Pankaj Summer Internship Report 101333

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Summer Internship Report

June 30, 2011

Problem Solving Report

Analysis of Business Management of Franchisee Department

OfIndia Infoline Ltd

In Partial Fulfilment of the Requirement for the

MBA Programme (FT):2010-12

Submitted To: -

Institute of Management,

Nirma University

Submitted by

PANKAJ KUMAR SINGH - 101333

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Author of the Report: Pankaj Kumar Singh

Organization: India Infoline Limited, Ahmedabad

Address: Second floor, Pro-mart Building opposite law

Garden, Navrangpura, Ahmedabad

Project Mentor: Mr. Pratik Joshi

Project Duration: 9 weeks

Prepared For: Franchisee Department, IIFL Ahmedabad

Purpose of the Report: a)Analysing reasons for less brokerage

Generation

b)

c)

Submitted To: Prof. Pawan Kumar Chugan

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Acknowledgement

I take this opportunity to thank a few people without their help this

project would have never been completed.

With immense pleasure I express special and sincere thanks to

my Company Guide and mentor Mr. Pratik Joshi(Associate Vice

President) IIFL Gujarat Circle for his timely guidance and

encouragement throughout the course of my internship and

without whose help the completion of this project would have

been possible.

I would also like to thank my mentor, Prof. Pawan kumar Chugan

for his constant support and valuable suggestions during my

internship.

I would also like to specially thank my company colleagues

Mr. Sachin Savla(Sales Manager) and Mr. Darpan Patel(Sales

Manager) IIFL Gujarat Circle for their constant help and

guidance during my internships.

I would also like to thank all the BDMs at IIFL for co-

operating with us during our internships.

I would also like to thank all the employees of Franchisee

division of IIFL Ahmedabad.

Guidance and suggestions rendered during the course of my project and

the critical evaluation of the work by them has been a valuable input in

this submission.

I value each persons lively association and constructive contribution.

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2.43 Annexure 58

Executive Summary

Indian stock market is one of the oldest stock market in Asia. IIFL is one of the leading

broking firms in India. It offers various facilities ranging from equity to commodities to

insurance. Mr Nirmal Jain is the Managing Director of IIFL. It has opened various branches

all over India. Its business model is based on franchisee model in which they offer their

franchisees to different franchisee. We were given task of identifying various problems that

were being faced by franchisees in doing their business due to which their gross generation of

brokerages were less.

We conducted telephonic interview with over 300 franchisees to analyse what are the various

reasons due to which there is reduction in their brokerage generation. The whole process gave

us a lot of insight in understanding the partnership model of business. We also did some

telephonic interview with the inactive clients. The study helped me learn a lot about severalaspects of organization.

The projects helped me to learn a lot about share market and how it works. It gave me a

chance to peep into lives of investors and brokers, thus giving an insight about share market. I

learned a lot about what goes into the mind of investors, how they think about any new

investment in stock they have to make. What are the parameters which they focus while

making their investment decisions. Therefore, giving me a fair idea that how investment

decisions should be made.

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Part A

REVIEW OF LITERATURE

Indian stock markets are one of the oldest in Asia. Its history dates back to nearly 200 years

ago. The earliest records of security dealings in India are meagre and obscure. The east India

Company was the dominant institution in those days and business in its loan securities used to

e transact towards the close of the 18th century.

By 1830s business on corporate stocks and shares in bank and cotton presses took place in

Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers

recognized by banks and merchants during 1840 and 1850.The 1850s witnessed a rapid

development of commercial enterprise and brokerage business attracted many men into the

field and by 1860 the number of brokers increased into 60.In 1860-61 the American civil war

broke out and cotton supply from United States of Europe was stopped; thus, the share

mania in India begun. The number of brokers increased to about200 to 250. However, at the

end of the American civil war, in 1865, a disastrous slump began (for example, bank of

Bombay share which had touched Rs2850 could only be sold at Rs.87.)

At the end of the American civil war, the brokers who thrived out civil war in 1874, found a

place in a street (now appropriately called Dalal street) where they would conveniently

assemble and transact business, In 1887, they formally established in Bombay, the Native

share and stock brokers (which is alternatively known as the stock exchange) in 1895, the

stock exchange acquired a premise in the same street and it was inaugurated in 1899. thus, the

stock exchange at Bombay was consolidated

INDIAN STOCK EXCHANGES- AN UMBRELLA GROWTH

The Second World War broke out in 1939. It gave a sharp boom which was followed by

slump. But, in 1943, the situation changed radically, when India was fully mobilized as a

supply base.

On account of the restrictive control on cotton, bullion, seeds and other commodities, those

dealing in them found in the stock market as the only outlet for their activities. They were

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anxious to join the trade and their number was swelled by numerous others. Many new

associations were constituted for the purpose and stock exchanges in all parts f the country

were floated. The Uttar Pradesh stock exchange limited (1940), Nagpur stock exchanged

limited (1940) and Hyderabad stock exchange limited (1944) were incorporated. In Delhi two

stock exchanges-Delhi stocks and share brokers association limited and the Delhi stock and

stock exchange limited were floated and later in June 1947, amalgamated into the Delhi stock

exchange association limited.

TRADING PATTERN OF THE INDIAN STOCK MARKET

Trading in Indian stock exchanges are limited to listed securities of public limited companies.

They are broadly divided into two categories, namely specified securities (forward list) and

nonspecified securities (cash list). Equity shares of dividend paying, growth oriented

companies with a paid up capital of at least Rs.50million and a market capitalization of at

least Rs.100million and having more than 20,000 shareholders are, normally, put in the

specified group and the balance in non-specified group. Two types of transactions can be

carried out on the Indian stock exchanges

1. Spot delivery transactions for delivery and payment within the time or on the date

stipulated when entering into the contract which shall not be more than 14days following the

date of contract.

2. Forward transactions delivery and payment can be extended by further period of 14days

each so that the overall period does not exceed 90 days from the date of the contract.

A member broker in an Indian stock exchanges can act as an agent, buy and sell securities for

his clients on a commission basis and l\also can act as a trader or dealer as a principal, buy

and sell securities on his own account an risk, in contrast with the practice prevailing on New

York a London stock exchanges, where a ember can act as a jobber or broker only.

