Você está na página 1de 118


TPP Report



For the training undergone at
Religare Securities Limited

For the fulfilling the requirement of the award of degree of MBA
Subject : TPP (MBA-903)

Under the Supervision of
Mr. Jagtar Sandhu
Trading Executive

Submitted to: Submitted by:
Prof. M.K Jain Atul
Director 9
Roll no. 9
Reg. No. 09-UD-669

(September 2013)


This is to certify that I have completed the Project titled Trading in Equity & Customer
Relationship at Religare . under the guidance of Mr. Jagtar Sandhu in partial fulfilment of
the requirement for the award of Degree of Master of Business Administration at Institute of
Management Studies, Kurukshetra University Kurukshetra This is an original piece of work
& I have not submitted it earlier elsewhere.

Place:Kurukshetra Name: Atul
Roll No. 9


It feels great to acknowledge the valuable assistance extended to me by
various personalities in the successful completion of this report. I feel highly
obliged to all these personalities.
I am deeply indebted to my esteemed teacher & our Chairman Dr. M. K
Jain, K.U.K., without the initiative, inspiration and useful suggestions, able
guidance of whom, the task before me would have been more difficult. I am
also thankful to all my teachers for their kind support and suggestions.
I would like to express my sincere thanks to Mr. Jagtar Sandhu (Trading
Executive), for the guidance, support and supervision they provided to me.
I thank a lot to my parents for their constant support all the way through.
Last but not the least I bow my head before Almighty God.

Chapter No. Title of the Chapter Page. No.
1 Introduction.
1.1 Stock market
1.2 Top Exchanges of World
1.3 List of Stock Exchanges in India
1.4 Major Stock Exchanges in India
1.5 List of Brokers in India

2 Religare Securities Ltd.
2.1 About Religare
2.2 Corporate Structure.
2.3 Statement Trend.
2.4 Services Rendered by Religare

3 Discussion and Analysis
3.1 Equity Trading
3.2 Commodity Trading
3.3 Analysis on the Basis of Questionnaire
3.4 Learning From the Market

4 SWOT Analysis, Recommendations
and Conclusion.
4.1 SWOT Analysis
4.2 Recommendations
4.3 Conclusion

5 Learning from The training.
5.1 Corporate Learning



Chapter 1


1.1 Stock market
A stock market or equity market is a public entity (a loose network of economic transactions,
not a physical facility or discrete entity) for the trading of company stock (shares) and
derivatives at an agreed price; these are securities listed on a stock exchange as well as those
only traded privately.
The size of the world stock market was estimated at about $36.6 trillion at the beginning of
October 2008. The total world derivatives market has been estimated at about $791 trillion
face or nominal value, 11 times the size of the entire world economy The value of the
derivatives market, because it is stated in terms of notional values, cannot be directly
compared to a stock or a fixed income security, which traditionally refers to an actual value.
Moreover, the vast majority of derivatives 'cancel' each other out (i.e., a derivative 'bet' on an
event occurring is offset by a comparable derivative 'bet' on the event not occurring). Many
such relatively illiquid securities are valued as marked to model, rather than an actual market
The stocks are listed and traded on stock exchanges which are entities of a corporation or
mutual organization specialized in the business of bringing buyers and sellers of the
organizations to a listing of stocks and securities together. The largest stock market in the
United States, by market capitalization, is the New York Stock Exchange (NYSE). In
Canada, the largest stock market is the Toronto Stock Exchange. Major European examples
of stock exchanges include the Amsterdam Stock Exchange, London Stock Exchange, Paris
Bourse, and the Deutsche Brse (Frankfurt Stock Exchange). In Africa, examples include
Nigerian Stock Exchange, JSE Limited, etc. Asian examples include the Philippine Stock
Exchange, the Singapore Exchange, the Tokyo Stock Exchange, the Hong Kong Stock
Exchange, the Shanghai Stock Exchange, and the Bombay Stock Exchange. In Latin
America, there are such exchanges as the BM&F Bovespa and the BMV. Australia has a
national stock exchange, the Australian Securities Exchange, due to the size of its population.
Market participants include individual retail investors, institutional investors such as mutual
funds, banks, insurance companies and hedge funds, and also publicly traded corporations
trading in their own shares. Some studies have suggested that institutional investors and
corporations trading in their own shares generally receive higher risk-adjusted returns than
retail investors.

In 12th century France the courretiers de change were concerned with managing and
regulating the debts of agricultural communities on behalf of the banks. Because these men
also traded with debts, they could be called the first brokers. A common misbelief is that in
late 13th century Bruges commodity traders gathered inside the house of a man called Van
der Beurze, and in 1409 they became the "Brugse Beurse", institutionalizing what had been,
until then, an informal meeting, but actually, the family Van der Beurze had a building in
Antwerp where those gatherings occurred; the Van der Beurze had Antwerp, as most of the
merchants of that period, as their primary place for trading. The idea quickly spread around
Flanders and neighboring counties and "Beurzen" soon opened in Ghent and Rotterdam.
In the middle of the 13th century, Venetian bankers began to trade in government securities.
In 1351 the Venetian government outlawed spreading rumors intended to lower the price of
government funds. Bankers in Pisa, Verona, Genoa and Florence also began trading in
government securities during the 14th century. This was only possible because these were
independent city states not ruled by a duke but a council of influential citizens. Italian
companies were also the first to issue shares. Companies in England and the Low Countries
followed in the 16th century.
The Dutch East India Company (founded in 1602) was the first joint-stock company to get a
fixed capital stock and as a result, continuous trade in company stock occurred on the
Amsterdam Exchange. Soon thereafter, a lively trade in various derivatives, among which
options and repos, emerged on the Amsterdam market. Dutch traders also pioneered short
selling a practice which was banned by the Dutch authorities as early as 1610.
There are now stock markets in virtually every developed and most developing economies,
with the world's largest markets being in the United States, United Kingdom, Japan, India,
China, Canada, Germany (Frankfurt Stock Exchange), France, South Korea and the
Function and purpose
The stock market is one of the most important sources for companies to raise money. This
allows businesses to be publicly traded, or raise additional financial capital for expansion by
selling shares of ownership of the company in a public market. The liquidity that an exchange
affords the investors gives them the ability to quickly and easily sell securities. This is an
attractive feature of investing in stocks, compared to other less liquid investments. Some
companies actively increase liquidity by trading in their own shares.
History has shown that the price of shares and other assets is an important part of the
dynamics of economic activity, and can influence or be an indicator of social mood. An
economy where the stock market is on the rise is considered to be an up-and-coming
economy. In fact, the stock market is often considered the primary indicator of a country's
economic strength and development. Rising share prices, for instance, tend to be associated
with increased business investment and vice versa. Share prices also affect the wealth of

households and their consumption. Therefore, central banks tend to keep an eye on the
control and behavior of the stock market and, in general, on the smooth operation of financial
system functions. Financial stability is the raison d'tre of central banks.
Exchanges also act as the clearinghouse for each transaction, meaning that they collect and
deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk
to an individual buyer or seller that the counterparty could default on the transaction.
The smooth functioning of all these activities facilitates economic growth in that lower costs
and enterprise risks promote the production of goods and services as well as possibly
employment. In this way the financial system is assumed to contribute to increased
Major participants and players in financial markets

In the financial markets, there is a flow of funds from one group of parties (funds-surplus
units) known as investors to another group (funds-deficit units) which require funds.
However, often these groups do not have direct link. The link is provided by market
intermediaries such as brokers, mutual funds, leasing and finance companies, etc. In all, there
is a very large number of players and participants in the financial market. These can be
grouped as follows :
The individuals: These are net savers and purchase the securities issued by corporates.
Individuals provide funds by subscribing to these security or by making other investments.
The Firms or corporates: The corporates are net borrowers. They require funds for different
projects from time to time. They offer different types of securities to suit the risk preferences
of investors Sometimes, the corporates invest excess funds, as individuals do. The funds
raised by issue of securities are invested in real assets like plant and machinery. The income
generated by these real assets is distributed as interest or dividends to the investors who own
the securities.
Government: Government may borrow funds to take care of the budget deficit or as a
measure of controlling the liquidity, etc. Government may require funds for long terms
(which are raised by issue of Government loans) or for short-terms (for maintaining liquidity)
in the money market. Government makes initial investments in public sector enterprises by
subscribing to the shares, however, these investments (shares) may be sold to public through
the process of disinvestments.
Regulators: Financial system is regulated by different government agencies. The relationships
among other participants, the trading mechanism and the overall flow of funds are managed,
supervised and controlled by these statutory agencies. In India, two basic agencies regulating
the financial market are the Reserve Bank of India (RBI ) and Securities and Exchange
Board of India (SEBI). Reserve Bank of India, being the Central Bank, has the primary
responsibility of maintaining liquidity in the money market It undertakes the sale and
purchase of T-Bills on behalf of the Government of India. SEBI has a primary responsibility

of regulating and supervising the capital market. It has issued a number of Guidelines and
Rules for the control and supervision of capital market and investors protection. Besides,
there is an array of legislations and government departments regulate the operations in the
financial system.
Market Intermediaries: There are a number of market intermediaries known as financial
intermediaries or merchant bankers, operating in financial system. These are also known as
investment managers or investment bankers. The objective of these intermediaries is to
smoothen the process of investment and to establish a link between the investors and the
users of funds. Corporations and Governments do not market their securities directly to the
investors. Instead, they hire the services of the market intermediaries to represent them to the
investors. Investors, particularly small investors, find it difficult to make direct investment. A
small investor desiring to invest may not find a willing and desirable borrower. He may not
be able to diversify across borrowers to reduce risk. He may not be equipped to assess and
monitor the credit risk of borrowers. Market intermediaries help investors to select
investments by providing investment consultancy, market analysis and credit rating of
investment instruments. In order to operate in secondary market, the investors have to
transact through share brokers. Mutual funds and investment companies pool the
funds(savings) of investors and invest the corpus in different investment alternatives. Some
of the market intermediaries are:
Lead Managers
Bankers to the Issue
Registrar and Share Transfer Agents
Clearing Corporations
Share brokers
Credit Rating Agencies
Portfolio Managers
Mutual Funds
Investment Companies
These market intermediaries provide different types of financial services to the investors.
They provide expertise to the securities issuers. They are constantly operating in the financial
market. Small investors in particular and other investors too, rely on them. It is in their
(market intermediaries) own interest to behave rationally, maintain integrity and to protect
and maintain reputation, otherwise the investors would not be trusting them next time. In
principle, these intermediaries bring efficiency to corporate fund raising by developing
expertise in pricing new issues and marketing them to the investors.

