Comparative analysis of brokerage firms

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Introduction
Introduction
This project attempts to compare the services provided by the five major brokerage
companies in the country. For the purpose of present study we have restricted ourselves
to the analysis of the following companies:
1. Religare Securities Limited
2. India Bulls Financial Services Limited
3. Share Khan
4. Reliance Money
5. ICICI Direct.com
Our primary objective is to bring to the reader’s notice how different and similar these
companies are in terms of their brokerage, terminals, services etc.
Though we do not claim to be experts in the topic but this project represents our best
efforts in bringing together the relevant information to give some useful insight into the
topic within the limitations of time and our ability to collect and process all the
information.
We hope that our project is able to do justice to the objectives for which it has been
prepared and proves worthy of the attention of those who devote their precious time and
effort in going through it.

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COMPANY PROFILE
S.D.FINANCIAL SERVICES is financial advisory and financial investment plat former
company of Varanasi. In its identity, we discover it as:
a. we provides you idea for financial investment.
b. We believe ideas create wealth, but values protect it.
It is the practice of this core thought that has led to S.D.FINANCIAL SERVICES, it
becoming one of the leading financial services company in Varanasi. Its current
businesses include investment banking, securities broking, and investment management.
It provides a wide range of services to corporations, institutional investors and high net-
worth individuals.
S.D.FINANCIAL SERVICES is an investment advisory firm of the Varanasi with coore
expert teams. It is known for its best service capabilities as it being the best financial
service advisor and provides a platform to whom who wants to get success and want to
gain profit in systematic way. In Varanasi there are so many small and big investor but in
comparative there are very few firms to advice them that where to invest and how to
invest in proper manner to achieve the desired profit and make a large amount of profit
with their investment.

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In that manner S.D.FINANCIAL SERVICES provides a better option for financial
advisory company and platform to invest in shares, mutual funds, currency, commodity
futures, insurance etc.
The main objective is to provide clients with all the tools and services they need to
reduce the administrative burdens of managing money and focus on what you do best -
maximizing your trading performance, building your business and attracting new sources
of capital.
MISSION
To be a premier financial supermarket providing integrated investment services.
VISION
To provide integrated financial services building investor wealth and confidence.
Product and Services
Equities & Equity Derivatives (NSE, BSE)
 Commodity Futures (MCX, NCDEX)
 Currency Futures (MCX – SX)
 Depository Services (NSDL, CDSL)

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 Mutual Funds (AMFI)
 Insurance – Life and Non Life / Group Insurance (IRDA)
 IPOs , Bonds and fixed Deposits
Competitive Strength
 Large and diverse distribution network
 Strong track record of high growth and profitability
 Strong risk management system
 Well established brand

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Research Objective
 To analyse the financial position of brokerage firms In order to understand the
business and competitive environment in which the organization is working
 To study the extent of variation in these markets
 To estimate response function for these market.
 To analyze the whole project and propose the recommendation which can prove
out to be beneficial for the finance department of the company

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WHAT IS MEANT BY CAPITAL MARKET?
Before starting about the comparison of the firms, it is vital to know the meaning and
functions of capital market,
The capital market is system or frame work which facilitates savings and investment.
The securities market provide channel for the allocation of savings to investment through
the capital market.
 Companies can raise resources from the people (investor);
 Household can invest their savings in industrial or commercial activities to earn a
return.
Hence the capital market is a mechanism by which capital (funds) moves from those with
surplus funds (investor) to those in need of funds (companies)
Savings are linked to investment through a range of financial products called securities.
Who are the main participants in the Securities markets?
The capital market framework consists of the following participants:
 Stock exchange
 Market intermediaries, such as stock brokers
 Investor
 Regulatory institutions(SEBI)

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FUNCTIONS OF CAPITAL MARKET
The functions of an efficient capital market are as follows:-
1. Disseminate information efficiently for enabling participant to develop an informed
opinion about investment, disinvestment, reinvestment or holding a particular
financial asset.
2. Enable quick valuation of financial instrument –both equity and debt.
3. Provide insurance against market risk or price risk through derivative trading and
default risk through investment protection fund.
4. Enable wider participation by enhancing the width of the market by encouraging
participation through network institutions and associating individuals
5. Provide operational efficiency through,
a) Simplified transaction procedure,
b) Lowering settlement timings, and
c) Lowering transaction cost.

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1. A Brief Background of the Companies Brief Background of Companies
A Brief Background of
 Religare Securities Ltd.
 IndiaBulls Financial Securities Ltd.
 ShareKhan
 Reliance Money
 ICICI Direct.com

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1. ReligareSecuritiesLtd.
Religare is a Ranbaxy promoter group company. Ranbaxy is one of the leading Indian
pharma-research and pharmaceutical companies in India with a global presence in 5
continents, spread over 40 countries. With an annual turnover of close to 1.2 Billon US$
('05 Sales), Ranbaxy is ranked amongst the 10 global generic companies.
Securities Ltd.
Religare is one of India’s largest and fastest growing integrated financial services
institutions. The company offers a large and diverse bouquet of services ranging from
equities, commodities, insurance broking, to wealth advisory, portfolio management
services, personal finance services, Investment banking and institutional broking services.
The services are broadly clubbed across three key business verticals- Retail, Wealth
management and the Institutional spectrum.
Religare Enterprises Limited is the holding company for all its businesses, structured and
being operated through various subsidiaries. Religare Enterprises Limited through
Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited
and Religare Insurance Advisory Services Limited provides integrated financial solutions
to its clients.
Religare’s retail network spreads across the length and breadth of the country with its
presence through more than 900 locations across more than 300 cities and towns. Having
spread itself fairly well across the country, it has also aggressively started eyeing global
geographies.
BACKGROUND:
•A wholly owned subsidiary of Religare Financial Services Ltd. (RFSL)
•RFSL is promoted by the late Dr. Parvinder Singh, ex-CMD of Ranbaxy Laboratories
Limited

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•RSL started its operations as a fund based brokerage house servicing big corporate and
treasuries and gradually started its reach to all client segment.
PRESENTSCENARIO:
• An ISO 9001 : 2000 company
• Member of National Stock Exchange (NSE) since November 1994, first deposit
based member of BSE.
• Depository Participant with
- National Securities Depository Limited (NSDL) since July 2000
- Central Depository Services (India) Limited (CDSL) since February 2003
• SEBI Approved Portfolio Manager
•Working on the Philosophy of being “Financial Care Partner”
•Among the leading service provider in Capital Market
•In a span of less than five years of its retail operations, RSL recorded a healthy growth
rate both in business volumes and profitability.
•Religare is among the very few stock market intermediaries to having very sound based
capital and healthy net worth.
•Religare aims to have its footprint all across the country by the end of year so that it may
add value to the investing community in the country.
RELIGARE GROUP:
 Religare comprises institutional broking and corporate Finance
 Broking division caters to the largest domestic and foreign institutional investors,
telecom and media
 Voted four times as the Top Domestic Brokerage House by Asia-money Survey
 Fortis is consistently ranked amongst the top domestic brokerage houses in India.

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2.India BullsFinancialServicesLtd.
Indiabulls is India’s leading Financial Services and Real Estate Company having over
640 branches all over India. Three Engineers from IIT Delhi have promoted Indiabulls.
The company strives for rapid growth in profits, leadership in the retail marketplace and
better returns to its shareholders.
Indiabulls Financial Services Limited was incorporated on January 10, 2000 as M/s Orbis
InfoTech Private Limited at New Delhi under the Companies Act, 1956 with Registration
No. 55 – 103183. The name of the Company was changed toM/s. Indiabulls Financial
Services Private Limited on March 16, 2001 due to change in the main objects of the
Company from InfoTech business to Investment & Financial Services business. It
became a Public Limited Company on February 27, 2004 and the name of Company was
changed to M/s. Indiabulls Financial Services Limited. It was promoted by three
engineers from IIT Delhi; Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal.
The company has attracted more than Rs.700 million as investments from venture capital,
private equity and institutional investors such as LNM India Internet Ventures Ltd.,
Transatlantic Corporation Ltd.,Farallon Capital Partners, L.P., R R Capital Partners L.P.,
and Infinity Technology Trustee Pvt. Ltd. and has developed significant relationships
with large commercial banks such as Citibank, HDFC Bank, Union Bank, ICICI Bank,
ABN AmroBank, Standard Chartered Bank, Lord Krishna Bank and IL&FS.
Indiabulls Financial service Ltd. is a public company and listed on the National Stock
Exchange, Bombay Stock Exchange, Luxembourg Stock Exchange and London Stock
Exchange. The company ranks at 82nd position in the list of most valuable companies in
India has a market capitalization of approx US $ 800 million. The consolidated net worth
of the company is approx US $ 400 million.