The nature of trading on Indian stock exchanges are that of age old conventional style of face

to-face trading with bids and offers being made by open outcry. However, there is a great

amount of effort to modernize the Indian stock exchanges in the very recent times.

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OVER THE COUNTER EXCHANGE OF INDIA (OCTEI)

The traditional trading mechanism prevailed in the Indian stock markets gave way to any

functional inefficiencies, such as, absence of liquidity, lack of transparency, unduly long

settlement periods and benami transactions, which affected the small investors to a great

extent. To provide improved services to investors, the countrys first ringless, scripless,

electronic stock exchange-OTCEI- was created in 1992 by countrys premier financialinstitution-unit trust of India(UTI), industrial credit and investment corporation of India ,

Industrial Development Bank of India(IDBI), SBI capital markets, IFCI, General Insurance

Corporation and its subsidiaries and can bank financial services.

Trading at OTCEI is done over the centers spread across the country. Securities traded on the

OTCEI are classified into

Listed securities: The shares and debentures of the companies listed on the OTC can be

bought or sold at any OTC counter all over the country and they should not be listed

anywhere else.

Permitted securities: Certain share and debentures listed on other exchanges and units of

mutual funds are allowed to be traded.

Initiated debentures: Any equity holding at least one lakhs debentures of particular scrip can

offer them for trading on the OTC.

OTC has a unique feature of trading compared to other traditional exchanges. That is,

certificates of listed securities and initiated debentures are not traded at OTC. The original

certificate will be safely with the custodian. But, a counter receipt is generated out at the

counter which substitutes the share certificate and is used from all transactions.

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About IIFL

The IIFL (India Infoline) group, comprising the holding company, India Infoline Ltd (NSE:

INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian

financial services space. IIFL offers advice and execution platform for the entire range of

financial services covering products ranging from Equities and derivatives, Commodities,

Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment

Banking, GoI bonds and other small savings instruments. IIFL recently received an in-

principle approval for Securities Trading and Clearing memberships from Singapore

Exchange (SGX) paving the way for IIFL to become the first Indian brokerage to get a

membership of the SGX. IIFL also received membership of the Colombo Stock Exchange

becoming the first foreign broker to enter Sri Lanka. IIFL owns and manages the website,

www.indiainfoline.com, which is one of Indias leading online destinations for personal

finance, stock markets, economy and business.

IIFL has been awarded the Best Broker, India by FinanceAsia and the Most improved

brokerage, India in the AsiaMoney polls. India Infoline was also adjudged as Fastest

Growing Equity Broking House - Large firms by Dun & Bradstreet. A forerunner in the field

of equity research, IIFLs research is acknowledged by none other than Forbes as Best of the

Web and a must read for investors in Asia. Our research is available not just over the

Internet but also on international wire services like Bloomberg, Thomson First Call and

Internet Securities where it is amongst one of the most read Indian brokers.

A network of over 2,500 business locations spread over more than 500 cities and towns across

India facilitates the smooth acquisition and servicing of a large customer base. All our offices

are connected with the corporate office in Mumbai with cutting edge networking technology.

The group caters to a customer base of about a million customers, over a variety of mediums

viz. online, over the phone and at our branches.

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History & Milestones

The India Infoline Group was originally incorporated on October 18, 1995 as

Equity Research and Services Private Limited at Mumbai under the Companies

Act, 1956 with Registration No. 11 93797. India Infoline Group commenced its

operations as an independent provider of information, analysis and research

covering Indian businesses, financial markets and economy, to institutional

customers. We became a public limited company on April 28, 2000 and the name of the

Company was changed to India Infoline.com Limited on May 23, 2000 and later to IndiaInfoline Limited on March 23, 2001.

In 1999, The India Infoline Group identified the potential of the Internet to cater to mass retail

segment and transformed our business model from providing information services to

institutional customers to retail customers. Hence we launched our Internet portal,

www.indiainfoline.com in May 1999 and started providing news and market

information, independent research, interviews with business leaders and other

specialized features. In the year 2000, The India Infoline Group leveraged its position as a

provider of financial information and analysis by diversifying into transactional,

primarily for online trading in shares and securities and online as well as offline

distribution of personal financial products, like mutual funds and RBI Bonds.

These activities were carried on by our wholly owned subsidiaries. The India Infoline

Groups broking services was launched under the brand name of 5paisa.com.

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1995

Commenced operations as an Equity Research firm

1999

Launched research products of leading Indian companies,

key sectors and the economy Client included leading FIIs,

banks and companies.

1999

Launched www.indiainfoline.com

2000

Launched online trading throughwww.5paisa.com Started

distribution of life insurance and mutual fund

2003

Launched proprietary trading platform Trader Terminal for

retail customers

2004

Acquired commodities broking license

Launched Portfolio Management Service

2005

Maiden IPO and listed on NSE, BSE

2006

Acquired membership of DGCX

Commenced the lending business

2007

Commenced institutional equities business under IIFL

Formed Singapore subsidiary, IIFL (Asia) Pte Ltd

2008

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Launched IIFL Wealth

Transitioned to insurance broking model

2009

Acquired registration for Housing Finance

SEBI in-principle approval for Mutual Fund

Obtained Venture Capital license

2010

Received in-principle approval for membership of the

Singapore Stock Exchange

Received membership of the Colombo Stock Exchange

Corporate Structure

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IIFLs philosophy on Corporate Governance

IIFL (India Infoline) is committed to placing the Investor First, by continuously striving to

increase the efficiency of the operation well as the systems and processes for use of corporate

resources in such a way so as to maximize the value to stake holders. The Group aims at

achieving not only the highest possible standards of legal and regulatory compliances but also

of effective management

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Audit Committee

Terms of reference & Composition, Name of members and Chairman:

The Audit committee comprises Mr Nilesh Vikamsey (Chairman), Mr Sat Pal Khattar, Mr

Kranti Sinha, three of whom are independent Directors. The Managing Director, the

Executive Director along with the Statutory and Internal Auditors are invitees to the Meeting.

The Terms of reference of this committee are as under: -

To investigate into any matter that may be prescribed under the provisions of Section 292A of

The Companies Act, 1956 - Recommendation and removal of External Auditor and fixation

of the Audit Fees. - Reviewing with the management the financial statements before

submission of the same to the Board. - Overseeing of Companys financial reporting process

and disclosure of its financial information. - Reviewing the Adequacy of the Internal Audit

Function.

