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A Project Report On
DEPOSITORY OPERATIONS
In the partial fulfillment of the requirement for the
award of Degree of
Master of Business Administration
Of
GGSIP University, Delhi
Batch 2008-10
Submitted By Under The Supervision Of
Navpreet Kaur Ms Preeti Kulshresht
Army Institute of Management and Technology
Greater Noida- 201306
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CERTIFICATE OF INTERNSHIP
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Acknowledgement
It gives me great pleasure in acknowledging the invaluable assistance expended to me by
various personalities in the successful completion of this report. I express my deepest and
most sincere thanks to Mrs. Preeti Kulshresht and all my teachers of Army Institute of
Management & Technology, who provided me their valuable time and information. The
Project could not be possible without their able support and guidance. It was a great
opportunity for me to work with Stock Holding Corporation India Ltd, pioneers in the field of
stock broking. I am extremely grateful to those who have shared their expertise and
knowledge with us, and without whom the completion of this project would have been
virtually impossible.
Specially, I would like to thank my company guide Mr. Amit achal, Branch Manager, ,
Stock Holding Corporation India Ltd ,Bhikaji branch, New Delhi, who has been a constant
source of inspiration for me during the completion of this project. He gave me invaluable
inputs during our endeavor to complete this project.
Thanking You,
Navpreet kaur
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DECLARATION BY THE CANDIDATE
I ,Navpreet kaur hereby declare that the project work titled “Depository operations”, in
which I participated, is an authentic work at Stock Holding Corporation India Limited, under
the guidance of Mr.Amit Achal, branch Manager for partial fulfillment and award of the
degree of Masters of Business Administration from Guru Gobind Singh Indraprastha
University & this will not submitted anywhere else for the award of any other Degree
/diploma.
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PREFACE
Liberalization and globalization, along with the expanded distribution of the wealth among
the middle class has evoked an interest of the common people into the intricacies of capital
market.
The stockbrokers were always influential and affluent, but a lot of transformation has taken
place in his image from pawnbrokers to a man of financial acumen. The common people have
now started learning the vocabulary of the capital market with terms like “bull and bear”
explored upon in newest dimensions.
However, the turbulence of the stock market has made the common investor apprehensive
that is why the common investor has remained away from the industrial securities markets.
The project was a great source of learning and a good exposure as it gives an opportunity to
co-relate the theoretical knowledge with practical experience, though during one’s ambitions
one always encounters certain difficulties. However, overcoming these difficulties and
making the project a success greatly depends upon the encouragements, inspirations and help
rendered by the staff members of the organization.
The MBA curriculum is so designed that student get enough practical knowledge of business
world, which helps them to explore their skills in the corporate world in future.
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The MBA training helps the students to understand and gain knowledge about the industry
and market environment. It develops skills of analyzing and interpreting problems through
application of concepts and techniques of management.
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY………………………………………………
2. INTRODUCTION OF SHCIL AND TRAINING DISCUSSION…….
3.CHAPTER 1 .INTRODUCTION………………………………………...
3.1 INDUSTRY PROFILE
3.2 OBJECTIVE AND SCOPE OF THE STUDY………….
4 .CHAPTER 2 RESEARCH METHODOLOGY…………………………..
4.1 RESEARCH DESIGN…………………………………...
42 DATA COLLECTION AND INSTRUMENTS USED...
4.3ANAYLSIS AND PRESENTATION……………………
4.4 LIMITATIONS OF THE STUDY………………………..
5.CHAPTER 3 FINDINGS…………………………………………………..
6.CHAPTER 4 CONCLUSION AND RECOMMENDATION…………….
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7. ANNEXTURES……………………………………………………………
8. BIBILOGRAPHY…………………………………………………………
EXECUTIVE SUMMARY
India is a large and growing economy with rapidly expanding financial services sector. The
sector has witnessed a transformation over the last decade because of the economic
liberalization, which started in 1991. The Indian capital markets have undergone a substantial
change over the last decade. India is now placed among the mature markets of the world.
With over 20 million shareholders, India has the third largest investor base in the world after
USA and Japan.
The Indian capital markets have witnessed a transformation over the last decade. India is now
placed among the mature markets of the world. Key progressive initiatives in recent years
include:
• The depository and share dematerialisation systems that have enhanced the efficiency of the
transaction cycle
• Replacing the flexible, but often exploited, forward trading mechanism with rolling
settlement, to bring about transparency
• The infotech-driven National Stock Exchange (NSE) with a national presence (for the
benefit of investors across locations) and other initiatives to enhance the quality of financial
disclosures.
• Corporatisation of stock exchanges.
• The Securities and Exchange Board of India (SEBI) has effectively been functioning as an
independent regulator with statutory powers.
• Indian capital markets have rewarded Foreign Institutional Investors (FIIs) with attractive
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• Many new instruments have been introduced in the markets, including index futures, index
options, derivatives and options and futures in select stocks.
.
SHCIL is also India’s largest depository participant providing depository services to a large
number of clents.SHCIL has over 160 offices/facilitation centres across the country.
Stock holding corporation of India limited (SHCIL) was promoted by the public financial
institutions and incorporated as a limited company on July 28, 1986.
In this project i took the initiative to understand the importance of depository participants
and its various products and services. I have done a comprehensive study of the SHCIL
and karvy stock broking and also scrutinized the investor behaviour in relation to these
companies..
To carry out the project, I designed a questionnaire which was filled by the investors having
their trading and demat account in various brokerage houses.
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INTRODUCTION :STOCK HOLDING CORPORATION INDIA
LIMITED
Stock holding corporation of India limited (SHCIL) was promoted by the public financial
institutions and incorporated as a limited company on July 28, 1986. It was promoted by the
All India financial and Investment Institutions.
• Industrial Development Bank of India (IDBI)
• Unit Trust of India (UTI)
• Life Insurance Corporation of India (LIC)
• ICICI Ltd.
• Industrial finance crop. of India Ltd. (IFCI)
• Industrial Investment Bank of India (IIBI)
• General Insurance of India & Its subsidiaries
SHCIL provides post trading and custodial services to institutional investors, mutual funds,
banks, insurance companies and retail investors.SHCIL is also India’s largest depository
participant providing depository services to a large number of clents.SHCIL has over 160
offices/facilitation centres across the country.