1.2 Top Exchanges of World
Ten largest stock exchanges in the world by market capitalization in 2011:
1. New York Stock Exchange (NYSE) - Headquartered in New York City. Market
Capitalization (2011, USD Billions) 14,242; Trade Value (2011, USD Billions) 20,161.
The largest stock exchange in the world by both market capitalization and trade value. NYSE
is the premier listing venue for the worlds leading large- and medium-sized companies.
Operated by NYSE Euronext, the holding company created by the combination of NYSE
Group, Inc. and Euronext N.V., NYSE offers a broad and growin array of financial products
and services in cash equities, futures, options, exchange-traded products (ETPs), bonds,
market data, and commercial technology solutions. Featuring more than 8000 listed issues it
includes 90% of the Dow Jones Industrial Average and 82% of the S&P 500 stock
marketindexes volume.
2. NASDAQ OMX - Headquartered in New York City. Market Capitalization (2011, USD
Billions) - 4,687; Trade Value (2011, USD Billions) 13,552.
Second largest stock exchange in the world by market capitalization and trade value. The
exchange is owned by NASDAQ OMX Group which also owns and operates 24 markets, 3
clearinghouses and 5 central securities depositories supporting equities, options, fixed
invome, derivatives, commodities, futures and structured products. It is a home to
approximately 3,400 listed companies and its main index is the NASDAQ Composite, which
has been published since its inception. Stock market is also followed by S&P 500 index.
3. Tokyo Stock Exchange - Headquartered in Tokyo. Market Capitalization (2011, USD
Billions) 3,325; Trade Value (2011, USD Billions) 3,972.
Third largest stock exchange market in the world by aggregate market capitalization of its
listed companies. It had 2,292 companies which are separated into the First Section for large
companies, the Second Section for mid-sized companies, and the Mothers section for high
growth startup companies. The main indices tracking Tokyo Stock Exchange are the Nikkei
225 index of companies selected by the Nihon Keizai Shimbun, the TOPIX index based on
the share prices of First Section companies, and the J30 index of large industrial companies.
94 domestic and 10 foreign securities companies participate in TSE trading. The London
Stock Exchange and the Tokyo Stock Exchange are developing jointly traded products and
share technology.
4. London Stock Exchange - Headquartered in London. Market Capitalization (2011, USD
Billions) 3,266; Trade Value (2011, USD Billions) 2,871.

Located in London City, it is the oldest and fourth-largest stock exchange in the world. The
Exchange was founded in 1801 and its current premises are situated in Paternoster Square
close to St Pauls Cathedral. It is the most international of all the worlds stock exchanges,
with around 3,000 companies from over 70 countries admitted to trading on its markets. The
London Stock Exchange runs several markets for listing, giving an opportunity for different
sized companies to list. For the biggest companies exists the Premium Listed Main Market,
while in terms of smaller SMEs the Stock Exchange operates the Alternative Investment
Market and for international companies that fall outside the EU, it operates the Depository
Receipt scheme as a way of listing and raising capital.
5. Shanghai Stock Exchange - Headquartered in Shanghai. Market Capitalization (2011,
USD Billions) 2,357; Trade Value (2011, USD Billions) 3,658.
It is the worlds 5th largest stock market by market capitalization and one of the two stock
exchanges operating independently in the Peoples Republic of China. Unlike the Hong Kong
Stock Exchange, the SSE is not entirely open to foreign investors. The main reason is tight
capital account controls by Chinese authorities. The securities listed at the SSE include the
three main categories of stocks, bonds, and funds. Bonds traded on SSE include treasury
bonds, corporate bonds, and convertible corporate bonds. The largest company in SSE is
PetroChina (market value 3,656.20 billion).
6. Hong Kong Stock Exchange - Headquartered in Hong Kong. Market Capitalization
(2011, USD Billions) 2,258; Trade Value (2011, USD Billions) 1,447.
It is the third largest stock exchange in Asia and the sixth largest in the world in terms of
market capitalization. Hong Kong Stock Exchange (SEHK) has about 1,477 listed companies
and it operates securities market and a derivatives market in Hong Kong and the clearing
houses for those markets. The three largest stocks by market capitalisation in Hong Kong
Stock Exchange are PetroChina, Industrial & Commercial Bank of China, and China Mobile.
7. Toronto Stock Exchange - Headquartered in Toronto. Market Capitalization (2011, USD
Billions) 1,912; Trade Value (2011, USD Billions) 1,542.
It is the largest stock exchange in Canada and the third largest in North America. Toronto
Stock Exchange is owned by and operated as a subsidiary of the TMX Group for the trading
of senior equities. A broad range of businesses from Canada, the United States, Europe, and
other countries are represented on the exchange. The exchange lists conventional securities,
exchange-traded funds, split share corporations, income trusts and investment funds. Toronto
Stock Exchange is the leader in the mining and oil & gas sector, including such companies
like Cameco Corporation, Canadian Natural Resources Ltd., EnCana Corporation, Husky
Energy Inc., Imperial Oil Ltd., and others.

8. BM&F Bovespa - Headquartered in Sao Paulo. Market Capitalization (2011, USD
Billions) 1,229; Trade Value (2011, USD Billions) 931.
Founded in 1890, today BM&F Bovespa is the largest stock exchange in South America and
8th largest in the world by market capitalization. It is the most important Brazilian institution
to intermediate equity market transactions and the only securities, commodities and futures
exchange in Brazil. BM&F Bovespa acts as a driver for the Brazilian capital markets. There
are about 381 listed companies at Bovespa and its benchmark indicator is the Indice Bovespa.
9. Australian Securities Exchange - Headquartered in Sydney. Market Capitalization (2011,
USD Billions) 1,198; Trade Value (2011, USD Billions) 1,197.
The Australian Securities Exchange is Australias primary securities exchange and it was
created back in 2006 when the merger of Australian Stock Exchange and the Sydney Futures
Exchange took place. Today Australian Securities Exchange is 9th largest stock exchange in
the world by market capitalization and has an average daily turnover of 4,685 billion dollar.
Products and services available for trading on ASX include shares, futures, exchange traded
options, warrants, contracts for difference, exchange-traded funds, real estate investment
trusts, listed investment companies and interest rate securities. The major market index is the
S&P/ASX 200.
10. Deutsche Brse - Headquartered in Frankfurt. Market Capitalization (2011, USD
Billions) 1,185; Trade Value (2011, USD Billions) 1,758.
Deutsche Brse is one of the worlds leading exchange organisations providing investors,
financial institutions and companies access to global capital markets. The exchange covers
the entire process chain from securities and derivatives trading, clearing, settlement and
custody, through to market data and the development and operation of electronic trading
system. Deutsche Brse has an approximately 765 listed companies with a combined market
capitalization of 1,185 trillion USD.

The list maintained by the Securities and Exchange Board of India (SEBI) is not
current as of 2010.
Bombay Stock Exchange (BSE)
National Stock Exchange of India (NSE)
Indian Commodity Exchange (ICEX)
United Stock Exchange of India (USE)
Multi Commodity Exchange (MCX)
Over the Counter Exchange of India (OTCEI)
Inter-connected Stock Exchange of India (ISE)
Madras Stock Exchange (MSE)
Coimbatore Stock Exchange (CSX)
Ahmedabad Stock Exchange (ASE)
Bhubaneshwar Stock Exchange (BhSE)
Cochin Stock Exchange (CSE)
Hyderabad Stock Exchange (HSE)

Calcutta Stock Exchange (CSE)
Delhi Stock Exchange (DSE)
Bangalore Stock Exchange (BgSE)
Madhya Pradesh Stock Exchange, Indore
Jaipur Stock Exchange (JSE)
Magadh Stock Exchange, Patna
UP Stock Exchange (UPSE)
Vadodara Stock Exchange,Vadodara (VSE)
Guwahati Stock Exchange Ltd
Ludhiana Stock Exchange Association Ltd
Kanara Stock Exchange Ltd
Mangalore Stock Exchange Ltd
Pune Stock Exchange Ltd
Saurashtra Kutch Stock Exchange Ltd
Meerut Stock Exchange Ltd
Intrex Trade Exchange Ltd
Mahurat trading


The National Stock Exchange (NSE) is a stock exchange located at Mumbai, India. It is
the 9th largest stock exchange in the world by market capitalization and largest in India by
daily turnover and number of trades, for both equities and derivative trading. NSE has a
market capitalization of around US$1.59 trillion and over 1,552 listings as of December
2010. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are
the two most significant stock exchanges in India, and between them are responsible for the
vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as
the NSE NIFTY (National Stock Exchange Fifty), an index of fifty major stocks weighted by
market capitalisation.
NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies
and other financial intermediaries in India but its ownership and management operate as
separate entities.There are at least 2 foreign investors NYSE Euronext and Goldman Sachs
who have taken a stake in the NSE.As of 2006, the NSE VSAT terminals, 2799 in total, cover
more than 1500 cities across India.NSE is the third largest Stock Exchange in the world in
terms of the number of trades in equities.It is the second fastest growing stock exchange in
the world with a recorded growth of 16.6%.

The Bombay Stock Exchange (BSE) (Marathi Bombay hare Bzar) (formerly, The Stock
Exchange, Bombay) is a stock exchange located on Dalal Street,Mumbai and is the oldest
stock exchange in Asia. The equity market capitalization of the companies listed on the BSE
was US$1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia
and the 8th largest in the world. The BSE has the largest number of listed companies in the
world. It has also been cited as one of the world's best performing stock market.
As of December 2010, there are over 5,034 listed Indian companies and over 7700 scrips on
the stock exchange, the Bombay Stock Exchange has a significant trading volume. TheBSE
SENSEX (SENSitive indEX), also called the "BSE 30", is a widely used market index in
India and Asia. Though many other exchanges exist, BSE and the National Stock Exchange
of India account for the majority of the equity trading in India.

INTRADAY:- refers to the practice of buying and selling financial instruments within the
same trading day such that all positions are usually closed before the market close for the
trading day. Traders that participate in day trading are called active traders or day traders.
Some of the more commonly day-traded financial instruments are stocks, stock
options, currencies, and a host of futures contracts such asequity index futures, interest
rate futures, and commodity futures.
Day trading used to be an activity exclusive to financial firms and
professional investors and speculators. Indeed, many day traders are bankor investment firm
employees working as specialists in equity investment and fund management. However, with
the advent of electronic trading and margin trading, day trading has become increasingly
popular among at-home traders.
DELIVERY: Delivery based trading means buying shares and holding them for certain
period of time is called delivery based trading.
The shares you bought will be in your demat account.
Once you take delivery of shares you can hold them as long as you want. To take delivery of
shares, you must have sufficient funds in your account. You dont get any margin to buy
shares in delivery.
If you have Rs.5000 means you can buy shares worth of Rs.5000 and not more than this.
DERIVATIVES:- A derivative is a financial instrument (or, more simply, an agreement
between two parties) that has a value, based on the expected future price movements of the
asset to which it is linked called the underlying asset such as a share or a currency. There are
many kinds of derivatives, with the most common being swaps, futures, and options.
Derivatives are a form of alternative investment.
A derivative is not a stand-alone asset, since it has no value of its own. However, more
common types of derivatives have been traded on markets before their expiration date as if
they were assets. Among the oldest of these are rice futures, which have been traded on
the Dojima Rice Exchange since the eighteenth century.
Common derivative contract types
There are three major classes of derivatives:
1.Futures/Forwards are contracts to buy or sell an asset on or before a future date at a price
specified today. A futures contract differs from a forward contract in that the futures contract
is a standardized contract written by a clearing house that operates an exchange where the
contract can be bought and sold, whereas a forward contract is a non-standardized contract
written by the parties themselves.
2.Options are contracts that give the owner the right, but not the obligation, to buy (in the
case of a call option) or sell (in the case of aput option) an asset. The price at which the sale
takes place is known as the strike price, and is specified at the time the parties enter into the

option. The option contract also specifies a maturity date. In the case of a European option,
the owner has the right to require the sale to take place on (but not before) the maturity date;
in the case of an American option, the owner can require the sale to take place at any time up
to the maturity date. If the owner of the contract exercises this right, the counter-party has the
obligation to carry out the transaction.
3.Swaps are contracts to exchange cash (flows) on or before a specified future date based on
the underlying value of currencies/exchange rates, bonds/interest rates, commodities, stocks
or other assets.
More complex derivatives can be created by combining the elements of these basic types. For
example, the holder of a swaption has the right, but not the obligation, to enter into a swap on
or before a specified future date.