Compensation Remuneration Committee

Terms of reference & Composition, Name of members and Chairman:

The Compensation / Remuneration Committee comprises Mr Kranti Sinha (Chairman), Mr

Nilesh Vikamsey and Mr. Sat Pal Khattar all of whom are independent Directors. The Terms

of reference of this committee are as under: - To fix suitable remuneration package of all the

Executive Directors and Non Executive Directors, Senior Employees and officers i.e. Salary,

perquisites, bonuses, stock options, pensions etc. - Determination of the fixed component and

performance linked incentives alongwith the performance criteria to all employees of the

company - Service Contracts, Notice Period, Severance Fees of Directors and employees. -

Stock Option details: whether to be issued at discount as well as the period over which to be

accrued and over which exercisable. - To conduct discussions with the HR department andform suitable remuneration policies.

Share Transfer and Investor Grievance Committee

Details of the Members, Compliance Officer, No of Complaints received and pending and

pending transfers as on close of the financial year. The committee functions under the

Chairmanship of Mr Kranti Sinha, a Non-executive independent Director. The other Members

of the committee are Mr. Nirmal Jain and Mr. R Venkataraman. Ms Sunil Lotke, Company

Secretary is the Compliance Officer of the Company

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in these domains and will provide necessary aid to improve the lives of the underprivileged

and help them in achieving their potential

Some of the activities undertaken by the IIFL Foundation:

Barsana eye camp

The IIFL Foundation sponsored an eye and dental camp held in February, 2010 with the

support of expert doctors and surgeons from the Bhaktivedanta Hospital in Barsana near

Mathura. While over 2,600 people underwent eye tests and over 800 were selected for free

eye surgery, a total of over 1,800 dental procedures like extraction, scaling and filling, among

others, were performed.

Team IIFL provided its whole-hearted support to this noble cause and will continue to do so

in the future.

Pandharpur medical camp

The IIFL Foundation sponsored the Pandharpur medical camp which was held by the

Bhaktivedanta Hospital in July 2010 at Pandharpur. Free medical treatment was given at 4

camp sites, to approximately 49,815 pilgrims who had come to Pandharpur during Ashadi

Ekadashi. The pilgrims were treated for fever, injuries, fractures, gastroenteritis, myalagia,

headache, epilepsy, malaria, respiratory infections etc, during the camp.

Blood donation drive

IIFL regularly organizes blood donation drives via camps at its various locations across India.

Over 800 employees have participated in these camps.

Share holding Pattern

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KEY EXECUTIVES

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Product Offerings:-

Equities - BSE/NSE

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Derivatives NSE F&O and BSE F&O

Depository Services CDSL/NSDL

Commodities NCDEX/MCX

Mutual Funds

Insurance (Life and General Insurance)

IPOs

Currency Trading FEDAI

Portfolio Management Services

Equities

IIFL is a member of BSE and NSE registered with NSDL and CDSL as a depositoryparticipant and provides broking services in the cash, derivatives and currency segments,

online and offline. IIFL is a dominant player in the retail as well as institutional segments of

the market. It recently became the first Indian broker to get a membership of the Colombo

Stock Exchange and is also the first Indian broker to have received an in-principle approval

for membership of the Singapore Stock Exchange. IIFLs Trader Terminal, its proprietary

trading platform, is widely acknowledged as one of the best available for retail investors.

Investors opt for IIFL given its unique combination of superior Service, cutting-edge

proprietary Technology, Advice powered by world-acclaimed research and its unparalleled

Reach owing to its over 2500 business locations across over 500 cities in India.

IIFL received the BQ1 broker grading (highest grading) from CRISIL. The assigned grading

reflects an effective external interface, robust systems framework and strong risk

management. The grading also reflects IIFLs healthy regulatory compliance track record and

adequate credit risk profile.

IIFLs analyst team won Zee Business Indias best market analysts awards 2009 for

being the best in the Oil and Gas and Commodities sectors and a finalist in the Banking and

IT sectors.

IIFL has rapidly emerged as one of the premier institutional equities houses in India with a

team of over 25 research analysts, a full-fledged sales and trading team coupled with an

experienced investment banking team.

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The Institutional equities business conducted a very successful Enterprising India global

investors conference in Mumbai in March 2010, which was attended by funds with

aggregate AUM over US$5 trillion and CEOs and other executives representing corporates

with a combined market capitalization of over US$500 billion. The Discover Sri Lanka

global investors conference, held in Colombo in July 2010, was attended by more than 50

leading global and major local investors and 25 Sri Lankan corporates, along with senior

Government officials

Commodities

IIFL offers commodities trading to its customers vide its membership of the MCX and the

NCDEX. Our domain knowledge and data based on in depth research of complex paradigms

of commodity kinetics, offers our customers a unique insight into behavioral patterns of these

markets. Our customers are ideally positioned to make informed investment decisions with a

high probability of success.

Credit and finance

IIFL offers a wide array of secured loan products. Currently, secured loans (mortgage loans,

margin funding, loans against shares) comprise 94% of the loan book. The Company has

discontinued its unsecured products. It has robust credit processes and collections mechanism

resulting in overall NPAs of less than 1%. The Company has deployed proprietary loan-

processing software to enable stringent credit checks while ensuring fast application

processing. Recently the company has also launched Loans against Gold.

Insurance

IIFL entered the insurance distribution business in 2000 as ICICI Prudential Life Insurance

Co. Ltds corporate agent. Later, it became an Insurance broker in October 2008 in line with

its strategy to have an open architecture model. The Company now distributes products of

major insurance companies through its subsidiary India Infoline Insurance Brokers Ltd.

Customers can choose from a wide bouquet of products from several insurance companies

including Max New York Life Insurance, MetLife, Reliance Life Insurance, Bajaj Allianz

Life, Birla Sunlife, Life Insurance Corporation, Kotak Life Insurance and others.

Wealth Management Service

IIFL offers private wealth advisory services to high-net-worth individuals (HNI) and

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corporate clients under the IIFL Private Wealth brand. IIFL Private Wealth is managed by a

qualified team of MBAs from IIMs and premier institutes with relevant industry experience.

The team advises clients across asset classes like sovereign and quasi-sovereign debt,

corporate and collateralised debt, direct equity, ETFs and mutual funds, third party PMS,

derivative strategies, real estate and private equity. It has developed innovative products

structured on the fixed income side.