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It offers consumer loans, brokerage and depository services, personal loans, home loans
and other financial products and services to the retail markets.
ITS SUBSIDIARIES
It has following three subsidiaries:
1. INDIABULLS SECURITIES LTD.
ISL is a corporate member of capital market & derivative segment of The National Stock
Exchange of India Ltd. At present, ISL accounts for approximately 3% of the total daily
turnover of the Exchange with 32,359 client relationships and 70 branches spread across
the country .
2. INDIABULLS COMMODITIES PVT. LTD.
Indiabulls Commodities Pvt. Ltd. was incorporated on October 30, 2003 and is a member
of National Commodities Derivatives Exchange (NCDEX). NCDEX has been promoted
by the NSE for derivatives trading on commodities in India. Being a member of NCDEX,
ICPL will function as an intermediary for commodity’s derivatives. The Company
commenced its activities from March 30, 2004.
3. INDIABULLS INSURANCE ADVISORS PVT. LTD.
Indiabulls Insurance Advisors Pvt. Ltd. was incorporated as Orbis Technologies Private
Limited on February 18, 2002 . It is a corporate agent for life insurance with Birla Sunlife
Insurance Company Ltd. Our Company and our subsidiaries have a wide network of
branches, sales force and client relationships.

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3. Sharekhan
Share khan is the retail broking arm of Mumbai-based SSKI Group, which has over eight
decades of experience in the stock broking business. SSKI owns 65% in Share Khan
balance ownership is HSBC, first Caryle and Intel Pacific.
It has been into broking since 80 years. And has focused on providing equity solutions to
every segment. It boasts of largest ground network of 588 share shops across 213 cities in
India.
Sharekhan offers its customers a wide range of equity related services including trade
execution on BSE, NSE, Derivatives, depository services, online trading, investment
advice etc.
Through its online trading portal www.sharekhan.com, it provides multi-channel access
to the stock markets to its customers. The website was launched on Feb 8, 2000. The site
gives access to superior content and transaction facility to retail customers across the
country. Known for its jargon-free, investor friendly language and high quality research,
the site has a registered base of over one lakh customers. The number of trading members
currently stands at over 3 lakh while online trading currently accounts for just over 2 per
cent of the daily trading in stocks in India, Sharekhan alone accounts for 32 per cent of
the volumes traded online.
Sharekhan’s ground network includes over 588 centers in 148 cities in India, of which 32
are fully-owned branches.
The company has used some of the best-known names in the IT industry, like Sun
Microsystems, Oracle, Microsoft, Cambridge Technologies,
Nexgenix, Vignette, Verisign Financial Technologies India Ltd, Spider Software Pvt Ltd.
to build its trading engine and content. The Morakhiya family holds a majority stake in
the company. HSBC, Intel & Carlyle are the other investors.
With a legacy of more than 80 years in the stock markets, the SSKI group ventured into
institutional broking and corporate finance 18 years ago. Presently SSKI is one of the
leading players in institutional broking and corporate finance activities. SSKI holds a

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sizeable portion of the market in each of these segments. SSKI’s institutional broking arm
accounts for 7% of the market for Foreign Institutional portfolio investment and 5% of all
Domestic Institutional portfolio investment in the country. The Corporate Finance section
has a list of very prestigious clients and has many ‘firsts’ to its credit, in terms of the size
of deal, sector tapped etc.

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4. Reliance Money
RELIANCE Money
Anil Dhirubai Ambani Group
Reliance Money is a group company of Reliance Capital; one of India's leading and
fastest growing private sector financial services companies, ranking among the top 3
private sector financial services and banking companies, in terms of net worth.
Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group.
It has positioned itself as an electronic transaction platform offering an investment
avenue for a wide range of asset classes. Its endeavor is to change the way India transacts
in financial markets and avails financial services. Reliance Money offers a single window
facility, enabling you to access, amongst others Equity, Equity and Commodity
Derivatives, Offshore Investments, IPOs, Mutual Funds, Life Insurance and General
Insurance products. It plans to offer its brokerage services across 700 cities, including
Delhi and Mumbai, through 3,000 outlets in the near future.
The company offers highly competitive rates based on the flat fee structure instead of the
contemporary system where investors pay brokerage fees (percentage) for each
transaction conducted in the stock markets.
The company has already tied-up with UK's CMC Capital Plc to offer offshore
investment products to Indian consumers as per RBI guidelines.
Reliance Capital is targeting the retail investors who invest less than 3 per cent of their
household financing savings into equity markets.

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5. ICICI Direct.com
ICICI Direct.com
ICICI Direct.com, the online trading arm of ICICI Bank, is India's favorite share
trading website with the largest number of retail customers. It represents ICICI
Bank’s foray into the fast growing and lucrative financial sector.
ICICI Direct.com offers investors a seamless, hassle-free and paperless way to
trade shares, as it integrates the banking, trading and settlement part of the
business. The integration of the three accounts (the brokerage, bank and demat
accounts) enables one to get rid of all worries about tracking settlement cycles and
writing cheques.
Moreover, one doesn't need to transfer shares or money to a broker's pool account
before trading. So when a customer punches in a buy or a sell trade on his
computer, the system checks the limit available in the customer's bank account/ the
demat portfolio and then executes the trade on the exchange online. The bank
account and the demat account automatically get debited or credited on settlement
date.
The company claims it has crossed 1 million online trading subscribers, and this
makes, according to company officials, the largest online trading. A report says
that the total number of online trading customers (across all companies) is 1.9
million. So this gives more than 50 per cent market share to ICICI Direct.com.
A company official claimed that ICICI Direct.com was adding about 50,000 online
subscribers per month, and it processes close to 350,000 transactions per day.

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PRODUCT AND SERVICES OF THE BROKERAGE FIRMS
Religare’s main products and services include Shares, Mutual funds, Derivatives (Futures
and Options) and other financial products.
1. Equity (Trading in shares)
Religare offers various options while trading in shares:
 Cash Trading: This is a delivery based trading system, which is generally done
with the intention of taking delivery of shares or monies.
 Margin Trading: One can also do an intra-settlement trading up to 3 to 4 time of
his available funds, wherein one can take long buy/ short sell positions in stocks
with the intention of squaring off the position within the same day settlement
cycle.
 Margin Plus Trading: Through Margin PLUS one can do an intra-settlement
trading up to 10 times his available funds, wherein one can take long buy/short
sell positions in stocks with the intention of squaring off the position within the
same day settlement cycle. Margin PLUS will give a much higher leverage in
one’s account against his limits.
 Spot Trading: this facility can be used only for selling demat stocks which are
already existing in demat account. When investor looking at an immediate
liquidity option, ‘Cash on spot’ may work the best for him, On selling shares
through “cash on spot”, money is credited to his bank a/c the same evening & not
on the exchange payout date. This money can then be withdrawn from any of the
ICICI Bank ATMs.
 BTST: Buy Today sell Tomorrow (BTST) is a facility that allows to sell shares
even on 1st and 2nd day after the buy order date, without waiting for the receipt of
shares into demat account

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 Call Trade: CALL Trade allows you to call on a local number & trade on the
telephone through dealer
2. Future & options (Derivatives)
 Futures -Through religare you can now trade in index and stock futures on the
NSE. In futures trading, you take buy/sell positions in index or stock (s) contracts
having a longer contract period of up to 3 months. Calculate Index and Know
your Margin are tools to help you in calculating your margin requirements and
also the index & stock price movements.
 Options -An option is a contract, which gives the buyer the right to buy or sell
shares at a specific price, on or before a specific date. For this, the buyer has to
pay to the seller some money, which is called premium. There is no obligation on
the buyer to complete the transaction if the price is not favorable to him.
3. Mutual Funds
Through Religare investor can now invest in any mutual fund like standard charter MF,
Prudential ICICI MF, Alliance MF, Franklin Templeton MR, Sunderam MF, Birla sun
life, HDFC MF, Principal MF, etc are the mutual funds available for investment. You can
invest in mutual funds without the hassles of identity proof. You need on signature on the
mutual fund. You also get on information of performance of your investment through
online current NAV.
 Puchase: One may invest / purchase Prudential ICICI MF, JM MF, ALLIANCE
MR, FRANKLINE TEMPLETON MF, SUNDARAM MF, BIRLA SUN LIFFE
MF, HDFC MF and STANDARD CHARTERED MF without hassles of identity
proof.
 Redemption: when ever you required your money, you get it easily. For that
purpose you put on signature on the redemption form. You get you’re your money
by online or by physical process (cheque).
 Systematic investment plan (SIP): SIP allows you to invest a certain sum of
money over a period of time periodically. Just fill in the ivestment amount, the
period of investment and the frequency of investing and submit Religare do the
rest of your investment automatically for you.
 Systematic withdrawal program: this allows you to withdraw certain Sum of
money over a period of time periodically.
 Transfer- in: you can convert your existing mutual funds into electronic mode
through a transfer-in request.

