in less time . .n the other hand N8P and 8?P
of the salaried and retired person respectively like delivery based trading very
few of them like to do intra day or margin based trading as they mainly prefer
the safety of there money which is possible in long term trading .
H5?. 3ow do you choose to invest in a particular type of securities at a particular time V
a! ,o analysis of the market by yourself
b! Ask some of your colleagues
c! Take stock tips from media
d! Information given on the website of India Infoline ltd
81
Category +o..f $eople $ercentage
&elf analy. <?
<?P
-rom Colleagues <=
<=P
Analyst >>
>>P
#ebsite 55
55P
Total 5??
5??P
Interpretation#
.&urvey show that <=P people invest ask to some of your colleagues,<?P
self analy,>>P analyst and rest 55P from website.
H55 are you satisfied with India Infoline ltd as a brokage houseV
a! :es
b! no
82
Category +o. .f $eople $ercentage
:es =< =<P
+o >= >=P
Total 5?? 5??P
Interpretation#
.nly a proportion of =<P of people are satisfied with India Infoline ltd rest
>=P people are not aware of the various facilities provided by India Infoline ltd
such as research tips, margin ,free software facility, services of 9)1s etc that is
why they are not satisfied with I+,IA I+-./I+0 ltd.
INDIN&S
About stock market#$
This analysis contributes to our understanding that every investor is different, with
different financial goals, different tolerances to risk, different personal situations and
different desires. The .b"ectives being the type of return being sought, while
constraints include factors such as time hori%on, how li4uid the investor is, any
personal tax situation and how risk is handled.
83
The analysis also show that the ma"ority of investors are more probable to sell
(buy! stocks in a company after a positive (negative! earnings surprise, and are biased
towards buying after the disclosure of new financial statement information. /arge
investors, on the other hand, show behavior opposite to that of the ma"ority of
investors. #e suggest investor overconfidence and asymmetric information as possible
explanations for the documented behavior.
Eneducated mass do not have much information about the stock market but
invest in stock market according to the saying of other.
@usinessmen make more investment in stock market whereas a salaried
investors are busy at work during the week and consider trading decisions mainly
during the weekend and conse4uently they are more likely to trade (either buy or sell!
on )ondays.
There is a fear factor among general public in concerned with share market. They
think it is speculation.
3ow to analy%e e4uity.
3ow to analy%e index value J2
Z current market capitali%ation A base value.
@ase market capitali%ation
84
3ow to calculate net asset valueJ2
&um of market value of shares
R /i4uid assets
R ,ividendsIinterest accrued
2 amount due on unpaid assets
2 0xpenses accrued but not paid
+o. of shares outstanding
A@.ET I+,IA I+-./I+0 /T, #$
5. According to the survey most of the customers of 'Infoline /td(says that it
is pocket friendly.
>. Coming to faith =?P say IndiaInfoline /td is better than othersstock
brokers due to customers satisfaction.
<. /ack of promotional activities undertaken by IndiaInfolinesecurities /td.
N. )ain purposes of investments are returns B li4uidity.
8. Investors take risk as well as returns into their mind while making the investment.
;. @usinessmen are more interested in the stock market than the others.
=. Commodity market is less preferred by the investors, might because of
less awareness about commodity market.
6. $eople want to invest their money in the security market but the have not the
proper knowledge.
7. $eople pay more emphasis on brokerage than service provide by brokerage
houses.
INDIN&S
$eople are not aware of using the online trading facilities
INDIA INOLINE LTD has captured the market because of its brand name and
the brand awareness in the minds of the consumers. @ut people are yet to know
about its excellent service which would definitely help the company to capture
more and more new customer.
85
Customer feel that the brokage charged by I+,IA I+-./I+0 /T, are very high
as compared to other brokage house but they are not aware of the various
facilities(margin trading, recommendation etc! provided by India Infoline ltd to its
customer which make it uni4ue .
)any clients did not know about the change of 9). This leaves a bad impression
on the concerned client, damaging the reputation of the firm
)any time clients are not given confirmation after the trade
&ome time the database (including customer contact number and address!
maintained by the company is wrong that create a problem to the company to
have a regular touch with its customer.
90C.))0+,ATI.+
#orking of @ack .ffice
There should be a person solely responsible for checking the 9egistration *it to
ensure that it is complete in all respects and there are no re"ections.
The policies related to Trading and ,$ should be consistent and in congruence
with each other.
86
The time lag between giving in the kits for registration and opening the account
should be reduced to ensure speedy and efficient service.
Any change in the policies of company should be given at least one month notice
before implementing it.
A)ter getting Lead( attention (1ould !e "ade on )ollo0ing point(#
5. The calls made should be more informative and assertive.
>. The 9) should provide an in depth demonstration of the software and client should
be assisted regularly.
<. $rovision of a manual for online clients for ease of operation.
N. Time lag between the complaints put and follow up should be reduced.
8. ,atabase should be verified properly, so that repeated entries do not occur. This will
reduce inconvenience to the clients, who complained about multiple calls received.
Analy(i( o) ,lient Interaction /Already eGi(ting client(2
Client interaction and after sales services are the most crucial aspects for any business.
#e carried out a study to gauge the level of satisfaction of the clients with the services
of India Infoline ltd. This helped us in understanding why India Infoline ltd has become
one of the most trusted brands within a short span of its commencement.