SHCIL has received “no action letter” from the securities exchange commission, USA under
section 17(f) of the US investment company act,1940 and rule 17 f-5 framed there under ,
which enables it to provide custodial and related services to US-based funds as well. With the
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introduction of the depository system in the country, SHCIL commenced offering depository
related services to the retail segment and over the last few years, it has come to acquire the
stature of being one of the largest depository participants besides being the country’s largest
custodian.
The total value of the assets held in the custody of the corporation as on March 31 2006, were
Rs 5493 billion. Handling such large volumes of securities would not have been possible but
for the state-of-the-art technology in use at SHCIL.
SHCIL has been earning profit consistently and declaring dividend right from its inception.
With a share capital of Rs 211 million, SHCIL’ tangible net worth reached Rs 2958 million
as on March 31, 2006.
BRANCH NETWORK
Andhra Pradesh Assam Bihar Delhi Goa Gujarat
Haryana Himachal Pradesh Jammu Kashmir
Kerala Karnataka Maharashtra
Madhya Pradesh Orissa Punjab
Rajasthan Tamil Nadu Uttar Pradesh
West Bengal
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BOARD OF DIRECTORS
PRODUCTS AND SERVICES
The corporation has always strived to direct its products and services for the all round benefit
of the investors or the end users. Making available more and more financial services under
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one roof has always been a priority while safety and investors friendliness have been the
hallmark of SHCIL products and services.
Institutional segment: services rendered by SHCIL to the institutional segment include
custodial services and constituent SGL account services. Custodial service provided by
SHCIL includes post trade settlement, safe-keeping, corporate actions and customized
reporting.
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Retail segment
Products and services offered by SHCIL for the retail segment can be broadly divided into
four categories. They are depository services, security related products, distribution products
and auxiliary services. Since1998, SHCIL has been extending depository related services to
the retail segment. The services offered by SHCIL include account opening,
dematerialisation, and rematerialisation of securities, transaction processing and
creation/closure of pledge and recently launched broking operations. Securities related
products offered by SHCIL include stock direct & equibuy.the corporation distributes mutual
funds equities/debt IPO’S government of India saving bonds, bonds and fixed deposits of
institutions, life and non life insurance product and loan against dematerialized shares.
The auxiliary service provided by SHCIL includes extension of professional clearing member
services in future and options (f&o) segment of stock exchanges and commodity exchanges
and PF accounting services.SHCIL is one of the largest professional clearing members of the
country.
E-stamping system: the corporation has been selected and authorised by the ministry of
finance, government of India to act as central record keeping agency (CRA) to devise a
mechanism of electronic method of stamp duty collection.SHCIL has already received
mandates from the government of Maharashtra and Gujrat.The Corporation has made
presentations to various other state governments
namely government of Tamil nadu,andhara Pradesh,Pondicherry,uttarpradesh ,goa and
expects to receive mandates from these government very soon.
Investment advisory services: the services provided by SHCIL include “morning
insight” covering overview of all markets, market report on equity to retail investors, special
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advisory services to select clients and providing inputs to help the mutual fund distribution
team to offer good customer service to mf investors to enable them to take informed
decision.SHCIL brings out a hand book providing analysis of quarterly results of sensex and
bse 200 companies every quarter.
Information technology: SHCIL has in-house capability to address all IT needs in terms
of software development and maintainance, back office processing, database administration
and network maintenance. The IT wing of SHCIL has been certified for CMM level 3 for
development and maintenance methodologies. The corporation’s disaster recovery centre has
become operational.
WEB initiative: the corporation web site www.shcil.com provides a host of value added
features to its clients. End of day (EOD) reports, intra-day statements and other time-critical
settlement reports like delivery out and pay out receipt reports are made available to all
registered clients through the website. Clients can access personalized portfolio tracker,
which tracks changes in their portfolio valuation updated to the hour. The corporate actions
tracker alerts clients of forthcoming corporate events relevant to their holdings. An IPO alert
system provides alerts and details pertaining to ongoing and forthcoming IPO’s. As before,
the website continues to offer live stock quotes and various updated capital market and
company related information.
Group companies:
SHCIL services ltd: as a part of its endeavour to be a market leader in financial services
and provide quality services to its clients, SHCIL commenced broking operations through its
associate company SHCIL services ltd.(SSL) on the Bombay stock exchange (BSE)in march
2006.SSL seeks to provide safe, reliable and affordable broking services to its retail clients.
Since then,SSL has expanded broking activities to more than 100 SHCIL branches across the
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country.SSL has expanded broking activities to more than 100 SHCIL branches across the
country.SSL has the distinction of being the first BSE trading member to start broking
services in Port Blair.
SHCIL projects ltd: SHCIL projects ltd has been promoted with the aim of providing
information technology enabled services and for investing in economic and socially relevant
non-IT projects. It would also be providing consultancy services in financial matters.
Future outlook:
SHCIL played a major role when the physical securities were in vogue. With the introduction
of the depository system in the country SHCIL made a foray into the retail segment. It
emerged as the premier custodian and one of the largest depository participants in the
country.SHCIL aims to enlarge its role further and emerge its role further and emerge as a
world class “technology driven” and “client focussed” market leader in financial and
technical services.
CREDENTIALS
SHCIL, apart from being the country’s premier Custodian and Depository Participant, SHCIL
is also the largest Professional Clearing Member; backed by an immense capacity to process
volumes with precision. To give an idea of our capability, every year we process around….
SHCIL also provides Derivatives clearing, PF fund accounting, SGL constituent account
services, distribution of mutual funds and other capital market instruments, besides
distribution of life and non-life insurance policies.
Other offerings added to the bouquet are online net trading, loan against shares, Western
Union Money Transfer & E-stamping. In the pipeline are a host of services that will
complement the range of services offered by SHCIL.
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VALUES
• Safety & Efficiency of Operations is a hallmark of SHCIL.
• Professionalism & Integrity.
• Customer First.
• Relationship building.
• Commitment to Quality irrespective of asset size
FINANCIALS
• We are a zero-debt; financially sound company with healthy reserves.
• We have a consistent dividend-paying track record.
TECHNOLOGY
• Comprehensive business solutions adept in handling high volume time critical
transactions within a secured environment.
• Zero error approach towards delivery of products and services
• Single window view of business and up-to date information.
• Oracle database currently of 1.2 Terabytes size (and growing) managed by
competent IT personnel with domain expertise.
• Data mirroring using cluster technology and fibre optic connection as part of
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Disaster Management Plan.
• Network Security using Firewall, Proxy, Intrusion Detection System(IDS) and
Intrusion Prevention System (IPS)
• Internet products with built in PKI features.