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4. Portfolio Management Services (PMS)
Portfolio Management Services provides the benefits of diversification across assets,
sectors, and funds. Experts in Fund Management with years of investment experience
combine best of breed investment avenues as they aim to achieve optimal returns at
managed levels of risk.
The Schemes of portfolios available are: -
(1) Panther: -
Object
- To earn higher returns by taking aggressive positions
Strategy
- Exposure to fewer stocks /sectors
- High Portfolio Turnover
- Active Use of Derivatives
Suitability
- High Risk High Return
(2) Tortoise:-
Object
- Growth in the portfolio value over a period of time
Strategy
- To invest in a diversified portfolio of fundamentally strong stocks and debts.
Suitability
- Low Risk Low Return
4. Commodities
The process of economic liberalization in India began in 1991. As part of this process,
several capital market reforms were carried out by the capital market regulator Securities
and Exchange Board of India. One such measure was to allow trading in equities-based
derivatives on stock exchanges in 2000. This step proved to be a shot in the arm of the
capital market and volumes soared within three years. The success of the capital market
reforms motivated the government and the Forward Market Commission (the
commodities market regulator) to kick off similar reforms in the commodities market.
Thus almost all the commodities were allowed to be traded in the futures market from
April 2003. To make trading in commodity future more transparent and successful, multi-

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commodity exchanges at national level were also conceived and these next generation
exchanges were allowed to start futures trading in commodities on-line.
The commodities team comprises of experienced professionals who are highly motivated
and have an internal desire to serve the clients in best possible manner.
Its research team is of will-qualified and experienced professionals in the field of
fundamental and technical analysis, well equipped to identify investment opportunities.
6. IPO
You can also invest in Initial Public Offerings (IPO’s) and bonds online without going
through the hassles of filling any application form paperwork.
Get in-depth analysis of new IPO’s issues, which are about to hit the market and analysis
on these. IPO’s calendar, recent IPO’s listings, prospectus, and IPO’s analysis are the few
of the features, which help you, keeps on top of the IPO market.
7. International equity
International Equity and Commodities division scales up investment horizon for investors
by tapping into huge potential of international markets. This lets an investor partake a
share of international profits.
Offering:
Religare takes pride in introducing its-
International equity partner- Wall Street* E-
Wall Street* E is a full service online brokerage firm
o Barron’s Best Online Broker Review for six consecutive years
o Forbes Best of the Web
o Optionetics as the site for trading options two years in a row

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Indiabulls Financial Services Ltd.
Products & Services include Securities, Derivatives, Depositary, Loans, Commodities,
Insurance, Mutual funds & Indiabulls Equity Analysis.
Indiabulls Financial Services Limited:
1. Indiabulls Securities Limited
 Commodities Trading, Equity & Debt Stock Broking
 Depository Services
 Derivatives Broking Services
 Equity Research Services
 Mutual Fund Distribution
 IPO Distribution
2. Indiabulls Insurance Advisors Pvt. Limited
3. Indiabulls Commodities Pvt. Limited
PRODUCTS & SERVICES
1. INDIABULLS EQUITY ANALYSIS
It seeks to provide its clients with customized research reports called Indiabulls Equity
Analysis. It provides clients with an objective stock rating system on more than 200
stocks, assigning each equity a single grade: A, B, C, D, or E. On average, A-rated stocks
are expected to strongly outperform the overall market over the next 12 months, while E-
rated stocks are expected to strongly underperform the market. Indiabulls Equity Analysis
leverages our strong technology strengths to a systematic ratings methodology.
2. DEPOSITORY SERVICES
ISL is a depository participant with the NSDL and CDSL for trading and settlement of
dematerialised shares. It performs clearing services for all securities transactions through
its accounts. Clients of the brokerage business are able to use the depositary services to

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execute their trade through ISL and settle these transactions through our depositary
services. Our depositary service is part of the value added offerings to create multiple
interfaces with the client.
3. COMMODITIES
Indiabulls Commodities Private Limited (ICPL) a 100% subsidiary of Indiabulls
Financial Services Limited offers commodity brokerage services to its customers. ICPL is
a registered Trading-cum-Clearing member of Multi Commodity Exchange of India Ltd.
(MCX) and National Commodity and Derivatives Exchange Ltd (NCDEX). These two
Commodity Exchanges have shown a phenomenal growth in trading volumes. Significant
trading as well as arbitrage opportunities exists for informed players in the futures
market. The specialized services provided by its research team include daily intraday
reports, reports on Agri-commodites & Metals, weekly & medium term market outlook
and arbitrage strategies.
4. THIRD PARTY FINANCIAL PRODUCTS OFFERING
It distributes third party products and services through our comprehensive retail
distribution network. The products offered include third party insurance, mutual funds
and initial and secondary public offerings. It has a pan India retail distribution network,
comprising 476 relationship managers and 70 branches spread over 55 cities.
 Insurance Products:
IIAPL is a Corporate Agent of Birla Sunlife Insurance Co., which is India’s second
largest private insurance company. It offers life insurance and annuity products. The
insurance experts assist relationship managers in evaluating the near term and long term
financial needs of clients and design programs that they believe would best suit their
needs and help them manage their risks. Insurance experts also co-ordinate with
underwriting partners to complete the insurance transaction. IIAPL has a network of 77
insurance experts spread across its branch network. IIAPL has been awarded the “Flying
Start” award by Birla Sunlife Insurance Co. for outstanding contribution towards growth
and success of the partnership.

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 Mutual Funds:
It provides various mutual funds (equity, debt and balanced mutual funds) through our
retail distribution network. It offers clients a wide variety of mutual funds from Asset
Management Companies like Prudential ICICI Mutual Fund, HDFC Mutual Fund etc.
5. CONSUMER FINANCE
Indiabulls being a retail focused organization also fulfills the credit need of its clients.
The key aspect of Indiabulls business model is to provide an extremely unique customer
experience. It offers consumer loans, home loans, personal loans, securities brokerage,
and other financial products and services to retail customers from across 640 Indiabulls
offices in 127 leading cities of the country.
6. REAL ESTATE
Indiabulls Real Estate Limited (IREL) with projects covering a total land area in excess
of 10000 acres is one of the largest listed real estate companies in India and a leading
national player across multiple realty and infrastructure sectors. IREL projects include
High-end Office and Commercial Spaces, Premium Residential Developments, Integrated
Townships, Luxury Resorts and Special Economic Zones. IREL is partners with
internationally renowned consultants and construction companies for its developments at
various stages of execution.

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Sharekhan
Products offered by Sharekhan
1- BOLT for Offline Trading.
2- NEAT for Online Trading.
3- Portfolio Management Services.
4- Offline Trade in Commodities.
5-Mutual Fund Advisory
1. EQUITY N DERIVATIVES
With a Sharekhan online trading account, you can buy and sell shares instantly.
The investors can choose from 2 online trading accounts that suits their trading
habits and preferences – the classic account for most investors and speed trade for
active day traders. The Classic Account also comes with Dial-n-trade completely
free, which is an exclusive service for trading shares by using telephone. This
account enables people to buy and sell shares through sharekhan’s website. They
get features like
a) Streaming quotes (using the applet based system)
b) Multiple watchlists
c) Integrated Banking, demat and digital contracts
d) Instant credit and transfer
e) Real-time portfolio tracking with price alerts
and, of course, the assurance of secure transactions.
The Dial-n-Trade service enables one to place orders for buying and selling shares
through telephone by dialing any one of our two numbers (1-800-22-7050 or
30307600), enter your TPIN number (which is provided at the time of opening
your account) and on authentication you'll be directed to a telebroker who will buy
and sell the shares for you.
2. RESEARCH

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To cater to the different needs of each investor sharekhan provides a
comprehensive set of research reports, so that you can make the right investment
decisions regardless of your investing preferences.
3. SHAREKHAN SHOPS
It has 510 share shops across 170 cities in India. There it provides a host of trading
Related services - customer service staff will also help you with any accouts related
queries you may have.
A Sharekhan outlet offers the following services:
 Online BSE and NSE executions (through BOLT & NEAT terminals)
 Free access to investment advice from Sharekhan's Research team
 Sharekhan ValueLine (a monthly publication with reviews of recommendations, stocks
to watch out for etc)
 Daily research reports and market review (High Noon & Eagle Eye)
 Pre-market Report (Morning Cuppa)
 Daily trading calls based on Technical Analysis
 Cool trading products (Daring Derivatives and Market Strategy)
 Personalized Advice
 Live Market Information
 Depository Services: Demat & Remat Transactions
 Derivatives Trading (Futures and Options)
 Commodities Trading
 IPOs & Mutual Funds Distribution
 Internet-based Online Trading: SpeedTrade
4. DEMAT
Dematerialisation and trading in the demat mode is the safer and faster alternative to
the physical existence of securities. Demat as a parallel solution offers freedom from
delays, thefts, forgeries, settlement risks and paper work. This system works through
depository participants (DPs) who offer demat services and the securities are held in
the electronic form for the investor directly by the Depository.
Sharekhan Depository Services offers dematerialisation services to individual and
corporate investors.

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5. MUTUAL FUNDS
Sharekhan’s clients will now also be able to invest in Mutual funds through them. They
have already started this service for a few mutual funds, and in the near future will be
expanding our scope to include a whole lot more. Applying for a mutual fund through us
is open to everybody, regardless of whether you are a Sharekhan customer.
To invest in a fund, all you have to do is download the application form, print it out, fill it
in and send it over to them.
6. PMS
This is a product which allows the customer to be completely hands off as all the equity
decisions of the customer are taken y the professionals appointed by the firm.
The product is classified into three categories-:
 ProTech
 ProPrime
 ProArbiterage
ProTech
Product Offerings
 Nifty Thrifty:
Nifty futures are bought and sold and the exposure does not exceed the value of
the portfolio. The advantage is that Nifty allows making profits even in falling
markets
 Beta Portfolio :
Here 80% of the portfolio is traded in delivery (cash market) and the rest 20% in the
Future and Option segment (e.g. Buying calls /put etc.)This results in a higher and safer
return as risk is undertaken only on the 29% of the portfolio.