1.5 Top Brokers in India

1. ICICI Direct
2. Angel Broking
3. India Infoline (IIFL)
4. Sharekhan
5. IndiaBulls Securities
6. Zerodha
7. Religare Securities
8. HDFC Securities
9. R.K Global
10. Kotak Securities
11. Reliance Money
12. Axis Direct
13. Motilal Oswal Securities
14. Geojit BNP Paribas
15. SMC Global Securities
16. Unicon Investment Solutions
17. Bonanza Protfolio












ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein after referred to as website)
where as IWTL is an affiliate of ICICI bank limited and the website is owned by ICICI bank limited.
IWTL has launched and established an online trading service on the website.
Products and services
Investing in mutual funds
Personal finance
Computer services features
Margin trading
Margin plus trading
Call trading
Trading on NSE/BSE


Indiainfoline.com Securities Pvt. Ltd. Is a wholly owned subsidiary of Indiainfoline.com ltd. And is
the stock broking arm of Indiainfoline.com. The subsidiary was formed to comply with regulatory
guidelines. www.5paise.com is a focused website of online stock group. IILSPL has applied for
trading membership of the BSE under securities and exchange board of India (stock brokers and sub
brokers) rules 1992.

Products offered by India Infoline Securities Pvt. Ltd.

Stock market- IISPL deals in stock market by trading in equity and derivatives.
Personal finance- it deals in mutual funds and insurance.
Other trading- it provides services in stock and commodity trading (through internet).


HDFC securities are the subsidiary of (housing development financial corporation). www.hdfcsec.com
would have an exclusive discretion to decide the customers who would be entitled to its online
investing services www.hdfcsec.com also serves the right to decide on the criteria based on which
customers would be chosen to participate in these services. The present website (www.hdfcsec.com)
contains features of services that they offer/propose to offer in due course. The launch of new services
in subjected to the clearance of the regulators i.e., SEBI, NSE, BSE.

Products offered by HDFC securities

Online trading for resident and no resident Indians
Cash-n-carry on both NSE and BSE
Day trading on both NSE and BSE
Trade in futures and options on NSE
Online IPOs
Telephone based broking (equity and derivatives)


Indiabulls was incorporated as GPF securities Pvt Ltd on June 9, 1995. The name of company was
changed to ORBIS securities Pvt Ltd on Dec 15, 1995 to change the profile of the company and
subsequently due to the conversion of the company into a public limited company. The name was
further changed to Orbis securities limited on Jan 5, 2004. The name of the company was again
changed to INDIABULLS Securities Ltd on Feb 16, 2004
so as to capitalize the brand image of the term INDIABULLS.

Products offered
Equity and debt stock broking, Insurance Commodity trading, Depository service, Derivative broking
services, Equity research service, Mutual fund distribution & IPO distribution


Sharekhan securities is one of the leading retail of citi venture which is running successfully since
1922 in the country. Earlier it was the retail broking arm of the Mumbai based SSKI Group which is
eight decades of experience in the stock broking business. Sharekhan offers the customers a wide
range of equity related services including trade execution on BSE, NSE, derivatives, depository
services, Online trading, investment advice etc.

Products offered

Equity trading platform (online /offline)
Commodities trading platform (online/offline)
Portfolio management services
Mutual funds advisory and distribution
Insurance distribution


Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, is the stock broking and distribution
arm of the Kotak Mahindra Group. The company was set up in 1994. Kotak Securities is a corporate
member of both The Bombay Stock Exchange and The National Stock Exchange of India Limited. Its
operations include stock broking and distribution of various financial products - including private and
secondary placement of debt and equity and mutual funds. Currently, Kotak Securities is one of the
largest broking houses in India with wide geographical reach. The company has four main areas of
business: (1) Institutional Equities, (2) Retail (equities and other financial products), (3) Portfolio
Management and (4) Depository Services.


Reliance Money, a Reliance Capital company and part of the Reliance Anil Dhirubhai Ambani Group
is a comprehensive financial services and solution provider. It is a one-stop-shop, providing end-to-
end financial solutions (including mobile and web-based services). It has the largest non-banking
distribution channel with over 10,000 outlets and 20,000 touch points spread across 5,165 cities/
towns; catering to the diverse needs of over 3 million existing customers.

Reliance Money endeavors to change the way investors transact in financial markets and avails
financial services. It provides customers with access to Equity, Equity and Commodity Derivatives,
Offshore Investments, Portfolio Management Services, Wealth Management Services,
Investment Banking, Mutual Funds, IPOs, Life and General Insurance products and Gold
Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing

Reliance Capital is one of India's leading and fastest growing private sector financial services
companies, and ranks among the top 3 private sector financial services and banking groups, in terms of
net worth.

Comparative study
Between Religare & Others Firm

Table showing charges for Demat a/c-:

Brokerage equity
Name of the firm Intraday
(In paisa)
In Rs.
2 20 80 500 5000
Reliance money 0.5 5 50 950 0
5 25 80 850 10000
3 30 50 650 5000
3 25 50 805 5000
Icici direct 7.5 75 50 499 5000
Kotak securities 3 30 10 300 5000
Indiabulls 3 30 50 888 0
3 20 15 736 0
Hem securities 1.5 25 70 660 7000
Angel broking
2 20 30 760 5000

Comparison between services provided by Religare & Other firms-:


Comparison of brokerage on intraday

Name of the firm Brokerage (in paisa.)
Religare 2
Reliance 0.5
Indiabulls 5
India Infoline 3
Anand Rathi 3
ICICI Direct 3
Angel Broking 5

Comparison of
brokerage on delivery

Name of the firm Brokerage (in paisa.)
Religare 20
Reliance 30
Indiabulls 50
India Infoline 50
Anand Rathi 25
HEM 25
ICICI Direct 30
Angel Broking 50

Chapter 2


2.1 About Religare

Religare Enterprises Limited (REL) is one of Indias leading diversified financial services
groups. REL offers an integrated suite of financial services including asset management, life
and health insurance, lending, broking, investment banking, and wealth management.
Religare Enterprises is headquartered in New Delhi and is listed on the Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE) in India.

Religare is also building an Asia & emerging markets focused Institutional equities &
Investment Banking business and a multi-boutique global asset management platform to tap
the broader opportunities offered by the most promising emerging markets around the world.

Our Brand Identity

Religare is a Latin word that means ''to bind together''. We chose this name to reflect the
integrated nature of our services. Our name is paired with the symbol of a four-leaf clover.
Traditionally, it is considered good fortune to find a four-leaf clover as there is only one four-
leaf clover for every 10,000 three-leaf clovers found.

Each leaf of the Religare clover has a special meaning. It is a symbol of Hope, Trust, Care
and Good Fortune.

The first leaf of the clover represents Hope
The aspirations to succeed. The dream of becoming. Of new possibilities. It is the beginning
of every step and the foundation on which a person reaches for the stars.

The second leaf of the clover represents Trust
The ability to place one''s own faith in another. To have a relationship as partners in a team.
To accomplish a given goal with the balance that brings satisfaction to all, not in the binding,
but in the bond that is built.

The third leaf of the clover represents Care
The secret ingredient that is the cement in every relationship. The truth of feeling that
underlines sincerity and the triumph of diligence in every aspect. From it springs true warmth
of service and the ability to adapt to evolving environments with consideration to all.

The fourth and final leaf of the clover represents Good Fortune
Signifying that rare ability to meld opportunity and planning with circumstance to generate
those often looked for remunerative moments of success.

Board of Directors

Mr. Sunil Godhwani
Chairman & Managing Director
Religare Enterprises Limited
Mr. Ravi Mehrotra
Mr. Monish K Dutt
Non-executive, Non-
Independent Director
Mr. Virendra Kumar Madan
Non-executive, Non-
Independent Director
Mr. Arun Ramanathan
Non-executive, Independent
Mr. A. C. Mahajan
Non-executive, Independent
Mr. R. K. Shetty
Non-executive, Independent
Mr. Harpal Singh
Non-executive Director
Mr. Deepak Ramchand Sabnani
Independent Director
Mr. Padam Bahl
Independent Director
Capt. G. P. S. Bhalla
Alternate to Mr. Deepak

Mr. Sunil Godhwani
Chairman & Managing Director
Religare Enterprises Limited

Mr. Sunil Godhwani, Chairman and Managing Director,
Religare Enterprises Limited, is the driving force behind the
group and its vision. Sunil brings to the table strong
leadership skills, vigor and a passion for excellence. He
believes in nurturing a culture that is entrepreneurial, result
oriented, customer focused and based on teamwork. He has
given strategic direction to Religares growth since his
joining in 2001 and has been a key force in giving birth to
Religares current shape and form globally. Under his able
leadership, Religare is well poised to be a leading emerging
markets financial services group. Prior to joining Religare,
Sunil has had a diverse and wide-ranging experience of over
two decades in managing large scale businesses. He also
serves as Director on the Boards of various group companies
like SRL Limited, Religare Macquarie Wealth Management
Limited, AEGON Religare Life Insurance Company
Limited, Ligare Voyages Limited, Fortis Healthcare Limited
and other subsidiaries/ Group companies of Religare.

A powerful orator and a great motivator, Sunil has been
honored with many awards and accolades globally.

Born in New Delhi, India, Sunil completed his schooling
from the prestigious St. Columbas School post which he
went abroad to pursue his higher studies. He holds a B. Sc.
Degree in Chemical Engineering and a M.Sc. in Industrial
Engineering & Finance from Polytechnic Institute of New
York. He loves Chinese food and is an avid sports enthusiast
with interests in Cricket, Table Tennis and Golf.

Top Management

Mr. Shachindra Nath
Group Chief Executive Officer
Religare Enterprises Limited
Mr. Anil Saxena
Group Chief Finance Officer
Religare Enterprises Limited
Mr. Kamlesh Dangi
Group Chief People Officer
Religare Enterprises Limited
Mr. Anuj Gulati
Managing Director & CEO
Religare Health Insurance
Company Limited
Mr. Basab Mitra
CEO Capital Markets and
Wealth Management
Mr. Kavi Arora
Managing Director & CEO
Religare Finvest Limited
Mr. Saurabh Nanavati
Chief Executive Officer
Religare Invesco Asset
Management Company Pvt. Ltd.

Mr. Shachindra Nath
Group Chief Executive Officer
Religare Enterprises Limited

Mr. Shachindra Nath (Group Chief Executive Officer)
Religare Enterprises Ltd., carries the overall responsibility
for leading all pivotal operations and businesses of the
group. He has been associated with Religare since the year
2000 and has been instrumental in building various
businesses under the Religare umbrella from scratch. His
strategic agility coupled with a hands on approach has been
a key to Religares growth and success over the years. With
a career span of more than 20 years, Shachindra is a highly
accomplished professional backed by an exemplary
academic record. He is a University rank holder for his
Bachelors degree in Law from the Banaras Hindu
University, Varanasi. He also went on to pursue a Post
Graduate diploma in Intellectual Property Rights from the
Amity Law College, Delhi.

Prior to joining Religare; Shachindra has worked in the
manufacturing and Financial services sector in various
capacities. A great motivator and leader, when not at work
he loves to read, contribute to columns, travel and spend
time with his family.

2.2 Corporate Structure

Awards and Accolades


The Indian Insurance Awards, has awarded AEGON Religare Life Insurance (ARLI) as
the E-Business Leaderunder the category of Overall Insurance Industry Awards.
Religare Health Insurance has been awarded the Technology Innovation in Health
Insurance Award at the prestigious Indian Insurance Awards - 2013.

Religare Finvest Limited has been awarded the Finnoviti 2012 award in the Innovation
in Process category.

Religare Securities Limited has been awarded the "Best Investor Education &
Category Enhancement Currency Broker" at the Bloomberg UTV Financial
Leadership Awards.
Religare Commodities Limited has been awarded the "Best Commodity Broker" at the
Bloomberg UTV Financial Leadership Awards.