• Dedicated communication channels with built-in redundancies in connectivity to
Client Institutions, Stock Exchanges, Clearing houses and Depositories.
MISSION OF SHCIL
SHCIL is committed to give effect to the Govt’s Mandate ‘91 requiring to establish:
- A National clearing & settlement system
- A central securities depository
- A securities facilities support corporation
FEATURES OF SHCIL
1. SHCIL is the market leader in custodial services and is continuously growing in all spheres
of custodial activity, maintaining its lead in service level, technology infrastructure,
manpower skills and technical know how.
2. In order to minimize the risk associated with the having to securities by private courier
agencies, the corporation opted for services of “Speed Post” for dispatch of services the
speed post authorities have opened a special extension counter at SHCIL’s office in
Mumbai to provide personalized services.
3. SHCIL has created necessary infrastructure & support services to cater to the demands of
participants of debt mkt segment and is presently providing clearance services to the
wholesale Debt market segment of NSE.
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4. For effective risk management the corporation has obtained a comprehensive crime
insurance policy cover of Rs. 5 crore and GIC has further succeeded in obtaining
reinsurance of this policy.
5. SHCIL has floated two Co’s
- National Depository corporation of India Ltd. (NDCIL)
- Indian Securities Depository Nominee co. Ltd. (ISDNCL)
- To execute the introduction of a scripless trading system when the depository
legislation is passed.
6. To modernize the capital market, SHCIL participated in the equity capital of Investor
service of India Ltd, a Co. promoted by IDBI for setting up registrar and transfer agents
services.
7. SHCIL has achieved a growth of
243% in value of business processed
72% in value of assets in custody
47% in total income
45% in post tax profits
For the year ended March 31, 2000.
The dividend for the yr. is 22.5%.
8. RBI has permitted SHCIL to Market 8.5 relief bonds. This is the only FI apart from
banks to provide this service. So SHCIL is an authorized receiving office for Govt. of
India 8.5%. Relief Bonds scheme 1999 w.e.f. Aug., 2000.
9. It got “COMPUTER WORLD SMITHSONIAN AWARD” & “NATIONAL IT
WORLD” for making best use of information technology.
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SERVICES
SHCIL offers the following services
1. Custodial and related services in respect of securities held in.
• Paper from and
• Electronic from
2. Support Services
3. Mgt. Information system
4. Development Services
5. Fund Invest
6. 8.5% Relief Bonds
7. Derivatives Clearing
8. Fund Accounting
9. Securities Lending
10. Arranging loan against dematerialized shares
OPERATIONS AT SHCIL
BASIC SERVICES
Under the provisions of the Depositories Act, NSDL provides various services to investors
and other participants in the capital market like, clearing members, stock exchanges, banks
and issuers of securities. These include basic facilities like account maintenance,
dematerialisation, rematerialisation, settlement of trades through market transfers, off market
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transfers & inter-depository transfers, distribution of non-cash corporate actions and
nomination/ transmission
The depository system, which links the issuers, depository participants (DPs), NSDL and
clearing corporation/ clearing house of stock exchanges, facilitates holding of securities in
dematerialised form and effects transfers by means of account transfers. This system which
facilitates scrip less trading offers various direct and indirect services to the market
participants.
ACCOUNT MAINTEANANCE
To avail of the various services offered by NSDL an investor/ a broker/ an approved
intermediary (for lending & borrowing) has to open a NSDL depository account with any of
its DPs.
Depository accounts are of three types:
Beneficiary account: An investor who wants to hold securities in dematerialised (demat)
form and receive or deliver securities by inter-account transfers must have a depository
account called beneficiary account with a DP of his choice.
Clearing member account: Member brokers of those stock exchanges which have
established electronic connectivity with NSDL need to open a clearing member account, with
a DP of his choice, to clear and settle trades in the demat form. This account is popularly
known as Settlement account or "Pool account". This account is meant only to transfer
securities to and receive securities from the clearing corporation/ house and hence, the
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member broker does not have any ownership (beneficiary) rights over the shares held in such
an account.
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Intermediary account: Any person choosing to act as an approved 'intermediary' for stock
lending and borrowing needs to open an intermediary account with any DP of his choice. An
intermediary account may be opened with the DP only after the intermediary has obtained
registration from the Securities & Exchange Board of India and with the prior approval of NSDL.
This account is meant only to deposit the securities received from the lender and lend them to the
borrower under stock lending and borrowing scheme. The intermediary does not have any
ownership (beneficiary) rights over the shares held in such an account.
Various services offered by DPs with respect to these accounts are as follows:
Standing instruction facility :
DP enters the advice for the transfer of securities to or from a beneficial owner's account only on
receipt of instructions from the client. The clients need to give delivery instruction to transfer
securities from their account & receipt instruction to get credit into their account. However, for
ease of operation, a facility of standing instruction is provided to the clients for receiving securities
to the credit of their accounts without any further instruction from them
Change in address:
The client can change his address by submitting the changes in writing to the DP along with proof
of identity, proof of new address with original document of new address for verification and latest
transaction statement received from the DP of the client. The changes conveyed to the DP will be
automatically communicated to the companies in which he is holding shares in dematerialised
form.
Bank account details:
Details of bank account of the client, including the 9-digit code number of the bank and branch
appearing on the MICR cheques issued by the bank have to given to the DP at the time of account
opening. Companies use this information for printing them on dividend/interest warrants to
prevent its misuse. In case the client wish to change this bank account details, he can do so by
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SUMMER TRAINING
TRAINING WORK PROFILE(role and responsibilities)
I worked there with SHCIL with a profile of “management trainee”. This profile offered me
to understand the working of a depository participant and provided me a practical knowledge
of capital market fundas studied in theory.
My training area consisted of three very important aspects:
1.Getting leads for “life time AMC”on demat accounts.
2.Handling of demat account like accepting payments,inter depository slips,pledge slips etc.
3.Trading and Demat account opening.
The most important aspect for the role of trainee is trust. So far fulfillment of the
targets one needs to:
• Capitalize on the old and loyal clientage which can be building slowly by advising
people in the best possible way.
• Generating new leads through various activities.
Generation of leads
Since I was new in the field so I had to start from scratch and generate new leads to
sustain in the market.
Cold calling is one of the trusted ways of getting to the customers without meeting them.