28
ProPrime
Product Offerings
 The Aggressive Scheme:
Ideal for investors looking at higher returns and are ready to take higher
risks.
The portfolio consists of the following stocks:
 Expected growth in profitability
 Relatively low valuations
 Mid to smalcap companies
 The Balanced Scheme:
Ideal for investors looking at steady returns with low risk appetite, consists
of a blend of consistent an blue chip stocks ensuring a balanced growth.
ProArbiterage
It spots risk free opportunities which offer higher return than other risk free instruments
available in the market. On spotting the opportunity the stock is bought and the future is
sold so as to lock in the spread. In this way the scheme moves from one opportunity to
another.

29
RELIANCE Money
RelianceMoney
Reliance Money is a single window, enabling you to access, a wide range of financial
products and services including Equity, Equity & Commodity Derivatives, Mutual Funds,
IPO’s, Life & General Insurance products, Offshore Investments, Money Transfer,
Money Changing and Credit Cards.
The highlights of Reliance money’s offerings are:
COST-EFFECTIVE
The fee charged by the affiliates of Reliance Money, through whom the transactions can
be placed, is among the lowest charged in the present scenario. Pay a flat fee of just Rs.
500/- valid for 2 months or specified transactional value
Note: The facility of trading is subject to expiry of the validity period or value limit,
whichever comes first
Illustrations depicting fee structure and validity limits
Access fee- Rs. 500
Validity- Time validity of 2 months or Turnover validity of Rs. 1 cr., whichever is earlier
Turnover limit- Non-delivery turnover of Rs. 90 lac, Delivery turnover of Rs. 10 lac
Access fee- Rs. 1350
Validity- Time validity of 6 months or Turnover validity of Rs. 3 cr., whichever is earlier
Turnover limit- Non-delivery turnover of Rs. 2.7 cr., Delivery turnover of Rs. 30 lakh
Access fee- Rs. 2500
Validity- Time validity of 12 months or Turnover validity of Rs. 6 cr., whichever is
earlier
Turnover limit- Non-delivery turnover of Rs. 5.4 cr., Delivery turnover of Rs. 60 lakh
CONVENIENCE
You have the flexibility to access Reliance Money services in multiple ways: through the
Internet, Transaction Kiosks, Call & Transact (phone) or seek assistance through their
Business Partners

30
SECURITY
Reliance Money provides secure access through an electronic token that flashes a unique
security number every 32 seconds (and ensures that the number used for earlier
transaction is discarded). This number works as a third level password that keeps your
account extra safe.
SINGLE WINDOW FOR MULTIPLE PRODUCTS
Reliance Money, through its affiliates/partners, facilitates transactions in Equity, Equity
& Commodity Derivatives, Offshore Investments, Mutual Funds, IPOs, Life Insurance
and General Insurance products
3 IN 1 INTEGRATED ACCESS
Reliance Money offers integrated access to your banking, trading and demat account.
You can transact without the hassle of writing cheques
DEMAT ACCOUNT WITH RELIANCE CAPITAL
Hassle free demat account with Reliance Capital. The Annual Maintenance Charge for
the Demat Account is just Rs. 50/- per annum
OTHER SERVICES
Through the portal www.reliancemoney.com, Reliance Money provides:
 Reliable research, including views of external experts with an enviable track
record
 Live news from Reuters and Dow Jones
 CEOs’/experts’ views on the economy and financial markets
 The Personal finance section provides tools that help you plan your investments,
retirement, tax, etc
 Analyze your risk profile through the Risk Analyzer
 Get suitable investment portfolios using the Asset Allocator.

31
ICICI Direct.com
1. TRADING IN SHARES:
ICICIdirect.com offers various options while trading in shares.
Cash Trading: This is a delivery based trading system, which is generally done with the
intention of taking delivery of shares or monies.
Margin Trading : One can also do an intra-settlement trading up to 3 to 4 times the
available funds, wherein one takes long buy/ short sell positions in stocks with the
intention of squaring off the position within the same day settlement cycle.
MarginPLUS Trading: Through MarginPLUS one can do an intra-settlement trading up
to 25 times the available funds, wherein one takes long buy/ short sell positions in stocks
with the intention of squaring off the position within the same day settlement cycle.
MarginPLUS gives a much higher leverage in account against one’s limits.
Spot Trading: This facility can be used only for selling your Demat stocks which are
already existing in your Demat account. When one is looking at an immediate liquidity
option, 'Cash on Spot' may work the best for him. On selling shares through "cash on
spot", money is credited to one’s bank a/c the same evening & not on the exchange
payout date. This money can then be withdrawn from any of the ICICI Bank ATMs.
BTST: Buy Today Sell Tomorrow (BTST) is a facility that allows a person to sell shares
even on 1st and 2nd day after the buy order date, without having to wait for the receipt of
shares into one’s Demat account.
CallNTrade®: CallNTrade® allows a person to call on a local number in a city & trade
on the telephone through the Customer Service Executives. This facility is currently
available in over 11 major states across India.
Trading on NSE/BSE: Through ICICIdirect.com, one can trade on NSE as well as BSE.
2. TRADE IN DERIVATIVES:
Futures-Through ICICIdirect.com, one can trade in index and stock futures on the NSE.
In futures trading, a person takes buy/sell positions in index or stock(s) contracts having a

32
longer contract period of up to 3 months. The ICICIDIRECT UNIVERSITY on the
HOME page is a comprehensive guide on futures and options trading.
Options-An option is a contract, which gives the buyer the right to buy or sell shares at a
specific price, on or before a specific date. For this, the buyer has to pay to the seller
some money, which is called premium. There is no obligation on the buyer to complete
the transaction if the price is not favorable to him.
To take the buy/sell position on index/stock options, one has to place certain percentage
of order value as margin. With options trading, one can leverage on one’s trading limit by
taking buy/sell positions much more than what one could have taken in cash segment.
The Buyer of a Call Option has the Right but not the obligation to purchase the
underlying asset at the specified strike price by paying a premium whereas the seller of
the Call has the obligation of selling the underlying asset at the specified Strike price.
The Buyer of a Put Option has the Right but not the Obligation to Sell the Underlying
Asset at the specified strike price by paying a premium whereas the Seller of the Put has
the obligation of buying the Underlying Asset at the specified Strike price.
3. INVESTING IN MUTUAL FUNDS:
With the inclusion of Standard Chartered MF, one can now invest on-line in 10 mutual
Funds through ICICIdirect.com. Prudential ICICI MF, JM MF, Alliance MF, Franklin
Templeton MF, Sundaram MF, Birla Sun Life MF, HDFC MF, Principal MF and IL &
FS MF are the Mutual Funds available for investment. One can invest in mutual funds
without the hassles of filling application forms or any other paperwork. One needs no
signatures or proof of identity for investing.
Once a request is placed for investing in a particular fund, there are no manual processes
involved. One’s bank funds are automatically debited or credited while simultaneously
crediting or debiting your unit holdings.
One also gets control over one’s investments with online order confirmations and order
status tracking. He also gets to know the performance of his investments through online
updation of MF portfolio with current NAV.
ICICIdirect offers various options while investing in Mutual Funds:
Purchase: One may invest/purchase Prudential ICICI MF, JM MF, Alliance MF, Franklin
Templeton MF, Sundaram MF, Birla Sun Life MF, HDFC MF, Principal MF, IL & FS

33
MF and Standard Chartered MF without the hassles of filling application forms.
4. IPOS AND BONDS ONLINE:
One can also invest in Initial Public Offers (IPOs) and Bonds online without going
through the hassles of filling any application form/ paperwork.
Get in-depth analyses of new IPOs issues (Initial Public Offerings) which are about to hit
the market and analysis on these. IPO calendar, recent IPO listings, prospectus/offer
documents, and IPO analysis are few of the features, which help a person, keep on top of
the IPO markets.
4. CONTENT FEATURES:
There are a host of features on ICICIdirect.com that shall help a person to make informed
investment decisions.
ICICI Direct.com provides with the indices of major world markets, nifty futures and
ADR prices of Indian scripts. One can get daily share prices of all scripts, monthly and
yearly high/lows etc through Market Watch.
One can also get breaking news from CNBC and Reuters. One can Catch a glimpse of
News Headlines through scrolling Direct News Headlines.
Get a snapshot of the latest developments in the markets through the day using Market
Commentary. One can get weekly snapshots also. Use Pick of the week which focuses on
fundamental stocks with sound prospects.
Catch interviews, reactions and comments from industry leaders with CEO Call. Track
the movement of leading scrips within a sector across 12 sectors using Market@Desktop.
Equip oneself with the barometers of ICICI Direct.com. Market Barometer gives person
in-depth information of the weightage of shares on Nifty and Sensex. One can get a
glimpse of the performance of various industry sectors through Industry Barometer.
Direct Technical Charts offer interactive charting with advanced indicators. One can get a
bird's eye view of over 5000 companies at a single click using Company Snapshot. One
can glance through analyst recommendations using Multex Global Estimates.
6. PERSONALFINANCE:
One can use ICICI Direct.com’s Personal Finance section and get hold of tools that can
help a person to plan his investments, retirement, tax etc.
Analyse one’s risk profile through the Risk Analyzer and get a suitable investment
portfolio plan using Asset Allocator.