Religare Capital Markets has been adjudged the "Most Improved Brokerage in the
Last 12 Months" by Asia Money Brokers Poll.
Religare Broking TVC (archery creative) won Silver Abby in the Sound and Design craft
category at Goafest 2011.
Religare Capital Markets Limited has been awarded the coveted Starmine award for
the "Best Brokerage Research House".
Religare Commodities Ltd has been awarded the ''The Best Commodity Broker of the
year'' at the Bloomberg UTV''s financial Leadership awards.
Religare Enterprises Ltd presented the the Best Retail Marketing Campaign of the
Year 2010 at Asia Retail Congress.
Religare Enterprises Ltd received the coveted Master Brand Award for 2010 and Best
Marketing Campaign of the year at World Brand Congress 2010.


In India, we offer a wide array of complementary services including broking, insurance, asset
management, lending solutions, investment banking and wealth management.

We have also built an Emerging Markets Capital Markets Platform and a multi-boutique
Global Asset Management Platform to address the broader opportunities presented by
emerging markets.

EM Capital Markets Platform

Religare Capital Markets (RCM) is an Asia and India focused Capital Markets platform,
recognized by clients and independent agencies alike for the quality of its research and
execution. RCM is empaneled by nearly 575 institutional investors and covers 318 stocks
under its research umbrella globally.

We offer a comprehensive suite of services across Institutional Equities and Investment
Banking. Our Institutional Equities business specializes in Equity Research, Sales and
Execution in Asian and Indian equities. In Investment Banking we provide Equity Capital
Markets, Corporate Finance and Private Financing services to clients worldwide.

With over 340 people worldwide, RCM has offices across Asia, Africa, the Middle East,
Europe, Australia and the Americas.

Global Asset Management

Religare Global Asset Management (RGAM) operates a multi-boutique asset management
business. RGAM partners with established institutional-quality asset managers that offer
forward looking investment strategies and have track record of superior performance. Our
goal is to partner with six to ten distinct Affiliates over next three to five year period to offer
a breadth of investment strategies and build a significant asset management business. Our key
Affiliates include Landmark Partners & Northgate Capital and our aggregate assets under
management through our Affiliates is over US$ 13 billion.

RGAM facilitates the development of Affiliates business through access to its centralized
distribution and service teams in Asia, through which Affiliates can raise capital and service
investors in Asian markets they might not otherwise have access to. Religares established
presence in key emerging markets benefits Affiliates by providing them with access to local
knowledge and deal flow in those markets. Moreover, each Affiliate benefits from the size
effect of an aggregate multi-boutique business, where cross pollination of resources and
relationships creates a network effect.

Share Information

NSE Code: RELIGAREEQ BSE Code: 532915
Date of Listing: 21/11/2007 ISIN No: INE621H01010
Market Lot: 1 Face Value: 10.00

Investor Contacts

Registered and Corporate Office:
Religare Enterprises Limited
D3, P3B, District Centre, Saket
New Delhi 110017, India
Phone: +91-11-39125000
Fax: +91-11-39126505
Registrar and Transfer Agent:
Karvy Computershare Private Limited
Plot No. 17 to 24, Vithalrao Nagar
Madhapur, Hyderabad 500081, India
Contacts for Communication

Type of shareholders/ nature of
Individual shareholders holding
securities in physical form
Karvy Computershare Private Limited
Plot No. 17 to 24, Vithalrao Nagar,
Madhapur, Hyderabad 500081, India
E-mail: einward.ris@karvy.com
Individual shareholders holding
securities in demat form
To the Investors'''' Depository Participant (s)
and/or Karvy Computershare Private Limited
General inquiries E-mail: investorservices@religare.com
and/ or einward.ris@karvy.com
Institutional shareholders E-mail: investor.relations@religare.com
Compliance matters Mr. Sudhakar Shetty
Director - Compliance & Secretarial
D3, P3B, District Centre, Saket, New Delhi
110017, India
E-mail: investor.relations@religare.com

2.3 Statement Trend

Income Statement - Religare Enterprises Ltd.

You can view the Income statement for the last 5 years.StandaloneConsolidated( in Crs.)
Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Operating Income 3145.05 2753.69 1581.13 1090.22 830.14
Manufacturing Expenses 0.00 872.81 315.42 127.68 26.30
Personnel Expenses 932.42 947.21 492.68 360.68 190.06
Selling Expenses 0.00 70.19 55.53 36.88 112.31
Adminstrative Expenses 917.65 372.93 256.30 282.64 156.49
Cost Of Sales 1850.08 2263.15 1119.94 807.88 485.15
Operating Profit 1294.98 490.54 461.20 282.34 344.99
Other Recurring Income 103.13 36.49 24.98 80.43 59.55
Adjusted PBDIT 1398.11 527.03 486.17 362.77 404.54
Financial Expenses 1456.90 789.88 279.75 309.18 229.08
Depreciation 83.53 97.53 67.97 52.65 25.92
Other Write offs 0.00 0.00 0.00 0.05 0.22
Adjusted PBT -142.31 -360.39 138.46 0.89 149.33
Tax Charges 50.21 81.21 89.14 49.46 58.82
Adjusted PAT -192.52 -441.60 49.31 -48.56 90.51
Minority Interest -64.53 -5.99 -0.22 0.00 0.00
Share of P/L In Associates 0.72 0.00 0.00 0.00 0.09
Adjusted PAT after Minority Interest and Share
of P/L in Associates
-256.33 -447.59 49.09 -48.56 90.59
Non Recurring Items 45.88 161.62 58.96 -17.44 6.56
Other Non Cash adjustments -2.31 -14.56 -0.25 2.34 -0.10
Reported PAT after Minority Interest and Share
of P/L in Associates
-212.77 -300.52 96.92 -63.58 91.97

Earnigs Before Appropriation -353.48 -197.52 142.87 34.77 124.69
Equity Dividend 0.00 0.00 25.56 0.01 17.39
Preference Dividend 0.00 0.00 4.84 0.00 0.00
Dividend Tax 0.00 0.00 10.88 0.00 6.61
Retained Earnings -353.48 -197.52 101.59 34.76 100.69

Balance Sheet Trend

Balance Sheet - Religare Enterprises Ltd.

You can view Balance Sheet for the last 5 years.StandaloneConsolidated( in Crs.)
Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Owner's Fund
Equity Share Capital 149.30 139.43 127.81 76.29 76.08
Preference Share Capital 56.10 37.00 25.00 25.00 0.00
Equity Share Application Money 0.00 0.00 0.18 1800.16 0.00

Reserves & Surplus 3488.69 2788.60 2459.56 656.87 506.46
Loan Funds
Secured Loans 11925.01 6502.25 1575.55 495.55 723.23
Unsecured Loans 0.00 4836.08 3996.44 768.02 2341.21
Minority Interest 205.82 231.63 12.93 2.77 0.00
Policy Holders Funds 320.61 198.94 63.91 9.06 0.00
Total 16145.53 14733.93 8261.38 3833.72 3646.99
Fixed Assets
Gross Block 1813.40 1741.15 1047.49 881.44 178.99
Less : Accumulated Depreciation 218.53 252.76 164.18 103.24 42.70
Net Block 1594.87 1488.40 883.31 778.20 136.29
Capital Work-in-progress 104.09 105.90 5.15 10.75 12.37
Investments 1434.11 491.90 873.04 255.93 312.94
Net Current Assets
Current Assets, Loans & Advances 17210.44 15158.35 7960.96 3658.15 3807.03
Less : Current Liabilities &
4197.99 2510.61 1461.09 869.31 621.64
Total Net Current Assets 13012.45 12647.74 6499.88 2788.84 3185.39
Total 16145.53 14733.93 8261.38 3833.72 3646.99
Note :
Book Value of Unquoted Investments 1199.85 449.90 811.27 148.65 267.06
Market Value of Quoted Investments 224.25 37.81 47.88 58.99 63.18
Contingent liabilities 151.99 1813.69 1239.51 691.72 778.98
Number of Equity shares outstanding
(in Lacs)
1493.0263 1394.3449 1278.1375 762.8976 760.8385

Shareholding Pattern


As on : 31-Mar-2013 31-Dec-2012 30-Sep-2012 30-Jun-2012
Face Value 10 10 10 10

No. Of
No. Of
No. Of
No. Of
2.95 4,400,05
2.95 4,400,05
2.95 4,400,05
68.81 102,797,
68.81 102,797,
68.81 102,797,
Sub Total 107,197,
71.75 107,197,
71.75 107,197,
71.75 107,197,

Institutional Investors
Mutual Funds
and UTI
448 0.00 0 0.00 0 0.00 0 0.00
Banks Fin.
Inst. and
1.08 1,611,01
1.08 1,611,14
1.08 1,608,75
FIIs 2,305,00
1.54 2,324,87
1.56 2,324,65
1.56 2,324,65
Sub Total 3,917,95
2.62 3,935,88
2.63 3,935,80
2.63 3,933,41
Other Investors
1.08 2,255,95
1.51 9,332,60
6.25 2,585,27
oreign Others
11.22 10,256,9
6.87 10,252,7
6.86 10,151,1
Directors 0 0.00 0 0.00 0 0.00 1,619,25
Others 124,834 0.08 118,187 0.08 171,326 0.11 231,007 0.15
Sub Total 18,499,0
12.38 12,631,0
8.45 19,756,6
13.22 14,586,6
General Public 19,787,1
13.24 25,637,2
17.16 18,510,7
12.39 23,651,2

Board Meetings

Date Of Board Meeting Purpose of Meeting
31/07/2013 Quarterly Results
23/05/2013 Audited Results
24/01/2013 Quarterly Results
07/11/2012 Allotment of equity shares
30/10/2012 Quarterly Results
29/09/2012 Issue of Compulsory Conv. Debentures
06/08/2012 Quarterly Results
25/05/2012 Audited Results
10/02/2012 Quarterly Results & Others
12/11/2011 Quarterly Results & Others


Purpose AGM
Start Date
End Date
28/06/2013 EGM 26/07/2013 - -
29/09/2012 EGM 26/10/2012 - - To approval of the
shareholders for the
preferential issue of
equity shares and
06/08/2012 AGM 29/08/2012 25/08/2012 29/08/2012
10/02/2012 EGM 10/03/2012 - - To issue of Equity
Shares on preferential

basis upto 96,00,000
fully paid-up Equity
Shares of Rs. 10/- each
of the Company to
Hospitalia Information
Systems Pvt. Ltd. a
WoS of RHC Finance
Pvt. Ltd. & to approve
the Religare ESOS-
2012 for the
29/07/2011 AGM 10/09/2011 05/09/2011 09/09/2011
15/02/2011 EGM 12/03/2011 - - To raise the funds
through issue of Capital
upto Rs. 2,500 Crs & to
increase in the size of
the Employee Stock
Option Pool from
existing 5% to 10% of
the fully diluted Equity
Capital of the Company
under the Religare
Employee Stock Option
02/09/2010 EGM 20/09/2010 - - To issue of 5,617,977
fully paid-up Equity
Shares of Rs. 10/- each
for cash at a price of
Rs. 445/- per Equity
Share & to issue of
5,617,977 Warrants
with entitlement to
subscribe to equivalent
no. of fully paid up
Equity Shares of
Rs.10/- each to
07/07/2010 AGM 11/08/2010 09/08/2010 11/08/2010
28/07/2009 AGM 25/09/2009 22/09/2009 25/09/2009
27/06/2008 AGM 20/09/2008 16/09/2008 20/09/2008 11% Dividend

Corporate Actions

Start Date
End Date
19/03/2010 Interim 20.00 01/04/2010 - - 30/03/2010
27/06/2008 Final 11.00 - 16/09/2008 20/09/2008 12/09/2008

Rights Issues
Announcement Date Ratio Offer Price Record Date Bookclosure Date XR Date
30/10/2008 3:2 355.00 18/01/2010 - 15/01/2010

Share Price - Latest Quote

Detailed Stock Information
Exchange BSE NSE
Last Traded
Price ( )
316.00 316.00
Last Traded
10/07/2013 10/07/2013
Last Traded
11:24:59 AM
% Change 0.54% 1.17%
Day's Open ( ) 316.00 312.00
Previous Close (
314.30 312.35
BSE BSE Midcap , BSE500 ,
NSE CNX Smallcap , CNX500 ,

Day's High ( ) 320.00 325.05
Day's Low ( ) 316.00 312.00
Volume 14889 49479
Value ( In
4.70 15.69
Bid Price ( ) 316.00 314.70
Bid Quantity 6 3
Offer Price ( ) 316.75 316.50
Offer Quantity 10 10
Exchange Code 532915 RELIGAREEQ
Exchange Group B OtherEQ

Average Price
Particulars BSE NSE
1 Week 316.60 315.50
2 Weeks 321.17 321.57
13 Weeks 307.18 307.13
26 Weeks 295.98 296.46
52 Weeks 307.08 307.31

52 Week High/Low
Exchange High High Date Low Low Date
BSE 369.80 01/08/2012 250.40 24/05/2013
NSE 369.00 01/08/2012 235.00 11/06/2013

Share Price / Volume Chart

Unpaid/Unclaimed Amounts

Unpaid/Unclaimed Amounts as on 10th September 2011

As per section 205C (2) of the Companies Act, 1956, Amounts of Dividend, Share
Application Money due for refund, Matured Deposits, Matured Debentures which have
remained unclaimed and unpaid for a period of seven years from the date they become due
for payment as well as interest accrued on these amount shall be transferred to Investor
Education and Protection Fund established by Central Government.