Although the rate of conversion remained very less.for cold calling the quality and accent
remains a very important criterion . this activity give me mixed result. I often got success and
generated many leads through it but it also landed me in awkward position where the
customer were in different mood and made us hear words for which a marketer should be
always prepared to hear. Corporate calls always remained more difficult to crack with respect
to retail sector.
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The corporate were the most difficult and most temping to get the business from.
At SHCIL after getting the knowledge of customer handling in realation to annual
maintaince charges collection from customers and generarting leads for “life time AMC” in
the first week at the branch I was also allotted tasks related to working of demat account. In
the initial phase I was accompanied by more experienced staff. After I became known to the
job and procedure I started doing tasks like accepting payments in cash and by cheque against
AMC,entering inter depository slips and pledge slips in to the system.
After the third week my performance also improved and I was able to get close to the targets,
though it looked difficult to achieve in the beginning. To get awareness of working of a DP I
attended and spoke to various clients to get their feedback for my research.
LIMITATIONS:
1. Cold Calling
• Voice and accent plays a major role.
• The right time to call a customer cannot be decided, as the customer may in a
different mood at the time of calling.
• Time consuming
• Less success rate
2. Corporate
• Time consuming
• Contacts with higher authorities play a major role
3.1 Description of live experience
I was supposed to use the database provided by the company to make cold calls or by directly
meeting people to get new leads.
While making cold calls, we need to have:
• Good Communication Skills (Voice quality is clear and articulate)
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Problems faced while getting the demat accounts converted to life time AMC accounts:
• Customer dissatisfied with the services.
• A lot of customers were thinking of closing their demat accounts after suffering huge
losses due to global meltdown.
• Past experience, word of mouth.
• Misguidance by previous staff.
• Lack of knowledge and awareness about life time AMC scheme.
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CHAPTER .1 INTRODUCTION
Industrial Profile
A stock market is a public market for the trading of company stock and derivatives at an
agreed price; these are securities listed on a stock exchange as well as those only traded
privately.
A stock exchange, (formerly a securities exchange) is a corporation or mutual
organization which provides "trading" facilities for stock brokers and traders, to trade stocks
and other securities. Stock exchanges also provide facilities for the issue and redemption of
securities as well as other financial instruments and capital events including the payment of
income and dividends. The securities traded on a stock exchange include: shares issued by
companies, unit trusts, derivatives, pooled investment products and bonds.
• Bombay Stock Exchange
• National Stock Exchange
• Regional Stock Exchanges
Indian Stock Market Overview
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The Bombay stock exchanges (BSE) and the National Stock Exchange of India Ltd (NSE) are
the two primary exchange in India. In addition, there are 28 Regional Stock Exchanges
However, the BSE and NSE have established themselves as the two leading exchanges and
account for about 80% of the equity volume traded in India.
The average daily turnover at the exchanges has increased from Rs. 851 crore in 1997-98 to
Rs. 1,284 crore in 1998-99 and further to Re. 2273 crore in 1999-2000 (April- August 1999).
NSE has around 1500 shares listed with a total market capitalization of around Rs. 921500
crore (Rs. 9215 Bln). The BSE has over 6000 stocks listed and has a market capitalization of
around Rs. 968000 crore (9680 Bln). Most key stocks are traded on both the exchanges and
hence the investor could buy them on either exchange. Both exchanges have a different
settlement cycle, which allows investors to shift their positions on the bourse. The primary
index of BSE is BSE Sensex comprising 30 stocks. NSE has the S&P NSE 50 index (Nifty)
which consists of fifty stocks.
The BSE Sensex is the older and more widely followed index. Both these indices are
calculated on the basis of market capitalization and contain the heavily traded shares from
key sectors.
The total turnover of National and Bombay Stock Exchange amounted to Rs.
45,12,563 crore in 2008, while it was Rs. 45,08,709 crore at the end of 2007.
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Indian Scenario
Strengths
The `do-it-yourself' framework of online share trading offers retail investors the three
benefits of transparency, access and efficiency. Paperwork diminishes significantly, and no
more painful trips to your broker to check if everything's in order. Online trading has made it
possible to universalize access to retail investors. This was earlier very difficult, as the cost of
servicing often-outweighed transaction volumes. Online brokerage ranges between 0.05-0.20
per cent of the value of transactions for non-delivery-based trades, and between 0.25-0.95 per
cent for delivery-based trades. Once major investments in online infrastructure are over and
done with - and with the economies of scale coming into play - it is expected that brokerage
rates would head further downwards.
Weaknesses
Every thing in the world has a flip side to it - Transaction velocity is crucial. And more often
than not, connections are lousy. There's also a degree of investor skepticism about online
payment and settlement mechanisms in spite of all the encryption and fire walling brought
into play. Time and technology will soon assuage these concerns, which hark back to the
`physical' days.
“The three main technology obstacles which have prevented Internet broking from taking off
are:
• Lack of Internet penetration
•
Bandwidth infrastructure
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• Poor quality of ISP infrastructure.”
Opportunities
You have some money to dabble with. Trading shares on BSE/NSE has always been your
dream. When will you ever find the time? And besides, the hassle of finding a broker is not
easy. This is your main opportunity.
Realizing there is untapped market of investors who want to be able to execute their own
trades when it suits them, brokers have taken their trading rooms to the Internet. Known as
online brokers, they allow you to buy and sell shares via Internet.
There are 2 types of online trading service: discount brokers and full service online broker .
Discount online brokers allow you to trade via Internet at reduced rates. Some provide quality
research, other don’t. Full service online brokerage is linked to existing brokerages. These
brokers allow their clients to place online orders with the option of talking/ chatting to
brokers if advice is needed. Brokerage rates here are higher. 5Paisa.com, ICICIDirect.com,
IndiaBulls.com, Sharekhan.com, Geojit securities.com, HDFCsec.com, Tatatdw.com,
Kotakstreet.com are some of the online broking sites in India.
And daily trading turnover is estimated in the vicinity of 0.75 per cent of the combined BSE
and NSE daily turnover of about RS 11,000 crore!!! The point is, there's tremendous scope
for growth. Especially when you consider the US, where trading over the Net accounts for
about 55 per cent of the total volumes. And, I believe, in some Asian markets the figures as
high as 70 per cent.
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Threats
On to some threat perception - Domestic funds, foreign institutional investors and operators
comprise the three main market constituents. And all three include term investors as well as
opportunists in their pecking order. Some, for instance, hitch their fate with what the FIIs are
up to. All this spells spurting volumes. But nobody gives a damn about the resultant
volatility. And some, not all, offer free investment advice over the Net to lure rookie
investors with misleading information.