34
3. Equity Specific Details
Equity Specific Details
 Religare Securities Ltd.
 IndiaBulls Financial Services Ltd.
 ShareKhan
 Reliance Money
 ICICI Direct.com

35
Religare Securities Ltd.
CHARGES:
 Individual Client:
Demat A/c opening charges: Rs 500/- (maintenance Charges Rs 250/-)
Trading A/c free for life time
Trading through offline or website. (www.religare.in)
NSE & BSE both are online.
Live applet for watching prices & trading purposes.
ODIN charges: Rs 1800/-
 Brokerage:-
Cash brokerage:- Delivery: 0.50%, Intraday: 0.05% (Negotiable)
Exposure:- 10 times (For Intraday)
2 times (For Delivery)
F&O Brokerage:- Buy & Sell 0.05% (Negotiable)
FEATURES-
 For the fund transfer and withdraw, we have tie up with two banks ICICI Bank
and HDFC Bank.
 If you are having bank account in one of them, you can transfer the funds and
withdraw the funds online same day.
 Settlement of trades follows T+2 transaction cycle.
 Freedom from paperwork, trading facilities is completely online. SMS alerts on
your mobile phones.
 Apart of that we have our dedicated team to look after your Portfolio, Mutual
Funds, and Commodities.

36
DOCUMENT PHOTOCOPIES REQUIRED FOR OPENING DEMAT
A/C:-
(A) Two colored Photographs (self signed).
(B) For identification Proof- Voter ID Card/Driving License/ Passport/ PAN
Card (Compulsory) any one.
(C) For residential proof:- Bank statement /Voter ID Card/Ration Card/Driving
License/Passport/ Telephone or Electricity Bill statement (any one)
(D) One cancelled cheque leaf (For MICR No. record)
(E) Later Bank Statement/ Front page of passbook (Showing Name, Address, A/c
No.)
(F) You can also deposit the initial margin money at the time of opening of
account.
RALLY/RACE
Religare offers 2 online products: Rally and Race. Rally is a software based product
while Race is web-based product. Their charges n details are on the next page :
Schedule of charges for Depositoryservices
PARTICULARS RALLY RACE
Account operations
- a/c opening
- annual charges
- Documentation
- One time charges
Nil
Rs. 250/-
Rs. 60/-
Nil
Nil
Nil
Nil
Rs. 299/- or Rs. 499/- or Rs.
Transaction charges
- buy
- sell
Nil
Rs. 25/- or 0.01% value
of securities whichever
is higher
Nil
Rs. 25/- or 0.01% value of
securities whichever is higher
Pledge
- creation / closure
Rs. 50/- or 0.01% value
of securities whichever
is higher
Rs. 50/- or 0.01% value of
securities whichever is higher

37
Delivery Instruction
Booklet
Rs. 20/- per booklet Rs. 20/- per booklet
Dematerialization Rs. 2/- per certificate Rs. 2/- per certificate
Rematerialization Rs. 20/- per request +
Courier charges.
Rs. 20/- per request + courier
Charges.
Courier charges for
Demat / Remat
Rs. 30/- per request Rs. 30/- per request

38
TRADING PRODUCTS UNDER RALLY
RALLY-It is offline trading in which client maintains contact with the dealer & dealer
executes all the orders of clients related to the transaction in equity & futures.
RALLY-ite-With this product a client can start live trading from any place where
internet service is available by accessing his account through Religare website. To avail
this service client must have Rs 5000 initially in his account.
RALLY-Pro-Under this trading software terminal- ODIN is installed in client’s
personal computer or laptop which enables LIVE trading. To avail this service client
needs to pay Rs 1800 initially. The amount is refunded once brokerage from the client
has raised upto the amount.
EXPOSURE
Default exposure shall be 6 times of the margin deposited (be in securities or cash);
however exposure can be increased to up to 10 times for intra-day trades.
MARGIN
Margin deposited could be in the form of cash or securities. Cash margin is valued at
100%. However, security margin's valuation would purely depend on the scrip deposited
in margin. It has the biggest margin list in the country. It accepts 692 shares in margin.
This list is further classified into 4 categories, A B C D. Following is the margin benefit
given to the different categories.
CATEGORY BENEFIT %
A 100%
B 85%
C 75%
D 60%

39
This list is Religare’s self-generated list and any exchange does not have any part to play
in that. Segregation of the scrip purely depends on only the VOLATILITY AND
LIQUIDITY of the scrip and does not indicate anything about the fundamentals of the
scrip.
MARGIN FINANCING
Religare is one of the biggest Margin Financing facilitator. In this concept you can get
the shares purchased financed through us through an automatic route. A specific % of
margin is to be maintained and company finances the rest. On the outstanding balance an
interest @18% is charged on daily basis, Or Rs. 42(appx) per day @ at a loan of Rs. 1
lac. You need to maintain a margin % on day to day basis. In case the margin % falls
below the required % u shall be required to deposit further margin or you shall be liable
to reduce your position to the required extent. Following are the minimum margin %
need to be maintained.
CATEGORY Minimum Margin%
A 20%
B 35%
C 45%
D 60%

40
PAYMENTS & WITHDRAWALS
You can transfer funds online if you have a tie up with ICICI or HDFC BANK for such a
facility. You would require to give us the proof of the bank accounts from where you
wish to transfer or receive funds in. A payment request could be done to your RM
telephonically or through a mail. You would require to intimate the RM along with
the TRANSACTION ID for any funds transferred from your bank account. The funds
transferred will take immediate effect and shall reflect in your ledger. You can also
deposit sum through a cheque from any of your bank accounts. You can request for a
cheque in case of withdrawals. Religare also provide cheque pick and drop facility.
ONLINE TRADING
You can trade online by logging into your terminal ODIN. Following are the commands
- Buy - "+" or F1
- Sell - "-" or F2
- Pending orders - F3
- Market Window - F4
- Market Watch - F5
- Trades - F8
- Integrated Net position - ALT+F6
- Modification or cancellation of a limit trade - F3 and then Alt+F2 for modification
and DELETE for cancellation. You can trade in all the market segments BSE cash NSE
cash & FnO through your ODIN terminal.

41
WEBSITE ACCOUNT
You will be provided with a website login which will give you detailed information about
your account. You can get information about your stocks, margin, ledger, confirmation
and net position on a day-to-day basis.
INVESTMENT GUIDANCE
Daily Technical Report: A daily technical report is issued, which gives a technical
view of days market movement. It includes a detailed nifty analysis. Two short term
trading ideas. Intra - day Support and Resistance for commonly traded securities is also
mentioned in the DTR.
Investment Report: Every fortnight an investment report is issued with a medium to
long term target. Generally 6-12 months. The above reports are conveyed to the clients,
either through E-mail, hard copy or over the phone from a dedicated dealer.
F&O Strategy: A daily F&O Strategy report is also carried out. This gives you trading
ideas in the Futures and Options segments and also suggests certain F&O strategies for
different market conditions.
Daily Market Flash: This is carried out everyday. This gives you a Market
Commentary for the previous day. A lot of statistics about the market for e.g.; A/D ratio,
Institutional activity, volumes, global indices, commodities and forex rates. International
and domestic price sensitive information. Bulk Trade details, fund buying and selling
details. Detailed list of IPOs and NFOs.

42
ACCOUNT OPENING
Online Account Type:
Bulls Financial Services Ltd.
1. Signature Account: Plain Vanilla Account which focus on equity analysis. The
equity analysis is a paid serve even for a/c holders.
2. Power Indiabulls: Account with sophisticated trading tools, low commissions
and priority access to R.M.
Features of Power Indiabulls:
 Streaming Quotes




 -time Accounting
Pricing Of IB Accounts:
Account Opening: Rs 700/- (Demat + Trading) for Off-line Trading
Rs 1450/- (Demat + Trading) for Off-line Trading
No AMC for DP.
Initial Margin: Nil
Brokerage: 0.05% on Intraday (Negotiable)
0.50% on Delivery (Negotiable)
Exposure: 10 Times (Intraday)

43
2 Times (Delivery
POA for Clients Demat
All shares held by client trading with IB are moved to Pool Account and the same is
shown as a reflection in client account.
PAID RESEARCHSERVICES
Access to a research even for an IB trading account holder is charged a min. of Rs 500 a
month.
MARGIN FUNDING
The interest of funding starts on leveraged delivery trades from T+1 day itself @ 21% p.a
on a daily basis.
THE ROLE OF RELATIONSHIP MANAGER
Each RM is looked upon as a revenue generator and he gets a percentage on business
generated from client. This can lead to over leveraged (interest) & high frequency
(Brokerage) trading, which may not be in the best interest of the client.
FEATURES:
 Money Transfer
Indiabulls holds account with all the banking giants and one can directly transfer
the money to those accounts. Normally the balance reflects within two hours.
 Bourses
Indiabulls offers online trading only on NSE. However if you want to buy stocks
listed on BSE, you need to personally call them and direct to buy.
 IPO, NFO
Indiabulls allows you to buy IPOs and NFOs but not online. Again you need to

44
call them and lot of paper work in involved.
 Trading Terminal
Now this is the best feature of Indiabulls. Indiabulls provide with the live NSE
terminal which displays the bid/offer price, quantities in real time. The list of scrips
that it displays is configurable.
 Website Load
 Login time is high during peak time of business, but once logged in the speed of
other transactions is good enough.
 No SMS alert provide
 A trader can find out the information about share market only by to call dealers
 Account opening time- One Weak
 Online & offline trading facilities are different.