Recently, Ministry of Corporate Affairs has introduced "Investor Education and Protection
Fund (Uploading of information regarding unpaid and unclaimed amounts lying with
Companies) Rules, 2012" vide notification no. GSR 352(E) dated 10th May, 2012. The
details of unpaid amounts as per section 205C (2) of the Companies Act, 1956 have to be
identified and uploaded on the website of the Company as per Rule 3 of the said Rules .

Religare CSR

At Religare, we think beyond business. We are deeply committed to being responsible
contributors to society. As a global financial services group, offering a wide array of products
and services and serving over a million clients, our mission is to "Empower the Investor".
Our Investor Awareness Programmes help investors navigate the financial markets better. We
also publish books and articles that demystify complex products and concepts for the
common man. Our latest publication, Investing in Commodities Made Easy has been a

We are also involved proactively in community building. Through initiatives in the field of
education, health, arts and women empowerment, we contribute towards building a stronger
society. We have partnered with the Save Life Foundation, the Akshaya Patra movement and
the SOS Childrens Village to further our social objectives. The Religare Art Residency
programme identifies and mentors budding artists.


Partnership with Save LIFE Foundation:

Partnered with the Save LIFE Foundation (SLF) a non- profit, non-governmental
organization that focuses on bystander care for road accident victims in India. Our support
will enable SLF to prepare professionally designed training material for distribution and
enhance their primary research capabilities.

Sponsorship of Family Home at SOS Children''s Village:

Approximately 5000 children die every day in India, due to lack of amenities or nutrition. To
tackle this problem Religare has partnered with SOS Childrens Villages of India which sets
up homes that look after orphaned children. Each village has homes with 8-10 children who
stay there till they complete their education.

Association with Give India:

We''ve begun an employee initiative with the Give India Foundation, where employees
donate a part of their salaries to their pet causes.

Part of the Akshaya Patra Movement:

Joined hands with the Akshaya Patra movement, a pioneering school meal program that
provides unlimited, nutritious, hygienically cooked hot noon meals in government schools
and government run day-care centers (anganwadis). Religare has agreed to sponsor 1,000
children for a period of one year.

2.4 Services rendered by Religare :

Institutional Distribution
Equity &
Investment Banking


Private Equity
Insurance Broking
Lending Services
Equity & Derivative

The term equity derivative describes a class of financial instruments whose value is at least
partly derived from one or more underlying equity securities. Market participants trade equity
derivatives in order to transfer or transform certain risks associated the underlying. Options
are by far the most common equity derivative, however there are many other types of equity
derivatives that are actively traded.

The Client Service Manager will be responsible for all aspects of client reporting for
institutional investment clients and industry organizations. The candidate will also be
responsible for client servicing which includes working with clients, internal groups and UK
based portfolio management.

Depository is an organisation which holds your securities in electronic (also known as book
entry) form, in the same manner as a bank holds your money. Further, a depository also
transfers your securities without actually handling securities, in the same day as a bank
transfers funds without actually handling cash.

Commodity Broking Services specialises in offering online accounts to clients wishing to
deal in the Foreign Exchange, Bullion, Futures, Commodities, CFDs and
International/Domestic Equities markets all from the one account. Commodity Broking
Services specialize in offering commodity price risk management to agricultural producers
and end users.

Wealth management services are provided by banks, professional trust companies, and
brokerages. For those with sizeable assets [usually over $500,000], professional wealth
management can help you plan your estate or invest your assets based on personal criteria
and financial goals.

Investment Banking is facing a strangle of challenges today lower margins, compliance
issues, workflow disconnects and data redundancies. Investment banks need a partner who
can work in market-time to address all these business challenges.
The term Insurance Broker became a regulated term under the Insurance Brokers
(Registration) Act 1977which was designed to thwart the bogus practices of firms holding
themselves as brokers but in fact acting as representative of one or more favoured insurance
companies. Insurance brokerage is largely associated with general insurance (car, house etc.)
rather than life insurance, although some brokers continued to provide investment and life
insurance brokerage until the onset of more onerous Financial Services Authority regulation
in 2001. Insurance broking is carried out today by many types of organizations including
traditional brokerages, Independent Financial Advisers (IFAs) and telephone or web-based

Backed by one of the largest retail networks in India with its presence in more than 1550
locations across more than 460 cities and towns, Religare caters to a large number of retail
clients by offering all products under one roof through the branch network and online mode.
Equity Trading

Trading in Equities with Religare truly empowers you for your investment needs. We
ensure you have a superlative trading experience through -
A highly process driven, diligent approach
Powerful Research & Analytics and
One of the "best-in-class" dealing rooms
Commodities Trading

Religare Commodities Limited (RCL), a wholly owned subsidiary of Religare
Enterprises Limited was initiated to spearhead Exchange based Commodity Trading. As a
member of NCDEX, MCX and NMCE, RCL, present in 529 locations provides options in

both agri and non-agri commodities for Exchange based commodity trading backed by
incisive dedicated research.
Online Investment Portal
Religare Online is your single gateway for all your financial needs. Now you not just
trade online in Equities, Commodities, apply for IPOs, invest in Mutual Funds, buy
Insurance, but also get Trade Rewards each time you invest online with our 360 degree portal
Personal Financial Services
Today, more and more people look up to ways and means which can fulfill their financial
aspirations such as Savings, Retirement planning, Tax planning & Wealth planning, etc. All
this coupled with multiple and cut throat competitive offerings makes it very difficult for an
individual to come to a decision and this leads to the search of a partner who can help an
individual understand the complex investment instruments and make the best use of them to
meet his/her short-term and long-term financial objectives.
Consumer Finance
Religare's Consumer Finance business is operated through its NBFC arm, Religare
Finvest Limited
With the growing opportunities of Consumer Finance in India, Religares Capital Market
& Non-Capital Market Lending products offer "loans for all your needs".
Insurance Solutions
Religare with one of the largest retail networks in the country offers a complete range of
insurance solutions though its 100% subsidiary company, Religare Insurance Broking
Limited (RIBL). The company holds a composite broker's license operating in the Life,
General and Reinsurance domains.

To provide customized wealth advisory services to high net worth individuals (HNIs),
Religare offers an exceptional selection of investment opportunities, in every asset class. Our
market knowledge and formidable resources facilitate wealth acceleration, diversification and
capital preservation.

Wealth Management
Religare operates its wealth management business in partnership with Macquarie through
the joint venture - Religare Macquarie Wealth Management Limited (a 50:50 joint venture).
The JV is a combination of strengths - Macquaries strong global expertise with Religares
strong local insights.
Portfolio Management Services (PMS)
Religare offers PMS to address varying investment preferences. As a focused service,
PMS pays attention to details, and portfolios are customized to suit the unique requirements
of investors.
Religare PMS currently extends six portfolio management schemes, viz Monarque,
Panther, Tortoise, Elephant, Caterpillar and Leo. Each scheme is designed keeping in mind
the varying tastes, objectives and risk tolerance of our investors


Fund Raiser for Ladakh Flash Floods:
We had partnered with NDTV to raise funds for victims of flash floods in Ladakh. The
Religare Art Gallery hosted a charity photography exhibition to show solidarity with families
affected by the tragedy.

Save the Environment Week at SOS Children''s Village:
In August 2010, we organized a ''Save the Environment'' week for British School children at
the SOS Children''s Village. The week began with the 6 children attending an introductory
session at Religare premises as part of their community service week. From day 2, the
children spent 2 hours a day with over 20 children from the Village to spread awareness on
environmental issues. Activities undertaken by the children ranged from poster making,
quizzes and a skit.

The Delhi Half Marathon:
Ran the Airtel Delhi Half Marathon 2010 in the Corporate Challenge segment, supporting
Sukarya, an NGO that works in rural health care and women empowerment in the Delhi NCR

Painting Competition for Children from SOS Village:
On Children''s Day 2009, we held a painting competition at the Religare Art Gallery in
Connaught Place for children from the SOS Village. The theme was "I Aspire To Be" and the
children warmed to the theme. Anjolie Ela Menon, the acclaimed artist, judged the
competition and presented a certificate of participation to each child.

Contact Details

We welcome your feedback, suggestions & queries regarding recruitment related matters

You may write to the recruitment cell at recruitment.cell@religare.com .

Alternatively you can also contact us at:

Recruitment Cell
Religare Enterprises Ltd.
Ground Flr, GYS Infinity,
Vile Parle (E),
Mumbai 400057

Chapter 3
Analysis and Discussion

3.1 Equity trading

Trading in Equities with Religare truly empowers you for your investment needs. We ensure you have
a superlative trading experience through -
A highly process driven, diligent approach
Powerful Research & Analytics and
One of the "best-in-class" dealing rooms

Further, Religare also has one of the largest retail networks, with its presence in 1837* locations across
498* cities & towns. This means, you can walk into any of these branches and connect to our highly
skilled and dedicated relationship managers to get the best services.

The Religare Edge
Pan India footprint
Powerful research and analytics supported by a pool of highly skilled research
Ethical business practices
Offline/Online delivery models
Single window for all investments needs through you unique Customer
Relationship Number.

Equity Trading is possible by:

National Stock Exchange

The National Stock
Exchange of India
Limited (NSE) is a Mumbai-based Stock Exchange. It is the second largest stock exchange in India in
terms of daily turnover and number of trades, for both equities and derivative trading. Though a
number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant
stock exchanges in India, and between them are responsible for the vast majority of share transactions.
The NSE's key index is the S&P CNX NIFTY, known as the Nifty, an index of fifty major stocks
weighted by market capitalization.
NSE is mutually owned by a set of leading financial institutions, banks, insurance companies and other
financial intermediaries in India but its ownership and management operate as separate entities. There
are at least 2 foreign investors NYSE Euro next and Goldman Sachs who have taken a stake in the
NSE. As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. In
October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46
trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock
Exchange in the world in terms of the number of trades in equities. It is the second fastest growing
stock exchange in the world with a recorded growth of 16.6%.


