My Project

SUMMER TRAINING PROJECT REPORT

SHARE KHAN SECURITIES LTD

Submitted in partial fulfillment of the requirement of Bachelors of Business Administration (BBA) GURU JAMBESHWAR UNIVERSITY

MARKETING STRATEGIES OF SHARE KHAN Ltd.

SUPERVISION OF

SUBMITTED BY

Ms. Khushbu Arora (Territory Manager)

06511242144

SESSION 2006-2009 GURU JAMBHESAR UNIVERSITY HISSAR

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Preface Conceptually the mechanism of stock market is very simple. People who are exposed to the same risk come together and agree that if anyone of the person suffers a loss the other will share the loss and make good to the person who lost. The initial part of the project focuses on the sales of types of the products of the company, and also focuses on the acquisition of the customer. The job profile is to create customer, making good relationship with them to have their references and motivating them to trade for the company benefit and their profit. It also enlightens the readers about the Share khan strategies to acquire the customer base. Further the project tells us about the profile of the company (SHARE KHAN). It provides knowledge to the readers about the company’s history, mission, and customer base and about the company in detail. and management of the company. Also it gives special emphasis on the selling of products and management of the company. Also it gives special emphasis on the selling of products. The next chapter is devoted to study the comparative analysis of the competitors and the SWOT analysis, which tells about the Share khan edge over its competitors. This project leads us towards the job descriptions and difficulties faced by me. The next part of the project throws light upon my findings and analysis about the company and the suggestions for the company for better performance. During this project I have been given the responsibility of creating customer bringing HNI customer, handling team, generating leads.

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Acknowledgement I express my sincere gratitude and thanks to respected, “Mr. Vijyant Sing (Territory Manager), my project guides and everyone in the SSKI Securities Private Limited. My Project guides have been most accommodating and supportive and have literally gone out of their way to make my experience a pleasant one. I would also like to thank all my classmates who has always been open to discussion and frequently enquired about the project and any problems faced etc. He has also given me valuable guidance as to how to go about the project Finally I would like to thank my mentor to provide me with necessary facilities to efficiently go about my project.

Atul Katoch

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TABLE OF CONTENTS

CERTIFICATE PREFACE ACKNOWLEDGEMENT

CONTENT

PAGE NO

CHAPTER-1 INTRODUCTION 1.1 PROFILE OF THE SHARE INDUSTRY 1.2 PROFILE OF THE COMPANY 1.3 COMPETITON ANALYSIS 1.4 SWOT ANALYSIS

CHAPTER-2 OBJECTIVE AND METHODOLOGY 2.1 OBJECTIVE 2.2 METHODOLOGY 2.3 LIMITATION

CHAPTER-3 CONCEPTUAL DISCUSSION 3.1 MARKETING STRATEGIES 3.2 MARKETING STRATEGIES OF THE COMPANY.

CHAPTER-4 DATA ANALYSIS 4.1 ANALYSIS AND INTERPRETATION OF DATA

CHAPTER-5 FINDINGS AND RECOMMANDATION 5.1 FINDINGS 5.2 RECOMMENDATION

ANNEXURE BIBLIOGRAPHY

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CHAPTER1 INTRODUCTION

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1.1 PROFILE OF SHARE INDUSTRY

Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are meager and obscure. The East 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. By 1830's business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850's witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60. In 1860-61 the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump began (for example, Bank of Bombay Share which had touched Rs 2850 could only be sold at Rs. 87). At the end of the American Civil War, the brokers who thrived out of Civil War in 1874, found a place in a street (now appropriately called as Dalal Street) where they would conveniently assemble and transact business. In 1887, they formally established in Bombay, the "Native Share and Stock Brokers' Association" (which is alternatively known as “The Stock Exchange "). In 1895, the Stock Exchange acquired a premise in the same street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated. Other leading cities in stock market operations Ahmedabad gained importance next to Bombay with respect to cotton textile industry. After 1880, many mills originated from Ahmedabad and rapidly forged ahead. As new mills were floated, the need for a Stock Exchange at Ahmedabad was realized and in 1894 the brokers formed "The Ahmedabad Share and Stock Brokers' Association".

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What the cotton textile industry was to Bombay and Ahmedabad, the jute industry was to Calcutta. Also tea and coal industries were the other major industrial groups in Calcutta. After the Share Mania in 1861-65, in the 1870's there was a sharp boom in jute shares, which was followed by a boom in tea shares in the 1880's and 1890's; and a coal boom between 1904 and 1908. On June 1908, some leading brokers formed "The Calcutta Stock Exchange Association". In the beginning of the twentieth century, the industrial revolution was on the way in India with the Swadeshi Movement; and with the inauguration of the Tata Iron and Steel Company Limited in 1907, an important stage in industrial advancement under Indian enterprise was reached.Indian cotton and jute textiles, steel, sugar, paper and flour mills and all companies generally enjoyed phenomenal prosperity, due to the First World War. In 1920, the then demure city of Madras had the maiden thrill of a stock exchange functioning in its midst, under the name and style of "The Madras Stock Exchange" with 100 members. However, when boom faded, the number of members stood reduced from 100 to 3, by 1923, and so it went out of existence. In 1935, the stock market activity improved, especially in South India where there was a rapid increase in the number of textile mills and many plantation companies were floated. In 1937, a stock exchange was once again organized in Madras - Madras Stock Exchange Association (Pvt) Limited. (In 1957 the name was changed to Madras Stock Exchange Limited). Lahore Stock Exchange was formed in 1934 and it had a brief life. It was merged with the Punjab Stock Exchange Limited, which was incorporated in 1936. Indian Stock Exchanges - An Umbrella Growth The Second World War broke out in 1939. It gave a sharp boom, which was followed by a slump. But, in 1943, the situation changed radically, when India was fully mobilized as a supply base. On 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 join the trade and numerous others swelled their number. Many new associations were constituted for the purpose and Stock Exchanges in all parts of the country were floated.