45
Sharekhan
ACCOUNT OPENING
Their demat and trading a/c opening charges (combined) are Rs 950/- and it as mandatory
to open both the accounts there i.e. you cannot open just demat or trading a/c with them.
Annual Maintenance Charges are not charged for first 2 years and thereafter levied @ Rs.
250 p.a.
BROKERAGE slabs are as follows:-
Investment
Amount
Brokerage(in %)
Intraday Delivery
5000-10,000 0.10 0.50
10,000-50,000 0.05 0.25
50,000-1,00,000 0.03 0.30
Above 1,00,000 0.01 0.10
EXPOSURE
It is the facility which allows you to trade for more with less amount in your account. For
sharkhan it is:
Intraday: 4 times
Delivery: 4 times
Interest is charged @ 16% p.a. compounded daily.
SOFTWARE
Sharekhan allows its clients to trade in the share market in 2 ways:
 Through its online portals:

46
1. Fast trade terminal-It is provided to all the clients irrespective of his
portfolio or investment. No additional amount is charged for it.
2. Speed trade terminal- Speed trade is a powerful trading and research
platform that has live streaming quotes, trading calls, advanced charting,
market news and a single trading screen for BSE & NSE. It is not provide
to all the clients. Only those clients are eligible for it who can generate a
quarterly brokerage of Rs.1500. Otherwise, they are bound to pay the
penalty of the remainder. Comparatively it has got more and advanced
features, eg: one can see more number of scripts at a time on the screen.
 Dial-n-trade (calling the dealers on phone and getting the trade done through
them)
R.M. FACILITY
Relation managers are the people who provide their clients with the regular tips for
trading in equity market and thereby assist them in getting the maximum returns.
In sharekhan, relationship managers are not provided to all the clients. This facility is
only made available to those clients who’s portfolio is above Rs. 2,00,000/-.
TECHNICAL REPORTS
Their clients receive 4 mails per day informing them about the most probable share
market movements for that day.
Their Technical Trading calls based on the Brave heart Strategy has consistently given
a strike rate of 87% on calls with a 1-2 months of price target and 95% for calls based on
3-6 months target.
INTERACTION WITHCLIENTS
The clients are provided with two numbers through which they can interact with the
company, one is a local number (call rates applicable) and another is a MTNL/BSNL
number (no charges). If the clients want to avail the SMS facility they have to pay Rs.
100 extra per month for it.

47
AWARDS AND RECOGNITION
Sharekhan has been voted as India’s most preferred broking house by CNBC, a testimony
of customers’ confidence in it.
Its research team by the name of “cool gurus” has been quoted by Economic Times for
getting the highest returns.
BANK TIE-UPS
Sharekhan has tie-ups with 10 banks. Few of them are:
 ICICI
 HDFC
 UTI
 OBC

48
RELIANCE Money
RelianceMoney
PRE-PAID CARDS (NO BROKERAGE)
Reliance Money will offer a 'fixed' flat fee structure and would offer highly competitive
rates based on the flat fee structure instead of the contemporary system where investors
pay brokerage fees (percentage) for each transaction conducted in the stock markets.
Reliance Capital, is bringing to the market pre-paid cards in denominations of of Rs 500,
Rs 1,350 and Rs 2,500 with validity period of two months, six months and twelve months
respectively. These cards would offer brokerage at one-third of the rate being charged by
institutional and individual brokerage houses.
 For a pre-paid card worth Rs. 500, an investor can trade upto Rs 90 lakh in
futures and option segment or can undertake intra-day trade of similar amount.
Besides, an investor can undertake a delivery-based activity of Rs 10 lakh.
 The Rs. 1350 worth pre-paid card, total trading limit would reach Rs 3 crore, of
which Rs 2.70 crore is for the F&O segment and balance Rs 30 lakh for delivery-
based activities.
 For Rs. 2500 pre-paid card, total trading limit is fixed at Rs 16 crore that include
F&O limit of Rs 15.40 crore and balance Rs 60 lakh for delivery-based broking.
Though there are no charges for opening the demat account their Annual Maintenance
Charge for the Demat Account is Rs. 50/- per annum
TRADING KIOSKS
Reliance Money has launched internet-based trading through kiosks. The group plans to
deploy some 10,000 such web-enabled kiosks across the country. These kiosks are like
ATMs, and also act as the group’s financial services portal, where investors can buy a
whole host of financial products. This will essentially help investors have access to the
trading terminal even if they are away from their desktops and laptops. For trading

49
through these kiosks investors are charged @ 50 paise per minute. Also Rs. 12 is
charged on the execution of the trade through these kiosks.
By March 2009, the number of such kiosks would be increased to 25,000.
Reliance Money also tied up with retail coffee chain Barista to set up trading kiosks at its
100 strategically located outlets across the country. To achieve the objective of spreading
the number of outlets, Reliance Money is also talking to several other retail chains.
FUNDING/EXPOSURE
They provide exposure of 5 times on intraday and no exposure on delivery. Also no
interest is charged for this facility as it is only for intraday.
INTERACTION
Clients can contact the company and register their grievances by calling on their call
center numbers for which they are charged Rs 20 per call or they can also write to
customer.grievance@reliancemoney.co.in
BANK TIE-UP
They have tie-ups with the following banks:
 IDBI
 HDFC
 UTI
RM FACILITY
There are no relationship managers as such and they are not given any brokerage targets
(unlike in companies like Religare). They are company employees who have to assist the
clients in trading.
MAJOR DRAWBACKS OF TRADING WITH RELIANCE MONEY
1) The trading platform is still in development stage. There are many
problems which needs to be rectified.

50
2) Its “Insta trade” service is not up to the standard. Reliance Money software is a java
based simple software. It should provide advanced software to meet the needs of
advanced traders.
3) Its system is sometimes very slow and orders are not placed at the time.
4) Its market watch solution is a way behind its competitors like Money control and
ICICIdirect.
5) Its service people are not as efficient as competitors.
6) It is still not providing options to buy Post office savings.
7) It is recommending few stocks even when stock markets are on roll.

51
ICICI Direct.com.com
ACCOUNT OPENING
They charge Rs. 750 for Demat and Trading and Savings account (combined). Trading
account can’t be opened separately here. They charge AMC @ Rs. 500 p.a. However, the
first year annual maintenance charges are waived for on all accounts opened through
ICICIdirect.com.
For bank account, a minimum quarterly average balance of Rs 5000/- needs to be
maintained.
BROKERAGE
Intraday 0.375%
Delivery 0.75%
OTHER CHARGES
· Custody Charges - NIL
· Free Statement of Account with valuation available on net
· Transaction charges for Purchase / Credit - NIL
· Transaction charges for Sale / Debit - 0.05%( Subject to minimum
Rs. 23/- )
· Demat charges Rs.3/- per certificate + Rs. 25/- per form
· Account maintenance: Rs.300/- for individuals & Rs. 1000/- for
others
· Remat charges: 0.12% with min Rs 15/-
· Pledge charges: Rs. 50/- per ISIN
· Freezing charges: Rs. 50/- per ISIN
· 8:00 a.m to 8:00 p.m services at branches
· 19 Collection Centers
FUNDING/EXPOSURE
The funding policy is as follows:
 Margin-4 times

52
 MarginPlus-20 times
Margin Trading: One can also do an intra-settlement trading up to 3 to 4 time of his
available funds, wherein one can take long buy/ short sell positions in stocks with the
intention of squaring off the position within the same day settlement cycle.
Margin Plus Trading: Through Margin PLUS one can do an intra-settlement trading up
to 20 times his available funds, wherein one can take long buy/short sell positions in
stocks with the intention of squaring off the position within the same day settlement
cycle. Margin PLUS will give a much higher leverage in one’s account against his limits.
TERMINAL
They don’t have software as such but investors can access the stock market movements
through their website by logging in. They don’t charge anything extra for it.
RESEARCHTIPS
They have a research team for providing research tips to the clients via;
 SMS facility(no additional charge)
 site-www.icicidirect.com(“Tip of the Day”)
RM FACILITY
Relationship managers are provided to all the clients irrespective of the amount invested
by them.
CUSTOMER SERVICE FEATURES:
 With 'ICICIdirect Customer Tools & Updates' one can trouble shoot all his
problems online.
 One can address his trading queries on-line through "Easy Mail". One can also
view and change his profile or password on-line through General Profile option.
 One can get details of ICICI Centers, his sales and service offices, across India
through branch locator.
 One can view his Account Statement and Bill Summary of his transactions online
using bills & accounts.
 One can view his Digital Contract Notes instantly and can view various charges
through the Fee Schedule option

53
Research Methodology
ResearchMethodology
Sample Size:
For the collection of primary data we prepared 50 questionnaires to get the views of the
investors about the different brokerage houses and the working methods of different
companies.
Profile of the Sample:
We classified our prospective respondents into five classes on the basis of the brokerage
houses they are trading or working with.
The respondents were so classified so as to arrive at an idea of how satisfied they are with
their respective brokers.
Statistical Methods:
We used various statistical tools such as percentages, tables, averages, graphs, pie
diagrams etc. to analyze the primary data so collected and to reach the conclusion on the
basis of such data.