It also has tied up with Interactive Brokers LLC to strengthen its execution platform and

provide investors with a global investment platform.

Investment BankingIIFLs investment banking division was launched in 2006. The business leverages upon its

strength of research and placement capabilities of the institutional and retail sales teams. Our

experienced investment banking team possesses the skill-set to manage all kinds of

investment banking transactions. Our close interaction with investors as well as corporate

helps us understands and offer tailor-made solutions to fulfil requirements.

The Company possesses strong placement capabilities across institutional, HNI and retail

investors. This makes it possible for the team to place large issues with marquee investors.

In FY10, the team advised and managed more than 10 transactions including four IPOs and

four Qualified Institutions Placements

IIFL has diversified its business in five parts namely: IIFL Wealth, Premia, Business

Partners, Global investors and Flame.

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IIFL Private wealth management

IIFL offers advice and execution platform for the entire gamut of financial services, from

Equities and Derivatives, Commodities, Wealth management, Asset management, Insurance,

Fixed deposits, Loans, Investment Banking, Government bonds and other financial

instruments.

IIFL Global Investors

IIFL Global Investor is an electronic trading platform that allows you to trade in multiple

securities around the world spread over 80 exchanges across 18 countries from a single

account.

You can trade stocks, ETF's, options and bonds all from one screen. Your transaction history

and positions are all reported in a single statement

With IIFL Global Investor, trading around the world can be simple, because you are not

required to open accounts in multiple currencies as you can hold different currencies in a

single multi currency cash account with IIFL Global Investor.

IIFL Premia

Priority Relationship Management & Investment Advisory

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PReMIA is a multi-product, customized financial environment which aims to generate

superior returns for IIFL's preferred clients, by investing across varied asset classes. With

PReMIA, you have access to a team that's vastly experienced and trained in different aspects

of the stock market, assuring you a multi-faceted opinion for all your financial queries.

Adjudging your risk profile, setting investment goals, chalking out strategies to attain all long

term and short term financial objectives are just a few of the duties that we take care of. Our

dedicated relationship managers & investment advisors work tirelessly studying market,

presenting new opportunities, evaluating and interpreting them so that you get the best of

every opportunity.

Platinum class research, dedicated customer service teams coupled with easy access and

complete account transparency make PReMIA a unique experience for all our Priority Clients.

Business Partners

Be part of our growth story. We invite you to partner with IIFL one of the best known

names in the broking industry. With 2500 offices across 500 cities, we continue to expand our

reach to all parts of the country. Here is your chance of being a part of this expansion process,

by partnering with one of the largest and best broking houses of India.

Your existing and new customers can enjoy the benefits of several investment products

including equity, commodity, futures & options, depository services, mutual funds, insurance,

IPOs and currency trading. As a Business Partner you can gain mileage from the goodwill,

recognition, business name and reputation associated with IIFL. Also, you can be rest assured

that you will receive all the necessary support required to make your business profitable and

scalable. 'Knowledge is the Edge' and your clients will immensely benefit by taking the right

investment decisions with our Forbes-acclaimed research, specifically catered to your clients'

needs.

FLAME

Financial Literacy Agenda for Mass Empowerment

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FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL (India Infoline

Group) initiative towards spreading financial literacy amongst masses to help their inclusion

in the economic prosperity of India.

With accelerating GDP, per capita growth as well as savings, financial literacy is more

relevant and important today than ever before. While the governments emphasis on financial

inclusion is to widen the reach of banking services to unbanked rural areas, we endeavor to

complement the effort by helping people make the most of the available banking and financial

services. Even the people who qualify as banked population have limited understanding of

how to use financial products to help enhancement of financial security, building up wealth

and ensuring a comfortable life post retirement, and also how to avoid frauds and losses from

unscrupulous agents and ponzi schemes.

The objective is to light a FLAME, which will be ignite many a flame to remove the darkness

of illiteracy and steer the inclusion of the masses towards the sunshine of growth and

prosperity

This portal is but one of the various initiatives that IIFL plans to launch as a part of FLAME.

IIFL BUSINESS PARTNERS

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Whats in Store for Franchisee

Marketing

Support to the Business Partners, in terms of providing them with various marketingmaterials, conducting seminars & Investor Education programs

Dedicated Business Development Manager to address clients' queries

Research

World-class research reports , sector reports and updates, corporate news,announcements, technical stocks ideas on trader terminal, SMS ( Paid Service ),results updates, fundamental investment ideas covering large-cap, mid-cap andsmall-cap stocks

Online recommendations

Daily Market Mantra Report, Highlights of important events of the day, intra-dayhighs & lows, volume & value reports on scripts, etc.

Investor News Point monthly market news letter printed for Business Partners'esteemed clients

Technology

Latest web and desktop version of the Trader terminal (Online Trading Platform) forBSE Cash, NSE Cash & Derivatives on one screen OR ODIN-based platform

World class automated back office system

Real time risk management and efficient risk management tool

Back Office

Web and application-based online back office, centralized data processing system

Contract Notes through email and courier

Online Ledger account, DP accounts, Trade information, etc.

Ledger, Contract Notes, Trade Confirmation Report, etc. can be printed at the

Business Partners office

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Why Partner with IIFL?

Get the India Infoline STAR Edge Service, Technology and Research

Advantage of being associated with brand IIFL

Backing of the strong values of the India Infoline group

Access to our Forbes-acclaimed research, which is done keeping in mind the

requirements of our clients

Dedicated Business Development Manager to handle your queries and hand-hold you

in the initial phase of your business; this would include accompanying you for some

meetings

Wide range of product-suite to service your clients

Support in terms of research, back-office solutions, marketing, employee and client

training, technology, etc.

Eligibility Criteria

Minimum age - 18 years

Minimum Qualification - Successfully completed Std. X

Address Proofs - Voter ID, Driving License, Electricity Bill, Bank Statement

Name Change Affidavit required if there is difference in the names in any of the

submitted proofs

Marriage Certificate required in case of married women

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INDUSTRY PROFILE

Stock Exchange

Stocks (Shares, equity) are traded in stock exchange. India has two big stock

exchanges(Bombay Stock Exchange - BSE and National Stock Exchange - NSE) and few

small exchanges like Jaipur Stock Exchange etc. Investor can trade stocks in any of the stock

exchange in India

Stock Broker

Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE

etc.).Stock Broker are registered member of stock exchange. A stock broker can register to

one or more stock exchanges. Only stock brokers can directly buy and sell shares in Stock

Market. An investor must contact a stock broker to trade stocks. Brokers charge commissions

(brokerages) for their service. Brokerage is usually a percent of total amount of trade and

varies from broker to broker.