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The Uttar Pradesh Stock Exchange Limited (1940), Nagpur Stock Exchange Limited (1940) and Hyderabad Stock Exchange Limited (1944) were incorporated. In Delhi two stock exchanges - Delhi Stock and Share Brokers' Association Limited and the Delhi Stocks and Shares Exchange Limited - were floated and later in June 1947, amalgamated into the Delhi Stock Exchange Association Limited. RANGE OF PRODUCT AND SERVICES Market Size: Growth of Online Brokerage market In five years of its existence in India, online broking has grown to account for a tenth of the total trading volumes. If the numbers are considered for only the retail segments, the growth is starker. Almost half of the Rs 5,000 crore-6,000 crore daily market volumes on the NSE are accounted for by non-retail entities such as foreign institutional investors, domestic institutions, mutual funds and arbitrage traders. Institutions aren't online customers anyway. Of the rest of the retail segment, current estimates suggest that online broking's reach is close to 30 per cent. As of September this year, there were 11.7 lakhs Internet trading accounts registered with the NSE, of which roughly 9.5 lakhs are unique users. It's still a small proportion of the estimated 3 crore Internet users in the country. As more surfers take to trading online, analysts expect their number to keep doubling every year until 30-40 per cent of India's overall trades are done online, as is the case in some mature Internet markets like South Korea's. The Internet's effect here has more to do with the bandwidth it has created for both brokers and clients. Banga, director of India bulls offers an example. "Traders from Ajmer use our online platform. It would otherwise have been prohibitively loss-making to open a branch there." Thanks to the new channel, volumes are growing faster in the non-metros, where transparency is low in offline trading. "These customers were made to pay higher charges by small brokers, since they weren't aware of the market rates," says Vikash Shankar of Sharekhan.com.That is one of the reasons why more than 60 per cent of Sharekhan’s online trading turnover comes from non-metros.

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NSE’S GROWTH STORY CAN BE DEPICTED BY THESE FIGURES:

Growth in cash market (online): Month/Year

No

Of No

Companies

of Turnover(Rs cr) Avg

daily

Trades(lakh)

turnover(Rs

Mar 2007

1084

710

167,954

cr) 7,998

April 2006

944

567

177,372

9,854

2005-06

929

6,088

1,569,556

6,253

2004-05

839

4,510

1,140,071

4,056

2003-04

787

3,780

1,099,535

4,328

2002-03

788

2,398

617,989

2,462

RULES AND REGULATIONS Formation of the National Stock Exchange (NSE) With the liberalization of the Indian economy, it was found inevitable to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high-powered Pherwani Committee, the National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit, and Investment Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations, selected commercial banks and others. Trading at NSE can be classified under two broad categories: (a) Wholesale debt market and

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(b) Capital market. Wholesale debt market operations are similar to money market operations - institutions and corporate bodies enter into high value transactions in financial instruments such as government securities, treasury bills, public sector unit bonds, commercial paper, certificate of deposit, etc. There are two kinds of players in NSE: (a) Trading members and (b) Participants. Recognized members of NSE are called trading members who trade on behalf of themselves and their clients. Participants include trading members and large players like banks who take direct settlement responsibility. Trading at NSE takes place through a fully automated screen-based trading mechanism, which adopts the principle of an order-driven market. Trading members can stay at their offices and execute the trading, since they are linked through a communication network. The prices at which the buyer and seller are willing to transact will appear on the screen. When the prices match the transaction will be completed and a confirmation slip will be printed at the office of the trading member. NSE has several advantages over the traditional trading exchanges. They are as follows: •

NSE brings an integrated stock market trading network across the nation.

•

Investors can trade at the same price from anywhere in the country since intermarket operations are streamlined coupled with the countrywide access to the securities.

•

Delays in communication, late payments and the malpractices prevailing in the traditional trading mechanism can be done away with greater operational efficiency and informational transparency in the stock market operations, with the support of total computerized network.

Unless stock markets provide professionalized service, small investors and foreign investors will not be interested in capital market operations. And capital market being one

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of the major sources of long-term finance for industrial projects, India cannot afford to damage the capital market path. In this regard NSE gains vital importance in the Indian capital market system. Why people trust NSE? Unbiased The National Stock Exchange of India (NSEIL) has been trusted by the securities markets for its unbiased independence and professionalism. The function of forecasting has become more meaningful as the information comes from a source, which is not only reliable but has no vested interest of its own in the market movements. Market Representation NSE-MIBID/MIBOR is based on rates polled by NSE from a representative panel of 31 banks/institutions/primary dealers. Transparent The reference rate is released to all the market participants simultaneously through various media, making it transparent with the aspiration of the market. Ensuing transparency helps the market participants to judge the market mood and the probable rate one is likely to encounter in the market. This information is useful not only to the banks but also to the issuers and investors. Reliable The high level of co-relation between actual deals and the reference rate gives an indication of its reliability. The bootstrapping technique guards against the possibility of cartelization and of extreme observations influencing the mean

Scientifically Computed

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The methodology of "Polling" with "Bootstrapping" is scientific and the values are generated through a system that has been extensively tested. The technique involves generating multiple data sets based on the rates polled with a dynamically determined number of iterations, identification of outliers, trimming the data set of its extreme values and computation of the mean and its standard deviation. Elimination of Noise The trimming procedure is vulnerable to market manipulation of the rates due to the amount of sampling noise. Excessive trimming may lead to loss of information whereas no trimming may lead to excessive influence of the extreme values. To derive a true representative benchmark for the market NSE ensures that trimming at any point does not exclude more than 20% of the observation for the bid and for the ask rates. Consistency The Exchange ensures that everyday the NSE-MIBID/MIBOR along with the respective standard deviations are disseminated to the market at 0955 (IST) for overnight rate and at 1215 (IST) for 14 day, 1 month and 3 month rates. Usage The NSE-MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps, Forward Rate Agreements, Floating Rate Debentures and Term Deposits. Accessibility NSE-MIBID/MIBOR rates are broadcast through the NEAT-WDM trading system immediately

on

release.

The

NSE

website

(http://www.nse-

india.com/home/debt/debtprodratesindex.htm) carries the daily rates as well as the historical data on the NSE-MIBID/MIBOR. In addition leading information vendors carry these rates on a daily basis. Reuters on its news information page, Bridge News Service (Knight Ridder) on page no.2811,

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Bloomberg on its money market page as well as a news story and PTI on its money market page. NSE-MIBID/MIBOR rates are also carried by all leading financial dailies including Economic Times, Financial Express, Business Standard and Business Line.