54
Analysis
On the basis of the data collected through internet, websites of the companies and
customers, analysis was done and following are the results:
QUES:
What is the average amount of investment done by your customers?
(a) < 1 lacs
(b) 1-5 lacs
(c) 5-10 lacs
(d) 10-25 lacs
(e) >25 lacs
1. Types of Investors:
0%
5%
10%
15%
20%
25%
30%
35%
40%
PercentageofInvestors
Investment
Investment

55
0%
5%
10%
15%
20%
25%
30%
35%PercentageofInvetsors
Investment
India Bulls Financial Services Ltd.
Investment
0%
5%
10%
15%
20%
25%
30%
35%
40%
<1 Lakh 1-5 Lacs 5-10
Lacs
10-25
Lacs
>25
Lacs
PercentageofInvetors
Investment
Reliance Money
Investment
0%
5%
10%
15%
20%
25%
30%
35%
PercentageofInvetsors
Investment
Sharekhan
Investment

56
INTERPRETATION: Small investors prefer to invest in the stock market through
Religare Securities Ltd.,
India Bulls Financial Services Ltd. & ICICI Direct.com. Reliance Money is being
preferred more by medium investors.
Sharekhan is suitable for big investors.
0%
5%
10%
15%
20%
25%
30%
35%
40%
PercentageofInvetors
Investment
Icici Direct
Investment

57
Ques:
Which medium of trade is preferred by the customers in your company?
(a) Online
(b) Offline
2. Medium of Trade
0%
10%
20%
30%
40%
50%
60%
70%
online offline
Percentageofinvestors
Medium of Trade
Medium of Trade
0%
10%
20%
30%
40%
50%
60%
70%
online offline
Medium of trade
Sharekhan
Medium of trade

58
0%
10%
20%
30%
40%
50%
60%
70%
80%
online offline
Medium of Trade
Indiabulls Finacial Services Ltd.
Medium of trade
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
online offline
Medium of trade
ICIC Direct
Medium of Trade

59
INTERPRETATION:
It has been observed that traders’ inclination towards online trading is increasing.
Investors who opt for online trading are more in Religare and Indiabulls as their software
terminal is very effective.
Offline traders are more in Sharekhan and ICICI Direct.com as their terminal is very
expensive as well as inaccurate.
RelianceMoney offers only internet based trading.
QUES:
What are the brokerage rates charged by the company?
For intraday-
a. 1 paisa
b. 2 paisa
0%
20%
40%
60%
80%
100%
120%
online offline
Medium of trade
Medium of trade
Medium of trade

60
c. 3 paisa
d. 4 paisa
e. 5 paisa
For Delivery or Holding
a. 10-20 paisa
b. 20-30 paisa
c. 30-40 paisa
d.40-50 paisa
e. 50-60 paisa
Brokerage Rates
Interpretation:
Investors rate Religare’s, Indiabulls’ and Sharekhan’s brokerage medium. The brokerage
rate that is charged depends upon the amount of the investment and churning. It ranges
between 1 paisa to 5 paisa for intraday trading and 10 paisa to 50 paisa for delivery. Most
of the investors are paying 2 paisa on intraday trading and 20 paisa on delivery.
ICICI Direct.com brokerage is considered very high. They are charging more than 10
paisa for intraday trading and more than 50 paisa for delivery.
Reliancemoney has got card system in which brokerage is standardized and is considered
low by the investors but overall charges that investors have to pay i.e. brokerage plus
hidden costs are very high.
Funding Facility
Religare provide funding facility and most of the investors are availing this facility.
Investors find the service satisfactory and competitively beneficial. It is 6 to 10 times for
intraday trading and 2 to 4 times for delivery.
Indiabulls also provide funding facility but the investors are not satisfied with their
service. The reason is the stock selling without taking customers’ willingness and
moreover without informing them. In addition to, the stock is sold before 12:30 pm
without considering prices till 3:30 pm which sometimes prove highly harmful to
customers’ interest.
On the other hand, Religare’s customers are informed about stock selling and their
willingness is also taken into consideration.

61
Sharekhan’s funding facility is available only for big investors and they find it highly
satisfactory. Reliancemoney provide funding only for intraday trading and it is 5 times.
This facility of Reliancemoney is not so much popular till now.
ICICI Direct.com doesn’t provide funding facility.

62
Ques: What are the different interests charged on different exposures?
Interest on Exposure
Interpretation:
Religare charge 18% pa compounded on daily basis.
The interest rate keeps on changing in Indiabulls from time to time. It varies from 16% to
22 %.
No interest is charged on the exposure amount in Reliance money as it provides funding
facility only for intraday trading.
Sharekhan charges 21% p.a compounded on daily basis on the exposure amount. ICICI
Direct.com doesn’t provide funding facility.
0
5
10
15
20
25
0-10% 10-15% 15-20% 20- ABOVE
RELIGARE
India bulls
Reliance
Sharekhan
ICICI directs

63
Ques: What are the different charges of account opening?
Demat Account Opening
Interpretation:
Religare charges Rs 500 for opening demat account. If the investor makes investment of
Rs. 10000 or more then demat account opening charges are waived off as well.
Demat Account opening charges keep on changing from time to time in Indiabulls. It
ranges from Rs. 500 to Rs 1000. For very big investors demat account opening charges
are waived off.
Sharekhan opens demat account for free.
Reliancemoney opens demat account for Rs.900.
ICICI Direct.com charges Rs 750 to open demat account.
Religare takes 3 to 4 days to open a demat account.
Clients get their demat account opened within a week in Indiabulls, Sharekhan and ICICI
Direct.com.
On the other hand, Reliancemoney opens a demat account in 7 to 10 days.
0
200
400
600
800
1000
1200
0-500 500-700 700-900 900-ABOVE
RELIGARE
INDIA BULLS
SHAREKHAN
RELIANCE MONEY
ICICI DIRECTS

64
Ques: Does sending reports through internet and e-mail is practiced on your company?
(a) Yes
(b) No
Sending Reports through Internet and e-mail:
Yes
66%
No
34%
Yes No
Yes
55%
No
45%
Yes No

65
Yes
95%
No
5%
Sharekhan
Yes No
Yes
35%
No
65%
Reliancemoney
Yes
No
ICICI Direct
Yes
97%
No
3%
Yes
No

66
Interpretation:
Religare send market tips through E-mails to the clients. Moreover Relationship Manager
also keeps on giving market tips to their respective clients.
Indiabulls provide market tips through e-mails and sometimes through SMS.
Both these companies are irregular in sending technical reports to their clients.
On the other hand, Sharekhan and ICICI Direct.com are very regular in sending technical
reports to their clients.
Sharekhan send 4 reports through mails which include premarket report before 9:55 am,
post market report, afternoon report and evening report.
ICICI Direct.com send their market tips through e-mails only.

67
Ques: Are you satisfied with the activeness of the grievance cell of your company?
(a) Yes
(b) No
Activeness of Grievance cell
Interpretation:
Religare clients find grievance cell of the company active to some extent only.
Indiabulls is highly ineffective in redressing customer grievances.
Sharekhan’s grievance cell is not effective and customers receive very indifferent
responses.
ICICI Direct.com and Reliance money are particular in redressing their customers’
grievances.
Attending Grievances
59%
4%
6%
21%
10%
Religare
Indiabulls
Sharekhan
ICICI Direct
Reliance Mon.

68
Grievances against the company:
Religare
 Relationship
Manager are not
very active
 Lack of
Infrastructure
 Grievances are
not handled
properly
 Irregularity in
sending technical
reports
 Resource
mishandling
Indiabulls
 Confirmations of
trade are not
given
 Incompetent
Relationship
manager
 Branch Shifting
without
informing clients
 Bad funding
facility-Stock
selling without
informing clients
& without taking
their consent.
 Rigidity in
policies &
procedures
 No customized
services
 Resource
mishandling
Sharekhan
 Poor research
 Effective Services
to only big
investors
 Funding facility is
available only to
big investors
 Poor handling of
complaints
 Slow grievance
redressal
 Poor connection
of terminal
 Online trading is
not easy
 Resource
mishandling
Reliance money
 No research
tips
 High Hidden
costs
 Less
transparency
 Terminal is
not effective
 Lack of
prompt
services
 No ledger
details
 Improper
interaction
with the
clients.
Contact
number
remains busy.
 Resource
Mishandling
ICICI Direct.com
 Very high
brokerage
 Ineffective
terminal
 Trading can be
done online.
 Offline trading
facility is not
available
 Less accessible
 Resource
Mishandling

69
Ques: Are you satisfied as a client to this company?
(a) Yes
(b) No
Overall Satisfaction
Interpretation:
Customers are satisfied with the services which are being provided to Religare.
Indiabulls, ICICI Direct.com and Reliance money have satisfied their clients to some
extent only.
Customers are not satisfied with Sharekhan’s performance.
Sharekhan provide effective service only to the big investors. Small investors are not
given due importance and attention.
Customer Satisfaction
56%
4%
8%
21%
11%
Religare
Indiabulls
Sharekhan
ICICI Direct
Reliance Mon

70
Ques: How do rate the company’s overall services?
Companies’ Rating
Interpretation:
61% people have said that they will recommend Religare
19% were satisfied with services of ICICIDirect.com
12% people recommended Reliance Money.
4% supported Sharekhan and Indiabulls respectively.
62%
4%
4%
19%
11%
Companies Rating
Religare
Indiabulls
Sherkhan
ICICI Direct
Reliance Money