Stock exchanges, to some extent, play an important role as indicators, reflecting the
performance of the country's economic state of health. Stock market is a place where
securities are bought and sold. It is exposed to a high degree of volatility; prices fluctuate
within minutes and are determined by the demand and supply of stocks at a given time.
Stockbrokers are the ones who buy and sell securities on behalf of individuals and institutions
for some commission. The Securities and Exchange Board of India (SEBI) is the authorized
body, which regulates the operations of stock exchanges.
With the view to improve discipline and bring greater transparency in this sector, constant
efforts are being made, and to a certain extent, improvements have been made. As the
condition of capital markets are constantly improving, it has started drawing attention of lot
more people than before. On the career related aspects, professionals have opportunities to
choose from for a wide range of jobs available in a number of organizations in this sector and
one can expect to have good times ahead.
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In today’s scenario, Online Share Trading in Stock market is gaining popularity. Until now,
most of the customers were working offline but in metro cities, Online Share Trading is
preferred because no one has much time to go to market and work offline.
Therefore, online share trading comes into picture. In Online Share Trading, investors invest
their money in stock market through the internet. They do not want to go to a broker. Today,
companies providing all information on a company website or make their own software.
Investors buy or sell their securities in few seconds by clicking a mouse.
Online Share Trading is beneficiary for customer as well as company because with this
customers do not have to take much pain for investing money in the market. The whole
process happens automatically in a few seconds. Companies provide research reports,
monthly magazine etc through Internet. Investors get this information online. These reports
help investors for investment in securities. Online Share Trading is very less time consuming
and expensive. So Online share Trading is much better than offline share trading. Online
Share Trading is safer and faster alternative to the offline share trading as it offers freedom
from delays, thefts and paperwork. Therefore, Online Share Trading is quick, convenient and
efficient.
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NATIONAL STOCK EXCHANGE OF INDIA LIMITED
With the liberalization of the Indian economy, it was inevitable to lift the Indian stock market
trading system on par with the international standards. Based on the recommendations of
high-powered Pherwani Committee, the National Stock Exchange was incorporated in 1992
by Industrial Development Bank of India, Industrial Credit and Investment Corporation of
India, Industrial Finance Corporation of India, all Insurance Corporations, selected
commercial banks and others.
The National Stock Exchange (NSE) is India's leading stock exchange covering various cities
and towns across the country. NSE was set up by leading institutions to provide a modern,
fully automated screen-based trading system with national reach. The Exchange has brought
about unparalleled transparency, speed & efficiency, safety and market integrity. It has set up
facilities that serve as a model for the securities industry in terms of systems, practices and
procedures.
NSE has played a catalytic role in reforming the Indian securities market in terms of
microstructure, market practices and trading volumes. The market today uses state-of-art
information technology to provide an efficient and transparent trading, clearing and
settlement mechanism, and has witnessed several innovations in products & services.
Demutualization of stock exchange governance, screen based trading, compression of
settlement cycles, dematerialization and electronic transfer of securities, securities lending
and borrowing, professionalisation of trading members, fine-tuned risk management systems,
emergence of clearing corporations to assume counterparty risks, market of debt and
derivative instruments and intensive use of information technology.
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Trading At NSE Can Be Classified Under Two Broad Categories:
Wholesale Debt Market / Money Market
Capital Market
NSE Has Several Advantages Over The Traditional Trading Exchanges. They Are As
Follows
NSE brings an integrated stock market trading network across the nation.
Investors can trade at the same price from anywhere in the country since inter
market operations are streamlined coupled with the countrywide access to the securities.
Delays in communication, late payments and the malpractice’s prevailing in
the traditional trading mechanism can be done away with greater operational efficiency
and informational transparency in the stock market operations, with the support of total
computerized network.
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BOMBAY STOCK EXCHANGE LIMITED
The Bombay Stock Exchange is one of the oldest stock exchanges in Asia. It was established
as "The Native Share & Stock Brokers Association" in 1875. It is the first stock exchange
in the country to obtain permanent recognition in 1956 from the Government of India under
the Securities Contracts (Regulation) Act, 1956. The Exchange's pivotal and pre-eminent role
in the development of the Indian capital market is widely recognized and its index, SENSEX ,
is tracked worldwide. Earlier an Association of Persons (AOP), the Exchange is now a
demutualised and corporative 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, the trading rights
and ownership rights have been de-linked effectively addressing concerns regarding
perceived and real conflicts of interest. The Exchange is professionally managed under the
overall direction of the Board of Directors. The Board comprises eminent professionals,
representatives of Trading Members and the Managing Director of the Exchange. The Board
is inclusive and is designed to benefit from the participation of market intermediaries.
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SENSEX
For the premier Stock Exchange that pioneered the stock broking activity in India, 128 years
of experience seems to be a proud milestone. A lot has changed since 1875 when 318 persons
became members of what today is called "The Stock Exchange,” Mumbai by paying a
princely amount of Re 1.
Since then, the country's capital markets have passed through both good and bad periods. The
journey in the 20th century has not been an easy one. Till the decade of eighties, there was no
scale to measure the ups and downs in the Indian stock market. The Stock Exchange,
Mumbai (BSE) in 1986 came out with a stock index that subsequently became the barometer
of the Indian stock market.
SENSEX is not only scientifically designed, but also based on globally accepted construction
and review methodology. First compiled in 1986, SENSEX is a basket of 30 constituent
stocks representing a sample of large, liquid and representative companies. The base year of
SENSEX is 1978-79 and the base value is 100. The index is widely reported in both domestic
and international markets through print as well as electronic media
The Index was initially calculated based on the "Full Market Capitalization" methodology but
was shifted to the free-float methodology with effect from September 1, 2003. The "Free-
float Market Capitalization" methodology of index construction is regarded as an industry
best practice globally. All major index providers like MSCI, FTSE, DAX, S&P and Dow
Jones use the Free-float methodology.
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Due to is wide acceptance amongst the Indian investors, SENSEX is regarded to be the pulse
of the Indian stock market. As the oldest index in the country, it provides the time series data
over a long period. Small wonder, over the years SENSEX has become one of the most
prominent brands in the country.
The growth of equity markets in India has been phenomenal in the decade gone by. Right
from early nineties the stock market witnessed heightened activity in terms of various bull
and bear runs. The SENSEX captured all these events in the judicial manner. One can
identify the booms and busts of the Indian stock market through SENSEX.