5. The 9elationship )anagers (9)! should be made responsible to ensure that the
clients are well catered, thus, reducing switching over of a lot of time lag is there
between the follow up and the change of 9), as a result, the calls could not leave a
positive impact on the clients, so contacted. Therefore, follow up should be done fast
without any time lag.
>. The customers, who were satisfied with the services, appreciated this kind of follow
up. Therefore, such follow2ups are done from time to time, to gain customer
confidence.
87
<. )any clients are not given confirmation after the trade, so they should be given due
information about it.
N. Complete net knowledge should be given to clients so that they may not find any
difficulty in login of their AIC on the website of India Infoline ltd .
8. 9outing, thereby reducing loss of business to the firm.
,ON,LUSION
88
Indian economy is growing faster. This is one of the best growing economies among the
world. :ou can say the best emerging economy of the world. &tock market is the
reflection of economy. +aturally stock market of India is roaring. &ensex (.ne of the
best Index of @ombay &tock 0xchange! has climbed from <,??? to >>,??? in last five
years and it is believed that it will reach N???? in coming years. +ow a dayFs every
investor and trader en"oying sweet taste of stock. )ore all less every day many stock
prices have been increasing. &ome of them are heating the upper circuit (8P,5?P>?P!.
#hile making an investment in Indian (tock "arket there are lots of thing you should
consider before it. I will guide you most important thing and tips that you can implement
while making any investment in stock market of India. These stock market tips and
tricks are based on many years of expertise experience and as a professional expert in
Indian stock market. These are the &tock market secrets........
@uy at low and sell at high# $ This is way to make money in stock market that you
should buy at lower prices and should sell at higher prices. It determines the
success and failure of an investor in stock market of India
Current Trend of &tock )arket: $ As per current trend of stock market it has been
seen that once stock market rise at higher speed it down also with same speed
and if stock market have gone down there is more possibilities of getting up. This
is the current market trends but it can be change in future.
:eep patience# $ $atience is also plays a vital role in your winning and losing. In stock
market many people1s take immediate decisions which can result in big losses later on.
This is the nature of stock market every step should be take after a deep thinking and
consideration on it.
-rom the above survey B comparison charts J #e can conclude that the ma"ority of
prospective investors from the sample i.e.=?P does not want to invest in the capital
market because either they don1t have sufficient knowledge about stock market or they
don1t have time or they feel that it is risky to invest in stock market.
At last from my study I would like to conclude that India Infoline ltd is growing at a good
pace. It is rapidly increasing its market share by capturing new consumers.
3owever the beat and the uni4ue 4ualities of the company are yet to be known by the
people. The investors must be informed about its facilities like >in5 account, margin
based trading, research tips given on website.
0ven though there are lots of opportunities to expand B progress for the company but
still it is making sufficient profit.
89
/ast but not the least, India Infoline ltd is customer friendly and this obviously makes a
value addition to any company in this competitive environment.
)y experience with this company as a summer trainee was a overwhelming, which
gave me a lot of knowledge and idea about stock market and the brokage house.
@esides I came to know the difference between the class room study and the real work
done in the market to make a product rise in the market
90
A$$0+,IC0&
,u(to"er !e1a'ior analyMer Jue(tioner
Na"e# QQQQQQQQQ%
,ontact no%QQQQQQ%%
Age QQQQQQQQ%%%%%
H5 what is your professionIoccupationV
a! overnmentI&alaried employees
b! @usiness
c! 9etired person
H> ,o you like to invest your moneyV
a! yes
b! no
H< In which markets do you invest your moneyV
a! $rimary market
b! secondary market
c! .thers
HN ,o you have your own demat accountV
a! yes
b! no
H8 ,o you have your demat account with India Infoline ltdV
a! :es
b! +o
H; ,o you know about online share tradingV
a! :es
91
b! +o
H= .ther then the demat account of India Infoline ltd with which other brokage house do
you 3ave your ,emat Account V
a! *arvy
b! 9eligare
c! &harekhan
d! ,o not have other demat account.
H6 3ow do you invest your moneyV
a! 04uity
b! )utual -unds
c! I$.&
d! .thers
H7 #hat type of trading do you preferV
a! ,elivery @ased
b! Intraday
c! )argin trading
H5? 3ow do you choose to invest in a particular type of securities at a particular timeV
a! ,o analysis of the market by yourself
b! Ask some of your colleagues
c! :ou and your friend both analyses the market and then invest.
d! &ee the recommendation given on the website of India Infoline ltd
H55. Are you satisfied with India Infoline V
a! :es
b! +o
92
+A)0 C.+TACT +..
5. YYYYYYYYY YYYYYYYY
>. YYYYYYYYY YYYYYYYY
<. YYYYYYYYY .YYYYYYY...
N. YYYYYYYYY YYYYYYYY
BIBLIO&RAP@>#
93
*otler $hilip )arketing )anagement, millennium edition, prentice 3all
inc.$ublication,>?55.
*othari C.9.9esearch )ethology, <rd 0dition,+ew age $ublication,>??7.
&harma ,.,.)arketing 9esearch,<rd 0dition,$ublication &ultan Chand B son
$ublication,>?5?.
Ne0( Paper(
The 0conomic Times
@usiness &tandard
;EBLIO&RAP@>
httpJIwww.wikipedia.com
www.infibeam.com
8paisa.com.
www.indiainfoline.com
94