71
Conclusion
Conclusion
 So far, only objectively stated information about the five brokerage companies is
presented in terms of their background, products and services offered and the
equity specific details.
 On the basis of the data collected, and after doing their analysis some conclusions
are drawn from the study.
 Each of these brokerage houses has its own pros and cons. They are liked and
loathed by investors for different reasons.
 First of all talking about Religare, this financial company is preferred by stock
market players for its economic brokerage rates, online terminal as well as
customized services. On the other hand it suffers from drawbacks such as low
awareness among investors, insufficient infrastructure and lack of coordination
among its branches.
 Talking about Sharekhan, it is one of the most well known players in this
segment and boasts of high clientele because of its good and regular research tips,
tie-ups with almost all major banks (10 banks to be precise) as well as competent
Relationship Managers. But the only stain on its name is because of the fact that it
doesn’t care much for its small customers who are not even provided an R.M.
Also their terminal charges are also quiet high as compared to that of its
competitors.
 Moving on to IndiaBulls, also one of the popular names in this industry, it is able
to draw clients easily owing to its user-friendly trading terminal and competent
R.M.s. But the major fallback for it is also a terminal related issue. Their terminal
closes at 3.00 p.m. even though market ends at 3.30 p.m. In addition to it, their
policies and procedures are quiet strict and rigid for example, they square off the
position of their clients on the non-receipt of the amount from them without even
informing them.
 Next about ICICI Direct.com for which the major attraction is its banking
services as it also comes under the ICICI umbrella. The integration of the
accounts offers convenience to the clients as it enables them to get rid of all
worries about tracking settlement cycles and writing cheques. But despite all this

72
the major deterrent for the investors to trade through them is their sky-rocketing
charges. Take for instance their brokerage which is highest in the industry so far.
 Last but certainly not the least, talking about Reliance Money, a recent entry into
the segment and yet the current rage among investors and critics alike. Its pre-paid
card system has certainly revolutionarised the way trading was done and its kiosks
based retail-approach to this business has also helped it in snatching away
customers from its competitors. But those who have the experience of trading
though it know how high their hidden costs are and the numerous loopholes in
their terminals which have already burned a hole in many a pockets.

73
Recommendations
Recommendations
Though these brokerage firms are in huge profits these days because of their satisfactory
services and a good client base, yet there are some glitches in their working which is a
hindrance to their further growth. In order to overcome these hindrances , we would like
to suggest some recommendations that would bolster the further growth of these
companies and would also brighten their future growth prospects.
The following recommendations for various companies are as follows-

74
Religare Securities Ltd
1. Infrastructure- Better infrastructure is required to accommodate all human as
well as material resources. Good infrastructure will also boost up healthy working
conditions in which people would be able to work more efficiently and would also
be encouraged to give their best to the organization.
2. Coordination- Coordination among various branches and within the branch as
well should be enhanced so that there can be proper communication amongst
individuals working for the organization.
3. Relationship Managers- Relationship managers should become more client
oriented and should assume their responsibility of serving the clients as best as
they can.
4. Customer grievances- Client’s investment is the major source of revenue for
any brokerage firm and in order to maintain and enhance its client base, grievance
cell of any firm should be made more active and responsible.
5. Tie-ups with banks- Currently, Religare has tie-ups only with 3 banks ie.,
HDFC, ICICI and IDBI. Since, it has tie-up with only three banks, lot of trouble is
created in fund transfer for the clients who don’t have an account in any of these
three banks, therefore, Religare should tie-up with more banks for the ease of the
clients.

75
1. Online terminal- Though the online trading terminal of Indiabulls is quite
effective but the major problem with that terminal is that that it closes at 3 p.m.
and due to this, the clients who want to trade in the last half an hour are unable to
do so. To overcome this problem, the online terminal should remain open at the
last half an hour of trading also so that the clients with online trading facility
don’t have to face any trouble.
2. Relationship managers- Relationship managers should be made more client
oriented and there main focus should be on maximum interaction with the clients
so that they can maintain good relations with the clients throughout.
3. Targets related to brokerage generation- Since there are no targets related to
brokerage generation for the relationship managers, hence they are not much
active towards the clients in terms of handling their grievances and advising them.
In order to overcome this problem, there should be set targets for the relationship
managers so that they can be more active in their work and towards the clients as
well.
4. Customized service- In Indiabulls, the major problem with the services is that
that they are not customized rather they are standardized. Due to this, there is no
flexibility and customers face a lot of problems. In order to overcome this
problem, services should be made more customized.

76
Sharekhan
1. Attitude towards small investors- In Sharekhan, not much attention is paid
towards small investors as compared to investors with large investment portfolio.
Due to this, the small investors feel neglected. To overcome this issue, the
company should pay due attention to small investors also as they constitute a part
of major source of revenue for the company.
2. Online trading terminal- Since the online trading facility is availed by
maximum number of clients these days, hence the online trading terminal should
be made more effective so that more number of scripts can be flashed on the
screen at a time. Also, the terminal should be made more users friendly and the
charges of the online terminal should also be reduced.

77
RELIANCE Money
RelianceMoney
1. Transparency- Though, the services of Reliance money are quite satisfactory but
there are a lot of hidden costs for these services about which the client gets to know
later. eg., as soon as the bid is executed, Rs. 12 is charged from the account. This
hidden cost is not a big issue for long term investors but for small investors, it is a big
problem as it takes away major chunk of their profits. For these small investors, the
company should introduce special cost effective schemes, such as-
 The company can give some percentage of discount on execution of each bid.
 The company can charge some amount on execution of these bids and not on
all the bids.
If the company does so then it can keep its small investors also happy and hence it can
increase its client base.
2. Online trading terminal- Many clients complaint about the effectiveness of the
online trading terminal which is not so satisfactory, hence the online trading terminal
should be made more effective so that more number of scripts can be accommodated
at a time and the accuracy of the prices of the scripts can be ensured.
3. Customized services- The services in Reliance money are more standardized rather
than being customized, hence there is a lack of flexibility and it is also a loophole in
the company’s services as the clients these days want more flexibility on company’s
part, hence the services should be customized and rigidity should be avoided so that
the policies can be tailored according to customer’s requirements.
4. Relationship managers- Relationship managers should be more active so that they
can redress client’s grievances more promptly.

78
ICICI Direct.com
1. High charges- Trading with ICICI Direct.com is not so economical as the
charges for opening the account and the brokerage as well is quite high. Due to
this, the clients with small investment portfolio and those who do frequent
churning are quite reluctant to do trading with ICICI Direct.com. Therefore the
company should reduce its account opening charges, annual maintenance charges
and the brokerage on intraday and delivery so that it can attract more number of
clients.
2. Online trading terminal- The online trading terminal should be made more user
friendly and more effective so that more number of scripts can be accommodated
at a time.
3. Funding facility- The company should also give funding facility to clients so
that they can trade for more amount than they actually have in their trading
account. If the company gives funding facility than it would be an incentive for
the clients and they would be more active in trading with the company.
4. Accessibility- Since the number of offices of ICICI Direct.com are quite less in
number hence they are not easily accessible from everywhere. In order to
overcome this problem, number of franchises should be increased so that
accessibility can be enhanced and client base can be increased.

79
QUESTIONNAIRE
NAME OF THE COMPANY ………………………….
QUESTION 1. What is the average amount of investment done by customers?
a. <1 lacs
b. 1-5 lacs
c. 5-10 lacs
d. 10-25 lacs
e. >25 lacs
QUESTION 2. Which medium of trade is preferred by the customer in company?
a. Online
b. Offline
QUESTION 3.What is the brokerage rates charged by the company?
For intraday-
a. 1 paisa
b. 2 paisa
c. 3 paisa
d. 4 paisa
e. 5 paisa
For Delivery or Holding
a. 10-20 paisa
b. 20-30 paisa
c. 30-40 paisa
d.40-50 paisa
e. 50-60 paisa
QUESTION 4. What are the different interests charged on different
exposures?
a. No charge
b. 10-15%
c. 15-20%
d. 20-above%

80
QUESTION 5. What are the different charges of account opening.
a. Free of cost
b. 500-700
c. 700-900
d. 900-1100
QUESTION 6. Dose sending reports through internet and email is practiced on company?
a. Yes
b. No
QUESTION 7. Are you satisfied with activeness of the grievance cell of your company.?
a. Yes
b. No
Question 8. Are you satisfied as a client of the company?
a. Yes
b. No
QUESTION 9. How do you respond the company’s overall satisfaction?
a. Satisfied and recommend to others
b. Recommend not to other

81
BIBLIOGRAPHY
Bibliography
1. BOOKS
 Capital Market by Sanjeev Agarwal.
 Levin I. Richard &Rubin S.David. (2006). Statistics For Management. (PHI)
 Essential Technical Analysis: Tools and Techniques to Spot
Market Trends – Leigh Stevens.
2. WEB RESOURCES
 www.bseindia.com
 www.nseindia.com
 www.buzzingstocks.com
 www.mouthshut.com
 www.icici.com
 www.sharekhan.com
 www.reliancemoney.com
 www.religare.in
 www.indiabulls.com
 www.moneycontrol.com

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