1.2 PROFILE OF THE COMPANY

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Share khan is the retail broking arm of SSKI, an organization with more than eight decades of trust & credibility in the stock market. It is India's leading retail financial Services Company with We have over 250 share shops across 115 cities in India. While our size and strong balance sheet allow us to provide you with varied products and services at very attractive prices, our over 750 Client Relationship Managers are dedicated to serving your unique needs. Sharekhan is lead by a highly regarded management team that has invested crore of rupees into a world class Infrastructure that provides our clients with real-time service & 24/7 access to all information and products. Our flagship Sharekhan Professional Network offers real-time prices, detailed data and news, intelligent analytics, and electronic trading capabilities, right at your fingertips. This powerful technology complemented by our knowledgeable and customer focused Relationship Managers. We are Creating a world of Smart Investor .Sharekhan offers a full range of financial services and products ranging from Equities to Derivatives enhance

your

wealth and

hence, achieve your financial goals .Sharekhan' Client

Relationship Managers are available to you to help with your financial planning and investment needs. To provide the highest possible quality of service, Sharekhan provides full access to all our products and services through multi-channels. INVESTMENT BANK AND INVESTMENT BANKING Investment Banking Strategy • Niche Focus – –

Venture Capital & Private Equity

–

Infrastructure advisory & financing

• Focus on, Infrastructure (Ports/ Logistics, Energy, Telecom) Technology & Media

•

–

Many firsts to our credit, in deal sizes, in sectors, in deal structures

–

In sum, raised over $1 bn. of private equity deals

Niche Focus – –

Venture Capital & Private Equity

–

Infrastructure advisory & financing 14

–

Focus on, Infrastructure (Ports/ Logistics, Energy, Telecom) Technology & Media

–

Many firsts to our credit, in deal sizes ,in sectors, in deal structures

–

In sum, raised over $1 bn. of private equity deals

NSDL Although India had a vibrant capital market, which is more than a century old, the paper-based settlement of trades caused substantial problems like bad delivery and delayed transfer of title till recently. The enactment of Depositories Act in August 1996 paved the way for establishment of NSDL, the first depository in India. This depository promoted by institutions of national stature responsible for economic development of the country has since established a national infrastructure of international standard that handles most of the trading and settlement in dematerialized form in Indian capital market. Using innovative and flexible technology systems, NSDL works to support the investors and brokers in the capital market of the country. NSDL aims at ensuring the safety and soundness of Indian marketplaces by developing settlement solutions that increase efficiency, minimize risk and reduce costs. At NSDL, we play a quiet but central role in developing products and services that will continue to nurture the growing needs of the financial services industry. In the depository system, securities are held in depository accounts, which is more or less similar to holding funds in bank accounts. Transfer of ownership of securities is done through simple account transfers. This method does away with all the risks and hassles normally associated with paperwork. Consequently, the cost of transacting in a depository environment is considerably lower as compared to transacting in certificates. DEPOSITORY PARTICIPANTS A Depository Participant (DP) is described as an agent of the depository. They are the intermediaries between the depository and the investors. The relationship between the DPs and the depository is governed by an agreement made between the two under the Depositories Act. In a strictly legal sense, a DP is an entity that is registered as such with SEBI under the provisions of the SEBI Act. As per the provisions of this Act, a DP can offer depository-related services only after obtaining a certificate of registration from 15

SEBI. SEBI (D&P) Regulations, 1996 prescribe a minimum net worth of Rs.50 lakh for stockbrokers, R&T agents and non-banking finance companies (NBFC), for granting them a certificate of registration to act as DPs. If a stockbroker seeks to act as a DP in more than one depository, he should comply with the specified net worth criterion separately for each such depository. No minimum net worth criterion has been prescribed for other categories of DPs. However, depositories can fix a higher net worth criterion for their DPs. NSDL requires a minimum net worth of Rs.100 lakh to be eligible to become a DP as against Rs.50 lakh prescribed by SEBI (D&P) Regulations. Instruments The changes in the regulatory framework of the capital market and fiscal policies have also resulted in newer kinds of financial instruments (securities) being introduced in the market. Also, a lot of financial innovation by companies who are now permitted to undertake treasury operations has resulted in newer kinds of instruments - all of which can be traded – being introduced. The variations in all these instruments depend on the tenure, the nature of security, the interest rate, the collateral security offered and the trading features, etc •

Debentures

•

Bonds

•

Preference Share

•

Equity Shares

•

Government securities

•

Capital Market Processes

•

Initial Public Offering (IPO)

•

Private Placement

•

Preferential Offer/Rights Issue

•

Private Placement

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VISION To be the best retail broking brand in the Indian Stock market. MISSION To educate and empower the individual investor to make better investment decisions through quality advice and superior service. SSKI GROUP OF COMPANIES

• SSKI Investor Services Ltd (Share khan) • S.S. Kantilla Ishwarlal Securities • SSKI Corporate Finance • Idream Productions

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SSKI – CORPORARE STRUCTURE

SSKI AS AN INSTITUTIONAL BROKER Serving Institutional Investors –Domestic / International • In the Indian securities business since 1922…. • Our institutional Research team is rated as one of the best in the industry • Rated 1st by Asia Money

Research Coverage • Amongst the widest coverage’s among broking houses in India. • Total coverage exceeds some 100 stocks spread over 20 sectors • Sector wise investment strategies are in place 18

• Stock ideas are presented from time to time, in tune with overall strategy. • Active coverage of political developments, economy changes HIGHLY RATED RESEARCH Research team ranks very high in fund-manager surveys Best Domestic Securities House •

Euro money Survey July 1995

•

Euro money Survey July 1996

Top ranked Domestic Brokerage House •

Asia money Survey September 1994

•

Asia money Survey September 1995

•

Asia money Survey September 1996

•

Asia money Survey October 1998

•

Asia money Survey October 2004

LIST OF KEY FOREIGN INSTITUTIONAL CLIENTS •

Alliance Capital Management

•

Emerging Markets Investment Management

•

Edinburgh Fund Management Limited

•

Foreign & Colonial Emerging Markets

•

Goldman Sachs Investment Management

•

Government of Singapore Investment Corporation

•

Grantham, Mayo, Van Otterloo & Co.