The 30 stock sensitive index or Sensex was first compiled in 1986. The Sensex is compiled
based on the performance of the stocks of 30 financially sound benchmark companies.
The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of
BSE National Index (Base: 1983-84 = 100). It comprised of 100 stocks listed at five major
stock exchanges in India at Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE
National Index was renamed as BSE-100 Index from October 14, 1996 and since then it is
calculated taking into consideration only the prices of stocks listed at BSE. The Exchange
launched dollar-linked version of BSE-100 index i.e. Dollex-100 on May 22, 2006.
The Exchange also disseminates the Price-Earnings Ratio, the Price to Book Value Ratio and
the Dividend Yield Percentage on day-to-day basis of all its major indices.
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The values of all BSE indices are updated every 15 seconds during the market hours and
displayed through the BOLT system, BSE website and news wire agencies.
The “Index Committee” of the Exchange reviews all BSE-Indices periodically. The
Committee frames the broad policy guidelines for the development and maintenance of all
BSE indices. Department of BSE Indices of the Exchange carries out the day-to-day
maintenance of all indices and conducts research on development of new indices.
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SECURITIES & EXCHANGE BOARD OF INDIA (SEBI)
Introduction
To prevent frauds, the Government formed The Securities and Exchange Board of India,
through an Act in 1992. SEBI is the statutory body that controls and regulates the functioning
of stock exchanges, brokers, sub-brokers, portfolio managers’ investment advisors etc. SEBI
oblige several rigid measures to protect the interest of investors. Now with the inception of
online trading and daily settlements the chances for a fraud is nil, says top officials of SEBI.
Functions of SEBI
Regulation of Stock exchanges and Subsidiaries:
One of the key functions of the Board is to supervise and monitor the activities of the
exchanges, clearing houses and the settlement system, strengthen market infrastructure
and ensure that appropriate risk management systems are in place. Main functions
include:
• Inspection of Stock Exchanges:
• Inspection of Subsidiaries of Stock Exchanges
• Restructuring of Management of Subsidiaries
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• Takes Strict actions against Illegal Trading in Securities
Registration and Regulation of the working of Intermediaries:
In order to interpose between issuers and investors, regulators recognize various classes
of intermediaries in the capital market. SEBI, over the period, recognized many types of
capital market intermediaries in India and operations during the year is reviewed in the
following sections.
• Primary Market: Intermediaries such as merchant bankers, underwriters, debenture
trustees, bankers to an issue, registrars to an issue and share transfer agents and
portfolio manager are the intermediaries that function in the primary markets.
• Secondary Market: Brokers & sub-brokers will function in the secondary market.
Sub-brokers are intermediaries between the broker and the investor.
• Registration of FIIs
• Registration of Custodian of Securities
Registration and Regulation of Collective Investment schemes including mutual
Funds.
• Registration of Collective Investment Schemes (CIS).
• Mutual Funds Registered with SEBI.
• Venture Capital Funds: includes domestic & foreign venture capital funds.
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Promotion and Regulation of Self Regulatory organizations
Fraudulent and Unfair Trade practices:
SEBI ensures that no fraudulent or unfair practices occur in the stock market. SEBI took
up investigations in 122 cases in 2002-03 bringing the total cases taken up for
investigation until the end of this financial year to 654 cases. Of these 122 cases
investigation into 102 cases have been completed during 2002-2003.
Investor Education and the Training of Intermediaries.
DEPOSITORY AND DEPOSITORY PARTICIPANTS
What is a Depository?
Depository is an organization where the securities are held in the electronic form through the
medium of depository participant .A depository offers following services to the investors
through its agent’s viz. Depository participants:
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In India there are two depositories:
1. NSDL
2. CDSL
NSDL
Although India had a vibrant capital market which is more than a century old, the paper-
Based settlement of trades caused substantial problems like bad delivery and delayed transfer
of title till recently. The enactment of Depositories Act in August 1996 paved the way for
establishment of NSDL, the first depository in India. This depository promoted by institutions
of national stature responsible for economic development of the country has since established
a national infrastructure of international standards that handles most of the securities held and
settled in dematerialised form in the Indian capital market.
Using innovative and flexible technology systems, NSDL works to support the investors and
brokers in the capital market of the country. NSDL aims at ensuring the safety and soundness
of Indian marketplaces by developing settlement solutions that increase efficiency, minimise
risk and reduce costs. At NSDL, we play a quiet but central role in developing products and
services that will continue to nurture the growing needs of the financial services industry.
In the depository system, securities are held in depository accounts, which is more or less
similar to holding funds in bank accounts. Transfer of ownership of securities is done through
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simple account transfers. This method does away with all the risks and hassles normally
associated with paperwork. Consequently, the cost of transacting in a depository environment
is considerably lower as compared to transacting in certificates.
CDSL
A Depository facilitates holding of securities in the electronic form and enables securities
transactions to be processed by book entry by a Depository Participant (DP), who as an agent
of the depository, offers depository services to investors. According to SEBI guidelines,
financial institutions, banks, custodians, stockbrokers, etc. are eligible to act as DPs. The
investor who is known as beneficial owner (BO) has to open a demat account through any DP
for dematerialisation of his holdings and transferring securities.
The balances in the investors account recorded and maintained with CDSL can be obtained
through the DP. The DP is required to provide the investor, at regular intervals, a statement of
account which gives the details of the securities holdings and transactions. The depository
system has effectively eliminated paper-based certificates which were prone to be fake,
forged, counterfeit resulting in bad deliveries. CDSL offers an efficient and instantaneous
transfer of securities.
CDSL was promoted by Bombay Stock Exchange Limited (BSE) jointly with leading banks
such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered
Bank, Union Bank of India and Centurion Bank.
CDSL was set up with the objective of providing convenient, dependable and secure
depository services at affordable cost to all market participants.
What is a depository participant?
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A depository participant (DP) is the representative (Agent) in the depository system that will
maintain the account holder’s security balances.
Benefits of Depository System
In the depository system, the ownership and transfer of securities takes place by means of
electronic book entries. It provides numerous benefits like:-
• Elimination of bad deliveries and all risks associated with physical certificates such
as loss in postal transit, theft etc.
• Reduction in handling of huge volumes of paper
• Faster settlement cycle
• Substantial reduction in transaction cost in dematerialised securities as compared to
physical securities.