The National Stock Exchange of India was promoted by leading Financial institutions at the behest of
the Government of India, and was incorporated in November 1992 as a tax-paying company. In April
1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956.
NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital
Market (Equities) segment of the NSE commenced operations in November 1994, while operations in
the Derivatives segment commenced in June 2000.

NSE was set up with the objectives of:
Establishing nationwide trading facility for all types of securities
Ensuring equal access to investors all over the country through an appropriate
telecommunication network
Providing fair, efficient & transparent securities market using electronic trading
Enabling shorter settlement cycles and book entry settlements
Meeting International benchmarks and standards
Within a very short span of time, NSE has been able to achieve its objectives for which it was set up.
Indian Capital Markets are a far cry from what they were 12 years back in terms of market practices,
infrastructure, technology, risk management, clearing and settlement and investor service. To ensure
continuity of business, NSE has built a full-fledged BCP site operational for last 7 years.

NSE's markets
NSE provides a fully automated screen-based trading system with national reach in the
following major market segments: -
Equity OR Capital Markets {NSE's market share is over 65%}
Futures & Options OR Derivatives Market {NSE's market share over 99.5%}
Wholesale Debt Market (WDM)
Mutual Funds (MF)
Initial Public Offerings (IPO).


S&P CNX Nifty is a
well-diversified 50
stock index
accounting for 21
sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index
based derivatives and index funds.

S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a
joint venture between NSE and CRISIL. IISL is India's first specialized company focused upon the index
as a core product. IISL has Marketing and licensing agreement with Standard & Poor's (S&P), who are
world leaders in index services.
The total traded value for the last six months of all Nifty stocks is approximately
65.68% of the traded value of all stocks on the NSE
Nifty stocks represent about 65.34% of the total market capitalization as on Mar 31,
Impact cost of the S&P CNX Nifty for a portfolio size of Rs.2 crore is 0.16%
S&P CNX Nifty is professionally maintained and is ideal for derivatives trading.

Constituents list of S&P CNX Nifty

Axis Bank Ltd., BANKS, AXISBANK,
Bharat Heavy Electricals Ltd., ELECTRICAL EQUIPMENT, BHEL,
Bharat Petroleum Corporation Ltd., REFINERIES, BPCL,

Hero Honda Motors Ltd., AUTOMOBILES - WHEELERS, HEROHONDA, Hindalco
Industries Ltd., ALUMINIUM, HINDALCO, Hindustan Unilever Ltd.,
Housing Development Finance Corporation Ltd., FINANCE - HOUSING, HDFC,
Infosys Technologies Ltd., COMPUTERS - SOFTWARE, INFOSYSTCH,
Larsen & Toubro Ltd., ENGINEERING, LT,
Mahindra & Mahindra Ltd., AUTOMOBILES - 4 WHEELERS, M&M,
Maruti Suzuki India Ltd., AUTOMOBILES - 4 WHEELERS, MARUTI,
National Aluminium Co. Ltd., ALUMINIUM, NATIONALUM,
Oil & Natural Gas Corporation Ltd., OIL EXPLORATION/PRODUCTION, ONGC,
Power Grid Corporation of India Ltd., POWER, POWERGRID,
Punjab National Bank, BANKS, PNB,
Ranbaxy Laboratories Ltd., PHARMACEUTICALS, RANBAXY,
Reliance Capital Ltd., FINANCE, RELCAPITAL,
Reliance Communications Ltd., TELECOMMUNICATION - SERVICES, RCOM,
Reliance Industries Ltd., REFINERIES, RELIANCE,
Reliance Infrastructure Ltd., POWER, RELINFRA,
Reliance Power Ltd., POWER, RPOWER,

State Bank of India, BANKS, SBIN,
Steel Authority of India Ltd., STEEL AND STEEL PRODUCTS, SAIL,
Sterlite Industries (India) Ltd., METALS, STER,
Sun Pharmaceutical Industries Ltd., PHARMACEUTICALS, SUNPHARMA,
Tata Consultancy Services Ltd., COMPUTERS - SOFTWARE, TCS,
Tata Power Co. Ltd., POWER, TATAPOWER,

Bombay Stock Exchange

Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three
centuries in its 133 years of existence. What is now popularly known as BSE was established as "The
Native Share & Stock Brokers' Association" in 1875.

BSE is the first stock exchange in the country, which obtained permanent recognition (in 1956) from the
Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-
eminent role in the development of the Indian capital market is widely recognized. It migrated from the
open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association
Of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions
of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualization) Scheme, 2005
notified by the Securities and Exchange Board of India (SEBI). With demutualization, BSE has two of
world's best exchanges, Deutsche Brse and Singapore Exchange, as its strategic partners.

Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it
with an efficient access to resources. There is perhaps no major corporate in India, which has not
sourced BSE's services in raising resources from the capital market.

Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the
world's 5th in transaction numbers. The market capitalization as on December 31, 2007 stood at USD
1.79 trillion. An investor can choose from more than 4,700 listed companies, which for easy reference,
are classified into A, B, S, T and Z groups.

The BSE Index, SENSEX, is India's first stock market index that enjoys an iconic stature, and is tracked
worldwide. It is an index of 30 stocks representing 12 major sectors. The SENSEX is constructed on a
'free-float' methodology, and is sensitive to market sentiments and market realities. Apart from the
SENSEX, BSE offers 21 indices, including 12 sectoral indices. BSE has entered into an index
cooperation agreement with Deutsche Brse. This agreement has made SENSEX and other BSE indices
available to investors in Europe and America. Moreover, Barclays Global Investors (BGI), the global
leader in ETFs through its brand, has created the BSE SENSEX India Tracker' which tracks the
SENSEX. The ETF enables investors in Hong Kong to take an exposure to the Indian equity market.

The first Exchange Traded Fund (ETF) on SENSEX, called "Spice" is listed on BSE. It brings to the
investors a trading tool that can be easily used for the purposes of investment, trading, hedging and
arbitrage. Spice allows small investors to take a long-term view of the market.

BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives.
It has a nation-wide reach with a presence in more than 359 cities and towns of India. BSE has always
been at par with the international standards. The systems and processes are designed to safeguard market
integrity and enhance transparency in operations. BSE is the first exchange in India and the second in the
world to obtain an ISO 9001:2000 certifications. It is also the first exchange in the country and second in
the world to receive Information Security Management System Standard BS 7799-2-2002 certification
for its BSE On-line Trading System (BOLT).

BSE continues to innovate. In recent times, it has become the first national level stock exchange to
launch its website in Gujarati and Hindi to reach out to a larger number of investors. It has successfully
launched a reporting platform for corporate bonds in India christened the ICDM or Indian Corporate
Debt Market and a unique ticker-cum-screen aptly named 'BSE Broadcast, which enables information
dissemination to the common man on the street.
In 2006, BSE launched the Directors Database and ICERS (Indian Corporate Electronic Reporting
System) to facilitate information flow and increase transparency in the Indian capital market. While the
Directors Database provides a single-point access to information on the boards of directors of listed
companies, the ICERS facilitates the corporate in sharing with BSE their corporate announcements.

Investor Services: The Department of Investor Services redresses grievances of investors.
BSE was the first exchange in the country to provide an amount of Rs.1 million towards the
investor protection fund; it is an amount higher than that of any exchange in the country. BSE
launched a nationwide investor awareness programme- 'Safe Investing in the Stock Market'
under which 264 programmes were held in more than 200 cities.

The BSE On-line Trading (BOLT): BSE On-line Trading (BOLT) facilitates on-line screen
based trading in securities. BOLT is currently operating in 25,000 Trader Workstations
located across over 359 cities in India.

BSEWEBX.com: In February 2001, BSE introduced the world's first centralized exchange-
based Internet trading system, BSEWEBX.com. This initiative enables investors anywhere in
the world to trade on the BSE platform.

Surveillance: BSE's On-Line Surveillance System (BOSS) monitors on a real-time basis the
price movements, volume positions and members' positions and real-time measurement of

default risk, market reconstruction and generation of cross market alerts.

BSE Training Institute: BTI imparts capital market training and certification, in
collaboration with reputed management institutes and universities. It offers over 40 courses
on various aspects of the capital market and financial sector. More than 20,000 people have
attended the BTI programme


The World Council of Corporate Governance has awarded the Golden Peacock
Global CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).
The Annual Reports and Accounts of BSE for the year ended March 31, 2006 and
March 31 2007 have been awarded the ICAI awards for excellence in financial reporting.
The Human Resource Management at BSE has won the Asia - Pacific HRM awards
for its efforts in employer branding through talent management at work, health management at work and
excellence in HR through technology



The 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. These imposed limits on trading volumes and efficiency in order
to provide efficiency, liquidity and transparency. NSE introduced a nation-wide on-line fully-
automated screen based trading system (SBTS) where a member can punch in to the
computer quantities of securities and the price 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.
SBTS electronically matches orders on a strict price/ 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 in to prevailing prices,
Thus increasing the informational efficiency of markets, it enables market participants,
irrespective of their geographical locations, to trade with one another simultaneously,
improving the depth and liquidity of the market. It provides full Anonymity by accepting
orders, big or small, from members without revealing their identity, thus providing equal
access to everybody

It also provides a perfect audit trail, which helps to resolve disputes by logging in the trade
execution process in entirety.
This sucked liquidity from other exchanges and in the very first year of its operation, NSE
becomes the leading stock exchange in the country, impacting the fortunes of other
exchanges and forcing them to adopt SBTS also. Today India can boast that almost 100%
trading take place through electronic order matching.
Technology was used to carry the trading platform from the trading hall of stock exchanges
to the premises of brokers. NSE carried the trading platform further to the PCs at the
residence of investors through the Internet and to handheld devices through W A P for
convenience of mobile investors. This made a huge difference in terms of equal access to
investors in a geographically vast country like India.
The trading network is depicted in Figure 1.1 NSE has main computer which is connects
through Very small Aperture Terminal (VSAT) installed at its office. The main computer
runs on a fault tolerant STRATUS mainframe computer at the Exchange. Brokers have
terminals (identified as the PCs in the Figure1) installed at their premises which are
connected through VSATs/leased lines/modems. An investor informs a broker to place an
order on his behalf. The broker enters the order thorough his PC, which runs under Windows
NT and sends signal to the satellite via VSAT/leased line/modem. The signal is directed to

Transacting the depository way has several advantages over the traditional system of
transaction using share certificates.
Trading in de-mat segment completely eliminates the risk of bad deliveries, which in turn
eliminates all cost and wastage bad delivery has with follow up for rectification.
The reduction in risk associated with bed delivery has leas to reduction in brokerage to the
extent of 0.5% by quite a few brokerage firms.
In case of transfer of electronic shares, you save 0.5% in stamp duty.
You also avoid the cost of courier/notarization/the need for further follow - up with your
broker for shares returned for company objection.
In case the certificates are lost in transit or when the share certificates become mutilated or
misplaced, to obtain duplicate certificates, you may have to spend at least Rs, 500/- for
indemnity bond, newspaper advertisement etc,. Which can be completely eliminated in the
demat form,
You can also receive your bonuses and right in to your depository account as a direct credit,
thus eliminating risk of loss in transit.
You can also expect a lower interest charge for loans taken against demat shares as compared
to the interest for loan against shares, This could results in a saving of about 0.25% to 1.5%
Some banks have already announced this,
RBI has increased the limit of loans against dematerialized securities as collateral to Rs, 2 mn
per borrower Rs, and 1 mn per borrower in case of loans against physical securities.

RBI has also reduced the minimum margin to 25% for lac against dematerialized securities as
against 50% for loans against physical securities.


Opening a depository account is as simple as opening a bank account. You can open a
depository with any DP convenient to you.