•

Indosuez Asset Management

•

Jardine Fleming Investment Management Limited

•

LGT Asset Management

•

Lloyd George Investment Management

•

Martin Currie Investment Management Limited

•

Morgan Stanley Asset Management

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•

TIAA-Cref Investment Management

•

UBS

•

BOI Mutual Fund

•

Birla Capital Mutual Fund

•

BOB Mutual Fund

•

Canbank Investment Management Services Ltd.

•

Chatterjee Group (SOROS)

•

GIC Mutual Fund

•

HDFC Bank

•

IDBI Mutual Fund

•

Indian bank Mutual Fund

•

ICICI Mutual Fund

•

ITC Thread needle Mutual Fund

•

Kotak Mahindra Asset Management

•

Kothari Pioneer Mutual Fund

•

PNB Mutual Fund

•

SBI India Magnum Fund

•

SBI Mutual Fund

•

Unit Trust of India

•

UTI Offshore

•

Corporation Bank

•

LIC / LIC Mutual Fund / LIC Housing Finance

PRODUCT PROFILE

a) Sharekhan Classic account - Comprehensive services including research and investing guidance for independent investors.

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b) Sharekhan Fast trade - Sharekhan is dedicated to empower Active Traders through personal service and advanced trading technology.

c) Sharekhan Speed trade plus - With an extensive range of investment products, you will discover an unwavering commitment to helping you invest in India.

SERVICES OFFER BY SHAREKHAN

Research Based Investment Advice

Training and Seminars

Investment and Trading Services EQUITIES DERIVATIVES COMMODITIES

Technology Based Investment Tools

Integrated Demat Facility

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Sharekhan voted the most preferred stock broking brand in India. OUR BUSINESS CORRESPONDENT 8 July, 2005, Mumbai: Sharekhan won the award by the vote of consumers around the country, as part of India’s largest consumer study cover 7000 respondents – 21 products and services across 21 major cities. The study, initiated by Awaaz – India’s first dedicated Consumer Channel and member of the worldwide CNBC Network, and AC Nielsen – ORG Marg, was aimed at understanding the brand preferences of the consumers and to decipher what are the most important loyalty criteria for the consumer in each vertical. In order to select the award recipient, spontaneous responses, rather than prompted responses were garnered, with an intention to glean unbiased preferences. Opinions were garnered from owners of each of the categories, to get experiential responses, which are likely to be more realistic and grounded in nature. Further, preference also indicates future intentions of repeat purchases. The reasons behind the preferences for brands were unveiled by examining the following: •

Tangible features of product / service

•

Softer, intangible features like imagery, equity driving preference

•

Tactical measures such as promotional / pricing schemes

“Sharekhan is honored to be voted as the Most Preferred Stock Broking Brand in India. Our focus has always been to demystify the stock market and empower the investors to take informed decisions,” said Jaideep Arora, Director, and Sharekhan. “The Award increases Sharekhan’s responsibility to persistently delight our customers with user-

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friendly trading experience and we shall continue our focus to evolve business strategies that keep us aligned with our customers’ needs.”

SHAREKHAN SIGNS BLUE LOTUS Sharekhan signs on Blue Lotus as communication partner Mumbai. July, 2005: Sharekhan, the retail broking arm of SSKI Group, one of the largest stock broking houses in the country, signed on Blue Lotus Communications Consultancy as its communications partner recently. Sharekhan aims to gain a substantial market share through various new initiatives like First Step, Platinum Guild & Power Club and communications has been identified as a major marketing initiative by the company. First Step, an initiative aimed at demystifying the stock markets to the layperson, provides guidance, knowledge and jargon-free research to help the first-time investor take their careful first steps in the stock market. With over a million new investors having entered the stock market over the last year, the product was launched to address the market need to provide structured supervision to the stock market novice. On a fast growth spree, Blue Lotus Communications Consultancy has acquired its 6th client over the last month amounting to an addition of Rs. 5 crore to the agency’s capitalized turnover. Speaking on the growth of the company, N. Chandramouli, CEO, Blue Lotus Communications Consultancy said, “The acquisition of the Sharekhan account is extremely prestigious for Blue Lotus. The communication of Sharekhan will be unique since it uses a combination of Technology and Finance to achieve the objectives of the client. Our existing strengths have in these sectors have proven to be a dovetail fit for Sharekhan.” Founded in October 2002, Blue Lotus has an impressive client portfolio with names like Trend Micro, TWS Holdings, Bristlecone, Mahindra Special Services Group, Habitat

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International Spryance and Johnson & Johnson Acuvue. Having gained these accounts through aggressive pitches, the Rupees Fifteen Crore agency employs 50 people across its 5 offices.

“We have always believed that Public Relations is an essential marketing tool that helps build brand credibility, trust and recall. PR is an essential ingredient in any communications portfolio and the progressive companies like Sharekhan have recognized this need. We have an aggressive education and awareness campaign lined up for this online stock trading major”, added Chandramouli. TRADING in stock markets through the Internet, which took a dip due to investor apathy because of prolonged bearishness in recent years, is witnessing a revival of interest and is expected to record growth in the coming years. The retail investors in the capital market are the most neglected lot with no access to research and Share khan, the retail broking arm of SSKI Group, one of the oldest members of the BSE, seeks to fill this vacuum felt by retail investors, according to Mr. Tarun Shah, CEO, Share khan, Mumbai. Speaking to Business Line on the sidelines of the opening of the Coimbatore branch of Share khan, he said the company had invested about Rs 13 crore in the last two years in creating the requisite infrastructure by way of branches and for Internet trading. With presence in about 123 cities across the country now, it will seek to consolidate its presence in the current year and focus on expanding its membership. He said Share khan enjoyed about 20 per cent market share in Web business (Internet trading) in stock markets. Three years ago, Web trading showed lot of promise but with the market witnessing a downturn, there was not much interest among retail customers.