Stock Trading

Traditionally stock trading is done through stock brokers, personally or through telephones.

As number of people trading in stock market increase enormously in last few years, some

issues like location constrains, busy phone lines, miss communication etc start growing in

stock broker offices. Information technology (Stock Market Software) helps stock brokers in

solving these problems with Online Stock Trading.

Online Stock Market Trading is an internet based stock trading facility. Investor can trade

shares through a website without any manual intervention from Stock Broker. In this case

these Online Stock Trading companies are stock broker for the investor. They are registered

with one or more Stock Exchanges. Mostly Online Trading Websites in India trades in BSE

and NSE.

Major Players In Share Broker Market

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7 s model for IIFL

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Shared Values:- The Shared values of IIFL are respect and dignity for its human assets,

team based culture, high standard of business ethics and dedication to serve its customers.

Strategy:- A network of over 2,500 business locations spread over more than 500 cities and

towns across India facilitates the smooth acquisition and servicing of a large customer base.

All our offices are connected with the corporate office in Mumbai with cutting edge

networking technology. Its future strategy is to expand its product and offerings.

System:-IIFL follows an internal audit system to monitor its financial systems. Its daily

activities for each employee are well defined and the reporting relation is quite clear as well.

They have a team based participative culture where each individual is valued.

Structure:- Franchisees are handled by respective BDMs. Each BDM has been assigned a

particular city and he has to handle all the franchisees. He has to address their problems and

queries.

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Style:- The leadership at IIFL has been innovative and creative which valued its employees

and also had a customer orientation.

Staff :- Over 10,000 employees are currently working in IIFL and their average age is less

than 30 yrs. It has a young workforce which is a prerequisite for this industry.The Company

has adopted progressive policies in scientific planning, acquisition, utilization, training and

motivation of the team. The result of staffing planning is evident in its superior financial and

operational performances.

Skills:- IIFL has a potent work force with diverse skill sets. Employees from diversified fields

work such as engineers, MBAs, CFAs etc.

SWOT ANALYSIS OF IIFL

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Strengths:-

Integrated technology platform

One Stop shop

Pan - India distribution network

India Infoline.com and 5paisa.com have developed into brands

Weaknesses:-

Lack of a banking arm to complete the bank-broker-depository chain

Insignificant presence in institutional Segment

Oppurtunities:-

Changing demographics with higher disposable income and increasingly complex

financialinstruments will drive demand for investment advisory services

Rapid penetration of Internet and computers means that technology enabled financial

services will gain market share

Threats:-

Economic slowdown/Volatile movement in indices events like 2004 & 2008

Stock markets falls will have a cascading effect on our mutual fund mobilization

Increase/decrease in interest rate can affect our debt/ income fund mobilizations

Future changes in personal taxation rules can impact insurance sales

Increasing competition from large and particularly foreign players

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Future plans of the Company

To expand into other financial product markets

To expand their business in 2-tier and 3-tier cities

To open over 100 new branches all over india

India Infoline plans to empower its position in the institutional

trading segment

To build a strong team in investment banking and private equity.

The company is also planning to set up offices in three major cities

in the country

Five overseas centres within six months.

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PART B

Low brokerage Generation Issue

IIFL Ahmedabad branch for Gujarat circle

Number of franchisees are over 250

Number of BDMs are 10

Average brokerages generated by each franchisee are Rs. 50,000.

Average number of clients each franchisee have = 50

Situational analysis

Data from month January and February provided to us by the branch clearly showed that the

average brokerages generated by franchisees were less as compared to the number of clients

they had. Also the brokerages generated by them in previous months were greater than the

brokerages generated by them in the last two month. To address this issue it was necessary to

understand the reasons behind the low brokerage generations. Are franchisees facing any

problem or they have any issues against the organisation which was not addressed yet. We

also wanted to know whether BDMs/SMs regularly meet them to address their issues. Also a

contest which was started for franchisees, which we wanted to know whether they are aware

about it or not. What are the steps they have take for client engagement and to address the

queries of franchisee. For this whether they would like to conduct any investor seminar. Also

another motive of doing exercise was to get an updated address and contact details of all the

franchisees.

Main Problem:-

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Brokerage generation for IIFL (Gujarat circle) was one of the emerging issue which was to be

addressed.

Methodology:-

To find the issues that the franchisee may probably be facing, we conducted a survey for all

the franchisees in the Gujarat circle. The data of all the franchisee of IIFL in Gujarat and their

contact details was provided from the MIS of the company.

Total franchisee in Gujarat is around 268 and we were to survey all of them. Out of these 268,

we were able to survey 194 franchisee as other franchisee were non contactable either due to

wrong numbers or unresponsiveness of the Franchisee.

After the survey we sorted the data and found the franchisees with the brokerage generation of

less than Rs. 65,000 in a year (April 2010 March 2011) for the company. We tried to find

out the reason behind the less brokerage through the business development managers and then

personally calling the franchisee. These efforts were mainly to increase the brokerage for the

company which was expected by this research.

Expected Results:-

Finding out the issues and problems if any faced by the franchisee. Addressing this issues so

that the brokerage generation will be increased over a period of time.

Process of Survey:-

Before starting the process of survey we decided that we would contact each franchisee and

firstly give them information of recent contest SUMMER MANIA which was going on for

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them. We planned to use Summer Mania Contest to initiate the process of telephonic

interview with them. In this way we thought that, we would be able to generate interest of the

Franchisees. As we know that unless a person is interested in having a conversation no fruitful

information could be collected from them.

Following are the issues which we wanted to address with the help of this survey

Summer Mania Contest:-

Summer Mania Contest was started for franchisees in the month of March 2011. The Contest

was initiated to motivate the franchisees to get more and more clients who can invest more

than Rs. 50,000. Mails regarding contest were circulated but many franchisee didnt knew that

such kind of contest was going on. Purpose of including it in our survey was whether

investors were aware about it or not. Whether BDMs/SMs had informed their respective

franchisees personally. Our aim was to create awareness regarding contest if they didnt knew

about it.