To Open an Account you have to"
Fill up the account opening form which is available with the DP.
Sign the DP-client agreement, which defines the right and duties of the DP and the person
wishing to open the account. Copy of PAN card is req. along with address proof and cheque.
After that client receives his/her client account number (client ID).
This client id along with your DP id gives you a unique identification on the depository
There is no restriction on the number of depository accounts you can open. However, is your
exertion physical shares are in joint names, be sure to open the account in the same order of
names before you submit your share certificates for demat.

Fill up a dematerialization request from, which is available with your DP"
Submit your share certificates along with the form; (be sure to write surrendered for demat"
on the face of the certificate before submitting it for demat).
Receive credit for the dematerialized shares in to your account in 15 days

There are checks and balances in the depository design to ensure safety of your holding. A
DP can be operational only after by SEBI, which is based on the recommendation from the
depository and SEBI's own independent evaluation. SEBI has prescribed criteria for
becoming a DP in the regulations.
DPs are allowed to affect any debit and credit to an account only on the basis of valid
instruction from the client.
Every day, there is a system driven mandatory reconciliation between the DP and NSDL,
There are periodic inspection in to the activities of both DP and R&T agent by NSDL.
This also includes records based on which the debit/credit is affected. This data inter-charge
between NSDL and its business is protected by standard protection measures such as
encryption. This is a SEBI requirement. There are no direct communication links between
two-business partner and all communications between two business partners are routes
through NSDL.
All investors have a right receive their statement of accounts to a random sample of investors
as a counter check.

In the depository, the depository holds the investor holdings on trust. Therefore,: if the DP
goes bankrupt the creditors of the DP will have no access to the holdings in the name of the
DP There investors can then either rematerialize their holding or transfer them to a different
account held with another DP.

Investor Grievance: All grievance of the investors are to be resolved by the concerned DP, if
they to do so the investors has the right to approach NSDL.

Insurance Cover: NNSDL has taken a comprehensive insurance policy to protect the interest
of the investors in cases of failure of the DP to resolve a genuine loss.


The Basics

Buying on margin is borrowing money from a broker to purchase stock. Margin trading
allows you to buy more stock than you will be having normally.

To trade on margin, you need a margin account. This is different from a regular cash account
in which you trade just with the money in the account. An initial investment in required for a
margin account. This deposit is known as the minimum margin. Once the account is opened
and operational, you can borrow money to purchase a stock.

You can keep your loan as loan you want, provided you fulfill a few criteria. First, when you
sell the stock in a margin account the proceeds go to your broker against the repayment of the
loan, until it is fully paid, second, there is also a restriction called the maintenance margin,
which is the minimum account balance you must maintain. If you do fall below this level,
you will be forced to deposit more funds or sell stock to pay down your loan; this is known as
a margin call".

Borrowing money isn't without its costs, On top of the fact that the margin - able securities in
the account are collateral and youll also have to pay interest on your loan.


Why use margin? It's all about leverage. Just as companies borrow money to invest in
projects, investors can borrow money and leverage the cost they invest. Every point a stock
goes up is amplified with leverage. If you pick the right investment margin can dramatically
increase your profit?


It should be clear by now that margin accounts can be very risky and are not suitable for
everyone, Leverage is a double-edged sword: losses are amplified to the same degree as gains
are. In fact one of the definitions of risk is the degree that an asset swings in price. As
leverage is amplifying these swings, by definition, it increases the risk to your portfolio.


Trade pundits are betting big bucks on the commodity trade. And many believe that it would be the
next big thing for investors. Surely, bigger than the stocks because globally the commodity trade is
about three times the size of equities.

Heres a reality check. The Indian commodity market is estimated to be around
Rs 11,00,000 crore, which includes agricultural commodities (rice, wheat, soya, groundnut, tea, coffee,
jute, rubber, spices, cotton, etc), precious metals (gold and silver), base metals (iron ore, aluminum,
nickel, lead, zinc, etc) and energy commodities (crude oil and coal).

Commodity trading in India in India a long history. In fact, commodity trading in India started much
before it started in many other countries. However, years of foreign rule, droughts and periods of
scarcity and Government policies caused the commodity trading in India to diminish. Commodity
trading was, however, restarted in India recently. Today, apart from numerous regional exchanges,
India has three national commodity exchanges namely, Multi Commodity Exchange (MCX),
National Commodity and Derivatives Exchange (NCDEX) and National Multi-Commodity
Exchange (NMCE). The regulatory body is Forward Markets Commission (FMC) which was set-
up in 1953.

Religare Commodities Limited (RCL) is a registered commodity broker
(With the Forward Market Commission) and is a member of the National Commodities and
Derivative Exchange Limited (NCDEX), Multi Commodity Exchange of India Limited
(MCX) and National Multi Commodity Exchange of India Limited (NMCE), providing
commodity broking services to their retail and wealth spectrum clients.

Globalization of the financial market has led to a manifold increase in investment. New markets have
been opened; new instruments have been developed; and new services have been launched. Besides, a
number of opportunities and challenges have also been thrown open. Online Commodities trading is new
as compared to Equity market in India. Mainly three exchanges are involved in online commodities
trading MCX, NCDEX & NMCE.

Religare enterprises Ltd offers a wide choice of products for investing in the stock market &
commodities market. It allows investing in shares, mutual funds and other financial products. With
Religare Commodity Limited(RCL) one can manage own de-mat & trading account independently.

The depository participant will allow an investor to trade through any broker of his choice registered
with the commodities exchanges connected with National Commodities and Derivative Exchange
Limited (NCDEX), Multi Commodity Exchange of India Limited (MCX) and National Multi
Commodity Exchange of India Limited (NMCE).

Religare commodities Ltd(RCL) customers are more satisfied with the quality services. Holding
securities in electronic form gives some far-reaching advantages to the investors


The Indian Rupee is the original official currency of India. The English translation of "Rupee" is
"silver," and the name exists because it was previously a silver coin. This very fact had severe
consequences in the 19th century, when the strongest economies in the world were on the gold
standard. The discovery of vast quantities of silver in the U.S. and various European colonies resulted
in a decline in the relative value of silver to gold. Suddenly, the standard currency of India could not
buy as much from the outside world. Such circumstances led to what is now referred to as "the fall of
the Rupee."

During the period 1950-1951 until mid-December 1973, India followed an exchange rate regime with
the Rupee linked to the Pound Sterling, except for the devaluations in 1966 and 1971. When the Pound
Sterling floated on June 23, 1972, the Rupee's link to the British unit was maintained-thus, paralleling
the Pound's depreciation and de facto devaluation.

In 1975, the Rupee's ties to the Pound Sterling were disengaged. India established a float exchange
regime, with the Rupee's effective rate placed on a controlled, floating basis and linked to a "basket of
currencies" of India's major trading partners. More recently, the Indian Rupee has been depreciating in
step formation, but roughly in line with the fall in its Purchasing Power Parity since the early 1980s.
While the PPP was 15 around 1982, the actual exchange rate was 9.30 per US dollar. After the
devaluation, the Rupee underwent the change from a controlled regime to a "Managed" or "Dirty" float
regime, where the market supposedly determines the exchange rate. In mid 2005, the actual rate was
near 43.60. The Reserve Bank of India is the central bank of India, and it controls the issuance of
currency throughout the nation.

Research Design
A Research design is purely and simply the framework of plan for a study that
guides the collection and analysis of data. The study is intended to find the investors
preference towards various investment avenues. The study design is descriptive in nature.
Descriptive study is a fact-finding investigation with adequate interpretation. It is the
simplest type of research and is more specific. Mainly designed to gather descriptive
information and provides information for formulating more sophisticated studies.
Sampling Design
Selection of study area: The study area is in Kurukshetra.
Selection of the sample size: 50
Sampling Methods
Convenience method of sampling is used to collect the data from the respondents.
Researchers or field workers have the freedom to choose whomever they find, thus the
name convenience.50 samples were collected from Indore city and most of the
respondents were customers coming in to financial hubs and commercial complexes.

3.3 Analysis on the basis of Questionnaire

Q1. In which professions are you engaged in?

Business 25 50%
Service 10 20%
Professional 10 20%
Entrepreneur 5 10%

Table 3.1

Figure 3.1


50% of the respondents are Business Man
20% of the respondents are Service Man
20% of the respondents are Professionals
10% of the respondents are Entrepreneur

From the above survey most of the respondents are found to be business man by profession.

Business Service Professional Enterprenure

Q2. Do you trade in Stock Market?

YES 39 78%
NO 5 10%
6 12%
Total 50
Table 3.2

Figure 3.2

78% of the respondents trade in stock
10% of the respondents do not trade in stock
12% of the respondents trade earlier

From the above survey most of the respondents trade in stock market.

Yes No Earlier But Now

Q3. How much is your income or your Credibility?

Between 1- 2 lac 10 20 %
Between 2-3 lac 20 40 %
Between 3-4 lac 15 30 %
Above 4 lac 5 10 %

Table 3.3

Figure 3.3

40% of the respondents are between 2- 3 lac
30% of the respondents are between 3-4 lacs
20% of the respondents are between 1-2 lacs
10% of the respondents are between above 4 lac

From the above survey most of the respondents falls under 2- 3 lac bracket.

1 - 2 lac
2- 3 lac
3 - 4 lac
Above 4 lac

Q4. How much you trade in stock Market?

10,000 - 50,000

23 46%
50,000 - 1,00,000

15 30%
1,00,000 - 1,50,000

8 16%
Above 1,50,000

4 8%

Table 3.4

Figure 3.4
46% respondents invest 10,000-50,000
30% respondents invest 50,000- 1, 00,000
16% respondents invest 1, 00,000- 1, 50,000
8% respondents invest above 1, 50,000

From the above survey most of the respondents invest 10,000- 50,000 in stock market.

10,000 - 50,000 50,000 - 1,00,000 1,00,000 - 1,50,000 Above 1,50,000

Q5. How much Return you Get after Investing?

Below 5% 10 20%
5- 10 % 27 54%
10- 15 % 9 18%
15- 20 % 4 8%

Table 3.5

Figure 3.5

20% of the respondents get below 5%
54% of the respondents get 5- 10 %
18% of the respondents get 10 - 15 %
8% of the respondents get 15-20 %

From the above survey most of the respondents get 5- 10 % returns on their investments.

> 5 % 5 - 10 % 10 - 15 % 15 - 20 %

Q6. What according to you is your risk level?

Highly Risky 5 10%
Average 27 54%
Moderate 9 18%
Risk free 9 18%

Table 3.6

Figure 3.6

10% of the respondents are highly risky
54% of the respondents are average
18% of the respondents are Moderate
18% of the respondents are risk free

From the above survey most of the respondents are average risk takers

Highly Risky
Risk free

Q7. Which mode of trading do you prefer?

Table 3.7

Online 19 38%
Offline 31 62%

Figure 3.7

38% of the respondents prefer online
62% of the respondents prefer offline

From the above survey most of the respondents prefer offline trading as they are new to stock

Online Offline

Q8. What has been your investment experience in stocks?

Excellent 5 10%
Good 12 24%
Average 20 40%
Bad 13 26%

Table 3.8

Figure 3.8

10% of the respondents feel excellent
24% of the respondents feel good
40% of the respondents feel average
26% of the respondents feel bad

From the above survey 40% of the respondents have an average investment experience in
stock market.

Excelent Good Average Bad

Q9. What extra services do you expect from your broker?

Depository 2 4%
Marginal Financing 4 8%
P.M.S 7 14%
Trading 9 18%
Research 9 18%
All the above 19 38%

Table 3.9

Figure 3.9

4% respondents prefer Depository service
8% respondents prefer Marginal Financing
14% respondents prefer P.M.S
18% respondents prefer Trading
18% respondents prefer research
38% respondents prefer all the above services

From the above survey most of the respondents prefer all services that any broker must
provide to its clients.