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The company has been adding around 1, 000 customers a month and felt that for retail customer, Web trading was a `very good medium' particularly as it provided live information. Mr. Tarun Shah, when asked about the number of investors who were hooked on to Web trading, said numbers could be `misleading'. While his company has about 10,000 plus customers, ICICI Securities claimed to have 1.20 lakhs customers and there were other players like HDFC too. His estimate was that the number of active Web traders would be in the 30,000-50,000 regions. He said this number was growing at 5 per cent to 10 per cent a month and this was a segment that could not be ignored. He said in Share khan, Web trading constituted about 1 per cent to 2 per cent of the revenue in 2001-02. But in 2002-03, when the overall revenue trebled, the share of Web trading constituted 22 per cent of the revenue. As Sharekhan's daily trading volume was over Rs 200 crore, the share of Web trading at about Rs 40 crore a day was substantial and a larger part of the volume was coming from day traders. He expected the pricing for Web trading to come down and once the investment was made on technology, the scalability would be high and there was minimum involvement of staff in dealing with customers. The crediting of the sale/purchase orders would be fast with no physical handling as the system does every work. Commenting on the growth of Internet trading in the stock markets, he said the share of Web trading in the total turnover of the capital markets was miniscule now just about 1 to 2 per cent. But in the next two or three years, he expected this to go up to 10 to 15 per cent. There was huge scope for growth in this segment of business, he said. His company knew share broking best and would stick to that, he added. Mr. Tarun Shah said Share khan recently obtained license to offer Portfolio Management Services (PMS). It was offering a range of products to suit retail investors and PMS when launched, would cater to the

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requirements of the high net-worth individuals. The entry-level investment for PMS membership may be around Rs 5-Rs 10 lakhs, which was needed for having a welldiversified portfolio. This could be by way of taking over existing portfolio or fresh investment, he added.

Starcom bags Sharekhan’s Rs 10 crore media duties Prajjal Saha Agencyfaqs! MUMBAI, June 7-05

Starcom India has won the media business of sharekhan.com and it’s parent company SS Kantilla Ishwarlal Securities Pvt Ltd (SSKI). The size of the business is estimated to be around Rs 10 crore. The development has been confirmed by Utkarsh Singh, head of IP business, Starcom. The business is moving from Insight Singh told agencyfaqs! That Starcom got the online media business of sharkhan.com in May. “The client subsequently wanted to hire a new agency for the conventional media. They had already seen our work on the online media front. So, it was not very difficult to convince them to award us the entire media business,” says Singh. The company is launching a new programme for first-time investors to invest in the equity market. For this, the company will be launching mass media campaigns very soon. Singh mentioned that out of the total media budget, 70 per cent would be spent on mass media, while the remaining 30 per cent would be through online media. SSKI is among the leading brokerage companies in India with over eight decades of 26

experience in the Indian stock markets. Synapse, a Goa-based agency, handles the entire communication for the company including the creative business.

Online Profit: A Tiger's Tale Pankaj Thuain July 01, 2005 SSKI Investor Services Pvt Ltd has been in the equities solutions business for the past eight decades. SSKI created Share Khan in 1999, when it wanted to utilize the Internet for providing financial services

through an online trading website.

Share Khan is one of the country's strongest names in the online trading domain today. The company runs India's largest chain of 'share shops' with around 280 outlets in 123 cities. Share Khan handles revenues to the tune of Rs 800 crore to Rs 1,000 crore on a daily basis. Says Ketan Parekh, CTO, Share Khan, "The focal point for any manager should be on business expansion. Technology is just a tool to achieve it, not the focus area. At the end of the day, you are simply running a business." Parikh’s role has been critical in keeping IT investments under control, and helping in keeping these spends aligned with Share Khan’s business goals. He runs a team with 50 people on board; Parikh’s unit ensures that Share Khan retains its focus on providing reliable, secure, and fast trading services. Inside The JungleShareKhan operates through online and offline (SSKI) channels. The online structure forms the most integral point for business and transactions. The online component is made up of a conventional portal, a chat facility and a few 'speed trade' terminals.

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With the 'speed trade' channel, customers gain a better and more efficient platform for transactions. It has a terminal at the user end, connected to Share Khan’s systems through a TCP/IP link. When a Web trade request is made, it travels via HTTP/HTTPS and is not real-time. But with a speed trade transaction, the transfer of information is directly with the trading system and is entirely live. Share Khan uses 128-bit SSL encryption technology by Version and can also operate on cable connections, GPRS and dial-up. The offline model is more personalized in the sense that it provides the customer the opportunity to interact with a human voice through the IVR or a team of customer service executives over the telephone.

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1.3COMPETITION ANALYSIS 

SHAREKHAN.COM



ICICIDIRECT. COM



HDFCSEC. COM



5PAISA. COM



INDIABULLS

29

A/C OPENING CHARGES

DEMAT A/C CHARGES

SHAREKHAN. COM

ICICIDIRECT . COM

RELIGARE

HDFCSEC . COM

5PAISA . COM

INDIAB ULLS

750/- FOR CLASSIC AND 1000/- FOR SPEEDTRA DE

750/-(waive off if trading is more than Rs. 1 lakh)

20550/(20,000 as margin)

750/(EXISTING RELATION SHIP) OR 799/-

420/(fresher) And 250/(Traders)

700/-

FREE (1ST YEAR) AND 300/P.A. FROM 2ND YEAR

FREE FOR 1ST YEAR AND 300/- P.A. FROM 2ND YEAR ONWARDS

30 p.m.

500 p.a.

250/-P.A.

NO AMC

Web based

5type(1.HMR GATEWAY A/C, HMR VALUE A/C, HMR PRIVILEGE A/C, HMR HIGHTRADE R A/C, HMR FREEWAY A/C)

Web based 2(TRADER

Web based

Both are Software 1. Keat Desktop 2. Keat Premium

WEBSITE

ONWARDS

TYPE OF ACCOUNT

TRADING THROUGH WEBSITE OR SOFTWARE

2(CLASSIC & SPEEDTRA DE)

BOTH

WEBSITE

30

TERMINA L, INVESTOR TERMINA L)

BOTH

WEBSI TE

SHAREKHAN .COM

NSE/BSE/ DERIVANSE/BSE/ DERIVATIVES TIVES/ ARBITRAGE/ MUTUAL FUNDS

SOFTWARE CHARGES

500/-P.M.

ICICIDIRECT HMRSTREET .COM .COM

NSE

N.A.

500/- or 300 /-p.m.

N.A.

1000/commitme nt of brokerage

N.A.

RM NUMBER PROVIDE D FOR TRADING

Local call charges

RM NUMB ER PROVI DED FOR TRADI NG

ON

(NEGOTIABLE ON VOLUME)

DEMAT NIL TRANSAC- (THROUGH TION SHRAKHAN) CHARGES

On 21st call Rs 20/per call(P.M.)