Terminal Limit:-

Terminal limit is the extra margin that each franchisee had which they could use if their client

wanted to trade intra-day and he didnt have funds. We wanted to know how many

franchisees are exactly aware about it and whether they use their terminal limit. It was

important to know about it as it was directly concerned with the satisfaction of the clients. As

many clients complaint about not being able to trade due to lack of cooperation from the

franchisees. This data was important in analysing the lack of gross brokerage generation by

the franchisees.

Number of Segments:-

Segments that were available to all the franchisees were BSE, NSE, F&O. We wanted to

collect information regarding in how many segments they allow their clients to trade. This

was necessary to understand how effectively and more services can be provided to the clients.

It was important to analyse these things as it was going to affect the trading patterns of clients.

Brokerage Tracking:-

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Earlier all the franchisees could only track their Brokerages at the end of the month, since last

a new facility was provided to all the franchisee in which they can track their brokerages on

daily basis. Or in other words they can track it any time they wanted. Through this exercise

we wanted to know whether they knew about this facility or not. Tracking of brokerages was

important part of their business as they would like to know how much brokerages they have

generated and how much more they would like to generate it. This was important for

franchisee satisfaction.

Client Interaction:-

Client interaction was important part of the day to day business of the franchisee as it was

directly related to the client satisfaction. Client interaction helped the franchisees in knowing

their client more properly so that they can address their concerns and issues more efficiently.

We wanted to know how many times within a month they interact with their clients. This was

important for client satisfaction.

Training Requirement:-

Another aspect important in our whole exercise was to know whether the franchisees need

any training regarding technicals or for account opening procedures. As many franchisees

were not tech-savvy, we wanted to know whether they are facing any problem in operating

the terminals. We also wanted to know what other kinds of training they need regarding

marketing and promotional activities. This was important for creating more efficient

franchisee holders so that they can work properly. It was for the empowerment of franchisees.

Employee strength:-

Employees in organisation help in completing the work efficiently and to service the clients

better. Since every franchisee had on average over 50 clients. So it would be more convenientfor the franchisee as well as for client to do trading properly. Also having employees show

how seriously you are interested in the business. Not only this it creates a good impression on

the clients also as they know that if they face any problem during trading, people are their to

help him.

Investor Seminar:-

Investor seminars were used to be conducted to create awareness about investment and for

both current clients as well as for the prospective clients. As the new contest was going on so

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it was a good time to conduct investor seminars so that new clients can attend them. It could

have been used also as a marketing tool to get more and more new clients. Investor seminars

are good marketing tools to attract new clients and retain old clients. It also helps in client

interaction. This was important for client satisfaction and franchisee motivation.

Queries/Problems:-

This was the most important aspect of our whole process. In this part we were directly asking

their problems and queries they had due to which their brokerages were very less. On the

basis of these problems we could decide whether less brokerage generation is due to lack of

support from IIFL or due lack of work done by franchisees themselves. Responsibility of

having less brokerage should lie where? These things were important for both franchisee

satisfaction as well as client satisfaction.

Name of BDM/RM/BM:-

We also wanted to how often BDMs interact with the franchisees and whether franchisee

even know them by name or what post they held in IIFL.

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Findings:-

Summer Mania Contest:-

Our findings from the survey showed that many franchisees actually werent aware that any

such kind of contest was going on. That clearly showed that they are not checking their mails

regularly and their BDMs have not informed them about the contest yet. We informed all therespective BDMs regarding it and made them aware that they should focus more on these

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franchisees as they are taking their business seriously. And IIFL revenues are directly

dependent upon the performances of the franchisees.

Terminal Limit:-

It was nice to know that many franchisees were aware about the terminal limit and were

using them to help their clients trade better. This was a positive thing for the franchisee

division as more and more franchisees were aware about it.

Daily Brokerages:-

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Still many franchisees didnt know that they can track daily brokerages which clearly show

that the facility was not clearly communicated to the clients. This could be a reason for less

brokerage generation.

Various Segments:-

Franchisee Segment details

Segments

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BSE 2

NSE 20

F&O 1

BSE,NSE 24

BSE,F&O 2

NSE,F&O 40

BSE,NSE,F&O 104

This data clearly shows that the clients as well as franchisees are less interested in trading in

BSE which also shows the industry trend.

We decided to segregate the list of those Franchisees who were not F&O services to their

clients. We contacted the respective BDMs to encourage their franchisees to use F&O for

trading as it provides high gain for clients and also high brokerage generation for franchisee.

This provided us an opportunity for addressing those franchisees who have less brokerage

generation are not using currently F&O for trading.

Client Interaction:-

It was good to see that almost all the franchisees used to interact with the clients regularly.

Those who didnt used to interact regularly, we told their respective BDMs to guide them

about the benefits of client interaction.

Training Requirement:-

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Those who required training we made arrangements in coordination with respective BDMs.

Employee Strength:-

Many franchisee didnt had employees clearly shows that in trying to reduce cost they were

actually losing on brokerages.

Investor Seminar:-

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We made all arrangements regarding conducting investor seminar for those who wanted to

organise it. It was a positive sign that so many franchisees were interested in conducting the

investor seminar.

Queries:-

All those

franchisee who

had problems we

promised them

that within a

week we would

resolve their

issues in

coordination

with the BDMs.

Most of the problems were solved within a week and rest of them were solved at a later stage.

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We actually send all the issues of the franchisees to their respective BDMs who reverted back

to us specifying that they had resolved all the queries and issues franchisees had.

Following were the some of the problems/Queries:-

A/c opening related problems

Issues relating to Bills unreachability

For branch transfer

Information system related issues

Change of Franchisee address.

Terminal limit extension

Marketing Promotions related issues

Training in currency and commodity market

Software guidance

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Client interaction regarding online trading

As part of our summer project we were asked to contact around over 1000 clients whose

margin in their DMAT account was either zero or negative. This task was more of a client

interaction exercise building process. In completing this task our main focus was to

understand why these clients have become inactive.

Challenges:-

To collect all the data

To segregate the data between active clients and non active clients.

To keep in loop respective franchisees of clients

To understand their problems regarding operation of their DMAT accounts

To contact them at an appropriate time

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To make them understand the benefits of active trading

To make them aware about their rights and responsibilities

To get insight about their future goals.