0 5 10 15 20
Marginal Financing
All the Above

Q.10 Are you satisfied with the service of your Broker House?

Yes 27 54%
No 5 10%
Cant Say 18 36%

Table 3.10

Figure 3.10

54% of the respondents say yes
10% of the respondents say no
36% of the respondents say cant say

From the above survey 54% of the respondents are satisfied the services of their broker

Yes No Can't Say

Q11. Rate the service according to your Criteria?

Excellent 5 10%
Very good 15 30%
Good 21 42%
Poor 9 18%

Table 3.11

Figure 3.11
10% of the respondents say excellent
30% of the respondents say very Good
42% of the respondents say Good
18% of the respondents say Poor

From the above survey most of the respondents rate good to the services provide by their
broker house.

Excillent Very Good Good Poor

Q.12 Have you heard of Religare Securities?

Yes 44 88%
No 6 12%

Table 3.12

Figure 3.12

88% of the respondents know Religare Securities
12% of the respondents dont know about Religare Securities

From the above survey most of the respondents know Religare securities

Yes, 44
No, 6




To generate leads by tele-calling, presentations and to close the deal along with the handling
of the customers queries regarding share trading, account opening and maintenance,
software installation and demonstration .


To create awareness among the people about the different products offered by the
company in the market through telecalling, canopies, presentation0s etc.

To generate leads for endorsement of deals.

To accompany the relationship manager on his visits to the prospective clients.

To open demat accounts.

To learn how to work in a team.

To acquaint myself with the work culture.

To understand the operating terminals of both equity & commodity market.

To learn the trading procedures of equity & commodity market.


Overall Target: To generate business and gain experience in the tenure of four weeks
of summer internship project.


To achieve a goal successfully one needs to sketch a perfect roadmap or strategy to the
destination and also need to follow the path strictly. The strategies applied to achieve the
above mentioned targets are

1 Hunt for prospective customers through following Marketing Strategies:-
Clients References
Database provided by the co.


Being a service industry, the quality is main concern in differentiation and it is not
exactly measurable.

In a nutshell, I have learned various practical aspects of trading in the stock market.

I have made about 10-20 calls per day in the initial days of training so as to generate
maximum leads.

I handled the queries of both the new clients of the company pertaining to different
issues like opening of accounts, trading procedures etc.

Chapter 4

SWOT Analysis, Suggestion and



As a product Religare is a extremely innovative product with very less cost. Services like
online trading facility, institutional and domestic broking, customized research reports with
almost 80% efficiency etc give Religare an edge over its competitors. Religare provides other
support services that make retail investors more confident and assured with their trading.
SMS alerts (allowing traders and investors to make the most of the available opportunities),
Softer, intangible features like imagery, equity driving preference.
Relationship managers
The company has a team of relationship managers who are dedicated to the service of clients.
This RMs takes care of clients even smallest problem and makes efforts to solve them
through their expertise. They also help their clients to invest their wealth in the market.
Distribution Network
Religare with almost 150 branches beefed up by comprehensive online research, advice and
transaction services. In near future expect to make 200000+ retail customers being serviced
through centralized call centre / web solution.

Marketing Religare (previously Fortis securities)
is a veteran equities solutions company with loads of experience in the Indian stock markets.
Religare does not claim expertise in too many things .Religare expertise lies in stocks and
that's what it talks about with authority. So when he says that investing in stocks should not
be confused with trading in stocks or a portfolio-based strategy is better than betting on a
single horse, it is something that is spoken with years of focused learning and experience in
the stock markets.

Companys product line is a basket of financial services offered to its clients. Its a all
product single shop for investors. Here we offer Along with Equity, Mutual funds, personal
loans, PMS ,Corporate Finance and Investment banking etc to our customers. Our products
are customized according to individual demand and preference


Customer Satisfaction
As far as customer satisfaction goes Religare has to tighten its Boots. The company does not
have enough Relationship managers to cater to huge customer base. The account opening
takes working days whereas an India bull takes half the time for this purpose.

Though the company has a efficient products but large part of investment interested
population does not know the company. The most basic expectation for a trader or investor
when one begin strading is that one must get timely delivery of shares and proceeds from sale
of shares. Also ones cash balances with the broker must be safe and secure. Though this
confidence in the broker comes with time and experience, good and transparent practices also
play a major role in imbibing confidence in traders.
Competition from banks and Niche Players
Most of the banks due to good branding have the faith of the customers of their banking
database. So they enjoy the liberty of huge database and customers find it more reliable to
traded here rather than with a unknown broker. Also banks like HDFC Bank and ICICI Bank
have the advantage of linking the trading accounts of their customers to saving accounts. This
makes trading easier, and at the same time a trader withdraws exactly as much money from
his accounts is needed to complete the trade. Similarly sales proceeds are credited directly to
saving account. Niche players presence as sub brokers or Small broking house like Abhipra,
Way to wealth etc. attracts a good share of market and run parallel to giant companies comes
with time and experience, good and transparent practices also play a major role in imbibing
confidence in traders.


The external environment analysis may reveal certain new opportunities for profit and

Ever-increasing market
After the NSE brought the screen based trading system stock markets are now more secured
which has attracted lot of retail investors and the demand is increasing day by day. This has
resulted in improved liquidity and heavy volumes on transactions. Religare is one of the
earlyentrants here. As to how much it will roar and how swift it can swoop on the market, the
future alone can answer such queries. Religare has been a mega player and is known for
being a mover of stocks. It is also known for putting big deals through and enjoys good
networking with the FIIs. It has been dynamic enough to move with the times and capture the
opportunities that the market throws up from time to time.

Improving Technology
In country like India technology is always improving which gives the company a chance to
keep on improving their product with time whereas for the small players like local brokers it
will be difficult to keep the same pace as the changing technology. Also with SEBI lying
down some strict guidelines small brokers are finding it harder to retain the customers with
no research department and small capital. The traditional business model is highly dependent
onlargenetwork of subbrokers, and many established players may not have systems (technolo
gy,customer service, etc.) capable of directly servicing so many retail customers.

Unfulfilled needs of the customers

With so many competitors offering their products in the market but no one is able to
completely satisfy the customers. Some have the problem of lack of information or some
were scared of volatility of the stock markets.

Religare hasopportunity to tap this unsatisfied setof customers and to make hold in the market
. The Internet serves to break all barriers to information, as it offers an extremely hassle-free
investing platform. And, Religare hopes to fully utilize and capitalize on this platform. This
original idea by Religare itself was born out of the consumer's need for a more transparent,
easy to understand and convenient option of investing in stocks.

Education Level
The education level in the country is improving year after year as far as technology goes.
Withthat the understanding of the stock market is also increasing and a lot of retail investors
aresteeping in the markets which is being shown by increasing volumes, transactions and


New Competitors
A lot of new competitors are trying to enter the market in this bullish run to taste the flavor
of this cherry. This is creating a lot of competition for large players like Religare and it is
creating little confusion in the minds of the customers about the services provided by the
broker. Also many banking firms are entering into the market with huge investment.
Competitors like ICICI, kotak, hdfc, 5-paisa etc. are posing a lot of threats to the company.

Technology based business
Online trading is totally based on the technology which is quite complex. Typically, thetechn
ology solution has to start from the Internet front-end (or the screen that you see when you
begin trading). Then it needs to get into the 'middle tier' of risk management systems that
assess data from banks and depository participants (DP), calculate client risk at that point in
time, and give the 'Go/No go' advice to the trade. So technology is a kind of threat because
unless until it is working properly it is good but internet is not that safe. Though alot of cyber
laws are being made but not yet executed.

Switch over cost
The cost of switching over from one company to other is minimal therefore the company
cant even stop for breathing i.e. it has to provide quality service all the time to its clients.

4.2 Recommendations

What I recommend firstly there should be

[1] First Aid Kit for New Entrant into Securities Market this will be a new step towards a good
service provider in this field. After all, this market depends on the after sales service. After seeing such
a boost in the share market, not only our Adult generation but also the young generation is also so much
excited to enter the share market. Now the actual problem starts specially with the young ones in
excitement initially they invests the money & due to lack of experience they loose big block of money
in one go & later they blames the company about the loss. So, to make them train in the field we should
provide them the initial precautions that they should take while enter into the market.
The More You Care For Your Customer More The Faith Will Get Develop From Customer

[2] Provision for training for the new investors for the above reason same thing to boost there moral
and to give them some thing related to the market will help them. Also some tips can also be given to
these investor during the session as a precautions.

[3] Customer Care for general query handle initially customer want to solve his or her problem at
the moment as it arises. Our relationship manager many times dont have that much time to discuss all
that details on phone, they may sometime get busy with the meeting with client. So for general query
handle we can have a separate section.

4.3 Conclusion
In the current scenario, investing is very important and investing in stock markets is a major
challenge ever for professionals. The young people should start investing earlier so that they
can reap the benefits of investing in future.People should keep their eye open and keep
updating themselves about various investment avenues so that they can get safe returns.
In spite of the bleak and grim outlook the future of capital market it is growing at a very high
pace. Taking this things into consideration there are lots of opportunity for the Broker House
which already exist and which are due to enter in the Indian market. There are little
awareness about Equity and Forward funds in India people have accepted it as one of the
major investment avenue.
As people have entered in this particular investment avenue they have lost there money
because of movement in the market which is below the par value and this has shaken the faith
of investor in this particular avenue. Another reason for low investment in this sector is due
to country most of the companies not performing well and also due to the scams that are
taking place frequently Once people know about the benefit offered by it, Capital market will
become one the sought after investment avenue. As far as other product marketed by
Religare is concerned they have a ready market. The only thing which is needed to focus on
is that they should have a strong marketing strategy so that prompt service and availability of
forms is made available to the investors at a short notice and if it keeps the traditional base
for marketing in India which is a price sensitive. We can say that Religare has a great future
Religare has emerged a very strong player in the field of distribution of financial product
within a short period of one year in Northern India and is giving stiff competition to the entire
player in the KURUKSHETRA & other parts. If the progress of Religare goes in the same
way then I can say that Religare will going to emerge as a major player in the Capital
market. They have much more potential to expand there business and market in India.

Chapter 5

Learning from the training.


To be a part of Religare was the best opportunity for me to had:

A practical exposure of Financial world.

Came to know the practical problems of clients.

Learnt the technical procedures and analysis of trading in equity and future market.

Learnt corporate culture.

Learn how on-line trading is done.

How to invest the money and making portfolio with maximum returns.

Came to know about the future market trading in practical.











1. In which professions are you engaged in?
Business Service
Professional Entrepreneur
2. Do you trade in stock market?
Yes No Earlier, But now Stopped
3. How much is your income or your Credibility
Between 1 lac to 2 Lac Between 2 Lac to 3 Lac
Between 3 lac to 4lac Above 4 lac
4. How much you trade in stock Market

10,000 50,000 50,000 1, 00,000

1, 00,000 1, 50,000 Above 1, 50,000

5. How much Return you Get after Investing

> 5 % 5 10 %
10 15 % 15 20 %

6. What according to you is your risk level?
Highly Risky Average
Moderate Risk free

7. Which mode of trading do you prefer?
Online trading Offline trading
8. What has been your investment experience in stocks?
Excellent Good

Average Bad
9. What extra services do you expect from your broker?
a. Depository services
b. Margin financing
c. Portfolio management services
d. Trading
e. Research and Technical services
f. All of the above

10. Are you satisfied with the service of your Broker House?

Yes No Cant Say

11. Rate the service according to your Criteria

Excellent Very Good

Good Poor

12. Have you heard of Religare Securities?

Yes No