• Periodic status report to the investors on their holdings and transactions leading to
better controls.
• Reduction in rate of interest on loans granted against pledge of dematerialised by
many banks.
• EXAMPLES:
Stock holding corporation india limited
Karvy stock broking
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India infoline
Indiabulls etc
OBJECTIVE AND SCOPE OF THE STUDY
The following are the objectives for conducting the research:
To study the importance of depository participants .
To do comprehensive study of products and services of SHCIL .
.To know the market potential in Delhi region for SHCIL.
To determine the Awareness level about SHCIL .
To know and understand the consumer behaviour towards services offered and devise
marketing strategies to promote and expand business
To know if the current marketing strategy is appropriate or it requires to be improved.
Understanding the investment pattern of the customers and the relationship between
their income and investments.
SCOPE OF THE STUDY
• The scope of the study was Delhi and NCR region.
• Period is 6 weeks.
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CHAPTER 2 : RESEARCH METHODOLOGY
The research process or methodology is the approach to the entire study – it is the
master plan. It is the blueprint for achieving your objectives. The research process
can appear to be relatively simple - if you carry out the basic steps methodically and
carefully, then you should arrive at useful conclusions.
“Research is an organized and systematic way of finding answers to
questions”
SYSTEMATIC because there is a definite set of procedures and steps which you will
follow. There are certain things in the research process which are always done in order to
get the most accurate results.
ORGANIZED in that there is a structure or method in going about doing research. It is a
planned procedure, not a spontaneous one. It is focused and limited to a specific scope.
FINDING ANSWERS is the end of all research. Whether it is the answer to a hypothesis
or even a simple question, research is successful when we find answers. Sometimes the
answer is no, but it is still an answer.
QUESTIONS are central to research. If there is no question, then the answer is of no use.
Research is focused on relevant, useful, and important questions. Without a question,
research has no focus, drive, or purpose.
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3.1 RESEARCH DESIGN
Research design provides the glue that holds the research project together. A Research
design is the arrangement of conditions for collection and analysis of data in such
manner that aims to combine relevance of the research purpose with economy in
procedure. A design is used to structure the research, to show how all of the major
parts of the research project -- the samples or groups, measures, treatments or
programs, and methods of assignment -- work together to try to address the central
research questions. Research design is basic frameworks, which provide guidelines for
the rest of the research process. It is a map or a blue print according to which the
research is to be conducted. The research design is descriptive in nature by keeping in
mind the establishment objectives.
3.2 DATA COLLECTION AND INSTRUMENTS USED
It was important to collect detailed information on various aspects for effective
analysis. As “Marketing today is becoming more of a battle based on information
based society companies with superior information enjoys a competitive advantage
a.) Primary Data:
In primary data collection, you collect the data yourself using methods such as interviews and
questionnaires. The key point here is that the data you collect is unique to you and your
research and, until you publish, no one else has access to it. There are many methods of
collecting primary data and the main methods include:
Questionnaires
Interviews
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Focus group interviews
Observation
Case-studies
Diaries
Critical incidents
Portfolios.
Questionnaires
Questionnaires are a popular means of collecting data, but are difficult to design and often
require many rewrites before an acceptable questionnaire is produced
Interviews
Interviewing is a technique that is primarily used to gain an understanding of the underlying
reasons and motivations for people’s attitudes, preferences or behaviour. Interviews can be
undertaken on a personal one-to-one basis or in a group. They can be conducted at work, at
home, in the street or in a shopping centre, or some other agreed location.
Case-studies
The term case study usually refers to a fairly intensive examination of a single unit such as a
person, a small group of people, or a single company. Case studies involve measuring what is
there and how it got there. In this sense, it is historical. It can enable the researcher to explore,
unravel and understand problems, issues and relationships. It cannot, however, allow the
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researcher to generalize, that is, to argue that from one case-study the results, findings or
theory developed apply to other similar case-studies.
Diaries
A diary is a way of gathering information about the way individuals spends their time on
professional activities. They are not about records of engagements or personal journals of
thought! Diaries can record either quantitative or qualitative data, and in management
research can provide information about work patterns and activities.
Critical incidents
The critical incident technique is an attempt to identify the more ‘noteworthy’ aspects of job
behavior and is based on the assumption that jobs are composed of critical and non-critical
tasks. For example, a critical task might be defined as one that makes the difference between
success and failure in carrying out important parts of the job. The idea is to collect reports
about what people do is particularly effective in contributing to good performance. The
incidents are scaled in order of difficulty, frequency and importance to the job as a whole.
Portfolios
A measure of a manager’s ability may be expressed in terms of the number and duration of
‘issues’ or problems being tackled at any one time. The compilation of problem portfolios is
recording information about how each problem arose, methods used to solve it, difficulties
encountered, etc.
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b.) Secondary Data
All methods of data collection can supply quantitative data (numbers, statistics or financial)
or qualitative data (usually words or text). Quantitative data may often be presented in tabular
or graphical form. Secondary data is data that has already been collected by someone else for
a different purpose to yours. For example, this could mean using:
• Data supplied by an organization
• Company MIS
• Government statistics.
SAMPLING
Collecting data is time consuming and expensive, even for relatively small amounts of data.
Hence, it is highly unlikely that a complete population will be investigated. Because of the
time and cost elements the amount of data you collect will be limited and the number of
people or organizations you contact will be small in number. You will, therefore, have to take
a sample and usually a small sample.
The theory of sampling is based on random samples – where all items in the population have
the same chance of being selected as sample units. Random samples can be drawn in a
number of ways but are usually based on having some information about population
members.
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SAMPLE SIZE:
Survey was conducted for 75 respondents wherein they were asked to fill the questionnaires
about their opinion on the services provided by various DP’s. Approximately around 25 calls
per day were made for four weeks and a lot of important information was gathered through
cold calling and personal interview.
3.3ANAYLSIS OF DATA AND PRESENTATION
1.INVESTMENT PATTERN
Interpretation:
This question
was meant to
closely study
the pulse and
investment pattern in the stock market.A lot of investors prefer investing in shares and mutual
funds as compared to other investment options.
2.AWARENESS OF ONLINE TRADING
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Interpretation: With the increase in cyber education, the awareness towards online share
trading has increased by leaps and bounds. This awareness is expected to increase further
with the increase in Internet education.
3.AWARENESS OF SHCIL AS A BRAND
Interpretation: This pie-chart shows that SHCIL has a reasonable amount of Brand
awareness in terms of a premier depository participant company. This brand image should be
further leveraged by the company to increase its market share over its competitors.