Objective:-

To turn at least 15% of the non active clients into active clients and to address all the issues

related to trading of clients and complaints if any:

Problem Solving Process:-

Contacting over 1000 clients would have taken a lot of time. It would have not solved the

purpose of interacting with the clients. We wanted to devote as much as quality time with the

clients which we can. So we decided to divide our work in three stages:-

Contact the respective BDMs/SMs of clients(First Stage)

Contact the respective franchisees of clients (Second Stage)

Contact the clients directly (Third Stage)

FIRST STAGE:-

We contacted all the BDMs/SMs and gave them the list of inactive clients. We requested

them to revert back to us about the possibility of their clients becoming active or inactive.

The purpose behind this exercise was to filter are data so that we are not wasting our time in

unnecessarily calling those clients who have already applied for closing or to those who are in

active since long time. All the BDMs/SMs were very helpful in this filtering process. Due to

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this filtering process are overall data got reduced to less than 400 clients from over 1000

clients.

Our new data set for clients was less as compared to earlier one and also it was filtered one.

We formulated our strategy of at least converting 50% of these non active clients into active

clients.

SECOND STAGE:-

After filtering out data set of clients, we decided to distribute it to the respective franchisees to

contact them about their reason for not trading and if they are facing any problem in operating

their account or in trading.

The reason behind asking franchisees to contact their respective clients was to make sure that

the franchisees are kept in the whole process. Also they shouldnt feel that they have been

bypassed in the whole process as they are partners of IIFL and their incomes were also

dependent upon the trading done by their clients.

The whole process was very smooth and we received good reviews from franchisees for

keeping them in the whole process. Many of clients would start trading in near future were the

response we got from them.

Still we decided to contact all these 400 clients ourselves also in order to get more insightful

and also to understand the psychology of the clients.

THIRD STAGE:-

For our final stage we called all the respective in active clients to know about their problems

and issues, if any, with the IIFL. Our main objective was not to make the clients active or to

make them start investing again but was to understand the reasons for their non trading. We

tried to make sure that clients are very open to us and they shouldnt feel like they are talking

to some who are just calling for taking margin from them. We made sure that we understand

their issues and problems. We found that many of them were not trading because of the

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slowdown in the market. Many felt that time was not right for trading so thats why they were

not trading. Many investors lost their money in last few months. Some of the reasons quoted

by them for their non-trading are as follows:

Markets have been too volatile

Market is not good for investing currently

They dont have access to market

They will start in near future

They have issues with the franchisee

They are not satisfied with the services provided by IIFL

We told them that markets will always remain volatile and they need to invest in those stocks

which will give them returns in long run. For trading purpose market may seem volatile but

for investment purpose the market is very stable.

For those clients who didnt had access to market, we told them about our facility in which

the client can call are sales representative to purchase or sell any share he wants. Not only can

that he call the representative to get the information about market performance. He would also

receive are daily trade calls which if he want can execute them.

For those clients who had any issues with their respective franchisees, we noted them down

and assured them that the appropriate action will be taken within one week. Many of theclients complained that their franchisees are trading on their account without informing them.

We categorised all these cases into special category so that corrective actions can be taken

regarding it.

For those clients who were unsatisfied with the services provided by the IIFL, we informed

them about the various new services started by it. We also informed them about the facility of

trading with the help of our sales representative.

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RESULTS:-

Some of our results from the whole process are as follows:-

23 clients within a week started trading

21 clients had issues, which if addressed they would start trading

97 clients said they would start trading within a month

137 clients said they would trade only if market stabilises or if they feel appropriate.

Some of them said that they dont have funds to trade now.

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FINDINGS:-

Some of the franchisees are not doing enough to satisfy their clients

Franchisees are not proactive on the contrary they are reactive

BDMs are not guiding franchisees regarding client management.

Clients data have not been updated

Clients dissatisfaction regarding IIFL services

Less marketing promotion is being done

Client engagement plan needed

RECOMMENDATONS:-

More and more client engagement program should be conducted so that what the

investors think about the IIFL service could be understood.

Moreover it will establish a constant relationship with the clients.

More and more marketing promotional activities should be done in order to promote

the brand IIFL.

BDMs/SMs should constantly be in touch with all their franchisees and to also their

important clients.

More and more trading calls should be provided to both franchisees and clients.

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LEADS GENERATION FOR SALES TEAM

As part of our final assignment we were asked to generate 20 hot leads of franchisees for the

sales team. These leads were related to the franchisee model of IIFL. We needed to take

appointment from the various franchisees of different brokers like SHAREKHAN,ICICI

DIRECT,RELIANCE MONEY etc. who were interested in shifting their franchisee to IIFL.

DATA COLLECTION PROCESS:-

Collection of data for this task was different from are earlier tasks as we had to find the data

from our own. To collect this data we referred the NSE website. Following are steps we took

for collection of the data:-

Used NSE website to collect members detail

We segregated the data on the basis of cities

We converted the raw data into a structured one

Prepared excel sheet for members of different broking firms.

Excel sheet included Name of the franchisee, Name of the broker, Address, contact

details etc.

QUESTIONNAIRE:-

We spent around two days in order to understand how to go about this task. We actually

analysed for these two days how the other sales representatives used to make these calls. On

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the basis of our analysis and interaction with the sales representative we formulated a

questionnaire form. The purpose of forming the questionnaire was that we wanted to be clear

in our mind about how to go about that task. The questionnaire included general things like

gross brokerage, number of clients etc. We were told by the sales representatives that the

success rate would be very less and we shouldnt feel discouraged if we are not able to get the

appointments. They told us to be calm and composed when we are calling to these prospective

franchisees.

Following are the points we kept in are mind to ask while calling:-

Time duration with existing broker

Clientele

Active clients

Average Monthly Volume

No. of branch

Gross Brokerage of last quarter

PROBLEMS:-

We faced some problems while making our calls to get appointments from the prospective

franchisees. Data which we collected from the NSE website was not updated. We had to make

sure that we are not calling at a time when they are busy. We had to make sure that we dont

make any false promise to get the appointments. Some of the problems which we faced are as

follows:-

We didnt had updated data for the contact details of franchisees

Data which we collected was not updated one which resulted in many unfruitful calls

Franchisees were used to be busy at some particular time

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We were not authorised to make any commitments on our side regarding brokerage

sharing.