15/- TO 25/FROM 21ST CALL

NSE/ DERIVA TIVES/ ARBITR AGE ON DELIVE RY/MUT UAL FUNDS

INDIA BULLS

NSE/ DERIVATIV ES/ MUTUAL FUNDS

(NEGOTIABLE

UNLIMITED

5PAISA .COM

NSE/BSE/ MUTUAL FUNDS/ Derivatives

BROKERAGE)

DAIL-NTRADE

HDFCSEC .COM

NSE/ DERIVAT IVES

0.05 % INCLUDING .04% OR RS. .04% or Rs. OR RS. 17/IN 25/- ON 25 minimum PER BROKERAGE SELLING whichever of Rs. 20/- TRANS whichever is higher per ACTIO is higher instructio N n (ON (ON SELLIN SELLIN G) G)

31

TIE UP WITH BANKS

HDFCBANK , IDBIBANK, CITI BANK, UTIBANK, OBC

ICICIBANK ONLY (COMPULSO RY)

HMR MAHINDRA BANK CITI BANK UTIBANK HDFCBANK (COMPULSI ON)

HDFCBAN K ONLY (COMPUL SORY)

HDFC Bank, ICICI Bank, UTI Bank, Citibank, Global Trust Bank or Centurio n Bank

HDFC BANK, ICICIB ANK, ABNA MRO BANK, STANC HART BANK, CITIBA NK

SHAREKHA N.COM

ICICIDIRECT .COM

HMR STREET. COM

HDFCSEC .COM

5PAISA .COM

INDIAB ULLS

BUY TODAY SELL TOMORROW

YES

YES BUT ONLY ON 127 SCRIPS OF NSE

YES, UPTO 75% SHARES VALUE

NO

YES

YES

IPO ONLINE

YES

YES

YES

NO

YES

NO

SMS ALERTS

100 P.M.

YES

100/- P.M.

NO

NO

NO

FREE

450 P.A.

FREE

FREE

FREE

PAID 100/P.M

4 TO 6.7 TIMES

4 TIMES

4 TO 6 TIMES

4 to 6 times(onli ne) 10 times(Offl ine)

4 TIMES ONWA RDS

Nil

5000/-

RESEARCH REPORTS MINIMUM

MARGIN EXPOSURE

MINIMU M

5000/-, 1,00,000/-or 5,00,000/32

4 times

5000/-

5000/-

500 BLOCK ED BY

MARGIN Volume requirement BROKERAGE

(according to account) Nil

Nil

Yes, according to product

.1%(INTRA .1%to.15% .06%(INTRA DAY) (INTRA-DAY) DAY) .5%(DELIV .4% to .59%(DELIVER ERY) .85%(DELIVERY Y)

33

THE SYSTEM

Nil

Rs 1000/Commitme nt as brokerage

NIL

.15% (INTRADAY) .5% (DELIVERY)(exclu ding taxes)

.05% (INTRADAY) .25% (DELIVERY)

.1% (INTRA DAY) .5% (DELIV ERY)

1.4SWOT ANALYSIS Strengths •

It is a pioneer in online trading with a turn over of Rs.400crores and more than 800 peoples working in the organization.

•

. SSKI the parent company of Share Khan has more than eight decades of trust and credibility in the Indian stock market. In the Asian Money Broker’s poll SSKI won the “India’s best broking house for 2004” award.

•

Share Khan provides multi-channel access to all its customers through a strong online presence with www.sharekhan.com, 250 share shops in 130 cities and a call-center based Dial-n-Trade facility

•

Share Khan has dedicated research teams for fundamental and technical research. Which constantly track the pulse of the market and provide timely investment advice free of cost to its clients which has a strike rate of 70-80%.

Weakness •

Localized presence due to insufficient investments for country wide expansion.

•

Lack of awareness among customers because of non-aggressive promotional strategies (print media, newspapers, etc).

•

Lesser emphasis on customer retention.

•

Focuses more on HNIs than retail investors which results in meager marketshare as compared to close competitors.

Opportunities

34

•

With the booming capital market it can successfully launch new services and raise its client’s base.

•

It can easily tap the retail investors with small saving through promotional channels like print media, electronic media, etc.

•

As interest on fixed deposits with post office and banks are all time low, more and more small investors are entering into stock market.

•

Abolition of long term capital gain tax on shares and reduction in short term capital gain is making stock market as hot destination for investment among small investors.

•

Increasing usage of internet through broadband connectivity may boost a whole new breed of investors for trading in securities.

Threats •

Aggressive promotional strategies by close competitors may hamper Share Khan’s acceptance by new clients.

•

Lack of sufficient branch-offices for speedy delivery of services.

•

Other players are providing margin funds to investors on easy terms where as there is no such facility in share khan.

•

More and more players are venturing into this domain which can further reduce the earnings of Share Khan.

35

CHAPTER 2 OBJECTIVES AND METHODOLOGY

36

2.1 OBJECTIVES

The primary objective is:  Checking the awareness level of online share trading.  Evaluation of preferred investments in various mode and industry.  Study of influencing factors affecting the purchase decision.  Analyzing the preferred broking house.  Checking the satisfaction level of the customers towards preferred broking house,

The secondary objective is:  To make clients and let them know about the different services offered by the SHAREKHAN.  To understand the problem faced by customers and finding way to solve the queries.

37

2.2METHODOLOGY

DATA SOURCES A research design is one, which simplifies the framework of plan for the study and adds itself in the quick collection and analysis of the data. It is a blue print that has been filled in completing the study. A market survey of the respondents having on line trading in Delhi. Some 100 respondents were taken randomly. PRIMARY DATA Here the respondents were met directly to collect information by means of personal interviews. A questionnaire was prepared for there respondents where there views were collected. SECONDRY DATA The secondary data has been collected from share khan manuals, journals and Internet. QUESTIONNAIRE DESIGN / FORMATION A questionnaire was prepared for the responses of the respondents. The questionnaire was designed on the primary objections were of both open ended and closed ended type. SAMPLE DESIGN /SAMPLE ELEMENT / UNIT The primary data was collected through survey that was systematically carried in and around Delhi. The responses of the respondents were recorded in the questionnaire prepared for them. The data was collected in two ways i.e. through personal interviews and through e-mail

38

SAMPLING PLAN: This refers to the number of items that were selected for the surveys. For this survey 100 respondents were chosen randomly. (a) Sample universe The sampling universe in my project consisted of various travel agents , money – changes , various companies and export houses . (b) Sample size: The total sample consisted of two hundreds travel agents and forty companies. (c) Sampling procedures: The procedure of sampling adopted during the course of the project was purposive sampling .It was arbitrary in nature and the main focus was on soft ware companies . SAMPLING FRAME Business Class

39

2.3LIMITATIONS

•

Lack of awareness of capital market:

Since the area is not known before it takes lot of time in convincing people to start investing in shares primarily in IPO’s. •

Some people are comfortable with traditional system

As people are doing trading from there respective brokers, they are quite comfortable to trade via physical form of paper. •

Lack of Techno Savvy people and poor internet penetration:

Since most of the people are quite experienced and also they are not techno savvy. Also Internet penetration is poor in India. Some respondents are unwilling to talk: Some respondents either do not have time or willing does not respond, as they are quite annoyed with the phone call.