4.AWARENESS OF FACILITIES PROVIDED BY SHCIL
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Interpretation: Although there is sufficiently high brand equity among the target audience
yet, it is to be noted that the customers are not aware of the facilities provided by the
company meaning thereby, that, the company should concentrate more towards promotional
tools and increase its focus on product awareness rather than brand awareness.
5.SATISFACTION LEVEL WITH THE CURRENT BROKER
Interpretation:
This pie-chart corroborate the fact that Strategic marketing, today, has gone beyond only
meeting Sales targets and generating profit volumes. It shows that all the depository
participants are striving hard not only to woo the customers but also to make them Brand
loyal by generating customer satisfaction.
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6. FREQUENCY OF TRADING
Interpretation: Inspite of the huge returns that the share market promises, I see that there is
still a dearth of active traders and investors. This is because of the non – transparent structure
of the Indian share market and the skepticism of the target audience that is generated by the
volatility of the stock market. It requires efficient bureaucratic intervention on the part of the
Government.
7.PERCENTAGE OF EARNINGS INVESTED IN SHARES
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Interpretation: This shows that people invest only upto 10% of their earnings in the
stock market, again reiterating the volatile and non-transparent structure of the Indian stock
market. Hence, effective and efficient steps should be undertaken to woo the customers to
invest more in the lucrative stock market.
4.4 LIMITATIONS OF THE STUDY
• The research was conducted within a limited duration. So a detailed and
comprehensive study could not be made.
• The sample was confined to 75 respondents. So this study cannot be regarded as
“full–proof” one.
• Some respondents hesitated to give the actual situation.
• The findings and conclusions are based on knowledge and experience of the
respondents sometime may subject to bias.
• Sampling was used so response cannot be full proof.
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CHAPTER 3
FINDINGS
FINDINGS
1. Investors prefer investing in shares and mutual funds as compared to other investment
options.
2. The awareness towards online share trading has increased by leaps and bounds.
3. SHCIL has a reasonable amount of Brand awareness in terms of a premier depository
participant company
4. The customers are not aware of the facilities provided by the company meaning
thereby, that, the company should concentrate more towards promotional tools and
increase its focus on product awareness rather than brand awareness.
5. It can anaylised from the research that around 72 % of the investors were satisfied
from their brokers.
6. Inspite of the huge returns that the share market promises, I see that there is still a
dearth of active traders and investors.
7. People invest only upto 10% of their earnings in the stock market, again reiterating
the volatile and non-transparent structure of the Indian stock market.
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Bring In More Product Differentiation
Product differentiation here means that SHCIL should bring in more customized services and
more value proposition for large investors. It can reduce the brokerage charges for large
investors that will encourage them to invest more in the company.
Invest More On R&D
SHCIL should concentrate on its research and development since most of its competitors are
investing on R&D. This will help the company to read the market better and will be in a
better position to understand the needs of the customers. This can be extremely beneficial for
SHCIL in the end.
RECOMMENDATIONS :
1. Billing which are controlled from Mumbai should be made region wise i.e. for Delhi
region it should be controlled from Delhi and there should be a proper system for updating
and follow up of the bills so that already paid bills are not repeated.
2. A special facility of mailing the transaction statement electronically through internet can be
provided to the retails clients and brokers who wish to. This facility will help in reducing
cost, saving time and above all timely and much faster deliver which will ultimately lead to
higher customer satisfaction.
3. Arrangement should be made proper and uninterrupted connectivity throughout the
working hours.
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4. Customer relationship management (CRM) cell: There should be a CRM desk to listen to
the problem as well as suggestion of the clients.
5. Promotional programs especially for the existing clients for the investment advisory
services and value added services should be conducted regularly and frequently. There is a lot
of room for improvement here which can generate and bring a lot of business.
6.AMC of beneficiary account should be reduced as other DP’s are charging a lower AMC as
compared to SHCIL .Higher AMC creates a negative impact on the mind of customer
7. Installation of voice response system especially for accounts position, rates and companies
in the Demat list so that the client doesn’t disturb staff at work.
8. More and more promotional steps like advertisement in the newspaper/journals etc should
be taken up to stay in the market in a good shape and to attract new clients.
9. Lifetime AMC should be cashed in the best possible manner. Its awareness among the
existing as well as prospecting clients is very low. Further it can be made more attractive by
offering a little interest (as provided in the saving account).
10. SHCIL should reduce its demat account opening charges, trading account opening
charges as other DP’s.
11. SHCIL should continuously strive to add new products to its portfolio to attract more and
more customers..
12. Even the rural and semi-urban areas could be trapped by arranging investor’s education
programme in such areas.
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CONCLUSION
SHCIL faces significant competition from companies seeking to attract clients’ financial
assets including traditional and online brokerage firms, mutual fund companies and
institutional players, having wide presence and a strong brand name. As SHCIL enter newer
markets, they are likely to face additional competition from those who may be better
capitalized, have longer operating history, have greater retail and brand presence, and better
management than SHCIL. As new players like Reliance Money enters the market the
competition will only get more intense. If they are unable to manage their business, it might
impede their competitive position and profitability.
Hence, they should continue to compete vigorously to capture more market share and should
add more management personnel to manage their growth in an optimal way.
Post economic liberalization in 1991 the Indian financial services industry has experienced
significant growth. Exposure to global practices has made the Indian customer more
demanding. Because of falling interest rates, bank deposits, other traditional investment
opportunities are losing their attraction. Thus, Indian investors are getting attracted towards
alternate investments such as the Retail Security Market and are looking for newer financial
products.
As the Indian Retail Security Market is still in a nascent stage and as a lot of potential for
growth, it is a very good opportunity for companies like SHCIL to increase their market
presence. They will have to concentrate more on the Research and Development and come up
with strategies, which are beneficial for the company. Thus for the purpose of Applied
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CHAPTER 6: BIBILOGRAPHY
Articles
• Capital Market Review 2003-04,Published by SHCIL
• Economics times
• Capital market
NSDL circular
Books
• Financial Management Prashanna Chandra,6th edition
• Financial Management Khan & Jain ,3th edition
• Securities Analysis and Portfolio Management ,Fischer & Jordon
• Research Methodology ,David .R. Cooper and Schindler
Websites:
• www.nsdl.com
• www.cdsl.com
• www.shcilonline.com
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• www.shcilservices.com
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