We had to make calls only between 11 to 1 Oclock and after 4 Oclock.

Appointments which we collected should be convenient for both the parties.

Appointments collected

location: Mehsana

Name Company Name

ARPITA KAVANKUMAR PATEL HEM FINLEASE PVT. LTD.

SAURABH K BHAVSAR INVESTMENTOR SECURITIES LTD.

SHREE DUTTA ENTERPRISE( Sailesh Joshi )

MARWADI SHARES AND FINANCELIMITED

HEMANTKUMAR ATMARAM PATEL ANAGRAM CAPITAL LIMITED

ARVIND MOHANLAL PATEL SHAH INVESTOR'S HOME LIMITED

Location: Bhavnagar

Name Company Name

CHAITALI BHARATKUMARKANKOSHIYA

ANGEL BROKING LIMITED

DHAVAL ARVINDBHAI GOPANI ANGEL BROKING LIMITED

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SHUBHAM INVESTMENTARCADIA SHARE & STOCK BROKERS

PRIVATE LIMITED

HIRJIBHAI G ITALIA DEAL DEPOT EQUITIES

M/S. PARTHA A. SHAH JHAVERI SECURITIES LIMITED

Location: Junagadh

Name Company Name

GIRIRAJ BROKING ANGEL BROKING LIMITED

KESHAVLAL D KAKKAD ANGEL BROKING LIMITED

Location Anand

Name Company Name

HARISHKUMAR RAMESHBHAI

PATEL

JK SECURITIES PVT. LTD.

RASENDRA ARUNKUMAR PATEL MOTILAL OSWAL SECURITIES LTD.

VINOD OSWAL BROKERS PVTLTD

MOTILAL OSWAL SECURITIES LTD.

MANOHARSINH J. MAHIDA JHAVERI SECURITIES LIMITED

KENT INVESTMENT GEPL CAPITAL PRIVATE LIMITED

Himmatnagar

Name Company Name

NURJHABANU MAMON SHAREKHAN LTD.

JAGDISHKUMAR SATISHBHAIPUROHIT

ANAND RATHI SHARE AND STOCKBROKERS LIMITED

MOHAMADMOEENABDULQANEE DOI

BONANZA PORTFOLIO LTD.

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Borsad

Name Company Name

Pari Securities Marwadi Shares and Finance Ltd.

RECOMMENDATION:-

Commitment should be equalized for every person.

Provide the facility of free demonstrations for all.

Improvement in the opening of De-mat & contract notice

procedure is required.

There should be a limited number of clients under the

relationship manger. So that he can handle new as well as

old customer properly.

Some promotional activities are required for the

awareness of the customer.

People at young age should be encouraged to invest in

stock market

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Seminars should be held for providing information to

prospective and present customers.

CONCLUSIONS:-

On the basis of the study it is found that India Infoline Ltd is better services provider than the

other stockbrokers because of their timely research and personalized advice on what stocks to

buy and sell. Infoline Ltd. provides the facility of Trade tiger as well as relationship manager

facility for encouragement and protects the interest of the investors. It also provides the

information through the internet and mobile alerts that what IPOs are coming in the market

and it also provides its research on the future prospect of the IPO.

Study also concludes that people are not much aware of commodity market and while its

going to be biggest market in India.

The company should also organize seminars and similar activities to enhance the knowledge

of prospective and existing customers, so that they feel more comfortable while investing in

the stock market.

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Part C

Learning From the summer internship

The two months spend at IIFL Ahmedabad was my first real, full time exposure to the

corporate world as I didnt have any work experience prior to coming here for doing my

MBA. So it was my first experience of the professional life and I am glad that it was with

IIFL, one of the biggest share market broker company in India. The exposure taught me a lot

of technical as well as soft skills and I think it made me a better person.

The projects helped me to learn a lot about share market and how it works. It gave me a

chance to peep into lives of investors and brokers, thus giving an insight about share market. I

learned a lot about what goes into the mind of investors, how they think about any new

investment in stock they have to make. What are the parameters which they focus while

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making their investment decisions. Therefore, giving me a fair idea that how investment

decisions should be made.

Apart from these technical skills I had learned many soft skills while working on the project.

The way of communication with your peers and subordinates, working under pressure to

complete the project on time, building and maintaining relationship with your stakeholders

were important learning from the project. In my department maintaining relationship with

franchisees was considered to be the most important work. Hence apart from the technically

qualified one should also be very good at public relation work.

The summer training was my first step in the corporate world and it helped to decide my

future path and career.

References:-

1) http://www.indiainfoline.com

2) http://www.nseindia.com

3) http://www.bseindia.com/

4) http://www.sharekhan.com

5) http://www.angelbroking.com/

59 | P a g e
http://www.indiainfoline.com/http://www.nseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://www.bseindia.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.sharekhan.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.angelbroking.com/http://www.indiainfoline.com/http://www.nseindia.com/http://www.bseindia.com/http://www.sharekhan.com/http://www.angelbroking.com/


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6) http://www.sebi.gov.in/dp/indiainfo.pdf

7) http://WWW.C APITALIN E.CO M

8) http://WWW.IC IC IDIRE C T.CO M

9) http://WWW.KARVY.CO M

ANNEXURE

60 | P a g e
http://www.sebi.gov.in/dp/indiainfo.pdfhttp://www.capitaline.com/http://www.capitaline.com/http://www.capitaline.com/http://www.capitaline.com/http://www.icicidirect.com/http://www.icicidirect.com/http://www.icicidirect.com/http://www.karvy.com/http://www.karvy.com/http://www.sebi.gov.in/dp/indiainfo.pdfhttp://www.capitaline.com/http://www.icicidirect.com/http://www.karvy.com/


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NAME

ADDRESS

FAN ID

CONTEST YES/NO

TERMINAL LIMIT YES/NO

NUMBER OF SEGMENTS BSE/NSE/F&O

CMS

HO QUESTIONS

DAILY BROKERAGES

CLIENT INTERACTION

TRAINING REQUIREMENT

NUMBER OF EMPLOYEES

INVESTOR SEMINAR

PROBLEMS

Pankaj Summer Internship Report 101333

Documents

Transcript of Pankaj Summer Internship Report 101333