Inaccurate Leads: Sometimes leads are provided which had error in it, which varies from only 5-digit phone number to wrong phone number •

Misleading concepts:

Some people think that as all the shares are in electronic form and they don’t have any physical proof. Sometimes this leads to a great misconception of the entire process. 40

CHAPTER-3 CONCEPTUAL DISCUSSION

41

3.1 MARKETING STRATEGIES A strategy that focuses on developing a unique long-run competitive position in the market by assessing consumer needs and the firm's potential for gaining a competitive advantage. •

A business’ approach to marketing its products/ services expresses in broad terms, which

•

forms

the

basis

for

developing

a

marketing

plan.

Marketing starts with market research, in which needs and attitudes and competitors' products are assessed, and continues through into advertising, promotion, distribution, and, where applicable, customer servicing and repair, packaging,

•

and

sales

and

distribution.

The broad marketing thinking that will enable an organization to develop its products and marketing mixes in the right direction, consistent with overall corporate objectives.

42

3.2MARKETING STRATEGIES OF THE COMPANY

Tele Calling: The company uses the tele calling/ phone calling to reach the customer, which are interested. This is the most important technique to save time and giving demo of the companies’ product through making call in order to know the customer interest towards the product. This is the strategy with which one can motivate customer to go for the product and etc.  LMS: It is leads management system which means leads are generated by the customers who want to purchase the product of the company. Companies provide facility to the customer on online to fill the registration form through which the companies’ executives can provide more information to the customer.  Yellow Pages: Yellow pages are used to gather data for making calls so that customer who did not fine time and are unaware of the product can know about the product. Customers are given freedom to ask question related to the products this is the technique used to increase the awareness of the company.  Canopy’s:

43

This is the most important technique used by share khan securities to market its product in different areas of the city, company put their canopies and customer who are willing to know about the product come forward and provide best of their knowledge. Besides these companies executives ask customer to fill the questionnaire that tells the company about the levels of brand awareness. It also increases the product awareness because it is generally put at the crowdies places like near main markets, cinema s, hotels, ATM or etc where people come in good numbers.

* Direct Marketing Share khan executive’s reaches to the does of the customer by fixing appointments with the interested customer, they describe the details of the product. Executive give demonstration of the products so that customer can understand better.  Advertising: Advertising is the most important tool of increasing awareness of the product and this is the most widely used technique by the company to tell about the new features and new lunch by giving briefing of the product. Share khan use banners, distribution of pamphlets, and advertisement in newspapers, magazines.  References: Share khan strategy is to satisfy the customer in terms of their need by providing them timely services and knowledge about the trade in equities, mutual funs by giving tips for investment advises through e-mails or toll free calls for this purpose customers are provided relationship manager who give investment advise and also make transaction on their behalf on demand. B satisfying customer executives ask their references that not only increase the awareness but also increase the good will of the company.  Competitiveness:

44

The company is innovative and uses the latest technology to improve the product to fulfill the demands of the customers. Share khan makes it easy for the customer to make online transaction of shares. The company is competitive in terms of the product price and facilities it offers to the customer.  Internet: Company provides detailed information about the products on Internet so that customer can know about the product easily and completely.

CHAPTER-4 DATA ANALYSIS

45

ANALYSIS 1. Do you know about electronics market? (a)

Yes

(b)

No

46

30% no yes 70%

Interpretation The response is general to the above question which was put to different age group was positive as indicated by the chart above. Only the younger and middle age group people were affirmative and were optimistic regarding their knowledge about the electronics market.

2.

Do you have any interest in electronic media? (c)

Yes

(d)

No

47

yes no

Interpretation The response to this question from the respondent who allowed interest in electronic was mostly for a specified in the chart above. Since this not increased their knowledge but it is a also a good source of relaxation and keeps one in a touch with the corporate world.

3.

Which company’s electronic equipment do you use? (a)

Sony

(b)

Samsung

(c) Any Other

48

Sony Samsung Anyother

Interpretation Since my research is on future electronic marketing giant of India it was of utmost importance to put forward this question in order to get this views. The response is generally mixed. Some preferred Sony where as some preferred Samsung where as some preferred neither Sony nor Samsung.

4.

Which company’s electronic equipments would you like to use in the future? (a)

Sony

(b)

Samsung

49

Sony Samsung

INTERPRETATION It is learnt from the response to the above question that people prefer to continue with the electronic equipments from the same company as which they are currently using.

50

5.

If sony, then which electronic equipment do you mostly use? (a)

Television

(b)

Music System

(c)

Mobile Phone

(d)

Any Other

Television Music System Mobile Phone Any Other

INTERPRETATION The question is very important as it left a findy the driving force behind customers preference for any particular company. It is very clear from the above graph that the most preferred is Mobile Phones from Sony. The music quality and reliability is an important factor due to which people prefer Sony mobile phones.

51

6) How many prefer to invest; A) shares B) mutual funds C) bonds D) debentures

Preference of Investment

Only Shares-- 75 % Mutual Funds-- 16% Bonds--7% Derivatives--2%

Interpretation: This shows that although the mutual funds market is on the rise yet, the most favored investment continues to be in the Share Market. So, with a more transparent system, investment in the Stock Market can definitely be increased.

52

7) How many of you aware of online share trading?

Awareness of online share trading

Yes -- 91% No-- 9%

Interpretation: With the increase in cyber education, the awareness towards online share trading has increased by leaps and bounds. This awareness is expected to increase further with the increase in Internet education.

53

8) How many of you aware of Demat account market of; a) Share Khan b) ICICI Direct.com c) Kotak Mahindra d) India Bulls e) Others

DEMAT account market

Sharekhan- 12% ICICI Direct- 31% Kotak Mahindra- 7% India Bulls- 24% Others-26%

54

Interpretation: This shows that even with sufficiently high Brand Equity, Sharekhan ranks only 3rd amongst the Demat account providers. This is probably because of two main reasons: 1. Lack of promotion and unfocussed approach towards Product awareness 2. Non – transparent marketing policies of the company Hence, the company should crystallize its products and should indulge in aggressive marketing and promotion.

55

9) How many of you satisfy with the level of current broker?

Satisfaction level among Customers with current broker

Yes - 92%

Interpretation: This pie chart accentuates the fact that Strategic marketing, today, has gone beyond only meeting Sales targets and generating profit volumes. It shows that all the competitors are striving hard not only to woo the customers but also to make them Brand loyal by generating customer satisfaction.

10) How many of do training: A) Daily B) Monthly C) Weekly

56

No- 8%

D) Yearly

Frequency of Trading

Daily- 9% Weekly- 27% Monthly-53% Yearly-11%

Interpretation: In spite of the huge returns that the share market promises, we see that there is still a dearth of active traders and investors. This is because of the non – transparent structure of the Indian share market and the skepticism of the target audience that is generated by the volatility of the stock market. It requires efficient bureaucratic intervention on the part of the Government.

11.

According to your perspective which investment gives you maximum return? (1) Share market (2) Mutual funds 57

(3) Purchasing insurance policy

share market mutual funds purchasing insurance policies

Interpretation As of today people believe in secured investment with no risk & high return. So insurance policy are the best option for them as they give good return after a period of time .Share market has also come up in a big way though the risk factor is a bit too high despite good return.

58

CHAPTER-5 RECOMMENDATIONS AND FINDINGS

5.1 FINDINGS

We suggest following measures, which Share Khan could take so as to take on heavy competition from India bulls and 5 Paisa

59

1. To identify regions where promotions are required. Share Khan lacks visibility in northern region where as it is a well known name in western region. Even then, its promotional campaign focuses on western region where as northern region is still waiting for promotional campaigns. 2. Try to reduce cost, so that benefits can be passed on to customers. Senior managers at Share Khan keep on telling that it is difficult to reduce cost, because of services we provide. But the fact is, India being a price sensitive market, people at times go for monetary benefits rather than for long term non- monetary benefits. 3. If charges can’t be reduced because of costs involved, make the services customized, so that services are provided to only those customers who are willing to pay the price for services they are getting and let the other customers enjoy costs benefits without getting services. 4. Concept of margin funding should be introduced, as more and more people are asking for it. 5. Share Khan should contact with their clients regularly for knowing the problems faced by them. This will help Share Khan in providing best services to customers. This will result in additional customer base by getting further references from satisfied clients. 6. To launch slab wise brokerage structure as Share Khan has fixed brokerage structure which can not be negotiated. But other players in the market offer launch slab wise brokerage structure which motivate customers to increase their volumes. That’s why heavy investors do not open their account with Share Khan

5.2 RECOOMENDATIONS We suggest following measures, which Share Khan could take so as to take on heavy competition from India bulls and 5 Paisa

60

1. To identify regions where promotions are required. Share Khan lacks visibility in northern region where as it is a well known name in western region. Even then, its promotional campaign focuses on western region where as northern region is still waiting for promotional campaigns. 2. Try to reduce cost, so that benefits can be passed on to customers. Senior managers at Share Khan keep on telling that it is difficult to reduce cost, because of services we provide. But the fact is, India being a price sensitive market, people at times go for monetary benefits rather than for long term non- monetary benefits. 3. If charges can’t be reduced because of costs involved, make the services customized, so that services are provided to only those customers who are willing to pay the price for services they are getting and let the other customers enjoy costs benefits without getting services. 4. Concept of margin funding should be introduced, as more and more people are asking for it. 5. Share Khan should contact with their clients regularly for knowing the problems faced by them. This will help Share Khan in providing best services to customers. This will result in additional customer base by getting further references from satisfied clients. 6. To launch slab wise brokerage structure as Share Khan has fixed brokerage structure which can not be negotiated. But other players in the market offer launch slab wise brokerage structure which motivate customers to increase their volumes. That’s why heavy investors do not open their account with Share Khan

7. It must also tap the rural sector where penetration is poor; it can be made possible by better offer with its product i.e. margin level, loan on low percentage.

61

8. It must also improve its brand awareness through shelling out more expenditure on advertisement and other promotional tools.

62

ANNEXURES

QUESTIONNAIRE Q1. In which of these Financial Instruments do you invest into? 63

Shares

Mutual Funds

Bonds

Derivatives

Q2. Are you aware of online Share trading? Yes

No

Q3. Heard about Share khan? Yes

No

Q4. Do you know about the facilities provided by Share khan? Yes

No

Q5. With which company do you have your DEMAT account? Share khan

ICICI Direct

Kotak Mahindra

India Bulls Others (please specify) Q6. What differentiates your Share trading company from others?

64

Q7. Are you currently satisfied with your Share trading company? Yes

No

Q8. How often do you trade?

Daily

Weekly

Monthly

Yearly

Q9. What percentage of your earnings do you invest in share trading? Up to 10%

Up to 25%

Up to 50%

Above

50%

Q10. How do you rate these share trading companies? 1.

2.

4.

5.

a. Share khan b. ICICI Direct c. India Bulls d. Kotak Mahindra e. Others (Please specify)

3.

65

Q11. What more facilities do you think you require with your DEMAT account?

66

BIBBLOGRAPHY

BIBLOGRAPHY Books and Newspapers: 

The Economic Times, Business Standard, Business line



Securities Market (Basic) Module :--NCFM

67



Economic Times.



Training Kit Provided by the Sharekhan.



Indian financial system by M.Y KHAN



NSDL Depository operations module :--NCFM

URLs: 

www.indiainfoline.com



www.economics times.com



http://www.investopedia.com/articles/



www. nse-india.com



www.bseindia.com



www.moneycontrol.com

www.sharekhan .com

68